Work like a middle-range bottle of wine
Attending a pandemic wedding. Barbell effects of the internet.
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By some coincidence, “middle” is the word of this newsletter.
A fellow middle child’s wedding
To start, last Sunday I attended the wedding of my fellow middle-child sister-in-law. It was quite a harrowing lead up to the wedding, with constantly changing covid restrictions.
A pandemic wedding appears strange at first. A smaller guest list, no food, everyone masked, less socialising, not even a first kiss for the couple. Yet, the couple stayed resilient and adapted. In the end, it was still a beautiful and joyous occasion, and I was glad to hear the bride tell me it was more perfect this way. What truly matters in this occasion is the love and community of friends and family. A grand event is no substitute for this, all of the frills are nice to have, but not compulsory.
As I watched the couple struggle through this period and take it in their stride, I felt aggrieved at how quickly such an important life event can be turned upside down by the circumstances. I think many individuals have put in that work to adapt to the changes around us. I only hope that society, institutions and businesses are also making an effort to adapt, instead of trying to return to the past as soon as possible.
The middle of the wine list has the highest markup
How to Not Get (Totally) Ripped Off when Ordering Wine - Morning Brew
This interesting article explains how the highest markups are found at the middle range of the wine list.
“So how are wine menus priced? The researchers call it an “inverse U-shape with respect to rank.” The wines in the middle of the menu, the Pittsburgh Pirates of the wine world, have the highest percentage markup. Here’s the psychology behind that:
Keeping percentage markups low at the bottom of the list makes wine more attractive to novice buyers, like the folks on the date.
Lower percentage markups at the top-end of the list gives more knowledgeable wine drinkers a nudge to “trade up” to bottles with higher absolute markups, which is beneficial for the restaurant.”
I love learning these small insights into human psychology and decision making, mostly due to my interest in playing poker. [It’s been awhile since my last game, if you are keen to play, drop me a note and I’ll invite you along when I host a game after restrictions ease.]
There is a lesson here beyond my next date night. Working for money is like wine on a menu. I want to be the middle range wine with the highest markup. The most reward per unit of effort.
Employers are like wine buyers though, and want the least markup. One way is to make us think we are low quality wine, and thus deserve less. Another is to encourage us to strive to put in the most effort and be the best wine on the list. They pay more in absolute terms, but not proportional to the effort we put in.
The importance of working the hardest is drilled into us from young. A skeptical view is that advice come from a place of self-interest to engineer that low markup. We rarely hear about working smart, to achieve the best reward for our efforts. On the contrary, we are shamed for not putting in 110% effort. 110% is an impossible number, we will never work hard enough to satisfy others.
Working hard is important. If there is something we want to achieve, then we should put in the effort needed to achieve it. It could be a promotion or a side project. However, work is not just about the task, it is an economic exchange. Effort is traded for money. It should be analysed with an economist’s lens, where it is also justifiable to maximise efficiency.
All middle children know it is hard to be in the middle. Being the middle wine is just as hard. You never really know how you line up against the other bottles. In a work context, it is both equally easy to become irresponsible and lazy, or be insecure about doing too little and overcompensate by working harder than your pay demands. Staying in the middle requires confidence. I think this confidence first needs self-reflection, to ask what parts of the job are truly important and deliver there, while being willing to slack off on things that are less important. It also needs competence, to have the skills to deliver on those important parts. As I get more senior I feel more at ease channeling my effort towards improving my skill rather than pleasing my managers.
The Internet kills the middle and creates a barbell
The death of the middle - Erik Torenberg
An analysis of how the internet turns the marketplace into a barbell. Universal, mass market products which are convenient on one end, and hyper-specialised niche products on the other end. Those in the middle will find it hard to survive.
I found this a nice contrast to my earlier thoughts. When it comes to selling effort for income, the middle is the most profitable. However, in the context of developing our personal skills, brand, or products in the digital world, we may want to avoid the middle.
Thanks for reading! Please do share any thoughts or ideas which came to your mind as you read this.
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