YouSaid · the spoken record

Richard Koch

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170
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2023-07-05
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2023-07-05
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  1. “Are not as important as the Grand National have very few horses in them. It might be as little as 10%. But it's a huge amount of money. And so there was a guy called Bert Black, Andrew Black, to be more formal. And he came up with this idea, why don't we make an electronic system like the stock market where bets can go through this thing and instead of people having to pay 10% or 20% to the bookmakers each time, they pay 2%, 2% commission, and they only pay if they win. So on average it can be 1%. And so it's a hugely better, sounds like a commercial advertisement, doesn't it?”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  2. “Now these are terrible people because they've got big satchels. You go to the races, the horse races or the greyhound races, and you see these people arrive with satchels, and of course you don't really know how much is in there. But when they're going home, they're bulging because actually what they do is they take a profit on each race and they construct the book such that unless there's a very, very unusual movement in the betting at the very last minute, they're totally covered. They always make a profit on each race. The overround depends on the number of runners in the race, but the overround goes from 10% usually to about 25%. And in a race with a large number of horses, such as the Grand National, it can be as much as 150%, which means that for every dollar that someone wages, 50 cents profit is made by the bookmaker. Now, on races which...”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  3. “What BetFair is. BetFair is the world's largest by a huge margin, the world's largest betting exchange. And what a betting exchange means is that you and I exchange bets. Now, obviously, we don't do it in person. We do it through a website, and it's all anonymous. But nevertheless, it's not a system that's used for still the great majority of betting in the world takes place with bookmakers. Bookmakers are these horrible things.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  4. “So, what I'm trying to say is how could this be unbelievably successful? What would have to happen to make it unbelievably successful? And sometimes it's relatively easy. Sometimes it's actually not that difficult to do.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  5. “There are always huge opportunities out there. They're out there, but most people don't grasp that. Most people don't believe it, and most people don't do anything about it, even if they believe it. And I'm one of the people who actually is a mega-mega optimist in regard to things that are important to me and the investments are quite important to me. So I try and imagine how do we make a hundred times return on this investment, not how do we try and make 10 times return. And of course, it doesn't always work. And my success story is cluster in the sort of, you know, 10 to 25 times total investment because one of the things that I do is if I've invested in a company and it's going really well, I buy more shares in it. So I increase my stake in the company. So the average return is not going to be 100 times. But on the first tranche of the bet fair investment, it was 100 times.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  6. “Let's do it in regard to investments and then we'll do it in regard to more important things in life. But as far as investments are concerned, what I say to myself is what are the opportunities which we're not fully exploiting? And I'm a great believer.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Yeah, but mental health Richard Watts. I'm very lucky. I do genuinely believe that I'm quite good at what I'm doing, but I have been unbelievably lucky. Every single major investment has had an inflection point somewhere, which was pure luck.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  8. “What I'm very good at doing is actually imagining upside. And a lot of people say the whole point of being a venture capitalist is that you think about the downside, what can go wrong and all the rest of it. I disagree with that because in the venture capital business, you make a huge amount of money on very few investments and you probably lose money on nearly all the rest. That hasn't actually been completely true about me. I've only lost money on probably about three or four investments. Total loss.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  9. “Yeah, because I think I'm actually quite good at being upbeat, but I'm not very good at being downbeat. I've never had, I mean, I obviously respect the fact that a lot of people have mental problems of one sort or another. I've never felt down for more than about three hours. Wow. It's something to be very grateful for”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  10. “That's true. That's true. I mean, I know that you have made a very good TED speech about fear and the importance of people revealing their fears. And I thought to myself, well, maybe I should do it. And I thought, nah. You seem to be doing just...”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  11. “It's a bit Zen. I've got a fish pond that I do all my thinking on And the fish go round and round and wait for me to feed them.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  12. “I think the numbers speak pretty well. Cause more problems. Well, lots of people come to see me and they think that I've been a much more palatial place. And of course, what happens is that you buy somewhere and you live in it. I've been living in this particular house in Portugal for some of the year for I'm not very good at mental arithmetic. It's actually 15 years.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  13. “And that's why we're sitting in this nice house and all the rest of it. So aren't I lucky? Now everyone's going to hate me. They're going to think, oh guy, so smug. We don't like him”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  14. “This is what, by complete coincidence, I've got right outside my front door. And it's Gambit's and payout. Now, I'm a strategy guy. I do strategy in order to make money by venture capital investments. And gambits, yeah, that's a strategy. And then payout is huge bonanza. And I don't want to be big-headed, but I've done very well in my investments. And, you know, the payout is the operative word.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  15. “So, Mercedes is on the system, various other car manufacturers are. And they're going through the process of basically signing up all the big car manufacturers and some of the small ones as well around the world.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  16. “The police would have that, all the emergency services would have that, and so forth. So all you would have to do would be identify where you are on the telephone. You'd just basically drop a pin and then they can find you.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  17. “It might be. Which I couldn't have predicted. The system would be able to find where you were in a completely different location. You wouldn't have those three words. There'd be a completely different three words.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  18. “Yes, and you don't even need to be online, but it's basically mapped and therefore anyone that's got the key to it can deliver to where someone is. It was originally designed by a guy who was in the music There is a unique three words for everyone. If you're involved in a car crash or accident of any kind, you can identify where you are to the emergency services or to anyone else in order to be found as quickly as possible without any mistake, without the ambulance or the police going here and there, you know, basically trying to find where you are.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  19. “Well, I'm an investor in a company called What Three Words. I don't know if you've heard of What Three Words, but the basic idea is that there are trillions of squares on Earth and each square is about the size of just outside my front door. And it's a method of trying to identify where people are in order to have deliveries happen where the address system is not particularly good. So I'm an investor in this company. It's a wonderful, wonderful British company.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT

  20. “Sitting across from you. It's so wonderful to see you sitting across from me as well. In my kitchen table as well, which is fantastic. Thank you very much for coming.”

    2023-07-05 · The Tim Ferriss Show · #680: Richard Koch — Revisiting the 80/20 Principle, The Power of Optimistic Journaling, Studying History to Improve Investing, and The Grand Beliefs of Winners (Plus: The Toxic Beliefs of Losers) · IDENTIFIED FROM THE TRANSCRIPT