Podcast Notes Playlist: Business

• Check out the Modern Wisdom Episode Page & Show Notes

To celebrate 500 episodes on Modern Wisdom, I broke down some of my favourite lessons, insights and quotes from the last 4 and a half years.

Expect to learn why having no role models can be an advantage, how discipline eats motivation for breakfast, why you should be training for the difficult, why success in pursuit of happiness can be self-defeating, why fame makes you weak, how an obsession with productivity is just immortality by another name, what I learned about negativity biases from Margaret Thatcher, the importance of letting go of successful habits for new ones and much more...

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Extra Stuff:

Get my free Reading List of 100 books to read before you die → https://chriswillx.com/books/

To support me on Patreon (thank you): https://www.patreon.com/modernwisdom

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Welcome to another episode of the Rational Reminder Podcast. In today’s jam-packed episode, hear updates regarding our goals survey, the schedule for upcoming guests on the show, the latest news and highlights from the financial world, and some of the feedback we have received about the show. We also highlight interesting articles and papers regarding tech valuations, expected stock returns, the performance of venture capital funds, and a book recommendation that will help you understand the finance game. Tune in to learn about the results of the recent social survey in Canada, the basics of private equity funds, the challenges of calculating the Internal Rate of Returns for investors, some of the misconceptions surrounding private equity, and much more! Don’t miss out on this informative and well-rounded episode of the Rational Reminder Podcast with your two favourite Canadians!

Key Points From This Episode:

• We start the show with an exciting announcement for our listeners. [0:02:07]
• An update regarding the Goals Survey Project and what needs to be done. [0:03:30]
• A rundown of the upcoming guests for the show. [0:04:44]
• Outline of the reviews and criticisms received about the show. [0:05:55]
• A breakdown of the book for today’s review, Finite and Infinite Games. [0:10:07]
• Background about the author of the book, James P. Carse. [0:10:57]
• The main point of the book: the differences between finite and infinite games. [0:11:16]
• An interesting quote from the book regarding culture. [0:14:42]
• Highlights of the recent news and updates in the financial world. [0:17:02]
• Insights from an interesting article about tech valuations by Cliff Asness. [0:19:47]
• Another interesting paper by David Blitz about expected stock returns. [0:23:09]
• A discussion regarding the recent social survey implemented in Canada. [0:26:07]
• We discuss the basics of private equity as an investment strategy. [0:30:06]
• Why the math used is problematic for calculating the Internal Rate of Return. [0:32:35]
• The results of a paper which investigated the performance of venture capital funds. [0:39:01]
• More insights from follow-up papers about private equity. [0:42:24]
• Examples of the type of risk exposures that private equity provides. [0:49:36]
• The impacts associated with the preference for illiquid assets. [0:52:00]
• Some of the misconceptions surrounding diversity in private equity funds. [0:52:44]
• What are the best metrics to use to measure returns on private equity. [0:56:00]

Arnold Schwarzenegger, the movie star-turned-California governor, has been interested in business since long before he was Conan or the Terminator. For more than four decades, his behind-the-scenes partner has been Paul Wachter, whose Main Street Advisors was born 25 years ago, with Schwarzenegger's encouragement.
The modern multihyphenate -- think LeBron, Drake, Billie Eilish -- are following a template the pair established in the 1980s, as Schwarzenegger successfully expanded his popularity and wealth through savvy dealmaking. The key element: Don't just endorse when you can own a piece of the product.

See omnystudio.com/listener for privacy information.

• “There is much more talent to tap into than ever before, but in most parts of the world, we are screwing it up”– Tyler Cowen
  • “We’re rewarding homework at every stage of the process, and then we’re shocked when we get too many conformists” – Tyler Cowen
  • Credentialism, seniority requirements, bureaucratized evaluations, and conservative HR departments also contribute to the hiring problem
• Tyler’s definition of talent: people with an energetic spark, who have new and creative ideas that will change how things are done
  • In the market of ideas and technology, the top performers are at least 10x more valuable than the average performers—making hiring of utmost importance
• Talented candidates can look ‘beyond the immediate moment‘
  • “It’s very easy to optimize too locally…always try to be looking one level broader”– Tyler Cowen
  • Example: Ask them if Romeo & Juliet were really in love with each other? Or ask who was the best talent scout in Star Wars? Figure out one of the candidate’s interests and ask a question that explores their perception and thought-process rather than just knowledge.
• Unique interview questions:
  • What tabs are currently open on your browser right now? Engaging this question will give you an idea of how they manage their ideas consumption.
  • Which conspiracy theory do you think is plausible? Regardless of the truth, it shows that the candidate is curious and capable of thinking outside the box.
  • How ambitious are you? It’s very hard to fake this answer.
  • How do you practice and improve? Very few people treat their chosen pursuit like that of an athlete or musician. Exceptional people constantly evaluate how their inputs affect their outputs, but few people do it in their professional work.

Tyler Cowen is the Holbert L. Harris Chair of Economics at George Mason University, a columnist, podcaster and an author.

Finding and recruiting the best talent is perhaps the most important job that an organisation has. Skilful, enthusiastic, keen staff can make or break a business, so why is it that most companies are mostly useless when it comes to discovering talent?

Expect to learn whether population collapse is coming very soon, whether talent is innate or developed, why there is a crisis of talent when we have more people on earth than ever before, whether you should look at someone's parents before hiring them, the best questions to ask in an interview, what SpaceX's hiring strategy teaches us about thoroughness, how Tyler screens young staff for the most original thinkers and much more...

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Check out Tyler's website - https://marginalrevolution.com/ 

To support me on Patreon (thank you): https://www.patreon.com/modernwisdom

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Get in touch.

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• Check out Infinite Loops Podcast Episode Page & Show Notes

Nick Maggiulli is a financial educator, author of the blog “Of Dollars and Data”, and the newly released book “Just Keep Buying: Proven Ways To Save Money And Build Your Wealth.”

In this episode, we talk with Nick about the robust empirical research that has gone behind the insights and ideas presented in his new book!

You can follow Nick on Twitter at https://twitter.com/dollarsanddata and buy his book at https://ofdollarsanddata.com/justkeepbuying/

Show Notes:

• Coming up with title of the book
  
• The save-invest continuum
  
• Is buying a house a good investment?
  
• Debt: Good or bad?
  
• On being shaped by our experiences
  
• One path the wealth creation?
  
• 2020 vs 2021 as an investment year
  
• Handling emotions during a bear market
  
• Importance of diversification
  
• The ideal asset allocation
  
• The Great Reshuffle
  
• The argument against stock picking
  
• Negative yield bonds
  
• Lump sum vs. DCA
  
• Index investors or momentum investors
  
• Life as a growth, and value stock
  

Books Mentioned:

• Just Keep Buying; by Nick Magguilli
  
• Security Analysis; Benjamin Graham
  
• The Intelligent Investor; Benjamin Graham
  
• Influence; by Robert Cialdini