Logo

    #148 Kenneth Stanley: Set The Right Objectives

    enOctober 04, 2022
    What was the main topic of the podcast episode?
    Summarise the key points discussed in the episode?
    Were there any notable quotes or insights from the speakers?
    Which popular books were mentioned in this episode?
    Were there any points particularly controversial or thought-provoking discussed in the episode?
    Were any current events or trending topics addressed in the episode?

    Podcast Summary

    • Flaws of Ambitious Objectives and the Importance of SerendipitySetting modest objectives and fostering serendipitous moments can lead to more achievable and efficient achievements, challenging the belief that ambitious objectives are always necessary.

      The approach of setting ambitious objectives can have serious flaws. While modest objectives, such as personal fitness goals or obtaining a degree, are achievable and beneficial, it is the ambitious objectives that are problematic. Ambitious objectives refer to goals that have not been accomplished before and require innovative breakthroughs. The discussion highlights that many great ideas and discoveries, such as rock and roll or penicillin, were not initially set as objectives but were serendipitous findings. The conversation emphasizes the need to recognize the importance of effective serendipity and create situations that foster it. Moreover, it challenges the prevalent belief that objectives alone drive achievements and highlights the self-deception and inefficiency that can result from overly relying on ambitious objectives. Ultimately, it suggests the need for a shift in perspective on how achievements and discoveries are approached in order to maximize resources and potential.

    • The Pitfalls of Strict Objective Setting and Metrics-Based ProgressRelying solely on assessments and metrics can hinder progress in complex problems like education, necessitating a comprehensive approach that incorporates multiple measures of progress.

      Setting strict objectives and relying heavily on assessments and metrics can actually hinder progress and lead to dead ends. This is exemplified by the education system's pursuit of perfect scores on standardized tests, despite never achieving this outcome. The deceptive nature of assessments and the complexity of certain problems, such as education, make it unrealistic to expect progress solely through metrics. However, the issue of accountability is often raised as a counterargument. It is important to recognize that accountability and assessment are not mutually exclusive. Instead of focusing solely on assessments, a more comprehensive approach that considers the complexity of the problem and incorporates multiple measures of progress should be adopted.

    • Rethinking Accountability for Effective Progress and InnovationEmbracing risks, failures, and interesting stepping stones, while shifting towards nuanced accountability, can drive better outcomes in addressing complex problems and fostering innovation.

      Effective progress and innovation in complex problems require a different approach to accountability. Traditional metrics and assessment techniques often fail to identify the counterintuitive stepping stones that lead to high achievement. In order to make meaningful strides, we must be willing to tolerate risks and failures, as they contribute to the proliferation of potential stepping stones. A culture of nuanced accountability is needed, one that recognizes the value of interesting stepping stones rather than solely focusing on metrics. Disseminating and rewarding interesting ideas through social networks, such as the network of teachers, can lead to improvements in various systems. Peer review can play a role in recognizing and evaluating these ideas, while still ensuring that inappropriate proposals are filtered out. Overall, a shift towards recognizing and supporting counterintuitive approaches can lead to better outcomes in complex problem-solving.

    • Redefining the Peer Review System for Innovation and BreakthroughsEmbracing diverse perspectives and encouraging independent thinking in the peer review process can unlock innovative ideas and lead to groundbreaking discoveries.

      The peer review system needs to undergo a change in order to foster innovation and new perspectives. Currently, there is a culture of strict conformity and accountability, where individuals are expected to align with the consensus and adhere to a predefined notion of what is considered good. However, this approach stifles unique ideas and potential breakthroughs. Instead, the peer review system should allow individuals to express their individual perspectives and assessments. By giving space for contrarian views and encouraging individuals to follow up with their ideas, we enable the percolation of new concepts through networks. It is important to maintain peer accountability, but also to empower reviewers to think independently and avoid a universal assessment culture. By adopting this evolutionary approach, similar to nature's rewarding of variations, we can foster innovation and uncover truly groundbreaking insights.

    • The Link Between Innovation and What is InterestingEmbracing subjectivity and discussing what is interesting is crucial for fostering innovation and progress in various fields. Developing a culture that values and encourages these discussions is essential.

      There is a strong connection between innovation and the concept of what is interesting. Kenneth Stanley argues that nature's ability to innovate and solve complex problems is rooted in its ability to detect what is interesting. He suggests that humans also possess this innate ability to recognize what is interesting, and it is crucial for progress in various fields, including education and technology. However, he highlights that our reluctance to embrace subjectivity and discuss what is interesting hinders our ability to innovate. This fear of subjective judgment and our overreliance on objective metrics neglects the valuable insights and deep understanding that come from subjective judgments. To foster innovation, it is essential to create a culture that values and encourages discussions about what is interesting.

    • Overcoming Fear to Foster Innovation in Education and SocietyEmbracing risk and exploring new ideas in education and societal structures can lead to innovative approaches and improved outcomes, as long as a balance is struck between tolerance for risk and caution in critical areas.

      Our educational system and societal structures hinder innovation and flexibility due to a fear of failure and a reluctance to take risks. The discussion highlights how the current system prevents us from exploring new ideas, such as having the best teachers teach students at various levels. The fear of subjectivity and the bureaucratic nature of our institutions impede our ability to adapt and try different approaches. While acknowledging that some risks may be too high, the conversation emphasizes the importance of discussing and examining interesting possibilities. It suggests that we need to find a balance between embracing risk in certain domains where it is tolerable, while being cautious in more critical areas. In contrast, nature and evolution exemplify a continuous cycle of experimentation without fear of failure or loss aversion.

    • Overcoming Fear and Embracing Innovation for ProgressBalancing risk-taking and accountability is crucial for fostering innovation and achieving ambitious goals in domains like education and science research. Embracing the inconvenient and letting go of security blankets can encourage creativity and growth.

      There is a lack of risk-taking and innovation in certain domains, such as education and science research, due to a fear of failure and a focus on assessment and accountability. This fear hinders progress and prevents new ideas from being explored. However, it is important to acknowledge that successful innovation requires a balance between taking risks and considering the potential consequences. While it may be tempting to rely on objective metrics and security blankets to ensure nothing goes wrong, this approach ultimately hinders growth and improvement. Instead, it is necessary to embrace the inconvenient, difficult, and sometimes scary reality of pursuing interesting ideas and objectives. By letting go of our security blankets and taking off the straight jacket of assessment and accountability, we can encourage creativity and potentially achieve meaningful and ambitious goals.

    • The Importance of Recognizing Stepping Stones in Making Vision a RealityTrue visionaries understand the timing and feasibility of their ideas, focusing on investigating and unearthing the stepping stones that can lead to progress.

      Being a visionary is not enough to make significant progress in a particular field. It is not sufficient to simply speculate about grand ideas or make unsupported claims. Instead, true visionaries are those who recognize when the necessary stepping stones have come together to make their vision a reality. These individuals, like Steve Jobs or the Wright Brothers, understand the timing and feasibility of their ideas, and can bring them to fruition. While trying new and seemingly unrealistic ideas may not always be harmful, it is important to consider the motivations behind such attempts. It is more valuable to focus on investigating and unearthing the stepping stones that can lead to progress, even if the ultimate goal might not be achieved.

    • Navigating visionary ideas and fostering a culture of experimentationEffective communication and a supportive organizational culture can help turn grandiose visions into valuable stepping stones towards achieving goals.

      It is important to distinguish between different types of visionary ideas and their implications. Kenneth Stanley emphasizes that not all grandiose visions lead directly to their intended goals, but they can still uncover valuable stepping stones along the way. When discussing such ideas with bosses or superiors, it is crucial to frame the argument effectively and provide context. Shane Parrish points out that the struggle to pursue interesting and creative ideas within organizations often stems from the fear and difficulties faced by bosses in explaining these ideas to their own superiors. This conversation highlights the need for a culture shift that empowers individuals to make reasoned arguments and encourages organizations to embrace principled experimentation and research.

    • Embracing counterintuitive thinking for revolutionary outcomes.True innovation comes from embracing unconventional thinking and challenging the status quo, even if ideas may initially seem crazy or illogical.

      Counterintuitive ideas and actions often lead to revolutionary outcomes. Kenneth Stanley emphasizes the need to think beyond conventional wisdom and avoid ideas that make too much sense. He believes that true innovation comes from embracing counterintuitive stepping stones that initially seem strange or illogical. Stanley argues that it is not enough for organizations to have dedicated innovation departments; they must also foster a culture that values and embraces unconventional thinking. He suggests that the current objective culture, which often prioritizes predictable outcomes and consensus-driven decision-making, hinders true innovation. To achieve our highest goals, Stanley proposes being open to abandoning them and pursuing ideas that may initially appear crazy or nonsensical. This willingness to challenge the status quo can lead to truly groundbreaking discoveries and advancements.

    • Embracing Novelty for Innovation and InterestingnessStepping away from the expected and embracing novelty is crucial for creating unique and valuable outcomes, both for individuals and luminaries, and is essential for continued innovation.

      Novelty is a crucial component of interestingness and innovation. When we try to predict what others expect us to do and intentionally deviate from that path, we embrace novelty and increase the likelihood of creating something truly unique and valuable. While it may be uncomfortable and risky to leave behind familiar territory, it is through stepping away from what has been done before that true innovation arises. By continuously seeking novelty and avoiding predictability, we can maintain our relevance and avoid getting stuck in a rut. This heuristic applies to individuals as well as luminaries, who often struggle to break free from their established paths. Embracing novelty requires energy and intention, but it is essential for continued innovation.

    Recent Episodes from The Knowledge Project with Shane Parrish

    The Storytelling Expert: How to Speak so That Everyone Listens (Matthew Dicks #202)

    The Storytelling Expert: How to Speak so That Everyone Listens (Matthew Dicks #202)

    Shane Parrish sits down with Matthew Dicks, a renowned storyteller, author, and teacher, to explore the nuanced art of storytelling. They go deep into the techniques that turn mediocre stories into masterful ones.


    You’ll learn what makes a story truly resonate with an audience, how to identify and highlight the pivotal moments that create emotional impact, the architecture of compelling stories, how to structure narratives for maximum engagement and how to use techniques like suspense, stakes, and humor to keep audiences on the edge of their seats. This conversation covers broad frameworks, like how to structure a great story—and the granular details, like when you should talk quietly to refocus the audience.


    Matthew Dicks is novelist, storyteller, columnist, playwright, blogger, and teacher. He’s published fiction and non-fiction books, the latter of which include: Storyworthy: Engage, Teach, Persuade, and Change Your Life Through the Power of Storytelling and Someday Is Today: 22 Simple, Actionable Ways to Propel Your Creative Life.


    (00:00:00 Intro

    (00:03:28) What makes a good story

    (00:06:57) Stories vs anecdotes

    (00:08:29) A Story: The Spoon of Power

    (00:17:42) The art of story architecture

    (00:21:28) Create compelling stories

    (00:36:30) Common mistakes & how to fix them

    (00:55:01) Strategic listening

    (01:03:32) Can you lie in stories?

    (01:05:10) 'And' stories vs. 'but / therefore' stories

    (01:10:05) Finding engaging stories in everyday life

    (01:20:05) Structuring a story

    (01:24:00) Storytelling for an unforgettable brand

    (01:31:20) Learn confidence

    (01:38:40) Writing vs telling a story

    (01:51:53) Teach kids to love writing

    (01:55:15) Define success


    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 https://fs.blog/newsletter/

    --

    Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠https://fs.blog/membership/⁠⁠ and get your own private feed.

    --

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

    --

    Watch on YouTube: https://www.youtube.com/@tkppodcast

    --

    Sponsor: Overlap https://www.joinoverlap.com/ - Listen to podcasts like never before.

    #201 April Dunford: Perfecting Your Product's Positioning

    #201 April Dunford: Perfecting Your Product's Positioning

    What if people aren’t buying your product or service because their idea of what it does is wrong?

    In this episode, Shane asks April Dunford to reveal all her secrets about what makes good and bad product positioning, how a startup should differ in its communications from a big company, and the difference between B2B and B2C positioning. Dunford also shares how a startup can better identify pain points their customers face, how to write the best sales page copy, and the best way to objectively evaluate a product’s positioning.

    If you’re an executive at a company, this episode will make you reflect on your current marketing and sales pipelines and ask, “Are we doing this right?” If you’re a designer, engineer, or marketer at a company, this episode will teach you the secrets to selling a product that will help get you promoted and earn trust within your organization.


    Dunford spent the first 25 years of her career as a startup executive running marketing, product, and sales teams positioning products acquired by companies like IBM and Siebel Systems. Since then, she’s worked with over 200 companies as a consultant, developing a system to better position technology products and companies. She studied Engineering at the University of Waterloo and is most recently the author of Sales Pitch.


    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/

    (00:00) Intro

    (02:07) Positioning, explained

    (16:47) Why is positioning important?

    (20:40) B2B vs. B2C positioning

    (29:03) When re-positioning a product failed

    (32:31) How to identify customer's pain points

    (34:35) How to position a product on a sales page

    (38:06) How technology has changed positioning

    (41:40) How to evaluate product positioning

    (45:43) Who's in charge of positioning at a company?

    (50:27) On storytelling

    (56:35) Should a company have a point of view on the market?

    (1:00:21) Dealing with gatekeepers in B2B marketing

    (1:03:02) Mistakes people make with positioning

    (1:05:21) What schools get wrong about marketing

    (1:08:59) Secrets of B2B decision-making

    (1:11:18) On success

    #200 Brian Halligan: Scaling Culture from Startup to IPO

    #200 Brian Halligan: Scaling Culture from Startup to IPO

    Brian Halligan, co-founder and former CEO of HubSpot, discusses the journey of leading a company from the startup phase to IPO. Halligan shares his personal and professional experiences, including a snowmobiling accident that altered his life trajectory, the importance of company culture, the nuances of hiring the right people, and the complications involved in running a growing organization.


    This episode is a must-listen for entrepreneurs, CEOs, and anyone interested in the intersection of personal growth and professional success.


    Brian Halligan is currently a Senior Advisor at Sequoia Capital. In 2006, he co-founded HubSpot and served as its CEO until 2021. He is also a senior lecturer at the Massachusetts Institute of Technology.


    (00:00) Intro

    (02:36) Halligan's life-changing snowmobile accident

    (09:38) Shane's life-changing medical mystery

    (14:38) The different phases a CEO goes through while growing companies

    (20:44) Lessons learned from Steve Jobs

    (23:18) How to hire and fire people (and when)

    (27:55) The problems with "Best Practices" in business

    (31:11) The most underrated public CEOs (and why Jerry Garcia from The Grateful Dead is on this list)

    (43:38) The history and future of inbound marketing

    (51:08) On decision making

    (55:18) On work-life balance

    (58:28) 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/

    #199 Esther Perel: Cultivating Desire (2019)

    #199 Esther Perel: Cultivating Desire (2019)

    Few episodes in The Knowledge Project’s nine-year history have impacted people’s relationships and lives more than when Esther Perel shared her infinite wisdom for the first time in 2019.

    Shane and Esther discuss how the stories you tell yourself shape how you see the world (and what to do about that), the important conversations to have at the beginning of a relationship, the most common arguments couples have and how to prevent them, what to say to a partner if the relationship isn’t working out, the relationship between desire, love, and pleasure, and so much more. Plus, the conversation starts out on an interesting note: Esther Perel shares stories about her parents surviving the Holocaust and how their experiences shaped her childhood and continue to shape her life today.


    (00:00) Intro
    (02:38) Coming back to life after the war
    (08:09) The myth of stability
    (11:30) The power of reflections
    (19:48) Important conversations for early relationships
    (24:20) Can values change in relationships?
    (27:20) Being secure in a relationship
    (30:40) Better conversations with your partner
    (33:00) What's behind every criticism
    (36:52) Too much honesty
    (39:37) What happens if I don't love my partner
    (47:12) Why does good sex fade in relationships?
    (50:59) Love vs. desire
    (55:38) How to have difficult conversations with your partner
    (01:05:13) Conscious uncoupling


    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/

    #198 Maya Shankar: The Science of Identity

    #198 Maya Shankar: The Science of Identity

    Shane Parrish and Maya Shankar dive into the complexities of identity and personal transformation. They explore how significant life changes can reshape one's sense of self and explain how to navigate these transitions. Maya shares her personal stories and tips on making proactive choices and keeping a flexible, layered sense of self. They also discuss the psychological and philosophical aspects of identity, offering practical advice on goal-setting and personal growth.
    Maya Shankar is a cognitive scientist and the creator, executive producer, and host of the podcast, A Slight Change of Plans. Shankar was a Senior Advisor in the Obama White House, where she founded and served as Chair of the White House Behavioral Science Team. She holds a Ph.D. in Cognitive Psychology from Oxford and a B.A from Yale.

    (00:00) Intro

    (02:40) Shankar's "almost unbelievable" story of getting into Julliard

    (05:30) Why Shankar studied identity

    (11:38) What is identity?

    (14:52) Using your identity to accomplish your goals

    (18:00) Using anti-identities to accomplish your goals

    (18:51) What to do when your identity is "attacked"

    (26:30) How to re-establish trust in institutions

    (32:30) Use identity to start a positive habit

    (35:35) How to debunk myths with stories and facts

    (37:18) How does how we frame our goals help (or prevent) us from accomplishing them

    (43:11) The one motivational technique Shankar uses every day

    (45:15) 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/

    #197 Michaeleen Doucleff: TEAM Parenting

    #197 Michaeleen Doucleff: TEAM Parenting

    It's surprising how often we give our kids orders: "Do this!" "Don't do that!" But if we want to raise resilient and independent kids, is this the right approach? Michaeleen Doucleff argues there's a better way, and in this conversation, she explains why and shares practical strategies for solving the parenting "crisis" in the modern world.


    In this conversation, Doucleff reveals four parenting principles that will help foster resilience and independence in your kids while protecting and enhancing their emotional well-being. Shane and Doucleff discuss her observations on how different cultures approach parenting and how their practices can help alleviate the burdens we place on ourselves and our children. We also explore the role of technology and its impact on our parenting and our children's development and maturity.
    Michaeleen Doucleff is the author of Hunt, Gather, Parent. Her work has taken her all over the world to explore, observe, and learn from the parenting practices of various cultures. She is also a correspondent for NPR's Science Desk.

    (00:00) Intro

    (04:12) How (and why) we've lost our way as parents

    (08:02) The rise of the nuclear family

    (13:46) TEAM Parenting: T

    (17:20) TEAM Parenting: E

    (23:01) Why you don't need to praise your child

    (26:12) TEAM Parenting: A

    (36:42) TEAM Parenting: M

    (38:34) "Kids do not need to be entertained"

    (39:12) Technology, parenting, and transmitting values

    (1:02:59) Resources parents can use to educate kids about technology

    (1:04:50) How you can use the environment to give kids autonomy

    (1:09:56) Success and parenting


    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/

    #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

    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

    (05:08) 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/⁠

    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

    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

     

     

    Related Episodes

    Scott Galloway Tells All - $100M Net Worth, $4 Trillion Business Opp & Career Advice

    Scott Galloway Tells All - $100M Net Worth, $4 Trillion Business Opp & Career Advice
    Episode 511: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) are talking to Scott Galloway a.k.a Prof G (https://twitter.com/profgalloway). In this episode Scott opens up about his scarcity mindset despite a $100M net worth and the best way for young people to get rich slowly.  Want to see more MFM? Subscribe to our YouTube channel here. Want MFM Merch? Check out our store here. Want to see the best clips from MFM? Subscribe to our clips channel here. — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com/ Check Out Shaan's Stuff: • Try Shepherd Out - https://www.supportshepherd.com/ • Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant • Power Writing Course - https://maven.com/generalist/writing • Small Boy Newsletter - https://smallboy.co/ • Daily Newsletter - https://www.shaanpuri.com/ — Show Notes: (0:00) Intro (3:00) Surviving rejection (5:00) Scott Galloway’s net worth (9:00) How Sam made $20M in 6 months (12:00) Scott gives Sam financial advice (16:00) Get Rich Slow Strategy: Seller-financed boomer businesses  (19:00) Get Rich Slow Strategy: Go work for a big company (20:00) Trillion-dollar carcass: AI for Healthcare (22:00) Prediction: GLP - 1 will be bigger than GPT-4 (28:00) Second order effects of Ozempic (31:00) The economics of obesity (33:00) The drug that changed Scott's life (35:00) Inverse Galloway Index (40:00) Is Putin cyber-bullying Scott Galloway? (44:00) $5M/year to speak — Links: • No Mercy / No Malice - https://www.profgalloway.com/  • Inverse Galloway Index - https://inversegallowayindex.com/ • Adrift - https://tinyurl.com/5ajwcy35 • The Prof G Pod - https://tinyurl.com/5dfdbywx • Prof G Media - https://profgmedia.com/ Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. — Other episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto • #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

    Education for the Future with Alex Berger

    Education for the Future with Alex Berger

    With special guest, Alex Berger calling in from Denmark, Dan and Ed engage in a lively discussion of critical issues that must be addressed to enhance public education and free it from standardization and data-focused testing. This unscripted exchange ranges from preparing students to delve into the root causes of current events, to changes in the way we teach. Throughout the conversations, the major focus is on what we must do to prepare students for their future, not our past.

    S7:E1 True Sports Development with Matt Young and Paul Beirne

    S7:E1 True Sports Development with Matt Young and Paul Beirne

    With Canadian sport continuing to be at the forefront of many recent headlines, some key questions are arising. From raising the standard in sports development to ensure we have the right balance between fun and competitiveness to integrating EDI forward practices and modernizing governance. And what does itreallymean to foster community? How do we create greater accountability to ensure the betterment of our partners, team members, support systems, sponsorship dollars and developmental pipeline?

    In this episode of The Pivot, we are joined by Matt Young, Partner, FSQ Sport, and Paul Beirne, Managing Director, Pacific Football Club,who discuss these incredibly pervasive topics. Given the marketing dollars in play and the reputations on the line, it’s time we take a sober new look at sports.

     

    FOLLOW

    Matt: https://www.linkedin.com/in/matt-young-3a133310/

    Paul: https://www.linkedin.com/in/paul-beirne/

    Ken: https://www.linkedin.com/in/kenneth-evans-1484082/ 

    The Innovation Ecosystem with Alice Reimer

    The Innovation Ecosystem with Alice Reimer

    In this episode, we speak with Alice Reimer who is the Site Lead at Creative Destruction Labs Rockies (CDL) in Calgary. Alice is a successful entrepreneur, previously co-founding Evoco which has become the standard construction management system for global retailers including Walmart, Home Depot, and Staples. Alice has also served as CEO of Chaordix, a pioneering software leader in the crowdsourcing and open innovation space, with global clients including LEGO, Procter & Gamble, KPMG, and IBM. Alice was the recipient of PROFIT’s W100 designation as one of Canada’s Top Female Entrepreneurs and was named one of Alberta’s 50 Most Influential People for 2013. Alice shares her insight into what type of team is well suited to join the program at CDL and how these teams should approach the scaling up phase.