Podcast Notes Playlist: Latest Episodes

• One person’s freedom is another person’s unfreedom 
• Unanimity theorem, also known as the Stiglitz-Greenwald theorem, posits that in the presence of incomplete markets and imperfect information, the competitive equilibrium is generally not Pareto efficient
• Sharecropping can create poor incentives for tenants to work hard or invest in land improvement because they only receive a fraction of the output, leading to lower agricultural productivity compared to other forms of land tenure
• Cities can achieve optimal sizes by balancing the benefits of agglomeration economies (such as increased productivity and innovation due to proximity) against the costs (such as congestion and pollution)
• Carefully designed tax policies and urban planning can help cities grow in a way that maximizes economic efficiency and equity
• Markets cannot be perfectly efficient because if prices fully reflect all available information, there would be no incentive for traders to acquire information, leading to a paradox
• Markets are not very good at pricing risk into the decision-making process 
• Credit availability of monetary policy is what matters – not the money supply or interest rate 
• Hierarchies are particularly problematic when the people the at the top of them are not good decision makers 

Nobel Prize-winning economist Joseph Stiglitz joined Tyler for a discussion that weaves through Joe’s career and key contributions, including what he learned from giving an 8-lecture in Japan, how being a debater influenced his intellectual development, why he tried to abolish fraternities at Amherst, how studying Kenyan sharecropping led to one of his most influential papers, what he thinks today of Georgism and the YIMBY movement, why he was too right-wing for Cambridge, why he left Gary, Indiana, his current views on high trading volumes and liquidity, the biggest difference between him and Paul Krugman, what working in Washington, DC taught him about hierarchies, what he’ll do next, and more.

Read a full transcript enhanced with helpful links, or watch the full video.

Recorded April 22nd, 2024.

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What I learned from reading How To Be Rich by J. Paul Getty. 

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"Learning from history is a form of leverage." — Charlie Munger. 

Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. 

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What are some strategies that Cornelius Vanderbilt used against his competitors?

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(2:00) My father was a self-made man who had known extreme poverty in his youth and had a practically limitless capacity for hard work.

(6:00) I acted as my own geologist, legal advisor, drilling superintendent, explosives expert, roughneck and roustabout.

(8:00) Michael Jordan: The Life by Roland Lazenby. (Founders #212) 

(12:00) Control as much of your business as possible. You don’t want to have to worry about what is going on in the other guy’s shop.

(20:00) Optimism is a moral duty. Pessimism aborts opportunity.

(21:00) I studied the lives of great men and women. And I found that the men and women who got to the top were those who did the jobs they had in hand, with everything they had of energy and enthusiasm and hard work.

(22:00) 98 percent of our attention was devoted to the task at hand. We are believers in Carlyle's Prescription, that the job a man is to do is the job at hand and not see what lies dimly in the distance. — Charlie Munger

(27:00) Entrepreneurs want to create their own security.

(34:00) Example is the best means to instruct or inspire others.

(37:00) Long orders, which require much time to prepare, to read and to understand are the enemies of speed. Napoleon could issue orders of few sentences which clearly expressed his intentions and required little time to issue and to understand.

(38:00) A Few Lessons for Investors and Managers From Warren Buffett by Warren Buffett and Peter Bevelin. (Founders #202) 

(41:00) Two principles he repeats:

Be where the work is happening.

Get rid of bureaucracy.

(43:00) Years ago, businessmen automatically kept administrative overhead to an absolute minimum. The present day trend is in exactly the opposite direction. The modern business mania is to build greater and ever greater paper shuffling empires.

(44:00) Les Schwab Pride In Performance: Keep It Going!by Les Schwab (Founders #330) 

(46:00) The primary function of management is to obtain results through people.

(50:00) the truly great leader views reverses, calmly and coolly. He is fully aware that they are bound to occur occasionally and he refuses to be unnerved by them.

(51:00) There is always something wrong everywhere.

(51:00) Don't interrupt the compounding. It’s all about the long term. You should keep a fortress of cash, reinvest in your business, and use debt sparingly. Doing so will help you survive to reap the long-term benefits of your business.

(54:00) You’ll go much farther if you stop trying to look and act and think like everyone else.

(55:00) The line that divides majority opinion from mass hysteria is often so fine as to be virtually invisible.

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“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

Be like Gareth. Buy a book: All the books featured on Founders Podcast

• Hardship will show you who your real friends are; don’t eat with people that you wouldn’t starve with
• On evolving: You do something for awhile, you do it at the highest possible level for you, and then at some point you pivot and start supporting the young talent that eventually emerges
• For certain individuals, high-THC cannabis can induce psychosis 
• The Jungian shadow is the unconscious part of the personality that holds repressed weaknesses, desires, and instincts
  • Integrating the shadow is essential for personal growth, as it involves acknowledging these hidden aspects to achieve a more balanced and complete self-awareness
• Being in a state of silence – either while sitting or walking – can help you to discover a better understanding of yourself and allow you to really tap into your unique gifts
• Nicotine is an interesting compound; it will raise blood pressure, and it is probably not safe for everybody 
• While Andrew does not recommend for people to use nicotine frequently, or at all – especially young people who are 25-years-old or younger – he will allow himself two pieces of Nicorette total, per week 
• Just because a compound is a pharmaceutical does not mean that it is “bad”
• On fostering meaningful relationships: Obviously pick the right partner, but also do the work on yourself 

Andrew Huberman is a neuroscientist at Stanford and host of the Huberman Lab Podcast. Please support this podcast by checking out our sponsors:

Transcript: https://lexfridman.com/andrew-huberman-5-transcript

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George Mack is a writer, marketer and an entrepreneur.

Show Notes:

(0:00) Audio issue

(0:51) Introduction

(3:40) Deals are long-term relationships

(6:02) Facebook-WhatsApp acquisition story

(12:04) The most important part of deal-making

(16:44) Don’t come off as desperate

(19:35) Maintaining momentum during a deal

(25:53) Know everything about the person you’re dealing with

(33:37) How we closed our London home

(37:54) Mistakes we often see

(44:40) Managing emotions while deal-making

(50:19) What to do if the deal falls through

Other episodes you might enjoy:

EP 76 - How To Fix Legal Immigration In America

EP 74 - How To Fix Google's WOKE AI Disaster

EP 63 - Lessons From Networking In Silicon Valley

EP 59 - Why We Moved to London, The Elon Musk Book, Should You Get An MBA

• The year 1971 marked the beginning of the era in which the federal government became interested in altering the food supply 
• Nixon and other government leaders knew that food prices would extensively rise following The Nixon Shock

• This realization kicked off a 55-year gaslighting campaign to change the trajectory of the food supply so that people would overlook the rising cost of nutrient-dense foods 

In this episode of the Bitcoin Fundamentals Podcast, investigative journalist Matthew Lysiak discusses his latest book on fiat food policies, influential figures like Ancel Keys, corporate interests, and the impact of inflation on health.

IN THIS EPISODE YOU’LL LEARN:

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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George Washington is one of the most celebrated and beloved leaders of all time. What was it about Washington that made him such an effective leader? On this episode, we explore the making of George Washington: How he rose from relatively mundane origins to become the head of the American revolution.

• “The best diet for you – the individual – is the one that you can adhere to consistently.” – Dr Layne Norton 
• The main reason why diets fail is because people view them as a “diet” instead of a lifestyle change
• People who have lost weight and successfully kept it off say that they had to form a new identity; they had to become someone else 
• Being successful and having fun are not mutually exclusive; just because you give yourself credit does not mean that you cannot strive for more
• People who believe that they need excellent form on exercises to not get injured are actually more likely to get injured than people who think their bodies are strong and resilient 
• Weight loss requires some form of restriction – whether that is calorie restriction, dietary restriction, time restriction, or some variation of those three 
• If you look at the amount of lean mass that people lose while on Ozempic or GLP-1, it is very similar to the amount of lean mass that people lose when they just do the diet with no resistance training or exercise 
• Exercise sensitives your brain to satiety signals 
• Any diet that gets people to eat less processed foods and more satiating foods is going to be a diet that is better than the Standard American Diet 
• A recent meta-analysis showed that for every 10-gram increase in dietary fiber, there was a corresponding decrease in the relative risk of mortality, cancer, and cardiovascular disease 
• On a high-carb low-fat diet, you will not burn much fat, but you also do not store much fat; on a low-carb, high-fat diet, you are burning a lot of fat, but you are also storing a lot of fat 
• A little exercise can go a long way: Four minutes of vigorous exercise per day has been shown to decrease the risk of cancer incidents by 20%
• If you are trying to lose weight, stop snacking! 
• In America, the average amount of physical activity is less than 20 minutes per day and the average caloric intake is 3500 calories per day – and we’re worried about seed oils and artificial sweeteners
• Dr Layne Norton’s Mt. Rushmore of supplements: Creatine monohydrate (5-10g per day), Caffeine (the original nootropic and performance enhancer), and Whey protein 
• Tier 2 supplement list: Rhodiola rosea, Beta-alanine, Citrulline malate, ginseng, ashwagandha, fish oil, and melatonin 

Layne Norton is a Doctor of Nutritional Science, a powerlifter and an author.

• Check out the episode page

As compared to mothers, fathers are sometimes thought of as a secondary, almost superfluous, parent.

But my guest says that fathers actually saved the human race, and continue to do so today.

Anna Machin is an evolutionary anthropologist, a pioneer of fatherhood science, and the author of Life Of Dad. Today on the show, we talk about the role of fathers in human history and how their main role continues to be teaching kids the skills they need to take risks, become independent, and navigate the world beyond their family. We also talk about the physiological changes that happen when a man becomes a father and how dads are just as biologically primed as mothers to parent. In the second half of our conversation, we talk about the experience of being a dad. Anna shares how long it typically takes a man to bond with a baby and transition into the role of fatherhood, how roughhousing is key in building that bond as well as developing your child's resilience, and how your personality and background will affect your parenting. We end our conversation with the difference in how the relationship between Mom and Dad affects how they parent, and the implications of that for building a strong family.

• AoM Article: The Importance of Fathers (According to Science)
• AoM Article: A Man’s Guide to Pregnancy — Getting Ready for the Baby Bomb
• AoM Article: A Man’s Guide to Pregnancy — Your Progeny Enters the World
• AoM Article:New Dad Survival Guide — The Mindset
• AoM Article: New Dad Survival Guide — The Skillset
• AoM Podcast #119: Why Fathers Matter 
• AoM Article: You Don’t Have to Be Your Dad — How to Become Your Family’s Transitional Character

• Anna's website
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• Check out the episode page

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

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(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