Showing posts with label Josh Waitzkin. Show all posts
Showing posts with label Josh Waitzkin. Show all posts

Thursday, February 27, 2020

Links

Lucky Problems (LINK)

Controlling the Pendulum of Emotions - by Ian Cassel (LINK)

Charles Schwab on The David Rubenstein Show (video) (LINK)

Roblox Valued at $4 Billion as Investors Bet on Future of Gaming ($) (LINK)
Andreessen Horowitz leads investor group in latest $150 million funding round for popular videogame hub
Up to 91% More Expensive: How Delivery Apps Eat Up Your Budget (LINK)

Infinite Loops Podcast: Jim Chanos – Financial Frauds and Manias: Past, Present, Future (LINK)

The Tim Ferriss Show (podcast): #412: Josh Waitzkin on Beginner’s Mind, Self-Actualization, and Advice from Your Future Self (LINK)

Alfred North Whitehead’s Awe-Inspiring Focus (LINK)

Roger Lowenstein reviews the book Dark Towers [H/T @pcordway] (LINK)

The introduction to Peter Zeihan's latest book, Disunited Nations (LINK)

Matt Ridley: Officially Introducing My Latest Book, "How Innovation Works" (LINK)

Friday, June 28, 2019

Links

"The nature of the private equity activity is such that it really isn’t a bubble that bursts. Because if you’re running a large private equity fund and you lock up $20 billion for five or longer years and you buy businesses which are not priced daily, as a practical matter — even if you do a poor job, it’s going to take many years before the score is put up on the score board, and it takes many years, in most cases, for people to get out of the private equity fund even if they wished to earlier.... The investors can’t leave and the scorecard is lacking for a long time. What will slow down the activity — or what could slow down the activity — is if yields on junk bonds became much higher than yields on high-grade bonds. Right now the spread between yields on junk bonds and high-grade bonds is down to a very low level, and history has shown that periodically that spread widens quite dramatically. That will slow down the deals, but it won’t cause the investors to get their money back." --Warren Buffett (2007)

Jony Ive Leaves Apple, Ive’s Legacy, The Post-Ive Apple - by Ben Thompson (LINK)

Nudgestock 2019: Gerd Gigerenzer - Less is more: Decision making under uncertainty (video) [H/T @mikedariano] (LINK)
Related book: Risk Savvy: How to Make Good Decisions
Oaktree Insights: Are There Still Winners in a Maturing Real Estate Cycle? (LINK)

Have Power, Respect Power, and Use Power Wisely - by Ray Dalio (LINK)

The Massive ‘Pig Ebola’ Epidemic Will Give Trump Big Leverage In His Trade Standoff With China - by J. Kyle Bass and Daniel Babich (LINK)

The Attention Diet - by Mark Manson (LINK)

The side of Paul Allen I wish more people knew about - by Bill Gates (LINK)

The Tim Ferriss Show (podcast): #375: Josh Waitzkin — How to Cram 2 Months of Learning into 1 Day (LINK)

Revisionist History Podcast: The Tortoise and the Hare (LINK)

Value Investing with Legends Podcast: Investing with Curiosity [with Christopher Davis] (LINK)

Five Good Questions Podcast: Gautam Baid - The Joys of Compounding (LINK)

EdgeCast (podcast): Barbara Tversky - The Geometry of Thought (LINK)
Related book: Mind in Motion: How Action Shapes Thought
Nature Podcast: Nature PastCast, June 1876 (LINK)
According to the fables of early explorers, the gorilla was a terrible, man-eating monster. It was also thought to be man’s closest relative in the animal kingdom. Naturally, scientists and the public alike wanted to see these fierce beasts for themselves. But in the mid-nineteenth century, as the evolution debate heated up, getting a live gorilla to Europe from Africa was extremely difficult. In 1876, the pages of Nature report the arrival in England of a young specimen.
North Atlantic Right Whales Are Dying in Horrific Ways - by Ed Yong (LINK)

Notes on the book Endurance: Shackleton’s Incredible Voyage by Alfred Lansing (LINK) [This book is also fantastic as an audiobook.]

 "Man has known for a long time that getting too enchanted with the trappings of power is counterproductive. The Roman emperor that’s most remembered as presiding over a period of great felicity was Marcus Aurelius, who was totally against the trappings of power even though he had them all — he had all the power. So I think all these things can be abused, and I think the best way to tackle a subject is to provide examples of contrary behavior." --Charlie Munger (2007)

Thursday, March 22, 2018

Josh Waitzkin on finding your own way...

"[There's] this theme of finding your own way. One of the most common mistakes that I see people make—whether you're talking about kids or adults—in the learning curve is trying to do it like someone else does it; whether it's your dad, or your hero, or Michael Jordan, or Tiger Woods, or whatever the sport is. There are people who are at the top, and you can try to do it like somebody else, but that's very different from trying to figure out the relationship to the art which is completely your own." -Josh Waitzkin (Source)

Sunday, November 5, 2017

Links

As earnings engineering escalates, are we at risk of a corporate credibility crisis? (LINK)
In his 1Q16 shareholder letter, Warren Buffett issued a stern warning about the proliferation of non-Generally Accepted Accounting Principles (GAAP) metrics in corporate earnings reports: “It has become common for managers to tell their owners to ignore certain expense items that are all too real.” According to FactSet, more than 90% of S&P 500 companies now use non-GAAP numbers, up from 58% 20 years ago. Meanwhile, the difference between GAAP earnings per share (EPS) and non-GAAP EPS has skyrocketed — non-GAAP EPS exceeded GAAP EPS by an average of 25% in 2015, compared with just 6% in 2013. 
Used judiciously, non-GAAP numbers — from EBIT and EBITDA to free cash flow and operating income — can provide valuable insight into a company’s present health and future prospects. However, as the practice snowballs, systemic risks become increasingly apparent. More and more, non-GAAP numbers are being cherry-picked to obscure weaknesses and exaggerate strengths. This not only compromises the ability of investors to diagnose winners and losers, but threatens to distort the U.S. equity market as a whole.
Two Sides of the Same Coin - by Frank Martin (LINK)

Our Low Risk (Low Volatility) World - by Rick Bookstaber (LINK)

FT Alphachat podcast: A sit down with Adair Turner (LINK)

From earlier this year... Josh Waitzkin on The Progression Project podcast (LINK)
Related previous post: Josh Waitzkin with Adam Robinson (video)
Exponent Podcast: Episode 130 — The 50,000 Foot View (LINK)

a16z Podcast: Putting AI in Medicine, in Practice (LINK)

The Economist asks: Richard Dawkins (podcast) (LINK)

Today's Audible Daily Deal ($2.95): Astrophysics for People in a Hurry - by Neil deGrasse Tyson

Book of the day (author mentioned by Susan Cain in her excellent chat with Shane Parrish): Me, Myself, and Us: The Science of Personality and the Art of Well-Being - by Brian Little

Thursday, May 4, 2017

Deep Work sessions, and tips

From Deep Work: Rules for Focused Success in a Distracted World:
There's no one correct deep work ritual—the right fit depends on both the person and the type of project pursued. But there are some general questions that any effective ritual must address:
  • Where you’ll work and for how long. Your ritual needs to specify a location for your deep work efforts. This location can be as simple as your normal office with the door shut and desk cleaned off (a colleague of mine likes to put a hotel-style “do not disturb” sign on his office door when he's tackling something difficult). If it’s possible to identify a location used only for depth—for instance, a conference room or quiet library—the positive effect can be even greater. (If you work in an open office plan, this need to find a deep work retreat becomes particularly important.) Regardless of where you work, be sure to also give yourself a specific time frame to keep the session a discrete challenge and not an open-ended slog.
  • How you’ll work once you start to work. Your ritual needs rules and processes to keep your efforts structured. For example, you might institute a ban on any Internet use, or maintain a metric such as words produced per twenty-minute interval to keep your concentration honed. Without this structure, you'll have to mentally litigate again and again what you should and should not be doing during these sessions and keep trying to assess whether you're working sufficiently hard. These are unnecessary drains on your willpower reserves. 
  • How you’ll support your work. Your ritual needs to ensure your brain gets the support it needs to keep operating at a high level of depth. For example, the ritual might specify that you start with a cup of good coffee, or make sure you have access to enough food of the right type to maintain energy, or integrate light exercise such as walking to help keep the mind clear. (As Nietzsche said: “It is only ideas gained from walking that have any worth.”) This support might also include environmental factors, such as organizing the raw materials of your work to minimize energy-dissipating friction (as we saw with Caro's example). To maximize your success, you need to support your efforts to go deep. At the same time, this support needs to be systematized so that you don't waste mental energy figuring out what you need in the moment.

***

I'm always experimenting with my process, and after reading the passage above, I put in place a simple and specific routine to help get my day started out right (days when I'm at home, not traveling). I wake up early, grab a cup of coffee, put my phone on 'Do Not Disturb', and then spend the next 60-90 minutes of the day reading one specific thing without any distractions. This is usually a book that I've put out the day before to get ready for the morning, and it is something that I feel I need or want to learn that stretches my understanding, usually because it is something new to me.

I used to start the day with my practice of Memortation, but I've since moved this to a little later in the day. Josh Waitzkin also recommends ending one's workday (not the day, but the workday) on something of quality that you'll also start the following day on, so I'm also trying to read some of that morning book (or whatever else it is) at the end of the workday as well, so that my subconscious brain can think about it until my conscious brain returns to it in the morning.

Charlie Munger has also mentioned the importance of giving himself an hour per day to read when he was younger, before getting into his day job as a lawyer. And in The Snowball, Warren Buffett described something similar in regards to Munger:
Charlie, as a very young lawyer, was probably getting $20 an hour. He thought to himself, ‘Who’s my most valuable client?’ And he decided it was himself. So he decided to sell himself an hour each day. He did it early in the morning, working on these construction projects and real estate deals. Everybody should do this, be the client, and then work for other people, too, and sell yourself an hour a day.
And it's also important to give oneself time to think about the things one learns, and not be so busy that one doesn't have time to turn knowledge into creative and useful ideas. Bill Gates and Warren Buffett discussed the importance of having time to think earlier this year, and I think the quote below from The Undoing Project also provides good advice about the importance of having time to think:
"The secret to doing good research is always to be a little underemployed. You waste years by not being able to waste hours." -Amos Tversky

Wednesday, December 21, 2016

Things that don't make sense...

There are a bunch of great quotes and ideas in the latest Tim Ferriss podcast ("Becoming the Best Version of You"). Below are a couple that I wanted to make sure to save for future reference from Adam Robinson (slightly edited for clarity and emphasis):

First, on things that don't make sense:
One of the key things to investing, and I think this is a life truism, is to be aware when you hear a voice in your head that says, and you usually squint your eyes or you'll hear someone say the following words: that doesn't make sense. And that's always a sign of something really powerful.  
...I was talking to Sam Zell, a great real estate investor, and all he does, he reads the newspaper and all he's looking for are things that don't make sense. So I said, "Give me an example, Sam." And he says, "Okay. I'm reading the newspaper and I see that there's a Starbucks that's just opened up (this is like 15-20 years ago) in Mongolia." And he thinks to himself, "Mongolia? I thought they drink tea. What's with that?" He's so curious about this because it makes no sense that he takes his private jet, flies to Mongolia, and he discovers that they've started mining. This was the beginning of the big China infrastructure build. And the only reason he knew about it was that "it didn't make any sense."  
So I'm telling you that's the key thing. People stumble on these ideas and they dismiss them. They go, "Eh, that doesn't make any sense." But I'm telling you that's where the gold mine is; things that don't make sense. That's all I pay attention to now.
And on one's career and character:
One of my favorite quotes was by one of my heroes, Juan Belmonte.... He said, "No life worthy of the name consists of anything more than the continual series of struggles to develop one's character through the medium of whatever one has chosen as a career." Which is fascinating because now your career becomes re-framed as merely something with which you're going to develop your character. 

Tuesday, December 20, 2016

Links

For audiobook listeners, it looks like Robert Cialdini's book Influence: The Psychology of Persuasion was made available in audio format a couple of months ago.

Reflections on the Trump Presidency, One Month after the Election - by Ray Dalio (LINK)

Patagonia’s Philosopher-King [H/T @Kevin_Holloway] (LINK) [From a few months ago, but after listening to Chouinard on the How I Built This podcast, I'm looking forward to reading this.]
Related book: Let My People Go Surfing
Uber's Loss Exceeds $800 Million in Third Quarter on $1.7 Billion in Net Revenue (LINK)

Tim Ferriss podcast: Becoming the Best Version of You (LINK)
This is a special episode of The Tim Ferriss Show. The audio is from a live conversation with not one, not two, but three guests: Josh Waitzkin, Ramit Sethi, and Adam Robinson.
Book of the day: Probability: For the Enthusiastic Beginner

Quote of the day: "In my view many men would have attained to wisdom, had they not supposed they had already done so." -Seneca (via Dialogues and Essays)

Tuesday, November 29, 2016

Links

Welling on Wall St. interview with Mark and Jonathan Boyar [H/T @chriswmayer] (LINK)

Two Important Investment Principles - By John Huber (LINK)
Related previous post: Glenn Greenberg on zeroing in and not getting caught up in the minutiae
Big Names Take Hit on Theranos (LINK)
High-profile private investors gave startup much of its funding but could see their stakes wiped out
Bill Walton, Old Einhorn Enemy, Makes a Comeback With Trump Role [H/T @jasonzweigwsj] (LINK)
Related book: Fooling Some of the People All of the Time
Sebastian Mallaby on Charlie Rose discussing his latest book, The Man Who Knew: The Life and Times of Alan Greenspan (video) (LINK)

The Man Behind Shake Shack Explains Why You Love It So Much (podcast) [H/T @iddings_sean] (LINK)

How Otto Defied Nevada and Scored a $680 Million Payout from Uber (LINK)

Tools of Titans: Josh Waitzkin Distilled - by Tim Ferriss (podcast) (LINK)
Related book: Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers  
Related previous post (with other links): Josh Waitzkin on The Tim Ferriss Show
Video: How We Get Hooked, & How to Unlearn Our Patterns - By Leo Babauta (webinar) (LINK)

Seneca was a man, not a Sage - by Massimo Pigliucci (LINK)
Related free Kindle book (published in 1920): The Stoic: A biography of Seneca

Wednesday, March 2, 2016

The ebb and flow of stress and recovery...

Some related excerpts from books that discuss performance maximization that may be worth implementing into different aspects of one's life.

First, from The Power of Full Engagement:
The concept of maximizing performance by alternating periods of activity with periods of rest was first advanced by Flavius Philostratus (A.D. 170-245), who wrote training manuals for Greek athletes. Russian sports scientists resurrected the concept in the 1960s and began applying it with stunning success to their Olympic athletes. Today, "work-rest" ratios lie at the heart of periodization, a training method used by elite athletes throughout the world. 
The science of periodization has become more precise and more sophisticated over the years, but the basic concept hasn't changed since it was first advanced nearly two thousand years ago. Following a period of activity, the body must replenish fundamental biochemical sources of energy. This is called "compensation" and when it occurs, energy expended is recovered. Increase the intensity of the training or the performance demand, and it is necessary to commensurately increase the amount of energy renewal. Fail to do so and the athlete will experience a measurable deterioration in performance. 
Energy is simply the capacity to do work. Our most fundamental need as human beings is to spend and recover energy. 
We need energy to perform, and recovery is more than the absence of work. It serves not just health and happiness, but also performance. Nearly every elite athlete we have worked with over the years has come to us with performance problems that could be traced to an imbalance between the expenditure and the recovery of energy. They were either overtraining or undertraining in one or more dimensions—physically, emotionally, mentally or spiritually. Both overtraining and undertraining have performance consequences that include persistent injuries and sickness, anxiety, negativity and anger, difficulty concentrating, and loss of passion. We achieved our breakthroughs with athletes by helping them to more skillfully manage energy—pushing themselves to systematically increase capacity in whatever dimension it was insufficient, but also to build in regular recovery as part of their training regimens. 
Balancing stress and recovery is critical not just in competitive sports, but also in managing energy in all facets of our lives. When we expend energy, we draw down our reservoir. When we recover energy, we fill it back up. Too much energy expenditure without sufficient recovery eventually leads to burnout and breakdown. (Overuse it and lose it.) Too much recovery without sufficient stress leads to atrophy and weakness. (Use it or lose it.) Just think about an arm placed in a cast for an extended period of time in order to protect it from the "stress" to which it is ordinarily subjected. In a very short time, the muscles of the arm begin to atrophy from disuse. The benefits of a sustained fitness program decrease significantly after just one week of inactivity—and disappear altogether in as few as four weeks. 
The same process occurs emotionally, mentally and spiritually. Emotional depth and resilience depend on active engagement with others and with our own feelings. Mental acuity diminishes in the absence of ongoing intellectual challenge. Spiritual energy capacity depends on regularly revisiting our deepest values and holding ourselves accountable in our behavior. Full engagement requires cultivating a dynamic balance between the expenditure of energy (stress) and the renewal of energy (recovery) in all dimensions.
And then from The Art of Learning:
In your performance training, the first step to mastering the zone is to practice the ebb and flow of stress and recovery. This should involve interval training as I have described above, at whatever level of difficulty is appropriate for the age and physical conditioning of the individual. This training could, of course, take many forms: I have already mentioned biking and resistance work, but let’s say you enjoy swimming laps in a pool. Instead of just swimming until you are exhausted and then quitting, push yourself to your healthy limit, then recover for a minute or two, and then push yourself again. Create a rhythm of intervals like the one I described with my biking. With practice, increase the intensity and duration of your sprint time, and gradually condense rest periods—you are on your way! This same pattern can be used with jogging, weight lifting, martial arts training, or playing any sport that involves cardiovascular work. 
If you are interested in really improving as a performer, I would suggest incorporating the rhythm of stress and recovery into all aspects of your life. Truth be told, this is what my entire approach to learning is based on—breaking down the artificial barriers between our diverse life experiences so all moments become enriched by a sense of interconnectedness. So, if you are reading a book and lose focus, put the book down, take some deep breaths, and pick it up again with a fresh eye. If you are at work and find yourself running out of mental stamina, take a break, wash your face, and come back renewed. It would be an excellent idea to spend a few minutes a day doing some simple meditation practice in which your mind gathers and releases with the ebb and flow of your breath. This will help connect your physical interval training to the mental arenas. If you enjoy the experience, gradually build up your mental stamina and spend more time at it. When practiced properly, Tai Chi Chuan, Yoga, or many forms of sitting meditation can be excellent vehicles for this work. 
As we get better and better at releasing tension and coming back with a full tank of gas in our everyday activities, both physical and mental, we will gain confidence in our abilities to move back and forth between concentration, adrenaline flow, physical exertion (any kind of stress), and relaxation. I can’t tell you how liberating it is to know that relaxation is just a blink away from full awareness. Besides adding to your psychological and physical resilience, this opens up some wonderful and surprising new possibilities. For one thing, now that your conscious mind is free to take little breaks, you’ll be delighted by the surges of creativity that will emerge out of your unconscious. You’ll become more attuned to your intuition and will slowly become more and more true to yourself stylistically. The unconscious mind is a powerful tool, and learning how to relax under pressure is a key first step to tapping into its potential.  
Interval work is a critical building block to becoming a consistent long-term performer. If you spend a few months practicing stress and recovery in your everyday life, you’ll lay the physiological foundation for becoming a resilient, dependable pressure player. The next step is to create your trigger for the zone.
And for a small example of how to incorporate this on the physical fitness side of things, here is Art De Vany via his book, The New Evolution Diet:
We are made more for walking and sprinting than for jogging. The fact is, few hunters ever literally ran down prey over the marathon distance of 26.2 miles. American Indians could bring down a horse in a matter of a few days, but that was done primarily by spooking the animal and then trailing it at a distance. Our ancestors sometimes needed to sprint at the decisive moment, when closing in for the kill, although human ingenuity commonly worked better, as when hunters would drive their prey into traps or dead ends from which they could not escape. They definitely needed to sprint when they themselves were the prey. Beyond that, however, hunters lived by the sensible maxim that led our ancestors to exert no more effort than was absolutely necessary. 
As in all exercise, intermittency and variety are the goals in aerobic workouts. You want to stop and start, go in an instant from walking to running at top speed for 40 or 50 yards, then amble along until the urge to sprint overtakes you again. When you do this, you exercise all the different types of muscle fiber, whereas joggers work mainly the slow-and intermediate-twitch kinds. Jogging also wastes time because you need to do it for long periods to see any benefit. Mixing up sprints with walks is safer for your heart, too. And there's less stress on your knees, ankles, hips, feet, and back. 
You get a good cardio workout just by lifting weights, as I suggest, without a break between sets or stations. When you do it vigorously and with a sense of purpose, your heart will be pumping and your lungs will be working. If you still feel the need for more aerobic exercise, find a game or sport to play. Tennis, racquetball, and basketball are intense, stop-and-start activities, meaning they burn all three kinds of muscle fiber. And they have the added advantage of being fun.
... 
The first thing I do at the gym is head for a stationary bike. You need to warm up your heart, as well as your core temperature, before the real work begins. When you increase your core temperature, the pituitary gland responds by releasing growth hormone. That event is vital to a successful workout: The hormone mobilizes fat to burn for the rest of your session, and even beyond.  
Unlike most people at the gym, however, I don't stay on the bike for long—just 6 minutes total, which is enough time to break a sweat and get a good burn going, if you ride as I do. First, I pedal with low resistance at a fast sprint. After 1 minute of that, I turn the resistance up to the maximum possible and ride just as hard as I can for the next 60 seconds. I repeat that pattern twice more—a minute of sprinting at low resistance, followed by one that feels as though I am riding through peanut butter. During that sixth minute, I do my best to max out the meter that measures watts of energy expended. Then I'm done.  
Professor Leila Barraj's research actually shows that doing just 7 minutes a week on a stationary bike, riding intensely as I do, can make significant improvements in your ability to metabolize glucose. Other studies show that intermittent, intense sprinting can double endurance capacity in 2 weeks. It's the intensity that counts, not the duration. Other research shows that intensity is the key to having a body that is lean. 
...
There is a power law of exercise, too: Your least frequent, most extreme exertions will have the greatest influence on your fitness. The peak moments of a workout count far more than the amount of time you spend working out. This is why a series of 40-yard sprints at full speed benefits you more than half an hour of jogging. It's also the reason why lifting a weight heavy enough to make your heart pound and your muscles burn counts more than spending hours at the gym always in your comfort zone, never truly challenging your body. When a work-out becomes an unvarying, monotonous routine, it loses its effectiveness.


Friday, February 19, 2016

The danger of multitasking

I've heard Charlie Munger mention the danger of multitasking a few times over the last couple of years, including this comment from last week's Daily Journal Annual Meeting:
And that brings me to the subject of multitasking. All you people have gotten very good at multitasking. And that would be fine if you were the chief nurse in a hospital. But as an investor, I think you’re on the wrong road. Multitasking will not be the highest quality thought man is capable of doing. 
Juggling two or three balls at once, where people come at you on their schedule, not yours, is not an ideal thinking environment. Luckily a lot of you are so obscure that you have plenty of time to think. 
And I was in that position for a long time and it helped me, and I hope it works well for you. If it doesn’t, I think you’re going to have to be satisfied with life in the shallows. 
Josh Waitzkin also commented on this a number of years ago in a two-part article posted on the blog of Tim Ferriss: 

The Multitasking Virus and the End of Learning? Part 1

The Multitasking Virus and the End of Learning? Part 2

...................

Related book: The Art of Learning

Friday, December 4, 2015

Make obstacles spur you to creative new angles in the learning process...

Another excerpt from The Art of Learning:
One thing I have learned as a competitor is that there are clear distinctions between what it takes to be decent, what it takes to be good, what it takes to be great, and what it takes to be among the best. If your goal is to be mediocre, then you have a considerable margin for error. You can get depressed when fired and mope around waiting for someone to call with a new job offer. If you hurt your toe, you can take six weeks watching television and eating potato chips. In line with that mind-set, most people think of injuries as setbacks, something they have to recover from or deal with. From the outside, for fans or spectators, an injured athlete is in purgatory, hovering in an impotent state between competing and sitting on the bench. In my martial arts life, every time I tweak my body, well-intended people like my mother suggest I take a few weeks off training. What they don’t realize is that if I were to stop training whenever something hurt, I would spend my whole year on the couch. Almost without exception, I am back on the mats the next day, figuring out how to use my new situation to heighten elements of my game. If I want to be the best, I have to take risks others would avoid, always optimizing the learning potential of the moment and turning adversity to my advantage. That said, there are times when the body needs to heal, but those are ripe opportunities to deepen the mental, technical, internal side of my game.  
When aiming for the top, your path requires an engaged, searching mind. You have to make obstacles spur you to creative new angles in the learning process. Let setbacks deepen your resolve. You should always come off an injury or a loss better than when you went down. Another angle on this issue is the unfortunate correlation for some between consistency and monotony. It is all too easy to get caught up in the routines of our lives and to lose creativity in the learning process. Even people who are completely devoted to cultivating a certain discipline often fall into a mental rut, a disengaged lifestyle that implies excellence can be obtained by going through the motions. We lose presence. Then an injury or some other kind of setback throws a wrench into the gears. We are forced to get imaginative. 
Ultimately we should learn how to use the lessons from this type of experience without needing to get injured: a basketball player should play lefty for a few months, to even out his game. A soccer player who favors his right leg should not take a right-footed shot for an extended period of time. If dirty opponents inspire a great competitor to raise his game, he should learn to raise his game without relying on the ugly ruses of his opponents (see Making Sandals, in Part III). Once we learn how to use adversity to our advantage, we can manufacture the helpful growth opportunity without actual danger or injury. I call this tool the internal solution—we can notice external events that trigger helpful growth or performance opportunities, and then internalize the effects of those events without their actually happening. In this way, adversity becomes a tremendous source of creative inspiration.

Saturday, November 21, 2015

What kind of learner are you?

When you see a couple of references to the same idea within a 24-hour period, it makes you take notice. As is evident from some of the excerpts I've posted recently, I just finished going back through Josh Waitzkin's book, The Art of Learning. In the book, he talks about different types of learning styles, and compares and contrasts his own way with some other people that were a part of his life at various times. I had made a note to explore this further, and I got a little clarity on some of it while re-listening to his 2008 talk at Google today. The whole discussion is good, but the key minutes about this idea occur in the 31:17-35:36 range. Toward the beginning of those minutes in the video, Josh says:
"The biggest flaw in the educational system is that people are trying to fit all students into the same cookie-cutter mold.... I think people have to become much more observant about their own character; about the way they learn. Are you a kinesthetic learner, a visual learner, an auditory learner? Are you a naturally more aggressive person, or are you a more cautious person?"
That comment made my ears perk up because I had just finished reading an article about the football coach at my alma mater (which also has a couple of good quotes from Warren Buffett). This paragraph from that article is the one that sounds a lot like the above:
While Moglia may not pick apart the offense's play-calling strategy, he remains passionate about teaching. All of his players are required to take a VAK learning test, so the coaches know if they're visual, audio or kinesthetic learners. Coaches should be aware if they should teach a specific player by acting out technique, drawing on a whiteboard or providing verbal instruction. Moglia doesn't want his assistants to tell him they explained something to a player who didn't get the message. It's incumbent on coaches to communicate their points more effectively. "That's our fault if a player doesn't understand something," Moglia says. "So, if he doesn't understand it, why doesn't he understand it? Coaches need to be great teachers."
It looks like there's a good overview HERE, and a short book on it HERE. But if anyone has more familiarity on applying this or some good resources, I'd love to know more. 

Friday, November 20, 2015

The natural voice...

As I go back through Josh Waitzkin's book The Art of Learning, which I had originally read several years ago, I'm paying special attention to things that might be applicable to business and investing; ideas that may lead one to achieve peak performance, and things that may lead one to failure. As I came across the excerpt below, it made me think that there may be some insight into why certain partnerships and groups of people can work incredibly well together, and why some are likely to end in failure. I haven't read Michael Eisner's book yet, Working Together: Why Great Partnerships Succeed, but I know Warren Buffett and Charlie Munger are included in it, so I may need to look into it.

After reading the excerpt below, it made me think that one of the reasons they may have succeeded so well together is that their relationship is structured in a way that allows them to both learn and pursue their interests in their own way; with Buffett spending more time with Berkshire businesses and managers and Munger spending more time pursuing worldly wisdom. Their pursuits and the way they spend their time have plenty of overlap, but the details are more personalized to each of them. And the knowledge they've gained and the progress they've made individually come together in a way that leads to a smarter and more objective way to make decisions over time. In essence, they have structured their environments in a way where they can pursue what they are passionate about, and that allows them to stay interested and keep on tap dancing to work every day. 

From The Art of Learning:
A key component of high-level learning is cultivating a resilient awareness that is the older, conscious embodiment of a child’s playful obliviousness. My chess career ended with me teetering on a string above leaping flames, and in time, through a different medium, I rediscovered a relationship to ambition and art that has allowed me the freedom to create like a child under world championship pressure. This journey, from child back to child again, is at the very core of my understanding of success.  
I believe that one of the most critical factors in the transition to becoming a conscious high performer is the degree to which your relationship to your pursuit stays in harmony with your unique disposition. There will inevitably be times when we need to try new ideas, release our current knowledge to take in new information—but it is critical to integrate this new information in a manner that does not violate who we are. By taking away our natural voice, we leave ourselves without a center of gravity to balance us as we navigate the countless obstacles along our way.

Thursday, November 19, 2015

Regaining and clarity of mind after making a mistake...

From Josh Waitzkin in The Art of Learning:
One idea I taught was the importance of regaining presence and clarity of mind after making a serious error. This is a hard lesson for all competitors and performers. The first mistake rarely proves disastrous, but the downward spiral of the second, third, and fourth error creates a devastating chain reaction. Any sports fan has seen professional football, basketball, and baseball games won and lost because of a shift in psychological advantage. People speak about momentum as if it were an entity of its own, an unpredictable player on the field, and from my own competitive experience, I can vouch for it seeming that way. The key is to bring that player onto your team by riding the psychological wave when it is behind you, and snapping back into a fresh presence when your clarity of mind begins to be swept away. 
With young chess players, the downward spiral dominates competitive lives. In game after game, beginners fall to pieces after making the first mistake. With older, more accomplished players the mistakes are subtler, but the pattern of error begetting error remains true and deadly.

Wednesday, November 18, 2015

The delicate balance of process vs. goal...

From Josh Waitzkin in The Art of Learning:
Chess was a constant challenge. My whole career, my father and I searched out opponents who were a little stronger than me, so even as I dominated the scholastic circuit, losing was part of my regular experience. I believe this was important for maintaining a healthy perspective on the game. While there was a lot of pressure on my shoulders, fear of failure didn’t move me so much as an intense passion for the game. I think the arc of losing a heartbreaker before winning my first big title gave me license to compete on the edge.  
This is not to say that losing didn’t hurt. It did. There is something particularly painful about being beaten in a chess game. In the course of a battle, each player puts every ounce of his or her tactical, strategical, emotional, physical, and spiritual being into the struggle. The brain is pushed through terrible trials; we stretch every fiber of our mental capacity; the whole body aches from exhaustion after hours of rapt concentration. In the course of a dynamic chess fight, there will be shifts in momentum, near misses, narrow escapes, innovative creations, and precise refutations. When your position teeters on the brink of disaster, it feels like your life is on the line. When you win, you survive another day. When you lose, it is as if someone has torn out your heart and stepped on it. No exaggeration. Losing is brutal.  
This brings up an incipient danger in what may appear to be an incremental approach. I have seen many people in diverse fields take some version of the process-first philosophy and transform it into an excuse for never putting themselves on the line or pretending not to care about results. They claim to be egoless, to care only about learning, but really this is an excuse to avoid confronting themselves. This issue of process vs. goal is very delicate, and I want to carefully define how I feel the question should be navigated.  
It would be easy to read about the studies on entity vs. incremental theories of intelligence and come to the conclusion that a child should never win or lose. I don’t believe this is the case. If that child discovers any ambition to pursue excellence in a given field later in life, he or she may lack the toughness to handle inevitable obstacles. While a fixation on results is certainly unhealthy, short-term goals can be useful developmental tools if they are balanced within a nurturing long-term philosophy. Too much sheltering from results can be stunting. The road to success is not easy or else everyone would be the greatest at what they do—we need to be psychologically prepared to face the unavoidable challenges along our way, and when it comes down to it, the only way to learn how to swim is by getting in the water.

Tuesday, November 17, 2015

Studying the endgame

I think there's a good analogy to be made between the excerpted paragraphs below, from The Art of Learning, and investing. The opening variations in chess are like short-term results and the time spent looking at everything that looks cheap on a current, statistical basis. Whereas the endgame is comparable to focusing on long-term results, the qualitative aspects of a company, and the time one spends studying great businesses (both current and historical) and how they became that way. And I think it's important because as Waitzkin says below, "Once you start with openings, there is no way out." While I wouldn't say "no way out" when it comes to one's investing process, once you develop certain habits and a certain definition of what you think is worth spending time on, it can be hard to reverse course, so the time spent getting the theory and core principles behind one's process correct is vital.
Let’s return to the scholastic chess world, and focus on the ingredients to my early success. I mentioned that Bruce and I studied the endgame while other young players focused on the opening. In light of the entity/incremental discussion, I’d like to plunge a little more deeply into the approach that Bruce and I adopted.  
Rewind to those days when I was a six-year-old prankster. Once he had won my confidence, Bruce began our study with a barren chessboard. We took on positions of reduced complexity and clear principles. Our first focus was king and pawn against king— just three pieces on the table. Over time, I gained an excellent intuitive feel for the power of the king and the subtlety of the pawn. I learned the principle of opposition, the hidden potency of empty space, the idea of zugzwang (putting your opponent in a position where any move he makes will destroy his position). Layer by layer we built up my knowledge and my understanding of how to transform axioms into fuel for creative insight. Then we turned to rook endings, bishop endings, knight endings, spending hundreds of hours as I turned seven and eight years old, exploring the operating principles behind positions that I might never see again. This method of study gave me a feeling for the beautiful subtleties of each chess piece, because in relatively clear-cut positions I could focus on what was essential. I was also gradually internalizing a marvelous methodology of learning—the play between knowledge, intuition, and creativity. From both educational and technical perspectives, I learned from the foundation up.  
Most of my rivals, on the other hand, began by studying opening variations. There is a vast body of theory that begins from the starting position of all chess games, and it is very tempting to teach children openings right off the bat, because built into this theoretical part of the game there are many imbedded traps, land mines that allow a player to win quickly and easily—in effect, to win without having to struggle to win. At first thought, it seems logical for a novice to study positions that he or she will see all the time at the outset of games. Why not begin from the beginning, especially if it leads to instant success? The answer is quicksand. Once you start with openings, there is no way out. Lifetimes can be spent memorizing and keeping up with the evolving Encyclopedia of Chess Openings (ECO). They are an addiction, with perilous psychological effects.  
It is a little like developing the habit of stealing the test from your teacher’s desk instead of learning how to do the math. You may pass the test, but you learn absolutely nothing—and most critically, you don’t gain an appreciation for the value or beauty of learning itself.

Monday, November 16, 2015

Learning and fundamentals...

From Josh Waitzkin in The Art of Learning, and applicable to investing and just about everything else as well:
As I struggled for a more precise grasp of my own learning process, I was forced to retrace my steps and remember what had been internalized and forgotten. In both my chess and martial arts lives, there is a method of study that has been critical to my growth. I sometimes refer to it as the study of numbers to leave numbers, or form to leave form . A basic example of this process, which applies to any discipline, can easily be illustrated through chess: A chess student must initially become immersed in the fundamentals in order to have any potential to reach a high level of skill. He or she will learn the principles of endgame, middlegame, and opening play. Initially one or two critical themes will be considered at once, but over time the intuition learns to integrate more and more principles into a sense of flow. Eventually the foundation is so deeply internalized that it is no longer consciously considered, but is lived. This process continuously cycles along as deeper layers of the art are soaked in.   
Very strong chess players will rarely speak of the fundamentals, but these beacons are the building blocks of their mastery. Similarly, a great pianist or violinist does not think about individual notes, but hits them all perfectly in a virtuoso performance. In fact, thinking about a “C” while playing Beethoven’s 5th Symphony could be a real hitch because the flow might be lost. The problem is that if you want to write an instructional chess book for beginners, you have to dig up all the stuff that is buried in your unconscious—I had this issue when I wrote my first book, Attacking Chess. In order to write for beginners, I had to break down my chess knowledge incrementally, whereas for years I had been cultivating a seamless integration of the critical information.  
The same pattern can be seen when the art of learning is analyzed: themes can be internalized, lived by, and forgotten. I figured out how to learn efficiently in the brutally competitive world of chess, where a a moment without growth spells a front-row seat to rivals mercilessly passing you by. Then I intuitively applied my hard-earned lessons to the martial arts. I avoided the pitfalls and tempting divergences that a learner is confronted with, but I didn’t really think about them because the road map was deep inside me—just like the chess principles.
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Related quote: "Just as civilization can progress only when it invents the method of invention, you can progress only when you learn the method of learning." -Charlie Munger

Related previous post: Fundamentals...