Trust in Singapore

Greetings from Singapore.

The photo at left is of the Merlion, one of the city-state’s iconic statues—part lion, part mermaid. It’s a symbol of eclecticism—not “town of beans,” or “town by the bay,” or “city of light.” No, this is where water-spitting lion meets mermaid. Part land, part water; part fact, part fiction.

Singapore is part Malay, part Chinese, part Indian. Part open democracy, part tight governmental control. Part Western, part Eastern.

But all significant. Singapore’s population is only 4 and a half million. But it ranks number 9 in the world in foreign currency holdings. On a per capita basis, that dwarfs the other eight.

The Eurozone’s foreign currency holdings are about $3,000 per person. Japan is $15,000. But Singapore is $44,000 per capita. And you can double that if you include Temasek, Singapore’s quasi-Sovereign Wealth fund—a triple-A rated fund, one of whose smaller holdings is over 5% of Merrill Lynch with an option to go to just under 10%

In other words, a country on the move. And a fascinating example of diversity.

In my seminars on trust in business, there is always a discussion about whether trust varies culturally. Invariably, we rediscover that the core elements of trust are universal—but that their expression varies considerably.

The higher the diversity in the room, the higher the quality of discussion about this issue. Which is why discussions about trust in Singapore are among the best I encounter, and inevitably teach me a lot.

To live in Singapore, and to live in a large company with Asian presence, is to recognize the fact of interdependence in the emerging world economy. Your co-workers are Malays, Chinese, Indian; Muslim, Hindu, Christian; Indonesian, Pakistani, Thai, Australian. Where you go to lunch can be a cultural and religious decision. So a discussion of trust is a broad conversation indeed.

Is trust important to the Chinese? Sure, if you mean the cultural ritual of getting to know you before making business decisions. No, if you mean the suspicion that is the legacy of corrupt communist government in modern mainland China.

Is credibility an important part of trust in Asia? Sure, if you mean who you know. Not so much, if you mean technical expertise. Unless you got that expertise at a highly credible institution. Though of course on the other hand…

And so on. These discussions force us to higher levels of abstraction, in order to make sense of our daily interactions.

Here’s what I come away with. There is a universal human and social drive for connection—it manifests personally, politically, commercially, religiously, romantically, and tribally. It is reflected in political alliances, commercial ventures, etiquette, and modes of dispute resolution. All cultures and people need to express disagreement, for example. Just be careful when using Dutch approaches to disagreement in Tokyo, for example.

Arrayed against this drive are the forces and circumstances of fear, poverty, ignorance, custom, history, and xenophobia.

The conflict between the two manifests in aggression, suspicion, and—in business—an ideology based on the concept of competition.

The fundamental shift in the business world today is a move from competition toward commerce. From competing against your customers to collaborating with them. From getting over on others to getting along with them. From the replacement of contracts by trust as a means of mitigating business risk.

Asia has a lot to teach the West about the power of getting along. From reliance on contracts to the use of trust to mitigate business risk. Asia has a lot to teach the West about the power of getting along.  Economically it beats the hell out of competing with each other.

Singapore is visceral evidence of that.

Trust-based Selling Program June 19 in the Baltimore-Washington Area

 

I will be offering a special one-day open enrollment session of Trust-Based Selling on June 19 in Columbia, Maryland. Attendees will be capped at 25, and I’m announcing it first here.

If you’d like to be more trusted by your clients and customers, if you’re tired of sales models that are seller-centric at heart, if you wish there were an approach to sales that combines high integrity with high profit—this program is for you.

I will co-lead the session with Mark Slatin of True Colors Consulting. My page on the Trust-Based Selling program offers more detailed information on the what the workshop will cover.

Breakfast and lunch are provided, as well as a signed copy of the book Trust-Based Selling, and a workbook from the program. Cost is $500 per attendee. I rarely do open-enrollment programs, and this special one-day program is priced lower than my corporate programs.

You can learn more and sign up for the Trust-Based Selling Program here.


Look forward to seeing you there!

 

Why Corporate Training May Be Less Effective Than Bird Training

Flying from Newark to Hong Kong, I indulged myself in catching up on the New Yorker.  This issue (May 12, 2008) was a double-delight, and offered inadvertent insights on corporate training.

I always welcome a new Malcolm Gladwell article—"In the Air: Who Says Big Ideas are Rare?" is on the nature of creativity,  and the frequency with which major scientific inventions are discovered simultaneously by many. (Not just Leibniz and Spinoza with calculus, five people came up with the steamboat, Gladwell says, and 9 invented the telescope at the same time).

Gladwell draws the implication that “genius” can be socially engineered by linking up smart people in a focused manner. Living proof is former Microsoft Chief Technology Officer Nathan Myhrvold’s company Intellectual Ventures, which has generated thousands of patentable ideas.

But you can’t over-engineer creativity. Randomness must be given its due. A starting problem and some pre-work seems to be important. Beyond that, the problems that end up being solved may vary radically from the original agenda. People must do their thing for group genius to take hold. Beyond agenda, it’s the confluence of smart people, not the proscribed process, that gets results.

But Gladwell’s piece is not all. The same issue has the amazing story of Alex the parrot, trained for 30 years by the equally impressive scientist, Irene Pepperberg.  Margaret Talbot’s article, "Birdbrain: The Woman Behind the World’s Chattiest Parrots," begins by reprising our historical view of animal intelligence.

Descartes, Talbot writes, posited a hard line between human intelligence and the “sub-human” view of animals. Darwin threw us back toward anthropomorphism. With B. F. Skinner, we returned to the Cartesian view of animals—but included people as essentially animalistic.

When Alex the parrot came on the scene, he confounded the animal behaviorists. He would initiate conversations, make appropriate comments, ask for things. “Sit on your knee?” You let him. “Scratch my head.” You do. Alex would ask, “You want food?” No. “You want drink?” No. “Then what do you want?”

Call that what you want, Alex was no birdbrain. Alex took conversations past where we’ve gone with chimps and dolphins. But here’s what drove the Skinnerians batty. Alex was not trained through stimulus and reward; he was trained through social interaction. Given classic “push the button get the pellet” training, he learned nothing. But placed in a social setting, competing and interacting with another (bird or human) for a trainer’s social attention, Alex learned rapidly. The author says:

As it happens, the model/rival method may have some utility for another species—humans. Diane Sherman, who works with autistic children in Monterey, California, has had some preliminary success in encourage speech in her clients using Pepperberg’s protocol. In an article published in The International Journal of Comparative Psychology, Sherman and Pepperberg say that, in two studies of children in Shermans private practice, [Pepperberg’s] model/rival method led to “significant gains” in the children’s “communication and social interaction with peers and adults.”

What does this have to do with corporate training, you ask?  At the risk of offending a few valued readers, let me make an overly broad generalization.  Corporate training is one example of a corporate trend toward breaking things down into parts and parceling them out.  That’s the pattern of outsourcing, of decentralization, of measuring outcomes, of securitization and disintermediation in the mortgage industry

These corporate trends are not all bad.  "Breaking it down and parceling it out" sounds like time-honored specialization and division of labor.  Division of labor is a recipe for efficiency. But we often lose sight of a holistic perspective and objectives. In training, this often means choosing training over education, sacrificing learning in the pursuit of behavior. Judging by outcomes, curriculum designers long ago ditched John Dewey in favor of B.F. Skinner.

In the corporate training world, every program has cascading objectives—overall, daily, and module-specific. Each “objective” is typically phrased in terms of behaviors: “participants will learn the skills and behaviors associated with….”

Can you imagine going to church or synagogue and being given a "spiritual inventory" from which to develop a "gap assessment" and a "needs analysis" followed by a customized program?

"In this class, sinners will learn the behaviors associated with the sixth through tenth commandments; participants will learn not to kill, and will no longer covet… Pre-requisite course: commandments 1 through 5."

 

Myhrvold’s lesson—underscored by Gladwell—is that objectives work at the level of agenda, participants, and pre-reading. Programming creativity below that level of specificity just kills it. Yet a modern trainer would be shot for proposing a program as open-ended as Myhrvold’s. In module design, an exercise yielding such varied outcomes would be tightened, trimmed, focused so that it produces replicable, predictable results—eerily called “learnings.”

The story of Alex the parrot tells us the same thing. Put me in a cage, appeal to my lowest level—peanuts and M&Ms—but you’ll get nothing from me unless you keep me starving. Give me the richness of social stimulation, give me some control over what I learn and how, and I will astound you with what “even” a bird can learn.

Talbot’s article has this poignant section about a famous research chimpanzee named Nim Chimpsky who had learned sign language:

After Nim had been retired to a Texas ranch where most of the employees didn’t know sign language, he continued to sign. When Bob Ingersoll, an old teacher of Nim’s, came to visit him the chimp, who was in a cage at the time, eagerly signed “Bob,” “out,” and “key.”

Even a chimp doesn’t like being processed.

Is “Brand Trust” An Oxymoron?

I’ve long meant to write about trust and branding. I don’t pretend to have the last word on this subject, but I don’t think the first words have said enough yet.

What triggered this article was several conversations with Steve Cranford at Whisper, and in particular, his recent post on great branding through through truth-telling.

What’s the difference between trust and branding? Or are they the same? Is Brand Trust an intuitively meaningful term? Or an oxymoron?

My answer is, “It depends.” The harder question is answering the follow-up: “On what?”

I have argued that the predominant sense of the word “trust” is personal, not institutional. My frame of reference is not dictionaries but real world usage.

But if it is true that trust is personal and not institutional,  doesn’t that mean that branding can’t be very trust-powerful, because it doesn’t deal in the interpersonal? Branding is mainly about an individual relating to an institution, a company, a product. Not a person. In fact, the reason the term “personal brand” caught on as a term is that it feels like an oxymoron, a paradox, a conflation—and we are intrigued by such formulations.

But hold on a minute.  Let’s consider branding in terms of the Trust Equation: a mix of credibility, reliability, intimacy, and low self-orientation.  Just because branding doesn’t employ all of the elements of trust,  that doesn’t mean your brand can’t heavily leverage a few components and arguably out-trust an individual.

What does the brand McDonald’s imply? For one thing, reliability. Huge, massive levels of reliability regarding the things you put into your body, the places you interact with people to buy those things, and the consistency of experience. You know what you’re going to get at McDonald’s, and are rarely, rarely disappointed.

That’s worth a helluva lot. And on one critical element of trust, arguably that level of reliability—at least in the sense of being predictable—is as powerful as reliability exhibited by a friend.

Take another trust component—credibility. How much more will you pay for Poland Spring than for a store chain’s house brand? A fair amount. But how much will you pay for the latter compared to an un-labeled bottle of water sold by a street vendor? Massively multiples more, because credibility is something we care about when our health is at stake, and the credibility of a retail chain vastly exceeds that of street vendors when it comes to the life-sustaining fluid that is water.

On the face of it, the other two elements of the Trust Equation—intimacy and self-orientation—are inherently personal attributes, not corporate or product-related. We don’t share our feelings with a brand, or worry that our brand is self-focused and not paying enough attention to us. That would be silly.

Or would it?

Cranford argues that "telling the truth—authenticity—is one more requirement of effective branding."

What he’s getting at—as I see it—is revealed in Cranford’s definition of branding: "defining why you are, so that you become the only logical choice for what you offer."

I think Cranford is on to something. We often speak of branding as an objective characteristic of a product or service offering, or as the subjective experience of customers presented over time with that product or service offerings.

But people don’t “trust” products. They don’t “trust” service offerings. They trust people. As Cranford notes, 75% of the American people don’t trust advertising or advertisers.

But they do trust people. So, the real question becomes: do we or do we not trust the people behind the brand? Do we believe in the integrity of the organization putting out the product or service? Do those people in that company really believe what they say? Do they mean for their product to serve us? Or could they just as well be in currency trading or reinsurance as well as whatever they’re doing, because they’re just in it for the money?

That makes sense to me. In the traditional, personal sense of trust, I trust a brand because of what I believe about the people branding it.

If you’re sufficiently old, you’ll remember, “You can trust your car to the man who wears the star—the big, bright, Texaco star.” Not anymore. And not for lack of money spent on branding gasoline. But because we no longer believe we can "trust our car" to the people running, say, Chevron (or Exxon). Station owner? Maybe. Company? I don’t think so. Strong brand? Yes. Trusted? Not so much.

But, Enterprise Rent-a-Car? Yes to both questions. Starbucks? Pretty much so, still, despite growing pains.

Branding may be the social version of the individual connection we call trust. It’s accesibly meaningful in narrow senses like reliability. And, it can have that personal meaning when it comes to the authenticity and trustworthiness of those behind the curtain—the ones charged with delivering the brand.

Those are my thoughts. Ad and PR people? Branding people? Psychologists? Coaches? Marketers? Or just armchair theorists—what do you all think?

How to Increase Trust by Getting Off Your “S”

What’s the single best way to become trusted? Is it to increase:

• Your expertise?
• Your communications skills?
• Your credentials?
• Industry knowledge?
• Interpersonal skills?
• Empathy?
• Your appearance?

According to the Trust Equation, it is to decrease your self-orientation.

The Trust Equation is T = (C + R + I) / S , where C stands for credibility, R for reliability, I for intimacy, and S for self-orientation. (Read more about the Trust Equation at Trust: The Core Concepts.)

Note the equation itself posits the S factor as the most powerful by virtue of its solo location in the denominator. High self-orientation decreases trustworthiness, by the formula; low self-orientation increases it.

Trust Equation Graphic

Self-orientation comes in two flavors. The first is selfishness: a sense by the other person that you are in it for yourself, not for them. The classic stereotype of the conniving salesman fits this version of S; so do con artists. And, for the most part, infants.

But the more common version of self-orientation—the daily, garden variety, neurotic form—is simply an inability to get out of one’s own way, a tendency to see others’ actions in terms of their impact on us, a constant worry about how others perceive us, a concern that others are talking about us—or, perhaps, that they’re not talking about us.

What happens when we’re preoccupied by the noises between our ears? We are unable to connect with others, unable to hear them, and therefore unable to genuinely convince others that they have been heard by us.

• When presenting in front of groups, high S traps us in our own fear—we look preoccupied, and don’t connect with the audience.
• When in a sales call, high S means we are pretending to listen—faking head-nods and non-verbal verbal’s—all the while focused on planning what we’ll say when the other person stops talking. And the customer knows it.
• When advising a friend or co-worker, high S manifests in recasting the other’s situation into our own historical frames of reference, rather than devoting ourselves seeing the other’s viewpoint.
• When in a romantic or parental relationship, high S manifests as annoyingly controlling, as acting against an implicit promise of commitment to the other.

How to improve trust? Get off your S.

(Thanks to Andrea Howe and Byron Hanson for the catch phrase).

Focus on others. Do things for other people. Get curious about people around you. Listen. Learn to love silent pauses. Stop matching others’ vignettes with toppers of your own. Give up trying to control others. Live in the process, not the outcome. Recast your advice as simply your own experiences. Serve others. If it’s the right thing to do, recommend a competitor. Put a quarter in a stranger’s parking meter and move along.

Paradoxically, stop trying to get people to trust you. Just put your time where it can most help others. Paradoxical, because a byproduct will be that others trust you. Because you have become trustworthy. Worthy of trust.

Get off your S.

To measure your own level of self-orientation and learn how to improve your trust quotient, go to my free online self-assessment, the Trust Quotient Self-Diagnostic.

May Carnival of Trust Is Up

The May Carnival of Trust is now up. Hosted by David Donoghue of Chicago IP Litigation Blog, David has found new ways to raise the Bar of Quality, thereby granting another treat to Trust Matters readers.

(If you don’t know what the Carnival of Trust is, it’s a monthly collection of the Top Ten posts of the past month that touch on the subject of trust. See more, including past Carnivals, here).

You should read David’s excellent Carnival Post in its entirety and in the original. In the meantime, here are few samples to get your bloggish taste buds interested.

-Do people trust friends more than bloggers? Which bloggers? Under which conditions? Quite a lot of energy on this one since David posted it.

-Is trust subjective or not? Listening David go back and forth with his subjects makes me appreciate his skills as a lawyer.

-Did American Airlines’ grounding of its MD-80s hurt its trust with customers? Or improve it? Weigh in.

-And, one near and dear to my heart, the role of trust in negotiations: both as a negotiator, and as a counsel to a negotiating party. Good stuff.

You won’t find better reading this side of the New Yorker (or Rolling Stone, or whatever you think is good reading. ) At least, that’s my humble opinion.

Many thanks to David.

If you’d like to have your material appear in a future Carnival of Trust, please submit your blog posting here. The June Carnival will be hosted by Clarke Ching.  And if you’re still hankering for more Trust Carnival, the prior editions can be found on the Carnival homepage.

Why We Don’t Trust Corporations

Josh Bernoff asks the “who do you trust” question at the Groundswell blog, based on data from Groundswell.

 

Here’s the chart he’s talking about.

 

Bernoff’s discussion suggests:

  1. The best trust is personal
  2. 60% trust reviews by strangers in aggregate, e.g. “If 100 people on eBags say a laptop bag is great, then it is great. If they say it’s inferior, then it is inferior. Regardless of what a so-called "expert" might say.”

Bernoff then goes on to draw some conclusions for brand marketers: basically, if they like you, let them talk. If they don’t like you, you can’t shut them up; but you can listen to complaints and improve your product or service.

Phrased this baldly, it sounds like a massive dose of the obvious. But if it were so obvious, more companies would be doing it. Let’s break this down.

Trust is Personal

First, the idea that trust is personal. In my own work, trust is massively personal at root. Two of the four components of the Trust Equation developed by myself and co-authors Maister and Galford in The Trusted Advisor are overtly personal—intimacy and self-orientation.

Brands, Corporations and Trust

Corporations, brands and advertising are inherently impersonal and by their nature self-oriented; which is why ad campaigns and PR agencies have an awfully tough time when it comes to getting anyone to trust their messages.

Think about it. What are the two most trust-destroying words you can say? I nominate Trust Me.

And if that sounds blindingly obvious, then who developed these ad campaigns?

  • RCA “the most trusted names in electronics”,
  • Value Line “the most trusted name in investment research”, and
  • CNN “the most trusted name in news”.

(Do you think that’s why CNN has just been supplanted as “most trusted” by—of all sources—Fox News?)

How about Bernoff’s other conclusion: when they don’t like you, don’t shut them up, but address the complaint and improve the product?

It is astonishing how infrequently this obvious piece of advice is ignored. Let’s call it the Watergate catch-phrase: the cover-up is always worse than the crime.

Think of the iconic Johnson and Johnson response to tampering with Tylenol—ages ago. Why does such an old example of corporate ethical behavior still come to mind? Because it’s so rare. How many pharmaceutical industry kerfuffles since have been dealt with so openly?

Remember Monsanto and Dioxin?

How about the tobacco industry’s continued, chronic response to health concerns?

Remember mad cow disease and the US beef industry’s response?

Rarely is it the first instinct of business to follow Bernoff’s “obvious” advice—to hear consumer criticism as inherently constructive, and to do something about it.

Given that response, is it really so surprising that people trust personal acquaintances more than anyone else? Trust abused is trust destroyed. The biggest reason we trust people we know is that people we know are the ones we can trust.

That’s not circular. It means people we know are more trustworthy than companies who pretend to be. Whose fault is that?

 

What’s Your Trust Quotient? Announcing a New Self-Assessment Online Tool

TQ=C+R+I/SYou may know your IQ (Intelligence Quotient). You have some sense of your EQ (Emotional Intelligence).

But what about your TQ — your Trust Quotient?

I’m excited to announce here the launch of an of a new online self-assessment tool: The Trust Quotient Self-Diagnostic to answer that question. It’s been in development for several weeks now, and I’m sharing it first only with readers of Trust Matters.

The Trust Quotient Self-Diagnostic consists of 20 questions, based on the the Trust Equation1:

(Credibility + Reliability + Intimacy)

_____________________________

Self-Orientation

The Trust Quotient Self-Diagnostic measures your Trust Quotient Score—your TQ—and compares it with all other test-takers to date. The database will get better as it gets larger, but early returns suggest it fits very well with commonsense assessments.

The Trust Quotient Self-Diagnostic also then gives you practical advice and suggestions on how to leverage your strengths, and how to address on your weaknesses.

Please go to TrustedAdvisor.com/TrustQuotient to take The Trust Quotient Self-Diagnostic . Tell your friends.

And if you don’t mind, drop us a note to say what you think of The Trust Quotient Self-Diagnostic, including how to make it better and more useful.


1see The Trusted Advisor, by David Maister, Charles Green, Robert Galford; Free Press, 2000

Discounting and Winston Churchill

Winston Churchill allegedly asked a high society dame if she’d sleep with him for a million pounds. “Well,” she blushed, “that is indeed a great deal of money.”

“How about for 100 pounds, then?” he asked.

“Sir Winston!” she huffed, “What do you take me for!”

“We’ve already determined that,” he said, “we’re just haggling about the price.”

In a nutshell, that’s the problem with discounting in complex businesses. It sends certain messages to the customer/client about how you view your business.

So why do we give discounts? Mostly because our clients ask us for price reductions, and—foolishly—we take those requests at face value. The truth is—it’s never really about price. Even when (especially when?) they say it is.

Here are four common requests for price reductions—none of which is about price.

  1. Great Expectations

    The client believed the price would be X. It was 2X. The client is embarrassed and frustrated—and asks for a price cut.
    But the problem wasn’t price—it was the very human self-annoyance when we find our expectations out of whack with reality. Your job is not to discount, but to sensitively educate the client without embarrassment.
     

  2. Budget Busting

    The customer only has budget for X; you quoted 2X. The client is feels trapped, and—again—embarrassed. The reaction is to ask you for a price cut, hoping for a deus ex machina solution.

    The problem is, if you discount, you encourage more manipulative behavior in future, and—again—you send Churchill’s lady’s message.
     

  3. Competitor Stalking Horse

    You quote X; the client says your competitor quoted X minus 30%. Assuming your client is being truthful, one of two things is happening. Either the client is comparing apples and oranges in the product/service: or the competitor is trying to buy the job.

    If the former, get transparent and help the client compare proposal features. If the latter, have a heart to heart about your industry’s economics, and show why a 30% discount will have to be recouped in 6-12 months; therefore the client has a choice between a relationship supplier or a transactional supplier. If they choose the latter, be assured your competitor just lost money and you’ll probably see the client again in 6-12 months.

  4. Bazaar Behavior

    Don’t underestimate the need of customers just to feel they got a fair deal. If they have no data, they often resort to bargaining as one does at a bazaar. You stop that behavior simply by being transparent about your pricing policies and behavior. Outside of Walmart, few buyers will insist on a better deal than you’ve ever given anyone else—if only you’ll let them know your real data.

These are the kinds of reasons clients ask for price breaks—and firms respond by giving discounts.

To paraphrase Ronald Reagan (whom I never thought I’d paraphrase):

Discounts aren’t the solution to the problem, discounts are the problem.

Warren Buffett, Confidence and Leadership

Reading a Fortune interview with Warren Buffett the other day, I was struck—as I always am, come to think of it, when I read about him—by the simplicity and clarity of his thinking. Mostly the simplicity. Because that’s where the clarity comes from.

This ability to see simple patterns in the midst of chaos is what distinguishes a lot of fine leaders from those who are masters of complexity. Here are some samples from Fortune’s interview:
 

There are costs to Sarbanes-Oxley, some of which are wasted. But they’re not huge relative to the $20 trillion in total market value. I think we’ve got fabulous capital markets in this country, and they get screwed up often enough to make them even more fabulous. I mean, you don’t want a capital market that functions perfectly if you’re in my business.

Q. Do you think the $150 billion government stimulus plan will make an impact?
Well, it’s $150 billion more than we’d have otherwise. But it’s not like we haven’t had stimulus. And then the simultaneous, more or less, LBO boom, which was called private equity this time. The abuses keep coming back – and the terms got terrible and all that. You’ve got a banking system that’s hung up with lots of that. You’ve got a mortgage industry that’s deleveraging, and it’s going to be painful…

…Finance has gotten so complex, with so much interdependency. I argued with Alan Greenspan some about this at [Washington Post chairman] Don Graham’s dinner. He would say that you’ve spread risk throughout the world by all these instruments, and now you didn’t have it all concentrated in your banks. But what you’ve done is you’ve interconnected the solvency of institutions to a degree that probably nobody anticipated. And it’s very hard to evaluate…

..The worst thing you can have is models and spreadsheets. I mean, at Salomon, they had all these models, and you know, they fell apart….

…The American economy is going to do fine. But it won’t do fine every year and every week and every month. I mean, if you don’t believe that, forget about buying stocks anyway. But it stands to reason. I mean, we get more productive every year, you know. It’s a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market….

The world is increasing in complexity; but Buffett seems one of those content to look past the complexity and see eternal patterns replaying themselves. He’s a big fish who treats big ponds just like the little ones he came from.

It seems to me this is very much tied up with a sense of assured self-confidence. The several really good leaders I have known have this. They are not egotistical, nor unrealistic, nor full of themselves. They simply have the confidence that they know how to get along in the world, understand the underlying rules, and don’t get lost in the details.

From one perspective, it’s the Great American Hustle—just believe in yourself and you too can emulate Warren Buffett. Yet pure confidence absent some grounded view of the world is just a self-con job.

The Rules of the World are simple: but that doesn’t mean they’re easy.