Truffle Pig Theory
Familia --
Oh how I’ve missed you all. Happy New Year and welcome to the first 2021 edition of Benny For My Thoughts. If you’re reading this but haven’t yet subscribed, join the tribe by entering your email below to get all BFMT content delivered straight to your inbox.
I’m no mind reader, but if I had to surmise what thoughts have been lightly jogging through your heads over the last few weeks these would be my best guesses:
“Where is Benny? Is he gearing up to drop that new deep house/watercolors jazz collab mixtape he’s been talking about for years?”
“I bet Benny is probably back in Saudi Arabia striking deals with some sheikhs”
“Wow what is that divine scent? Is chef Benny tinkering with his spare ribs recipe?”
“I actually haven’t spent one minute thinking about Benny...I hope he isn’t reading my mind right now.”
While I would love to be announcing the release of my new hit single “It Wasn’t Me (Remix)” ft. Donny Trump, the truth is a lot less buzzworthy. I’ve been gearing up to launch a new venture and the arena of entrepreneurship is filled with many late nights, meetings, and developing gray hairs. I am not quite ready to divulge what’s been cooking at BFMT HQ but for my crypto nerds out there...stay tuned. And for my non-crypto fanatics, happy to flip you to the dark side (reply if you want to chat).
As always, there seems to be a surplus of topics I’d like to write about. I recently learned about a company with ambitions of building factories in space. Netflix hit Bridgerton is revealing that people are not over Pride and Prejudice, and were itching for a 19th century version of 50 Shades of Grey. Not to mention that the U.S. Capitol was invaded and our President has been censored from every major tech platform. You get the picture.
In today’s BFMT, however, I want to take a step back from the “Never Ending Now” and further discuss Truffle Pig Theory. Every job, investment idea, and BFMT topic stems from this theory and I'm excited to share my process on how to oink and sniff out opportunity.
Thanks as always for reading and please share BFMT with anyone who might get some enjoyment and/or value from this newsletter.
Onto the show.
Quick Hits
COVID has impacted our lives in more ways than we can count. Adjustments in how we design our homes, cities, and public infrastructure will take decades to play out but previous epidemics might hold some clues.
In a recent study, 50% of Gen Z said they don’t even consider themselves sports fans. That is a staggering issue for major sports leagues. The NFL is particularly nervous given their poor reputation regarding brain health through concussions and the potential ramifications on interest and, naturally, revenues. Last weekend, the NFL broadcast a playoff game on Nickelodeon with cartoon characters and other child-friendly elements superimposed on the game. The event was Nickelodeon's most viewed program in four years. The NFL is trying to win younger fans and attracting them to football via their native networks is an interesting play.
Truffle Pig Theory
The majority of the population gets their information from CNN, MSNBC, or FOX. This isn’t a bad thing. These news organizations have scores of intelligent people working for them and enormous budgets to produce high-quality content. There is no better source for news on current events than these legacy media companies. Yet news does not provide advantageous or actionable information. News is informative but high-quality information can give you an edge.
What content you choose to ingest informs your thoughts and therefore influences your perspective on the world. Haruki Murakami, one of Japan’s most prolific writers, has a quote that elegantly summarizes my thoughts around content selection.
“If you only read books that everyone else is reading, you can only think what everyone else is thinking.”
I am extremely selective on what books, movies, newsletters, and Twitter accounts I watch/read/follow. We only have a finite amount of time each day that can be allocated towards content ingestion. If your goal is to be informed on daily events then traditional news is your best bet. If you’re trying to produce asymmetric investment returns or derive cutting edge insights to start a company or produce something original then you can’t, by definition, “think what everyone else is thinking”.
Finding cutting-edge information is what drives me. I have spent years perusing every nook and cranny of the internet to find where the cutting edge thinkers hang out. My goal is to produce original thoughts that manifest through business ventures or investments. In my mind, no one is original independently. Rather, original thinkers repeatedly mix and match existing ideas, theories and thoughts until something novel is born. These are the esoteric thought sources I look to to formulate new frameworks in my own mind.
I am far from the original thinker I want to be but with each obscure Twitter account, Reddit channel, or Substack I follow, I know I am getting closer. I have a process to sniff out where the innovative topics are being discussed and that’s my edge. My process is simple and it begins with Twitter. The screenshot below from a text conversation with my friend is just one example of what savvy Twitter usage can do.
Twitter is not a new platform and it has millions of users across the world. Its far reach and influence cannot be disputed, but most people either don’t use Twitter or use it sub-optimally. It blows my mind that brilliant people in every industry post their most intellectually honest thoughts publicly for everyone to view yet not everyone takes advantage. If your goal is to achieve information asymmetry then follow the steps below and prepare to have your mind blown. It will take some time to get rolling but trust me it is worth it.
Search for authors, journalists, VCs, executives, chefs, etc that you are already aware of and throw them a follow.
Browse through these accounts’ tweets and see who they are actively engaging with. Click on their profiles and see what their bio states and what their tweets tend to discuss. If worthy, throw them a follow.
As you start finding interesting accounts, click on the links they have in their bios. Often these will lead to projects, newsletters, companies, or general websites they operate. This is a great way to get additional context behind the account’s interests and background.
Leverage the “Lists” functionality to segment the accounts you follow into relevant topics of interest. I, for example, have or am in the process of creating lists for crypto, eCommerce, venture capital/business, and philosophy. This enables me to get real-time information on the topics that I care most about at a particular moment.
This basic process will get you 80% of the way there yet the remaining 20% is where the real value lies.
It is often the comments in Tweets that hold valuable alternative perspectives. This also will shine a light on other intelligent accounts to follow who share similar interests.
Hashtags (#example) and tickers ($abc) are fantastic ways to get consolidated information on a particular topic or company. Accounts that receive sizable retweets, likes, and comments on these topics are generally worth following.
Take advantage of links in bios. Oftentimes company and individual accounts will link to private groups off of Twitter where enthusiasts congregate to discuss topics in-depth. Private Slack groups, Telegram channels, or Discord servers is where the magic happens. Find the good accounts then work your way to where the real conversations are taking place.
Start signing up for newsletters from your favorite accounts. I keep a folder of bookmarked Substacks and blogs from these people whose thoughts I respect and wish to continue to learn from.
Actively engage and Direct Message accounts who you wish to develop a personal relationship with. I often follow accounts for a long-time and then I will see an opportunity (based on something that was tweeted) where I can provide value to that account. I will then DM that account and introduce myself and showcase how I can bring them value. I have had the opportunity to set up calls/zooms with very large accounts run by thought leaders simply by demonstrating value through thoughtful commentary on these accounts’ tweets. You’ll be amazed at how willing to chat most of these accounts will be.
By leveraging Twitter, you have the power to see industry leaders building and thinking in public. You can start to follow what trends are unfolding and where innovation is leading. If you want to start sniffing out opportunity like a goddamn truffle pig then get Twitter and start making magic happen using the information above. And while you’re at it, throw your favorite newsletter writer a follow @bennypjacobs.
That’s it for this week’s edition of Benny For My Thoughts. Thank you as always for your support and catch y’all again soon.
-- Chef Benny