This is one my favorite books, I’m serious. Shelby Foote is a great interview, obviously, just watch his interviews with Ken Burns. (“Ken, you made me a millionaire,” Shelby reports telling Burns after the series aired.) You may not want to read the whole of Shelby’s three volume Civil War, it can get carried away with the lyrical, and following the geography can be a challenge. But the flavor of it, some of the most vivid moments, and anecdotes, come through in these collected conversations with inquirers over the years.
“You’ve got to remember that the Civil War was as big as life,” he explains. “That’s why no historian has ever done it justice, or ever will. But that’s the glory of it. Take me: I was raised up believing Yankees were a bunch of thieves. But it’s absolutely incredible that a people could fight a Civil War and have so few atrocities.
“Sherman marched with 60,000 men slap across Georgia, then straight up though the Carolinas, burning, looting, doing everything in the world – but I don’t know of a single case of rape. That’s amazing because hatreds run high in civil wars…
There were still a lot of antique virtues around them. Jackson once told a colonel to advance his regiment across a field being riddled by bullets. When the officer protested that nobody could survive out there, Jackson told him he always took care of his wounded and buried his dead. The colonel led his troops into the field.”
Finally treated myself to a few more of these editions. These books are casual and comfortable. They’re collections of interviews from panels, newspapers, magazines, literary journals, conference discussions. Physically they’re just the right size, the printing is quality and the typeface is appealing.
Why not start with another Mississippian, someone Foote had quite a few conversations with himself?
Wow, Walker Percy could converse.
Later, different interview:
Do we dare attempt conversation with the father of them all?
I’ve long found interviews with Faulkner, even stray details from the life of Faulkner, to be more compelling than his fiction. Maybe it’s the appealing lifestyle: courtly freedom, hunting, fishing, and all the whiskey you can handle. The life of an unbothered country squire, preserving a great tradition, going to Hollywood from time to time, turning the places of your boyhood into a world mythology.
We’ll have more to say about the Conversations with Faulkner, deserves its own post! Maybe Percy gets to the heart of it in one of his interviews:
Q: Did you serve a long apprenticeship in becoming a writer?
Percy: Well, I wrote a couple of bad novels which no one wanted to buy. And I can’t imagine anydboy doing anything else. Yes it was a long apprenticeship with some frustration. But I was lucky with the third one, The Moviegoer; so, it wasn’t so bad, I guess.
Q: Had you rather be a writer than a doctor?
Percy: Let’s just say I was the happiest doctor who ever got tuberculosis and was able to quit it. It gave me an excuse to do what I wanted to do. I guess I’m like Faulkner in that respect. You know Faulkner lived for awhile in the French Quarter of New Orleans where he met Sherwood Anderson, and Faulkner used to say if anybody could live like that and get away with it he wanted to live the same way.
For the advanced student:
loving this one. Supposedly the words of Odin himself.
Even Odin gets sloppy sometimes.
Crawford includes the Old Norse, if you need that. I’m not up on my Old Norse, I’m way behind on my Arabic as it is, my French is déchet, my Spanish is worse, most of my Irish is forgotten, but it’s cool to look at some of these syllables.
In 2011 Warren Buffett and Charlie Munger came to visit The Office to film a video for the Berkshire Hathaway annual meeting. I hadn’t heard of Charlie Munger. From the Internet I learned that he was a brilliant dude in his own right, as well as a guy Warren Buffett trusted, learned from, and considered his closest partner.
At lunchtime, everyone was huddled around the more famous Buffett, while Charlie Munger was sitting by himself. In this way I ended up having lunch with Charlie Munger.
From his Wikipedia page I knew he’d been a meteorologist in World War II, so I asked him about that. His job was hand drawing weather maps to make predictions as the US was sending planes over the Bering Strait to our then-ally the Soviet Union.
Ever since this encounter I’ve read everything I can find by Charlie Munger.
This is a good place to start.
In my hunt for Munger deep cuts, came across this speech he gave in October 1998 at the Santa Monica Miramar Hotel to a group of institutional investors. Stunningly blunt and direct advice on how to invest:
In the United States, a person or institution with almost all wealth invested, long term, in just three fine domestic corporations is securely rich. And why should such an owner care if at any time most other investors are faring somewhat better or worse. And particularly so when he rationally believes, like Berkshire, that his long-term results will be superior by reason of his lower costs, required emphasis on long-term effects, and concentration in his most preferred choices.
I go even further. I think it can be a rational choice, in some situations, for a family or a foundation to remain 90% concentrated in one equity. Indeed, I hope the Mungers follow roughly this course. And I note that the Woodruff foundations have, so far, proven extremely wise to retain an approximately 90% concentration in the founder’s Coca-Cola stock. It would be interesting to calculate just how all American foundations would have fared if they had never sold a share of founder’s stock. Very many, I think, would now be much better off. But, you may say, the diversifiers simply took out insurance against a catastrophe that didn’t occur. And I reply: there are worse things than some foundation’s losing relative clout in the world, and rich institutions, like rich individuals, should do a lot of self insurance if they want to maximize long-term results.
If only stupid Harvard had listened!
My controversial argument is an additional consideration weighing against the complex, high-cost investment modalities becoming ever more popular at foundations. Even if, contrary to my suspicions, such modalities should turn out to work pretty well, most of the money-making activity would contain profoundly antisocial effects. This would be so because the activity would exacerbate the current, harmful trend in which ever more of the nation’s ethical young brainpower is attracted into lucrative money-management and its attendant modern frictions, as distinguished from work providing much more value to others. Money management does not create the right examples. Early Charlie Munger is a horrible career model for the young, because not enough was delivered to civilization in return for what was wrested from capitalism. And other similar career models are even worse.
More Munger deep cuts from the 2017 Shareholders Meeting of Daily Journal Co., (I found here on the wonderful Mine Safety Disclosures website but it’s in a couple places). Daily Journal Co is a business that, as I understand it, exists on the fact that companies have to publish legal notices somewhere, and this company more or less has a monopoly on the business.
Munger gets real:
the Mungers have three stocks: we have a block of Berkshire, we have a block of Costco, we have a block of Li Lu’s Fund, and the rest is dribs and drabs. So am I comfortable? Am I securely rich? You’re damn right I am.
Could other people be just as comfortable as I who didn’t have a vast portfolio with a lot of names in it, many of whom neither they nor their advisors understand? Of course they’d be better off if they did what I did. And are three stocks enough? What are the chances that Costco’s going to fail? What are the chances that Berkshire Hathaway’s going to fail? What are the chances that Li Lu’s portfolio in China is going to fail? The chances that any one of those things happening is almost zero, the chances that all three of them are going to fail.
That’s one of the good ideas I had when I was young. When I started investing my little piddly savings as a lawyer, I tried to figure out how much diversification I would need if I had a 10 percentage advantage every year over stocks generally. I just worked it out. I didn’t have any formula. I just worked it out with my high school algebra, and I realized that if I was going to be there for 30 or 40 years, I’d be about 99% sure that it would be just fine if I never owned more than three stocks and my average holding period is three or four years.
Once I had done that with my little pencil, I just…I never for a moment believed this balderdash they teach about. Why diversification? Diversification is a rule for those who don’t know anything. Warren calls them “know-nothing investors”. If you’re a know-nothing investor, of course you’re going to own the average. But if you’re not a know-nothing —if you’re actually capable of figuring out something that will work better—you’re just hurting yourselves looking for 50 when three will suffice. Hell, one will suffice if you do it right. One. If you have one cinch, what else do you need in life?
Li Lu is himself a super interesting character.
A student leader in the Tiananmen Square protests, escapes China (with the help of Western intelligence?) ends up penniless at Columbia, hears about a lecture by Warren Buffett and misunderstands that this has something to do with a “buffet” and becomes of the most successful investors in the world?
More from Munger on a range of topics:
on Lee Kuan Yew and the history of Singapore:
Lee Kuan Yew may have been the best nation builder that ever lived. He took over a malarial swamp with no assets, no natural resources, nothing, surrounded by a bunch of Muslims who hated him, hated him. In fact, he was being spat out by the Muslim country. They didn’t want a bunch of damn Chinese in their country. That’s how Singapore was formed as a country—the Muslims spat it out. And so here he is, no assets, no money, no nothing. People were dying of malaria, lots of corruption—and he creates in a very short time, by historical standards, modern Singapore. It was a huge, huge, huge success. It was such a success, there is no other precedent in the history of the world that is any stronger.
Now China’s more important because there are more Chinese, but you can give Lee Kuan
Yew a lot of the credit for creating modern China because a lot of those pragmatic communist leaders—they saw a bunch of Chinese that were rich when they were poor and they said, “to hell with this”. Remember the old communist said, “I don’t care whether the cat is black or white, I care whether he catches mice”. He wanted some of the success that Singapore got and he copied the playbook. So I think the communist leadership that copied Lee Kuan Yew was right. I think Lee Kuan Yew was right. And of course, I have two busts of somebody else in my house. One is Benjamin Franklin, and the other is Lee Kuan Yew. So, that’s what I think of him.
on real estate:
MUNGER: Real estate?
Q: Yeah, real estate.
MUNGER: The trouble with real estate is that everybody else understands it and the people who you are dealing with and the competing with, they specialized in a little 12 blocks in a little industry. They know more about the industry than you do. And you got a lot of bullshitters and liars and brokers. So it’s not that easy. It’s not a bit easy.
Your trouble is if it’s easy—all these people, a whole bunch of ethnics that love real estate,. You know, Asians, Hasidic Jews, Indians from India, they all love real estate; they’re smart people and they know everybody and they know the tricks. And the thing is you don’t even see the good offers in real estate. They show the big investors and dealers. It’s not an easy game to play from a beginners point of view; whereas with stocks, you’re equal with everybody if you’re smart. In real estate, you don’t even see the opportunities when you’re a young person starting out. They go to others. The stock market’s always open, except venture capital. Sequoia sees the good stuff. You can open an office—Joe Shmo Venture Capitalist—startups come to me. You’d starve to death.
You’ve gotta figure out what your competitive position is in what you’re choosing. Real estate has a lot of difficulties. And those Patels from India that buy all the motels, they know more about motels than you do. They live in a god damn motel. They pay no income taxes. They don’t pay much in worker’s compensation and every dime they get, they fix up the thing to buy another motel. Do you want to compete with the Patels? Not I.
on Sumner Redstone:
Well, I never knew Sumner Redstone but I followed him because he was a little ahead of me in Law School, but Sumner Redstone is a very peculiar man. Almost nobody has ever liked him. He’s a very hard-driven, tough tomato, and basically almost nobody has ever liked him, including his wives and his children. And he’s just gone through life. There’s an old saying, “Screw them all except six and save those for pallbearers.” And that is the way Sumner Redstone went through life. And I think he was in to the pallbearers because he lived so long. So I’ve used Sumner Redstone all my life as an example of what not to do.
He started with some money, and he’s very shrewd and hard-driven. You know he saved his life by hanging while the fire was up in his hands. He’s a very determined, high IQ maniac, but nobody likes him and nobody ever did. And though he paid for sex in his old age, cheated him, you know always had one right after another.
That’s not a life you want to admire. I used Sumner Redstone all my life as an example of what I don’t want to be. But for sheer talent, drive and shrewdness, you would hardly find anybody stronger than Sumner. He didn’t care if people liked him. I don’t care if 95% of you don’t like me, but I really need the other 5%. Sumner just…
on the movie business:
And the movie business I don’t like either because it’s been a bad business-—crooked labor unions, crazy agents, crazy screaming lawyers, idiosyncratic stars taking cocaine-—it’s just not my field. I just don’t want to be in it.
on copying other investors:
Q: On the topic of cloning, do you really believe that Mohnish said that if investors look at the 13Fs of super investors, that they can beat the market by picking their spots? And we’ll add spinoffs.
MUNGER: It’s a very plausible idea and I’d encourage one young man to look at it, so I can hardly say that it has no merit. Of course it’s useful if I were you people to look at what other—what you regard as great—investors are doing for ideas. The trouble with it is that if you’d pick people as late in the game as Berkshire Hathaway, you’re buying our limitations caused by size. You really need to do it from some guy that’s operating in smaller places and finding places with more advantage. And of course, it’s hard to identify the people in the small game, but it’s not an idea that won’t work.
If I were you people, of course I would do that. I would want to know exactly what the shrewd people were doing and I would look at every one of them, of course. That would be a no-brainer for me.
on Li Lu:
I got to tell you a story about Li Lu that you will like. Now General Electric was famous for always negotiating down to the wire and just before they were at close, they’ll add one final twist. And, of course, it always worked, the other guy was all invested, so everybody feels robbed and cheated and mad, but they get their way in that last final twist.
So, Li Lu made a couple of venture investments and he made this one with this guy. The guy made us a lot of money in a previous deal and we’re now going in with him again on another—a very high-grade guy and smart and so forth.
Now we come to the General Electric moment. Li Lu said, “I have to make one change in this investment.” It sounds just like General Electric just about to close. I didn’t tell Li Lu to do it; he did it himself. He said, “You know, this is a small amount of money to us and you got your whole net worth in it. I cannot sign this thing if you won’t let me put in a clause saying if it all goes to hell we’ll give you your money back.” That was the change he wanted. Now, you can imagine how likely we were to see the next venture capital investment. Nobody has to tell Li Lu to do that stuff. Some of these people, it’s in their gene power. It’s just such a smart thing to do. It looks generous and it is generous, but there’s huge self-interest in it.
on Al Gore:
Oh, I got another story for you that you’ll like.
Yeah get that thing (peanut brittle out of here or I’ll eat it all).
Al Gore has come into you fella’s business. Al Gore, he has made $300 or $400 million in your business and he is not very smart. He smoked a lot of pot. He coasted through Harvard with a Gentlemen’s C. But he had one obsessive idea that global warming was a terrible thing and he understandably predicted the world for it. So his idea when he went into investment counseling is he was not going to put any CO2 in the air. So he found some partner to go into investment counseling with and he says, “we are not going to have any CO2”. But this partner is a value investor. And a good one.
So what they did was Gore hired his staff to find people who didn’t put CO2 in the air. And of course, that put him into services-—Microsoft and all these service companies that were just ideally located. And this value investor picked the best service companies. So all of a sudden the clients are making hundreds of millions of dollars and they’re paying part of it to Al Gore, and now Al Gore has hundreds of millions of dollars in your profession. And he’s an idiot. It’s an interesting story and a true one.
an email from Redcat informs me that there will be a concert this Saturday as part of the ongoing celebration of Lou Harrison’s centennial.
Out in Joshua Tree there is the Harrison House, a residency and performance space.
Built with straw bale architecture:
Checked out Lou’s music on Spotify and found it fantastic and soothing and terrific.
Cheers to Lou.
Found here, what a great interview:
You have wondered at Kenneth Roberts’s working methods—his stamina and discipline. You said you often went to zoos rather than write. Can you say something of discipline and the writer?
Kenneth Roberts wrote historical novels. He knew just what he wanted to do and where he was going. He rose in the morning and went to work, methodically and industriously. This has not been true of me. The things I have managed to write have been varied and spotty—a mishmash. Except for certain routine chores, I never knew in the morning how the day was going to develop. I was like a hunter, hoping to catch sight of a rabbit. There are two faces to discipline. If a man (who writes) feels like going to a zoo, he should by all means go to a zoo. He might even be lucky, as I once was when I paid a call at the Bronx Zoo and found myself attending the birth of twin fawns. It was a fine sight, and I lost no time writing a piece about it. The other face of discipline is that, zoo or no zoo, diversion or no diversion, in the end a man must sit down and get the words on paper, and against great odds. This takes stamina and resolution. Having got them on paper, he must still have the discipline to discard them if they fail to measure up; he must view them with a jaundiced eye and do the whole thing over as many times as is necessary to achieve excellence, or as close to excellence as he can get. This varies from one time to maybe twenty.
The whole thing is good. White describes how he came to draw the above New Yorker cover, his only one. And he talks about the diaries of Francis Kilbert, which sure do sound interesting. (Jump to “4. Relations With Girls”)
My copy is pre-owned and comes already highlighted:
I’ve always hated Hugo’s. On acting technique:
How about this one, about Australian historians?
Geoffrey Blainey’s recipe for peach-tin eggs:
Graeme Davison on the wrong side of the law in Melbourne:
There are no wasted humans:
from the boss Thomas Cleary:
And finally, some Daily Drucker:
My friend Sammy on her Instagram posted some quotes from her boyfriend’s Zen calendar that were not helping.
Due to the turbulent times, Saigyō focuses not just on mono no aware (sorrow from change) but also on sabi (loneliness) and kanashi (sadness). Though he was a Buddhist monk, Saigyō was still very attached to the world and the beauty of nature.
Others elsewhere translate mono no aware as something like beautiful melancholy or a feeling of longing so agonizing it’s pleasure.
To be “heartless” was an ideal of Buddhist monkhood, meaning one had abandoned all desire and attachment.
From Saigyō’s Wikipedia page.
Above we see Saigyō drawn by Kikuchi Yōsai, famous for his monochrome portraits of historical figures.
Warren Buffett’s advice always sounds simple, which isn’t the same as easy to follow.
Loved the doc about him on HBO. The first scene is him advising high school kids to take care of their minds and bodies. The second scene is him in the drive-through line at McDonald’s.
Fair’s where you kiss a pig and give it a blue ribbon.
Massachusetts alt version: fair’s where you go to see a giant pumpkin.
Tim Ferriss: If you could have one billboard, anywhere with anything on it, what would you put on it? If you wanted to convey a short message to as many people as possible.
Marc Andreessen: I’ve got one, I’ve actually thought about hiring a skywriter to do this one. Right in the heart of San Francisco would be a billboard with just two words on it: Raise Prices.
TF: Raise prices?
MA: Yes. The number one thing – just the theme and we see it everywhere – the number one theme with our companies have when they get really struggling is they are not charging enough for their product. It has become absolutely conventional wisdom in Silicon Valley that the way to succeed is to price your product as low as possible under the theory that if it’s low-priced everybody can buy it and that’s how you get the volume. And we just see over and over and over again people failing with that because they get in the problem we call too hungry to eat. They don’t charge enough for their product to be able to afford the sales and marketing required to actually get anybody to buy it. And so they can’t afford to hire the sales rep to go sell the product. They can’t afford to buy the TV commercial, whatever it is. They cannot afford to go acquire the customers.
TF: Too hungry to eat.
MA: Too hungry to eat. And then they sit there and they don’t sell anything and then they get nervous and then they cut their prices.
TF: And then it’s a race to the bottom.
MA: It just makes the problem worse. And so, probably the single number one thing we try to get our companies to do is raise prices. By the way, it’s like, “Is your product any good if people won’t pay more for it?”
from here. ReformedBroker warms that up with:
Good advice is worth multiples of what a client pays for it. Mediocre advice is not worth a little less, it’s worth nothing because it won’t be adhered to.
Look, the nature of grieving is weird, how are you gonna judge how somebody grieves? (but the typo?!)
first got me to really thinking about this.
George HW and Barbara Bush lost a daughter to pediatric leukemia when she was four years old. Cramer says that something like half of all couples that lose a child split up, because the ways that two people grieve can be so divergent and impossible, even offensive, for the other person to deal with. The Bushes were determined not to let that happen to them (and they didn’t).
The instinct on Twitter to make someone’s death an opportunity for backhanded aggrandizement sets my nerves on edge. I’m not sure why that particular thing gnaws at me so much. Maybe because the whole point of the death of a noble guy, or death at all, might be to remind us how unimportant we are, or to encourage us to be better?
(Hardly a perfect model here: when SDB died I both wanted to talk about him and myself and also at the same time never talk about it.)
This dude David Carr was incredible, his death was shocking, the number of people he seemed to have touched directly is staggering. In New York in 2009 I was talking to a girl who told me more or less unprompted about truly moving kindnesses and generosity David Carr had extended to her just out of excellence of character and goodness of spirit.
I’ll miss reading the guy’s stuff. I was just reading his thing about Brian Williams because I’m sure he’d have something to say worth hearing.
Now this is a tribute:
If you can only have one sentence of writing advice, go with this:
If you are prepared for an intense experience on the subject of death and grieving, might I recommend the American Experience “Death And The Civil War”?
If you’re rushed for time, allow me to summarize: the Civil War was a tremendous bummer.
gotta remember this re: consuming internet.
i think about this constantly in marfa, where there is a non-stop stream of performance and art, which sometimes rob one of time to pursue his/her own work. via pitchfork:
“One of the problems of our modern world is that there’s a lot of things to work through, but, at some point, everybody should take a pause from that and make something, so that it’s not just all one-way traffic. Human beings aren’t meant to be solely consumers—eventually, something has to come out. Otherwise, I don’t really see what the point of all that consumption is. The idea behind watching things and listening to things is that it stirs something within you, and hopefully that will stimulate you to then create your own thing.”
That’s how many people speak Telugu, a language I hadn’t heard of until yesterday when correspondent J-Mac sent us this gem from his vast readings, with the following commentary:
Presented without commentary.
They make their living by fortune telling, snake charming and using monkeys and dogs in performances.
(h/t HelyTimes correspondent “Rob C.” in Auburn)
Wouldn’t any truly effective person 1) listen rather than read, 2) insist on the abridged version 3) listen while driving?
PLAYBOY: This brings up a point raised by many of Fleming’s critics: While conceding that Bond’s adventures are entertaining, they denounce him as a caricature of sex appeal, and his erotic exploits as impossibly farfetched. Do you feel that’s valid?
CONNERY: No, I don’t. The main concern for an actor or a writer is not believability but the removal of time, as I see it. Because I really think the only occasions you really are enjoying yourself, being happy, swinging, as they say, are when you don’t know what time it is–when you’re totally absorbed in a play, a film or a party and you don’t know what time it is or how long it has been going on; then you’ll usually find there is contentment and happiness. When an artist can suspend time like that for an audience, he has succeeded. It doesn’t really matter, I think, whether it is “believable” or not. The believability comes afterward; or it doesn’t. If you want to question it afterward, that’s up to you. But the writer’s and the actor’s job is to remove time–while you’re still in the book or the theater. That’s exactly what Fleming achieved for millions of readers; and that’s what I’ve tried to achieve in the Bond films.
on Ian Fleming:
CONNERY: He had great energy and curiosity and he was a marvelous man to talk to and have a drink with because of the many wide interests he had. What made him a success and caused all the controversy was that his writing was such good journalism. He always contrived extraordinary situations and arranged extravagant meetings for his characters, and he always knew his facts. He was always madly accurate, and this derived from his curiosity. When he was discussing anything, like how a truck worked or a machine or a permutation at bridge, there was a brain at work and an enormous amount of research involved; it wasn’t just a lot of drivel he was talking. That’s what I admired most about him–his energy and his curiosity.
possibly Romney-esque in politics?:
CONNERY: … This sort of motivation is the great thing that’s lacking in present-day society. Everything is so smooth-running, so attainable, that one is deprived of initiative, lured into a false sense of security. In the days before the War, with high unemployment, many people simply put in an appearance every morning at the factory although they knew there was no chance of work. Sheeplike, they felt they just had to go. Today everything’s handed to them on a platter: They know they can get work and enough food, and socialized medicine has taken the worry out of being ill. If there is a malnutrition of any kind in this country–and I think there is–it’s self-inflicted. The only competition you’ll find today is the conflict between those few who try to correct a wrong, and the majority who hope it will just cure itself in the end.
a controversial view:
PLAYBOY: How do you feel about roughing up a woman, as Bond sometimes has to do?
CONNERY: I don’t think there is anything particularly wrong about hitting a woman–although I don’t recommend doing it in the same way that you’d hit a man. An openhanded slap is justified–if all other alternatives fail and there has been plenty of warning. If a woman is a bitch, or hysterical, or bloody-minded continually, then I’d do it. I think a man has to be slightly advanced, ahead of the woman. I really do–by virtue of the way a man is built, if nothing else. But I wouldn’t call myself sadistic. I think one of the appeals that Bond has for women, however, is that he is decisive, cruel even. By their nature women aren’t decisive–“Shall I wear this? Shall I wear that?”–and along comes a man who is absolutely sure of everything and he’s a godsend. And, of course, Bond is never in love with a girl and that helps. He always does what he wants, and women like that. It explains why so many women are crazy about men who don’t give a rap for them.
CONNERY: Well, for three or four people with some left over, I take a pound of the best beef and do it in olive oil and garlic for half an hour in a pot with a lid on it, so that all the juice is drained away from it, and while that’s going on I finely chop onions and carrots and have fresh tomatoes and tinned tomatoes all ready. Then I fry the carrots and the onions in butter, and once the steak has been cooking for about half an hour in the pot, I take it out and dice it up into squares–one- or two-inch squares–and then roll it in flour, salt, pepper and seasoning, and line the bottom of the bowl or stone dish. Then I cover all the meat with the onions and the carrots and the tomato–fresh and tinned–and the oil that’s left over in the juice that’s been taken from the meat I pour over the top. I then add a tube of Italian tomato purèe, and top it all off with either good stock or boiled water, and bake it in the oven for three hours and medium heat. It’s superb.
All these are from an interview in the Nov. 1965 issue of Playboy.
From this old Fast Company article (worth reading). Bezos is talking about getting investors who understand Amazon is playing a long-term strategy. But of course it goes beyond:
“With respect to investors, there’s a great Warren Buffettism,” he says. “You can hold a rock concert and that can be successful, and you can hold a ballet and that can be successful, but don’t hold a rock concert and advertise it as a ballet.”
Definite crossover with movie/TV pitching:
One of the most important things to understand is that, like all people, VCs are different people at different times of day. It helps to pitch as early as possible in the day. This is not a throwaway point. Disregard it at your peril. A study of judges in Israel doing parole hearings showed prisoners had a two-thirds chance of getting parole if their hearing was early in the day. Those odds decreased with time. There was a brief uptick after lunch—presumably because the judges were happily rested. By the end of the day people had virtually no chance of being paroled. Like everyone, VCs make poorer decisions as they get tired. Come afternoon, all they want to do is go home. It does indeed suck to have to wake up early to go pitch. But that is what you must do. Insist that you get on the calendar early.
A related point: It’s also important not to provide too much choice. Contrary to the standard microeconomics literature which extols the virtues of choice, empirical studies show people are actually made unhappy by a lot of choice. Too many choices makes for Costco Syndrome and mental encumbrance. By the end of the day, the VCs have had a lot of choices. So in addition to getting to them early in the day (before they’ve had to make a lot of choices), you should keep your proposition simple. When you make your ask, don’t give them tons of different financing options or packages or other attempts at optimization. That will burden them with a cognitive load that will make them unhappy. Keep it simple.