Fill The Bathtub

🌈 Abstract

The article discusses the importance of trust and the challenges of finding the truth in today's information-saturated world. It explores how the incentive structures in various sectors, such as social media, politics, and the media, have led to a distortion of the truth. The author proposes three paths forward: accepting the status quo, relying on technology to "fact-check" and "validate," or the old-fashioned way of gradually building trust through consistent, trustworthy behavior.

🙋 Q&A

[01] Fill The Bathtub

1. What is the lesson the author's father imparted on him and his brother about trust?

• The author's father used the analogy of filling a bathtub with an eyedropper to explain that trust is built gradually, one drop at a time. Each trustworthy action adds a drop to the bathtub, and when the bathtub is full, trust has been earned. However, one significant untrustworthy action can drain the entire bathtub.

2. How does the author relate this lesson to the current state of trust in society?

• The author argues that the current incentive structures in various sectors, such as social media, politics, and the media, have led to a distortion of the truth, as people and organizations are driven to "stretch the truth" to achieve their desired results (e.g., more likes, attention, viewers). This has resulted in a loss of trust across society.

3. What are the three paths the author proposes for those interested in seeking the truth?

• 1. Accept and live with the status quo, acknowledging that it is harder than ever to determine who and what to trust.
• 2. Rely on technologies like artificial intelligence to "fact-check" and "validate" information, which the author sees as a shortcut that is unlikely to be a durable solution.
• 3. Seek out, follow, partner with, and invest in those who are committed to gradually filling the "bathtub" of trust through consistent, trustworthy behavior.

[02] The Opportunity in Rebuilding Trust

1. What is the philosophy that Charlie Munger and Warren Buffett have used in hiring and building their company, Berkshire Hathaway?

• Munger and Buffett have a system where they first identify very trustworthy people and then pass along that trust. As these people practice trustworthiness, they become more confirmed in their trustworthiness, creating a "seamless web of trust" that is efficient and useful.

2. How has this approach benefited Berkshire Hathaway?

• This approach has allowed Berkshire Hathaway to buy companies more cheaply, as sellers are willing to accept a lower price in exchange for retaining more control. It has also enabled Berkshire's management teams to operate with more freedom, making better long-term decisions.

3. What does the author believe is happening at an "inflection point" in society today?

• The author believes people are tired of being lied to and want to witness reality, have politicians who tell it straight, a media that reports all sides of a story, and companies and funds that are transparent, forthright, and aim to be around for decades. In short, they want people and organizations willing to gradually "fill the bathtub" of trust.