In the following excerpt from One Plus One Equals Three, Dave Trott shares and expands on Steve Jobs’ take on the source of human creativity. A few years ago I read an interview with Steve…
Nassim Taleb on The Importance of “Skin In The Game”
When selecting a surgeon for your next brain procedure, should you pick a surgeon who looks like a butcher or one who looks like a surgeon? The logic of skin in the game implies you…
Outcome Bias – Never Judge Decisions by Their Outcome
How often do we stress about the unfavorable outcomes of our decisions. It makes us feel we should have known better. However, it turns out that we’re often wrong in judging our decisions after the…
Naval Ravikant on How Your “Specific Knowledge” Might Create Value
[…] Someone’s asking about my tweet, that you can’t get rich by renting out your time. Is there really any other way to get rich? Yeah, if I had tosummarize how to make money—at least…
The Difference Between First- and Second-Level Thinking and Why It Matters
[…] It’s not supposed to be easy. Anyone who finds it easy is stupid. – Charlie Munger In his book The Most Important Thing, Howard Marks describes Second-level thinking in the following way: First-level thinking…
Perspective is Everything – Rory Sutherland on the Value of Reframing
“Our own sense of self-aggrandizement feels that big important problems need to have big important, and most of all, expensive solutions attached to them.” Rory Sutherland, Sweat the small stuff at TED Rory Sutherland is…
Charlie Munger’s Life Advice To Young People
[…] Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step-by-step you get ahead, but not necessarily in fast spurts. But you…
Ray Dalio on Approximations and Effective Decision Making
[…] For me, getting an accurate picture of reality ultimately comes down to two things: being able to synthesize accurately and knowing how to navigate levels.…Every day you are faced with an infinite number of…
Paul Graham on Wealth Inequality and The Difference Between Wealth And Money
In his 2004. essay How to make wealth, Paul Graham touches upon the subtle difference between wealth and money: If you want to create wealth, it will help to understand what it is. Wealth is…