Ethics is not necessarily something you study
It's something you think about
And it's something you do
Every one of us has a personal moral code
And where you got that moral code from
Is different for everybody
It's not like I can point you to a textbook
Sure, I could point you some Roman and Greeks text
But that's not gonna suddenly make you ethical
There's the golden rule, right?
Do unto others as you would have
Them do unto you
Or there's Nassim Taleb's silver rule
Don't do unto others
What you don't want them doing unto you
Once you've been in business long enough
You will realize how much of business is about trust
And it's about trust because you wanna compound interest
You wanna be able to work for long periods of time
With trustworthy people
It's something you think about
And it's something you do
Every one of us has a personal moral code
And where you got that moral code from
Is different for everybody
It's not like I can point you to a textbook
Sure, I could point you some Roman and Greeks text
But that's not gonna suddenly make you ethical
There's the golden rule, right?
Do unto others as you would have
Them do unto you
Or there's Nassim Taleb's silver rule
Don't do unto others
What you don't want them doing unto you
Once you've been in business long enough
You will realize how much of business is about trust
And it's about trust because you wanna compound interest
You wanna be able to work for long periods of time
With trustworthy people
You wanna figure out what you're uniquely good at
Or what you uniquely are
And apply as much leverage as possible
So making money isn't even something you do
It's not a skill
It's who you are stamped out a million times
Making money should be a function
Of your identity and what you like to do
Find three hobbies
One that makes you money
One that makes you fit
And one that makes you smarter
[Chorus]
Find three hobbies
One that makes you money
One that makes fit
Or what you uniquely are
And apply as much leverage as possible
So making money isn't even something you do
It's not a skill
It's who you are stamped out a million times
Making money should be a function
Of your identity and what you like to do
Find three hobbies
One that makes you money
One that makes you fit
And one that makes you smarter
[Chorus]
Find three hobbies
One that makes you money
One that makes fit
(Sure, you've got a great product)
(But you have to remember what you're really selling)
(Yourself)
Productize and yourself
Yourself has uniqueness
Productize has leverage
Yourself has accountability
Productize has specific knowledge
Yourself also has specific knowledge in there
And so, all of these pieces
You can combine them
Into these two words
[Chorus]
Productize yourself
Productize and yourself
(But you have to remember what you're really selling)
(Yourself)
Productize and yourself
Yourself has uniqueness
Productize has leverage
Yourself has accountability
Productize has specific knowledge
Yourself also has specific knowledge in there
And so, all of these pieces
You can combine them
Into these two words
[Chorus]
Productize yourself
Productize and yourself
You have to absolutely and completely ignore
Business journalists and economists, academics
When they talk about private companies
I won't even name names
But like, when a famous economist rails on bitcoin
Or when a business journalist attacks
The latest company that's IPOing
It's complete nonsense
Those people have never built anything
They're professional critics
They don't know anything about making money
Those people have never built anything
They're professional critics
They don't know anything about making money
Those people have never built anything
They're professional critics
They don't know anything about making money
All they know is how to criticize and get page views
You are literally becoming dumber by reading them
Business journalists and economists, academics
When they talk about private companies
I won't even name names
But like, when a famous economist rails on bitcoin
Or when a business journalist attacks
The latest company that's IPOing
It's complete nonsense
Those people have never built anything
They're professional critics
They don't know anything about making money
Those people have never built anything
They're professional critics
They don't know anything about making money
Those people have never built anything
They're professional critics
They don't know anything about making money
All they know is how to criticize and get page views
You are literally becoming dumber by reading them
Apply specific knowledge
With leverage and eventually
You will get what you deserve
Apply specific knowledge
With leverage and eventually
You will get what you deserve
This one is just a glib way
Of saying that it takes time
Time
It takes time
Even once you have all of these pieces in place
There is an indeterminate amount of time
That you're gonna have to put in
And if you're counting, you will run outta patience
Before it actually arrives
So you just have to make sure
That you give these things the proper time
Life is long
Charlie Munger had some line on this
Somebody asked him about making money
With leverage and eventually
You will get what you deserve
Apply specific knowledge
With leverage and eventually
You will get what you deserve
This one is just a glib way
Of saying that it takes time
Time
It takes time
Even once you have all of these pieces in place
There is an indeterminate amount of time
That you're gonna have to put in
And if you're counting, you will run outta patience
Before it actually arrives
So you just have to make sure
That you give these things the proper time
Life is long
Charlie Munger had some line on this
Somebody asked him about making money