5 Random But Useful Things I Learned At A Private Equity Conference

the low-status-technique for becoming high-status at a conference (0s)

• A trip report was created by writing down "micro memories" - one to three words that wouldn't make sense to others but held a story or insight - and publishing them on Twitter, allowing others to ask about them (28s).
• The notes were taken using a notepad and pen, as well as a phone, specifically Apple Notes, to ensure they were always accessible (57s).
• After the trip, the notes were unpacked and reflected upon, typing them out and squeezing more insights from the trip, and implementing takeaways or sharing stories with others (1m29s).
• At the Reconvene real estate conference, a person named Will, who owns student rental properties in South Carolina, was observed to be the most popular person there, and his technique for becoming a high-status person was noted (2m6s).
• Will's technique, known as the "low status technique," was observed to involve making deep references to others' interests and being a fan of their work, as seen when he referenced a podcast and introduced someone to another person using a memorable story (3m0s).
• Will's approachability and interest in others seemed to contribute to his popularity at the conference (3m14s).
• When interacting with a large audience, it's helpful to make references to the local environment or current situation to establish a connection with the audience and create a sense of presence, as advised by Hasan Minhaj (3m43s).
• Comedy is a low-status art form, and self-deprecation can be an effective way to connect with people by making fun of oneself and acknowledging one's flaws (3m55s).
• Using self-deprecation can be applied in various situations, such as in conversations or on social media, to build connections and trust with others (4m11s).
• Instead of bragging about one's accomplishments, it's more effective to be humble and talk about the challenges and uncertainties of one's work, as this can help build trust and connection with others (5m24s).
• Building value at a conference is not about self-promotion, but rather about connecting people with each other and creating goodwill by facilitating meaningful interactions (5m48s).
• By connecting people and giving them opportunities to interact, one can build trust and establish a positive reputation, as demonstrated by Ben Le's approach at the conference (6m2s).
• A person acted as a "hype man" at a private equity conference, making connections and introducing people to each other based on shared interests, creating a sense of community and goodwill among attendees (6m26s).
• This individual became a high-status figure at the conference, known and loved by everyone, and people felt comfortable being themselves around him, leading to genuine connections (6m46s).
• A notable observation was that the richer the person, the more unusual or "weird" they tended to be, as seen during dinner conversations with millionaires (7m4s).

the richer the guy, the weirder the guy (7m9s)

• When attending events in a new city, a strategy is employed to stack meetings with interesting people who live in that city, allowing for a busy and productive trip (7m10s).
• A common trait observed among highly successful and wealthy individuals is that they tend to be unconventional and "weird," with unusual hobbies, marriages, or relationship dynamics, and sometimes poor social skills (7m34s).
• This realization challenges the default assumption that people are normal and chill, and instead suggests that these individuals' unconventional nature may contribute to their success (7m53s).
• It is proposed that there is a bit of both - they are successful because they are weird, and they are weird because they are successful, as their willingness to be unconventional in their careers may translate to other areas of their lives (8m20s).
• Highly successful individuals who have become wealthy at a young age and live in cities like San Francisco, Los Angeles, or New York are more likely to be unconventional, whereas those who live in other areas, such as Missouri, may be more normal (9m23s).
• Social norms can be unusual, and people may not always follow traditional expectations, such as introducing themselves in a conventional manner (9m37s).
• A normal introduction might include stating one's name, where they are from, what they do, and a hobby or interest, but some individuals may not follow this format and instead provide more unusual or detailed information (10m0s).
• An example of an unusual introduction is given, where one person launches into a lengthy description of their company's recent acquisition, including financial details (10m26s).
• The rich tend to overshare about themselves, which can be fascinating but also unusual, as observed during a private equity conference breakfast where two individuals shared personal details quickly, making the conversation deep but also weird in its own way (10m36s).
• Running a company with 2 million subscribers, such as The Hustle, which made money through advertising, revealed that this business model is not very profitable, with low earnings per person reading the newsletter, leading to the exploration of alternative monetization strategies (11m24s).
• A document called the Business Monetization Playbook was created, which outlines various ways to monetize a business, including research, and is available for free through a link in the episode description (12m2s).
• The topic of dressing well versus dressing comfortably was also discussed, although the details of this conversation are not provided in the given text (12m13s).

dressing well vs. dressing comfortably (12m17s)

• The concept of dressing well was discussed, with a focus on a specific $80 t-shirt worn by Jeremy in the TV show "The Bear" (12m18s).
• Cities like Los Angeles have a distinct culture that influences people's behavior, with LA whispering "you're not hot enough" and encouraging people to prioritize their physical appearance (13m22s).
• This cultural influence can be seen in the way people dress, with some cities promoting a more stylish and fashionable aesthetic (13m26s).
• The idea that dressing well and dressing comfortably are mutually exclusive was challenged, with the realization that it's possible to do both (14m49s).
• A personal anecdote was shared about hiring a stylist 10 years ago, which led to a significant upgrade in wardrobe but ultimately didn't stick (15m0s).
• The influence of friends and environment on personal style was highlighted, with the example of a friend, Suly, who transformed his style after moving from San Francisco to LA (14m4s).
• The importance of simple upgrades to personal style was emphasized, with the goal of finding a balance between comfort and fashion (15m25s).
• Appreciation for art is not limited to traditional forms like paintings or sculptures, but can also be found in beautifully simple designs, furniture, interior design, and architecture, which can evoke strong emotions and create a unique vibe in a space (15m53s).
• Realizing that art is a form of self-expression and not just utility can change one's perspective and inspire them to learn more about what makes something beautiful and how to communicate effectively through art (17m11s).
• Music is a universal language that can be easily appreciated, and learning about it can help individuals understand what makes it beautiful and how to express themselves through it (17m18s).
• Non-fungible tokens (NFTs) can be a form of beautiful art, and some people may appreciate them for their aesthetic value rather than just their potential financial gain, as seen in the example of buying a strawberry NFT that is currently worth zero but still holds sentimental value (18m0s).
• The concept of little luxuries in life and the story of Mike Posner are also interesting topics that can provide valuable insights and lessons (18m14s).

meeting mike posner (18m25s)

• Mike Posner is a musician who was known for his song "I Took a Pill in Ibiza" and was also recognized for walking across America, giving him a reputation as an inspiring and mellow person (18m25s).
• The backstory of Mike Posner is that he attended Duke University, where he was a white rapper from Detroit, and his songs were heard by his peers before they became public, including his first hit song "Cooler Than Me" (18m55s).
• At the time, Mike Posner's music seemed far-fetched, and he wasn't considered the best rapper or singer, but he eventually blew up in his second or third year at Duke, with "Cooler Than Me" taking off and him traveling for shows and concerts (19m25s).
• Mike Posner's journey can be described as a perfect three-act story, starting with his unlikely rise as a college musician who becomes an international pop star, followed by his fall as a one-hit wonder, and then his struggles with depression after being shelved by his record label (20m2s).
• Mike Posner hit rock bottom when he attended a concert with his friend and was in the general admission crowd, watching his friend perform on stage and feeling like he had lost his place in the music industry (20m55s).
• At the concert, Mike Posner realized that his worst nightmare was being recognized by someone and being asked if he was Mike Posner, highlighting his struggles with fame and identity (21m28s).
• A musician's life story is shared, including how he took a pill at a party, which inspired his song "Rock Bottom" that became a huge hit with two billion streams on Spotify, but he felt depressed and unfulfilled despite his success (21m30s).
• The musician's life took a turn after his dad's death, leading to a period of self-discovery and personal growth, during which he climbed 71 mountains, including Everest, and walked across America, getting bitten by a rattlesnake and having to relearn how to walk (22m1s).
• The musician has become sober and now focuses on creating art that inspires people, and has a unique creative process for making his songs (22m40s).
• The musician's financial situation is discussed, and he reveals that he has achieved financial freedom, allowing him to not worry about having another hit, and that his wealth manager has run Monte Carlo simulations to confirm this (23m26s).
• The musician's approach to creativity is that his hits have come from a place where he wasn't trying to make a hit, and that every time he's tried to make a hit, he hasn't been successful (24m0s).
• The musician's home and studio are described, located at the top of a mountain, and the experience of filming a podcast there is shared (24m12s).
• Mike was a guest at a private equity conference, and his energy was very contagious and extremely positive, making him a great example of someone who is the same or even better when they're off camera (24m31s).
• Before the recording started, Mike was outside enjoying his day, unaware that the other person was already there, and when he came in, he was a ball of good vibes with high energy (24m40s).
• Mike took the time to interact with everyone in the room, including after the recording was over, and even stopped to say goodbye when he had to leave, which is not typical behavior for many musicians or pop stars (25m26s).
• Mike's manager was present and reminded him that they had to leave, but Mike wanted to come back and say goodbye, making everyone feel important (25m30s).
• Mike and the other person did not actually know each other when they were at Duke, but the other person knew of Mike (25m57s).

little luxuries (26m6s)

• Observations were made about the lifestyles of super wealthy individuals, noting that despite having significantly higher net worth, their lives were not necessarily 10 times better, and in some cases, not even twice as good, in terms of material possessions and comforts (26m18s).
• The focus shifted to identifying small, desirable luxuries in life, rather than grand, expensive ones (26m58s).
• An example of such a luxury was having high-quality bath towels, with one individual mentioning they splurged on $40-$50 towels and used two every time they showered (27m9s).
• Another example was having high-quality socks, with the individual mentioning they threw away their old socks and invested in custom-made socks from a manufacturer found on Alibaba (27m37s).
• The individual also mentioned their preference for crew socks, or calf-length socks, and how they created a hybrid sock that combined the comfort of Hanes socks with the compression of Nike socks (27m59s).
• The conversation also touched on fashion trends, with the mention that Gen Z makes fun of Millennials for wearing ankle socks, and that younger people prefer socks that show, as well as baggie and high-waisted pants (28m23s).
• The term "Choy" was introduced, referring to the act of wearing skinny pants or jeans, which is considered outdated and uncomfortable (28m51s).