Empire Podcast

My takeaways from https://www.youtube.com/watch?v=l0SYxyHH8l4

1. Understand the difference between an error in your process VS an error in the outcome.

Outcomes in (crypto) markets are random, uncontrollable.

Focus on controlling your processes.

2. Not following through on what he wanted to do.

Writing and sharing his opinions publicly helped to force him to follow up with action.

3. Reacting VS Responding.

Not having a plan for what to do when price does a 2x, 3x, 100x, 1000x and having to react when price hits that target (reactionary).

Instead, he now plans what to do in advance if a position does X or Y (responding).

4. His biggest mistake: 

Not updating the thesis for an investment (as price changed).

6. Insulate your lifestyle.

Frees up your mind, allows you to be more aggressive without having to worry about maintaining your lifestyle (e.g. paying rent)

7. If you're not making mistakes you're not taking enough risk.

Another great pod, thanks @santiagoroel for your willingness to share so openly! I didn't mind the unstructured format, I felt it gave you the airspace to talk freely and share your experience.

Also enjoyed the section near the end where @yanowitz talked about his mistakes and lessons as a founder, would love a pod diving deeper into that topic.

5. Only checking the price (wishing on the outcome).

Lesson: Do the legwork, chat in discord, reach out to founders, leverage the community