Essentialism

The Disciplined Pursuit of Less

Part I: Essence

Ch. 1 – The Essentialist
“Stay, but do what you would as a consultant and nothing else. And don’t tell anyone.”

Almost everything is noise.

Weniger aber besser = Less is better. The way of the Essentialist is the relentless pursuit of less but better.

The Essentialist:
Thinks: “Only a few things really matter.” / “What are the trade-offs?”
Does: “Pauses to discern what really matters” / “Say no to everything except the essential.” “Removes obstacles to make execution easy.”
Gets: “Chooses carefully in order to do great work”

“What would happen if we could figure out the one thing you could do that would make the highest contribution?”

When we try to do it all and have it all, we find ourselves making trade-offs at the margins that we would never take on as our intentional strategy.

Instead of asking, “Is there a chance I will wear this someday in the future?” you ask more disciplined, tough questions: “Do I love this?” and “Do I look great in it?” and “Do I wear this often?” If the answer is no, then you know it is a candidate for elimination.

Ch. 2 Choose

“If you could do only one thing with your life right now, what would you do?”

Ch. 3 Discern

A crucial lesson: certain types of effort yield higher rewards than others.

“What is the most valuable result I could achieve in this job?”

Warren decided early in his career it would be impossible for him to make hundreds of right investment decisions, so he decided that he would invest only in the businesses that he was absolutely sure of, and then he bet heavily on them. He owes 90% of his wealth to just ten investments. Sometimes what you don’t do is just as important as what you do. In short, he makes big best on the essential few investment opportunities and says no to the many merely good ones.

Ch. 4 Trade-Off

You have to look at every opportunity and say, “Well, no… I’m sorry. We’re not going to do a thousand different things that really won’t contribute much to the end result we are trying to achieve.”

The Essentialist:
Asks: “What is the trade-off I want to make?” / “What can I go big on?”


Part II: Explore

Ch. 5 Escape

The Essentialist:
Creates space to escape and explore life.

Ch. 8 Protect

Our highest priority is to protect our ability to prioritize.

Ch. 9 Select

“No More Yes. It’s Either HELL YEAH! Or No.” / If it isn’t a clear yes, then it’s a clear no.”

90% Rule: As you evaluate an option, think about the single most important criterion for that decision, and then simply give the option a score between 0 and 100. If you rate it any lower than 90%, then automatically change the rating to 0 and simply reject it.

“What am I deeply passionate about?” / “What taps my talent?” / “What meets a significant need in the world?”


Part III: Eliminate

Ch. 10 Clarify

From “Pretty Clear” to “Really Clear”: What do you really want out of your career over the next 5 years?

We waste time and energies on trying to look good in comparison to other people. We overvalue non-essentials like a nicer car or house, or even intangibles like the number of our followers on Twitter or the way we look in our Facebook photos. As a result, we neglect activities that are truly essential, like spending time with our loved ones, or nurturing our spirit, or taking care of our health.

The crime which bankrupts men and states is that of job-work; – declining from your main design to serve a turn here or there.” (Ralph Waldo Emerson)

Done right, an essential intent is one decision that settles one thousand later decisions. It’s like deciding you’re going to become a doctor instead of a lawyer. One strategic choice eliminates a universe of other options and maps a course for the next five, ten, or even twenty years of your life.

Ch. 11 Dare

The main thing is to keep the main thing the main thing.

The Essentialist:
Dares to say no firmly, resolutely, and gracefully.
Says yes only to the hings that really matters.

“I am flattered that you thought of me but I’m afraid I don’t have the bandwidth.”
“I would very much like to but I’m overcommitted.”
“You are welcome to X. I am willing to Y.” (e.g. “You’re welcome to borrow my car. I am willing to make sure the keys are here for you.”)
“I can’t do it, but X might be interested.”

Ch. 12 Uncommit

The Essentialist:
Asks, “If I weren’t already invested in this project, how much would I invest in it now?”
Thinks, “What else could I do with this time or money if I pulled the plug now?”

“If I wasn’t already involved in this project, how hard would I work to get on it?”

Ch. 13 Edit

The Essentialist:
Thinks that making things better means subtracting something.


Part IV: Execute

Ch. 15 Buffer

Give me six hours to chop down a tree and I will spend the first four sharpening the axe.

Ch. 16 Subtract

To attain knowledge add things every day. To attain wisdom subtract things every day (Lao Tzu).

Identify the Herbie: What is the “slowest hiker” in your job or our life? What is the obstacle that is keeping you back from achieving what really matters to you? By systematically identifying and removing this “constraint” you’ll be able to significantly reduce the friction keeping you from executing what is essential.

Ah Essentialist produces more – brings forth more – by removing more instead of doing more.

Ask yourself, “What are all the obstacles standing between me and getting this done?” and “What is keeping me from completing this?” Make a list of these obstacles. They might include: not having the information you need, your energy level, your desire for perfection. Prioritize the list using the question, “What is the obstacle that, if removed, would make the majority of other obstacles disappear?”

Ch. 17 Progress

Every day do something that will inch you closer to a better tomorrow.

Of all the things that can boost emotions, motivation, and perceptions during a workday, the single most important is making progress in meaningful work.

Ch. 18 Flow

Routine, in an intelligent man, is a sign of ambition (W.H. Auden).


Category: Perceptions

Greg McKeown © 2020
November 26, 2023

Daily Musings (New)

Run Uphill: if you’re evenly split on a difficult decision, take the path more painful in the short term.

Sharks eat well but live a life surrounded by sharks. #Naval

“Felix, qui potuit rerum cognoscere causas” – happy is he who understands what is behind things #Virgil

The selection process favors the most communicative, not necessarily the most knowledgeable.

Updated: November 11, 2023

https://oedipaldreams.wordpress.com/daily-musings/


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Archives: February 2015 – October 2022

Daily Musings (May 2023)

If you aren’t where you want to be, the problem is your choices. Your circumstances are the symptoms of those choices.

Control over doing what you want, when you want to, with the people you want to, is the broadest lifestyle variable that makes people happy.

Probability is not a mere computation of odds on the dice of more complicated variants; it is the acceptance of the lack of certainty in our knowledge and the development of methods for dealing with our ignorance. #Taleb

No amount of observations of white swans can allow the inference that all swans are white, but the observation of a single black swan is sufficient to refute that conclusion. #Hume

Never ask a man if he is from Sparta: If he were, he would have let you know such an important fact – and if he were not, you could hurt his feelings.

Updated: May 8, 2023

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Archives: February 2015 – October 2022

2022 Archive

October 2022

Conventional thinking is typically right but seldom profitable.


September 2022

Normal is not something to aspire to, it’s something to get away from.

The biggest ally of superachievers is the inertia of others.

If you aren’t where you want to be, the problem is your choices. Your circumstances are the symptoms of those choices.


June 2022

No amount of observations of white swans can allow the inference that all swans are white, but the observation of a single black swan is sufficient to refute that conclusion. #Hume

Control over doing what you want, when you want to, with the people you want to, is the broadest lifestyle variable that makes people happy.

“Never ask a man if he is from Sparta: If he were, he would have let you know such an important fact – and if he were not, you could hurt his feelings.


May 2022

About 99% of the time, the right time is right now.

Probability is not a mere computation of odds on the dice of more complicated variants; it is the acceptance of the lack of certainty in our knowledge and the development of methods for dealing with our ignorance. #Taleb


April 2022

To much uncertain is chaos, but too little is death. #BoydVarty

Be sure that, as you scramble up the ladder of success, it is leaning against the right building. #StephenCovey

Luxury = Time + Space  #ChipYVR

If you don’t know which port you’re heading towards; no wind is favourable.

If a reason doesn’t stop everyone from doing something, it’s not a reason; it’s an excuse. #SethGodin


March 2022

Today we will do what other people won’t, so tomorrow we can do what other people can’t. #RobDial

Entrepreneurs are rewarded by Optimism; Intellectuals are rewarded by Pessimism. #Naval

You’re not going to get rich renting out your time. You must own equity – a piece of a business – to gain your financial freedom. #naval

103 Bits of Advice I Wish I Had Known

Excerpt:

• About 99% of the time, the right time is right now.

• Cultivate 12 people who love you, because they are worth more than 12 million people who like you.

• Anything you say before the word “but” does not count.

• Courtesy costs nothing. Lower the toilet seat after use. Let the people in the elevator exit before you enter. Return shopping carts to their designated areas. When you borrow something, return it better shape (filled up, cleaned) than when you got it.

• When you lead, your real job is to create more leaders, not more followers.

• Ask funders for money, and they’ll give you advice; but ask for advice and they’ll give you money.

• Productivity is often a distraction. Don’t aim for better ways to get through your tasks as quickly as possible, rather aim for better tasks that you never want to stop doing.

• Speak confidently as if you are right, but listen carefully as if you are wrong.

• The consistency of your endeavors (exercise, companionship, work) is more important than the quantity. Nothing beats small things done every day, which is way more important than what you do occasionally.

• Three things you need: The ability to not give up something till it works, the ability to give up something that does not work, and the trust in other people to help you distinguish between the two.

• Ask anyone you admire: Their lucky breaks happened on a detour from their main goal. So embrace detours. Life is not a straight line for anyone.

• Half the skill of being educated is learning what you can ignore.

• The advantage of a ridiculously ambitious goal is that it sets the bar very high so even in failure it may be a success measured by the ordinary.

• A great way to understand yourself is to seriously reflect on everything you find irritating in others.

• When you have some success, the feeling of being an imposter can be real. Who am I fooling? But when you create things that only you — with your unique talents and experience — can do, then you are absolutely not an imposter. You are the ordained. It is your duty to work on things that only you can do.

• Make stuff that is good for people to have.

• You cannot get smart people to work extremely hard just for money.

• When you don’t know how much to pay someone for a particular task, ask them “what would be fair” and their answer usually is.

We tend to overestimate what we can do in a day, and underestimate what we can achieve in a decade. Miraculous things can be accomplished if you give it ten years. A long game will compound small gains to overcome even big mistakes.

• Your best job will be one that you were unqualified for because it stretches you. In fact only apply to jobs you are unqualified for.

• The only productive way to answer “what should I do now?” is to first tackle the question of “who should I become?”

• Average returns sustained over an above-average period of time yield extraordinary results. Buy and hold.

• It’s thrilling to be extremely polite to rude strangers.

• It’s possible that a not-so smart person, who can communicate well, can do much better than a super smart person who can’t communicate well. That is good news because it is much easier to improve your communication skills than your intelligence.

• Prescription for popular success: do something strange. Make a habit of your weird.

• When introduced to someone make eye contact and count to 4. You’ll both remember each other.

• Take note if you find yourself wondering “Where is my good knife? Or, where is my good pen?” That means you have bad ones. Get rid of those.

• When you are stuck, explain your problem to others. Often simply laying out a problem will present a solution. Make “explaining the problem” part of your troubleshooting process.

• Habit is far more dependable than inspiration. Make progress by making habits. Don’t focus on getting into shape. Focus on becoming the kind of person who never misses a workout.

• If you repeated what you did today 365 more times will you be where you want to be next year?

• For a great payoff be especially curious about the things you are not interested in.

• Focus on directions rather than destinations. Who knows their destiny? But maintain the right direction and you’ll arrive at where you want to go.

• Every breakthrough is at first laughable and ridiculous. In fact if it did not start out laughable and ridiculous, it is not a breakthrough.

• Copying others is a good way to start. Copying yourself is a disappointing way to end.

• The chief prevention against getting old is to remain astonished.

https://kk.org/thetechnium/103-bits-of-advice-i-wish-i-had-known/


Kevin Kelly © 2022

Category: Rules
April 28, 2022

The Psychology of Money

Timeless Lessons on Wealth, Greed, and Happiness

“A genius is the man who can do the average thing when everyone else around him is losing his mind.” Napoleon

“The world is full of obvious things which nobody by any chance ever observes.” Sherlock Holmes

1. No One’s Crazy – Your personal experiences with money make up 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.

2. Lucky & Risk – Nothing is as good or as bad as it seems.

Years ago I asked economist Robert Shiller, who won the Nobel Prize in economics, “What do you want to know about investing that we can’t know?” “The exact role of luck in successful outcomes,” he answered.

3. Never Enough – When rich people do crazy things.

4. Confounding Compounding – $81.5 billion of Warren Buffett’s $84.5 billion net worth came after his 65th birthday. Our minds are not built to handle such absurdities.

5. Getting Wealthy vs. Staying Wealthy – Good investing is not necessarily about making good decisions. It’s about consistently not screwing up.

6. Tails, You Win – You can be wrong half the time and still make a fortune.

Napoleon’s definition of a military genius was, “The man who can do the average thing when all those around him are going crazy.”

A good definition of an investing genius is the man or woman who can do the average thing when all those around them are going crazy. Tails drive everything.

At the Berskshire Hathaway shareholder meeting in 2013 Warren Buffett said he’s owned 400 to 500 stocks during his life and made most of his money on 10 of them. Charlie Munger followed up: “If you remove just a few of Berkshire’s top investments, its long-term track record is pretty average.”

“It’s not whether you’re right or wrong that’s important,” George Soros once said, “but how much money you make when you’re right and how much you lose when you’re wrong.”

7. Freedom – Controlling your time is the highest dividend money pays.

The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want today.”

Having a strong sense of controlling one’s life is a more dependable predictor of positive feelings of well-being than any of the objective conditions of life we have considered.

Control over doing what you want, when you want to, with the people you want to, is the broadest lifestyle variable that makes people happy.

Money’s greatest intrinsic value – and this can’t be overstated – is its ability to give you control over your time. To obtain, bit by bit, a level of independence and autonomy that comes from unspent assets that gives you greater control over what you can do and when you can do it.

People who have control over their time tend to be happier in life is a broad and common enough observation that you can do something about it.

8. Man in the Car Paradox – No one is impressed with your possessions as much as you are.

9. Wealth is What You Don’t See – Spending money to show people how much money you have is the fastest way to have less money.

Wealth is what you don’t see.

Investor Bill Mann once wrote: “There is no faster way to feel rich than to spend lots of money on really nice things. But the way to be rich is to spend money you have, and to not spend money you don’t have. It’s really that simple.”

Rich is a current income. But wealth is hidden. It’s income not spent. Wealth is an option not yet taken to buy something later. Its value lies offering you options, flexibility, and growth to one day purchase more stuff than you could right now.

10. Save Money – The only factor you can control generates one of the only things that matters. How wonderful.

The first idea – simple – but easy to overlook – is that building wealth has little to do with your income or investment returns, and lots to do with your savings rate.

Wealth is just the accumulated leftovers after you spend what you take in. And since you can build wealth without a high income, but have no chance of building wealth without a high savings rate, it’s clear which ones matters more. (More importantly, the value of wealth is relative to what you need.)

Everyone needs the basics. Once they’re covered there’s another level of comfortable basics, and past that there’s basics that are both comfortable, entertaining, and enlightening.

11. Reasonable > Rational – Aiming to be mostly reasonable works better than trying to be coldly rational.

12. Surprise! – History is the study of change, ironically used as a map of the future.

You’ll likely miss the outlier events that move the needle the most.

History can be a misleading guide to the future of the economy and stock market because it doesn’t account for structural changes that are relevant to today’s world.

John Templeton’s view: “The four most dangerous words in investing are, ‘it’s different this time.'”

13. Room for Error – The most important part of every plan is planning on your plan not going according to your plan.

14. You’ll Change – Long-term planning is harder than it seems because people’s goals and desires change over time.

Charlie Munger says the first rule of compounding is to never interrupt it unnecessarily.

The trick is to accept the reality of change and move on as soon as possible. The quicker it’s done, the sooner you can get back to compounding.

15. Nothing’s Free – Everything has a price, but not all prices appear on labels.

“Hold stocks for the long run,” you’ll hear. It’s good advice. But do you know how hard it is to maintain a long-term outlook when stocks are collapsing?

In investing you must identify the price of success – volatility and loss amid the long backdrop of growth – and be willing to pay for it.

Market returns are never free and never will be…. The volatility / uncertainty fee – the price of returns – is the cost of admission to get returns greater than low-fee parks like cash and bonds.

16. You & Me – Beware taking financial cues from people playing a different game than you are.

The formation of bubbles isn’t so much about people irrationally participating in long-term investing. They’re about people somewhat rationally moving toward short-term trading to capture momentum that had been feeding on itself.

Rising prices persuade all investors in ways the best marketers envy. They are a drug that can turn value-conscious investors into dewy-eyed optimists, detached from their own reality by the actions of someone playing a different game than they are.

17. The Seduction of Pessimism – Optimism sounds like a sales pitch. Pessimism sounds like someone trying to help you.

Optimism is the best bet for most people because the world tends to get better for most people most of the time.

Pessimism just sounds smarter and more plausible than optimism.

Tell someone that everything will be great and they’re likely to either shrug you off or offer a skeptical eye. Tell someone that they’re in danger and you have their undivided attention.

18. When You’ll Believe Anything – Appealing fictions, and why stories are more powerful than statistics.


Category: Perceptions

Morgan Housel © 2020
April 1, 2022

Daily Musings (April 2022)

Today we will do what other people won’t, so tomorrow we can do what other people can’t. #RobDial

Be sure that, as you scramble up the ladder of success, it is leaning against the right building. #StephenCovey

Luxury = Time + Space  #ChipYVR

If you don’t know which port you’re heading towards; no wind is favourable.

If a reason doesn’t stop everyone from doing something, it’s not a reason; it’s an excuse. #SethGodin

Updated: April 22, 2022

2021 Archive

November 2021

Life’s tragedy is that we get old too soon and wise too late. When you’re finished changing, you’re finished. #BenFranklin

October 2021

Friendship = Proximity x (Frequency + Duration) x Intensity


September 2021

Be sure that, as you scramble up the ladder of success, it is leaning against the right building. #StephenCovey

There are a million ways to say no, but only one way to say yes – write a cheque.

Happiness is the progressive realization of a worthy ideal, or goal. #EarlNightingale

Everything in moderation, including moderation.


June 2021

Luxury = Time + Space #ChipYVR

Success is goals, and all else is commentary.


March 2021

If you focus on what you have, you gain what you lack. If you focus on what you lack, you lose what you have. #GregoryMcKeown

January 2021

If you don’t know which port you’re heading towards; no wind is favourable. #JordanHarbinger

Q2-4 (Apr – Dec) 2020

December 2020

You can act yourself into thinking differently, but you can’t think yourself into acting differently.

If a reason doesn’t stop everyone from doing something, it’s not a reason; it’s an excuse. #SethGodin

Never attribute to malice what could simply be explained by incompetence. #trustwager #JimCollins

Pain is knowledge rushing in to fill a void with great speed. #Seinfeld

November 2020

Anxiety is experiencing failure in advance. Anxiety & worrying is only in service of our need for the status quo and reassurance. And reassurance is futile – because you can never have enough of it. #SethGodin

Don’t take counsel of your fears.


September 2020

Prisoners rarely have the desire to pretend they are prisoners. Only the free can choose to make believe. #fantasies

Deprived of enigma, intimacy becomes cruel when it excludes any possibility of discovery. When there is nothing left to hide, there is nothing left to seek. #EstherPerel

A person in an organization will be promoted to the level of their incompetence. At which point their past achievements will prevent them from being fired, but their incompetence at this new level will prevent them from being promoted again. #PeterPrinciple

“Institutions will try to preserve the problem to which they are the solution.” #ShirkyPrinciple


June 2020

We are kept from our goal not by obstacles but by a clear path to a lesser goal. #RobertBrault

“Luck is simply the advantage a true warrior gains in executing the correct course of action.”

The winds of grace are always blowing, but it is you that must raise your sails.

May 2020

Bank in the bank, not in your head.

We all need someone in our lives to surprise us – to help us think about a problem in a way that you may not have thought about it before. #themuse

If intimacy grows through repetition and familiarity, eroticism is numbed by repetition. It thrives on the mysterious, the novel, and the unexpected. #MatinginCaptivity #EstherPerel

The real voyage of discovery consists not in seeking new landscapes but in having new eyes. #Proust

April 2020

Many a false step was made by standing still.

And if you do want something, then you have to think: (how badly do you want it?) What do you have to sacrifice in order to have fate smile upon you in a manner that it might?

Twelve and a Half

Leverage the Emotional Ingredients Necessary for Business Success

  1. Gratitude
  2. Self-Awareness
  3. Accountability
  4. Optimism
  5. Empathy
  6. Kindness
  7. Tenacity
  8. Curiosity
  9. Patience
  10. Conviction
  11. Humility
  12. Ambition
  13. Kind Candor (1/2)

Optimism: garyvee.com/fthelion

Self-Awareness: garyvee.com/selfawareness

Text: 212-931-5731

Email: gary@vaynermedia.com


Category: Perceptions (Business)

Gary Vaynerchuk © 2021
March 1, 2022