Larry David on why retirement sucks:
"You need a place to go. A place to go—that’s what my mother always instilled in me. You need a place to go. And you’re worthless unless you have a place to go." #creativity#retirement https://t.co/TFnhKOSNNl
LEARN TO BE YOUR OWN PERSONAL DOCTOR
1. TYPHOID FEVER.
Get unripe pawpaw, unripe
pineapple, ginger, lime orange and Lipton tea. Cut into pieces, boil with fermented corn water for one hour. Take one glass cup 3 times daily for one week. The ailment will disappear.
Jeff Bezos doesn't focus on earnings, EPS, or earnings growth.
He explained why in his 2004 letter to shareholders.
Here's a breakdown on why he focuses on free cash flow instead:
After his second year at Michigan, Tom Brady wanted to transfer.
He wasn't playing in games, and he was so low on the depth chart that he only got 2 reps in practice.
Brady met with his coach to express his frustration, “The other quarterbacks get all the reps.”
Coach replied,
“Brady, I want you to stop worrying about what all the other players on our team are doing. All you do is worry about what the starter is doing, what the second guy is doing, what everyone else is doing. You don't worry about what you're doing.”
Coach reminded him, “You came here to be the best. If you're going to be the best, you have to beat out the best.”
And then he recommended that Brady start meeting with Greg Harden, a sports psychologist who worked in Michigan's athletic department.
Brady went to Harden's office and whined, “I'm never going to get my chance. They're only giving me 2 reps.”
Harden simply replied, “Just go out there and focus on doing the best you can with those 2 reps. Make them as perfect as you possibly can.”
“So that's what I did,” Brady said. “They'd put me in for those 2 reps, man, I'd sprint out there like it was Super Bowl 39. 'Let's go boys! Here we go! What play we got?'”
“And I started to do really well with those 2 reps. Because I brought enthusiasm, I brought energy.”
Soon, it went from getting 2 reps to getting 4 reps. Then from 4 to 10, “and before you knew it,” Brady said, with this new mindset that Greg instilled in me—to focus on what you can control, to focus on what you're getting, not what anyone else is getting, to treat every rep like it's the Super Bowl—eventually, I became the starter.”
Takeaway 1:
Greg Harden telling Brady to just focus on being great during his 2 reps reminded me of a piece of advice from the entrepreneur Mark Cuban.
“People come to me all the time and tell me they're stuck,” Cuban explained. “They're stuck in a job they don't like. They're stuck working for a boss they don't like. They're stuck on a team they don't like.”
“I just tell them, 'Be great.'”
“The reality of life is that you can't just always quit your job. You can't just always go to your boss and say, 'Give me the promotion, or I'm out of here.'” You can't just always go to your coach and say, 'Give me more reps, or I'm transferring.'
“So when you're stuck, you've gotta find it within yourself to say, 'Ok, this is where I am. And if I'm going to be here, I'm going to be great.'
Because if you're great at your job, typically other people and companies find out, so it creates opportunities.”
Takeaway 2:
I've written before about “lead measures”—the actions and behaviors that predictably drive success.
The core characteristic of a lead measure, the authors of The 4 Disciplines of Execution (4DX) write, is that “a lead measure is influenceable; it can be directly influenced by you.”
To achieve your goals, they recommend (echoing what the Michigan Coach told Brady), apply a disproportionate energy to the things that are in your control.
Starting at Michigan and for the rest of his career, that’s what Brady did, that’s what drove his success.
In his first media call after he was selected by the New England Patriots with the 199th pick in the 2000 draft, Brady was asked: “Are you aware that [along with starting quarterback, Drew Bledsoe] there’s another quarterback here that they drafted last year?”
Brady said he was aware of that. “And I know he’s a heck of a player,” Brady said. “But I’ve always really concerned myself just with the things I can control. I don’t put a lot of thinking into the other guys because I know I’m not at my best when I’m not just thinking about playing as well as I possibly can.”
- - -
“I never once in my life ever said I wanted to be the best of all time. Ever. I wanted to be the best I could be, period. I learned that in college. It didn’t matter what the other guys were doing. It mattered what I was doing.” — Tom Brady
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10 Biases that distort your Decision-Making:
1. Self-Serving Bias - Our failures are situational, but our successes are our responsibility.
2. Curse of knowledge - Once we know something, we assume everyone else knows it, too.
3. Dunning-Kruger Effect - The less you know, the more confident you are. The more you know, the less confident you are.
4. Belief Bias - We judge an argument's strength not by how strongly it supports the conclusion but by how plausible the conclusion is in our own minds.
5. Escalation of Commitment - We invest more in things that have cost us something rather than altering our investments, even if we face negative outcomes.
6. Gambler's Fallacy - We think future possibilities are affected by past events.
7. Zero-Risk Bias - We tend to reduce small risks to zero, even if we can reduce more risk with another option.
8. Outgroup Homogeneity Bias - We perceive out-group members as homogenous and our own in-groups as more diverse.
9. Clustering Illusion - We find patterns and clusters in random data.
10. Blind Spot Bias - We overlook biases in our own decision-making and see them more in others.
Which of these is troubling you the most?😅
The Curse of Knowledge is up there for me.
10 Mental Models that will level up your Thinking:
1. First Principle Thinking - Rethink the problem from the ground up.
Separate the underlying facts from assumptions made based on them.
2. Second-Order Thinking - Instead of thinking about the immediate consequences, think about the second-level consequences.
3. Inversion - Look at the problem at hand from the endpoint instead of the starting point.
Don't ask: "What do I need to do?"
Ask: "What must I avoid?"
4. Opportunity Costs - Think about the costs that arise because you decide in favor of one option and thus against every other option.
5. Randomness - Keep in mind that there aren't always cause-effect relationships.
Lots of stuff is random.
6. Leverage - “Give me a lever long enough and I shall move the world.” - Archimedes
7. Margin of Safety - Assume that your assumptions can be wrong and plan with a safety margin.
8. Occam's Razor - Always choose the less complex explanation/option.
"Never multiply unnecessarily."
9. Law of Diminishing Returns - Up to a certain point, additional units offer more value.
But there's a turning point where additional units offer less and less value and costs rise.
10. Niches - Specializing is an effective way to success. Use it and choose a niche where you become an expert.
What Mental Model helps you the most?