EP. 90: Luca Dellanna: Winning Long-Term Games: Reproducible Success Strategies to Achieve Your Life Goals
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“It takes a lot of ambition to maximize your wealth over 100 years” - Luca Dellanna
I was introduced to Luca’s work by Guy Spier in our conversation a year and a half ago. I got see Luca in person a few times since, and we recorded by now three episodes of Talking Billions. Given the kind of long-term, patient, disciplined investing that I practice, Luca’s thoughts on long-term games and reproducible success resonate with me and have had a big impact on me. Luca expanded my vocabulary to explain something that I and my clients intuitively understand.
I greatly enjoy every episode of Talking Billions as I’m sure you can easily tell, and I can’t have favorites, but this conversation is up there in my book, so if you can, don’t miss it.
Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management.
After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries all across Europe.
In 2015, Luca moved back to his hometown of Turin, Italy, and opened a private consulting practice serving clients worldwide.
He has also published books about management, human behavior, and economics that earned him appearances on the most important conferences and podcasts in his field, Nudgestock and EconTalk, respectively.
Luca lives with his wife Wenlin and dog Didi and divides his time between Turin and Singapore.
Luca writes regularly on Twitter (@DellAnnaLuca).
His personal website is www.luca-dellanna.com
It’s Luca’s third time on Talking Billions — please look up earlier episodes where we talk many of his other books, including Ergodicity and 100 Truths. I greatly appreciate Luca’s thoughts on avoiding game over in life and investing and staying focus on the big wins far ahead. Since our previous recording, I got to see Luca in person a few times, both in Klosters, at Guy Spier’s VALUEx, and at Buffett’s Berkshire event in Omaha. Luca, you are taller than I thought!
Today, we talk about the different mindsets of short-term versus long-term players.
We talk about how short-term players focus on immediate gains, while long-term players prioritize sustainable growth over time. This distinction extends to various aspects of life, including sales, investing, and relationship-building.
We discuss factors influencing individuals' inclination towards short-term or long-term thinking, including genetics, experiences, and environmental influences.
We discuss the importance of considering the time horizon in investing and life decisions.
We talk about understanding the impact of time horizon on risk management and the pursuit of wealth.
Luca shares the value of delaying comparison and enjoying the journey in achieving long-term objectives.
We discuss how risk management is not about impeding growth but rather about enabling faster growth by protecting against major risks.
Luca shares that learning from how others have failed can provide valuable insights for building a successful strategy.
We talk about how long-term strategies should be sustainable, constructive, and inevitable, ensuring a 100% success rate over the long term.
Luca shares that participating in a 'race to the bottom' can lead to sacrificing too much and ultimately losing, even for the winner.
We discuss that feedback, sustainability, and constructiveness are crucial for achieving long-term goals and success.
Chapters:
05:00 Short-Term vs. Long-Term Players: A Distinctive Contrast 08:26 Factors Influencing Time Preference: Genetics, Experiences, and Environment 16:13 The Importance of Experiencing Long-Term Benefits for Emotional Solidification 34:16 Navigating Parallel Universes of Success 42:22 The Significance of Delaying Comparison and Enjoying the Journey 53:44 The Relationship Between Risk Management and Growth 01:04:14 Understanding Long-Term Strategies
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Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.