When competing for a scarce resource like a prime restaurant reservation or early college admission, the most popular option ('gold') is the riskiest. Strategically targeting a slightly less desirable option ('silver') dramatically increases your chances of success, which is often a better outcome than getting nothing at all.

Expecting life or business to be "fair" is a destructive mindset. Horowitz argues the most valuable lesson is accepting that nothing is fair—from birth circumstances to business deals. Success comes from dealing with reality as it is, not as you wish it were.

Elite universities with massive endowments and shrinking acceptance rates are betraying their public service mission. By failing to expand enrollment, they function more like exclusive 'hedge funds offering classes' that manufacture scarcity to protect their brand prestige, rather than educational institutions aiming to maximize societal impact.

You are the designer of the 'hidden markets' for your personal resources like time and attention. Instead of reacting haphazardly, you can consciously set rules that optimize for efficiency (highest impact), equity (fairness), and ease (simplicity), thereby taking active control of your personal productivity and focus.

In a competitive market, simply applying for a job is not enough. The key to winning is to identify the ultimate decision maker and find a creative way to get their direct attention. Successfully doing so is like catching the 'golden snitch' in Quidditch—it virtually guarantees a win.

Instead of viewing your limited one-on-one time as an unscalable weakness, frame it as an extremely scarce resource. This fixed, low supply naturally drives up price. The goal isn't asking if a task is 'worth your time,' but setting a price that makes it worth your time.

The frenzy around elite college admissions is a systemic 'collective action trap.' Even parents and students who understand the limited value of prestige are forced to compete due to intense social pressure and status anxiety, amplified by social media. Opting out individually carries too high a social cost.

In auctions with uncertain value (like oil leases or even NFL draft picks), the winner is not a random bidder but the one with the most optimistic valuation. This often means the winner has significantly overestimated the item's true worth and is therefore 'cursed' by their victory.

In any difficult pursuit, the majority of people will try, fail, and drop out. The key is recognizing that with every failure you endure and learn from, the line of competitors gets smaller. True advantage lies not in initial talent but in the willingness to get back in line repeatedly while others give up.