Tony breaks down the potential impacts of the latest inflation data along with a new trade idea on this week’s episode of #InTheMoney: bit.ly/3OlpLZR.
Sponsored by @Fidelity
Perhaps no man has ever walked the fine line between “I’m frightened for my goddamn life” and “Can I pet him?” as successfully as George “The Animal” Steele ...
Discipline is overpriced. Incentives are underpriced.
New Year's resolutions have a reported ∼91% failure rate.
People who announce they're going to run a marathon for charity have an incredible success rate.
Why does this gap exist?
Incentives > Discipline.
The person announcing publicly they're going to run a marathon for charity puts the Tyler Durden gun behind their head.
The following forces act like a gun for the marathon runner:
• Desire to be consistent
• Sunk cost fallacy
• Social shame
• Being seen as a good person
• A cause bigger than themself
Discipline will almost always lose to incentives for good behaviour, and negative consequences for bad behaviour.
Thought experiment: If the reward for completing new years resolutions was a billion dollars, and the consequence for failing was the death penalty -- what % completion would New Years resolutions have?
If you make the reward and consequences big enough -- 100x will power is born.
There's few people in history more resourceful than a crack cocaine addict sourcing their next hit.
Here's some iconic Tyler Durden gun incentive schemes:
1. The Ticking Clock
Elon Musk proposed to George Hotz the following to build vision system for Tesla auto pilot:
$12 million payment if it was delivered the next day. For every month that passes where it's not delivered, the payment would be reduced by $1 million.
If you had an incentive scheme where dollars disappear like a ticking clock each minute, would you need discipline? Procrastination would not be possible.
2. The Tattoo
Mr. Beast and his friend was regularly skipping workouts so they created a bet:
If one of them skipped a workout -- they had to get a tattoo of the other person.
Guess how many workouts they skipped that year?
Zero.
-----
Things that usually outperform discipline:
• Accountability
• Publicly announced deadlines (YC demo day is a great example of this)
• Bet money with friends on the activity
• Raise money for charity
• Coach to report into
Discipline is a candle flame. Incentives and consequences are a nuclear reactor.
Why rely solely on something that has an alleged 91% failure rate? You wouldn't do this for surgeons, condoms or airplanes.
The definition of insanity is doing the same thing over and over again -- whilst expecting different results.
Raymond K Hessel doesn't need discipline.
Coach Shannon Briske returns to senior hockey after a 17 year hiatus….and scores. @MondayNooner pump his tires a bit and now he’ll probably be in full gear for practice. Heads up Rivs… instagram.com/reel/C1I24lsOd…
Today In 1974: Texas #Rangers batter Lenny Randle lays down a bunt so he can hammer Cleveland pitcher Milt Wilcox, who threw behind him in his previous at-bat! #MLB#OldSchool#Baseball#History
@SportsnetSpec how about the fans that have travel plans for a wednesday friday game already made.
Powers that be don’t care about the fans though do they.🤦🏻♂️
Hearing Game 2 of EDM-VGK is possibly being moved to Saturday in Vegas.
Not 100% yet, but that's the discussion and it's close to being finalized.
The Golden Knights, understandably, aren't huge supporters of the change.