The Best Mental Models
Moat:
“An intrinsic characteristic that gives the business a durable competitive advantage” - Munger
The First Principles Method Explained by Elon Musk
youtu.beThe Circle of Competence is a mental model that involves developing a knowledge of what specific areas an individual has an understanding of or experience in. Everyone has built up useful knowledge in some area of the world. By realizing where your strengths lie, you can determine the areas where you have very little familiarity and avoid them to... See more
What is the Circle of Competence and How Do You Find Yours? | MyWallSt
A mental model is simply a representation of how something works. We cannot keep all of the details of the world in our brains, so we use models to simplify the complex into understandable and organizable chunks.
Farnam Street • Mental Models: The Best Way to Make Intelligent Decisions (~100 Models Explained)
If you don't have the underlying experience, then it just reads like a collection of quotes. It's cool, it's inspirational for a moment, maybe you'll make a nice poster out of it. But then you forget it and move on. Mental models are really just compact ways for you to recall your own knowledge.