Lecture Notes: Change Lives, Change Organizations, Change the World

Introduction

Speaker shares a pivotal moment from 20 years ago in a meeting with Joe, a significant investor.
Feelings of fear and anxiety as he reveals Joe's investment loss of 50%.
Joe invested based on belief in the speaker, not a track record.

Initial beliefs about investing:
- Rule 1: Don't lose money.
- Rule 2: Never forget rule 1.
Experience taught that focusing solely on not losing leads to poor outcomes.
Comparison to dating: Playing small and keeping one foot out leads to inevitable failure.
Key Insight: Focus on upside potential rather than merely avoiding loss.

True investing success summarized as:
- Asymmetry: Seeking the biggest possible outcome relative to risk.
Importance of stacking criteria for success:
- Example: Strong management, industry potential, long-term holding can lead to exponential outcomes (10, 20, 50, or 100x returns).

Do Hard Things
- Life isn't meant to be easy; growth comes through discomfort.
- Personal anecdote from rowing: Progress measured by ability to endure discomfort.
- Emphasizes that initial discomfort often leads to long-term gains.
Do Your Thing
- Importance of choosing a career path that aligns with personal passions.
- Life is filled with suffering; choose something worth suffering for.
- Avoid doing someone else's dream; true success comes from pursuing your passions.
Do it for Decades
- Persistence in a chosen field brings expertise and compounding returns.
- Comparison between those chasing quick wins vs. those committed to long-term growth.
- Emphasizes the power of time (N in the investment equation) in achieving success.
Write Your Own Story
- Narrative creation is powerful; envision future success and align daily actions towards it.
- Personal story of overcoming challenges and visualizing a successful outcome during tough times.
- The importance of intention and alignment with personal goals.

Speaker reflects on the impact of life choices, taking risks, and embracing fear.
Encourages graduates to reflect on their lives and to take action now:
- Ask yourself: Are you going to give yourself permission to lead the life you want?
- Urges the class of 2023 to leverage their education and experiences to make a significant impact.

Life is about more than just avoiding failure; it's about pursuing passion, growth, and purpose.
"You did not come this far to play small. You came this far to move the world."