As the Olympics ended, I saw something that caught my eye ... and speaks to a wider audience.
It was an interview with astronaut, Chris Hadfield. In it, he talks about life, the universe, and what’s really out there.
One of the noteworthy points is not to focus solely on the finish line.
If you view crossing the finish line as the measure of your life, you’re setting yourself up for a personal disaster.
There are very very very few people who win gold at the Olympics. And if you say, ‘if I don’t win gold then I’m a failure or I’ve let somebody down or something,’ ... What if you win a silver? What if you win a bronze? What if you come fourth? What if your binding comes apart? … What if all of those millions of things that happen in life happen?
Only a few people that go there are going to win gold. And it’s the same, in some degree, I think in commanding a spaceship or doing a spacewalk. It is a very rare, singular moment-in-time event in the continuum of life.
And you need to honor the highs and the peaks in the moments — you need to prepare your life for them — but recognize the fact that the preparation for those moments is your life and, in fact, that’s the richness of your life.
The challenge that we set for each other, and the way that we shape ourselves to rise to that challenge, is life.
Here is the video.
Focusing on the finish line can be tough, even if you win.
Let's say you set a big goal (for example: winning a gold medal, playing in the Super Bowl, IPOing your company, making a billion dollars, etc.). Achieving a goal like that is often anti-climactic. Why, because what's next? Was that the high point ... and everything else is down-hill from there?"
Instead, focus on the process, the growth, and what it makes possible. That is where you will likely find the energy and motivation to find more ways to win and a bigger future.
What do you think?
If you want more Chris Hadfield, here is something.
Warren Buffett's Annual Letter: The Oracle of Omaha Shares Some Wisdom
Warren Buffett’s annual letter to Berkshire Hathaway shareholders is out.
Buffett's annual letter is always an interesting read ... even if you don’t agree with everything he says. There is a reason he is called “the Oracle of Omaha.”
Here are a few of the ideas that I noted.
Own Low-Cost S&P 500 Index Funds:
Mr. Buffett advocates going long "the economic future of the United States."
That sentiment was nothing new for him: "We’ve been making similar wagers ever since Buffett Partnership Ltd. acquired control of Berkshire in 1965. For good reason, too. Charlie and I have always considered a 'bet' on ever-rising U.S. prosperity to be very close to a sure thing."
Historically, Mr. Buffett has cautioned against trying to pick winning stocks. Instead “own a cross section of businesses that, in aggregate, are bound to do well.” A low-cost S&P 500 index fund helps any investor do this well.
Mr. Buffett has emphasized this point throughout his investing career.
“In the 20th century, the Dow Jones industrial average advanced from 66 to 11,497, paying a rising stream of dividends to boot. The 21st century will witness further gains, almost certain to be substantial.”
Mr. Buffett writes that when he passes away, he has left instructions for his trustee to invest the cash designated for his wife in two ways — 10% in short-term government bonds and 90% in a very low-cost S&P index fund. He suggests Vanguard’s index fund.
“I believe the trust’s long-term results from this policy will be superior to those attained by most investors who employ high-fee managers.”
Swing Both Ways When It Comes To Investing:
Buffett said Berkshire likes to buy businesses outright, but also will invest large sums in stock or partial ownership of a company, to increase its profit opportunities.
"Woody Allen stated the general idea when he said: 'The advantage of being bisexual is that it doubles your chances for a date on Saturday night.' Similarly, our appetite for either operating businesses or passive investments doubles our chances of finding sensible uses for our endless gusher of cash."
A Hint Towards the Future:
Three things struck me here.
First, in describing the large purchase and financing of ketchup maker (H.J. Heinz), Mr. Buffett called it a 'template' that Berkshire Hathaway could use in future acquisitions.
Second, near the end of this year's letter, Mr. Buffett notes that most Americans don’t understand the math behind pensions ... and cautions about the 'accelerating' dangers of local and state financial problems. Pensions, he says, have become a "gigantic financial tapeworm" because "public entities promised pensions they couldn’t afford." Mr. Buffett predicts: "During the next decade, you will read a lot of news — bad news– about public pension plans."
Third, he said: "Next year’s letter will review our 50 years at Berkshire and speculate a bit about the next 50." Interesting ...
Mr. Buffett has often said: "At Berkshire, our time horizon is forever." That perspective makes it a lot easier for the game not to end until you've won.
It reminds me of a lesson from an earlier Annual Letter:
Nothing stopped so many innovators and entrepreneurs more than the fear of failure. If you allow yourself to be constantly scared into thinking that the world is doomed you will never take that risk which might result in great reward. And perhaps worse, if you never fail you will never learn to get up, brush yourself off, move on and succeed in the future. This does not mean you should wander through this world with great complacency and blind optimism, but if you deny yourself the ability to maximize your full potential, you will always come up short.
Two Other Things:
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