(Volume 2, Issue 1)
Quote of the week
“No great thing is created suddenly.”
-- Epictetus
Three recent articles
1. On December 14, 2020, 97-year old Charlie Munger gave a talk at Cal Tech upon receiving the university's Distinguished Alumnus Award. The talk and discussion is available online. In honor of his 97th birthday several writers honored Mr. Munger with compilations of previous writing. This one from Jason Zweig of WSJ is a treasure of insights.
2. Pain + Reflection = Progress -- one of Ray Dalio's Principles. We can learn a lot from Pain. Mr. Dalio candidly and generously shared an essay on his experience reflecting on the pain of losing his 41 year old son Devon in a tragic December accident. His experience is a helpful guide on how to process pain.
3. Some interesting year-end commentary. Tom Whitewell's 52 things learned in 2020, Ensemble Capital's 2020 Review interview (must watch Marriott CEO Arne Sorenson's all employee video), Ben Thompson's Stratechery Year in Review, McKinsey & Co. Top Picks of the Year.
Topic of the week: Short-term results vs long-term purpose
Gary Vaynerchuk, a prolific entrepreneur who mastered social media for his family wine store and leads a group of media agencies doing the same for clients, summarized the secret to New Year's resolutions in a recent text message to his followers:
You're (sic) 2021 plans will come true if you bring this same energy on March 26th & September 10th as you do on January 2nd! Don't let the calendar dictate your motivation, hope and conviction.
New Year's resolutions have a negative connotation for being flashes in the pan that last no more than 2 to 3 weeks (like gym attendance). The flash in the pan phenomenon occurs because conviction behind the resolutions is focused on short-term results instead of long-term purpose. A long-term purpose is a guiding principal or belief that withstands daily vicissitudes, pain and temporary roadblocks. Linking an annual resolution to a long-term purpose and routinely reminding oneself about that purpose is an essential ingredient to achieving plans.
With clarity of purpose, then reaching the annual goal hinges on daily smart and hard work.