What bothers you most about someone else is often a clue about what you don't like about your own circumstances … or, a political cartoonist could point it out instead.
Here are some of the posts that caught my eye. Hope you find something interesting.
Do you ever think about how most people choose to spend their time?
As you might guess, average Americans spend 8 hours at work, maybe half an hour in traffic, a few hours watching TV in the evening.
But what if you looked at it another way – what if you added up all those hours over the course of your whole life? The following infographic shows the tally.
That half an hour in traffic adds up to over a year of your life. And those innocent hours of TV? They add up to 9 years for the average American.
"It's not the years in your life that count … It's the life in your years." ~ Abraham Lincoln
Are you giving time to the things you really care about?
SAC
Braces for Big Exodus. The hedge-fund group has been bracing for client
withdrawals of at least $1 billion this year—nearly 17% of its AUM. (Wall
Street Journal)
What a great speech … short, simple, and to the point. Hope you get something from it.
After you watch the video, here is the transcript.
Life is tough, that's a given.
When you stand up, you're gonna be shoved back down.
When you're down, you're gonna be stepped on.
My advice to you doesn't come with a lot of bells and whistles. It's no
secret, you'll fall down, you stumble, you get pushed, you land square
on your face. And every time that happens, you get back on your feet.
You get up just as fast as you can, no matter how many times you need to
do it.
Remember this, success has been and continues to be defined as getting
up one more time than you've been knocked down.
If experience has taught me anything, it's that nothing is free and
living ain't easy.
Life is hard, real hard, incredibly hard. You fail
more often than you win, nobody is handing you anything.
It's up to you to puff up your chest, stretch your neck and overcome all
that is difficult, the nasty, the mean, the unfair.
You want more than what you've now, PROVE IT!
You want beat the very best out there that is, get out there and earn
it!
Once you decide that, you'll know where it is you want to be, then you
won't stop pushing forward until you get there! That's how winners are
made.
At the end of the day, success is what we all want.
We all want to win, and the race will be won. There is no question about
that.
So come on, get out on top, run faster, dream bigger, live better
than you ever have before. This is in you. You can do this. Do it for
yourself. Prove it to yourself!
Whether you think you can … or you think you can't … you're right. ~ Henry Ford
Slack-Lining is kind of like tight-rope walking (except the line isn't as taut … so it moves and bounces around). The image to the right is of me trying it less than six inches off the ground.
It was harder than you might guess … Perhaps fear of falling contributed to the heart racing and muscle tension that went along with it.
Josh Beaudoin (the guy trying to steady me) claims that slack-lining is not an adrenaline sport. It is about being composed in the moment. It is about finding the confidence to face your fear and the power to manage your emotions.
Listen to some wisdom as you watch an awesome video by Josh. It was shot in Rock Canyon near Provo, UT.
Imagine the experience of being up there … and what we do down here doesn’t seem risky.
Doing the same things, the same ways, has predictable results. Sometimes it is important to do things differently.
Here is a photo of me at the National Society of Black Engineers' Professional Development Conference, where I had the opportunity to present and participate in several panel discussions.
I'm neither black, nor an engineer, and they aren't traders; so why would they ask me to present… and why would I say yes?
Value is often added at the edges. Likewise, good things often happen when you travel outside your comfort or habit zone.
I gained a lot from the experience. For example, I had a discussion with the nuclear physicist who talked about how they use computer simulations to model the effects of a nuclear explosion. That gave me great ideas about how to measure the effect of a particular trading system or algorithm on a market.
Luck does favor the prepared. That conversation could just as easily have been me simply saying 'hello,' shaking hands, and moving on to the next person. To some extent, the ability to take advantage of opportunities comes from the intent to find them.
Is Luck Something That You Can Maximize, Or Would You Consider It Random?
It's possible that luck is both random and something you can maximize.
Here is an example. Many people consider the stock market to be random. Nonetheless, there
are groups of people who consistently beat the market and trade
profitably. How is that possible?
To explain, let's examine the
decision to purchase Apple Computer stock. Regardless of whether that
decision was based on gut instinct, fundamental analysis,
or a technical chart pattern … whether price moves up or down the
moment after that purchase is for the most part random.
However, if you
make 10,000 trades over time, then your ability to make and keep money is about how you manage risk and opportunity. At that point, your
system is not necessarily random. Consequently, it is something that you can
improve.
Transform Results By Getting Un-Stuck.
Improvement means getting better and different results. And, as you already know, it doesn't make sense to continue to do the same thing, yet to expect different results. So, a key skill is learning to recognize when things are "stuck" in rut.
The trouble with many "ruts" is that you don't know you're in one, while you're in one. Consequently, it often takes a different perspective to become aware of new possibilities, opportunities, or best next steps.
Implications.
The interesting thing that this implies is that those opportunities were always there … they just weren't there for you in your current state of awareness.
Similarly, recognize that many of the processes that we rely-on limit our "luck" or opportunities precisely because they limit our choices. When this is done consciously it can be helpful. However, when it's an unconscious act, it can be dangerous.
In general, you can categorize many tools as either being multipliers or diminishers. Neither one is good or bad in and of itself. The trick is to recognize that you have a choice, and that not choosing is still a choice.
Frank Partnoy ex-Wall Street derivative trader and self-confessed procrastinator, reveals the science behind our decision-making disasters and successes, and argues that decisions of all kinds, whether 'snap' or long-term, benefit from being made at the last possible moment.
The art of knowing how long you can afford to delay before committing is at the heart of many a great decision.
Energy flows where
focus goes … and questions are a great way to direct focus.
Planning is one
thing, “real life” is another.So, how do
you give stakeholders a clear picture of what’s happening, the relevant business
terrain, and the best path for them to navigate given their daily challenges
and objectives?
15Five is a
management tool that can help with those issues.It consists of a few simple questions that
each of your direct reports has an opportunity to fill out each week.
The name, “15Five”, comes
from the concept that it should take someone 15 minutes to think about and fill
out their answers to these questions; while it should take you about five
minutes (per person) to review those answers and give feedback. These responses
can be public or private, as you see fit.
The good news is that
15Five is simple and usable.You’ve
probably heard the phrase “Garbage in, garbage out.”More importantly, though, “Nothing in,
nothing out.”If people don’t use a
tool, it is tough to benefit from it, regardless of how “good” it is.
So, How Did Our Team Respond to This New
Tool?
Predictably, after a
week or two of using it, several members of the team approached me to ask how
long they'd have to do this. However, just a few weeks later, some of those
same people shared how much they're enjoying the process.
Ultimately, they
recognize that it's helping them raise their focus from the immediate to a
chunk higher. They also recognize that it's a chance to have a one-on-one
conversation with their boss about what they want to talk about … without
taking time away from their work or interrupting their focus time.
The 15Five process
also gives respondents a chance to think about and prepare worthy answers
(rather than to feel tongue-tied or regretful that they failed to mention
something when they had the chance).The
result is something they are likely to be proud of – and something to build
upon.
For the manager, it
is a chance to give individual attention to each respondent. It also provides
an easy way to comment (or ask for additional information) about specific
ideas. Just click a button and write your note. The other party gets an email
that they can respond to directly, or they can see it in the conversation
thread for that week’s report.
Where Is Value Added?
15Five helps people
think about the business (rather than simply working through their daily grind).
It helps them recognize why what they are doing matters, and how what they are
doing helps move things in the right direction. As a result, using the tool builds confidence and momentum. Ultimately,
15Five helps people steer themselves to take appropriate actions and make
better decisions.
As a trader, I
understand that price is the primary indicator of the market. However, to get a
better understanding, many traders use secondary indicators (like sentiment,
momentum, rate of change, or even the response to good or bad news). Beyond a direct communication tool, these are
the types of insights that the 15Five feedback mechanism makes possible.
For example, don't
just look at one week's set of responses in a vacuum. Instead, notice the tone
and the amount of care that someone uses when they send you their information.
Coachable Moments.
Here is another
example.If someone typically writes
three or four sentences to respond to a particular question, but this week they
only responded with three words, that might be an important thing to pay
attention to and note.
Sometimes a
non-answer is important. Last week one of the questions was “What
challenges are you facing? How are you going to fix it, and where do you need
help?”Someone answered that
they were not facing any new challenges that week. Great, right?Or, is that really an opportunity for
coaching?
In that situation, my
response was: “There are always challenges. Sometimes they are easy to spot
because they clearly present themselves as problems.Other times they can show up as opportunities
or choices … Sometimes, however, they are harder to identify because they could
stem from something as subtle as conflicting desires. Remember that the goal of the question to look above the
day-to-day activities to focus on your higher level intent and purpose.”
The point is that 15Five
gives you great opportunities to add value – and the time to notice coachable
moments. Here are some examples:
Is
somebody telling you what they “don't
want” rather than what they
intend to do?
Are
they so focused on the obstacles and challenge that they forget to recognize the opportunity or potential
competitive advantage?
Are
there opportunities to include other
people to create a unique ability team rather than a solo effort?
Are
there things that you can express
gratitude about or help the other person to feel proud about?
Are
they focused on the forest for the trees? If so, what is a quick compass check to ensure that we are moving in the
right direction?
Are
they focused on the right part of the problem; and have they right-sized it into chunks small enough to work on
effectively?
What does this
accomplishment make possible? And
how can we continue to build confidence and momentum?
From my perspective, the
thought process and preparation may be more important than the answers
themselves.
So, Is It Worth Paying For?
15Five helps avoid
communication problems by creating and preserving appropriate context for
decision-making.In addition, it is a
tool you can use to effectively direct focus and “steer” the company.
It is also worth
noting that 15Five feels like a separate tool. Because of that, I suspect people respond differently to it than they would
to a simple email or a discussion thread on the corporation’s private intranet.
Ultimately, this
process is something that people like better and gain more value from as they
do it more and do it better.
Energy flows where
focus goes … and questions are a great way to direct focus.
Planning is one
thing, “real life” is another.So, how do
you give stakeholders a clear picture of what’s happening, the relevant business
terrain, and the best path for them to navigate given their daily challenges
and objectives?
15Five is a
management tool that can help with those issues.It consists of a few simple questions that
each of your direct reports has an opportunity to fill out each week.
The name, “15Five”, comes
from the concept that it should take someone 15 minutes to think about and fill
out their answers to these questions; while it should take you about five
minutes (per person) to review those answers and give feedback. These responses
can be public or private, as you see fit.
The good news is that
15Five is simple and usable.You’ve
probably heard the phrase “Garbage in, garbage out.”More importantly, though, “Nothing in,
nothing out.”If people don’t use a
tool, it is tough to benefit from it, regardless of how “good” it is.
So, How Did Our Team Respond to This New
Tool?
Predictably, after a
week or two of using it, several members of the team approached me to ask how
long they'd have to do this. However, just a few weeks later, some of those
same people shared how much they're enjoying the process.
Ultimately, they
recognize that it's helping them raise their focus from the immediate to a
chunk higher. They also recognize that it's a chance to have a one-on-one
conversation with their boss about what they want to talk about … without
taking time away from their work or interrupting their focus time.
The 15Five process
also gives respondents a chance to think about and prepare worthy answers
(rather than to feel tongue-tied or regretful that they failed to mention
something when they had the chance).The
result is something they are likely to be proud of – and something to build
upon.
For the manager, it
is a chance to give individual attention to each respondent. It also provides
an easy way to comment (or ask for additional information) about specific
ideas. Just click a button and write your note. The other party gets an email
that they can respond to directly, or they can see it in the conversation
thread for that week’s report.
Where Is Value Added?
15Five helps people
think about the business (rather than simply working through their daily grind).
It helps them recognize why what they are doing matters, and how what they are
doing helps move things in the right direction. As a result, using the tool builds confidence and momentum. Ultimately,
15Five helps people steer themselves to take appropriate actions and make
better decisions.
As a trader, I
understand that price is the primary indicator of the market. However, to get a
better understanding, many traders use secondary indicators (like sentiment,
momentum, rate of change, or even the response to good or bad news). Beyond a direct communication tool, these are
the types of insights that the 15Five feedback mechanism makes possible.
For example, don't
just look at one week's set of responses in a vacuum. Instead, notice the tone
and the amount of care that someone uses when they send you their information.
Here is another
example.If someone typically writes
three or four sentences to respond to a particular question, but this week they
only responded with three words, that might be an important thing to pay
attention to and note.
Sometimes a
non-answer is important. Last week one of the questions was “What
challenges are you facing? How are you going to fix it, and where do you need
help?”Someone answered that
they were not facing any new challenges that week. Great, right?Or, is that really an opportunity for
coaching?
In that situation, my
response was: “There are always challenges. Sometimes they are easy to spot
because they clearly present themselves as problems.Other times they can show up as opportunities
or choices … Sometimes, however, they are harder to identify because they could
stem from something as subtle as conflicting desires. Remember that the goal of the question to look above the
day-to-day activities to focus on your higher level intent and purpose.”
The point is that 15Five
gives you great opportunities to add value – and the time to notice coachable
moments. Here are some examples:
Is
somebody telling you what they “don't
want” rather than what they
intend to do?
Are
they so focused on the obstacles and challenge that they forget to recognize the opportunity or potential
competitive advantage?
Are
there opportunities to include other
people to create a unique ability team rather than a solo effort?
Are
there things that you can express
gratitude about or help the other person to feel proud about?
Are
they focused on the forest for the trees? If so, what is a quick compass check to ensure that we are moving in the
right direction?
Are
they focused on the right part of the problem; and have they right-sized it into chunks small enough to work on
effectively?
What does this
accomplishment make possible? And
how can we continue to build confidence and momentum?
From my perspective, the
thought process and preparation may be more important than the answers
themselves.
So, Is It Worth Paying For?
15Five helps avoid
communication problems by creating and preserving appropriate context for
decision-making.In addition, it is a
tool you can use to effectively direct focus and “steer” the company.
It is also worth
noting that 15Five feels like a separate tool. Because of that, I suspect people respond differently to it than they would
to a simple email or a discussion thread on the corporation’s private intranet.
Ultimately, this
process is something that people like better and gain more value from as they
do it more and do it better.
Bottom Line: It
clearly adds value. Give it a try.
In addition, he has been talking with great traders and thought leaders about a wide range of topics. I'm honored that he chose to talk with me last week. Here is a link to the Interview.
We talk about the business of systematically finding edges through all sorts of different approaches – not only trend following. I like to think of it as finding more ways to win.
And we talk about a broader range of topics as well. For example, we discuss the "E-gene", and how entrepreneurism is at the core of what we practice.
Other topics include:
how hunches can be dangerous;
turning your hobby into your business;
recognizing patterns;
thinking big;
the "three levels of mastery" – cognitive, emotional, and physical;
how minimum standards can define your life;
how systematic trading can define your minimum standards; and
controlling emotions through automation.
We also discuss the importance of the world outside America, and which area both of us agree is important to keep an eye on.
There is a lot of good stuff in the interview. Hope you enjoy it.
Whether you think you can … or you think you can't … you're right. 
