Explorez tous les épisodes du podcast Naval
| Titre | Date | Durée | |
|---|---|---|---|
| ‘Nothing Ever Happens’ Is Over | 04 May 2026 | 00:19:42 | |
00:00 The Fully Interconnected Startup 04:14 You Don’t Need the Explicit Intranet Anymore 06:55 May You Live in Interesting Times 10:40 Drones Democratize Violence 12:43 Biothreats Could Also Get Democratized 15:09 AI Interfaces Unlock Hardware 17:35 Optimism Requires Creativity -- Transcript: http://nav.al/over USVC is a product of AngelList, where we are founders and hold equity. | |||
| A Return to Code | 28 Apr 2026 | 00:29:36 | |
A Return to Coding 00:15 The Personal App Store 03:08 Vibe Coding Is a Video Game with Real-World Rewards 06:12 Pure Software Is Uninvestable 10:23 A Place for Each Model 14:09 AI Is Eager to Please 17:44 Why Math and Coding? 21:58 The Beginning of the End of Apple’s Dominance 24:04 Coding Agents As Customer Service Reps 27:43 -- Transcript: http://nav.al/code Presented by AngelList: http://angellist.com/podcast We founded AngelList and have equity in the company. | |||
| Blame Yourself for Everything, and Preserve Your Agency | 26 Aug 2025 | 00:04:40 | |
Transcript: http://nav.al/agency | |||
| Desire Is a Contract You Make to Be Unhappy | 10 Feb 2020 | 00:01:09 | |
Happiness is returning to a state where nothing is missing. Transcript: http://nav.al/desire | |||
| Happiness Is a Skill You Can Develop | 03 Feb 2020 | 00:01:16 | |
You’re not stuck at your current level of happiness. Transcript: http://nav.al/skill | |||
| Happiness Is Not Science or Math | 28 Jan 2020 | 00:01:28 | |
Happiness is more like poetry than algorithms. Transcript: http://nav.al/math | |||
| Happiness Without Material Comfort Is Playing on Hard Mode | 28 Jan 2020 | 00:02:20 | |
It's easier to fulfill your material desires than to renounce them. http://nav.al/material | |||
| Live Long Enough and You’ll Become a Philosopher | 25 Jan 2020 | 00:01:37 | |
This podcast is a practical philosophy of health, wealth and happiness. Transcript: https://nav.al/philosopher | |||
| How to Get Rich: Every Episode | 10 Dec 2019 | 03:35:36 | |
This giant episode collects every interview I’ve done on “How to Get Rich.” It includes 10 minutes of unreleased material—at the end—on “Finding Time to Invest in Yourself.” Transcript: http://nav.al/rich Seek Wealth, Not Money or Status 1:30 Make Abundance for the World 6:40 Free Markets Are Intrinsic to Humans 10:21 Making Money Isn’t About Luck 14:19 Make Luck Your Destiny 19:25 You Won’t Get Rich Renting Out Your Time 24:00 Live Below Your Means for Freedom 28:40 Give Society What It Doesn’t Know How to Get 31:01 The Internet Has Massively Broadened Career Possibilities 33:44 Play Long-term Games With Long-term People 38:23 Pick Partners With Intelligence, Energy and Integrity 44:24 Partner With Rational Optimists 49:09 Arm Yourself With Specific Knowledge 54:34 Specific Knowledge Is Highly Creative or Technical 1:00:53 Learn to Sell, Learn to Build 1:06:24 Read What You Love Until You Love to Read 1:10:59 The Foundations Are Math and Logic 1:12:00 There’s No Actual Skill Called “Business” 1:16:48 Embrace Accountability to Get Leverage 1:20:06 Take Accountability to Earn Equity 1:25:37 Labor and Capital Are Old Leverage 1:30:06 Product and Media are New Leverage 1:35:01 Product Leverage is Egalitarian 1:39:42 Pick a Business Model With Leverage 1:44:56 Example: From Laborer to Entrepreneur 1:50:51 Judgment Is the Decisive Skill 2:01:15 Set an Aspirational Hourly Rate 2:07:41 Work As Hard As You Can 2:11:26 Be Too Busy to “Do Coffee” 2:16:34 Keep Redefining What You Do 2:20:38 Escape Competition Through Authenticity 2:22:41 Play Stupid Games, Win Stupid Prizes 2:28:17 Eventually You Will Get What You Deserve 2:30:53 Reject Most Advice 2:35:00 A Calm Mind, a Fit Body, a House Full of Love 2:37:55 There Are No Get Rich Quick Schemes 2:42:02 Productize Yourself 2:46:42 Accountability Means Letting People Criticize You 2:48:55 We Should Eventually Be Working for Ourselves 2:55:33 Being Ethical Is Long-Term Greedy 2:56:58 Envy Can Be Useful, or It Can Eat You Alive 3:00:23 Principal-Agent Problem: Act Like an Owner 3:03:51 Kelly Criterion: Avoid Ruin 3:10:33 Schelling Point: Cooperating Without Communicating 3:12:03 Turn Short-Term Games Into Long-Term Games 3:13:55 Compounding Relationships Make Life Easier 3:16:36 Price Discrimination: Charge Some People More 3:19:04 Consumer Surplus: Getting More Than You Paid For 3:20:14 Net Present Value: What Future Income Is Worth Today 3:21:03 Externalities: Calculating the Hidden Costs of Products 3:22:05 Bonus Material: Finding Time to Invest in Yourself 3:23:47 | |||
| How to Angel Invest, Part 1 | 17 Nov 2019 | 00:39:21 | |
Excerpted from the Spearhead podcast: http://spearhead.co | |||
| Externalities: Calculating the Hidden Costs of Products | 31 Jul 2019 | 00:01:43 | |
Externalities let you account for the true cost of products by including hidden costs like environmental damage. • Pricing externalities properly is more effective than feel-good measures 0:32 • Properly pricing externalities can save resources in a tremendous way 1:10 Transcript: http://nav.al/externalities | |||
| Net Present Value: What Future Income Is Worth Today | 29 Jul 2019 | 00:01:02 | |
Calculate what future income is worth today by applying a discount to its future value. • Figure out what future income is worth today by applying a discount rate 0:00 Transcript: http://nav.al/npv | |||
| Consumer Surplus: Getting More Than You Paid For | 25 Jul 2019 | 00:00:49 | |
A lot of people are willing to pay more than what companies charge. • Consumer surplus is the extra value you get when you pay less than you were willing 0:00 Transcript: http://nav.al/surplus | |||
| Pause, Reflect, See How Well it Did | 07 Aug 2025 | 00:01:39 | |
Transcript: http://nav.al/reflect | |||
| Price Discrimination: Charge Some People More | 23 Jul 2019 | 00:01:10 | |
You can charge people for extras based on their propensity to pay. • Price discrimination is a technique for charging certain people more 0:00 • Rich people and large enterprises are willing to pay more 0:51 Transcript: http://nav.al/price-discrimination | |||
| Compounding Relationships Make Life Easier | 19 Jul 2019 | 00:02:29 | |
Life gets a lot easier when you know someone’s got your back. • Compounding relationships make life easier 0:00 • It’s better to have a few compounding relationships than many shallow ones 1:11 • It takes just as much effort to create a small business as a large one 1:40 Transcript: http://nav.al/relationships | |||
| Turn Short-Term Games Into Long-Term Games | 15 Jul 2019 | 00:02:42 | |
Improve your leverage in negotiations by turning short-term relationships into long-term ones. • Pareto optimal solutions require a trade-off to improve any criterion 0:00 • Negotiations are won by whoever cares less 0:44 • Convert single-move games to multi-move games 1:54 Transcript: http://nav.al/pareto-optimal | |||
| Schelling Point: Cooperating Without Communicating | 12 Jul 2019 | 00:01:39 | |
People who can’t communicate can cooperate by anticipating the other person’s actions. • Use social norms to cooperate when you can’t communicate 0:00 • You can find Schelling points in business, art and politics 1:14 Transcript: http://nav.al/schelling-point | |||
| Kelly Criterion: Avoid Ruin | 10 Jul 2019 | 00:01:42 | |
Don't ruin your reputation or get wiped to zero. • Don't bet everything on one big gamble 0:00 • Ruining your reputation is the same as getting wiped to zero 0:54 Transcript: http://nav.al/kelly-criterion
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| Principal-Agent Problem: Act Like an Owner | 08 Jul 2019 | 00:06:42 | |
If you think and act like an owner, it’s only a matter of time until you become an owner. • A principal is an owner; an agent is an employee 0:00 • A principal’s incentives are different than an agent’s incentives 1:08 • If you can work on incentives, don't work on anything else 2:15 • When you do deals, it’s better to have the same incentives 3:15 • If you’re an employee, your most important job is to think like a principal 4:05 • Deal with small firms to avoid the principal-agent problem 5:29 Transcript: http://nav.al/principal-agent | |||
| Envy Can Be Useful, or It Can Eat You Alive | 28 Jun 2019 | 00:03:29 | |
Envy can give you a powerful boost, or it can eat you alive if you let it follow you. • Suffering through the wrong thing can motivate you to find the right thing 0:00 • Being a lawyer was not what I was meant to do 1:14 • Envy can be useful or it can eat you alive 2:28 Transcript: http://nav.al/envy | |||
| Being Ethical Is Long-Term Greedy | 26 Jun 2019 | 00:03:26 | |
If you cut fair deals, you will get paid in the long run. • Ethics isn’t something you study; it’s something you do 0:00 • Trust leads to compounding relationships 0:51 • Being ethical attracts other long-term players 1:19 • Being ethical is long-term greedy 1:58 • If you cut fair deals, you will get paid in the long run 2:40 Transcript: http://nav.al/ethics
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| We Should Eventually Be Working for Ourselves | 24 Jun 2019 | 00:04:27 | |
The goal is that we are eventually wealthy and working for ourselves. • This advice is for anybody who wants to be entrepreneurial 0:00 • Middle age can be the most fruitful time to apply this advice 0:48 • Look up the value chain to find leverage 1:58 • You will do better in a small organization 2:43 • The goal is that we are all working for ourselves 3:25 Transcript: http://nav.al/target-audience
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| Accountability Means Letting People Criticize You | 21 Jun 2019 | 00:03:39 | |
Misunderstanding accountability, and other mistakes on the path to creating wealth. • Accountability means letting people criticize you 0:00 • The most interesting parts should be the ones you disagree with 1:06 • Get the free leverage that's available in tech 1:53 • Not doing things because other people can't do them is living in denial 2:21 • Realize your philanthropic vision by running a business 2:54 Transcript: http://nav.al/common-mistakes | |||
| Hiring a Podcast Editor and Naval’s Chief of Staff | 03 Aug 2025 | 00:02:35 | |
Transcript: http://nav.al/hiring | |||
| How to Get Rich: Every Episode | 02 Jun 2019 | 03:35:36 | |
This giant episode collects every interview I’ve done on “How to Get Rich.” It includes 10 minutes of unreleased material—at the end—on “Finding Time to Invest in Yourself.” Transcript: http://nav.al/rich Seek Wealth, Not Money or Status 1:30 Make Abundance for the World 6:40 Free Markets Are Intrinsic to Humans 10:21 Making Money Isn’t About Luck 14:19 Make Luck Your Destiny 19:25 You Won’t Get Rich Renting Out Your Time 24:00 Live Below Your Means for Freedom 28:40 Give Society What It Doesn’t Know How to Get 31:01 The Internet Has Massively Broadened Career Possibilities 33:44 Play Long-term Games With Long-term People 38:23 Pick Partners With Intelligence, Energy and Integrity 44:24 Partner With Rational Optimists 49:09 Arm Yourself With Specific Knowledge 54:34 Specific Knowledge Is Highly Creative or Technical 1:00:53 Learn to Sell, Learn to Build 1:06:24 Read What You Love Until You Love to Read 1:10:59 The Foundations Are Math and Logic 1:12:00 There’s No Actual Skill Called “Business” 1:16:48 Embrace Accountability to Get Leverage 1:20:06 Take Accountability to Earn Equity 1:25:37 Labor and Capital Are Old Leverage 1:30:06 Product and Media are New Leverage 1:35:01 Product Leverage is Egalitarian 1:39:42 Pick a Business Model With Leverage 1:44:56 Example: From Laborer to Entrepreneur 1:50:51 Judgment Is the Decisive Skill 2:01:15 Set an Aspirational Hourly Rate 2:07:41 Work As Hard As You Can 2:11:26 Be Too Busy to “Do Coffee” 2:16:34 Keep Redefining What You Do 2:20:38 Escape Competition Through Authenticity 2:22:41 Play Stupid Games, Win Stupid Prizes 2:28:17 Eventually You Will Get What You Deserve 2:30:53 Reject Most Advice 2:35:00 A Calm Mind, a Fit Body, a House Full of Love 2:37:55 There Are No Get Rich Quick Schemes 2:42:02 Productize Yourself 2:46:42 Accountability Means Letting People Criticize You 2:48:55 We Should Eventually Be Working for Ourselves 2:55:33 Being Ethical Is Long-Term Greedy 2:56:58 Envy Can Be Useful, or It Can Eat You Alive 3:00:23 Principal-Agent Problem: Act Like an Owner 3:03:51 Kelly Criterion: Avoid Ruin 3:10:33 Schelling Point: Cooperating Without Communicating 3:12:03 Turn Short-Term Games Into Long-Term Games 3:13:55 Compounding Relationships Make Life Easier 3:16:36 Price Discrimination: Charge Some People More 3:19:04 Consumer Surplus: Getting More Than You Paid For 3:20:14 Net Present Value: What Future Income Is Worth Today 3:21:03 Externalities: Calculating the Hidden Costs of Products 3:22:05 Bonus Material: Finding Time to Invest in Yourself 3:23:47 | |||
| Productize Yourself | 24 May 2019 | 00:01:55 | |
Figure out what you're uniquely good at and apply as much leverage as possible. • Figure out what you're uniquely good at and apply as much leverage as possible 0:00 • Find hobbies that make you rich, fit and creative 1:07 Transcript: http://nav.al/productize-yourself | |||
| There Are No Get Rich Quick Schemes | 23 May 2019 | 00:04:41 | |
Get rich quick schemes are just someone else getting rich off you. • There are no get rich quick schemes 0:00 • We don't have ads because it would ruin our credibility 0:56 • Every founder has to lie to every employee 2:02 • Anyone giving advice on how to get rich should have made their money elsewhere 3:02 Transcript: http://nav.al/rich-quick | |||
| A Calm Mind, a Fit Body, a House Full of Love | 21 May 2019 | 00:04:07 | |
When you're finally wealthy, you'll realize it wasn't what you were seeking in the first place. • When you're wealthy, you'll realize it wasn't what you were seeking 0:00 • A calm mind, a fit body and a house full of love must be earned 1:00 • Practical advice for a calmer internal state 1:52 • A lot of divorces happen over money, a lot of battles happen over internal anger 3:14 Transcript: http://nav.al/finally-wealthy | |||
| Reject Most Advice | 20 May 2019 | 00:02:55 | |
Most advice is people giving you their winning lottery ticket numbers. • The best founders listen to everyone but make up their own mind 0:00 • Advice is maxims you can recall later, when you get your own experience 1:29 Transcript: http://nav.al/reject-advice | |||
| Eventually You Will Get What You Deserve | 19 May 2019 | 00:04:08 | |
Apply specific knowledge with leverage and eventually you will get what you deserve. • On a long enough time scale you will get paid 0:00 • What are you really good at that the market values? 1:59 Transcript: http://nav.al/deserve | |||
| Play Stupid Games, Win Stupid Prizes | 17 May 2019 | 00:02:39 | |
Competition will blind you to greater games. You're one step away from a better market. • Businesses that seem like they're in direct competition really aren't 0:00 • My first company got caught up in the wrong game 1:23 Transcript: http://nav.al/stupid-games | |||
| Escape Competition Through Authenticity | 16 May 2019 | 00:05:37 | |
Competition can make you play the wrong game. No one can compete with you on being you. • Competition will trap you in a lesser game 0:00 • No one can compete with you on being you 1:27 • In entrepreneurship, the masses are never right 2:40 • Combine your vocation and avocation 3:45 Transcript: http://nav.al/competition-authenticity
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| Keep Redefining What You Do | 13 May 2019 | 00:02:04 | |
Become the best in the world at what you do. Keep redefining what you do until this is true. • Keep redefining what you do until you're the best at what you do 0:00 • Find founder-product-market fit 1:35 Transcript: http://nav.al/redefining
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| Be Too Busy to “Do Coffee” | 08 May 2019 | 00:04:06 | |
You should be too busy to “do coffee”, while still keeping an uncluttered calendar. • Be too busy to “do coffee” while keeping an uncluttered calendar 0:00 • People will meet with you when you have proof of work 2:00 • Networking is overrated even early in your career 2:09 Transcript: http://nav.al/meetings | |||
| You Have to Enjoy It a Lot | 31 Jul 2025 | 00:02:48 | |
Transcript: http://nav.al/enjoy | |||
| Work As Hard As You Can | 06 May 2019 | 00:05:09 | |
Work as hard as you can. Even though what you work on and who you work with are more important. • Work as hard as you can 0:00 • But what you work on and who you work with are more important 1:00 • Nobody really works 80 hours a week 2:22 • Inspiration is perishable 3:05 • Impatience with actions, patience with results 3:36 Transcript: http://nav.al/work-hard | |||
| Set an Aspirational Hourly Rate | 01 May 2019 | 00:03:48 | |
If outsourcing a task will cost less than your hourly rate, outsource it. • Set and enforce an aspirational hourly rate 0:00 • You can't penny pinch your way to wealth 1:27 • My aspirational rate was $5,000/hr 1:56 • If you can outsource something for less than your hourly rate, outsource it 2:57 • Your hourly rate should seem absurdly high 3:39 Transcript: http://nav.al/hourly-rate | |||
| Judgment Is the Decisive Skill | 29 Apr 2019 | 00:06:30 | |
Everything we've discussed so far has been setting you up to apply judgment. • In an age of infinite leverage, judgment becomes the most important skill 0:00 • Everything else you do is setting you up to apply judgment 1:21 • Judgment is knowing the long-term consequences of your actions 2:40 • Without experience, judgment is often less than useless 3:15 • The people with the best judgment are among the least emotional 4:05 • A lot of the top investors often sound like philosophers 5:18 • The more outraged someone is, the worse their judgment 6:00 Transcript: http://nav.al/judgment | |||
| Example: From Laborer to Real Estate Tech | 26 Apr 2019 | 00:05:24 | |
The continuum from laborer to real estate tech company goes from low accountability to high specific knowledge, accountability and leverage. • Laborers get paid hourly and have low accountability 0:19 • General contractors get equity, but they're also taking risk 1:20 • Property developers pocket the profit by applying capital leverage 2:14 • Architects, large developers and REITs are even higher in the stack 3:16 • Real estate tech companies apply the maximum leverage 4:05 Transcript: http://nav.al/laborer-tech | |||
| Pick a Business Model With Leverage | 22 Apr 2019 | 00:05:47 | |
Ideally, you should pick a business model with network effects, low marginal costs and scale economies. • Scale economies: the more you produce, the cheaper it gets 0:00 • Zero marginal cost of reproduction: producing more is free 0:51 • Network effects: value grows as the square of the customers 1:34 • Network effect businesses are natural monopolies 2:26 • In a network effect, each new user adds value to the existing users 3:06 • Zero marginal cost businesses can pivot into network effect businesses 5:01 Transcript: http://nav.al/business-models | |||
| Product Leverage Is Egalitarian | 19 Apr 2019 | 00:05:11 | |
Labor and capital are limited to the people who control those resources. But products reach global markets. • Product leverage is a positive-sum game 0:00 • Status goods are limited to a few people 0:57 • The best products tend to be targeted at the middle class 1:25 • Creating wealth with product leads to more ethical wealth 2:06 • You want to use the product that is used by the most people 3:06 • Capital and labor are becoming permissionless 4:24 Transcript: http://nav.al/egalitarian-leverage | |||
| Product and Media Are New Leverage | 17 Apr 2019 | 00:05:18 | |
Product and media are the leverage of new wealth. Create software and media that work for you while you sleep. • Product and media are the new leverage 0:00 • Product leverage is where the new fortunes are made 0:55 • Combining all three forms of leverage is a magic combination 1:28 • Product and media leverage are permissionless 2:03 • The robots army is already here—code lets you tell them what to do 2:59 Transcript: http://nav.al/product-media
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| Labor and Capital Are Old Leverage | 15 Apr 2019 | 00:04:42 | |
Wealth requires leverage. Labor and capital are older forms of leverage that everyone is fighting over. • Our brains aren't evolved to comprehend new forms of leverage 0:00 • Society overvalues labor leverage 1:08 • You want the minimum amount of labor that allows you to use the other forms of leverage 1:56 • Capital has been the dominant form of leverage in the last century 2:40 • You need specific knowledge and accountability to obtain capital 4:52 Transcript: http://nav.al/labor-capital | |||
| Take Accountability to Earn Equity | 13 Apr 2019 | 00:04:56 | |
If you have high accountability, you're less replaceable and you can get a piece of the business. • Accountability is how you're going to get equity 0:00 • Taking accountability is like taking equity in all your work 0:29 • The downside of accountability is not that large 2:11 • Accountability is reputational skin in the game 4:30 Transcript: http://nav.al/accountability-equity | |||
| Embrace Accountability to Get Leverage | 11 Apr 2019 | 00:04:30 | |
Embrace accountability. Society will reward you with leverage. • You have to have accountability to get leverage 0:00 • Take business risks under your own name 0:54 • A well-functioning team has clear accountability for each position 2:09 • People who can fail in public have a lot of power 3:47 Transcript: http://nav.al/accountability-leverage
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| Find Your Specific Knowledge Through Action | 30 Jul 2025 | 00:01:55 | |
Transcript: http://nav.al/action | |||
| There's No Actual Skill Called Business | 08 Apr 2019 | 00:05:33 | |
There's no actual skill called business. Avoid business schools and magazines. • There's no actual skill called business 0:00 • Doing is faster than watching 0:55 • The number of “doing” iterations drives the learning curve 2:49 • If you're willing to bleed a little every day, you may win big later 3:53 Transcript: http://nav.al/skill-business | |||
| The Foundations Are Math and Logic | 05 Apr 2019 | 00:03:19 | |
If you understand mathematics and logic, you have the basis for understanding everything else. • The ultimate foundations are math and logic: 0:00 • It’s better to read a great book slowly than to fly through a hundred books quickly: 1:22 • Learn persuasion and programming: 2:08 Transcript: http://nav.al/math-logic | |||
| Read What You Love Until You Love to Read | 03 Apr 2019 | 00:04:48 | |
You should be able to pick up any book in the library and read it. • Read what you love until you love to read: 0:00 • Read the original scientific books in a field: 1:44 • Don't fear any book: 2:43 • The means of learning are abundant, the desire to learn is scarce: 3:54 Transcript: http://nav.al/love-read | |||