Nassim Nicholas Taleb Treasury bonds are safe; they are issued by the US government, and government can hardly go bankrupt since they can freely print their own currency to pay back their obligation. "Nero believes that risk-conscious hard work and discipline can lead someone to achieve a comfortable life with a very high probability." Lucky … Continue reading Fooled by Randomness
Viktor Frankl "He who has a WHY to live for can bear almost any HOW" The greatest task for any person is to find meaning in his or her life. Three possible sources for meaning:- in work (doing something significant)- in love (caring for another person)- in courage during difficult times (suffering) You cannot control … Continue reading Man’s Search for Meaning
source You need three things to create a successful starup: start with good peopleto make something customers actually wantspend as little money as possible The Idea The way startup makes money is to offer people better technology than they have now. But what people have now is often so bad that it doesn't take brilliance … Continue reading Paul Graham: Start a Startup?
source: Farnam Street The most important things in life are internal not external. “The big question about how people behave,” says Warren Buffett, “is whether they’ve got an inner scorecard or an outer scorecard. It helps if you can be satisfied with an inner scorecard.” To make his point, Buffett often asks a simple question: Would … Continue reading Comparing Yourself
source: Farnam Street “Failing to consider second- and third-order consequences is the cause of a lot of painfully bad decisions, and it is especially deadly when the first inferior option confirms your own biases. Never seize on the first available option, no matter how good it seems, before you’ve asked questions and explored.”Ray Dalio The … Continue reading Second-Order Thinking
source: Farnam Street First-principles thinking is one of the best ways to reverse-engineer complicated problems and unleash creative possibility. Sometimes called “reasoning from first principles,” the idea is to break down complicated problems into basic elements and then reassemble them from the ground up. It’s one of the best ways to learn to think for … Continue reading First Principles
source: farnam street An interview with Amazon.com founder Jeff Bezos touches on the timeless lessons he’s learned for business success. The three big ideas are: (1) thinking on a different timescale(2) putting the customer first (3) inventing What we’re really focused on is thinking long-term, putting the customer at the center of our universe and … Continue reading Jeff Bezos: Starting small