Ideas

  • Richest People In Human History

    For the past 80~ years, John D. Rockefeller was the undisputed richest person in history, but now Elon Musk is giving him a run for his money with a $340 billion net worth. 

    Many historians estimate Rockefellers' inflation-adjusted net worth to be around $340B, which would tie them. 

    With that, I thought I'd share a chart from visualcapitalist that spotlights the richest people in history.  Click to see full size.  

     

    Richest-people-of-ancient-history-1200pxvia visualcapitalist

    While this is fun to look at, realistically, it's hard to get accurate numbers for many of these people. Think how much land Genghis Khan held or that Augustus Caeser essentially owned an entire empire. The calculations of their wealth are very subjective, and records from ancient eras are very scarce. 

    It is, however, surprising to see someone amass such personal wealth in an era with much more competition. 

    Do you think someone will surpass that wealth soon?

    It is possible.  How and why?  Because we live in interesting times!

  • Thriving Through The AI Revolution

    The world is poised on the cusp of an economic and cultural shift as dramatic as that of the Industrial Revolution. - Steven Levy

    Artificial Intelligence is one of my favorite things to talk about … It makes so much possible! 

    In a previous article, I mentioned that forecasts expect AI to impact or eliminate up to 50% of current jobs. Nevertheless, I think that is the start of the story. The ultimate impact will be more significant and more positive than most people expect.

    Freeing humans to do more has always been a boon to society. Electricity put a lot of people out of work … but, look what it made possible.

    We'd be naive to think AI isn't going to influence the job market, but that doesn't mean you can't navigate that shift. 

    A Look At Industrial Revolutions

    The Industrial Revolution has two phases: one material, the other social; one concerning the making of things, the other concerning the making of men. - Charles A. Beard

    There are several turning points in our history where the world changed forever. Former paradigms and realities became relics of a bygone era. 

    Today, we're at another turning point.

    Tomorrow's workforce will require different skills and face different challenges than we do today. You can consider this a Fourth Industrial Revolution. Compare today's changes to our previous industrial revolutions. 

    Each revolution shared multiple similarities. They were disruptive. They were centered on technological innovation. They created concatenating socio-cultural impact.

    The fourth shares all the same hallmarks.

    We're harnessing new technologies like AI, the IoT, renewable energy, and the blockchain. Automation will reach new levels in this revolution. But there also will be an explosion of new fields, new markets, and new necessary skillsets – it's going to impact the world as holistically as electricity did. 

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    How will humans create value in an increasingly automated world?

    I believe that, if managed well, the Fourth Industrial Revolution can bring a new cultural renaissance, which will make us feel part of something much larger than ourselves: a true global civilization. I believe the changes that will sweep through society can provide a more inclusive, sustainable and harmonious society. But it will not come easily. - Klaus Schwab

    One of the distinctions I've recently made about the industrial revolutions is that for a long time, technology helped humans act like robots. Think about a plow and a farmer, or a seamstress and a sewing machine. After that, it helped robots try to act like humans, which you've seen more recently. 

    I believe we're at another inflection point, where new capabilities will free up humans to be more human and to pursue more of what they really want. 

    Robots can do many things, but they've yet to match the creativity and emotional insight of humanity. As automation spreads to more jobs, the need for management, creativity, and decision-making won't go anywhere … they may be bolstered by data analytics, but they won't disappear. 

    Our uniqueness and flexibility rightly protect our usefulness. AI and automation free us up to be our best selves and to explore new possibilities. 

    These are exciting times!

  • The Promise And Peril of AI with Alan Olsen

    In 2017, I shot my first video with Alan Olsen. Alan is a wealth manager to the ultra-affluent.  His American Dreams show is immensely popular with the High-Net-Worth demographic in Silicon Valley.

    Alan's show is about finding your path in life, and what it takes to make businesses thrive through adversity and challenging times. 

    In my first video with him, we talked about defining a meaningful life. We started by talking about my career path from a young lawyer to spending over 25 years running tech companies … and the lessons learned along the way.

    I recently shot a new video with him – this time on the promise and peril of AI. It has over 3,500 Likes on YouTube.  Watch it here.

     

    via The American Dreams Show

    The main issue addressed during the video is how you can best get what you want as the world changes and forces like AI terraform the world and your role in it. 

    It's worth watching.

    Ultimately, I believe AI is simply another vehicle freeing human nature. As AI does what humans used to … you have an opportunity to choose what to do with the freedom you get.  Will you relax or lift your gaze to something better?  The choice is yours.

    Similarly, some will want to direct new AI capabilities towards things they want to monetize better.  Others will want to weaponize AI.  Still others will use it to spread peace and love. 

    You've seen it with nuclear power (and a host of other technological capabilities) … tools aren't good or bad in and of themselves – it is what people use those capabilities for that determines their impact. 

  • Here Are Some Links For Your Weekly Reading – October 24th, 2021

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    Here are some of the posts that caught my eye. Hope you find something interesting.

    Lighter Links:

     

    Trading Links:

  • Getting Back To Work

    The future of work is changing.

    People have enjoyed the freedom of working from home, and even as the world has gotten safer, it’s unlikely that it will ever get back to the old normal.

    However, I’m not willing to give up on the office just yet.

    There are benefits to being in the office –and benefits to working from home.  Going forward, I suspect that many companies will adopt a hybrid home and office solution.

    I shot a video with more details. Check it out.

     

    When my company was running out of my home, we had 20+ people there. But, because it was in the house and seemingly everything was so integrated with our daily lives, our culture reeked of “family.” We developed a closeness that’s hard to match otherwise.

    As a company grows, it can be hard to maintain that sense of “family togetherness,” but it’s worth trying.

    Culture is the engine behind great companies.  As a result, if you let your culture die off, so will your future.

    Technology marches on – and there are now more and better tools to foster the quality of remote work and remote teams. As a result, during COVID-19, I was impressed by how our team stepped up. Our tech teams started using discord servers to stay in touch better. We used Microsoft Teams for internal meetings and chats. We used Zoom for external meetings. We intentionally scheduled ‘fun’ activities to lighten the mood. And, of course, we made sure to check in on people more often.

    Still, while running a high-performing company can be done remotely, I think it’s easier and better in person. As I mentioned in the video, our team is back in the office twice a week. We have better snacks, we cater in lunch, and we try to schedule important meetings on those days to maximize our team’s time in the office.

    I’d love to know what you’re doing to focus on culture this year (and how you’re managing in-office vs. work-from-home with your team).

    Thanks.

  • Global Chip Shortage and Automakers

    In August, I wrote about the technologies I thought would impact the world most over the next 5-10 years. 

    In that article, I also briefly identified the global chip shortage as a supply chain issue impacting millions of businesses, which could also become a significant barrier to businesses adopting A.I. at scale. 

     

    211004.n.supplychain-1via Marketoonist

    Let's talk a little bit more about the scale of the shortage. 

    Chips (or semiconductors) are used in substantially all the world's electronic devices – and the more complex machines can require not only more chips … but also more complex chips. For example, a modern car can have anywhere from 500-3000 chips in them. 

    When the pandemic hit, consumer demand shifts meant that semiconductor manufacturing had to slow down – and a foreseeable consequence of those actions presents us with the inconvenient truth that scaling back production can take up to a year-and-a-half. With demand increasing, the supply vs. demand ratio is getting more out of whack. 

    Luckily for you, semiconductor manufacturers prioritize the more lucrative goods (like smartphones and other consumer electronics), but that means that it will be harder for small businesses to get them – and it's also severely impacting the automotive industry. 

     

    Global-Chip-Shortage-Impact-Mainvia visualcapitalist

    You'll notice that the most affected brands have more production in North America. The reason for that discrepancy is that U.S. manufacturers depend heavily on chips from Asia. The Senate has recently approved $52 billion in subsidies for N.A. chip manufacturing, which hopefully will lessen that dependence over time. 

    If you were already worried about the skyrocketing prices of houses, you should expect to see a quick rise in the price of vehicles as well. 

    Buyer beware!

  • Get Yourself Optimized with Stephan Spencer

    I was recently on a podcast with Stephan Spencer where we talked about the future of AI – of course – but also about personal development, mindsets, and the hidden opportunities created by the byproducts of your strategies and business models. 

    It was a nice talk, and I hope you enjoy it and find it helpful.

     

    via Get Yourself Optimized

    The whole video is worth a watch, but the idea of strategic byproducts is a simple but powerful one. Essentially, while you're working on your core business, or operating your core business, you'll often realize that you have created other capabilities or outcomes of that business that can become a complementary business or platform in-and-of-itself. Instead of just being the exhaust of your business, they can become a valuable resource and the path to something new and potentially bigger and better than the original business. 

    That conversation starts around the 18-minute mark and picks back up around the 38-minute mark. 

    Stephan Spencer does an excellent job of that, not only in his businesses but with his podcast. What could simply be a video he records with the interviewee becomes audio, a transcript with highlights, a timeline of topics, and a checklist of action items that he (or you) could personally take from the interview. 

    He's already shot the podcast – so why not capitalize on the "exhaust" of it as well. 

  • Here Are Some Links For Your Weekly Reading – October 10th, 2021

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    Here are some of the posts that caught my eye. Hope you find something interesting.

    Lighter Links:

     
     

     

    Trading Links:

  • It’s Not What Happens, It’s What You Do

    It's been a while since I've shared this video. I shot it in 2015. But, it's as relevant today (if not more so) as it was then. 

     

    A lot of times, the things that look like giant problems or setbacks turn out to be catalysts for something positive (and often better).

    You can't control everything; but, you can control what you focus on, the meaning you give things, and how you respond.

    It's not what happens, it's what you do! 

  • How To Amplify Your Capabilities Like Elon Musk

    I recently shot a podcast with Mike Koenigs about taking your ideas and transforming them not just into products but into platforms. It was also featured on Forbes. 

    Many of the most valuable companies (like Tesla, Apple, and Amazon) leverage platforms to scale past their initial products and create profitable ecosystems. 

    The video is 50+ minutes – but covers the topic in great depth, and Mike adds a lot of significant distinctions. I think you will like it.

     

    via Capability Amplifier

    Since recording this podcast, I've continued to make finer distinctions. 

     

    Wisdom Comes From Making Finer Distinctions_GapingVoid

     

    One such distinction, to help businesses plan around new technologies, was to ask two key questions. 

    1. What technologies that already exist are going to impact your industry the most in the next 3-5 years?
    2. What technologies that you expect to exist are going to impact your industry the most in the next 5-10 years?

    I ask these questions because adopting new technologies doesn't mean you have to invent something new. It can mean capitalizing on existing technologies and finding new ways to use them. Understanding what is "likely" lets you lean in the right direction and helps you visualize the most likely paths forward. 

    This helps you figure out where to spend focus, time, energy, and other resources.  Remember, it is easier to follow and leverage a trend, rather than to fight it.

    Since the beginning of time, humans have been confronted with disruptive new technologies.  While technologies continue to change, human nature has remained relatively stable. As a result, predicting human nature is often easier than predicting technology.

    So, rather than trying to predict what technologies will win, you can focus on which needs and capabilities are most likely to attract attention and resources. Innovation and technology will follow to satisfy the desire.  

    Knowing that, the question is what can you build that leverages your unique abilities and the likely path of your chosen market.

    It sounds simple, but it's a powerful distinction and potential differentiator between you and your competitors.