1. Metadata
   1. Why is Marc a big deal?
      1. Founder of Netscape which he sold to Aol for over > 4billion
         1. Subtopic 1
      2. Multiple billion dollar companies
      3. Founder of Venture Capital firm
      4. founded mosaic browser
   2. twitter: @pmarca
   3. 44 years old
   4. Tim Ferriss Podcast. Date: May 28 2016
   5. Arrived in silicon valley mid 93-94
2. 10 Key Ideas
   1. 1) "Strong opinions; weakly held"
      1. Look for things out of census and oppose conventional wisdom
      2. In politics, flip flopping is considered bad
      3. The worlds best hedge fund managers flip flop all the time
         1. if you are right and they are wrong then will flip their trades
            1. That is because they can.
         2. They are not interested in being right, they are interested in making money
      4. Uber vs twitter
         1. Uber has the same business model
         2. Twitter pivoted into a gold mine
   2. 2) Fail fast is completely out of hand.
      1. The world pivot didn't exist it was in the past.
      2. Succeeding should be the goal not failing
      3. how do you know when to stick with an idea and when to pivot?
         1. The answer is judgement
   3. 2) Stress test ideas
      1. unlcik a hedge fund manager can reverse a trade. His venture capital makes a decade long commitment to a company
      2. rule: each of the GP can pull the trigger on a vote. you don't need consensus
         1. Its the responsible for
      3. create a red team to stress
         1. a debate team
      4. Disagree and commit
   4. 4) Good is the enemy of great when investing money and *time*
      1. avoid good companies.
         1. they tend to go no wear
   5. 5) Choose partners/employees that speak truth to power
      1. find the people who will talk back
         1. eg. Ben his partner
         2. get out of organisations where you can speak truth to power
      2. His partner was amazing communicator
         1. He can make people feel
   6. 6) The next big thing is what the nerds are tinkering with on the weekend
      1. Saw the internet at a new frontier when no-one thought it was a thing
      2. old frontiers
         1. Starts as cult like activities before they break into the main street
         2. Examples
            1. pc
            2. internet
            3. mobile
            4. social
            5. facebook
            6. twitter
            7. instagram
            8. snapchat
      3. "What are the nerds doing on nights and weekends?"
         1. George built his own self driving cars
      4. New frontiers
         1. Bit coin
         2. Crypto currencies
            1. blockchain
            2. distributed trust
            3. really upsets people
            4. just a thing
            5. companies
            6. coinbase
            7. 21
            8. founder: balashi
            9. highest output per minute of ideas
         3. Health hacking
         4. Food hacking
         5. Robotics
         6. AI
         7. Deep learning
         8. Drones
            1. Companies
            2. Airware
            3. Commercial drones for insurance
            4. Check a house
            5. Cell tower inspection
            6. Oil Gas rig
            7. police drone
            8. skydeal
            9. Autonomous consumer drone
            10. doesnt require remote control
   7. 7) There will be no Skynet; AI will not take over the world
      1. Humans have always been worried about this
      2. Its just a tool.
         1. Fire
         2. Car
      3. World Economic Forum report. There will be 5 million jobs lost by 2020 due to AI
         1. The u.s economy will destroy 21 million jobs and create 24 million
            1. the american economy is getting less dynamic over time
            2. this is bad
            3. means that less opportunities are being created
            4. nobody talks about gross number
         2. there are 5 millon people who drive professionally in the united states
   8. 8) Try your best to see things as they are as opposed to how people believe them to be
   9. 9) Build something
      1. "Everything in the world around you is made by somebody that is no smarter than you are" Steve
      2. Imposter syndrome
      3. study people that built stuff
   10. 10) Raise the prices of your products/services now
       1. too hungry to eat
       2. don't price yourself too low
       3. It will tell you if your product is not good enough
3. Great Terms
   1. counterfactual
      1. the way that things could have been
      2. a conditional statement in which the conditional clause is false
         1. If Tim had not read Vagabonding, he would probably be working in GNC
   2. Countervailing theories
      1. countervail |ˌkoun(t)ərˈvāl| verb [ with obj. ] (usu. as adj. countervailing) offset the effect of (something) by countering it with something of equal force: the dominance of the party was mediated by a number of countervailing factors.
   3. Disagree-then-commit culture
      1. A culture where people disagree than commit to the consensus.
      2. As apposed to violently agree then trash each other in the hallway.
   4. A person you can "Template against"
      1. Eg. I want to template myself against Elon
   5. Proto
      1. proto- |ˈprōdō| (usu. prot- before a vowel) comb. form original; primitive: prototherian | prototype. • first; anterior; relating to a precursor: protomartyr | protozoan.
      2. e.g. Proto Silicon Valley
   6. FOMO (Fear of missing out)
      1. Fear of missing out
      2. For examples. I have this great deal that such and such is investing in. Do you want in??
      3. Mark removed FOMO from the equation
      4. Cortisol driven emergencies
         1. From Tim
         2. hydrocortisone |ˌhīdrəˈkôrdiˌzōn| nounBiochemistry a steroid hormone produced by the adrenal cortex and used medicinally to treat inflammation resulting from eczema and rheumatism.
   7. Value investing
      1. Warren Buffet
         1. Invested in Heinz Ketchp because people have been eating it for a century
         2. Bets against change
      2. Ben Graeme 1920
      3. Getting to the core of the truth of what is actually happening
      4. The strategy of selecting stocks that are trading less than there actual value.
   8. Distributed trust
      1. The philosophy behind block chain
   9. Antithetical
      1. antithetical |ˌan(t)əˈTHedək(ə)l| adjective 1 directly opposed or contrasted; mutually incompatible: people whose religious beliefs are antithetical to mine | two antithetical emotions pulled at her. 2 [ attrib. ] connected with, containing, or using the rhetorical device of antithesis.
   10. Promethean fallacy
       1. Unlock the power of gods
       2. Fire gave life but will take it away
       3. Frankensteins subtitle was the modern prometheus
       4. Promethean |prəˈmēTHēənprōˈmēTHēən| adjective relating to or characteristic of the demigod Prometheus, especially in being rebelliously creative and innovative: the Promethean scientist who unlocked the mysteries of the cosmos.
   11. Luddite fallacy
       1. Luddite def.
          1. Luddite |ˈlədˌīt| noun a member of any of the bands of English workers who destroyed machinery, especially in cotton and woolen mills, that they believed was threatening their jobs (1811–16).
       2. New technology does not lead to higher overall unemployment is changes the composition of the jobs
   12. Icarus myth
       1. Icarus |ˈikərəs| Greek Mythology the son of Daedalus, who escaped from Crete using wings made by his father but was killed when he flew too near the sun and the wax attaching his wings melted.
4. Notable People
   1. Ray Dalio
      1. Bridgewater capital
   2. Peter Thiel
      1. "we were promised flying cars, instead we got 140 characters"
      2. Shares many of the same ideas as Elon Musk
         1. Silicon Valley should be doing more
      3. Founded paypal with Elon Musk
      4. Marc debated Peter
   3. History (1870-1930)
      1. Thomas Edison
      2. William Randolph Hearst
      3. Henry Ford
      4. John D Rockefeller
      5. John P Morgan
      6. Walt Disney
      7. Charles M. Schulz
         1. Creator of peanuts
         2. The longest continuous work of art
5. Resources
   1. Books
      1. Four steps to the epiphany
      2. High output management
      3. Only the paranoid survive
      4. Zero to one
      5. Smart people should build things
      6. My life standing up by Steve martin
         1. Point of the book: "be so good that they cant ignore you"
      7. Ben Franklin By Walter Isakson
      8. The wizards of Menlo park
      9. Walt Disney by Neil Gabbler
   2. Download deep-learning framework from Google
      1. Tensor Flow
   3. Movie
      1. halt and catch fire
         1. the story of the birth of the pc
   4. Andreeson horritiwz podcast