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Maintain intellectual humility to avoid forecasting errors
“It was seen as super important, and there were domains that were going for millions and millions of dollars. And history didn't unfold that way. It was a really good example of something that made sense at the time was entirely plausible, but it's a good reminder to stay grounded when forecasting the future, because it just didn't unfold that way.”
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Test investment hypotheses using the scientific method
“You just can't fall in love with an idea, right? Form a hypothesis, and then continually test that hypothesis. It's a really good sequence of steps to help continually course correct you to the more correct answer. It is a way of thinking that I think investors should very, very, very much embrace.”
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Build personal financial resilience against AI displacement
“The best thing you can do is just be resilient. Not to say anti-fragile, just resilient. Just if X happens, am I ready for that? Am I prepared for that? Hard to do in today's world, but being as prepared as you can be financially is clearly the best solution you've got.”
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Prepare for lumpy economic shifts and inflation
“It's called counterfeit when we do it. It's called counterfeiting when we do it. It's called monetary policy when they do it. To some degree, they have more options than we do individually, because they can scale away where we can't. But, yeah, none of those are good things, and simply being prepared for those.”
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Use social media debate to sharpen investment ideas
“Twitter is a cesspit of awfulness in a lot of ways. If you cultivate a decent following and the people you deal with are reasonable, it actually can be quite an enjoyable back and forth. I've said a million times, I've sharpened a lot of my thinking through that back and forth on Twitter, when it's like, here's what I think. What about that? Oh, that's a good point.”