Mental Models I Find Repeatedly Useful
Gabriel Weinberg
16.3K141

Great list! So thought provoking. I hate to even quibble but wrt “Investing vs Speculation” I think “risk” is too fuzzy a concept to differentiate the two (except after the fact), so it can be more helpful to focus on the intrinsic value of investment (i.e., “cash flow”) vs the extrinsic amount that you expect someone to pay for something merely because of desirability (i.e., “gold”.) The former is Investing the latter is speculating. Cf Seth Klarman’s “eating sardines” in his book “Margin of Safety.”

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