TradeBriefs Editorial From the Editor's Desk

Naval: Play Long-term Games With Long-term People
- Pick an industry where you can play long-term games with long-term people. Long-term players make each other rich. Short-term players make themselves rich.
- All returns in life come from compound interest over many turns of long-term games- and they usually come at the end.
- People do right by each other when they know they'll be around for the next turn of the game. And friction goes down, so you can do bigger and bigger things together.

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