Naval

Naval

Naval

On Twitter at @naval.

The Deutsch Files IV

The Deutsch Files IV

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

Oct 11, 2024 • 1:25:06

The Deutsch Files III

The Deutsch Files III

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 ht

Feb 17, 2024 • 59:18

The Deutsch Files II

The Deutsch Files II

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

Jan 26, 2024 • 1:14:28

The Deutsch Files I

The Deutsch Files I

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

Jan 11, 2024 • 54:53

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

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

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

Aug 11, 2023 • 34:01

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

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

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

Feb 11, 2023 • 43:50

Vitalik: Ethereum, Part 2

Vitalik: Ethereum, Part 2

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

Apr 14, 2022 • 25:00

Vitalik: Ethereum, Part 1

Vitalik: Ethereum, Part 1

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

Apr 8, 2022 • 46:07

The Beginning of Infinity, Part 2

The Beginning of Infinity, Part 2

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

Dec 22, 2021 • 52:52

To a Caveman Very Few Things Are Resources

To a Caveman Very Few Things Are Resources

Transcript http://nav.al/caveman

Dec 13, 2021 • 2:56

Knowledge Makes the Existence of Resources Infinite

Knowledge Makes the Existence of Resources Infinite

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

Dec 10, 2021 • 2:31

Groups Never Admit Failure

Groups Never Admit Failure

Transcript: http://nav.al/failure

Dec 8, 2021 • 2:08

Making Something Social Destroys the Truth of It

Making Something Social Destroys the Truth of It

Transcript http://nav.al/social

Dec 6, 2021 • 2:28

Free Markets Provide the Best Feedback

Free Markets Provide the Best Feedback

Transcript http://nav.al/feedback

Dec 3, 2021 • 2:31

The Poverty of Compromise

The Poverty of Compromise

Transcript http://nav.al/compromise

Nov 29, 2021 • 2:58

Innovation Requires Decentralization and a Frontier

Innovation Requires Decentralization and a Frontier

Transcript: http://nav.al/decentralization

Nov 24, 2021 • 2:53

Don’t Rely on Credibility Stamps

Don’t Rely on Credibility Stamps

Transcript http://nav.al/credibility

Nov 22, 2021 • 1:44

One Einstein Is Worth A Legion Of PhD Drones

One Einstein Is Worth A Legion Of PhD Drones

Transcript http://nav.al/einstein

Nov 19, 2021 • 1:22

Ideas Are the New Oil

Ideas Are the New Oil

Transcript http://nav.al/ideas

Nov 17, 2021 • 3:03

Aliens Would Visit for Knowledge, Not Resources

Aliens Would Visit for Knowledge, Not Resources

Transcript http://nav.al/resources

Nov 15, 2021 • 2:21

Aliens Might Just Be Too Far Away

Aliens Might Just Be Too Far Away

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

Nov 12, 2021 • 2:14

If You Can’t Program It, You Don’t Understand It

If You Can’t Program It, You Don’t Understand It

Transcript: http://nav.al/program

Nov 10, 2021 • 0:43

The Probability of Human Existence Is Infinitesimally Small

The Probability of Human Existence Is Infinitesimally Small

Transcript http://nav.al/existence

Nov 8, 2021 • 1:24

Intelligent Species Have Only Risen Once on Planet Earth

Intelligent Species Have Only Risen Once on Planet Earth

Transcript http://nav.al/intelligent

Nov 3, 2021 • 3:08

Where Are the Aliens?

Where Are the Aliens?

Transcript http://nav.al/aliens

Nov 1, 2021 • 1:05

It’s Mind Blowing That Our Minds Can’t Be Blown

It’s Mind Blowing That Our Minds Can’t Be Blown

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

Oct 30, 2021 • 2:34

More Compute Power Doesn’t Produce AGI

More Compute Power Doesn’t Produce AGI

Transcript: http://nav.al/agi

Oct 27, 2021 • 1:38

We Are Qualitatively Different From Other Species

We Are Qualitatively Different From Other Species

Transcript http://nav.al/species

Oct 25, 2021 • 1:33

Humans Are Exceptional

Humans Are Exceptional

Transcript http://nav.al/exceptional

Oct 22, 2021 • 2:18

Genetic Evolution Was a Prelude to Memetic Evolution

Genetic Evolution Was a Prelude to Memetic Evolution

Transcript http://nav.al/evolution

Oct 20, 2021 • 2:25

There Can Be No Final Theory of Gravity

There Can Be No Final Theory of Gravity

Transcript http://nav.al/gravity

Oct 18, 2021 • 3:14

No Truth Can Be Justified

No Truth Can Be Justified

Transcript http://nav.al/justified

Oct 15, 2021 • 2:15

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

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

Transcript http://nav.al/theory

Oct 8, 2021 • 1:36

The Beginning of Infinity, Part 1

The Beginning of Infinity, Part 1

Transcript http://nav.al/infinity

Jul 2, 2021 • 1:06:10

Rational Optimism Is the Way Out

Rational Optimism Is the Way Out

Transcript http://nav.al/optimism

May 24, 2021 • 2:02

Pessimism Seems Like an Intellectually Serious Position

Pessimism Seems Like an Intellectually Serious Position

Transcript http://nav.al/pessimism

May 17, 2021 • 1:58

It’s Easy to Extrapolate How Things Will Get Worse

It’s Easy to Extrapolate How Things Will Get Worse

Transcript http://nav.al/extrapolate

May 14, 2021 • 1:36

We’re All Equal in Our Infinite Ignorance

We’re All Equal in Our Infinite Ignorance

Transcript http://nav.al/ignorance

May 12, 2021 • 1:26

It’s Rare to Have Competing, Viable, Scientific Theories

It’s Rare to Have Competing, Viable, Scientific Theories

Transcript http://nav.al/theories

May 11, 2021 • 2:59

Science Advances One Funeral at a Time

Science Advances One Funeral at a Time

Transcript http://nav.al/advances

May 7, 2021 • 1:18

Make Bold Guesses and Weed Out the Failures

Make Bold Guesses and Weed Out the Failures

Transcript http://nav.al/failures

May 5, 2021 • 2:12

Theories Are Explanations, Not Predictions

Theories Are Explanations, Not Predictions

Transcript http://nav.al/predictions

May 3, 2021 • 2:32

Science Is an Error-Correcting Mechanism

Science Is an Error-Correcting Mechanism

Transcript http://nav.al/error

Apr 30, 2021 • 2:04

Science Broadens Our Vision of Reality

Science Broadens Our Vision of Reality

Transcript http://nav.al/broaden

Apr 28, 2021 • 1:32

We Explain the Seen in Terms of the Unseen

We Explain the Seen in Terms of the Unseen

Transcript http://nav.al/observed

Apr 26, 2021 • 1:27

The Multiverse

The Multiverse

Transcript http://nav.al/multiverse

Apr 21, 2021 • 1:42

Is Light a Particle or a Wave?

Is Light a Particle or a Wave?

Transcript http://nav.al/light

Apr 19, 2021 • 3:19

Probability Is Subjective

Probability Is Subjective

Transcript http://nav.al/probability

Apr 16, 2021 • 2:06

We Can’t Prove Most Theorems with Known Physics

We Can’t Prove Most Theorems with Known Physics

Transcript http://nav.al/prove

Apr 14, 2021 • 1:36

Every Mathematical Theory Is Held Inside a Physical Substrate

Every Mathematical Theory Is Held Inside a Physical Substrate

Transcript http://nav.al/substrate

Apr 12, 2021 • 1:44

Is the Universe Discrete or Continuous?

Is the Universe Discrete or Continuous?

Transcript http://nav.al/discrete

Apr 9, 2021 • 2:08

All Knowledge Is Conjectural

All Knowledge Is Conjectural

Transcript: http://nav.al/conjectural

Apr 7, 2021 • 3:17

The Methods of Mathematics Are Fallible

The Methods of Mathematics Are Fallible

Transcript: http://nav.al/methods

Apr 5, 2021 • 2:44

There Is No Settled Mathematics

There Is No Settled Mathematics

Transcript: http://nav.al/settled

Apr 2, 2021 • 2:55

There Is No End of Science

There Is No End of Science

Transcript: http://nav.al/end

Mar 31, 2021 • 2:07

Good Explanations Are Hard to Vary

Good Explanations Are Hard to Vary

Transcript: http://nav.al/vary

Mar 26, 2021 • 2:26

Good Explanations Are Acts of Creativity

Good Explanations Are Acts of Creativity

Transcript: http://nav.al/explanations Sponsor: http://www.eightsleep.com/infinity

Mar 24, 2021 • 2:02

Humans Are Unique in Our Ability to Understand Things

Humans Are Unique in Our Ability to Understand Things

Transcript: http://nav.al/understand Sponsor: http://www.eightsleep.com/infinity

Mar 22, 2021 • 1:28

It’s Impossible to Predict the Future Growth of Knowledge

It’s Impossible to Predict the Future Growth of Knowledge

Transcript: http://nav.al/predict Sponsor: http://www.eightsleep.com/infinity

Mar 19, 2021 • 2:17

People Are a Force of Nature

People Are a Force of Nature

Transcript: http://nav.al/people Sponsor: http://www.eightsleep.com/infinity

Mar 17, 2021 • 2:41

We’re at the Beginning of an Infinity of Knowledge

We’re at the Beginning of an Infinity of Knowledge

Transcript: http://nav.al/knowledge Sponsor: http://www.eightsleep.com/infinity

Mar 15, 2021 • 2:19

Happiness

Happiness

Transcript: https://nav.al/happiness

Mar 12, 2021 • 27:23

Read the Best 100 Books Over and Over Again

Read the Best 100 Books Over and Over Again

Transcript: https://nav.al/read

Mar 10, 2021 • 2:02

We Can Have Explanations That Reach the Entire Universe

We Can Have Explanations That Reach the Entire Universe

Transcript: https://nav.al/reach

Mar 8, 2021 • 1:55

Nullius in Verba

Nullius in Verba

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

Mar 5, 2021 • 2:14

This Book Changed the Way I Think

This Book Changed the Way I Think

Transcript: http://nav.al/think

Mar 3, 2021 • 1:58

Science Is the Engine That Pulls Humanity Forward

Science Is the Engine That Pulls Humanity Forward

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

Mar 1, 2021 • 2:14

Matt Ridley: How Innovation Works, Part 2

Matt Ridley: How Innovation Works, Part 2

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

Jul 15, 2020 • 30:32

Matt Ridley: How Innovation Works, Part 1

Matt Ridley: How Innovation Works, Part 1

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

Jul 9, 2020 • 29:50

How to Angel Invest, Part 2

How to Angel Invest, Part 2

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

Jun 12, 2020 • 36:28

The Path to Peace Is Truth

The Path to Peace Is Truth

Discovering the truth can change you where self-improvement fails.   Transcript: http://nav.al/truth

Mar 26, 2020 • 1:45

Groups Search for Consensus, Individuals Search for Truth

Groups Search for Consensus, Individuals Search for Truth

Even smart people go along with society’s lies.   Transcript: http://nav.al/consensus

Mar 24, 2020 • 2:05

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

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

Wise people are quiet Transcript: http://nav.al/silent

Mar 10, 2020 • 1:15

Happiness Is Peace in Motion

Happiness Is Peace in Motion

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

Mar 5, 2020 • 2:27

Finding Peace from Mind

Finding Peace from Mind

The mind should be a servant, not a master. Transcript: http://nav.al/peace

Mar 3, 2020 • 2:10

Breaking Addiction is Socially Unacceptable

Breaking Addiction is Socially Unacceptable

Addiction holds together artificial relationships and fake activities. Transcript: http://nav.al/unacceptable

Feb 26, 2020 • 1:47

The Modern Struggle Is Fighting Weaponized Addiction

The Modern Struggle Is Fighting Weaponized Addiction

Pursuing pleasure for its own sake creates addiction. Transcript: http://nav.al/addiction

Feb 24, 2020 • 1:38

Work the Least for It

Work the Least for It

Happy people don’t have to work as hard. Transcript: http://nav.al/least

Feb 19, 2020 • 1:53

Being Unhappy Is Very Inefficient

Being Unhappy Is Very Inefficient

If you're a driven, unhappy person, your mind will be on 24/7. Transcript: http://nav.al/inefficient

Feb 17, 2020 • 1:47

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

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

You can increase your happiness without losing your drive. Transcript: http://nav.al/smart

Feb 12, 2020 • 2:53

Desire Is a Contract You Make to be Unhappy

Desire Is a Contract You Make to be Unhappy

Happiness is returning to a state where nothing is missing. Transcript: http://nav.al/desire

Feb 10, 2020 • 1:09

Happiness Is a Skill You Can Develop

Happiness Is a Skill You Can Develop

You’re not stuck at your current level of happiness. Transcript: http://nav.al/skill

Feb 3, 2020 • 1:16

Happiness Is Not Science or Math

Happiness Is Not Science or Math

Happiness is more like poetry than algorithms. Transcript: http://nav.al/math

Jan 28, 2020 • 1:28

Happiness Without Material Comfort Is Playing on Hard Mode

Happiness Without Material Comfort Is Playing on Hard Mode

It's easier to fulfill your material desires than to renounce them. http://nav.al/material

Jan 28, 2020 • 2:20

Live Long Enough and You’ll Become a Philosopher

Live Long Enough and You’ll Become a Philosopher

This podcast is a practical philosophy of health, wealth and happiness. Transcript: https://nav.al/philosopher

Jan 25, 2020 • 1:37

How to Get Rich: Every Episode

How to Get Rich: Every Episode

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

Dec 10, 2019 • 3:35:36

How to Angel Invest, Part 1

How to Angel Invest, Part 1

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

Nov 17, 2019 • 39:21

Externalities: Calculating the Hidden Costs of Products

Externalities: Calculating the Hidden Costs of Products

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

Jul 31, 2019 • 1:43

Net Present Value: What Future Income Is Worth Today

Net Present Value: What Future Income Is Worth Today

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

Jul 29, 2019 • 1:02

Consumer Surplus: Getting More Than You Paid For

Consumer Surplus: Getting More Than You Paid For

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

Jul 25, 2019 • 0:49

Price Discrimination: Charge People More for More

Price Discrimination: Charge People More for More

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

Jul 23, 2019 • 1:10

Compounding Relationships Make Life Easier

Compounding Relationships Make Life Easier

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

Jul 19, 2019 • 2:29

Turn Short-Term Games Into Long-Term Games

Turn Short-Term Games Into Long-Term Games

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

Jul 15, 2019 • 2:42

Schelling Point: Cooperating Without Communicating

Schelling Point: Cooperating Without Communicating

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

Jul 12, 2019 • 1:39

Kelly Criterion: Avoid Ruin

Kelly Criterion: Avoid Ruin

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

Jul 10, 2019 • 1:42

Principal-Agent Problem: Act Like an Owner

Principal-Agent Problem: Act Like an Owner

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

Jul 8, 2019 • 6:42

Envy Can Be Useful, or It Can Eat You Alive

Envy Can Be Useful, or It Can Eat You Alive

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

Jun 28, 2019 • 3:29

Being Ethical Is Long-term Greedy

Being Ethical Is Long-term Greedy

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

Jun 26, 2019 • 3:26

We Should Eventually Be Working for Ourselves

We Should Eventually Be Working for Ourselves

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

Jun 24, 2019 • 4:27

Accountability Means Letting People Criticize You

Accountability Means Letting People Criticize You

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

Jun 21, 2019 • 3:39

How to Get Rich: Every Episode

How to Get Rich: Every Episode

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 Do

Jun 2, 2019 • 3:35:36

Productize Yourself

Productize Yourself

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

May 24, 2019 • 1:55

There Are No Get Rich Quick Schemes

There Are No Get Rich Quick Schemes

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

May 23, 2019 • 4:41

A Calm Mind, a Fit Body, a House Full of Love

A Calm Mind, a Fit Body, a House Full of Love

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

May 21, 2019 • 4:07

Reject Most Advice

Reject Most Advice

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

May 20, 2019 • 2:55

Eventually You Will Get What You Deserve

Eventually You Will Get What You Deserve

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

May 19, 2019 • 4:08

Play Stupid Games, Win Stupid Prizes

Play Stupid Games, Win Stupid Prizes

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

May 17, 2019 • 2:39

Escape Competition Through Authenticity

Escape Competition Through Authenticity

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

May 16, 2019 • 5:37

Keep Redefining What You Do

Keep Redefining What You Do

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

May 13, 2019 • 2:04

Be Too Busy to “Do Coffee”

Be Too Busy to “Do Coffee”

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

May 8, 2019 • 4:06

Work As Hard As You Can

Work As Hard As You Can

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

May 6, 2019 • 5:09

Set an Aspirational Hourly Rate

Set an Aspirational Hourly Rate

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

May 1, 2019 • 3:48

Judgment Is the Decisive Skill

Judgment Is the Decisive Skill

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 mo

Apr 29, 2019 • 6:30

Example: From Laborer to Real Estate Tech

Example: From Laborer to Real Estate Tech

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://na

Apr 26, 2019 • 5:24

Pick a Business Model With Leverage

Pick a Business Model With Leverage

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 busi

Apr 22, 2019 • 5:47

Product Leverage Is Egalitarian

Product Leverage Is Egalitarian

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

Apr 19, 2019 • 5:11

Product and Media Are New Leverage

Product and Media Are New Leverage

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

Apr 17, 2019 • 5:18

Labor and Capital Are Old Leverage

Labor and Capital Are Old Leverage

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

Apr 15, 2019 • 4:42

Take Accountability to Earn Equity

Take Accountability to Earn Equity

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

Apr 13, 2019 • 4:56

Embrace Accountability to Get Leverage

Embrace Accountability to Get Leverage

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

Apr 11, 2019 • 4:30

There's No Actual Skill Called Business

There's No Actual Skill Called Business

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

Apr 8, 2019 • 5:33

The Foundations Are Math and Logic

The Foundations Are Math and Logic

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

Apr 5, 2019 • 3:19

Read What You Love Until You Love to Read

Read What You Love Until You Love to Read

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

Apr 3, 2019 • 4:48

Learn to Sell, Learn to Build

Learn to Sell, Learn to Build

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

Mar 31, 2019 • 5:36

Specific Knowledge Is Highly Creative or Technical

Specific Knowledge Is Highly Creative or Technical

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

Mar 28, 2019 • 5:31

Arm Yourself With Specific Knowledge

Arm Yourself With Specific Knowledge

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

Mar 25, 2019 • 6:20

Partner With Rational Optimists

Partner With Rational Optimists

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

Mar 22, 2019 • 5:25

Pick Partners With Intelligence, Energy and Integrity

Pick Partners With Intelligence, Energy and Integrity

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

Mar 22, 2019 • 4:44

Play Long-term Games With Long-term People

Play Long-term Games With Long-term People

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

Mar 19, 2019 • 6:02

The Internet Has Massively Broadened Career Possibilities

The Internet Has Massively Broadened Career Possibilities

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

Mar 19, 2019 • 4:40

Give Society What It Doesn't Know How to Get

Give Society What It Doesn't Know How to Get

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

Mar 14, 2019 • 2:44

Live Below Your Means for Freedom

Live Below Your Means for Freedom

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

Mar 11, 2019 • 2:23

You Won't Get Rich Renting Out Your Time

You Won't Get Rich Renting Out Your Time

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

Mar 8, 2019 • 4:40

Make Luck Your Destiny

Make Luck Your Destiny

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

Mar 7, 2019 • 4:36

Making Money Isn't About Luck

Making Money Isn't About Luck

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

Mar 6, 2019 • 5:20

Free Markets Are Intrinsic to Humans

Free Markets Are Intrinsic to Humans

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

Mar 6, 2019 • 4:09

Make Abundance for the World

Make Abundance for the World

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

Mar 5, 2019 • 3:24

Seek Wealth, Not Money or Status

Seek Wealth, Not Money or Status

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.

Mar 5, 2019 • 6:07

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