“In the escalator example, the only value accrued to the customer. This is how it always goes if no monopoly rents can be charged by the producers or providers.” – Michael Burry
This is the common spirit between Buddhism and Warren Buffett.
If you can’t do it well, then don’t do it.
Next:
Related:
- Is the upside worth it?
- Is the downside worth it?revisit
- 1-1c6a1c The absence of evidence is not the evidence of absence
- 1-2e1 Be ambitious but leverage what you already know
- 2-1a7b Work in a field you have both a natural aptitude for and deep interest in. It should become increasingly interesting as you learn more about it.
- 2-1b2b ‘Second-order thinking’ - Solve the root cause of a problem (prevention) and not symptoms. Be smart-lazy.
- 2-1c1 ‘Comparative advantage’ - If others can do it, let them
- 3-1c1d0.1 ‘Velocity’ - ‘If you don’t know where you want to go, any road will take you there.‘
- There is no value in accelerating what’s not worth accelerating (e.g., Michael Saylor and BTC)
- 5-1b1b2a If you follow the Fun Criterion, you’ll be good at things
- 5-1b1d1 Not investing is also a form of investing
- 5-1b4c Exponential growth feels flat in the beginning, precisely why it’s worth making an extraordinary effort to get it started. You can also follow the Fun Criterion (the latter likely exhausts the former). Consistency is the key.
- 6-3b2d1 Don’t reinvent the wheel. Copy and paste. Save keystrokes.
- 7-1a1a3 If you know that others can solve certain problems, let them. Only work on important problems worth focusing on.
- 9-4e2c Figure out what’s really worth automating-delegating first, before automating-delegating anything
- 13-4 Time is scarce because action involves choosing one thing over others
Contradictory?
- 7-1 Create what people want or will want
- I think we can reconcile this “contradiction” by elaborating the word will here: if they already want it, that means the product has been already delivered—inverted, it means you have to create the demand with novel product.
- <> 1-1a5a2 Good writing happens at the edge of explicit-inexplicit or explicit-unconscious — that is, via surprises.
- <> 2-1b3a ‘Circle of competence’ & ‘Niches’ - Build a moat. Thrive in where you can.
- <> 3-1c3c4.2 “Whenever you find yourself on the side of the majority, it is time to pause and reflect”
- <> 5-1b1b2b Don’t try to be the best. Be the only.
- I think we can reconcile this “contradiction” by elaborating the word will here: if they already want it, that means the product has been already delivered—inverted, it means you have to create the demand with novel product.
- 11-3.4a More is different
Counter-measure: