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The Power of Constraints
NBC Sports was in trouble in the early 1990s after losing Major League Baseball, but it was able to turn things around under the leadership of Dick Ebersol and a young producer named Jon Miller. Miller was tasked with filling the network's programming schedule on a shoestring budget, which forced him to be creative and experiment with new ideas. This led to the development of innovative events such as the NFL Quarterback Skills Challenge and the American Century Celebrity Golf Tournament. Miller's success was due in part to a concept called cognitive resourcefulness, which refers to the ability to think outside the box and come up with novel solutions when resources are scarce. This concept is not unique to sports television, as it can be seen in other areas such as business and investing. Many successful companies, including Airbnb and Uber, were founded during economic downturns and were forced to be creative due to limited resources. In investing, having limited resources can actually be an advantage, as it forces individuals to think differently and come up with unique solutions. The current bull market and stable economic conditions may not last forever, and investors should be prepared for the next crisis by having a plan in place and being ready to invest in innovative companies and ideas. By focusing on what can be controlled and being prepared for the unexpected, investors can turn a crisis into an opportunity. The key is to be creative and think outside the box, just like Jon Miller did when he was tasked with turning around NBC Sports.