Other[music][music][music][music] >> Great to be here and thank you for taking the time to come to this session.
OtherCharlie Munger had given a talk a few decades back at Harvard, the psychology of human misjudgment. And then later he revised that talk for Poor Charlie's Almanac, which is wonderful. I try to reread it every year, but it took me many, many years to understand what Charlie was talking about even though he tried to dumb it down for all of us, it took still took me a while. So, I wanted to kind of present some of these things related to mental models in a little bit different context and different format than he does. And mental models are realities that when we encounter them for the first time surprise us. We already understand a lot of things about how the world works, but we'll encounter things periodically which are like, "Huh, I
Questionerperiodically which are like, "Huh, I didn't think like that was true." But when we encounter these truths and we incorporate them into how we make decisions, we'll start getting advantages versus other humans who may actually work harder and maybe even be smarter and so on. And it's really when you start cascading the models together in the same direction for the same effort, that's when you get what Munger would call lollapalooza effects, you know, 1 + 1 becomes 11 and 1 + 1 + 1 + 1 becomes over a thousand and so on. So, the bedrock model and without this model the more other models don't work. So, this is like if you didn't buy into this model, then there's no point looking at anything else. And that is that you take a simple idea and you take it seriously. When you encounter these things that kind of sound strange or sound weird, but you are convinced eventually that it
Questionerbut you are convinced eventually that it is reality with the way the world works, you have to go all in. And if you don't go all in, then it just kind of just doesn't work. So, no matter what we are doing, anytime we're using this lattice work of mental models together, we always have to have model one, which is take it very seriously. There's new age guru in Sedona, Arizona. He's passed away now, David Hawkins. And he wrote this book called Power vs. Force. And when I recommend this book to people I know, I get kind of one of two reactions. They either ready to throw the book at me hoping it hurts me or they love it. I never get a reaction saying, "Ah, it was okay." I'll never get kind of a middle reaction. I'll get just extreme reactions, one end or the other end. So, David Hawkins has has this perspective on we think of the truth
Otheron we think of the truth as being binary, you know, kind of oneas being binary, you know, kind of oneas being binary, you know, kind of one or zero. You're either lying or sayingor zero. You're either lying or sayingor zero. You're either lying or saying the truth.the truth.the truth. ButButBut that's not really how the truth and liesthat's not really how the truth and liesthat's not really how the truth and lies work. It's actually on a log scale.work. It's actually on a log scale.work. It's actually on a log scale. So, if you look at this graph and you goSo, if you look at this graph and you goSo, if you look at this graph and you go in the top right end right handin the top right end right handin the top right end right hand end of the graph,end of the graph,end of the graph, that's where you might have Jesus andthat's where you might have Jesus andthat's where you might have Jesus and Buddha hanging out, you know, extremeBuddha hanging out, you know, extremeBuddha hanging out, you know, extreme truth leading to extreme trust.truth leading to extreme trust.truth leading to extreme trust. Right? So, we just kind of and you know,Right? So, we just kind of and you know,Right? So, we just kind of and you know, us humans aren't going to get there, butus humans aren't going to get there, butus humans aren't going to get there, but that's at the extreme end. That's kindthat's at the extreme end. That's kindthat's at the extreme end. That's kind of aspirational.of aspirational.of aspirational. Then you go a little bit below that andThen you go a little bit below that andThen you go a little bit below that and you get to people like Warren Buffettyou get to people like Warren Buffettyou get to people like Warren Buffett and again or Charlie Munger, you know,and again or Charlie Munger, you know,and again or Charlie Munger, you know, which is as high as you can get as awhich is as high as you can get as awhich is as high as you can get as a capitalist. And then if you gocapitalist. And then if you gocapitalist. And then if you go significantly below that, you get tosignificantly below that, you get tosignificantly below that, you get to many of us.many of us.many of us. And it's very important in life to tryAnd it's very important in life to tryAnd it's very important in life to try to moveto moveto move as far to the right of that curve as youas far to the right of that curve as you
Otheras far to the right of that curve as you can because as you move further right on that curve, the payoffs are exponential. I'll give you an example of kind of why this is not binary because all of us think, "Well, you know, I'm I always say the truth, you know, I'm not a deceitful person and all of that." But let's say my partner and I are going to go out on date night and she's ready and she asked me, "How do I look?" Right? And now let's say I think the dress isn't that great. You know? And I know that if I say that the dress isn't great, you should change your dress, right? That might be the end of the date night. So, the pre-David Hawkins Monish would have said, "Oh, you look great. Let's go." Right? And the post-David Hawkins Monish will not want to deal with the white lies and I'll just say that I don't think the dress is great. I think you should change the dress,
Otherthink you should change the dress, think you should change the dress, right? And right? And right? And it may lead to no date that night, it may lead to no date that night, it may lead to no date that night, which is fine. which is fine. which is fine. But what's going to happen over time is But what's going to happen over time is But what's going to happen over time is the trust is going to go up big time. the trust is going to go up big time. the trust is going to go up big time. So, what you have to do as you go So, what you have to do as you go So, what you have to do as you go through life is get rid of the small through life is get rid of the small through life is get rid of the small lies. lies. lies. And the small And the small And the small lies are happening all the time because lies are happening all the time because lies are happening all the time because we just life is more convenient with the we just life is more convenient with the we just life is more convenient with the small white lies here and there. So, as small white lies here and there. So, as small white lies here and there. So, as you start and if you start thinking you start and if you start thinking you start and if you start thinking about this seeing that there's just a about this seeing that there's just a about this seeing that there's just a spectrum. It's just not zero or one and spectrum. It's just not zero or one and spectrum. It's just not zero or one and moving towards the right is not that moving towards the right is not that moving towards the right is not that easy. So, if we easy. So, if we easy. So, if we look at a place like Costco, for look at a place like Costco, for look at a place like Costco, for example, they have a rule that nothing example, they have a rule that nothing example, they have a rule that nothing gets marked up more than 15%. No matter gets marked up more than 15%. No matter gets marked up more than 15%. No matter what kind of deal they get. So, what kind of deal they get. So, what kind of deal they get. So, sometimes like I think one time this sometimes like I think one time this sometimes like I think one time this actually happened where they got a very actually happened where they got a very actually happened where they got a very large batch of Levi's jeans and a large batch of Levi's jeans and a large batch of Levi's jeans and a closeout closeout closeout and they got them really cheap, like,
Todd Combsand they got them really cheap, like, you know, 14 bucks a piece or something. And the team was wanting to price it significantly below retail, which was maybe, you know, 50, 60 dollars. So, they could have priced it at 30, for example, and they would have flown off the shelves. And Jim Sinegal, the founder CEO, did not allow them to do that. He said, "We can't do that because once we start doing that, first of all, we violated trust." And his buyers and team was telling him, "You know, Jim, a lot of money being left on the table." And he said just we just can't do that. And so, Costco's not going to mark up anything more than 15%. And the end result of that is many of us are fanatical about Costco. Right? And we're fanatical because that trust is in there. And that trust doesn't get built in one day or two days. It's just cascading sets of
Todd Combstwo days. It's just cascading sets of actions which lead to that trust. And Costco, you know, they pay their people more than all the other retailers, a lot more than Walmart pays. They have very low turnover. People stay for a long time. The current CEO started as a forklift operator. So, people build whole careers there. So, it's not just the the customers, they take care of the vendors, they take care of the employees and so it's just a great ecosystem with all the trust that's been built in. So, it's to me the the second model and the models I'm going to talk about because we don't have enough time today to go through all the models I'd like to talk about. So, it's just kind of a sampler, if you will. But the models I'm focused on today are more focused on building a startup or running a business, but some of them, you know, bleed into regular life as well. Like
Otherbleed into regular life as well. Like the Power vs. Force, the trust vs. truth, that that's going to help you in everything. Then, you know, we have this Marc Andreessen quote that the world is a very malleable place. And if you really want something and you go at it with maximum energy and drive and passion, the world will reconfigure itself around you much more quickly and easily than you would think. Going back about 2,700 years, I don't think Mark plagiarized from the Upanishads in India, but they wrote 2,700 years ago, "As is your desire, so is your will. As is your will, so is your deed. As is your deed, so is your destiny." And then the punchline, which is model two, is your deepest desire is your destiny. Now, when I talked about model one, which is take a simple idea seriously, you have to go all in on this. So, if you want to get the benefit of this,
Questioneryou want to get the benefit of this, you want to get the benefit of this, you have to believe in it completely. you have to believe in it completely. you have to believe in it completely. And so, if you really want something, it And so, if you really want something, it And so, if you really want something, it doesn't matter what you know and it doesn't matter what you know and it doesn't matter what you know and it doesn't matter what your expertise is doesn't matter what your expertise is doesn't matter what your expertise is is going to happen. is going to happen. is going to happen. And David Senra, whose podcast I really And David Senra, whose podcast I really And David Senra, whose podcast I really like, The Founders Podcast, like, The Founders Podcast, like, The Founders Podcast, you know, he says belief comes before you know, he says belief comes before you know, he says belief comes before capability. And if you study a lot of capability. And if you study a lot of capability. And if you study a lot of the greats in business and arts and the greats in business and arts and the greats in business and arts and music and film and everything, music and film and everything, music and film and everything, it's all about belief. it's all about belief. it's all about belief. It always starts with belief. And the It always starts with belief. And the It always starts with belief. And the capability comes later. capability comes later. capability comes later. So, So, So, if we truly have a passion about if we truly have a passion about if we truly have a passion about something, if we truly think that the something, if we truly think that the something, if we truly think that the world should be different in some way world should be different in some way world should be different in some way and we go all in on it, and we go all in on it, and we go all in on it, it's going to happen. it's going to happen. it's going to happen. That's a very important model to keep in That's a very important model to keep in That's a very important model to keep in mind when we're embarking on something mind when we're embarking on something mind when we're embarking on something new. Bezos talks about these asymmetric new. Bezos talks about these asymmetric new. Bezos talks about these asymmetric bets, you know, high upside, low bets, you know, high upside, low bets, you know, high upside, low downside. downside. downside. And he says that, you know, in baseball,
QuestionerAnd he says that, you know, in baseball, if you hit a home run, you get four runs. That's the maximum in baseball. But in business, there are possibilities of 1,000 runs or 10,000 runs. So, whenever we're embarking on business ventures, model four for me has always been the bedrock, which is heads I win, tails I don't lose much. So, I configure it in a manner where if things don't work, it's irrelevant. Almost no downside. And if things do work, then it's 1,000 runs. And we always have choices about how we go about doing things. So, for example, one of the other models that's going to come up in maybe a few more slides is that we do not need capital to start a business. In fact, 99% of businesses that get started in the US and around the world get started for less than $10,000. And the largest businesses on the planet, the Walmarts
Questionerbusinesses on the planet, the Walmarts of the world, were started with nothing.of the world, were started with nothing.of the world, were started with nothing. So, and that dovetails into this model,So, and that dovetails into this model,So, and that dovetails into this model, which is that if you're looking to startwhich is that if you're looking to startwhich is that if you're looking to start a business, don't waste time raisinga business, don't waste time raisinga business, don't waste time raising money, because we don't need money tomoney, because we don't need money tomoney, because we don't need money to start a business.start a business.start a business. And if you don't put in capital, youAnd if you don't put in capital, youAnd if you don't put in capital, you don't have a downside.don't have a downside.don't have a downside. So, model four is really importantSo, model four is really importantSo, model four is really important model. And if you study the Walmarts,model. And if you study the Walmarts,model. And if you study the Walmarts, and there's many, many founders, IKEA,and there's many, many founders, IKEA,and there's many, many founders, IKEA, and so on, you'll just see that all ofand so on, you'll just see that all ofand so on, you'll just see that all of them basically the common thread is theythem basically the common thread is theythem basically the common thread is they just took no risk, they never put in anyjust took no risk, they never put in anyjust took no risk, they never put in any capital, and they scaled it. And anothercapital, and they scaled it. And anothercapital, and they scaled it. And another model which is part of the heads I win,model which is part of the heads I win,model which is part of the heads I win, tails I don't lose muchtails I don't lose muchtails I don't lose much is there's there's 168 hours in a week.is there's there's 168 hours in a week.is there's there's 168 hours in a week. And your employer only needs 40 hours.And your employer only needs 40 hours.And your employer only needs 40 hours. And you can walk and chew gum at theAnd you can walk and chew gum at theAnd you can walk and chew gum at the same time. So, the single easiest way tosame time. So, the single easiest way tosame time. So, the single easiest way to eliminate risk when you start a businesseliminate risk when you start a businesseliminate risk when you start a business is
Otherisis don't quit your job, but take the effort down so you're just above firing level. Once you want to change the world and pursue your deepest desires, at that point, you're not focused on being employee of the month or employee of the year. You're focused on just someone's paying the rent and someone's paying the groceries. And if you study the whole week with the 168 hours, there's at least another 40 or 50 hours to put into your venture. And when you put that time into your venture, the cost is zero. And when that venture starts to get some traction, you switch over. That's what I did. And if the venture fails, it's not a problem. We go back to square one, we come up with some new idea that we're really passionate about, and we go for it. And in my case, it was the third venture. I never quit my job. On the third one, it worked, and I quit, and I
Questionerthird one, it worked, and I quit, and I moved on, and it was just fine, no problem. And then, you know, be a shameless cloner. So, Sam Walton said that there has never been a human that came before him, and there's never going to be a human that comes after him who's visited more non-Walmart stores than he has. He spent an inordinate amount of time in his whole life going through competitors' stores. Anytime he was visiting any Walmarts anywhere, he would go into whatever other retail or establishments they were, and he would study the hell out of them. And Walmart is a company that was built with no original ideas. Everything about Walmart was copied from someone else. Sam Walton did not come up with anything new. And one time he went into a store with some of his managers, and when they came out of the store, one of his managers
Otherout of the store, one of his managers told him, "Sam, that was such a poorly run operation. Just the whole store, the mess, it just so terrible." And then Sam says to him, "Yes, but did you see the candle display? The candle display was amazing." So, he could learn from the worst operators, and he extracted whatever he could. Everything that worked at Microsoft was stolen from somewhere else, you know? So, Word from WordPerfect, and Excel from Lotus, and, you know, Windows from the Mac, and even MS-DOS was It wasn't stolen, it was bought. And Microsoft spends a lot of money on research, and nothing's come out of that. You know, everything has come out of cloning. And even now, with all the AI and everything else that they're doing, it's not coming from inside. It's coming from outside. And so, cloning is a very powerful model. There are many smart people around who already
Questionerare many smart people around who already figured things out. And the world can accommodate multiples of the same thing. So, just because there's a Starbucks doesn't mean that no one can do another coffee shop. So, cloning is a really powerful mental model to think about. And then, you know, Buffett says that if you hang out with people who are better than you, you get better. You hang out with people worse than you, you get worse. Now, when you look at model six, so the important thing about these models is that they only work if you take them very seriously. So, what that means is if you buy into this model, you would make a list of all your friends, and you would categorize them. Which ones of them do you think are better than you? Which ones are worse? And the worse would be wiped out. Gone. So, we don't care about loyalties. So, if you buy into the models, it's the
OtherSo, if you buy into the models, it's the models we care about. And so, if you like Joe, but Joe is a yo-yo, Joe is going to pull you down. So, you have to decide, do you want to be pulled down, or do you want to go up? And so, this is, you know, model six is difficult because you have to be a harsh grader. Even model two is hard because you got to get rid of the white lies. But when you start making these changes, it opens up the space. When Joe is gone, Steve can come in. And that's what is important. Bring Steve in, let Joe go. And then, you know, there's some hiring hacks, which are like, you know, hire slow, fire fast. Hire for capability, not skill. I don't have many people in you know, in Austin there, we've only got three full-time employees. All three of them were hire hired as fresh grads. I don't have anyone working for me
OtherI don't have anyone working for me full-time who had any experience anywhere before they were hired. And I can't do without them now because they know too much, and they're really good. So, when we when we go after fresh grads, we go after capability, we go are going after a amazing pool. And when we're trying to hire someone, the important variables are they have to have very high integrity, they have to have high intelligence, and they have to be very very energetic. We got We have to have all three skills. So, these are just simple hiring hacks that work really well. Incentives are a lot more powerful than you think. Munger used to say that every year in his life, he would encounter some nuances about incentives which told him that whatever he thought about the power of incentives in the past was not enough, that it was even more powerful than he than he thought.
Questionerpowerful than he than he thought.powerful than he than he thought. And these two books actually are veryAnd these two books actually are veryAnd these two books actually are very good. One is Copy This, which is by thegood. One is Copy This, which is by thegood. One is Copy This, which is by the founder of Kinko's, and Les Schwab ran afounder of Kinko's, and Les Schwab ran afounder of Kinko's, and Les Schwab ran a very successful set of tire repair andvery successful set of tire repair andvery successful set of tire repair and service shops in the Pacific Northwest.service shops in the Pacific Northwest.service shops in the Pacific Northwest. And they both were really smart aboutAnd they both were really smart aboutAnd they both were really smart about how they used incentives to scale theirhow they used incentives to scale theirhow they used incentives to scale their operations. So, when you build youroperations. So, when you build youroperations. So, when you build your organization, you have to be veryorganization, you have to be veryorganization, you have to be very smart about the incentives. Humans aresmart about the incentives. Humans aresmart about the incentives. Humans are very heavily driven by incentives. Andvery heavily driven by incentives. Andvery heavily driven by incentives. And again, I talked about that. You don'tagain, I talked about that. You don'tagain, I talked about that. You don't need money to start a business, you canneed money to start a business, you canneed money to start a business, you can start it with no capital. This book, Zenstart it with no capital. This book, Zenstart it with no capital. This book, Zen and the Art of Motorcycle Maintenance,and the Art of Motorcycle Maintenance,and the Art of Motorcycle Maintenance, is a very difficult book to read. If youis a very difficult book to read. If youis a very difficult book to read. If you guys pick it up to read it,guys pick it up to read it,guys pick it up to read it, I suspect most of you will give up onI suspect most of you will give up onI suspect most of you will give up on reading it before you get to the end.reading it before you get to the end.reading it before you get to the end. But please try to read it. And in theBut please try to read it. And in theBut please try to read it. And in the first reading, you may not understandfirst reading, you may not understandfirst reading, you may not understand the book. That's okay, you can read it
Otherthe book. That's okay, you can read it again. But what Robert Pirsig talks about is the intense and extreme pursuit of quality. And he gets that message across in a very roundabout manner, but in a very beautiful way. So, it takes a while to kind of understand where he's coming from. He's talking about ghosts in the middle of the book, so that's kind of where I'll lose many of you. Just push through. Push through and read it, and you know, so it'll show you the power of bringing extreme quality into everything you're doing, which again gives you a a big leg up in life. And it's easier to build a business which is a great business than a shoddy business. If you focus on building a great business with a great foundation, it's easier to attract the people, it's easier to get the customers, it's easier to get the whole ecosystem to work with you. So, even though it's
Otherto work with you. So, even though it's kind of more harder trading up front, playing the long game, never thinking of an exit, making it your life's work, just wonderful things to do. The purpose of business is not to make money. The purpose of business is to deliver a great product or service to humanity. And if you do that, the money will follow. So, if you start with the notion that I'm going to be an entrepreneur so I can get rich, you're not going to get rich, and it's not going to be such a fun journey. But if you start with the idea that I'm going to serve humanity in some great way, there's a basis to actually get there. Which will be great. And when I started my first company, I put a value on my own time. At that time, I would have valued my time at, I don't know, 50 or $75 an hour, maybe 100 bucks an hour or something.
Othersomething.something. And I thought about, you know, anythingAnd I thought about, you know, anythingAnd I thought about, you know, anything that could be done for less than that, Ithat could be done for less than that, Ithat could be done for less than that, I was happy to pass on.was happy to pass on.was happy to pass on. And almost everything you want done canAnd almost everything you want done canAnd almost everything you want done can be done for less than 100 bucks an hourbe done for less than 100 bucks an hourbe done for less than 100 bucks an hour rate by somebody else, maybe much less.rate by somebody else, maybe much less.rate by somebody else, maybe much less. And certainly for a few hundred dollarsAnd certainly for a few hundred dollarsAnd certainly for a few hundred dollars an hour, almost everything can be done.an hour, almost everything can be done.an hour, almost everything can be done. If I were to look at it today, I wouldIf I were to look at it today, I wouldIf I were to look at it today, I would put my value at, you know, probably aput my value at, you know, probably aput my value at, you know, probably a few thousand dollars or something.few thousand dollars or something.few thousand dollars or something. And I should only, and I try to onlyAnd I should only, and I try to onlyAnd I should only, and I try to only work on things that I'm,work on things that I'm,work on things that I'm, you know, intensely excited about. And Iyou know, intensely excited about. And Iyou know, intensely excited about. And I try to have a team that can that cantry to have a team that can that cantry to have a team that can that can work on the rest. And so, it's reallywork on the rest. And so, it's reallywork on the rest. And so, it's really important to think about this thing fromimportant to think about this thing fromimportant to think about this thing from aaa efficiency point of viewefficiency point of viewefficiency point of view and bring in a team which can help withand bring in a team which can help withand bring in a team which can help with you on it. I talked about these 13you on it. I talked about these 13you on it. I talked about these 13 models.models.models. And when you're building a business and,And when you're building a business and,And when you're building a business and, you know, you apply all 13 modelsyou know, you apply all 13 modelsyou know, you apply all 13 models at the same time, there's an exponential
Otherat the same time, there's an exponential effect because each one by themselves is pretty powerful, but when you start cascading them together, you get a huge edge. And I was thinking when I was reviewing these slides and I realized there's a bunch of other models that I used when I'm running a business. So, for example, one of the things I realized is that whatever idea you come up with, when you have some startup or some business you want to start, whatever idea you come up with, that idea is not going to work because you came up with it in some ivory tower between your ears, which is not a good place to find great ideas. But what will happen is that when you present that idea to your potential customers, they are going to tweak your idea. And so, the important thing as a for an entrepreneur is to be in listen mode and to be listening really carefully.
Questionerand to be listening really carefully. So, for example, when I was working on my third startup just before I quit my job, and I had a slide deck and I used to go make presentations to potential customers, and I was kind of take like half a day vacation when I was doing that. And so, I was at this large bank in Chicago, and I was going through my deck, and the CIO who was sitting in the room, I went to slide 11. He said, "Go back to slide 10." So, I took it back to slide 10, gave my spiel again, took it to slide 11. He said, "Go back to slide 10." Again, I gave my spiel, went to slide 11. He said, "Do not move the slide from slide 10. I have no interest in any other slide. We're only going to sit on slide 10 for the rest of this time. Okay? So, I said, "Amen." You know, we're going to be on slide 10. I realized when I went back that slide 10 was addressing a very
Otherthat slide 10 was addressing a very severe pain point he had. And that was the only slide that really, because I was saying we can do X, we can do Y, we can do Z, he wasn't interested. He was only interested in one thing. And I realized that not just him, but everybody else is only going to be interested in slide 10. And they're not going to be interested in anything else. I had to listen. If you listen, your customers are going to tell you what to do. So, what I did is I redid the deck. And slide 10 became 20 slides, and all the other slides went away. And then, after that, when I went for the next presentation, 15 minutes after I finished, there was a purchase order. Just kept going because now it was pinpointed, laser-guided missile going to exactly what was pain point because this guy's pain point was everyone else's pain point as well. And there's
Otherelse's pain point as well. And there's no way I could come up with it. It's beyond my pay grade to ever come up with that. So, your customers will direct you to what you need to be doing. And whatever you tell them that you want to do for them is not going to be correct, but you have to listen, and it'll be Sometimes it's slightly off, sometimes it's significantly off, but if you listen, they will educate you. So, that's an important model. I didn't include it, but it's a very important model to keep in mind is that your customers are going to tell you what's going on. Another model which is very important is any market that you're going after, two or three players will have 80 to 90% of the market. It doesn't matter whether it's, you know, paper clips or airplanes. So, if you say that this is a 10 billion dollar market and I only need 2% of it,
Otherdollar market and I only need 2% of it, it's not going to work. What that means is that you have not done the segmentation. What needs to happen is you need to say, "Okay, this is a market of this size, and my offering is so good that I can take 70% market share." So, if you start out saying I'm going to take 2% of a large market, you're going to fail. But if you say I'm going to take 70% of the market, you've got a chance. So, when you start putting all these models together, so these were models that were focused on running a business or, you know, starting a business and that sort of thing. And Charlie's models are much broader than that, you know, they go through life and other things. So, I want to kind of give you a little bit of a different, you know, you kind of going to switch gears a little bit now. I listen to the Founders Podcast every
David Senralisten to the Founders Podcast every day. Just raise your hands. How many of you listen to the Founders Podcast? We've got a few hands, but it needs to be a lot more hands. So, what I found with the Founders Podcast is he has about 412 or some some number of episodes like that. And he reads a book, and it's not a summary of a book, but he really analyzes it, and he kind of correlates it with other other books and so on. So, what I found is that there were books that I had read. These are mostly business biographies and so on, but he's also talking about artists and, you know, Picasso or Michelangelo or, you know, Winston Churchill. So, you know, Alexander the Great, it's Ernest Shackleton, just all over the place. You know, he's got all these leaders in different fields. What I found is that when I had read a particular book,
Otherandand then I listened to the podcast,then I listened to the podcast,then I listened to the podcast, I'm getting insights about that bookI'm getting insights about that bookI'm getting insights about that book from the podcast that I never got when Ifrom the podcast that I never got when Ifrom the podcast that I never got when I read the book.read the book.read the book. And this I noticed over and over againAnd this I noticed over and over againAnd this I noticed over and over again with multiple episodes. So, what Iwith multiple episodes. So, what Iwith multiple episodes. So, what I realized isrealized isrealized is he's a far better reader than I am. He'she's a far better reader than I am. He'she's a far better reader than I am. He's much better at reading a book than I am,much better at reading a book than I am,much better at reading a book than I am, and he's much better at extractingand he's much better at extractingand he's much better at extracting because what he was extracting frombecause what he was extracting frombecause what he was extracting from these books that I had read, I wish I'dthese books that I had read, I wish I'dthese books that I had read, I wish I'd extracted that because those were realextracted that because those were realextracted that because those were real nuggets. And so, I realized that if Inuggets. And so, I realized that if Inuggets. And so, I realized that if I read a book, you know, I can maximumread a book, you know, I can maximumread a book, you know, I can maximum read maybe two books a week if I'm goingread maybe two books a week if I'm goingread maybe two books a week if I'm going full out, more like one a week orfull out, more like one a week orfull out, more like one a week or something. But the podcast is 1 hour,something. But the podcast is 1 hour,something. But the podcast is 1 hour, and usually I'm listening to at least anand usually I'm listening to at least anand usually I'm listening to at least an hour a day of Founders Podcast. So, Ihour a day of Founders Podcast. So, Ihour a day of Founders Podcast. So, I said, "Wow, this is like the Millersaid, "Wow, this is like the Millersaid, "Wow, this is like the Miller commercial, it tastes great and it'scommercial, it tastes great and it'scommercial, it tastes great and it's less filling."less filling."less filling." Only people of my age would understandOnly people of my age would understand
QuestionerOnly people of my age would understand that. You know, the younger crowd has no idea what I said. What I realized is that it's better for me to listen to a podcast about a book that Senra has done than to actually go read the book because the book's going to take me 10, 15, 20 hours, this is 1 hour. After 20 hours, I'm not getting the extraction that he's giving me. So, it was just amazing. So, it was like taking the first model, which is take a simple idea and take it seriously. The second thing is that when we read books, we censor them. So, we choose what books we want to read, and that distorts kind of, you know, it kind of narrows what data we're taking in. I have no control over which books David Senra puts in the Founders Podcast. And so, I decided that I'm going to listen to every podcast he did, no matter what the author or subject or whatever it because that will introduce randomness. That's
Questionerthat will introduce randomness. That's another model. Introduce randomness into your life. Charlie Munger was a big proponent of that because that introduces randomness. Randomness is really important. And so, the Founders Podcast, I think, made me so much more efficient. So, I've now listened to about 270 of his episodes. I started with the most recent one. I worked backwards. Now, I'm listening to the episodes that were recorded September 2020, but I'm going to go all the way back to probably in the next maybe six or eight months or 10 months, I'll finish all of them. Business Breakdowns is another one, which is great. Acquired is another one. So, I'm going to like, you know, overdose, go all in, take it seriously, extract everything from these podcasts. So, I think that the podcasts are great, and we should go all in. So, that's an
Charlieand we should go all in. So, that's an example of another mental model where you combine model one and model 14, and it gets you somewhere which is a great place to be. I think if you read these three books, you know, Poor Charlie's Almanack, Influence by Robert Cialdini, who's a good friend, and the one I came across most recently because of the Founders Podcast is one by Kevin Kevin Kelly. I think these three books are better than any college degree. They're going to teach you a lot more than any college can teach you. And they're so accessible and they're so cheap. So, it's just really excellent. Best things in life are free. You know, this is not all the models, but there's a zillion more models that we're not going to be able to talk about today. So, with the first model, you know, fast is slow. There's a good friend of mine, Young Pin Duan. Let's call him Ping. I
QuestionerYoung Pin Duan. Let's call him Ping. I call him Ping. So, Ping is the founder of Oppo and Vivo, which is huge mobile phone brands in China. They're like right after Apple and Samsung. They might even be ahead of Samsung. So, Ping lives in the Bay Area, his company is in China. He's a billionaire many times over. Private company. And he goes to meet his management team once a year for about 15 minutes. So, he goes to China, there's this, you know, big huge boardroom table set up and they put Ping at the head of the table. And Ping says that, "I say every year I have a different message." But he said, "One year I went in and I said three words to them and I walked out." So, I said, "Ping, what were the three words you said to them?" He said, "I said, 'Fast is slow.'" Okay. And he said, "Then the entire team spent about 3 months
Otherabout 3 months trying to figure out what those three words mean." And he said, "After 3 months they figured it out." And then they killed all the competition. At the beginning everyone is better than you. Over time, what happens when you become better than them? Do you boot them? Of course. We're not loyal. So, you either decide you want to be loyal or you want to grow. And so, you you know, figure it out. Can you think of a decision in your life that demonstrates the power of a mental model working in practice? You know, Michelle had introduced me. I forgot to tell her that whenever I get introduced, I don't want them to talk about anything except that I have a lifetime ban in Vegas from playing blackjack. Okay. To me that is the highest accomplishment. Not all the other whatever else he said. So, I came up with a system for playing blackjack
Otherwith a system for playing blackjack which did not involve counting cards. And going to the model of belief comes before capability. It took me a while to I believed it could be done, then I actually did it. Then I actually started going to the casinos and I executed on it, made a lot of money. And then I was at this CD casino in Vegas which had a single deck blackjack game which had a very thin odds where my system would work. And the manager came and sat next to me when I was playing. I knew him well. And he tells the dealer stop dealing. And she was dealing around her cards and she was continuing to just finish that hand. She's He said He screamed at her saying, "Stop right now." So, she was like kind of taken aback. So, she just stopped. And then he said, "Mr. Pabrai, you can come to this casino anytime you want, but you cannot sit down at the
Otherwant, but you cannot sit down at the blackjack table." And I said, "Why?" He said, "Your system we cannot beat your system." So, I told him, "You know, I'm not counting cards." He said, "It took us 6 months." And he said, "I I know you're not counting cards and that's why it took us 6 months of watching all the tapes to figure out that whatever you're doing, we're on the losing end." So, that was an example. But you know, the thing is that repeatedly I found the belief comes before capability is so powerful. Because whenever people start businesses and you can look at any business from, you know, Ford or Microsoft or whatever else, the founders don't know. They don't know what they're doing. They're kind of figuring it out on the fly. And so, that's a very important model. The power versus force model of the trust versus truth. I mean, that's to me
Questionertrust versus truth. I mean, that's to me like it's like breathing, you know, it makes life really easy because you don't have to do any lies. You just kind of lay it out the way it is, you know. So, that just makes life simple. And so, there's many many models. I'm using them all the time. Which model has had the single biggest impact on your life?
QuestionerSo, I would just say it was actually it was actually the Munger talk. The Munger talk, even though Charlie made it really simple, actually took me many decades to actually figure out what he was really talking about. But the notion of understanding that 1 + 1 is 11 when you're cascading these models. And I actually Charlie had mentioned it, but it took me a while to figure it out. So, actually once you start putting these models together, that's when you really start seeing the exponential effects. And so, I I'd say
Otherexponential effects. And so, I I'd say that's one thing that you can keep in mind. What is the main outcome of the models? Do you think it is just success or happiness? Or happiness also? Yeah, so the models are not just about success. They're definitely about happiness. I'm actually not focused on success. I'm focused on happiness. So, the models actually crystallize things. And you know, like I talked about, you know, the harsh graders and you know, getting rid of the yo-yos and all that. It sounds harsh, but life becomes happier. Just because when you have certain people in your life, you cannot have certain other people in your life. And so, you Life is about choices. And many times they're hard choices. We have to take that. Do these models mainly apply to tech startups or can they also work for something like opening a coffee
Questionerwork for something like opening a coffee shop or local yoga studio? In fact, itshop or local yoga studio? In fact, itshop or local yoga studio? In fact, it applies moreapplies moreapplies more to the coffee shop or yoga studios thanto the coffee shop or yoga studios thanto the coffee shop or yoga studios than to a tech startup. I'm not a tech guy.to a tech startup. I'm not a tech guy.to a tech startup. I'm not a tech guy. So, I'm a non-tech guy. And one of theSo, I'm a non-tech guy. And one of theSo, I'm a non-tech guy. And one of the things that happens in the media isthings that happens in the media isthings that happens in the media is the venture-backed startups get a lot ofthe venture-backed startups get a lot ofthe venture-backed startups get a lot of press.press.press. There are more than a million businessesThere are more than a million businessesThere are more than a million businesses started in the United States every year.started in the United States every year.started in the United States every year. Less than 1/10 of 1% of them areLess than 1/10 of 1% of them areLess than 1/10 of 1% of them are venture-backed. So, 99.9% of them areventure-backed. So, 99.9% of them areventure-backed. So, 99.9% of them are the coffee shop and the yoga studio andthe coffee shop and the yoga studio andthe coffee shop and the yoga studio and the Chinese restaurant and all of that.the Chinese restaurant and all of that.the Chinese restaurant and all of that. And these models front and centerAnd these models front and centerAnd these models front and center absolutely apply to those. So, that'sabsolutely apply to those. So, that'sabsolutely apply to those. So, that's where In fact, that's where they shouldwhere In fact, that's where they shouldwhere In fact, that's where they should be applied. Don't leave us hanging. Whatbe applied. Don't leave us hanging. Whatbe applied. Don't leave us hanging. What was the blackjack system that got youwas the blackjack system that got youwas the blackjack system that got you banned? So, you know, when I used to getbanned? So, you know, when I used to getbanned? So, you know, when I used to get this question before, there's a casinothis question before, there's a casinothis question before, there's a casino in Vegas called the El Cortez. How manyin Vegas called the El Cortez. How manyin Vegas called the El Cortez. How many of you have heard the El Cortez? Oh,
Questionerof you have heard the El Cortez? Oh,
Otherof you have heard the El Cortez? Oh, we've got a person who's been there.
Otherwe've got a person who's been there.
OtherThat's great. So, the El Cortez was
OtherThat's great. So, the El Cortez was
OtherThat's great. So, the El Cortez was built in 1942 by actually built by Bugsy
Otherbuilt in 1942 by actually built by Bugsy
Otherbuilt in 1942 by actually built by Bugsy Siegel, you guys might know, was later,
OtherSiegel, you guys might know, was later,
OtherSiegel, you guys might know, was later, you know, gunned down for overruns on
Otheryou know, gunned down for overruns on
Otheryou know, gunned down for overruns on the Flamingo. So, he had done the Cortez
Otherthe Flamingo. So, he had done the Cortez
Otherthe Flamingo. So, he had done the Cortez before Bugsy before he did the Flamingo.
Otherbefore Bugsy before he did the Flamingo.
Otherbefore Bugsy before he did the Flamingo. And
OtherAnd
OtherAnd the Cortez is in downtown Vegas, but
Otherthe Cortez is in downtown Vegas, but
Otherthe Cortez is in downtown Vegas, but it's slightly away from the main
Otherit's slightly away from the main
Otherit's slightly away from the main downtown drag. And so, to induce people
Otherdowntown drag. And so, to induce people
Otherdowntown drag. And so, to induce people to come in,
Otherto come in,
Otherto come in, they came up with a single deck
Otherthey came up with a single deck
Otherthey came up with a single deck blackjack game
Otherblackjack game
Otherblackjack game with the best odds for the player of any
Otherwith the best odds for the player of any
Otherwith the best odds for the player of any blackjack game on the planet.
Otherblackjack game on the planet.
Otherblackjack game on the planet. And so, there's a website called
OtherAnd so, there's a website called
OtherAnd so, there's a website called bj21.com.
Otherbj21.com.
Otherbj21.com. If you go to bj21.com, I want to clarify
OtherIf you go to bj21.com, I want to clarify
OtherIf you go to bj21.com, I want to clarify I have nothing to do with this website
OtherI have nothing to do with this website
OtherI have nothing to do with this website and I don't gain anything from whether
Otherand I don't gain anything from whether
Otherand I don't gain anything from whether you go there and spend money on it or
Otheryou go there and spend money on it or
Otheryou go there and spend money on it or not spend on it. So, just a disclaimer
Othernot spend on it. So, just a disclaimer
Othernot spend on it. So, just a disclaimer on that. Some guy who I don't know runs
Otheron that. Some guy who I don't know runs
Otheron that. Some guy who I don't know runs that website.
Otherthat website.
Questionerthat website.that website. But what he does is every month heBut what he does is every month heBut what he does is every month he creates a new PDFcreates a new PDFcreates a new PDF which gives the odds of every blackjackwhich gives the odds of every blackjackwhich gives the odds of every blackjack table in North America. So, for example,table in North America. So, for example,table in North America. So, for example, if I look at the Wynn Las Vegas,if I look at the Wynn Las Vegas,if I look at the Wynn Las Vegas, they have three or four different kindsthey have three or four different kindsthey have three or four different kinds of blackjack games. It tells you howof blackjack games. It tells you howof blackjack games. It tells you how many tables of each one, exactly whatmany tables of each one, exactly whatmany tables of each one, exactly what the rules of each one are, and exactlythe rules of each one are, and exactlythe rules of each one are, and exactly what the odds of each one are. So, whenwhat the odds of each one are. So, whenwhat the odds of each one are. So, when I looked at bj21 many years ago, I justI looked at bj21 many years ago, I justI looked at bj21 many years ago, I just scanned the whole, you know, maybe 30-40scanned the whole, you know, maybe 30-40scanned the whole, you know, maybe 30-40 page PDF for the odds of every one, andpage PDF for the odds of every one, andpage PDF for the odds of every one, and I found that the El Cortez had theI found that the El Cortez had theI found that the El Cortez had the thinnest house edge of any casino. Ithinnest house edge of any casino. Ithinnest house edge of any casino. I think the house edge was 0.13%. And so,think the house edge was 0.13%. And so,think the house edge was 0.13%. And so, I said, "Okay, this is the place to testI said, "Okay, this is the place to testI said, "Okay, this is the place to test my system." Because they only have amy system." Because they only have amy system." Because they only have a 0.13 system 0.13% edge. And I don't have0.13 system 0.13% edge. And I don't have0.13 system 0.13% edge. And I don't have the time here to go through the wholethe time here to go through the wholethe time here to go through the whole system. And I don't want you to takesystem. And I don't want you to takesystem. And I don't want you to take away the fun that you guys will haveaway the fun that you guys will have
Otheraway the fun that you guys will have with figuring it out. But I'm going to give you some hints. So, you can take those hints and then figure it out. So, the hint is really simple that blackjack is a game which has streaks. So, it's not like you have one hand you win and one hand you lose and one hand you win and one hand you lose, even though approximately, you know, the odds are 50/50. What can happen is you can win five hands in a row and you can lose five or six in a row or win three and lose three and so on. So, you have this kind of dispersion of what is happening with the wins and losses. And if you had a system, so, let's say for example, I'm playing So, there's a couple of things I just want to give you some rules. Let's say I'm playing a $10 minimum bet table. Some table which is $10 minimum which may not even exist in Vegas anymore, but let's
Othereven exist in Vegas anymore, but let's just humor me for a second. So, let's say there's a $10 minimum bet table. First rule is we need 200 times the minimum bet in our in our pocket. So, if I'm going to play a $10 minimum, I need $2,000 in my pocket just to take care of the roller coaster ride that is blackjack. So, we're going to have 2,000 with us to want to play $10 minimum. We are going to play a very simple progression. And I'm going to go fast here, but there'll be a video you can see this again. So, the progression is 10 10 15 15 20 20 30 30 50 50 70 70 100 100. When you hit 100, you stay there. What that means is if I kept winning every hand in one after the other and I just won like 15 hands in a row, my first bet is 10 bucks, the second bet is 10 bucks, the third bet is 15, the fourth bet is 15, the fifth is 20 20. So, 10 10 15 15 20 20 30 30 50 50 70 70
OtherSo, 10 10 15 15 20 20 30 30 50 50 70 70 100 100. When I hit 100, it stayed at 100. When I hit 100, it stayed at 100. When I hit 100, it stayed at 100. So, if I won like 40 hands in a 100. So, if I won like 40 hands in a 100. So, if I won like 40 hands in a row, I would just be doing 100 after row, I would just be doing 100 after row, I would just be doing 100 after that. Now, the moment I lose a hand, I that. Now, the moment I lose a hand, I that. Now, the moment I lose a hand, I go back to $10. So, usually what's going go back to $10. So, usually what's going go back to $10. So, usually what's going to happen? 10 10 15 10. 10 10 15 15 10. to happen? 10 10 15 10. 10 10 15 15 10. to happen? 10 10 15 10. 10 10 15 15 10. 10 10 15 15 20 10. That's what's going 10 10 15 15 20 10. That's what's going 10 10 15 15 20 10. That's what's going to be each And it'll will 10 10 10 if I to be each And it'll will 10 10 10 if I to be each And it'll will 10 10 10 if I lose like four hands in a row. lose like four hands in a row. lose like four hands in a row. Now, if I get a blackjack, I skip one Now, if I get a blackjack, I skip one Now, if I get a blackjack, I skip one level. If I get a double or a split and level. If I get a double or a split and level. If I get a double or a split and I win both, I skip two levels. And if I win both, I skip two levels. And if I win both, I skip two levels. And if you think about it mathematically, you think about it mathematically, you think about it mathematically, what would happen is what would happen is what would happen is on average, your winning hand on average, your winning hand on average, your winning hand is going to have slightly more money bet is going to have slightly more money bet is going to have slightly more money bet than the losing hand because of the way than the losing hand because of the way than the losing hand because of the way you're doing the progression. So, I'm you're doing the progression. So, I'm you're doing the progression. So, I'm not counting cards. No need to count not counting cards. No need to count not counting cards. No need to count cards. In fact, what confused the hell cards. In fact, what confused the hell cards. In fact, what confused the hell out of the El Cortez people was they out of the El Cortez people was they out of the El Cortez people was they were playing single deck and they only
Otherwere playing single deck and they onlywere playing single deck and they only played half a deck.played half a deck.played half a deck. So, they're only playing 26 cards. But,So, they're only playing 26 cards. But,So, they're only playing 26 cards. But, if I'm in the middle of the progressionif I'm in the middle of the progressionif I'm in the middle of the progression and a new deck comes in, it'sand a new deck comes in, it'sand a new deck comes in, it's irrelevant. I'm continuing theirrelevant. I'm continuing theirrelevant. I'm continuing the progression. So, they said he's notprogression. So, they said he's notprogression. So, they said he's not he's placing a big bet on a brand newhe's placing a big bet on a brand newhe's placing a big bet on a brand new deck.deck.deck. And a brand new deck has no favorableAnd a brand new deck has no favorableAnd a brand new deck has no favorable odds for the player,odds for the player,odds for the player, which took them 6 months to figure out.which took them 6 months to figure out.which took them 6 months to figure out. And I don't think they still figured itAnd I don't think they still figured itAnd I don't think they still figured it out, but maybe once they watch thisout, but maybe once they watch thisout, but maybe once they watch this video, they'll figure it out. So,video, they'll figure it out. So,video, they'll figure it out. So, basically what ends up happening is yourbasically what ends up happening is yourbasically what ends up happening is your average losing bet might be $10.50average losing bet might be $10.50average losing bet might be $10.50 and your average winning bet might beand your average winning bet might beand your average winning bet might be $10.75.$10.75.$10.75. And if that delta is more than the 0.13%And if that delta is more than the 0.13%And if that delta is more than the 0.13% that the El Cortez was offering, they'rethat the El Cortez was offering, they'rethat the El Cortez was offering, they're in big trouble.in big trouble.in big trouble. And they got into big trouble. And so,And they got into big trouble. And so,And they got into big trouble. And so, now I need to go to the double decknow I need to go to the double decknow I need to go to the double deck games in Vegas, which the odds are andgames in Vegas, which the odds are andgames in Vegas, which the odds are and I'm not so close because I used to be in
QuestionerI'm not so close because I used to be in California. It was like a 40-minute flight. Now, it's like more frictional cost and I lost interest. But, now the best double deck games are 0.19% odds for the house, which is still very good. And there's a few of them. There's Treasure Island, there's MGM, Aria, Bellagio, but the minimums are higher. So, for example, if I played at the Aria, the 0.19% house odds, it's a $500 minimum to play. 200 times. 200 times 500. 5,000, 50,000. I got to sit down with 100,000 if I go to the Aria. If I go to the MGM, $100, 20,000. I need to sit down with 20,000. So, usually the what people run into problem is they have a $1,000 in their pocket, they put a $100 bet down, and then that's the end of that. So, more blackjack than I ever wanted to talk about today, but that's fine. How do these models apply to professionals in
Questionerthese models apply to professionals in creative industries? Musicians, writers, artists. They absolutely apply.
QuestionerSo, Seinfeld wrote a book called Is That Something? Anyone read the book? Anyone a Seinfeld fan? Read the book.
QuestionerSo, here's what Seinfeld said, okay? He sits down every day with a yellow pad for hour and a half to two hours. And he thinks about whatever has happened in the last one or two days. And he sits and writes it down, right? And he also goes back to the thoughts he wrote about in the last few days. So, you know, stand-up comedy is very hard. And what Seinfeld is doing or what Larry David is doing is not random. There is a lot of work and there's a structured approach to work. The guy who did Charlie Brown, you know, he passed away, I think. And I think he was worth billions by the time he died. But, the thing is every day he sat down, went to
Otherthing is every day he sat down, went tothing is every day he sat down, went to work for 8 hours on coming up. And hework for 8 hours on coming up. And hework for 8 hours on coming up. And he said the cartoons were simple, but thesaid the cartoons were simple, but thesaid the cartoons were simple, but the story lines and all were complicated,story lines and all were complicated,story lines and all were complicated, right? So, the thing is that and then,right? So, the thing is that and then,right? So, the thing is that and then, you know, I think David Senatra has ayou know, I think David Senatra has ayou know, I think David Senatra has a bunch of these podcasts on thesebunch of these podcasts on thesebunch of these podcasts on these musicians.musicians.musicians. And I don't remember some of the names,And I don't remember some of the names,And I don't remember some of the names, but they were some of them which he wasbut they were some of them which he wasbut they were some of them which he was talking abouttalking abouttalking about extremely structured. And if you know,extremely structured. And if you know,extremely structured. And if you know, youyouyou look at people like Jay-Z and all that,look at people like Jay-Z and all that,look at people like Jay-Z and all that, you know, the amount of or even if youyou know, the amount of or even if youyou know, the amount of or even if you look at uh yeah, so the amount of likelook at uh yeah, so the amount of likelook at uh yeah, so the amount of like background research they didbackground research they didbackground research they did on all the previous artists who cameon all the previous artists who cameon all the previous artists who came before them. So, the intensity ofbefore them. So, the intensity ofbefore them. So, the intensity of pursuit applies in every field. Itpursuit applies in every field. Itpursuit applies in every field. It applies in the most creative fields andapplies in the most creative fields andapplies in the most creative fields and it applies in the most technical fieldsit applies in the most technical fieldsit applies in the most technical fields and everything in the middle. So,and everything in the middle. So,and everything in the middle. So, absolutely,absolutely,absolutely, if you're an artist or if you're aif you're an artist or if you're aif you're an artist or if you're a musician, I I would say that you could
Othermusician, I I would say that you could if you're an artist or musician, just, if you're an artist or musician, just, if you're an artist or musician, just, you know, even if you don't listen to you know, even if you don't listen to you know, even if you don't listen to everything Senatra has in the Founder's everything Senatra has in the Founder's everything Senatra has in the Founder's podcast, just look listen to the ones podcast, just look listen to the ones podcast, just look listen to the ones which he has on the musicians and the which he has on the musicians and the which he has on the musicians and the artists and all that. I think you'll get artists and all that. I think you'll get artists and all that. I think you'll get a lot out of that. And are there ever a lot out of that. And are there ever a lot out of that. And are there ever times you choose not to follow mental times you choose not to follow mental times you choose not to follow mental models? I have a lot of vices. I'm models? I have a lot of vices. I'm models? I have a lot of vices. I'm human. human. human. You know, so yeah, sometimes I do things You know, so yeah, sometimes I do things You know, so yeah, sometimes I do things that are self-sabotage. What can I say? that are self-sabotage. What can I say? that are self-sabotage. What can I say? Just the way it is. Use hacks to improve Just the way it is. Use hacks to improve Just the way it is. Use hacks to improve yourself. What hacks do you use to yourself. What hacks do you use to yourself. What hacks do you use to improve yourself? Well, the mental improve yourself? Well, the mental improve yourself? Well, the mental models. I'm continuously models. I'm continuously models. I'm continuously kind of collector of mental models. When kind of collector of mental models. When kind of collector of mental models. When I encounter something which is going to I encounter something which is going to I encounter something which is going to which I think is going to help me, then which I think is going to help me, then which I think is going to help me, then I want to go all in and bring those in I want to go all in and bring those in I want to go all in and bring those in and definitely want to use that. If you and definitely want to use that. If you and definitely want to use that. If you could say something or give some advice could say something or give some advice
Questionercould say something or give some advice to your 18-year-old self. Well, I'm to your 18-year-old self. Well, I'm to your 18-year-old self. Well, I'm going to be 62 in a few going to be 62 in a few going to be 62 in a few months. months. months. And it would be in a huge advantage for And it would be in a huge advantage for And it would be in a huge advantage for me to have heard this talk when I was me to have heard this talk when I was me to have heard this talk when I was 18. That would have been I don't know if 18. That would have been I don't know if 18. That would have been I don't know if I would have comprehended it or wouldn't I would have comprehended it or wouldn't I would have comprehended it or wouldn't have gone all in, but I I'm hoping I have gone all in, but I I'm hoping I have gone all in, but I I'm hoping I would like to listen to my future self. would like to listen to my future self. would like to listen to my future self. You know, knowing that it's a future You know, knowing that it's a future You know, knowing that it's a future Monish talking, maybe I would pay Monish talking, maybe I would pay Monish talking, maybe I would pay attention. And yeah, then that could be attention. And yeah, then that could be attention. And yeah, then that could be very helpful. very helpful. very helpful. So, anyway, I hope you enjoyed it and I So, anyway, I hope you enjoyed it and I So, anyway, I hope you enjoyed it and I certainly did and I wish you all the certainly did and I wish you all the certainly did and I wish you all the best. Hope you have the best. Hope you have the best. Hope you have the
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Otherenjoy the rest of the week.
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