20 Life Lessons

Byron Wien, a longtime investment market strategist with Blackstone and Morgan Stanley, loved making lists.

His “10 Surprises” of the market heading into a new year was among the most widely anticipated and widely read columns.

So, when he was getting ready to give a speech, the host asked him to pivot from his normal talk and discuss what he has learned over his 80 years of life and investing.

Quickly, Wien collected his thoughts, put pen to paper, and produced another incredible list called “Lessons Learned in His First 80 Years.”

1. 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. If you want to be successful and live a long, stimulating life, keep yourself at risk intellectually all the time.

2. 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.

3. When you meet someone new, treat that person as a friend. Assume he or she is a winner and will become a positive force in your life.

4. Read all the time. Don’t just do it because you’re curious about something, read actively. Have a point of view before you start a book or article and see if what you think is confirmed or refuted by the author..

5. 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.

6. Evolve. Try to think of your life in phases so you can avoid a burn-out. Do the numbers crunching in the early phase of your career. Try developing concepts later on. Stay at risk throughout the process.

7. Travel extensively. Try to get everywhere before you wear out.

8. When meeting someone new, try to find out what formative experience occurred in their lives before they were seventeen

9. On philanthropy my approach is to try to relieve pain rather than spread joy. Music, theatre and art museums have many affluent supporters, give the best parties and can add to your social luster in a community.

10. Younger people are naturally insecure and tend to overplay their accomplishments. Most people don’t become comfortable with who they are until they’re in their 40’s. By that time they can underplay their achievements and become a nicer, more likeable person.

11. Take the time to give those who work for you a pat on the back when they do good work.

12. When someone extends a kindness to you write them a handwritten note, not an e-mail.

13. At the beginning of every year think of ways you can do your job better than you have ever done it before.

14. The hard way is always the right way. Never take shortcuts, except when driving home from the Hamptons.

15. Don’t try to be better than your competitors, try to be different. There is always going to be someone smarter than you, but there may not be someone who is more imaginative.

16. When seeking a career as you come out of school or making a job change, always take the job that looks like it will be the most enjoyable. If it pays the most, you’re lucky.

17. There is a perfect job out there for everyone. Most people never find it. Keep looking.

18. When your children are grown or if you have no children, always find someone younger to mentor. It is very satisfying to help someone steer through life’s obstacles, and you’ll be surprised at how much you will learn in the process.

19. Every year try doing something you have never done before that is totally out of your comfort zone.

20. Never retire. If you work forever, you can live forever. I know there is an abundance of biological evidence against this theory, but I’m going with it anyway.

Wien passed away last week at the age of 90. He leaves behind an incredible legacy — and a list that can help all of us each day.