1/ You create value when you fulfill the unmet desires of people better than the alternatives they have (from competitors).
2/ The idea that capitalism rewards things that are rare and valuable was proposed by @ScottAdamsSays in his essay on career advice where he recommended readers to master various skills until no one else has the mix that you have.
2/ Whenever we try understanding the world around us – be it our customers’ behavior, or how stars circle the center of a galaxy, or how coronavirus affects the human body – we never have direct and full access to the underlying reality.
Will keep sharing notes in this thread as I go along.
1/ The first chapter is on why nerds are unpopular.
The key insight: groups with a clearly well-defined adversary (sports teams, companies) form hierarchy based on ability, while groups without an external adversary (teenagers in school) form hierarchy based on who can rise more
2/ Because teenagers yet don’t have economic value, they’re kept in schools so that adults can go about their day.
In such an empty place, being popular is a full time job and has less to do with what you can do but rather your ability to do things that “popular” kids do.