dishing out. So, the most important thing in creating better quality of life is optionality . We need lots of optionality . One of the options that I want people to have is I want us to teach entrepreneurship in schools so that people have the option to start afamily business as one of their options.
better pay. So, you kind of only need to have minimum wages when there's not enough optionality . If there's enough optionality , it pushes everything up.Is that your view as well?
more or going out uh of business so adoption risk is absolutely key optionality is also key if I look atbiofuels on the left in in orange yellow is all the feed
exists in a in a in an imaginary world where people have um power and optionality . And and in the real world, that actually doesn't ever exist. So, can by way of example, there's a there's a principle of economics, the theory of marginal productivity.
that were made so that you have the optionality of choice. And that optionality is a very beautiful thing that maybe previous generations weren't always afforded. How did that conversation go when you decided-- you were Harvard educated.
So we're not simply connected, we are entangled. There is no optionality in this world. There is no wall high enough that will keep out climate change, that will keep out a pandemic.
All of those things are really hard to do, but finding rules that tilt the playing field are a lot easier. There's optionality that can come out of that.
I can change it, because I'm the author, remember. Book four is about optionality and the things I introduce link to convexity. I didn't want to scare the readers-- I didn't talk to them about convexity right away.
batteries develop rapidly and I find that Black Swan battery percentage will go up rapidly and fuels will go slowly this kind of optionality is really valuable for society it's a competition between the biofuel Technologies and the battery technologies and let's have at it that we can add two more other Alternatives
Yeah, yeah. One of the issues that I feel, and this is what I'm concerned about, Mhm. Cuz you're going to have more optionality as a big company?
you have to address that problem. Dan, you say that optionality and entrepreneurship will do more to raise wages than any government policy. Yeah, so I believe that optionality is the is the most important thing. Uh when someone has lots of options, then they
That's amazing. And I think you speak to something very true for a lot of experiences of children of immigrants, children of refugees, is there a lot of sacrifices that were made so that you have the optionality of choice. And that optionality is a very beautiful thing that maybe previous generations weren't always afforded.
Nobody told us, you must do this course. The way I think about it-- it's optionality better than linearity.
Black Swan which is a thermochemical conversion of biomass to crude oil and then of course lots of different fuels are possible which are in Grain that optionality increases the probability of success but then uh what about hybrids or electric cars I'm not counting them
regulation um so this is a a second topic that's particularly important um formation it's low adoption risk and its maximum optionality for society but then we got the
Dan, you say that optionality and entrepreneurship will do more to raise wages than any government policy. Yeah, so I believe that optionality is the is the most important thing. Uh when someone has lots of options, then they don't accept terrible conditions.
And I was trying to be a little bit hyperbolic, but I do recall that whole interaction and timing being very serendipitous, But we were at a place where the cost of the trade shows and the optionality of funding those trade shows just was not an option.
say there's one massive company that employs people, and you either work for that company or you're unemployed, then I have to accept whatever they're dishing out. So, the most important thing in creating better quality of life is optionality . We need lots of optionality . One of the options that I want people to have is I want us to teach entrepreneurship in schools so that people have the option to start a
who are available to work at those companies, they're going to have to bid against each other to create better and better working conditions and better and better pay. So, you kind of only need to have minimum wages when there's not enough optionality . If there's enough optionality , it pushes everything up.
rich people and got swept up into economics, and today is a core idea in economic theory. And it would be true, potentially, if markets were perfectly efficient and all this optionality existed. But there has never been a case where that has been true. It has
So what is it saying is we're in the market probably 16 times earnings for the S&P 500. So this gives you a sense-- by the way, again, what I sort of missed is is companies that have a lot of optionality