The Vs. Studio Blog

“Man is the creature who does not know what to desire, and he turns to others in order to make up his mind. We desire what others desire because we imitate their desires.” -Rene Girard

“There’s no such thing as a free lunch.” -Milton Friedman

“Show me the incentive and I’ll show you the outcome.” -Charlie Munger

“Must you value what others value, avoid what others avoid? How ridiculous! Other people are excited, as though they are at a parade. I alone don’t care, I alone am expressionless, like an infant before it can smile.” -Lao Tzu, Tao Te Ching (Stephen Mitchell translation)

Economics is the study of how we make choices in a world of scarcity.

Scarcity means we have unlimited wants, yet limited resources. Therefore we have to make tradeoffs.

Tradeoffs mean choosing one thing over other things (i.e. sacrificing). When we do, there is an opportunity cost to that choice.

The opportunity cost is the value of the next best alternative, and it can be calculated.

Are you with me so far?…

Good.

Here’s where it gets really interesting…

YOU get to decide. Both what you pick and the value of what you gave up.

So, a question for you…

What do you value?

And is it what the world wants you to value or what you and you alone, value?

You heard that we were great
But now you think we’re lame
Since you saw the show last night
You hoped that we would rock
Knock it up a notch
Rockin’ was nowhere in sight

And it’s never good when it goes bad
No one likes to feel like they’ve been had
And it may be ok
But you won’t wear our t-shirts now anymore -lyrics from the song “All The Kids Are Right” by Local H

“We are what we think. All that we are arises with our thoughts. With our thoughts we make the world.” -Buddha

“The happiness of your life depends upon the quality of your thoughts: therefore, guard accordingly…” -Marcus Aurelius

You’re not as good as they think you are.

You’re not as bad as they think you are.

You are what you think you are.

“In every waking moment your brain uses past experience to guide your present sensations.” -Dr. Lisa Feldman Barrett, book How Emotions Are Made

“Confidence comes from preparation. When the game is on the line, I’m not asking myself to do something I haven’t done a thousand times before.” -Kobe Bryant

“Fake it ’til you make it.”

“Act as if.”

“Just be confident.”

I’m not sure any of this advice is effective. Certainly not in the long run.

What is effective is to just put in the work. Over a long period of time. Because when confidence wanes, you need something to go back to. Some terra firma. Something to tell yourself, “Hey I can be confident here because I’ve earned it. I’ve put in the work. I deserve to be confident.”

Read the below Dwayne Wade story told to Tiger Woods (h/t to Billy Oppenheimer for providing)…

With 1.9 seconds left in overtime of Game 5 of the 2006 NBA Finals, Dwyane Wade went to the free throw line. Wade and the Heat were down by 1. The series was tied 2-2. He told Tiger Woods how he prepared to make those high-pressure free throws: “The night before,” Wade said, “I was in the gym at midnight. And I was like, ‘I know games come down to free throws. No matter what happens, it’s going to come down to free throws.’ So I was in the gym and I had my cousin standing next to me, I had him right in my ear talking shit to me. And so the next night, I get in that same situation where I got to make these free throws. And I just went back to last night in the gym. I just went right back to that. I was like, ‘I just hit 200 of these last night. I got this.’” “That’s so good,” Tiger says. “It’s like,” Wade continues, “your confidence comes from your work.” “Correct,” Tiger replies. “You’ve done it over and over,” Wade says. “You’ve seen yourself do it.” “Correct,” Tiger says, “thousands of times.” Filled with the confidence that came as an epiphenomenon, a byproduct, an indirect reward of his work, Wade hit the two free throws. The Heat won 101-100 to take a 3-2 series lead. In Game 6, he had 36 points to help the Heat win the game and their first championship in franchise history. Wade was named NBA Finals MVP.

The king went to Gibeon to offer sacrifices, for that was the most important high place, and Solomon offered a thousand burnt offerings on that altar. At Gibeon the Lord appeared to Solomon during the night in a dream, and God said, “Ask for whatever you want me to give you.”

Solomon answered, “You have shown great kindness to your servant, my father David, because he was faithful to you and righteous and upright in heart. You have continued this great kindness to him and have given him a son to sit on his throne this very day.

“Now, Lord my God, you have made your servant king in place of my father David. But I am only a little child and do not know how to carry out my duties. Your servant is here among the people you have chosen, a great people, too numerous to count or number. So give your servant a discerning heart to govern your people and to distinguish between right and wrong. For who is able to govern this great people of yours?” -1 Kings 3: 4-9

“Good judgement is the result of experience and experience the result of bad judgment.” –Mark Twain

“Four things belong to a judge: To hear courteously; to answer wisely; to consider soberly; and to decide impartially.” –Socrates

I recently put together a week long, off-campus, Finance & Investing “Experience” for twenty of my high school students (I cheekily called it “Billionaire Bootcamp”). These were all students who wanted to learn more about finance, investing, real estate and entrepreneurship.

I’m extremely lucky to have graduated from the University of Chicago with a very close group of friends, all highly accomplished in various industries, including finance. I called on this friend group to come and speak to my students and they offered incredible, world-class advice.

One of them–Joe–in preparation to talk to my students, asked a billionaire that he works with, what single piece of advice he would give to those looking to make it big. Perhaps even to become a billionaire.

The billionaire’s answer?…

Good judgment.

If you have good judgment and make good decisions, then you’ve got a chance at a billion. More importantly, you will have a high quality and happy life.

Without good judgment?….You don’t stand a chance.

“You can’t just visualize and go eat a sandwich”. -Jim Carrey

“The number one factor for resilience—for actually getting through hard things—is self-efficacy. Which is basically the belief that you can handle whatever you’re going through…Positive thinking while you’re sitting on the couch scrolling cat videos is useless. In fact, it’s probably keeping you on that couch longer. But positive thinking mid-struggle, when everything in you wants to quit? That’s when it can be the difference between pushing through and giving up.”

Positive affirmations are great. And research shows that they can help you get through times when you’re struggling.

But their power lies in the fact that you’re first actually trying to do something hard to then affirm.

“Sometimes a dream almost whispers… the hardest thing to listen to — your instincts, your human personal intuition — always whispers; it never shouts.” -Steven Spielberg

“Quiet the mind and the soul will speak.” -Buddha

“There is a voice inside of you that whispers all day long, “I feel this is right for me, I know that this is wrong.” -Shel Silverstein

Your inner voice is whispering. Telling you what you should do.

Can you get quiet enough to hear it?

And once you hear it, can you be courageous enough to follow it?

“The tao that can be told is not the eternal Tao. The name that can be named is not the eternal Name. The unnamable is the eternally real. Naming is the origin of all particular things.” -Tao Te Ching by Lao-Tzu (Stephen Mitchell translation)

“We are what we repeatedly do. Excellence is a habit, not an act.” -Aristotle

A follow up to yesterday’s post “What’s In A Name”…

Pick a name for your project (or company or whatever it is you’re trying to do) that feels right to you in the moment. Don’t worry if it’s perfect. Just decide on something and get moving.

If you’re intentional and consistently produce excellent work over a long enough period of time, then the name will eventually be perfect.

Because everyone will associate your name (or brand) with excellence. And that’s a perfect place to be.

“What’s in a name? That which we call a rose/ By any other name would smell as sweet.” -Shakespeare, Romeo and Juliet

Not starting your company or band or project or script or whatever idea you have until you have the perfect name for it is just an excuse to stall.

You’ll never have the perfect name.

Just pick something pretty good. Or at the very least one that doesn’t suck.

And get to work.

True story behind why we named ourselves “Vs. Theatre Company” (or at least a major reason)…It was the title of our favorite Pearl Jam album. (H/t to my good buddy Ron Klier for that one.)

“Grit is passion and perseverance for very long- term goals. Grit is having stamina. Grit is sticking with your future, day-in, day-out. Not just for the week, not just for the month, but for years. And working really hard to make that future a reality. Grit is living life like it’s a marathon, not a sprint.” -Angela Duckworth

Grit is a wonderful thing

But it’s also a finite resource.

Therefore, you must have goals that (a) truly energize you, (b) you actually think you can accomplish someday and (c) you can’t have too many at one time.

Choose your goals wisely my friend.

“Go positive and go first, and be constant in doing it.” -Peter Kaufman (CEO of Glenair)

“To understand is to know what to do.” -Ludwig Wittgenstein

“The most powerful force in the universe is compound interest.” -Albert Einstein

Speaking of going first, the transcript of this talk given by Peter Kaufman is a must read.

Tons of absolute gems in here. Enjoy it this weekend over a cup of coffee.

And when you’re done, go first at something. And then go first again. And again. And again….

You won’t regret it.

P.S. – H/t to Shane Parrish for providing.