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GM tried to take Cadillac up-market with the $54,000 Allante. It bombed. Why would anyone spend that kind of money on a so-called Cadillac, since their neighbors would probably think they paid only $30,000 or so? No prestige.
The 22 Immutable Laws of Marketing
Al Ries
Get Them To “Say No To Say Yes.” I was always amazed at how often the fur coat dealer got people to buy stuff by saying “no.” He knew people had been trained to say “no” in response to “you don’t want anything else do you?” But this actually turns a “no” into “yes.” So when upselling, the question translates to: You don’t want anything [besides what I just offered] do you? Clever salesmanship. So let the nos (yeses) roll in.
$100M Money Models: How to Make Money
Alex Hormozi
The great art dealers operated like index funds. They bought everything they could. And they bought it in portfolios, not individual pieces they happened to like. Then they sat and waited for a few winners to emerge.
That’s all that happens.
Perhaps 99% of the works someone like Berggruen acquired in his life turned out to be of little value. But that doesn’t particularly matter if the other 1% turn out to be the work of someone like Picasso. Berggruen could be wrong most of the time and still end up stupendously right.
The Psychology of Money
Morgan Housel
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