Frederik Gieschen Profile picture
May 27, 2021 17 tweets 5 min read Read on X
"The 11 Laws of Showrunning"
Found so much wisdom and quotes in this essay by a television writer and producer - on ego, managing people, communication, creativity.

"These may be the only Laws not only optional, but tangential to the commonly accepted definition of success."
A TV show as a startup.

An inventor (writer) had an idea, went to a VC (studio). They took it to a retailer (network) who agreed to front money to build a prototype (pilot). Later, they decided to put the product (the "series") on their department store windows (their "air").
Hit-driven businesses
The importance of being a good communicator.

"It relieves your team of the duty to go back into their offices, slaughter a lamb, and read the entrails in the hopes to reveal what the fuck it is that you really want."
Ego:
"Every one of the laws asks for the same thing: that a showrunner surrender some quantum of their ego - of their attachment to the idea of themselves as the sole fountainhead of the show's greatness - to serve the show and those who make it instead of themselves."
Loyalty.
"Your staff works for you. They will do whatever you need done because they enter every conversation knowing that you can fire them. Their indenture is a given. Their loyalty is not."
"Your job is to communicate a shared vision with enough specificity that everyone understands it, and to then preach it, to the point of exhaustion until everyone - from the directors to guy who embroiders the back of the chairs - feels it in their soul like a gospel."
"Your job is to make ideas come to life. The first step in doing your job is to commit. Commit early. Commit often. Make committing the same as breathing: you might as well do it now, because you will have to do it eventually."
"Your creativity is fed by everything around you - especially the great people you hired to facilitate this difficult undertaking - and is not some finite thing that must be hoarded and protected with arcane devices and traps."
"We cling to our delusions, depressions, and darknesses. We mistakenly believe that our creativity is a karmic recompense for the torturous havoc our inner gloom wreaks upon us and must therefore preserve that gloom at all costs."
"You gain mastery the way players master chess: by studying old games, internalizing the patterns, and practicing. Lay-people mistake chess and writing as explosions of genius-level creativity.

Where does the black powder for that explosion
come from? From pattern recognition."
"Architects can see buildings off blueprints. That's their job. Your job as a showrunner is to see the gross anatomy of the stories the writers pitch you off the shorthand of the board."
"In my experience, the simplest decisions are often the hardest because they demand a painful concession to an unpleasant truth."
"The worst position for a leader is as the bearer of bad news everyone already knows."
"How you deal with praise, and success, and all the slings and arrows thrown at you - and whether you recognize that you have within it the strength to be that aforementioned flak jacket to your staff - is as true a test of your self-esteem and worth as anything you will face."
"The wonderful thing about credit is that it's not a finite resource."
There's a full version
okbjgm.weebly.com/uploads/3/1/5/…

..and a shorter, "nice" version which also doesn't use the f word.
okbjgm.weebly.com/uploads/3/1/5/…

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More from @FrederikNeckar

Sep 28, 2024
Nobody explains meditation like Seinfeld.

"It's like you have a cell phone and then somebody gives you the charger. Oh, I can get this thing up to a hundred anytime I want?!

"It doesn't feel like anything. Doesn't do anything. I don't get it. I don't understand it. But here's the difference: at 1pm that day, my head does not hit the desk like it used to. ... I sail through the day."
"The way I look at life, basically is it's exhausting. Being busy is exhausting. Doing nothing is exhausting. No matter what you do, it's exhausting.

Sleep is hit and miss, [transcendental meditation] is not. It's this thing that augments your need for rest.

"I would always say to the people that don't do it, I can't believe you stay up all day."
"A lot of stand up is analogies.
The phone charger is pretty tough to beat as an analogy because your phone charger never doesn't work.

And that's the great thing about TM. You never have to wonder. That's the big difference between sleep and TM. TM never doesn't work perfect."
Read 6 tweets
Oct 25, 2023
What are your favorite pieces with reflections on investment success and failure or lessons from decades in markets?

A few that come to mind:
Mark Sellers: So You Want To Be The Next Warren Buffett? How is Your Writing?

"If your competitors know your secret and yet still can't copy it, that's a structural advantage. That's a moat."

"Trait #1 is the ability to buy stocks while others are panicking and sell stocks while others are euphoric.

When 1999 comes around and the market is going up almost every day, you can't bring yourself to sell because if you do, you may fall behind your peers."
Read 11 tweets
Sep 29, 2023
Very interesting new paper by @mjmauboussin on the corporate lifecycle.

Rather than go by age or size, the framework ties life cycle to cash flows.

Stages: Introduction > Growth > Maturity > Shake-out >Decline.

Roughly: Investing -> returning capital -> liquidating assets.
Image
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Unexpected:
"We expected low or negative spreads between ROIC and WACC for companies newly listed, rising spreads as they mature, a decline in senescence.

What we found was nearly the opposite. The spread at the date of the IPO was high and narrowed before stabilizing."
Image
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Companies going public (selling equity to new investors) when return on capital looks most attractive (and is about to decline)?

Returns to shareholders on the other hand were most attractive for more mature companies.
Image
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Read 6 tweets
Jun 9, 2023
Druckenmiller: "I am so tired of being a bear, and being labeled a bear."

But: Liquidity ⬇️
"Since it's taken so long, the Fed has ended up with a higher terminal rate. Inflation gets stickier the longer its in the system. That increases the probability of a hard landing." Image
"We always short the same way. ... I try and think of a situation 12 to 18 months from now and if I think the security prices are going to be less, I short.

Frankly, I'm not sure I've ever made money in shorts. I like it. It's fun, but you can get your head handed to you."
"When I was at Soros, I shorted $200 million worth of Internet stocks in March of 99. And in three weeks covered them at a $600 million loss. I lost $600 million on a $200 million investment in three weeks.

I was short 12 stocks. They all went bankrupt Every one of them."
Read 6 tweets
Jun 8, 2023
ROIC and margins for companies with different moats by @mjmauboussin ImageImage
"A company creates value when its ROIC is in excess of cost of capital. Stated differently, it makes a dollar worth of investment worth more than a dollar in market value.

The market broadly appreciates this, especially when growth is considered as an additional variable."
"Markets are akin to an ecosystem where investors fill various niches. Investors with a short-term horizon tend to focus on near-term metrics such as sales and earnings.

Investors with a long-term horizon focus on competitive advantage and the size of the market opportunity."
Read 5 tweets
May 24, 2023
Like other great investors, Sam Zell used content as a form of leverage. His "guide to the risky art of resurrecting dead properties" earned him his nickname, the Grave Dancer. Image
"Some might see buying and creating value from others’ mistakes as a form of exploitation, but I see it as giving neglected or devalued assets new life.

Often in my career I’ve been the only bidder for them—the last chance for a resurrection."
"I’m not claiming to be altruistic— just optimistic, and confident that I can turn those assets around.

That, in my definition, is an entrepreneur. Someone who doesn’t just see the problems but also sees the solutions—the opportunities."
Read 10 tweets

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