"Price is what you pay; value is what you get." — Warren Buffet
It's easy to overlook the difference between price and value.
The distinction between labor and leverage relies upon specificity.
How long it takes to learn how to do something is a better proxy for how valuable something is than how long it takes to do something.
If you can learn to do it in a day, it only takes a day to replace you.
If you are building something, it is far more useful to focus on the work you are doing to produce the result than the result itself.
To help understand this idea, consider the contrast between the two concepts ancient Greeks used to think about time.
It should be relatively simple to identify when we aren't accumulating net new experience, but in practice, it doesn't seem to be.
Language is an incredible tool. It makes it possible for us to externalize what we think and communicate it to others.
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." - Warren Buffett
To make progress, we must solve harder and harder problems in sequence.
