It is a very simple idea to use the power of compound interest

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It is a very simple idea to use the power of compound interest  Smart people are easily attracted by complex things, and underestimate the great influence and importance of simple ideas. But Monish Pabrai is a full pragmatist, and he will not fall into this trap. "It is a very simple idea to use the power of compound interest, a very simple idea to imitate, and a very simple idea to be honest." He said. However, when you apply some powerful ideas with great enthusiasm, the cumulative effect is "incomparable".
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Breaking boundaries and innovation is to find hidden assumptions

 breaking boundaries and innovation is to find hidden assumptions



In the organization, we are easily influenced by the beliefs of the group, and even doubt and change our own views, so as to be consistent with others to seek the peace of mind. This is the "bandwagon effect". The difficulty of innovation is an implicit assumption, and one of the most important implicit assumptions is the "bandwagon effect". For us, only by recognizing this shackle can we have the opportunity to jump out of it.

Breaking boundaries and innovation is the most important thinking model in this book, and the difficulty of breaking boundaries and innovation is to find hidden assumptions. Among all the implied assumptions, I think the most important one is the "bandwagon effect". It means that individuals are influenced by others, will doubt and change their views, and keep in line with others to seek the peace of mind.

In fact, the implicit assumption of most of our decisions and things is that people around us think so, which is the herd effect hidden in our hearts, and it is often expressed as group beliefs in organizations. In this chapter, we will focus on what the herd effect is and what it means for organizations (groups).

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