The Knowledge Project with Shane Parrish

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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(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

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

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

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(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

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/

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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

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

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/

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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

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/ 

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

(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

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/ 

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

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

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Tom Gayner, CEO of Markel Group, reveals the lessons he’s learned from Charlie Munger and Berkshire Hathaway, how he invests, and the specific way he thinks about opportunity cost.

Gayner shares the difference between good debt and bad debt, where he disagrees with Munger, and why he focuses on the basics.

This intimate conversation offers a level of insight and honesty that Tom hasn’t offered anywhere else.

Gayner is currently the CEO of Markel Group and the Director of The Coca‑Cola Company. He also serves as chairman of the Davis Series Mutual Funds board and on the boards of Graham Holdings and Markel.

Listen and Learn.

--

Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/

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Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/

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Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/

Every Sunday our Brain Food newsletter shares timeless insights and ideas that you can use at work and home. Add it to your inbox: https://fs.blog/newsletter/

Follow Shane on Twitter at: https://twitter.com/ShaneAParrish

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Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/

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Follow Shane on Twitter at: https://twitter.com/ShaneAParrish

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Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/

Every Sunday our Brain Food newsletter shares timeless insights and ideas that you can use at work and home. Add it to your inbox: https://fs.blog/newsletter/

Follow Shane on Twitter at: https://twitter.com/ShaneAParrish

Our Sponsors:

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Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/

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Follow Shane on Twitter at: https://twitter.com/ShaneAParrish

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Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/

Every Sunday our Brain Food newsletter shares timeless insights and ideas that you can use at work and home. Add it to your inbox: https://fs.blog/newsletter/

Follow Shane on Twitter at: https://twitter.com/ShaneAParrish

Our Sponsors:

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Ever wondered why the world’s most successful individuals seem to have an uncanny ability to be in the right place at the right time? It’s not luck; it’s positioning. They are rarely backed into a corner by circumstances, and you don’t have to be either. On this special episode of The Knowledge Project, host and Farnam Street founder Shane Parrish offers a sneak peek into his upcoming book, Clear Thinking: Turning Ordinary Moments into Extraordinary Results, by sharing five essential insights from the book you can use for success in life and decision-making.

Clear Thinking is not just another self-help book — it's a transformative guide that hands you the tools to master your fate, sharpen your decision-making, and set yourself up for unparalleled success. To learn more about the book, visit fs.blog/clear

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Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/

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