Naval

This giant episode collects every interview I’ve done on “How to Get Rich.” It includes 10 minutes of unreleased material—at the end—on “Finding Time to Invest in Yourself.”

Transcript: http://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

Happiness is returning to a state where nothing is missing.

Transcript: http://nav.al/desire

Introduction 0:00

Haseeb’s background 0:22

Vitalik’s background 2:43

A blockchain you can build any app on top of 7:02

Eth trades efficiency for transparency 10:18

Like plain text, Eth is simple and efficient 12:41

Only high-value transactions can afford the blockchain 13:08

Doing away with ‘trusted’ third parties 14:09

Trading performance for security 14:43

‘Impregnable castles made of math’ 16:23

Ethereum’s limitations are latency and privacy 16:56

There are ways to get back your privacy 19:32

Can Eth provide a high level of decentralization and a high level of scaling at the same time? 20:39

Sharding leads to more centralization 21:49

Verifiability at the expense of scaling 24:00

How much decentralization is the right amount? 25:11

What happens when subsidies to join nodes disappear? 27:07

Stateless clients make it possible to verify the chain with very little on your hard drive 28:18

Staking culture is difficult to cultivate 28:52

New blockchain players tend to go for minimum viable decentralization 29:54

People don’t value privacy until somebody goes to jail over it 30:32

Eth is ‘simple at the base’ 31:12

Social recovery wallets make it easier to be your own bank 31:44

Block space is getting expensive 32:41

There’s not a lot of innovation on Bitcoin, by design 33:35

Blockchain’s ‘free-rider effect’ 34:57

Innovation is slowest at Layer 1 35:34

Layer 2 moves faster because it’s permissionless 36:59

What if we froze Layer 1 today? 37:25

Data for computation trade-off 38:57

Benchmarking blockchains apples-to-apples 40:02

Enshrining decentralization 41:43

Tensions between scaling and preserving value 42:27

There will be multiple stores of value 43:54

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Transcript http://nav.al/vitalik

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

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