One of my great pleasures in life is to sit in a café and talk infrastructure. A popular topic, even before Lou Cripps came up with the idea Asset Managers are platypuses, is what makes an effective one? Or even what attracts us in the first place.
Who are ‘our people’?
To defend us from accusations of exclusivity, I need to point out that it’s not about what you studied at university, or which country you grew up in. Good Asset Managers are ‘anywheres’, as Ark Wingrove put it.
This is, of course, a Serious Subject, as we desperately seek to switch to a future-friendly mindset; seeing the bigger, longer picture around physical assets. But it’s also kinda fun to think about the difference that makes a difference.
Like the AM team who came on one of my courses and took me literally. We teach whole life costs, cost-risk optimisation, thinking in risk, and how information is all about decision-making. But I don’t think most attendees go away and start actually doing any of that. This team did.
One reason people don’t try whole life cost modelling, or risks in $, is because they think it’s too hard before they even start.
But my best students – well, if that was how you do Asset Management, they would figure out how to do it. When I later asked Todd Sheperd how they quantified asset risk, he said he looked it up on the internet. After reading a recommended book and going on a recommended course. (As I said, he took me literally.)
Yes, he must have had the confidence to believe he and his team could figure it out. But I think it’s more than that. It’s about curiosity and openness to learning.
It also involves a belief that if I don’t know something, someone else may have worked it out, maybe in a completely different context. We can learn from others – like 17th century gambling mathematicians, or stock markets traders.
Or actuaries. It’s as if 99% of attendees on AM courses have never heard there is a whole profession who have worked out how to put $ on risks.
Sitting in a café recently with Todd and Julie DeYoung talking about infrastructure, we also recognised another quality: interest in what we can learn from people doing something that’s not exactly the same as what we’re trying to do. Like wondering what we can learn from assets that aren’t exactly what we have – instead of deciding ‘our’ assets are so special there is nothing we can learn from others (and the processes of AM planning and modelling don’t apply to us).
In other cafés years ago with another old AM friend, Christine Ashton, we thought it’s about pattern matching. About looking at a problem we had, and the kind of technology approach it needed, as opposed to a fixation on a particular software tool, for example. What kind of problem is it? What sort of tool could help?
To me that’s linked to 80:20 thinking, but I suspect that some of my best AM buddies are better at details than me. It’s happily straying into the unknown, instead of trying to force everything to fit into what you already know.
I love (nearly) all of my students, of course. But not all of them turn out to be my sort of café people.
Shout out to yet another recent café and Janel Ulrich – her of the ‘can we develop our SAMP in the next 12 hours?’ (yes, of course we can). I love the way she loves ‘our kind of people’, in all our quirks and heartaches and irrepressible openness.
Others who will recognise their café contributions include John Lavan and Manjit Bains. And Penny, with whom too many of these café conversations have to be virtual.
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