Sahil Bloom tweeted this out a few days ago:
8,424
And it really resonated with me. I'm sure it does with a lot of you as well. I'm guilty of feeling this guilt. Because by definition, if you have a strong desire to do or to achieve something, then you're going to want to spend a lot time working toward it. And any time not spent working toward it, can feel like an unnecessary slowdown or delay.
But it's easy to let time melt away when you're in this headspace and I'm trying to be better at not letting this happen. For one thing, there are diminishing returns to work. We all need free time and rest. It makes us better at everything else we do in life.
It's also really easy to fill our lives with unnecessary bullshit. The same thing happens in our homes when we're not paying attention: we end up collecting unnecessary stuff. So as Paul Graham argues in this 2016 essay called "Life Is Short", it's important to "relentlessly prune bullshit." Focus on the things that matter, and don't wait.
When you're ambitious, I think it's easy to become focused on the future. I've been told I do this too much. Achieving something usually requires hard work and determination, and that likely means it won't happen today; it'll happen at some point in the future. So it can be easy to discount the present. But nobody knows how much healthy future we all have.
These are all things that I'm trying to be better at and so I'm writing them down here as a reminder. How do you manage your work-life balance?
Cover photo by Christopher Gower on Unsplash
Reading Howard Marks' investment memos is up there with reading Paul Graham's essays. You just need to do it. Howard's latest is about "taking the temperature" of the market and I think you'll find the lessons invaluable for everything from equities to residential real estate.
Here's an excerpt that I liked:
We don’t say, “It’s cheap today, but it’ll be cheaper in six months, so we’ll wait.” If it’s cheap, we buy. If it gets cheaper and we conclude the thesis is still intact, we buy more. We’re much more afraid of missing a bargain-priced opportunity than we are of starting to buy a good thing too early. No one really knows whether something will get cheaper in the days and weeks ahead – that’s a matter of predicting investor psychology, which is somewhere between challenging and impossible. We feel we’re much more likely to correctly gauge the value of individual assets.
These are investing words to live by. Avoid your own emotionality and value the asset. If it's not cheap, don't buy it. If it's cheap, buy it. Then take a long-term view. It all sounds simple enough, but it's clearly not so easy. And that's why we have extreme highs and extreme lows in the market.
Eighteen months ago, everyone wanted to buy residential real estate. Today, prices are lower, but fewer people want to buy residential real estate. Part of this is obviously because of interest rates. But part of it is also just because of emotion.
Paul Graham just published his latest essay and it is a recipe for "how to do great work." I highly recommend it, but you should know two things: (1) it assumes that you're "very ambitious" and (2) it's quite long. It's possibly his longest essay.
However, this second feature acts as a kind of filter. Because if you do actually make it to the end, his assumption is that it says something about both your level of ambition and your overall commitment to doing great work. You are presumably not the majority.
As I read through it (albeit relatively quickly), I immediately started copying and pasting excerpts that resonated with me. Eventually I stopped this because there were just too many of them. But as a preview, here are some of the ones that I did pull out:
Four steps: choose a field, learn enough to get to the frontier, notice gaps, explore promising ones. This is how practically everyone who's done great work has done it, from painters to physicists.
Develop a habit of working on your own projects. Don't let "work" mean something other people tell you to do. If you do manage to do great work one day, it will probably be on a project of your own. It may be within some bigger project, but you'll be driving your part of it.
The educational systems in most countries pretend it's easy. They expect you to commit to a field long before you could know what it's really like. And as a result an ambitious person on an optimal trajectory will often read to the system as an instance of breakage.
The trouble with planning is that it only works for achievements you can describe in advance. You can win a gold medal or get rich by deciding to as a child and then tenaciously pursuing that goal, but you can't discover natural selection that way.
To the extent you can, try to arrange your life so you have big blocks of time to work in. You'll shy away from hard tasks if you know you might be interrupted.
There may be some jobs where it's an advantage to be cynical and pessimistic, but if you want to do great work it's an advantage to be optimistic, even though that means you'll risk looking like a fool sometimes. There's an old tradition of doing the opposite. The Old Testament says it's better to keep quiet lest you look like a fool. But that's advice for seeming smart. If you actually want to discover new things, it's better to take the risk of telling people your ideas.
People who do great things don't get a lot done every day. They get something done, rather than nothing.
You really should read the entire essay, though. It's worth it.