AMERICAN ROYALTY

Conventional beliefs only ever come to appear arbitrary and wrong in retrospect; whenever one collapses, we call the old belief a bubble. But the distortions caused by bubbles don’t disappear when they pop. The internet craze of the ’90s was the biggest bubble since the crash of 1929, and the lessons learned afterward define and distort almost all

“Shallow men believe in luck, believe in circumstances.… Strong men believe in cause and effect.”

Selling to Non-Customers

“it doesn’t matter what you do, as long as you do it well.” That is completely false. It does matter what you do. You should focus relentlessly on something you’re good at doing, but before that you must think hard about whether it will be valuable in the future.

THE PEOPLE QUESTION

Economies of Scale

Belief in secrets is an effective truth.

Marketing and Advertising