FS | BRAIN FOOD
November 2, 2025 - #653 - read online - Free Version
Welcome to Brain Food, your weekly signal in a world full of noise.
Tiny Thoughts
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If I were a doctor, I'd prescribe books. They can be just as powerful as drugs.
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When you stop treating your current opportunity as a stepping stone to something else and start treating it as the only one that matters, opportunity finds you.
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Does the world happen to you, or do you happen to the world?
Most people wait for permission to solve problems. The subtle message they send is "I don't care enough to solve this on my own. Tell me what to do." The world happens to them.
High agency people are different. They care. And because they care, they solve problems without being told. They happen to the world.
High agency people act like owners. Owners see a problem and fix it. They don't wait. They don't need permission. They don't think this is someone else's job. They don't think this is hard. They don't think "I can't do this, I've never done it before." They don't think this is someone else's job.
Act like an owner before you are one. That's how you become one.
Insights
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Author Napoleon Hill on artificial limitations:
“There are no limitations to the mind except those we acknowledge.”
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Software Engineer Billy Markus on human behavior:
“People are not rational. They are rationalizing. Once you understand this simple fact, all the oddest human behavior will suddenly make way more sense.”
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Charlie Munger on how to rise in life:
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you.”
The Knowledge Project
Forensic Accountant Anthony Scilipoti is one of the sharpest minds in investing.
We discuss the AI bubble, the price of risk, investing rules, red flags, uncovering Valeant, index investing, the rise of the retail investor, and why price creates narrative.
One thing you should know about this episode: I've had texts from both people who manage billions and friends who could care less about investing. They all loved it. This Spotify comment sums it up: "One of the best interviews with clear explanations- especially regarding the fall of Enron and how and why financial statements are not as objective as we believe."
It's time to listen and learn.
Here are 10 of the highlights I took away from this episode and my research:
1. Nothing matters until it does.
2. A calculator can give you the answer, but it can’t teach you math.
3. Risk is highest when it’s priced the lowest.
4. Price creates narrative.
5. Positioning beats predicting.
6. “The four most dangerous words in investing are: ‘This Time It’s Different.’” – John Templeton
7. Experience is a handicap in a bull market.
8. The road to implosion starts with us needing a few cents this quarter to hit a number.
9. You learn by being immersed in the details.
10. Success is achieving something you can share with those you love.
+ Listen to the full episode on Apple Podcasts | Spotify | YouTube | Web/Transcript | X
Want to go even deeper?
+ the summary
+ 25 maxims
+ 10 deeper lessons
+ Members have access to a hand-edited transcript.
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Thanks for reading,
— Shane Parrish
P.S. Nature-inspired design solves a real-world problem.
P.P.S. If you're looking for something to read this fall, my NYT bestselling book, Clear Thinking, is on sale. (I don't control pricing.)
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