[Summary] RICHER, WISER, HAPPIER, Q2 2023 W/ WILLIAM GREEN & STIG BRODERSEN

🔑 Key Takeaways

Curate a book list, take notes, and be relentless and voracious in finding books. Reading and encouraging reading can lead to personal growth and development. Artificial intelligence is changing the way we read and write.
Embrace reading from all sources and don't feel guilty about not finishing books linearly. Each book has the potential to enrich and change lives. Attack the world of words from all directions simultaneously without pressure or guilt.
Trust your intuition, focus on your strengths, and use your own reading style to make unique connections between different books. Don't be afraid to dive into new topics and gain insights, even if you don't finish every book.
Identify respected individuals for book recommendations and avoid popular books to discover unique insights for improving knowledge and perspective.
Subtitle: Broaden Your Reading Horizons for Unique Insights Look beyond popular books and connect themes across different fields to gain a deeper understanding and find valuable insights. Simplify complex ideas and invest wisely to succeed.
Doubling earnings per share can lead to doubled stock prices, and investing in best of breed companies like Microsoft, Google, Amazon, and Tesla can be beneficial. Reading books on various topics can provide valuable insights for personal and investing growth, and customized reading goals should be set to optimize the experience. Additionally, emotional attachment to physical books and the reading experience should also be taken into account.
Reading books that bring personal happiness and satisfaction is vital for broadening the mind and gaining a deeper understanding of oneself and others. It is a practical way to shape one's worldview and achieve personal and financial security.
Reading books outside the field of investing can provide investors with a unique perspective that helps them make better-informed decisions and reduce risks. Making connections between investing, business, and life can improve quality and compounding, and serendipitous moments while reading can have a profound impact.
Reading books on diet can provide directionally correct advice for a longer and healthier life, but the timing, title, design, and language of the book are equally important in bringing about a meaningful change.
Learning should not only be about achieving goals, but also finding pleasure and happiness in the process. Engaging with beautiful books can bring a sense of well-being and flow to our lives.
Writing with soul and emotion makes a great book. Quantity doesn't beat quality. AI technology needs improvement before it can match human creativity. Focus on creating meaning, not just filling space.
Though AI can track emotions and create engaging content, it can never replace the uniqueness and beauty of human literature. Businesses must connect with audiences on a deeper, emotional level to truly resonate with them.
Despite social media's profit-driven manipulation, we can choose a slower, more thoughtful life marked by true human connection and quality.
Applying a quality filter to decision-making simplifies the process and leads to better outcomes. Focusing on quality in various aspects of life can lead to enduring good for society and a more fulfilling life overall.
Staying true to principles and values should always be a top priority and taking good ideas seriously can help maintain a growth mindset and long-term success, regardless of financial gain or popularity.
Pursuing success is important, but not at the expense of mental and physical health. Balancing it with self-care activities like exercise and socializing can lead to a fulfilling and balanced life.
Prioritizing both personal and professional well-being is vital for long-term success. Don't sacrifice health and relationships for productivity and financial gains. Achieve a healthy balance to become more resilient and fulfilled.
To be truly successful and abundant in life, align your actions with your strengths and pursue a meaningful path, balancing ambition with enjoyment of life for profound fulfillment.
Take time to ask yourself what you are optimizing for in life to understand your actions and align them with your goals. Encourage reading for a happy, successful, and abundant life.
Encouraging children's creativity requires creating an ecosystem that values books, words, and stories. Parents can play a crucial role in this by emphasizing storytelling, filling their house with books, and valuing language.
Encourage reading by modeling good reading behavior and giving away books based on the recipient's interest without any expectations. Having books readily available can promote a love for reading in both children and adults.
Small acts of kindness, like giving and sharing books, can make a big difference in people's lives. It's not about expecting something in return, but rather spreading knowledge and ideas to help others. We can all make a positive change in the world through selflessness and generosity.
Providing employees with a curated list of 12 books for reimbursement is more effective than offering an unlimited selection, as too many choices can lead to decision-making paralysis. Simplifying decision-making by using trusted sources for recommendations further enhances the benefits of encouraging reading in the workplace.
Introduce few books at first to avoid overwhelming people. Give books as an act of kindness, but don't rely solely on reciprocity. Behave decently and generously for positive experiences. Surround yourself with people who share a love for books.
By living within our means, avoiding over-leveraging, and keeping money aside, we can hedge against uncertainties. Investing in companies with underlying value during times of dislocation helps build resilience in a fragile world.
Appreciate what you have and strive for personal growth, but don't lose sight of the beauty in the present moment. True happiness comes from being fully aware and appreciative of the gifts we have now.

📝 Podcast Summary

The benefits, AI, and finding books to read - a guide to enriching our lives with books.

Reading books can enrich our lives and make us happier and wiser. It is important to curate a book list and take notes while reading. Artificial intelligence is changing the way we read and write books. The master appears when the student is ready. To find books to read, we can be relentless and voracious, and find them everywhere. There is a low barrier to buying books, and they can become our partners in life. Ordering books online is commonplace and can be triggered by a memory or reference to a particular book. Reading and encouraging reading can be beneficial for personal growth and development.

William Green's Approach to Reading

William Green's attitude towards reading is to constantly embrace new books from all sources and not feel guilty about not finishing them in a linear way. He believes that each book could potentially change or enrich his life, and help others. He receives recommendations from various sources and prepares for podcast episodes by reading several books related to the guests. He has a book group that reads classic fiction and another thread of books. Unlike some of our listeners who read systematically, he attacks the world of words and books from every direction simultaneously like a vampire squid. He doesn't feel guilty or pressured to complete reading tasks, and his approach is inspiring.

Embrace serendipity and amplify your strengths while reading books

Be open to serendipity and follow your intuition while exploring different books. Focus on amplifying your strengths rather than dwelling on what you are bad at. Mastery is about doing one thing insanely well, so say no to everything but your mission. Everyone has a different way of processing information and learning, so be mindful of your own reading style and use it to make unique connections between different books. It's not necessary to finish every book you start, but you can still dip into them and gain insights. Being systematic and linear is beautiful, but being open-minded and making connections between seemingly unrelated things can also lead to valuable serendipitous experiences.

Using a Cloning Framework for Effective Book Selection

When selecting books to read, consider using a cloning framework by identifying people whom you respect and seeking their book recommendations. This not only helps to filter out irrelevant books but can also lead to discovering hidden gems. Additionally, avoid getting drawn in by social proof and popularity when making book selections. Although wisdom of the crowds can be a valid consideration, it's better to be open to discovering new and lesser-known books that can bring a fresh perspective and unique insights. Being systematic in book selection can help improve the quality and relevance of books read, which is essential for gaining knowledge and broadening perspectives.

Broaden Your Reading Horizons for Unique Insights Key Takeaway: Look beyond popular books and connect themes across different fields to gain a deeper understanding and find valuable insights. Simplify complex ideas and invest wisely to succeed.

Don't rely on popular or highly rated books alone. Explore obscure or lesser-known books to discover new and interesting ideas. Look for thematic interconnectedness between different fields and disciplines, and find master principles that can be applied universally. Simplify complex ideas and concepts to their essence to gain a deeper understanding of them. Value businesses or assets and buy them for much less than their worth to succeed in investing. Broadening your reading horizons and finding connections across various domains can lead to unique and valuable insights.

Investing Tips and Reading Strategies for Personal Growth

Stock prices of companies are likely to double if their earnings per share also double. Best of breed businesses like Microsoft, Google, Amazon, and Tesla are good investments. Reading books about different subjects can provide valuable insights into operating in the world and investing, even if they are not directly related. The goal of reading should be thought out and personalized, whether it be for becoming wise, a better investor, or simply finding happiness. Emotional attachment to physical books and the experience of reading should also be considered when choosing a format to consume literature.

The Practicality of Reading for Personal Satisfaction and Financial Security

Reading books that may not necessarily increase your intellect but make you happy and teach you how to live is important for financial security and personal satisfaction. It broadens your mind and helps you view things from multiple perspectives, which is key to gaining a deeper understanding of the truth. Sharing books with friends and constantly reading helps in the practical application of knowledge and broadening the mind. It is vital to indulge in books that bring personal happiness and satisfaction rather than just books on investing. While books may seem impractical, they are deeply practical in shaping one's worldview and helping to gain a better understanding of oneself and others.

The Importance of Thinking Differently in Investment Decision-making.

To make better investment decisions, it is important for investors to think differently and get idiosyncratic viewpoints, rather than just relying on the same sources of information as everyone else. By reading books outside the field of investing, such as novels and books on other complex subjects such as chaos theory, probability, and non-fiction, investors can learn to make connections between investing, business, and life. This understanding helps investors to make better-informed decisions and reduce risks, while also improving their quality and compounding. Lastly, having serendipitous moments or coincidences while reading a book can make a profound impact on one's life and thinking, even if the book may not be great overall.

The Power of Books on Diet and their Impact on Our lives

Books on diet like How Not to Die, Forever Young, Undo It and The Longevity Diet give directionally correct advice on how to live a longer life with a good health span and not get sick as much. Reading the right book at the right time can change your life. A good book title and design can make one appreciate the craft of books. The beauty of language and cleverness of packaging makes a good book exquisitely designed. Serenity is needed to let changes happen. All books on diet may say the same thing but the time they came into one's life matters the most to bring about change.

Finding Joy in Learning and Reading

While it's important to focus on practical benefits of learning, we should not forget the joy that comes with it. Discovering beautifully written books and stories can be an incredible joy and bring a greater sense of well-being to our lives. The journey towards knowledge should not be solely focused on achieving goals, but also on the pleasure of delving into some of the greatest works created. Books that put you in a state of flow, where you become completely absorbed in the task, are the ones that can give you the most joy. It is up to us to find the activities that can lead to this state of flow, whether that be through reading or even exercising.

The Importance of Emotion in Writing Beyond AI

The quality of writing that comes from AI is still questionable. It may be able to collect and analyze data but it doesn't possess a soul or an emotional connection that makes a great book. People can tell when the writer has poured blood, sweat and tears into their writing. In a world where content is easily produced in mass, one should focus on creating something of deep value instead of just filling space. As an author, one should strive for quality instead of quantity. While AI technology continues to progress, it still has a long way to go before it matches the soulful creativity of humans.

AI and the Importance of the Human Touch in Writing

While AI may be able to track our emotions and pump out content that keeps us engaged, it cannot replicate the soul and beauty that literature written by humans possesses. The personal experiences and emotions of a writer shape their work, making it uniquely inimitable. People connect with other people, not with brands or machines, and there is a fear of being replaced by AI. Despite the practical benefits of using AI to understand consumer behavior, businesses must recognize the importance of connecting with their audience on a deeper level. Only human writers can truly convey grieving, sorrow, and other emotions that make literature beautiful and unique.

Social media is designed to manipulate us by creating a profit incentive that is not always aligned with our best interests. However, even though we are easily manipulable, we still yearn for depth and quality in our lives. And as Yen Liao put it, quality has its own vibration, and there will always be room in the marketplace for it. Therefore, we have to decide what kind of life we want to lead, one that is shallow and full of dopamine hits, or one that is slower, more thoughtful, and deeper. Despite the potential downsides of AI, we can still hope for a future marked by true human connection, honesty, integrity, and quality.

The Power of Quality in Investing, Writing and Decision-Making

The concept of quality has its own frequency and can be sensed in various aspects of life, including investing, writing, and decision-making. Applying the filter of quality to decision-making can simplify the process and lead to better outcomes, as demonstrated by successful investors like Nick Sleep and Qais Zakaria. The idea of quality, as expounded by Robert Pirsig, can change the way you manage your money, write books, deal with partners, and interact with clients. Focusing on quality can lead to enduring good for society and a more fulfilling life overall. The concept of quality is not esoteric, but is of real interest to people managing billions of dollars and can be applied to various aspects of life, including podcasting.

Prioritizing Integrity, Quality, and Ethics over Financial Gain and Popularity

Maintaining integrity and quality should supersede financial gain and popularity, even if it means leaving money on the table. Staying true to one's principles and values should always be a top priority, especially in decision-making. Reading broadly can lead to valuable insights and ideas that can be applied to various aspects of life. It's important to take good ideas seriously and apply them in practical situations. Munger's principle of taking a good idea seriously can help in maintaining a growth mindset and focusing on long-term success over short-term gain. It's essential to prioritize ethics and values in every aspect of life, including career and business, and not compromise them for financial gain or popularity.

Balancing Pursuit of Success with Self-Care

When selecting books to read or determining what game to play, it's important to understand which journey you are on. The pursuit of success and overachievement may lead one to burn out if not balanced with self-care. Efficiency and productivity are important, but not at the expense of mental and physical health. The desire for accolades and to impress others can lead to a myopic approach to life. It's crucial to recognize the value of activities like exercise and socializing, which can have a positive impact on both mental and physical well-being. Ultimately, the pursuit of success should be balanced with the pursuit of a fulfilling and balanced life.

Balancing Work and Personal Life for Sustainable Success

Being highly competitive and focusing only on productivity may come at a cost of physical and mental health. Striking a healthy balance in work and personal life is crucial for sustainable success. Giving oneself permission to take time off and invest in family and relationships can actually make one more resilient. Being narrowly focused and intensely driven only about money may take a toll on returns in the long run. It is important to recognize the value of holistic well-being and not just financial success.

Finding Success and Abundance Through Alignment and Balance

To be truly successful and abundant in life, it is important to align your actions with your personality and strengths. While it may be tempting to compete and strive for extreme success, it can come at a tremendous personal cost to your health and well-being. It is crucial to ask yourself what really constitutes a successful life for you, and pursue that path, even if it means shifting away from extreme competition and focusing on building something meaningful over the long term. Balancing your ambition with enjoyment of life's final things is crucial. Ultimately, success and abundance come not only from achieving your goals, but also finding profound meaning and fulfillment in your endeavors.

Reflecting on Your Life Goals

Pause and reflect on what you are optimizing for in life. Asking yourself what you are optimizing for helps you understand why you are doing what you are doing. William Green spends a lot of time reading and preparing for book club meetings. He sometimes wonders why he's doing it, but then realizes that he's optimizing for a rich life of learning and conversation with thoughtful people. Encouraging reading is also important, and one way to do so is by providing unlimited books to children. Reading can be a time suck, but if you're optimizing for a happy, successful, and abundant life, it's worth it. These questions are important to consider when trying to live a fulfilling life.

Nurturing Creativity in Children through Reading and Storytelling.

Encouraging a love for reading and storytelling is vital to nurturing creativity in children. Providing an ecosystem which values books, words, and stories is essential to creating this environment. Parents can play an active role in this ecosystem by emphasizing storytelling, filling the house with books, and valuing language. William Green's own upbringing, surrounded by his father's deep passion for language, helped him create a similar environment for his children, both of whom have become highly creative writers. Therefore, creating a culture within the family that values language and stories can foster a lifelong love of reading and a foundation for creativity in children.

The Importance of Modeling Good Reading Behavior and Giving Away Books to Encourage Reading

Modeling good reading behavior is important in encouraging children to read. Giving away books is a great way to spark conversation and make small talk. Ordering a stack of books and having them ready to give away makes it easy to encourage others to read without any expectations. It's important to not be passive-aggressive when giving away books, but rather choose books that align with the recipient's interests. Overall, having books readily available and modeling reading behavior can help promote a love of reading in both children and adults.

Giving and sharing books without any agenda, just to help others and spark something in them, is a beautiful act that should be done in the right spirit. It is not about expecting something in return, but simply spreading knowledge and ideas. Such acts of kindness can make a huge impact in people's lives and it doesn't matter whether they read the book, smile, or just receive it. The true connection lies in the generosity and selflessness of the giver. It is a reminder that we can all help each other in some way and make a positive change in the world, one act of kindness at a time.

Encouraging Reading in the Workplace: Strategies for Success

Encouraging reading among employees can be a great way to improve team alignment and learning, but should not come from a place of forcing business books. At TIP, they instituted a principle of providing any book for employees with reimbursement. However, they found that a curated list of 12 books read by the team was more effective than offering an unlimited selection, as too many choices can lead to decision-making paralysis. This aligns with the idea that simplicity is a master principle in many aspects of life, including investing. Additionally, using trusted sources for recommendations, such as colleagues with good taste or research-driven individuals, can help narrow down choices and simplify decision-making.

Simplify Choices and Encourage Screening.

Simplifying choices is important to encourage screening. Starting with a few books and introducing more later is a good way to avoid overwhelming people. Giving books to others is an act of kindness that people appreciate, but some may not be comfortable with it. Behaving decently, generously, and selflessly has tremendous benefits, and good things will happen eventually. Reciprocity is a powerful rule, but it should not be the North star. Being a decent and generous soul attracts good people and good experiences. Surrounded by people who give books to each other is a beautiful thing. Chaos Kings by Scott Patterson is a thought-provoking book that focuses on betting on disruption.

Building Anti-Fragile Lives and Portfolios Through Value Investing

In a world that is becoming more fragile and vulnerable to extreme events, due to technological interconnectedness, it is important to build anti-fragile lives and portfolios. Value investing, with an emphasis on margin of safety, is a good response to this increasing fragility. It is important to keep money on the side, live within your means, and not be over-leveraged. In times of dislocation, it is helpful to buy stocks that are hated but have underlying value, like Berkshire Hathaway during the early days of the COVID-19 pandemic. Scott's book, Chaos Kings, explores this theme of building resilience in a fragile world. Another book, The Snow Leopard, is a beautiful journey that teaches the importance of being present and mindful in ordinary life.

The Importance of Being Present in the Moment

The key takeaway from this conversation is to be present in the moment, appreciating what we have while also trying to become better. We often fall under the spell of thinking that accumulating accolades and better returns is the key to happiness and success. However, the real happiness lies in appreciating the gifts that we have now. It is important to be continuous learning machines and improve ourselves, but we also need to constantly bring ourselves back to the present moment and be fully awake and aware of what's going on around us. Being present in the moment is a beautiful and simple lesson that we must all learn and practice.

RICHER, WISER, HAPPIER, Q2 2023 W/ WILLIAM GREEN & STIG BRODERSEN | We Study Billionaires #560