Principles:

1. When making investments, factor in all the opportunity costs (alternatives).

Definition: A quick trick you can use to work out how long it will take to double your money. Divide 72 by the rate of return.

Examples:

1. Number of years for investment to double: 7.2 years at 10%.

Principles:

1. Use the power of compounding to increase your wealth.

Insights:

1. Survivorship bias plays a large part in investment funds overstating returns because those that fail are not included over time.