Stuart Miller

And there's a price for that, which is ideally they've got enough money that they've already found a way to relate to money that way. Or they're just innately conservative. That's what I was trying to capture.

And there's a price for that, which is ideally they've got enough money that they've already found a way to relate to money that way. Or they're just innately conservative. That's what I was trying to capture.

There's a guy who has a quote, I'm blanking on the guy's name. The job of the leader is to define reality on the way in and thank them on the way out. Which I think is so profound because it speaks to how each container is a different reality. And I've been thinking lately how you've heard of Gell-Mann amnesia.

There's a guy who has a quote, I'm blanking on the guy's name. The job of the leader is to define reality on the way in and thank them on the way out. Which I think is so profound because it speaks to how each container is a different reality. And I've been thinking lately how you've heard of Gell-Mann amnesia.

Where you're reading an article, it's about a subject you know about and you're like, oh my God, the reporter doesn't know what they're talking about. And then you turn the page and then you assume the next article accurately captures reality. I've been thinking I have that and most people have that about moving from one container to another.

Where you're reading an article, it's about a subject you know about and you're like, oh my God, the reporter doesn't know what they're talking about. And then you turn the page and then you assume the next article accurately captures reality. I've been thinking I have that and most people have that about moving from one container to another.

you're like, oh, this one is so idiosyncratic based on the source and the way the leader defined reality on the way in. Oh, I'm going to go to this next one, but that won't be the case of the next one. It'll be, quote, normal. No, every single one is so weird and idiosyncratic. And the older you get, your ability to

you're like, oh, this one is so idiosyncratic based on the source and the way the leader defined reality on the way in. Oh, I'm going to go to this next one, but that won't be the case of the next one. It'll be, quote, normal. No, every single one is so weird and idiosyncratic. And the older you get, your ability to

transition between containers gets really compromised because either you've grown up in one container or your willingness to put up with somebody else's frame on reality diminishes. And so I think the ambiguity that I was referring to when somebody's starting something new is just that act of defining the reality is a creative act. But while you're doing it, it feels...

transition between containers gets really compromised because either you've grown up in one container or your willingness to put up with somebody else's frame on reality diminishes. And so I think the ambiguity that I was referring to when somebody's starting something new is just that act of defining the reality is a creative act. But while you're doing it, it feels...

super slippery and amorphous. And it's like, I don't know if I'm going to get the investors. I don't know if I'm going to get the team. You're holding so many 33% probability things at once that it's very taxing. And if you haven't run something yourself before, you're not used to having everything be up for grabs.

super slippery and amorphous. And it's like, I don't know if I'm going to get the investors. I don't know if I'm going to get the team. You're holding so many 33% probability things at once that it's very taxing. And if you haven't run something yourself before, you're not used to having everything be up for grabs.

And I feel like the act of starting something new, you're sitting there on Monday morning Hopefully you have an office. If you don't have an office, you're sitting in a Starbucks and you're like, the sheer lack of strength, right? You've moved from order to chaos. There's no order. The only order comes from you asserting reality. And if you haven't done it before, you can feel fake.

And I feel like the act of starting something new, you're sitting there on Monday morning Hopefully you have an office. If you don't have an office, you're sitting in a Starbucks and you're like, the sheer lack of strength, right? You've moved from order to chaos. There's no order. The only order comes from you asserting reality. And if you haven't done it before, you can feel fake.

It can feel disorienting. You can have vertigo. It can be like, oh my God, what did I just do? So... What is it? It's getting comfortable with that level of uncertainty. And there's also this subtle thing where I'm actually working with somebody right now who's literally doing this very masterfully. You have to pretend it's more certain than it is. Because you're pretending makes it so.

It can feel disorienting. You can have vertigo. It can be like, oh my God, what did I just do? So... What is it? It's getting comfortable with that level of uncertainty. And there's also this subtle thing where I'm actually working with somebody right now who's literally doing this very masterfully. You have to pretend it's more certain than it is. Because you're pretending makes it so.

But there's something slightly intellectually dishonest about that. And it's particularly hard for hedge fund managers because many of them are kind of default skeptical. They're likely to see the downside and the risk and the calling bullshit on things. And so if you're in that mode and yet... your own thing feels like bullshit to you, it's not gonna work.

But there's something slightly intellectually dishonest about that. And it's particularly hard for hedge fund managers because many of them are kind of default skeptical. They're likely to see the downside and the risk and the calling bullshit on things. And so if you're in that mode and yet... your own thing feels like bullshit to you, it's not gonna work.

You gotta thread the needle on it's real enough. I'm gonna find the thing that's real enough to me that I'm willing to put a stake in while at the same time having a sense of humor about it.

You gotta thread the needle on it's real enough. I'm gonna find the thing that's real enough to me that I'm willing to put a stake in while at the same time having a sense of humor about it.