YouSaid · the spoken record

Rolf Dobelli

lines on the record: 44
first: 2018-01-07
most recent: 2018-01-07
sittings or episodes: 1
sources: podcast

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“Some of our thoughts, we definitely do not know what the heck's going to happen as far as I'm concerned. It's 50 50 as far as it going up or going down. I have no idea. But I think those are some of the important things to consider when you're thinking through what might happen. All right. So Tim, thank you so much for submitting your question. For submitting your question, we're going to give you free access to our intrinsic value course, which is a paid course on our TIP Academy website. And we just really thank you for doing that. If anyone else listening to this wants to get your question played on the show, go to askthors.com. You just click on a little button there. You can record your question. And if we play it on the show, you get a free course.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One other thing that I want to piggyback on what you were saying there is we have seen it in Cyprus and we have seen it in a couple other locations where they have had basically a meltdown in the fiat of the domestic currency and Bitcoin has done extraordinarily well in those locations for obvious reasons but I'm not necessarily saying that's what's happening in the next credit event. I think it could, but I think it's something that people need to be aware of. And Stig lightly hit on this as well is like, what does the Fed do if they don't have much interest rate to play with? And the market starts to contract in a major way. Well, you know, I'm of the opinion they're going to definitely go to quantitative easing and they're going to go to a massive way. And that's going to be interesting to see how that all plays out and whether that's going to be enough to stimulate the economy as fast as it did during the last credit event. But, you know, they've replaced a lot of credit with dollars. And I think they're going to do that again. So we'll see what happens.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And commodities that had a fixed supply or a fixed supply to demand ratio there. And so I would expect to see the kind of a similar thing play out in Bitcoin this time around, where that might be different is if somehow maybe Bitcoin is part of the reason for the meltdown, which I think that might be a way far off reason. But I mean, it's definitely in the realm of possible. That could maybe make my whole underlying assumption of all this stuff false. So at the end of the day, I have no idea, but I hope some of those ideas and kind of that thought process of how credit events kind of work help you think through what solution you think might occur. So I'm curious to hear what Stig thinks on all this.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Something that could maybe cause a credit event to start trickling down and kind of compounding on itself. You don't know when that's going to happen. So when all that happens and you look at Bitcoin specifically, which is I know where your question was at, Bitcoin, in my personal opinion, will be treated as a fixed supply just like gold. That's my opinion. Other people might have an argument against that. But my opinion is that it'll be just like gold. And so my expectation for that first part of that credit event or that credit contraction whenever it happens is that the value of Bitcoin will go down just like any other stock or bond or anything. Now, once that kind of bottom's out and in the past, the bottoming has happened pretty quickly because central banks had interest rates to play with. They dropped interest rates. They were able to expand the credit supply very quickly, like within six months to nine months. And then you saw a very abrupt rebound in things like gold.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. Yeah. And so you saw gold even frontrun that a little bit. Gold hit its complete contraction, I want to say around Christmas of 2008, and then it started going up. But in general, you'll see everything contract, even commodities that have like a fixed supply of those commodities. They'll contract up until that point where the central banks then do their expansion again and they start in the last cycle. It was all this quantitative easing. They started pumping more dollars into the system. They started buying bonds off the market at any price. And they started fueling the system with more fiat into it, which expanded the monetary baseline. And then the credit came after that. And I fully expect to see something like that play out again whenever the next credit event happens. I don't necessarily expect that a credit event happening here at Christmas time of 2017, but you never know whenever these things could hit and what might trigger it. I mean, you could have some type of global event, call it a war.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It. So, with all of that said, and let me just add to that, as soon as that credit event contracts, okay, and we saw this go full contraction back in the last credit cycle, I would say, what would you say stig February to March, somewhere in there of 2009 is when you probably saw Reddit. I think that's about when the timing was. Is that right?”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That dries up. So, when you think through this example, if you're valuing everything commodities, you're valuing stocks, you're valuing bonds with this money that's in the system, the hundred dollars. As that contracts, the value of everything else is going to go down right with it. So the price of gold. If you go back and you look at gold during the credit contraction of 2008, and this is really from kind of like the summer period up until maybe Christmas of 2008, you actually saw the price of gold go down, I want to say by 20 or 30 percent during that period of time. And the reason you saw the value of gold go down is because all that credit, all that fiat credit was drying up. And so since gold is somewhat fixed in the amount and the quantity that exists in the world, if you're using these dollars to value that and those dollars are contracting and disappearing, you're going to see the value of gold go down right away.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Learn a little bit about that. How when a central bank puts more monetary baseline into the system, how the banks can then expand that and basically create credit around that. Once that credit expansion reaches a limitation and it starts to basically get supersaturated is the way I like to call that, it starts to contract and it has a tendency to accelerate as that contraction occurs. And what it's doing is it's accelerating back down to its monetary baseline. just for simplicity let's say that $20 is the monetary baseline and then another $80 is credit making up a total for the entire economy of $100 once that gets to the $100 limit and it gets supersaturated $100 then it starts to contract back down it goes to 80 it goes to 60 but that $20 component of the monetary baseline does not dry up only the credit part of”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, Tim, that's a cool question. And Thailand is a beautiful country. I've been there one time and it was really neat. So I just wanted to throw that out there. But I like this question. I think it's an important discussion to talk about what happens during a large credit contracting event first. And then maybe we can talk about some of the hypotheticals of what could happen with Bitcoin. When we talk about a credit event, what's happening is all the credit in the system is drying up and then it's contracting down to its monetary baseline. And so let me explain this for anyone who doesn't understand what I mean by that. You first have to understand how a fiat currency works. So a fiat currency has what's considered a monetary baseline component, and then it has a credit component. The credit is made up of the fractional reserve banking that happens. And if you don't understand what fractional reserve banking is, I'd tell you to Google that.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Right, so this is the point in the show where we take a question from the audience, and this question comes from Tim Davidson.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What he says is you should try to trend in that direction. It's not that you're making a complete flip, and you got to kind of have both in your life. He's saying is if you can trend in the direction where you slowly start to focus more on your inner scorecard than your outer scorecard. Going to be much happier. Going to be much more successful in your own right. And that's what he's really trying to get at the entire book. And that's why he's saying 52 surprising shortcuts to happiness, wealth, and success.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Success in this sense isn't winning titles or collecting medals. Instead, it's an attitude. And he goes on to say, make each day your masterpiece. And so what this really is, is what is it that's important to you on the inside? Not what are people around you seeing on the outside? What is important to you that you become a great parent, that you're there for your family? Those kind of things that are most important. And then, what are you doing each day? Get better at those things that you truly value from the inside. That you got to keep trending in that direction. And something that I like that he talks about in the book, he says there's no way that anyone's going to read this and immediately say, oh, you know what? I'm just going to focus on my inner scorecard and they're going to completely ignore their outside scorecard”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“At birth, they don't have the same luck that Buffett had to start off. So comparing yourself to a guy like Buffett, if you're trying to compare him based off of net worth, which is only one tiny little metric that you could compare them to, but if you're using that as your outside scorecard to compare yourself to him, you're going to continue to be disappointed in yourself. And that's what he's really getting at with this is don't compare yourself on the outside, but compare yourself on the inside with yourself of getting better each day. And so he brings up this example with John Wooden, who's one of the most successful basketball coaches in American history. And Wooden has a quote. He said, success is peace of mind, which is a direct result of self satisfaction in knowing you made the effort to do your best to become the best that you are capable of becoming.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All right, so the last one that I had was called Inner Success. And you actually hear Warren Buffett talk about this one a lot, which is the difference of your outer scorecard and your inner scorecard. And this was the last chapter in his book. I really like this idea. And it starts off by talking about Warren Buffett specifically saying that Buffett had won the Ovarian lottery. And what he means by that is that Buffett was born at a certain point in time in the United States. He was blessed with a strong mathematical mind into a family that gave him opportunities that he could leverage, etc., etc. And what he's really getting at is Buffett was lucky that he had all of these things that were completely outside of his control lined up that afforded him the opportunities that he was able to take on. And when you look across the world and all these other people that aren't given those same luck,”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This was a completely different idea that something didn't even make him that famous that he brought up as the most important thing.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is little. She's three years old, and I see this focusing illusion at play all the time. Even my son, you know, they get this idea in their head, I want this toy. And until they get that toy or they get that thing, they just cannot get it out of their head. They're totally fixated on it. And it drives their entire emotions. It drives everything because they can't take a step back and say, oh, well, you know, there's five other toys sitting over here. I guess I could go play with one of those or whatever it might be. And you see this in adults. You see this in kids. You see it in everybody. And I think it's a much more profound idea than people really realize. And it's funny when we were talking with Robert Chaldini, he brought up the story where Daniel Kahneman was asked, what's the most important thing that you think is out there that a lot of people don't understand? And Daniel Conneman actually said the focusing illusion, even though this wasn't what he had won his Nobel Prize for.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so focused on that one thing. And so I guess what he's trying to get at here is a person needs to take a step back and they need to understand this bias, this focusing bias, this focusing illusion that exists in almost any single person because the more that you think about that one thing that just keeps driving your thought process, the more that you're ignoring all those other things that are out there that might actually create a lot of value or a lot of happiness for you and they're nowhere in sight because you're so focused on the one thing, which might be I've got to move to Miami. I don't like this weather. I've got to move to Miami. So the recommendation that he provides is, you know, get out a piece of paper, write down all the different factors that are at play with a decision to broaden your scope and broaden your perspective so that you don't get sucked into this illusion. And I found that to be very profound. I see this all the time. You know, my daughter.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so what he talks about here is the focusing illusion is providing this perception that you're going to live a happier life in a different location. And this could be applied to anything. This is just one example. And what he says that when you think about what's actually happening, when you go down the Miami, you have a job. You live in a certain area in Miami, which might be good or bad. You have a long commute that might be really short or it might be really long. You have all these factors that are also at play. And so what you might find is that you'd be exponentially happier in Buffalo than you would be in Miami, depending on all those other circumstances. Maybe you're not making any money down in Miami and you're working paycheck to paycheck and you don't have any excess money to go out and enjoy yourself. Like there's all these other factors that people just lose sight of because maybe they're so fixing.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If I was to ask you whether you wanted to live in Miami or live in Buffalo, how would you respond to that? Or what would you enjoy living more in one of those two locations? And most people will immediately come back and say, well, I would be much happier if I lived in Miami. And what people almost immediately are doing is they're comparing the weather when they're making that decision. They're focusing on one aspect of the question, which is the weather. And they know that if they're down in Miami, it's hot and warm and they don't have to go through the winter, where if they're up in Buffalo, they will.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so the fourth point that I have is called the focusing illusion. We talked about this a little bit when we had Robert Chaldini on the show, and this idea was brought up by Daniel Kahneman. And to just kind of paraphrase Daniel Conneman, he says, nothing is more important than what you're thinking about right now. And so let me provide an example of what he's talking about and why this is a profound idea.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That sounds like really bad advice. And then he goes a little further and he says, and I know this is more from a utility standpoint that he's saying this. I think that there's a lot to be said of giving to a charity with your time and there's a lot of other values to be had. But he's looking at it purely from a utility standpoint. He said the most you can give to a charity is through your money because think about it. If you're really good at carpentry, you need to be building things. In that case, like if you're doing habitat for humanity, maybe giving your time would be the best thing that you could give. But for most people, they're not a carpenter. Maybe they're a computer programmer or they're this or that. If they focus on that thing that they're really good at and they make money giving that money to the charity is going to provide the most utility to the charity than anything else. Because if you continue to work at your job, you're able to produce more and whatnot. But it kind of gets at sticks point. Focus on the things that you're”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I had a point that kind of piggybacks off of what you're saying there is do the thing that you're really good at. I don't remember where this was at in the book, but he made the quote he said, if you're going to give to a charity, he said give money. Don't give anything else other than your money. And when I”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Be wary of the way that you come across whether it's a really strong opinion. Anytime you have a strong opinion, you need to be very careful. What he's saying here is if you can't argue the opposite side of the opinion as well as your own opinion, then you really haven't earned your opinion yet. And he's obviously pulling that from Charlie Munger, I'm assuming, because I think Charlie's the one who has come out and said that. So that was my third point. I really liked his discussion on this. It was quite fascinating.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Agree with that. Now, where he goes with the rest of this chapter is he starts talking about ideology. And he starts talking about don't fall into the trap of just following any kind of ideology. And he says, this is how you can tell if you're falling into the trap of an ideology. He says, ideologies explain everything. They're irrefutable and they're obscure. That's the three-pronged test of whether if you're falling into an ideology or not. And he says, be especially wary when speaking in public about an ideology, which is something Stig and I do every week, because you will likely be prone to beat it deeper and deeper into your mind. And I can tell you that is a true statement. So what he says is imagine you're on a talk show anytime that you're spouting something off and that when you're on this talk show that you're publicly proclaiming something and that you need to”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Throttle back how quickly you'll provide an opinion. It wasn't in this chapter, but in another spot in the book, he talks about this idea where your mind is constantly pumping out an opinion about everything and anything. And basically turning that down, turning the knob down on how you should be basically providing an opinion on things. And sometimes it's very liberating just to say, you know, I just don't know. Or I don't have an opinion on that. Like, how many people do you go up to and say, hey, what's your opinion on X, Y, and Z? And the person actually responds back and says, you know, I just don't have an opinion on that. Like, that is so rare. That is so insanely rare that you just don't ever see it. And what he talked about in that chapter, which wasn't even the chapter I'm referring to here, he said, that's a form of intelligence when a person says that. When a person just spouts out anything, that's a lower form of intelligence. So I completely.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Be my lack of understanding of the engineering on it, but I'd guess that most people really couldn't give too much of an explanation other than, oh, it zips up my clothes. And so his point on this and what he calls this is the knowledge illusion. And that most people think that they understand things at a much more granular level than they actually do. So then the next thing he steps to is, so think about how profound and complicated a problem is when you ask something like this. How much immigration is good for a country in the long term? And when you think about the complexity of that question, it is extremely profound, has so many different variables, so many different variables that we think we understand, but we actually know nothing about. And what he's really getting at here is sometimes you just shouldn't have an opinion and that you should maybe”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“About investing. And he starts off this chapter with a really intriguing question. He says, if I asked you how a zipper works, what would you say your understanding is? On a scale from 1 to 10, 10 being you really understand how a zipper works and one being you don't understand it at all. And how would you respond? And so you kind of probably have a number in your head of how well you understand what a zipper is. And then he said, now if I was going to give you a piece of paper and then really explain to me how does a zipper work explain like the engineering behind it, all the mechanical pieces and everything. How much could you actually describe on how that actually works? How it clasps together, how it's pulled apart, all that stuff. And what I think a lot of people will recognize is that they actually understand very little as to how a zipper actually works. And maybe that's just me.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know, I think one of the important things that he talked about in the book was you've got to at least have the list of what your non-negotiables are. And I think for most people out there, myself included, I don't know that I could show anyone with that list is. And I think that's a really important point of maybe that's not a bad exercise to pull out a piece of paper and say, what are my non-negotiables? Like, what is it that I hold very close and dear to myself that I'm not going to negotiate on or waver on? And let me put those down in writing and then start acting on that so that that's something that I will never cross that line. You know, maybe it's time you spend with your family or whatever that is. I think it's important for people just to recognize the importance of writing down the list, let alone going any further than that. So the next one that I had was the dogma trap. And I really like this one because it gets to a kind of a theme that Stig and I hopefully hit on whenever we're talking.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Watching TV, but if you watch TV for 12 or 14 hours straight, you kind of have this feeling the marginal utility he explains isn't there. It decreases the further that you wander away from the fringes. So you got to keep this balance in check. And I completely agree with this. This was a fantastic chapter. It was something that I'd never really thought about in my life. And I was really happy to kind of stumble upon that in this book.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Was something meaningful. And then he talks about, so which one is it that you should be trying to acquire in your life? And I think intuitively, whenever I started reading this, I started thinking to myself like the answer is you want to do meaningful work because that's going to be lasting and everything else. And that wasn't what he actually concluded in the chapter. And I liked that. What he concluded in the chapter is that you have to have balance between these two things. The person who goes out and is just trying to do things that are meaningful all the time. They're going to burn themselves out. They're not going to have any type of enjoyment in their life or sense of fun or anything like that. But the person who's just on the opposite spectrum that's just trying to go out and have fun all the time and they never do anything meaningful, they're going to be incomplete as well. And so he said, you got to strike a balance between these two things. And he says, avoid the extremes. And he said, the reason why is because let's say you enjoy.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And what he's getting at is really kind of like when you're talking about enjoyment, you're talking about something that's short term, like something that doesn't require a lot of effort, but you get a lot of enjoyment out of it. Whereas the other is something that's more involved and requires like a sense of pride because you put a lot of hard work into it. And then it has meaning to it. And I like this because it made me think, wow, so, you know, like whenever I think about this show, like it's very meaningful to me. It's a lot of hard work. I mean, sitting down and reading and recording and programming and working with the team and everything, it is a lot of hard work, but to us, it's very meaningful work, whether people want to believe that or not. But for us, it's very meaningful work. But I wouldn't say that it's just enjoyable. Like for me going out with my kids and going to like an amusement park, that's really enjoyable. Like I have fun when I do that. And so he talks about this difference between is something enjoyable.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Watching the World Cup and he gives a bunch of examples like this, and so then I'll just pause and you think about, you know, if something's really enjoyable, make it a 10. If it's not enjoyable at all, make it a zero, and think about what your results are. Okay, so now you've kind of thought through that. Now here's another question How meaningful are the same activities when you think about them? And so what he talks about is that people”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so the next one that I had stig was a chapter, this is chapter 25, and it was called Hedonism and Eudaimonia. And this is all about how meaning can compensate for enjoyment. And I loved this chapter. This is something I'd never thought about. I kind of felt kind of strange reading this and thinking to myself, wow, how have I never thought about this? Let me just give the people that are listening here the scenario. So he starts off this chapter and he asks yourself, how enjoyable and the keyword is enjoyable are the following activities for you. And you got to put them on a scale from zero to 10, zero being not enjoyable at all, and 10 being extremely enjoyable. And so these are some of the things on his list. He says eating chocolate, fighting for your country in a war, spending time on your hobby, raising children, funding hospitals in Africa, preventing global warming.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“30 or 35 years old. And at that point, you should become very focused and read only things that you think are going to be highly influential and read them twice or three times. And I found that to be a really profound thought and something that I really valued in this book because it was something I'd never heard. So that was my point. I'm curious, was that one of your points, Tig?”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, what is the best point to cut off the interview and just make a selection if you had 100? And there's a mathematical solution to this, and the answer is 37. And so, you know, if you're going to interview 10, then you should interview about three or four people to then make your selection. Because you've seen enough that you now understand what the population looks like to make an informed decision. There's a whole lot more written about this. You know, there's a really good book called Algorithms to Live By Brian Christensen and Tom Griffiths that gets into this extensively, this idea of the secretary problem. But to just make it short here and apply to what we're talking about, what he recommends is you should read as much as possible up until the age of 30, 35 years old, something like that, depending on how early you started, obviously. But assuming you've been reading your whole life, you should stop reading a barrage of books by about”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Which means he's only reading 10 books a year. That's it. So like less than one book per month, which isn't a lot, but he's going to read those books two or three times. And what he's really getting at here is immersion. He wants to immerse himself in the book so that it really becomes a part of him and not something that he's just kind of quickly going through and then forgetting everything that was talked about. One other final point that I think is really, really important, especially if you're a young listener and you haven't read a lot of books or you're under the age of 30 or 40 years old. He talks about the secretary problem. Let's say that you were going to hire a secretary and you knew that you were going to have 100 people come for the interview. How do you know when to just stop because the time that you spend interviewing 100 is different than if you interviewed 30 people and you just made a selection? You're wasting your time by interviewing another 70 people.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“More than five minutes. And if it doesn't seem like something that he would want to punch his card for the 50 books, then he puts it down and he doesn't read it. But if it is something that he feels like is going to be completely worth his time, not only is he going to read it, but he's going to read it twice or maybe even three times. And I found this really an interesting way to look at reading because it's very different than anything that I've ever done. Now, he had four points that he talks about with this. He said, if the book leaves no trace on the mind, then it was a total waste of your time. So that goes back to his point. The second point that he has, this is obviously not for crime novels because once you read a crime novel, you know who the suspect is. It's totally worthless when you're dealing with fiction. This is really only for nonfiction. He said that his expectation, and I know he used the example with a 50 book punch card, but he said that his objective for the next 10 years is that he's going to read 100 books.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I had the exact same thought. That's like the only thing I really remember from the book. You went through a lot of things and he talked about how much he was revamping things and how the focus was on the coffee. But in general, I really didn't take away too much more from that book other than those themes that I just blurted out. And so his point here about reading less but twice and being more thorough and focusing on the books that are really good, I completely agree with whenever I look back at some of the books that we've read and how much I've actually retained. And to give you an example, he said, if I read a book one time, I'll retain 3%. This was his own estimate. He says, I'll retain 3% of what I read. If I read the book twice, I'll retain 30% of what was read. So he's estimated that he's understanding 10 times more by reading the book a second time. And so what his technique is, is he picks up a book, he kind of skims through it for about five minutes. He said, I don't give any book.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Talked about his own library having like he had like 3,000 books in his library and he said that he probably had only read about one third of them and of the one-third that he's actually read he couldn't really say that he remembers too much from a lot of the different books and so this made me think about my library at the house and how much I've retained from the various books and I felt the exact same way that he felt where the one example that kind of came to mind when I was thinking about this was the book that Stig and I read on Starbucks Howard Schultz's book and I couldn't really remember like I'm curious let me stig this how much do you really remember from that book Stig and I mean we did an entire podcast about this book but it really wasn't for me this really wasn't a great book but I'm curious how much of that do you really remember”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like that. I don't really have anything else to add on that one. You hit pretty much everything that was covered in the book. So let me go on the my point. So this kind of came near the end of the book. And the title of the chapter was Read Less but Twice. And this one really surprised me because I'd never thought about reading this way. And so the way he starts us off, he says, if you had a punch card, and I think he stole this idea from Warren Buffett because Warren Buffett talks about having a punch card when he invests. But he says if you had a punch card that you could only punch 50 times, which books would you pick and how would you pick them that you could only pick 50 books? And so I really like this idea because we read a lot on the show, obviously, and I think a lot of people out there that listen to the show are hardcore readers as well. And what he's getting at is make sure that you optimize what it is that you're reading and just don't waste your time.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so what we're gonna do is I got the top five points that I pulled out of the book. Stig has his top five points that he pulled out of the book. We don't know each other's points, so we're hoping that they're not overlapping, but they might be. So we'll find out here. So Stig, why don't you start off with your point?”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. So my initial perception was this is going to be good. After reading it, I can honestly say this is a fabulous book. And I liked how short the various chapters are. Like he doesn't go on meandering on about each little point. He kind of gets right to the chase. Like each little chapter is probably what four pages to like six pages long and straight to the point really elegant the way that he writes. And overall, I just really liked it. And the book has 52 chapters in it. So they're not long, but they're well constructed. I like that. Did you have anything else that you wanted to highlight, Stig before we plow into our top points for the book?”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All right, how's everyone doing out there? So Stig and I are really excited to talk to you about this book that we just finished up. And the name of the book is The Art of the Good Life. And this is by Rolf de Belli. And the subtitle for this is 52 surprising shortcuts to happiness, wealth, and success. So as soon as I read the subtitle, it really piqued my interest and I started flipping through this. And I said, you know, I shot a message off the stick. I said, dude, we've got to read this book. This looks really good. And so Stig took a look at it and you replied back to me, correct, Stig. Hey, let's do this.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, this past Christmas, I was pleasantly surprised to get a package in the mail from a good friend Guy Spear. After opening the gift, I discovered it was a new book that was just released in November of two thousand seventeen, and the title of the book is The Art of the Good Life by Rolf De Belli. Now I hadn't heard of the book before receiving it, but considering the person who sent it to us, Stig and I determined it was something that we definitely needed to cover on the show. The thing is, Guy Spear Manish Pa Briar very close friends and are clearly in a competition to see you can read the most number of books in a lifetime. And I say that kind of jokingly, but serious at the same time. And so when one of those guys recommends a book, let alone mails it to you, we take that very seriously and we know that this is something that we needed to cover. So without further delay, this is our book review of the art of the good life. I hope you guys enjoy.”
2018-01-07 · We Study Billionaires · TIP172: The Art of the Good Life by Rolf Dobelli (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT