Warren Buffett called Tracy Britt Cool his “fireman” due to her reputation at Berkshire Hathaway for turning around struggling businesses.
Today, Britt Cool is the co-founder of Kanbrick where she is applying what she learned to the middle market.
In this episode, you’ll learn how she went from writing a cold letter to Buffett to being sent in to fix struggling Berkshire subsidiaries, how to evaluate real business performance, and how incentives, culture, and structure line up to create lasting success.
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Approximate Chapters
00:00 Intro, recent reading, and family life
03:04 Alan Mulally's Turnaround at Ford
04:22 If you're not having fun 4 days out of 5, it's time to move on
05:03 The Pampered Chef Turnaround
07:06 Value Creation is Changing from Investing to Operating
08:38 Why Companies Fail to Adapt
09:23 Upbringing, education, and early career outreach
10:09 Lessons from the Farm
15:48 Writing Letters to CEOs
16:57 Lessons from Warren Buffett
18:25 Ad Break
20:57 Buying Companies at Kanbrick
22:38 The 3 Components of Long-Term Thinking
25:11 Avoiding the Complexity Trap
26:23 Turning Around a Declining Business
28:03 Attracting Talent to a Declining Business
30:29 Matching Structure to Time Horizon
32:00 Growing Margins
33:25 The Process: What to Focus on When Operating a Business
35:10 The Three Buckets of Putting People First
37:00 How to Evaluate Talent
40:16 Avoid These People At All Costs
42:23 Sourcing Deals
43:56 The Five Lenses to Evaluate a Business like Warren Buffett
45:14 How to Evaluate a Moat
49:29 How Quantitative Analysis Misleads
50:25 A Detailed Look at Return on Invested Capital
53:18 What Makes an Attractive Market
54:33 Finding High-Potential Businesses
57:00 The Post Close Playbook
1:02:03 Repeatable Business Systems
1:04:06 Why Copying What Works is Hard
1:06:01 Mistakes in the Past 5 Years
1:10:13 Debt and Leverage
1:12:20 3 Ways to Think about AI
1:15:13 What Most People Get Wrong When Hiring
1:21:12 Businesses to Avoid
1:22:35 What Not to Do
1:24:31 Public vs. Private Company Boards
1:27:04 How Warren Buffett Taught Katharine Graham Business
1:29:28 Each Hire is a Million Dollar Decision
1:31:02 Evaluating Integrity
1:32:36 The One Word That Changes Everything & Keeps People Honest
1:35:52 Principles & Lessons from Business History
1:36:59 Inflation
1:38:46 Quarterly Reporting
1:40:22 Public Company Heroes
1:41:41 Companies & Political Opinions
1:42:46 What is Success for you?
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About Tracy
Tracy Britt Cool is the co-founder of Kanbrick and former CEO of Pampered Chef. At Berkshire Hathaway she worked directly with Warren Buffett as his financial assistant.
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*This Episode Made Possible By:*
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1:44:51
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1:44:51
Hetty Green: The Witch of Wall Street [Outliers]
Hetty Green was the richest woman you've never heard of.
In the late 1800s, she built a fortune worth billions today in a world designed to stop her. Women couldn't vote, couldn't own property in most states, and were banned from the New York Stock Exchange floor entirely.
She was a force that couldn't be stopped. She bought entire towns, crushed railroad barons, and became the lender of last resort during financial panics. Her strategies still work today.
This is the story of how an unwanted daughter became "The Witch of Wall Street," and a playbook for building lasting wealth and independence.
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Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ fs.blog/membership
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Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter
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This episode is for informational purposes only.
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46:53
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46:53
Barry Diller: Building IAC
My guest this week is Barry Diller, one of America's most successful businessmen. At 83, he chose to publish a deeply personal book and open up about his successes and failures.
With surprising candor he details the rules he's lived by: trust first, confront directly, and make the call when the clock starts. In our conversation, he shares why success teaches you nothing, why failure is essential, and why instinct still beats algorithms in a data-obsessed world.
This episode is filled with Hollywood lore and business acumen.
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About Barry: He is the Chairman and Senior Executive of IAC, and is best known for founding the Fox Broadcasting Company with Rupert Murdoch and leading Paramount Pictures. Over his career, he has reshaped television, film, and online media.
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Approximate Timestamps:
(00:00) Intro
(01:48) Vulnerability and Writing 'Who Knew'
(05:20) Lack Of Confidence & Fake It Until You Make It
(17:58) Changes In The Entertainment Industry
(22:35) Instinct Vs Data
(27:17) AI's Impact on the Entertainment and Travel Industry
(42:35) One Dumb Step At A Time
(52:39) Accountability During Conflict
(55:06) Public Broadcasting Regulation And Fair Reporting
(58:04) What Is Success For You
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Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ fs.blog/membership
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Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter
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This episode is for informational purposes only.
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1:00:14
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1:00:14
Ed Stack: Lessons from Dick’s Sporting Goods [Outliers]
Ed Stack built Dick’s Sporting Goods from a struggling family store into an empire of more than 800 stores and billions in sales.
Along the way he nearly lost everything. Multiple times. This episode is the story of what he did, how he did it, and the lessons you can learn.
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Chapters:
(00:00) Introduction
(02:48) Part 1: A Cookie Jar and a Cage
(20:56) Part 2: Battle for Control
(37:09) Part 3: The Race to Survive
(46:39) Part 4: The Devil's Bargain
(1:03:27) Part 5: Epilogue
(1:06:10) Reflections + Lessons
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Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ fs.blog/membership
-----
Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter
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Follow Shane Parrish
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This episode is for informational purposes only.
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1:20:14
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1:20:14
Fred Smith: The Story of FedEx [Outliers]
Fred Smith founded FedEx on an idea everyone told him would fail and built it into an $88 billion empire that changed how the world moves.
In this episode, we dive into how he built FedEx and the lessons he learned along the way.
This story proves that impossible is just another word for opportunity.
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Timestamps:
(00:00) Introduction
(03:36) Part 1: The Boy Who Wouldn't Stay Down
(15:52) Part 2: The Impossible Company
(29:36) Part 3: The Empire Builder
(38:12) Epilogue: From Crisis to Legacy (1993–2025)
(40:55) Important Things That Didn’t Make It Into the Episode
(43:55) Lessons from Fred Smith
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Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ fs.blog/membership
------
Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter
------
Follow Shane Parrish
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Insta @farnamstreet
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This episode is for informational purposes only.
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