I recently listened to a podcast featuring Angela Duckworth, who is an expert on the psychology of success at UPenn. This is a research professor who has spent thousands of hours studying the mental makeup behind the world’s greatest achievers.

Among many things, she brought up two points that I thought were worth preserving. First that good goals are made up of many small goals – to break down big things into more manageable bites and to feel like you have small wins along the way. And second that in your goal logic tree, you give up on a goal when there’s a better substitute.

Here are my sub goals for the big goals I recently laid out –

  1. Build a world class event driven team 
  2. Maintain solid investment returns in arb itself (double digit annualized) by staying focused on existing processes
    1. Change the vocabulary within group discussions to focus on PoC and Superforecasting; focus group discussions around problem solving
    2. Develop sizing frameworks based on precedent, relative opportunity set and optimal expected value and NOT staffing
  3. Build a world class Rolodex across antitrust law, tax law, corporate law, corp dev depts, journalists, industry experts, political experts, ss
    1. Keep track of who the best people in each field are
  4. Develop deep industry knowledge through conversations and reading ss research, 10-Ks, news, industry rags and interviews with great investors
    1. Subgoal is to read 500 pages per day
  5. Develop other team members and efficiencies of scale within the team
    1. Contribute to data analytics capability with datasets and potential use cases; leverage data analytics whereever possible
    2. Each analyst owns particular relationships, certain competencies and industry verticals – staff to the best outcome for the group (capability and capacity)
    3. ???
  6. Expand beyond NA equity arbitrage into 1) new geos, 2) options, bonds, converts and 3) soft catalyst events
    1. Develop a statistical understanding of sources of alpha in non-US arbitrage
    2. Develop a reliable and creative source of non-arb ideas
    3. Make small starter investments to build experience
    4. Learn from better investors with experience in this area
  7. Think about how to compare, how to allocate time and how to risk manage
  8. Firmwide –
    1. Recruiting – how to attract/identify/develop talent
    2. Farallon Labs – write a business plan w/ buy-in
    3. Marketing – develop & maintain relationships with universities
  1. Relationship
  2. Go on a dating app
  3. Flirt
  4. Go on a date
  5. More open and fun/ less serious
  6. More open social media
  7. Better living situation
  8. Study dating channel
  1. Second expertise
  2. Read a lot
  3. Find a cause you believe in
  4. Go to events related to the cause
  5. Find people who are active in the cause
  1. Adventure travel
  2. Learn to sail
  3. Learn to scuba
  4. Learn to spearfish and free dive for abalone
  5. Find people who would also like to do these things

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