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August 2019

September 2019

T. Boone Pickens on Lifes Best Lessons

I remember watching CNBC and seeing T. Boone Pickens coming on during the Oil Boom and discussing how the days of $70 a barrel oil was a new reality that we should be getting used to. As demand was rising in China and around the world it was starting to outpace what was seen as current supply at the time but with new discoveries things had changed from 2006 to now and the price of Oil has reflected as such. Now that the billionaire philanthropist has passed on he has provided a letter with some of his best life lessons that we can all learn from. The excerpt is copied below:

 

If you are reading this, I have passed on from this world — not as big a deal for you as it was for me.

In my final months, I came to the sad reality that my life really did have a fourth quarter and the clock really would run out on me. I took the time to convey some thoughts that reflect back on my rich and full life.

I was able to amass 1.9 million Linkedin followers. On Twitter, more than 145,000 (thanks, Drake). This is my goodbye to each of you.

One question I was asked time and again: What is it that you will leave behind?

That's at the heart of one of my favorite poems, "Indispensable Man," which Saxon White Kessinger wrote in 1959. Here are a few stanzas that get to the heart of the matter:

Sometime when you feel that your going

Would leave an unfillable hole,

Just follow these simple instructions

And see how they humble your soul;

Take a bucket and fill it with water,

Put your hand in it up to the wrist,

Pull it out and the hole that's remaining

Is a measure of how you'll be missed.

You can splash all you wish when you enter,

You may stir up the water galore,

But stop and you'll find that in no time

It looks quite the same as before.

You be the judge of how long the bucket remembers me.

I've long recognized the power of effective communication. That's why in my later years I began to reflect on the many life lessons I learned along the way, and shared them with all who would listen.

Fortunately, I found the young have a thirst for this message. Many times over the years, I was fortunate enough to speak at student commencement ceremonies, and that gave me the chance to look out into a sea of the future and share some of these thoughts with young minds. My favorite of these speeches included my grandchildren in the audience.

What I would tell them was this Depression-era baby from tiny Holdenville, Oklahoma — that wide expanse where the pavement ends, the West begins, and the Rock Island crosses the Frisco — lived a pretty good life.

In those speeches, I'd always offer these future leaders a deal: I would trade them my wealth and success, my 68,000-acre ranch and private jet, in exchange for their seat in the audience. That way, I told them, I'd get the opportunity to start over, experience every opportunity America has to offer.

It's your shot now.

If I had to single out one piece of advice that's guided me through life, most likely it would be from my grandmother, Nellie Molonson. She always made a point of making sure I understood that on the road to success, there's no point in blaming others when you fail.

Here's how she put it:

"Sonny, I don't care who you are. Some day you're going to have to sit on your own bottom."

After more than half a century in the energy business, her advice has proven itself to be spot-on time and time again. My failures? I never have any doubt whom they can be traced back to. My successes? Most likely the same guy.

Never forget where you come from. I was fortunate to receive the right kind of direction, leadership, and work ethic — first in Holdenville, then as a teen in Amarillo, Texas, and continuing in college at what became Oklahoma State University. I honored the values my family instilled in me, and was honored many times over by the success they allowed me to achieve.

I also long practiced what my mother preached to me throughout her life — be generous. Those values came into play throughout my career, but especially so as my philanthropic giving exceeded my substantial net worth in recent years.

For most of my adult life, I've believed that I was put on Earth to make money and be generous with it. I've never been a fan of inherited wealth. My family is taken care of, but I was far down this philanthropic road when, in 2010, Warren Buffet and Bill Gates asked me to take their Giving Pledge, a commitment by the world's wealthiest to dedicate the majority of their wealth to philanthropy. I agreed immediately.

I liked knowing that I helped a lot of people. I received letters every day thanking me for what I did, the change I fostered in other people's lives. Those people should know that I appreciated their letters.

My wealth was built through some key principles, including:

  • A good work ethic is critical.
  • Don't think competition is bad, but play by the rules. I loved to compete and win. I never wanted the other guy to do badly; I just wanted to do a little better than he did.
  • Learn to analyze well. Assess the risks and the prospective rewards, and keep it simple.
  • Be willing to make decisions. That's the most important quality in a good leader: Avoid the "Ready-aim-aim-aim-aim" syndrome. You have to be willing to fire.
  • Learn from mistakes. That's not just a cliché. I sure made my share. Remember the doors that smashed your fingers the first time and be more careful the next trip through.
  • Be humble. I always believed the higher a monkey climbs in the tree, the more people below can see his ass. You don't have to be that monkey.
  • Don't look to government to solve problems — the strength of this country is in its people.
  • Stay fit. You don't want to get old and feel bad. You'll also get a lot more accomplished and feel better about yourself if you stay fit. I didn't make it to 91 by neglecting my health.
  • Embrace change. Although older people are generally threatened by change, young people loved me because I embraced change rather than running from it. Change creates opportunity.
  • Have faith, both in spiritual matters and in humanity, and in yourself. That faith will see you through the dark times we all navigate.

Over the years, my staff got used to hearing me in a meeting or on the phone asking, "Whaddya got?" That's probably what my Maker is asking me about now

Here's my best answer.

I left an undying love for America, and the hope it presents for all. I left a passion for entrepreneurship, and the promise it sustains. I left the belief that future generations can and will do better than my own.

Thank you. It's time we all move on.


Don't Follow Others if You want to be the best

Quote of the day from James Clear that simply says that those who thrive and are the absolute best in their industry don't follow others but find their own path. Most of the time this path is obscure. Think Steve Jobs and his inventions or Edison or Einstein..

 

"If you want to be in the top 1% of a particular domain, then you can’t take your cues from and follow the social norms of 99% of people.

This is harder than it sounds. We are wired to imitate. The further you want to climb, the more carefully you need to construct your tribe."

Everybody has to find a path and method that works for them.