YouSaid · the spoken record

Lawrence Cunningham

lines on the record
55
first
2022-01-20
most recent
2022-01-20
sittings or episodes
1
sources
podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

  1. “Come from people that stick with the same business over an extremely long period of time. And Warren says, like, the only way to do that is to design something, a work environment that you actually enjoy. So says this arrangement embodies a very few very simple ideas. Charlie and I have carefully designed both the company and our jobs so that we do things we enjoy with people we like. That's a very simple but powerful idea. If we were not paid at all, Charlie and I would be delighted with the cushy jobs we hold. And so some of my highlights is the fact that Warren just has fantastic one-liners. I don't think I need to elaborate on them. If you're listening to this, you're smart enough to do it yourself. And there's just, I mean, it's amazing how many I come across. These are three on three different one-liners on three different pages. If you can't tell who side someone is on, they're not on yours.”

    2022-01-20 · Founders · #227 The Essays of Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Popped into my mind when I got to this section, and it says, business is like nature. It doesn't care if you arrive at the right answer from the wrong reasoning. And then this is just fantastic. This is one of my favorite ideas I've ever come across. I think Naval Ravicant was the one that really put into words with me. But reading the books, he says, listen, you should find work that feels like play, right? That's a very simple way of describing it. And when you read these biographies, you realize, oh, a lot of people, there's a high correlation between the most successful entrepreneurs of our time all time and people that found work that felt like play. They don't feel like they're working. They're just playing. They're obsessed with it, and they do something they're obsessed about for multiple decades. That's why they get these crazy results. Most people first don't find work that feel like play, and most people quit. They'll run a business for two years, sell it, start another one, and then repeat over and over again. Some people are built that way. You know, if you feel that's like, I'm not, you know, you got to be who you are. Follow your natural drift, I think is what Charlie Munger would tell you. But the greatest results undoubtedly...”

    2022-01-20 · Founders · #227 The Essays of Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Overwhelm managerial brilliance. And so there's just one line I want to read to you. I want to give you some context of what's happening. He's talking about him and Charlie don't really like options like stock options businesses. They've bought some where that's like the compensation. And the larger point here is that you have to be pragmatic and flexible. And his point is like, listen, this is the way we think about this, but we've even invested in businesses where they have it and it actually works. And so he says, he's like, our conclusion is like, we're not just going to sit there and be like, the business is working, but you're using a different philosophy now, so let's just change it. He's like, that doesn't make any sense. So he says, if it ain't broke, don't fix it. It's preferable to purity at any price. So he's like, I have these ideas and these philosophies. These are what I'm perfectly comfortable with. But again, if it's not broke, don't fix it. I'd rather choose that option than you have to purity. You have to follow exactly what I believe and what I think is right. Really, the reason I brought this to your attention is because one of my favorite quotes I've ever come across.”

    2022-01-20 · Founders · #227 The Essays of Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Mark felt that he had a rather unique perspective where he would ask, you know, what's most important? Out of these three things, what is most predictive of a business's success? Is it the market that you operate in? Is it the team you have? Is it the product? And so he says, and what he does in his blog archive, he makes the case for each one. But he's like, if you have to pick one, he's like, it's the market. A market, even if there's strong demand in the market, it will pull product out of you. And so that's an echo of what Warren is saying. Listen, if you're in a chronically leaking boat, if you're trying to build a textile business in the 1970s and 80 in America, you got to jump out of that boat. It doesn't matter how gifted you are, you're not going to make a lot of money. And so he continues when an industry's underlying economics are crumbling, which is a description of the textile industry, right? At that point in history, talented management may slow the rate of decline. Eventually, though, eroding fundamentals will”

    2022-01-20 · Founders · #227 The Essays of Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Observation of other businesses is that a good managerial record is far more a function of what business boat you get into than it is on how effectively you row. Though intelligence and effort help considerably, of course, in any business good or bad, should you find yourself in a chronically leaking boat energy devoted to changing vessels is likely to be more productive than energy devoted to patching links or leaks, rather excuse me. This reminded me, so I read Mark Andreessen. He has a blog archive. If you go back to Founders number 50, I link to it. You can download the PDF for free. I think it's like 180 pages, something like that. It's amazing that it's free. And essentially it's like somebody that's really gifted at building startups and is analyzed business history just saying these are the most important observations that I have that may help you in your journey and you can also listen to I think it's episode number 50 but one of the things that pops out is”

    2022-01-20 · Founders · #227 The Essays of Warren Buffett · IDENTIFIED FROM THE TRANSCRIPT · source