Panning For Gold
June 30, 2006A wedding, a funeral and a shareholder’s meeting — I’ve been places these last few months. From Omaha, Neb. to Rincon, Ga. the journey continues, and with it, a personal quest for wisdom — nuggets of gold. Whether it is better ideas for running a business, finding a contractor to repaint the house, or understanding how to relate to your children, we all want to do well. However, finding sources of true wisdom can be a real challenge, particularly with the deluge of information that floods us every day. Advertised truth that so often is at best misguided, and at worst, conflicted and deceptive. The older I get, the more it seems that this quest is like panning for gold; searching for streams that yield the bits and pieces of real wisdom that can guide our lives. It’s not a convenient solution; it just appears to be the only one that works.
Panning for gold is not easy, quick, or certain. Intuitively, I can make several observations about the process. First, stream selection is critical. When it comes to looking for the precious metal, simple reality is that there either is or is not gold in that stream. You can spend a lot of time panning beside a stream that never yields a single nugget. The same can be said about sources of wisdom. Which brings me to a second observation: as you evaluate a source for golden nuggets of wisdom, you need a set of filters that can readily assess the potential in the “stream.”
The Motivation Filter is one of my primary tools for evaluating an information source. Vested interests drive so much of our thinking and actions — often subconsciously. I need to know why this source has an opinion on the matter and try to discern how personal interests and motivations are coloring that opinion. One example is that I don’t expect a commission salesperson to be neutral on the benefits of the higher commission products in her line. This may feel somewhat cynical at first, but reality can be that way. Use it to your advantage as you compare different sources because it will point up the truly valuable streams of wisdom. For instance, the guy I used to install my HVAC system was referred to me because he is passionate about HVAC. Believe it or not, this fellow loves to talk about ductwork, BTUs, etc. He gets paid to install systems, but after spending some time with him, I was comfortable that he is much more interested in the best solution for my HVAC needs. This has been confirmed over the years as I’ve needed to pan for gold in that stream on multiple occasions.
The Experience Filter is another critical tool. Over time you realize that some things can only be taught, at the really important levels, by experience. And those lessons provide a seasoning that is absent from “book knowledge” of the subject matter. For instance, in May I joined 24,000 people in Omaha for the annual meeting of Berkshire Hathaway. We came to hear Warren Buffett, a legendary “stream” of investment wisdom. Buffett has proven to be a goldmine, in part because he has accumulated six decades of business and investing experience.
Other useful tools include the Training Filter, the Track Record Filter, and the Timeliness Filter. You probably have many of your own, and investigating each particular stream may require additional tools. The important thing is to spend your time panning for wisdom in places that have the best potential. And, once you find gold, keep working that stream. When I’m seeking wisdom on leadership issues, I think of Bob or David or Steve or Marilyn. If it’s questions about raising kids I think of other names. Similarly, investment decisions and ideas come from reliable sources I’ve been mining for years.
We spend our life walking along different streams. And although there are tried-and-true resources I use on a regular basis, it can also be useful to “dip in the pan” periodically, just to see what insights might be gained from whatever unexplored stream I might be visiting. A wedding in South Georgia provided an opportunity recently to reflect on my own marriage journey of 15 years and pick up a nugget or two. The same at a funeral for a friend and client. Panning for gold yields valuable insights over the years, and along the way, many serendipitous moments that provide rich color to the tapestry of life.
