RWH055: THE INNER SCORECARD

W/ PICO IYER

15 March 2025

In this episode, William Green welcomes back Pico Iyer, one of his all-time favorite guests. Pico is a famed author & speaker whose TED talks have been viewed about 12 million times. Here, he discusses his new book, “Aflame,” which explores how to find peace of mind, happiness & clarity amid extreme uncertainty & accelerating change. This episode is a masterclass on creating a richer, wiser, happier life while living by what Warren Buffett calls an inner scorecard.

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IN THIS EPISODE, YOU’LL LEARN:

  • How to find calm & clarity in the midst of uncertainty & change.
  • Why Pico Iyer has stayed at a monastery more than 100 times.
  • How silence helps to “cleanse” our agitated, cluttered minds.
  • Why the greatest luxury comes from craving less, not more.
  • Why he loves Warren Buffett’s idea of living by an inner scorecard.
  • How the greatest investors remind Pico of monks.
  • How he designs his life to maximize freedom & fulfillment.
  • How to create more spaciousness in your own busy life.
  • How to achieve more by doing less & taking time to reflect.
  • Why it’s helpful to view investing as a game.
  • How Leonard Cohen rebounded after losing almost all his money.
  • What Pico has learned from his long friendship with the Dalai Lama.
  • How to maintain hope—& gratitude—in the face of adversity.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] William Green: Hi there. It’s a great pleasure to be back with you again on the Richer, Wiser, Happier podcast. One of the great challenges for all of us these days, both in investing and life is that we live in a time of extreme uncertainty. You see it in the world of politics and geopolitics and economics.

[00:00:18] William Green: And it’s also shown up recently in the tremendous volatility of the financial markets with the stock market getting whipsawed lately by warnings about the risk of impending trade wars and the danger that tariffs might somehow backfire and drive the economy into a recession. At the same time, hundreds of thousands of people have been affected by the devastating wildfires in California, which have fueled a mounting sense of uncertainty about the impact of climate change.

[00:00:46] William Green: It’s also impossible to assess the profound implications of technological breakthroughs like the rise of artificial intelligence. None of us knows how these changes are going to affect our lives, but I think of all of us sense that we’re barreling forward into an unknown and unknowable future and that everything is speeding up.

[00:01:08] William Green: With all this in mind, one of the great questions that all of us face is simply how can we find peace of mind and equanimity and happiness and clarity in the midst of this maelstrom of change and uncertainty. To put it another way, how can you and I set ourselves up to lead rich and happy lives when none of us can tell what the future holds?

[00:01:33] William Green: This is the overarching theme of today’s episode of the podcast. Our guest is Pico Iyer, who is the author of 17 books, including a brilliant new book titled Aflame, which is subtitled Learning from Silence. Pico has been a guest on the podcast once before, back in 2023. And that conversation was one of my two or three favorite episodes of all time.

[00:01:58] William Green: Quite simply, Pico is one of the cleverest, best read, most thoughtful, and most eloquent people I’ve ever met, and he’s become an increasingly important role model to me in recent years. One reason for that is that he’s thought so deeply about how to construct a life that’s really aligned with his own priorities and passions and personality.

[00:02:21] William Green: In many ways, he perfectly embodies Warren Buffett’s insight that it’s important to live by an inner scorecard. As I wrote in my book, Richer, Wiser, Happier, Buffett and Charlie Munger never really cared that much about how other people would judge them. Instead, they measured themselves by an inner scorecard.

[00:02:40] William Green: Buffett famously said that you can tell whether you live by an inner scorecard or an outer scorecard by asking yourself, would I rather be the worst lover in the world and be known publicly as the best, or the best lover in the world and be known publicly as the worst? Pico has constructed an extremely idiosyncratic life that gives him a tremendous amount of freedom to do what he values most.

[00:03:04] William Green: Basically, reading, writing, reporting all over the world in exotic places like Cuba and North Korea and Iran, regularly going on retreats to a monastery in California, and spending time with extraordinary people like the Dalai Lama, who’ve been a friend of his for more than half a century. Pico lives in a really unusual way, as we’ll discuss.

[00:03:28] William Green: He shares a tiny apartment in the suburbs of Kyoto and Nara in Japan with his wife, Hiroko, and he doesn’t own a car or a cell phone, he’s not optimizing for financial riches, but for a deeper kind of wealth that he gets from having the freedom to live exactly the way he wants to live, prioritizing what matters most to him.

[00:03:51] William Green: I find thinking about these issues really thought provoking. It just makes me think about how on earth I’m going to set up my own life so that it deeply reflects what I value most. In any case, I hope you enjoy our conversation. Thanks so much for joining us.

[00:04:11] Intro: You’re listening to the Richer, Wiser, Happier podcast, where your host, William Green, interviews the world’s greatest investors and explores how to win in markets and life.

[00:04:31] William Green: Hi folks, I’m absolutely delighted to welcome my friend Pico Iyer back to the Richer, Wiser, Happier podcast. Pico is a fabulous writer who’s written something like 17 books. And his new book is titled Aflame. And I have to say, it’s my absolute favorite of all of his books. And I recently pre ordered 25 copies to give as gifts, which is a sign of how much I love it.

[00:04:55] William Green: So we’re going to talk in some depth about this new book, but really what we’re talking about here today is about how to build a richer, wiser, and happier life that’s truly abundant in the deepest sense. And what we’re talking about, I would say, is trying to create a life that’s calmer and more peaceful and more joyful within the maelstrom.

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