Latest / From Chad / Following #1164

Transcript

Following #1164 · From Chad

• 0:00
  Follow the money before you trust the conviction.
• 0:04
  There's a story behind that. This is your daily message from
• 0:07
  Chad #1164 to upgrade your mental game today by telling
• 0:11
  yourself a better story. Because the most important story
• 0:14
  you hear is the story you tell yourself.
• 0:16
  This message is dedicated to Michael Balkan.
• 0:19
  Here's the upgrade. You think bias would feel like
• 0:21
  corruption, but upgraded thinking knows it feels like
• 0:24
  conviction, which is why you miss it.
• 0:27
  Here's the story Charlie Munger told about a surgeon in Nebraska
• 0:32
  who sent bushel baskets of healthy gallbladders down to the
• 0:35
  pathology lab year after year, perfectly good organs cut out of
• 0:40
  people who didn't need the surgery.
• 0:42
  You'd assume the man was a monster running a fraud.
• 0:45
  He wasn't. A Doctor Who knew him said he
• 0:48
  genuinely believed gallbladder was the source of all medical
• 0:52
  evil, that if you really loved your patients, you'd get that
• 0:55
  thing cut out as fast as you could and the fees were very
• 0:58
  good. That's the that's the scary
• 1:01
  thing from the inside. Incentive caused bias doesn't
• 1:06
  feel like greed. It feels like being right.
• 1:09
  The salesman who pushes the worst product, the advisor who
• 1:12
  recommends the thing that pays him.
• 1:15
  The surgeon with the busy operating room.
• 1:17
  Most of them aren't lying to you, they lied to themselves 1st
• 1:21
  and they believed it. So Munger gave 3 defenses and
• 1:25
  you should carry all three. One especially for your advice.
• 1:29
  That's especially good for the person giving it. 2 learn enough
• 1:33
  of their trade to check them and three, double check, disbelieve
• 1:37
  and replace much of what you're told.
• 1:41
  Now look in the mirror, because this isn't just about other
• 1:44
  people. Look at your own strongest
• 1:46
  convictions, the ones you defend hardest, and quietly ask
• 1:50
  yourself, does my paycheck happen to own this opinion?
• 1:54
  Do I believe it because it's true, or because it's very
• 1:57
  convenient for me that it's true?
• 2:00
  Most people never ask that question.
• 2:02
  But the moment you can't, you can catch your own conviction
• 2:05
  being paid for. You've got a power almost nobody
• 2:09
  has the confidence to override, even the expert whose judgement
• 2:13
  is bent towards his own reward. Again, connecting this to our
• 2:18
  last couple of messages. Show me the incentive and I'll
• 2:21
  show you the outcome. The better story to tell
• 2:24
  yourself is before I trust the conviction, I'll follow the
• 2:27
  money. That goes for their conviction
• 2:29
  and yours. The bias never feels like bias.
• 2:34
  It feels like being right. Conviction.
• 2:37
  So you don't wait to feel it. You go looking for who profits
• 2:41
  before following advice, Follow the money.
• 2:45
  Tell me a story of advice that was a little too good for the
• 2:47
  advisor to from chadsmith@gmail.com.
• 2:51
  Send someone to text and ask them.
• 2:52
  Whose advice do you take that they get paid to give?
• 2:56
  You can get a free copy of my book, The Most Powerful Story in
• 2:58
  the World, by going to from chad.gumroad.com.
• 3:02
  The transcript of this message and hundreds of others are
• 3:04
  always available at www.fromchad.com.