45: It’s snowing (Also, work harder)

By DONUTS DONUTS

By DONUTS    2 months ago

Hey there.

If you live in the northeast, you are probably chillin’ at home, enjoying your snow day.

(ie me. It’s crazy out there!)

And look, I am definitely a smug New Yorker, I will be the first to admit that. But seriously, the center of the universe is snowed in and it feels like nothing is going on.

Y’all do the math.

Anyway, the most exciting thing that happened is that Bill Ackman finally cut his losses:

Bill Ackman’s Pershing Square has sold its 5.3 per cent stake in Valeant Pharmaceuticals, bringing down the curtain on one of the most disastrous investments in the hedge fund’s history.

The fund lost more than 90 per cent of its investment as Valeant plunged into financial crisis, and Mr Ackman concluded that the tax losses would be more valuable to Pershing Square than any potential rebound in the stock.

The 10,000 hour rule

I like Malcolm Gladwell books. I mean come on, it’s pretty satisfying when someone takes a very complicated thing and explains it to you in a very simple way.

As it happens, my favorite Malcolm Gladwell piece is about ketchup.

(Did you know that ketchup is the perfect condiment, equal parts every sensory taste—sweet, sour, spicy, salty, bitter… and even umami. Which is why ketchup is just ketchup but there’s a million kinds of hipster mustards.)

(Crazy, no? Ketchup is ketchup. Mustard is… complicated.)

Anyway, one super convenient and satisfying idea that Malcolm made mainstream is the 10,000 hour rule. I’m sure you’ve come across it in some form, essentially the idea that to become a master at something, you need to dedicate exactly 10,000 hours to whatever craft you are trying to master.

I mean who is going to say no to that idea. We are all only 10,000 hours away from being awesome. Which basically means that we are all awesome. Fuck yeah.

Well, such is life, where super convenient and satisfying ideas are mostly bullshit:

For example, the number of hours of deliberate practice to first reach “master” status (a very high level of skill) ranged from 728 hours to 16,120 hours. This means that one player needed22 times as much deliberate practice as another player to become a master.

That’s quite the range. In other words, it will take Evan Spiegel 728 hours to become a billionaire and it will take the rest of us 16,120 hours to not become a billionaire. Noyce.

Stuff

This might be not the best job in the world.

The problem with democracy: Boaty McBoatface.

Who needs cocaine when you have Snapchat.

Ghost in the Shell’s marketing team learns about the internet.

Please understand Dodd-Frank more. You’re welcome.

Why can’t we all agree that the Glass Steagall act is kind of overrated.

Working for a bank ain’t that kewl anymore.

Paul Ryan talkin’ shit caught on tape.

Donald was bigger data than Hillary, apparently.

No offense, but your sperm kinda sucks.

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DONUTS

Delightfully indulgent.