From 600+ conversations with the world’s leading thinkers.
Traditional index bond management gives higher index weightings to the most indebted countries, regardless of their capacity to service their debt. A country facing financial hardship and trapped in a debt spiral to remain solvent would see its index weight increase until the whole mechanism collapses.
I don't have to outrun the Tiger, I just have to outrun you. When you look at many of the financial centres such as The City of London, Wall St, and their counterparts, they think of things in Economic terms.
I think Apple is preposterously undervalued. Apple has this mind-boggling margin structure, phenomenal consumer brand, and is accumulating mountains of cash. I joked on television that they should lever up and buy Greece! They have something like 7x cash-flow.
In a geopolitical recession, suddenly the biggest macro risks are by their nature political. And you focus less on growth and more on stability and resilience, and that's a problem because the free market model tells you 'don't focus on resilience and stability, focus first and foremost on growth and everything else will take care of itself'.
Success means having a lifestyle that I enjoy. It means slowing down, enjoying what I do, and having as few stakeholders as possible. I don't want a bunch of investors. I don't want a ton of employees.
The world is lying to you. It tells you that in 10,000 hours you can become excellent at what you do and that your strength will never wane. That is a complete, utter, falsehood. At some point, the greatness that came to define who 'you' are will wane.
Just get in the goddam car and get driving. Things will go wrong… plans may go half-cocked… you're not an idiot, you're not going to burn money… just be smart and get driving.
I've been fortunate not to be formally trained in any of these disciplines. I don't know how to play music, nor do I know how to code, but I have a strong sense of what the market wants. Around that, I build a team of people who are skilled at execution.
an object must be useful before being beautiful.
I had a brand who said to me 'You shouldn't name your book wonderhell, nobody is going to buy a book they don't know what the word on the front cover means', and I replied, anybody who's in wonderhell will know what that word means the second they see the word.
On one hand, competitive high-pressure jobs lead executives into many situations that can induce worry and fear (anxiety), hopelessness and despair (depression), and urgency (stress). On the other hand, some people are drawn to high pressure jobs by their adventurous personalities, their ability to tolerate risk, and their motivation for achievement.
When it comes to acquisitions, many people jump straight to analyzing the financial returns. I approach it differently. I start by asking: How will our customers benefit from this acquisition?