The Knowledge Project with Shane Parrish
Anthony Scilipoti is one of the sharpest minds in investing. He’s the President and CEO of Veritas Group of Companies.
He called the collapses of both Valeant Pharmaceuticals and Nortel before they happened, and now he has some thoughts on AI.
We talk about asking better questions, reading the fine print, the role of short selling, and what it means to be wrong. We explore why AI gives you information but not insight, why cheap risk is often the most expensive, and why nothing matters until it does.
It’s a conversation about the difference between seeing and understanding and the discipline to notice what everyone else ignores.
This episode is not investment advice.
It’s time to listen and learn.
—–
About Anthony
Anthony Scilipoti is one of the sharpest minds in investing. He’s the President and CEO of Veritas Group of Companies.
—–
Approximate Chapters:
(00:00) Introduction
(01:26) Early Career
(02:53) The Enron Scandal
(05:48) Lessons on Auditing
(16:12) The AI ‘Bubble’ and the State of the Market
(18:46) Ad Break
(20:50) The AI ‘Bubble’ and the State of the Market (Cont.)
(28:12) Parallels Between the Fall of Nortel Networks and the Current AI Economy
(35:15) Ad Break
(36:10) Parallels Between the Fall of Nortel Networks and the Current AI Economy (Cont.)
(39:14) Investing Rules for Better Investments
(42:14) Red Flags to Look Out for When Investing?
(45:56) The Rise and Fall of Valeant Pharmaceuticals
(53:04) Is a Complicated Corporate Structure Bad?
(55:54) Companies Don’t Start Out Being Crooked
(57:53) Why is EBITDA a Disastrous Measurement?
(1:00:47) How Should Investors See Stock Options / How to Account for Stock Options
(1:06:30) What Incentives to Look for in a Company When Investing?
(1:11:31) The Rise of Index Investing
(1:15:41) Buybacks and Share Count
(1:21:21) What Makes Warren Buffett a Unique Investor?
(1:26:58) The Power of the Retail Investor
(1:32:30) What Is Success for You?
—–
Thank you to the sponsors for this episode:
Basecamp: Stop struggling, start making progress. Get somewhere with Basecamp. Sign up free at http://basecamp.com/knowledgeproject
reMarkable: Get your paper tablet at https://www.reMarkable.com today
.tech domains: Nothing says tech like being on .tech https://get.tech/
—–
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
X @ShaneAParrish
Insta @farnamstreet
LinkedIn Shane Parrish
Learn more about your ad choices. Visit megaphone.fm/adchoices
#94 Chamath Palihapitiya: Understanding Yourself
The Founder and CEO of Social Capital Chamath Palihapitiya sits down with Shane Parrish to chat about what it means to be an observer of the present, how to think in first principles, the psychology…
#93 Matt Holland: Zero Day
Matthew Holland is one of the world’s leading authorities in cyber security. He explains exploits, hacking, and defending while providing insight on the mind of the attacker, Huawei, Snowden and what you should be asking…
#92 Lisa Feldman Barrett: Balancing the Brain Budget
Neuroscientist, psychologist and author, Lisa Feldman Barrett discusses the complexities of the brain, our emotions, improving ourselves and our relationship with others, making good decisions and giving yourself an existential break. — Want even more?…
#91 Russ Hudson: The Pursuit of Presence
Author and co-founder of the Enneagram Institute, Russ Hudson, explains how the Enneagram was developed, how it helps us grow personally and with others, the nine interconnected personality types and what it means to be…
#90 Apolo Ohno: Process Versus Prize
8x Olympic medalist and short-track speed skating legend, Apolo Ohno chats about his origin story, recovering from multiple failures, mental training, confidence, and leaving it all on the ice. — Want even more? Members get…
#89 Maria Konnikova: Less Certainty, More Inquiry
Professional poker player, psychologist and author of two New York Times best-sellers, Maria Konnikova discusses her mentors, making decisions in environments of uncertainty, the importance of reflection, cooling down your emotions and Sherlock Holmes. — Want even…
#88 Derek Sivers: Innovation Versus Imitation
Musician, speaker, writer and entrepreneur, Derek Sivers chats about creating and running CD Baby, reading, mental models, living a meaningful life and that biggest mistake he’s ever made. — Want even more? Members get early…
#87 Hannah Fry: The Role of Algorithms
Mathematician and author of Hello World and The Mathematics of Love, Hannah Fry discusses the role of maths in society, the dating world and we explore what it means to be human in the age…
#86 BJ Fogg: Create Lasting Change
Behavior scientist and author of Tiny Habits, BJ Fogg, discusses improving decision making, motivation trends, the role of emotion in sense of self and so much more. — Want even more? Members get early access,…
#85 Bethany McLean: Crafting a Narrative
Best-selling author of The Smartest Guys in the Room and All the Devils are here, Bethany McLean, discusses how to write a story, the behaviors of CEO’s, visionaries and fraudsters and so much more. —…