16 Lessons Learned (Among Many!)
-People are complicated and flawed. Root for their better angels.
-The best way to get a busy person’s attention: Help them.
-Keep it simple and move fast when conceiving strategies and making decisions.
-Every weakness has a corresponding strength.
-The values that actually shape a culture have both upside and downside.
-Understand someone’s “alpha” tendencies and how that drives them.
-Self-deception watch: even those who say they don’t need or want flattery, sometimes still need it.
-Be clear on your specific level of engagement on a project.
-Sketch three possible outcomes for a project: the likely upside, likely ‘regular’, and likely downside scenarios.
-A key to making good partnerships great: Identify and emphasize any misaligned incentives.
-Reason is the steering wheel. Emotion is the gas pedal.
-Trade up on trust even if it means you trade down on competency.
-Tell the truth. Don’t reflexively kiss ass to powerful people.
-Respect the shadow power.
-Make people genuine partners and they’ll work harder.
-Final: The people around you change you in myriad unconscious ways
“Investing is no different. It is a game of repetition where hundreds of small actions result in one larger result. But most importantly, it is a game of risk management. It is not the home run hitter who wins in the long-run. Rather, it is that strategist who devises the best long-term plan who ultimately wins. While hitting home runs is sexy it is rarely a recipe for success in the investment world. Aim high, but play small. Over time, good risk management and patience wins. Power is no substitute for precision and patience. The same is true in the world of investing.”
