Naval

Naval

By Naval

On Twitter at @naval.

Episodes

The Beginning of Infinity

Transcript http://nav.al/infinity
02/07/211h 6m

Rational Optimism Is the Way Out

Transcript http://nav.al/optimism
24/05/212m 2s

Pessimism Seems Like an Intellectually Serious Position

Transcript http://nav.al/pessimism
17/05/211m 58s

It’s Easy to Extrapolate How Things Will Get Worse

Transcript http://nav.al/extrapolate
14/05/211m 36s

We’re All Equal in Our Infinite Ignorance

Transcript http://nav.al/ignorance
12/05/211m 26s

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

Transcript http://nav.al/theories
11/05/212m 59s

Science Advances One Funeral at a Time

Transcript http://nav.al/advances
07/05/211m 18s

Make Bold Guesses and Weed Out Failures

Transcript http://nav.al/failures
05/05/212m 12s

Theories Are Explanations, Not Predictions

Transcript http://nav.al/predictions
03/05/212m 32s

Science Is an Error-Correcting Mechanism

Transcript http://nav.al/error
30/04/212m 4s

Science Broadens Our Vision of Reality

Transcript http://nav.al/broaden
28/04/211m 32s

We Explain the Seen in Terms of the Unseen

Transcript http://nav.al/observed
26/04/211m 27s

The Multiverse

Transcript http://nav.al/multiverse
21/04/211m 42s

Is Light a Particle or a Wave?

Transcript http://nav.al/light
19/04/213m 19s

Probability Is Subjective

Transcript http://nav.al/probability
16/04/212m 6s

We Can’t Prove Most Theorems with Known Physics

Transcript http://nav.al/prove
14/04/211m 36s

Every Mathematical Theory Is Held Inside a Physical Substrate

Transcript http://nav.al/substrate
12/04/211m 44s

Is the Universe Discrete or Continuous?

Transcript http://nav.al/discrete
09/04/212m 8s

All Knowledge Is Conjectural

Transcript: http://nav.al/conjectural
07/04/213m 17s

The Methods of Mathematics Are Fallible

Transcript: http://nav.al/methods
05/04/212m 44s

There Is No Settled Mathematics

Transcript: http://nav.al/settled
02/04/212m 55s

There Is No End of Science

Transcript: http://nav.al/end
31/03/212m 7s

Good Explanations Are Hard to Vary

Transcript: http://nav.al/vary
26/03/212m 26s

Good Explanations Are Acts of Creativity

Transcript: http://nav.al/explanations Sponsor: http://www.eightsleep.com/infinity
24/03/212m 2s

Humans Are Unique in Our Ability to Understand Things

Transcript: http://nav.al/understand Sponsor: http://www.eightsleep.com/infinity
22/03/211m 28s

It’s Impossible to Predict the Future Growth of Knowledge

Transcript: http://nav.al/predict Sponsor: http://www.eightsleep.com/infinity
19/03/212m 17s

People Are a Force of Nature

Transcript: http://nav.al/people Sponsor: http://www.eightsleep.com/infinity
17/03/212m 41s

We’re at the Beginning of an Infinity of Knowledge

Transcript: http://nav.al/knowledge Sponsor: http://www.eightsleep.com/infinity
15/03/212m 19s

Happiness

Transcript: https://nav.al/happiness
12/03/2127m 23s

Read the Best 100 Books Over and Over Again

Transcript: https://nav.al/read
10/03/212m 2s

We Can Have Explanations That Reach the Entire Universe

Transcript: https://nav.al/reach
08/03/211m 55s

Nullius in Verba

Transcript: https://nav.al/nullius-2
05/03/212m 14s

The Beginning of Infinity

Transcript: https://nav.al/infinity
03/03/211m 58s

Science Is the Engine That Pulls Humanity Forward

Transcript: https://nav.al/science-2
01/03/212m 14s

Matt Ridley: How Innovation Works, Part 2

Transcript: http://nav.al/matt-ridley-2  
15/07/2030m 32s

Matt Ridley: How Innovation Works, Part 1

Transcript: http://nav.al/matt-ridley  
09/07/2029m 50s

How to Angel Invest, Part 2

Excerpted from the Spearhead podcast: http://spearhead.co
12/06/2036m 28s

The Path to Peace Is Truth

Discovering the truth can change you where self-improvement fails.   Transcript: http://nav.al/truth
26/03/201m 45s

Groups Search for Consensus, Individuals Search for Truth

Even smart people go along with society’s lies.   Transcript: http://nav.al/consensus
24/03/202m 5s

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

Wise people are quiet. Transcript: http://nav.al/silent  
10/03/201m 15s

Happiness Is Peace in Motion

Peace is happiness at rest. Transcript: http://nav.al/peace-motion  
05/03/202m 27s

Finding Peace from Mind

The mind should be a servant, not a master. Transcript: http://nav.al/peace  
03/03/202m 10s

Breaking Addiction is Socially Unacceptable

Addiction holds together artificial relationships and fake activities. Transcript: http://nav.al/unacceptable
26/02/201m 47s

The Modern Struggle Is Fighting Weaponized Addiction

Pursuing pleasure for its own sake creates addiction. Transcript: http://nav.al/addiction  
24/02/201m 38s

Work the Least for It

Happy people don’t have to work as hard. Transcript: http://nav.al/least  
19/02/201m 53s

Being Unhappy Is Very Inefficient

If you're a driven, unhappy person, your mind will be on 24/7. Transcript: http://nav.al/inefficient
17/02/201m 47s

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

You can increase your happiness without losing your drive. Transcript: http://nav.al/smart
12/02/202m 53s

Desire Is a Contract You Make to Be Unhappy

Happiness is returning to a state where nothing is missing. Transcript: http://nav.al/desire
10/02/201m 9s

Happiness Is a Skill You Can Develop

You’re not stuck at your current level of happiness. Transcript: http://nav.al/skill
03/02/201m 16s

Happiness Is Not Science or Math

Happiness is more like poetry than algorithms. Transcript: http://nav.al/math
28/01/201m 28s

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
28/01/202m 20s

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
25/01/201m 37s

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 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
10/12/193h 35m

How to Angel Invest, Part 1

Excerpted from the Spearhead podcast: http://spearhead.co
17/11/1939m 21s

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
31/07/191m 43s

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
29/07/191m 2s

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
25/07/1949s

Price Discrimination: Charge Some People 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
23/07/191m 10s

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
19/07/192m 29s

Pre-Tax Compounding Beats Post-Tax Compounding

We all know compounding is a powerful force, but there are nuances. • Pre-tax compounding is more powerful than post-tax compounding 0:00 • Funds that mark-to-market annually don’t compound as quickly 1:28 Transcript: http://nav.al/compound-taxes
17/07/191m 52s

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
15/07/192m 42s

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
12/07/191m 39s

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    
10/07/191m 42s

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 Transcript: http://nav.al/principal-agent
08/07/196m 42s

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
28/06/193m 29s

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  
26/06/193m 26s

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  
24/06/194m 27s

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
21/06/193m 39s

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 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
02/06/193h 35m

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
24/05/191m 55s

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
23/05/194m 41s

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
21/05/194m 7s

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
20/05/192m 55s

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
19/05/194m 8s

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
17/05/192m 39s

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  
16/05/195m 37s

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  
13/05/192m 4s

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
08/05/194m 6s

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
06/05/195m 9s

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
01/05/193m 48s

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 more outraged someone is, the worse their judgment 6:00 Transcript: http://nav.al/judgment
29/04/196m 30s

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://nav.al/laborer-tech
26/04/195m 24s

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 businesses 5:01 Transcript: http://nav.al/business-models
22/04/195m 47s

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
19/04/195m 11s

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  
17/04/195m 18s

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
15/04/194m 42s

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  
13/04/194m 56s

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  
11/04/194m 30s

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
08/04/195m 33s

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
05/04/193m 20s

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
03/04/194m 48s

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
31/03/195m 36s

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
28/03/195m 31s

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
25/03/196m 20s

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
22/03/195m 25s

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
22/03/194m 44s

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
19/03/196m 2s

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
19/03/194m 40s

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  
14/03/192m 44s

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
11/03/192m 23s

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
08/03/194m 40s

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
07/03/194m 36s

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
06/03/195m 20s

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
06/03/194m 9s

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 
05/03/193m 24s

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.
05/03/196m 7s
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