The best stuff we’ve read in the last 12 months - My First Million Recap

Podcast: My First Million

Published: 2026-01-06

Duration: 58 minutes

Summary

Sam Parr and Shaan Puri share their favorite books, insights, and ideas that shaped their thinking over the past year. From leadership and investing to working smarter, they extract actionable lessons from fascinating reads and personal experiments.

What Happened

Sam and Shaan kick off by discussing how they track their 'content diet'—a method for identifying valuable ideas from the deluge of information they consume. Shaan mentions his fascination with Winston Churchill's speeches, particularly how Churchill's rhetoric transformed England's morale during World War II. This sparks a broader conversation about the art of leadership and inspiring others through communication.

Sam shares his obsession with historical events, such as U.S. presidential assassinations, and how they offer lessons in leadership and institutional change. He mentions how the lax security around U.S. presidents persisted until JFK's assassination, revealing how slow institutions can adapt to recurring crises.

The pair dive into the philosophy behind the book "Die With Zero" by Bill Perkins, which reframes YOLO as a structured approach to timing life experiences. They discuss how some experiences are tied to specific life stages and why delaying gratification indefinitely can lead to regret. Shaan recounts the story of a banker who regretted not backpacking through Europe in his 20s, illustrating the importance of seizing opportunities at the right time.

Switching gears, they explore Howard Marks' investment memo "Selling Out," which discusses the psychology and strategy of knowing when to sell investments. The conversation underscores how investing—and life—is fundamentally about judgment and opportunity cost, with Shaan reflecting on how these principles apply beyond finance.

Shaan introduces a decision-making framework he uses: a 'decision register' that records the rationale, emotions, and outcomes of key decisions. This retrospective approach helps him refine his judgment and avoid cognitive biases, offering listeners a practical tool for improving their own decision-making skills.

Sam reminisces about his early attempts to summarize and memorize books like "The 48 Laws of Power," even accidentally making his Google Doc summaries public. This sparks a discussion on how to absorb and apply knowledge, with Shaan sharing Naval Ravikant's perspective that books are meant to spark ideas rather than serve as repositories of information.

They highlight compelling books they've read this year, including "The Terminal List" by Jack Carr, "Poor Charlie's Almanack" by Charlie Munger, and "The Will of the Many" by James Islington. Each book contributes to their exploration of leadership, strategy, and the intersection of personal and professional growth.

The episode wraps with a discussion on working smarter, not harder. Sam shares Akon's story of dominating the ringtone market by focusing on short, high-margin music clips, which earned him $55 million. They also marvel at the success of kids' audio devices like Tony's and Yoto, with Tony's generating over €510 million in revenue. These examples illustrate the power of unconventional thinking and niching down in business.

Key Insights

• Winston Churchill’s speeches during World War II didn’t just inform—they reshaped England’s morale and turned rhetoric into a weapon of war. His ability to inspire through language shows that communication can be as decisive as strategy in moments of crisis.
• After JFK’s assassination, the U.S. finally overhauled presidential security, ending decades of dangerously lax protocols. Institutions often ignore recurring risks until a catastrophic event forces change, a pattern leaders need to anticipate rather than react to.
• The book 'Die With Zero' argues that some experiences have an expiration date tied to life stages. A banker regretting not backpacking through Europe in his 20s shows how delaying every reward can leave you with money but no time to spend it meaningfully.
• Akon earned $55 million by dominating the ringtone market with short, high-margin song clips, a niche most artists ignored. Finding overlooked, high-profit pockets in any industry can create outsized returns with relatively little competition.

Key Questions Answered

What is the core idea of 'Die With Zero' discussed on My First Million?

The book 'Die With Zero' by Bill Perkins emphasizes the importance of timing life experiences. It argues that delaying gratification too long can rob you of enjoying experiences tied to specific life stages, like backpacking in your 20s or water skiing before old age.

What is Shaan Puri's decision-making framework from My First Million?

Shaan uses a 'decision register' to document key decisions, including the rationale and emotional state at the time. This retrospective tool helps him identify patterns, refine judgment, and avoid biases like the sunk cost fallacy.

How did Akon make $55 million from ringtones?

Akon identified that ringtones were selling for $4.99 compared to $1.99 for full songs. He focused on creating music specifically designed for ringtones, which allowed him to dominate the market and generate $55 million in sales.