So, I’m listening to an audio version of the book The Snowball, a biography of Warren Buffet (I highly recommend, by the way). In it, one of Warren’s early mentors talks about the difference between Class One and Class Two truths. A Class One truth is absolute. Think about the law of gravity or the speed of light. A Class Two truth is one that becomes true through conviction. If enough people are willing to pay a certain price for an item, then that becomes its price…until they change their minds (convictions).
Why is this important? Well, the first is that it is important to know if something you believe is Class One or Class Two truth, so that you know where you stand. Second, I believe that there is a lot more Class Two truth, and a lot less Class One truth, than most people think, and that means that the world is a lot more malleable than we think, for better and for worse.
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