Book Highlights - Charlie Munger, Donut King, Lean Startup, The Perfect Day
Some heavy hitters here with the line up of books. A new one to the week is from a book I read a couple years ago that is JUST as relevant as always. The Perfect Day Formula By Craig Ballatyne. I'll often review some of the highlights I saved from this book. It's actionable, practical and a quick read that is well worth it!
ALSO, I've had a few people ask recently about how I go about my highlighting process from book to newsletter. While I'm sure I could be WAY more efficient, this is a breakdown of how I make sure I remember as much as I possibly can from each book that I read. VIDEO LINK HERE
Books Of The Week
- The Tao Of Charlie Munger By David Clark
- The Donut King By Ted Ngoy
- The Lean Startup By Eric Ries
- The Perfect Day Formula By Craig Ballatyne
- It doesn’t matter how good the odds are; if you don’t have any cash to bet with, you are never going to make a dime.
- A great number of Berkshires investments have been in companies that have manufactured the same product or provided the same service for fifty or more years.
- When it comes to the truly great businesses, time is almost always on the investor’s side.
- Strong swimmers are the ones who swim way out and potentially get themselves in trouble. Weaker swimmers stay close to shore, where it is safe. In the investing game it is the high IQ math/quant types who use the super complicated trading models who get themselves into trouble.
- One of my great gifts in life, I believe, is that I don’t mind looking foolish. I had virtually no fear parading my limited vocabulary in these new languages. I became conversant, and soon quite proficient. It is odd now to see the seeds of my future in that simple job. It also serves as an important lesson: improving yourself is always worthwhile, even if the benefits are not clear to you in the moment. I am alive today because I took the time to learn Thai, and I became rich because I challenged myself to learn English. Education is always worth the investment, and it is a cause that I am committed to promoting now that I am older.
- Often, while interpreting for my brother-in-law, I marveled at the way he made important decisions about troop allocations and strategy. He was decisive, a trait I sometimes saw in myself and that I tried to cultivate after watching him in action.
- The decision to pivot is so difficult that many companies fail to make it.
- Once you have found success with early adopters, you want to sell to mainstream customers. Mainstream customers have different requirements and are much more demanding.
- In this pivot, the company realizes that the product it’s building solves a real problem for real customers but that they are not the customers it originally planned to serve. In other words, the product hypothesis is confirmed only partially.
- Pivots come in different flavors. The word pivot sometimes is used incorrectly as a synonym for change. A pivot is a special kind of change designed to test a new fundamental hypothesis about the product, business model, and engine of growth.
- Most people start the day is the same way as the unprepared traveler. The average person lives a reactive life. They get up, they fight to make it to work on time. That’s extent of their planning. They haven’t looked any further ahead. They figure that when they get to work, then they’ll figure out something to do, or worse, a way to simply get through the day.
- When you combine a specific plan with a will to win, a never give up attitude, and of course action, you will overcome temptations and make the right decisionsIn order to get something done, you must first get started. 3.In order to compete the project, you must do everything that needs to get done. It’s not rocket science. It’s persistence.
Until next time... Readers are leaders,
