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Gamblers, Olympians, and the Super Wealthy esp Mark Cuban

August 16, 2024

TMRW/TDY

Ideas of TMRW to Enhance your TDY

Read time: 5 minutes

Hey Reader,

⏀ The Future of the Economy -It is no secret that we are living through one of the most transformational and disruptive periods in civilization. Globalization, the internet, and now AI all promise or threaten to change our way of living. Nate Silver, famed statistician of Five Thirty Eight and his political predictions, has a new book the On the Edge: the Art of Risking Everything. While I haven’t read the book (yet), I have been following Silver’s work for a while. His contention is one that is deeply relevant to all of us: those who can navigate the intrinsic uncertainty of the economy are most poised to capitalize upon it especially those with a competitive streak. We all exist on a spectrum (what he terms “the River”) of risk takers from averse boomers who invest only in annuities and bonds to crypto bros to hedge funds types. The internet has massively leveraged the outcomes of both good and bad judgement in this regard. Look at the profiles of Sam Bankman Fried and Michael Burry.

💡 The riskiest position is to play it safe. Those who cannot take an gamble will lose in the modern economy – or work for those who can.

⏀ Excellence at all Costs – Like most of you, I’ve been truly inspired by the Olympians who finished competing in Paris (USA won the medal count and LA is next !). Brad Stulburg is a performance coach that works with a lot of professional athletes. He recently wrote about key lessons for us on the Paris games for the New York Times. Choice quote:

Over the past decade, I have reviewed hundreds of studies and interviewed dozens of elite performers, including athletes, scientists, artists, physicians, educators and businesspeople, and I have found the top indicators of people’s lasting success and satisfaction came down to how they answered these five questions: Did they give their pursuit their all? Did they live in alignment with their values? Were they patient and present? Did they embrace their own vulnerability? And did they build meaningful and mutually respectful relationships along the way? To my surprise, no idea has resonated more with Olympic medalists than groundedness – that you can be a good person and reach great heights.

💡Don’t let the desire to win drain you of your power. Focus on the process, live your truth and pursue excellence. Let the medals and trophies come as they may.

⏀ Quote I’m pondering – Through people and circumstances, Life will reveal to you all the areas in which you are not free. – Anonymous

⏀ Prescription Drug Costs – Billionaire basketball aficionado and Shark Tank member Mark Cuban started a low cost pharmacy Cost Plus Drugs to disrupt healthcare. Hear his interview with Jon Stewart on the Daily Show in which he describes his business strategy and what is the real reason for the high costs of prescription medications (as well as hold court on capitalism, AI and Elon)

video preview

💡The lack of transparency in healthcare is quite literally killing people. Find the cabals in your industry and go after them.

⏀Lifestyles of the Rich and Famous- In a truly fascinating read, this profile in the Cut documents what it’s like to be a personal assistant (PA) to the .01%. How the super rich – and those who serve them – think of money is truly illuminating ( and nauseating ). Choice quote:

What are some of the “soft” skills that you mentioned that PAs need to have to be successful?
You have to have thick skin. You’re like a rhinoceros or an armadillo. And you have to have incredible patience. The way you word things is so important. Your intonation and speed of delivery — I mean, it’s an art. You’re working for people who are not used to hearing no…When I’m making a request like that, I pay very close attention to the reaction. What’s he feeling while I’m proposing this to him? I know that my manner, my physicality, my intonation, all of that matters. I have to stay one step ahead with solutions to any problems.

💡Money doesn’t buy happiness but it does buy access. Even then knowing how to deploy that money or deal with people who have it requires premiere social intelligence (SQ).

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