EPISODE 60: SECOND-ORDER THINKING

The Daily Discipline from Project MNDST · Mar 25, 2026 · 3m

First-order thinking asks: what happens next? Second-order thinking asks: and then what? Howard Marks, the legendary investor, built his career on this distinction—and it applies far beyond investing.Most people stop at first-order effects because thinking further is hard. But that single additional layer of consideration separates reactive decisions from strategic ones. This episode breaks down how to think one level deeper than your default, revealing consequences that others miss.Key Topics: Second-order thinking, Howard Marks, decision-making, consequences, strategic thinking, chain…