If you’d like to get rich or stay rich, I’d encourage you to develop the ability to change your mind. Most ideas are shitty. So staying fixated on shitty ideas creates an anchoring bias that will weigh you down to the mediocrity of the masses. Learn to change your mind and skate to where the puck is going to be. Others who can’t change their minds will constantly remind you of a former opinion. Ignore them. They want you to be down there with them so they can feel better about themselves. Don’t fall for it!
@chamath My wife and I have long said we think you're the smartest bestie on All-In (no offense to the others), and the explicit reason why is because you are the one who seems the most willing to change their mind.
@chamath what if you want to get integrity and keep integrity? do you see a conflict here?
Participating in prediction markets (risking modest amounts of money) is a great way to train one's epistemic humility, and ability to change one's mind. Without direct, continuous, quantitative feedback about whether one's ideas are valid, it's way too easy to coast along on confirmation bias.
@chamath So right. I changed my mind on SoFi, Clover Health, and Virgin Galactic and it was the right choice! Go where the puck will be!
@chamath Is this how you sleep at night
@chamath The ability to think from first principles and change your mind are underrated super powers.
@chamath I'd change 'rich' to 'successful' but other than that...this is good advice.
@chamath Exactly. Great pod the other day with Aaron Levie. I don’t agree with you about using Claude over Gemini though. Better tool calling but less power. But that is just my (strong) opinion. Keep up the great work!
@chamath i read this as "i'd encourage you to develop the ability to shamelessly, relentlessly, publicly contradict yourself"
"I have no sunk costs" In the fall of 1987, George Soros was aggressively bullish. Through the Quantum Fund, he had a large long position in the market. Then he had lunch with a friend (many believe Paul Tudor Jones). This friend methodically laid out the case for why the market was primed for a collapse. Within days came Black Monday, October 19, 1987. The Dow plunged 22% in a single day, the largest one-day percentage drop in history. When his lunch companion later called Soros, he was concerned about his damages. It blew his mind to learn that Soros had completely changed his position. A complete 180. He went from being heavily long the market to substantially short. Black Monday happened, Quantum printed $$, and the rest is history. Most investors treat their ideas like a part of their identity. They'd rather lose money than admit they were wrong. I actually respect people who change their minds. "Flip-Flopping" gets a negative rep, but if your opinion, viewpoint, or facts change, please change your mind!
@chamath Adaptability is the ultimate advantage in investing
@chamath What were the hardest “change of minds” you made in the last 12 months?
@chamath Free your mind to accept new ideas, and be flexible. Yes!!!
@chamath Ugh that sounds so difficult. How do I scam retail investors via worthless spacs instead?
@chamath What about Trumps tariffs? Still think a good idea?
@chamath Cham, thanks for sharing your wisdom to those of us among the mediocrity of the masses. Much obliged.
@chamath The inability to pivot even in the face of new, potent information seems impossible for a lot of people.
Very few people can do this You either have it or don’t IMHO Like the God complex for doctors, if they can’t see they can be wrong and change with their ideas or new data, they stay stagnant. They all want to be “right”, and I don’t get it. We are all wrong at times, just need to have insight!
@chamath Chamath ur gonna get so much hate for this post cmon dude
@chamath Being open and being around people that will honestly tell you if ideas are shitty has been helpful for me.
@chamath is right also where you ( most people) are STUCK? > Share joy & appreciate others genuinely in the process will help you change your #game @InspiredOne_ai App is here to help you share your joy follow us & download app to be informed by following influential voices, thought leaders, and topics that truly matter > using @InspiredOne_ai @Jason
@chamath I’m happy you changed your mind about politics. It takes courage to do so. 🙏🏻
@chamath The bigger (good) problem I am having right now is constantly upgrading good ideas ... AI Agents for example have opened up completely new avenues in 3 different projects These are beautiful times for people willing and able to absorb new information
@chamath You’ve changed your mind on SPAC so hard, you’re now mute on it Thank you for walking the talk 😉
