Podcast Notes Playlist: Latest Episodes

•  Bret would be up for a total rethink of the way police operate
  • “I am no fan of this aggressive style of policing” – Bret Weinstein
    • “But the idea that you could withdraw the police first is absolutely insane” 
• “Brutal policing is a feature, not a bug” – Bret Weinstein
• During the Clinton administration, the Democratic party moved away from defending the interests of common people and moved towards defending the interests of big corporations
  • “Regular folks have been getting the shaft ever since, nobody is representing their interests” – Bret Weinstein
    • This is why people have started protesting: They know the system is rigged against them
• “Opportunity has been hoarded, has been concentrated in some zip codes and almost totally excluded from other zip codes” – Bret Weinstein
• “You can’t have a system in which people are choosing between candidates from two corrupt parties both of which are hell-bent on stealing well-being from them and transferring it to their actual constituents” – Bret Weinstein
  • Real change isn’t going to happen for another 4 years because neither Donald Trump nor Joe Biden are true leaders 
• The Dark Horse Duo Plan: Find two individuals, one who is center-left and the other who is center-right
  • They would have to be patriotic, courageous, and highly capable
    • Short-term decisions would be made by the President but long-term decisions would be discussed as a team. Then 4 years down the road, they would switch positions.
• Who does Bret propose for this Dark Horse Duo: 
  • William McRaven as the center-right individual
  • Andrew Yang as the center-left individual
• Bret believes there’s a strong chance that COVID-19 was leaked from the lab in Wuhan
  • “The virus itself has several components that suggest that it is actually the result of manipulation in the lab and that it escaped. Probably from the Wuhan Institute of virology.” – Bret Weinstein

• You should design your own personality
• The biggest problem with identity is that it’s defined by what you’ve done, not what you’ll do
• The Comfort Zone – people avoid difficult or challenging situations, so they don’t fail  
• People default to their past – because it’s easier than imagining themselves in the future
• 90% of people are dissatisfied with some aspect of their personality
• Hold your current identity loosely- don’t let the now define you
• The key to reframing your past: be open about it
  • Step I: choose better meanings for your past, view it positively – have more empathy for yourself
  • Step II: Don’t be defined by your past, be defined by your goals
• Step III: Think about who your future self will be
• Step IV: Change your identity narrative – tell people your goals!  

Dr Benjamin Hardy is an organisational psychologist and an author.

Do you believe that your personality is permanent? Innate & inbuilt? Dr Hardy disagrees.

Expect to learn why Myers-Briggs & other personality tests are destructive & as inaccurate as horoscopes, how to reframe your past narratives, why you can overcome traumas, how to become the scribe of your own identity narrative and much more...

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Daniel Gilbert's Ted Talk - https://youtu.be/XNbaR54Gpj4

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Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me...

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This episode features the profile of Jocko Willink from Tools of Titans, which is now available as an audiobook. This chapter's narrators are Kaleo Griffith (bio) and Ray Porter (profile). To check out the full audiobook of Tools of Titans with 100+ chapters, visit audible.com/ferriss.

Jocko Willink (@jockowillink) is one of the scariest human beings imaginable. He is a lean 230 pounds and a Brazilian jiu jitsu black belt who used to tap out 20 Navy SEALs per workout. He is a legend in the special operations world, and his viral podcast interview with me was the first public interview he ever did. Jocko spent 20 years in the U.S. Navy and commanded SEAL Team Three’s Task Unit Bruiser, the most highly decorated special operations unit from the Iraq War. Upon returning to the United States, Jocko served as the officer-in-charge of training for all West Coast SEAL Teams, designing and implementing some of the most challenging and realistic combat training in the world.

After retiring from the Navy, he co-founded Echelon Front, a leadership and management consulting company, and co-authored the #1 New York Times bestseller Extreme Ownership: How U.S. Navy SEALs Lead and Win. He is also the author of multiple books, including The Dichotomy of Leadership, Way of the Warrior Kid,  Discipline Equals Freedom: Field Manual, and Leadership Strategy and Tactics: Field Manual. 

Jocko also discusses human nature through the lens of war, leadership, and business on the top-rated Jocko Podcast.

The audiobooks of Tools of Titans and Tribe of Mentors can be found at audible.com/ferriss

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts?

Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/email.

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• “You know what the police need more than anything else? They need money for training.” – Jocko Willink
  • Police do a tiny amount of training for such a serious, high-pressure job
    • Navy SEALs would train for 18 months for a deployment
    • Cops get about 4 hours of combative training a year
• “If we want to help the police through these situations, we need to invest more money into them. We need to get them better training. We need to pull them out of the field to train and pull them out of the field to decompress.” – Jocko Willink
• Leadership is a skill, people can get better at it but they need the right type of training
  • “There are actual moves that you can do as a leader that are just like a jiu-jit-su move” – Jocko Willink
• Jocko and Joe would both love to see Dwayne Johnson be the President of the United States
  • “I think he would have to run as an independent and I recommend he does it right now” – Jocko Willink
    • “I think he would win” – Joe Rogan
• “Jocko and the Rock 2020…come on son” – Joe Rogan
• Jocko and Joe would both love for police officers to have experience in BJJ and be purple belts so that they know how to handle people without using excessive force 
  • “The amount of confidence and mental clarity that cops would have if every cop was a purple belt, it would be amazing” – Jocko Willink
• “The vast majority of problems would be solved amongst reasonably people if they just talked it through” – Joe Rogan
  • “The way we exchange information with each other back and forth through social media is the absolute worst way people can talk. You’re not looking at each other. You don’t get any social cues. You don’t feel any empathy towards that person.” 
    • People didn’t evolve to talk to others through email or social media. That’s why a ton of miscommunication happens with online communication.
• You need to experience failure in life and remember the pain of it so that you’re motivated to keep going the next time around
  • “Feel that sting so that when it comes up again, you’re like not today bitch. Not today. I’ve been here before, keep going.” – Joe Rogan

•  People in Silicon Valley sometimes forget that there are many massively successful non-tech companies experiencing wonderful growth 
  • “There are tons of really spectacularly successful companies that have grown as high rates for years and years and years outside of technology” – John Collison
    • Domino’s pizza has actually grown more impressively than most tech companies
• The payments business is all about scale
  • “Payments is a business where you make literally pennies on a per transaction basis. And you have to have an enormous number of them to actually be able to operate with any modicum of profitability.” – John Collison
• Stripe is starting to go more remote and hire people outside of San Francisco
  • “Most people at Stripe are actually not based in the San Francisco Bay area. Last year, we actually tripled the number of remote engineers in the company.” – John Collision
• A good writing tip: Have someone read your writing and ask them to tell you everything they remember. Then delete everything they can’t remember.
• “If you are operating a technology business, you would be mad not to study all the companies that have come before you” – John Collision
  • Google learned about OKRs from Intel
  • Facebook learned about advertising engines from Google
• It’s easier to get work done quickly in a small team than a big one. Stripe tries to keep their teams to 5-10 people
  • “When launching new things, you really need to start them small and make them earn their way. Make them respond to customer feedback and see if they actually work.” – John Collision

My guest today is John Collison, the Co-Founder of the digital payments company Stripe. Stripe’s mission is to increase the GDP of the internet, a lofty and deeply interesting pursuit. John is clearly a voracious learner across business and investing, which you’ll hear instantly. He started Stripe with his brother Patrick when he was just 19 years old, and has grown it to, at last valuation, a $36B business. In our conversation, we discuss conglomerates, the internet economy, the power of writing, and why board members are like Pokémon characters, each with different powers. It’s a lively and wide-ranging conversation with one of the entrepreneurs I’ve most enjoyed speaking with. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

(1:30) – (First question) – Interest in industrial conglomerates

(9:10) – Their thinking on acquisitions vs starting new companies

(11:42) – How the payment landscape looked when Stripe was started

(15:55) – View on the internet economy

(20:09) – Exciting possibilities for the future of the internet economy

(22:11) – The forces of size vs speed among startups

(26:53) – Driving reasons why employees choose Stripe starting with clear communication

(28:55) – Tips for better internal communications

(30:09) – The importance of rigor in Stripe’s corporate culture

(32:15) – Investors and investing styles that are most intriguing to him

(36:02) – Teaching vs experiencing business lessons

(37:56) – Lessons from going to market with new ideas

(50:58) – Allowing teams to explore new ideas at Stripe

(44:11) – Best startup companies to study to understand the history of this space

            (44:52) – Softwar: An Intimate Portrait of Larry Ellison and Oracle

            (48:18) – Cable Cowboy: John Malone and the Rise of the Modern Cable Business

(48:43) – Infrastructures of internet businesses that are missing

(52:03) – Does general accounting practices need to change to capture the true value of a company like Stripe

(1:01:53) – Shared playbooks in Silicon Valley

(1:02:02) – The transition to the no code movement

(1:08:22) – Other businesses that pique his interest outside of software

(1:10:21) – Future trends that excite him

(1:11:10) – First memory when he felt like he was participating in the tech economy

(1:12:46 – The role of board members

(1:15:48) – Kindest thing anyone has done for him

(1:18:49) – Advice for young people

Learn More

For more episodes go to InvestorFieldGuide.com/podcast. 

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on Twitter at @patrick_oshag

• If you have an absolute secret you don’t want your negotiating opponent to discover, construct several “false walls” that you can allow them to “breakthrough”
  • Breaching the “false walls” gives them the pleasure of getting something, which will help you to protect your most precious negotiating points
• “When faced with an opponent who has superior leverage, cooperate with them, and work collaboratively to find out what they really want” – Roland Frasier
• Realize that you likely won’t be able to get everything that you want
  • However, if you pay attention to what your opponent wants, then you can control the frame by “printing the label” on each negotiating point to achieve your objectives within the terms of their rules

Roland Frasier is a phenomenal negotiator. Not only was he a business lawyer for 12 years, but Roland has also founded, scaled, or sold 24 different 7 to 9 figure businesses ranging from consumer products to industrial machine manufacturing companies with adjusted sales ranging from $3 million to $337 million. You don’t manage that kind of success without knowing a thing or two about negotiating. So listen in today for some excellent principles to help guide you through a tough negotiation. 

If you enjoy this podcast, be sure to subscribe on ApplePodcasts, write a review, and share this episode with your business-minded friends. If you find yourself needing to do some negotiating right now, you may also find this episode, and this episode (both with Roland) useful.

Back in World War 2, in the 1940s, the Nazis occupied France, and parts of Burgundy were under their control. Orders were given to appropriate large quantities of lower quality French Burgundy for the troops, and higher quality wines were to be purchased and sent to Germany for the officers and higher-ups.

To save as much of their better wine that had not already been designated “Grand Cru,” several of the local producers gathered and established a new designation, “Premiere Cru,” to permit that wine to avoid appropriation.

The plan worked, and that saved quite a bit of wine. But, the best wine of the region was also at risk, and even if the wine was being purchased for the officers, the French didn’t want all of it to leave their region to be lost forever.

Several of the winemakers built false walls in their large, sprawling cellars beneath the city of Beaune in the heart of Burgundy to hide their most precious wines. Among those was Bouchard Pere et Fils (which Roland recently had the pleasure of visiting). Bouchard has an immense underground cellar that covers several blocks beneath the city above, and this cellar stores millions of bottles dating back to the mid-1800s. They chose one of their off the beaten path cellar rooms that held about 35,000 bottles as the primary storage spot for their best wines and then built a false wall behind which to hide their liquid treasure.

However, false walls were not uncommon, and the Nazis knew that they were likely to exist in cellars, so they were not shy about breaking through walls at the end of cellar corridors to check and see if anything was hidden behind them. So, when they arrived at Bouchard’s cellars, the Nazi soldiers did indeed knock down and break through the false wall Bouchard had built.

However, rather than finding the most precious wines, they found a cache of lesser wines instead and, delighted that they had foiled the winemaker’s attempt to hide these bottles, took them all away.

What they did not know, however, was that Bouchard had built not one false wall between its prized 35,000 bottles and the main cellar, but three, and cleverly stashed a large quantity of lesser wine bottles behind each false wall so that the Nazi’s would believe they had found the best wines and not go any further. Fortunately, the soldiers were not well-versed in French Burgundy terroir and therefore were unable to discern the quality level of the wines they found hidden behind the first wall.

The plan worked, and thankfully, the most prized bottles survived throughout the war, hidden safely away behind two additional false walls.

There are several lessons in business and negotiation that we can take from what Bouchard did.

Whenever you have an absolute that you cannot give on and do not want your negotiating opponent to discover, take the time to construct several “false walls” that you can allow them to “breakthrough.”

This will allow you to give them the pleasure of getting something in return as you concede the issues that you are perfectly comfortable conceding, which will, in turn, be more likely to allow you to protect your most precious negotiating points.

Listen for Roland’s examples!

The French resistance could have opted to take a stand in the cellars and fight it out with the Nazis, but that would have risked the destruction of the cellars and the wine within, as well as the loss of hundreds of French lives.

When faced with an opponent who has superior leverage, cooperate with them, and work collaboratively to find out what they really want. You can usually learn quite a bit by asking questions to get to the bottom of what your opponent really wants. Remember, humans are emotional creatures, and often there is some emotion underlying every human desire. Your opponent may not even know the thing they actually want from the negotiation.

In the case of the Nazis, they wanted wine for the troops and themselves, to escape the horrors of war and to fulfill the orders of their commanders. They didn’t necessarily want or need the very best wine the French had created.

Giving them something that fit the rough description of the physical thing the Nazis wanted (wine in bottles) satisfied the desire for something with enough alcohol to provide an escape and physical bottles to send to their superiors back home in Germany.

“In your negotiations, always ask questions. The person on the other side may tell you they need a $2.5 million purchase price for their company. Still, by asking questions, you may find their real underlying desires are to escape the monotony of a business they no longer enjoy and to provide $250,000 to start the new venture they are salivating to start.” Roland Frasier

If you can satisfy their emotional needs to leave the existing business and start the new one by providing them with $250,000, you have a good chance of drastically reducing the purchase price, maybe even by as much as 90%!

In the case of Bouchard, they were well-aware that they would have to give up much of their lesser wines to the invading Nazis. They knew that they couldn’t protect everything. So, they accepted that fact and created a dividing line between their most sacred bottles (the 35,000 Grand Cru hidden behind the three false walls), their medium quality wines (the ones they hastily designated Premiere Cru), and their least valuable, and most easily replaceable table wines.

The Nazis made the rule that Grand Cru was not to be appropriated and sent to the troops.

The French did not want to destroy their designation system by suddenly elevating all wines to Grand Cru, so they literally printed a new label with a new premium wine designation (Premiere Cru) to protect the wine from appropriation.

As you negotiate, realize that you most likely won’t be able to get everything that you want, but if you pay attention to what your opponent wants (see Lesson #2 above), then you can control the frame by “printing the label” on each negotiating point to achieve your objectives within the terms of their rules.

Listen For Roland’s Examples!

Take these three negotiating lessons from Burgundy, the Nazis, and the 3 Walls and use them in your day-to-day negotiations. Construct “false walls,” collaborate and infiltrate, and print the label.

Whether you’re negotiating corporate acquisitions or just trying to get kids to do their homework, this stuff works and can help everyone reach a happy agreement faster.

Click to find us on Apple Podcasts and other podcast players. 

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Thanks so much for joining us this week. Want to subscribe to Business Lunch with Roland Frasier? Have some feedback you’d like to share? Connect with us on ApplePodcasts and leave us an honest review! Your feedback will help us improve the show, and connect us with more high flyers like you.

Click to find us on Apple Podcasts and other podcast players. 

• “As we stand here with the coronavirus epidemic three months old, I think we should have faith that science will find a solution to this.” – Dr. David Watkins
• Adaptive immunity is the biggest change in the evolution of the immune system
• The combination strategies of T cells and B cells control infection
• Antibodies measured in serum tell us the number of antibodies bound to the receptor but does not mean we can be sure of immunity because we don’t know the presence of neutralizing antibodies
• In a new study in review on coronavirus, almost 20% do not make neutralizing antibodies despite the presence of IgG or IgA
• We don’t need a coronavirus vaccine to be perfect for it to be effective

In this episode, David Watkins, professor of pathology at George Washington University, shares how insights from his HIV and Zika virus research could apply to SARS-CoV-2 protection strategies. David introduces monoclonal antibodies as an intervention to prevent and treat COVID-19 infection, and also discusses how they could be used as a hedge to vaccine development. Additionally, David’s immunology tutorial explains the innate and adaptive immune systems and their differentiated responses to viral infection.

We discuss:

• Background and current interest in immunology [4:30];
• Immunology 101—The innate and adaptive immune system [10:15];
• Defining antibodies, importance of neutralizing antibodies, and serology testing for COVID-19 [19:00];
• B cells—How they fight viruses, create antibodies, and fit into the vaccine strategy [25:00];
• T cells—Role in the adaptive immune system and ability to kill infected cells to prevent viral spread [36:15];
• Valuable lessons from HIV applied to SARS-CoV-2 [51:00];
• Lessons taken from the hepatitis C success story [1:01:30];
• Monoclonal antibodies, vaccines, and the most promising strategies for preventing and treating COVID-19 infection [1:04:45];
• COVID-19 vaccines in development [1:19:00];
• How David’s work with Zika virus informs his thinking on SARS-CoV-2 [1:25:20];
• Why a vaccine for COVID-19 doesn’t need to be perfect to be effective [1:27:45]; and
• More.

Learn more: https://peterattiamd.com/

Show notes page for this episode: https://peterattiamd.com/davidwatkins

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• Ethan Suplee learned to “sneak” food after he was put on various diets as a child
• By the time, he was 21 years old, Ethan’s weight skyrocketed to 536 lbs.
• When you have 100+ pounds to lose, you’re looking at lifelong changes in eating habits
• The liquid diet is best for losing a lot of weight- start with protein shakes and supplements
• Don’t fall for the “evil food” narrative – avoid the good food/bad food ideology
• Sometimes you need confidence first before you can take on the challenge of weight loss
• People celebrate weight loss in men but when Adele dropped pounds, she was shamed for “caving” into stereotypical attitudes

Ethan Suplee is an actor & a podcaster.

Ethan's fitness journey has been a rollercoaster - from 200lbs at 10 years old to 550lbs in his 20's and now 260lbs at 13% bodyfat, all while starring in some of the biggest films in Hollywood including Mr Name Is Earl, The Wolf Of Wall Street & American History X.

Expect to learn Ethan's thoughts on the response to Adele's weightloss photo, his advice for anyone looking to lose lots of weight, his lessons from decades of dieting and much more...

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Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me...

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Email: [email protected]