Human Wisdom

Useful Concepts/Ideas

1. Ask 7 whys all the time

2. Be surrounded by better people than you. You'll be pulled towards that direction. Be surrounded by people I admire.

3. Decision tree: Useful when making decisions

4. Extreme maximization or minimization of one or two variables usually leads to huge success

5. Good ways to think

   1. Think in two tracks 1. Subconscious psychological factor and 2. Governing factor 

   2. For Governing Factor, I can think in 5 steps 

      • 1) Decide the big "no-brainer" 

      • 2) Apply numerical fluency 

      • 3) invert 

      • 4) Apply elementary multidisciplinary wisdom (Math, Physics, Economics, Biology, Psychology, etc.) 

      • 5) look for Lollapalooza effect 

6. If you want enemies, excel your friends; but if you want friends, let your friends excel you

7. I am the easiest person to fool 

8. Jealousy is bad. Do not covet 

9. "Look for 3 things in a person. Intelligence, Energy, & Integrity." by Warren Buffett

10. If they don't have the last one, don't even bother with the first two.

11. Mutually Exclusive and Collectively Exhaustive (MECE)

12. Need intense interest to excel

13. One hole can sink a ship

14. Pay attention to 2nd and 3rd order effects

15. People like something to help them forget stress eg YouTube, alcohols, food

16. Remember full name. Make people feel they are important. a person’s name is to that person the sweetest and most important sound in any language.

17. Resist the craving for false precision, false certainty

18. Standing on the shoulders of giants: The phrase "standing on the shoulders of giants" is a metaphor which means "using the understanding gained by major thinkers who have gone before in order to make intellectual progress"

19. Surfing: "When these new businesses come in, there are huge advantages for the early birds. And when you’re an early bird, there’s a model that I call “surfing” – when a surfer gets up and catches the wave and just stays there, he can go a long, long time. But if he gets off the wave, he becomes mired in shallows." by Charlie Munger 

20. Think about biological effects that can work in favor e.g. calories, caffeine, sugar, cooling/warming effects

21. Think Backward: "To solve problems we need to look at them both forward and backward." by Charlie Munger 

22. “People who can put themselves in the place of other people, who can understand the workings of their minds, need never worry about what the future has in store for them.” by Owen D. Young

23. “No, you are wrong,” he said. “I can call fifty thousand people by their first names.” by Jim Farley

24. Whenever Roosevelt expected a visitor, he sat up late the night before, reading up on the subject in which he knew his guest was particularly interested. For Roosevelt knew, as all leaders know, that the royal road to a person’s heart is to talk about the things he or she treasures most.

25. 10 Cultural Values in Berkshire’s letter from 2000

    1. Be Frugal and Multiply. 

    2. Your Word Is Your Bond.

    3. Don’t Over Promise, and Never Bet the Ranch.

    4. Admit Mistakes and Learn from Them.

    5. Pay for Performance.

    6. Love What You Do and Build a Sense of Community.

    7. Know Your Strengths and Limitations.

    8. Never Sacrifice the Future for Short-Term Gain.

    9. Be Accountable and Speak Candidly with Your Partners.

    10. Be Fair to All Investors.

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