Tony Hsieh was a builder, investor, philanthropist, and self-proclaimed weirdo.
He inspired millions to think differently about happiness and embrace their own inner weirdness.
Here is the story of a beautiful man gone way too soon.
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1/ Tony Hsieh was born on December 12, 1973.
His parents, both Taiwanese immigrants, placed a strong emphasis on education, always pushing Tony and his younger brothers to excel in school.
Upon graduating high school in California, he left home to enroll at Harvard University.
2/ Having grown up in the San Francisco Bay Area in the very early days of the internet, he wanted to be a part of that world.
He graduated in 1995 with a degree in computer science, determined to build.
As a first step, he accepted a job at Oracle as a low level programmer.
3/ But his ambition and creativity was not suited for the large corporate life.
Within a few months, he left Oracle with a colleague to build something new.
Their idea: to build an ad network for the new world of internet advertising.
So it was that LinkExchange was born.
4/ Riding the internet boom, it took off immediately.
Within 90 days, they had 20,000 participating web pages.
Within 2 years, they had over 400,000.
In 1998, just 2 years after starting the business, Hsieh and his co-founders sold LinkExchange to Microsoft for $265 million.
5/ Working at Microsoft while waiting for all of his shares to vest, Hsieh yet again grew tired of the big corporate culture.
Deciding that time was his most precious resource, he left early, leaving millions of unvested shares on the table, and launched a startup incubator.
6/ Venture Frogs (the name originated from a dare) invested in and supported startups.
It was in this role that Hsieh first met Nick Swinmurn, the founder of @Zappos, a company that wanted to sell shoes online.
In 1999, this seemed crazy, but Hsieh was intrigued.
7/ Believing in the massive market opportunity, Venture Frogs decided to invest in Zappos.
This was just the beginning for Hsieh.
Anxious to get back to building, he joined Zappos as its CEO and got to work.
Sales were growing, but there was nothing smooth about road ahead.
8/ The business was unprofitable, and with a backdrop of the dot-com crash, the idea of raising money for an internet shoe sales business was laughable.
So Hsieh buckled down, selling off his own real estate holdings to fund the business.
He became a true servant leader.
9/ As Zappos grew, Hsieh focused on building a company he could be proud of.
He prioritized people and built a unique culture that embraced individualism.
Zappos famously asked the question, "How weird are you?" of new applicants.
By 2009, the company hit $1 billion in sales.
10/ Zappos was acquired by Amazon in 2009 for $1.2 billion.
Having rejected previous offers, Hsieh finally relented when Amazon promised to allow Zappos to run independently.
For Hsieh, the success of Zappos was intertwined with its culture.
This was simply non-negotiable.
11/ Tony Hsieh remained at the helm of Zappos until August 2020, when he stepped down after 21 years as its CEO.
A natural introvert, he likened his role as CEO to that of a greenhouse architect, designing an environment that would allow employees to learn, grow, and thrive.
12/ Outside of his day job, Tony Hsieh always sought out ways to give back.
His book, Delivering Happiness, was a #1 @nytimesbooks best seller, remaining on the list for 27 consecutive weeks.
He also invested heavily in rebuilding underdeveloped parts of downtown Las Vegas.
13/ Tony Hsieh showed the world that being different was not only ok, but actually a competitive advantage.
He inspired millions to embrace their inner weirdness.
Above all else, Tony Hsieh loved life.
He will be sorely missed, but his legacy will live on.
15/ As a small tribute to Tony Hsieh's life, I will match all donations up to a total of $2,500 to The Boys & Girls Club of Southern Nevada. Please DM me your receipt.
16/ Update: We have now raised over $5,000 for The Boys & Girls Club of Southern Nevada in celebration of Tony’s life and legacy. As promised, my matching contribution is below. Thank you everyone for the generous donations! Keep it going.
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With Bitcoin's return to the spotlight, debates on its long-term viability are raging. Its proponents contend @nntaleb's Lindy Effect says the technology is here to stay.
But what is the "Lindy Effect" and how does it work?
Here's Lindy Effect 101!
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1/ First, a few definitions.
The Lindy Effect is a theory that the future life expectancy of specific non-perishable items, like a technology or idea, is proportional to their age.
Put simply, the longer it has already lasted, the higher the likelihood it will continue to last.
2/ The term "Lindy effect" is a reference to Lindy's, a New York deli frequented by comedians in the 1960s.
While author Albert Goldman used the term "Lindy's Law" in a 1964 article, it was mathematician Benoit Mandlebrot who moved the dialogue towards the current definition.
Many of the world's greatest thinkers and doers - from @naval and @elonmusk to @nntaleb and @chamath - tout the importance of first principles thinking.
But what is "first principles thinking" and how does it work?
Here's First Principles 101!
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1/ First, a few definitions.
A "first principle" is a foundational assumption or proposition - it is foundational in that it cannot be deduced from other assumptions or propositions.
Think of a first principle like an element. It cannot be broken down further. It is pure.
2/ "First principles thinking" (or "reasoning from first principles") is a problem-solving technique that requires you to break down a complex problem into its most basic, foundational elements.
The idea: to ground yourself in the foundational truths and build up from there.
With a wave of complexity and unknowns smashing into the financial and political worlds, the elegant simplicity of Occam's Razor is primed for a revival.
But what is Occam's Razor and how does it work?
Here's Occam's Razor 101!
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1/ Occam's Razor is a classic problem-solving principle and mental model.
It says that when you are weighing alternative hypotheses, the one with the fewest necessary assumptions should be chosen.
Put simply, the simplest explanation is often the best one.
Simple is beautiful.
2/ The benefits of Occam's Razor can be extensive.
Going with the hypothesis with the fewest number of necessary assumptions means it is easier to prove/disprove. There are fewer assumptions to vet in your process.
It allows one to follow the critical path to an outcome.
In 1637, the Dutch Republic erupted into a speculative fever over an unlikely item...the tulip.
Tulip Mania has become a legend synonymous with market euphoria and bubbles. But is this tale all it's cracked up to be?
Who's up for a story?
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1/ The tulip is a spring-blooming flower native to the valleys of the Tien Shan Mountains in Central Asia.
It is believed to have been introduced to Europe in 1554, when an ambassador of the Holy Roman Emperor sent tulip bulbs and seeds to Vienna from the Ottoman Empire.
2/ Tulips gained in popularity as people were attracted to their rich color and ability to grow in sub-optimal conditions.
They soon became a coveted status symbol for the wealthy.
The Semper Augustus, with its colorful, flame-like streaks, was the most desired of them all.