Someone wrote me today: I have taken a lot of time to ponder Rule #1 in your ‘Dividing Equity’, “Expect to be Disappointed”. I have also been diving into ‘Slicing Pie’ and talking to Mike Moyer about his ideologies as well. Similarly, I find the same disconnected energetic as he refers to everyone as “grunts”. I ask the question, why is it so difficult for humans to come together? My answer: For...
Most of us have heard of the Golden Rule and maybe some of us Singer’s Platinum Rule. Somehow, despite these ideas prevalently taught around the world, these rules are not prevalently followed. I propose two simpler rules, the Iron Nickel Rules, so-called as the core of the planet is made from a blend of iron and nickel metals, and these two simple rules can be a core to every relationship...
I love teaching, but no longer have a class of MBA candidates to teach each week. To make up for that, I answer questions on Quora. A few months ago I posted some of my most popular answers. Here are some more: Topic: Startups Why do so many startups fail?What aspects of the financial statements should an entrepreneur care most about when starting a business?How do you complete a bottom’s...
What are the negative consequences of large government deficits? Often the “aha moments” of understanding economics come in the midst of reading articles in The Economist. Not usually from the actual words, but from some fact coupled with flashbacks of learnings from all the books I’ve been reading. The latest of those was from an article in the November 2nd magazine, talking...
Michael Lewis is the author of The Big Short and a rare storyteller who can convey complex economic topics as stories with interesting characters and plots. Boomerang tells stories in and around the financial meltdown (a.k.a. Panic) of 2008-2009, but for Americans these are mostly the far less discussed stories of Iceland, Greece, Ireland, and Germany. The fact that Iceland was able (within a...
I came across this article and its opening line in MIT Technology Review: The most successful people are not the most talented, just the luckiest, a new computer model of wealth creation confirms.MIT Technology Review I said something similar in a blog post 18 months ago, What if 99% of success is luck? And given the craziness of WeWork in the news, this idea that success is due more to luck than...
Have I mentioned I love a good assumption? Have I mentioned my fascination with norms that were normal for our grandparents which seem totally odd today? Did you think 29 knuts in one sickle, and 17 sickles in a galleon was making fun of non-metric countries? Nope! It was making fund of pre-decimal British pounds, shillings, and pence. Note too this video is from 1970, not 1870 or 1670. In 1969...
A few times per year I attend conferences full of fellow fund managers, managers of family offices, and big impact investors. The rest of the year I share investment opportunities multiple times per week with other investors. From all these conversations, I’ve come to realize the power and benefits of running a business accelerator rather than a traditional venture capital fund. From 10,000...
From all my readings of the history of currencies, I felt the need to create a my own collection of worthless paper currencies. The first of these are on their way now, but in the meantime, I came across a website selling souvenir Zero Euro bills, and what better way to begin this collection than with a paper bill commemorating Euro’s most famous anti-Capitalist economist, Karl Marx. You...
I learned a lot about podcasts over the last year with The Next Step: Podcast, and I’ll continue posting to that channel occasionally, but for the rest of 2019 and 2020, I’m focused on a new podcast, one that look at the multitude of business opportunities across Africa. The other reason for the focus is my opportunity to share these stories on the new Africa Business Radio podcast...
