"foreign banker and everyone's going to say Jamie Diamond but the richest Banker is a guy I had never heard of before I read your piece named Andrew Beale we should all set up our own banks no that's n..."

"with yet another in Trump too infinite loops with my good friend Frederick geishen and we're just talking about his incredible blog that I have been a subscriber to for a long time and he's thinking o..."

"and what's in the news a lot now are all the funny memes being made about a certain someone saying that he was in the arena and when when Frederick told me the maze I thought I immediately thought you..."

"and of course everyone who's talking about the arena themselves is just sitting at the desk and the arena is our you know spreadsheets and Bloomberg and Twitter so it's all it's already hilarious I th..."

"I mean the the Greek myth is I was like oh this is all fully formed but life is not quite like that right because in a labyrinth you have one path to the center and all you have to do is keep going yo..."

"connecting you to people you can trust and you know you know there's there's this Bond and there's people who make sure that threat doesn't get untied from the from the beginning um so even though it'..."

"they all if you like really unravel them they they all come back to some sort of fear-based thing that's blocking you yeah and uh I find that like fascinating and I remember I can't remember whose quo..."

"like mythologies and obvious one but there's others where maybe there's something for you know infinite uh the infinite umbrella but really going back and figuring out figuring out what has survived a..."

"should investigate right and figure out is this possibly be good and and come at it with you know that kind of beginner's mind I love it um and uh yeah we are we are simpatico in our thinking because ..."

"because then maybe you're maybe maybe you're looking at something that is an archetype that is a universal archetype not just specific to like weird cultures using the book title as the definition of ..."

"America's richest banker and as I read your piece I just saw it like this is almost a Master Class about like if you're trying to maximize your objective function for making money this guy has a prett..."

"went big in Insurance um uh what if he had become a banker instead right he owned a little bank at one of his first Acquisitions was one he had to divest it like could he have you know made a fortune ..."

"banking except with access to a leverage right so similar to to Buffett and so you could see the first few years in the Savings and Loan crisis he just bought all of these things from the government a..."

"everybody else is um you know orchestrating this this fire sale because they're there's because they're failing um and then the same thing repeats you know over the past 10 years because you know uh m..."

"um and but you also tell kind of the back story about he had an uncle who fixed TV sets uh that they would buy broken TVs for like a buck to two bucks and then they would resell them after his uncle f..."

"five I score very low on agreeableness and yet I find myself to be a very agreeable person that that that isn't what they mean by that though yeah what they mean by it is people who uh score very low ..."

"on an aerospace thing uh because he just loved the idea um I love and then he's got a math problem that he actually calls the Beale conjecture that he offers a hundred thousand dollar prize on I reall..."

"actually be useful right to me it's indicative of this somebody who's like using a really interesting problem and I want to try to fix it it's not always going to work right I have to be willing to pl..."

"learn something new right and and make sure that Temptation uh doesn't take over so he did that and he also created the conditions that allowed him to be patient like he controlled his own destiny by ..."

"[Music] um that's a long time yeah like I'm on Twitter like a week Fields a long time there's a new meme cycle coming uh four years is a long time to not um make money when when that's really what you..."

"lucky enough to on our Venture side we don't have LPS so if we get conviction and even if other people think it's crazy we'll do it and that frees you in a way where if I'm being honest if I was runni..."

"organized investment Banks not only did they have the names of the partners as the name of the institution right JP Morgan was Mr JP Morgan right and they were Partnerships why was that important beca..."

"it's actually our name and our money on the line that leads you to very different thought processes very different times where you're willing to pull the trigger very different times when like if you ..."

"like you say if you're a public institution or if you're running a credit card and you're like yeah we're not going to do anything for four years you're gonna be out of business because all of your LP..."

"and and and it does it why does it surprise us that you and I think had a conversation about like one of the things that bothered me most about the great financial crisis was nobody went to jail right..."

"up guess what you're gonna go to jail for 10 years and then we had the great financial crisis we socialized all the losses and we'd let the private people retain the gains well if that if that is what..."

"grifters and and those types of people it's called being in the arena gym listen this is this is I mean I I hear you that's that definitely seems to have changed and yeah you get what you incentivize ..."

"about this like we're running an hedge fund yeah uh talk about that because I think that's a really brilliant way to reframe yeah so I came about this in one article where he had a he set up a vehicle..."

"like just you know originate loans and put them on the balance sheet and we're going to get paid like a spread no think like an investor think like a risk taker um and then in the next step he decided..."

"enough to entice you to take outside money right and you never had to raise outside Capital either which is kind of incredible right like in in that way it's also similar to to Berkshire right I guess..."

"on the one hand he told them to think like investors but then he took something from his poker um time into into his own investment process so in in Vegas he showed up and he was really concerned that..."

"before making a decision he would always wait until the next time he you know that he get that impulse so to kind of randomize um the time that he took him to to uh to make a decision or not that it t..."

"things he's been tracking for decades and he understands certain industries really well and so you can have that same conviction or come you know go through that same uh process if you don't have that..."

"necessarily without having the same knowledge you know it's it's it's not it's not trivial it's easy to reduce this to a headline I was like oh he went all in um and it's easy to just misapply that al..."

"love your work is as you as you continue to find people like this or insights on Buffett or insights on on uh other you know great investors great Alchemists because I totally agree with you I joked b..."

"whenever uh rap Capital would put up the picture of the very attractive girl and and then the the line on the meme is something along the line so tell me something I don't know or whatever and and the..."

"information Cascade and these information Cascades reinforce the homogeneity of the opinions where you get things people saying well everyone knows right everyone knows that a b and then C always foll..."

"admire are like this guy um in terms of business right I don't know what he's like I'll have to read that book in which you found I have it somewhere uh but anyway you might not agree with his politic..."

"and like people it's like me if this were a religious thing fate Warren me saying this I'd be burned the stake as a parent what it is a religious thing right I mean that's it it not with the steak bur..."

"went to the meeting in Oneida like this is I don't have anything to do 40 000 contrarians yeah 40 000 contrarians and he was walking on water and uh and it just felt like I was too late to that partic..."

"yeah sorry I'm I'm going off track but no no no actually that's quite that's quite a good track to to to think about because you're absolutely right you know the the higher you write is the hierarchy ..."

"so what happens it's like gresham's law right the banking law bad money drives out good bad people drive out good people because because if you're you like we're staying on that theme for a minute and..."

"on or not you know afraid I'm gonna just uh chop off their head immediately when something goes wrong and I think it's that to create that kind of culture and that kind of structure and to sustain it ..."

"have undertaken to to ruin me I shall not sue you for the law is too slow I will ruin you yeah I will bury you I will mean you every single day exactly he went all Roman and Carthage on their ass no b..."

"right so you're it's subtle and you're almost unaware of it but one leads to kind of a deterministic type thought yes or no the other is a probabilistic way of looking at the world and saying yeah 30 ..."

"they're going to hit home runs all the time right it's uh that's that but that's something that's very hard to to accept exante because you're like I did all this work this thing better work out and a..."

"but if you simply put a bet down on the horse where the odds change most dramatically in that horse's favor in the last call it 15 minutes of the window and and you put and you and your bet was to win..."

"to in this specific situation under prices and jump in there um and I totally agree with you that sort of the first order of business is to know yourself and understand um your own inclinations all yo..."

"an ETF so yeah I think this is why this is part of why I keep harping in my writing on the inner Journey um because I think all of the emphasis goes on the outer well quote-unquote Journey but you kno..."

"uh who found even even if they found something that worked well for them they found themselves in a place where it was you know they had not developed um a process or conditions that allowed them to s..."

"they're just so curious about why markets behave the way they behave but you're I think you're absolutely right one of the things that I really hated was Glenn every portfolio was called a product and..."

"crashing and burning because they they're appealing to very different instincts right they're they're appealing to the memetic part of a human and they're appealing to the you know the thing where the..."

"yeah and so I'm not this is coming at it with some distance where I like the book is still being written so to speak but last year He piled into uh treasury I'm sorry into into tips or into inflation ..."

"bonds I mean I worked in uh evaluating leverage credit for a while and I was like that there was a big boom in in all of that um and it's it wasn't designed to operate at rates that were five percent ..."

"understand it right um and that was just you know I don't know this this is the it gets a little bit into speculation and it would be great to talk to him about it and figure out exactly what he's thi..."

"yeah very interesting one of the things that I try to do is like model things and then see like what are the commonalities what what how do they differ uh so kind of create a benchmark and what I've b..."

"that I keep seeing just time and again is agility the ability to to like notice oh that's different yeah I'd better not do it the old way like and again like it seems to have intuitively understood th..."

"and that it's rare it's I think it's fairly easy to find someone who's really good for a cycle and it's very hard to find someone who's good for several Cycles because then things do change the Playbo..."