Naval

A lot of people are willing to pay more than what companies charge. • Consumer surplus is the extra value you get when you pay less than you were willing 0:00 Transcript: http://nav.al/surplus

You can charge people for extras based on their propensity to pay. • Price discrimination is a technique for charging certain people more 0:00 • Rich people and large enterprises are willing to pay ...

Life gets a lot easier when you know someone's got your back. • Compounding relationships make life easier 0:00 • It's better to have a few compounding relationships than many shallow ones 1:11 • I...

Improve your leverage in negotiations by turning short-term relationships into long-term ones. • Pareto optimal solutions require a trade-off to improve any criterion 0:00 • Negotiations are won by ...

People who can't communicate can cooperate by anticipating the other person's actions. • Use social norms to cooperate when you can't communicate 0:00 • You can find Schelling points in business, ar...

Don't ruin your reputation or get wiped to zero. • Don't bet everything on one big gamble 0:00 • Ruining your reputation is the same as getting wiped to zero 0:54 Transcript: http://nav.al/kelly-cr...

If you think and act like an owner, it's only a matter of time until you become an owner. • A principal is an owner; an agent is an employee 0:00 • A principal's incentives are different than an age...

Envy can give you a powerful boost, or it can eat you alive if you let it follow you. • Suffering through the wrong thing can motivate you to find the right thing 0:00 • Being a lawyer was not what ...

If you cut fair deals, you will get paid in the long run. • Ethics isn't something you study; it's something you do 0:00 • Trust leads to compounding relationships 0:51 • Being ethical attracts oth...

The goal is that we are eventually wealthy and working for ourselves. • This advice is for anybody who wants to be entrepreneurial 0:00 • Middle age can be the most fruitful time to apply this advic...