Notes From Richer Wiser Happier by William Green, On Nick Sleep and Qais Zakaria

 

Focus on Quality process. Quality is where the satisfaction is in life. Quality is soulful, ethical, intellectually honest, patient, rational, serene. Quality work is a spiritual exercise in an excellent PROCESS over the goal itself. Resist any low quality behavior that seems self-serving and deceitful. Money is secondary to doing the right thing, doing a quality job.  

Avoid perishable short term information. William James, “the art of being wise is knowing what to overlook.” Nick and Zac focus on information with a long shelf life. Short term information gives false signals about reality. The only way to avoid being agitated is to avoid the short term information source. Intentionally disconnect from noise.

Avoid buying information and do your own research.  Read annual reports and visit companies. 

Destination Analysis: 

Questions to dig up long shelf life information:

• What’s your intended destination for this business in the next 10-20 years?

• What must management be doing today to raise the probability of arriving at that destination?

• What would prevent this company from reaching such a favorable destination?

• What are the inputs required for this business to fulfill its potential?

• Is the company strengthening relationships with customers by giving superior value/price/service?

• Is the CEO allocating capital in a rational long term way?

• Does the company treat employees/suppliers/customers in any kind of shortsighted way?

For any goal, ask “What inputs are required now to boost my odds of reaching that destination?”

Avoid Viagra tactics. Short term high excitement strategies are viagra tactics. Avoid leverage, shorting, options, futures, macroeconomic bets, trading on news, exotic financial instruments. Instead play a long simple game.

Subcontract rational decision making. Look for businesses run by farsighted rational managers and let them invest so you don’t have to buy and sell shares.

Scale economies shared. One business model accounts for companies with the longest shelf light: growing by giving back. Formidably efficient firms keep costs low and pass most savings back to consumers who reciprocate by doing more business with them. 

It’s not about the cake. External goals are like cake. We think the cake will satisfy us but it won’t. What really satisfies us are internal personal goals within the goal - the process of solving the problem, learning along the way, and doing a quality job - that lead to the cake. 

The Joy of Nonremorse. Learning to take pleasure in resisting unhealthy, unskilful, stupid behavior. Imagine clearly the benefits of long term deferral. All the mistakes come from reaching for some short term fix or high. All success comes from impulse control, deferred gratification, and long term perspective by adhering to a quality process, and systematically resisting impulsive inner and outer forces. The capacity to suffer defines greatness as patient sacrifice of something today to gain something tomorrow.