20190812 Director new preface re the word “Revolution”:
The title of my debut documentary “Long Hair Revolution 「長毛革命」” was decided in 2004, so 15 years ago. The rationale is similar to “industrial revolution” or “internet revolution”, ideas for improvement. Nothing to do with violence.
Let’s walk down memory lane. Almost 15 years ago in November 2006, I had the joy of writing and publishing my first business case study about iStockphoto, a Calgary based company acquired by Getty Images for US$50 million in cash in February 2006. If was amazing meeting, interviewing and learning from iStockphoto founder and first employee/ex-president to write the case study for the site Startup Review thanks to its editor Nisan Gabbay.
Here is a version of the iStockphoto business case study that I rediscovered thanks to the trusty internet archive. I hope you learn as much as I wrote it in 2006 and as I re-read it now in 2021! 15 years have gone by since I conducted the interviews and wrote the case study, it is an insightful read even for me now in 2021, if I may shamelessly say so. Enjoy!
iStockphoto Case Study: How to evolve from a free community site to successful business
written by Kempton Lam and Nisan Gabbay, posted on November 26th, 2006
Note from Nisan Gabbay: I am pleased to announce that this week’s case study is the first to be authored by a Startup Review reader, Kempton Lam. Kempton is a management consultant who specializes in assisting start-ups. Please see Kempton’s background and blog for more information. Kempton followed the same process that I take in creating these case studies, and I served as editor to ensure that the format is consistent with the Startup Review format. If you’d like to become a guest author for Startup Review, please contact me.
Why profiled on Startup Review
iStockphoto is both an online community for photographers and a source of high quality, low-cost stock photos. As of October 2006, iStockphoto’s stock photo library contained ~1.1 million images contributed by 23,000+ photographers. In 2006, iStockphoto expects to sell 10 to 12 million photo licenses from this library, at prices ranging from $1 up to $40 per image. iStockphoto’s success opened up a new market segment for stock photography, catering to customers who could not afford traditional, high cost stock photos from the likes of Getty Images and Corbis. This success caught the eye of Getty Images, who acquired iStockphoto for $50 million in cash in February 2006.
Interviews conducted: Bruce Livingstone, founder & current CEO of iStockphoto. Patrick Lor, first employee and ex-President of iStockphoto. Paul Connolly, independent consultant specializing in digital media and the stock photography market. Special thanks to Kara Udziela and Yvonne Beyer of iStockphoto for helping to support the creation of this case study.
Key success factors
Offered a free alternative for a previously high cost service
iStockphoto established the market for “microstock” photography by providing high quality stock photos at extremely low price points. iStockphoto’s innovation was offering all its photo licenses royalty-free, available via easy download over the Internet. The notion of high quality photos licensed for free was a game changing development in the stock photography market in 2000. iStockphoto enabled the distribution of photos from budding and semi-professional photographers to reach a large market for the first time. iStockphoto also drastically reduced the cost of stock photography for a slew of customers (graphic designers, small businesses, non-profits, etc.) that could not afford traditional sources of stock photography.
As iStockphoto increased in popularity, hosting and bandwidth fees for the site grew proportionally, forcing a decision upon Bruce as to how to pay for bills approaching $10,000 per month. Bruce opened the discussion to the iStockphoto community, ultimately allowing the community to determine an acceptable solution. In February 2002, the community decided to charge $0.25 per photo mainly to cover site maintenance fees, with 20% of charges going back to the photographer.
iStockphoto has since gone through several iterations of its business model, but continues to offer photos at a relatively low price point. The first iteration occurred in 2004, when iStockphoto officially became a for-profit entity. At that point iStockphoto charged 1, 2, or 3 “credits” (priced at $0.50 per credit) for photos of different sizes, offering a 20% commission to the contributing photographer. Today, iStockphoto offers photos at a myriad of price points and has a more robust photographer commission structure. For example, photos are offered at price points of 1, 3, 5, 10, 20, or 40 credits (priced at $1 per credit). Commissions vary from 20% – 40% based on sales milestones reached and whether the photographer grants iStockphoto exclusive use of images.
Fostered a loyal and active community
iStockphoto was started as a hobbyist site by founder Bruce Livingstone and it remained so for several years. The fact that iStockphoto wasn’t created as a business venture from the start was a big factor in iStockphoto’s success. In many ways it parallels the start of another popular online community, Craigslist. Just as Craig Newmark’s personality has had an influence on Craigslist, so too has Bruce’s personality and passion for photography had an influence on the iStockphoto community. Bruce was always a core user of the site, and as such attempted to nurture the needs of its users.
iStockphoto consciously fostered its community from day one through forums, emails and face-to-face meetings. iStockphoto has many active online forums where new users can post questions and get help from experienced users. These active forums have made the iStockphoto community welcoming to new users and engaging for experienced users. Secondly, iStockphoto makes a point to provide very prompt responses to user questions submitted via e-mail. Even as CEO, Bruce routinely takes the time to send emails to users to offer encouragement or help. Thirdly, iStockphoto hosts a series of trips (called iStockalypses) where users can shoot photographs of interesting places and share knowledge about the stock photography trade.
The iStockphoto site itself has many features that help to get users engaged with the service. For one, it provides transparency around how active certain members are with the site, specifically around number of photos uploaded and number of paid downloads. This enables new users to learn from the success of power users, providing examples of the types of photos that get the most traction. iStockphoto also creates a sense of positive psychological exclusivity amongst users by only approving photos that meet certain quality standards. This process helps users improve their photo taking skills and makes them feel that they have “earned” their place within the community.
Emergence of low-cost “prosumer” digital SLR cameras
In the winter of 2003, the Canon Digital Rebel (a 6.3 mega pixel prosumer digital SLR camera) became available at a price under $1,000. Both Bruce and Patrick viewed the availability of these cameras as a turning point for iStockphoto because they created a great influx of high-quality photos. iStockphoto was in a great position to capitalize on this emerging trend through the infrastructure they had developed over the previous years.
Took measures to ensure that submitted photographs met quality standards
As the popularity of the iStockphoto service grew, the number of photos submitted exploded. At the same time, customers came to expect a certain level of photo quality from iStockphoto. As such, iStockphoto developed detailed guidelines for what constituted acceptable photo submissions. iStockphoto views this both as a quality control mechanism and a means to provide feedback to photographers. iStockphoto takes time to explain to contributors why their photos are rejected. According to Patrick, sometimes a new user may only start with a 25% acceptance rate but with constant feedback and guidance are able to improve their acceptance rate to 75% – 90% within 6 months.
Launch strategy and marketing
iStockphoto was originally started as a hobbyist site in May 2000 by Bruce Livingstone. Bruce created the site as a means to share and publicize his portfolio of photographs. Initially seeded with 1,600 of Bruce’s photos available for free download, the popularity of the site prompted Bruce to open the site to other photographers who also wanted to contribute their photo collections. This transformation took place 6 months after initial launch, creating a thriving community of contributing photographers.
Bruce initially marketed the site by word of mouth, telling friends via e-mail. One of Bruce’s friends, web design guru Jeffrey Zeldman helped publicize the site from its early days by blogging about it and using iStockphoto images in magazines like Macworld. Mr. Zeldman’s influence in the designer and photographer communities was highly instrumental in popularizing the use of iStockphoto for royalty-free stock photos.
As the iStockphoto community evolved, its photographer base served as the main marketing vehicle. By promoting their own iStock photos, these photographers create publicity and word of mouth marketing for the service. iStockphoto provides them with some interesting marketing tools (like free, customizable business cards) to help them self-promote their portfolios. Today iStockphoto has 23,000 photographers that are the cornerstone of the company’s marketing efforts.
Later on its lifecycle, iStockphoto began advertising its service on the Internet, in print, and at trade shows. An extension of this advertising strategy was to maintain good long-term relationships with influential book authors within the design community who could provide increased awareness for the iStockphoto service.
iStockphoto was able to support its operations for many years from the revenue generated by photo sales. However, during business planning in late 2005, the company realized that they needed about $10 million to meet their future growth expectations, including $3 million for hardware expansion costs. With this new capital requirement, the iStockphoto management team sought venture funding for the first time. After securing a term sheet from a VC, management became hesitant that this was the best option for the company. The team feared that they would not be able to maintain product control or nurture the community in the same fashion that iStockphoto had been built upon. Thus Bruce decided to seek other options, and contacted Jonathan Klein, CEO of Getty Images. After some positive conversations regarding company strategy and cultural fit, iStockphoto was sold to Getty Images in February 2006 for $50 million in cash. This represented a valuation substantially higher than the valuation placed on the company by the proposed VC investment. Hence the sale to Getty Images made both financial and cultural sense for Bruce and the rest of the iStockphoto team.
Food for thought
I was surprisingly struck by the parallelism between iStockphoto’s company history and evolution, and that of another successful online community, Craigslist. Both began as a hobby fueled by the passion of their founders: for Bruce it was photography and for Craig Newmark it was local events. The popularity of both services grew beyond anything the founders had envisioned, largely driven by creating a free service where only high cost options existed before (high end stock photography and print classifieds respectively). Both grew to a point where the services had to be sustained by incorporating small fees into the service, all with the support of the community itself.
Some great lessons can be learned by the examples set by these two successful companies. For one, the needs of the user base will tell you when is the right point in time to add fees, rather than implementing a revenue model prematurely. For iStockphoto, as the level of sophistication of its users grew, so did the necessity for more advanced pricing and commission models. For Craigslist, they began charging for some categories of online classifieds to improve the user experience. In both instances, it was actual user needs that drove the revenue model and timing of the revenue model.
Secondly, you have a sustainable company on your hands when you have created or contributed to the financial livelihood of a segment of your users. One reason that iStockphoto has such an active community is that their power users have personal, financial ties to the overall success of the company. For example, the top iStockphoto photographers have had hundreds of thousands of their photos downloaded – that’s real money that iStockphoto is putting into the pocket of its users. eBay and Google are probably the best two examples of Internet companies that have also created significant personal wealth for individual users. iStockphoto has created it as well, albeit on a much smaller scale. Can you create a service that contributes significant personal income to your users? If you can, chances are you’ll have a successful service.
On a separate note, both Bruce and Patrick credited much of their success to having great mentors and advisors involved with iStockphoto. Both Bruce and Patrick have been reading, learning, and applying business concepts and ideas from the business guru Guy Kawasaki for years. After meeting Guy in 2003, he became a close personal mentor for the iStockphoto management team. Having great advisors and mentors can be critical to the success of any company, but particularly a start-up. No entrepreneur can possess all the skills and experiences necessary to succeed themselves; it helps immensely to have the right mentors to act as a sounding board.
Oscar Best Picture Nomadland‘s Chloé Zhao (who also won Best Directing) made the following insightful observation about directing and I’m adding it to my collection of Quotes I Love.
“It is about putting the right people together. […] Cast your crew like you cast your actors. […] I’m talking about everyone from the studio level to the PA [Production Assistant] have to be excited about the risk you want to take. [special note re: grandmother with ring … hurricane]“ – Chloé Zhao (1982 – ) in a Conversation with actor/director Olivia Wilde
In 2010, after fighting members in courts for years, Costco settled a Class Action lawsuit (*Ref-3) for backdating membership renewal. Costco was forced to pay millions of harmed US members benefits valued at $38.8 million & lawyers’ fee of $5.38 million.
11 years later in 2021, it seems Costco kept acting dishonestly & deceitfully by backdating benefits of 105 million members in 12 countries & 803 locations this way:
2021 Bottom Line: ~100+ million customers in 799 locations still have their benefits backdated & faces slapped. It seems Costco kept behaving deceitfully with little integrity and treats only customers in 4 locations fairly. The question remains “When will Costco stop slapping customers in the face?” posed 2009 by the nonprofit consumer organization Consumer Reports. (*Ref-2)
During renewal, Costco members in 7 countries are shortchanged up to 2 months. In 3 countries, rip off are up to 12 months. Members in only 2 countries are safe. US$3.54 billion profit in membership fee accounting for 88% of net income in 2020 shows these months of fees paid worldwide by millions of members for ZERO benefit takes unfair advantage of members to enrich Costco shareholders’ pockets.
Costco backdates your membership and give you up to 2 months LESS benefits after you pay 12 FULL months fee in SEVEN ( 7 ) countries. The SIX insidious Costco contractual words of “renewed within 2 months after expiration” count 12 months from your PAST expiration date (the rip off) instead of basing on the day you pay to renew which is how members are treated fairly with respect by Costco China & Costco Spain. Read Costco’s own contract wordings for yourself in countries listed below!
You get up to 2 months LESS benefits in these 7 countries:
For the following THREE ( 3 ) countries, Costco demands an outrageous backdating of up to 12 months LESS benefits after you pay 12 FULL months fee. Costco counts 12 months from your OLD “date of membership” (contract language of Costco France) or “expiration date of the membership” (contract language of Costco Korea). No mentioning of “within 2 months” here, making things actually far far worse. For example, your membership expires on December 31st and you haven’t gone to Costco for almost a year. You go shopping for Christmas gifts and pay to renew on December 24th. Your membership would have expired merely days later on December 31st because the 12 months are counted from your OLD “expiration date” months and months ago.
You get up to 12 months LESS benefits in these 3 countries:
Oxford Dictionary defines “Rip Off” as “cheat someone, especially financially“. Decide for yourself if Costco‘s behaviours discussed in this report meet this definition of “rip off” or there are simply a lot of “misunderstanding”?
New & long time Costco members caught in the scheme
Since the world plunged into Covid19 global pandemic in March 2020, millions of grocery shoppers in US, Canada, UK, and around the world have become brand new Costco members and started bulk buying. Who can forget news and social media photos of empty shelves of “essential goods” from toilet paper, household cleaning items, flour to even dry pasta. When medical experts advise us to physical distance and stay at home, bulk-buying at places like Costco seems like a good way to reduce our risk of contracting Covid19.
It may surprise some long time Costco members who have no idea that they have been caught in Costco‘s scheme for years. So the millions of new members who recently joined Costco since March of 2020 need to pay special attention and arm yourselves with knowledge in order to avoid being ripped off. For the record, this reporter’s family has a Costco membership. We shop at Costco periodically. One recent Costco experience was bad enough that it became the proverbial last straw and impetus to conduct this in-depth research and share with you these findings so you can judge Costco for yourself.
Guess what item
So what item does Costco rip members off the most? Hint: Some members get ripped off depending on your shopping habits and can add up to millions of dollars a year. Cosmetic, Costco chickens, or diamond rings? No, it’s what gets you in the door … your membership! For fiscal year ending August 30th 2020, Costco made a whopping $3.54 billion from membership fees.
By this reporter’s estimation (see below), Costco is potentially ripping off members worldwide from US$15 million to US$59 million a year, give or take a few million dollars. Not small change. So how does this scheme work?
The most troubling time of your Costco membership year
Costco membership agreements have pages of fine print. How many of the millions of new (since the start of the pandemic in March 2020) or existing 105.5 million worldwide members/cardholders have actually carefully read every word of the membership legal contract before they signed on the dotted line? One member in 50,000 or less?
You are not alone if you didn’t have time to read before signing it. Few years ago this reporter spent almost 10 minutes standing at the membership counter to read the legal fine print before giving up and signed on the dotted line without finishing like everyone else. Yes, this reporter is happy to say that bit of embarrassment has finally been corrected while researching for this report. Let’s take a quick look of the legal mumble-jumble and see if you notice the problem before it is explained with examples. Ready?
“Memberships renewed within 2 months after expiration of the current membership year will be extended for 12 months from the expiration date. Memberships renewed more than 2 months after such expiration will be extended for 12 months from the renewal date. All renewals will be assessed at the membership fee in effect on the date the membership fee is paid.”
To make things easier to explain, we will use a concrete example with dates. Let’s say your membership expired on November 30th, 2020 (actually our family’s case), if you renew your membership within 2 months after expiration, even on January 30th, 2021, that is the last day of that “within 2 months” period, then you are one of the members that have been “ripped off“.
How so? Costco‘s contractual language forces you to pay 12 months of membership fee but only give you 10 months of membership benefits. Your renewed membership expiration date is unfairly backdated for two full months to November 30th, 2021, a rip off of 1/6 of the fee paid by loyal & renewing members! Making membership renewal time the most troubling time of your Costco membership. The kicker is that brand new customers signing up on the same date of January 30th, 2021 as you would get an honest expiration date of January 31, 2022.
“Mr. President, Dr. Biden, Madam Vice President, Mr. Emhoff, Americans and the world:
When day comes we ask ourselves, ‘where can we find light in this never-ending shade, the loss we carry, a sea we must wade?’
We’ve braved the belly of the beast, we’ve learned that quiet isn’t always peace. And the norms and notions of what “just is” isn’t always just-ice. And yet the dawn is ours before we knew it, somehow we do it. Somehow we’ve weathered and witnessed a nation that isn’t broken, but simply unfinished.
We, the successors of a country and a time where a skinny Black girl descended from slaves and raised by a single mother can dream of becoming president only to find herself reciting for one.
And yes, we are far from polished, far from pristine, but that doesn’t mean we are striving to form a union that is perfect. We are striving to forge our union with purpose. To compose a country committed to all cultures, colors, characters and conditions of man.
And so we lift our gazes not to what stands between us, but what stands before us. We close the divide, because we know to put our future first, we must first put our differences aside. We lay down our arms so we can reach out our arms to one another. We seek harm to none and harmony for all.
“Let the globe, if nothing else, say this is true: that even as we grieved, we grew; that even as we hurt, we hoped; that even as we tired, we tried; that we’ll forever be tied together victorious, not because we will never again know defeat but because we will never again sow division.
Scripture tells us to envision that ‘everyone shall sit under their own vine and fig tree and no one shall make them afraid.’ If we’re to live up to our own time, then victory won’t lie in the blade but in all the bridges we’ve made.
That is the promise to glade, the hill we climb if only we dare it, because being American is more than a pride we inherit – it’s the past we step into and how we repair it.
We’ve seen a force that would shatter our nation rather than share it, would destroy our country if it meant delaying democracy. And this effort very nearly succeeded. But while democracy can be periodically delayed, it can never be permanently defeated.
In this truth, in this faith we trust for while we have our eyes on the future, history has its eyes on us. This is the era of just redemption we feared at its inception.
We did not feel prepared to be the heirs of such a terrifying hour, but within it we found the power to author a new chapter, to offer hope and laughter to ourselves. So while once we asked ‘how could we possibly prevail over catastrophe,’ now we assert: ‘how could catastrophe possibly prevail over us?’
We will not march back to what was, but move to what shall be: a country that is bruised but whole, benevolent but bold, fierce and free.We will not be turned around or interrupted by intimidation because we know our inaction and inertia will be the inheritance of the next generation.
Our blunders become their burdens but one thing is certain: If we merge mercy with might, and might with right, then love becomes our legacy in change, our children’s birthright.
So let us leave behind a country better than the one we were left. With every breath from my bronze-pounded chest, we will raise this wounded world into a wondrous one. We will rise from the gold-limbed hills of the west, we will rise from the winds swept north, east where our forefathers first realized revolution. We will rise from the lake-rinsed cities of the midwestern states. We will rise from the sun-baked South.We will rebuild, reconcile, and recover in every known nook of our nation and every corner called our country, our people diverse and beautiful will emerge battered and beautiful.
When day comes, we step out of the shade, aflame and unafraid. The new dawn blooms as we free it. For there is always light if only we’re brave enough to see it, if only we’re brave enough to be it.“
20210120 CNN Anderson Cooper did a great interview with Amanda, check out the following video (AC360 tweet, YouTube). Amanda explained to Anderson the origin of the line “We’ve seen a force that would shatter our nation rather than share it” is tweets she read. She is inspired by words she read instead of images she sees. And they talked about the last few lines.
On Jan 15, 2021, I tweeted I was “Looking forward to poet #AmandaGorman’ #InauguralPoem #TheHillWeClimb on Jan 20th. Until then, watching Amanda, first Youth Poet Laureate of the United States in 2017, performing her poems in 2019 at The Museum of Contemporary Art.”
“It is a strange thing to have to say in this world today that it takes courage to be a scientist. I used to think that it only took brains. And now you need to be brave and courageous as well to do science in the face of the anti-science movement that we see. And the ideologic politics that has come to this process.” – Dr. Mike Ryan, WHO (video source: 2020 Nov 23, WHO Media briefing on COVID-19 (time code 39m 24s))
How do you define high-risk health workers? Essential workers?
High-risk medical conditions push you to the front of the vaccine line. How do you prove you have them when you get there?
How do you vaccinate special populations when there are little or no data on how the vaccines work for them? [K: children, pregnant people]
How widely can Pfizer and BioNTech’s vaccine be used, given its taxing storage requirements? [K: “Pfizer and BioNTech’s candidate, which uses messenger RNA technology, must be shipped and stored at -70 Celsius.”]
How will Pfizer and BioNTech’s ordering system affect the potential rollout of its vaccine?
With air travel slowed, can vaccines get where they need to go quickly?
How can officials keep a highly coveted resource safe from theft — and prevent counterfeits?
Above Pix Full Credit: NIAID (NIH) Flickr post //Novel Coronavirus SARS-CoV-2 This transmission electron microscope image shows SARS-CoV-2—also known as 2019-nCoV, the virus that causes COVID-19—isolated from a patient in the U.S. Virus particles are shown emerging from the surface of cells cultured in the lab. The spikes on the outer edge of the virus particles give coronaviruses their name, crown-like. Image captured and colorized at NIAID’s Rocky Mountain Laboratories (RML) in Hamilton, Montana. Credit: NIAID //
Comments Off on #Covid19 Clinical Report & Does Convalescent Plasma Work? (Remember the time recovered Tom Hanks & Wife Rita donating plasma?) | covid19, Health Sciences & Medicine | Permalink Posted by kempton
Only a small fraction of the 40,000 new ventilators Canada ordered for hospitals last spring have already been delivered but several companies involved say their production lines will start delivering the products faster in the next few weeks.
The promise of new arrivals comes as Canada’s chief public health officer, Dr. Theresa Tam, warned Friday that a fall surge of COVID-19 cases could overwhelm the health-care system, including its supply of critical-care beds and ventilators.
“What we know based on what we learned from other countries and cities that had a devastating impact in that initial wave, if you exceeded that capacity the mortality goes up really, really high,” she said.
Flu season and other respiratory infections common in the fall could put added pressure on the system if COVID-19 flares up in a big way.
Tam said there were many lessons learned from the spring, when the government was ill-prepared and without enough protective equipment for health-care workers, and feared a massive surge of COVID-19 would overwhelm the health-care system.
“We are much better prepared than we were before,” she said.
The pair [Kyle McGowan, the chief of staff, and Amanda Campbell, the deputy chief of staff,] had been criticized by Trump administration officials for not being loyal enough. McGowan started working in Health and Human Services under then-Secretary Tom Price. He first served as director of external affairs for HHS before moving to the CDC. CNN has reached out to HHS for comment about the departures.
When our politician ask CDN stars for Covid help, they obliged as only good CDNs would!
“Many will have heard Russia’s announcement that they have approved a coronavirus vaccine. I’ve already had several people ask me what I think of it, so let me be clear: I think it’s a ridiculous publicity stunt. If it’s supposed to make Russia look like some sort of biotechnology powerhouse, then as far as I’m concerned it does the opposite. It makes them look desperate, like the nation-state equivalent of a bunch of penny-stock promoters. The new airliner design prototype just got off the ground – time to sell tickets and load it full of passengers, right?
Why so negative? Look at what’s being claimed – the first coronavirus vaccine to receive regulatory approval. But “regulatory approval” is not some international gold standard, and these sorts of decisions show you why. Let’s be honest: there is no way that you can responsibly “approve” a vaccine after it’s only been into human trials for what numerous reports say is less than two months. That’s about enough time to do the first steps, a Phase I trial that gives you some idea of immune response across more than one dose. It is simply not enough time to do a reasonable efficacy workup as well, and absolutely not enough time to get any sort of reading on safety. Here’s a good article going into those timelines in more depth.”
Three sets of Q&As that I find very insightful. [K’s note: Love this quote: “The virus doesn’t have a brain. We are the one that have brains. […] how we can outsmart something doesn’t have a brain that we are not doing such a great job now.”]11:41 What are the keys to vaccines development? [HT Philip]12:38 Dr. Ryan’s answers.15:35 Dr. Bruce adds more. [… When it comes to a key to finding the vaccine …]
41:52 Q: When you talk about know your enemy, what is the virus trying to do?
42:13 Dr. Ryan: The virus doesn’t have a brain. We are the one that have brains. [… great answers ] Maria may have something to say about how we can outsmart something doesn’t have a brain that we are not doing such a great job now. #frank
42:59 Dr. Maria: [… “The goal of a virus is to make more virus. The goal of the virus is to, I would use the word “survive” if it was alive, it is NOT alive. It wants to reproduce. It wants to find individuals to …] […more great answers!]Read the rest of this entry »
Comments Off on 20200810 News Clippings – The virus doesn’t have a brain, Winter is coming, HK police arrest pro-democracy media tycoon Jimmy Lai & activist Agnes Chow | News Clippings, politics | Permalink Posted by kempton
More than 40 years ago, Buffett wrote, Murphy taught him an “indispensable” lesson about the importance of recognizing and controlling your emotions. “He said, ‘Warren, you can always tell someone to go to hell tomorrow,’” Buffett recalled. “It was one of the best pieces of advice I have ever received.”
Murphy’s point is that, often, in a heated situation, the smartest thing you can do is hold your tongue. If you lose your temper, you’re more likely to do something you might regret later on. And once it’s out there (especially in today’s technological world, where anything you say can go viral), you can’t take it back.
“It’s such an easy way of putting it,” Buffett continued. “You haven’t missed the opportunity. Just forget about it for a day. If you feel the same way tomorrow, tell them then — but don’t spout off in a moment of anger!”