Shane Parrish

Shane Parrish quotes on iteration

Founder Farnam Street. Reader & writer. Student & teacher. Leader and follower.

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1

Sources of personal competitive advantage: - delayed gratification - capital - network (who you know) - unique skills or combinations - platform - ability to suffer - family / home life - speed - ability to change your mind - ability to learn/adapt

2

We chase what's sexy and miss what matters - Excitement starts something. Execution completes it. - Speed makes a good story. Velocity makes a difference. - Complexity makes you sound smart. Focusing on the basics shows you are. - New commands attention. Old offers insight.

3

If a decision is reversible, make it as soon as possible. If a decision is irreversible, make it as late as possible. When the stakes are low, inaction hurts you. When the stakes are high, speed can kill you.

4

--- FS Principles --- 1. Direction over speed 2. Live deliberately 3. Thoughtful opinions held loosely 4. Principles outlive tactics 5. Own your actions

5

A lot of people think that we shouldn't trust others by default because someone might screw us over. It's been my experience that the benefits of reciprocal trust, speed, and not living with your guard up all the time is more than worth letting yourself get occasionally screwed.

6

Outcome over ego. Correctness over consensus. Direction over speed.

7

If a decision is reversible and inconsequential, make it as soon as possible. Speed matters. If a decision is irreversible and consequential, gather as much information as possible before deciding. Wait until the last possible moment. Being right matters.

8

Efficiency is speed. Effectiveness is direction. You need both to avoid going in circles.

9

People who don’t have time to learn always find time to make the same mistakes over and over. They go fast but they never get anywhere.

10

Life is about average velocity not top speed.

11

The difference between the expert and the average in any field is the speed at which they adapt to reality.

12

When the period of time between action and feedback is short, speed matters. The biggest risk is moving too slow and not iterating fast enough. When the period of time between action and feedback is long, judgment matters. The biggest risk is moving too fast.

13

The biggest impediment to increasing velocity is the number of assholes in your life.

14

When feedback loops are short, the number of iterations matters. It's not what you know, but how quickly you can learn. When feedback loops are long, existing knowledge matters. It's not what you can learn, but what you already know.

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