Highlight of this summer so far was yesterday (7 hours!) spent listening to Peter Kaufman, CEO of Glenair & editor of Poor Charlie's Almanac on life & business. Many of you are already very familiar with Uncle Peter's teachings, but I still want to share a few learnings.
Uncle Peter talked about the importance of hobbies. In fact it is the 7th rung of his Ladder of Balance: 1. health & fitness 2. family 3. friends 4. career 5. community 6. spirituality 7. hobbies
Paradoxically, being all in on balance gives you best results on any one rung.
I have found that to be true as I've become more balanced in my endeavors over time. There's no going back and making up for lost relationships, and a lot of valuable skills take patience to acquire.
PATIENCE, another Uncle Peter emphasis. I am definitely working on it 🙂
Circle of Competence: where you can accurately assess the odds. Specifically, if they are house odds or gambler odds. In conjunction with this though, you want to have a multi-disciplinary approach. I understood this to be using multiple lenses to look at the same focused thing.
Distinguish between fear, which is useful, and cowardice, which is useless. Don't beat yourself up when you're feeling fearful, it's a natural reaction and can be repurposed into motivation. But don't be a coward.
You can't understand a system you're a part of. It's much better to try to see things with an outsider's perspective. One of the worst biases we all have at all times is that we're limited by our age. Try to live life as if you're seeing it from your deathbed.
I'm not so enlightened just yet, but it helps a lot to spend time with older folks. I see my 88-yr-old grandparents 1-2x a week and just being with them helps me internalize so much about the fragility of life and what's truly important. Find yourself some elders to love!❤️
Anyway, I'll end with a final quote: Everything that's important can't be taught, but can be learned, if the student is ready.
IMO, the best Q to ask yourself then is, what am I doing to become more ready to learn what's truly important in life?
For me, being more humble, being more engaged are goals. And I'm also looking to broaden my hobbies, fitness and community work. For community, in addition to doing weekly Office Hours for startups, I'm happy to speak to even more student groups. So if you want to chat, DM me!
Short 🧵 on China’s “new” strategy of focusing on manufacturing. I quoted before CHEN Li, chief economist at Soochow Securities, whose speech on this went viral. He had said China going Germany path vs. US. Here’s his evidence for saying so:
1. 2021 Central Political Bureau meeting, the government work report meeting, specifically proposed that the proportion of manufacturing in GDP will no longer decline.
2. In the past nine months, almost all occasions in China have eliminated the statement that "the proportion of service industry should be increased" and "stimulate the development of tertiary industry".
The takes that Chinese tech cos now going into manufacturing upgrade / industrial internet / B2B bc you know, the govt said so, are so damn ignorant.
I remember giving interviews to Chinese tech media on B2B prospects in 2015 and saying "maybe this is finally the year."
Actually, just go google, 2015 widely considered first year in China that cloud, B2B platforms, supply chain finance, smart manufacturing, etc. you know, all the things that go into this "industrial internet" concept, became a thing. Numerous funds were raised on this concept.
And now, as folks have been working on these biz and investing in them for like SIX YRS (at least, it just wasn't as popular pre 2015), just cuz now it's in the English news, doesn't mean it's NEW. Doesn't mean everyone's coerced to by the govt. Ridiculous take.
Alibaba CEO letter today wrote about it becoming "consumer + industrial internet" together. You probably recognize "industrial internet" from Tencent, who's made this a big direction since 2018, even wrote a book on it in 2020. But what is industrial internet?
Apparently it was coined by Frost & Sullivan in 2000. In 2014 ish I notice it's starting to be a popular word but mostly referring to IoT (sometimes still does). It becomes REALLY popular by 2017, and of course by 2019 it's pretty much ubiquitous. It includes a lot of things:
- B2B marketplaces, not just of goods but also info
- credit & financing platforms for businesses
- any kind of smart manufacturing / agriculture
- I see folks include logistics, payments too
Honestly, kinda broad, but basically tech "connecting sector value chains," so non B2C🤷♀️
China wants to be a manufacturing-based superpower, not a financialized one (like the US).
Very few understand this.
(Which is bizarre, since it's all the gov't talks about.)
Really weird that people can be triggered by this, this is just a fact that this is China's strategy, you can disagree if you want, but if stating this fact bothers you, then you have some problems engaging with reality.
Today I learned that people love it when you tell them that the sky is blue.
"In the next 100 years, education will still exist, but New Oriental might not. Education is not the same as New Oriental."
-- Jack Ma in 2016
The above was from a conversation where Yu Minhong, founder of New Oriental $EDU & Jack Ma were arguing whose business would stick around for 100 years.
Tbf, Jack didn't think it was necessarily a given Alibaba would be around either. He said the co could be gone in 3 years.😆
"Very few internet companies last more than 3 years“ & "there are only two long-lasting realms in human society, religion and education." -- also Jack Ma in same conversation 🙃
I think the confusion over “China tech” is due to lack of specificity: 1. consumer tech platforms & brands 2. service biz tech / B2B 3. tech for supply chain / mfg 4. chokepoint tech (China doesn’t have it, can be sanctioned) 5. frontier tech
5a. Climate / carbon reduction tech
1. Consumer tech platforms were too lightly regulated before with respect to antitrust. But many provide digital infrastructure on which domestic consumption (dua circulation!) relies. So the biz *practices* are curbed, the biz itself is not problematic. Brands are doing v well.
2. Basically SaaS / enterprise software. Huge area of upgrade for the economy, easy to unleash a lot more productivity. VCs already all over this for past few years. A great overview on it here: