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Is an antilibrary, on it own, really such a good thing?

chanman · Sep 23, 2018 · Leave a Comment

Much has been written about Nassim Taleb’s famous passage in The Black Swan about the antilibrary. (Farnam Street and Maria Popova)

From The Black Swan (p1, 2008 Random House International Edition)

“The writer Umberto Eco belongs to that small class of scholars who are encyclopedic, insightful, and nondull. He is the owner of a large personal library (containing thirty thousand books), and separates visitors into two categories: those who react with “Wow! Signore professore dottore Eco, what a library you have! How many of these books have you read?” and the others — a very small minority — who get the point that a private library is not an ego-boosting appendage but a research tool. Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market allows you to put there. You will accumulate more knowledge and more books as you grow older, and the growing number of unread books on the shelves will look at you menacingly. Indeed, the more you know, the larger the rows of unread books. Let us call this collection of unread books an antilibrary.”

“We tend to treat our knowledge as personal property to be protected and defended. It is an ornament that allows us to rise in the pecking order. So this tendency to offend Eco’s library sensibility by focusing on the known is a human bias that extends to our mental operations. People don’t walk around with anti-résumés telling you what they have not studied or experienced (it’s the job of their competitors to do that), but it would be nice if they did. Just as we need to stand library logic on its head, we will work on standing knowledge itself on its head.”

“Let us call this an antischolar — someone who focuses on the unread books, and makes an attempt not to treat his knowledge as a treasure, or even a possession, or even a self-esteem enhancement device — a skeptical empiricist.”

My take on this is that if you have a library or collection of books, and you have read them all, then you probably think that you know a lot more than you actually do. Say you had 100 books in your collection and you diligently read them all, you might think that you were knowledgeable and well-read. Whereas, for example in Eco’s case, if he’s read 100 books in his collection of 30,000, he’s as well-read as the person in the first example, but he has the added insight that he’s still got 29,900 books to read in his collection and all that yet-to-be-discovered knowledge and wisdom. He’s as well-read but knows that he’s only scratched the surface.

So the value then of an antilibrary is to remind yourself that in the grand scheme of things you don’t know very much at all. As Diotima said about Socrates: Wisest is he that knows that he knows nothing.

So besides that value (a visual reminder of your true lack of knowledge) what good is an antillibrary if you never actually make attempts to make inroads into it?

Furthermore, surely not all antilibraries are useful or worth having. What if you had a huge antilibrary full of pulp fiction like Mills and Boon?

What if instead of randomly acquiring books, we carefully built an antilibrary with different pillars of knowledge, like we were building an actual library for a town or building a bookshop? That would be better. So if it contained science books, philosophy, history, and great literature, that would surely be a better antilibrary.

Here is my antilibrary which definitely hasn’t been deliberately built. It’s scattered around at my dad’s house and at my flat. (It’s missing a box as well as my Kindle antilibrary which is growing to be massive. It’s so easy to buy Kindle books as they’re instantly fulfilled and always significantly cheaper than print books)

antilibrary

antilibrary antilibrary antilibrary

What’s your antilibrary like? Let me know in the comments below!

Inspired by Gary Vee’s Crush It and Crushing It

chanman · Feb 22, 2018 · Leave a Comment

You guys have got to check out these books.

Following his formula for crushing it and building my personal brand, this blog is going to be about road-testing self-improvement and life hacks. Stuff like minimalism, getting up early, getting a six pack, learning new things, marketing and making more money.

At the moment, I’m trying to do 30 days of daily exercise. It’s currently day 4 and it’s 4 x 25 push-ups.

Join me in this challenge and let me know how you’re going!

Ego is the Enemy by Ryan Holiday – key takeaways

chanman · May 1, 2017 · Leave a Comment

On my Kindle for iPad Mini

 

Ego is the Enemy by Ryan Holiday is the third book in my Book a Week Challenge. I must admit that I didn’t find this an easy read. Street Smarts was a page turner. Ego is the Enemy less so.

That’s not to say that it’s not got an important message. It does. And it’s a message that you can apply to your own life.

Key Takeaways

Don’t let your Ego get in the way of proper progress

I’ve been playing golf for since I was 13. That’s more than 20 years ago. I’m still a pretty poor player knocking around a 24 handicap.

You’d think that in 20 years I might have improved. Even one shot better a year would have meant I’d be a single figure golfer by now.

So why haven’t I improved. Holiday would say that my Ego has prevented me from improving. I think I’m good enough. Or I think I’ll get better with a little swing thought or a quick hack.

Instead I should accept the reality: that I’m an average golfer who’s not going to get better on my current trajectory.

At the moment, my Ego is in the way of my progress.

If I want to get better, I should find a good teacher and diligently work on what they tell me to do. For as long as it takes to get better. Rinse and repeat.

Don’t let a little success get in the way of further success

I think I’m a reasonable cook. I know basic techniques and I believe that I have good taste.

This is enough for my Ego to think that I’m a good cook and that I don’t need to learn any more.

Will I go on to learn how to bake? How to make fresh pasta? To learn how to make sushi?

Not at the moment. Because I’ve had a little success and my Ego already thinks it’s a Michelin starred chef.

Always be the student, never the master

If you think you know it all, then you’ve already lost.

Almost everyone wants to become a millionaire.

Why is it that most people don’t make it?

Everyone thinks they know what it takes to be a millionaire.

Their Ego has got in the way. They’ll tell you about property, about some hot shares tip, about Bitcoin.

Anything except being a serious student dedicated to a defined goal.

If you want to become a millionaire, go and find a millionaire and listen to and implement what they advise you to do.

If you want to become a scratch golfer, go and find a top golf instructor and rebuild your game from the ground up. Change your grip, work on your posture, practise diligently until this becomes second nature.

If you want to be a great writer, learn the whole craft. Write and get your writing critiqued. Feedback. Feedback and more feedback. Remember, you’re the student.

Buy Ego is the Enemy here.

Check out Ryan Holiday’s website here.

Street Smarts by Jim Rogers – key takeaways

chanman · Apr 23, 2017 · Leave a Comment

Street Smarts by Jim Rogers

Jim Rogers is an investing legend. His Quantum Fund was up 4,200% when he retired at the age of 37. Since then, he’s taught at Columbia and travelled around the world twice setting Guinness World Records in the process!

Street Smarts is a book that opens your mind. It’s an exhilarating read. The opening chapters are a memoir, which takes you from his beginnings in Alabama to Yale to Oxford to the US Army to Wall Street and to Quantum. He’s definitely a man to listen to (unlike the likes of Greenspan, Geithner, Paulson at al. who Rogers excoriates).

Key takeaways from Street Smarts

Think really long term

Rogers thinks about not just the last bear market (2008) but about the dot.com crisis, the Asia crisis, the savings and loans crisis, OPEC, The Second World War, The Great Depression, the 1907 crash and so on. Don’t think about this news cycle; think about the next few decades.

Will oil run out soon? Will the ice caps have melted by 2050? Will we face food shortages and high food prices? How will the migrant crisis unfold? Think long term.

Be a student of history

Rogers references history a lot. He’ll refer to the Rothschilds re Waterloo, the fall of the British Empire, the fall and now rise of China, the history of Singapore. Knowing your history gives you true perspective and the ability to not panic in short-term meltdowns. History has seen it all before.

Rogers is long Asia and short The West

By this, I mean that Rogers thinks Asia will be the dominant power in the coming decades and that the US and Europe will continue to decline.

He points to the huge debt of most Western countries vs the creditor nations of the world (particularly Asia)

The poor education systems of the West relative to Singapore.

In a nutshell, the West has become less competitive whilst the Asia countries have become more competitive and more vigorous.

Put your money where your mouth is (or walk the walk)

Rogers was so convinced about the coming dominance of Mandarin as the world’s lingua franca that he moved his whole family to Singapore so that his daughters could learn Mandarin and be competitive.

Do your research from the ground up

Rogers advocates getting into the country you’re looking to invest in. Don’t listen to the analysts who’ve never been there. Rogers was there in Angola investing in the stock market. He was touring through Myanmar even before free travel was allowed. Do your own research and get your information firsthand.

What is your actual exposure?

This was the question that stayed with me after reading Street Smarts. Since Brexit, I’ve been acutely aware of my currency exposure. Everything I earn and own is in GBP. GBP has fallen 20% since Brexit last June. So you could have great returns in your GBP portfolio but still be down vs the rest of the world.

How do you hedge against your overexposure to your domestic currency? Rogers opens bank accounts (such as in Switzerland in 1970 which netted him a 400% return decades later). Opening up foreign bank accounts isn’t straightforward though. He suggests getting exposure via a currency ETF/ETC but I would rather have the long term exposure of money in a bank account. I’ll continue to dig and post what answers I find here in an update.

Buy Street Smarts on Amazon here:

Check out Jim Rogers official website here: www.jimrogers.com

Shoe Dog by Phil Knight – key takeaways

chanman · Apr 15, 2017 · 1 Comment

Shoe Dog

I picked up Shoe Dog on a recent trip through Hong Kong airport. I’d first heard about it on Bill Gates’ excellent blog.

I read this in less than a week. It’s that good a page-turner.

It’s the story of how Phil Knight went from selling shoes in Oregon to building a $30bn empire.

What stands out about this book is its raw honesty. Knight never puts a nice spin on things.

In many ways, he’s a very difficult man. He doesn’t omit this. He’s uncommunicative to colleagues and can be a complete asshole. But he’s a man you respect and by the end of the book, I really liked him.

It reads more like a novel than a business book. One of the best memoirs I’ve ever read.

Key takeaways from Shoe Dog

Pursue something related to what you love

Knight wanted to be a professional athlete. He fell in love with Japanese running shoes and wanted to sell these instead. His obsession with bringing these shoes to a wider market was what allowed him to work long hours and never give up, even when faced with disaster.

Build lifelong partnerships

Knight is a master at building relationships with quality partners. It isn’t just his team (detailed below) but also Japanese holding company called Nissho, who gave Knight the funding and knowledge that he needed, and actually saved his company from bankruptcy once.

Build a seriously great team around you

He built a team of obsessives in the early days. People like Jeff Johnson who loved running and the Onitsukas that Knight was selling in the US. People who would give up everything for the company (like move from the West Coast to the East Coast just because they were asked. Above all, he recruited people with extreme loyalty, to Knight himself and to the Blue Ribbon company (the first incarnation of Nike).

Take risks

Knight went travelling round the world in the 1960s! Think about that. Today, backpacking round the world is an industry in itself and it’s pretty easy to do. But in the 1960s, it must have been another world in terms of comfort and almost no predetermined routes for intrepid travellers like Knight.

He also took out chunky loans and left a solid job at Price Waterhouse (as it was then) to focus 100% on his company.

Be a voracious reader

In the early pages, I was pleasantly surprised to see that Knight was a deep reader. More importantly, he was a reader of quality. He recounts how he went to Johnson’s house once and saw a fellow reader, one that read philosophy and ancient history. Knight regularly quotes what he’s reading at the time. At one point, he has a fascination with generals and biographies of his three main heroes: Churchill, Tolstoy and Kennedy. He quotes widely: Confucius, Alexander the Great, Rumi, The Upanishads, Dante, Voltaire, Rousseau, The Oresteia and much, much more.

Buy this book: Shoe Dog by Phil Knight

For a similar read, check out “Legacy – What the All Blacks can teach us about the business of life” by James Kerr and my summary here.

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