Naval

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    

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 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

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  

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  

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