Byron Wien was almost fired from his first job as a security analyst, and he barely made the cut at Morgan Stanley 1984 where he eventual became the firm's top investment strategist.
Today, when Byron Wien talks, all of Wall Street listens at full attention. Wien's annual 'Ten Surprises' list has been circulating for nearly 30 years.
This year, in addition to offering market insights, Wien offered some life lessons. It's the type of wisdom that only comes from decades of experience on Wall Street.
Create a defining product, and put yourself at risk.
"Concentrate on finding a big idea that will make an impact on the people you want to influence. The Ten Surprises which I started doing in 1986 has been a defining product. People all over the world are aware of it and identify me with it. What they seem to like about it is that I put myself at risk by going on record with these events which I believe are probable and hold myself accountable at year-end. If you want to be successful and live a long, stimulating life, keep yourself at risk intellectually all the time."
Source: Blackstone
Make useful friends because it'll increase your luck.
"Network intensely. Luck plays a big role in life and there is no better way to increase your luck than by knowing as many people as possible. Nurture your network by sending articles, books and emails to people to show you’re thinking about them. Write op-eds and thought pieces for major publications. Organize discussion groups to bring your thoughtful friends together."
Source: Blackstone
Sleep.
Get enough sleep. Seven hours will do until you’re sixty, eight from sixty to seventy, nine thereafter which might include eight hours at night and a one hour afternoon nap.
Source: Blackstone
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