The super simple method Jack Dorsey uses to change his habits.
It's a plain sheet called "daily" with a list of "Dos" and "Don'ts."
"It gives you focus. It allows you to really ignore everything else that's going on, all the other noise."
First, find a place you will check every day. For Dorsey, it's the notes tool on his iphone. (He keeps a note on every person he talks to.)
He's in this tool every day, so that's where he puts his "daily." I started mine on paper and leave it on the desk.
The idea is to check it when your day starts and keep it close as you go along. The format is very simple:
Do: [List the things you want to start or keep doing]
Don't: [List "what you never wanna do again"]
This is very personal. Let's check out what Dorsey wrote down:
Do:
Stay present ("so easy to get trapped in the past or think about the future")
Be vulnerable
Drink only lemon water and red wine
Squats, push-ups, planks
Run for x miles
Meditate
Stand up straight
Say hello to everyone
Heavy bag workout
Video journal
Get 7 hours of sleep
Don't:
No hard liquor/beer on weekdays
Don't avoid eye contact
Don't be late
Don't set expectations for someone and not meet them
Don't eat sugar
Don't eat wheat, lentils, dairy (paleo diet at the time)
"This list, while it sounds very, very simple, has been fundamental in establishing patterns for myself.
It's something that I do check every single morning. I check it throughout the day and I check right before I go to bed."
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Munger Partnership
"Munger at one point had almost 84% of his assets in two stocks, Blue Chip Stamps and New America Fund. By employing leverage, Charlie was able to vastly amplify the potential gains if the prices of these two businesses went up." helpforthemiddleclass.com/charlie-munger…
"Munger did enormous trades like B.C. Power, which was being taken over. He put all the money he had and all that he could borrow into an arbitrage on this single stock-but only because there was almost no chance that this deal would fall apart." yahoo.com/entertainment/…
Peter Lynch on the biggest mistake investors make:
"They don't know what they own. They do more research on a microwave oven and buy based on a tip they heard on the bus. They buy into the potential of something. They hear a terrific story."
"I find when you hear that [story], you just have to black out. You have to think of a movie you went to recently because the stories are very appealing."
"The public is very careful with their money when they buy a dishwasher or a TV set, when they rent an apartment. When it comes to the stock market, for some reason they just don't do any work."
Avoiding the "stupid zone" of decision-making: "I define stupidity as overlooking or dismissing conspicuously crucial information"
Seven factors:
-Being outside your normal environment or changing your routines
-Being in the presence of a group
- Being in the presence of an expert (authority) - or being an expert
- Doing any task that requires intense focus
- Information overload
- Physical or emotional stress, fatigue
Carl Icahn famously said: “If you want a friend on Wall Street, get a dog.”
He's a tough negotiator and built a fortune for himself.
When he rose to fame in the 1980's, it was him against the world. Him and his analyst - Al Kingsley.
This is Kingsley, drowning in paper. He was responsible for the details.
“Carl and Kingsley operate like a couple of rag merchants. Carl is always yelling at Kingsley, but it all bounces off Al. Al has a great mind."
"He puts things in a language Carl can relate to. I used to explain things from a cash-flow standpoint but Kingsley would recast it into a ‘put money and here’s what you get for it’ approach. The Carl-like way.'”
Loved this conversation from 2019 @briankoppelman and @pmarca. Riffing on entrepreneurs vs. artists, finding a scene, showmen, betting on people, pivoting.
"The world is busy. People don't wake up and say, 'I can't wait to find out what this person that I've never of has invented.' You have to inject yourself in the world. In our world, the successful people are the ones that are able to create and are able to push into the world."
Why @a16z doesn't invest in cold pitches aka "the test":
"If you can't get one inbound referral, that indicates you're going to have a hell of a time as an entrepreneur. Once you raise money from us, the pain begins. The pain of trying to get other people to say yes to you."
“Ego is the single most destructive force you can confront in business. I treat every trade as a business decision. You have to be sure you have the discipline to get out of a losing trade.”