April 13, 2020
How to Use Stoicism to Choose Alive Time Over Dead Time | Ryan Holiday on The Tim Ferriss Show
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Check out The Tim Ferriss Show Episode Page & Show Notes
Key Takeaways
- Tim Ferriss has been using his fear setting exercise for worse-case scenarios during the pandemic
- He writes out all of the worst things that could happen and then looks for ways to decrease the chances of them happening and decrease the damage if they do happen
- A question you should ask yourself: “How do we ensure we don’t die: physically, financially, how do I ensure that my clan doesn’t die?” – Tim Ferriss
- Focus on what can control and have the wisdom to know what you can’t act upon
- “Fear is a gift in many cases, it tells you what is wrong” – Tim Ferriss
- It’s okay to feel afraid, it doesn’t make you flawed–Tens of millions of people, if not hundreds of millions, are feeling afraid right now
- “It doesn’t matter how many opportunities you miss, it matters how many opportunities you take advantage of” – Tim Ferriss
- Ask yourself: “How can I make the next 3 to 6 months some of the most enjoyable or productive of your life”
- Marcus Aurelius was the emperor of Rome during the Antonine plague and sold items from the imperial palace to revive the economy
- “When stuff breaks down, real leaders stand up” – Ryan Holiday
Intro
- Ryan Holiday (@ryanholiday) is the author of many bestselling books, including The Obstacle is the Way, Ego is the Enemy, The Daily Stoic, and Stillness is the Key
- Host: Tim Ferriss (@tferriss)
Books Mentioned
- Tim recommends reading these books to better equip yourself for handling this pandemic:
- The Black Swan by Nassim Nicholas Taleb
- Fooled by Randomness by Nassim Nicholas Taleb
- Antifragile by Nassim Nicholas Taleb
- 48 Laws of Power by Robert Greene
- Mastery by Robert Greene
- Meditations by Marcus Aurelius
Applying Stoicism To COVID-19
- Tim keeps a bust of Seneca in his house to remind him about the importance of stoicism
- Tim has been using his fear setting exercise for worse-case scenarios during the pandemic
- He writes out all of the worst things that could happen and then looks for ways to decrease the chances of them happening and decrease the damage if they do happen
- Tim also envisions worse-case scenarios and imagines what it would feel like–E.g.: He imagined the stock price of Uber falling from $40 to $15 but he still wouldn’t sell his shares, then 2 weeks later Uber’s stock fell to $14
- He writes out all of the worst things that could happen and then looks for ways to decrease the chances of them happening and decrease the damage if they do happen
- Ryan keeps a small statue of Marcus Aurelius from the 1840s as a totem to remind him that humans have survived dozens of pandemics and wars
- A question you should ask yourself: “How do we ensure we don’t die: physically, financially, how do I ensure that my clan doesn’t die?” – Tim Ferriss
- Focus on what is in your locus of control and have the wisdom to know what you can’t act upon
- Don’t try to save the world, instead, try to help the people around you
- Donate to food banks or buy gift cards to support local businesses
- Your support doesn’t have to be monetary, it could be just reaching out and showing you care about someone
- Focus on what is in your locus of control and have the wisdom to know what you can’t act upon
- Marcus Aurelius was the emperor of Rome during the Antonine plague and sold items from the imperial palace to revive the economy
- “When stuff breaks down, real leaders stand up” – Ryan Holiday
Markets & Decisions
- It’s not too late to make money in the stock market
- “It doesn’t matter how many opportunities you miss, it matters how many opportunities you take advantage of” – Tim Ferriss
- In other words: It doesn’t matter how many people don’t read your book, it matters how many people do read your book
- Life is a marathon, not a sprint, there will be more opportunities in life–Even in a bear market, there are opportunities you can take advantage of
- Investor Bill Ackman made $2.6 billion from shorting stocks in February
- Life is a marathon, not a sprint, there will be more opportunities in life–Even in a bear market, there are opportunities you can take advantage of
- In other words: It doesn’t matter how many people don’t read your book, it matters how many people do read your book
- Tim believes that a rushed decision, increases likelihood of making a bad decision and “the cost of undoing a bad decision can also be quite high”
- Tim isn’t a financial advisor but says that if you have extra cash it could be a wise move to invest in stocks now because prices are low
- It’s in the world’s best interest for the US not to fail, too many countries rely on the US economy
Managing Anger & Fear
- If you’re feeling angry, ask yourself, is anger productive? 90% of the time anger makes things worse
- Ryan recites a quote from Euripides: “Why should you feel anger at the world as if the world would notice”
- There’s a big difference between doing angry and doing things out of anger, the latter can cause more trouble
- If you’re angry, use writing as a way to turn down the volume to get back to your regular baseline
- There’s a big difference between doing angry and doing things out of anger, the latter can cause more trouble
- Ryan recites a quote from Euripides: “Why should you feel anger at the world as if the world would notice”
- “Fear is a gift in many cases, it tells you what is wrong” – Tim Ferriss
- It’s okay to feel afraid, it doesn’t make you flawed–Tens of millions of people, if not hundreds of millions, are feeling afraid right now
- You always have choices, it’s just that your current choices may be unattractive–You could move in with your parents, ask a friend for a loan, sell some excess belongings, etc.
- Remove the word ‘unfair’ from your vocabulary–even if you’re a victim, saying life is unfair is paralyzing and will compound your fear
- You always have choices, it’s just that your current choices may be unattractive–You could move in with your parents, ask a friend for a loan, sell some excess belongings, etc.
- It’s okay to feel afraid, it doesn’t make you flawed–Tens of millions of people, if not hundreds of millions, are feeling afraid right now
Alive Time vs. Dead Time
- Ask yourself: “How can I make the next 3 to 6 months some of the most enjoyable or productive of my life”
- Tim has been spending this extra time getting rid of excess clothing and cleaning up the garage
- Whether the quarantine lasts for 2 weeks or 2 years, time will still go on, it’s up to you to decide how you’re going to use it
- This lockdown isn’t fair and it’s not your fault, but it’s here and we should make the best out of what we have
- When Malcolm X was sentenced to prison, instead of doing nothing, he spent everyday reading, writing, and studying
- Nelson Mandela has a similar story
- Use this time productively instead of letting it go to waste
- Nelson Mandela has a similar story
Additional Notes
- The 3 great correctors of the human population are war, pestilence, and famine
- Everyone in life is playing a game–for politicians, that game is reelection
- If you want someone to do something, you have to think about the incentives at play–if you can help a politician get reelected, they’re more likely to do what you want
