- Protect the downside
- It's easier to avoid failure than find success
- You know it's a big deal. It's an even bigger deal than you think.
- Do things in service of others
- It will make you happy, and it will make you money eventually
- Margin of safety
- Whenever you make a big decision, make sure that part of the outcome is increasing your margin of safety somehow
- Everyone dies and is forgotten
- Get your head out of the weeds. Focus on what's important, and enjoy it.
- To make money, you have to both be a contrarian, and be right
- 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.
- 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.
- 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.
- 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.
- 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.
- Your life is anecdotal
- Your personal experience is not representative, yet rely solely on it for 80% of your decisions.
- 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.
- Talk to your customers
- If you do this continuously, you will be better than 90% of the companies out there
- Bet infrequently and bet big
- Be patient. Have conviction.
- Know your circle of competence
- It doesn't matter how big it is. It matters that you know the boundaries.
- Know the experts
- Know who is most believable in every area
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