YouSaid · the spoken record

Tim O'Reilly

lines on the record: 130
first: 2017-11-08
most recent: 2017-11-08
sittings or episodes: 1
sources: podcast

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“Well, I guess the biggest advice I would have is sort of try to create a daily practice where you stop thinking and start listening to nothing. Some people would call that meditation. But it could be just when you go, if you go for a run, don't think. Just let things come into your head. If you sit by a fire or go sailing, those are good activities for letting that happen. Going for a very, very long walk till all the thoughts fall away. Because cultivating that headspace and that soul space where you're not filling it up with the stuff you already have already know. But are just listening. It's that Morgan's tarot card, always remember this, the space that lets stuff come into you and surprise you and give you new thoughts and give rise to curiosity.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“No, at Tim O'Reilly on Twitter. And I do see all my app messages. And also I respond to email. And if you know my name, you can guess my email.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Implications. For example, I spend a lot of time on dissecting the business model of Uber and Lyft and then saying, what does this teach us about their story about self-driving cars? If you draw a correct map of the world, it tells you something about the future. And so anyway, so I would say go to tim.com and from there you'll find everything else.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Probably the best place right now is a site called Tim Daughter.com. It's a subsite of O'Reilly.com, which is our online learning platform, which includes tens of thousands of e-books mostly on technology and business topics, but increasingly other things, but also videos, live training. It's really the core of our entire business. But tim.orile.com sort of has, it's sort of my personal archive of, for example, a link to this podcast will go on there once it's up. It also points to my book. There will be a site for the book, but it's not up yet. The site will be called wtfony.com. And I think the book is something that it's really covers a lot of the topics we talked about today, but also a lot more. I mean, there's a lot about how you think how to draw a map of your business model and how to think about the”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And it's just such great life advice. It's like, and I just actually just tweeted something like that the other day as I had just come across there was a new video about Planet Labs, one of my companies I'm an investor in they're trying to image the sources of the Earth every day. They call their satellites doves. They said like all these military satellites, they all have names of raptors and we wanted ours to signal that they're for peace. And there's this great piece about their launch of the largest flock of earth imaging satellites. And I just kind of boasted it with, I think the tweet was something like, you know, if you need your dose of optimism, watch this video, because here's somebody who's doing something idealistic. I said your dose of ideal. Kind of so look for people who are helping the world be a better place.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And you watch this congressman who's sort of hostile in the beginning just sort of gradually just sort of start nodding and smiling. It's so great. But I digress. But the great thing to your question is this fabulous quote from Fred Rogers on his show, he's telling children, when you see bad things happen, look around for the people who are helping. There are always people helping.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. Well, one of the, since I gave homage in the opening to Sesame Street, I have to give a little homage also to the other wonderful teacher of children, Mr. Rogers. And by the way, before I had kids, I thought, Mr. Rogers, this is the stupidest thing ever. Once you have kids, you go, oh my God, this guy was a genius. To me, I just, he was a genius. But anyway, and there's a video of him doing congressional testimony once. I forget what was the reason. I was about the early days of PBS.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Our own world, because one of the things that we, and this kind of brings me back to Krozibsky, the structural differential, the map is not the territory. My training with George Simon, learning to see our own world in the same way, you know, that things that we take for granted. We will one day look back on our other people will look back on and say, How queen And in our own lives, our daily lives, the ability to sort of go, oh, wait, this way that I have always been may not be the only way to be, that I can change. So, seeing change is a prelude to being change.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“We rewrite history all the time. So if you read a modern history, you're reading what we think about it now. So you could read an old book of history, but when you read a novel, you are reading how people thought, what they were struggling with. You read a book like another trollop that I love, Can You Forgive Her? It's this sort of proto-feminist novel about these women who made choices that were unconventional in who they would marry. And the fact that that was even an issue, you know, but we kind of look back on that. But it's like, oh my God, you can see it as a moral struggle. And he's kind of trying to set you up to say, yes, you can forgive her, you know, because she didn't marry the socially approved guy. It just”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“In the 1890s, we were fascinated by it. And it was just, you know, it's like, you know, I guess it'd be a little bit like reading more recently Ken Kesey's electric Kool-Aid acid test to kind of get us or something from Thomas Pinchon, you know, kind of getting into the world of psychedelia and that era of the 70s. Or for that matter, reading there will be a time when somebody could read Michael Lewis Poker and it will be a time machine into this place when our financial economy went crazily wrong. And guess what? There's actually a novel about that by Anthony Trollop called The Way We Live Now about the great railroad bubbles of the 1860s. And so... In some ways, fiction is also a key part of a way to learn about history in a way that's a little deeper because one of the things that I think we're not very good at”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And I started to seek out our books that are largely forgotten because, or they have some piece of them has survived, but they haven't survived. Everybody knows Charles Dickens. But only a certain number of people will have read George Dumari's Trilby, right? But almost everybody knows maybe not everybody. I'm probably showing off too much literally, but they've heard about mesmerism and they've heard about a Spengali, right? Well, Spengali is a character in George Dumaier's book, right? Trilby, which is, and it's about mesmerism and the way mesmerism was this sort of hypnotism was this rage through Victorian society.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“This distant land that is sort of kind of the while, you know, literally the wild west. And then Honolulu, off the edge of the earth. And it's just like this piece of magic where you kind of see into the past. And then, as I mentioned, Anthony Trollop, you're kind of looking into the depths of life in the Victorian era. But what I find that's sort of interesting”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And then I started realizing the same thing about other books that I had read. And I started to seek them out. And a lot of it was it was helped by the fact that my father-in-law at the time had a big library and I could kind of read in his library, you know, and it's like, oh, you know, it's like, you know, I'd also seen the Charlie Chan movies. He has a Charlie Chan novel by James Earl Biggers. And I go, let me read that. And oh my God, it's like a time machine. It's like the casual racism. It's like, you know, where people refer to him as the chink, you know, but more than that was just this view that this, the one I read, I forget what the title was, but it was some family from Philadelphia, the daughter has run away to San Francisco, and from there to Honolulu. And the view of California, you know.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Oh my god, this guy kind of invented the mythology of the Old West. And I read a bunch of the other Zangre books that were in there. And that was kind of I first started to go, oh, there's something interesting, you know, these, sure, they're still popular in a certain way, but they're super dated. But they're like a time machine into how people felt about the world in, you know, like Right as the Purple Sage written in 1915, I think.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Well, it is really, again, one of these pattern recognition things. I mean, I first became conscious of it. must have been maybe close on 30 years ago. I dropped my daughter off at a doctor's appointment. I went for a walk while she was, you know, kind of actually maybe I had just gone back to the car and it was starting to rain. And I walked by this bookstore that was going out of business. And they had put all these books out on the street. And there was a box and it started to rain. And I see it was like a box of Zane Gray books. And I saw writers of the Purple Sage. And I thought, I've heard of that, right? You know, and I couldn't bear to see the books get rained on. So I said, I'm just going to pick them up and put them in my car. And, you know, and I'll give them away somewhere else later. And then I, but I pulled that book out and I read it and I loved it, you know, and I, because it's just sort of like.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And that's kind of what we're doing with our venture firm, my partner Bryce Roberts, has really kicked off this thing called NDVC, which is really about how do you build real businesses? Yeah, you might need some money to get started, but mainly you want to get funded by customers, you know, because I've seen all these people in Silicon Valley, and they basically go from failed startup to failed startup, just like an actor goes from one movie to another.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Are too many people in Silicon Valley who are like that. You know, it's sort of funny because I feel like we call people in Silicon Valley entrepreneurs. And yes, there are Silicon Valley entrepreneurs. But there are also a lot of people who I think are a lot closer. If you kind of try to draw the right map, they're a lot closer to actors than they are to entrepreneurs. That is, they're going around looking for a project to attach themselves to, which is funded. It's like substitute venture capitalist for movie studio, right? And you could say, yeah, an actor is an entrepreneur. Yeah, I mean, they're basically, you know, they have their, you know, they're driving their own career, but they're basically waiting for somebody to give them money to do this thing. And if they don't get the money, so they're really kind of a special kind of hired employee.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Money at risk. A lot of it kind of going, I want to do something really hard that's going to really move the needle about making a better world. And he's done it again and again. Whether right or wrong about we need to become a multiplanetary species, I think he's right. Other people go, oh, we should be spending the money here on Earth. He's basically doing something. He's harnessing this machine of the economy, this wonderful machine of capital to do something. to do something. It's like he's become rich as a byproduct of what he's trying to accomplish, which is exactly what I mean by you're not doing a tour of gas stations. Meanwhile, there are people like those people on Wall Street leading up to 2000. They knew they weren't creating value. They weren't simply trying to extract it. They were doing a tour of gas stations. And I have to say, there.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And to capture enough of it, but not all of it. And, you know, I do think that if you see, you know, there's a lot of wonderful, I mean, one of the things that I do feel like is wonderful about Silicon Valley is there are a lot of people who say, yeah, that's enough. I want to go do something really valuable. We've tapped into this with Code for America in the United States Digital Service, people who are saying, okay, I'm going to go to government. Or we see in someone like Jeff Huber at Grail says, okay, I'm going to try to develop an early detection test for cancer. It's like, I don't need to go make another startup that's going to make a whole bunch of money. Maybe he will make a whole bunch of money, but that's not what he's doing. Or Elon Musk, what a great example. I mean, Elon put his own.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“There are people in Venezuela who are doing very well for themselves. But the vast majority of people are living very badly. And that's a failed state. And that's the end game of an economy in which there's this ferocious competition of some people to get as much as possible. And I think the goal for all of us should be to create as much value as possible.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“We have people who are billionaires who created very, very, very little value. And yet we have somehow upped our Our standard of what it means was that great scene in the social network in the movie, you know, it was like a million dollars isn't cool, a billion dollars. Now that's cool. It's just like that's vanity. And I just kind of feel that we Anyway, I mean, I guess I would say this sort of a social set of social issues where self-interest should tell you that if we don't build a more just and equitable society, this system is going to fall down. There are people in North Korea who are doing very well for themselves.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“I think that in general, happy and prosperous societies are more egalitarian. It's not flat. It was sort of interesting because a lot of people kind of go, well, if people aren't allowed to become as rich as inhumanly possible, then you're sort of somehow cutting off this sort of capitalist impulse. I go, that's not true. I mean, I just look in my own history. And I think about the people who drove the industry when I was young and what their expectations were about how much money they would make. And I think of Titans of the industry, people like Puwlett and Packard or, you know, Gordon Moore and Andy Grove, and they probably made less money than some punk kid who built and sold a startup that basically vanished as soon as it was sold.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“People just pursue their own aims and it magically produces this wonderful goodness of the economy. But those people are not pursuing money. Money is a measure. Of what they are pursuing. And so I guess that's the first piece that I would say. And then there's sort of obviously there's lots and lots of studies that above a certain level, more money doesn't make you happier. And the”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“We start, I'm asking Well, let me, I guess I would just sort of say a couple of things. One is anybody who thinks that money is the object. I'm sad for them because money is a tool We want happiness. We want happiness for ourselves. We want it for the people we love. And if we're great soul, we want it for everybody. And we should want it for everybody. The idea, you know, there is sort of a, I think, a legitimate debate about the right way to do that. And so when a lot of people, like we were talking with Russ Roberts, who's a dedicated libertarian free marketer, I don't know if you've seen his little film, It's a wonderful loaf about kind of Adam Smith and his book, How Adam Smith Can Change Your Life, these are all kind of an encomium to this idea that there's this magic when”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Think if we want a human centered future, we can choose that. And again, I kind of end, I think, on an optimistic note, kind of looking at the ways that people are choosing that. And they are reaching for that better future, working on hard problems, inventing new forms of creativity that other people are willing to pay for, and building that wonderful fiction that we have. Now I'm back to poetry. Wallace Stevens had this amazing idea that reality is actually a fiction that we create for each other.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“It's a map, and it's not entirely, it's got some great stuff in it. It's just not the whole picture. You know, again, it goes back to Korsipsky. The map is not the territory. So we have to constantly check our map and ask ourselves, are we optimizing for the right things? What rules should we be changing in order to get closer to the outcome we really want? And of course, we have to agree on that outcome.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“We have to rediscover what it means for people to be able to stand up to the machines that we built. There's rules about how much people work, how much time off they get. And you can see that there's different, like just look at German stakeholder capitalism and go, oh, here's a different system with different rules as different outcomes. You look at the interventionist evolution of the economy in countries like South Korea and you kind of go, yeah, this whole free market thing is just.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“We have to look at what are we telling our economy to optimize for. And realizing that we make choices in that, that the economy, despite all of the ideas of that it's a free market, it isn't at all. It's a design system. And it has all kinds of rules, just like Google has all kinds of rules for achieving relevance. We have all kinds of rules in our economy that bias it towards the outcomes that we're optimizing for, namely shareholder value. We have tax preferences around capital gains versus how we tax labor. We have rules about whether people can organize. Labor got a bigger share of the pie when labor organizing was supported as opposed to when it's not. And a lot of things went wrong with unions, and that has to be debugged too.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“All this had led to the Great Depression. We saw all this stuff. I mean, it wasn't just the returning soldiers, but it was they went into this period where people were out of work. And they saw what happened in the rise of Nazism in Germany. And they were really focused on putting people to work. And that was all of the policy interventions were around that. And then in the 70s and 80s, it really, we kind of shifted the fitness function to shareholder value and kind of if it was good for the stock market, it was good for America. And now we're kind of looking at it and going, oh, that didn't work. In some sense, kind of what I'm trying to lay out challenge in the book, a lot of people are saying this. Economists, you know, politicians, whatever. I'm just trying to make another line of argument reasoning from tech and what we learn from tech platforms.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“In some sense, so like right now Mark is trying to debug the fitness functions of Facebook's engagement paradigm so that he's talking about real communities. How do we support more real communities as opposed to these sort of fake manipulative communities that are contributing to polarization? But when you look at our financial markets, we have that same challenge. We have a master fitness function. And it's sort of interesting to realize that the master fitness function that we had after World War II and that golden period of the growing middle class was actually full employment. They were scared shitless because after World War I, all those, you know, they'd seen, first of all, in America, you had all the returning soldiers who were”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“People would like you a hundred percent more people wouldn't hate you. And the other one was this quote about debugging from a guy named Andrew Singer, who was a friend of mine who I haven't seen for many, many years. But he once said to me, he said, debugging is the art of finding out what you really told your computer to do instead of what you thought you told it to do.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“You went away, right? Whereas Facebook says if we give you the thing that we really want you to get, you come back, right? And you spend more time, right? So it's almost an inverse. But again, they still have this master fitness function. You could describe it as engagement. And I kind of talked through fake news and how you can see how a fitness function can lead you astray and how Mark right now is sort of saying, oh, wait, you know, the things we told our computer to do our system are not what we really meant. And actually, this is a couple of quotes that I can't believe they've sort of been life quotes for me. And I can't believe that I did not actually put them in the book. One of them was this great quote from Walt Mossberg, the famous tech journalist who once said to me years ago, he said, I told Steve Ballmer, he said, if you guys could just dial back the greed only 5%.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And it's this sort of constant battle against bad actors, against you're trying to deal with new information, but you're always trying to optimize towards that goal. So then I look at Facebook and kind of go, okay, so we see that they have a related but somewhat different fitness function. Google's fitness function is we serve you something up and then you go away, right? Because if you got the real...”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well, I mean, I guess the thing that I, this is sort of an extended metaphor at the core of the book. I'm trying to sort of explain what I learned from platforms. And so I kind of look at, for example, at Google and the way they manage search quality. And you kind of understand that even though they have this cornucopia of algorithms, including AI. It's all serving a master fitness function that they're trying to optimize towards, in this case, is relevance, whether it's the relevance of a search result or the relevance of an ad.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And I think that figuring out, are there other measures? Clay Christensen's also written about this. He's the author of the original book was the capitalist dilemma. I'm sorry, not the capitalist dilemma, the innovator's dilemma, but he has a paper he wrote, and I believe there may be a book now called The Capitalist Dilemma, which is really about this question of We started measuring the wrong things. And effectively, we started measuring a small subset of the things we ought to be measuring about the health of the economy.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“How we measure more holistically the ecosystem value that gets created. Because what we've done is we've created a set of measures that are focused exclusively on one set of market participants, which is really the market owners. If you think about what the stock market is about, it's about the people who own the systems, the companies. We've sort of forgotten that the financial markets are a map of our expectations of what's supposed to be happening in the real economy. And instead, we're just kind of manipulating the map and kind of go, well, I'm hoping nobody notices that the real economy is going to shit, you know, while we're telling ourselves this great story.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“The thing that the problem I have, and again, I mean, this was, we were at Google Zeitgeist and we had a conversation in the lobby. It wasn't like we had this profound deep, you know, but I was trying to say, look, don't be evil isn't measurable. Create more value than you capture is measurable. And it is, and again, I expand on this quite a bit on my book, this idea of when you have a system, whether it's a platform or an economic system that creates more value or an ecosystem, this kind of goes back to Frank Herbert and what I learned from him. When you have an ecosystem, it has to actually create value for all its participants. And you have to be able to measure that. And we need to actually start thinking about as the society”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“That's actually Brian Irwin again. His last gift of the company, we had a management retreat in 2000. And I think I told the story. I won't mention the name, but actually more than one internet, I said, yeah, more than one internet billionaire has told me that they got started with their whole business with what they learned from an O'Reilly book. And Brian laughed and said, Yeah, that should be our slogan we create more value than we capture.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And that really matters in the long run. And sure enough, I mean, Lyft is really gaining on Uber because Uber's extractive business model is sort of caught up with them.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“The story replay itself as Google and Facebook and Twitter and so on have competed with their developer ecosystem and made it less of a good place to be. That lesson seems to be lost. And then I, of course, by extension I've seen, oh, that's also how our financial markets, which were originally designed as a sort of enabling platform for the economy and for society, I've ended up trading against society, taking too much of the value for themselves. And so it's this sort of ecosystem view of platforms. It's kind of interesting seeing how I hate the books are slower than modern media because I was kind of saying I kind of call it a little bit on Lyft versus Uber because I say, look, they are creating more value for their ecosystem of drivers.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And the why it's up to us is the key part because there's this sense of technological determinism that I revolt against this idea that technology inevitably wants to eliminate jobs. I believe that technology wants to solve new problems. And we have to ask ourselves, what are the incentives that we've created in our system? So the book is really in some ways it's an economic polemic wrapped in a business book, wrapped in a memoir. And the memoir starts with kind of my experiences dealing with and thinking about the great platforms of the computer industry, starting with Microsoft. And what I saw was that Microsoft took too much of the value for themselves. People deserted their ecosystem and went elsewhere to the internet. And then I've watched.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Our economy is of this kind. It's for the benefit of investors. Warren Buffett put it really well in this quote from Rona Faruhar's wonderful bookmakers and takers, which is all about the sort of financialization of the economy. He says, you know, he told her, you know, sometimes people prefer to go to the casino than the restaurant. And we have built an economy that is largely a casino. And this is why I think both Donald Trump and Bernie Sanders played on this. And people know there's something wrong. And our government has basically been supportive of this paper economy. And they're wringing their hands, but this failed idea.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And then they go, but this, you know, but the stock price has lagged. We must fix the stock price. And the way that they should do these various things, they need to spin this out. And some of those things might be rational, but they should also borrow money and basically when you buy back shares, it tends to reduces the number of shares. So the earnings per share go up and think since stocks are often priced as a multiple of earnings per share. stock price goes up. So GE should borrow $20 billion to make the stock price go up. Who benefits from that? Who benefits from that? GE doesn't need that. GE's customers don't need that. Investors benefit. And it turns out that at this point 85% of all investment”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“That reward non productive investment? What do I mean by non-productive investment? It sort of summed up pretty beautifully in the tale of GE, where Jeff Emel was recently forced out. I mean, by all, I mean, GE, so to say, oh, no, no, he meant the retire. I don't buy it. It is basically an activist investor, bought a stake in the firm, started agitating for share buybacks, right? And among other things. So amazing, they wrote this white paper in 2015. And it describes in detail what a great company GE is. You know, they have bigger market share than their competitors in these categories. They're growing faster. They're getting more focused. And it's like this amazing story of how GE is succeeding in the real economy.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well, I mean, the thing that clearly that most rich people do that could become a big driver of the economy is experiences. You were talking about hiking in Uzbekistan with Kevin Kelly. It's like most people don't get to do things like that. But just the experience economy writ large, I think, is, you know, and that's everything from new kinds of food, new kinds of, you know, I think we're going to have a lot in augmented reality. You know, there's already a lot in social media. It's new kinds of experiences. New kinds of learning. I mean, learning is a huge. teaching people to enjoy learning and to always be always be learning new things. There's an economy in that. The things though that I think policy wise that we need to start thinking about is first of all we have a lot of economic policies”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“I mentioned coffee and beer, but just food in general. Two percent of our population now in the US works in agriculture. Yet we have more variety of food than we ever had in the day when we all worked in agriculture. That design pattern is what we need to be exploring to make our economy. We need to basically say, oh, let's figure out what kinds of things become valuable as other things become commoditized and let's start valuing them appropriately.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Said, no, we're going to stop using them for this thing, right? And that actually reduced the workforce, that we reduced working hours. And what did we do with that? We sent them to school. We actually paid as a society to send kids to school. And then later, we don't need all these teenagers on the farms anymore. Oh, let's send them to school. And then the high school movement started around 1909. 9% of Americans went to high school in 1909 by 1935. It was about 70%. It's like this amazing social revolution. So what is it that we could do today around like, okay, let's actually, it doesn't have to be that we start paying people. It could be that we do universal basic income, but we somehow need to revalue some of the things education, creativity, caring in our economy. And again, in that whole creativity economy, you have to understand that that economy writ large is wrapped up in that Halvariant statement. Because if you look at, you know,”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“And I kind of made an analogy from that to open source software, which sort of disappeared from our economic accounting for so long before people, Google and Amazon figured out how to build enormous businesses on top of it. But if you look at our economy today, it's like taking care of people, mostly uncompensated, a lot of creativity. poorly compensated, why is it? If these things that are so valuable don't get paid for, right? They're taken out of the economic paradigm. We need to fix that. And it's not necessarily saying, well, thou must pay for this, you know, because the people all supply and demand. There's all kinds of hacks that societies have used to value things differently, just a good example is child labor. We didn't start saying, well, we have to pay children.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“Is not being compensated for. I have this sort of metaphor. It originally came to me in the context of open source software, but it really entered my consciousness as a mental tool in the 70s when I read it in Stuart Brand's Coalition Quarterly. It was a concept called the clothesline paradox, which is these things that simply disappear from our economic accounting. So you think about in the line.”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT
“You know, like too much about jobs and not enough about work because if we if we focused on what work needs doing, then we start to ask, what's keeping us from doing that work? And we realize that there's something broken in our economic system that's diverting our energy and investment away from doing the work that needs doing towards financial games and people who are sort of extracting money from the economy without actually getting the work done that we need doing. So that's one piece. But the second thing is obviously, you know, all this work being done that”
2017-11-08 · The Tim Ferriss Show · #278: Tim O'Reilly - The Trend Spotter · IDENTIFIED FROM THE TRANSCRIPT