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    Naval

    On Twitter at @naval.

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    Latest Episodes:
    The Deutsch Files IV Oct 11, 2024

    Connecting the Four Theories into a Unified Whole 0:34

    Emergence Is Fundamental 3:18

    Constructor Theory Could Transform Multiple Fields 8:30

    Innovation Often Emerges Unexpectedly 22:46

    Knowledge Evolves Independently Across Universes 29:31

    Anti-Rational Memes Hinder Human Progress 31:10

    The West Versus the Rest 37:32

    Error-correcting Institutions 47:46

    The Bucket Theory of the Mind 51:59

    Wokeism and the West 1:07:12

    —

    Transcript http://nav.al/deutsch-files-iv

    The Deutsch Files III Feb 17, 2024

    Proving something about AGI is inherently impossible 0:00

    Creativity is not just mixing things together 3:05

    The superiority of explanatory knowledge 7:48

    Knowledge laden information is more resilient than any physical object 12:36

    The problems of cloning people 15:05

    Objections to Taking Children Seriously 19:23

    “Do what you like” is bad advice 38:17

    Creativity versus nature 41:57

    Deutsch’s “fanciful” conjectures 47:52

    We must give up on the idea of an ultimate explanation 53:06

    —

    Transcript http://nav.al/deutsch-files-iii

    The Deutsch Files II Jan 26, 2024

    The universality of computation and explanation 0:00

    The growth of knowledge begins with problems 4:56

    Problems are clashes between ideas 9:57

    Evolution is not the survival of the fittest 14:50

    Bad philosophy in quantum theory 26:46

    Free will is intimately connected with knowledge-creation 33:41

    Wealth is not a number, it is a set of transformations 49:03

    The principle of optimism 53:27

    Constructor Theory 57:21

    How to make a better world 1:10:05

    —

    Transcript http://nav.al/deutsch-files-ii

    The Deutsch Files I Jan 11, 2024

    Good Science Fiction is Hard to Vary 2:08

    ChatGPT is Not a Step Towards AGI 5:36

    Creativity is Fundamentally Impossible to Define 13:35

    The Binary of Personhood and Non-Personhood 23:41

    David Deutsch’s Life Philosophy 32:06

    The Clash of Civilizations 44:03

    —

    Transcript http://nav.al/deutsch-files-i

    Discuss on Airchat http://getairchat.com/arjun/deutschfilesdiscussion

    David Deutsch: Knowledge Creation and The Human Race, Part 2 Aug 11, 2023

    Popper’s Impact 0:00

    Creative Guesses 2:18

    Experiments, Demonstrations, and Measurements 4:25

    Taking Theories Seriously 10:25

    New Paradigms 15:58

    Foundations of Science 23:30

    The Enlightenment 25:39

    Misinformation 29:45

    —

    Transcript http://nav.al/david-deutsch-2

    David Deutsch: Knowledge Creation and The Human Race, Part 1 Feb 11, 2023

    Introduction 0:00

    The Human Race 2:11

    Knowledge Creation 12:34

    AGI 15:50

    Taking Children Seriously 23:30

    Good Explanations 27:49

    Quantum Computers 36:35

    —

    Transcript http://nav.al/david-deutsch

    Vitalik: Ethereum, Part 2 Apr 14, 2022

    The elder statesman of smart contract blockchains 0:00

    The Ethereum community 1:22

    The DAO hack 2:34

    Vitalik’s finest and worst moments in protocol politics 5:18

    Becoming a Twitter memelord 7:45

    Vitalik’s influence on Eth today 8:59

    It’s getting harder to do big things in Eth 10:38

    Goals outside Ethereum 12:17

    Crypto needs the good-natured 15:00

    Russia 18:06

    Vitalik’s lifestyle 19:51

    Closing thoughts 22:06

    —

    Transcript http://nav.al/vitalik-2

    Vitalik: Ethereum, Part 1 Apr 08, 2022

    Introduction 0:00

    Haseeb’s background 0:22

    Vitalik’s background 2:43

    A blockchain you can build any app on top of 7:02

    Eth trades efficiency for transparency 10:18

    Like plain text, Eth is simple and efficient 12:41

    Only high-value transactions can afford the blockchain 13:08

    Doing away with ‘trusted’ third parties 14:09

    Trading performance for security 14:43

    ‘Impregnable castles made of math’ 16:23

    Ethereum’s limitations are latency and privacy 16:56

    There are ways to get back your privacy 19:32

    Can Eth provide a high level of decentralization and a high level of scaling at the same time? 20:39

    Sharding leads to more centralization 21:49

    Verifiability at the expense of scaling 24:00

    How much decentralization is the right amount? 25:11

    What happens when subsidies to join nodes disappear? 27:07

    Stateless clients make it possible to verify the chain with very little on your hard drive 28:18

    Staking culture is difficult to cultivate 28:52

    New blockchain players tend to go for minimum viable decentralization 29:54

    People don’t value privacy until somebody goes to jail over it 30:32

    Eth is ‘simple at the base’ 31:12

    Social recovery wallets make it easier to be your own bank 31:44

    Block space is getting expensive 32:41

    There’s not a lot of innovation on Bitcoin, by design 33:35

    Blockchain’s ‘free-rider effect’ 34:57

    Innovation is slowest at Layer 1 35:34

    Layer 2 moves faster because it’s permissionless 36:59

    What if we froze Layer 1 today? 37:25

    Data for computation trade-off 38:57

    Benchmarking blockchains apples-to-apples 40:02

    Enshrining decentralization 41:43

    Tensions between scaling and preserving value 42:27

    There will be multiple stores of value 43:54

    —

    Transcript http://nav.al/vitalik

    The Beginning of Infinity, Part 2 Dec 22, 2021

    Transcript http://nav.al/infinity-1

    To a Caveman Very Few Things Are Resources Dec 13, 2021

    Transcript http://nav.al/caveman

    Knowledge Makes the Existence of Resources Infinite Dec 10, 2021

    Transcript http://nav.al/infinite-resources

    Groups Never Admit Failure Dec 08, 2021

    Transcript: http://nav.al/failure

    Making Something Social Destroys the Truth of It Dec 06, 2021

    Transcript http://nav.al/social

    Free Markets Provide the Best Feedback Dec 03, 2021

    Transcript http://nav.al/feedback

    The Poverty of Compromise Nov 29, 2021

    Transcript http://nav.al/compromise

    Innovation Requires Decentralization and a Frontier Nov 24, 2021

    Transcript: http://nav.al/decentralization

    Don’t Rely on Credibility Stamps Nov 22, 2021

    Transcript http://nav.al/credibility

    One Einstein Is Worth A Legion Of PhD Drones Nov 19, 2021

    Transcript http://nav.al/einstein

    Ideas Are the New Oil Nov 17, 2021

    Transcript http://nav.al/ideas

    Aliens Would Visit for Knowledge, Not Resources Nov 15, 2021

    Transcript http://nav.al/resources

    Aliens Might Just Be Too Far Away Nov 12, 2021

    Transcript http://nav.al/far-away

    If You Can’t Program It, You Don’t Understand It Nov 10, 2021

    Transcript: http://nav.al/program

    The Probability of Human Existence Is Infinitesimally Small Nov 08, 2021

    Transcript http://nav.al/existence

    Intelligent Species Have Only Risen Once on Planet Earth Nov 03, 2021

    Transcript http://nav.al/intelligent

    Where Are the Aliens? Nov 01, 2021

    Transcript http://nav.al/aliens

    It’s Mind Blowing That Our Minds Can’t Be Blown Oct 30, 2021

    Transcript: http://nav.al/mind-blowing

    More Compute Power Doesn’t Produce AGI Oct 27, 2021

    Transcript: http://nav.al/agi

    We Are Qualitatively Different From Other Species Oct 25, 2021

    Transcript http://nav.al/species

    Humans Are Exceptional Oct 22, 2021

    Transcript http://nav.al/exceptional

    Genetic Evolution Was a Prelude to Memetic Evolution Oct 20, 2021

    Transcript http://nav.al/evolution

    There Can Be No Final Theory of Gravity Oct 18, 2021

    Transcript http://nav.al/gravity

    No Truth Can Be Justified Oct 15, 2021

    Transcript http://nav.al/justified

    With a Good Theory of Knowledge, You Can Decide What Else Is True Oct 08, 2021

    Transcript http://nav.al/theory

    The Beginning of Infinity, Part 1 Jul 02, 2021

    Transcript http://nav.al/infinity

    Rational Optimism Is the Way Out May 24, 2021

    Transcript http://nav.al/optimism

    Pessimism Seems Like an Intellectually Serious Position May 17, 2021

    Transcript http://nav.al/pessimism

    It’s Easy to Extrapolate How Things Will Get Worse May 14, 2021

    Transcript http://nav.al/extrapolate

    We’re All Equal in Our Infinite Ignorance May 12, 2021

    Transcript http://nav.al/ignorance

    It’s Rare to Have Competing, Viable, Scientific Theories May 11, 2021

    Transcript http://nav.al/theories

    Science Advances One Funeral at a Time May 07, 2021

    Transcript http://nav.al/advances

    Make Bold Guesses and Weed Out Failures May 05, 2021

    Transcript http://nav.al/failures

    Theories Are Explanations, Not Predictions May 03, 2021

    Transcript http://nav.al/predictions

    Science Is an Error-Correcting Mechanism Apr 30, 2021

    Transcript http://nav.al/error

    Science Broadens Our Vision of Reality Apr 28, 2021

    Transcript http://nav.al/broaden

    We Explain the Seen in Terms of the Unseen Apr 26, 2021

    Transcript http://nav.al/observed

    The Multiverse Apr 21, 2021

    Transcript http://nav.al/multiverse

    Is Light a Particle or a Wave? Apr 19, 2021

    Transcript http://nav.al/light

    Probability Is Subjective Apr 16, 2021

    Transcript http://nav.al/probability

    We Can’t Prove Most Theorems with Known Physics Apr 14, 2021

    Transcript http://nav.al/prove

    Every Mathematical Theory Is Held Inside a Physical Substrate Apr 12, 2021

    Transcript http://nav.al/substrate

    Is the Universe Discrete or Continuous? Apr 09, 2021

    Transcript http://nav.al/discrete

    All Knowledge Is Conjectural Apr 07, 2021

    Transcript: http://nav.al/conjectural

    The Methods of Mathematics Are Fallible Apr 05, 2021

    Transcript: http://nav.al/methods

    There Is No Settled Mathematics Apr 02, 2021

    Transcript: http://nav.al/settled

    There Is No End of Science Mar 31, 2021

    Transcript: http://nav.al/end

    Good Explanations Are Hard to Vary Mar 26, 2021

    Transcript: http://nav.al/vary

    Good Explanations Are Acts of Creativity Mar 24, 2021

    Transcript: http://nav.al/explanations

    Sponsor: http://www.eightsleep.com/infinity

    Humans Are Unique in Our Ability to Understand Things Mar 22, 2021

    Transcript: http://nav.al/understand

    Sponsor: http://www.eightsleep.com/infinity

    It’s Impossible to Predict the Future Growth of Knowledge Mar 19, 2021

    Transcript: http://nav.al/predict

    Sponsor: http://www.eightsleep.com/infinity

    People Are a Force of Nature Mar 17, 2021

    Transcript: http://nav.al/people

    Sponsor: http://www.eightsleep.com/infinity

    We’re at the Beginning of an Infinity of Knowledge Mar 15, 2021

    Transcript: http://nav.al/knowledge

    Sponsor: http://www.eightsleep.com/infinity

    Happiness Mar 12, 2021

    Transcript: https://nav.al/happiness

    Read the Best 100 Books Over and Over Again Mar 10, 2021

    Transcript: https://nav.al/read

    We Can Have Explanations That Reach the Entire Universe Mar 08, 2021

    Transcript: https://nav.al/reach

    Nullius in Verba Mar 05, 2021

    Transcript: https://nav.al/nullius-2

    This Book Changed the Way I Think Mar 03, 2021

    Transcript: http://nav.al/think

    Science Is the Engine That Pulls Humanity Forward Mar 01, 2021

    Transcript: https://nav.al/science-2

    Matt Ridley: How Innovation Works, Part 2 Jul 15, 2020

    Transcript: http://nav.al/matt-ridley-2

    Matt Ridley: How Innovation Works, Part 1 Jul 09, 2020

    Transcript: http://nav.al/matt-ridley

    How to Angel Invest, Part 2 Jun 12, 2020

    Excerpted from the Spearhead podcast: http://spearhead.co

    The Path to Peace Is Truth Mar 26, 2020

    Discovering the truth can change you where self-improvement fails.

    Transcript: http://nav.al/truth

    Groups Search for Consensus, Individuals Search for Truth Mar 24, 2020

    Even smart people go along with society’s lies.

    Transcript: http://nav.al/consensus

    The Closer You Are to the Truth, the More Silent You Become Inside Mar 10, 2020

    Wise people are quiet

    Transcript: http://nav.al/silent

    Happiness Is Peace in Motion Mar 05, 2020

    Transcript: http://nav.al/peace-motion

    Finding Peace from Mind Mar 03, 2020

    The mind should be a servant, not a master.

    Transcript: http://nav.al/peace

    Breaking Addiction is Socially Unacceptable Feb 26, 2020

    Addiction holds together artificial relationships and fake activities.

    Transcript: http://nav.al/unacceptable

    The Modern Struggle Is Fighting Weaponized Addiction Feb 24, 2020

    Pursuing pleasure for its own sake creates addiction.

    Transcript: http://nav.al/addiction

    Work the Least for It Feb 19, 2020

    Happy people don’t have to work as hard.

    Transcript: http://nav.al/least

    Being Unhappy Is Very Inefficient Feb 17, 2020

    If you're a driven, unhappy person, your mind will be on 24/7.

    Transcript: http://nav.al/inefficient

    If You’re So Smart, Why Aren’t You Happy? Feb 12, 2020

    You can increase your happiness without losing your drive.

    Transcript: http://nav.al/smart

    Desire Is a Contract You Make to Be Unhappy Feb 10, 2020

    Happiness is returning to a state where nothing is missing.

    Transcript: http://nav.al/desire

    Happiness Is a Skill You Can Develop Feb 03, 2020

    You’re not stuck at your current level of happiness.

    Transcript: http://nav.al/skill

    Happiness Is Not Science or Math Jan 28, 2020

    Happiness is more like poetry than algorithms.

    Transcript: http://nav.al/math

    Happiness Without Material Comfort Is Playing on Hard Mode Jan 28, 2020

    It's easier to fulfill your material desires than to renounce them.

    http://nav.al/material

    Live Long Enough and You’ll Become a Philosopher Jan 25, 2020

    This podcast is a practical philosophy of health, wealth and happiness.

    Transcript: https://nav.al/philosopher

    How to Get Rich: Every Episode Dec 10, 2019

    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/rich

    Seek Wealth, Not Money or Status 1:30

    Make Abundance for the World 6:40

    Free Markets Are Intrinsic to Humans 10:21

    Making Money Isn’t About Luck 14:19

    Make Luck Your Destiny 19:25

    You Won’t Get Rich Renting Out Your Time 24:00

    Live Below Your Means for Freedom 28:40

    Give Society What It Doesn’t Know How to Get 31:01

    The Internet Has Massively Broadened Career Possibilities 33:44

    Play Long-term Games With Long-term People 38:23

    Pick Partners With Intelligence, Energy and Integrity 44:24

    Partner With Rational Optimists 49:09

    Arm Yourself With Specific Knowledge 54:34

    Specific Knowledge Is Highly Creative or Technical 1:00:53

    Learn to Sell, Learn to Build 1:06:24

    Read What You Love Until You Love to Read 1:10:59

    The Foundations Are Math and Logic 1:12:00

    There’s No Actual Skill Called “Business” 1:16:48

    Embrace Accountability to Get Leverage 1:20:06

    Take Accountability to Earn Equity 1:25:37

    Labor and Capital Are Old Leverage 1:30:06

    Product and Media are New Leverage 1:35:01

    Product Leverage is Egalitarian 1:39:42

    Pick a Business Model With Leverage 1:44:56

    Example: From Laborer to Entrepreneur 1:50:51

    Judgment Is the Decisive Skill 2:01:15

    Set an Aspirational Hourly Rate 2:07:41

    Work As Hard As You Can 2:11:26

    Be Too Busy to “Do Coffee” 2:16:34

    Keep Redefining What You Do 2:20:38

    Escape Competition Through Authenticity 2:22:41

    Play Stupid Games, Win Stupid Prizes 2:28:17

    Eventually You Will Get What You Deserve 2:30:53

    Reject Most Advice 2:35:00

    A Calm Mind, a Fit Body, a House Full of Love 2:37:55

    There Are No Get Rich Quick Schemes 2:42:02

    Productize Yourself 2:46:42

    Accountability Means Letting People Criticize You 2:48:55

    We Should Eventually Be Working for Ourselves 2:55:33

    Being Ethical Is Long-Term Greedy 2:56:58

    Envy Can Be Useful, or It Can Eat You Alive 3:00:23

    Principal-Agent Problem: Act Like an Owner 3:03:51

    Kelly Criterion: Avoid Ruin 3:10:33

    Schelling Point: Cooperating Without Communicating 3:12:03

    Turn Short-Term Games Into Long-Term Games 3:13:55

    Compounding Relationships Make Life Easier 3:16:36

    Price Discrimination: Charge Some People More 3:19:04

    Consumer Surplus: Getting More Than You Paid For 3:20:14

    Net Present Value: What Future Income Is Worth Today 3:21:03

    Externalities: Calculating the Hidden Costs of Products 3:22:05

    Bonus Material: Finding Time to Invest in Yourself 3:23:47

    How to Angel Invest, Part 1 Nov 17, 2019

    Excerpted from the Spearhead podcast: http://spearhead.co

    Externalities: Calculating the Hidden Costs of Products Jul 31, 2019

    Externalities let you account for the true cost of products by including hidden costs like environmental damage.

    • Pricing externalities properly is more effective than feel-good measures 0:32

    • Properly pricing externalities can save resources in a tremendous way 1:10

    Transcript: http://nav.al/externalities

    Net Present Value: What Future Income Is Worth Today Jul 29, 2019

    Calculate what future income is worth today by applying a discount to its future value.

    • Figure out what future income is worth today by applying a discount rate 0:00

    Transcript: http://nav.al/npv

    Consumer Surplus: Getting More Than You Paid For Jul 25, 2019

    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

    Price Discrimination: Charge Some People More Jul 23, 2019

    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 more 0:51

    Transcript: http://nav.al/price-discrimination

    Compounding Relationships Make Life Easier Jul 19, 2019

    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 takes just as much effort to create a small business as a large one 1:40

    Transcript: http://nav.al/relationships

    Turn Short-Term Games Into Long-Term Games Jul 15, 2019

    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 whoever cares less 0:44

    • Convert single-move games to multi-move games 1:54

    Transcript: http://nav.al/pareto-optimal

    Schelling Point: Cooperating Without Communicating Jul 12, 2019

    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 and politics 1:14

    Transcript: http://nav.al/schelling-point

    Kelly Criterion: Avoid Ruin Jul 10, 2019

    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-criterion

    Principal-Agent Problem: Act Like an Owner Jul 08, 2019

    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 agent’s incentives 1:08

    • If you can work on incentives, don't work on anything else 2:15

    • When you do deals, it’s better to have the same incentives 3:15

    • If you’re an employee, your most important job is to think like a principal 4:05

    • Deal with small firms to avoid the principal-agent problem 5:29

    Transcript: http://nav.al/principal-agent

    Envy Can Be Useful, or It Can Eat You Alive Jun 28, 2019

    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 was meant to do 1:14

    • Envy can be useful or it can eat you alive 2:28

    Transcript: http://nav.al/envy

    Being Ethical Is Long-Term Greedy Jun 26, 2019

    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 long-term players 1:19

    • Being ethical is long-term greedy 1:58

    • If you cut fair deals, you will get paid in the long run 2:40

    Transcript: http://nav.al/ethics

    We Should Eventually Be Working for Ourselves Jun 24, 2019

    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 0:48

    • Look up the value chain to find leverage 1:58

    • You will do better in a small organization 2:43

    • The goal is that we are all working for ourselves 3:25

    Transcript: http://nav.al/target-audience

    Accountability Means Letting People Criticize You Jun 21, 2019

    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 disagree with 1:06

    • Get the free leverage that's available in tech 1:53

    • Not doing things because other people can't do them is living in denial 2:21

    • Realize your philanthropic vision by running a business 2:54

    Transcript: http://nav.al/common-mistakes

    How to Get Rich: Every Episode Jun 02, 2019

    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/rich

    Seek Wealth, Not Money or Status 1:30

    Make Abundance for the World 6:40

    Free Markets Are Intrinsic to Humans 10:21

    Making Money Isn’t About Luck 14:19

    Make Luck Your Destiny 19:25

    You Won’t Get Rich Renting Out Your Time 24:00

    Live Below Your Means for Freedom 28:40

    Give Society What It Doesn’t Know How to Get 31:01

    The Internet Has Massively Broadened Career Possibilities 33:44

    Play Long-term Games With Long-term People 38:23

    Pick Partners With Intelligence, Energy and Integrity 44:24

    Partner With Rational Optimists 49:09

    Arm Yourself With Specific Knowledge 54:34

    Specific Knowledge Is Highly Creative or Technical 1:00:53

    Learn to Sell, Learn to Build 1:06:24

    Read What You Love Until You Love to Read 1:10:59

    The Foundations Are Math and Logic 1:12:00

    There’s No Actual Skill Called “Business” 1:16:48

    Embrace Accountability to Get Leverage 1:20:06

    Take Accountability to Earn Equity 1:25:37

    Labor and Capital Are Old Leverage 1:30:06

    Product and Media are New Leverage 1:35:01

    Product Leverage is Egalitarian 1:39:42

    Pick a Business Model With Leverage 1:44:56

    Example: From Laborer to Entrepreneur 1:50:51

    Judgment Is the Decisive Skill 2:01:15

    Set an Aspirational Hourly Rate 2:07:41

    Work As Hard As You Can 2:11:26

    Be Too Busy to “Do Coffee” 2:16:34

    Keep Redefining What You Do 2:20:38

    Escape Competition Through Authenticity 2:22:41

    Play Stupid Games, Win Stupid Prizes 2:28:17

    Eventually You Will Get What You Deserve 2:30:53

    Reject Most Advice 2:35:00

    A Calm Mind, a Fit Body, a House Full of Love 2:37:55

    There Are No Get Rich Quick Schemes 2:42:02

    Productize Yourself 2:46:42

    Accountability Means Letting People Criticize You 2:48:55

    We Should Eventually Be Working for Ourselves 2:55:33

    Being Ethical Is Long-Term Greedy 2:56:58

    Envy Can Be Useful, or It Can Eat You Alive 3:00:23

    Principal-Agent Problem: Act Like an Owner 3:03:51

    Kelly Criterion: Avoid Ruin 3:10:33

    Schelling Point: Cooperating Without Communicating 3:12:03

    Turn Short-Term Games Into Long-Term Games 3:13:55

    Compounding Relationships Make Life Easier 3:16:36

    Price Discrimination: Charge Some People More 3:19:04

    Consumer Surplus: Getting More Than You Paid For 3:20:14

    Net Present Value: What Future Income Is Worth Today 3:21:03

    Externalities: Calculating the Hidden Costs of Products 3:22:05

    Bonus Material: Finding Time to Invest in Yourself 3:23:47

    Productize Yourself May 24, 2019

    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, fit and creative 1:07

    Transcript: http://nav.al/productize-yourself

    There Are No Get Rich Quick Schemes May 23, 2019

    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 to every employee 2:02

    • Anyone giving advice on how to get rich should have made their money elsewhere 3:02

    Transcript: http://nav.al/rich-quick

    A Calm Mind, a Fit Body, a House Full of Love May 21, 2019

    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 and a house full of love must be earned 1:00

    • Practical advice for a calmer internal state 1:52

    • A lot of divorces happen over money, a lot of battles happen over internal anger 3:14

    Transcript: http://nav.al/finally-wealthy

    Reject Most Advice May 20, 2019

    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 your own experience 1:29

    Transcript: http://nav.al/reject-advice

    Eventually You Will Get What You Deserve May 19, 2019

    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

    Transcript: http://nav.al/deserve

    Play Stupid Games, Win Stupid Prizes May 17, 2019

    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 in the wrong game 1:23

    Transcript: http://nav.al/stupid-games

    Escape Competition Through Authenticity May 16, 2019

    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 entrepreneurship, the masses are never right 2:40

    • Combine your vocation and avocation 3:45

    Transcript: http://nav.al/competition-authenticity

    Keep Redefining What You Do May 13, 2019

    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 1:35

    Transcript: http://nav.al/redefining

    Be Too Busy to “Do Coffee” May 08, 2019

    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 proof of work 2:00

    • Networking is overrated even early in your career 2:09

    Transcript: http://nav.al/meetings

    Work As Hard As You Can May 06, 2019

    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

    • Nobody really works 80 hours a week 2:22

    • Inspiration is perishable 3:05

    • Impatience with actions, patience with results 3:36

    Transcript: http://nav.al/work-hard

    Set an Aspirational Hourly Rate May 01, 2019

    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 $5,000/hr 1:56

    • If you can outsource something for less than your hourly rate, outsource it 2:57

    • Your hourly rate should seem absurdly high 3:39

    Transcript: http://nav.al/hourly-rate

    Judgment Is the Decisive Skill Apr 29, 2019

    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 up to apply judgment 1:21

    • Judgment is knowing the long-term consequences of your actions 2:40

    • Without experience, judgment is often less than useless 3:15

    • The people with the best judgment are among the least emotional 4:05

    • A lot of the top investors often sound like philosophers 5:18

    • The more outraged someone is, the worse their judgment 6:00

    Transcript: http://nav.al/judgment

    Example: From Laborer to Real Estate Tech Apr 26, 2019

    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 0:19

    • General contractors get equity, but they're also taking risk 1:20

    • Property developers pocket the profit by applying capital leverage 2:14

    • Architects, large developers and REITs are even higher in the stack 3:16

    • Real estate tech companies apply the maximum leverage 4:05

    Transcript: http://nav.al/laborer-tech

    Pick a Business Model With Leverage Apr 22, 2019

    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 reproduction: producing more is free 0:51

    • Network effects: value grows as the square of the customers 1:34

    • Network effect businesses are natural monopolies 2:26

    • In a network effect, each new user adds value to the existing users 3:06

    • Zero marginal cost businesses can pivot into network effect businesses 5:01

    Transcript: http://nav.al/business-models

    Product Leverage Is Egalitarian Apr 19, 2019

    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 0:57

    • The best products tend to be targeted at the middle class 1:25

    • Creating wealth with product leads to more ethical wealth 2:06

    • You want to use the product that is used by the most people 3:06

    • Capital and labor are becoming permissionless 4:24

    Transcript: http://nav.al/egalitarian-leverage

    Product and Media Are New Leverage Apr 17, 2019

    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 fortunes are made 0:55

    • Combining all three forms of leverage is a magic combination 1:28

    • Product and media leverage are permissionless 2:03

    • The robots army is already here—code lets you tell them what to do 2:59

    Transcript: http://nav.al/product-media

    Labor and Capital Are Old Leverage Apr 15, 2019

    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 leverage 1:08

    • You want the minimum amount of labor that allows you to use the other forms of leverage 1:56

    • Capital has been the dominant form of leverage in the last century 2:40

    • You need specific knowledge and accountability to obtain capital 4:52

    Transcript: http://nav.al/labor-capital

    Take Accountability to Earn Equity Apr 13, 2019

    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 in all your work 0:29

    • The downside of accountability is not that large 2:11

    • Accountability is reputational skin in the game 4:30

    Transcript: http://nav.al/accountability-equity

    Embrace Accountability to Get Leverage Apr 11, 2019

    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 clear accountability for each position 2:09

    • People who can fail in public have a lot of power 3:47

    Transcript: http://nav.al/accountability-leverage

    There's No Actual Skill Called Business Apr 08, 2019

    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 drives the learning curve 2:49

    • If you're willing to bleed a little every day, you may win big later 3:53

    Transcript: http://nav.al/skill-business

    The Foundations Are Math and Logic Apr 05, 2019

    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 fly through a hundred books quickly: 1:22

    • Learn persuasion and programming: 2:08

    Transcript: http://nav.al/math-logic

    Read What You Love Until You Love to Read Apr 03, 2019

    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

    • The means of learning are abundant, the desire to learn is scarce: 3:54

    Transcript: http://nav.al/love-read

    Learn to Sell, Learn to Build Mar 31, 2019

    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 be unstoppable 1:52

    • I'd rather teach an engineer marketing than a marketer engineering 2:48

    • Building is better when you're starting out, sales scales better over time 4:33

    Transcript: http://nav.al/build-sell

    Specific Knowledge Is Highly Creative or Technical Mar 28, 2019

    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 knowledge is often highly creative or technical 0:45

    • Specific knowledge is specific to the individual and situation 2:02

    • You can't be too deliberate about assembling specific knowledge 3:01

    • Build specific knowledge where you are a natural 4:44

    Transcript: http://nav.al/creative-technical

    Arm Yourself With Specific Knowledge Mar 25, 2019

    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 1:47

    • Specific knowledge is found by pursuing your curiosity 2:34

    • Building specific knowledge will feel like play to you 3:53

    Transcript: http://nav.al/specific-knowledge

    Partner With Rational Optimists Mar 22, 2019

    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

    • BOCTAOE 4:13

    Transcript: http://nav.al/rational-optimists

    Pick Partners With Intelligence, Energy and Integrity Mar 22, 2019

    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

    • Motivation of the people you work with has to come intrinsically 1:18

    • Integrity is what someone does, despite what they say they do 2:18

    Transcript: http://nav.al/intelligence-energy-integrity

    Play Long-term Games With Long-term People Mar 19, 2019

    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 0:00

    • When you switch industries, you're starting over from scratch 2:21

    • Long-term players make each other rich 4:02

    • Returns come from compound interest in iterated games 4:49

    Transcript: http://nav.al/long-term

    The Internet Has Massively Broadened Career Possibilities Mar 19, 2019

    The Internet has massively broadened the possible space of careers, by allowing you to scale any niche obsession.

    • The Internet has massively broadened the possible space of careers 0:00

    • The Internet allows you to scale any niche obsession 1:22

    • Escape competition through authenticity 3:33

    Transcript: http://nav.al/possible-careers

    Give Society What It Doesn't Know How to Get Mar 14, 2019

    Society will pay you for creating what it wants, but doesn’t know how to get, and delivering it at scale.

    • Give society what it wants, but doesn't know how to get—at scale 0:00

    • Figure out what product you can provide and then figure out how to scale it 0:57

    Transcript: http://nav.al/product-scale

    Live Below Your Means for Freedom Mar 11, 2019

    People living far below their means enjoy a freedom that people busy upgrading their lifestyles just can't fathom.

    • People living below their means have freedom 0:00

    • The most dangerous things are heroin and a monthly salary 0:38

    • Ideally, you'll make your money in discrete lumps 1:17

    Transcript: http://nav.al/salary-freedom

    You Won't Get Rich Renting Out Your Time Mar 08, 2019

    You won't get rich renting out your time, because you can't earn non-linearly.

    • You won't get rich renting out your time 0:00

    • Renting out your time means you're essentially replaceable 1:23

    • You must own equity to gain your financial freedom 2:17

    • You want a career where your inputs don't match your outputs 2:41

    Transcript: http://nav.al/renting-time

    Make Luck Your Destiny Mar 07, 2019

    Build your character in a way so luck becomes deterministic.

    • Build your character so luck becomes your destiny 0:00

    • Build your character so opportunity finds you 1:12

    • You have to be a little eccentric to be out on the frontier by yourself 2:39

    Transcript: http://nav.al/luck-destiny

    Making Money Isn't About Luck Mar 06, 2019

    Making money isn't about luck. It's about becoming the kind of person who makes money.

    • Making money isn't about luck 0:00

    • Blind luck 0:46

    • Luck from hustling 0:55

    • Luck from preparation 1:35

    • Luck from your unique character 1:51

    • In 1,000 parallel universes, you want to be wealthy in 999 of them 2:54

    • Wealth stacks up one chip at a time, not all at once 4:11

    Transcript: http://nav.al/money-luck

    Free Markets Are Intrinsic to Humans Mar 06, 2019

    We're the only animals who cooperate across genetic boundaries, because we can track credits and debits in voluntary exchanges.

    • Free markets are intrinsic to the human species 0:00

    • Too many takers and not enough makers will plunge a society into ruin 1:48

    Transcript: http://nav.al/capitalism-intrinsic

    Make Abundance for the World Mar 05, 2019

    Wealth isn't about taking something from somebody else—it's about creating abundance for the world.

    • Ethical wealth creation makes abundance for the world 0:00

    • Everyone can be wealthy 1:28

    Transcript: http://nav.al/ethical-wealth

    Seek Wealth, Not Money or Status Mar 05, 2019

    The difference between wealth, money and status.

    • Wealth is assets that earn while you sleep 0:56

    • Money is how we transfer wealth 2:28

    • Status is your rank in the social hierarchy 3:08

    Transcript: https://nav.al/seek-wealth

    This is the first interview between Naval and Nivi on How to Get Rich. These interviews are based on Naval's tweetstorm at https://twitter.com/naval/status/1002103360646823936.

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