The Best Mental Models
You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life. You've got to hang experience on a latticework of models in your head. What are the models? Well, the first rule is that you've got to have multiple models— because if you just have one or two that you're using, the... See more
Charlie Munger • A Lesson On Elementary, Worldly Wisdom As It Relates To Investment Management & Business – Charles Munger, USC Business School, 1994
mental model
The 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
Lindy Effect: "If a book has been in print for forty years, I can expect it to be in print for another forty years. But, and that is the main difference, if it survives another decade, then it will be expected to be in print another fifty years.”
A first principle is a basic assumption that cannot be deduced any further. Over two thousand years ago, Aristotle defined a first principle as “the first basis from which a thing is known.”
First principles thinking is a fancy way of saying “think like a scientist.” Scientists don’t assume anything. They start with questions like, What are we... See more
First principles thinking is a fancy way of saying “think like a scientist.” Scientists don’t assume anything. They start with questions like, What are we... See more
jamesclear.com • First Principles: Elon Musk on the Power of Thinking for Yourself
The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)
amazon.com
Moat:
“An intrinsic characteristic that gives the business a durable competitive advantage” - Munger