Stay ConnectedUncovering the timeless principles that drive success.
Hosted by Shane Parrish (entrepreneur, investor, speaker, and author), the goal of each episode is simply to master the best of what other people have already figured out.
Learn More:
Timeless insights into business and life in 5 minutes a week: https://fs.blog/newsletter
Shane’s Books: https://fs.blog/books
Copyright: © Farnam Street
This week, we're releasing a special episode of TKP with Pierre Poilievre.
While we don't often tackle politics on the show, we are trying to improve political discourse by offering a platform for both sides to speak with depth and nuance.
This episode covers the economy, media, free speech, immigration, corporate subsidies, and more. (And before you ask, the same invite was extended to both Pierre and Prime Minister Mark Carney).
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Approximate Timestamps:
(00:00) Introduction
(01:31) What is the Role of Government?
(03:31) Canadian National Identity
(05:52) Canada's Global Role
(07:33) Immigration: Problems & Solutions
(09:37) What's Going Right?
(14:50) Second & Third Order Consequences
(17:52) Government Spending & Economic Prospects
(20:05) Positioning: Canada & the United States
(24:36) Canada & Foreign Companies
(26:57) Fighting for Canada Long Term
(30:05) Weaponized Complexity
(31:52) What Role Does the Media Play?
(37:49) Rapid Fire: Get to Know Pierre
(47:44) Maintaining Hope in Politics
(49:06) The Drug Crisis
(54:00) Bringing Hope into 2026
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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
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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
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Follow Shane Parrish:
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LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/
Learn more about your ad choices. Visit megaphone.fm/adchoices
The Knowledge Project closes 2025 with a look back at the most meaningful conversations of the year.
Featuring insights from some of our most impactful episodes, this collection brings together practical insights on decision-making, leadership, preparation, relationships, trust, and performance.
This episode features insights from world-class investor Alfred Lin, tech founder and operator Bret Taylor, behavioral scientist Logan Ury, legendary NFL coach Bill Belichick, former PepsiCo CEO Indra Nooyi, disciplined value investor Anthony Scilipoti, trust and communication expert Lulu Cheng Meservey, Shopify President Harley Finkelstein, and performance coach Jim Murphy.
These are the insights that help you prepare better, make clearer decisions, and build momentum for the year ahead.
Thank you for listening and we can't wait to see you next year.
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Approximate Timestamps:
(00:00) Introduction
(01:32) Alfred Lin: Inputs vs Outputs - Daily Routines and Priorities
(08:05) Bret Taylor: Founder Mode (Accountability vs. Caricature)
(19:43) Ad Break
(21:58) Logan Ury: Navigating Relationships and Attachments
(29:04) Bill Belichick: Preparation and Success In Life And The NFL
(38:33) Indra Nooyi: Delivering a Message That Gets Heard
(43:36) Anthony Scilipoti: Don’t Rely on AI, You Still Have to Put the Work In
(52:11) Lulu Cheng Meservey: Engineering Trust and Building Confidence That Others Can Believe In
(57:53) Harley Finkelstein: Overcoming Failure + The Hard Work Behind the Life You Want
(1:05:15) Jim Murphy: Performance Habits of Successful People
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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
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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/
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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
Bernie Marcus co-founded Home Depot and served as its first CEO.
This is the wild and crazy story of how he and his co-founders got fired and went on to build one of the best-performing businesses in history.
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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
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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/
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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
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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.
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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.
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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?
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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/
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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.
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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
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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
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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.
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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?
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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.
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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
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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.
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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
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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
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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.
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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
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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.
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About Anthony Anthony Scilipoti is one of the sharpest minds in investing. He's the President and CEO of Veritas Group of Companies.
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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 Parrish
X @ShaneAParrish
Insta @farnamstreet
LinkedIn Shane Parrish
Learn more about your ad choices. Visit megaphone.fm/adchoices
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