Lou Holtz and the 8 Non-Negotiables of Notre Dame

Growing up in East Liverpool, Ohio, Lou Holtz dreamed of becoming a college football player and coach. Though he was small, he was determined to fulfill his ambitions on and off the field.

When he began his coaching career in 1960, his dream was to lead the University of Notre Dame. Raised Catholic, Holtz had two strong pillars in his life: football and the church. Notre Dame was the only place that could satisfy both.

In 1986, Holtz was the head coach at the University of Minnesota when the Notre Dame job became available. Naturally, he was interested, and his prior winning resume made him qualified.

Holtz met with Father Joyce, the second in command at Notre Dame and the main influencer in the hiring process. Father Joyce didn't recruit Holtz, didn't offer him lots of money or a grand picture of the future of Notre Dame.

In fact, he did the opposite.

He told Holtz that there were non-negotiable conditions to become the head coach. If he had been unwilling to accept these, he wouldn't have become the head coach.

1. You will never change how things are done at Notre Dame.

2. We will not redshirt players.

3. We will not take transfers from other colleges.

4. Every student entering Notre Dame will need to have passed 16 core curriclum classes with above average grades.

5. We will not upgrade the football facilities, we are never going to be a football factory.

6. We will play the most challenging national schedule we can put together. There will be no free wins.

7. We expect to compete for a national championship every two years.

8. The head coach will never make more money than the President of the University and he is a priest.

Holtz didn't blink.

He was delighted because now he had the rules of engagement for his program. He didn't waste time asking for things he wouldn't receive or worrying if the university would alter its beliefs.

Joyce gave Holtz the structure and alignment he desperately needed. Now, it was his job to find ways to win.

As leaders, students and employees, all we frequently need to maximize our potential is an understanding of the ground rules. If we're in an interview for a position, regardless of the level, we need to make sure the person doing the hiring does what Father Joyce did for Holtz — be honest and share the non-negotiable parts of the position.

Knowing what not to do is more important than knowing what to do. We cannot devise a strategy until we understand what isn't going to change.

Therefore, to be successful, we must first learn what isn't going to change.

Holtz went on to win a National Championship and, overall, in his 11-year Notre Dame career, won 100 games and went to nine Bowl games.

We should never fear the ground rules of any opportunity. We should instead embrace and cherish them as the key to doing the best job possible.

New Goldman Sachs Recommendation: “Invest ~33% of Your Wealth in Alternatives”

When it comes to names to trust, the professionals at Goldman Sachs are definitely up there. After all, you don’t come to manage $2.5 trillion by accident. So when they recommend that investors put approximately 25-33% of their portfolios into alternative, real assets like art, we're inclined to agree.

According to their research, portfolios with real assets have historically outperformed ones with only stocks and bonds in high-inflation environments like right now.

The data is compelling, to say the least:

• 13.8% annual appreciation (1995–2021)

• Near 0 correlation to equities

• Doesn’t drop when you-know-who tweets

But who the heck has a crisp $15 million lying around to buy Picassos and Banksys?

Masterworks makes investing in art as simple as binge-watching the Last Dance. They securitize paintings hand-picked by their experts, so you can invest in a piece of it rather than buying the whole thing.

So far, they’ve returned over 17.8% to their investors, not once, not twice, but seven times*. Since we're one of the earliest MW supporters, you can get priority access to a free membership with our unique link. 

*Net returns refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Masterworks paintings not yet sold and past performance is not indicative of future results. See important Reg A disclosures