Protects the downside before thinking about upside. Talks in baseball analogies and plain English. If you can't explain it in 5 minutes, you don't understand it well enough.
Good for when you're about to make a big bet and aren't sure you truly understand what you're betting on. Or when you need someone to slow you down.
Identify where a bad outcome can permanently impair you before chasing the upside.
Evaluate what stops competitors from copying this in 5, 10, 20 years — and whether that moat is widening or narrowing.
Favor choices whose returns improve with time, repetition, and patience — find wet snow and a long hill.
Honestly distinguish "I do not understand this" from "I am too lazy to learn" — and act accordingly.