Excellent @duncangrahamnyc piece on the nuance and importance of understanding people.

"When I started East Rock 15 years ago, my mission was to find and invest with the most talented investors in the world."
"When I try to figure out what game I’m playing, I see that for the last 25 years I have been playing a game of strategy applied to people, a game where over and over I try to answer the question “what’s going on here, with this human?”"
"What most people think of as the hard parts of hiring—asking just the right question that catches the candidate off guard, defining the role correctly, assessing the person’s skills—are less important than a more basic task: how do you see someone, including yourself, clearly?"
"You really can’t see another person clearly unless you can first see yourself clearly: both of you are together creating the interaction you are in."
"Seeing people clearly—or at least more clearly—matters not just when finding the “best” hire, but in identifying the best role for them. Even looking at those of us who are lucky enough to have a high degree of choice about what we do with our work, ...
... I’ll bet that as few as 20% of us are in the seat that best optimizes our talents and skills at any given time—the seat that makes us feel at home in the world. That’s not good for the 80%, and it’s not good for their teams either."
"Haidt advises imagining your conscious mind as the rider and your unconscious drives as the elephant—powerful and willful and ultimately inclined to take the rider where the elephant wants to go most of the time. ...
... The key insight is that the rider is not always a reliable witness about the elephant they ride."
"One marker that I’m seeing someone clearly is when I understand how their strengths are also their weaknesses, how their genius lives right next to their dysfunction.

I know that I’m further away from clarity when I am overly excited or overly skeptical."
"I now believe that there is no such thing as an A player in the abstract, across all time, in whatever ecosystem they end up in."

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More from @NeckarValue

3 May
Short 2012 Bloomberg profile of Chase Coleman

"A descendent of Peter Stuyvesant, the last Dutch governor of New York. He had grown up with Robertson’s son. Soon after Robertson closed his fund in 2000, he handed Coleman more than $25mm to manage. Coleman was 25 at the time"
“Chase got whacked in the head with a two-by-four in 2009,” Yusko says.

"His worst years were 2008, when he lost 26 percent, and 2009. Coleman was short financial stocks and mortgage companies because his research told him they were money losers."
"Then the government banned short selling in many stocks and bailed out the banks. Tiger Global ended the year up just 1 percent."

“There were folks in 2009 who said Chase is done, he’s gotten too big and he’s lost his nerve,” Yusko says.
Read 9 tweets
3 May
Wide-ranging conversation with @bhorowitz

The 'trust/communication equivalency':
"If I trust you completely, you don’t even have to talk to me. I know you are acting in my best interest at all times. If I don't trust you at all, I won’t hear anything that you say."
"High fidelity honest communication is the key to building trust."

"Courage is the foundation of all virtues. Your integrity and trustworthiness can be measured only when something happens: in order to develop a high trust relationship, you have to go through some shit."
Finding happiness through contribution and abundance.

"If you can align your life with where you have the talent to make a large, meaningful, and real contribution to the world, your circle, or your family, then you can be very happy."
Read 9 tweets
3 May
Writeup of the Japanese real estate and stock market bubble by @CapitalVoss

vosscapital.substack.com/p/roaring-eigh…
TINA:
"Since interest rates remained low and the rising yen discouraged investors from taking their money abroad, the Japanese people were left with no alternative but to continue investing in the domestic stock market.”
"Tokyo Electric Power increased in 1986 by a greater market value than all of Hong Kong’s equity value combined. Nippon Airways traded at 1,200x earnings and was a “land play.” Normal business activities were considered irrelevant."
Read 10 tweets
1 May
Will share some Buffett & Berkshire history.

1966: "Buffett explains investment goals" after taking an interest in Berkshire Hathaway
"We have no formal program of acquisitions. We like to put our money into things with good value and good management."
1965: when owning a net-net goes wrong.

1977: Retired fund manager "collects businesses for fun"

"I'm only going into businesses that I find interesting and where I like the people running them"
Read 20 tweets
30 Apr
Paul Tudor Jones: "One of my no. 1 rules as an investor is as soon as my manager, if I find out that a manager is going through divorce, I redeem immediately. Because the emotional distraction that comes from divorce is so overwhelming..."
...The idea that you could think straight for 60 seconds and be able to make a rational decision is impossible, particularly when their kids are involved. You can automatically subtract 10 to 20% from any manager if he is going through divorce.”
Soros had a self-described burn-out and “kind of identity crisis” after his first divorce which was right before Jim Rogers left as his partner.

Ackman got divorced around the time he held the bag on $VRX?
Read 7 tweets
29 Apr
Shoutout to the Khosrowshahi family. Wealthy Iranian industrialists who had to flee during the revolution.

Dara Khosrowshahi, CEO of Uber: “We were all on the ground, terrified. That was when my mom said, ‘We’re leaving.’ I’ve never been back.”
Ali Khosrowshahi had founded the Minoo Industrial Company in 1959, a manufacturer of cookies, chocolates, cosmetics, and pharmaceuticals.

Other family branches included Tolypers, a chemical company, and a construction company, the Khosrowshahi Brothers Company (KBC).
“My father felt that he wanted to keep our wealth in [Iran], so my parents lost the vast majority of what they had.”
Read 11 tweets

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