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    • Philosophy's Value in Various Fields and Founder DNA in CompaniesStudying philosophy cultivates analytical thinking, intellectual rigor, and skills necessary for making sound decisions and constructing convincing arguments, while also emphasizing the importance of injecting founder DNA into companies for growth and innovation.

      Studying philosophy can provide a unique perspective and valuable skills that can be applied to various fields, including venture capital and technology. Philosophy teaches analytical thinking and intellectual rigor, which are crucial in making sound decisions and building convincing arguments. This level of rigor is similar to constructing a philosophy proof, where premises are underpinned by logic and objections are preempted. In product development and investment decisions, the same principles apply - hypotheses are formed, underwritten by research and data analysis, and conclusions are drawn. Additionally, the conversation highlights the importance of injecting founder DNA into a company to drive growth and innovation. Acquisitions can be an effective way to bring the unique qualities and skills of founders into an organization, especially when it is challenging to recruit them directly. These lessons can be applicable beyond the context of Pinterest, providing insights into scaling and success in other fields as well.

    • The Importance of Metrics, Org Chart, and Founder Integration in Company SuccessChoosing the right metrics, establishing a proper organizational chart, and integrating dedicated and passionate founders are crucial for optimizing product success and driving company growth.

      What you measure matters. Choosing the right metrics is crucial for optimizing the product and making it successful. Vanity metrics should be avoided as they provide an inaccurate representation of progress. Additionally, the conversation highlights the importance of the organizational chart in a growing company. Changes in the org chart are not necessarily negative but rather a sign of growth and adaptation. Setting the organization in the right way allows for better alignment with strategy and smoother execution. Integration of founders into an existing culture can be beneficial if they align with the company's values and are dedicated to its success. Ultimately, having a team of founders who are all-in and passionate about the company can greatly contribute to its growth and success.

    • Importance of Alignment, Investment, and Growth in Building a Successful Company.To build a successful company, it is crucial to have individuals who align with the company's mission, make upfront investments for long-term profitability, and focus on growing the business while delivering great customer experiences.

      When it comes to finding impactful individuals for your company, their alignment with the company's mission is crucial. It's important to have individuals who see their identity as part of the company and are willing to go all-in. On the topic of generating cash for shareholders, Sarah explains that upfront investment may be necessary to secure profitable long-term customers. Having a machine that can generate profit with a positive return on investment warrants aggressive spending. Sarah also emphasizes the importance of companies being able to escape competition to become profitable and create great customer experiences. However, determining whether a company is using money to grow or is simply acquiring customers without a viable product requires looking for early evidence of contribution margins expanding over time and the founder's understanding of their business.

    • Addressing pain, making prompt decisions, and building a well-rounded team are crucial for founders in running a company.Founders should not procrastinate on difficult decisions, understand the strengths and weaknesses of their organizational structure, and hire employees with a growth mindset.

      In running a company, founders need to address pain and make decisions promptly. Procrastinating on difficult decisions or delaying necessary actions only compounds the problems and makes them more challenging to rectify later on. Founders should recognize that pain postponed today will be harder to deal with tomorrow. Additionally, every strength in a company has a corresponding weakness. For example, a decentralized organizational structure allows for quick autonomous decision-making, but it may lead to redundancy and lack of coordination. On the other hand, a centralized structure may prevent such issues but could slow down the decision-making process. It is crucial for founders to surround themselves with individuals who complement their strengths and weaknesses, creating a well-rounded team. Lastly, identifying early warning signs of employees who can't scale in their roles requires observing if they demonstrate a growth mindset and continuously seek ways to learn and improve.

    • Continuous Learning, Accountability, and Surrounding Oneself with the Right Support SystemFounders and leaders should prioritize personal growth by seeking out mentors, coaches, and CEOs, embracing vulnerability, and making tough decisions when it comes to team members and board members.

      Founders and leaders need to constantly push themselves to learn and grow in order to scale their companies successfully. Surrounding themselves with CEOs and mentors who can challenge and hold them accountable, or finding coaches to support them, can be effective ways to achieve this. It is important for leaders to be vulnerable and acknowledge their own areas of weakness, rather than holding themselves back. When it comes to team members who may not fit their roles, it is generally best to let them go rather than transferring them internally, as this can avoid non-confrontational weaknesses and the risk of bringing down the entire team's execution. The role of boards in startups and companies should involve individuals who are aligned with the company's future and can contribute to strategic conversations, as their input can significantly impact the direction of the company.

    • The Importance of Alignment, Trust, and Structured Decision Making in Business SuccessSurrounding oneself with aligned individuals, nurturing trust with the board, and implementing structured decision-making processes are essential for avoiding wasted time, overcoming hurdles, and evaluating investments effectively.

      It is crucial to surround oneself with individuals who not only support and challenge, but also share the same vision and mission of the company. Having people who are aligned and capable of pushing the CEO in the right direction is essential to avoid wasting time and effort on convincing those who are not onboard. Additionally, micromanagement and interference from individuals who do not fully understand the company's goals or culture can hinder progress and become a burden for the CEO. Trust breakdown between the board and founder can also be detrimental to the company's success, as important conversations and constructive criticism may be avoided. It is important to nurture a trustworthy relationship where the board acts in the best interest of the company and focuses on its success rather than personal gain. Finally, having a structured decision-making process and mental frameworks in place can help in evaluating investments and strategies effectively.

    • Building Enduring Value and Making the Right Decisions: Insights from Sarah TavelyBy focusing on authentic milestones, intellectual rigor, and aligning strategies to create maximum value, founders and board members can increase their chances of dominating their markets and achieving asymmetrical outcomes.

      In order to build enduring value and make the right decisions, founders and board members must focus on authentic milestones and intellectual rigor rather than vanity metrics. Sarah Tavely emphasizes the importance of orienting companies towards creating maximum value and aligning strategies to achieve this. As a board member, she highlights the commitment and level of service that she provides to ensure the success of the companies she works with. Opportunity cost is a significant factor in making investment decisions, considering not just financial returns but also the allocation of time and resources. Sarah also discusses the idea of escaping competition by seeking network effects or targeting underestimated spaces that do not invite strong competition. By understanding these principles and employing relevant mental models and frameworks, founders and board members can increase their chances of achieving asymmetrical outcomes and dominating their respective markets.

    • Finding success through niche markets and strategic positioningIdentifying and dominating a smaller market can lead to significant success, while attempting to tackle big problems without a focused starting point can be detrimental. Analyze the market, find areas of contrast, and strategically position yourself for success.

      Identifying and dominating a smaller market or niche can lead to significant success. The conversation highlights how companies like Chain Analysis and Benchling were able to excel by recognizing opportunities in seemingly insignificant markets. These companies were able to leverage their first-mover advantage, build a strong product-market fit, and expand their presence as the market grew. In contrast, the conversation also emphasizes the mistake CEOs often make by being blinded by their ambition to tackle big problems without focusing on a small starting place. By attempting to be everything for everyone, they risk diluting their product and failing to achieve strong market positioning. Therefore, the key is to carefully analyze the market, identify areas of contrast, and strategically position oneself as the leading player in a less competitive market.

    • DoorDash's Strategy: Targeting Suburban Markets for SuccessThe key to DoorDash's success was their focus on underserved suburban markets, allowing them to become the top choice for restaurants and prepare for expansion into more favorable city markets.

      DoorDash's success can be attributed to their strategic decision to target the suburbs, where there was less competition and a higher potential for market tipping. By focusing on an underserved market and providing delivery services that weren't readily available, DoorDash was able to establish themselves as the primary option for restaurants in the suburbs. This allowed them to capture a significant portion of the market and create a strong value proposition for customers. The conversation also emphasizes the importance of building a business in challenging conditions, as mastering the complexities of the suburbs prepared DoorDash for expansion into more favorable city markets. Ultimately, the key to success is finding a market that is easy to win and maximizing the tipping point to drive organic growth.

    • Vulnerabilities and Disruption: Unpacking the Challenges Faced by Horizontal PlatformsStartups have the ability to disrupt big platforms by addressing specific vulnerabilities, showcasing the concept of creative destruction and the potential for permanent changes in the business landscape.

      Big horizontal platforms like Amazon and eBay, while they have the advantage of scale, also have vulnerabilities that can be exploited by new startups. One such vulnerability is complacency, but it seems that Amazon is not a complacent company. However, there have been examples of companies like eBay that have been disrupted by new startups. The challenge for horizontal platforms is that they need to try to be everything for everyone, resulting in a lowest common denominator product. Startups like Goat, a sneaker marketplace, have been able to disrupt eBay by identifying and addressing specific vulnerabilities, such as counterfeit products and lack of trust. This conversation highlights the concept of creative destruction, where startups can unbundle and leapfrog existing platforms. Overall, while horizontal platforms have incredible strength in scale, there is also a vulnerability in their model that may evolve over time. The conversation also discusses the transformative effects of shelter in place on businesses and the potential for permanent changes in the way we work.

    • The COVID-19 pandemic and the future of work: Remote work technologies and the emergence of a new generation of companies.The pandemic has accelerated remote work adoption, leading to increased productivity with tools like Slack and Zoom. However, finding a balance between remote work and in-person interactions is crucial for the future of work.

      The COVID-19 pandemic has accelerated the adoption of remote work technologies and transformed the way we work and collaborate. Remote work can now be more productive than traditional in-person work, thanks to tools like Slack and Zoom. This has led to the emergence of a new generation of companies that are native to remote or hybrid workspaces, which will likely transform the future of work. In addition, the pandemic has created a new gold rush in the consumer world, with offline activities being replaced by digital products and mobile apps. However, as we eventually return to in-person interactions, there will be a need to find a balance between the benefits of remote work and the importance of physical presence and human connection.

    Recent Episodes from The Knowledge Project with Shane Parrish

    #196 Brent Beshore: Business Brilliance and Happiness at Home

    #196 Brent Beshore: Business Brilliance and Happiness at Home

    Succeeding in both life and business is very difficult. The skills needed to scale a company often clash with those required to cultivate a thriving home life. Yet, Brent Beshore seems to have cracked the code—or at least he's actively working on it. In this conversation, he spills his secrets on excelling in both arenas.

    This episode is split into two parts: the first 45 minutes covers life and how to be a better person. Brent opens up about the evolution of his marriage, physical health, and inner life.

    The rest of the episode focuses on business. Shane and Beshore discuss private equity, how to hire (and when to fire) CEOs, incentives, why debt isn’t a good thing in an unpredictable world, stewardship versus ownership, and why personality tests are so important for a functional organization.
    After beginning his career as an entrepreneur, Brent Beshore founded Permanent Equity in 2007 and leads the firm as CEO. He works with investors and operators to evaluate new investment opportunities.


    Watch the episode on YouTube: https://www.youtube.com/c/theknowledgeproject/videos

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    Shopify: Making commerce better for everyone. https://www.shopify.com/shane

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    (00:00) Intro

    (05:08) Why Brent examined his life

    (09:44) How Brent "fixed" his relationships

    (20:04) How helping hurts

    (32:13) How Brent was subtly controlling relationships

    (40:36) Why Brent stopped drinking (mostly)

    (50:29) How to run a business with love yet competitively

    (01:00:34) Win-win relationships

    (01:05:34) On debt

    (01:19:28) On incentives

    (01:29:08) How to hire and fire CEOs

    (01:34:18) What most people miss about hiring

    (01:44:19) Brent's playbook for taking over a company

    (01:51:20) On projections

    (01:55:52) Revisiting investments

    (01:58:44) How "hands-off" is Brent?

    (02:08:34) Where people go wrong in private equity

    (02:14:07) On success

    #195 Morgan Housel: Get Rich, Stay Rich

    #195 Morgan Housel: Get Rich, Stay Rich

    The skills it takes to get rich are drastically different from the skills it takes to stay rich. Few understand this phenomenon more than Morgan Housel. He's identified unique lessons about wealth, happiness, and money by studying the world's richest families and learning what they did to build their wealth and just how quickly they squandered it all.
    In this conversation, Shane and Housel discuss various aspects of risk-taking, wealth accumulation, and financial independence. Morgan explains the importance of understanding personal financial goals and the dangers of social comparison, lets everyone in on his personal financial “mistake” that instantly made him sleep better at night, and why the poorest people in the world disproportionately play the lottery—and why it makes sense that they do. They also touch on the influence of upbringing on financial behaviors, the difference between being rich and wealthy, and the critical role of compounding in financial success. Of course, we can’t have a writer as good as Morgan Housel on the podcast and not ask him about his process, so Housel concludes with insights into storytelling, his writing processes, and the importance of leading by example in teaching financial values to children.
    Morgan Housel is a partner at Collaborative Fund. Previously, he was an analyst at The Motley Fool. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers and was selected by the Columbia Journalism Review for the Best Business Writing anthology. He's the author of two books: The Psychology of Money and Same as Ever.
    Watch the episode on YouTube: ⁠https://www.youtube.com/c/theknowledgeproject/videos⁠

    Newsletter - I share timeless insights and ideas you can use at work and home. Join over 600k others every Sunday and subscribe to Brain Food. Try it: ⁠https://fs.blog/newsletter/⁠

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    Sponsors

    Protekt: Simple solutions to support healthy routines. Enter the code "Knowledge" at checkout to receive 30% off your order. ⁠https://protekt.com/knowledge


    (00:00) Intro

    (04:46) Risk and income

    (07:40) On luck and skill

    (10:10) Buffett's secret strategy

    (12:28) The one trait you need to build wealth

    (16:20) Housel's capital allocation strategy

    (16:48) Index funds, explained

    (20:59) Expectations and moving goalposts

    (22:17) Your house: asset or liability?

    (27:39) Money lies we believe

    (32:12) How to avoid status games

    (35:04) Money rules from parents

    (40:15) Rich vs. wealthy

    (41:46) Housel's influential role models

    (42:48) Why are rich people miserable?

    (45:59) How success sows the seeds of average performance

    (49:50) On risk

    (50:59) Making money, spending money, saving money

    (52:50) How the Vanderbilt's squandered their wealth

    (1:04:11) How to manage your expectations

    (01:06:26) How to talk to kids about money

    (01:09:52) The biggest risk to capitalism

    (01:13:56) The magic of compounding

    (01:16:18) How Morgan reads

    (01:22:42) How to tell the best story

    (01:24:42) How Morgan writes

    (01:35:42) Parting wisdom and thoughts on success

    #194 Abigail Shrier: The Parent-Therapy Trap

    #194 Abigail Shrier: The Parent-Therapy Trap
    Over the last decade, therapy has become the de facto solution to solve all sorts of problems for all sorts of people. Everyone has slowly accepted that therapy is normal and a net benefit to society.

    But instead of helping kids work through difficult circumstances, what if it's just making the problems worse? That's what Abigail Shrier thinks is happening, and in this conversation, she reveals some surprising reasons why.

    Shane and Shrier discuss the real reason therapy is "bad," how we got to this point of acceptance as a culture, and what you can do as a parent to get back to normalcy. Shrier also shares her experiences with lifelong therapy patients, who should actually be in therapy, and the one thing that makes someone a successful parent.

    Watch the episode on YouTube: https://www.youtube.com/c/theknowledgeproject/videos

    Newsletter - I share timeless insights and ideas you can use at work and home. Join over 600k others every Sunday and subscribe to Brain Food. Try it: https://fs.blog/newsletter/

    My Book! Clear Thinking: Turning Ordinary Moments into Extraordinary Results is out now - https://fs.blog/clear/ 

    Follow me: https://beacons.ai/shaneparrish

    Join our membership: https://fs.blog/membership/

    Sponsors:

    Shopify: Making commerce better for everyone. https://www.shopify.com/shane

    Protekt: Simple solutions to support healthy routines. Enter the code "Knowledge" at checkout to receive 30% off your order. https://protekt.com/knowledge

    (00:00) Intro
    (05:44) Inverse: How do we raise mentally unstable kids?
    (08:29) How we got to now
    (11:45) Bad therapy...or just social trends?
    (13:21) Being your kids' friend: good or bad?
    (15:55) The parenting type that raises the BEST kids
    (21:35) Is this all the parents' fault?
    (29:53) Is "Bad Therapy" a world-wide problem?
    (32:57) Talk to your kids' therapist about these things
    (42:09) The importance of facing adversity in childhood
    (47:06) Can we blame grad schools for all of this?
    (49:14) On technology and social media
    (51:03) Schools should "never" have gotten involved in mental health
    (54:43) Did COVID accelerate "bad therapy?"
    (56:07) How to return to normalcy
    (58:21) Why Shane shares negative YouTube comments with his kids
    (01:01:23) Shrier's experience being "cancelled"
    (01:04:13) On prestige media
    (01:07:47) Small steps parents can take to return to normal
    (01:11:02) Dealing with schools saying one thing and parents saying another
    (01:13:32) Why is the silent majority...silent?
    (01:16:32) If this continues, what happens?
    (01:18:19) What makes someone a successful parent?

    #193: Dr. Jim Loehr: Change the Stories You Tell Yourself

    #193: Dr. Jim Loehr: Change the Stories You Tell Yourself

    What if reaching the next level of success wasn't determined by another skill, degree, or course but by something that changed on the inside?

    That's what Dr. Jim Loehr believes, and in this episode, he reveals everything he knows about mental toughness and winning the mind game. Shane and Loehr discuss the radical importance of the stories you tell yourself—including how they can damage your kids—and how to change the negative stories you believe. Loehr also shares the best reflection questions to ask yourself to reveal personal blindspots, the importance of rituals for calming anxiety and performing under pressure, and how the best in the world use their recovery time effectively.

    Dr. Jim Loehr is a world-renowned performance psychologist and author of 16 books. From his more than 30 years of experience and applied research, Dr. Loehr believes the single most important factor in successful achievement, personal fulfillment, and life satisfaction is the strength of one’s character. Dr. Loehr possesses a masters and doctorate in psychology and is a full member of the American Psychological Association.

    Watch the episode on YouTube: https://www.youtube.com/c/theknowledgeproject/videos

    Newsletter - I share timeless insights and ideas you can use at work and home. Join over 600k others every Sunday and subscribe to Brain Food. Try it: https://fs.blog/newsletter/

    My Book! Clear Thinking: Turning Ordinary Moments into Extraordinary Results is out now - https://fs.blog/clear/ 

    Follow me: https://beacons.ai/shaneparrish

    Join our membership: https://fs.blog/membership/

    Sponsor:

    Protekt: Simple solutions to support healthy routines. Enter the code "Knowledge" at checkout to receive 30% off your order. https://protekt.com/knowledge

     

    (00:00) Intro

    (03:20) Parenting and storytelling

    (06:15) How to determine whether or not the stories are limiting or enabling you

    (08:41) What the stories world-class performers tell themselves

    (15:02) How to change the stories you tell yourself

    (23:26) Questions to journal about

    (26:16) Private voices vs. public voices (and how they impact your kids)

    (31:32) How to help your friends change their stories

    (37:30) How to better come alongside your kids to prevent destructive behavior

    (44:48) - (45:06) What Loehr knows about high performers that others miss

    (53:12) On time and energy

    (01:06:26) Conquering the "between point" ritual

    (01:11:50) On rituals vs. habits

    (01:15:54) How to increase your mental toughness

    (01:23:51) On success

     

     

    #192 David Segal: Yearly Planning, Daily Action

    #192 David Segal: Yearly Planning, Daily Action

    Working in a business and working on a business are two different things. Without the former, nothing gets done; without the latter, the wrong things get done. David Segal has a unique way of managing that tension, and this episode, he reveals all his business operating secrets and explains how he failed along the way.

    Shane and Segal discuss what entrepreneurship really is, where motivation comes from, and what Segal learned building a $200 million tea business. Shane and David also dive deep into the dark side of success and the radical depression that can strike when you get a big payday, life and business lessons they learned from Warren Buffett, and the value of time management.

    David Segal is the co-founder of Firebelly Tea. He’s also best known as “the David” of DAVIDsTEA. During his time at DAVIDsTEA, Segal grew the company from a single store to a $200 million retail giant. Segal left DAVIDsTEA in 2016 and started Mad Radish—a quick service restaurant concept. Mad Radish is all about providing healthy, gourmet fast foods. In 2021, Segal started Firebelly tea to create exceptional loose leaf teas tailored to modern living.

    Listeners of The Knowledge Project can receive a special 15 percent discount on Firebelly Tea products by heading to www.firebellytea.com and entering the code Shane15 at checkout.

    Watch the episode on YouTube: https://www.youtube.com/c/theknowledgeproject/videos

    Newsletter - I share timeless insights and ideas you can use at work and home. Join over 600k others every Sunday and subscribe to Brain Food. Try it: https://fs.blog/newsletter/

    My Book! Clear Thinking: Turning Ordinary Moments into Extraordinary Results is out now - https://fs.blog/clear/ 

    Follow me: https://beacons.ai/shaneparrish

    Join our membership: https://fs.blog/membership/

    Sponsor:

    Shopify: Making commerce better for everyone. https://www.shopify.com/shane

     

    (00:00) Intro

    (04:59) What entrepreneurship really is

    (07:10) How to manage your psychology

    (10:40) Yearly planning, daily action

    (15:50) Avoiding "ivory-tower syndrome"

    (18:30) Segal's childhood and background

    (25:15) The history of DAVIDsTEA and Firebelly

    (36:40) The evolution of tea and business over the last twenty years

    (42:30) On failures

    (49:00) Dealing with depression

    (52:30) Lessons about money

    (56:55) Business and life lessons from Warren Buffett

    (1:00:00) On time management

    (1:04:50) What's missing in Segal's life

    (1:08:39) On success

     

     

    #191 Dr. Rhonda Patrick: Diet Essentials For Healthy Living

    #191 Dr. Rhonda Patrick: Diet Essentials For Healthy Living
    Shane Parrish sits down with the renowned biochemist Dr. Rhonda Patrick to explore the intricate world of nutrition and health. Dr. Patrick provides a deep dive into the role micronutrients play in our daily health, detailing how deficiencies and insufficiencies in vitamins, minerals, fatty acids, and amino acids can lead to serious health issues over time. Shane and Dr. Patrick also discuss the science behind deliberate heat exposure. She outlines the optimal sauna conditions—temperature, duration, and frequency—necessary to achieve these health benefits and explains the physiological mechanisms at play.
     
    Rhonda Patrick has a Ph.D. in biomedical science and a Bachelor of Science degree in biochemistry/chemistry from the University of California, San Diego. She has done extensive research on aging, cancer, and nutrition.
     

    (00:00) Intro

    (04:40) A philosophy for nutrition

    (15:36) Micronutrients through supplements vs. food

    (25:43) Wild-caught vs. farm-raised fish

    (28:44) Organic vs. non-organic vegetables

    (36:14) On macronutrients

    (40:20) How protein levels differ in different foods

    (45:27) The best morning smoothie recipe

    (54:48) Dr. Patrick grades Shane's "GOAT" smoothie recipe

    (59:14) Grass-fed vs. non-grass fed

    (01:04:40) On vitamin D (Is sunscreen killing us more than the sun?)

    (01:19:48) Deliberate heat and cold exposure

    (01:44:27) Top three behavioral and diet interventions for life and health improvements

    Watch the episode on YouTube: https://www.youtube.com/c/theknowledgeproject/videos

    Newsletter - I share timeless insights and ideas you can use at work and home. Join over 600k others every Sunday and subscribe to Brain Food. Try it: https://fs.blog/newsletter/

    My Book! Clear Thinking: Turning Ordinary Moments into Extraordinary Results is out now - https://fs.blog/clear/ 

    Follow me: https://beacons.ai/shaneparrish

    Join our membership: https://fs.blog/membership/

    Sponsors:

    Eight Sleep: Sleep to power a whole new you. https://www.eightsleep.com/farnamstreet

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    #190 Brad Jacobs: Building a Business Empire

    #190 Brad Jacobs: Building a Business Empire
    Throughout his tenure, Brad Jacobs has built multiple billion-dollar companies. While there is no "playbook" for growing a business, he focuses on a few factors above all else in every company he operates, and in this conversation, he reveals them all.

    Shane and Jacobs discuss how to read anyone during an interview through a series of intentional questions, the exciting role of AI and technology in the future of business, and where money-making ideas hide in companies. Jacobs also shares how his training in math and music made him a better business operator, the one thing he focuses on to grow his businesses, how to spot big trends before everyone else, and the only thing a company should focus on for success.

    Brad Jacobs has started five companies from scratch and led each to become a billion-dollar or multibillion-dollar enterprise. These include three publicly traded companies: XPO Logistics, where he serves as Chairman and CEO, United Rentals, and United Waste Systems. Before starting XPO in 2011, Jacobs founded United Rentals in 1997 and led the company as Chairman and Chief Executive Officer. In 1989, he founded United Waste Systems.
     
    (00:00) Intro
    (04:44) The future of AI
    (07:21) How to think rationally
    (08:48) The major trend
    (10:57) The research process
    (13:29) On asking better questions
    (19:35) On rearranging your brain
    (22:23) On music, math, simplicity, and business
    (32:26) Leverage, debt, and optionality
    (35:11) What it takes to take contrarian bets
    (40:45) Confidence and parents
    (50:21) Why negative-only feedback is detrimental for employees
    (56:14) Money lessons
    (58:13) A deep dive on M&A (Jacobs' secret sauce to growing his companies)
    (01:07:51) Questions to immediately get to know anyone
    (01:11:14) On boards and board meetings
    (01:16:57) On decision-making
    (01:23:37) The role of capital markets
    (01:25:41) The type of person you don't want to hire
    (01:31:16) The best capital allocators
    (01:33:53) Biggest lesson Jacobs learned from the past year
    (01:37:20) On success
     

    Watch the episode on YouTube: https://www.youtube.com/c/theknowledgeproject/videos

    Newsletter - I share timeless insights and ideas you can use at work and home. Join over 600k others every Sunday and subscribe to Brain Food. Try it: https://fs.blog/newsletter/

    My Book! Clear Thinking: Turning Ordinary Moments into Extraordinary Results is out now - https://fs.blog/clear/ 

    Follow me: https://beacons.ai/shaneparrish

    Join our membership: https://fs.blog/membership/

    Sponsors:

    Eight Sleep: Sleep to power a whole new you. https://www.eightsleep.com/farnamstreet

    Shopify: Making commerce better for everyone. https://www.shopify.com/shane

    #189 Chris Davis: Three Generations of Wealth

    #189 Chris Davis: Three Generations of Wealth

    Most families who obtain immense wealth squander it by the third generation. But Chris Davis comes from a family whose grandfather and father all became independently wealthy of each other, and Davis has done the same. How does that keep happening? In this conversation, we find out.

    Shane and Chris discuss life and investment lessons he learned from his father and grandfather, why writing is more important to clarify one's thinking no matter who's reading it, and the surprising benefit of reading physical newspapers and wearing ties to work. Davis also shares his value-investing philosophy, what he learned from working with and meeting Charlie Munger, and what parents can do to raise kids who aren't entitled. Davis talks about his alcohol drink tracker and why it's important to him, why he never puts himself in situations where envy can grow, and Warren Buffett's letter about why investment managers underperform.

    Chris Davis has been a Director of The Coca-Cola Company since April 2018. Davis is Chairman of Davis Selected Advisers-NY, Inc., an independent investment management firm founded in 1969. Davis joined Davis Selected Advisers-NY, Inc. in 1989 as a financial analyst and in 1995, he became a portfolio manager of the firm’s flagship funds. Prior to joining Davis Selected Advisers-NY, Inc., he served as a research analyst at Tanaka Capital Management and as an accountant at State Street Bank and Trust Co.

    Watch the episode on YouTube: https://www.youtube.com/c/theknowledgeproject/videos

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    (00:00) Intro

    (03:20) Life lessons Davis learned from his grandfather and father

    (26:24) The importance of writing things no one reads

    (36:55) Davis' experiences through financial crises

    (52:31) Why Davis loves managing a mutual fund

    (55:49) Why Berkshire Hathaway operates with margin

    (01:01:05) What is risk?

    (01:04:02) On low interest rates and their future impact

    (01:14:46) The mismatched timelines between CEOs, companies, investors, and policy

    (01:22:19) How Davis and Munger met

    (01:30:20) Lessons learned from Munger

    (01:41:29) Why avoiding weaknesses is the ultimate recipe for success

    (01:55:46) How to raise non-entitled kids and avoid lifestyle creep

    (01:16:10) On happiness

    (02:27:00) Good vs. bad board meetings

    (02:31:34) Three generations of wealth

    (02:37:15) On success

    #188: Bryan Johnson: Five Habits for Longer Living

    #188: Bryan Johnson: Five Habits for Longer Living
    What can you do (or avoid) tomorrow to guarantee you can live longer?

    In this episode, Bryan Johnson reveals the five simple disciplines you can start doing to live healthier and longer. Johnson shares what his daily routine looks like, the ins and outs of his experimentation process, and why he gave his father plasma.

    Johnson also opens up about the constant hate he receives from people online, how he deals with it all, and what he wishes he'd known when he sold his company.

    Bryan Johnson is the world's most measured human. Johnson sold his company to PayPal in 2013. Through Project Blueprint, Johnson has achieved metabolic health equal to the top 1.5% of 18 year olds, inflammation 66% lower than the average 10 year old, and reduced his speed of aging by the equivalent of 31 years.

    Johnson is also the founder of Kernel, creator of the world’s first mainstream non-invasive neuroimaging system; and OS Fund, where he invested in the predictable engineering of atoms, molecules, and organisms.

    Watch the episode on YouTube: https://www.youtube.com/c/theknowledgeproject/videos

    Newsletter - Each week I share timeless insights and ideas that you can use at work and home. Add it to your inbox: https://fs.blog/newsletter/

    My New Book! Clear Thinking: Turning Ordinary Moments into Extraordinary Results is out now - https://fs.blog/clear/ 

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    Timecodes:

    (00:00:00) Intro

    (00:03:45) On biographies

    (00:08:03) On depression and coping mechanisms

    (00:14:18) Self-destructive behavior and how to pitch Blueprint to someone

    (00:26:50) What a day looks like on Blueprint (exercise and what to eat)

    (00:42:06) How to turn Blueprint protocols into habits

    (00:45:17) Embracing the hate

    (00:49:07) The downsides and lessons of making money

    (00:59:22) The five habits

    (01:05:09) Why does posture matter?

    (01:07:48) Relationship between biological health and sexual health

    (01:09:50) Hair-loss prevention

    (01:15:46) Sunscreen, plastics, and other miscellaneous impacts on aging

    (01:18:30) How will AI help us?

    (01:22:10) On success

    Dr. Becky Kennedy: The One Thing You Can Say That Changes Everything

    Dr. Becky Kennedy: The One Thing You Can Say That Changes Everything

    Dr. Becky Kennedy shares the skills you need but didn't get taught on regulating emotions, setting boundaries, and the best sentence you can say when a partner tells you something difficult.

    While there is an obvious focus on parenting, the most surprising thing about this episode was how much of what we discussed applies to EVERY relationship in your life.

    Learn how to parent more effectively with less stress, repair after a disagreement, regulate emotions, and unlock the next level in all of your relationships. Listen and Learn

    Dubbed the “The Millennial Parenting Whisperer” by TIME Magazine, Dr. Kennedy is the #1 New York Times bestselling author of Good Inside: A Guide to Becoming the Parent You Want to Be. She also hosts “Good Inside with Dr Becky,” the top kids and family show on Apple Podcasts.

    ---

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    Related Episodes

    Episode 18 - Arjun Slept Here

    Episode 18 - Arjun Slept Here
    Episode 18 - This is a longer, pithy episode, covering the way the brothers decided to prevent future conflicts over their shared wife, and Arjun's subsequent adventures when he breaches those rules.  Despite the punishment he receives for breaking the oath he swore, Arjun ended up having a lot of adventures and getting to know a lot of hot princesses around India.  Draupadi would have been better off keeping him closer to home!

    So Arjun ends up coming back from his year-long exile with a new wife-- Krishna's sister-- and leaving a trail of baby boys across the sub-continent.  After his return home, he and Krishna spend a lot of time together in Indraprastha, and we are told that they are the re-incarnation of the ancient seers Nar and Narayan.

    While they are hanging out together, Krishna suggests that they go to the river for a kind of picnic, and while they are there, Agni the god of fire meets them and requests their aid in burning down the Khandava Forest, which was the home of Taksaka the snake and under the protection of Indra.

    Arjun and Krishna get some cool new weapons as part of the deal.  Arjun gets the famous Ghandiva Bow and an inexhaustible quiver of arrows. Krishna gets his Sudarshana discus.  The pair of friends then help the Fire God to burn down the forest, fighting off legions of magical creatures and even an army of Gods.

    It is interesting that Arjun's marriage to Subhadra was in large part the result of Krishna's suggestions.  I also noticed that the pair were sitting near the forest where they could meet the Fire God due to Krishna's suggestion that they have a picnic.  I'm going to keep score on this and we'll see just how much of this story moves along due to Krishna's well-placed suggestions!  It's going to be a lot!!!

    This episode actually covers the end of  Book 1 of the Mahabharata, called the Book of the Beginning.  There are 18 books in total, and we'll start Book 2 next time, which is called the Book of the Assembly Hall.

    In case you were not able to figure it out, I did start using some of the alternate names for Krishna and Arjun in this story. Some of Krishna's alternate names are: Vasudev & Madhusudana.  I refer to Arjun as Partha, Dhananjaya, and Gudakesha.

    Introducing Philosophy of Psychoanalysis

    Introducing Philosophy of Psychoanalysis

    Freud famously said that the aim of psychoanalysis was to enable us to work, love and play with minimum conflict. So what gets in the way of us doing that? Philosophy of Psychoanalysis is an educational course presented at a third-year tertiary education level by A/Prof. Doris McIlwain. The course aims to ground you in the basics: the nature of unconscious processes, repression, sexuality, dreams, morality, grief, gender identity, drives and affects and their implications for perception, memory and creative processes, as well as for certain forms of psychopathology. Then, it considers the wider societal relevance of psychoanalysis to issues of the internet, femininity, charisma, cults, spin doctors, hypocrisy and political power. For the more clinically minded, the course covers an array of post-Freudian perspectives, including Jacques Lacan, Melanie Klein, Object Relations theory, Kohut’s self-psychology, Winnicott, and relational psychoanalysis. You should leave the course with a grasp of the kinds of psychoanalysis that are used currently in clinical contexts. Sadly A/Prof. Doris McIlwain, the course creator, died of cancer in 2015. This podcast is created by her family and friends, with hopes that her curiosity, joy and intellectual playfulness will keep inspiring and informing those who listen. Contact Email: philosophyofpsychoanalysis@gmail.com Lecturer: Associate Professor Doris McIlwain Producer: Nina McIlwain Theme song: Rose Mackenzie-Peterson Artwork: Campbell Henderson https://www.campbellhenderson.com/artwork Thanks to Dr. Andrew Geeves and to Professor John Sutton for all their hard work.

    Encore: Intent and Impact: How Leadership and Social Impact Converge

    Encore: Intent and Impact: How Leadership and Social Impact Converge
    Mono-cultural organizations or communities don’t happen by accident. Neither do dynamic, diverse, inclusive cultures whether organizationally or communally. Join us as we discuss leadership blindspots, self-awareness, systemic issues, and the critical importance of aligning diversity, inclusion and equity efforts with core values and culture.