#872: Graham Duncan — Talent Is the Best Asset Class (Repost)

Graham Duncan (@GrahamDuncanNYC) is the co-founder of East Rock Capital, a multibillion-dollar multi-family investment office he launched in 2006. He is also Chairman of the Sohn Conference Foundation, which funds pediatric cancer research.This episode was originally published in February 2019. Show notes: https://tim.blog/2019/02/28/graham-duncan/This episode is brought to you by:Shopify global commerce platform, providing tools to start, grow, market, and manage a retail business: Shopify.com/timEight Sleep Pod Cover 5 sleeping solution for dynamic cooling and heating: EightSleep.com/TimAG1 all-in-one nutritional supplement: DrinkAG1.com/Tim5-Bullet Friday, my very own free email newsletter: https://tim.blog/fridayTimestamps:[00:00:00] Start.[00:02:29] I think of Graham as far more than an investor. How does he describe what he does?[00:06:13] Absent the systems and frameworks he's honed over time, what made Graham a good talent hunter at the tender age of 24?[00:08:42] What constitutes taste when Graham is scouting for talent these days?[00:11:14] Upon meeting someone, how does Graham stress-test whether or not someone is "commercial" in the way they balance aggression and integrity?[00:16:49] One high-signal question Graham has found particularly useful when trying to determine the quality of anyone from a trader to an OB/GYN.[00:19:17] When interviewing a potential candidate, how does Graham vet their given references?[00:22:21] On approaching the reference process with curiosity rather than an attempt to catch anyone with a "gotcha."[00:25:34] Why does mutual friend Josh Waitzkin call Graham The Wild Gardener?[00:27:04] How does Graham deal with contradictory perspectives — when the data is telling him one thing and his gut is telling him another?[00:29:09] What does Graham do to familiarize himself with the way people underwrite their mental models (besides nearly beheading them)?[00:30:29] Graham talks about his role as an investment coach, of sorts, and how he picks the best "players" for the game at hand.[00:31:53] What other patterns has Graham noticed in the successful talent he's ended up selecting?[00:36:06] In what way have others helped Graham surface his hidden assumptions, and how might a coach do the same for others?[00:39:17] An example of when Graham's "grip" has been a bit too tight around his own beliefs.[00:40:09] What Byron Katie has taught us about articulating the opposite of such beliefs — and having a mindful lunch.[00:46:18] When evaluating a team, how does Graham think about each person developing the ability to look at the opposite versus hiring to end up at that optimal mixture?[00:49:12] How might someone train to more clearly see disconfirming evidence — and roll with the punches when their instincts lead them toward regrettable decisions?[00:42:21] What books does Graham gift to others most often?[00:56:11] An aside about Wim Hof and Josh Waitzkin embracing "the other side of pain" to get the most out of life.[00:59:31] How does James Carse's distinction of finite and infinite games apply to finance, and how would Graham test a potential teammate for compatible sensibility?[01:02:41] How likely would it be for Graham to invest in a Jocko Willink project?[01:04:16] Different people have different ways of sniffing around direct questions. Here are a few examples.[01:05:54] Graham explains what this Kwame Appiah quote means to him: "In life the challenge is not so much to figure out how best to play the game; the challenge is to figure out what game you're playing."[01:08:13] Going by David Foster Wallace's famous commencement speech, what's your water? Podcasting helps me see mine.[01:09:32] Graham's take on Greg McKeown's Essentialism.[01:10:31] How Graham sees careers as a river (with a nod of thanks to neuroscientists Dan Siegel and Tina Payne Bryson's model of well-being).[01:12:53] Toward which bank do the top one percent in any given field swim? What if that field is financial markets? What if that field is writing fiction novels?[01:16:39] The differences between millionaires, billionaires, cultural billionaires, and time billionaires.[01:18:47] An idea for how Tim Urban might allow for personalization of his 90-year-life calendar.[01:20:00] Are you more concerned about the length of your life or its width?[01:20:38] Life changes Graham and I have both made as a direct result of reading Tim Urban's "The Tail End" piece at Wait But Why.[01:22:05] How does Graham try to appreciate the width of his life?[01:25:05] Aside from the aforementioned Kwame Appiah quote, what might Graham put on his billboard?[01:25:52] The power to be found in treating negative feelings like welcome party guests.[01:27:43] Parting thoughts from Mark Twain and Graham.*For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsorsSign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissYouTube: youtube.com/timferrissFacebook: facebook.com/timferriss LinkedIn: linkedin.com/in/timferriss See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.