This book reads like afternoon coffee with a grandfather, whose pride, confidence and self-satisfaction at how well he’s lived his life initially deter you – you’re guarded and dismissive. But then, you’re humbled by his successes, his moments of insight, his laidback conversational style, and after enough cups of caffeine, you eventually find yourself stimulated and eager to pick his brain a little more. That grandfather just happens to be Seymour Schulich, the major benefactor of York’s school of business; a Canadian billionaire, businessman, and philanthropist. This is his only book. I suspect it’s a part of his giving back, that stage in life where our remaining energy goes toward leaving a meaningful legacy, to making one’s mortality more bearable; a passing-of-the-torch that I’m sure many old people go through, and that I myself will one day too. His name is on York’s school, after all.
Anyway, it’s a book that, in his words, aims to deliver life lessons to a twenty-to-forty year old. It’s actually a book that has re-inspired my love of reading: Schulich claims that he has read about 2500 books over the course of his life, 80 percent of which comprise nonfiction, and that this habit has accumulated more knowledge for him than his three university degrees. I have so much catching up to do, and I’m glad to have that fire lit by a ‘local’.
The information is scattered sporadically, with short and sweet chapters dedicated to a cornucopia of topics ranging from advice on life, business, investment, decision-making, sales, China (?), leadership, health, love, and plenty in between. Schulich, who made most of his money in the oil industry, attempts to impart dozens of potentially useful ideas, rather than two or three main ones. His writing is refreshingly simple. Sections are brief. This makes it all highly readable and re-readable, but the information sometimes feels random, challenging to retain, and almost impossible to summarize without re-listing. Light reading often makes for heavy amnesia. Consequently, I prefer to preserve some of his opinions that resonate here, return to the ones that don’t, and probably leave a copy on the coffee table from time to time.
Memorable passages:
“How do you beat Bobby Fischer? The answer: play him at anything but chess. Always ask, where do I have the edge?...All of these ventures went sour because the people running them had no advantage, no natural edge. It’s extraordinarily difficult for most mortals to develop expertise in several very different areas.”
“The entire business world, and much of family life, runs on relationships that are grounded in reciprocity. I’ve never met a successful person who didn’t have a complete grasp of this.” [references Cialdini’s Influence]
“Your twenties are a time for gaining experience on which you will build the rest of your life. It doesn’t matter all that much what you do, as long as it’s legal. By thirty, though, you should have a clear direction. Only you can know where you’ll find your niche; no career counselling service can tell you. In my opinion, a key is to find work in a business with high profit margins...today’s high-margin business is not always tomorrow’s.”
“Virtually all the accomplished people I’ve known in my life had positive outlooks most of the time. Behind every success story is usually someone who beat the obstacles because he or she refused to accept the pessimist’s view. Accountants and lawyers are the major exceptions to this rule.” [bahahaha]
[On his takeaways from Rules for Aging]” 1. Nobody is thinking about you. 2. Avoid swine. A swine will always be a swine, even if, for the moment, he is acting in an unswine-like fashion. You cannot reform swine. It’s better just to stay away from them. 3. Appearance is frequently reality. No matter what they told you in university. 4. Envy no one—ever 5. After the age of thirty, it is unseemly to blame one’s parents for one’s life. [arbitrary number? But true.] 6. Never bring news of slander to a friend. [counter-intuitive?] 7. Never expect gratitude"
“Self-praise is no honour.”
[On health and longevity] “Studious folks suffer much less wear and tear than the athletic jocks of our high school and college years...Exercise: aerobically, three times a week. Strength training, twice a week...Do not study diseases unless you’re going to be a doctor. There are a lot of diseases and health demons out there that you do not want to know or obsess about. Deal only with the issues directly affecting you and your family. Keeping yourself mentally stimulated is important – maybe even critical—to a long life.”
“Success correlates to exposure. This doesn’t mean you should ignore my earlier advice to play where you think you have an edge and be patient..[but also] many successful people arrived at their niche in life through exposure and experimentation in areas that interested them.”
“Real relationships are built up over twenty-, thirty-, and forty-year time periods. My wise, street-smart father told me I would be very lucky to have two close friends in my lifetime outside my family.”
“Every profession is a conspiracy against lay people.”
“In every company in which I was a principal or an investor, the first metric was always the level of cash.”
“Financial history keeps repeating itself – I’d say it’s almost as critical as accounting, the language of business, and statistics, which teaches you to analyze probabilities and risk...it’s human nature to extrapolate current trends far into the future, to assume that excellent gains in the stock market (or any financial market, including real estate) foreshadow even greater wealth to come. Investors are too influenced by recent history.”
“China may not be the biggest economy on the planet (yet), but it’s arguably the most important trading nation. If you want to prosper in the twenty-first century, you’ll need to understand it. [Entire chapter on this. He really, really likes China..]
“What do I mean by discipline? To me it’s simple: it’s the ability to figure out what’s worth your time and effort, what’s not, and to cut out the latter.
“’You must make enough in your chosen profession to afford to be screwed by every other profession or vendor of consumer goods.”
“[on setting incentives/building a company] …very few things are more important to keeping those [good people] than having the proper pay scheme in place. Observations I have accumulated [more detailed]: a) Deferred compensation. B) 10-year option vesting c) Profit-sharing D) Communal compensation
“[Poor choices for wealth creation: zero-sum games i.e. field of derivatives and hedging are kind of like casinos. Growth stocks also bad.]
[revisit chapter and appendix on philanthropy when I’m more secure]
“A human’s attitude and behaviour change completely if he owns something, or has “skin in the game." Compare home owners to renters in their care of the properties they live in...rental cars versus cars they own…profit-sharing plans versus government bureaucracies. Government’s record of managing is so poor because civil servants have no ownership or skin in the game.”
“[closing thoughts] People who live in fear don’t live at all. Business is a means to an end, namely freedom to pursue the ultimate goal of trying to make the world a better place for your having been here for a very short while. People only die when they’re forgotten. Luck favours the brave. Don’t complain, don’t explain. The greatest thing you’ll ever learn is how to love and be loved in return.”