Sam Altman : How to Build the Future

Summary

В этом скрипте разговора Джек, брат Сэма, обсуждает с ним, как оказать влияние на мир. Сэм подчеркивает важность определения пересечения своих сильных сторон, того, что вам нравится, и того, где вы можете создать ценность. Он рекомендует искать союзников, которые разделяют вашу путь и готовы к сотрудничеству на долгосрочной основе. Сэм также высказывается о том, как достичь больших успехов, комбинируя фокус, личные связи и уверенность в себе. Он рассматривает работу в 20-х годах жизни как время для инвестиций в карьеру с учетом сложных процентов, и считает, что рабочие процессы должны быть направлены на долгосрочную перспективу. Кроме того, он обсуждает важность нахождения мотивации, умения принимать риски и умения просить того, что вы хотите, несмотря на возможность отказа. Наконец, Сэм дает советы молодым людям, которые хотят оказать большое влияние, сфокусировавшись на глубоком анализе своей деятельности, нахождении коллег и на принятии решений с рисками для реализации своих идеалов и желаний.

Takeaways

• 🎯 **Выбор направления**: Используйте пересечение своих сильных сторон, того, что вам нравится и где вы можете создать ценность для мира.
• 🤝 **Сотрудничество**: Найдите свою группу людей, с которыми будете работать на протяжении всей карьеры, и не стесняйтесь переехать, чтобы быть рядом с ними.
• 💡 **Безвозмездная помощь**: Помогайте людям без ожидания немедленной выгоды, так как это может принести плоды позже.
• 🚀 **Реализация амбиций**: Комбинация фокуса, личных связей и уверенности в себе позволяет людям достигать успеха.
• 💪 **Начальные этапы карьеры**: Работа на полную катушку в начале карьеры приносит компонендный эффект и долгосрочные выгоды.
• 🕒 **Время - ваше главное достояние**: Вкладывайте время в свое развитие и обучение, это принесет плоды в будущем.
• 🤔 **Определите, когда прекратить**: Решение о продолжении или остановке проекта должно быть внутренним и основываться на истощении идей.
• 🔥 **Мотивация на долгосрочной основе**: Найти удовлетворение в том, что вы делаете, и убеждение в важности своей миссии.
• 📈 **Риск и карьера**: Принимайте риски, особенно в начале карьеры, когда у вас меньше всего терять.
• 💰 **Долгосрочный подход к инвестициям**: Придерживайтесь долгосрочных视角 и не бойтесь инвестировать в то, во что верите.
• 📊 **Сильные мнения о будущем**: Иметь сильные убеждения о том, как будет выглядеть будущее, и быть готовым приспосабливаться при новых данных.
• 🚧 **Поддержка и риск**: Иметь смелость на то, чтобы сделать что-то важное и значимое,哪怕 это может влечь за собой риски и компромиссы.

Q & A

Какие факторы, по мнению Джека, важны при выборе того, на что работать?

Джек считает, что нужно искать пересечение того, чем вы умеете, того, что вам нравится, и того, где вы можете создать ценность для мира.

Чемуучит Джек о том, как выбрать с кем работать?

Джек рекомендует быть готовым переехать и работать с людьми, которые занимаются похожей работой, и помогать другим без ожидания обратной выгоды.

Какой совет относительно работы в 20-е годы дает Джек?

Джек считает, что в начале карьеры лучше уделить больше времени работе, чтобы воспользоваться эффектом композиции и получить преимущества позже.

Как Джек определяет, когда стоит прекратить работу над чем-то?

Джек считает, что правильная метрика - это исчерпание идей и решать прекратить работу над чем-то внутренне, а не из-за внешних оценок.

Какой источник мотивации Джек считает ключевым для долгосрочного развития?

Джек утверждает, что ключ к долгосрочной мотивации - это наслаждение работой, убеждение в ее важности и, возможно, нравиться людям, с которыми вы работаете.

Что изменилось в мотивационных факторах у Джека за прошедшие 10-12 лет?

Джек отмечает, что в настоящее время он заинтересован только в тех вещах, которые он считает интересными и важными, в отличие от ранней карьеры, когда мотивировались заработком денег или известностью.

Какой совет по рискам в карьере Джек дает молодым людям?

Джек рекомендует взять на себя риски, особенно в начале карьеры, когда у молодых людей есть меньше всего потерь, и следовать своим убеждениям.

Чемуучит Джек о том, как правильно подходить к вопросам и запросам?

Джек научился просить то, что хочет и быть более решительными, так как это важное качество предпринимателя.

Какой совет относительно долгосрочной перспективы Джек дает по поводу инвестиций?

Джек считает, что долгосрочные инвестиции в лучшие компании, с которыми вы готовы оставаться на протяжении долгого времени, являются лучшим способом создания ценности и богатства.

Какую рекомендацию по работе над идеями Джек дает стартапам?

Джек рекомендует иметь сильные убеждения о будущем, но быть гибкими в деталях реализации, что позволяет стартапам пройти рефинирование, а не делать радикальные повороты.

Чемуучит Джек молодым людям, которые хотят оставить большое влияние на мир?

Джек настоятельно рекомендует молодым людям проанализировать, где они могут сделать наибольший вклад, и совместить это с их навыками и увлечениями, а также быть готовыми принять риски и сделать что-то значимое.

Outlines

00:00

😀 Выбор направления для работы

Джек, брат Сэма, обсуждает важность выбора направления для работы. Он подчеркивает, что для воздействия на мир нужно искать пересечение между тем, чем вы умеете, тем, что вам нравится, и тем, где вы можете создать ценность. Он также отмечает, что большинство людей просто занимаются тем, что попадает под руку, не обдумывая свое выбор. Однако, он считает, что внимательное рассмотрение того, на чем вы будете работать, того, с кем будете работать и того, как будете добиваться успеха, является важным шагом к воздействию на мир.

05:01

🤔 Влияние на выбор коллег

Джек отмечает сложность поиска подходящих людей для сотрудничества. Он рекомендует быть готовым переехать к группам людей, которые работают в вашей области интересов и подчеркивает важность помощи другим без ожидания обратной выгоды. По его опыту, это способствует созданию ценных контактов и возможностей для сотрудничества в будущем. Он также подчеркивает важность фокуса, личных связей и уверенности в себе для достижения успеха.

10:03

💪 Работа в 20-х годах жизни

Джек рассматривает работу в 20-х годах как время для инвестиций в карьеру. Он утверждает, что усердная работа на начальном этапе приводит к компонендному эффекту, который будет оказывать положительное влияние на всю дальнейшую карьеру. Он также отмечает, что важно работать с энтузиазмом, но не забывать о сбалансированности между работой и личной жизнью.

15:03

🤷‍♂️ Когда прекратить работу над проектом

Он обсуждает сложность определения момента, когда стоит прекратить работу над проектом. Джек считает, что большинство людей прекращают свои проекты слишком рано. Он предлагает использовать внутренние, а не внешние факторы для принятия решения о продолжении или остановке проекта. Важно не останавливаться на критике или отсутствии внимания, а сосредоточиться на том, есть ли еще идеи для реализации проекта.

20:04

🔥 Мотivation и риски в карьере

Джек рассказывает о мотивации и важности нахождения в работе. Он утверждает, что если вы не считаете свою работу важной и не получаете удовлетворение от нее, то не сможете выдержать долгосрочные трудности. Он также отмечает, что наибольшая мотивация заключается в наслаждении работой и убеждении в ее значимости. Он предупреждает против страха неудачи и рекомендует брать на себя риски, так как это может привести к большим возможностям и успехам.

📈 Долгосрочный подход к инвестициям

Джек делится своим опытом с долгосрочными инвестициями, напоминая одарением акций от бабушки. Он считает, что долгосрочный подход к инвестициям и стартапам - это ключ к успеху. Он рекомендует заниматься тем, в чем готовы вложить много времени и усилий, и быть готовым к долгосрочному сотрудничеству и вкладу в проект.

🧐 Сильные мнения о будущем

Он высказывается о том, что имеет смысл иметь сильные мнения о будущем и быть готовым принимать риски. Джек считает, что люди должны быть готовы быть убежденными новыми данными, но при этом быть уверенными в своих взглядах. Он против слишком быстрого изменения направления стартапа и считает, что лучше иметь сильную идею с гибкостью в реализации.

🚀 Советы для молодых людей

В заключительной части Джек дает советы молодым людям, которые хотят оказать большое влияние. Он рекомендует глубокое размышление о том, где можно сделать наибольший вклад, быть готовым к сотрудничеству, обучению и риску. Он подчеркивает, что неудачи не являются конечным решением и что можно всегда перейти к новому проекту.

Keywords

💡влияние

Влияние означает способность оказывать воздействие на что-либо или кого-либо. В контексте видео, речь идет о способности человека оказывать значительное влияние на мир, выбирая то, на что они хотят работать, и тем самым создавать ценность. Примером из текста: 'how to have an impact, on the world'.

💡ценность

Ценность - это качество или состояние чего-либо, имеющее большую важность, полезность или интерес. В видео упоминается, что при выборе направления работы нужно искать пересечение между тем, чем вы умеете, чем вам нравится и созданием ценности для мира. Пример: 'what you can create value for the world'.

💡труд

Труд - это физическая или умственная работа, которую человек выполняет, чтобы достичь определенных результатов. В видео подчеркивается важность усилий, которые человек должен предпринять, особенно в начале своей карьеры, чтобы накопить опыт и знания, которые приведут к успеху. Пример: 'if you work really hard at, the beginning of your career'.

💡компOUND интерес

КомпOUND интерес (в контексте видео - эффект композиции или эффект kumulativного роста) описывает ситуацию, когда маленькие изменения или усилия, проявленные с течением времени, приводят к значительному росту или улучшению. В видео упоминается, что труд в начале карьеры приводит к компOUND эффекту и дальнейшему успеху. Пример: 'there's a compound, effect'.

💡мотивация

Мотивация - это внутренняяriebenная или внешняя стимуляция, которая заставляет человека действовать или работать на достижение цели. В видео обсуждаются разные виды мотивации, включая удовлетворение от работы, веру в важность проекта и наслаждение от процесса. Пример: 'the source of motivation for, people like what should people be, looking to find to be inspired'.

💡риск

Риск - это вероятность возникновения нежелательных или негативных последствий действия или события. В видео рассматривается важность принятия рисков, особенно в ранних стадиях карьеры, и как это может привести к большим возможностям и успеху. Пример: 'how should people think about, taking risks in your, career'.

💡надежда на успех

Надежда на успех - это уверенность в том, что выбранный путь или предпринятые усилия приведут к положительным результатам. В контексте видео, автор утверждает, что важным фактором успеха являются личные убеждения и уверенность в своих идеях, несмотря на скептицизм других. Пример: 'you really have to have a deep-seated personal, conviction that this thing you're going, to do that a lot of people say is really, stupid is going to work'.

💡связи

Связи - это сеть личных или профессиональных отношений, которые человек может иметь с другими людьми. В видео подчеркивается, что личные связи и сеть контактов являются ключевыми для реализации амбициозных проектов и успеха в карьере. Пример: 'the way things get done in the world are, through a combination of focus and, personal connection'.

💡отказ от проекта

Отказ от проекта - это решение прекратить работу над определенным проектом или идеей. В видео обсуждается, как определить, когда стоит прекратить усилия и отказаться, а когда продолжать, несмотря на трудности. Пример: 'knowing when to quit and knowing, when to give up on something'.

💡начало карьеры

Начало карьеры - это первый этап профессионального развития, когда человек начинает свою работу и строит свою профессиональную жизнь. В видео утверждается, что усилия, приложенные в начале карьеры, могут иметь значительный компOUND эффект и привести к долгосрочному успеху. Пример: 'if you work really hard at, the beginning of your career'.

💡длительность

Длительность - это продолжительность времени, которое нужно для завершения чего-либо. В контексте видео, авторы обсуждают важность долгосрочной перспективы и воздержания при работе над стартапами и инвестициях, что может привести к большим результатам, чем короткосрочные стратегии. Пример: 'I think that one of, the few arbitrage opportunities left in, the market is time'.

Highlights

Identify the intersection of what you're good at, what you enjoy, and where you can create value for the world to have a significant impact.

People often fall into their work without much thought; it's beneficial to consider what you'll spend most of your time doing.

Finding your 'tribe' or like-minded individuals to work with is challenging but can be highly rewarding for your career.

Being willing to move closer to where great work is happening in your field can be a valuable step in your career.

Helping others without expecting immediate benefit can lead to significant rewards later in your career.

Focus, personal connections, and self-belief are key factors in accomplishing big things in the world.

Working hard at the beginning of your career can leverage compound interest effects for long-term success.

It's important to strike a balance between enjoying your 20s and working hard to set yourself up for future success.

Most people give up on their ideas too early; persistence is key in the face of initial failure.

Internal decision-making, rather than external validation, is crucial when deciding to quit or continue working on a project.

True motivation for long-term success comes from enjoying your work and believing deeply in its importance.

Burnout often results from a lack of momentum and failure, rather than from working too hard.

Taking risks early in your career can be a strategic advantage due to fewer commitments and more potential for upside.

People often overestimate the risks of failure and undervalue the potential of success, leading to missed opportunities.

Being a 'doer' rather than a 'talker' is a key characteristic of successful people; taking action is more important than just discussing ideas.

Asking for what you want, even with the risk of being told no, can lead to significant opportunities.

Each crisis you face becomes less scary than the last, building resilience and problem-solving skills over time.

Long-term commitment to an idea or investment can yield higher returns than a focus on short-term gains.

Having strong opinions about the future is important, but being open to new data and willing to adjust is also crucial.

Leaving young people with the advice to think hard about where they can make the biggest impact, learn as much as possible, and have the courage to take risks.

Transcripts

I'm Jack Sam's brother and we are here

in our backyard where we also live with

our other brother and Sam wanted to give

some advice about how to have an impact

on the world and since you couldn't

interview himself Here I am so Sam thank

you thank you for taking the time yeah

my pleasure

so to get started I think one of the

things that people talk a lot about is

how to get things done once you're

working on but I know you spend a lot of

time thinking about sort of what to work

on so could you talk a little bit about

how to pick what's important to work on

yeah um I think you want to look for the

intersection of what you're good at what

you enjoy and and what where you can

create value for the world and in my

experience if you don't find some of the

intersection of those three it's hard to

really have an impact I think most

people kind of just fall into what they

work on they don't give it much thought

and there is benefit to that sometimes

you actually have to just try stuff to

figure out what you like but I really do

think it is worth upfront thought about

what you're going to spend most of your

waking time doing so I think is really

good when people think about what

they're good at what they like and and

kind of how they can create value for

the world in sort of in addition to what

people are working on I know at Y

Combinator you talked a lot about who

people are working on things with yeah

how do you advise people to select sort

of who they're working on things with um

this is this is really hard finding your

tribe finding the sort of people that

you end up working with on and off for

the rest of your career is is really

hard I think I'll tell you some things

I've learned and I will admit that I

don't have a perfect answer to this yet

but I think one thing is you should be

willing to move for whatever you're

doing there tend to be pockets of it

around the world where there are similar

people that are doing great work in

whatever field you care about and it's

really worth trying to go be being near

them and so you know we get criticized

sometimes at YC for having people move

to the Bay Area but bringing people

together that are interested in this

similar thing of startups I think has

been really valuable for a lot of people

I think another thing that I have

learned is that whenever I've helped

people for no immediate benefit and with

no intention of ever getting to benefit

at all time and again in my career it is

really later benefited me a lot so I

think you at some point often get to a

point your career where you're limited

by how many good people you know and and

how many of those you can work with or

get to do things that together and so

fine just helping a lot of people and

spending a lot of time with a lot of

people has benefited me you know years

after I really helped someone for no

reason I get to invest in their startup

and it goes on to be a huge success or

were able to like work on opening I

together any number of things I think

just trying to help a lot of people and

out of that scene who is really

impressive and who gets things done is

helpful and in terms of how to actually

get things done so you've selected what

to work on who to work on it with you

think maybe you found your tribe and

then kind of now what what are what are

sort of the best ways to actually

accomplish big things well there's a

Charlie Rose quote on this that I've

always loved and I've since added one

more element to it but the quote is that

the way things get done in the world are

through a combination of focus and

personal connection and the additional

point I would make after having thought

about it for a while is that the third

factor is self belief it's you really

have to have a deep-seated personal

conviction that this thing you're going

to do that a lot of people say is really

stupid is going to work and going to be

important but I think those three things

focus personal connections and self

belief in my experience are how things

get done in the world so since you were

you know as long as you know you've

you've grown up and certainly three or

20s and now you've worked incredibly

hard and I know that a lot of the people

around you have worked very hard what's

sort of the advice or the way that you

think about your work-life balance in

your 20s and what do you recommend to

people who want to do these things and

also want to you know experience their

20s well I don't think I work as hard to

a lot of people I think I do work pretty

hard um but I'd say it's really I think

it's compound interest is a good

metaphor here if you work really hard at

the beginning of your career and you get

a little bit better what you do every

day every week every year and you learn

more and you meet more people and you

just get more done um there's a compound

effect and it's far better to put that

time in at the beginning

career then at the end because if you do

at the beginning you get to benefit from

it you know for the rest of the time you

work so you know one thing I always try

to do is like meet every person I had

time for go to every you know go to

everything I could and just like spend a

little bit more time trying to learn and

get better what I did what I do and I

think that is really valuable um the you

know the beginning of your career I

think in terms of studying the

trajectory that the rest of your career

follows is the most valuable time and so

obviously you don't want to work all the

time because your twenties your twenties

but I do think you want to work harder

than most people think you should and I

think that if you do that you tend to

benefit from it later life is super

unfair sometimes you also just get

unlucky and and so all you can do is

kind of maximize chances there but I do

think that working hard early in your

career to get the leverage and the

compounding effects is underrated and

one of the most valuable piece of advice

that I never got and so going into that

idea of these early years being

particularly valuable and working very

hard on things how do you decide when

you've worked on something long enough

and it's time to call it quits or when

you've worked on it for four years and

you're just about to have that

breakthrough how do you make that

distinction yeah this this is really

hard um knowing when to quit and knowing

when to give up on something is there's

no perfect answer to that but it's

really challenging to even get that

approximately correct I think most

people give up on things way too early

so the mistake that most people make is

they try something it does not

immediately work you see this

particularly in young entrepreneurs it

does not immediately work after seven

weeks they say you know what I tried

this thing it's just not meant to be and

I have too many other projects and so

they immediately give up and you kind of

you know the satirical version of this

is people that are 23 and have started

14 startups because they give up on

everyone before I could ever possibly

successful these things are really hard

they take a very long time there are a

lot of critics there are a lot of people

who say this thing sucks it's going to

fail it's really stupid and then also

there's like what at YC we call the

trough of sorrow where no one even

bothers to say it sucks because no one

cares at all

um and that is at least is demotivating

most of the founders that I have spent a

lot of time with that have gone on to be

super successful spent a very long time

on their idea when a lot of other people

would have given up and either people

said it sucks or people said nothing at

all and a framework that I have for when

to go up and when to keep working is it

should be an internal not an external

decision if people aren't using it or

people are saying it's bad that alone is

not a reason to give up you want to pay

some attention to that they might be

right but I think the best entrepreneurs

I know they make an internal decision

about when to give up or when to keep

working on something it's basically when

you have run out of ideas and something

is not working then it's a good time to

stop and so into this idea that you need

a long time to do anything important

what's the source of motivation for

people like what should people be

looking to find to be inspired or to

keep going on these ideas for a long

period of time

um yeah I think if you don't actually

believe what you're doing is really

important if you don't derive

satisfaction from what you're doing then

you will not be able to sustain all of

the bad things that happen an incredibly

long period of time that the bad things

happen over and so the only motivation

that I have seen work for people over a

long period of time is enjoyment and

what they're doing and an intense belief

that it matters and ideally liking the

people that they go to work with every

day um but the I think the reasons that

a lot of people and by the way it's

totally cool when people start off

saying well I want to make money or I

want to be famous I think a lot of

people start that way and they don't

like to admit it but pretty quickly or

at least in the first few years I think

a lot of people find a deeper mission

for why they do what they do

and that drives them than for the rest

of the time they work have you noticed a

change in what motivates you over the

last say 10 or 12 years um yeah I mean I

think I at this point I am sort of only

interested in things that I find sort of

interesting and important and early on

like a lot of other people I think I was

well I make money I want you know like

be in the press or whatever else and I

wouldn't say that doesn't motivate me at

all but it's honestly not a big factor

at this point yeah I just sort of like

there's a set of things that I think are

important and I want to work on this I

think another point about motivation

that is that people don't talk about

enough is related to burnout so I was

told and I thought for a long time that

you get burned out from working too hard

and at least in my own experience what I

found is that burnout actually comes

from failing and things not working

momentum is really energizing the lack

of momentum is super draining and I find

that I have infinite energy to work on

things that I find interesting and that

are working and almost none to work on

things that I either don't find

interesting or aren't working and so I

think you see a lot of founders try

something and fail and assume that they

just can't work hard enough or not

amount of energy or passion or whatever

and that's actually not true it's just

that that thing didn't work and what you

should do is shut that company down go

on vacation and try again and many

people then find that oh actually when

I'm doing this thing that I like and

that is working I have a huge amount of

energy and I can get a lot of stuff done

and so when you look at really

successful people and say how do they

get all those things done it's they have

the benefit of momentum and momentum is

energizing in the lack of momentum is

really not energizing working on a lot

of these problems that you know kind of

inspire this type of motivation are sort

of inherently riskier and I know you

know this is something that we've talked

about a lot about sort of the concept of

taking risk in a career being a repeated

game but how do you how do you think

about the idea of taking risks in your

career and how should people think about

it maybe differently than they currently

do well yeah I think people have

terrible risk calculus in general even

people who try to be really good about

this are bad at it um the answer I think

is almost always a you're wrong about

what is risking what it's not risky and

B most people don't take enough risk

especially early in your career being on

young and unknown and poor that is

actually a great gift in terms of the

amount of risk you can take

and I think people don't capitalize on

that enough I think what risk actually

looks like is not doing something that

you will then spend the rest of your

life regretting and there's a quote you

know people regret way more the things

they didn't do them things that they did

do so if you really believe in something

there's an idea that you're super

passionate about um you know and you

take a calculated risk to start a

company realizing you may forego a

couple of years of studying come in

another job and whatever else and you

know maybe people call you a failure or

whatever that's a great risk to take and

if you don't take that risk I think you

have a very high chance that you end up

regretting that um I think the wrong

kind of risk to take is where people

don't actually do things or don't commit

to something because they don't want to

fail and they over rate the risk of

failure and the reputation damage or

embarrassment or whatever I think one

really important thing to strive for in

your career is to be a doer not a talker

and the reason that people don't do

stuff one is it's hard and two is it's

risky and so you have these people that

you know want to dabble on a bunch of

different projects but never be all in

on one and I think it's this combination

of work and risk and it's you know I

think that's really bad I think history

belongs to the doers and I think you

should take a risk actually do something

don't just sit around and talk and

organize and bring together groups and

go to thought leadership conferences and

whatever it is these people spend their

time on other than actually building

something and just take the risk of

committing to what you you have

conviction on yeah and I think people

also seem to have sort of the fear of

being told no a lot and not asking for

what they want I'm sure that's something

that you've encountered with people yeah

um this was one of the other things I

learned that I wish I had gotten advice

on early in my career is ask for what

you want you will get told no a lot but

sometimes it will work and and I think

you see a lot of entrepreneurs shoot

themselves in the foot because they

don't ask

that person to quit the job and come

join them they don't ask this big

company to do a deal with them and

they're just not aggressive enough and I

think you being willing to ask what you

want and be somewhat aggressive are

really important characteristics of

being an entrepreneur people don't want

to fail they don't want to be told no

they don't want to end up in some crisis

another thing that I learned and I want

to say I wish someone told me this one

because I don't think it's a lesson

anyone can teach you you have to just

live through it is that each crisis gets

less scary than the one before it

you're running a company now I'm sure

you've I hope you've noticed this by now

you there are a lot of things that

really go wrong and they feel like

company killing events and they feel

like there's no way you're going to

survive because the crises are really

bad and the thing you learn is that you

generally do survive these and and that

the world doesn't usually end and even

if in the moment something happens you

have no idea how you're going to get

around it you eventually figure out a

way and because of that you know on the

19th major crisis you're like well I

survived the first 18 I'll probably get

through this one bit and you kind of

just do yeah definitely that rings true

so switching into a bit topic of sort of

money and sort of the long-term view of

it and how people can think about it

most clearly I'm actually to start with

a quick story that I think illustrates a

bit of some of your views this is from

when we were very young and our grandma

gave us each some stock oh this is a

good story in a company or you can tell

this one okay so she gave us each some

stock in a company that she thought we

would like and so as you like to point

out I was heavier as a child and one of

the things I liked was Appleby's and you

were hacking away on computers and other

things I was Apple and so we each got an

equal amount of Apple and Apple B's this

is like 20 years ago 20 years you know

and I think neither of us has sold it in

fact you nicely brought me my Appleby's

stock back from st. Louis recently your

stock certificates it's so long ago

still paper certificates and I think

inflation-adjusted I've probably lost

half my value there whereas I think your

Apple has gone up something

like I don't even want to think about it

hundreds hundreds yeah it's been a lot

how do you think about sort of the

long-term willingness to hold on to

things what are the advantages somebody

has early in their career how should

people think about money when they're

young yeah you know I still have those

uh Apple shares marked in my brokerage

account as grandma's birthday Apple

shares

I don't know I'm good I'm gonna keep

them I should benchmark them against

Applebee's um so I I think that one of

the few arbitrage opportunities left in

the market is time I think we have

gotten really good at high frequency

trading we've gotten really good at the

price of things we've gotten worse at

the long term value and I I don't think

you can go beat the market in a lot of

ways but the one way I do is is by

making a long-term commitment to

something I think that I my new belief

on how long I should hold stock and the

best companies I invest in is forever

and I think you know in a world where

people are increasingly focused on the

tick and the quarterly earnings cycle

you should try and go in the other

direction and this is a great way to

generate value and wealth and and so I

think that when you're thinking about a

startup it's really worthwhile to think

about something you're willing to make a

very long-term commitment to because

that is where the current void in the

market is um I think you know you get

paid as a founder for the wealth you

crave for other people so there's this

view of the world that business is all

about like trying to steal money and

sometimes that's true but but they're

the best companies just create massive

amounts of value for the world and then

they capture some of that for themselves

but they capture far less than they

create and they do it over a very long

period of time so if you're going to be

one of those companies

um I think you want to make a super long

term commitment to yourself and others

that are going to work on it with you

that this is going to take a long time

um but it is worth waiting because you

will make far more money over the long

horizon by doing this company really

well then a bunch of short-term things

along the way so how much do you think

people should have strong opinions about

things versus putting something into the

world iterating and sort of finding out

whatever works and going with that I

think you want a combination of those

two things you won't want to have a

strong opinion and then be flexible

about the details so the thing I don't

think works that often are the startups

on their love of the pivot that are

totally unrelated but I put a big

difference between refinement and

pivoting so when you start with a strong

belief you know we should have a social

graph in an online directory that is

Facebook has stayed pretty similar to

that although the product itself has

changed a lot along the way and I think

that's really good that is a strong idea

with flexibility in the implementation

and I think that's much better than the

we're just going to keep trying random

ideas because we want to have a startup

I think strong with strong opinions

about the future are really important

and I think one of the things that I

have noticed among the most interesting

the most successful people that I spend

time with is that they have strong

opinions strongly held about the future

they are willing to be convinced with

new data they are wrong but the bar for

that is fairly high and this idea that

the future is fundamentally unknowable

I've never liked actually I remember

pretty clearly this time war I was sort

of like spouting advice someone else had

given me in high school or college about

how you in you know you need to

diversify and investing because the

world is unknown unknowable and so all

you can do is have the most balanced

possible portfolio and I remember that I

was saying that out loud someone else's

said it to me probably grandma and and I

realized that I really didn't agree with

at all um because I had strong opinions

and then I knew that there were some

companies who stock I'd rather own than

others and I knew that I would rather

like own stock than own bombs because I

thought technology was gonna be worth a

lot more I have different ideas today

about the next 10 or 20 years um but I

think it's good it's not only okay it's

good to have strong ideas about the

future and it is okay to not be super

diversified in your investment portfolio

or your career or your life and then the

final question is if you could leave

young people who want to have a big

impact with one or two pieces of advice

what would you tell them well I don't

want to give people a specific field to

go work on because I think the whole

idea is that people need to figure out

themselves what they believe in and what

they think and what they believe is

high-impact to work on for the future so

what I will say instead is it is really

important to actually think hard about

where you think you can make the biggest

contribution that you're good at and the

world needs and that you enjoy and then

go meet people to work with go learn as

much about that field as you can and

then have the the courage of your

convictions to actually take a risk and

focus on it and go do something there

and that it's okay if you fail and if

you do fail you'll not be in much

different place than you are today and

you can go try the next thing but it's I

think really important to be willing to

go take a risk and make someone of

sacrifice to be able to try to impact

the world in some way that you really

care about and I think the sooner you

get to work on that the better you'll

you'll be awesome all right well Stan

thanks very much thank you jack