Notes

Don’t expect to buy it at a very low price. (Don’t expect to spend 100 to get 10000; you should just bid 9900) Two robbers passed a gallows. One sighed, “How great it would be if there were no gallows.” The other replied, “Are you crazy? Without it, others will come and rob us.” Quickly send the signal of “inevitable success.” (Like breaking the cauldrons and sinking the boat, tell others that I will get it even if it bankrupts my family) Only fight for the steamed bun, not for the spirit. Without the bun, the spirit eventually dies. (Be pragmatic; don’t let emotion get the better of you) High vision, far-reaching foresight. (Think three times before acting; you must be able to anticipate that this is a trap)

The more significant a potential loss is, the stronger our aversion to that loss becomes. In other words, the more dangerous the situation, the more likely we are to quickly make irrational decisions.

Everyone can fail; what’s important is realizing the mistake, cutting losses, and accepting the consequences. Focus on the future and don’t make the same mistake. Where there is silent cost, there will be a ten-thousand-yuan trap.

People who fall into traps usually have two motivations. One is the economic motivation, which is a rational motivation—the desire to minimize financial losses. The other is the non-economic motivation: the desire to regain face and punish the opponent. There are many such traps in life: For example, two deputy directors want to get promoted and compete by giving gifts. The gifts already given are sunk costs, which cannot be recovered unless you, as the deputy director, decide you don’t want to do it anymore. Another example is the game Zheng Tu (征途): this is a game that changed the landscape of online gaming. In an era where everything required clicking a card, it was permanently free to operate. When you try it for free for a while, you are quickly drawn into the game world. However, you gradually realize that if you don’t pay, you aren’t truly playing the game; you are being played by the game. Those “RMB players” (real-money players) who possess various luxurious equipment and high levels will crush you to the point where life is worse than death, making you feel your self-esteem has been completely trampled. So, in anger, you shout, “Isn’t it just RMB? I have it too!” and immediately purchase the full set of luxurious equipment, instantly leveling up, thereby completely defeating the previous humiliation and achieving a triumphant victory. ...

People who fall into traps usually have two motivations. One is the economic motivation, which is a rational motivation—the desire to minimize financial losses. The other is the non-economic motivation: the desire to regain face and punish the opponent. There are many such traps in life: For example, two deputy directors want to be promoted and compete by giving gifts. The gifts already given are sunk costs, which cannot be recovered unless you, as a deputy director, decide you don’t want to do it anymore. Another example is the game Zheng Tu (征途): this game changed the landscape of online gaming. In an era where everything required a point card, it was permanently free to operate. When you try it for free for a while, you are quickly drawn into the game world. However, you gradually realize that if you don’t pay, you aren’t really playing the game; you are being played by the game. Those “RMB players” (real-money players) who possess various luxurious equipment and high levels will crush you to the point of misery, making you feel your self-esteem has been completely trampled. So, you angrily shout, “Isn’t it just RMB? I have it too!” and immediately purchase the full set of luxurious equipment, instantly leveling up, thereby completely defeating the previous defeat and achieving a triumphant return. ...

You cannot use the reference point the boss gives you; instead, you must provide a reference point for the boss. For example, you tell the boss: “The place next door only sells it for 60 yuan.” The most extreme scenario is whether the boss can give it to me for free. You must push it back to the price point where the negotiation is about to break down. No movement, no price reduction.

The game ending is unrelated to the truth; the game rules determine the outcome. Even if [we] haven’t done it, lying is still the best choice, because lying might lead to immediate release.

It is impossible to make a decision in a vacuum, but the reference point can be controlled.

If you don’t give the other party a shared stake in two interests, they will assert their claim over your interest alongside those of others, and consequently dismiss you and leave.

Dig one pit and ask if you’ll jump; you say no. If two pits are dug, and asked which one to jump—the big one or the small one—you will most likely jump into the small one.

Under conditions of information asymmetry, the outcome of the game is not determined by the players themselves, but by what they believe others are thinking.

If your perceived foolishness makes the other party willing to cooperate with you, why wouldn’t you be happy about it?

We need to understand the difference between receiving equity returns and earning salary compensation. If you are compensated by renting out your time, even if you work in high-paying professions like law or medicine, the compensation you receive will be very limited, insufficient to allow you to achieve financial freedom. However, if you own corporate equity, you can receive passive income—meaning the company keeps making money for you even when you are on vacation. ...

Tasks such as programming, writing books, recording podcasts, posting on Twitter, and shooting videos do not require permission from anyone. It is evident from this that the new leverage acts like an equalizer, greatly narrowing the gap between people and making society more equitable. [78] For instance, every talented software developer now has a large group of robots working for them. Once the code is written, these robots begin working, earning money for the developer even while they sleep. [78] Relying solely on selling one’s own time can never lead to wealth.

The less desire you have for something, the fewer worries and obsessions you will carry. Instead, you are more likely to go with the flow and follow your inner self. You will continue doing it unwaveringly in your own skilled way, and the quality of your work will improve as a result.

Without incorporating personal experience, tweets can sound like a collection of inspirational platitudes (or “chicken soup”), offering wonderful content that momentarily inspires you. You might even turn them into beautiful posters to motivate yourself constantly. But it’s highly likely that after a while, you’ll forget them and continue living your routine life. What are called “mental models” are essentially simple methods that help you retrieve the knowledge you have learned.

Stop dividing people into rich and poor, or white-collar and blue-collar. The modern dichotomy is between “those who utilize leverage” and “those who do not utilize leverage.”

When a new need emerges, and you happen to be the sole person with the relevant skill set, it’s time to shine. During this period, you can build your personal brand on Twitter and YouTube (the video platform) by offering your products or services for free. While this process may involve certain risks and losses, you will have built a personal brand and gained significant reputation. When the opportunity arises, you can maximize the leverage effect to scale up the products or services you provide.

Decision is everything. In fact, a person with an 80% decision accuracy rate is hundreds of times more valuable in the market and yields hundreds of times higher returns than a person with a 70% accuracy rate.

So, the harm done to you is the result of the other party’s repeated deliberation.