The new leverage is code and media — zero marginal cost of replication, works while you sleep, needs no one's permission.
“Permissionless” is the operative word. Labor and capital both require someone to pick you; code and media don’t, which is what makes them available to someone starting with nothing but time.
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← extended byCode’s second zero-cost property is experimentation — you learn faster than anyone operating in atoms.
Naval’s framing stops at replication: build once, serve millions. This adds the iteration axis, which may matter more — a physical business gets a few real experiments a year, a software team gets hundreds a month.
← supported byOptionality pays when you do not need to be right — many cheap tries, each with a capped loss and an open upside.Explains why code and media pay the way they do. Their economics are an option: bounded cost to produce, unbounded distribution if one lands.
← requiresSpecific knowledge can't be trained, only found by following genuine curiosity — it feels like play to you and looks like work to others.Leverage multiplies whatever you point it at. Without specific knowledge it multiplies something commoditized, which is how you get scale with no margin.