Founder Tribune
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“Here's to the crazy ones, the round pegs in the square holes, and the ones who see things differently”
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Tim Cook on the gift Steve Jobs gave him before handing over Apple: When Steve Jobs made Tim Cook CEO, he gave him one piece of advice that shaped everything that followed. "His advice to me was never ask what I would do, just do the right thing." Steve had a specific reason for saying this. Tim explains: "He was very close to Disney, as you know, his history. He had watched Disney go through this paralysis of sitting around and talking about what Walt would do. And he did not want that for Apple." Steve also wanted something Apple had never had before: a professional CEO transition. "There was always some issue that prompted a CEO change. It was always done at a time of panic. And he wanted it to be a professional and orderly kind of transition. He had thought about it, as you would guess, at a very deep level." For Tim, this advice removed an enormous weight: "I'll never forget that. It was such a gift for me, because he took off of my shoulder this question of what would Steve do." Plenty of people outside Apple kept asking that question anyway. Tim never did: "I just put my head down and thought, I'm going to be the best version of myself."
Founder Tribune32,830 Aufrufe • vor 2 Monaten
Warren Buffett: "It's a terrible mistake to think you have to have an opinion on everything." Buffett explains that the most important skill in investing isn't evaluating thousands of companies. It's knowing which ones you can't evaluate at all: "The most important thing is to be able to define which ones you can come to an intelligent decision on and which ones are beyond your capacity to evaluate. You don't have to be right about thousands and thousands of companies. You only have to be right about a couple." He illustrates this with the story of meeting Bill Gates on July 5th, 1991, in Seattle. Gates told him: "You've got to have a computer." Buffett asked why. Gates said he could do his income tax on it. "I don't have any income. Berkshire doesn't pay a dividend." Gates tried again: he could track his portfolio. "I only have one stock." Finally Gates said, "It's going to change everything." Buffett's response: "Will it change whether people chew gum?" "Probably not." "Will it change what kind of gum they chew? Well, then I'll stick to chewing gum and you stick to computers." The point isn't that computers didn't matter. It's that Buffett didn't need to understand them: "There's all kinds of business I don't understand, but there's thousands of opportunities. I did understand the Bank of America. I'm able to understand some given percentage." He then draws on Ted Williams' book The Science of Hitting. Williams divided the strike zone into 77 squares, each the size of a baseball. Swinging only at pitches in his sweet zone, he'd bat 400. Forced to swing at low outside pitches still strikes, his average dropped to 230. "The most important thing in hitting is waiting for the right pitch." But Williams had a disadvantage: with two strikes on him, he had to swing at pitches in the strike zone even in his 230 zone. Investors face no such constraint: "In investing, there's no called strikes. People can throw Microsoft at me, General Motors, any stock, and I don't have to swing. Nobody's going to call me out on called strikes. I only get a strike if I swing at a pitch and miss. So I can wait there and look at thousands of companies day after day, and only when I see something I understand and I like the price at which it's selling. Then if I swing and hit it, fine. If I miss it, it's a strike." "It's an enormously advantageous game."
Founder Tribune11,557 Aufrufe • vor 2 Monaten
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