Naval on getting rich.

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sf_tech_saver
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Naval on getting rich.

Post by sf_tech_saver » Sun Feb 24, 2019 1:23 am

I think every Boglehead should also study some Naval on investing. He is an angel investor ++ in the Bay Area. He is most interesting on how to invest ones time for compound returns in addition to just ones capital.

https://twitter.com/naval/status/1099458862191538181

"You don’t get rich by spending your time to save money.

You get rich by saving your time to make money."

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Re: Naval on getting rich.

Post by RadAudit » Sun Feb 24, 2019 11:54 am

Financial advice from an angel investor? I'm happy Naval is happy. Looks like speculation to me.

I have neither the skill, time, luck, nor money to play that game. YMMV. Best of luck.
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Re: Naval on getting rich.

Post by munemaker » Sun Feb 24, 2019 11:58 am

It never hurts to look at other's viewpoints. Naval is not for me though.

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Re: Naval on getting rich.

Post by Tycoon » Sun Feb 24, 2019 12:01 pm

No thanks.
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Re: Naval on getting rich.

Post by Independent George » Sun Feb 24, 2019 1:07 pm

It is half true, but the half he's missing is that there is a difference between income and wealth.

The best way to get rich is to invest in human capital like education, and earn a lot of money. The only way to stay rich is to spend less than you earn. I've met way too many high-income individuals who live paycheck-to-paycheck.

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Re: Naval on getting rich.

Post by RickBoglehead » Sun Feb 24, 2019 1:09 pm

I've tried staring at my navel, but it didn't get me rich. :D

I found that staring at other people's navels, most of which are women, could get me poorer if DW notices I am staring.
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Re: Naval on getting rich.

Post by VictoriaF » Sun Feb 24, 2019 1:10 pm

sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
I think every Boglehead should also study some Naval on investing.
I became a fan of Naval Ravikant after listening to the podcast of his discussion with Shane Parrish on Farnam Street, https://fs.blog/naval-ravikant/ . The discussion was so good that Shane has made the transcript available to non-subscribers. Naval is one of the smartest people around, but I don't think that every Boglehead will appreciate him. Some can't distinguish investing and life philosophies from cookbook recipes, as witnessed in the ongoing thread about Taleb's concept of antifragility.

Victoria
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Re: Naval on getting rich.

Post by drk » Sun Feb 24, 2019 1:11 pm

This just reads like a koan for his followers. Maybe it would be better in long-form as a fully developed idea.

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Re: Naval on getting rich.

Post by btenny » Sun Feb 24, 2019 1:24 pm

Victoria.. Did you really spend TWO hours listening to that Podcast? Way too long IMO. If there are that many good points to talk about why is the thing not broken into 3-6 parts, one for each point???
SO if this is how the guy communicates I already do not like him......

Good Luck.

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Re: Naval on getting rich.

Post by sf_tech_saver » Sun Feb 24, 2019 1:32 pm

VictoriaF wrote:
Sun Feb 24, 2019 1:10 pm
sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
I think every Boglehead should also study some Naval on investing.
I became a fan of Naval Ravikant after listening to the podcast of his discussion with Shane Parrish on Farnam Street, https://fs.blog/naval-ravikant/ . The discussion was so good that Shane has made the transcript available to non-subscribers. Naval is one of the smartest people around, but I don't think that every Boglehead will appreciate him. Some can't distinguish investing and life philosophies from cookbook recipes, as witnessed in the ongoing thread about Taleb's concept of antifragility.

Victoria
Thanks Victoria--think Naval is interesting mostly about how to invest our time vs. our portfolios. I'm not suggesting others become angel investors in tech at all, but rather that his riff's on how to build a compounding personal network and brand are important.

We need to look no further than the familiar mr money mustache who built a brand about thrifty retirement so well he no longer needs his own advice :)

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Re: Naval on getting rich.

Post by Blueskies123 » Sun Feb 24, 2019 1:46 pm

Naval is too smart for most mortals. I suspect he is a genius which you will see evidence of if you have the time to listen to the links below. He could never work at a job and save money, he would be fired in a few days. However, he does have some good insights. At first, I violently disagreed with what he said about hard work but after simmering on it for a year there is some truth is what he says.

https://www.youtube.com/watch?v=iu4RkmUIfR4
https://blog.dilbert.com/2019/02/12/epi ... ant-stuff/

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Re: Naval on getting rich.

Post by Blueskies123 » Sun Feb 24, 2019 1:52 pm

btenny wrote:
Sun Feb 24, 2019 1:24 pm
Victoria.. Did you really spend TWO hours listening to that Podcast? Way too long IMO. If there are that many good points to talk about why is the thing not broken into 3-6 parts, one for each point???
SO if this is how the guy communicates I already do not like him......

Good Luck.
I have, I listen to 2-3 hours of podcasts a day since I watch very little TV. I use Overcast for my podcasts. It eliminates the silences between words but does not speed up the actual words. It eliminates the dead space, but you have to listen carefully since there are no large gaps for your wandering mind.

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Re: Naval on getting rich.

Post by nisiprius » Sun Feb 24, 2019 2:02 pm

You don't get rich by taking short, pithy slogans seriously.

You are likely to use them to validate whatever you were planning to do anyway. You are likely to unconsciously select the slogans that match your pre-existing decisions. And you are likely to unconsciously interpret them to mean whatever you want them to mean. These are all positively dangerous things to do and may well lead to worse decisions than you would have made without the slogans.

Naval? How do you decide, objectively, whether you are "saving your time to make money" or not?

Peter Lynch? How do you decide, objectively, whether the growth you hope for comes at a "reasonable" price?

Warren Buffett? How do you decide, objectively, whether others are being "greedy" or "fearful?"

Also: how do you decide, objectively, what is "rich," whether you want to be "rich," and what you will do when you are "rich?"
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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Re: Naval on getting rich.

Post by sf_tech_saver » Sun Feb 24, 2019 2:05 pm

nisiprius wrote:
Sun Feb 24, 2019 2:02 pm
You don't get rich by taking short, pithy slogans seriously.

You are likely to use them to validate whatever you were planning to do anyway. You are likely to unconsciously select the slogans that match your pre-existing decisions. And you are likely to unconsciously interpret them to mean whatever you want them to mean. These are all positively dangerous things to do and may well lead to worse decisions than you would have made without the slogans.

Naval? How do you decide, objectively, whether you are "saving your time to make money" or not?

Peter Lynch? How do you decide, objectively, whether the growth you hope for comes at a "reasonable" price?

Warren Buffett? How do you decide, objectively, whether others are being "greedy" or "fearful?"

Also: how do you decide, objectively, what is "rich," whether you want to be "rich," and what you will do when you are "rich?"
Here is his full 'how to get rich' tweet storm if you want some detail.

https://twitter.com/naval/status/1002103360646823936

What's interesting to me is his obsession with compound interest which is identical to Boglehead's POV on portfolios, but he is articulate about how investments of time/personal brand can do the same thing today in the era of the internet.

Ignore the power of compound interest in your career work at your own risk IMHO.

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Re: Naval on getting rich.

Post by sf_tech_saver » Sun Feb 24, 2019 2:09 pm

Here is one Naval quote hope nobody here doesn't get :)

https://twitter.com/naval/status/1002103360646823936

"You’re not going to get rich renting out your time. You must own equity - a piece of a business - to gain your financial freedom."

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Re: Naval on getting rich.

Post by 2015 » Sun Feb 24, 2019 2:13 pm

My mind almost never wanders. It is almost always working on something, no matter what I'm doing. For me listening to podcasts is a highly inefficient use of my time. I can blaze through podcast transcriptions to pick up whatever nuggets of value exist to add them to my latticework of mental models.

I don't need to listen to anyone in order to "get rich." Getting rich is quite simple: add value, save, be frugal, keep investment costs low. Meanwhile, "students of investing" are always staring that their navels attempting to "get rich."

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Re: Naval on getting rich.

Post by Dottie57 » Sun Feb 24, 2019 2:26 pm

sf_tech_saver wrote:
Sun Feb 24, 2019 1:32 pm
VictoriaF wrote:
Sun Feb 24, 2019 1:10 pm
sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
I think every Boglehead should also study some Naval on investing.
I became a fan of Naval Ravikant after listening to the podcast of his discussion with Shane Parrish on Farnam Street, https://fs.blog/naval-ravikant/ . The discussion was so good that Shane has made the transcript available to non-subscribers. Naval is one of the smartest people around, but I don't think that every Boglehead will appreciate him. Some can't distinguish investing and life philosophies from cookbook recipes, as witnessed in the ongoing thread about Taleb's concept of antifragility.

Victoria
Thanks Victoria--think Naval is interesting mostly about how to invest our time vs. our portfolios. I'm not suggesting others become angel investors in tech at all, but rather that his riff's on how to build a compounding personal network and brand are important.

We need to look no further than the familiar mr money mustache who built a brand about thrifty retirement so well he no longer needs his own advice :)
Mmm. I can’t get past the adjectives : legendary, amazing, brilliant in the blog. If this Naval’s writing his most obvious quality is lack of humility.

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Re: Naval on getting rich.

Post by VictoriaF » Mon Feb 25, 2019 10:52 am

btenny wrote:
Sun Feb 24, 2019 1:24 pm
Victoria.. Did you really spend TWO hours listening to that Podcast? Way too long IMO. If there are that many good points to talk about why is the thing not broken into 3-6 parts, one for each point???
SO if this is how the guy communicates I already do not like him......

Good Luck.
I have a good attention span and use it judiciously. Don't you, Bill?

Victoria
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Re: Naval on getting rich.

Post by VictoriaF » Mon Feb 25, 2019 10:59 am

Blueskies123 wrote:
Sun Feb 24, 2019 1:46 pm
Naval is too smart for most mortals. I suspect he is a genius which you will see evidence of if you have the time to listen to the links below. He could never work at a job and save money, he would be fired in a few days. However, he does have some good insights. At first, I violently disagreed with what he said about hard work but after simmering on it for a year there is some truth is what he says.

https://www.youtube.com/watch?v=iu4RkmUIfR4
https://blog.dilbert.com/2019/02/12/epi ... ant-stuff/
Naval is brilliant, and listening to brilliant people is enriching even if they operate in a different domain and offer ideas you don't agree with.

Thank you for the links!

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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Re: Naval on getting rich.

Post by Starfish » Mon Feb 25, 2019 6:44 pm

I don't know much about Naval, but I can tell couple of things:
1. An angel investor is pretty much the opposite of a boglehead.
2. The time of a brilliant person and time of an average person have very different monetary values.

So yea, it cannot be mainstream on this forum.

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Re: Naval on getting rich.

Post by sf_tech_saver » Mon Feb 25, 2019 7:12 pm

Blueskies123 wrote:
Sun Feb 24, 2019 1:46 pm
Naval is too smart for most mortals. I suspect he is a genius which you will see evidence of if you have the time to listen to the links below. He could never work at a job and save money, he would be fired in a few days. However, he does have some good insights. At first, I violently disagreed with what he said about hard work but after simmering on it for a year there is some truth is what he says.

https://www.youtube.com/watch?v=iu4RkmUIfR4
https://blog.dilbert.com/2019/02/12/epi ... ant-stuff/

Thanks for the extended podcast, I hadn't listened to it fully.

I think one great line that applies to Bogleheads from it is his distinction on freedoms.

Freedom To was how he used to think about wealth....(buying stuff, etc)
Freedom From is how he thinks now...(independence, ability to sleep in as he please or think all day).

Both his focus on "freedom from" and his obsession with all of the ways to generate compounding returns make him required contextual research on investing for me.

Angel investing happens to be his highly specialized job in life....I'm certainly not suggesting that as an AA to this forum...that's nuts. But imagine we all leveraged our talent to build part time work online it sure would make the tedious debate between 3.2% and 4% less important......with lifetime long work we enjoyed.....my 2 cents!

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Re: Naval on getting rich.

Post by Enganerd » Mon Feb 25, 2019 8:25 pm

A Talab and a Naval thread running on bogleheads, this forum keeps getting better :sharebeer
VictoriaF wrote:
Sun Feb 24, 2019 1:10 pm
sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
I think every Boglehead should also study some Naval on investing.
I became a fan of Naval Ravikant after listening to the podcast of his discussion with Shane Parrish on Farnam Street, https://fs.blog/naval-ravikant/ . The discussion was so good that Shane has made the transcript available to non-subscribers. Naval is one of the smartest people around, but I don't think that every Boglehead will appreciate him. Some can't distinguish investing and life philosophies from cookbook recipes, as witnessed in the ongoing thread about Taleb's concept of antifragility.

Victoria
I listen to too many podcasts, after reading Deep Work I have been cutting back on my constant media consumption. But podcasts were always my favorite because you can listen while doing chores, working out, running, commuting etc. Anyways Naval's podcast on Farnam Street and his 2 on the Tim Ferris Show https://tim.blog/2015/08/18/the-evoluti ... -ravikant/ and https://www.stitcher.com/podcast/tim-fe ... oplay=true are all in my top 10. Such an interesting guy that comes across as genuinely trying to understand the world through voracious reading and deep thinking.

However, I follow him on twitter and more often than not I find his tweets and threads a bit too abstract. It seems like he is trying too hard to be an esoteric tech culture guru, but like I said his long form podcasts interviews are great. So maybe my tastes are just not well suited for twitter content.

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Re: Naval on getting rich.

Post by Lynette » Tue Feb 26, 2019 7:49 am

I browsed the transcript of his talk that was given in one of the links:

https://fs.blog/wp-content/uploads/2017 ... nt-TKP.pdf

Interesting fellow. It would seem that some of his thinking comes from his Eastern background. I have always been interested in history, culture and development of languages so about forty years ago, I decided to explore Asia and I went to Tibet, Thailand and India as well as Cambodia. I realized I really did not have time or interest to fully explore the ideas of these cultures.

I also think that some of these hedge fund / entrepreneurs / financial geniuses get themselves into controversial territory when they try to develop systems that cover areas in which they are not expert and are drawn from their own experience.

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Re: Naval on getting rich.

Post by DaftInvestor » Tue Feb 26, 2019 9:59 am

OP: What is your Naval take-a-way?

My take-a-away - statistically we are all in a computer simulation.

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Re: Naval on getting rich.

Post by VictoriaF » Tue Feb 26, 2019 10:16 pm

Enganerd wrote:
Mon Feb 25, 2019 8:25 pm
A Talab and a Naval thread running on bogleheads, this forum keeps getting better :sharebeer
VictoriaF wrote:
Sun Feb 24, 2019 1:10 pm
sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
I think every Boglehead should also study some Naval on investing.
I became a fan of Naval Ravikant after listening to the podcast of his discussion with Shane Parrish on Farnam Street, https://fs.blog/naval-ravikant/ . The discussion was so good that Shane has made the transcript available to non-subscribers. Naval is one of the smartest people around, but I don't think that every Boglehead will appreciate him. Some can't distinguish investing and life philosophies from cookbook recipes, as witnessed in the ongoing thread about Taleb's concept of antifragility.

Victoria
I listen to too many podcasts, after reading Deep Work I have been cutting back on my constant media consumption. But podcasts were always my favorite because you can listen while doing chores, working out, running, commuting etc. Anyways Naval's podcast on Farnam Street and his 2 on the Tim Ferris Show https://tim.blog/2015/08/18/the-evoluti ... -ravikant/ and https://www.stitcher.com/podcast/tim-fe ... oplay=true are all in my top 10. Such an interesting guy that comes across as genuinely trying to understand the world through voracious reading and deep thinking.

However, I follow him on twitter and more often than not I find his tweets and threads a bit too abstract. It seems like he is trying too hard to be an esoteric tech culture guru, but like I said his long form podcasts interviews are great. So maybe my tastes are just not well suited for twitter content.
I will check out Naval's podcasts on Tim Ferriss's show.

In the mean time, I really liked Naval's discussions with Scott Adams linked by Blueskies123 above, viewtopic.php?p=4402905#p4400386 .

Victoria
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Re: Naval on getting rich.

Post by VictoriaF » Tue Feb 26, 2019 10:20 pm

Lynette wrote:
Tue Feb 26, 2019 7:49 am
I browsed the transcript of his talk that was given in one of the links:

https://fs.blog/wp-content/uploads/2017 ... nt-TKP.pdf

Interesting fellow. It would seem that some of his thinking comes from his Eastern background. I have always been interested in history, culture and development of languages so about forty years ago, I decided to explore Asia and I went to Tibet, Thailand and India as well as Cambodia. I realized I really did not have time or interest to fully explore the ideas of these cultures.

I also think that some of these hedge fund / entrepreneurs / financial geniuses get themselves into controversial territory when they try to develop systems that cover areas in which they are not expert and are drawn from their own experience.
Hi Lynette,

Naval came to the U.S. as a child and grew up in multicultural New York. He reads widely, and I think his life philosophy is influenced more by his reading than by his family's heritage.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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Re: Naval on getting rich.

Post by 3-20Characters » Tue Feb 26, 2019 10:26 pm

Know thyself. — Oracle of Delphi

I’m not Naval and that’s fine.

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Re: Naval on getting rich.

Post by sf_tech_saver » Tue Feb 26, 2019 11:07 pm

DaftInvestor wrote:
Tue Feb 26, 2019 9:59 am
OP: What is your Naval take-a-way?

My take-a-away - statistically we are all in a computer simulation.
Good question! Honestly I shared on it Boggleheads because of his focus on first principles thinking around compound interest as the most powerful force in society.

Naval extends compound interest beyond stocks/bonds to personal brand, business relationships, and even romantic ones. His focus on long term game play in all dimensions of life seems to echo the Bogglehead one on investing.

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Re: Naval on getting rich.

Post by AlohaJoe » Tue Feb 26, 2019 11:18 pm

Enganerd wrote:
Mon Feb 25, 2019 8:25 pm


I listen to too many podcasts, after reading Deep Work I have been cutting back on my constant media consumption. But podcasts were always my favorite because you can listen while doing chores, working out, running, commuting etc.
This seems like almost exactly the opposite lesson to learn from Deep Work. If you're listening to podcasts while doing something else then you are definitely not doing Deep Work and are actually doing Shallow Work.

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Re: Naval on getting rich.

Post by AlohaJoe » Tue Feb 26, 2019 11:20 pm

btenny wrote:
Sun Feb 24, 2019 1:24 pm
Victoria.. Did you really spend TWO hours listening to that Podcast? Way too long IMO. If there are that many good points to talk about why is the thing not broken into 3-6 parts, one for each point???
SO if this is how the guy communicates I already do not like him......

Good Luck.
A podcast, much like a book, doesn't have to be consumed in a single sitting. You can pause and resume it later.

Dan Carlin's history podcasts are often several hours long; that doesn't mean he is a bad communicator.

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Re: Naval on getting rich.

Post by GCD » Wed Feb 27, 2019 1:01 am

Lynette wrote:
Tue Feb 26, 2019 7:49 am
I browsed the transcript of his talk that was given in one of the links:

https://fs.blog/wp-content/uploads/2017 ... nt-TKP.pdf
Meh. I just read that. "The Knowledge Project." Whatever.

I don't listen to podcasts. Maybe it is a characteristic of them to be shallow. Perhaps it is the medium rather than the guy.

But I have to say, the last time I encountered a conversation like that it was in a dorm room at 2 am between a couple of half-drunk sophomore philosophy majors. Color me unimpressed.

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Re: Naval on getting rich.

Post by Ivygirl » Wed Feb 27, 2019 7:47 am

Blueskies123 wrote:
Sun Feb 24, 2019 1:46 pm
Naval is too smart for most mortals. I suspect he is a genius which you will see evidence of if you have the time to listen to the links below. He could never work at a job and save money, he would be fired in a few days. However, he does have some good insights. At first, I violently disagreed with what he said about hard work but after simmering on it for a year there is some truth is what he says.

https://www.youtube.com/watch?v=iu4RkmUIfR4
https://blog.dilbert.com/2019/02/12/epi ... ant-stuff/
It's a pleasure to watch two really smart people talk about high-level things.

I don't think high-IQ persons whose minds run on continuous simulations themselves though are trustworthy for knowing what the universe is really like. A better way of finding out would be to look at the behavior and ideas of simpler people, because they see life closer to the way it is without making clever simulations. Their kind of wisdom is collected in proverbs and expressed in work and religion, also dance, song, and crafts.

Hard work is how a person who is not a genius makes and holds their place in the world. It's a 10 out of 10 in importance for me personally.

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Re: Naval on getting rich.

Post by VictoriaF » Wed Feb 27, 2019 10:38 am

Ivygirl wrote:
Wed Feb 27, 2019 7:47 am
Blueskies123 wrote:
Sun Feb 24, 2019 1:46 pm
Naval is too smart for most mortals. I suspect he is a genius which you will see evidence of if you have the time to listen to the links below. He could never work at a job and save money, he would be fired in a few days. However, he does have some good insights. At first, I violently disagreed with what he said about hard work but after simmering on it for a year there is some truth is what he says.

https://www.youtube.com/watch?v=iu4RkmUIfR4
https://blog.dilbert.com/2019/02/12/epi ... ant-stuff/
It's a pleasure to watch two really smart people talk about high-level things.
Me too!
Ivygirl wrote:
Wed Feb 27, 2019 7:47 am
I don't think high-IQ persons whose minds run on continuous simulations themselves though are trustworthy for knowing what the universe is really like. A better way of finding out would be to look at the behavior and ideas of simpler people, because they see life closer to the way it is without making clever simulations. Their kind of wisdom is collected in proverbs and expressed in work and religion, also dance, song, and crafts.

Hard work is how a person who is not a genius makes and holds their place in the world. It's a 10 out of 10 in importance for me personally.
Hard work is admirable but you need to look into the details. What's preferable:
- Having several jobs in college and an easy major with inferior grades? OR Pursuing a difficult major with top grades while working in the areas supplementing your major?
- Cutting down on your sleep to fit more tasks into the day? OR Having a full 8-hour sleep to consolidate your memory and have a clear mind for learning and decision making?
- Using your phone throughout the day for responding to messages? OR Allocating 2-3 hours per day for uninterrupted reading and thinking?
- Visible work such as long hours in the office and being immediately responsive? OR Invisible work of thinking and coming up with novel ideas?

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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Re: Naval on getting rich.

Post by StandingRock » Wed Feb 27, 2019 12:16 pm

I had to do some searching to figure out who you are talking about. I've never heard of him. But somehow I got onto a mailing list for one of his outfits called "AngelList". Took several attempts to get removed. It had a "scammy" whiff about it.

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Re: Naval on getting rich.

Post by sf_tech_saver » Wed Feb 27, 2019 12:27 pm

StandingRock wrote:
Wed Feb 27, 2019 12:16 pm
I had to do some searching to figure out who you are talking about. I've never heard of him. But somehow I got onto a mailing list for one of his outfits called "AngelList". Took several attempts to get removed. It had a "scammy" whiff about it.
LOL AngelList is one of the most reputable sources of Angel funding in Silicon Valley. It's invested over 1B into top startups. I'm not advising that regular investors use it, but Naval has zero scam factor that's for sure. As an Angel investor in Uber he is doing just fine without your money.....

Accrual
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Re: Naval on getting rich.

Post by Accrual » Wed Feb 27, 2019 2:27 pm

VictoriaF wrote:
Sun Feb 24, 2019 1:10 pm
sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
I think every Boglehead should also study some Naval on investing.
I became a fan of Naval Ravikant after listening to the podcast of his discussion with Shane Parrish on Farnam Street, https://fs.blog/naval-ravikant/ . The discussion was so good that Shane has made the transcript available to non-subscribers. Naval is one of the smartest people around, but I don't think that every Boglehead will appreciate him. Some can't distinguish investing and life philosophies from cookbook recipes, as witnessed in the ongoing thread about Taleb's concept of antifragility.

Victoria
Hi Victoria,

I just read the transcript during my lunch break and enjoyed it very much. I am now fascinated by Farnam Street and all that it provides (currently looking at the Mental Model blog post now). My question to you: as a paid subscriber to FS, do you believe the content warrants the yearly subscription fee? How active is the community? Just looking for some more general information about the 'premium' services from a current user. Thank you very much for linking!

interestediniras
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Re: Naval on getting rich.

Post by interestediniras » Wed Feb 27, 2019 3:14 pm

sf_tech_saver wrote:
Sun Feb 24, 2019 2:09 pm
Here is one Naval quote hope nobody here doesn't get :)

https://twitter.com/naval/status/1002103360646823936

"You’re not going to get rich renting out your time. You must own equity - a piece of a business - to gain your financial freedom."
This is demonstrably wrong.

Texanbybirth
Posts: 1124
Joined: Tue Apr 14, 2015 12:07 pm

Re: Naval on getting rich.

Post by Texanbybirth » Wed Feb 27, 2019 3:32 pm

munemaker wrote:
Sun Feb 24, 2019 11:58 am
It never hurts to look at other's viewpoints. Naval is not for me though.
+1. I read the PDF of the long podcast linked above. Man, that was...hm. I can say I won't be very interested in other things he has to say. He didn't strike me as "brilliant", or anything close really.
"Knowledge and innocence are both excellent things, and they are both very funny. But it is right that knowledge should be the servant and innocence the master." - GK Chesterton

MiddleOfTheRoad
Posts: 216
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Re: Naval on getting rich.

Post by MiddleOfTheRoad » Wed Feb 27, 2019 4:09 pm

GCD wrote:
Wed Feb 27, 2019 1:01 am
Lynette wrote:
Tue Feb 26, 2019 7:49 am
I browsed the transcript of his talk that was given in one of the links:

https://fs.blog/wp-content/uploads/2017 ... nt-TKP.pdf
Meh. I just read that. "The Knowledge Project." Whatever.

I don't listen to podcasts. Maybe it is a characteristic of them to be shallow. Perhaps it is the medium rather than the guy.

But I have to say, the last time I encountered a conversation like that it was in a dorm room at 2 am between a couple of half-drunk sophomore philosophy majors. Color me unimpressed.
Haha. I felt exactly the same way.

HoosierJim
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Re: Naval on getting rich.

Post by HoosierJim » Wed Feb 27, 2019 4:20 pm

sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
You get rich by saving your time to make money."
Most people can't do this. Elon Musk and Warren Buffet shouldn't cut their grass (unless the love grass cutting). If you have the motivation to do side work, start your own business or manage your rentals - go for it.

However, normal people (non users of this site) think they can save time and make more money by doing the following:
  • EVERY purchase via Amazon with same day delivery
  • Daily coffee/latte
  • Dollar a day shave club
  • Food delivery
  • Vampire monthly charges for various unused items (maybe health club without attending)
  • Burning miles as an uber driver in your luxury vehicle

For most people, a penny saved is a penny earned.

Can anybody think of more things that average people shouldn't do?

interestediniras
Posts: 81
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Re: Naval on getting rich.

Post by interestediniras » Wed Feb 27, 2019 4:21 pm

MiddleOfTheRoad wrote:
Wed Feb 27, 2019 4:09 pm
GCD wrote:
Wed Feb 27, 2019 1:01 am
Lynette wrote:
Tue Feb 26, 2019 7:49 am
I browsed the transcript of his talk that was given in one of the links:

https://fs.blog/wp-content/uploads/2017 ... nt-TKP.pdf
Meh. I just read that. "The Knowledge Project." Whatever.

I don't listen to podcasts. Maybe it is a characteristic of them to be shallow. Perhaps it is the medium rather than the guy.

But I have to say, the last time I encountered a conversation like that it was in a dorm room at 2 am between a couple of half-drunk sophomore philosophy majors. Color me unimpressed.
Haha. I felt exactly the same way.
Likewise. Highly performative intellectualism.

mak1277
Posts: 993
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Re: Naval on getting rich.

Post by mak1277 » Wed Feb 27, 2019 5:02 pm

Texanbybirth wrote:
Wed Feb 27, 2019 3:32 pm
munemaker wrote:
Sun Feb 24, 2019 11:58 am
It never hurts to look at other's viewpoints. Naval is not for me though.
+1. I read the PDF of the long podcast linked above. Man, that was...hm. I can say I won't be very interested in other things he has to say. He didn't strike me as "brilliant", or anything close really.
I actually landed on the other end of the spectrum. I'd never heard of the guy until I read this post, but I found his commentary in the podcast transcript to be interesting and in many cases right up my alley.

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Blueskies123
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Location: South Florida

Re: Naval on getting rich.

Post by Blueskies123 » Wed Feb 27, 2019 5:03 pm

[/quote]

Hi Victoria,

I just read the transcript during my lunch break and enjoyed it very much. I am now fascinated by Farnam Street and all that it provides (currently looking at the Mental Model blog post now). My question to you: as a paid subscriber to FS, do you believe the content warrants the yearly subscription fee? How active is the community? Just looking for some more general information about the 'premium' services from a current user. Thank you very much for linking!
[/quote]

Farnam Street is great. He has a blog for those that do not like Podcasts but I get a lot more out of the podcasts. Look for his Blog and Podcast on 1) how not to be stupid and 2) how to read.

Texanbybirth
Posts: 1124
Joined: Tue Apr 14, 2015 12:07 pm

Re: Naval on getting rich.

Post by Texanbybirth » Wed Feb 27, 2019 5:10 pm

mak1277 wrote:
Wed Feb 27, 2019 5:02 pm
Texanbybirth wrote:
Wed Feb 27, 2019 3:32 pm
munemaker wrote:
Sun Feb 24, 2019 11:58 am
It never hurts to look at other's viewpoints. Naval is not for me though.
+1. I read the PDF of the long podcast linked above. Man, that was...hm. I can say I won't be very interested in other things he has to say. He didn't strike me as "brilliant", or anything close really.
I actually landed on the other end of the spectrum. I'd never heard of the guy until I read this post, but I found his commentary in the podcast transcript to be interesting and in many cases right up my alley.
I'd be interested to hear in which cases it was right up your alley, but I understand if that might derail this thread too much.
"Knowledge and innocence are both excellent things, and they are both very funny. But it is right that knowledge should be the servant and innocence the master." - GK Chesterton

mak1277
Posts: 993
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Re: Naval on getting rich.

Post by mak1277 » Wed Feb 27, 2019 5:18 pm

Texanbybirth wrote:
Wed Feb 27, 2019 5:10 pm
mak1277 wrote:
Wed Feb 27, 2019 5:02 pm
Texanbybirth wrote:
Wed Feb 27, 2019 3:32 pm
munemaker wrote:
Sun Feb 24, 2019 11:58 am
It never hurts to look at other's viewpoints. Naval is not for me though.
+1. I read the PDF of the long podcast linked above. Man, that was...hm. I can say I won't be very interested in other things he has to say. He didn't strike me as "brilliant", or anything close really.
I actually landed on the other end of the spectrum. I'd never heard of the guy until I read this post, but I found his commentary in the podcast transcript to be interesting and in many cases right up my alley.
I'd be interested to hear in which cases it was right up your alley, but I understand if that might derail this thread too much.
Definitely beyond the scope of this forum, but I'll ping you with a PM in the next day or so...happy to discuss it with someone.

Lynette
Posts: 1882
Joined: Sun Jul 27, 2014 9:47 am

Re: Naval on getting rich.

Post by Lynette » Thu Feb 28, 2019 9:34 am

VictoriaF wrote:
Tue Feb 26, 2019 10:20 pm

Hi Lynette,

Naval came to the U.S. as a child and grew up in multicultural New York. He reads widely, and I think his life philosophy is influenced more by his reading than by his family's heritage.

Victoria
Hi Victoria,

He was nine when he came to the USA from India. He appears to have been close to his mother even though she was absent much of the time as she was working or studying. In the interview he states: "I think human beings are entirely creatures of habit. Young children are born with no habit loops. They’re essentially born as blank slates. Then they habituate themselves to things and they learn patterns and they get conditioned and they use that to get through everyday life." I am not sure about the "blank slate" theory as I am not an expert on early child development but he thinks that reading contributed much to his philosophy. Maybe he is correct .. maybe ..?

Texanbybirth
Posts: 1124
Joined: Tue Apr 14, 2015 12:07 pm

Re: Naval on getting rich.

Post by Texanbybirth » Thu Feb 28, 2019 10:45 am

Lynette wrote:
Thu Feb 28, 2019 9:34 am
VictoriaF wrote:
Tue Feb 26, 2019 10:20 pm

Hi Lynette,

Naval came to the U.S. as a child and grew up in multicultural New York. He reads widely, and I think his life philosophy is influenced more by his reading than by his family's heritage.

Victoria
Hi Victoria,

He was nine when he came to the USA from India. He appears to have been close to his mother even though she was absent much of the time as she was working or studying. In the interview he states: "I think human beings are entirely creatures of habit. Young children are born with no habit loops. They’re essentially born as blank slates. Then they habituate themselves to things and they learn patterns and they get conditioned and they use that to get through everyday life." I am not sure about the "blank slate" theory as I am not an expert on early child development but he thinks that reading contributed much to his philosophy. Maybe he is correct .. maybe ..?
Food for thought: we're two for two on having children who have the following "habit loop" from the moment of birth: eat, poop, sleep, (maybe) cry, eat, sleep...you get the point. I'm pretty sure our third will fall into this habit, too.

The tabula rasa view of the human person (not directly addressed in my previous sentences) is a highly contested area of psychology, philosophy, and child development. I certainly wouldn't take one man's musings on it as gospel.
"Knowledge and innocence are both excellent things, and they are both very funny. But it is right that knowledge should be the servant and innocence the master." - GK Chesterton

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White Coat Investor
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Re: Naval on getting rich.

Post by White Coat Investor » Thu Feb 28, 2019 10:48 am

sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
I think every Boglehead should also study some Naval on investing. He is an angel investor ++ in the Bay Area. He is most interesting on how to invest ones time for compound returns in addition to just ones capital.

https://twitter.com/naval/status/1099458862191538181

"You don’t get rich by spending your time to save money.

You get rich by saving your time to make money."
I discovered that a year or so ago and I think it's great. Some of the quotes are awesome.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

User avatar
White Coat Investor
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Re: Naval on getting rich.

Post by White Coat Investor » Thu Feb 28, 2019 10:52 am

The Internet has massively broadened the possible space of careers. Most people haven't figured this out yet.
I thoroughly believe this to be true
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

AlohaJoe
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Re: Naval on getting rich.

Post by AlohaJoe » Thu Feb 28, 2019 10:58 am

sf_tech_saver wrote:
Sun Feb 24, 2019 1:23 am
"You don’t get rich by spending your time to save money.

You get rich by saving your time to make money."
Wasn't that the message of the best selling book The Four Hour Work Week? And The E Myth, if you want to go even further back?

I guess timeless advice for those who hadn't heard it before.

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