This is one of the most powerful ideas I’ve come across. If you are only going to read one thing today, spend a couple of minutes thinking about this short summary.
Anthony Pompliano shares an important idea from a past Tim Ferris podcast with Graham Duncan, the co-founder of East Rock Capital.
“It perfectly breaks down the difference between a time billionaire and a dollar billionaire. One has financial resources and the other has life resources. Our society overvalues the former, but undervalues the latter.”
Here is an excerpt of that conversation:
Anthony Pompliano shares an important idea from a past Tim Ferris podcast with Graham Duncan, the co-founder of East Rock Capital.
“It perfectly breaks down the difference between a time billionaire and a dollar billionaire. One has financial resources and the other has life resources. Our society overvalues the former, but undervalues the latter.”
Here is an excerpt of that conversation:
“Graham Duncan: A million seconds is 11 days. A billion seconds is slightly over 31 years. And I was thinking about – Tyler Cowen has a thing about cultural billionaires –
Tim Ferriss: Marginal Revolution?
Graham Duncan: Yeah. In one of his books, he talks about cultural billionaires. I feel like in our culture, we’re so obsessed, as a culture, with money. And we deify dollar billionaires in a way that – it’d be nice to co-opt that term the way Tyler Cowen did with cultural billionaires. And I was thinking of time billionaires that when I see, sometimes, 20-year-olds – the thought I had was they probably have two billion seconds left. But they aren’t relating to themselves as time billionaires.
And I was thinking about how if you could – what would Rupert Murdoch, who’s worth $20 billion – he’s 87 years old. What would he pay if he could take the next five years of someone’s 20-year-old healthy body, mind, etc.? And for that 20-year-old, how would they price it? Because I was thinking at various points of my career, I might have sold the next five years for something.
And over time, my pricing has gone vertical because the next five years, if I were to lose – and the key to this question is that you can’t sell the five at the end of your life. You gotta sell them right now. I don’t know how I’d price it because my kids are of a certain age that they’ll never be again. But I don’t know that I live every day that way. But I aspire to.