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Mar 25, 2019 15:25:20

Munger's the reason why I've been writing in the mornings.

by @abrahamKim PATRON | 301 words | 🐣 | 337💌

Sir Abe

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I've been studying Warren Buffett for probably a year now, and while studying Buffett, an unescapable character is his business partner Charlie Munger.

Back when Munger was working for his clients -- legal and then investing -- he saw his time as a product to be sold off. He also understood that the units of his time were not equal across the spectrum. There were some hours that were infinitely more valuable and effective than others. For Munger, these were the first hours in the day. Naturally, he decided to sell his most valuable product -- his morning hours -- to the customer who meant the most to him. 

You can probably guess who that was. 

Himself.

Before doing any work for anybody else, he made sure to work on himself for that hour. 

This is the kind of brilliant strategy that tricks you into thinking that you'll have no ambiguity moving forward. In this case: just sell your best hour to yourself! But it's not so easy because -- well in my case -- I turned out to be a really shitty customer.

I turned out to be a customer who didn't know what they wanted, but acted like they did. A customer who would say they want one thing one day and then change their mind the next. And so I spent a lot of time with this customer to help them figure out what they really wanted.... and then convincing them that that's what they really wanted. Cause boy let met tell you, this customer was so bad that they didn't even know what they wanted when you told it to them. You had to sell it to them.


But now that they're sold and they've signed off on it. I'm moving steadily, albeit smoothly towards treating them well. We're on good terms now.  

  • 1

    @abrahamKim A fellow Munger fan here. His impact on my thinking in the last two years is tremendous.

    Haven't read this framing of a customer from Buffett, but thanks for sharing. Buffett is always counter-intuitive and extremely useful when it comes to the idea of time-management, productivity and prioritization.

    Santhosh Guru avatar Santhosh Guru | Mar 26, 2019 10:19:14
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      @santhoshguru

      The framing is from Munger. I just wanted to point that out in case you thought it was from Buffett!

      Sir Abe avatar Sir Abe | Mar 28, 2019 16:34:29
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    @abrahamKim Amazing customer you got, lol... Glad to know you're on good terms now.

    Seun Oyebode avatar Seun Oyebode | Mar 25, 2019 16:55:15
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      @seunoyebode

      What about your #1 customer? Who is he/she? Will yo uwrite about them one day?

      Sir Abe avatar Sir Abe | Mar 28, 2019 16:34:51
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      @abrahamKim @seunoyebode - I would like to second the inquiry. 'Seun - we need a post addressing Abe's sharp questions.

      Keni avatar Keni | Mar 28, 2019 19:41:18
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      @abrahamKim @keni Haha.... i really wish i could give written expressions like Abe does. But i'd really try to one of these days.

      Seun Oyebode avatar Seun Oyebode | Mar 29, 2019 06:26:14
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    @abrahamKim - Love it!!!
    This customer of yours is an interesting complex character. I think your masterpieces should be around your conversations together.

    On the concept of time - I just started to read this book called 'When' by Daniel Pink...
    https://www.amazon.com/dp/B072Q985YX/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
    Interesting read so far. Looks like Munger knew about the topic ahead of his time.

    Keni avatar Keni | Mar 25, 2019 11:24:29
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      @keni

      haha he's not complex. He simply lacks discipline and convinces himself he wants something other than that which he actually really wants.

      I've tried to read 'Drive" by Dan Pink but couldn't get into it. Have you read anything by Pink other than "When"? I'll give When a shot!

      Sir Abe avatar Sir Abe | Mar 28, 2019 16:35:52
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      @abrahamKim - Lets agree to disagree about the complex character! You actually sound a lot like my brother. I shared your letter to Lee with him and he loved it too. And he knows a complex character when he reads an open letter by him :)

      I have heard of Drive but I haven't read it. When is the first book by him that I am reading. I heard him talk about it on Tim Ferriss' podcast and he explained that it is his best work. It doesn't come off as a self-help book. If anything, it feels similar to Malcolm Gladwell's books like Outliers. Very interesting and research based.

      Keni avatar Keni | Mar 28, 2019 19:25:56
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