Balancing Internal and External Scorecards

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My Guest: Tim Ferriss is the author of five #1 New York Times bestsellers (including The 4-Hour Work Week, Tools of Titans, and Tribe of Mentors). His podcast, The Tim Ferriss Show, has been listened to more than a billion times. Tim was an early investor in Uber, Shopify, Twitter, Alibaba, and many others. He’s the creator of a new card game called COYOTE.

• Decision making - How can I win even if I lose? He viewed angel investing like his personal MBA. Instead of paying for business school, he invested in companies and learned about business by working with actual businesses. He didn’t expect to make money on those investments. That was just a bonus. Think, “How can I win even if I lose?” Tim won with those investments, regardless of whether he made money or not on them.
• Key Takeaways and Learnings:
  • Parents Who Foster Curiosity – Tim's mother created a "books are always in budget" policy despite tight finances. Used remainder tables at bookstores to expose him to random, off-menu knowledge that sparked lifelong curiosity about unconventional topics.
  • Curiosity-Driven Exploration – When Tim showed interest in marine biology, his mom found Frank Mundus (inspiration for Jaws character), arranged a meeting, and created low-cost adventures like crab fishing with chicken bones to fuel his interests.
  • The Mask You Wear Becomes You – "Be very careful what you pretend to be" - spent years presenting as overly serious to be taken seriously, which created a recursive feedback loop. Now embraces more play and laughter to avoid burnout. 
  • Fiction and Poetry as Life Teachers – Shifted from non-fiction purist to reading more fiction/poetry. Recommends "Ozymandias" as a monthly reminder that all achievements fade: "My name is Ozymandias, king of kings. Look on my works, ye mighty and despair. Nothing beside remains."
  • Internal vs External Scorecards – Money and fame amplify whatever's underneath, like alcohol or power. "If you have certain insecurities or paranoia, all of those are going to be amplified. If you're generous, that's also gonna be the case."
  • Effectiveness Over Efficiency – "Effectiveness is doing the right things, efficiency is doing things well, but doing something well does not make it important." Focus on choosing the right targets rather than optimizing everything.
  • Strategic Slack in Systems – Moved away from filling every 10 minutes. Takes 10 minutes each morning with coffee to read fiction/poetry/meditate to prove "you do not have to front flip out of bed and land in a full sprint."
  • How to Win Even If You Fail – Project selection framework: "How can I win even if I fail?" Focus on relationships built and skills acquired that transfer beyond the project if external metrics don't pan out.
  • The COYOTE Game Philosophy – Created a card game to address the social isolation epidemic. "People don't have a shortage of productivity advice... It's taking some steam out of the system and actually enjoying what you have worked so hard for."
  • Social Bonds as Foundation – "It's the relationships, stupid." Countries rated happiest fundamentally come down to social ties. In-person social interactions are down 70% in certain age groups over the last 10 years.
  • Podcasting as Relationship Building – "My goal is not to have 100% of my audience like any episode... but I do want 10% of my audience to love each episode." The personal is the most universal.
  • Fame's Hidden Costs – With the audience size of major cities comes proportional number of unstable people. "If you have a small village, you're gonna have one village idiot... "How many crazy people are there in New York City?"
  • "Be suspicious of what you want."

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• Tim read me the poem by Ozymandias by Percy Bysshe Shelley
• "If more information were the answer, we'd all be billionaires with six-pack abs."
• Be a talent scout - You don’t need a huge network. A+ players in one area know A+ players in others. Seek out people who are great at what they do, regardless of what they do. Study what makes them great at that thing. Then you’ll probably meet other A+ players. Also, it’s on us to strive to be an A+ player at what we do. Be so good at whatever your thing is that other A+ players want to meet you. Tim has been very good at that.
• Quotes:
  • "Be very careful what you pretend to be... the mask you wear often becomes the person you are."
  • "Be suspicious of what you want." (Rumi)
  • "My name is Ozymandias, king of kings. Look on my works, ye mighty and despair. Nothing beside remains."
  • "Effectiveness is doing the right things, efficiency is doing things well, but doing something well does not make it important."
  • "How can I win even if I fail?"
  • "The personal is the most universal."
  • "It's the relationships, stupid."
  • "If more information were the answer, then we'd all be billionaires with six-pack abs."
  • "Follow your curiosity and obsessions with great rigor. Do that and I like your chances."
  • "The superheroes you have in your mind are nearly all walking flaws who've maximized one or two strengths."
  • "You don't need a huge network... the super A+ players tend to know other A+ players."
• Life Lessons:
  • • Cultivate Childhood Curiosity – Create "always yes" policies for learning and exploration. Use constraints (like remainder tables) to discover unexpected interests.
    • Embrace Strategic Experimentation – View life as a series of 6-12-month projects with 2-4 week experiments. Design studies to get feedback, not just chase outcomes.
    • Balance Seriousness with Play – Taking yourself too seriously leads to burnout. Build in recovery phases and "deloading" periods across all life areas.
    • Choose Projects for Learning – Select opportunities based on relationships you'll build and skills you'll acquire, not just potential external rewards.
    • Start With Personal Pain Points – Best opportunities often come from solving problems you personally understand deeply, then expanding adjacent.
    • Build Safety Nets First – Like Arnold's real estate, before acting, create financial/emotional cushions that allow you to say no and wait for right opportunities.
    • Quality Over Quantity in Relationships – Better to have deep connections with fewer people than surface-level networks with many.
    • Morning Rituals Create Calm – Prove to your nervous system you don't have to be frantic by taking 10 minutes each morning for something peaceful.
    • Scratch Your Own Itch – Whether in podcasting, investing, or any pursuit, follow genuine personal interest for sustainable energy and authentic results.
    • Prepare for Success Taxes – Fame and wealth amplify existing traits. Address insecurities and develop strong boundaries before scaling.
    • Value Present Experience – Focus on daily energy in/out rather than constantly deferring happiness to future achievements.
• Apply to be part of my next Learning Leader Circle.

Time Stamps

00:38 Tim's Childhood and Parental Influence

01:15 Curiosity and Lifelong Learning

02:56 Marine Biology and Childhood Adventures

07:06 Influence of Mentors and Teaching Aspirations

08:45 Thoughts on Parenthood and Relationships

12:11 Balancing Seriousness and Humor

25:15 Effectiveness vs. Efficiency

30:50 Creating Slack and Self-Care

34:41 The Importance of Social Bonds and Play

41:07 Meeting a Game-Changing Partner

42:13 The Importance of Analog Social Interaction

42:55 Podcasting: A Platform for Deep Connections

43:30 The Evolution and Challenges of Podcasting

43:47 The Art of Interviewing

49:18 Navigating Fame and Public Exposure

01:04:26 The Philosophy of Risk and Experimentation

01:10:27 Spotting Talent and Following Curiosity

01:20:37 Closing Thoughts and Future Endeavors