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The market can stay irrational longer than you can stay solvent, but the deeper truth is that most investors go broke not from bad timing but from borrowing money to express a correct opinion too early. Leverage transforms a right idea into a ruin.

— Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor (2011)
1w ago

Leverage is the ability to have non-linear output relative to your input. Without leverage, you're always just charging your hourly rate. But labor and capital are permissioned leverage — someone has to give them to you. Code and media are permissionless leverage — the robot army works for you while you sleep.

1mo ago

Leverage is the only way a smart person can go broke. You really can do smart things and have it end in disaster if you introduce time pressure and debt into the equation.

2mo ago
lennysnewsletter.com
Essential books for product builders—part 1

I've always thought it's so cool that the smartest person in the world on a topic I care about spends 2+ years of their life distilling their best ideas into an enjoyable read, and I can get this for just $20.

3mo ago
lennysnewsletter.com
🎙️ This week on How I AI: Claude Cowork tutorial for non-engineers + Build your own Slack inbox (for $0)

There's a crucial difference between asking AI to categorize things repeatedly versus using it to build code that handles structured data through APIs. Yash used OpenClaw to build a Slack digest that pulls notifications via API endpoints—AI built the tool once, but the categorization runs on deterministic code (except for the final action/read/FYI sorting).

5mo ago

The best investment you can make is in yourself. But most people won't because it's not a leveraged bet, and you can't borrow money to do it.

5mo ago

Underscored — save the words that stop you in your tracks.

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