Saturday, September 2, 2023

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Why does the Fed want to kill the dollar?

Your bank is probably in on it
 

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Gain an Unfair Advantage in the Stock Market: Top 7 AI Stocks of 2023 Report Inside!

Write like you speak. Speak like you think

Sunday, 3 September 2023

 

Good Morning edwardlorilla1986.paxforex@blogger.com,

 

I’m writing to you from a belatedly rain-blessed Bengaluru, where after the driest August in decades, a continuous 10-hour overnight spell of rain through Thursday night reduced our rain deficit from 42% to 8%. And there’s more rain forecast for September. 

 

For the privileged, rain is often an indulgence or inconvenience. But for India’s farmers, it is life itself. So here’s wishing the late rains make up for what we missed in August. 

 

Today’s edition took shape over lunch at a restaurant in Indiranagar this week. I was meeting Dhruv Saxena, the co-founder of design and product consulting firm, Obvious. Dhruv was a few weeks shy of finishing his three-month paternity leave, and the break from work had turned him more reflective and philosophical. 

 

We were meeting at Infinitea, the reliable and friendly restaurant and tea room run by Gaurav Saria. As we were discussing our respective experiences around entrepreneurship, ambition, and self-belief, Dhruv said something that struck a chord with me.

 

He said that spending nearly three months away from work had allowed him the distance to truly observe himself and his own work. Dhruv has been practicing mindfulness and meditation for a while, so his ability to “see” himself from a vantage point has sharpened. 

 

“There have been times when I’ve been in conversations with people and I find myself saying things that I don’t truly believe. And I tell myself, ‘Hey, that doesn’t sound like you’,” he said. 

 

Saying things that sound like yourself doesn’t sound like much of a First Principle, you will think. 

 

But conversations are how we innovate, deliberate, negotiate, and yes, decide on things. If we can find a way to have conversations that are truer to ourselves, then we can’t but arrive at better decisions in the process too.

 

Dhruv’s observation stayed with me because I use a “sibling” version of it myself. One of my longest running principles has been “write like you speak”.

 

That advice is usually given to writers, because it leads to clearer prose. But over the years I’ve come to realize that writing like you speak means much more. 

 

Whether it's “speaking like you think” in a conversation, or “writing like you speak” in an email, the common thread is being yourself and being self-aware about it.

 

The feedback loop that exists in both cases allows us to observe ourselves. The moment you feel, “That doesn’t sound like me”, it’s a powerful signal for you to think again about what you’re about to do. It may not be a classic First Principle, but it has helped me communicate my thinking and decisions far more effectively over the years.

 

On that self-reflective note, here’s the latest conversation I had for the First Principles podcast. On Monday, I met M N Srinivasu, the consciously low-key and behind-the-scenes co-founder of payments giant Billdesk, in Hyderabad. Over a nearly hour-and-a-half conversation interrupted only by the constant refills of coffee brought to him by office staffers, we spoke at length about the slow-burn, contrarian, and consensual way in which Vasu and his two co-founders build and run Billdesk. Here’s a snippet:

 

BillDesk’s MN Srinivasu on building quietly and sustainably | Episode 25, 31 August, 2023

 

The co-founder of BillDesk on not handling person-to-person payments, disincentivising chasing glory metrics, coaching the first 100 employees, and being “managed upward” by his reportees.

Listen on:

"When we started in 2000, we said Billdesk would have no defined hierarchy for people, unlike the traditional organisations, and no designations. 23 years later, we still stick to that. We have no designations, I mean, other than what is required by regulators, like, say a company secretary. Instead, people are just called members of a certain team.
 
Their appointment letters would say "You're a member of a technology team" or "business team".
 
You could be a member of a team with, let's say, a Rs1 crore salary, or you could be the member of a team with a Rs5 lakh salary, but your appointment letter and your designation will not be different."

Another episode filled with great insights is with Srikanth Iyer of Home Lane. 

 

Srikanth Iyer of Home Lane on embracing what you're bad at in order to do better at what you're good at, and being a wartime general | Episode 14, 16 February, 2023

Listen on:

"So it says pick a couple of things that are very important to your customer and also pick a couple of things where you necessarily will be bad at. Because unless you are bad at two things, you will never be great at a couple of things, which really matter to your customer.
 
So if you think that you can be average at this, very good at something, and fantastic at something else. It won't happen. So, the theory is you necessarily need to be bad at something in your business to be great.
 
[…]
 
We came up with what we call a finite catalogue philosophy, which is similar to what you'll see in the Ikea of the world. Like Mr Henry Ford said, I'll give you whatever colour you want, as long as it's black. We said okay, that's a good place to start from. If the whole world offers 2,000 colour options of laminate, which you stick on the wood when you get the finish. I said I'll offer 50 colours. I said 50 colours is a lot. Why do people want 2,000 colours? And 2,000 colours is going to make my supply chain so complicated. My dependence on external suppliers will be so high that it's bound to fail. It is bound to fail. 
 
So, I said I will only have 50 colours and for every colour I'll have a minimum of two suppliers. So my criteria for choosing a colour is 'minimum do supplier hai kya iska?' (Does this colour have a minimum of two colours?) So, in a way, that 45 days became our North Star (metric) and I said if I can't deliver anything in 45 days, I don't want to offer the service at all." 

That’s all for this Sunday from me. 

 

Do you have a favourite Sunday album or artist? If you do, let me know what it is? I’d love to put together a Sunday playlist composed by First Principles readers. Drop me your favourites at fp@the-ken.com

 

Regards,

Rohin Dharmakumar

One down, a bunch more to go

Presented by Californians for Energy Independence: Inside the Golden State political arena ...