We live in an age of infinite leverage. What I mean by that is that your actions can be multiplied a thousand-fold, either by broadcasting in a podcast, or by investing capital, or by having people work for you, or by writing code. So because of that, the impacts of good

decision making are much higher than they used to be, and I think the smart people have already started figuring out that the internet enables this. [Music] We like to view the world as linear, which is, I'm going to put in eight hours of work, I'm going to get back eight hours

of output, right? It doesn't work that way. A guy running the corner grocery store is working just as hard or harder than you and me. How much output is he getting? What you do, who you do it with, how you do it - way more important than how hard

you work. Go back to hunter-gatherer times, how we evolved. We basically work for ourselves. We communicated and cooperated within tribes, but each hunter, each gatherer stood on their own, and then combined the resources of the family unit. But there was no boss hierarchy, hierarchy, hierarchy where

you're like the third middle manager down. It's industrial work with factories that sort of created this model of thousands of people working together on one thing and having bosses and schedules and times to show up. The reality is, if you have to go, I don't care how rich you are,

I don't care whether you're like a top Wall Street Banker. If you have to go, if somebody has to tell you, if somebody can tell you when to be at work and what to wear and how to behave, you're not a free person. You're not actually rich. You want

to function like an athlete, which means you train hard, then you sprint, then you rest, then you reassess, you get your feedback loop, then you train some more, then you sprint again, then you rest, then you reassess. This idea that you're going to have linear output just by cranking

every day at the same amount of time, that's that's machines. You know, machines should be working nine to five, humans are not meant to work nine, are not meant to work nine to five. Options [Music] The first thing if you're going to make money is that you're not going to get

rich renting out your time. Even lawyers and doctors are charging three, four, five hundred dollars an hour, they're not getting rich because their lifestyle is slowly ramping up along with their income and they're not saving enough. Uh, they just don't have that ability to

retire. So the first thing you have to do is you have to own a piece of business. You need to have equity, either as an owner, an investor, shareholder, or a brand that you're building that accrues to you to gain your financial freedom. So we're

in this model now where we think it's all about employment and jobs and intrinsic in that is that I have to work for somebody else. But the information age is breaking that down. So Ronald Coase is an economist who has this Coase Theory, very famous theorem, but it basically

just talks about why is a company the size that it is? Why is a company one person instead of 10 people instead of 100 instead of a thousand? And it has to do with the internal transaction costs versus the external transaction costs. Let's say I want to do something, let's

Say I'm building a house and I need someone to come in and provide the lumber. I'm a developer, right? Do I want that to be part of my company, or do I want that to be an external provider? A lot of it just depends on how hard it is

to do that transaction with someone externally versus internally. If it's too hard to keep doing the contract every time externally, I'll bring that in-house. If it's easy to do externally and it's a one-off kind of thing, I'd rather keep it

out of the house. Well, information technology is making it easier and easier to do these transactions externally. It's becoming much easier to communicate with people. Gig economy, I can send you small amounts of money, I can hire you through an app, I can rate

you afterwards. So we're seeing an atomization of the firm. We're seeing the optimal size of the firm shrinking. It's most obvious in Silicon Valley, tons and tons of startups constantly coming up and shaving off little pieces of businesses from large companies and

turning them into huge markets. So what looked like the small little vacation rental market on Craigslist is now suddenly blown up into Airbnb. This is one example, and I think the smart people have already started figuring out that the internet enables this, and they're

starting to work more and more remotely on their own schedule, on their own time, and their own place with their own friends in their own way, and that's actually how we are the most productive. So the information revolution, by making it easier to communicate, connect, and cooperate, is allowing us to go back to

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