
Show Notes
Mental Models for Running Startups and Businesses, SXSW 2026 on March 16, 2026.
(00:00:00) - Introduction
(00:00:28) - Charlie Munger's mental models
(00:01:52) - Model 1: The Bedrock model: Take a simple idea and take it seriously
(00:02:31) - Model 2: Truth vs. Trust; David Hawkins: Power vs. Force
(00:05:43) - Costco
(00:07:56) - Model 3: Your deepest desire is your destiny
(00:09:40) - Model 4: Heads I win; Tails I don't lose much; Jeff Bezos
(00:10:36) - How to start a business without capital
(00:12:44) - Model 5: Be a shameless cloner; Sam Walton & Walmart and Bill Gates & Microsoft
(00:14:49) - Model 6: Use hacks to improve yourself; Be a harsh grader
(00:16:02) - Model 7: Hire slow fire fast
(00:16:53) - Model 8: Incentives are more powerful than you think
(00:17:51) - Model 10: Pursue quality intensely; Zen and the art of motorcycle maintenance by Robert Pirsig
(00:18:50) - Model 11: Focus on durable moats
(00:19:16) - Model 12: The purpose of business is not to make money
(00:19:45) - Model 13: Outsourcing smaller tasks
(00:20:39) - The latticework of mental models; Listen to your customer
(00:24:07) - Focus on taking larger market share
(00:25:19) - Model 14: Go all-in on no-brainers; Founders Podcast, Business Breakdowns & Acquired podcasts
(00:28:54) - Book recommendations: Poor Charlie's Almanack, Influence & Excellent Advice for Living
(00:29:27) - Duan Yongping: Fast is slow
(00:30:56) - Lifetime ban at a casino in Vegas; Blackjack
(00:33:09) - Exponential effect of implementing the models together
(00:34:24) - Benefit of mental models to non-venture backed businesses
(00:35:12) - El Cortez casino in Las Vegas; Blackjack
(00:41:49) - Mental models for creative professionals; Seinfeld's Is This Anything?
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