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You know why? Does everybody here agree with me on this? Remember how that puppy went all in? You do this with the other human beings you encounter in life. Most people spend all day long trying to get other people to like them. They do it wrong.


And be willing to do what? Look at this picture. I love this picture. So I helped teach this high school class in Los Angeles, and the first class of each semester, a brand new group just like you guys, and I make them go through the following exercise. To know what to do. This will clear up all your blind spots about yourself and other human beings. I asked the group, show of hands, how many of you think all human beings are alike? We express them differently. Tremendous diversity in how we go about meeting them, but ultimately we all have the same needs.

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Show of hands. How many of you want to be paid attention to? How many of you want to be listened to? How many of you want to be respected?

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How many of you want meaning satisfaction fulfillment in your life in the sense that you matter? And then I tell the high school kids, number five. But then they do raise their hand because I soften them up. How many you want to be loved? The dog is going to be very unhappy with me for telling you this. And you only have to do it for like 15 seconds and then you can go back to doing whatever you were doing before and completely ignore them for the rest of the evening.

However, you do have to do this every single time they come home. And what will the person do?

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And listened to? And respected? Do you think she matters to this dog? And do you think she thinks this dog loves her? And what does the dog get in return? All you have to do, if you want everything in life from everybody else, is first pay attention, listen to them, show them respect, give them meaning, satisfaction, and fulfillment. Convey to them that they matter to you. And show you love them. But you have to go first.

And what are you going to get back. Mirrored reciprocation. See how we tie this all together? The world is so damn simple. Every single person on this planet is looking for the same thing. So I have an example I use with the class, my elevator example. The doors open. And I say, at least in California, if you do that 98 percent of the time the person will smile say good morning back.

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Choice number two, you can walk in and you can scowl and hiss at this stranger in the elevator. And I say 98 percent of the time, they may not hiss back at you, but they will scowl back at you.

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And option number three. This is where the wisdom comes. You can walk into the elevator and you can do nothing. And what do you get 98 percent of the time if you walk into an elevator and you do nothing from that stranger in the elevator? But what did you have to do?

You have to go first. This is why these bars are full of people at a. Knocking down these drinks. When am I going to get mine? Did you ever get up of the morning and smile at the world? You either did nothing or you scowled and hissed at the world.

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Which is why we study multidisciplinary things right? So what do you want to do? You want to go positive, you want to go first. This is an economics club. Certainly you have all heard of Daniel Kahneman , Nobel Prize winner in economics. Behavioral economics.

And what did he win his Nobel Prize for? Which one do you think is more powerful? How does insurance work?

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Lou Brock set the Major League record for stolen bases with the St. Louis Cardinals many years ago. So what do I do with my life? I risk the two percent. I was so proud the other day, I was reading Bono on Bono. Can I be wrong on this? That guy is really squared away. Now Charlie Munger one day, you know he turned my whole life upside down. You really will.

You see Albert lucked out, he got an easy question.

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Is your lifetime important to you Albert? How do we have to make decisions? You had Mankiw here right? Have you all heard of opportunity cost? What do you have to do? Is that fair? How do you want to spend your one lifetime? Do you want to spend your one lifetime like most people do, fighting with everybody around them? I just told you how to avoid that. And in exchange have what? A celebratory life. Instead of an antagonistic fighting life. All you have to do is go positive, go first, be patient enough.

You know we have to be patient for a week with this puppy. It takes six months. This is why nobody does it. Look at the plan B that everybody uses. They spend their whole lives fighting with everybody. The three hallmarks of a great investment are superior returns, low risk, and long duration.

The whole world concentrates on Category 1.