PROTECT TIME

“So we're at breakfast, and he says, I have one real question I really want to ask you. So if you could just pick one word to describe what it's like to live with Jim, what one word would you use? I'm sitting there waiting for the answer. I'm always an adventure-inspired, energizing, creative, right? All these things are going through my mind as possible. She gets one word, and after a long pause, she just kind of looks at him completely serious, completely just straight, single answer, exhausting.”

“The P and I Club, which means Protection and Indemnity, is a collective. It's a not for profit, accessible mutual association. It's not a commercial insurer, and it basically, historically is a club that brought together ship owners in the industry that we're trying to fill a gap. So they came from a need for society. And really what clubs do is while they ensure the owner, they are protecting society because they are ensuring the owner.”

“If somebody were to look at my calendar, would that really reflect my values? If somebody looked through my banking account, would you be able to tell what I value in life? And for a lot of us, the answer is no. That I spend so much time doing these things that I don't love, or I end up spending a lot of money on things that I didn't really need, but maybe I just got sucked into it.”

“Traditionally, war has its own special sector of war underwriters war insurance. The p and I standard policy excludes liabilities that arise out of war acts. However, there is an excess level of cover that is offered by the P and I club, simply because the standard policies are limited by the value of the vessel.”

“Joanne and I, the ultimate hula, right? We got engaged four days after our first date. Your spouse knows you like no one. The measure for me is that Joanne will love me, unless I did something really stupid. Joanne will love me regardless, but will she like me more as the years go by? Will she respect me more as the years go by? If I had all kinds of external success, but I lost Joanne's respect, or Joanne woke up one day and was like, well, I actually don't really like you anymore. Yeah, that would be the worst possible kind of failure.”

“I think it boils down to sometimes just asking yourself, do I need to solve the problem or solve how I feel about the problem? And to gather some evidence. So, for example, you have a stack of bills on the table. Well, it's gonna be really anxiety provoking to open them up the envelopes. Right? So I'd rather go watch Netflix for an hour. And when I watch Netflix, my anxiety goes down.”

“So while we are not the primary people or group that's responsible for training crews, because there's crew managers, the operators themselves have to do that. The training that they get in the schools that they go to and stuff are really what we do though, is based on our analysis of our claims. Though we identify gaps, we identify issues, we identify trends, and then we do actually have programs that enhance training.”

“Level in which, yeah, mutual insurances are there are rules in place to deal with certain things like that. Like you actually it's true, you actually don't want because P and I has a long tail, right, so like some things to take some claims are still open ten years after and sometimes even longer. So that's why, actually the mutual system allows for a multi year openness. But yes, there are there are we you know, we do have agreements in place that protect us from things like that.”

“We were able to demonstrate that the big winners, the ones who had the huge outsized returns relative to their direct comparisons, did not get more good luck. They did not get less bad luck. They did not get bigger spikes of luck and they didn't get better timing of luck. So luck as a distributed variable was pretty even between those that were the huge 10x winners and their direct comparisons. So clearly luck didn't separate. And then that led to the observation that but it was the return on luck that when the luck came they had this amazing ability relative to the comparison to make more of the luck.”

“P and I underwriters excluded war traditionally, and now created there's war clubs or all would step in and offer limited war cover. The P and I Clubs, as part of our collective reinsurance buying, we buy reinsurance for war P and I and every ship owner who's entered in any IG club every year pays a small amount. It's not allowed, but they pay a small amount for that coverage, so we fill that gap.”

“Insurance was always available, it's just whether you wanted to do it really ultimately, and the operators and our members that we spoke to all made it very clear that the safety of their crew was much more important and then everything else. And the operators and our members that we spoke to all made it very clear that the safety of their crew was much more important and then everything else.”

“I would schedule time to worry. You set aside fifteen minutes a day to worry about that thing. And when you, like, expose yourself, but you give yourself a time limit where you say, okay, classic exposure therapy. Worrying's not bad. I just can't do it all the time. And I'll do this with my therapy clients. And the goal is you put it in your calendar, same time, same place.”

“What's the arrow of money? Are you doing what you do to make money? Or do you need money to do your work? Is money fuel back to the flywheel? What I found with our people is if they'd flip the arrow of money that the only purpose of money is to be able to do what I'm encoded for, that feeds the fire, that that's the point of it, so I never have to stop. Then you have a very different relationship to success when it comes.”

“When I was younger, I had a lot of fire, but it was really painful fire. It was burning hot red molten lava in my stomach. Almost like channeled rage, channeled ferocity. And I used to worry that if I ever lost that, I'd lose my drive. And I think what's happened, I know what's happened, is the fire's changed. The fire used to be like this molten hot burning ferocity in the belly. And now it's like this, it's not red, it's, I think of it as green and yellow and it's like this sustained warming glow.”

“Toni Morrison, doesn't even become a writer until her 40s. She comes into frame as a writer. She doesn't publish Beloved till she's 56. She doesn't publish jazz until 61, which is an astounding thing. And then she just goes on and she does about half of her contributions after the age of 60. And there's no evidence. Anybody want to say that, well, Toni Morrison was slowing down when she did Beloved because she's after 50? No.”

“Encodings are these kind of durable capacities that reside within and they're awaiting discovery through the experiences of life. And first huge thing about encodings is, most of us, our lives will come to our end with probably vast swaths of our encodings never discovered. If you said, Jim, 100 points allocate between two buckets, how much of it is about discovering a set of encodings and how much of it is about trusting the encodings you've discovered? I'm going to put 70 points on trust because I think we're getting clues all the time.”

“Irv said, it's not in your interest to have the option to come back. And I said, well, I thought options always have positive value. He said, no, options sometimes can have negative value. Because if you know you have the option to come back, it will change your behavior, the level of commitment. In low odds games, games where there's a very low odds of success, statistically, if you don't go 100% all in, the odds will be zero. So you're either looking at a 2% chance or a 0% chance.”

“We have a punch card system. Any use of you is an investment. It's a punch and you can't get it back. It's irrelevant whether I'm free to give a speech on October 17. The relevant question is, do I have any punches left? One thing I've learned, I've come to see now at age 68, life is the ultimate punch card. If you end up spending five years or 10 years pulled away from what you're really encoded for in some way because of whatever sets of reasons, you can't get that punch back.”

“When the study was over, eighty percent of people said, I feel so much better, and I sleep so much better. I'm gonna keep this going voluntarily. But just not having the phone in bed with you, then you don't scroll before you fall asleep. You don't then wake up and you start scrolling makes a big difference in our mental health. So I think we really have to be proactive about those boundaries that we set for ourselves.”

“You don't have to be ready. Like, if you waited until you felt ready, I don't think you'll ever do it. Instead, you just take the action. And in my case, I'm married to a man whose bedroom was decorated in a sailboat theme when he was four. So he, like, always wanted to live on a sailboat. Correct. So this was his dream. It wasn't mine. Like, I knew nothing about being on a boat.”

“Joanne had a hamstring injury. And in the race it began to catch up with her. So she had this 10-minute lead with 10 miles to go in the marathon. And then there is this moment, I mean, I'll never forget the moment where she stops in the middle of the lava fields. And she reaches down and she sort of massages them and she kind of like pounds on her quadriceps and she looks up to the sky and it almost looked like she was pleading with somebody to help her somehow. And then she just kind of fixed her gaze on the horizon and there was this sort of stoic countenance that came over and she just started to move and then she started to run and she ended up winning a 10-hour plus race by about 90 seconds.”

“Mental strength's about the way you think, the way you feel, and the way you behave. So we knew a lot of our thoughts aren't true. My brain will tell me all the time, like, you can't do that or you're gonna embarrass yourself. But I don't have to believe that. I can say, alright. Sure. Maybe I will embarrass myself, but that's okay. Or maybe I'm gonna fail, but I'll be okay if I do.”

“A boundary reset is just about backing up and saying, you know, I've made some mistakes, and you might have to go to the person and say, you know, I had said, like, I wasn't gonna work after seven. Lately, I've been answering emails all the time. I'm gonna back that up. Like, here's what I'm gonna do. And have that conversation. Get really clear with yourself.”

“Just to kind of back up a bit, and what the cancelation means. It's really a cancelation of the rate, not of the cover. Everyone was saying, oh, these vessels are trapped because they don't have insurance, and you know Lloyd's in London is almost doing this to get back to the US. First of all, all those not all, but many of the underwriters at Lloyd's are American companies. So it wasn't the UK saying, you know, we're going to get the US back for this.”