Curiosity@Intelsense
Weekly dose of learning
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1.
Investing is about thinking of the second order derivative
For those who don’t know, in the late ’60s and early ’70s, I believe, Norway discovered oil off their coast. It was this huge boom, and everyone was rushing out to get blocks of water they could drill in. There was an enormous fortune to be made with this Norwegian offshore oil boom. For those who don’t know, we think of Norway as a very rich country now, but up until that point, it wasn’t. It was actually the poorer of the Scandinavian countries, mostly reliant on fishing—not a lot was going on in Norway. So, they discovered this oil, and the long and short of it is that all these guys were rushing out to buy pieces of this water to drill in.
Then there’s this trader who looks at the situation and says, ‘Okay, that’s getting fully priced in. What can I do?’ He decides to start accumulating Norwegian art. He just starts buying all this art, and you might think, ‘What kind of crazy guy is this? Why is he buying Norwegian art?’ The long and short of it is that he had figured out that once all these guys made their fortune from the offshore oil, they’d be looking for something to do with their money. Art is a very local market, and when a Norwegian guy makes some money, yes, he might go buy a Picasso, but he’s also suddenly going to want Norwegian art. So, while everyone was busy fighting and paying too much for this offshore oil, this guy was quietly accumulating Norwegian art. A year or two later, when all these newly rich guys started looking to spend their money, he was there with offerings for them and made a fortune that way.
2.
To improve, do what works for you
The mistake you can easily make, whether writing a book for the first time or trying to start a business or trying to get out of bed earlier each day, is finding a strategy that’s worked for someone, attempting to apply it to your own life, then getting annoyed when it doesn’t work. It can easily lead to self-loathing and frustration and bashing your head against the wall trying to force it to work when that strategy was never meant for you in the first place.
This isn't just inefficient. It’s harmful. When you fail at someone else's system, you don't question the system; you question yourself.
In elite sports, training programs are intensely personalized. No coach would give identical regimens to different athletes. Yet in work and personal development, we act as if one-size-fits-all is reasonable. Like we can just grab what’s worked for someone off the shelf and it’ll solve all our problems.
Pic of the Week
Thought of the Week
“Failure concentrates the mind wonderfully. If you don’t make mistakes, you’re not trying hard enough.” - Jasper Fforde
“You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats, so you can know who you are, what you can rise from, how you can still come out of it.” – Maya Angelou
Video of the Week
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