the best way to improve your Reading Return on Invested Time (RROIT) is to carefully filter the books you read.

“The more basic knowledge you have … the less new knowledge you have to get.”

— Charlie Munger

Get back to basics. Understanding the basics, as boring as it sounds, is one of the key elements of effective thinking.

Understanding a simple idea deeply, however, creates more lasting knowledge and builds a solid foundation for complex ideas later.

Understanding the basics allows us to predict what matters. Put simply, people who understand the basics are better at understanding second and subsequent order consequences.

the Lindy Effect, which is just a fancy way of saying what’s been around will continue to be around.

For the perishable, every additional day in its life translates into a shorter additional life expectancy. For the nonperishable, every additional day may imply a longer life expectancy. So the longer a technology lives, the longer it can be expected to live.

Time can predict value. While produce and humans have a mathematical life expectancy that decreases with each day, some things, like books, increase in life expectancy with each passing day.

The perishable is typically an object, the nonperishable has an informational nature to it.

The longer something non-perishable has lived, the longer we can expect it to live.

Older isn’t better, it’s exponentially better.

“take a simple idea and take it seriously.”