Naval

Labor and capital are limited to the people who control those resources. But products reach global markets.

• Product leverage is a positive-sum game 0:00

• Status goods are limited to a few people 0:57

• The best products tend to be targeted at the middle class 1:25

• Creating wealth with product leads to more ethical wealth 2:06

• You want to use the product that is used by the most people 3:06

• Capital and labor are becoming permissionless 4:24

Transcript: http://nav.al/egalitarian-leverage

Product and media are the leverage of new wealth. Create software and media that work for you while you sleep.

• Product and media are the new leverage 0:00

• Product leverage is where the new fortunes are made 0:55

• Combining all three forms of leverage is a magic combination 1:28

• Product and media leverage are permissionless 2:03

• The robots army is already here—code lets you tell them what to do 2:59

Transcript: http://nav.al/product-media

Wealth requires leverage. Labor and capital are older forms of leverage that everyone is fighting over.

• Our brains aren't evolved to comprehend new forms of leverage 0:00

• Society overvalues labor leverage 1:08

• You want the minimum amount of labor that allows you to use the other forms of leverage 1:56

• Capital has been the dominant form of leverage in the last century 2:40

• You need specific knowledge and accountability to obtain capital 4:52

Transcript: http://nav.al/labor-capital

If you have high accountability, you're less replaceable and you can get a piece of the business.

• Accountability is how you're going to get equity 0:00

• Taking accountability is like taking equity in all your work 0:29

• The downside of accountability is not that large 2:11

• Accountability is reputational skin in the game 4:30

Transcript: http://nav.al/accountability-equity

Embrace accountability. Society will reward you with leverage.

• You have to have accountability to get leverage 0:00

• Take business risks under your own name 0:54

• A well-functioning team has clear accountability for each position 2:09

• People who can fail in public have a lot of power 3:47

Transcript: http://nav.al/accountability-leverage

There's no actual skill called business. Avoid business schools and magazines.

• There's no actual skill called business 0:00

• Doing is faster than watching 0:55

• The number of "doing" iterations drives the learning curve 2:49

• If you're willing to bleed a little every day, you may win big later 3:53

Transcript: http://nav.al/skill-business

If you understand mathematics and logic, you have the basis for understanding everything else.

• The ultimate foundations are math and logic: 0:00

• It's better to read a great book slowly than to fly through a hundred books quickly: 1:22

• Learn persuasion and programming: 2:08

Transcript: http://nav.al/math-logic

You should be able to pick up any book in the library and read it.

• Read what you love until you love to read: 0:00

• Read the original scientific books in a field: 1:44

• Don't fear any book: 2:43

• The means of learning are abundant, the desire to learn is scarce: 3:54

Transcript: http://nav.al/love-read

Learn to sell. Learn to build. If you can do both, you will be unstoppable.

• Learn to sell, learn to build 0:00

• The Silicon Valley model is a builder and seller 1:07

• If you can do both you will be unstoppable 1:52

• I'd rather teach an engineer marketing than a marketer engineering 2:48

• Building is better when you're starting out, sales scales better over time 4:33

Transcript: http://nav.al/build-sell

Specific knowledge tends to be creative or technical. It's on the bleeding edge of technology, art and communication.

• Specific knowledge can be taught through apprenticeships 0:00

• Specific knowledge is often highly creative or technical 0:45

• Specific knowledge is specific to the individual and situation 2:02

• You can't be too deliberate about assembling specific knowledge 3:01

• Build specific knowledge where you are a natural 4:44

Transcript: http://nav.al/creative-technical