Trust compounds through consistent actions

Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

1. 33:45

   that's um um you know i i really believe trust is one of the most um under talked about things um you know because it's not easy to scale and it's incredibly hard it's the number one thing why most organizations break down and why you need processes and all the other bureaucracies ultimately because there's no trust if you had 100 trust you wouldn't need any of this stuff and you would move much faster it's crazy munger again like i literally get emails every week they're like why do you mention charlie munger on every episode i'm like he's the wisest person i've ever come across what do you want me to do like i'm sorry he has so many good ideas but he said something again and he's another person where he like points things out that once he says it it's obvious but no one else does it he goes trust is one of the greatest economic uh forces in the

2. 34:36

   world and he talked about that like your job when i actually got to have dinner with him he's like your job is to build a seamless web of deserved trust with great people. 100%. And he's like, that's not any, he was telling stories like, everybody knows that, you know, I met Buffett when I was, when he was 28 and I was 35. They don't understand there was all these other guys around us and we built friendships and did deals forever.

3. 34:57

   Most of them had passed away by the time I met him. But that idea, it's like, trust is one of the greatest economic forces in the world. It truly is. And if you think about it, why is, why is that so rare? It's because it doesn't scale, right? So trust is this notion that you'll keep doing actions that will ladder up over time. It really compounds. But you're going to add maybe 1% of trust for each positive interaction you're going to do.

4. 35:23

   But it takes one interaction that's bad to ruin all of it. The moment where you even start doubting whether you can trust someone or not, you have no trust. So the point being is it's like absolute trust. If you really think about it, there's this sort of final gradient. Most people define it as this binary thing, but it really isn't. It's really kind of like, you know, what most people will say is either I trust someone or don't.

5. 35:50

   But even, let's say you do trust someone, there's degrees of trusting someone. How many people do you trust with your life? How many people do you trust with your bank account? Just handing it over. Are you a trusting person, though? To a certain degree. I think that's one that, like, from what people that know me. So I have, I actually had breakfast with a good friend of mine, and, you know, he's slightly older, but he tells me the truth, and he is very nice, but he'll point out the problems that, like, are going to stop me from going to where I want to go.

6. 36:21

   And one of his points, because I would answer, like, if I asked that question myself, I was like, I don't trust anybody. I think I'm getting a little better with that, but I am concerned that, like, I'm going to be one of my own worst enemies because of this, like, I can't let go. Yeah, but look, I mean, you talked about it yourself. It started in your childhood. Like, in my case, I grew up without a father, for sure, but I have the most loving mother.

7. 36:46

   She gave me everything. And to have that start in my life, I've always felt that whatever I do, whatever the failure is, she will always love me. And to have that in your back pocket, I think it means you automatically come from a different vantage point than what I believe you had in your childhood, right? And then my approach to life is just like, okay, well, you know, by, again, I'm not saying I have absolute trust in every person, but I choose to believe that trusting people makes for a much more fun, rich, and rewarding life.

8. 37:25

   than one that doesn't and i believe that i think you're definitely right about that yeah and and and i believe that a life is more fun doing the journey with other people around that than doing it in single player mode and that doesn't mean that i'm not also um a person that likes my own spare time my own comfort my own solitude i have that part and that's the duality my personality but um i really do believe and it will go back to philosophy but the more i give away the more i get back and and so i just keep focused on doing that and for me the ultimate impact at this point why i said you know i i like to be the best coach there ever was the best entrepreneur coach maybe that's my archetype but yeah um then then a player because i've come to see that these people that i've done spotify with uh for the past 15 years

9. 38:27

   as an example seeing their success seeing their impact seeing their growth is the thing that give me the most amount of pride at this point it really isn't anything else like you know Financially, I couldn't care. Not that important. It's great to have a lot of money to have as a currency to then have more impact. There's more ships on the table to do new, more cool, interesting stuff. But the real thing for me will be the friendships that I built, the trust that other people placed in me to allow me to help them on this journey, helped me on my journey and us doing it together and i've just seen it so many times i've been burned by it for sure um sometimes when when people have broken that trust that i put in them but i will honestly say that's been like one or two percent negative experience relative to all

10. 39:27

    the positive things that come out of the sad part with this i can't think of anybody that's like betrayed me in like two decades yeah so it's like i'm just making up this problem this imaginary problem that maybe used to exist but certainly doesn't exist now and this is where i think it's it's really like uh helpful to again i don't need a bunch you know i don't i don't believe there's a great um quote from the founder of red bull who i became slightly obsessed with um and i'm really proud of the episode i made on it because like we had to literally translate there was no biographies in english and that we had translated a biography from german um and his point I don't need 50 friends. I believe in much fewer and better and deeper. And as long as you make those choices correctly, again, I can't think of a single person that I feel is in my life that doesn't want the best for me. And yet, I still have this like, oh, I'll just do it all myself.

11. 40:18

    yeah um uh very related to this another thing that like you said that really surprised me