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Naval

Naval

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Naval on wealth creation. On Twitter at @naval.
53 Episodes Play All Episodes
How+to+Get+Rich%3A+Every+Episode+%2B+Extras
access_time1 month ago
This giant episode collects every interview we've done on “How to Get Rich.” It includes the tweetstorm, Q&A, and 10 minutes of unreleased material on finding time to invest in yourself—at the end. Transcript: https://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
How+to+Angel+Invest
access_time2 months ago
A preview of the Spearhead podcast, where we discuss angel investing. Subscribe to the podcast: http://spearhead.co/podcast. Apply to Spearhead: http://spearhead.co.
Externalities%3A+Calculating+the+Hidden+Costs+of+Products
access_time6 months ago
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
Net+Present+Value%3A+What+Future+Income+Is+Worth+Today
access_time6 months ago
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
Consumer+Surplus%3A+Getting+More+Than+You+Paid+For
access_time6 months ago
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
Price+Discrimination%3A+Charge+Some+People+More
access_time6 months ago
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
Compounding+Relationships+Make+Life+Easier
access_time6 months ago
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
Turn+Short-Term+Games+Into+Long-Term+Games
access_time6 months ago
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
Schelling+Point%3A+Cooperating+Without+Communicating
access_time6 months ago
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
Kelly+Criterion%3A+Avoid+Ruin
access_time6 months ago
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    
Principal-Agent+Problem%3A+Act+Like+an+Owner
access_time6 months ago
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+Be+Useful%2C+or+It+Can+Eat+You+Alive
access_time7 months ago
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
Being+Ethical+Is+Long-Term+Greedy
access_time7 months ago
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  
We+Should+Eventually+Be+Working+for+Ourselves
access_time7 months ago
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  
Accountability+Means+Letting+People+Criticize+You
access_time7 months ago
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
How+to+Get+Rich%3A+Every+Episode
access_time8 months ago
UPDATE: We’ve published a new version of this episode with another hour of material at http://nav.al/rich. Go there—it’s bigger and better. — This giant episode collects every interview we've done on “How to Get Rich.” Transcript: http://nav.al/how-to-get-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  
Productize+Yourself
access_time8 months ago
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
There+Are+No+Get+Rich+Quick+Schemes
access_time8 months ago
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
A+Calm+Mind%2C+a+Fit+Body%2C+a+House+Full+of+Love
access_time8 months ago
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
Reject+Most+Advice
access_time8 months ago
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
Eventually+You+Will+Get+What+You+Deserve
access_time8 months ago
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
Play+Stupid+Games%2C+Win+Stupid+Prizes
access_time8 months ago
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
Escape+Competition+Through+Authenticity
access_time8 months ago
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  
Keep+Redefining+What+You+Do
access_time8 months ago
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  
Be+Too+Busy+to+%26%238220%3BDo+Coffee%26%238221%3B
access_time8 months ago
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
Work+As+Hard+As+You+Can
access_time9 months ago
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
Set+an+Aspirational+Hourly+Rate
access_time9 months ago
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
Judgment+Is+the+Decisive+Skill
access_time9 months ago
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
Example%3A+From+Laborer+to+Real+Estate+Tech
access_time9 months ago
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
Pick+a+Business+Model+With+Leverage
access_time9 months ago
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
Product+Leverage+Is+Egalitarian
access_time9 months ago
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
Product+and+Media+Are+New+Leverage
access_time9 months ago
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  
Labor+and+Capital+Are+Old+Leverage
access_time9 months ago
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
Take+Accountability+to+Earn+Equity
access_time9 months ago
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  
Embrace+Accountability+to+Get+Leverage
access_time9 months ago
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  
There%26%2339%3Bs+No+Actual+Skill+Called+Business
access_time9 months ago
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
The+Foundations+Are+Math+and+Logic
access_time10 months ago
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
Read+What+You+Love+Until+You+Love+to+Read
access_time10 months ago
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
Learn+to+Sell%2C+Learn+to+Build
access_time10 months ago
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
Specific+Knowledge+Is+Highly+Creative+or+Technical
access_time10 months ago
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
Arm+Yourself+With+Specific+Knowledge
access_time10 months ago
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
Partner+With+Rational+Optimists
access_time10 months ago
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
Pick+Partners+With+Intelligence%2C+Energy+and+Integrity
access_time10 months ago
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
Play+Long-term+Games+With+Long-term+People
access_time10 months ago
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
The+Internet+Has+Massively+Broadened+Career+Possibilities
access_time10 months ago
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
Give+Society+What+It+Doesn%26%2339%3Bt+Know+How+to+Get
access_time10 months ago
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  
Live+Below+Your+Means+for+Freedom
access_time10 months ago
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
You+Won%26%2339%3Bt+Get+Rich+Renting+Out+Your+Time
access_time11 months ago
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
Make+Luck+Your+Destiny
access_time11 months ago
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
Making+Money+Isn%26%2339%3Bt+About+Luck
access_time11 months ago
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
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