The Prince by Machiavelli

Notes

  • Too diagnose problem early can be difficult but to tackle/solve it early is easier. Romans: "there is no avoiding war; it can only be postponed to the advantage of others"

  • Support the weaker powers without increasing their strength, crush the powerful and do not allow them to win prestige.

  • Centralization vs decentralization (localism); 15th century Turks vs 15th century France; Turkish emperor and his administrators vs french king and his nobles; difficult to conquer but easy to hold vs easy to conquer but difficult to hold -> Alexander the Great conquered territories -> Afghanistan very local loyalties

  • Without opportunity prowess goes to waste but without prowess the opportunity passes without being seized -> rephrase this

  • Princedoms equivalent to modern day companies?

  • Violence once intensely, Benefits gradually

  • Build up Goodwill before adversity because during it a granted favor will seem disingenuous and will have little effect.

  • We as humans add layers of abstraction. Things become commodities and we "fight" on a higher level; computer viruses for control of infrastructure for example.

  • Machiavelli: "Foundation of every state is good arms and good laws. You can't have good laws without good arms"

  • -> Modern day equivalent?

  • Medieval mercenaries equivalent to modern day hedgefunds/money manager? -> agency problem -> manage your own money or clear alignment of incentives

  • Mercenary armies bring only slow, belated and feeble conquest but sudden startling defeat. -> selling tail risk

  • NDAs exist so corporations don't have to kill former employees

  • Create your own armies, don't rely on mercenaries because they do not allign with you.

  • Often being neutral is worse than picking a side even if your side loses

  • All courses of action are risky:" Prudence consists in being able to assess the nature of a particular threat and in accepting the lesser evil" -> applies to investing and trading

  • If everyone can speak the truth to you the you lose respect. Therefore pick few that can speak the truth to you but always make up your own mind. P101

  • Prosperity is ephemeral, continuous adaption is key. Change so your fortune doesn't change.

  • Impetuous > circumspect -> take more chances, especially romantically/dating