1. Protect the downside
    • It's easier to avoid failure than find success
  2. Compounding
    • You know it's a big deal. It's an even bigger deal than you think.
  3. Do things in service of others
    • It will make you happy, and it will make you money eventually
  4. Margin of safety
    • Whenever you make a big decision, make sure that part of the outcome is increasing your margin of safety somehow
  5. Everyone dies and is forgotten
    • Get your head out of the weeds. Focus on what's important, and enjoy it.
  6. Contrarian
    • To make money, you have to both be a contrarian, and be right
  7. Don't be a sheep
    • If you believe everything you're supposed to, you just do what you're told. Identifying too strongly with your tribe prevents you from challenging ideas. Tribes promote ideas that protect their survival.
  8. History repeats itself
    • Nothing is new. Someone has dealt with it before. Learn what others have already figured out. Especially the dead. The dead outnumber the living 14:1. The best way to learn from the dead is to read books. Reading a book is like downloading someone's brain.
  9. Only a very small portion of all humans have been born sp far.
    • Don't be short-sighted. Invest in things that are good for the long-term. Think about 100 billion people who have yet to be born, not the 7 billion alive today.
  10. Be multidisciplinary
    • The most successful people are experts in 2 different subjects. The best insights about your industry/discipline will come from a different one.
  11. Get comfortable with probabilities.
    • Practice thinking in bets. This is the essence of good judgment. Apply a confidence level to all your thoughts. Risk-weight your investments. Believability-weight the advice you receive.
  12. Your life is anecdotal
    • Your personal experience is not representative, yet rely solely on it for 80% of your decisions.
  13. Speed is a competitive advantage
    • If you ship one test a day and your competition ships one test a week, and you're right 50% of the time and they're right 80% of the time, in a year you'll have tried 365 things and been right on 183 of them. They'll have tried 52 things and been right on 42 of them.
  14. Talk to your customers
    • If you do this continuously, you will be better than 90% of the companies out there
  15. Bet infrequently and bet big
    • Be patient. Have conviction.
  16. Know your circle of competence
    • It doesn't matter how big it is. It matters that you know the boundaries.
  17. Know the experts
    • Know who is most believable in every area