With both, past performance is your proof of work for future engagements.
First-hand proof of work is obviously most powerful, with abstractions (your stories, others' stories) being less powerful but more distributable.
The higher the overlap and the stronger the signal between someone's proof of work and the other's potential engagement, the more friction-decreasing.
Transferred mutual trust (introductions, known network, shared experiences, familiarity) creates an amplification of signal.
Allowing the other to imagine how you, by proof of work, can assist them both in number of and depth of scenarios creates the basis for the durability and intensity of relationship.
Quality of relationship rests on mutually understood utility, predictability, and applicability.
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Going overnight for 8 hours at 225F. Wrap at 5 am.
Update: Been up since 4:30 a.m. babysitting it. Bark wasn't nearly as good this time around. Not sure why. Only change was coating in avocado oil prior to applying rubs. Decided to wrap it at an average internal temp of 175F. Temp has exploded upwards in the last hour (~188F).
Umm. I take it all back. With coaching from @HeimBBQ and @TR3Y_KC, I nailed it. Pull-apart tender with great flavor.
2) Selecting well, and far beyond financials factors, is a skill that takes reps to become proficient. What I thought were slam dunks 10 years ago scare me today.
Please don’t get jacked up on cheap SBA money and go tag the 14th thing you look at.
3) The required personal guarantee is no joke. Yes, it’s 10 year money. Yes, you’re going to buy it at a high cf yield. But, SMBs are volatile and often for reasons that aren’t initially obvious.
If things turn against you, you’ll declare bankruptcy. Seen it happen. Not pretty.
For the past several years, I’ve shared a thread on Christmas about the implications of Jesus. Last year’s is below.
This year I want to get personal about my unexpected journey from ardent atheism to faith that shook the foundations of my life and changed it forever.
Everyone's journey is different and if what I'm getting ready to say seems ridiculous, I get it. 10 years ago I would have said the same thing, and probably less tactfully.
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From a young age, I’ve been curious about the big questions.
Why am I here? What’s the point?
I can vividly remember sitting in vacation bible school as a young kid thinking all this talk of Jesus and His blood made no sense.
But, everyone else seemed to be into it and they had tasty snacks, so I might as well roll with it.
Munger hasn't cared about optics for a long time and it's a helpful window to reality as he sees it. Kudos to @jasonzweigwsj for relaying the conversation
Here are some annotations. Quotes are Munger's. Rest are mine.
The only deals getting done are ones that were already on the finish line and for assets logically unaffected by COVID. Otherwise, PE, VC, real estate is all shut. Banks aren’t extending new lines, let alone deal debt.
"We’re like the captain of a ship when the worst typhoon that’s ever happened comes. We just want to get through the typhoon.”
As one of my investors said to me, “Live to fight another day.” The future has always been murky, but it’s currently the visibility of diner coffee.
This tweet hasn't sat well with me. It could be discouraging and, frankly, comes off as condescending. Sorry. I'm a pro at struggling with pride and need to do better.
What does a good cold email looks like? I decided to break down my now friend @david_perell's pitch from 2017..
Context is king. Immediately he claims to have been following me and have done his homework. He explains who he is, why he’s contacting me, and what he’s hoping to gain. He also name drops, which in this context is helpful.
Notice his word choices and what they connote.
If there was doubt that this was a form note he sends to everyone, this paragraph cured it.
He obviously had researched me and specifically chose me to reach out to. He gave a clear value proposition and offered a natural jumping off point for conversation. He made it seem easy.