For the last year, we have been studying and publishing episodes of...
Farnam Street@farnamstreet
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Dec 31, 2025
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For the last year, we have been studying and publishing episodes of some of history's greatest business outliers. The people who quietly build empires that transform industries.
Names like James Dyson, Harvey Firestone, Rose Blumkin, Henry Singleton, Sol Price, and Les Schwab. Names that deserve to be studied in depth but rarely are.
Here are just a few lessons from their lives. The full, condensed playbook of lessons we took from them is linked at the end. 🧵↓ fs.blog/knowledge-proj…
Names like James Dyson, Harvey Firestone, Rose Blumkin, Henry Singleton, Sol Price, and Les Schwab. Names that deserve to be studied in depth but rarely are.
Here are just a few lessons from their lives. The full, condensed playbook of lessons we took from them is linked at the end. 🧵↓ fs.blog/knowledge-proj…
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Harvey Firestone
He returned from a vacation to find his company $43 million in debt, sales plummeting because of a recession, and banks ready to cut him off.
Seeing his managers all panic, he did the opposite. He'd write later, "The situation did not frighten me. It put new life into me. I saw the opportunity to do more business than we had ever done."
He returned from a vacation to find his company $43 million in debt, sales plummeting because of a recession, and banks ready to cut him off.
Seeing his managers all panic, he did the opposite. He'd write later, "The situation did not frighten me. It put new life into me. I saw the opportunity to do more business than we had ever done."
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James Dyson
He built 5,127 prototypes. 5,126 failures of them were failures. When he took his idea to Hoover and Electrolux, they both scoffed, so he did it all himself. He’d remark later, "I don't mind failure. I learned from each one."
He built 5,127 prototypes. 5,126 failures of them were failures. When he took his idea to Hoover and Electrolux, they both scoffed, so he did it all himself. He’d remark later, "I don't mind failure. I learned from each one."
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Estée Lauder
She waited in a buying agent's office from 9AM until 5PM, ignored and brushed off repeatedly. When the buyer finally left for the day and saw her, absolutely stunned that she was still there, Estée got her meeting. She called this trait of hers "the immovable stubbornness that will not allow you to cave in when everyone says give up."
She waited in a buying agent's office from 9AM until 5PM, ignored and brushed off repeatedly. When the buyer finally left for the day and saw her, absolutely stunned that she was still there, Estée got her meeting. She called this trait of hers "the immovable stubbornness that will not allow you to cave in when everyone says give up."
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Rose Blumkin
When her husband came home during the Depression on night saying they were going to starve, she didn't write a business plan. She said: "You buy a pair of shoes for $3, you sell them for $3.30. I'll come to the store and help." Later, when a fire destroyed half her furniture store in 1961, she announced fire sale saying: "We're opening up tomorrow."
When her husband came home during the Depression on night saying they were going to starve, she didn't write a business plan. She said: "You buy a pair of shoes for $3, you sell them for $3.30. I'll come to the store and help." Later, when a fire destroyed half her furniture store in 1961, she announced fire sale saying: "We're opening up tomorrow."
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Jim Clayton
When Jim was 27, a bank president bankrupted him mid-meeting so he wouldn't be late for his tennis match.
Jim went to bed that night thinking his life was over. But by 6:30 AM the next morning, he was already planning his comeback. He even showed up at the bank's own auction to buy back his inventory at bargain prices.
When Jim was 27, a bank president bankrupted him mid-meeting so he wouldn't be late for his tennis match.
Jim went to bed that night thinking his life was over. But by 6:30 AM the next morning, he was already planning his comeback. He even showed up at the bank's own auction to buy back his inventory at bargain prices.
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Sol Price
At the age of 60, he was fired from the company he'd been building for 21 years. The new owners changed the locks on his door overnight. The following week, he signed a lease one floor up in the same building and hung a sign above his desk: "Do it now."
6 months later, Price Club opened.
At the age of 60, he was fired from the company he'd been building for 21 years. The new owners changed the locks on his door overnight. The following week, he signed a lease one floor up in the same building and hung a sign above his desk: "Do it now."
6 months later, Price Club opened.
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Henry Singleton
When the 1972 crash hit, he started the most aggressive buyback in corporate history while everyone called him crazy. Over a period of 12 years, he bought back 90% of Teledyne's shares.
His philosophy: "I reserve the right to change my position on any subject when the external environment changes, too."
When the 1972 crash hit, he started the most aggressive buyback in corporate history while everyone called him crazy. Over a period of 12 years, he bought back 90% of Teledyne's shares.
His philosophy: "I reserve the right to change my position on any subject when the external environment changes, too."
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Andrew Mellon
One morning, three desperate men came into his office and asked him for $4,000 to keep their aluminum startup alive. After hearing them out and questioning them relentlessly, he sat in silence, calculating.
Then, he offered them $25,000 and his network of businesses and contacts to help. That startup became Alcoa. His philosophy: "Real success comes from making others successful."
One morning, three desperate men came into his office and asked him for $4,000 to keep their aluminum startup alive. After hearing them out and questioning them relentlessly, he sat in silence, calculating.
Then, he offered them $25,000 and his network of businesses and contacts to help. That startup became Alcoa. His philosophy: "Real success comes from making others successful."
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Les Schwab
He built a $3 billion tire empire while charging higher prices and giving away half the profits to his store managers. He knew he wasn't selling tires. He was selling ownership. "My half is worth more than my whole used to be."
He built a $3 billion tire empire while charging higher prices and giving away half the profits to his store managers. He knew he wasn't selling tires. He was selling ownership. "My half is worth more than my whole used to be."
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Jim Pattison
On V-E Day 1945, a teenage Jim was stuck with 350 newspapers that nobody wanted. The radio had already broken the news. So he drove to the suburbs and sold them all as "souvenir editions of the day the war ended."
He sold every copy but one. The last one he’d hang in his office as a reminder.
On V-E Day 1945, a teenage Jim was stuck with 350 newspapers that nobody wanted. The radio had already broken the news. So he drove to the suburbs and sold them all as "souvenir editions of the day the war ended."
He sold every copy but one. The last one he’d hang in his office as a reminder.
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Different industries. Different eras. Same patterns: act before you're ready, keep going when others quit, and never confuse the product for what you are really selling.
Listen and learn the full playbook today:
Web: fs.blog/knowledge-proj…
Spotify: open.spotify.com/episode/2Ivouz…
Apple: podcasts.apple.com/us/podcast/the…
Listen and learn the full playbook today:
Web: fs.blog/knowledge-proj…
Spotify: open.spotify.com/episode/2Ivouz…
Apple: podcasts.apple.com/us/podcast/the…