7: Notes from a Commonplace

3..Notes from the Greats

Philosopher Victor Frankel on hedonistic distraction:

"When a person can’t find a deep sense of meaning, they distract themselves with pleasure."

Entrepreneur and Investor Ken Langone on how to negotiate:

“One of the most important lessons in my life is this: leave more on the table for the other guy than he think he should get. And one of the most important rules in capitalism is incentive.”

Author F. Scott Fitzgerald’s test for a first rate intelligence:

"The ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function.”

2..Notes to Know

Luxury Goods & the Veblen Curve: Luxury goods are high-end products (i.e. jewelry, designer clothing) that confer status on their owners. As a result, the more expensive the luxury good, the higher the demand. Typically, the higher price for a good, the less the demand for that good. For luxury goods, this is inverted. This phenomenon can be charted by a Veblen Curve, named after economist Thorstein Veblen, which shows the upward sloping demand curve rather than the typical downward demand slope.

Principle of Non-Contradiction: The principle of non-contradiction is a fundamental law of logic stating that asserts a thing cannot both be and not be at the same time and in the same respect. For example, a door cannot be both open and closed simultaneously. This principle forms the basis of rational thought and argumentation, allowing us to make sense of reality and engage in coherent reasoning. It helps identify logical inconsistencies and serves as a cornerstone for fields like philosophy, mathematics, and science. Understanding this principle is crucial for clear thinking and effective communication.

Definition: The principle of non-contradiction posits a thing cannot be and not be at the same time in the same respect.

1..Note From Me: On Good Luck

Is it all just luck?

There is a constant battle between those who believe success boils down to luck and those who believe luck is nothing more than an excuse used to hide the results of cause and effect. Which is it?

Luck seems to play a role -- a random coffee meeting, a serendipitous phone call, or fortunate timing. Great careers and moonshots have often hinged on small, seemingly random events.

However, individuals have agency and the ability to shape the world around them. Lives aren't lottery tickets. Actions have consequences. So what role does luck play in success? To what extent?

It's difficult to measure. Instead of trying to answer definitively, it's better to act as if both sides are right. To do this, one must hold these opposing ideas of luck vs cause & effect in mind simultaneously.

Luck is a "known unknown." It exists, but it's impossible to predict when, where, or how it will manifest. A solution is to work to increase one's surface area of luck.

This means being curious: talking to new people, taking unexpected calls or meetings, attending events, and interacting with different people. Surface area of luck is the product of work done and interactions with the world. This positioning creates opportunities for chance encounters and fortunate timing, while also recognizing the role of hard work and action.

Increasing luck's surface area requires hard work and high-agency action. By intentionally making oneself a big target for luck, one can increase the odds of success without surrendering the ability to cause outcomes through hard work. It's possible to hold these seemingly opposing ideas in mind simultaneously, without contradiction.

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A commonplace book is a personal collection of quotes, observations, ideas, and other bits of information that an individual finds interesting or inspiring. It is one of the most tried and true methods for learning & compiling information. Famously, Leonardo da Vinci, Marcus Aurelius, and Thomas Jefferson all carried a commonplace book.

This newsletter shares the notes from my own commonplace book and will add highlights to yours.