The Jet Lag Series: How do I work? When do I find time to write?
We know it’s unusual to require a potential client to read our brochure first, but you may actually end up being the beneficiary of this policy. If you become a client, would you rather see your portfolio manager spend tens of hours a week on the phone with potential clients, or spend the bulk of his time doing research and serving his clients (like you)? Hours we save on selling and regurgitating what is already in the brochure go into research and client service.
We try to make it as easy as possible for those who are interested in our service to learn about what we do without getting on the phone with me. We even included a chapter from my upcoming book, which walks you through our investment philosophy, in our brochure, as well as in an audiobook format. Third, we don’t do traditional marketing. Clients refer their friends to us or people read my articles and my books, and they reach out to us. Then we figure out whether we are a good fit for each other. That’s it. We are not a traditional investment firm; we don’t do seminars, no cold calls; we don’t do country club social marketing. In fact, I don’t accept members of the local community (e.g. from a synagogue I occasion), friends, or acquaintances as clients; but that’s a topic for a different discussion. Therefore, I spend no time on marketing. None! This frees up a lot of time. Fourth, I say no, a lot. Most of the conferences I attend, I am there to learn, not to speak. When I am asked to speak at a conference I usually decline, unless I have an ulterior motive – like a getaway with my wife. In a few cases, when I say yes, once or twice a year, I decline to do a traditional, monological presentation and only do a Q&A. Presentations require a lot of preparation and occupy a lot of mental real estate weeks before a conference. And to be honest, I don’t enjoy doing them, so I stopped doing them. I also say no to internal projects that are a time suck. Our director of marketing wanted me to do a podcast. I like being an occasional guest on someone else’s podcast – this requires very little time and I really enjoy it. But doing a weekly podcast requires a time commitment and doing something I don’t enjoy. So I found an elegant solution. I have a professional narrator – Elliot from Canada – read my articles, and voila, we have a podcast. It requires absolutely zero time from me. It is produced by the IMA team. I hope you see a pattern. My personal formula for happiness is: Do more things I enjoy and from which I receive creative satisfaction. Divided by the things that I don’t enjoy (usually very detail-oriented, mundane things that have few creative calories). The goal is to maximize the numerator and minimize the denominator. Because I focus on doing things I love, I can be more focused and have greater stamina. Fifth, I avoid time-draining hobbies – I don’t play golf or follow sports. There is nothing wrong with either, they are just not my thing. I watch probably two football games a year. Just think how much the average American spends on both. This is not advice for others, but it frees up a lot of time for me to research, write, read, spend time with family. Sixth, I time block. I am a morning person; thus I am more productive and creative in the first half of the day. I look at research as the most important thing I do. Research consumes energy and requires creativity; thus, I am very protective of my mornings. From 8 AM to 2 PM I focus on research and don’t do non-research phone calls. Talking to clients or prospects takes less energy, and thus I can do it later in the day (from 2–3:30 PM). I don’t schedule any appointments or phone calls on Wednesday; that’s an open day, when I have no obligations. I can go to the park, go skiing, or go to Starbucks to read. Seventh, I scale my time through writing to effectively communicate with clients. We modeled IMA after Starbucks – a company I have tremendous respect for. Starbucks provides premium, consistent, high-quality products and great customer service. That’s a good description of our own North Star. IMA is not just in the investment business; we are in the service business as well. There is an interesting paradox: Customer service means time – my time. Well, almost – operational issues are elegantly resolved by our very capable team in operations. But as we keep growing and thus have more clients, they will naturally want me to address their concerns about the economy, their portfolios, and so on. Our website and brochure state that our portfolio managers are one phone call away. We promise that we’ll answer clients’ inquiries within one business day. This is not an empty promise. We always do. We came up with a solution regarding portfolio questions. Every quarter I write an in-depth letter addressing client portfolios. These letters run 20 pages (occasional excerpts from these letters slip into my articles). Through the magic of technology these letters are custom tailored for each client, because all clients’ portfolios don’t look the same. In the letter we also have a Q&A section where I answer questions sent to us by clients. The goal of these letters is to answer accessibly, honestly, and clearly any possible questions clients may have about their portfolios and the economic world around us. As a result, last year I probably spent twenty hours at the most talking to clients on the phone. Clients can always call me, but they don’t often have the need – I have answered their questions in my letters. My writing is scalable; my time on the phone is not. One last thing in this department. In October we clear out a week and have our annual client meeting. Our whole team meets with clients one on one before and after the meeting. As Freddie Mercury said, time waits for no one. I am a bit paranoid about time. I try very hard to spend it only on the things that matter to me the most. I have structured my life to do more things I love and fewer things I don’t like. I identified my edge: thinking through writing and focused research. Time does not scale; writing does. I delegate and outsource. I work with people I love. That’s it!
The post The Jet Lag Series: How do I work? When do I find time to write? appeared first on Vitaliy Katsenelson Contrarian Edge.
Source: https://contrarianedge.com/the-jet-lag-series-how-do-i-work-when-do-i-find-time-to-write/
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