I have five pieces of advice for my daughters. My first rule is: Always think like an immigrant, because we’re all new immigrants to the age of accelerations.
Second, always think like an artisan. Always do your job in a way that you bring so much empathy to it, so much unique, personal value-add that it cannot be automated, digitized, or outsourced, and you want to carve your initials into it at the end of the day.
Third, always be in beta. Always think of yourself as if you need to be re-engineered, retooled, relearned, and retaught constantly. Never think of yourself as finished—otherwise, you really will be finished.
Fourth, always remember that PQ (passion quotient) plus CQ (curiosity quotient) is greater than IQ (intelligence quotient). Give me a young person with a high PQ and a high CQ, and I will take that person over a kid with a high IQ seven days a week.
And last, whatever you do, whether you’re in the public sector or the private sector, whether you’re on the front lines or a manager, always think entrepreneurially. Always think, “Where can I fork off and start a new company over here, a new business over there?” Because a huge manufacturing company is not coming to your town with a 25,000-person factory. That factory is now 2,500 robots and 500 people. So we need three people starting jobs for six; six people starting jobs for 12; 12 people starting jobs for 20. That’s how we’re going to get all those jobs. We need everyone thinking entrepreneurially.
A wonderful letter on censorship from Charles Bukowski that I found on the Farnam Street Blog. Bukowski had one of his books removed from a library and this was his response to the person warning him about it. The emphases are mine. It was written in 1985:
The thing that I fear discriminating against is humor and truth.
…Censorship is the tool of those who have the need to hide actualities from themselves and from others. Their fear is only their inability to face what is real, and I can’t vent any anger against them. I only feel this appalling sadness. Somewhere, in their upbringing, they were shielded against the total facts of our existence. They were only taught to look one way when many ways exist.
I am not dismayed that one of my books has been hunted down and dislodged from the shelves of a local library. In a sense, I am honored that I have written something that has awakened these from their non-ponderous depths. But I am hurt, yes, when somebody else’s book is censored, for that book, usually is a great book and there are few of those, and throughout the ages that type of book has often generated into a classic, and what was once thought shocking and immoral is now required reading at many of our universities.
I am not saying that my book is one of those, but I am saying thatin our time, at this moment when any moment may be the last for many of us, it’s damned galling and impossibly sad that we still have among us the small, bitter people, the witch-hunters and the declaimers against reality. Yet, these too belong with us, they are part of the whole, and if I haven’t written about them, I should, maybe have here, and that’s enough.
may we all get better together,”
A few quotes form the podcast. These are paraphrased:
- “An expert is someone who has a predictive model that works.”
- “When it comes to decision making, Daniel Kahneman advises us to use the statistical baseline first (system 2) then Overlay your intuition (system 1), not the other way around or you have confirmation bias.”
- Evaluate your decision making – track your results. The objective is to make quality decisions over time (like Munger and value investing which is more about avoiding loss than making huge gains).
- Lessons from Colonel Blotto – if you are dominant player you want to keep It as simple as possible – fewest possible battlefields. Also for weaker then dilute the power Of the powerful opponent. Create more complexity, more battlefields.
- Advice for Parents: Instill Growth Mindset (praise for effort not characteristics) , consider opposite viewpoints and learn how to bet ( decision tracking). Teach kids that even though they win a bet, if it was an irrational/reckless bet, they will lose in the long run. Offer them recommendations, not orders. If you are right, they will learn to respect your recommendations.
He recommended these books:
- Consilience by O.E Wilson
- Darwin’s Dangerous Idea by Daniel Dennett (evolutionary thinking is the key wisdom) – https://en.wikipedia.org/wiki/Darwin’s_Dangerous_Idea
- Complexity – http://www.amazon.com/COMPLEXITY-EMERGING-SCIENCE-ORDER-CHAOS/dp/0671872346 . About complex adaptive systems.
- Work rules by Lazlo Bock