The Knowledge Project

Bernie Marcus is the co-founder and former CEO of Home Depot. This is how he built a culture of ownership, kept going when everyone turned him down, nearly lost it all, and created one of the most successful retailers in history. ----- Approximate Timestamps: (00:00) Introduction (02:00) Part 1: An Accidental Miracle (09:29) Part 2: A Golden Horseshoe Kick (25:49) Part 3: Building From Nothing (38:53) Part 4: Orange Everywhere (49:40) Part 5: The Legacy (54:17) Lessons ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------ Follow Shane Parrish:X: ⁠⁠⁠⁠⁠https://x.com/shaneparrish Insta: https://www.instagram.com/farnamstreet/ LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/ ------ Thank you to the sponsors for this episode: .tech domains: Nothing says tech like being on .tech⁠⁠ https://get.tech/⁠ reMarkable: Get your paper tablet at ⁠https://www.reMarkable.com⁠ today ----- Sources: Marcus, Bernie, and Arthur Blank. Built from Scratch: How a Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion. New York: Crown Business, 1999. Best Practice Institute. "Bernie Marcus Interview." YouTube video. https://www.youtube.com/watch?v=KNP0YYDi1FY. ----- This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ogilvy Vice Chairman Rory Sutherland reveals the formula for persuasion, why people make decisions and how you can use psychology to your advantage. Rory is the world’s leading advertising strategist. He spent almost four decades as Ogilvy studying why people behave the way they do and how to change that behavior. He explains why contrast drives choices and efficiency often destroys value, and how trust, friction, and design shape real-world behavior. +Rory was previously on the show, check out episode 19. ----- Approximate Chapters: (00:00) Introduction (01:31) AI and Decision Making (03:48) Are We Looking for Efficiency in the Wrong Place? (15:52) Ad Break (18:09) Ice Cold Beer Thought Experiment (19:56) Trust and Manipulation (27:15) Dyson Customer Experience and 'Brand Quake' (29:21) Customer Value Thinking (34:28) Why Is Dyson So Effective at Marketing? (36:28) Ad Break (38:51) Map/Territory Problem in Business (39:27) The Problem with Shareholders (42:29) The Problem with 'Tech Bro' Decision Making (45:14) Warren Buffett’s Approach to Choosing Management (47:52) John Bragg’s Approach to Buying Infrastructure (51:23) High Trust vs Low Trust Societies (58:45) What Can We Learn from the Mad Men Era of Marketing (1:03:59) The Danger of Bad Marketing (1:17:47) Navigating Cancel Culture with Common Sense (1:29:59) Signalling to Ourselves When We Purchase Something (1:39:06) Changing of Societal Norms (1:43:27) How to Write Good Copy (1:56:30) What Is Success for You? ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------ Follow Shane Parrish:X: ⁠⁠⁠⁠⁠https://x.com/shaneparrish Insta: https://www.instagram.com/farnamstreet/ LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/ ------ Thank you to the sponsors for this episode: Basecamp: Stop struggling, start making progress. Get somewhere with Basecamp. Sign up free at http://basecamp.com/knowledgeproject reMarkable: Get your paper tablet at https://www.reMarkable.com today .tech domains: Nothing says tech like being on .tech https://get.tech/ Shopify: https://shopify.com/knowledgeproject Learn more about your ad choices. Visit megaphone.fm/adchoices

How do you get ordinary people to achieve extraordinary results? Mary Kay Ash built a two-billion-dollar company by solving that specific problem. After watching men she trained get promoted above her for double the salary, she quit to build a company based on a radical idea: meritocracy. This episode breaks down how she did it. You’ll learn her twenty-three leadership lessons, why pink Cadillacs outperformed raises, and the fundamentals of incentives, recognition, and human motivation that work in any business. ----- Approximate Chapters: (00:00) Introduction (02:25)Part 1: You Can Do It, Mary Kay (21:35)Part 2: Mary Kay Cosmetics (36:45)Part 3: The System (53:44)Epilogue: The Legacy (55:16)Mary Kay’s 23 Lessons ----- Upgrade: Get hand-edited transcripts and an ad-free experience, and so much more. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. See what you're missing: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Top Performance Coach Jim Murphy reveals how to eliminate fear, master pressure, and unlock elite performance. Jim spent 5 years writing Inner Excellence, the mental toughness manual that shot from obscurity to #1 New York Times bestseller overnight when star athlete A.J. Brown was caught reading it on the sidelines of a NFL playoff game. A personal coach to professional baseball players and Olympic athletes, he teaches how extraordinary performance and a meaningful life follow the exact same path. ----- Approximate Chapters: (00:00) Introduction (01:01) The Three Elements of Inner Excellence (04:36) Before Fame (05:42) Discovery: When A.J. Brown Read ‘Inner Excellence’ on TV (12:01) Powering Your Life With Clean Fuel vs. Dirty Fuel (16:26) Ad Break (22:34) Why You Avoid Life by Keeping 'Busy' (25:39) Purpose in Life and How He Found Religion (31:09) The Interaction of Ego, Self-Centeredness, and Self-Confidence (33:59) How to Navigate Failure and Learn From It (41:43) Dealing With Comparison in the Modern World (47:34) Discovering Your Inner Excellence (51:25) Does Success Equal Happiness? (55:00) Feeling Guilt or FOMO About Life Choices (01:01:21) Changing Your Focus to Get Through Challenging Goals (01:05:40) Choices Are Hard to Act On, Rules Are Not (01:10:40) Daily Mantras for Success (01:12:15) Is the Best Possible Life Driven by Ambition or Love? (01:14:52) Why Do We Train Our Bodies but Don’t Train Our Minds? (01:15:38) What Is Success for You? ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------ Follow Shane Parrish:X: ⁠⁠⁠⁠⁠https://x.com/shaneparrish Insta: https://www.instagram.com/farnamstreet/ LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/ ------ Thank you to the sponsors for this episode: Basecamp: Stop struggling, start making progress. Get somewhere with Basecamp. Sign up free at http://basecamp.com/knowledgeproject reMarkable: Get your paper tablet at https://www.reMarkable.com today Learn more about your ad choices. Visit megaphone.fm/adchoices

Charlie Munger spent his life studying one question: why do smart people make bad decisions? In his legendary talk The Psychology of Human Misjudgement, Munger outlined 25 psychological tendencies that quietly distort how we think. From incentives and social proof to denial, envy, and authority bias, you’ll learn how these hidden tendencies shape behavior and how to build the mental defenses that helped Munger create one of the best decision records in history. You’ll hear practical examples, powerful antidotes, and lessons you can apply to business, investing, and everyday life. ----- Chapters: (00:00) Introduction: (01:38) Pattern #1: Reward and Punishment Superresponse Tendency (05:00) Pattern #2: Liking/Loving Tendency (08:38) Pattern #3: Disliking/Hating Tendency (11:48) Pattern #4: Doubt-Avoidance Tendency (14:19) Pattern #5: Inconsistency-Avoidance Tendency (20:08) Pattern #6: Curiosity Tendency (21:30) Pattern #7: Kantian Fairness Tendency (23:32) Pattern #8: Envy/Jealousy Tendency (27:32) Pattern #9: Reciprocation Tendency (31:52) Pattern #10: Influence-from-Mere-Association Tendency (35:43) Pattern #11: Simple, Pain-Avoiding Psychological Denial (37:53) Pattern #12: Excessive Self-Regard Tendency (41:06) Pattern #13: Overoptimism Tendency (42:11) Pattern #14: Deprival-Superreaction Tendency (45:28) Pattern #15: Social-Proof Tendency (48:56) Pattern #16: Contrast-Misreaction Tendency (51:33) Pattern #17: Stress-Influence Tendency (54:20) Pattern #18: Availability-Misweighing Tendency (54:54) Pattern #19: Use-It-or-Lose-It Tendency (56:26) Pattern #20: Drug-Misinfluence Tendency (57:23) Pattern #21: Senescence-Misinfluence Tendency (58:42) Pattern #22: Authority-Misinfluence Tendency (01:01:58) Pattern #23: Twaddle Tendency (01:04:18) Pattern #24: Reason-Respecting Tendency (01:06:42) Pattern #25: Lollapalooza Tendency (01:10:28) Epilogue ----- I published the full updated version on fs.blog with his permission, we are the only website to my knowledge that had his personal permission to post it. ----- Upgrade: Get hand-edited transcripts and an ad-free experience, and so much more. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. See what you're missing: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Restauranteur Ron Shaich reveals how he built the fast casual industry, scale a business, and spot the trends before they happen. Ron Shaich is an entrepreneur and investor. He was the founder and former CEO of Panera Bread and Au Bon Pain, generating 25% annualized returns and helping define the fast casual restaurant segment. Now he's the chairman of CAVA (NYSE: CAVA). He is the author of Know What Matters. He explains - The origins of Au Bon Pain and Panera - What you should focus on and what you should avoid - What most people get wrong about growing a business - Why the best always seek out the details - How to use your obsession to your advantage ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------ Follow Shane Parrish:X: ⁠⁠⁠⁠⁠https://x.com/shaneparrish Insta: https://www.instagram.com/farnamstreet/ LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/ Thank you to the sponsors for this episode: reMarkable: Get your paper tablet at https://www.reMarkable.com today .tech domains: Nothing says tech like being on .tech https://get.tech/ Shopify: https://shopify.com/knowledgeproject Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve Wozniak is the engineer who built Apple. Then he did something Silicon Valley still doesn't understand: he gave millions of his own money away to early employees, walked away from power, and refused to play the game everyone else was playing. While HP rejected his design and competitors built walled gardens, Wozniak's philosophy of open architecture, the very one a young Steve Jobs fought against, is what saved Apple long enough for it to become Apple. This is the story of the reluctant founder who won by refusing to compromise, and a blueprint for success without selling your soul. ----- Chapters: (00:00) Introduction (01:31) Part 1: Pranks and Paper Computers (18:11) Part 2: The First Personal Computer (30:46) Part 3: Apple Computer Corporation (41:02) Part 4: Apple's Decline (46:02) Epilogue (48:02) Rules To Live By ----- Upgrade: Get hand-edited transcripts and an ad-free experience, and so much more. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. See what you're missing: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Anthony Scilipoti is one of the sharpest minds in investing. He's the President and CEO of Veritas Group of Companies. He called the collapses of both Valeant Pharmaceuticals and Nortel before they happened, and now he has some thoughts on AI. We talk about asking better questions, reading the fine print, the role of short selling, and what it means to be wrong. We explore why AI gives you information but not insight, why cheap risk is often the most expensive, and why nothing matters until it does. It's a conversation about the difference between seeing and understanding and the discipline to notice what everyone else ignores. This episode is not investment advice. It’s time to listen and learn. ----- About Anthony Anthony Scilipoti is one of the sharpest minds in investing. He's the President and CEO of Veritas Group of Companies. ----- Approximate Chapters: (00:00) Introduction (01:26) Early Career (02:53) The Enron Scandal (05:48) Lessons on Auditing (16:12) The AI 'Bubble' and the State of the Market (18:46) Ad Break (20:50) The AI 'Bubble' and the State of the Market (Cont.) (28:12) Parallels Between the Fall of Nortel Networks and the Current AI Economy (35:15) Ad Break (36:10) Parallels Between the Fall of Nortel Networks and the Current AI Economy (Cont.) (39:14) Investing Rules for Better Investments (42:14) Red Flags to Look Out for When Investing? (45:56) The Rise and Fall of Valeant Pharmaceuticals (53:04) Is a Complicated Corporate Structure Bad? (55:54) Companies Don't Start Out Being Crooked (57:53) Why is EBITDA a Disastrous Measurement? (1:00:47) How Should Investors See Stock Options / How to Account for Stock Options (1:06:30) What Incentives to Look for in a Company When Investing? (1:11:31) The Rise of Index Investing (1:15:41) Buybacks and Share Count (1:21:21) What Makes Warren Buffett a Unique Investor? (1:26:58) The Power of the Retail Investor (1:32:30) What Is Success for You? ----- Thank you to the sponsors for this episode: Basecamp: Stop struggling, start making progress. Get somewhere with Basecamp. Sign up free at http://basecamp.com/knowledgeproject reMarkable: Get your paper tablet at https://www.reMarkable.com today .tech domains: Nothing says tech like being on .tech https://get.tech/ ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Follow Shane ParrishX ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish Learn more about your ad choices. Visit megaphone.fm/adchoices

The incredible story of Jim Clayton and the counterintuitive strategies he used to build Clayton Homes into a juggernaut. When the bank forced him into bankruptcy at 27, they literally seized everything, including his accountant’s calculator. He started over and rebuilt following an unconventional playbook. He refused bad loans, vertically integrated everything, and played relentless offense during downturns. While the home industry collapsed in the 1970s, 1990s, and 2000s, Clayton stayed disciplined. Competitors chased growth with loose credit and failed. He survived every downturn and bought their pieces. When Warren Buffett read his autobiography, he called days later and paid $1.7 billion in cash. The lesson: discipline beats hype, vertical integration beats vulnerability, and recessions are buying opportunities. It’s time to listen and learn. ----- Some of the lessons in this episode: 1. If you have to swallow a frog, don’t look at it too long. 2. Choose not to participate in recessions. 3. Don’t fight the flow. 4. The best legal department is happy customers. 5. Turn your adversary into an advisor. 6. Bad loans are a virus. 7. There is profit in precision. 8. Own the ecosystem. 9. When you’re lost, trust your instruments. 10. Plant seeds, don’t chase the toy. ----- This episode was made possible by: Basecamp: https://basecamp.com/knowledgeproject ----- Upgrade: Get hand-edited transcripts and an ad-free experience, and so much more. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. See what you're missing: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Warren Buffett called Tracy Britt Cool his “fireman” due to her reputation at Berkshire Hathaway for turning around struggling businesses. Today, Britt Cool is the co-founder of Kanbrick, where she applies her knowledge to the middle market. In this episode, you’ll learn how she went from writing a cold letter to Buffett to being sent in to fix struggling Berkshire subsidiaries, how to evaluate real business performance, and how incentives, culture, and structure line up to create lasting success. * Learn more and get my 31 highlights from this conversation at: https://fs.blog/knowledge-project-podcast/tracy-britt-cool/ ----- Approximate Chapters 00:00 Intro, recent reading, and family life 03:04 Alan Mulally's Turnaround at Ford 04:22 If you're not having fun 4 days out of 5, it's time to move on 05:03 The Pampered Chef Turnaround 07:06 Value Creation is Changing from Investing to Operating 08:38 Why Companies Fail to Adapt 09:23 Upbringing, education, and early career outreach 10:09 Lessons from the Farm 15:48 Writing Letters to CEOs 16:57 Lessons from Warren Buffett 18:25 Ad Break 20:57 Buying Companies at Kanbrick 22:38 The 3 Components of Long-Term Thinking 25:11 Avoiding the Complexity Trap 26:23 Turning Around a Declining Business 28:03 Attracting Talent to a Declining Business 30:29 Matching Structure to Time Horizon 32:00 Growing Margins 33:25 The Process: What to Focus on When Operating a Business 35:10 The Three Buckets of Putting People First 37:00 How to Evaluate Talent 40:16 Avoid These People At All Costs 42:23 Sourcing Deals 43:56 The Five Lenses to Evaluate a Business like Warren Buffett 45:14 How to Evaluate a Moat 49:29 How Quantitative Analysis Misleads 50:25 A Detailed Look at Return on Invested Capital 53:18 What Makes an Attractive Market 54:33 Finding High-Potential Businesses 57:00 The Post Close Playbook 1:02:03 Repeatable Business Systems 1:04:06 Why Copying What Works is Hard 1:06:01 Mistakes in the Past 5 Years 1:10:13 Debt and Leverage 1:12:20 3 Ways to Think about AI 1:15:13 What Most People Get Wrong When Hiring 1:21:12 Businesses to Avoid 1:22:35 What Not to Do 1:24:31 Public vs. Private Company Boards 1:27:04 How Warren Buffett Taught Katharine Graham Business 1:29:28 Each Hire is a Million Dollar Decision 1:31:02 Evaluating Integrity 1:32:36 The One Word That Changes Everything & Keeps People Honest 1:35:52 Principles & Lessons from Business History 1:36:59 Inflation 1:38:46 Quarterly Reporting 1:40:22 Public Company Heroes 1:41:41 Companies & Political Opinions 1:42:46 What is Success for you? ----- About Tracy Tracy Britt Cool is the co-founder of Kanbrick and former CEO of Pampered Chef. At Berkshire Hathaway, she worked directly with Warren Buffett as his financial assistant. ----- This Episode Made Possible By: Shopify: https://shopify.com/knowledgeproject reMarkable: https://www.reMarkable.com ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish Learn more about your ad choices. Visit megaphone.fm/adchoices

Hetty Green was the richest woman you've never heard of. In the late 1800s, she built a fortune worth billions today in a world designed to stop her. Women couldn't vote, couldn't own property in most states, and were banned from the New York Stock Exchange floor entirely. She was a force that couldn't be stopped. She bought entire towns, crushed railroad barons, and became the lender of last resort during financial panics. Her strategies still work today. This is the story of how an unwanted daughter became "The Witch of Wall Street," and a playbook for building lasting wealth and independence. ----- Some of the lessons in this episode: “I buy when things are low and nobody wants them. I keep them until they go up and people are crazy to get them.” Position beats prediction. Always keep cash reserves. “If you can manage your brain, you can manage your fortune.” “Before deciding on an investment, seek out every kind of information about it.” The skills to get rich and the skills to stay rich are not the same. “In business generally, don’t close a bargain until you have reflected on it overnight.” Only invest when downside risk is low and upside is high. Self-reliance is the ultimate competitive advantage. Everyone looks smart when they’re in a good position, and even the smartest person looks like a fool in a bad one. Panics are temporary. Value is permanent. Have a detective’s eye. Uncover what others miss or ignore. “I go my own way, take no partners, risk nobody else’s fortune.” “Never owe anyone anything. Not even a kindness.” Mix extreme patience with extreme decisiveness. Never bet against America. “Watch your pennies and the dollars will take care of themselves.” Move in silence. Keep your positions private. Never take advantage of people, even when you could. “When you try to do too much, you never get anywhere. Focus.” Stay connected to reality. Frugality keeps you grounded. “When it comes to spending your life, there have to be some things neglected. If you try to do too much, you can never get anywhere.” “My work is my amusement.” “Property is a trust to be enlarged for future generations.” Live by your own rules, not society’s expectations. Be fair in all things. Your conscience will haunt you otherwise. “Don’t kick a man when he’s down.” “Seek elegance rather than luxury, refinement rather than fashion.” “When I see a good thing going cheap because nobody wants it, I buy a lot of it and tuck it away.” From her favorite poem: “To live content with small means; To seek elegance rather than luxury, And refinement rather than fashion; To be worthy, not respectable, and wealthy, not rich.” Learn more at https://fs.blog/knowledge-project-podcast/outliers-hetty-green/ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Barry Diller, one of America's most successful businessmen. At 83, he chose to publish a deeply personal book and open up about his successes and failures. With surprising candor he details the rules he's lived by: trust first, confront directly, and make the call when the clock starts. In our conversation, he shares why success teaches you nothing, why failure is essential, and why instinct still beats algorithms in a data-obsessed world. This episode is filled with Hollywood lore and business acumen. ----- About Barry: He is the Chairman and Senior Executive of IAC, and is best known for founding the Fox Broadcasting Company with Rupert Murdoch and leading Paramount Pictures. Over his career, he has reshaped television, film, and online media. ----- Approximate Timestamps: (00:00) Intro (01:48) Vulnerability and Writing 'Who Knew' (05:20) Lack Of Confidence & Fake It Until You Make It (17:58) Changes In The Entertainment Industry (22:35) Instinct Vs Data (27:17) AI's Impact on the Entertainment and Travel Industry (42:35) One Dumb Step At A Time (52:39) Accountability During Conflict (55:06) Public Broadcasting Regulation And Fair Reporting (58:04) What Is Success For You ----- Basecamp: Stop struggling, start making progress. Get somewhere with Basecamp. Sign up free at http://basecamp.com/knowledgeproject reMarkable: Get your paper tablet at https://www.reMarkable.com today .tech domains: Nothing says tech like being on .tech https://get.tech/ MINT MOBILE: If you’re still overpaying for wireless, it’s time to say yes to saying no. At Mint Mobile, their favorite word is no: no contracts, no monthly bills, no overages, no hidden fees, no B.S. Go to mintmobile.com/knowledgeproject ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish Learn more about your ad choices. Visit megaphone.fm/adchoices

Ed Stack built Dick’s Sporting Goods from a struggling family store into an empire of more than 800 stores and billions in sales. Along the way he nearly lost everything. Multiple times. This episode is the story of what he did, how he did it, and the lessons you can learn. ----- Some of the things you'll learn in this episode: Never rely on the kindness of strangers. Your name is your biggest asset. The person who talks the least is usually the decision maker. Sometimes the most profitable decision on a spreadsheet is the worst decision for a business. Good businesses don’t need debt and bad ones can’t handle it. When the data and the anecdotes differ, you’re measuring the wrong thing. Trust isn’t earned in the easy times; it’s earned in the fire. People are rarely buying just your product. Give the underdog a chance. They want it more. Not knowing what you’re doing can be an asset. All money comes with strings. Your competition always has something to teach you. Always bet on yourself. Learn from mistakes, but don’t over-learn them. “The moment a business stops evolving, the moment its leaders sit back and think, ‘Everything’s good,’ that’s when it starts to fail.” Problems are opportunities to add value. Play the game to win. Become someone people want to help. Investment bankers are not your friends. Manically focus on the numbers. The recipe is boldness mixed with caution. What you get out of anything is directly proportional to what you put in. The spreadsheet is not the customer. Arguing teaches you how to think. If you go into a deal with a win-win mindset, it almost always works out. Clever excuses don’t make anything better. Every business is someone’s irrational dedication. The most important element of success is perseverance. Always let people keep their dignity. The cost of making others happy is losing yourself. Do right for the company. Do right for society. You can’t prosper unless the community around you prospers. Believing in someone before they believe in themselves changes everything. Learn more at: https://fs.blog/knowledge-project-podcast/outliers-ed-stack/ ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ----- Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ----- Follow Shane Parrish X @ShaneAParrish Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish ----- This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Lulu Cheng Meservey is one of the sharpest minds in communications and strategy. She has helped some of the best leaders through their hardest moments. We talk about why trust and conviction are contagious, how to win attention in a noisy world, and how to handle attacks without losing ground. ----- About Lulu: Having been CCO and EVP of Corporate Affairs at Activision Blizzard and VP of Comms at Substack, she is now the creator of Rostra, the only advisory firm focused on founder-led comms. ----- Approximate Timestamps: (00:00) Introduction (08:34) The Importance Of The Hook (14:35) Why Do Governments And Large Corporations Communicate So Poorly? (21:50) How To Build A Cult (27:56) How Trust And Likeability Affect Your Messages (39:19) How To Respond To A Public Relations Attack (42:57) One Death Is A Tragedy, A Thousand Are A Statistic (47:34) The Importance Of Being First (55:22) Overcoming Being The Underdog (1:00:03) How To Play Offence In PR (1:05:36) 3 Things To Make A Difference In Your Comms / Storytelling (1:21:07) The Halo Effect (1:25:52) Practical Comms Advice For Everyday Work Interactions (1:46:17) What Is Success For You? ----- Thank you to the sponsors for this episode: Basecamp: Stop struggling, start making progress. Get somewhere with Basecamp. Sign up free at http://basecamp.com/knowledgeproject reMarkable: Get your paper tablet at https://www.reMarkable.com today .tech domains: Nothing says tech like being on .tech https://get.tech/ ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠------Follow Shane ParrishX ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish Learn more about your ad choices. Visit megaphone.fm/adchoices

Fred Smith founded FedEx on an idea everyone told him would fail and built it into an $88 billion empire that changed how the world moves. In this episode, we dive into how he built FedEx and the lessons he learned along the way. This story proves that impossible is just another word for opportunity. ----- Timestamps: (00:00) Introduction (03:36) Part 1: The Boy Who Wouldn't Stay Down (15:52) Part 2: The Impossible Company (29:36) Part 3: The Empire Builder (38:12) Epilogue: From Crisis to Legacy (1993–2025) (40:55) Important Things That Didn’t Make It Into the Episode (43:55) Lessons from Fred Smith ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠ Insta @farnamstreet LinkedIn Shane Parrish ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Benedict Evans has been calling tech shifts for decades. Now he says forget the hype: AI isn't the new electricity. It's the biggest change since the iPhone, and that's plenty big enough. We talk about why everyone gets platform shifts wrong, where Google's actually vulnerable, and what real people do with AI when nobody's watching. Evans sees patterns others don't. This conversation will change how you think about what's actually happening versus what everyone says is happening. ----- Approximate Timestamps: (00:00) Introduction (01:04) What's your Most Controversial Take On AI? (05:11) Platform Shifts - The Rise Of Automatic Elevators (10:07) Profit Margins In AI (26:37) What Are The Questions We Aren't Asking About AI (39:41) What Benedict Uses AI For (44:21) Thinking By Writing (47:35) Can AI Make Something Original? (52:31) Advice for Students In The Age Of AI? (59:32) Who Will Win The AI Race? (1:11:09) What Is Success For You? ----- Thanks to our sponsors for this episode: SHOPIFY: Sign up for your one-dollar-per-month trial period at ⁠www.shopify.com/knowledgeproject ⁠ ReMarkable for sponsoring this episode. Get your paper tablet at ⁠⁠reMarkable.com⁠⁠ today NOTION MAIL: Get Notion Mail for free right now at ⁠⁠notion.com/knowledgeproject ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish Learn more about your ad choices. Visit megaphone.fm/adchoices

One man controls half the world's wild blueberries, built North America's largest private telecom, and did it all without ever leaving his hometown of 1,100 people. In this episode, we decode the counterintuitive playbook of patient capital, rural advantage, and why Bragg's refusal to sell a single share made him unstoppable. My interview with John (#204) was the class. This is the homework. ------ Approximate Timestamps: (00:00) Introduction (02:09) Part One: The Renegade’s Choice (23:47) Part Two: Eastlink (41:16) Part Three: John Bragg: Serial Entrepreneur (52:15) Epilogue: The View from Oxford (54:34) Reflections / Afterthoughts (58:00) John Bragg’s Lesson Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠⁠ Insta ⁠⁠@farnamstreet⁠⁠ LinkedIn ⁠⁠Shane Parrish⁠ ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

This conversation will change how you handle your relationship starting tonight. The late Dr. Sue Johnson basically gave me a cheat code for relationships that not only last but amplify. She breaks down the real signals to look for in a partner. Why people actually cheat (not what you think) and how to spot it coming a mile away. Plus she offers a simple framework that can turn fights from something that pushes you away to something that brings you closer than ever. We dig into how to keep the spark alive (even after kids), how to survive the empty-nest phase, and three simple things you can do to strengthen your relationship. Doesn't matter if you're single, dating, married, or divorced. You need to hear this. ------ Approximate Timestamps: (00:00) Introduction (07:11) The Life Cycles Of Relationships (08:13) How Do We Choose A Mate? (17:42) Emotional Responsiveness (24:18) Attachment Panic (32:31) How To Deepen Romantic Relationships (43:53) Isolation In Parenthood (59:50) Sexual Problems Unresolved Lead To Poor Intimacy (1:04:07) Ad Break (1:09:10) Affairs and Infidelity (1:36:58) The Stages Of Emotional Connection In A Relationship (1:39:27) Warning Signs Of Relationship Detachment (1:44:48) Predictors Of Success In Couples Therapy (1:51:29) When Relationships Become Transactional (1:55:09) Raising Kids And Creating A Safe Parental Alliance (1:58:51) Retirement Phase ------ Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠⁠ Insta ⁠⁠@farnamstreet⁠⁠ LinkedIn ⁠⁠Shane Parrish⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

The most influential retailer you’ve never heard of. How Sol Price invented the warehouse club and a philosophy that still runs Costco and Amazon. Have you ever wondered why you can still buy a hot dog and soda for $1.50 today at Costco? We can thank Sol Price for that. To him, keeping promises to customers mattered more than profit margins. Sam Walton said he borrowed more ideas from Sol Price than anyone else. Jim Sinegal of Costco said, “I didn’t learn a lot from Sol. I learned everything.” Jeff Bezos studied him. Home Depot echoed him. He invented the warehouse club, pioneered membership retail and built two multi-billion-dollar companies. The real lessons aren’t about what he built, but how he did it. This is the story of how a lawyer with no retail experience created an industry, mentored his competition, and proved that nice guys don't always finish last. Sol Price founded FedMart and Price Club, pioneering the membership warehouse model that inspired Costco and Sam’s Club. His principles—limited selection, fair wages, capped markups, no loss leaders—shaped modern retail through disciples like Jim Sinegal (Costco), Sam Walton (Walmart/Sam’s Club), Bernie Marcus (Home Depot), and influenced Jeff Bezos (Prime). ------ Approximate Timestamps: (00:00) Introduction (02:01) Early Years (08:29) Starting FedMart (28:33) Price Club (36:19) When Students Surpass the Teacher (42:09) The Teacher's Last Lesson (43:46) Reflections And Lessons ------ Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠⁠ Insta ⁠⁠@farnamstreet⁠⁠ LinkedIn ⁠⁠Shane Parrish⁠ ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Build the system behind the system. Flexport founder Ryan Petersen shows how to turn messy, multi‑party operations into a simple, scalable system that compounds growth without sacrificing trust. He explains: The iPhone clue: using public shipping data to predict launches—and create pull from zero Retention is destiny: the equilibrium math that caps growth (and how to bend it) Full‑stack or bust: customers buy outcomes, not point tools 108 steps to scale: structure the workflow, then automate or offload 90%+ Freight whiplash playbook: win share at $600 rates, keep trust at $20,000 The YC clarity rule: say it simply, make upside legible, accelerate yes Crisis ops at speed: repurposed jets and 500M masks during a global shutdown The confidence gap: why stepping away was rational—and what evidence made the comeback inevitable Choosing bottlenecks: sequence capability buildouts so quality scales with volume Automate vs. outsource vs. in‑house: a decision rule for cost, quality, and speed About Ryan:Ryan Petersen is the founder and CEO of Flexport, orchestrating global logistics across 147+ countries. ------ Thanks to our sponsors for this episode: SHOPIFY: Sign up for your one-dollar-per-month trial period at www.shopify.com/knowledgeproject Basecamp: Stop struggling, start making progress. Get somewhere with Basecamp. Sign up free at www.basecamp.com/knowledgeproject ReMarkable for sponsoring this episode. Get your paper tablet at ⁠reMarkable.com⁠ today ------ Approximate Timestamps: (0:00) Start (2:49) Early Life (4:58) First “Start Up” (5:38) Living Abroad in China (10:19) Y Combinator (11:13) Steve Jobs & the iPhone 3G Launch (13:41) Lessons from Import Genius (22:33) Lessons from Paul Graham (25:31) Flexport Early Days (36:08) COVID-Era Flexport (44:09) Hiring Flexport’s First COO (47:02) Stepping Down as CEO of Flexport (51:07) Cutting Cost & Improving Quality (53:57) Lessons from Other CEOs (57:05) How to Hire the Best Employees (59:31) Paul Graham’s Closed-Door Talk (1:03:21) The Value of a 6-Page Monthly Business Review (1:06:57) Why Do Tariffs Matter? (1:09:52) Tricks for Dealing with Tariffs (1:15:43) Other Creative Strategies for Tariffs (1:21:30) Dealing with Operational Bottlenecks (1:27:41) Lessons from Charlie Munger (1:30:12) Lessons from Peter Kaufman (1:37:50) What Is Success for You? ------ Upgrade: Get a hand edited transcript and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠ ------ Ryan Peterson @typefast ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠⁠ Insta ⁠⁠@farnamstreet⁠⁠ LinkedIn ⁠⁠Shane Parrish⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

When Katharine Graham took over the Washington Post in 1963, she was a shy socialite who'd never run anything. By retirement, she'd taken down a president, ended the most violent strike in a generation, and built one of the best-performing companies in American history. Graham had no training, no experience, not even confidence. Just a newspaper bleeding money and a government that expected her to fall in line. When her editors brought her stolen classified documents, her lawyers begged her not to publish. They said it would destroy the company. She published them anyway. Nixon came after her, attacking her with the full force of the executive. Then Watergate. For nearly a year she was ridiculed and isolated while pursuing the story that would eventually bring down the president. Graham proved that you can grow into a job that initially seems impossible and no amount of training can substitute for having the right values and the courage to act on them. ------ 10 Lessons from Katharine Graham: ⁠⁠⁠https://fs.blog/knowledge-project-podcast/outliers-katharine-graham/ ------ Approximate timestamps: (0:00) Start (02:19) The Making of an Unlikely Heiress (10:15) The Education of a Publisher’s Wife (22:16) Learning to Lead (30:46) Becoming a Media Titan (44:12) Legacy (47:59) Reflections + Lessons ------ Thanks to ReMarkable for sponsoring this episode. Get your paper tablet at reMarkable.com today ------ Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠ ------Follow Shane Parrish X ⁠⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠⁠ Insta ⁠⁠@farnamstreet⁠⁠ LinkedIn ⁠⁠Shane Parrish⁠ ------ This episode is for informational purposes only and contains the lessons I learned reading her memoir, Personal History and watching Becoming Katharine Graham. ------ Check out our website for all stock video and photo credits. Episode photo sourced from: iwmf.org/community/katharine-graham/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Daniel Kahneman won the Nobel Prize for proving we're not as rational as we think. In this timeless conversation we discuss how to think clearly in a world full of noise, the invisible forces that cloud our judgement, and why more information doesn't equal better thinking. Kahneman also reveals the mental model he discovered at 22 that still guides elite teams today. Approximate timestamps: (00:36) – Episode Introduction (05:37) – Daniel Kahneman on Childhood and Early Psychology (12:44) – Influences and Career Path (15:32) – Working with Amos Tversky (17:20) – Happiness vs. Life Satisfaction (21:04) – Changing Behavior: Myths and Realities (24:38) – Psychological Forces Behind Behavior (28:02) – Understanding Motivation and Situational Forces (30:45) – Situational Awareness and Clear Thinking (34:11) – Intuition, Judgment, and Algorithms (39:33) – Improving Decision-Making with Structured Processes (43:26) – Organizational Thinking and Dissent (46:00) – Judgment Quality and Biases (50:12) – Teaching Negotiation Through Understanding (52:14) – Procedures That Elevate Group Thinking (55:30) – Recording and Reviewing Decisions (57:58) – The Concept of Noise in Decision-Making (01:01:14) – Reducing Noise and Improving Accuracy (01:04:09) – Replication Crisis and Changing Beliefs (01:08:21) – Why Psychologists Overestimate Their Hypotheses (01:12:20) – Closing Thoughts and Gratitude Thanks to MINT MOBILE for sponsoring this episode: Get this new customer offer and your 3-month Unlimited wireless plan for just 15 bucks a month at MINTMOBILE.com/KNOWLEDGEPROJECT. Newsletter - The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠ Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠ and get your own private feed. Watch on YouTube: ⁠⁠⁠⁠⁠⁠@tkppodcast Photograph: Richard Saker/The Guardian Follow Shane Parrish X ⁠⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠⁠ Insta ⁠⁠@farnamstreet⁠⁠ LinkedIn ⁠⁠Shane Parrish⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

They weren’t employees. They were partners. Les Schwab didn’t build a company. He built a culture. This episode reveals how one small-town tire dealer scaled to $3 billion by turning customers into evangelists and employees into owners. Somewhere between changing his first flat tire and opening his 410th Les Schwab Tire Center, Les discovered something profound: his people weren't just working for him, they were working with him. They weren't building his dream, they were building their own. This episode is a case study on how strategy, incentives, and trust create massive advantages that resources can’t buy. When investment bankers offered Schwab billions to sell his empire, he refused after asking himself just one question: “What would I do with the money?” Les Schwab understood something most never learn: the real wealth isn't in what you keep. Approximate timestamps: Subject to variation due to dynamically inserted ads: (01:49) Roots (11:21) In Business (27:50) Building an Empire (40:18) Maturation and Legacy (48:21) Reflections from Les Schwab (51:22) Lessons from Les Schwab This episode is for informational purposes only and is based on Pride in Performance: Keep It Going by Les Schwab Thanks to Basecamp for sponsoring this episode: basecamp.com/knowledgeproject Check out highlights from this book in our repository, and find key lessons from Schwab here: https://www.fs.blog/knowledge-project-podcast/outliers-les-schwab Upgrade—If you want to hear my thoughts and reflections at the end of all episodes, join our membership: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠ and get your own private feed. Newsletter—The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠ Follow Shane Parrish X ⁠⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠⁠ Insta ⁠⁠@farnamstreet⁠⁠ LinkedIn ⁠⁠Shane Parrish⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Shopify’s Harley Finkelstein reveals the one standard that actually scales your career and your family. Harley shares why stepping down as COO was his hardest choice, the family motto that guides his daughters, and what makes someone good at storytelling. They discuss AI's real advantage, the calendar system that keeps him accountable, and how he maintains high standards. If this gives you one standard to raise your team—or your family—share it with a friend who needs to hear it today. ------------ About Harley: Harley Finkelstein is the President of Shopify. He leads storytelling, external relations, and company energy—translating world-class product into world-class adoption. Approximate timestamps: (00:02:10) Living With Unreasonably High Standards (00:03:40) Generational Trauma and Family Relationships (00:07:52) Growing Up With Adverse Circumstances (00:14:42) Prioritizing In Life And Becoming World Class (00:24:45) Requalifying For Your Job (00:30:05) Mindset for Professional Growth and Success (00:31:33) How To Find A Great Business Partner (00:32:57) Switching From COO Of Shopify To President/Chief Storyteller (00:40:34) How Storytelling Impacts Shopify (00:42:00) How To Get Better At Storytelling (00:46:13) Shopify And How Commerce Has Evolved (00:49:27) Forced Entrepreneurship Vs Passion-Based Entrepreneurship (00:51:34) Mentorship (00:59:41) Overcoming Failure And Rejection (01:02:46) Out Caring Is More Important Than IQ, EQ, Raw Talent (01:06:07) Parenting And Teaching A Hardwork Ethic (01:11:23) Teaching Resilience Thanks to our sponsor for supporting this episode: SHOPIFY: Sign up for your one-dollar-per-month trial period at shopify.com/knowledgeproject MINT MOBILE: Get your 3-month Unlimited wireless plan for just 15 bucks a month at mintmobile.com/knowledgeproject Newsletter - The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠ Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠ and get your own private feed. Watch on YouTube: ⁠⁠⁠⁠⁠@tkppodcast Follow Shane Parrish X ⁠⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠⁠ Insta ⁠⁠@farnamstreet⁠⁠ LinkedIn ⁠⁠Shane Parrish⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Jimmy Pattison still runs his $16 billion empire personally at 96 years old. He’s built The Pattison Group over the last 63 years without outside capital or a college degree. He owns 100% of car dealerships, grocery stores, billboards, radio stations and even Ripley’s Believe It or Not—with a philosophy of: "No partners, no shareholders, no relatives." This episode reveals the principles behind one of North America’s great private empires ------ Get a summary of the 11 key lessons you can learn from Jimmy here: https://fs.blog/knowledge-project-podcast/outliers-jimmy-pattison/ ------ Approximate timestamps: (01:10) Jimmy Pattison’s Billion-Dollar Playbook(03:24) The Debt That Built Character(05:41) Part 1: Foundations - The Boy Who Sold Seeds Door-To-Door(06:52) When Victory Becomes a Liability(08:46) The University of Used Cars(10:02) The Art of the Close(13:30) When Business Becomes Theater(15:22) The Price of Independence(16:36) The Pattern(17:44) Part 2: Starting to Build - Back to Zero(18:09) The Price of Independence(20:08) Bleeding Money(21:11) The Secret Weapon(22:11) The Main Street Disaster(23:09) Dead Air to Hot Air(24:33) The Ghost Station(25:40) The Conglomerate Dream(27:03) The Target(28:24) Cold Calling Wall Street(29:35) The Silent Hunt(30:49) The Takeover(31:36) Part 3: Neonex International(32:09) The Magic Money Machine(34:17) The Toast Order(35:06) The Forbidden Target(36:15) The Christmas Surprise(37:27) The Bluff(38:07) The Unraveling(39:07) The Education(40:27) Part 4: The Jim Pattison Group of Companies (40:49) The Corporate Confession (42:08) The New Operating System(44:01) The Dinner That Changed Everything(46:23) The Great Escape(47:31) The Boy and the Bicycle(49:07) The Quality Revolution(51:14) Part 5: The Empire Builder - Still at the Wheel(51:47) The New Playbook(54:17) The Grocery Gambit(55:13) The Media Monopoly(55:52) The Numbers Game(57:20) The Ultimate Lesson(59:15) Reflections and Lessons ------ Upgrade: Get a hand edited transcript and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠@ShaneAParrish⁠ Insta ⁠@farnamstreet⁠⁠ ------ This episode is for informational purposes only and is based on Jimmy: An Autobiography by Jim Pattison and Paul Grescoe. Learn more about your ad choices. Visit megaphone.fm/adchoices