Maya Angelou said, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
Interesting.
“The price of gold has just reached an all-time high.”
That’s a fact that just happened today.
Has the worldwide demand for gold products increased dramatically, impacting the price?
No.
Our feelings about gold as an investment have changed, and we are acting on those feelings.
“The price of gold has just reached an all-time high.”
It’s a signal to us and an interesting statement. It means two things:
The intrinsic value of gold, how we feel about it, is rising.
Our belief in the value of the dollar in relation to gold is falling.
Trillions of dollars of new debt over a few-week period has created fear about the strength of our currency. We are also perhaps feeling a lack of confidence in our current financial and governmental systems.
The search for value is accelerating.
Most of us are doing something to adjust and compensate for Covid-19.
Wear a mask.
Stock up on toilet paper.
Check in on our neighbors, but don’t get too close.
Bring our children home.
Safeguard our workplace.
Some of our actions come from survival and scarcity, others from value.
An article about survival and scarcity would be painful, more painful than the start of this one. So, for the rest of our time together today, we will focus on value.
I’m often asked, “What has Covid-19 taught us?”
The answer emerging right now is “Our value is being tested, and an amazing opportunity to shape our legacy has emerged.”
We get to create our legacy right now. “Get to” is an active, responsible choice versus the “have to” that I say when I’m not being responsible for my impact.
In my conversations with clients, friends, family and colleagues, what we value is being discussed on an hourly basis. And knowing that, what do we get to create? None other than our legacy.
I don’t know about you, but I pictured creating my legacy on some reflective retreat alongside a placid mountain lake instead of while masked and homebound.
Yet here we are, the stress of this moment helping accelerate the reflection.
How Aligned Are You? Intimately know your Vision and Values, those within your company and in the marketplace.
Who is on Your Crew? Know your Leadership Superpowers and who you need on your crew to create the rest.
What is Your Transformation Strategy?
Establish a non-negotiable time for Transformation by investing in coaching, training, consulting or masterminds to improve your performance.
What is Your Transition Plan?
Create a solid plan to lead effectively during this crisis.
This article is contributing to my legacy that:
“You know you can make a positive impact far beyond what is reasonably possible, and you see a path to act on it.”
Remember, “The price of gold has reached an all-time high.”
Those of us who see the opportunity to create our legacy are busy right now. Please share the legacy that you’re creating!
My life and business are full of experts. That’s good thing. Experts know things that I will not ever learn myself, nor have any interest in learning.
Please note that experts are much different than “those with opinions”, I see many more opinions expressed in the course of the day than expertly vetted information. In almost all cases, the old adage about opinions is true for these too – even if they’re free, they’re still not worth it.
Yesterday, my wife and I met with our friend and expert financial advisor – Bob Rubin. Bob manages the majority of our investable assets. He’s super knowledgeable, an experienced student of market fundamentals and quick to make recommendations backed with facts.
Our question was, “What do you think is driving the stock market?” Bob’s response, “other than irrational exuberance, I’m not sure”.
He admitted that it bothered him to say it.
Bob realizes we put our trust in his ability to read the market. He went on to add “the market isn’t behaving normally based on any traditional model.”
Conclusion? “I don’t know.”
My judgement of the market before our meeting was “I don’t know” also. However, my response tells me much less since my “I don’t know” is partially born of ignorance as I’m not a market expert.
Bob’s “I don’t know” was credible.
An interesting thing about “I don’t know” is that it indicates the need for more action rather than inaction. “I don’t know” does not mean “do nothing.”
How do we make a decision in an “I don’t know” situation? In this case, we looked at the possible outcomes, and possible actions based on these outcomes.
Outcome #1 – The Best-Case Scenario. The market will continue to rebound. Action: Buy stocks.
Outcome #2 – The Middle Road. The market will decline because investors will realize their irrational exuberance. Action: Sell stocks.
Outcome #3 – The Worst-Case Scenario. The market will decline because there is a loss of confidence in the dollar. Action: Sell stocks and other assets, buy gold and bitcoin and build our survivalist retreat on high ground in central Florida.
Debating these options, we selected the most “likely”, with the guidance of our expert Bob. While considering, we took into account our current circumstances, biases and checked our gut reactions.
A major factor supporting Outcome #1 was – “where else are people going to put their money?” In the end we just couldn’t consider that an investment strategy.
Outcome #3 seemed too extreme in the moment, we’ll know over the next few months if we made the right choice there.
So, Outcome #2 it is! Bob moved to take more of our assets out of the market.
Have you been hearing “I don’t know” from experts who have known the answer to your past questions?
How does all this apply to your business?
“When will the Covid pandemic be over?”
The expert consensus is “I don’t know.” That’s likely the most responsible answer we could hear, or give. In fact, my BS detector alarms when anyone has a certain answer to this question.
How does this inform you about your plan for your business?
What’s your worst-case scenario? Best? Middle road? The middle road sounds reasonable, but is it most likely? What are the business circumstances, personal biases (ego anyone?) or gut reactions you and your team have?
Our best answer, gleaned from experts and news sources, to “When will the Covid pandemic be over?” is “Sometime in 2021” – pretty darn close to “I don’t know.”
As a result, we’re planning to operate virtually for the next year, and have begun to set expectations with clients that reflect that. That’s not a terrible response for a company like mine that is organized virtually anyway. I realize it is not a possibility for many company owners though.
For most, the current choices range from undesirable to terrible. Though the choices are bad, please don’t let that deter you from selecting one. At a time when “I don’t know” is actually the responsible answer, we make the best choice we can and move ahead.
If you need the support of a business expert to select the best choice, you can find me here >> http://billionizeme.com
My Mom recently sold her half of a duplex in Jupiter, Florida. Cleaning out the two-bedroom house, originally owned by my grandparents then passed to my parents, was a trip down memory lane. I kept a few things that were sentimental, and also a few that I thought were valuable.
While poking through the kitchen cabinets, I noticed white Corningware casserole dishes with the blue flower patterns circa 1965, neatly stacked with their clear lids nearby. These were familiar. Any frozen vegetable served to me between the ages of five and fifteen arrived at the dining table in one of these Corningware dishes. They possessed some sentimental value perhaps, but who could possibly want these old, outdated dishes? “Donate” was the determination, and I might have used the word “junk” as I hauled them out to our SUV.
Fast forward to the next weekend, and the first twist. My twenty-two year old daughter, home visiting from Orlando is talking about a dish she will be listing on eBay. Her question: “Dad, do you know why these are so valuable?”
She reaches for her phone to show me a listing, a seller willing to part with a valuable casserole dish, without the lid, for $2,000. I was curious, what was this exotic casserole that commanded such an impressive price. Was it a hand-decorated Russian Faberge? The image came up, and my jaw dropped. Yes, you guessed it. This valuable, exotic dish is the vintage Corningware casserole with the blue flower pattern.
Quickly, I did the math. Three casseroles with lids, four small dishes and one coffee pot, all in the blue flower pattern – that’s over $10,000 worth of Corningware “income” lost. And I was sure the stuff was junk!
Still queasy about that missed opportunity, I rapidly shifted to a radical thought. “If I’m living in a world where Corningware is worth thousands, what else am I missing that’s right in front of me?”
It wasn’t like I was torn between donating and keeping these – an epic struggle that resulted in a “donate” verdict. It much more closely resembled a quick wave of the hand and a quiet compliant that I needed to move them the twenty feet to our car. I was 100% sure these were of zero value, and I was 100% wrong.
Which raises these questions:
“What assumptions am I making, assumptions where I am absolutely positively sure that something is true, that are in reality completely false?”
“Do I undervalue things that are familiar to me?”
“Do I do this with people too, taking for granted their amazing gifts and talents because I see them every day?”
As a human being, it’s to my benefit to be open to what’s going on around me. All too often, I’ve assessed and profiled people, using my logical brain to sort them neatly by perceived strengths and weaknesses. Once determined, this assessment seldom changes.
The problem with this is that people do sometimes change.
A $10 casserole in 1965 could be a $2,000 one in 2020. You and I have people in our lives, you know the ones, who we judged as $10 casseroles in our youth and still consider them as $10 casseroles today. Is that a beneficial approach?
Ok, now for another twist, found after further research this morning. There seems to be disagreement online about how valuable vintage Corningware really is. Casseroles appear to have sold for thousands on eBay, yet antiques experts quoted in other articles say the pieces are only worth a few hundred or much less. Further research is required to make a final determination.
As a leader, it is valuable for me to remember that I don’t have all the answers. In fact, I don’t even possess a fraction of them. Research IS required. What was originally a $10 casserole, now worth $2,000 might still be worthless to me because I don’t recognize the value.
Being present, recognizing and challenging assumptions, getting a 2nd opinion even when I’m sure I’m right. These are skills worth practicing.
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