Episodes

  • Sol Price: The Godfather of Costco, Walmart, and Modern Retail [Outliers]

    Sol Price: The Godfather of Costco, Walmart, and Modern Retail [Outliers]
    Aug 12 2025
    Sol Price is the most influential retailer you've never heard of. A man who never sought the spotlight, but whose legacy and lessons cover the entire landscape of modern retail. Have you ever wondered why you can still buy a hot dog and soda for $1.50 today at Costco? We can thank Sol Price for that. To him, keeping promises to customers mattered more than profit margins. Sam Walton said he borrowed more ideas from Sol Price than anyone else. Jim Sinegal of Costco said, “I didn’t learn a lot from Sol. I learned everything.” Jeff Bezos studied him. Home Depot echoed him. He invented the warehouse club, pioneered membership retail and built two multi-billion-dollar companies. The real lessons aren’t about what he built, but how he did it. This is the story of how a lawyer with no retail experience created an industry, mentored his competition, and proved that nice guys don't always finish last. ------ Approximate Timestamps: (00:00) Introduction (02:01) Early Years (08:29) Starting FedMart (28:33) Price Club (36:19) When Students Surpass the Teacher (42:09) The Teacher's Last Lesson (43:46) Reflections And Lessons ------ 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 ⁠⁠@farnamstreet⁠⁠⁠⁠LinkedIn⁠⁠ ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    58 mins
  • Ryan Petersen: Building Flexport

    Ryan Petersen: Building Flexport
    Aug 5 2025
    Ryan Petersen is the founder and CEO of Flexport, the platform that coordinates global logistics from factory floor to customer door. In this conversation, he’s refreshingly transparent about the mistakes and painful lessons he’s learned building several companies. He opens up about stepping down as CEO, his struggles with self-confidence, and what happened when he was forced to step in and save his own company.Along the way, we explore why micromanagement might be the secret to better leadership, how Trump-era tariffs reveal the hidden complexity of global trade, and what it takes to scale a company without losing control. There are stories and lessons here you won’t find anywhere else, from a data leak that triggered a call from Steve Jobs to flying 500 million masks into the U.S. during a global shutdown. ------ Thanks to our sponsors for this episode: SHOPIFY: Sign up for your one-dollar-per-month trial period at www.shopify.com/knowledgeproject Basecamp: Stop struggling, start making progress. Get somewhere with Basecamp. Sign up free at www.basecamp.com/knowledgeproject ReMarkable for sponsoring this episode. Get your paper tablet at ⁠reMarkable.com⁠ today ------ Approximate Timestamps: (0:00) Start (2:49) Early Life (4:58) First “Start Up” (5:38) Living Abroad in China (10:19) Y Combinator (11:13) Steve Jobs & the iPhone 3G Launch (13:41) Lessons from Import Genius (22:33) Lessons from Paul Graham (25:31) Flexport Early Days (36:08) COVID-Era Flexport (44:09) Hiring Flexport’s First COO (47:02) Stepping Down as CEO of Flexport (51:07) Cutting Cost & Improving Quality (53:57) Lessons from Other CEOs (57:05) How to Hire the Best Employees (59:31) Paul Graham’s Closed-Door Talk (1:03:21) The Value of a 6-Page Monthly Business Review (1:06:57) Why Do Tariffs Matter? (1:09:52) Tricks for Dealing with Tariffs (1:15:43) Other Creative Strategies for Tariffs (1:21:30) Dealing with Operational Bottlenecks (1:27:41) Lessons from Charlie Munger (1:30:12) Lessons from Peter Kaufman (1:37:50) What Is Success for You? ------ Upgrade: Get a hand edited transcript 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 ------ Ryan Peterson @typefast ------ Follow Shane Parrish X @ShaneAParrish Insta @farnamstreet Learn more about your ad choices. Visit megaphone.fm/adchoices
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    1 hr and 41 mins
  • Katharine Graham: The Woman Who Took Down a President [Outliers]

    Katharine Graham: The Woman Who Took Down a President [Outliers]
    Jul 29 2025
    When Katharine Graham took over the Washington Post in 1963, she was a shy socialite who'd never run anything. By retirement, she'd taken down a president, ended the most violent strike in a generation, and built one of the best-performing companies in American history. Graham had no training, no experience, not even confidence. Just a newspaper bleeding money and a government that expected her to fall in line. When her editors brought her stolen classified documents, her lawyers begged her not to publish. They said it would destroy the company. She published them anyway. Nixon came after her, attacking her with the full force of the executive. Then Watergate. For nearly a year she was ridiculed and isolated while pursuing the story that would eventually bring down the president. Graham proved that you can grow into a job that initially seems impossible and no amount of training can substitute for having the right values and the courage to act on them. ------ 10 Lessons from Katharine Graham: ⁠⁠⁠https://fs.blog/knowledge-project-podcast/outliers-katharine-graham/ ------ Approximate timestamps: (0:00) Start (02:19) The Making of an Unlikely Heiress (10:15) The Education of a Publisher’s Wife (22:16) Learning to Lead (30:46) Becoming a Media Titan (44:12) Legacy (47:59) Reflections + Lessons ------ Thanks to ReMarkable for sponsoring this episode. Get your paper tablet at reMarkable.com today ------ 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 ⁠@farnamstreet⁠⁠LinkedIn⁠ ------ This episode is for informational purposes only and contains the lessons I learned reading her memoir, Personal History and watching Becoming Katharine Graham. ------ Check out our website for all stock video and photo credits. Episode photo sourced from: iwmf.org/community/katharine-graham/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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    58 mins
  • Daniel Kahneman: Algorithms Make Better Decisions Than You

    Daniel Kahneman: Algorithms Make Better Decisions Than You
    Jul 22 2025
    Daniel Kahneman won the Nobel Prize for proving we're not as rational as we think. In this timeless conversation we discuss how to think clearly in a world full of noise, the invisible forces that cloud our judgement, and why more information doesn't equal better thinking. Kahneman also reveals the mental model he discovered at 22 that still guides elite teams today. Approximate timestamps: (00:36) – Episode Introduction (05:37) – Daniel Kahneman on Childhood and Early Psychology (12:44) – Influences and Career Path (15:32) – Working with Amos Tversky (17:20) – Happiness vs. Life Satisfaction (21:04) – Changing Behavior: Myths and Realities (24:38) – Psychological Forces Behind Behavior (28:02) – Understanding Motivation and Situational Forces (30:45) – Situational Awareness and Clear Thinking (34:11) – Intuition, Judgment, and Algorithms (39:33) – Improving Decision-Making with Structured Processes (43:26) – Organizational Thinking and Dissent (46:00) – Judgment Quality and Biases (50:12) – Teaching Negotiation Through Understanding (52:14) – Procedures That Elevate Group Thinking (55:30) – Recording and Reviewing Decisions (57:58) – The Concept of Noise in Decision-Making (01:01:14) – Reducing Noise and Improving Accuracy (01:04:09) – Replication Crisis and Changing Beliefs (01:08:21) – Why Psychologists Overestimate Their Hypotheses (01:12:20) – Closing Thoughts and Gratitude Thanks to MINT MOBILE for sponsoring this episode: Get this new customer offer and your 3-month Unlimited wireless plan for just 15 bucks a month at MINTMOBILE.com/KNOWLEDGEPROJECT. 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 Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠ and get your own private feed. Watch on YouTube: ⁠⁠⁠⁠⁠⁠@tkppodcast Photograph: Richard Saker/The Guardian Learn more about your ad choices. Visit megaphone.fm/adchoices
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    1 hr and 13 mins
  • Les Schwab: Why Real Ownership Outperforms Experience, Capital, and Credentials [Outliers]

    Les Schwab: Why Real Ownership Outperforms Experience, Capital, and Credentials [Outliers]
    Jul 15 2025
    They weren’t employees. They were partners. Les Schwab didn’t build a company. He built a culture. This episode reveals how one small-town tire dealer scaled to $3 billion by turning customers into evangelists and employees into owners. Somewhere between changing his first flat tire and opening his 410th Les Schwab Tire Center, Les discovered something profound: his people weren't just working for him, they were working with him. They weren't building his dream, they were building their own. This episode is a case study on how strategy, incentives, and trust create massive advantages that resources can’t buy. When investment bankers offered Schwab billions to sell his empire, he refused after asking himself just one question: “What would I do with the money?” Les Schwab understood something most never learn: the real wealth isn't in what you keep. Approximate timestamps: Subject to variation due to dynamically inserted ads: (01:49) Roots (11:21) In Business (27:50) Building an Empire (40:18) Maturation and Legacy (48:21) Reflections from Les Schwab (51:22) Lessons from Les Schwab This episode is for informational purposes only and is based on Pride in Performance: Keep It Going by Les Schwab Thanks to Basecamp for sponsoring this episode: basecamp.com/knowledgeproject Check out highlights from this book in our repository, and find key lessons from Schwab here: https://www.fs.blog/knowledge-project-podcast/outliers-les-schwab Upgrade—If you want to hear my thoughts and reflections at the end of all episodes, join our membership: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠ and get your own private feed. 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 on X at: ⁠⁠⁠x.com/ShaneAParrish Learn more about your ad choices. Visit megaphone.fm/adchoices
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    59 mins
  • Harley Finkelstein: You Must Requalify for Your Role, Every Year

    Harley Finkelstein: You Must Requalify for Your Role, Every Year
    Jul 8 2025
    Shopify President Harley Finkelstein talks with Shane Parrish about treating every role in your life like a job you have to earn again each year. Harley shares why stepping down as COO was his hardest choice, the family motto that guides his daughters, and what makes someone good at storytelling. They discuss AI's real advantage, the calendar system that keeps him accountable, and how he maintains high standards. Approximate timestamps: (00:02:10) Living With Unreasonably High Standards (00:03:40) Generational Trauma and Family Relationships (00:07:52) Growing Up With Adverse Circumstances (00:14:42) Prioritizing In Life And Becoming World Class (00:24:45) Requalifying For Your Job (00:30:05) Mindset for Professional Growth and Success (00:31:33) How To Find A Great Business Partner (00:32:57) Switching From COO Of Shopify To President/Chief Storyteller (00:40:34) How Storytelling Impacts Shopify (00:42:00) How To Get Better At Storytelling (00:46:13) Shopify And How Commerce Has Evolved (00:49:27) Forced Entrepreneurship Vs Passion-Based Entrepreneurship (00:51:34) Mentorship (00:59:41) Overcoming Failure And Rejection (01:02:46) Out Caring Is More Important Than IQ, EQ, Raw Talent (01:06:07) Parenting And Teaching A Hardwork Ethic (01:11:23) Teaching Resilience Thanks to our sponsor for supporting this episode: SHOPIFY: Sign up for your one-dollar-per-month trial period at shopify.com/knowledgeproject MINT MOBILE: Get your 3-month Unlimited wireless plan for just 15 bucks a month at mintmobile.com/knowledgeproject 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 Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠ and get your own private feed. Watch on YouTube: ⁠⁠⁠⁠⁠@tkppodcast Learn more about your ad choices. Visit megaphone.fm/adchoices
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    1 hr and 48 mins
  • Jimmy Pattison: Building a $16B Empire Without Connections, Capital, or Credentials [Outliers]

    Jimmy Pattison: Building a $16B Empire Without Connections, Capital, or Credentials [Outliers]
    Jul 1 2025
    Jimmy Pattison still runs his $16 billion empire personally at 96 years old. He’s built The Pattison Group over the last 63 years without outside capital or a college degree. He owns 100% of car dealerships, grocery stores, billboards, radio stations and even Ripley’s Believe It or Not—with a philosophy of: "No partners, no shareholders, no relatives." This episode reveals the principles behind one of North America’s great private empires ------ Get a summary of the 11 key lessons you can learn from Jimmy here: https://fs.blog/knowledge-project-podcast/outliers-jimmy-pattison/ ------ Approximate timestamps: (01:10) Jimmy Pattison’s Billion-Dollar Playbook(03:24) The Debt That Built Character(05:41) Part 1: Foundations - The Boy Who Sold Seeds Door-To-Door(06:52) When Victory Becomes a Liability(08:46) The University of Used Cars(10:02) The Art of the Close(13:30) When Business Becomes Theater(15:22) The Price of Independence(16:36) The Pattern(17:44) Part 2: Starting to Build - Back to Zero(18:09) The Price of Independence(20:08) Bleeding Money(21:11) The Secret Weapon(22:11) The Main Street Disaster(23:09) Dead Air to Hot Air(24:33) The Ghost Station(25:40) The Conglomerate Dream(27:03) The Target(28:24) Cold Calling Wall Street(29:35) The Silent Hunt(30:49) The Takeover(31:36) Part 3: Neonex International(32:09) The Magic Money Machine(34:17) The Toast Order(35:06) The Forbidden Target(36:15) The Christmas Surprise(37:27) The Bluff(38:07) The Unraveling(39:07) The Education(40:27) Part 4: The Jim Pattison Group of Companies (40:49) The Corporate Confession (42:08) The New Operating System(44:01) The Dinner That Changed Everything(46:23) The Great Escape(47:31) The Boy and the Bicycle(49:07) The Quality Revolution(51:14) Part 5: The Empire Builder - Still at the Wheel(51:47) The New Playbook(54:17) The Grocery Gambit(55:13) The Media Monopoly(55:52) The Numbers Game(57:20) The Ultimate Lesson(59:15) Reflections and Lessons ------ Upgrade: Get a hand edited transcript 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 ------ This episode is for informational purposes only and is based on Jimmy: An Autobiography by Jim Pattison and Paul Grescoe. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    1 hr and 11 mins
  • Indra Nooyi: Lessons from the Top of PepsiCo—and the Cost of Getting There

    Indra Nooyi: Lessons from the Top of PepsiCo—and the Cost of Getting There
    Jun 24 2025
    On her first day as CEO of PepsiCo, Indra Nooyi fired her general counsel. Then rehired him before dinner. It wasn’t a stunt. It was a signal. She ran a $200 billion empire the same way she ran her life: with surgical precision, uncompromising standards, and an allergy to corporate theater. But here's what separates this conversation from every other CEO interview: she tells you what her massive ambition cost her and her family. What it means to carry the hopes of millions who look like you. What happens when a strategy you bet your career on starts to crumble. She reveals her private system for tracking 400 rising stars inside of a corporate giant and the advice Steve Jobs gave her that changed everything. If you’ve ever felt the pull between ambition and identity, this one’s for you. Indra doesn’t just talk about power. She shows what it costs. Approximate timestamps: Subject to variation due to dynamically inserted ads: Thanks to our sponsors for supporting this episode: NORDVPN: To get the best discount off your NordVPN plan go to ⁠⁠⁠nordvpn.com/KNOWLEDGEPROJECT⁠⁠. Our link will also give you 4 extra months on the 2-year plan. There's no risk with Nord’s 30 day money-back guarantee! MINT MOBILE: Get this new customer offer and your 3-month Unlimited wireless plan for just 15 bucks a month at MINTMOBILE.COM/KNOWLEDGEPROJECT. MOMENTOUS: Head to ⁠www.livemomentous.com⁠ and use code KNOWLEDGEPROJECT for 35% off your first subscription. 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 Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠ and get your own private feed. Watch on YouTube: ⁠⁠⁠⁠@tkppodcast Learn more about your ad choices. Visit megaphone.fm/adchoices
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    1 hr and 35 mins