Book Summary: The Almanack of Naval: Ravikant A Guide to Wealth and Happiness

Main conclusion made in this book

  • You need to invest in equity which brings you compound interest in the long run.
  • You need to build specific knowledge. This is something you love doing and because of that you have a competitive advantage in this knowledge. Put all your effort and focus into being the best in this.
  • You need to create leverage. Leverage can be created via code, capital, people, and writing.
  • Better decision making requires better mental models. To build metal models, you need to read a lot.
  • Create routines & metal models by daily reading and writing.
    • Reading and rereading is ok.
    • Speedreading is not important. It is important to understand what your read and apply that in practice to make the knowledge a fundamental part of the mental models you apply.
    • Reading and especially writing is the process of making sense of your thinking. It helps spotting blind spots and understanding of the subject at hand. Hence, writing is a crucial part in a learning process.
  • Read fundamentals like philosophy, mathematics, statistics, microeconomics & game theory.
  • Follow the trends and study technology.
  • Create code or media which builds leverage. Leverage meaning that it creates wealth while you sleep.
    • If you cannot code, then write.
    • Become a perpetual learner, thus aim to gain new knowledge on a daily basis.