Special Situations in Private Markets
Investing Wisdom with Jeremy Giffon
The podcast, "Invest Like the Best with Patrick O'Shaughnessy," recently featured Jeremy Giffon. He's an industry veteran, having started his investing journey at the age of 19. As a partner at Tiny, a private equity firm, he's acquired a wealth of knowledge and hands-on experience in the field. In the podcast discussion, Jeremy, along with host Patrick, delves into dimensions of business, investment strategies, and personal development. Here are three key takeaways:
- Finding Your Path: Jeremy shares insights on determining your career path. It's all about recognizing what truly energizes you, as opposed to draining your energy.
- Seeking Specific Advice: When seeking advice, Jeremy advises asking specific questions about what someone did and why they did it at the time. This way, you can extract valuable insights and adapt them to your own journey.
- Adaptability and Resilience: The discussion also highlights the difference between adaptability and resilience. These qualities are crucial in navigating the unpredictable waters of life and business.
Choosing Passion Over Security
As a sophomore, I often find myself making decisions based on securing a financially stable future rather than pursuing my genuine passions. Jeremy's perspective on what energizes us versus what drains us resonates deeply. He raises a critical question: do you feel invigorated and eager to start after a task or conversation, or do you dread the next steps?
Jeremy's insights remind us that many individuals invest significant time in activities they don't enjoy due to a lack of clarity about their true desires. This hesitation often stems from a fear of losing something familiar.
He shares a thought-provoking lesson from a psychiatrist - suggesting a successful investor should become a third-grade teacher may be met with skepticism because it requires a complete lifestyle change. This apprehension can hinder the pursuit of what genuinely energizes you.
Embracing our mistakes and learning from challenges is key to finding our true calling. The closer we get to work that resonates with us, the less we tend to envy others. At present, I'm in the process of seeking my clear career path, as I've yet to pinpoint my true aspirations.
Seeking the Right Advice
Jeremy's emphasis on the uniqueness of advice and the necessity to extract specific insights resonates profoundly. Universal advice often falls short because individual experiences can yield different results, even when following the same path.
Jeremy uses a metaphor involving Mozart to illustrate this point. He emphasizes the importance of seeking specific, actionable insights when seeking guidance. Quick fixes and comforting information might provide temporary satisfaction but can lead to procrastination rather than progress.
"Easy" or "Hard to Kill" - A Key to Success
One of the most compelling concepts in the discussion is the idea of being either "easy" or "hard to kill." Jeremy explores whether someone is positioned before or after their inevitable setbacks or failures. This positioning affects how individuals endure adversity and respond to it.
Being "easy to kill" characterizes those who are yet to experience their fall and are optimistic about their potential. On the other hand, "hard to kill" describes those who have faced their falls and learned invaluable lessons.
The example of Goldman Sachs after Hurricane Sandy illustrates the concept well. While all other buildings in New York lost power, Goldman Sachs remained operational, thanks to their meticulous planning and resilience protocols. This symbolizes the determination to not just survive but to thrive, even in the face of adversity.
In conclusion, Jeremy's insights serve as a guiding light in the journey to make better decisions, seek more valuable advice, and strive to be "hard to kill." Embracing challenges and learning from mistakes paves the way to discovering our true passions and achieving success.
