Why You Need to Understand Price's Law and the 80 20 Rule (Pareto Principle)
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Have you ever looked around and wondered…
How come it seems like those individuals who get ahead seem to get further and further ahead?
There’s a quote in the new testament that touches on this phenomenon.
From the book of Matthew, 13:12
“To those who have much, more will be given.”
The question is why does this happen?
And what can we learn from it?
Instead of using religious prophecy from the book of Matthew,
Today I’ll share two statistical concepts to help explain this phenomenon.
And it is SO important that you understand these two laws of statistics that shape the worlds of business and finance.
The first concept is called Prices Law
It tells us that a tiny minority of people produce the majority of the results
The second concept is the Pareto Principle
Or the 80/20 rule
Which tells us that a tiny minority of the activities we focus on produce the majority of the outcomes we desire
Both of these principles tell us that we urgently need to narrow down our focus
We are distracted by too many people claiming to have expertise
And too many activities that don’t produce results
In the full video on my youtube channel
I explain how we can take the Pareto Principle and Prices law and turn those into a framework
That can help us accelerate our progress towards our goals
I hope you enjoy the video
Your future self will thank you
00:07 Intro
00:52 Price's Law
03:11 What do we do with Price's Law
04:18 Pareto Principle
05:16 What do we do with the Pareto Principle
06:42 Summary
Inspiration for this video came from this Jordan Peterson lecture:
https://www.youtube.com/watch?v=BZMBdRfbk6A&ab_channel=TheArtofTrading
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