Jim Collins, author of 'Good to Great,' discusses the concept of building and sustaining momentum. He explores the power of the flywheel effect and shares examples from Vanguard and Amazon. Key topics include de-risking big bets, maintaining discipline, and the significance of self-discipline in achieving success.

Get Friday 5 delivered to your inbox every Friday at 8 AM PacificWatch and listen.Watch this episode on YouTubeFind this episode in your favorite podcast appGet new episodes delivered via emailExplore my full summary for the book featured this week.The Essays of Warren Buffett: Warren's Ideas from 50+ Years Grouped by TopicBrought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required.Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices

No matter what your walk in life, no matter how big or small your enterprise, no matter whether it's for-profit or nonprofit, no matter whether you're CEO or a unit leader, the question stands: How does your flywheel turn? — Jim CollinsTurning the Flywheel is a monograph that was meant to accompany Jim Collins' famous book Good to Great — which is all about what separate good companies from great ones, and how companies can make the journey to greatness. As Jim Collins writes in Turning the Flywheel:I wrote this monograph to share practical insights about the flywheel principles that became clear in the years after first writing about the flywheel effect in Chapter 8 of Good to Great. I decided to create this monograph because I've witnessed the power of the flywheel, when properly conceived and harnessed, in a wide range of organizations: in public corporations and private companies, in large multinationals and small family businesses, in military organizations and professional sports teams, in school systems and medical centers, in social movements and nonprofits.Explore the episode notes.Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/169.Watch and listen.Watch this episode on YouTubeFind this episode in your favorite podcast appGet new episodes delivered via emailExplore my full summary for the book featured this week.Turning the Flywheel: Why Some Companies Build Momentum and Others Don'tBrought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required.Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices

No matter what your walk in life, no matter how big or small your enterprise, no matter whether it's for-profit or nonprofit, no matter whether you're CEO or a unit leader, the question stands: How does your flywheel turn? — Jim CollinsTurning the Flywheel is a monograph that was meant to accompany Jim Collins' famous book Good to Great — which is all about what separate good companies from great ones, and how companies can make the journey to greatness. As Jim Collins writes in Turning the Flywheel:I wrote this monograph to share practical insights about the flywheel principles that became clear in the years after first writing about the flywheel effect in Chapter 8 of Good to Great. I decided to create this monograph because I've witnessed the power of the flywheel, when properly conceived and harnessed, in a wide range of organizations: in public corporations and private companies, in large multinationals and small family businesses, in military organizations and professional sports teams, in school systems and medical centers, in social movements and nonprofits.Explore the episode notes.Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/169.Watch and listen.Watch this episode on YouTubeFind this episode in your favorite podcast appGet new episodes delivered via emailExplore my full summary for the book featured this week.Turning the Flywheel: Why Some Companies Build Momentum and Others Don'tBrought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required.Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1985, Warren Buffett had to make an incredibly difficult decision. Which was whether to shut down the textile business Berkshire Hathaway — the original business Warren acquired, which was where Berkshire got its name. In today's episode, I break down that decision and why he ultimately closed the business.Explore the episode notes.Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/171.Watch and listen.Watch this episode on YouTubeFind this episode in your favorite podcast appGet new episodes delivered via emailExplore my full summary for the book featured this week.The Essays of Warren Buffett: Warren's Ideas from 50+ Years Grouped by TopicBrought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required.Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1985, Warren Buffett had to make an incredibly difficult decision. Which was whether to shut down the textile business Berkshire Hathaway — the original business Warren acquired, which was where Berkshire got its name. In today's episode, I break down that decision and why he ultimately closed the business.Explore the episode notes.Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/171.Watch and listen.Watch this episode on YouTubeFind this episode in your favorite podcast appGet new episodes delivered via emailExplore my full summary for the book featured this week.The Essays of Warren Buffett: Warren's Ideas from 50+ Years Grouped by TopicBrought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required.Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices

Entrepreneur Paul Graham discusses his essay on 'How To Do Great Work,' exploring curiosity, originality, breaking rules, and being self-indulgent. He emphasizes the importance of asking big questions, iterative progress, and surrounding oneself with talented individuals for growth.

Paul Graham's essay on "How To Do Great Work" begins with the following words:If you collected lists of techniques for doing great work in a lot of different fields, what would the intersection look like? I decided to find out by making it. Partly my goal was to create a guide that could be used by someone working in any field. But I was also curious about the shape of the intersection. And one thing this exercise shows is that it does have a definite shape; it's not just a point labelled "work hard." The following recipe assumes you're very ambitious.As we're all both very ambitious and focused on doing great work, it felt appropriate to cover this essay as a sort of book in miniature. The essay itself comes in at a staggering 11,800 words or nearly 30 pages when printed."How To Do Great Work" explores curiosity, the source of originality, the relationship between breaking rules and new ideas, and how being naive is a form of independent mindedness. As well as why being self-indulgent helps you find overlooked problems, why big ideas are more often questions than answers, and why the best questions grow while you work to answer them.Explore the episode notes.Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/168.Watch and listen.Watch this episode on YouTubeFind this episode in your favorite podcast appGet new episodes delivered via emailBrought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required.Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices

In this conversation, Daniel Scrivner shares his favorite quotes and wisdom from Charlie Munger, the vice chairman of Berkshire Hathaway. The conversation covers various topics, including the power of incentives, the importance of learning from Munger, value investing and Benjamin Graham, eliminating mistakes, long-term investing, keeping cash, the fallibility of financial companies, recognizing reality, waiting and patience, maximizing variables in business, good businesses vs bad businesses, the success of Federal Express, the value of learning and admitting mistakes, avoiding extreme ideologies and trusting experts, the importance of context and individual solutions, the danger of over-specialization, deserved trust and utilizing missed chances, and seeing reality clearly and stating arguments.Explore the episode notes.Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/180.Jump to any section of this episode.(00:00) The Power of Incentives(01:20) Learning from Charlie Munger(02:14) Wisdom and Quotes from Charlie Munger(03:08) Value Investing and Benjamin Graham(04:29) The Importance of Eliminating Mistakes(05:24) Long-Term Investing and Holding Period(06:19) The Strategy of Keeping Cash(07:18) The Fallibility of Financial Companies(08:15) Recognizing Reality and Being Rational(09:09) The Importance of Waiting and Patience(10:22) Maximizing Variables in Business(11:17) Good Businesses vs Bad Businesses(12:10) Incentives and the Success of Federal Express(13:09) The Value of Learning and Admitting Mistakes(14:07) Avoiding Extreme Ideologies and Trusting Experts(15:11) The Importance of Context and Individual Solutions(16:31) The Danger of Over-Specialization(17:28) Deserved Trust and Utilizing Missed Chances(18:03) Seeing Reality Clearly and Stating Arguments(19:02) Conclusion and Further ExplorationWatch and listen.Watch this episode on YouTubeFind this episode in your favorite podcast appGet new episodes delivered via emailExplore my full summary for the book featured this week.The Tao of Charlie Munger: Wisdom on Life, Business, and the Pursuit of WealthFor more, explore my full profile on Warren Buffett.Who is Charlie Munger? Wit and Wisdom From The World’s Most Irreverent BillionaireBrought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required.Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices

In this conversation, Daniel Scrivner shares his favorite quotes and wisdom from Charlie Munger, the vice chairman of Berkshire Hathaway. The conversation covers various topics, including the power of incentives, the importance of learning from Munger, value investing and Benjamin Graham, eliminating mistakes, long-term investing, keeping cash, the fallibility of financial companies, recognizing reality, waiting and patience, maximizing variables in business, good businesses vs bad businesses, the success of Federal Express, the value of learning and admitting mistakes, avoiding extreme ideologies and trusting experts, the importance of context and individual solutions, the danger of over-specialization, deserved trust and utilizing missed chances, and seeing reality clearly and stating arguments.Explore the episode notes.Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/180.Jump to any section of this episode.(00:00) The Power of Incentives(01:20) Learning from Charlie Munger(02:14) Wisdom and Quotes from Charlie Munger(03:08) Value Investing and Benjamin Graham(04:29) The Importance of Eliminating Mistakes(05:24) Long-Term Investing and Holding Period(06:19) The Strategy of Keeping Cash(07:18) The Fallibility of Financial Companies(08:15) Recognizing Reality and Being Rational(09:09) The Importance of Waiting and Patience(10:22) Maximizing Variables in Business(11:17) Good Businesses vs Bad Businesses(12:10) Incentives and the Success of Federal Express(13:09) The Value of Learning and Admitting Mistakes(14:07) Avoiding Extreme Ideologies and Trusting Experts(15:11) The Importance of Context and Individual Solutions(16:31) The Danger of Over-Specialization(17:28) Deserved Trust and Utilizing Missed Chances(18:03) Seeing Reality Clearly and Stating Arguments(19:02) Conclusion and Further ExplorationWatch and listen.Watch this episode on YouTubeFind this episode in your favorite podcast appGet new episodes delivered via emailExplore my full summary for the book featured this week.The Tao of Charlie Munger: Wisdom on Life, Business, and the Pursuit of WealthFor more, explore my full profile on Warren Buffett.Who is Charlie Munger? Wit and Wisdom From The World’s Most Irreverent BillionaireBrought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required.Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices