How I Invest with David Weisburd
00:45:18 · David Weisburd, Christopher Donahue
[00:45:18] S0: If you go back to 1972 and you could give yourself one timeless piece of advice that you could carry throughout your career, what would that have been? [00:45:28] S1: Back then, remember that it's gonna be a little different because by the time I took the bar exam in '74, we already had four children. And in 'seventy two, we had two. And so, when you ask me a question like that, I'd say it was, Get ready because it's quite a ride when you have eight children eventually. And my advice to myself that I gave later was when you're young, stupid, and indestructible, that's the time to have these kids. And that's one lesson that I would say young, stupid, and indestructible is a perfect combination for raising these kids. [00:46:20] S0: It's like their confidence, anticipation, and the David statue. [00:46:23] S1: Very good. Excellent. It is exactly that. And that's exactly what you need because the Goliaths out there are going to be after you, and they're bigger than you, and they're stronger than you, and they got more weapons than you. But on the other hand, a little confident anticipation goes a long way. The same lesson applies to taking risks in the marketplace. It's a confident anticipate. You've done your own work. Not a little of the work. We have stuff that doesn't work. But if you keep doing it often enough and confident anticipation, enough of
00:46:23 · Christopher Donahue, David Weisburd
[00:46:23] S1: Very good. Excellent. It is exactly that. And that's exactly what you need because the Goliaths out there are going to be after you, and they're bigger than you, and they're stronger than you, and they got more weapons than you. But on the other hand, a little confident anticipation goes a long way. The same lesson applies to taking risks in the marketplace. It's a confident anticipate. You've done your own work. Not a little of the work. We have stuff that doesn't work. But if you keep doing it often enough and confident anticipation, enough of [00:46:59] S0: the work that you get ahead. I'm wondering whether this beginner's mind or almost this ignorance early in your career could be an asset. Do you think there's something to that and that the ignorance itself gets you to take the kinds of risks that people later that don't take?
00:46:59 · David Weisburd, Christopher Donahue
[00:46:59] S0: the work that you get ahead. I'm wondering whether this beginner's mind or almost this ignorance early in your career could be an asset. Do you think there's something to that and that the ignorance itself gets you to take the kinds of risks that people later that don't take? [00:47:13] S1: I would say, first of all, getting married is a huge risk. And if you really knew how many people would actually... If you were told what was gonna happen, it's not perfect. Okay? But it's beautiful and well worth it. And not knowing is better than knowing. And what does an entrepreneur do? Takes risk. You put money out. You do not know what's gonna happen. So you have to have some anticipation. That's the way the whole free market works. The only reason people make lots of money, whether it's these AI companies or anybody else, is they're getting stuff to people that they want. But they didn't know that in advance. They thought it would work, and so they had to take the risk of doing it. And I wouldn't have called it bliss. I would have called it risk taking. And that's what entrepreneurs do. Then if you really ask me what I call it, it's entrepreneurial splendor at the end, that's the goal. That's what has to light you up because that one doesn't work and you're back down. Now you got to go back up again. And it's entrepreneurial splendor that's the right term. [00:48:27] S0: Well, Chris, this has been an absolute masterclass. Thanks so much for jumping on. [00:48:30] S1: Oh, I'm delighted to. I'm delighted to, David. Thank you very much.