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I share 23 powerful Nuggets from top Influential Doers (in their own words), with added 🎆 visuals (to make it super easy to understand) and my own 💭 reflections.

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Naval comments on what he believes is the most important skill in modern world --- The ability to call decisions from a good judgement process. Big positive outcomes come from having the right judgement and using some sort of leverage (human, capital, code, media). Because of the constant and exponential technological advancement, leverage is ever increasing, and thus good judgement becomes ever increasingly important going forward into the future!

We will listen to Naval and Charlie how we can go about developing the right judgement that we need to thrive in whatever we do.

Enjoy!


---- Source ----

   • The Angel Philosopher Naval Ravikant ...  

   • Charlie Munger Commencement Address -...  


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NAVAL -------------------

- Decision-making is everything

- Good Judgement + Leverage -- Huge Output (non-linear returns)

- In the modern world, leverage is ever increasing (modern tech, large workforces and more capital)

* So If you can be more right, more rational (improve judgement) --- you will get big non-linear returns in life


- The Brain -- Memory Prediction Machine -- It tries to predict the future based on what it knows from the past
** But this is a lousy way of predicting the future (coz circumstances change)

- To deal with this fact, we need to develop principles / mental models.

- Naval's best mental models come from...
• Evolution
• Game Theory
• Charlie Munger (source for tons of mental models)
** Charlie mentions we ought to operate from a "latticework of mental models"
• Nassim Taleb
• Benjamin Franklin


- We are fundamentally ignorant and have a limited prediction capability
• * A way to deal with the limits of our knowledge -- is to not try to predict what's gonna work, but rather realize what's not going to work (easier to do) and eliminate it!
** Being Successful is about knowing and avoiding the incorrect judgements.

- Mental Model's applications:
• In trusting someone
• Odds of something working out -- And how is the payout / downside relation?
• * e.g./ In Venture Capital -- The Upside is non-linear whereas the downside is capped at the initial investment.

- Set up systems, instead of Goals.
"You do not rise to the level of your goals. You fall to the level of your systems." - James Clear

- Good Judgement (from Mental Models) -- Creation of an Optimized System -- Higher odds of Success

- "I want to be the most successful version of me, while working the least hard possible"

- Once you set up good systems, the individual decision don't matter that much.

- From the pool of successful people, there are two types:
• The ones that have been consistently successful
• the ones that have had the one big hit to success.

- Money has huge "diminishing returns" (term very common in Microeconomics) after a certain point
• Thus, the billionaires has essentially overshot.
•* And that overshot, can decrease your inner freedom.


CHARLIE MUNGER --------

Learn all the big ideas in all the big disciplines (result: development of Mental Models)

Have a disciplinary approach. And practice what you learn. If you don't practice, you forget.

Marcus Tallus Cicero - "A man who doesn't know what happened before he is born, goes through life like a child"

Develop a mental latticework (of multiple models) in your head


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#NavalRavikant #CharlieMunger #SuccessSkill

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