(Anybody can win the lottery)
(Know what I'm saying?)
(My motto is, if you wanna win the lottery)
(You have to make the money to buy a ticket)
Avoid people who got rich quickly
They're just giving you
Their winning lottery ticket numbers
Their winning lottery ticket numbers
This is generally true of advice anyway
Which is, it’s back to Scott Adams' "systems, not goals"
If you ask a specific person
What worked for them
Very often, it's just like they reading out
The exact set of things that worked for them
Which may not be applicable for you
They're just reading you
Their winning lottery ticket numbers
It's a little glib
There is something to be learned from them
(Know what I'm saying?)
(My motto is, if you wanna win the lottery)
(You have to make the money to buy a ticket)
Avoid people who got rich quickly
They're just giving you
Their winning lottery ticket numbers
Their winning lottery ticket numbers
This is generally true of advice anyway
Which is, it’s back to Scott Adams' "systems, not goals"
If you ask a specific person
What worked for them
Very often, it's just like they reading out
The exact set of things that worked for them
Which may not be applicable for you
They're just reading you
Their winning lottery ticket numbers
It's a little glib
There is something to be learned from them
Judgment takes experience
Takes a lotta time to build up
You have to put yourself in positions
Where you can exercise judgment
That'll come from taking on accountability
Accountability
Leverage is something that
Society gives you much later
And once you've demonstrated your judgment
Unless you learn to code
Or you become good with media
These are permissionless leverage
Leverage comes later
Judgment comes later
Takes a lotta time to build up
You have to put yourself in positions
Where you can exercise judgment
That'll come from taking on accountability
Accountability
Leverage is something that
Society gives you much later
And once you've demonstrated your judgment
Unless you learn to code
Or you become good with media
These are permissionless leverage
Leverage comes later
Judgment comes later
Price discrimination
Is an important thing to understand
What it means
Is that you can charge people
Different things based on
Their propensity to pay
You're not allowed charge
Different people different things
Just because you don't like 'em
You have to offer them a little something extra
But it has to be something that rich people care about
Business class seats will routinely cost
Five or 10 times what a economy class seat does
But it probably costs the airline
Just two, maybe three X - to provide that
It's just the rich person is more willing to pay
So you have to give them
The little things that they need extra
Is an important thing to understand
What it means
Is that you can charge people
Different things based on
Their propensity to pay
You're not allowed charge
Different people different things
Just because you don't like 'em
You have to offer them a little something extra
But it has to be something that rich people care about
Business class seats will routinely cost
Five or 10 times what a economy class seat does
But it probably costs the airline
Just two, maybe three X - to provide that
It's just the rich person is more willing to pay
So you have to give them
The little things that they need extra
(I’m just a compound interest program)
Relationships are a good example
Of compound interest
Once you've been in a good relationship
With somebody for a while
Whether it's business or it's romantic
Life gets a lot easier
Because you know that person's got your back
You don't have to keep questioning
If I'm doing a deal
With someone that I've dealt with for 20 years
And I trust them and they trust me
We don't have to read the legal contracts
Maybe we don't even need to create legal contracts
Maybe we can actually do it on handshakes
That kind of trust makes it
Relationships are a good example
Of compound interest
Once you've been in a good relationship
With somebody for a while
Whether it's business or it's romantic
Life gets a lot easier
Because you know that person's got your back
You don't have to keep questioning
If I'm doing a deal
With someone that I've dealt with for 20 years
And I trust them and they trust me
We don't have to read the legal contracts
Maybe we don't even need to create legal contracts
Maybe we can actually do it on handshakes
That kind of trust makes it
So, mental models are all the rage
Everyone's trying to become smarter
By adopting mental models
I think mental models are interesting
But I don't think explicitly
In terms of a mental-model checklist
That's just not how I think Instead
I tend to focus on the few lessons
That I've learned in life over and over
That I think are incredibly important
And seem to apply almost universally
One that keeps coming up is
The principal-agent problem
[Chorus]
The principal agent problem
(Say, say, say what?)
The principal agent problem
(Say, say, say what?)
Everyone's trying to become smarter
By adopting mental models
I think mental models are interesting
But I don't think explicitly
In terms of a mental-model checklist
That's just not how I think Instead
I tend to focus on the few lessons
That I've learned in life over and over
That I think are incredibly important
And seem to apply almost universally
One that keeps coming up is
The principal-agent problem
[Chorus]
The principal agent problem
(Say, say, say what?)
The principal agent problem
(Say, say, say what?)