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A Thread - What to read in 2021?

Wisdom via @EricJorgenson via @naval via @illacertus... from @Navalmanack a book I’ll be rereading in 2021.

Here’s why.

“I don’t want to read everything. I just want to read the 100 great books over and over again.” - @illacertus

 “I think there’s a lot to that idea. It’s really more about identifying the great books for you because different books speak to different people. Then, you can really absorb those.” - @naval
It was a few years back I started thinking about the idea of rereading books vs trying to “keep up” with the constant consumption of new material rolling off the book publisher’s assembly lines.
I believe the consept first landed on my radar from that very @farnamstreet podcast where @naval shared the quote referenced above.

It immediately made sense to me.
It’s crazy to think about how much the world has evolved in just the last decade.

Technology is creating shorter attention spans with the constant bombardment of bite-sized “click bait” headlines and iPhone notifications.
For those who haven’t watched the Netflix doc The Social Dilemma, look no further than the algorithms designed to constantly keep our eyes glued to our phones and in turn the ad dollars being spent there.

Which leads me to a thesis I believe to be more and more true.
I believe the ability to focus...

to absorb...

to go deep...

is becoming a true super power.
Which brings me back to the idea of compiling a short list of books that you want to truly absorb and reading them over and over until you understand them to the level you’ve acquired all they have to offer.

With that in mind...
Today marks my third time reading through @RyanHoliday & @SteveHanselman’s @dailystoic.

Pictured is my copy below, which I grabbed back in 2016 when it came out.

As you can see, it’s got some miles on it as it’s literally traveled with me mostly wherever I’ve gone since.
All cliches aside, this book has made me a better version of myself.

More patient.

More accepting.

Less anxious.

A better listener.

I can honestly say this year’s reading was by far the most impactful.

Yes, maybe some of that was due to the year that was 2020.

However...
Looking back, I simply wasn’t ready for many of the passages my first few times through.

“When the student is ready the teacher will appear.” - Tao Te Ching
Also, with multiple readings, I’ve benefited from the “compound effect” of absorbing, putting into action, and building upon that which I’ve read before.

So...
Here’s to distilling your list of books/ideas/goals down to what is essential this year.

Go deep.

Absorb.

Make those “words become works” in 2021.
If you could choose only 1 book to reread this year, which one would it be?

More from Startup

Julian Shapiro
Julian Shapiro
@Julian
THREAD: 10 significant things that the best startup founders get right.

(From my notes helping 400+ founders grow their startups.)

The smartest people I’ve met:

They retrain their minds to enjoy being wrong.

They get a dopamine hit when proven wrong because they’re excited to be closer to the truth. The truth is addictive.

In contrast, if you refuse to lose a debate, your brain keeps running old firmware.

I don’t know one highly effective person who isn’t strongly biased toward taking action.

They defer the stuff that doesn’t matter, and they always finish the stuff that does.

It's about rate of iteration and persistence, not brilliance.

The successful people I know have mastered delayed gratification:

They let themselves feel a dopamine hit when they do something that makes their future selves better.

They've learned to value their future self as much as their present self.

Success in life really appears to be two things:

1. Point yourself in the right direction.

2. Do the work even when you're not in the mood to.

(And privilege.)
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Atharva Kharbade
Atharva Kharbade
@athrvakhrbde
Part-II
Startup Bharat: @naval & @balajis

The full Clubhouse session in text

Thread Continued

16/

Naval: It's funny because right now there's like that dude, where's my flying car mean, which is like, we were promised flying cars, but instead we got, 280 characters, 140 characters, and there's some truth to that. But at the same time, We're going to get our flying cars.

17/

We have drones that are flying overhead. How long before those things are carrying larger and larger payloads, but carry humans all the way. Maybe not, but there's lots of other electric plane companies coming.

18/

We have electric cars, we have rockets. If you can look at like bird and lime and so on that electric scooter revolution, that's a bigger deal than people think.

19/

One of the big problems with a developing country like India is you just have horrible pollution and traffic. But you can see how over time that in the West, a lot of non-electric vehicles are being replaced by electric vehicles not because they're cooler or necessarily...
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Brian Bourque
Brian Bourque
@bbourque
22 startup principles to scale your company in 2022:

1) The obstacle is the way

Every hard problem you solve is a moat that others will shrink from.

Most people don’t have the stamina for hard work.

Challenges completed are insurance policies against competition.

2) Sell your story, not your product

Your company isn’t a product, it’s a story.

Great stories attract great employees and great customers.

Sell your story.

3) Focus on leverage

Points of leverage are areas where inputs can disproportionally affect outputs:

- A better conversion funnel impacts all sales
- A better sales process impacts all revenue
- A better onboarding process reduces churn

4) Focus on customers, not competitors

Success comes down to whether people will pay you to solve their problems.

Competitive intelligence is useful to understand where other attempts to solve a problem fall short.

But the customer’s actions speak loudest.
STARTUP
Elizabeth Yin
Elizabeth Yin
@dunkhippo33
Today's thread is on the affiliate business model. Many years ago, I used to be an affiliate marketer. If there is any way to get schooled in marketing, becoming an affiliate marketer is probably the best way.

What is affiliate marketing and why should you care?

Read on >>

1) Affiliate marketing is selling products or generating leads on behalf of other companies and getting paid a commission for those products.

2) Some notable examples you've seen before:

NerdWallet - you read their articles on best credit cards. You click on a link to one of those cards. You fill out an application. They get paid for delivering that lead to the cc company.

3) In https://t.co/kSfWS69ybp - same thing. Any of their financial products -- you fill out an application, and https://t.co/mCrBT43mOj gets paid for that.

But the affiliate revenue model applies beyond financial services products.

4) Wirecutter -- you see a neat product they review or talk about. You click through and buy.

Wirecutter gets a cut of that transaction.
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John Wilson
John Wilson
@WilsonCompanies
This is a very long thread. @SamtLeslie asked to give the playbook for service companies so here it is. Follow it and you’ll get to 5M+ in a few years.

This is pure operations playbook.

No leadership, financial or HR discussion. Enjoy.

Industry:
Doesn’t matter much. @sweatystartup has an awesome list of service industries on his website that will get the job done.

Trades:
If you are under 3M and in multiple trades you’re doing it wrong. I was there and it was a mess.

Businesses under 3M don’t have good system, managers, effective onboarding, training, hiring practices, or pricing methods. If you did then you’d be bigger.

Trades cont:
Multiple trades doubles that mess. Get your first business figured out then work on another.

I would recommend earliest 4M to add a second trade, if at all. Any earlier you’re splitting focus and treading water.

Focus Focus Focus.

Software:
If you’re using anything besides Servicetitan then please stop and go get Servicetitan. No other software even close to their capabilities.

It is 50% more expensive than other programs on the market while making you 100% better than any competitor not using it.
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@HarduttSuhas
THE BATTLE OF SARAIGHAT (1671)

Lachit Borphukan's humiliation of Aurangzeb.

The battle of Saraighat was a naval engagement fought on the Brahmaputra river near Saraighat between the M0ghul empire and Ahom kingdom in 1671.

Guts, resolve and glory!

(Elaborate thread)


Koch was a state situated between the dominions of M0ghuls and Ahoms. For Ahoms, it was a buffer state for keeping M0ghul territorial expansions at bay.(1)

Times changed when the ruler of the Koch kingdom, Nara Narayana passed away in 1587 resulting in Koch being divided into 2. Western Koch was ruled by his son Lakshmi Narayan and the eastern Koch by his nephew, Raghudev.(2)

Lakshmi Narayan formed an alliance with M0ghuls after which he attacked Parikshit, son of Raghudev, in 1602. Parikshit Narayan was defeated while his brother Bali Narayan took refuge in the Ahom Kingdom.(3)

The M0ghuls used it as a pretext to invade Ahom kingdom. The first battle between them took place in 1615 leading to a series of engagements in which both sides had their shares of ups and downs resulting in a stalemate.(4)
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Jonathan Ware
Jonathan Ware
@ReassessHistory
So when it first appeared in Normandy, the Sherman Firefly and it's meaty 17 pounder represented an ideal combo of reliable chassis, great gun and devastating firepower right?

Ummm...

Truth is a bit more complex. /1
#WW2 #SWW #History


Deliveries of Firefly to units only commenced in April 1944,
just a few weeks before Overlord & left minimal time for familiarisation.

Armoured Regiments mostly utilised Fireflies on a basis of 1 per troop of 4 tanks. /2


Finally each armoured regiment troop had access to integral, meaty, anti-tank firepower capable of dealing serious damage to any German AFV likely to be encountered. /3


The dual purpose 75mm gun was quite capable of laying down a reasonable HE shell or AP round for dealing with Panzer III or IV.

Firefly's 17 Pounder had.... problems with HE, but excelled at tank killing. So Tigers and Panthers would need to be wary. /4


Firefly's design history dated back to March 1943 when the General Staff published "Policy on Tanks" which effectively stated the majority of tanks should have a good HE weapon and...

[See image below] /5
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Patrick McKenzie
Patrick McKenzie
@patio11
A thread on HN about bad code in legacy projects both makes me think how little we've learned as a discipline over the years and, honestly, how little credit we give ourselves for some pretty major

Fun going down this list and thinking: "Hmm, plausible at a well-run modern software shop", "Hmm, possible, but requires implausible tradeoffs", "Literally disallowed by languages", and "If you were to attempt doing that our test suite wouldn't let you merge."

I think we as an industry celebrate (not quite the right word) failure too much and don't celebrate success nearly enough. There is no DailyWTF for competent execution, word of which generally stays pretty local to the source while incompetence passes into legend.

Alrighty let me try to thread the needle on being the change I want to see in the world while not giving away anything that will get me in trouble:

Ruby has wonderful developer ergonomics. Typed languages are easier for machines to guarantee the correctness of. We built a type checker for Ruby (and I believe it is slated for OSS release sometime).

c.f.
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Pat Walls
Pat Walls
@thepatwalls
And here they are...

THE WINNERS OF THE 24 HOUR STARTUP CHALLENGE

Remember, this money is just fun. If you launched a product (or even attempted a launch) - you did something worth MUCH more than $1,000.

#24hrstartup

The winners 👇

#10

Lattes For Change - Skip a latte and save a life.

https://t.co/M75RAirZzs

@frantzfries built a platform where you can see how skipping your morning latte could do for the world.

A great product for a great cause.

Congrats Chris on winning $250!


#9

Instaland - Create amazing landing pages for your followers.

https://t.co/5KkveJTAsy

A team project! @bpmct and @BaileyPumfleet built a tool for social media influencers to create simple "swipe up" landing pages for followers.

Really impressive for 24 hours. Congrats!


#8

SayHenlo - Chat without distractions

https://t.co/og0B7gmkW6

Built by @DaltonEdwards, it's a platform for combatting conversation overload. This product was also coded exclusively from an iPad 😲

Dalton is a beast. I'm so excited he placed in the top 10.


#7

CoderStory - Learn to code from developers across the globe!

https://t.co/86Ay6nF4AY

Built by @jesswallaceuk, the project is focused on highlighting the experience of developers and people learning to code.

I wish this existed when I learned to code! Congrats on $250!!
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Emperor\U0001f451
Emperor👑
@EmperorBTC
Technical Analysis Masterclass- Part 2

'Entering the trade'

Entering a trade without ascertaining a certain things is gambling.

In this masterclass we will learn the pre-requisites to enter a trade.

DON'T ENTER A TRADE WITHOUT DETERMINNG THE FOLLOWING.

Please share.

We understand what reward to risk (popularly called risk to reward) is.
It will be denoted by R:R.

We will also try to bust a few myths about R:R and how to avoid losing trades.

Before entering a trade, you need to determine 3 things.

1. Entry trigger
2. Stop loss
3. Target

1. Entry trigger = Reasons for entering a trade. There could be multiple reasons or a single reason for entry.

Generally a set of reasons AKA confluence is a higher probability trade and a generally a safer entry.

Example of an entry trigger.


2. Stop Loss.

The price in the opposite direction of the trade where the trade is exited, at a loss.

At this level, the reason for the entry becomes invalidated according to TA and the price can then move in the opposite direction, probabilistically.


3. Target is the possible price level that the asset might touch based on previous trends or confluence AND where a possible reversal could occur.

Target is the next path of least resistance from where the price might reverse.

We will always ONLY use TA to determine all 3.
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