Graham Duncan (@GrahamDuncanNYC) is the
co-founder of East Rock Capital, a multibillion-dollar
multi-family investment office he launched in 2006. He is also
Chairman of the Sohn Conference Foundation, which funds pediatric
cancer research.
This episode was originally published in February 2019.
Show notes:
https://tim.blog/2019/02/28/graham-duncan/
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Timestamps:
[00:00:00] Start.
[00:02:29] I think of Graham as far more than an investor.
How does he describe what he does?
[00:06:13] Absent the systems and frameworks he's honed over
time, what made Graham a good talent hunter at the tender age of
24?
[00:08:42] What constitutes taste when Graham is scouting for
talent these days?
[00:11:14] Upon meeting someone, how does Graham stress-test
whether or not someone is "commercial" in the way they balance
aggression and integrity?
[00:16:49] One high-signal question Graham has found
particularly useful when trying to determine the quality of
anyone from a trader to an OB/GYN.
[00:19:17] When interviewing a potential candidate, how does
Graham vet their given references?
[00:22:21] On approaching the reference process with
curiosity rather than an attempt to catch anyone with a "gotcha."
[00:25:34] Why does mutual friend Josh Waitzkin call Graham
The Wild Gardener?
[00:27:04] How does Graham deal with contradictory
perspectives — when the data is telling him one thing and his gut
is telling him another?
[00:29:09] What does Graham do to familiarize himself with
the way people underwrite their mental models (besides nearly
beheading them)?
[00:30:29] Graham talks about his role as an investment
coach, of sorts, and how he picks the best "players" for the game
at hand.
[00:31:53] What other patterns has Graham noticed in the
successful talent he's ended up selecting?
[00:36:06] In what way have others helped Graham surface his
hidden assumptions, and how might a coach do the same for others?
[00:39:17] An example of when Graham's "grip" has been a bit
too tight around his own beliefs.
[00:40:09] What Byron Katie has taught us about articulating
the opposite of such beliefs — and having a mindful lunch.
[00:46:18] When evaluating a team, how does Graham think
about each person developing the ability to look at the opposite
versus hiring to end up at that optimal mixture?
[00:49:12] How might someone train to more clearly see
disconfirming evidence — and roll with the punches when their
instincts lead them toward regrettable decisions?
[00:42:21] What books does Graham gift to others most often?
[00:56:11] An aside about Wim Hof and Josh Waitzkin embracing
"the other side of pain" to get the most out of life.
[00:59:31] How does James Carse's distinction of finite and
infinite games apply to finance, and how would Graham test a
potential teammate for compatible sensibility?
[01:02:41] How likely would it be for Graham to invest in a
Jocko Willink project?
[01:04:16] Different people have different ways of sniffing
around direct questions. Here are a few examples.
[01:05:54] Graham explains what this Kwame Appiah quote means
to him: "In life the challenge is not so much to figure out how
best to play the game; the challenge is to figure out what game
you're playing."
[01:08:13] Going by David Foster Wallace's famous
commencement speech, what's your water? Podcasting helps me see
mine.
[01:09:32] Graham's take on Greg McKeown's Essentialism.
[01:10:31] How Graham sees careers as a river (with a nod of
thanks to neuroscientists Dan Siegel and Tina Payne Bryson's
model of well-being).
[01:12:53] Toward which bank do the top one percent in any
given field swim? What if that field is financial markets? What
if that field is writing fiction novels?
[01:16:39] The differences between millionaires,
billionaires, cultural billionaires, and time billionaires.
[01:18:47] An idea for how Tim Urban might allow for
personalization of his 90-year-life calendar.
[01:20:00] Are you more concerned about the length of your
life or its width?
[01:20:38] Life changes Graham and I have both made as a
direct result of reading Tim Urban's "The Tail End" piece at Wait
But Why.
[01:22:05] How does Graham try to appreciate the width of his
life?
[01:25:05] Aside from the aforementioned Kwame Appiah quote,
what might Graham put on his billboard?
[01:25:52] The power to be found in treating negative
feelings like welcome party guests.
[01:27:43] Parting thoughts from Mark Twain and Graham.
*
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