“Big-shot businessmen get into these waves of social proof. Do you remember some years ago when one oil…
Finally — and relatedly — you have to capture much of the value you create in order to be great. A scientist or mathematician may create a lot of lasting value with an important discovery. But capturing a meaningful piece of that value is another matter entirely. Sir Isaac Newton, for example, failed to capture…
One of the advantages of a fellow like [Warren] Buffett, whom I’ve worked with all these years, is that he automatically thinks in terms of decision trees and the elementary math of permutations and combinations….