何时卖出股票，以及如何在高压力工作中生存

本节目由以下赞助播出：经营企业已经够难了，何必再用一堆互不兼容的应用程序来给自己添乱呢？

Support for this show comes from Running a business is hard enough, so why make it harder with a dozen different apps that don't talk to each other?

隆重介绍 Odoo。

Introducing Odoo.

这是你唯一需要的商业软件。

It's the only business software you'll ever need.

它是一个全集成的一体化平台，让你的工作更轻松。

It's an all in one fully integrated platform that makes your work easier.

客户关系管理、会计、库存、电子商务等等功能一应俱全。

CRM, accounting, inventory, ecommerce, and more.

最棒的是什么？

And the best part?

Odoo 以极低的成本取代了多个昂贵的平台。

Odoo replaces multiple expensive platforms for a fraction of the cost.

这就是为什么成千上万的企业都选择了它。

That's why over thousands of businesses have made the switch.

那你为什么不试试呢？

So why not you?

去odoo.com免费试用Odoo吧。

Try Odoo for free at odoo.com.

网址就是odoo.com。

That's odoo.com.

粉末、药丸、冰浴，放眼望去，似乎到处都有新的健康潮流。

Powders, pills, plunges, everywhere you look, there seems to be a new wellness trend.

我们都想感觉良好。

We all wanna feel good.

如果有办法让自己感觉更好，我想，你难道不想试试吗？

And if there's a way to feel better, I think, wouldn't you wanna try it?

我会的。

I would.

保持健康的代价是什么，而我们又为什么如此痴迷于此？

What's the cost of being well, and why are we so obsessed with it in the first place?

这就是本周《解释给我听》的内容。

That's this week on Explain It To Me.

每周日在你收听播客的地方都能找到新一期节目。

Find episodes every Sunday wherever you get your podcasts.

欢迎收听《Prop G的办公时间》。

Welcome to Office Hours with Prop G.

在这个环节，我们会回答关于商业、科技巨头、创业以及你关心的其他问题。

This is the part of the show where we answer questions about business, big tech, entrepreneurship, and whatever else is on your mind.

如果你想在下期节目中提问，可以发送语音录音到 officehoursprovgmedia.com。

If you'd like to submit a question for next time, you can send a voice recording to officehoursprovgmedia dot com.

再说一遍，邮箱是 officehoursprovgmedia.com，或者把你的问题发到 Scott Galloway 的 subreddit 上，我们可能会在下一期节目里选读。

Again, that's officehoursprovgmedia dot com or post your question on the Scott Galloway subreddit and we just might feature it on our next episode.

第一个问题。

Question number one.

嗨，斯科特。

Hi, Scott.

我是来自康涅狄格州的吉姆。

It's Jim from Connecticut.

我的问题是，在考虑卖出股票或调整投资组合时，你会在多大程度上考虑税务影响？

My question is how much you consider tax consequences when you're weighing selling a stock position or repositioning your portfolio.

具体来说，我有一个多元化的股票投资组合，价值大约300万美元，成本基础大约100万美元。

Specifically, I have a diversified stock portfolio worth about $3,000,000 with a basis of about 1,000,000.

因为你在Profg和Pivot节目里提到的所有原因，我对世界和市场的走向感到非常不安，所以我想卖掉大部分甚至全部股票。

For all the reasons you talk about on profg and pivot, I'm extremely nervous about where the world and markets are heading and I would like to sell a large chunk, if not all of my stocks at this point.

补充一下，我今年63岁，股票大约占我总净资产的25%。

For reference, I'm 63 years old and my stocks represent about 25% of my overall net worth.

我还持有房地产、债券和现金。

I also hold real estate, bonds, and cash.

虽然直觉告诉我应该卖掉全部或大部分股票，但州和联邦的资本利得税大约20%，这让我犹豫不决。

Though my gut is telling me to sell all or a large portion of my stocks, the state and federal capital gains tax of approximately 20% is holding me back.

你在做决策时是如何考虑资本利得税的呢？

How do you factor capital gains in your decisions?

这会让你不想卖出股票或调整投资组合吗？

Does it dissuade you from selling a stock or repositioning your portfolio?

如果直觉告诉我该离场，我是不是应该咬咬牙，支付那20%的资本利得税？

If my gut is telling me to get out, should I bite the bullet and pay the 20% exit fee on the gains?

很感谢你和你的各个播客节目。

Appreciate you and your various pods.

我是你的忠实粉丝，一直很欣赏你的见解。

I'm a big fan and always appreciate your perspective.

谢谢，斯科特。

Thanks Scott.

谢谢你的提问，吉姆。

Thanks for this, Jim.

我的想法很大程度上源于我过去犯过的错误。

And my thoughts are mostly a function of where I've gotten it wrong.

所以，坦白说，你现在想做的就是择时操作市场。

So what you're trying to do here quite frankly is time the market.

这可不是个好主意，因为虽然我会说市场已经估值充分了——这点我回头再细讲——但没人能真正确定。

And that's not a good idea because while I would argue the market is fully valued, and I'll come back to that, nobody knows.

而且，像我这样的人说市场估值充分的时候，它往往还会再涨个20%或40%。

And when guys like me are saying the market is fully valued, it has a habit of going up 20 or 40%.

择时交易真的很难。

Very hard to time the market.

我觉得你应该始终待在市场里。

And I think you always want to be in the market.

税务问题，我花了很多时间思考税务问题。

Tax, I spend a lot of time thinking about tax.

而且我认为这很重要。

And I think it's important.

如果你持有一只股票，它涨了，你打算卖出或者需要现金，而且你已经持有了十一个月，那你绝对应该再持有一个月，这样就能享受长期资本利得税待遇。

And if you hold it, if you have a stock that's gone up and you're planning sell or you need the cash and you've held it eleven months, you absolutely want to hold it twelve months, so you get long term capital gains.

总的来说，历史上最大的财富秘诀之一就是买入股票，让它们享受税收递延的复利增长。

And in general, one of the greatest wealth hacks in history is the ability to buy equities and let them compound tax deferred.

如果你想学亿万富翁那招，需要现金来维持生活的话，可以拿这些股票去抵押贷款，但最多别超过20%、30%、40%，用来支撑日常开销。

And then if you want to do the trick of billionaires, if you need cash to fund your lifestyle, maybe you borrow against those stocks, not more than say twenty, thirty, 40% at max to fund your lifestyle.

而且通常你能拿到很不错的利率。

And you can get a very good interest rate usually.

这其实就是一种保证金贷款。

And it's, you know, it's a margin loan.

理想情况下，股票继续上涨，你就能在更高的基础上实现复利增长。

And then ideally the stocks keep going up and you get to compound off a higher base.

富人有个生活秘诀或者说财富秘诀，就是“买入、抵押、去世”。

There's sort of the life hack or the wealth hack of the rich is buy, borrow, and die.

也就是说，你买入股票后永远不卖，而是用它们来抵押借款。

And that is you buy your stocks, you never sell them, you borrow against them.

等你去世时，股票成本基础会提升，你可以卖掉它们，或者放进信托里，让你的孩子继承，而且不用为这些收益缴税。

And then when you die, you get a step up basis and you get to sell them or put them into your trust and your kids inherit them and don't have to pay taxes on the gains.

你刚才说了一些很有帮助的话，让我更了解你的情况了。

So now you said something that really helped, and that is you gave me some color here around your situation.

也就是说，你说你有一个价值大约300万的股票投资组合，你63岁，这些股票大约占你总净资产的25%。

And that is you said you have a stock portfolio worth about 3,000,000, you're 63, and your stocks represent about 25% of your overall net worth.

所以我认为，你的处境其实相当不错。

So I would argue that you're actually pretty well positioned.

听起来你是个聪明人。

It sounds like you're a smart guy.

首先，听起来你挺成功的。

First off, it sounds like you're successful.

如果你有300万的股票，而且只占总净资产的25%，那说明你不仅在自己的领域非常有才华，而且一直很自律、很聪明，可能很早就开始投资了，你想想看。

If you have 3,000,000 in stocks and that's 25% of your overall net worth, you're not only very talented at what you do, but you've been very disciplined and smart and probably started investing early and think about this.

而且你利用了那个最不为人知的投资秘诀。

And you have leveraged what is the most unreported investing hack.

那个我没学到的关键教训，就是那个大大的D——分散投资。

The key lesson I did not learn, and that is the big D diversification.

所以，你四分之三的资产都投在了其他不同的东西上，没有什么是完全不相关的。

So having three quarters of your assets and other things that are differentiated, nothing nothing is fully non correlated.

在80年代，金融学教授们发现，通过分散投资可以获得无风险回报。

In the eighties, finance professors realized you could get risk free return by diversification.

由于人口结构和生产力因素，从长期来看，市场通常是整体向上的。

That because of demographics and productivity, on average, the markets go up and to the right over the medium and long term usually.

所以，与其押注少数几只股票承担风险，不如通过分散投资，让股票更有可能上涨。

So rather than taking risk on a concentration of stocks, you know the stocks will most likely, or you don't know, will most likely go up if you have diversification.

于是他们做了分析，得出结论：从风险调整后的角度来看，分散投资简直是个绝妙的技巧。

And so they did the analysis and said on a risk adjusted level, diversification is just an incredible hack.

而且从心理层面来说，这也非常重要——没有什么比觉得自己是天才，全仓买入一只股票，结果三周后它跌了一半，让你恨自己更糟糕的了。

And it also just psychologically is really important because there's nothing like thinking you're a genius and going all in on a stock, and then three weeks later it gets cut in half and you just hate yourself.

所以，我来聊聊我现在的做法。

So let me talk a little bit about what I'm doing.

我觉得目前市场估值过高，但我仍然在里面。

I think the markets are wildly overvalued right now, but I'm still in the markets.

我的做法就是确保自己分散投资。

What I do is I make sure I'm diversified.

我喜欢你。

I like you.

听起来我们的投资组合挺像的。

It sounds like we have kind of a similar investment portfolio.

我想我大概有……我有什么来着？

I think I have about, what do I have?

我大概有20%的净资产在股票里。

I think I have about 20% of my net worth maybe in stocks.

我不太喜欢持有股票的原因之一，是我更喜欢投资私人资产，因为不用每天看市值波动。

And the reason I don't like to be in stocks, or one of the reasons, is I like being in private assets because I don't have a mark every day.

那个涨跌表对我来说压力太大了。

The scorecard is stressful for me.

今天录完播客后，我会去查一下股票，反正数据就在那儿。

I'll check my stocks when I get off the podcast today because as long as the data's there.

这就像过度关注自己的睡眠一样。

It's like being obsessed with your sleep.

到某个时候，你会因为太在意自己的睡眠分数而睡不着觉。

At some point, you get so stressed about your sleep number, you have trouble sleeping.

所以，当市场下跌时，你的防弹衣就是分散投资。

So I the way your Kevlar, when the markets go down, is diversification.

但听起来你已经做到了。

But it sounds like you have done that.

而且试图通过股票来择时操作通常非常困难。

And trying to time the market with your stocks is usually very difficult.

你总是应该待在市场里。

You always wanna be in the markets.

持有一些流动性股票和现金，以备万一情况真的恶化时能撑过六个月到十二个月。

Have liquid stocks and some cash to survive six or twelve months should shit really get real.

但总的来说，我认为你总是应该待在市场里。

But for the most part, I think you always want to be in the markets.

我的直觉是，你已经做了该做的事，也就是分散了投资。

And my gut is based on the fact that you've already done what you're supposed to do, and that is you've diversified.

只要你在这些股票里做到了分散投资，也就是说，希望不是只押在一只股票上，而是分布在几个不同行业里。

As long as you're sort of diversified within those stocks, and that is, you know, hopefully it's not in one stock, it's in several in different sectors.

但兄弟，我得说，你想做的事情没人能做到，那就是择时市场。

But my brother, I would say that you're trying to do something that nobody can do, and that is time the market.

如果你跟我说，你是Anthropic的员工，98%的净资产都是Anthropic的未上市股票，那我就会说，赶紧去二级市场，能卖多少卖多少，承担税务损失也要分散投资。

If you were saying, I'm an employee at Anthropic and 98% of my net worth is private Anthropic stock, I would say, hit the secondary markets and sell as much as you can and take the tax hit and diversify.

但你的情况不是这样。

So, but that's not you.

你已经很好地分散了投资，而择时市场是非常困难的。

You're well diversified, and it is very difficult to time the markets.

问题是，你觉得现在有什么投资能跑赢股市，而且考虑到你要承担税务损失，还得获得更高的回报才行。

And the question is, what do you think you can invest in right now that would potentially outperform the stock market right now, given that you would take a tax hit, so you'd have to get even higher return.

而且你只有四分之一的资产在公开市场，这让我觉得，你最好——这也是我最喜欢的策略——什么都不做。

And the fact that you're only one quarter in the public market says to me that you should probably, and this is my favorite strategy, do nothing.

谢谢你的提问。

Thanks for the question.

第二个问题。

Question number two.

嗨，斯科特。

Hi, Scott.

我是来自法国的马修。

Matthew from France here.

我读你的文章、听你的节目大概有五年了。

I've been reading your stuff and listening to you for about five years.

我真的很喜欢你做的内容，所以谢谢你。

I really like what you do, so thank you.

我很快就要开始一份投资银行的工作了，我很高兴能得到这份工作，但同时也有些焦虑。

I'm gonna be starting a job in investment banking soon, and I'm very happy about the job, but I'm also a bit anxious.

我想知道你对这份工作有没有什么建议，或者更广泛地说，对于高压、长时间的工作有什么建议。

I was wondering if you had any advice for the job or more generally for high pressure, long hours job.

谢谢你，斯科特。

Thank you, Scott.

那要恭喜你了。

Well, congratulations.

如果你拿到了投行的工作，那我们算是同行了。

If you got a job at an investment bank, so we did the same or doing the same thing.

我从UCLA毕业后，直接进了摩根士丹利的固定收益分析师项目。

I, right out of UCLA, I got a job at Morgan Stanley in their analyst program at fixed income.

我能拿到这份工作，是因为我大四的室友——一个我跟他竞争很激烈的人——特别想进投行。

The reason I got it was my roommate my senior year was, who I was very competitive with, desperately wanted a job in investment banking.

那是他的梦想。

I was like, that was his dream.

所以我就想，既然他想要，那我就去干。

And so I thought if he wants it, I'm gonna do it.

结果我真的拿到了摩根士丹利的offer。

I actually got a job with Morgan Stanley.

我其实根本不属于那个圈子。

I had no business being in that group of people.

我当时根本不知道投资银行是干什么的。

I didn't know what investment banking was.

我在金融方面也不是特别出色。

I hadn't done especially well in finance.

你看，行动能化解焦虑。

Look, action absorbs anxiety.

所以你要做的就是控制你能控制的事情。

So what you wanna do is you wanna control for the things you can control.

不管你去哪个部门，先开始研究起来。

Whatever division you're going into, start reading up on it.

用AI去理解那些交易。

Use AI to understand the deals.

比如，如果你在IPO组，就开始读招股说明书。

Start, you know, if you're in the IPO group, start reading prospectuses.

如果你在固定收益组，就开始关注信贷市场。

If you're in fixed income, start following the credit markets.

就把它练得特别熟练。

Just get very adept at it.

然后现实就是，比别人早到十分钟，晚走十分钟。

And then the reality is just show up ten minutes before everybody else and leave ten minutes after.

有人说，这工作环境太有毒了。

And people say, that's a toxic work environment.

不，这就是投资银行的工作环境。

No, that's just the work environment of investment banks.

本质上，投资银行和年轻人或者说初级员工之间有个约定。

Essentially, investment banks have this compact with their their youth or with their entry level employees.

你整个人都是我们的。

We own your ass.

你基本没时间谈恋爱、没时间健身、没时间发展爱好。

You're not gonna have really much time for relationships, much time for physical fitness, much time for hobbies.

你可以假装有个爱好，但说实话，你根本没时间。

You can pretend to have a hobby, but let's be honest, you don't have time.

你会工作，真的会没日没夜地工作。

You're gonna work you're gonna literally work around the clock.

但问题是这样的。

But here's the thing.

22岁的时候，你扛得住。

At 22, you can do that.

我22岁的时候，没养狗，也没孩子。

And when I was 22, I I had no dogs, no kids.

我和我妈住一起，就想赚钱、拿资质，为将来打好基础，这样以后经济条件好了，就能多陪陪我的狗和孩子。

I was living with my mom, and I wanted to make money and get credentialed and set myself up for a future where I would have more economics such that I could spend more time with my dogs and kids.

有些人管这叫有毒的工作环境。

And some people call that a toxic work environment.

我以前上班的时候，真的，我心想，好吧，我学历不如其他同事。

I'm I used to go in, no joke, I thought, okay, I'm not as well educated as the rest of my peers.

确实不如，不是因为UCLA不好，而是因为我平均绩点只有2.27，大部分时间都在背《人猿星球》的台词，或者用家里常见的东西做烟枪。

And I wasn't, not because UCLA wasn't a great school, but because I got a 2.27 GPA and spent the majority of my time learning lines from Planet of the Apes or making bongs out of common household items.

其实我在这方面挺在行的。

I was very good at that actually.

你知道吗，用那种大苏打水喷雾瓶、苹果、卫生纸卷、罐头或者铝罐都能做出超棒的水烟枪。

Did you know you can make a fantastic water bong from a sparklet, one of those big sparklet splatters, also an apple, toilet roll, tin can, or aluminum can.

很多东西都能用来抽大麻，总能找到办法。

There's a lot of things that you can can figure out a way to combust marijuana with.

为什么这让我这么开心呢？

Why does that make me happy?

总之，我当时挺没自信的，也挺焦虑，但有些事是我能掌控的。

Anyways, so I was not I was insecure about and anxious, but I can control there's certain things I can control.

这就是我决定要掌控的事。

This is what I decided to control.

我那时候周二早上九点去上班，一直干到周三下午五点才走。

I used to go in Tuesday morning at 9AM, and I would leave at 5PM on Wednesday.

我当时身体状态特别好。

I was in great shape.

我学会了如何把自己逼到极限，因为我在赛艇队待过，而且回家也没什么可做的。

I had learned how to push myself beyond all reasonable limits because I've been on crew, and I had nothing to go home to.

这也让我脱颖而出。

And it also helped me stand out.

也许我不如其他人聪明。

Maybe I wasn't as smart as the rest of everybody.

也许我受的教育没他们好，但我表现出了我是来认真干活的。

Maybe I wasn't as well educated, but I showed I kinda came to play.

而且我知道我能做到。

And I knew I could do it.

对我来说，通宵工作其实没那么难。

It just wasn't that hard for me to to work through the night.

我就是有那种耐力，或者说是那种毅力吧。

I'm I I have that skill or whatever endurance what it is.

其实，几乎每个22岁的年轻人都有这种能力。

Actually, everyone, almost every 22 year old has that skill.

他们只是不相信而已。

They just don't believe it.

你不去试探自己的极限，就永远不会知道它在哪里。

You don't realize your limits until you test them.

现在98%的人都生活在发达经济体里，可悲的是，我们从来不会被逼着去真正挑战自己的极限。

And one of the unfortunate things about 98% of us now living in this type of advanced economy is we are never forced to really test our limits.

我们过得太舒服了。

We're comfortable.

我们之所以追求舒适，是因为人类为了逃避痛苦几乎什么都愿意做。现代社会的好处就是，你不用在没有麻药的情况下拔牙。

And the reason we offer comfort is humans will do almost anything to avoid pain and also the trappings of a modern society is that you don't have to teeth pulled out without the benefit of Novocaine.

所以问题在于，你往往根本不会去测试自己的极限。

So the problem is you never really oftentimes test your limits.

因为当你真正去挑战极限时，你会发现自己的心理和生理极限远超你的想象。

Because when you test your limits, what you realize is that your mental and physical limits are well beyond anything you could imagine until you test them.

所以我决定利用这一点，拼命努力。

And so I decided to leverage that I knew that and work really hard.

有人会说，我描述的是一种有毒的工作环境。

And people will claim that the environment I'm talking about is a toxic work environment.

我觉得这个词被用得太滥了。

I think that term is overused.

通常当有人说工作环境有毒时，他们其实是在说这不是他们想要的工作环境。

And that is typically when someone is saying the work environment was toxic, they're saying that it wasn't the work environment I want.

好吧，你猜怎么着？

Fine, guess what?

这个协议就是：你工作之外没有生活，你得拼命干，累到筋疲力尽。

The compact or the agreement that you're going to have no life outside of work, you're going to work your ass off, be exhausted, fatigued.

而作为交换，你有可能在30岁时，赚得比你父母50岁时还多，承担的责任也更大。

And in exchange for that, there's a chance that by the age of 30, you're gonna be making more money and have more responsibility than your parents did at 50.

有成千上万的年轻人，包括我在内，愿意举手接受这种安排。

There are millions of young people who will raise their hand, including me, and do that.

这其实是一种很棒的文化。

And that's that's an amazing culture.

顺便说一句，我刚才描述的那种文化，正是大多数真正成功的成长型公司的文化。

By the way, the culture I just described is the culture of the majority of the really successful growth companies.

它们追求的不是平衡。

They're not about balance.

那根本不是你去那里的原因，而且那种文化可能不适合你。

That's just not why you're there, And that might not be for you.

你可能想去李维斯公司工作，那家公司有一种非常像母亲般的文化。

You may want to go to work for Levi Strauss and Company, which has a very maternal culture.

你知道，夏季周五早下班，大家都被鼓励多休息。

You know, summer Fridays, you know, everyone's encouraged to take time off.

很好。

Great.

尽管去尝试吧。

Have at it.

那是一种很棒的文化，有很多非常有才华的人被那种文化吸引，他们希望生活中有更多的平衡。

That's a great there are people, really talented people, who are drawn to that culture and want more balance in their lives.

但也有人觉得，去他的吧。

Then there's other people like, fuck that.

让我放手一搏。

Let me run.

我是说，让我真正去拼，赚大钱。

I mean, let me really run and make a lot of money.

所以，总之，我的观点是行动能控制焦虑，或者说行动能吸收焦虑。

So, anyways, my point is action controls anxiety or action absorbs anxiety.

去了解你要进入的领域。

Read up on the space you're going into.

要知道，这些公司的筛选过程非常非常严格，你能进去是有原因的。

Realize that the screening process for these companies is very, very rigorous, and you're there for a reason.

你擅长你做的事情。

You are good at what you do.

而且其他进去的人，也和你一样焦虑。

And everybody else that's going in going in is having the same anxiety you are.

早点到，准时，打扮得体，做好准备，尽量对同事和伙伴们友善支持。

Just show up early, be on time, look good, be prepped, try and be really supportive and friendly with your colleagues and your peers.

尽快跟你的上司搞清楚，每天你能做点什么帮他们节省时间？

Try and figure out almost right away with your with your boss, what is something you could do to save them time every day?

比如，有什么事情是他们没想到的，但能让他们日子轻松一点的？

Like, what is something that would just make their life a little bit easier that they're not thinking of?

主动出击。

Take initiative.

别等着别人叫你做事。

Don't wait to be asked to do stuff.

你知道，要经常尝试。

You know, try on a regular basis.

多付出一点。

Go the extra mile.

在投行里，细节决定成败。

Attention to detail on investment bank.

我一开始在这方面做得特别差，后来我意识到，这对我来说其实是个很好的训练，因为这份工作本身就要求你做到这一点。

I I sucked at that initially, and I realized, and that was a great training for me because it demands it of you.

把每份材料从头到尾读透。

Read everything frontwards and backwards.

如果可以的话，变得非常注重细节，反复检查、再三核对每件事，这在投行和咨询公司里是脱颖而出的关键，也几乎是必备的素质。

Become, if you can, very anal retentive and double check and triple check everything, and that stands out and is kind of mandatory at investment banking and consulting firms.

平时在工作中，经常会有一些交流讨论。

On a regular basis, you know, talks at work environments.

我会把我咨询公司——利润品牌战略——的所有人召集起来，展示那些有错误的文件。

I would pull together everyone in my consulting firm, Profit Brand Strategy, and I would show work that had mistakes in it.

我会让犯错的人难堪。

And I would embarrass people.

这样做不对吗？

Is that wrong?

也许吧。

Probably.

但这个方法也确实很管用。

It was also very effective.

我当时说，所有从这个办公室出去的东西都必须完美无缺。

And I said everything that leaves this building has to be perfect.

必须完美。

Has to be perfect.

你也得把这种态度带到投资银行去。

And you need to bring the same vibe to an investment bank.

不过，你既然在那里，肯定是有原因的。

But look, you're there for a reason.

你显然非常有能力，也能胜任这份工作。

You're very you're obviously very qualified and can do the work.

掌控你能掌控的事情。

Control what you can control.

准时出现。

Show up.

比别人早到五分钟。

Be there five minutes early before everyone else.

等所有人都走了再离开。

Leave after everyone else does.

保持好身材，注意营养，但要明白接下来几年可能都是为了找到上升的轨道。

Stay in good shape, eat good nutrition, but realize the next few years are probably about trying to get some launch trajectory.

职业生涯就像发射火箭，97%的燃料都消耗在冲出稠密的大气层上。

Careers are like projectiles into space, and that is 97% of the fuel is expectorated trying to get out of the soupy soupy inner atmosphere.

你的职业生涯也是一样。

It's the same way with your career.

说起来有点残酷，但二十多岁打下的基础，基本决定了你整个职业生涯的走向。

It's sad, but the trajectory set in your twenties kinda sets the trajectory for the rest of your career.

这公平吗？

Is that fair?

不公平。

No.

这是真的吗？

Is it true?

是的。

Yes.

所以要多花点力气。

So burn a lot of fuel.

就是说，要带着一点战士的心态去投入。

Like, go into it with a bit of a warrior mindset.

我不是说这是唯一正确的做法。

And I'm not saying that's the right way.

这是我的方式，但听起来你也选择了这条路，进了投行，那确实回报和前景都很大。

It's my way, but it sounds like you've chosen that route by going into investment banking, and there's huge reward and upside.

市场最擅长的就是计算投资回报率。

All the market is good at figuring out the ROI.

如果你想追求平衡，去别的地方，那也没问题。

If you wanna have balance and go somewhere else, fine.

你赚的钱不会那么多，机会可能也没那么多。

You're not gonna make as much money or probably have as much opportunity.

那也许是对的，但显然你选择了不走那条路。

And that might be right, but clearly, you've decided not to.

你待在那里是有原因的。

You're there for a reason.

恭喜你。

And congratulations.

如果你在投行工作，说明你做得非常出色。

If you're at an investment bank, it means you've done really well.

这些是经济中最令人向往的工作之一，你待在那里是有原因的，兄弟。

These are some of the most aspirational jobs in the economy, and you are there for a reason, my brother.

谢谢你的提问。

Thanks for the question.

我们稍作休息，马上回来。

We'll be right back after a quick break.

本期节目由Framer赞助播出。

Support for the show comes from Framer.

如果你的团队想要一个看起来和用起来都像手工打造、但又能快速上线的网站，Framer就是为此而生的。

If your team wants a website that looks and feels handcrafted but is still fast to ship, Framer is built for that.

你可以在一个可视化平台上进行设计，它内置了响应式布局、托管服务和内容管理系统，从第一天起就能直接投入生产。

You design on a visual campus with responsive layouts, hosting, and a CMS built in so the work is production ready from day one.

智能助手会协助你起草页面、打磨板块，然后由你审核并决定发布哪些内容。

Agents work alongside you to draft pages and polish sections, then you review and publish what goes live.

Framer是面向创作者、团队和企业的专业建站工具，适合那些想要一个专业网站、并且愿意把每个细节都做到位的人。

Framer is the pro site builder for creators, teams, and businesses that want a professional site and care enough to get every detail right.

智能助手解决了从AI生成创意到生产级网站工作之间的鸿沟，而且这个助手就在实际网站设计、管理、审核和发布的同一个平台上工作。

Agents solve the gap between AI generated ideas and production ready website work, and the agent works in the same place where the real site is designed, managed, reviewed, and published.

这意味着它直接呈现在画布上，保持可编辑状态，团队准备好后就能发布。

That means it lands on the canvas, stays editable, and can be published when the team is ready.

想了解更多如何从Framer专家那里获得网站优化建议，或者免费开始建站，请访问framer.com/profg，年度Pro计划可享七折优惠。

Learn how you can get more out of your site from a Framer specialist or get started building for free today at framer.com/profg for 30% off of Framer Pro annual plan.

网址是 framer.com/propg，享受七折优惠。

That's framer.com/propg for 30 off.

Framer.com/propg。

Framer.com/propg.

可能适用相关条款和限制。

Rules and restrictions may apply.

本节目由 LinkedIn 广告赞助播出。

Support for the show comes from LinkedIn ads.

最糟糕的感觉莫过于花大价钱买了某样东西，结果发现它并没有想象中那么好——比如买了一件不错的电子产品，最后却放在角落里吃灰，或者参加了一个商业培训，结果只收获了几句励志的话。

There's no worse feeling than making a major investment in something only to realize it didn't exactly live up to the hype, such as buying a nice piece of tech that ends up in storage collecting dust or taking a business workshop where your main takeaway was little more than a few motivational words.

如果你从事市场营销工作，广告投放也可能遇到这种情况。

If you work in marketing, this can happen with ads.

你可能会优化那些看起来漂亮的数字，比如曝光量、覆盖面和互动量。

You optimize for the numbers that look great, impressions, reach, and reactions.

但如果这些数字没有带来实际收入，那跟 CFO 汇报的时候可就不太好交代了。

But when they don't show revenue, well, that can turn into an unfun conversation with the CFO.

LinkedIn 有个词形容这个，叫‘无效支出’。

LinkedIn has a word for that, bull spend.

通过 LinkedIn 广告触达合适的买家，投资那些能让你的 CFO 觉得好看的数据。

Reach the right buyers from LinkedIn ads and invest in what looks good to your CFO.

根据 2026 年 Dream Data 基准报告，LinkedIn 广告在所有主流广告网络中实现了最高的广告支出回报率。

According to the 2026 Dream Data Benchmark Report, LinkedIn ads generated the highest ROAS of all major ad networks.

回报率高达 121%。

It's a 121%.

你可以按公司、行业、职位等条件进行精准定位。

You can target by company, industry, job title, and more.

是时候砍掉那些无效支出了。

It's time to cut the bull spend.

在 LinkedIn 上做广告，这个网络会为你带来回报。

Advertise on LinkedIn, the network that works for you.

在 LinkedIn 上投放第一个广告活动，花费 250 美元，就能获得下一个活动的 250 美元信用额度。

Spend $250 in your first campaign on LinkedIn ads and get a $250 credit for the next one.

直接访问 linkedin.com/scott 就行。

Just go to linkedin.com/scott.

就是 linkedin.com/scott。

That's linkedin.com/scott.

适用条款和条件。

Terms and conditions apply.

本期节目由 Odoo 赞助播出。

Support for this show comes from Odoo.

经营企业已经够难了，何必再用十几个互不兼容的应用程序来添乱呢？

Running a business is hard enough, so why make it harder with a dozen different apps that don't talk to each other?

隆重介绍 Odoo。

Introducing Odoo.

这是你唯一需要的商业软件。

It's the only business software you'll ever need.

它是一个一体化、完全集成的平台，能让你的工作更轻松。

It's an all in one fully integrated platform that makes your work easier.

客户管理、会计、库存、电商等等，一应俱全。

CRM, accounting, inventory, ecommerce, and more.

最棒的是什么？

And the best part?

Odoo 用一个平台替代多个昂贵软件，成本却只是零头。

Odoo replaces multiple expensive platforms for a fraction of the cost.

这就是为什么成千上万的企业都选择了它。

That's why over thousands of businesses have made the switch.

那你还在等什么？

So why not you?

去 odoo.com 免费试用 Odoo 吧。

Try Odoo for free at odoo.com.

网址是 odoo.com。

That's odoo.com.

欢迎回来。

Welcome back.

第三个问题来自一位给我们发邮件的听众。

Question number three comes from a listener who emailed us.

嗨，Prop G团队。

Hi, Prop G team.

我是一名癌症幸存者。

I'm a cancer survivor.

虽然我的预后一直在好转，但活下来也付出了巨大的经济代价。

While my prognosis has continued to improve, surviving has come with a significant financial cost.

尽管面临这些挑战，我还是花时间亲自去探望和照顾我年迈的姑姑们。

Despite these challenges, I've dedicated my time to supporting my elderly aunts by visiting and helping them personally.

但其他家人现在开始反对，说正确的做法是请专业护工，而不是我自己去照顾。

However, other family members are now pushing back, suggesting that the right way to help is to hire professional caregivers rather than providing the care myself.

你之前坦诚分享你和你母亲之间的经历，让我很感动。

I have been moved by your openness regarding your experience with your mother.

我的问题是，你怎么看待这件事？

My question is, how do you think about this?

在亲自照顾和花钱请专业护理之间，到底有没有一个正确答案，尤其是当经济条件有限的时候？

Is there a right answer between showing up personally versus paying for professional care, especially when financial resources are limited?

感谢你所做的一切。

Thank you for everything you do.

你的工作对我意义重大。

Your work means a lot to me.

这真是一条很暖心的留言。

It's a really nice message.

首先，你能问出这个问题，本身就说明你是个好人。

And first off, the fact that you're even asking this question means that you're just a good person.

我们之所以渴望人际关系，就是因为爱和关心他人是最有意义的事情。

I just the reason why we want relationships is because they're the most rewarding thing to do is to love and to care for other people.

而且，当你自己最脆弱的时候，这种投入的回报就是别人也会在你身边。

And also when you're at your most vulnerable, that ROI is that people are there for you.

听起来，你一直在陪伴你的老姨母们。

And it sounds like you are there for your elderly aunts.

我猜这应该是一位女性。

I'm gonna guess this is a woman.

女性往往更擅长照顾人，或者更有 nurturing 的特质。

Women tend to be better caregivers or more nurturing.

这大概算是一种仇恨言论吧。

That's probably a hate crime.

人们可能会说，哦，她们不该当狱警。

People probably say that, oh, they shouldn't be COs.

不，我不是那个意思。

No, I'm not saying that.

我只是说，通常情况下，很多家庭和情感上的负担都落在了女儿身上。

I'm just saying typically a lot of the domestic and emotional burden falls on the daughters.

这不应该是这样，也不该被当作常态。

It shouldn't, and it should not be normalized.

我不是在说应该这样，但现实往往如此。

I'm not saying that, but it usually is.

你看，我妈妈去世那会儿，我整个人状态不太一样。

Look, there were a few things about when my mom was dying, I was in a different space.

我觉得听起来我的职业道路已经比你更专业了。

I think it sounds like I already have a more professional trajectory than you.

我当时在纽约大学。

Was in NYU.

我妈妈一个人把我拉扯大。

My mom raised me on her own.

就我和她两个人，对抗整个世界。

It was just me and her literally against the world.

所以我从纽约大学休学了。

So I took a leave of absence from NYU.

我搬进了她住的养老院，和她一起住了大概八九个月。

I moved into her retirement home, and I lived with her for about eight or nine months.

死亡这件事，真的很奇怪。

Death is a weirdly weird thing.

这事儿特别讲究。

It's very persnickety.

你知道吗，第一个月就有人告诉我，说这个周末她就要走了，结果她还真走了。

You know, I was told in the first month that this is the weekend she's gonna go, and then she went.

她又活了八个月。

She lived for eight months.

那段时间其实是我人生中挺美好的一段时光，虽然也挺奇怪的。

It was actually quite a nice time in my life, a strange time in my life.

咱们聊聊我吧。

Let's talk about me.

白天我就负责打理我妈妈的医疗护理。

During the day I would manage my mom's healthcare.

你知道吗，当她第三次被诊断出癌症时，我就问她，好吧，你想要什么？

You know, when she was diagnosed for the third time with cancer, I said, all right, what do you want?

你的遗愿清单是什么？

What's your bucket list?

她说，只想在家里安详地离开。

And she said, just want to die at home.

我说，没问题，我有资源，也有办法。

I said, okay, have some resources and I'm creative.

我会搬去和你一起住，咱们把这事安排妥当。

I'll move in with you and we can figure that out.

白天我来负责她的医疗护理。

And during the day I would manage her healthcare.

她有个朋友，特别好的一个女性朋友，叫卡森。这人是个重度酒鬼，还养了一只苏格兰梗犬，那狗老跟维修工亲热。

She had a friend, a wonderful friend, a woman named Carson, who was a rabid alcoholic with a little Scottish terrier who used to make out with the maintenance workers.

我回家的时候，她就光着上半身，正跟一个 guy 亲热呢。那人胸前挂着个大名牌，写着卡洛斯，是来我们后院清理落叶的。说来也怪，这场景看着居然一点都不觉得离谱。

I'd come home, and she'd be topless making out with a guy that with a big patch that said or a big name tag that said Carlos, who was cleaning or blowing the leaves outside of our backyard, which was well, the weird thing is it didn't even seem that weird.

那种环境简直就是个疯狂的马戏团。所以我回家看到这一幕：一个78岁的老太太，胸部做了夸张的整形手术，大得跟双子塔似的，正跟一个穿着全套维修制服的男人坐在沙发上接吻。

That that environment was such a fucking freak show that when I came home and saw this 78 year old woman with enormous enhanced breasts shooting up like the fucking Twin Towers and a guy fully clothed in a maintenance uniform, making out with her on the couch.

我当时心里就想，哦，这很合理嘛。

I'm like, oh, this fits.