7 Principles of Inner Excellence to Stay Calm Under Fire | Jim Murphy

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