Naval artwork

Naval

70 episodes - English - Latest episode: 27 days ago - ★★★★★ - 1.4K ratings

Naval on wealth and happiness. On Twitter at @naval.

Investing Business Technology education engineering gettingrich investing learning science startups technology wealth
Homepage Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed

Episodes

How to Angel Invest, Part 2

June 12, 2020 09:00 - 36 minutes - 33.4 MB

Excerpted from the Spearhead podcast: http://spearhead.co

The Path to Peace Is Truth

March 26, 2020 13:29 - 1 minute - 1.64 MB

Discovering the truth can change you where self-improvement fails.   Transcript: http://nav.al/truth

Groups Search for Consensus, Individuals Search for Truth

March 24, 2020 14:49 - 2 minutes - 1.94 MB

Even smart people go along with society’s lies.   Transcript: http://nav.al/consensus

The Closer You Are to the Truth, the More Silent You Become Inside

March 10, 2020 15:09 - 1 minute - 1.17 MB

Wise people are quiet. Transcript: http://nav.al/silent  

Happiness Is Peace in Motion

March 05, 2020 14:13 - 2 minutes - 2.28 MB

Peace is happiness at rest. Transcript: http://nav.al/peace-motion  

Finding Peace from Mind

March 03, 2020 14:30 - 2 minutes - 2.01 MB

The mind should be a servant, not a master. Transcript: http://nav.al/peace  

Breaking Addiction is Socially Unacceptable

February 26, 2020 13:14 - 1 minute - 1.66 MB

Addiction holds together artificial relationships and fake activities. Transcript: http://nav.al/unacceptable

The Modern Struggle Is Fighting Weaponized Addiction

February 24, 2020 16:44 - 1 minute - 1.53 MB

Pursuing pleasure for its own sake creates addiction. Transcript: http://nav.al/addiction  

Work the Least for It

February 19, 2020 15:40 - 1 minute - 1.76 MB

Happy people don’t have to work as hard. Transcript: http://nav.al/least  

Being Unhappy Is Very Inefficient

February 17, 2020 17:00 - 1 minute - 1.66 MB

If you're a driven, unhappy person, your mind will be on 24/7. Transcript: http://nav.al/inefficient

If You’re So Smart, Why Aren’t You Happy?

February 12, 2020 17:00 - 2 minutes - 2.67 MB

You can increase your happiness without losing your drive. Transcript: http://nav.al/smart

Desire Is a Contract You Make to Be Unhappy

February 10, 2020 17:00 - 1 minute - 1.09 MB

Happiness is returning to a state where nothing is missing. Transcript: http://nav.al/desire

Happiness Is a Skill You Can Develop

February 03, 2020 19:36 - 1 minute - 1.19 MB

You’re not stuck at your current level of happiness. Transcript: http://nav.al/skill

Happiness Is Not Science or Math

January 28, 2020 15:34 - 1 minute - 1.37 MB

Happiness is more like poetry than algorithms. Transcript: http://nav.al/math

Happiness Without Material Comfort Is Playing on Hard Mode

January 28, 2020 15:30 - 2 minutes - 2.16 MB

It's easier to fulfill your material desires than to renounce them. http://nav.al/material

Live Long Enough and You’ll Become a Philosopher

January 25, 2020 17:00 - 1 minute - 1.51 MB

This podcast is a practical philosophy of health, wealth and happiness. Transcript: https://nav.al/philosopher

How to Get Rich: Every Episode + Extras

December 10, 2019 17:23 - 3 hours - 197 MB

This giant episode collects every interview we've done on “How to Get Rich.” It includes the tweetstorm, Q&A, and 10 minutes of unreleased material on finding time to invest in yourself—at the end. Transcript: https://nav.al/rich Seek Wealth, Not Money or Status 1:30 Make Abundance for the World 6:40 Free Markets Are Intrinsic to Humans 10:21 Making Money Isn’t About Luck 14:19 Make Luck Your Destiny 19:25 You Won’t Get Rich Renting Out Your Time 24:00 Live Below Your Means...

How to Angel Invest, Part 1

November 17, 2019 20:44 - 39 minutes - 36.1 MB

Excerpted from the Spearhead podcast: http://spearhead.co

How to Angel Invest

November 17, 2019 20:44 - 39 minutes - 36.1 MB

A preview of the Spearhead podcast, where we discuss angel investing. Subscribe to the podcast: http://spearhead.co/podcast. Apply to Spearhead: http://spearhead.co.

Externalities: Calculating the Hidden Costs of Products

July 31, 2019 11:40 - 1 minute - 1.6 MB

Externalities let you account for the true cost of products by including hidden costs like environmental damage. • Pricing externalities properly is more effective than feel-good measures 0:32 • Properly pricing externalities can save resources in a tremendous way 1:10 Transcript: http://nav.al/externalities

Net Present Value: What Future Income Is Worth Today

July 29, 2019 16:49 - 1 minute - 1000 KB

Calculate what future income is worth today by applying a discount to its future value. • Figure out what future income is worth today by applying a discount rate 0:00 Transcript: http://nav.al/npv

Consumer Surplus: Getting More Than You Paid For

July 25, 2019 11:03 - 49 seconds - 802 KB

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

Price Discrimination: Charge Some People More

July 23, 2019 11:30 - 1 minute - 1.11 MB

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 more 0:51 Transcript: http://nav.al/price-discrimination

Compounding Relationships Make Life Easier

July 19, 2019 18:13 - 2 minutes - 2.3 MB

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 • It takes just as much effort to create a small business as a large one 1:40 Transcript: http://nav.al/relationships

Turn Short-Term Games Into Long-Term Games

July 15, 2019 15:42 - 2 minutes - 2.5 MB

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 whoever cares less 0:44 • Convert single-move games to multi-move games 1:54 Transcript: http://nav.al/pareto-optimal

Schelling Point: Cooperating Without Communicating

July 12, 2019 12:29 - 1 minute - 1.55 MB

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, art and politics 1:14 Transcript: http://nav.al/schelling-point

Kelly Criterion: Avoid Ruin

July 10, 2019 10:34 - 1 minute - 1.6 MB

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-criterion    

Principal-Agent Problem: Act Like an Owner

July 08, 2019 18:13 - 6 minutes - 6.17 MB

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 agent’s incentives 1:08 • If you can work on incentives, don't work on anything else 2:15 • When you do deals, it’s better to have the same incentives 3:15 • If you’re an employee, your most important job is to think like a principal 4:05 • Deal with small firms to avoid the principal-age...

Envy Can Be Useful, or It Can Eat You Alive

June 28, 2019 18:23 - 3 minutes - 3.23 MB

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 I was meant to do 1:14 • Envy can be useful or it can eat you alive 2:28 Transcript: http://nav.al/envy

Being Ethical Is Long-Term Greedy

June 26, 2019 19:49 - 3 minutes - 3.17 MB

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 other long-term players 1:19 • Being ethical is long-term greedy 1:58 • If you cut fair deals, you will get paid in the long run 2:40 Transcript: http://nav.al/ethics  

We Should Eventually Be Working for Ourselves

June 24, 2019 16:19 - 4 minutes - 4.11 MB

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 advice 0:48 • Look up the value chain to find leverage 1:58 • You will do better in a small organization 2:43 • The goal is that we are all working for ourselves 3:25 Transcript: http://nav.al/target-audience  

Accountability Means Letting People Criticize You

June 21, 2019 18:00 - 3 minutes - 3.37 MB

Misunderstanding accountability, and other mistakes on the path to creating wealth. • Accountability means letting people criticize you 0:00 • The most interesting parts should be the ones you disagree with 1:06 • Get the free leverage that's available in tech 1:53 • Not doing things because other people can't do them is living in denial 2:21 • Realize your philanthropic vision by running a business 2:54 Transcript: http://nav.al/common-mistakes

How to Get Rich: Every Episode

June 02, 2019 19:04 - 3 hours - 197 MB

This giant episode collects every interview I’ve done on “How to Get Rich.” It includes 10 minutes of unreleased material—at the end—on “Finding Time to Invest in Yourself.” Transcript: http://nav.al/rich Seek Wealth, Not Money or Status 1:30 Make Abundance for the World 6:40 Free Markets Are Intrinsic to Humans 10:21 Making Money Isn’t About Luck 14:19 Make Luck Your Destiny 19:25 You Won’t Get Rich Renting Out Your Time 24:00 Live Below Your Means for Freedom 28:40 Give ...

Productize Yourself

May 24, 2019 19:06 - 1 minute - 3.54 MB

Figure out what you're uniquely good at and apply as much leverage as possible. • Figure out what you're uniquely good at and apply as much leverage as possible 0:00 • Find hobbies that make you rich, fit and creative 1:07 Transcript: http://nav.al/productize-yourself

There Are No Get Rich Quick Schemes

May 23, 2019 19:43 - 4 minutes - 8.6 MB

Get rich quick schemes are just someone else getting rich off you. • There are no get rich quick schemes 0:00 • We don't have ads because it would ruin our credibility 0:56 • Every founder has to lie to every employee 2:02 • Anyone giving advice on how to get rich should have made their money elsewhere 3:02 Transcript: http://nav.al/rich-quick

A Calm Mind, a Fit Body, a House Full of Love

May 21, 2019 19:18 - 4 minutes - 3.81 MB

When you're finally wealthy, you'll realize it wasn't what you were seeking in the first place. • When you're wealthy, you'll realize it wasn't what you were seeking 0:00 • A calm mind, a fit body and a house full of love must be earned 1:00 • Practical advice for a calmer internal state 1:52 • A lot of divorces happen over money, a lot of battles happen over internal anger 3:14 Transcript: http://nav.al/finally-wealthy

Reject Most Advice

May 20, 2019 19:56 - 2 minutes - 2.71 MB

Most advice is people giving you their winning lottery ticket numbers. • The best founders listen to everyone but make up their own mind 0:00 • Advice is maxims you can recall later, when you get your own experience 1:29 Transcript: http://nav.al/reject-advice

Eventually You Will Get What You Deserve

May 19, 2019 19:26 - 4 minutes - 3.82 MB

Apply specific knowledge with leverage and eventually you will get what you deserve. • On a long enough time scale you will get paid 0:00 • What are you really good at that the market values? 1:59 Transcript: http://nav.al/deserve

Play Stupid Games, Win Stupid Prizes

May 17, 2019 19:01 - 2 minutes - 2.46 MB

Competition will blind you to greater games. You're one step away from a better market. • Businesses that seem like they're in direct competition really aren't 0:00 • My first company got caught up in the wrong game 1:23 Transcript: http://nav.al/stupid-games

Escape Competition Through Authenticity

May 16, 2019 10:30 - 5 minutes - 5.18 MB

Competition can make you play the wrong game. No one can compete with you on being you. • Competition will trap you in a lesser game 0:00 • No one can compete with you on being you 1:27 • In entrepreneurship, the masses are never right 2:40 • Combine your vocation and avocation 3:45 Transcript: http://nav.al/competition-authenticity  

Keep Redefining What You Do

May 13, 2019 10:46 - 2 minutes - 1.92 MB

Become the best in the world at what you do. Keep redefining what you do until this is true. • Keep redefining what you do until you're the best at what you do 0:00 • Find founder-product-market fit 1:35 Transcript: http://nav.al/redefining  

Be Too Busy to “Do Coffee”

May 08, 2019 15:01 - 4 minutes - 3.78 MB

You should be too busy to “do coffee”, while still keeping an uncluttered calendar. • Be too busy to “do coffee” while keeping an uncluttered calendar 0:00 • People will meet with you when you have proof of work 2:00 • Networking is overrated even early in your career 2:09 Transcript: http://nav.al/meetings

Work As Hard As You Can

May 06, 2019 09:47 - 5 minutes - 4.75 MB

Work as hard as you can. Even though what you work on and who you work with are more important. • Work as hard as you can 0:00 • But what you work on and who you work with are more important 1:00 • Nobody really works 80 hours a week 2:22 • Inspiration is perishable 3:05 • Impatience with actions, patience with results 3:36 Transcript: http://nav.al/work-hard

Set an Aspirational Hourly Rate

May 01, 2019 16:41 - 3 minutes - 3.51 MB

If outsourcing a task will cost less than your hourly rate, outsource it. • Set and enforce an aspirational hourly rate 0:00 • You can't penny pinch your way to wealth 1:27 • My aspirational rate was $5,000/hr 1:56 • If you can outsource something for less than your hourly rate, outsource it 2:57 • Your hourly rate should seem absurdly high 3:39 Transcript: http://nav.al/hourly-rate

Judgment Is the Decisive Skill

April 29, 2019 15:55 - 6 minutes - 5.98 MB

Everything we've discussed so far has been setting you up to apply judgment. • In an age of infinite leverage, judgment becomes the most important skill 0:00 • Everything else you do is setting you up to apply judgment 1:21 • Judgment is knowing the long-term consequences of your actions 2:40 • Without experience, judgment is often less than useless 3:15 • The people with the best judgment are among the least emotional 4:05 • A lot of the top investors often sound like philosophe...

Example: From Laborer to Real Estate Tech

April 26, 2019 07:55 - 5 minutes - 4.98 MB

The continuum from laborer to real estate tech company goes from low accountability to high specific knowledge, accountability and leverage. • Laborers get paid hourly and have low accountability 0:19 • General contractors get equity, but they're also taking risk 1:20 • Property developers pocket the profit by applying capital leverage 2:14 • Architects, large developers and REITs are even higher in the stack 3:16 • Real estate tech companies apply the maximum leverage 4:05 Trans...

Pick a Business Model With Leverage

April 22, 2019 13:11 - 5 minutes - 5.33 MB

Ideally, you should pick a business model with network effects, low marginal costs and scale economies. • Scale economies: the more you produce, the cheaper it gets 0:00 • Zero marginal cost of reproduction: producing more is free 0:51 • Network effects: value grows as the square of the customers 1:34 • Network effect businesses are natural monopolies 2:26 • In a network effect, each new user adds value to the existing users 3:06 • Zero marginal cost businesses can pivot into net...

Product Leverage Is Egalitarian

April 19, 2019 09:40 - 5 minutes - 4.78 MB

Labor and capital are limited to the people who control those resources. But products reach global markets. • Product leverage is a positive-sum game 0:00 • Status goods are limited to a few people 0:57 • The best products tend to be targeted at the middle class 1:25 • Creating wealth with product leads to more ethical wealth 2:06 • You want to use the product that is used by the most people 3:06 • Capital and labor are becoming permissionless 4:24 Transcript: http://nav.al/ega...

Product and Media Are New Leverage

April 17, 2019 11:05 - 5 minutes - 4.89 MB

Product and media are the leverage of new wealth. Create software and media that work for you while you sleep. • Product and media are the new leverage 0:00 • Product leverage is where the new fortunes are made 0:55 • Combining all three forms of leverage is a magic combination 1:28 • Product and media leverage are permissionless 2:03 • The robots army is already here—code lets you tell them what to do 2:59 Transcript: http://nav.al/product-media  

Labor and Capital Are Old Leverage

April 15, 2019 11:06 - 4 minutes - 4.33 MB

Wealth requires leverage. Labor and capital are older forms of leverage that everyone is fighting over. • Our brains aren't evolved to comprehend new forms of leverage 0:00 • Society overvalues labor leverage 1:08 • You want the minimum amount of labor that allows you to use the other forms of leverage 1:56 • Capital has been the dominant form of leverage in the last century 2:40 • You need specific knowledge and accountability to obtain capital 4:52 Transcript: http://nav.al/lab...