Part One

“Time is like a river that carries us forward into encounters with reality that require us to make decisions. We can’t stop our movement down this river and we can’t avoid those encounters. We can only approach them in the best possible way.”

“You better make sense of what happened to other people in other times and other places because if you don’t you won’t know if these things can happen to you and, if they do, you won’t know how to deal with them.”

“There are always risks out there that can hurt you badly, even in the seemingly safest bets, so it’s always best to assume you’re missing something.”

“It’s not a failure until you give up.”

" I just want to be right, I don’t care if the right answer comes from me:

  • Seek the smartest people who disagree with me so I could try to understand their reasoning.
  • Know when not to have an opinion.
  • Develop, test, and systemize timeless and universal principles.
  • Balance risks in ways that keep the big upside while reducing the downside. "

“Forecasts aren’t worth much, and most people who make them don’t make money in markets… This is because nothing is certain and when one overlays the probabilities of all the variant things that affect the future in order to make a forecast, one gets a wide array of possibilities with varying probabilities, not one highly probable outcome.”

“The greatest success you can have as the person in charge is to orchestrate others to do things well without you. A step below that is doing things well yourself, and worst of all is doing things poorly yourself.”

“See pain as nature’s reminder that there is something important for me to learn.”

“The happiest people discover their own nature and match their life to it.”

Part Two

“Truth - or, more precisely, an accurate understanding of reality - is the essential foundation for any good outcome.”

“Be radically open-minded and radically transparent.”

“You shouldn’t assume that you are always the best person to make decisions for yourself because often you aren’t. While it is up to us to know what we want, others may know how to get it better than we do because they have strengths where we have weaknesses.”

“Don’t get hung up on your views of how things “should” be because you will miss out on learning how they really are.”

“Weigh second- and third-order consequences. Quite often the first-order consequences are the temptations that cost us what we really want, and sometimes they are the barriers that stand in our way. (Pain and time spent when exercising, bad taste but healthy food, etc.)”

" The 5-Step Process:

  1. Have clear goals.
  2. Identify and don’t tolerate the problems that stand in the way of your achieving those goals.
  3. Accurately diagnose the problems to get at their root causes.
  4. Design plans that will get you around them.
  5. Do what’s necessary to push these designs through to results.
  • Do these steps one at a time in order, and iterate through them fast again and again based on feedback.
  • Do not blur the steps, i.e. when diagnosing problems just diagnose them, don’t think about how to solve them.
  • Acknowledging your weaknesses is not the same as surrendering to them.
  • Don’t mistake a cause of a problem with the real problem.
  • Focus on the “what is” before deciding “what to do about it”. "