Station 4 Negotiation

Donald Trump insists that he won the 2020 election. Barack Obama stated that the Affordable Care Act's individual mandate wasn't a tax when, in effect, it was. Nancy Pelosi famously declared, "We have to pass the bill so you can find out what's in it." George W. Bush used questionable facts to justify the war in Iraq. If there's one truth, it's that politicians often misrepresent it, which raises the question: why?

Is it advantageous to lie to get your way (or at least try)?

This week on S4N, Gene explores the role of facts in negotiation – and mixed opinions on the matter that date back to Machiavelli. Do all parties need to agree on the facts to make a deal? Where's the line between truth and strategic misrepresentation? What kinds of truth-stretching are acceptable – and which are not? Does objective truth exist, and does it even matter in negotiation? And: can the truth actually be an obstacle to a successful business negotiation?

Remember: negotiation is life.

Mentioned in this episode:

• The Prince by Niccolo Machiavelli
• A Bronx Tale, the 1993 film directed by Robert de Niro
• "What Wikipedia Teaches Us About Balancing Truth and Beliefs," TED Talk by Katherine Maher on June 28, 2022

This week on S4N, as whispers of another economic downturn grow louder, Gene dives into the 2008 financial crisis and turns his attention to one of the most pivotal moments in financial history – the collapse of Lehman Brothers. We've talked a lot on S4N about knowing your BATNA and being willing to walk away from a deal – but what if your only option is to get the deal done? What went wrong in the final negotiations to save the firm, and what can we learn from those high-stakes discussions?

Explore the crucial role of decentralizing command in negotiations, especially when the stakes are high. Learn why senior executives, despite their authority, may not always be the best participants in certain talks. Look at why the way you handle information requests can be even more important than the information you're providing. And – examine the delicate balance between pushing the other side too hard and keeping the negotiation moving forward. When you're looking to close a deal and avoid an impasse, how do you manage your approach so that you don't wear down the other party, but still get the results you need?

Remember: negotiation is life.

Mentioned in this episode:

• The Big Short: Inside the Doomsday Machine by Michael Lewis
• Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System – and Themselves by Andrew Ross Sorkin
• One Week, the 1920 film directed by Buster Keaton and Edward F. Cline

On S4N, Gene usually steers clear of covering live negotiations – too much could be happening behind the scenes. But on Friday, the world got to watch the dramatic events that unfolded in the Oval Office as President Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy came face-to-face in a tense and high-stakes meeting. What started as a crucial diplomatic discussion quickly turned into a showdown, with messages of international significance clashing in real time. This week, Gene breaks down the key moments, unpacks the dynamics of the Russia-Ukraine conflict, and explores how message discipline — or lack thereof — shaped the negotiation.

How did Trump and Vance's rhetoric, as well as Zelenskyy's, influence the outcome of the meeting? And why does message discipline matter so much in a charged environment? Join Gene as he explores the behind-the-scenes negotiations and the delicate balance of diplomacy in a moment that could have lasting consequences. Remember: negotiation is life.

Mentioned in this episode:

• The Bonfire of the Vanities by Tom Wolfe
• Julia Ioffe's website, Puck
• Mike Baker's podcast, The President's Daily Brief
• https://podcasts.apple.com/us/podcast/12-blackmail-vodka-or-the-threat-of-murder-what/id1727241165?i=1000660874045 the July 2, 2024 episode of Station 4 Negotiation
• "#17: One Month Since Gershkovich: Inside The Biden Administration's Intricate Deal", the September 10, 2024 episode of Station 4 Negotiation

What do you want? A simple question, but one that people often forget to answer before going into a negotiation. In a new application of Morgan Housel's bestselling book The Psychology of Money, Gene breaks down the factors that contribute to what people want and their impact on the dealmaking process.

Explore how regret plays into whether or not a deal gets done, reframe how you think when you're negotiating with someone you think is crazy, and learn how each party's relationship with money affects your negotiations. Plus, discover the marshmallow test, understand the method to the madness, and examine how to answer the question: how much is enough?

Remember: negotiation is life.

Mentioned in this episode:

• Field of Dreams, the 1989 film directed by Phil Alden Robinson
• Shoeless Joe by W.P. Kinsella
• The Psychology of Money by Morgan Housel
• "Morgan Housel: Understand & Apply the Psychology of Money to Gain Greater Happiness," the December 2, 2024 episode of Andrew Huberman's Huberman Lab podcast
• 10-10-10: A Life-Transforming Idea by Suzy Welch
• Hamlet by William Shakespeare
• The Caine Mutiny, the 1954 film directed by Edward Dmytryk
• The Caine Mutiny Court-Martial, the 2023 film directed by William Friedkin
• The Karate Kid, the 1984 film directed by John G. Avildsen

"Clowns to the left of me, jokers to the right / Here I am, stuck in the middle with you" – song lyrics, or an accurate description of American politics?

There's a lot to analyze in the world of US politics, business, and culture right now. In order to understand where we're going, it's critical to understand where we've been – so, this week on S4N, Gene breaks down the original negotiation that created America to answer the question: should we still have faith in our country?

Of course, he also answers some important questions about negotiation along the way that you can use in everyday business deals: should you lay all your cards on the table at once? Do impressions matter? How can you use FOMO to your advantage?

And maybe most importantly: what do you do when you don't know what's going to happen?

Remember: negotiation is life.

Mentioned in this episode:

• "Great Negotiations: Agreements that Changed the Modern World" by Fredrik Stanton
• John Adams, the HBO show directed by Tom Hooper

Stoicism may be the trendy philosophy amongst many male media personalities right now - resulting in its occasional description as "broicism" - but it's more than just that. This week on S4N, Gene goes beyond the "broicism" trend and teaches you how to apply stoic principles for better negotiations... not to mention better sleep at night.

Featuring lessons from books, movies, and thinkers across history, learn how to reframe your business anxieties, separate personhood from personal achievement, and gain tactics for calmer, smoother deal negotiations. Plus, gain tools to remember: negotiation is life... but it doesn't have to become your life.

Mentioned in this episode:

• "Reasons Not to Worry: How to Be Stoic in Chaotic Times" by Brigid Delaney
• Gladiator, the 2000 film directed by Ridley Scott
• "The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph" by Ryan Holiday
• "Meditations" by Marcus Aurelius
• "Brigid Delaney's Life Changing Year of Living Like a Stoic," the October 2, 2024 episode of Ryan Holiday's Daily Stoic podcast

Happy New Year and welcome back to S4N! Before we dive in to another year of exploring high-profile negotiations, we're setting the tone for 2025 by re-focusing our negotiation mindset. In this episode, refresh yourself on risk assessment, handling stress, and effect-based reasoning so you can lay the foundation for making your best deals ever. Explore the ACE framework of decision making, learn how to work with concepts over facts, and make sure you remember how to respond, not react.

Plus, work on protecting yourself from imposter syndrome, learn how to use the "chair flying" method to conduct more confident negotiations, and comfort yourself with the thought that no problem is so bad that you can't make it worse – but you can learn how to avoid doing so. :) Remember: negotiation is life.

Mentioned in this episode:

• The Art of Clear Thinking: A Stealth Fighter Pilot's Timeless Rules for Making Tough Decisions by Hasard Lee
• The Longest Day, the 1962 film directed by Ken Annakin, Andrew Marton, Darryl F. Zanuck, Bernhard Wicki, and Gerd Oswald
• "F-35 Chronicles: Life Lessons from Combat Pilot Hasard Lee," May 29, 2023 episode of the Cleared Hot podcast with Andy Stumpf

"It's not how you start, it's how you finish." In the last S4N episode of 2024, Gene breaks down the deal that sent shockwaves through the MLB just last week, when Juan Soto left the New York Yankees to play for the team's bitter rival, the New York Mets.

Explore how risk analysis and risk tolerance play into negotiations, learn how to flip the script from buyer to seller and gain the upper hand in a deal, and examine the importance of patience in a risk-tolerant environment. Plus, learn why a big offer isn't always one you should accept.

We'll be back in your feed on January 7. Until then, thank you for a great first year, happy holidays, and remember: negotiation is life.

Mentioned in this episode:

• Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street by Sheelah Kolhatkar
• Billions, the TV show created by Brian Koppelman, David Levien, and Andrew Ross Sorkin
• "Inside Juan Soto Landing the Biggest Contract in Pro Sports History from Steve Cohen's Mets" by Patrick Mooney, Will Sammon, Brendan Kuty and Ken Rosenthal for The Athletic

Ever been tempted to jump at a deal so a competitor doesn't get it first? Ever wanted something to work so badly that you'd rather get something done quickly than get it done right? So did the investors in Elizabeth Holmes's catastrophic Theranos start-up.

This week on S4N, Gene takes a closer look at one of the biggest business scandals to captivate the public in the last ten years – what would've been the industry-altering medical device company Theranos – and how the negotiations between Theranos and Walgreens enabled the ensuing disaster. Use this cautionary tale to explore the concept of due diligence, the dangers of influence by association, and why devil's advocates are your biggest business assets. Plus, break down why the speed of a negotiation matters, learn the "porch rule," and discover why you shouldn't sell ice to Eskimos. Remember: negotiation is life.

Mentioned in this episode:

• Bad Blood: Secrets and Lies in a Silicon Valley Startup by John Carreyrou
• The Dropout, a Hulu mini-series
• "#6: Too Much "I" In Team: Why A Diverse Negotiation Team Matters," Station 4 Negotiation episode from April 9, 2024
• "#7: Fins To The Left, Fins To The Right: How to Sweet Talk Sharks + Close Deals with Them, Too," Station 4 Negotiation episode from April 23, 2024
• The West Point Way of Leadership by Larry R. Donnithorne

On October 1, the International Longshoremen's Association briefly went on strike, causing consumer anxiety over supply shortages and economic impacts. Looking ahead to January 15, when the strike will resume unless an agreement is reached, Gene does a deep dive into negotiations with the ILA and asks: how can the timing of a negotiation impact its efficacy? What problems does inflexibility create? And - what do you do if someone can't seem to accept economic reality?

Learn the best ways to react to the first move made, understand why calling something "non-negotiable" can be dangerous, and explore the complexities of the ILA negotiations. Plus, get Gene's take on the use of new technology in business. Remember: negotiation is life.

Mentioned in this episode:

• "A Candid Conversation With ILA President Harold J. Daggett On Wide Range of Important Topics" – video
• "The Longshoremen Strike Is A Battle Of Workers Vs. Automation" by Jack Kelly for Forbes
• "Dockworkers' union suspends strike until Jan. 15 to allow time to negotiate new contract" by Tom Krisher for the Associated Press