[Book] Almanack of Naval Ravikant

08 Sep 2022

Ideas from Almanack of Naval Ravikant

Naval is deep thinker, he has captured concepts, application of concepts and consequences of application in real world.

Original Tweets

Wealth

• Money is Paid for skill not for what you do
• Wealth are assets that earn without working towards them, status is place in social heirarchy
• Ethically Wealth creation is possible, it eludes if despised secretly
• No Renting time, No status games, own equity to get financial freedom
• Bussiness partners with high intelligence, energy and integrity and not cynics ,pessimist with self fulfilling beliefs
• Learn to Build and Sell
• Learn Microeconomics, game theory, maths and pshcology
• No quick Rich schemes
• Productize yourself

Judgment

• It is sense that gives Long term consequences of actions applied in external problems
• Clear thinking > Smart Choices
• Optimistic Contrarians are rare
• Praising Specifically, Critising Generally.
• More you know, less you diversify
• Collect Mental Models
  • Evolution ( Allocation problems from Large to small)
  • Inversion (Removing what does not work, over prediction of what will)
  • Complexity Theory (Fundamentally ignorant and bad at prediction)
  • Economic (Understanding Supply Demand and Labour,Capital)
  • Principle Agent Problem ( If something is imp enough, principle owner has to do it, otherwise delegate to agent)
  • Compound Interest
  • Basic Math, Black Swann Probability and Calculus

Skills for Decision

• If you can not decide answer is no
• Suffering in Short term results in gains over long term.

Reading

• Read, To absorb
• What Not to Read : If it is wrote to make money, dont read.

Happiness

• It is default state, comes with when sense driving absense of something is removed
• It requires presence and space between thoughts aka Enlightment
• Fundamental Illusion : There is something outthere that is going to make me happy
• Envy does not bring it
• “Should” is guilt or social Programming

• Built by habits, encircle around happy people

• All by yourself
• BEcoming mentor you never had/get
• Personal Care : Diet, Excersize and Meditation
• Build,grow yourself
• No action for social approval
• Freedom from Expectation,Employment, Anger