Did I “keep the trains running on time” in 2020? Yes
Do I know how I measure my performance? Yes
How was my performance? Satisfactory
Overall grade: A- (I wasn’t aggressive enough in the markets at the bottom)
Time for my first thread of 2021: Today, How I Measure Myself: a 2020 Report!
With some related thoughts on evaluating management and picking investment managers.
Important note: underlying everything that follows is integrity and trust. Without that, nothing matters.
Did I “keep the trains running on time” in 2020? Yes
Do I know how I measure my performance? Yes
How was my performance? Satisfactory
Overall grade: A- (I wasn’t aggressive enough in the markets at the bottom)
Emotional investment decisions tend to be bad investment decisions, but passion keeps somebody in the game - especially when things get difficult
Equally true for investment managers and company management.
Don’t want:
For example, any CEO’s (or investors) job is to allocate capital. Do they measure their effectiveness at allocating capital? How?
Don’t want: “Just need more money”
Few are excellent at both. For example, asset allocation vs trading. Or looking at different asset classes.
Am I humble enough to admit where my circle of competence ends? Do I partner/hire - especially outside that?
2020 grade: A
Important Note: Are incentives aligned up and down the organization for everyone’s success? Are these incentives clearly communicated?
Don’t want:
AKA: Am I humble enough to continue learning? Am I courageous enough to put innovations into practice?
2020 Grade: C+
I was adequate on the learning side (thanks to many of you), but I let fear prevent me from taking more risk.
For Me:
Incremental vs Exponential decisions/action
What kind of manager am I talking too? Is the incrementalism willing open to exponential threats/opportunities (and vice versa)?
Am I aligned with their philosophy?
Do I want?
It’s a big world out there. Am I a good husband/father/grandfather/friend and citizen? Do I genuinely try to help people?
Do I try to deepen and relationships that are important to me?
2020 Grade: A-
I’m not really into ESG investing, but I do believe in “do well by doing good.”
I don’t think that’s the reason to “do good” but I do believe doing good is simply the right thing.
The best success I’ve had with resolutions/goals/performance metrics has been with things that CAN’T be measured with a number.
Performance evaluation is more art than science
H/t @katiepwilles 😂😂😂
I’ve already failed one 2021 goal: eliminating my twitter typo’s, etc.
I can be better, and I will be better!
Here’s to 2021!
More from Life
1/ Some initial thoughts on personal moats:
Like company moats, your personal moat should be a competitive advantage that is not only durable—it should also compound over time.
Characteristics of a personal moat below:
2/ Like a company moat, you want to build career capital while you sleep.
As Andrew Chen noted:
3/ You don’t want to build a competitive advantage that is fleeting or that will get commoditized
Things that might get commoditized over time (some longer than
4/ Before the arrival of recorded music, what used to be scarce was the actual music itself — required an in-person artist.
After recorded music, the music itself became abundant and what became scarce was curation, distribution, and self space.
5/ Similarly, in careers, what used to be (more) scarce were things like ideas, money, and exclusive relationships.
In the internet economy, what has become scarce are things like specific knowledge, rare & valuable skills, and great reputations.
Like company moats, your personal moat should be a competitive advantage that is not only durable—it should also compound over time.
Characteristics of a personal moat below:
I'm increasingly interested in the idea of "personal moats" in the context of careers.
— Erik Torenberg (@eriktorenberg) November 22, 2018
Moats should be:
- Hard to learn and hard to do (but perhaps easier for you)
- Skills that are rare and valuable
- Legible
- Compounding over time
- Unique to your own talents & interests https://t.co/bB3k1YcH5b
2/ Like a company moat, you want to build career capital while you sleep.
As Andrew Chen noted:
People talk about \u201cpassive income\u201d a lot but not about \u201cpassive social capital\u201d or \u201cpassive networking\u201d or \u201cpassive knowledge gaining\u201d but that\u2019s what you can architect if you have a thing and it grows over time without intensive constant effort to sustain it
— Andrew Chen (@andrewchen) November 22, 2018
3/ You don’t want to build a competitive advantage that is fleeting or that will get commoditized
Things that might get commoditized over time (some longer than
Things that look like moats but likely aren\u2019t or may fade:
— Erik Torenberg (@eriktorenberg) November 22, 2018
- Proprietary networks
- Being something other than one of the best at any tournament style-game
- Many "awards"
- Twitter followers or general reach without "respect"
- Anything that depends on information asymmetry https://t.co/abjxesVIh9
4/ Before the arrival of recorded music, what used to be scarce was the actual music itself — required an in-person artist.
After recorded music, the music itself became abundant and what became scarce was curation, distribution, and self space.
5/ Similarly, in careers, what used to be (more) scarce were things like ideas, money, and exclusive relationships.
In the internet economy, what has become scarce are things like specific knowledge, rare & valuable skills, and great reputations.
👨💻 Last resume I sent to a startup one year ago, sharing with you to get ideas:
- Forget what you don't have, make your strength bold
- Pick one work experience and explain what you did in detail w/ bullet points
- Write it towards the role you apply
- Give social proof
/thread
"But I got no work experience..."
Make a open source lib, make a small side project for yourself, do freelance work, ask friends to work with them, no friends? Find friends on Github, and Twitter.
Bonus points:
- Show you care about the company: I used the company's brand font and gradient for in the resume for my name and "Thank You" note.
- Don't list 15 things and libraries you worked with, pick the most related ones to the role you're applying.
-🙅♂️"copy cover letter"
"I got no firends, no work"
One practical way is to reach out to conferences and offer to make their website for free. But make sure to do it good. You'll get:
- a project for portfolio
- new friends
- work experience
- learnt new stuff
- new thing for Twitter bio
If you don't even have the skills yet, why not try your chance for @LambdaSchool? No? @freeCodeCamp. Still not? Pick something from here and learn https://t.co/7NPS1zbLTi
You'll feel very overwhelmed, no escape, just acknowledge it and keep pushing.
- Forget what you don't have, make your strength bold
- Pick one work experience and explain what you did in detail w/ bullet points
- Write it towards the role you apply
- Give social proof
/thread
"But I got no work experience..."
Make a open source lib, make a small side project for yourself, do freelance work, ask friends to work with them, no friends? Find friends on Github, and Twitter.
Bonus points:
- Show you care about the company: I used the company's brand font and gradient for in the resume for my name and "Thank You" note.
- Don't list 15 things and libraries you worked with, pick the most related ones to the role you're applying.
-🙅♂️"copy cover letter"
"I got no firends, no work"
One practical way is to reach out to conferences and offer to make their website for free. But make sure to do it good. You'll get:
- a project for portfolio
- new friends
- work experience
- learnt new stuff
- new thing for Twitter bio
If you don't even have the skills yet, why not try your chance for @LambdaSchool? No? @freeCodeCamp. Still not? Pick something from here and learn https://t.co/7NPS1zbLTi
You'll feel very overwhelmed, no escape, just acknowledge it and keep pushing.
