What’s beautiful about your RU-vid niche is that people will come back and rewatch these videos from time to time throughout their life. This is timeless content, which means a timeless income for you and may be later for your kids and grandkids. By the way, I rewatch these videos every once in a while. Amazing stuff
someone said it in another video by this guy. he's a master of making simple things sound complex. if you're actually listening to what this guy is saying it's nothing, he's not saying anything.
Wtf? This was very relatable and I never have had multiple people who show me this perspective. That explanation in the background was really good. I'm genuinely mind blown
I have two groups of friends: one group are successful business people with no college degree and the other group are highly educated and intellectual. The first group is a lot more optimistic, energetic, and is more likely to get things done. The second group just complains a lot.
I am reminded of the riddle contest with the psychotic train in The Wastelands. The train loses because machines (at least in the story) don't understand absurdity.
the only entrepreneur i know of that hasn't failed is elon musk. and he does exactly what taleb says here about small failing. he's doing it again with twitter, small 'error's but huge upsides if they work. once again taleb is right.
I think he has failed in the shorter term so you’re right. Probably read this. But starting stuff ie business’s you’d realize this or keep learning all the time. That’s the only competitive advantage. Learning & experimentation
@@PickingNuggets I highly recommend you to check for Howard Marks and Ray Dalio wisdom - I'm pretty sure you know these guys - both are great and everlasting like Buffett, Munger and Taleb
I'm reading Think and grow rich by Napoleon Hill, whose mentor was Carnegie Hall and listen to Bob Procter etc and I feel like I found a current pearl in YOU! THANK YOU!
Interesting concepts. Reminds me of how a band song artist works on atunes - Ie experimenting /ad lib and playing around with ideas …and they come morph together in a finished song.
Tu acento está gritando que eres español =). Magnífico resumen, gracias. Estudiando las causas del éxito que enseñan Taleb y Ravikant te hace ver la vida más claramente y te hace pensar que no vale la pena discutir con quien te contradice, y aún peor, te contradice voluntariamente; Lo mejor es trabajar y trabajar y reiterar y reiterar ... ese es el camino, ese es el objetivo, ese es camino más corto. Incluso los académicos reiteran, si estás en primero de ingeniería NUNCA sabrás resolver un problema de la segunda ley de termodinámica, a la primera; tendrás que reiterar y reiterar y "pensear" hasta dar con esencia de la idea y entonces verás claramente. Al final queda entrenar para que la duración de reiteraciones quede lo más corta posible y eso se consigue reiterando y probando el máximo número de veces.
Can we consider Larry page as a counter example to your graph of convexity bias , he did only reach his page Ranking algorithm during his PhD , and there are many examples like these , so what's your point ?
The real job of an intellectual/academic is to systematize things that have been already done or discovered, and especially to no lie about the fact that these things were already there in working form before systemized. The only possible benefit of this is more ease for shared points of reference and education. The benefict cannot be innovation or shaping of society ...
There is no best procedure, as in science you can wait 100 years to see a progress. If you don't have the idea, then there is no progress. And there are no shortcuts. If there was, all of our problems would be solved. 2nd thought, this is true. Progress comes from trial and error.. i had no idea, and just tried everything..
Elon Musk is somewhat of a counter example to the tinkering approach. He poses the question of what services would be good for society to have, absent any considerations of achievability. Of course, his IQ and work ethic are so exceptional that he is then able to actually achieve his original vision.
No. Musk original plan for Paypal (PalmPilot) is different from what they end up with. His SpaceX rockets initially failed before getting NASA contracts. His Tesla cars have been recalled and updated multiple times to fix errors, even went bankrupt at 1 point. Don't forget his Hyperloop. We can even count his failed marriages as an example of how top-down approach fails.
Soviet style state planing is what the Chinese have in their success mix. All countries must plan for that and more but also be a flexible open intelligent entity. Corruption is another known but the egocentric, gains centered agents and systems ignore and use for differential and sometimes absolute advantage. We should be talking at a more dynamic depth, say the Desire dialectic (J. Lacan. S. Freud) at the center of all, and including the world destroyers. We are all part of this concave, fragile, Biological, Cultural system that has that origin as a barbaric axis that generates the destructive disharmony moving beyond our fortune and Goldie lux God given Earth. 1000 IQ points from a future AI and all the history books seems will be too late for this seudo sapient, not very lucid wake we leave behind. Bankers (long hand crooks) run our global fragility. I salute you from México.
GOod video but then you lost me with the tiresome Warren Buffett Charlie Munger stuff.. WHY are these guys revered so much its crazy, they have not innnovated or created anything.
SUMMARY: Successful businesses have often been not as a result of a deliberate plan based on legacy experience and expertise but because of simply trying various random things to find what worked, especially the fast and frugal approach where if you make a small error, you're not ruined. This is a way of 'tinkering'. The opposite to this is the institutionalized knowledge pushed by academia - top-down knowledge where you learn as much as you can about what worked in the PAST before you even go about applying it. The key to success is to focus on trying things in the present without looking into the future or without feeling like you need to learn an industry or UNDERSTAND a process, and the immediate results will tell you if you're on the right path or not. You may not understand WHY something works or not but if it works, it works and that's all you need to know. You can then discover a path to follow in real time and adapt to its changing currents and data as opposed to mapping out a 5-year rigid plan. Therefore an attachment to legacy information is not good for innovation and a simple man's willingness to experiment and embrace randomness and uncertainty IS a much better approach for innovation.
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