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Overview

If you had to put a price on it, how much would you pay for the ability to transform your life? Guy Spier paid $650,100. And that was just for lunch with Warren Buffett, who he believed could provide him with the tools to change his outlook and become a happy person. Luckily for Spier, his instincts were right and he left what must have been one of the most expensive meals in history as a changed man.

The man was unhappy, but he didn’t know why. He ended up spending most of his time in a working environment he detested, which led him to compromise his ethics and become an inauthentic person. What the man did next amazed people: he discovered a completely different way of doing business that involved breaking with many conventions in the finance world.

This article will tell you why it’s better to follow your own ethics and morals in business, how sending thank-you cards can help you in your career, why students with high grades often don’t do well, and how becoming a giver is more beneficial than being a taker.

Big Idea #1: An elite education can be an obstacle to dealing with problems in the real world.

Although elite schools have a reputation for being the best, they often produce students who are unprepared for the real world. This is because there are flaws in their approach to education.

Elite business schools and universities teach students specific skills, but those skills are based on theories that don’t apply to the real world.

Economic models are created with the assumption that one will have perfect information, but in reality, things aren’t nearly as neat.

The price of ham is determined by a number of factors. For example, you can look at how many stores sell it, how many pigs are slaughtered and what the demand is to determine the ideal price.

However, the price will not be as low. The store location and offers must be taken into account. For example, train stations will have high prices due to their locations; other stores may offer discounts, making the ham cheaper than expected.

The world is too complex to have all the information we need at hand. This makes it hard for people who went to elite schools, as they are taught theories that don’t match reality. The focus in these schools is on rationality and critical thinking, while unconventional ways of thinking are condemned.

In school, if you come up with an idea that’s different from what people believe and present it to your peers, they’ll think you’re crazy.

Additionally, if you’re a very rational thinker and attend an elite institution, you can feel like you know everything. You may ignore the advice of more experienced people because they don’t have as much education as you do.

Big Idea #2: Some businesses can force their employees to challenge their ethics and morals.

You just graduated from college and you’ve gotten a job on Wall Street. However, when you start working there, you discover that they often cheat their clients to make more money for themselves. What should you do? Should you stay with the firm and continue to profit off of their dishonest methods or leave with your integrity intact? Many employees are faced with this dilemma because many companies have low moral standards and aim to exploit their clients using aggressive salesmanship.

Take D. H. Blair & Co., a brokerage firm that tried to trick their clients by making deals look more profitable than they actually were and expected everyone to play along with the shenanigans. In addition, competition among employees can cause them to forget about their own morals because of pressure to succeed or compete with others.