Wright Lewis

father • husband • attorney • finance enthusiast

[Wright Lewis @WHLewis]

As an attorney, I often encounter this "Labor Perception Bias."
"Why is your hourly rate so high?" (It's not relative to other attorneys, but that's another story.)
"I just asked you a question, and you already knew the answer!" (Quite thoroughly, right?)

[Billy Oppenheimer @bpoppenheimer]

In 1998, Citibank and The Travelers Insurance Company merged.

They hired legendary designer Paula Scher to create a new logo.

In their first meeting, on a napkin, Scher drew what became the iconic Citi logo.

As Scher got up to leave the room, someone from the Citi team asked,

How can it be that it’s done in a second?

“It’s done in a second and 34 years," Scher replied. “It’s done in a second [and] every experience and everything that’s in my head.”

Takeaway 1:

As Scher has become a master of her craft, she's experienced an interesting problem.

"A lot of clients like to buy process," she explains. "they think they're not getting their money's worth [if] you solve the problem too fast."

This is known as the "Labor Perception Bias."

It's an interesting phenomenon: we are generally impatient, yet, we are skeptical if, for instance, we're at a fancy restaurant and the food comes out only minutes after we ordered.

One of famous examples of the Labor Perception Bias is the parable of the engineer and the hammer:

A factory owner hired an engineer to fix a broken-down engine. The engineer inspected the engine for one minute, took out his hammer, hammered the engine once, and then started the engine with no problem.

The engineer charged the factory owner $5000. The factory owner was shocked, protested that the engineer had worked for only one minute, and asked for an itemized bill. The engineer sent the factory owner an itemized bill:

Hammering the engine: $5
Knowing where to hammer the engine: $4,995

Takeaway 2:

On my desk, there is a notecard that says, “All success is a lagging indicator.”

The line comes from one of my favorite Ryan Holiday articles. “When a day’s writing goes well,” he writes, “it’s a lagging indicator of hours and hours spent researching and thinking… Receiving a promotion is a lagging indicator of a lot of quality work. Delivering a keynote with confidence is a lagging indicator of a lot of preparation.”

Knowing where to hammer the engine is a lagging indicator of the years and years working with hammers and on engines.

And Paula Scher’s ability to create an iconic logo in a second is a lagging indicator of 34 years spent honing her craft.

- - -

“When you sit down to create something...what you create is a culmination of everything you’ve seen and done previous to that point.” — Tinker Hatfield

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[Wright Lewis @WHLewis]

@FinPhilosopher 4 Runner hands down. I loved my Wrangler in high school, but I only paid 7,700 with 40k miles on it back then and the 4 Runner is much more practical (esp. than 2 door) and a better value.

[Wright Lewis @WHLewis]

@loomdart https://t.co/QQ5hjSnCL6

[Wright Lewis @WHLewis]

@slipsliderr @outpxce Are these local tops for the market broadly or just the coin that outpaced BTC in volume?

[Wright Lewis @WHLewis]

@pinpulleddrmf Augusta National for as many rounds as we can play

[Wright Lewis @WHLewis]

@KobeissiLetter Rates have dropped almost 100 bps in ~2 months

[Wright Lewis @WHLewis]

@Fire5280 B. No contest.

[Wright Lewis @WHLewis]

@golfismental The calculation has to be that it will not hurt his legacy.

[Wright Lewis @WHLewis]

@realEstateTrent Best color?

[Wright Lewis @WHLewis]

@KobeissiLetter Am I the only one who is surprised a software company focused on streaming audio even has 1500 employees? Seems excessive.

[Wright Lewis @WHLewis]

@rossmacleodputt Field in the Hero World Challenge is good enough for me...

[The Kobeissi Letter @KobeissiLetter]

Real home prices in the US are currently almost 10% MORE expensive than they were in 2008.

In fact, real home prices are now 80% ABOVE the 130-year historical average, according to Reventure.

This means that even on an inflation adjusted basis, home prices have never been more expensive.

Meanwhile, housing supply is 40% below the historical average.

All while mortgage demand is at its lowest since 1994 and the median homebuyer now has a $3000/mo payment.

Truly historic times.

[Wright Lewis @WHLewis]

@outrider_nft @MoonOverlord Asia

[Wright Lewis @WHLewis]

@KobeissiLetter Not seeing this in our market (NoVA)

[Wright Lewis @WHLewis]

@chrispynuggins @GlennYaney @MrDixieCup No one is eating out 4-5x/week for $40, unless you're sticking to the dollar menu...

[Wright Lewis @WHLewis]

@patcarino @antonia_mdprjct Pigeonholes

[Wright Lewis @WHLewis]

@BowTiedBroke It'll all work out @BowTiedBroke

[Wright Lewis @WHLewis]

@UpOnlyTV What's the best moment in @UpOnlyTV history? Schkreli telling Do that prison isn't that bad?

[Wright Lewis @WHLewis]

@ErnieBrownII What one thinks is obtainable won't be for another.
How does one obtain a house if it's unaffordable?

[Wright Lewis @WHLewis]

@Notion4Lawyers Buyer's counsel

[Wright Lewis @WHLewis]

@DBarnettMoncton @realEstateTrent PEI definitely a nominee.