"True nostalgia is an ephemeral composition of disjointed memories." --Florence King
"Nostalgia is a seductive liar." --George Wildman Ball "Things ain't what they used to be and probably never was." --Will Rogers "I don't like nostalgia unless it's mine." --Lou Reed "Nostalgia for what we have lost is more bearable than nostalgia for what we have never had." --Mignon McLaughlin "A feeling of sadness and longing that is not akin to pain, and resembles sorrow only as the mist resembles the rain." --Henry Wadsworth Longfellow I recently went back to Stanford for the west coast business school Challenge 4 Charity Weekend. It was my first time back on campus for more than a couple of hours, and the nostalgia hit me really hard. It was incredible how many things I felt at once. It got me thinking about what nostalgia really means, why it exists, and whether others experience it the same way. Here's just a sample of the many thoughts that ran through my mind that weekend: Wow, I remember that corner! And my bike! And getting lunch here! That was so pleasant. Wow, I feel old. I feel out of place. Why am I here? I want to be here. I like it here. Can I stay? Can I go back (in time, in space)? Where do I belong? Where are my friends? Where is everyone who was here when I was? What if I could bring them all back now? Would I? This place is the same, but I'm different. That's good. I see it in a new way now. This place has changed. Have I? Did it change me? All these new amazing buildings and cafes. But I'm still me. How much have I missed? It was so nice to reconnect with a place I spent four years getting to know. It was so nice seeing some old friends and catching up. It was so nice seeing that the dorm room I decorated and undecorated four times in a row is still there, with little change. Except for its occupant. Who's room is it, anyways? What do you think? Have you had experiences like this? What are we supposed to do about nostalgia (if anything)? What is the right way to acknowledge and honor it?
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Bobby Turner was another guest speaker in my class on Leadership and Ethics, taught by former Mayor Richard Riordan. Bobby is Chairman of Canyon Capital Realty Advisors, which manages $21 billion and invests in many types of real estate opportunities. The focus of the class was on Bobby's initiatives to invest in urban neighborhoods in order to improve them and give back.
Bobby led Canyon's initiatives to partner with Magic Johnson and Andre Agassi in developing urban neighborhoods and charter schools. Bobby was trained by Mike Milken at Drexel and graduated from Wharton School of Business. Bobby explained that there are four ways to create wealth:
Bobby said that your first million dollars is the hardest to make, and wealth doesn't make happiness. He said there are four types of happiness:
The investment criteria they used were the 6 D's:
Bobby considers a fair return on capital to be 10% unlevered (levered up to 18%); after incentives, they return 12% net to investors. It was neat to hear a person so successful in real estate and for-profit investing find ways to make money while investing in projects that served a drastic need in the community even though they were unpopular. It was also fun to hear the stories of how he convinced Johnson and Agassi to get on board. This book definitely crushed it. Gary's story and recommendations in Crush It!: Why NOW is the Time to Cash In on Your Passion are extremely fun and informative. Also, I can truly say that for this book, the audio version was quite an enhancement because it's read by Gary himself (who has quite a quirky, fun personality), and he routinely goes off the script to elaborate, inject more personal stories, and update the text since the manuscript was published. That was a real value-add in the audiobook. The book goes through Gary's background, how he set up his business, how he learned about social media marketing, and contains specific recommendations on how to get started and specifically what to do to make money pursuing your passion using social media. Below are my main takeaways and notes. Ch. 1: Passion is Everything
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