The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 32 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Parrish: Reading synthesis notes should be handwritten on paper, not typed
“You also don't want to put them on the computer. You want a pen and paper. So I think that if you had them at your desk, you could totally make it work for online reading.”
Parrish: Interview guests need safety to provide nuance and spontaneous thinking
“If we want nuance and detail and we want them thinking on the fly, they need to feel safe. We're not there to make them look bad in any way, shape or form. We're just there to suck their brain as my kids call it with as much information as we can in a little p…”
Parrish: Six-page memos are far more effective than PowerPoints for decision-making
“When you think about what would be more effective for making decisions in a meeting or getting input into people's heads, it would clearly be the Amazon approach of doing these six-page memos.”
Parrish: Remote work will make difficult organizational skill transfer much harder
“The most difficult skills to transfer are now going to be incredibly more difficult to transfer, especially for new employees, let alone existing employees.”
Parrish: Adults must think for themselves because nobody will save them
“You have to think for yourself, and you can't default to what other people tell you. Even during the pandemic, I mean, there's tons of public health guidelines out there. People are telling you what to think, how to think, and you need to filter that and diges…”
Parrish: Individuals control the slope of their own life trajectory
“We all get put on this trajectory, right? So you're born in a certain country to certain parents. You have no control over any of that. Your parents have a certain socioeconomic status. You don't have any control over that. You get opportunities based on all o…”
Parrish: Technical specialization fails when managing complex human behavioral problems
“When you get out of work and you get promoted and you start doing things, those skills quickly fall away. I can't solve people problems with computer science as much as I would have loved to some days, right? Like computers, you give it the same instructions. …”
Parrish: High-quality ideas require engaging with high-quality primary inputs
“High quality ideas often originate when you have high quality inputs, and getting to better inputs was definitely a blessing in university.”
Parrish: Effective learning requires experience, reflection, abstraction, and action
“Where learning really starts to supercharge as reflection. So you have to take the information that we've talked about and chew on it and digest it and get nuanced details about when it works and when it doesn't work. And then what happens is your brain create…”
Parrish: Deep mastery requires learning from chefs, not line cooks
“If you follow the recipe and you get a good result, there's no difference really between the chef and the line cook. You can get a very similar output, but if something goes wrong, the chef immediately sort of understands Oh, you need more salt. You stirred it…”
Parrish: People cannot accurately predict which knowledge will be most valuable
“We pick and choose what we think is most valuable, but we're not often right about what's most valuable. We just want to remove the blind spots, so the more we know, the more we can see, and the more we can see, the closer to reality we are.”
Parrish: Observing how the world actually works drives superior decision-making
“I think that if we just stop thinking about how it should and shouldn't work, which is an opinion-based approach, and we start seeing more objectively, well, this is how it does work. That allows us to get a better sense and make better decisions and get bette…”
Parrish: Organizations fail at knowledge transfer by sharing procedures instead of thinking
“When you think of knowledge transfer in an organization, what often happens is we give the abstraction to people, which is like, if this, do this, but we don't tell them, here's the experience I had, here's all the reflection and nuance, here's the abstraction…”
Parrish: Delaying gratification beyond first-order payoffs creates a major competitive advantage
“There's a huge competitive advantage to people that can delay gratification beyond the first order.”
Parrish: Under uncertainty, eliminating bad outcomes reliably produces good outcomes
“When you don't know, and there's a lot of uncertainty, it's like, if we can avoid all the bad outcomes, Then we can't help but get ourselves a good outcome, right? So it means just approaching things backwards and being like, what do we want to avoid? And how …”
Parrish: Organizations often mistake speed for velocity by lacking clear direction
“Well, I think that often we're going for speed when we should be going for velocity. So the difference is velocity has a direction and a vector attached to it and speed doesn't. So you can drive really fast in circles around a track, or you can drive from LA t…”
Parrish: People make decisions at suboptimal times just to clear mental fatigue
“And most of us make decisions in the middle. We're not making them as soon as possible. We're not making them as late as possible. We just don't want them hanging out in our brains. So we make them Sort of in the middle. Cause we get tired of them.”
Parrish: Wealth creation depends on the magnitude of wins, not batting average
“Your batting average doesn't really, nobody cares about your batting average, right? The magnitude of the wins matters a lot when you're talking about wealth creation”
Parrish: Cyrus Partners deployed 90% of its capital into a single deal
“Last year, we put 90% of our capital to work in one particular investment.”
Parrish: Defaulting to trust is better than skepticism despite occasional downside
“I have this thing where I'd rather trust by default and be wrong a few times in my life and suffer those consequences than always be skeptical and have all the byproducts that come along with that, which is more lawyers, less trusting. Going slower, always wat…”
Parrish: People argue with ad-hoc decisions, but rarely with consistent personal rules
“The thing that Daniel Kahneman taught me about this was nobody argues with rules, but if you're making a decision, people will argue with you.”
Parrish: Farnam Street routinely rejects lucrative offers for paid podcast spots
“We get offered tons of money all the time for people to come on the podcast. And I'm like, oh, that's repulsive. And I don't have to deal with that.”
Parrish: Early-career professionals must shed ego to learn from top performers
“Find the smartest person you can and do whatever it takes to be in the room with them and don't have any ego about it. If that means getting coffee every morning for them, then that's what you do. It doesn't matter if you have an Ivy league education, just fin…”
Parrish: Fast-paced crisis environments eliminate time for mentorship
“When you're running around a thousand miles an hour and everybody's working 12 to 14 hours a day, there's no real time to mentor people either. There's no real time to walk through decisions or judgments and try to learn from other people.”
Parrish: Applying new knowledge provides crucial feedback, despite initial overfitting
“When you use that information in your day-to-day life, whether it's through overfitting in terms of you just learned something new, and you're trying to see it everywhere, and you overfit it, and you're wrong, but you're practicing applying that knowledge, And…”
Parrish: Map your knowledge on a blank sheet before reading a book
“What I tend to do is if I'm really trying to learn from a book, I do something I call the blank sheet approach, which is I take a sheet of paper, grab the book, and I write down everything I know about the topic before I even open the book and start reading, a…”
Parrish spends two to three days preparing for each podcast episode
“Like, it's two or three days per podcast, especially if I'm unfamiliar with the topic, and I think that part of what I do is I try to read their most recent book or article, obviously, but also I want to listen to other people interview them. Why? Because then…”
Parrish: Heuristics for applying Hanlon's razor to perceived personal slights
“And I usually try to choose the most respectful interpretation, which is asking myself what the world would have to look like for me to exhibit that behavior. What would my worldview have to be for me to do what this person is doing? And the second is, is ther…”
Parrish: I never say yes on the phone or email after 8 PM
“Some of the other automatic behaviors I have is I never say yes on the phone. I never reply to an email past eight PM.”
Parrish: Taking a private portfolio company public via reverse takeover
“Like we're in the process of taking a company or doing an RTO, so a reverse takeover, and going public with one of our private investments, and just seeing the way that the investment bankers make you fit into a mold of what they want to see.”
Parrish: J.C. Penney was my biggest investing mistake due to personal bias
“Well, biggest investing mistake is JC Penney. I got sucked in by Ron Johnson's vision of retail because this comes back to something we talked about earlier, right? Like this was the vision of retail I wanted. This is how I thought retail should work. This is …”