I asked Wharton students what they thought the average American worker makes per year and 25% of them thought it was over six figures. One of them thought it was $800k. Really not sure what to make of this (The real number is $45k)

Oh good, I went viral
A lot of people want to conclude that this says something special about Wharton students— I’m not sure it does. People are notoriously bad at making this kind of estimate, thinking the gap between rich and poor is smaller than it is.
This was indeed why I asked bschool students: I was curious if they were as biased as everyone else. Further reading: https://t.co/OrvHCbdJO7 and https://t.co/glE3mu1a9X

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Like company moats, your personal moat should be a competitive advantage that is not only durable—it should also compound over time.

Characteristics of a personal moat below:


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As Andrew Chen noted:


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Things that might get commoditized over time (some longer than


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After recorded music, the music itself became abundant and what became scarce was curation, distribution, and self space.

5/ Similarly, in careers, what used to be (more) scarce were things like ideas, money, and exclusive relationships.

In the internet economy, what has become scarce are things like specific knowledge, rare & valuable skills, and great reputations.