When you stop treating your current opportunity as a stepping stone to something else, opportunity finds you. ⭐
Does the world happen to you, or do you happen to the world? ⭐
High agency people act like owners. ⭐
Act like an owner before you are one. ⭐
Core insight: A ownership mindset and timely action unlock opportunity.
Insights
There are no limitations to the mind except those we acknowledge. ⭐
People are not rational; they rationalize. ⭐
Learning machines rise in life by getting wiser each day. ⭐
Core insight: Mental models and continuous learning drive progress.
The Knowledge Project
Anthony Scilipoti is one of the sharpest minds in investing. ⭐
The episode covers the AI bubble, the price of risk, investing rules, red flags, Valeant, index investing, the rise of the retail investor, and why price creates narrative. ⭐
A Spotify comment calls it one of the best interviews for clear explanations, especially on Enron and financial statements. ⭐
Here are 10 highlights I took away:
Nothing matters until it does. ⭐
A calculator can give you the answer, but it can’t teach you math. ⭐
Risk is highest when it’s priced the lowest. ⭐
Price creates narrative. ⭐
Positioning beats predicting. ⭐
“The four most dangerous words in investing are: ‘This Time It’s Different.’” – John Templeton ⭐
Experience is a handicap in a bull market. ⭐
The road to implosion starts with us needing a few cents this quarter to hit a number. ⭐
You learn by being immersed in the details. ⭐
Success is achieving something you can share with those you love. ⭐
Core insight: The episode emphasizes price, risk, narrative, and continuous learning as core investing lessons.
Deeper dive & resources (The Knowledge Project)
Summary, 25 maxims, 10 deeper lessons are available. ⭐
Members have access to a hand-edited transcript. ⭐
Core insight: Additional materials reinforce and extend the episode’s lessons.
Sponsor: LMNT
LMNT is a zero-sugar electrolyte drink mix. ⭐
Brain Food readers get a free sample pack with any drink mix purchase at drinklmnt.com/FarnamStreet. ⭐
Core insight: Hydration without sugar supports sustained focus and energy.
Additional resources & notes
Nature-inspired design solves a real-world problem. ⭐
Clear Thinking, a NYT bestselling book, is on sale. ⭐
Core insight: Recommended reading and design-related insights are available.
Share & membership
To share this edition, use the provided link. ⭐
Upgrade Yourself: Members gain ad-free newsletters, Kindle highlights, hand-edited transcripts, early access, AMAs, and more. ⭐
Core insight: Membership adds enhanced access and features for deeper learning.
Bottom line
This edition compiles concise prompts, investment ideas, and recommended resources to foster high-agency thinking and informed decision-making.