YouSaid · the spoken record

Daylian Cain

lines on the record: 92
first: 2020-05-18
most recent: 2020-05-18
sittings or episodes: 1
sources: podcast

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“More a sense of what base rate is. We might not do $300 million next year just saying. So when you have different opinions and it gets really heated about different futures, it's similar to an earlier comment I made about not trying to predict the future, just planning for it. So a contingent agreement, what you do is it's not you think we're going to be this and I think we're going to be that and let's fight about who's right. It's instead let's structure a contract with two parts. What happens if we do this? What happens if we do that? What's really great about the contingent agreement is it can cool the emotions thusly. We don't have to fight about the future. We just agree on what happens if you're right and we agree on what happens if I'm right. And if you structure the contract sensibly, now we don't have, I'm happy to lose now. And so you can structure a lot of emotions out of.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't have a recipe there. I mean, it's usually depends on the emotions and the context. I usually end up saying something like, well, they're not all wrong, right? Trying to figure out where the other side is coming from without demonizing them. You disagree with them, but like they're not entirely, like where are they right? They're right about something. When you're dealing with difficult people who see the world massively different from each other, an old school technique is called contingent agreements. And anyone listening will know what a contingent contract is. So if you sell more of this, you get more salary or something. In other words, my payoffs are based on different futures. But what a good negotiator does is if you and I disagree dearly and it gets emotional about, say, the future value of this company. So the founder might be overconfident, it's often, right? And the venture people might have more experience.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“And transparency or whether the founder stays on longer or leaves, gets out of the way earlier or these kind of things can be super valuable to one side or the other. Often negotiators, when I see entrepreneurs do entrepreneur buyouts and spinouts through Yale a lot, and they fight on every issue. Like if it's a low success, a medium success, a high success, they grab at each level, even though one level is super valuable to the entrepreneur and the other level is super valuable to the funder. And I want to kind of say like, you take all the guarantees and give them most of the upside. Because they'll give you amazing guarantees if you give them amazing upside or could be vice versa. So yeah, looking for the smart trades. Easier said than done, but it's amazing that people don't even have that goal often.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so it's a smart trade to make it less sexy sounding. Imagine an issue is worth $20,000 to you and it's worth $2,000 to me. 100% you should win that and just pay me. Pay me in money or in some other terms, 11 grand would be about halfway. I want to get as much as I can. You want to pay me as little as I can. We'll just haggle it out. But the right answer is you should 100% win on that issue. And so the number one phrase I try to teach is. And people already know the front half, but they missed the second half, which is got to find something valuable to you. No kidding, but cheap to the other side.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I'm not about to launch into some cheesy. You got to go for the win win. Like, you're a smart guy. If you see a win-win, we're going to figure that out ideally. The books talk about win wins and the negotiators focus too much on the win loss. I would say the vast middle what I would coach, especially the low power person. What I mean by the middle is it's a big win for one side and it's a small loss for the other.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“What role the founder will have as different takeovers happen? Yeah, transparency is huge. Also, risk profiles or risk tolerances. Maybe the founder just needs to pay her mortgage, but the venture person is looking for home runs. In other words, if this is a $2 million deal, the founder can have all of it. But if it's a $2 billion deal, the venture cap person wants all of it. And so there's different preferences for different levels of success. So what I'm getting at is what I see most people make a mistake about, especially the low-power person is they're in their fighting over the things like money. What's bad about money in a negotiation, you have to deal with money. You have to talk about it. It's the thing. But what's bad about focusing on it first is it's a win-lose. What I mean is it's valuable to both of us.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“It depends on the situation. In some situations, it's a price-taking model. But there are things like, in certain instances, transparency, sometimes duration, sometimes scaling. So it's monetary, but there are a lot of flex points.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Before I answer that, let me ask you how many terms do you think are non monetary in deals like this? Like if I was coaching someone on either side of this, let's say the low power player especially. Do they come up with just money terms? Like you talked about relationship. And so before I go on this dialogue of finding non-monetary terms, from your experience, how many deals are built on the non-monetary and what kind of non-monetaries do you think seal deals? Because they can make deals with anyone and they can get money from anyone, but why them? So give me a sense of is it realistic to look for non-monetary things in this?”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“To take an example that is probably common to have people listening. So the relationship with an allocator investing in a fund. So it could be private equity fund. You have a lot of situations where the negotiating power can vary. And if it's an early stage fund, it might have a lot of negotiating power if you're one of the few investors and take to the other extreme you have some hot venture capital fund where you can barely get in How should someone think about creating that sheet and then entering that negotiation cross if that one key term is fees and then you have sometimes there's other duration and other things that are on the table.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so then the pie is really 10 because I create 30, but you can get 20 without me. And then we have to look at my alternatives and then transaction costs of getting out of this deal and going chasing the other deal. And is it a certain 20 or an uncertain 20? And is it a painless 20 or a painful 20? And so all those things should be quantified and hopefully in your favor. But let's say net of everything there's you offer a 10.2 billion dollar unique premium. Well, you know what you have to get half of that. And they're not going to like this, but you can draw a line in the sand and stick to it. It's not the theory of the pie that convinces them it's the pie itself.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if you take either one of those examples, let's just take the mining example. If you are the smaller company, and there's this recognized $30 billion of synergies and the other company has other, no, maybe $30 billion is unique to the deal, but maybe 20 something isn't. How do you go about thinking, okay, I want to try to capture the $3 billion extra in that negotiation, but I know that they can walk away and pick up $20 billion without me or something.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“And their powers, ironically, the reason they can afford to pay you so much because they want to go on and do other stuff. You're just a small player.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you're not appreciating the back end process by the time you get the deal. Do you know how many hours and how much resources they've poured into this process? They have a lot riding on you now. They don't want to go to the next, even if you have a twin sister at Stanford who's just like you in every way. She's not in their target right now, you are. And so often what you bring is the now. In other words, if they secure you, they can go on and fry those bigger fish. They just want this deal done. And will they throw you an extra five or ten percent to be done? Often yes, if it doesn't upset the apple cart. And so sometimes the pie, if you're a very weak, low power player and you're dealing with someone who's a zillion options, the pie is just, you're the one they're staring at.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Years if we realize them. And the number one answer is by market cap. And so thirty billion here, and I'm three to two, so let's do eighteen billion to me and $12 billion to you. If these synergies are unique to this deal, and the two companies can't get them without each other, the smaller company absolutely has to fight for half of them. And that is a $3 billion gain if they pull this off. I'm not saying you're going to get it, but it's kind of like out of my cold dead hands. If I have to give it up, I will, but I'm fighting hard for half of that pie. Once I've correctly identified it. Now, for many of my students, if they feel like they're a replaceable cog or a widget, and I think they overly feel this, they think, I'm Ivy League educated, but there's a lot of Ivy League universities and Stanfords and MITs. And so they were like, what do I bring a firm? And I say, you know.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“For example, market cap and market power shrinks the pie, but it doesn't give you proportional advantage to claim the pie. One of the biggest mistakes that MBAs will do is they see themselves perhaps correctly as the small player early on in their career, but they give the power player double counting. They say you shrink the pie and you get 90% of it. So they're giving the proportional player an ever increasing share of an ever shrinking pie. It's terrible. So when two of the world's largest mining companies merged, Barry was one of the negotiation consultants. And they were going to create $30 billion of synergies with this merger. $30 billion. It's so much synergies. It's hard to even come up with that kind of bag of cash to split. And so they had to decide how are we going to split these synergies over the next few years.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, so what is that doing for you? Here's what it does. Let's say you have three X market cap as I do. And you have 10x more supply suitors than I do. In other words, you have all the power. It's not just Slick Talk. You have better alternatives than me. You have better distribution lines than me. You have the power. There's nothing I can do about that. Here's what we teach our students. What your power does to the situation is it shrinks the pie. It shrinks my value add to you because you can go to other suppliers. And so I'm not offering you $8 million in unique synergies now. Your power suggests that I'm offering you two million dollars unique synergies. That's all I offer you that you can't get anywhere else. My synergies are less unique. The theory of the pie says that once you've correctly identified your unique synergies, no matter how small they are, they need you just as much as you need them.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“The core thing we teach with Barry Nail Buff, who has done this, I'm drinking honesty or a company that he and a Yale student invented and sold off to Coca-Cola, and he's a cereal entrepreneur. He's taken many companies to market. And one of the things he's really made me appreciate is this theory of the pie. Everyone knows, expand the pie, have some pie, all this. He's defined it as the unique synergies of the deal that we can't get without each other.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“As you get into the back and forth of a negotiation, There's usually an asymmetric bargaining power. And then other times there are people who are just really good personality wise of making it at least seem like they have all the power and then others personality wise who are not as good at negotiating. How does that play out?”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Enough offer. So you don't come into the room and say, Hey, Ted, how about 800? You say, Hey, Ted, you talk about the weather, you talk about the Steelers, then you talk about the deal. What does he want? Why? Once you have a good estimate of the bargaining zone, then you go first and you go for the whole thing. In other words, a good first offer as an anchor is usually the way to go, but that doesn't mean that you come in guns blazing. But if there's an offer to be made, the research tends to say go first. But ironically, I tell my graduates often if they're negotiating with McKinsey, they shouldn't go first. Why? Because McKinsey's going to give them a contract with a signature on it. So get that before you start haggling. And it's another example of what are you losing when you let them go first? Well, if they're going to give you a contract, then let them go. If they're just going to give you some random number, then maybe you should go first yourself.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“In other words, if you let them go first, what are you gaining? How reliable is that information? And in most negotiations where the zone of agreement is really wide, your first offer basically tells me nothing about your budget. In math speak, your first offers and my data are very poorly correlated to budgets. Because we have 400 people doing the same case with the same budget on the same darn sugar bowl and the offers are from 300 to 300. So like what have you really learned by letting them go first? At the same time, people who go first, the old schoolers say, ha ha, we're right because they're not doing so well either. What it looks like in the data is that the people who go first, who don't ask questions beforehand and don't do a good job of estimating the bargaining zone, if the bargaining zone is wide, they can go first and shoot themselves in the foot with not an ambitious.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“This is a contested question in the literature and amongst the experts. It's interesting. The data is mixed. So picking up in your questions, for example, do you go first or do you let them go first? The old schoolers say go first and lose. Let them go first so that you get information. And the new schoolers, based on behavioral economics research and anchoring and this idea of putting ideas and framing, gaining the initiative and putting numbers in people's heads that stick, say you should go first. And a lot of the research bears that out. But I think it's actually mixed. I think you should have an idea for. Is the information you get when you let them go first worth the initiative you lose?”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Listening, but none of them do it. The first ten minutes of their negotiation as they go into a big sales pitch, and they talk about money too much, and they offer some persuasive deal. And here's why I got to get you in Shanghai and all of this. And I'm like, you never found out what they wanted, why they wanted it. So it's kind of more of a learning lens. And if they have the right mental model, I think a lot of the right strategies and tactics will flow.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Everyone points and looks at Susie. And what's interesting about that is, and we don't have to know anything about Susie. We don't have to know she's an introvert, an extrovert, if she's a slick talker, how firm her handshake is, all these useful things that would be probably good to have in a personality for a negotiator will pale in comparison to what she has, which is so clear, massive information advantage. And so that silly little example, very pedestrian example, I say is I want you to see negotiation this way as figuring out their sheet. And that simple metaphor can be a guiding light for how you approach, you've prepared. You've got your sheet. You've tried to estimate theirs. But if negotiation is figuring out their sheet, I asked, should you be talking or listening?”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's not a very sexy metaphor, and the answer is so obvious it's basically a rhetorical question, but it turns out to be a powerful moment for many of my students. One of the very first things I do before I teach anything is I just give them a page to read. So half get buyer, half get seller, and they're buying a gas station or a convenience store or whatever, hypothetically. And the way the class goes is they're going to go out in the hallway and you've been in classes like these and you negotiate and get coaching and see how you do. Before I teach them anything, what I say is I'll pick someone randomly, let's call her Susie. I say, this is basically rhetorical, but if Susie cheats, please don't, but if Susie cheats and reads Mark's sheet and Mark doesn't know, who's going to win?”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“No misleading there. So you can be honest with this, but usually it's the people who are prepared to answer tough questions in an honest way. They don't have to be revealing, but they kind of know their answer ahead of time. And those people are always in the top five of my class.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“But the people who prepare thoughtfully ahead of time just crush it. And one of the things I talk about in the class on day one, I have to give kind of a speech on not lying to classmates on a case that's not even graded, right? Like even a smart sociopath wouldn't do that. Because the grade doesn't matter and the network does. And so don't reveal yourself yet. The stakes are too low. And so I talk about how people can crush this negotiation with integrity and they don't have to misrepresent their interest. They don't have to lay them out on the table either. They can be honest when they talk to their partner. But if you ask me, what is your budget daily in? I will say, go pound sand. I'm not daily that.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know what the right number is, but anecdotally it seems like a lot of it. I should run the data, but it would be so confounded with massive co-correlated variables. It's always the case that the person who's voted most prepared is also has one of the highest performance case ratings as well. And they just outplan it and they talk to me and they get advice ahead of time. I'm shocked at how few students do that. Hey, Dalian, I've got this case coming up in your class. Any advice? You know, I'm not.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Class people actually word it and say it to their closet ahead of time with a critical lens. They'll say, so if Ted asked me this tough question during our negotiation, I'm going to answer it this way. And then you say it out loud and you kind of hear critically how it sounds, how could this tick him off? How could this underrepresent what I'm selling to him? How could this steer the conversation the wrong way? In other words, what are three things wrong with the way I said it? So really scripting and practicing your answers to tough questions”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“And all of that, but just having a few medium, high, low plants of how things could go. And if you're really good at this and some of my favorite teachers, so Nick Barbera's behavioral finance, legend at Yale, one of the things, it wasn't a negotiation thing, but it was a speaking thing. He welcomed me when I joined at two thousand seven, and he's kind of a shy, mild mannered person, but he's extremely brilliant in his field. He's a rock star professor. Rock star. And I just kind of ask, he just said, I practice this stuff to my closet the night ahead of time, two weeks ahead of time, the transitions, the segues, the start, the end, the pauses. So it's what most people do when they're going to have a conversation is at best they might have an outline for what they're going to say. But the master.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Any good business person will kind of resonate, like an inexperienced planner is just like, I'm going to do this and then that, then I'm going to dunk on this person and posterize that person, or they spend too much time predicting what will happen during the negotiation. So when thoughtful people prepare, one of the things that my colleague Paul Bracken at Yale nicely points out is that people spend far too long predicting what will happen in an exchange. And so in other words, You and I are negotiating in two weeks and it could go X, Y, or Z way, and people will sit there and try to plan and think, like, is it going to be X? Is it going to be Y? And rather than predict which of the many possibilities will realize, just plan for what will you do if X happens? What will you do if Y happens? So kind of contingency planning. And they have cliches, like, hope for the best, prepare for the worst.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“You want to know what you want, why, and what order, and exactly the exchange rate. You want to figure out in their side what they want in what order and why, and you can only hope to estimate their exchange rate. One thing that people do wrong is when I look at their planning documents that I make them write up, their plan is more of a victory lap.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so your actions imply a price on your values. And I just think you should be thoughtful ahead of time. So it's not reducing everything to money or points, but the world will reduce things for you. And so you should be more thoughtful about that exchange two weeks ahead of time. You don't want to be thinking about your value of commutes or relationships while a person has his hand extended to you. That's the worst time to be putting a value on your relationships because you'll either pay too much or even worse too little. So be thoughtful ahead of time about the intangibles.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Another 15 minutes twice a day, two weeks a year in a car just to get a nicer kitchen. Is there some other thing I should be doing? And so in a negotiation, it might not be about kitchens and commutes, but it'll be about how different issues trade off against each other. And you want to know your exchange rate for those trade-offs before you go into the negotiation. People hate this when I teach a lot about developing a score sheet and putting values on your intangibles. And people feel like it's inhuman to quantify or put a price on relationship, work-life balance, commuting. Like they know they don't like commuting, but they don't want to put a number on it. And they feel like I'll just kind of see to my pants. The problem with that is your decision will put a number on. In other words, if you accept the deal, I guess it was good enough. And if you walk away, it wasn't good enough.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“You have turned that lens inward, right? What are your priorities? What do you want and why? There's a bunch of things that are important, but I don't focus on them because I focus on the things that people aren't doing. So people generally know what they want. So I don't say figure out what you want. They can do that already without me. But what they don't do a good job at is figuring out what they would choose if they couldn't have everything. In other words, what do you want with constraints? So like simple in a pedestrian example, you're buying a house. You want a short commute, but you want a big kitchen. Okay, but when you have to trade those off, the question you need to know before you go into that negotiation or before you go into that decision is how many extra minutes are you willing to spend in traffic to get a kitchen from an eight out of ten on your scale to a 9 out of 10 on your scale? And there's no book that has the answer to that. You got to get in your car and drive a commute. Oh, that would be my house right there. There it goes. How do I feel about driving?”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't ask where Shelly Flexible. Ask where she least flexible what shouldn't I ask for because I don't ask for too much. That kind of thing. And so you're trying to figure out what are the right trees to bark up. And that's a lot of, I say that negotiation is investigation. My colleague DPAC Mahaltra at HBS says it much more suavely. Negotiation is learning.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“I just kind of want to know at least what are your top priorities? What's easy for you? What's hard for you? And the way I do that is I call people who know you or know people like you. I just spend a lot of time on the phone. And if I've gotten to you, if you are a gatekeeper of some sort, for example, for my students, if they're dealing with a vice president of HR, it's only because they've done seven rounds of interviews with that same company. And every single person has to like you or else you don't make it to the gatekeeper. So I often say, like, pick up the phone with one of those people you had rapport with and pick their brain two weeks ahead of time. They're not going to give you the keys to the kingdom. They might not know them, but even if they have them, they're not going to sell out their firm and tell you what to ask for exactly. Here's the safe. Go get it. But you can ask in terms of, let's say they have to negotiate against Shelley in a month.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“I should be more of a framework person, but I am not, and so I don't know in what order are the top three things, but I can tell you somewhere in the top ten there's a few things. Don't learn enough about the person sitting across from them before they meet them. It's not sexy. It's not rocket science. A lot of it is just elbow grease. Like, before I meet you three weeks ahead of time, if you and I are negotiating, I want to know what do you want? In what order, and ideally I want to know what you'll pay for those things, but that might be a bit too much to ask from the...”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's a lot. It's just the subject that a lot of us were drawn to because of people like that. And I had already had a sales and negotiation background. And so I love it. It's my favorite thing to teach. I teach a bunch of stuff, but negotiations, it's such a mix of psychology, but it's so practical. Even if someone's been doing it for years or something, and I love this.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“Into it. I studied decision making. I like to say study why smart people do dumb things. And it turned out that one of my advisors, Max Bazerman, was one of the people that kind of invented or at least pioneered taking experiments to negotiations. In other words, there was an old school tried in the streets. Here's what works in sales. And he said, well, let's just test this stuff. So 500 people do it this way, 500 people do it that way, and let's use experimental techniques and judgment decision-making behavioral economics. Kind of like Kahneman meets negotiations.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've been teaching at Yale since two thousand seven full time. I co teach with Barry Nailbuff, the core negotiations class that all MBAs have to take. And he's like the game theorist entrepreneur. And I come with a psychology sales side. And we co-teach it and Yale does this insane thing, which we videotape all students negotiating the entire incoming class. And he coaches half of them and I meet in my office and coach the other half. So I meet in January 180 some odd students in my office. It's insane. And so we watch their videos and see what they do right and give them coaching what they do wrong. And I teach my own stuff. I have some advanced electives. I do sales workshops. I've been doing this for a while now.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“To an online course he taught in April, and that sold out faster than he ever imagined. He's put together a new online training program called Negotiating in Difficult Times that I'm excited to take. The pre-sale is now available, which you can access at negotiationmindgames.com. He's kindly offered a 20% discount to listeners of the show. Just use the coupon code allocators when you sign up. Please enjoy my conversation with Dalian Kane. Thanks for doing this. Quickly go through your background and how you got into this line of work.”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guest on today's show is Dalian Kane, a senior lecturer in negotiations and ethics at the Yale University School of Management. His research focuses on judgment and decision-making and behavioral business ethics. In other words, he studies the reasons why smart people do dumb things. Dalian teaches a course in negotiations, and we turn to that for the subject of this show. Our conversation covers tactics for successful negotiating. Things like preparing, deciding whether to go first, playing a weaker hand, asking for more, and gaining value from walking away. We close with current research in the field and in a closing question, tips on delivering effective, constructive criticism. This was the last conversation I recorded before the onset of shelter in place, and I've been chomping at the bit to put it out ever since. Dalian refers”
2020-05-18 · Capital Allocators · Daylian Cain – Master Class in Negotiations (Capital Allocators, EP.138) · IDENTIFIED FROM THE TRANSCRIPT · source