Naval

You should be too busy to “do coffee”, while still keeping an uncluttered calendar.

• Be too busy to “do coffee” while keeping an uncluttered calendar 0:00

• People will meet with you when you have p…

Work as hard as you can. Even though what you work on and who you work with are more important.

• Work as hard as you can 0:00

• But what you work on and who you work with are more important 1:00

• N…

If outsourcing a task will cost less than your hourly rate, outsource it.

• Set and enforce an aspirational hourly rate 0:00

• You can't penny pinch your way to wealth 1:27

• My aspirational rate was…

Everything we've discussed so far has been setting you up to apply judgment.

• In an age of infinite leverage, judgment becomes the most important skill 0:00

• Everything else you do is setting you u…

The continuum from laborer to real estate tech company goes from low accountability to high specific knowledge, accountability and leverage.

• Laborers get paid hourly and have low accountability 0:1…

Ideally, you should pick a business model with network effects, low marginal costs and scale economies.

• Scale economies: the more you produce, the cheaper it gets 0:00

• Zero marginal cost of repro…

Labor and capital are limited to the people who control those resources. But products reach global markets.

• Product leverage is a positive-sum game 0:00

• Status goods are limited to a few people 0…

Product and media are the leverage of new wealth. Create software and media that work for you while you sleep.

• Product and media are the new leverage 0:00

• Product leverage is where the new fortun…

Wealth requires leverage. Labor and capital are older forms of leverage that everyone is fighting over.

• Our brains aren't evolved to comprehend new forms of leverage 0:00

• Society overvalues labor…

If you have high accountability, you're less replaceable and you can get a piece of the business.

• Accountability is how you're going to get equity 0:00

• Taking accountability is like taking equity…

Embrace accountability. Society will reward you with leverage.

• You have to have accountability to get leverage 0:00

• Take business risks under your own name 0:54

• A well-functioning team has clea…

There's no actual skill called business. Avoid business schools and magazines.

• There's no actual skill called business 0:00

• Doing is faster than watching 0:55

• The number of “doing” iterations d…

If you understand mathematics and logic, you have the basis for understanding everything else.

• The ultimate foundations are math and logic: 0:00

• It’s better to read a great book slowly than to fl…

You should be able to pick up any book in the library and read it.

• Read what you love until you love to read: 0:00

• Read the original scientific books in a field: 1:44

• Don't fear any book: 2:43

…

Learn to sell. Learn to build. If you can do both, you will be unstoppable. 

• Learn to sell, learn to build 0:00

• The Silicon Valley model is a builder and seller 1:07

• If you can do both you will…

Specific knowledge tends to be creative or technical. It's on the bleeding edge of technology, art and communication.

• Specific knowledge can be taught through apprenticeships 0:00

• Specific knowle…

Arm yourself with specific knowledge. It can't be trained but it can be found by pursuing your genuine curiosity.

• Arm yourself with specific knowledge 0:00

• Specific knowledge can't be trained 1:4…

Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.

• Don't partner with pessimists 0:00

• Partner with rational optimists 1:20

• We're descended from pessimists 2:28

• BOCTA…

Picking partners with high intelligence, energy and integrity is the three-part checklist that you can't compromise on.

• Pick business partners with high intelligence, energy and integrity 0:00

• Mo…

Pick an industry where you can play long-term games with long-term people. All returns in life come from compound interest over many turns of the game.

• Play long-term games with long-term people 0:…