This female character often then becomes the love interest of the account. There are, however, several notable exceptions to this common motif. In the legend of Saint George and the Dragon , for example, Saint George overcomes the dragon as part of a plot which ends with the conversion of the dragon's grateful victims to Christianity, rather than Saint George being married to the rescued princess character.
After slaying the dragon, Sigurd drinks some of the dragon's blood and thereby gains the ability to understand the speech of birds. He also bathes in the dragon's blood, causing his skin to become invulnerable. What is your operational philosophy with regard to specialization? Dan Morris I don't know if I'm smart enough to have an operating philosophy with specialization, I think I think I'm just curious, right, I think I probably have under diagnosed, you know, add or something, right.
And after I've, I've always believed that in a professional kind of has a three year attention span a year to dig in and learn the core basics, right? And then a year to, to, to improve upon those and essentially master them. And then a year to figure out how to get somebody else to do the job for you before you get bored, right? I mean, that's a key and I and I've said that I think you see me say that on stage. I think that about S corporations or corporate tax or individual tax, but I think about it on everything else.
So in my world, I try to pay attention to what's new and exciting. And it's helpful. I'm in the Silicon Valley as a general rule. And I try to listen and go well, that's interesting. What can I learn about that, and then I then I dig in, and and I go there. That's how I started this, right?
I mean, I started it because I didn't candidly want to do the same thing for 40 years, because that would be meant to say to me, so that would be brain death. And I don't want to do that. So my operating philosophy is to be continuously engaged, and learn how to learn new things, and fail a lot.
Sometimes hit a home run. So I try to beat I tried to beat a high baseball average. I mean, look, if the Mets could barely get percentage points, you know, God forbid, you know, I don't at least get Ron Baker Be careful [mentioning the Mets with Ed here]. I love it because you're not looking at the data. You're not looking at demographic data. You may be listening to your customers and observing things, but you just seem to be intellectually curious and driven to certain topics.
And I do love that philosophy of the second year you master it, but also you're monetizing it as well. And then the third year, you're looking for your successor. It's a great philosophy. Dan, we've only got two minutes.
I know you do a lot of work in crypto, and I've got further questions for you on crypto with regard to regulation, but I'm going to ask you a bizarre question. Let's stress test Bitcoin for just a minute, a thought experiment. Let's say it becomes worthless. What's the impact on the global economy? Fair enough. All right, well, we're up against our first break. Dan, what the hell does that mean? What is the ultimate dragon slayer?
So the question I have for you then is it's not a Don Quixote situation? It's not about being anti-reality. And the folks in your firm don't want to do that either, I assume. And on that, you have gotten, I think, really good at drawing the box.
And by that I mean the Tim Williams strategy box that says: you're more defined by who you say no to. And one of the things that you've done for years, and I know you're in the middle of updating this right now, is you've used an intake form that you've asked your customers, or even prospects to fill out before they come on board. Talk a little bit about how that process has affected your firm?
I just love that you've put up barriers to even getting to you. It doesn't have to be 17 pages, but these seven questions before we even have the conversation. I wanted to pick up on something that you were talking about with Ron. You mentioned that the value conversation has taken on a different meaning, or a different form, in the world of subscription pricing.
Talk a little bit about that. I've heard you say that you don't necessarily want your customers to [think of you or your firm] as the only ones they call, but you want to be the first one they call. Well, Dan, we're against our next break. We're here with Dan Morris, the Ultimate Dragon Slayer, and he is a genius at the value conversation.
That is so true. I've watched him in action. I've heard him in action. And I've role-played with him in various forums. I have always admired that about you. Dan, you work in cryptocurrency a lot. We've been following it on the show for years, and it seems like there's a regulatory battle over it. I think of it simplistically. I can do that with a Bitcoin, metaphorically.
I can't do that with a stock certificate. So I guess my question is, what are these things? Right, our vocabulary is lacking. Anytime there's a new technology we struggle with the language. I think when television came out, it was called picture radio, because we just always relate it to the last technology. How do you navigate that minefield with your clients? How do you navigate that? And the States get involved with it as well. Do you think we'll ever sort out this regulatory infighting?
Since I've known you, and because you're in Silicon Valley, you deal with a lot of startups, obviously. You've been willing to take options, or other forms of creative payment besides cash. Do you still do that? You take a portfolio approach, and that's one of the ways I learned that concept, by having a few of those in your portfolio, if one strikes it pays off big.
That's where you get those windfall profits.
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