Warren Buffett has to be the coolest guy around! In this commercial for Nebraska Furniture Mart, he stars as a mattress salesman and he is really funny at that!
“Stay Hungry. Stay Foolish” – Steve Jobs
Steve Jobs, the technologist, futurist and the one with an extraordinary mind, passed away on 6th October 2011. Even though I’m not an Apple user, I’m won over by the creativity, wit, talent and sheer tenacity of Steve Jobs.
I came across Steve Jobs’ 2005 commencement speech, “Stay Hungry. Stay Foolish”, at Stanford two years ago and lots of life lessons were shared in it. I will post it here as a tribute to the visionary of the 21st century.
“Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.”
Transcript of the speech:
I am honored to be with you today at your commencement from one of the finest universities in the world. I never graduated from college. Truth be told, this is the closest I’ve ever gotten to a college graduation. Today I want to tell you three stories from my life. That’s it. No big deal. Just three stories.
The first story is about connecting the dots.
I dropped out of Reed College after the first 6 months, but then stayed around as a drop-in for another 18 months or so before I really quit. So why did I drop out?
It started before I was born. My biological mother was a young, unwed college graduate student, and she decided to put me up for adoption. She felt very strongly that I should be adopted by college graduates, so everything was all set for me to be adopted at birth by a lawyer and his wife. Except that when I popped out they decided at the last minute that they really wanted a girl. So my parents, who were on a waiting list, got a call in the middle of the night asking: “We have an unexpected baby boy; do you want him?” They said: “Of course.” My biological mother later found out that my mother had never graduated from college and that my father had never graduated from high school. She refused to sign the final adoption papers. She only relented a few months later when my parents promised that I would someday go to college.
And 17 years later I did go to college. But I naively chose a college that was almost as expensive as Stanford, and all of my working-class parents’ savings were being spent on my college tuition. After six months, I couldn’t see the value in it. I had no idea what I wanted to do with my life and no idea how college was going to help me figure it out. And here I was spending all of the money my parents had saved their entire life. So I decided to drop out and trust that it would all work out OK. It was pretty scary at the time, but looking back it was one of the best decisions I ever made. The minute I dropped out I could stop taking the required classes that didn’t interest me, and begin dropping in on the ones that looked interesting.
It wasn’t all romantic. I didn’t have a dorm room, so I slept on the floor in friends’ rooms, I returned coke bottles for the 5¢ deposits to buy food with, and I would walk the 7 miles across town every Sunday night to get one good meal a week at the Hare Krishna temple. I loved it. And much of what I stumbled into by following my curiosity and intuition turned out to be priceless later on. Let me give you one example:
Reed College at that time offered perhaps the best calligraphy instruction in the country. Throughout the campus every poster, every label on every drawer, was beautifully hand calligraphed. Because I had dropped out and didn’t have to take the normal classes, I decided to take a calligraphy class to learn how to do this. I learned about serif and san serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great. It was beautiful, historical, artistically subtle in a way that science can’t capture, and I found it fascinating.
None of this had even a hope of any practical application in my life. But ten years later, when we were designing the first Macintosh computer, it all came back to me. And we designed it all into the Mac. It was the first computer with beautiful typography. If I had never dropped in on that single course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts. And since Windows just copied the Mac, it’s likely that no personal computer would have them. If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. Of course it was impossible to connect the dots looking forward when I was in college. But it was very, very clear looking backwards ten years later.
Again, you can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.
My second story is about love and loss.
I was lucky — I found what I loved to do early in life. Woz and I started Apple in my parents garage when I was 20. We worked hard, and in 10 years Apple had grown from just the two of us in a garage into a $2 billion company with over 4000 employees. We had just released our finest creation — the Macintosh — a year earlier, and I had just turned 30. And then I got fired. How can you get fired from a company you started? Well, as Apple grew we hired someone who I thought was very talented to run the company with me, and for the first year or so things went well. But then our visions of the future began to diverge and eventually we had a falling out. When we did, our Board of Directors sided with him. So at 30 I was out. And very publicly out. What had been the focus of my entire adult life was gone, and it was devastating.
I really didn’t know what to do for a few months. I felt that I had let the previous generation of entrepreneurs down – that I had dropped the baton as it was being passed to me. I met with David Packard and Bob Noyce and tried to apologize for screwing up so badly. I was a very public failure, and I even thought about running away from the valley. But something slowly began to dawn on me — I still loved what I did. The turn of events at Apple had not changed that one bit. I had been rejected, but I was still in love. And so I decided to start over.
I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.
During the next five years, I started a company named NeXT, another company named Pixar, and fell in love with an amazing woman who would become my wife. Pixar went on to create the worlds first computer animated feature film, Toy Story, and is now the most successful animation studio in the world. In a remarkable turn of events, Apple bought NeXT, I returned to Apple, and the technology we developed at NeXT is at the heart of Apple’s current renaissance. And Laurene and I have a wonderful family together.
I’m pretty sure none of this would have happened if I hadn’t been fired from Apple. It was awful tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don’t lose faith. I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle.
My third story is about death.
When I was 17, I read a quote that went something like: “If you live each day as if it was your last, someday you’ll most certainly be right.” It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, I know I need to change something.
Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.
About a year ago I was diagnosed with cancer. I had a scan at 7:30 in the morning, and it clearly showed a tumor on my pancreas. I didn’t even know what a pancreas was. The doctors told me this was almost certainly a type of cancer that is incurable, and that I should expect to live no longer than three to six months. My doctor advised me to go home and get my affairs in order, which is doctor’s code for prepare to die. It means to try to tell your kids everything you thought you’d have the next 10 years to tell them in just a few months. It means to make sure everything is buttoned up so that it will be as easy as possible for your family. It means to say your goodbyes.
I lived with that diagnosis all day. Later that evening I had a biopsy, where they stuck an endoscope down my throat, through my stomach and into my intestines, put a needle into my pancreas and got a few cells from the tumor. I was sedated, but my wife, who was there, told me that when they viewed the cells under a microscope the doctors started crying because it turned out to be a very rare form of pancreatic cancer that is curable with surgery. I had the surgery and I’m fine now.
This was the closest I’ve been to facing death, and I hope it’s the closest I get for a few more decades. Having lived through it, I can now say this to you with a bit more certainty than when death was a useful but purely intellectual concept:
No one wants to die. Even people who want to go to heaven don’t want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life. It is Life’s change agent. It clears out the old to make way for the new. Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true.
Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
When I was young, there was an amazing publication called The Whole Earth Catalog, which was one of the bibles of my generation. It was created by a fellow named Stewart Brand not far from here in Menlo Park, and he brought it to life with his poetic touch. This was in the late 1960’s, before personal computers and desktop publishing, so it was all made with typewriters, scissors, and polaroid cameras. It was sort of like Google in paperback form, 35 years before Google came along: it was idealistic, and overflowing with neat tools and great notions.
Stewart and his team put out several issues of The Whole Earth Catalog, and then when it had run its course, they put out a final issue. It was the mid-1970s, and I was your age. On the back cover of their final issue was a photograph of an early morning country road, the kind you might find yourself hitchhiking on if you were so adventurous. Beneath it were the words: “Stay Hungry. Stay Foolish.” It was their farewell message as they signed off. Stay Hungry. Stay Foolish. And I have always wished that for myself. And now, as you graduate to begin anew, I wish that for you.
Stay Hungry. Stay Foolish.
Thank you all very much.
Self-entertainment on a Sunday night
I happened to chance upon a tool in my blog admin site just moments ago. Under the “Stats” section, I can check out the search terms keyed in the search engine that brought netizens to my blog. Below is a screenshot of this page: I’m proud to say that my site has been ranked in the top few search queries for particular search items. For example, for “reit financial statements”, my site is ranked 2nd. For “sti pe ratio”, my site is 3rd. And for “the economy works in cycles”, my site is ranked 1st! Sorry, I’m just entertaining myself on a Sunday night… :D
Material possessions won’t bring lasting happiness
I read an article from Straits Times under the “Review” section yesterday with great interest. It was entitled “Shopping does not bring you happiness, but a concert may”. It was a wordy article so I almost wanted to brush it aside as I was too lazy to read a lengthy article at 11.30pm. However, a quote from the article caught my eye.
The quote screamed, “Increases in material possessions may well be accompanied by a decrease in happiness. This phenomenon, termed the ‘hedonic treadmill’, says that as possessions increase, so do people’s expectations. Over time, people become less sensitized towards their possessions and require even more new possessions just to sustain the same level of happiness as before”. The quote made me think for a moment and made me interested in reading the article.
Due to mass media and advertisements, people are made to believe that their well-being and self-worth are defined by what they wear, drive and use. Therefore, consumers go after the latest gadget and things that they do not really need in their lives. They think that acquiring these items will bring them happiness. However, research has debunked this proposition by demonstrating that neither the ability to acquire nor the actual acquisition of material goods brings about sustainable increase in happiness. Instead, buying more material goods, requires even more new possessions to maintain the same level of happiness as before. This reminds me of the usage of drugs or alcohols. The more you take, the more you need to consume the next time to sustain the previous levels of “feeling good”. In gaming terms, you have “upped your level”.
So what generates sustainable happiness in us? Research has shown that experiences far outweigh material goods in generating happiness. Such experiences can be going for a spa, going to the concert, going on a holiday and dining in a chic restaurant. The reason for this is that experiences are more central to one’s identity than material goods. Such experiences also have greater social value than acquisition of material goods. Attending a concert, for example, allows interactions with other people whereas material acquisition does not. Most material possessions like buying a watch, clothes or handbags necessarily benefits only the individual without much social interaction.
NUS Business School had studied material and experiential purchases in Singapore. Consistent with past research, they observed that people were happier with experiences rather than the material goods they bought.
So, if you want to be happy, aim to have experiences like going for a walk by the beach with your loved ones, enjoying the sunset with your child or by enjoying a child’s innocent laughter instead of chasing after the latest iPad 2. Another way to experience innate peace and lasting happiness is to sit relaxed and meditate. It gives immeasurable benefits.
For a start, enjoy the following video:
The Simple Life
This post is not about Paris Hilton’s “The Simple Life” show but rather on MM Lee and his simple lifestyle. I was intrigued when I saw a picture of MM Lee’s house posted on Facebook by a friend of mine. This same picture was published in the Straits Times a few days ago. What intrigued me what that his house was so spartan. There weren’t any lavish furnishings that are usually synonymous with the rich and the famous.
In his recently published book, “Hard Truths”, MM Lee said that he sees no reason why he should impress people by having a big car or changing his suits every now and again to keep up with the latest styles. He also considers it lavishness for the Prime Minister to wear a new shirt every year for the National Day Rally. Surprisingly, the jacket he was wearing for the interview was bought nearly two decades or 15 years ago. While reading about MM Lee’s simple lifestyle, I got reminded about how simple Warren Buffett’s life is as well. I chanced upon Warren Buffett’s austere lifestyle some years back through a chain email. In that email, it said that:
- Warren Buffett still lives in the same small 3-bedroom house in mid-town Omaha, that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence.
- He drives his own car everywhere and does not have a driver or security people around him.
- He never travels by private jet, although he owns the world’s largest private jet company.
- He does not socialize with the high society crowd. His past time after he gets home is to make himself some pop corn and watch television.
- Warren Buffet does not carry a cell phone, nor has a computer on his desk.
It makes me wonder if we really need all these extravagance and material comfort that we all long for? The world still goes on without the having the latest iphone, ipad and what-not, right?