Charlie Munger on Others Around You Becoming Rich

Josh Brown reminded his followers yesterday as Bitcoin’s price went up 40% within 40 hours about Charlie Munger’s related line on the subject:

“Someone will always be getting richer faster than you. This is not a tragedy.”

Slow down. Don’t worry about how others are doing. Focus on running your race as best you can. Inner scorecard > outer scorecard.

A Reminder About Living From Steve Jobs

Roger Ehrenberg posted this short piece which included the following quote from Steve Jobs:

When you grow up, you tend to get told that the world is the way it is. Your life is to live your life inside the world, to try not to bash into the walls too much: Try to have a nice family life, have fun, save a little money… but that’s a very limited life.

Life can be much broader once you discover one simple fact: Everything around you that you call “life” was made up by people that were no smarter than you — and you can change it. You can influence it… the minute you understand that you can change it, that you can mold it, that’s maybe the most important thing. To shake off this erroneous notion that life is there and you’re just going to live in it — versus embrace it, change it, improve it… and make your mark upon it.

Ehrenberg had a nice additional point as well:

In essence, this means (a) not worrying about what others are doing, and ignoring the fear and envy that comes from watching others’ perceived success (which, in fact, may not be enduring) and (b) not accepting the status quo as a given, but working to shape your own reality, a better and more functional reality than that which currently exists. These prompts help us stay true to ourselves

The Stretches of the Most Limber 77-Year Old I Know

It was almost 20 years ago that my dad started a daily routine of stretching, lifting free weights, and riding a stationary bike to remain fit and flexible into his senior years. Today, he is 77 and remains the most limber person I’ve seen among his peers.

Several years ago, I asked him to walk me through the 30-minute stretching routine he does to start each day. In his words, he goes from feeling 80 years old to feeling 30 years old because of that half hour. Today, I found the notes I took from his lesson. His stretches are below:

Arm circles – forward and back 25x

Hold fingers to temples – then move elbows in and out 25x

Karate punches – 25x

Forward stroke of freestyle swim stroke – 25x

If stiff, will do 50x

Lie down flat on back, hold arms out, then sweep leg across body (20 sec each)

The typical quad stretch

Reach arm straight out and hold, then over back of head for 20 seconds each

Single arm jai alai stroke – 12x each

Deep breathing, reaching arms out when you inhale and then dropping arms back to your side on exhale – 12x

Arms straight up, then stretch to toes, then touch fingers to floor

Lie down, move ankles in circles in the air: left, right, straight 25x each

Hamstring back while lying down

Then hold and move leg below knee in circle while elevated

Knee bends

Typical calf stretches

Lift one leg and place heel on a table to stretch hamstring

Typical calf stretch but with leg extended out further

Place hands on edge of a table, extend leg out and hold out as far as can

Elevated pushups on table, 50x

Sitting with legs out, extend back, then lean nose toward knees

Extend back, reach out to toes

Pull knee to chest while sitting, 10x each

Place a freeweight or large book at your feet; reach down with one hand to grab the weight/book, then pull up diagonally toward the opposite shoulder 12-25x each

Neck rolls, 25x each direction

Hands on hips, bend over at waist, center/left/right 3x

Standing, turn to look back in each direction while keeping your arms outstretched and extended

The typical back stretch while sitting on ground: one bent leg across the other extended, then use opposite arm to turn in other direction to stretch back

Butterfly

Standing, make single breaststroke all the way around until clasping your hands behind you, pull head back, then lean forward (2x)

While standing, hold arms out, straight up, then lean back

While standing, hold arms straight up, then swing them down through legs

Repeat with legs spread out

While standing, arms stretched up/out, then bend down each side

Repeat with legs spread out

Lie face down, then arch back so pushed partly up, then all the way up (20 sec each)

Mecca pose on ground, extending arms forward as far as can (20 sec)

Final note: he does a set of crunches before moving on to the next category of stretches.

Diana Nyad Speaks on Her Life After Sexual Assault

Diana Nyad is a legendary endurance swimmer. She has earned national acclaim for over forty years for various athletic feats. Her notoriety started when she swam the 28 miles around Manhattan in 1975.

Her greatest swimming achievement came at 64 years old in 2013. On her fifth try, she became the first person to swim from Cuba to Florida (110 miles) without using a shark cage. I distinctly remember her profusely thanking her large team of helpers that assisted her in the effort.

Last week, Diana wrote an op-ed column in the New York Times about being sexually assaulted multiple times in high school by her swim coach. She explains what it was like to carry that burden during those formative years and how it still impacts her today.

It is not an easy read, but I am glad she had the courage to talk about it. I encourage anyone that thinks they can raise their sympathy and understanding of these situations to read Diana’s column.

Evidence vs. Fear

Fear is loud. Evidence is quiet. Listen to the evidence.

I like that quote. It’s a reminder to get past the headline that is supposed to induce an emotional reaction. Look for the facts instead.

Nick Maggiulli has examples of subjects that humans fear even though the available facts on those subjects look far less menacing.

RIP Roy Halladay

For a 10-year stretch (2002-2011), Roy Halladay was arguably the best pitcher in baseball. While Halladay entered pro baseball as a touted prospect, he struggled early in his career.

In his second season, he posted the worst earned run average (ERA) of any pitcher in baseball history. He was sent down to the minor leagues. It was in the minors that he retooled his approach and returned as a budding superstar.

The stories about Halladay’s intensity and preparation, even on off days, are legendary. He is one of the most beloved teammates baseball has seen in the 21st century. He set the example for star pitchers in the prime of their careers today.

Halladay died yesterday at age 40 in a plane crash. It’s rare to see an outpouring of support to this extent after an athlete’s premature demise. We can all benefit from reading some of the stories being written about Roy this week to better ourselves in the future.

Here is a good one to start from ESPN’s Jerry Crasnick.

The Only Metric That Matters for a Service Business…

…is retention. Are you able to keep your current clients?

Josh Brown states his case here in reference to financial advisory firms, but I think this perspective can be adopted by any service business.

Focus on overdelivering for the clients you have, and odds are others will recognize the value of your product/service when you inquire about working with them too.

The three bullet points I liked best from Josh’s post:

— Tell the clients what you are going to do and then do it

— Turn away potential clients whose objectives are not within your circle of competence

— Standardize the process, customize the advice

Lizzie O’Leary on the Grey Area of Workplace Sexual Harassment

This column by Lizzie O’Leary at The Cut was excellent. O’Leary reflects on a career filled with moments that fall into the grey area of workplace sexual harassment. Examples include married executives and Congressmen she just finished interviewing who then asked for her number or to meet them for a drink at a late hour.

She typically let these moments slide because she did not want to jeopardize her career and/or figured no one would listen. The few times she did speak up, she was almost always told to keep it to herself.

Her hope is the next generation of women beginning their careers today do not endure a similar path. Hopefully they will know they can speak up, and the workplace environment will have improved enough to be receptive to their concerns.