CARDRUNNERS

There are two dominant modes of pricing products and services throughout the world.   In most of the more developed Western countries you find a fixed pricing model dominate most economies.  The people or companies set the price they feel appropriate for their product or service and the consumer can choose to accept it or not.  In most other parts of the world, the pricing has a heavy negotiating element and is more 'flexible'.  There can be a lot of energy that goes into arriving at the final price.  All throughout my travels in the developing world, there was always much negotiating and bartering involved in my purchases.  It was something I adjusted to over time.

When I owned my African Art gallery in Portland, both worlds regularly collided regularly.  Even though most Americans are accustomed to fixed pricing, everyone wanted a deal.  Not everyone felt comfortable negotiating discounts on the art, but almost everyone expected some special price.  It was a delicate dance between the gallery and the collector.  The process taught me a lot about valuation, negotiation and decisiveness.

During the 12 years I owned the gallery and after negotiating thousands of deals, I found myself evolving as well.  I started becoming more like the customers I most admired.  They were both honest and decisive.  They weren't afraid to connect with their passions and commit to the unknown or unfamiliar.

Growing up, I often was quite indecisive.  It always took me a long time to decide what clothes to buy, what food to eat, what to do.   I didn't want to commit, something better might come along.  There might be a better choice I could make if I waited.  While there is some merit in considering all options and thinking through a decision, I often missed out on that decisive feeling and commiting to something.

Today, when I deal with people in the business world, the ones I respect most are honest, decisive and passionate.  I don't respect those that negotiate just to negotiate for some control or power trip.  I don't respect those that are dishonest about their motivations.  I don't respect those that are indecisive.  I don't respect those don't show a passion for what they do.  There is much more to life than money.  I have always found that the most money is made by those who are passionate about what they do.  Negotiating the best deal possible is understandable, but part of the equation is a fair deal for all parties, not just yourself.   When you make a deal, live up to it.   In the world of business valuations change constantly, what may seem fair one day may not feel the same the next.  There are no guarantees.  There will always be much risk involved in any valuation or negotiation.  But I feel strongly that you will always have an edge if you are honest, decisive, and passionate in your dealings.

Nothing much to report... Ive been grinding a little, coaching a little and writing a little (a balanced life is really boring lol), although whilst ill last week i did manage to win $2-3000 dollars goofing about with 5-Card Draw on PokerStars against people who were even more clueless than me, mainly in a couple of $30/60 games which dont seem to run very often unfortunately as most regulars play small stakes. Its quite an interesting game and although Ive only played it about a dozen times in my life it is simple enough to employ some basic poker/game theory ideas so hopefully i am doing ok.

In other news London has just elected Boris Johnson as major, a seemingly racist, homophobic, bigoted feckless old-etonian whos main attractions are floppy blond hair and a willful disregard for detail. It used to seem quite funny that California could elect movie stars as governers, but now we have elected a cartoon character the boots on the other foot so to speak. Hopefully his performance will be so dire it will destroy the possibility of a conservative govermnent taking power ;-) I voted for Ken Livingstone/Brian Paddick in the majoral elections and Respect in the London assembly. I even binned my old pokerstars Doyle Brunson avatar in favour of the Respect logo... if only i could change my screenname too now ;-)

I saw a fun article in the Guardian yesterday detailing the insider deals that regularly take play in the square mile. Its funny how most people seem to disapprove of 'gambling' and will tell you so when working as a trader is actually far more corrupt. At least in poker you get a fair shot most of the time:

http://www.guardian.co.uk/business/2008/may/03/sto...