October 4, 2024 • 33min
5 Random But Useful Things I Learned At A Private Equity Conference
My First Million
Key Takeaways
- The "low status technique" for becoming high status at conferences: Make self-deprecating jokes, connect others, and be a "hype man" for people you meet. This builds goodwill and trust.
- Extremely successful people tend to be unconventional and "weird" in their personal lives, relationships, and hobbies. This unconventionality likely contributed to their success.
- Dressing well and dressing comfortably are not mutually exclusive. Well-fitting, stylish clothes can be both comfortable and elevate your appearance.
- Mike Posner's career journey is a perfect "three act story" of rise, fall, and rebirth that demonstrates the ups and downs of fame and finding meaning.
- Small "little luxuries" like high-quality towels or socks can bring more day-to-day joy than extravagant purchases for many people.
- Fashion trends among younger generations are shifting away from skinny jeans and ankle socks to baggier styles. Being aware of these trends can help avoid looking dated or "cheugy".
Introduction
In this episode, Sam Parr and Shaan Puri discuss Shaan's recent trip to Los Angeles for the Re-convene conference. Shaan shares various observations, insights and stories from his time there, covering topics like networking techniques, fashion, celebrity encounters, and lifestyle observations about successful people. The conversation provides an inside look at the world of conferences, entrepreneurship, and LA culture.
Topics Discussed
The Low Status Technique for Becoming High Status (0:00)
Shaan describes meeting a popular attendee at the Re-convene conference named Will who used an effective networking strategy:
- Will would make self-deprecating jokes and downplay his own success
- He focused on connecting others and being a "hype man" for people he met
- This built goodwill and made people feel comfortable opening up to him
- Will applied this approach both in-person and on social media
Shaan notes: "He would just keep connecting people. He would give you this, like, really hyperbole intro where he'd be your hype man. He'd make you feel good, and he just kept doing that, kept making connections, kept giving people two ways to intersect."
The Richer the Guy, the Weirder the Guy (7:08)
Shaan observed that extremely successful and wealthy people he met tended to have unconventional personal lives and habits:
- Weird hobbies, relationship dynamics, and social skills were common
- This unconventionality likely contributed to their success by making them willing to disrupt industries
- Sam noted this is more common in coastal cities like LA and San Francisco vs. the Midwest
Shaan reflects: "I always assumed, by default, that people are just normal. Chill. Just chill. Normal people, right? Like, I don't know. I just put that on people. That was my default assumption. And I realized I really need to stop making that assumption, because it is way, way wrong when it comes to these kind of outlier, successful people."
Dressing Well vs. Dressing Comfortably (11:32)
Shaan had an epiphany about fashion after seeing how his friend Suli's style transformed after moving to LA:
- He realized dressing well and dressing comfortably are not mutually exclusive
- Well-fitting, stylish clothes can be both comfortable and elevate your appearance
- Shaan plans to upgrade his wardrobe after being inspired by Suli's transformation
Sam adds perspective on viewing fashion as a form of art and self-expression: "Once I realize that they are re all. It's all related to self expression and it's all art, it kind of changed my perspective."
Meeting Mike Posner (18:25)
Shaan interviewed musician Mike Posner for his podcast and shares background on Posner's career journey:
- Act 1 - The Rise: Unlikely success as a college musician to international pop star
- Act 2 - The Fall: Struggles with being a "one-hit wonder" and depression
- Act 3 - The Rebirth: Finding meaning through challenges like climbing Everest and walking across America
Shaan notes Posner's positive energy and kindness during their interaction: "People don't know this, but, Ari, we've talked about this, which is we get to see the guest before the lights turn on and after the recording is over. And it's very striking what people are like. Some people have a very stark contrast of the before pod and after pod versus when they're recorded. And some people are just like, the same or even better when they're off camera. I would say Mike was a great example of somebody who, off camera, his energy was just very, very contagious, extremely positive person, very nice to everybody in the room."
Little Luxuries in Life (26:06)
Shaan and his business partner Ben reflected on how small "luxuries" can bring more joy than extravagant purchases:
- Ben splurged on high-quality bath towels and uses two after each shower
- Shaan invested in custom-made socks after being frustrated with mismatched pairs
- These small indulgences provide daily satisfaction
Shaan explains his sock obsession: "I hate having mismatched socks. So I threw all my socks away. When we got acquired, the only thing I bought was I threw all my socks away and I asked, I said, what is the highest quality sock? And I just. That you can find."
Fashion Trends and "Cheugy" Style (28:36)
Sam educates Shaan on current fashion trends among younger generations:
- Gen Z makes fun of millennials for wearing ankle socks
- Baggy, high-waisted pants are now popular instead of skinny jeans
- The term "cheugy" describes outdated millennial fashion choices
Sam explains "cheugy": "When you are like a 35 year old that you wear skinny pants or skinny jeans, it's called you're being chewy. That's like the phrase chy."
Conclusion
This episode provided an entertaining and insightful look into Shaan's experiences at the Re-convene conference in Los Angeles. The discussion touched on effective networking strategies, observations about successful people, fashion and self-expression, celebrity encounters, and finding joy in small indulgences. Key themes included the value of authenticity and connection in professional settings, the unconventional nature of many highly successful individuals, and how small lifestyle upgrades can have a significant impact on daily happiness. The conversation also highlighted the importance of staying aware of cultural and fashion trends to avoid appearing out of touch.