Compounding: “All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.” - Naval
Entropy: Over time, everything in the universe, from a giant star to the most fundamental of particle - protons, collapse and disintegrate.
When it is the natural order of things to go from order to randomness(chaos), it is very important in life that we get our priorities right.Dunning–Kruger effect: Awareness of the limitations of thinking requires a certain proficiency in thinking about the very act of thinking. In other words, being stupid makes you too stupid to realize how stupid you are.
Survivorship bias: Our perception is skewed towards validating experiences that pass a visibility threshold e.g. our understanding of serial killers is based on the ones who got caught.
Schelling point: If we observe a system, we can often find that there are certain focal points in the system where the interests of all stakeholders involved converge.
If we manage to identify the shelling points in a system(business, politics, strategy, etc..) we increase the probability of making competent decisions by an order of magnitude.
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