| One-way vs. two-way decisions | One-way • Irreversible or very hard to reverse. • You must be very careful, because the consequences are permanent or costly to undo. • Make these decisions slowly

Two-way • Reversible or low-cost to reverse. • You can experiment, try, and adjust without catastrophic consequences. • Make these decisions quickly | | --- | --- | | It is better to be right than fast | Acting quickly can sometimes feel productive, but if the decision is wrong, it can create bigger problems later.

This is another way to describe one-way vs two-way decisions. | | Thinking in first principles | Break down a complex idea or problem into its most basic, fundamental truths and then reason up from there, rather than relying on analogies, assumptions, or conventional wisdom. | | Thought experiments | Mental exercise where you imagine a scenario to explore ideas, test hypotheses, or reason through a problem without physically performing it. | | Strong beliefs, loosely held | Strong beliefs: You form well-reasoned opinions based on evidence, logic, or experience. You’re willing to act decisively on them.

Loosely held: You stay open to new information, feedback, or better arguments. You’re willing to change your mind if the evidence warrants it. | | Constraining resource | The resource that limits the performance or output of a system. In other words, it’s the thing you have the least of, or that works slowest, which determines the maximum the system can achieve. | | 2nd order consequences | Indirect or ripple effects of an action

During Britains rule of India, they offered a bounty for dead snakes. First order: they got dead snakes. Second order: people started breeding snakes. | | Working backwards | Start with the desired outcome and then figure out the steps needed to reach it, rather than starting from where you are now. | | Circle of competence | Where you have deep knowledge, expertise, and understanding—basically, where you truly “know what you’re doing.”

Stay within your circle of competence. | | Invert, always invert | Solve problems by thinking about the opposite of what you want.

Instead of asking, “How do I succeed?” ask, “What habits guarantee failure?” Avoiding those habits makes success more likely. | | Nothing is a monolith | Everything that seems like a single, solid thing is actually made up of multiple components, systems, or influences. | | Multiple, contradicting truths can coexist | Focuses on understanding and reconciling opposing ideas rather than choosing just one.

It’s about seeing the tension between contradictions and using that to arrive at a deeper or more comprehensive understanding. | | To finish first, you must first finish | How much do you invest in future-proofing?

If you focus too much on preparing for the future and don’t complete the task at hand, you’ll never reach that future and all the preparation becomes worthless. |