One Step Up #57
The psychology of money, the case for always staying invested, building an invention machine, dealing with pressure, asking the right questions + more
Heard this podcast last weekend and wow - Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor (#576)
Make it the one thing you most definintely listen to this week.
Our reliance on petroleum in one picture
The case for (always) staying invested
How to Build an Invention Machine — 6 Lessons That Powered Amazon’s Success
Slow down to innovate
Brainstorn around the customer’s needs, not your skill-set
Stay flexible on the details, but don’t let innovation become a part-time job
Build by working bakckwards
Intentions don’t work, mechanisms do
Great operators dive into the details
The Rafa Mentality: How to Perform Under Pressure
Some could argue that pressure comes from an inability to focus when pressure builds up. This may be because focus means not dwelling on the past, either on mistakes or glories. It means not being so caught up in the future, either its fears or its dreams. The ability to focus the mind is the ability to not let it run away with you. It does not mean not to think, but to be the one who directs your own thinking in times of need.
Athletes like Nadal who view the game as a challenge can often maintain composure and high levels of confidence. And with the extra energy and a sharpened concentration, they can utilize the full capacity of their working memory to analyze an on-court situation, formulate and execute the best strategy in real-time, hence helping them to thrive under pressure.
On the contrary, athletes who view it as a threat are often overwhelmed by anxiety. This often instills in them the urge to speed things up and get past that situation quickly, which eventually causes the athlete to lose control, misjudge the situation, and fumble under pressure.
Be basic: We learn more when we ask basic questions. Those are the questions that matter. They’re short, simple, and meant to extract information. But whether it’ s because they’re perceived as stupid or discourteous, basic questions can be difficult to ask.
The art and science of valuing a company
Till next time!