My Takeaways from: Pando Video with Naval Ravikant, AngelList
[Video 28:00 – 32:05]
*All the returns in your life is coming from compounded interest
*Your best business relationship is going to be with people you end up working with for decades. Treat them well!
*People who are over-optimizing for the moment are signaling that they are not long-term players.
*Iterative prisoner’s dilemma: There were benefits to cooperate because you knew that you would play with them again. Now, Silicon Valley is a magnet town attracting many newcomers. There are huge rewards NOW. Many newcomers have the “win and leave” mentality. The temptation is to cheat. Stay away from them.
*Whenever someone comes in as a newcomer, ask yourself, is he/she someone that I am going to associate with a decade from now? If so, be wary of what they are offering.
*How do you know he is a long-term player or not? You don’t see what everyone is made of until things go south. So ask your self: do you like the person? Do you trust him/her? You should see if he/she is considerate / inconsiderate towards other people. Is he over-optimizing for the moment?
*Yes, people with the wrong interest often win and make quick money. However, if you are a long-term player, you can fail and do it again and again and again! Remember, you only have to get it right ONCE.