Looking at the list, we see new editions like Clubhouse and Strava. Partially due to the quarantine, you're still seeing an increase in digital cash transfers with tools like Venmo, an increase in e-commerce shops like Shopify, and an increase in (you guessed it) collaboration tools like Zoom or Microsoft Teams.
Just to pick out some of the key figures in the chart this year.
Amazon users spend $283,000
6M people shop online
TikTok users watch 167M videos
and, Zoom hosts 856 minutes of webinars.
Before 2020, I already thought that big tech had a massive influence on our lives. Yet, somehow this past year has pushed their impact even higher.
One other thing this chart also helps put into perspective is the rapid rate of adoption. As you look at different year's charts, you can see how quickly apps have become part of the cultural zeitgeist.
How do you think these numbers will grow or change in 2022?
When you ask children what they want to be, many likely say YouTuber, Influencer, or some other variant of that theme.
Influence is a complicated thing. From an abstract perspective, it's the ability to affect someone else's behavior. A high schooler can influence their classmates. As entrepreneurs, we can influence our employees, our industry, and more. You can have immense influence over a small number of people or a little bit of influence over many people - both still count as "influence."
But, in this case, many of the most popular influencers aren't famous for changing the world; they are celebrities or just famous for being famous.
Below is a chart of the top 50 "influencers" by social media platform.
In the digital age, it's worth acknowledging social reach as power. People with a large platform have the opportunity to exert enormous influence - and it's why you often see the spread of misinformation reach far, fast.
It would be interesting to see how many of these people use their platforms to be a beacon to their followers (rather than a beacon to attract followers).
It would also be interesting to see how much (or little) engagement many of these "influencers" actually have with their followers (and how that level of engagement relates to the growth or decay of their followings).
While I assume that the readers of this post aren't in the business of being "Influencers," Most of us recognize the value of influence – and getting more of it.
As a result, it is probably worth thinking about influence as an asset. And now is time to think strategically about how to grow and use that asset better.
On September 11, 2001, 19 extremist Al Qaeda militants hijacked four airliners and carried out suicide attacks against targets in the United States. Nearly 3000 people were killed during the attacks.
Do you remember where you were when it happened?
For most Americans, it’s easy. That moment – and its ripples – are imprinted on our minds. For my son, Zach, it was in his 3rd-grade class. They wheeled in a TV on a cart for the students to watch. One of his classmate’s uncles was killed in the attack.
A colleague of mine was supposed to be in the tower that day but rescheduled a meeting for the following day – narrowly missing it.
And now 20 years have passed. So much has changed. So much has stayed the same. We’ve analyzed the events of that morning a thousand ways from different vantage points ... and it’s still impossible to fully grasp the weight of the event.
It’s crazy to imagine that there are now full-fledged adults who have no memory of it.
And with that, Visual Capitalist put together a great chronology of the event.
As we honor those that gave their lives – or had them taken from them – it’s a powerful reminder.
Each year I look forward to Camp Kotok, or as I like to call it Economists in Nature. It's basically 5 days of canoeing, fishing, and dining with economists, wealth managers, traders, investors and more.
One of few chances for people from these backgrounds to come together and talk about the world, big trends, investing, economics, politics, and more ... in an open and safe forum. The event goes by the Chatham House Rule - which basically means you can share the information you receive, but not who said it.
This year we talked about everything from China, digital currencies, the pandemic, and the state of markets.
Interestingly, for all the takeaways I could focus on, the main takeaway was uncertainty.
For all the intelligent and "in-the-know" people in the room, very few people had clear opinions of what was going to happen. There were too many variables at play, and while they posited a lot of potential paths, it feels like the general census was we're at a crossroads with many potential futures in front of us.
Despite the general uncertainty in the room, it wasn't fear-laden. The general mood was optimistic, and for the most part, everyone sees paths toward economic success post-COVID.
With that said, when and what "post-COVID" means is another issue.
One of the other key discussions that came up often was the new generation of workers and their changing relationship with work. It's plain to see the rate of quitting is higher, that wages are rising, and it's getting hard to fill minimum wage jobs. It's hard to get employees back in an office space, and many are willing to take pay cuts or switch to other companies to stay at home.
The long-term impact on our economy (and our culture) is yet to be seen.
While self-driving cars seem like a relatively new invention, the reality is that the earliest autonomous self-driving cars existed in the early 1980s (non-autonomous versions and semi-workable experiments have existed since the 1920s).
Luckily, the standards and approach have gotten much better since then, and we continue to make massive strides. Recently, Elon Musk stated that he was confident that level 5 self-driving cars would exist by the end of this year. That would mean the need for a steering wheel or a driver's seat would be next to 0 - a luxury even.
According to many AI experts, this is exciting because level 5 autonomy is not just difficult - it's near impossible.
Think of it from a human perspective. When we're driving, many minute decisions happen instantaneously and without much trouble. But some of those decisions are "subjective" and seemingly novel. We know the answer because we intuit the answer - not because it's following any specific rule.
For a car to reach level 5 autonomy, it would have to be pre-trained for essentially every possible situation they could encounter - no matter how rare.
Elon Musk is famous for his potentially antagonizing beliefs and predilection for extreme statements ... but will Tesla somehow solve these problems?
Is AI about to pass another hurdle already?
It's exciting stuff! As someone that hates long drives, I'm certainly ready for it. I can also envision a future where the norm is autonomous driving, and individuals that want the right to drive their cars themselves will have to pass extra tests, pay extra fees, and warn the autonomous cars that it's a human at the wheel.
Happiness is a complex concept comprised of positive emotions, lack of negative emotions, comfort, freedom, wealth, and more.
Regardless of how hard it is to quantify ... humans strive for it.
Likewise, it is hard to imagine a well-balanced and objective "Happiness Report" because so much of the data required to compile it seems subjective and requires self-reporting.
Nonetheless, the World Happiness Report does a good job with its annual look at quantifiable factors (like health, wealth, GDP, and life expectancy) and more intangible factors (like social support, generosity, emotions, and perceptions of local government and businesses). Click the image below to view the Report.
In their 2021 report, there was a significant focus on the effect of COVID-19 on happiness levels and mental health.
As you might expect, the pandemic caused a significant increase in negative emotions reported. Specifically, there was a significant increase in reports of worry and sadness across the ninety-five countries surveyed. Moreover, the decline in mental health was higher in groups that already had mental health problems - women, young people, and poorer people.
What's interesting about this is the resilience and bounce-back seen within the data. Considering the amount of disruption to households this past year, it's remarkable how stable the averages for countries have been.
Ultimately, globally, humans persevered in the face of economic insecurity, anxiety, and challenges to mental and physical health.
Despite the changes in emotions in 2020, overall life satisfaction rebounded quickly after March of 2020.
While there was a decrease in overall happiness, the relative balance in the face of such adversity may point towards the existence of a hedonic treadmill - or set point of happiness. I'm always impressed by what people can get used to, and how you can find pockets of joy in even the hardest times ... or how people with everything they could ever ask for can still feel profound unhappiness.
It's oddly beautiful and a great reminder that happiness comes from within. Obviously, our environment and circumstances play a part. It's easier to be content with a roof over your head and a stable job. But, after a certain point, it's on us to create our realities.
While the Olympics are more controversial this year than normal, I think most of us can appreciate watching the best athletes performing at their peak. We can also laugh at the cardboard "anti-sex" beds they put in the Olympic Village.
With that, I thought I'd bring back a video I shot with Sébastien Toutant who won a gold medal at the most recent winter Olympics. I met Sébastien while leaving an F1 race in Montréal. I had a chance to talk to him about what makes him tick and where he sees his future.
It's a great case study in self-actualization after you've reached the top of your proverbial mountain top.
There are multiple factors at work in high performance and in keeping yourself passionate and motivated.
1. Find Your Unique Ability
"Snowboarding is my passion. I was doing it every day ... Over time, It's my job, but it's still my passion. Every time I strap in on my board, I love it. You have to balance it. You have to keep the fun alive."
Unique Ability is where there's superior skill and it gives you energy, instead of taking energy. When you have to grind every day to become the best, and it's taking energy away from you, you're not going to stick with it.
When it lights you up, there's no limit to the hours or years you can commit to it.
2. Maintain Good Habits and Build New Skills
"Keep Snowboarding. Keep Training. Keep Trying New Tricks. The sport is moving so much, so you always have to improve your riding and invent new tricks. Push the sport to the next level."
Success is a war of attrition. You gain it every day through consistent habits and hard work. It's easy to talk the talk, but it's harder to set yourself up for success. Structure your life, and your environment in a way that makes success the default.
3. Stay Focused on the Future
"You have to make sacrifices to make it there. But it's worth it."
At my office, we practice the idea of "Measure Backwards, Plan Forwards".
To us that means it's important to take time to appreciate how far you've come ... yet, it's also important to stay focused on what you can still accomplish.
Your edge is decaying faster than ever before. Competition is growing not just from your competitors but from technology as well. Stay focused on next.
By the way, there is one other lesson this encounter reminded me about – opportunity is all around you ... waiting for you to notice and act! It would have been easy for me to filter out the "kid" standing behind me in a line after an event. Luck favors the prepared. Stay focused on what you want and keep your eyes, ears, and mind open for ways to get it!
A-To-Z of The Internet Minute in 2021
As I get older, time seems to move faster ... but it's also true that as I get older, more is accomplished every minute.
Technology is a powerful force function. In fact, the amount of data in the digital universe effectively doubles every two years.
Every couple of years, I revisit a chart about how much data is generated every minute on the internet.
In reverse chronological order, here's 2018, 2015, and 2011.
Here's an excerpt from 2015 for some perspective:
Throughout its (pretty short) history, the internet has been arguably the most important battlefield for relevancy and innovation.
So, what does the internet look like in 2021?
DOMO via visualcapitalist
Looking at the list, we see new editions like Clubhouse and Strava. Partially due to the quarantine, you're still seeing an increase in digital cash transfers with tools like Venmo, an increase in e-commerce shops like Shopify, and an increase in (you guessed it) collaboration tools like Zoom or Microsoft Teams.
Just to pick out some of the key figures in the chart this year.
Before 2020, I already thought that big tech had a massive influence on our lives. Yet, somehow this past year has pushed their impact even higher.
One other thing this chart also helps put into perspective is the rapid rate of adoption. As you look at different year's charts, you can see how quickly apps have become part of the cultural zeitgeist.
How do you think these numbers will grow or change in 2022?
Posted at 09:14 PM in Books, Business, Current Affairs, Food and Drink, Gadgets, Games, Healthy Lifestyle, Ideas, Just for Fun, Market Commentary, Movies, Music, Personal Development, Pictures, Religion, Science, Sports, Television, Trading, Trading Tools, Travel, Web/Tech | Permalink | Comments (0)
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