Naval

A lot of people are willing to pay more than what companies charge.

• Consumer surplus is the extra value you get when you pay less than you were willing 0:00

Transcript: http://nav.al/surplus

You can charge people for extras based on their propensity to pay.

• Price discrimination is a technique for charging certain people more 0:00

• Rich people and large enterprises are willing to pay m…

Life gets a lot easier when you know someone’s got your back.

• Compounding relationships make life easier 0:00

• It’s better to have a few compounding relationships than many shallow ones 1:11

• It …

Improve your leverage in negotiations by turning short-term relationships into long-term ones.

• Pareto optimal solutions require a trade-off to improve any criterion 0:00

• Negotiations are won by w…

People who can’t communicate can cooperate by anticipating the other person’s actions.

• Use social norms to cooperate when you can’t communicate 0:00

• You can find Schelling points in business, art…

Don't ruin your reputation or get wiped to zero.

• Don't bet everything on one big gamble 0:00

• Ruining your reputation is the same as getting wiped to zero 0:54

Transcript: http://nav.al/kelly-crit…

If you think and act like an owner, it’s only a matter of time until you become an owner.

• A principal is an owner; an agent is an employee 0:00

• A principal’s incentives are different than an agen…

Envy can give you a powerful boost, or it can eat you alive if you let it follow you.

• Suffering through the wrong thing can motivate you to find the right thing 0:00

• Being a lawyer was not what I…

If you cut fair deals, you will get paid in the long run.

• Ethics isn’t something you study; it’s something you do 0:00

• Trust leads to compounding relationships 0:51

• Being ethical attracts other…

The goal is that we are eventually wealthy and working for ourselves.

• This advice is for anybody who wants to be entrepreneurial 0:00

• Middle age can be the most fruitful time to apply this advice…

Misunderstanding accountability, and other mistakes on the path to creating wealth.

• Accountability means letting people criticize you 0:00

• The most interesting parts should be the ones you disagr…

This giant episode collects every interview I’ve done on “How to Get Rich.” It includes 10 minutes of unreleased material—at the end—on “Finding Time to Invest in Yourself.”

Transcript: http://nav.al…

Figure out what you're uniquely good at and apply as much leverage as possible.

• Figure out what you're uniquely good at and apply as much leverage as possible 0:00

• Find hobbies that make you rich…

Get rich quick schemes are just someone else getting rich off you.

• There are no get rich quick schemes 0:00

• We don't have ads because it would ruin our credibility 0:56

• Every founder has to lie…

When you're finally wealthy, you'll realize it wasn't what you were seeking in the first place.

• When you're wealthy, you'll realize it wasn't what you were seeking 0:00

• A calm mind, a fit body an…

Most advice is people giving you their winning lottery ticket numbers.

• The best founders listen to everyone but make up their own mind 0:00

• Advice is maxims you can recall later, when you get you…

Apply specific knowledge with leverage and eventually you will get what you deserve.

• On a long enough time scale you will get paid 0:00

• What are you really good at that the market values? 1:59

Tr…

Competition will blind you to greater games. You're one step away from a better market.

• Businesses that seem like they're in direct competition really aren't 0:00

• My first company got caught up i…

Competition can make you play the wrong game. No one can compete with you on being you.

• Competition will trap you in a lesser game 0:00

• No one can compete with you on being you 1:27

• In entrepre…

Become the best in the world at what you do. Keep redefining what you do until this is true.

• Keep redefining what you do until you're the best at what you do 0:00

• Find founder-product-market fit …