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Naval

English, Finance, 1 season, 136 episodes, 22 hours, 24 minutes
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On Twitter at @naval.
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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  
1/26/20241 hour, 14 minutes, 28 seconds
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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
1/11/202454 minutes, 53 seconds
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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
8/11/202334 minutes, 1 second
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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
2/11/202343 minutes, 50 seconds
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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
4/14/202225 minutes
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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 Can Eth provide a high level of decentralization and a high level of scaling at the same time? 20:39 Sharding leads to more centralization 21:49 Verifiability at the expense of scaling 24:00 How much decentralization is the right amount? 25:11 What happens when subsidies to join nodes disappear? 27:07 Stateless clients make it possible to verify the chain with very little on your hard drive 28:18 Staking culture is difficult to cultivate 28:52 New blockchain players tend to go for minimum viable decentralization 29:54 People don’t value privacy until somebody goes to jail over it 30:32 Eth is ‘simple at the base’ 31:12 Social recovery wallets make it easier to be your own bank 31:44 Block space is getting expensive 32:41 There’s not a lot of innovation on Bitcoin, by design 33:35 Blockchain’s ‘free-rider effect’ 34:57 Innovation is slowest at Layer 1 35:34 Layer 2 moves faster because it’s permissionless 36:59 What if we froze Layer 1 today? 37:25 Data for computation trade-off 38:57 Benchmarking blockchains apples-to-apples 40:02 Enshrining decentralization 41:43 Tensions between scaling and preserving value 42:27 There will be multiple stores of value 43:54 — Transcript http://nav.al/vitalik
4/8/202246 minutes, 7 seconds
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The Beginning of Infinity, Part 2

Transcript http://nav.al/infinity-1
12/22/202152 minutes, 52 seconds
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To a Caveman Very Few Things Are Resources

Transcript http://nav.al/caveman
12/13/20212 minutes, 56 seconds
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Knowledge Makes the Existence of Resources Infinite

Transcript http://nav.al/infinite-resources
12/10/20212 minutes, 31 seconds
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Groups Never Admit Failure

Transcript: http://nav.al/failure
12/8/20212 minutes, 8 seconds
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Making Something Social Destroys the Truth of It

Transcript http://nav.al/social
12/6/20212 minutes, 28 seconds
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Free Markets Provide the Best Feedback

Transcript http://nav.al/feedback
12/3/20212 minutes, 31 seconds
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The Poverty of Compromise

Transcript http://nav.al/compromise
11/29/20212 minutes, 58 seconds
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Innovation Requires Decentralization and a Frontier

Transcript: http://nav.al/decentralization
11/24/20212 minutes, 53 seconds
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Don’t Rely on Credibility Stamps

Transcript http://nav.al/credibility
11/22/20211 minute, 44 seconds
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One Einstein Is Worth A Legion Of PhD Drones

Transcript http://nav.al/einstein
11/19/20211 minute, 22 seconds
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Ideas Are the New Oil

Transcript http://nav.al/ideas
11/17/20213 minutes, 3 seconds
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Aliens Would Visit for Knowledge, Not Resources

Transcript http://nav.al/resources
11/15/20212 minutes, 21 seconds
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Aliens Might Just Be Too Far Away

Transcript http://nav.al/far-away
11/12/20212 minutes, 14 seconds
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If You Can’t Program It, You Don’t Understand It

Transcript: http://nav.al/program
11/10/202143 seconds
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The Probability of Human Existence Is Infinitesimally Small

Transcript http://nav.al/existence
11/8/20211 minute, 24 seconds
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Intelligent Species Have Only Risen Once on Planet Earth

Transcript http://nav.al/intelligent
11/3/20213 minutes, 8 seconds
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Where Are the Aliens?

Transcript http://nav.al/aliens
11/1/20211 minute, 5 seconds
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It’s Mind Blowing That Our Minds Can’t Be Blown

Transcript: http://nav.al/mind-blowing
10/30/20212 minutes, 34 seconds
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More Compute Power Doesn’t Produce AGI

Transcript: http://nav.al/agi
10/27/20211 minute, 38 seconds
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We Are Qualitatively Different From Other Species

Transcript http://nav.al/species
10/25/20211 minute, 33 seconds
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Humans Are Exceptional

Transcript http://nav.al/exceptional
10/22/20212 minutes, 18 seconds
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Genetic Evolution Was a Prelude to Memetic Evolution

Transcript http://nav.al/evolution
10/20/20212 minutes, 25 seconds
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There Can Be No Final Theory of Gravity

Transcript http://nav.al/gravity
10/18/20213 minutes, 14 seconds
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No Truth Can Be Justified

Transcript http://nav.al/justified
10/15/20212 minutes, 15 seconds
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With a Good Theory of Knowledge, You Can Decide What Else Is True

Transcript http://nav.al/theory
10/8/20211 minute, 36 seconds
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The Beginning of Infinity, Part 1

Transcript http://nav.al/infinity
7/2/20211 hour, 6 minutes, 10 seconds
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Rational Optimism Is the Way Out

Transcript http://nav.al/optimism
5/24/20212 minutes, 2 seconds
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Pessimism Seems Like an Intellectually Serious Position

Transcript http://nav.al/pessimism
5/17/20211 minute, 58 seconds
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It’s Easy to Extrapolate How Things Will Get Worse

Transcript http://nav.al/extrapolate
5/14/20211 minute, 36 seconds
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We’re All Equal in Our Infinite Ignorance

Transcript http://nav.al/ignorance
5/12/20211 minute, 26 seconds
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It’s Rare to Have Competing, Viable, Scientific Theories

Transcript http://nav.al/theories
5/11/20212 minutes, 59 seconds
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Science Advances One Funeral at a Time

Transcript http://nav.al/advances
5/7/20211 minute, 18 seconds
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Make Bold Guesses and Weed Out Failures

Transcript http://nav.al/failures
5/5/20212 minutes, 12 seconds
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Theories Are Explanations, Not Predictions

Transcript http://nav.al/predictions
5/3/20212 minutes, 32 seconds
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Science Is an Error-Correcting Mechanism

Transcript http://nav.al/error
4/30/20212 minutes, 4 seconds
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Science Broadens Our Vision of Reality

Transcript http://nav.al/broaden
4/28/20211 minute, 32 seconds
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We Explain the Seen in Terms of the Unseen

Transcript http://nav.al/observed
4/26/20211 minute, 27 seconds
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The Multiverse

Transcript http://nav.al/multiverse
4/21/20211 minute, 42 seconds
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Is Light a Particle or a Wave?

Transcript http://nav.al/light
4/19/20213 minutes, 19 seconds
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Probability Is Subjective

Transcript http://nav.al/probability
4/16/20212 minutes, 6 seconds
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We Can’t Prove Most Theorems with Known Physics

Transcript http://nav.al/prove
4/14/20211 minute, 36 seconds
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Every Mathematical Theory Is Held Inside a Physical Substrate

Transcript http://nav.al/substrate
4/12/20211 minute, 44 seconds
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Is the Universe Discrete or Continuous?

Transcript http://nav.al/discrete
4/9/20212 minutes, 8 seconds
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All Knowledge Is Conjectural

Transcript: http://nav.al/conjectural
4/7/20213 minutes, 17 seconds
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The Methods of Mathematics Are Fallible

Transcript: http://nav.al/methods
4/5/20212 minutes, 44 seconds
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There Is No Settled Mathematics

Transcript: http://nav.al/settled
4/2/20212 minutes, 55 seconds
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There Is No End of Science

Transcript: http://nav.al/end
3/31/20212 minutes, 7 seconds
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Good Explanations Are Hard to Vary

Transcript: http://nav.al/vary
3/26/20212 minutes, 26 seconds
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Good Explanations Are Acts of Creativity

Transcript: http://nav.al/explanations Sponsor: http://www.eightsleep.com/infinity
3/24/20212 minutes, 2 seconds
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Humans Are Unique in Our Ability to Understand Things

Transcript: http://nav.al/understand Sponsor: http://www.eightsleep.com/infinity
3/22/20211 minute, 28 seconds
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It’s Impossible to Predict the Future Growth of Knowledge

Transcript: http://nav.al/predict Sponsor: http://www.eightsleep.com/infinity
3/19/20212 minutes, 17 seconds
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People Are a Force of Nature

Transcript: http://nav.al/people Sponsor: http://www.eightsleep.com/infinity
3/17/20212 minutes, 41 seconds
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We’re at the Beginning of an Infinity of Knowledge

Transcript: http://nav.al/knowledge Sponsor: http://www.eightsleep.com/infinity
3/15/20212 minutes, 19 seconds
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Happiness

Transcript: https://nav.al/happiness
3/12/202127 minutes, 23 seconds
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Read the Best 100 Books Over and Over Again

Transcript: https://nav.al/read
3/10/20212 minutes, 2 seconds
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We Can Have Explanations That Reach the Entire Universe

Transcript: https://nav.al/reach
3/8/20211 minute, 55 seconds
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Nullius in Verba

Transcript: https://nav.al/nullius-2
3/5/20212 minutes, 14 seconds
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This Book Changed the Way I Think

Transcript: http://nav.al/think
3/3/20211 minute, 58 seconds
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Science Is the Engine That Pulls Humanity Forward

Transcript: https://nav.al/science-2
3/1/20212 minutes, 14 seconds
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Matt Ridley: How Innovation Works, Part 2

Transcript: http://nav.al/matt-ridley-2  
7/15/202030 minutes, 32 seconds
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Matt Ridley: How Innovation Works, Part 1

Transcript: http://nav.al/matt-ridley  
7/9/202029 minutes, 50 seconds
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How to Angel Invest, Part 2

Excerpted from the Spearhead podcast: http://spearhead.co
6/12/202036 minutes, 28 seconds
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The Path to Peace Is Truth

Discovering the truth can change you where self-improvement fails.   Transcript: http://nav.al/truth
3/26/20201 minute, 45 seconds
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Groups Search for Consensus, Individuals Search for Truth

Even smart people go along with society’s lies.   Transcript: http://nav.al/consensus
3/24/20202 minutes, 5 seconds
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The Closer You Are to the Truth, the More Silent You Become Inside

Wise people are quiet Transcript: http://nav.al/silent  
3/10/20201 minute, 15 seconds
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Happiness Is Peace in Motion

Transcript: http://nav.al/peace-motion  
3/5/20202 minutes, 27 seconds
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Finding Peace from Mind

The mind should be a servant, not a master. Transcript: http://nav.al/peace  
3/3/20202 minutes, 10 seconds
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Breaking Addiction is Socially Unacceptable

Addiction holds together artificial relationships and fake activities. Transcript: http://nav.al/unacceptable
2/26/20201 minute, 47 seconds
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The Modern Struggle Is Fighting Weaponized Addiction

Pursuing pleasure for its own sake creates addiction. Transcript: http://nav.al/addiction  
2/24/20201 minute, 38 seconds
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Work the Least for It

Happy people don’t have to work as hard. Transcript: http://nav.al/least  
2/19/20201 minute, 53 seconds
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Being Unhappy Is Very Inefficient

If you're a driven, unhappy person, your mind will be on 24/7. Transcript: http://nav.al/inefficient
2/17/20201 minute, 47 seconds
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If You’re So Smart, Why Aren’t You Happy?

You can increase your happiness without losing your drive. Transcript: http://nav.al/smart
2/12/20202 minutes, 53 seconds
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Desire Is a Contract You Make to Be Unhappy

Happiness is returning to a state where nothing is missing. Transcript: http://nav.al/desire
2/10/20201 minute, 9 seconds
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Happiness Is a Skill You Can Develop

You’re not stuck at your current level of happiness. Transcript: http://nav.al/skill
2/3/20201 minute, 16 seconds
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Happiness Is Not Science or Math

Happiness is more like poetry than algorithms. Transcript: http://nav.al/math
1/28/20201 minute, 28 seconds
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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
1/28/20202 minutes, 20 seconds
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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
1/25/20201 minute, 37 seconds
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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
12/10/20193 hours, 35 minutes, 36 seconds
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How to Angel Invest, Part 1

Excerpted from the Spearhead podcast: http://spearhead.co
11/17/201939 minutes, 21 seconds
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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
7/31/20191 minute, 43 seconds
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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
7/29/20191 minute, 2 seconds
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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
7/25/201949 seconds
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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
7/23/20191 minute, 10 seconds
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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
7/19/20192 minutes, 29 seconds
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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
7/15/20192 minutes, 42 seconds
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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
7/12/20191 minute, 39 seconds
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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    
7/10/20191 minute, 42 seconds
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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
7/8/20196 minutes, 42 seconds
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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
6/28/20193 minutes, 29 seconds
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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  
6/26/20193 minutes, 26 seconds
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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  
6/24/20194 minutes, 27 seconds
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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
6/21/20193 minutes, 39 seconds
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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
6/2/20193 hours, 35 minutes, 36 seconds
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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
5/24/20191 minute, 55 seconds
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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
5/23/20194 minutes, 41 seconds
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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
5/21/20194 minutes, 7 seconds
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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
5/20/20192 minutes, 55 seconds
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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
5/19/20194 minutes, 8 seconds
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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
5/17/20192 minutes, 39 seconds
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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  
5/16/20195 minutes, 37 seconds
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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  
5/13/20192 minutes, 4 seconds
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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
5/8/20194 minutes, 6 seconds
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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
5/6/20195 minutes, 9 seconds
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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
5/1/20193 minutes, 48 seconds
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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
4/29/20196 minutes, 30 seconds
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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
4/26/20195 minutes, 24 seconds
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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
4/22/20195 minutes, 47 seconds
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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
4/19/20195 minutes, 11 seconds
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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  
4/17/20195 minutes, 18 seconds
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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
4/15/20194 minutes, 42 seconds
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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  
4/13/20194 minutes, 56 seconds
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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  
4/11/20194 minutes, 30 seconds
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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
4/8/20195 minutes, 33 seconds
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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
4/5/20193 minutes, 19 seconds
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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
4/3/20194 minutes, 48 seconds
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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
3/31/20195 minutes, 36 seconds
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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
3/28/20195 minutes, 31 seconds
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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
3/25/20196 minutes, 20 seconds
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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
3/22/20195 minutes, 25 seconds
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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
3/22/20194 minutes, 44 seconds
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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
3/19/20196 minutes, 2 seconds
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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
3/19/20194 minutes, 40 seconds
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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  
3/14/20192 minutes, 44 seconds
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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
3/11/20192 minutes, 23 seconds
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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
3/8/20194 minutes, 40 seconds
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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
3/7/20194 minutes, 36 seconds
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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
3/6/20195 minutes, 20 seconds
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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
3/6/20194 minutes, 9 seconds
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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 
3/5/20193 minutes, 24 seconds
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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.
3/5/20196 minutes, 7 seconds