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The Principles of Persuasion | Ep 508

The Game with Alex Hormozi

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Persuasive Tool Number Six, Scarcity and Urgency

People value what is scarce. The reason gold is inherently valuable versus a rock is that there's just less of it. De Beers has become this diamond conglomerate, even though rubies and sapphires are actually rare than diamonds. They keep them in vaults just so that they can keep the scarcity high enough on the diamonds to fetch a premium price.

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