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How To Forgive When They’re Not Sorry | It’s Not a Principle Unless It Costs You Something

The Daily Stoic | Wondery+

Hosted by Ryan Holiday

25m
Transcript

Original podcast

Summary

Written by a model from the transcript; not yet reviewed.

Ryan Holiday and investor Cody Sanchez discuss how the Stoic virtue of justice applies to entrepreneurship, examining how running a small business acts as a moral test for personal and professional values. They argue that public companies often rely on short-term quarterly incentives and remote shareholders, which can separate business decisions from ethical consequences, whereas small business owners have direct control over wages, vendors, and community impact. The conversation highlights that personal and corporate principles are meaningless unless they incur a financial cost or practical sacrifice.

Throughout the discussion, the hosts and guest share concrete examples from their own companies, such as removing tobacco products from grocery inventory despite an eight percent revenue loss, and setting strict internal boundaries regarding employee communication. They explain why business serves as an unsparing mirror for integrity and why holding peers, managers, and clients to high ethical standards is a necessary part of leadership.

  • Recognize that your business operations serve as a mirror for your personal values and integrity. 17:44
  • A principle is not truly a principle until it actually costs you money. 13:36
  • Deliver tough feedback to colleagues using constructive questions and clear boundaries. 23:19

Chapters

  1. 0:00
    Podcast Intro and Forgiveness Premise

    The host introduces the episode’s focus on forgiving those who haven’t apologized, framing forgiveness as a personal gift.

  2. 0:33
    Forgiveness as a Transaction

    Forgiveness is described as a one‑sided transaction that benefits the forgiver more than the forgiven.

  3. 1:23
    Business and Stoic Justice

    The host shifts to business, arguing that justice is a Stoic virtue that applies to commerce and not just politics.

  4. 6:00
    Managing Conflict and Feedback in Companies

    The hosts share strategies for addressing employee misconduct, maintaining company culture, and handling difficult conversations with bosses or peers.

  5. 7:06
    Public vs. Private Companies and Incentives

    The conversation contrasts public companies’ quarterly focus with private businesses’ long‑term ethical incentives.

  6. 9:30
    Small Business Empowerment and Moral Choices

    The speakers explain how small business owners can choose to act on values even when it costs money, using examples like fair wages and sourcing.

  7. 13:40
    Real‑World Business Decisions and Reputation

    They discuss concrete cases—CVS stopping cigarette sales and a grocery store removing tobacco—to illustrate how ethical choices impact revenue and public health.

  8. 22:58
    Conclusion: Living Stoic Values in Business

    The episode wraps up by encouraging listeners to apply Stoic virtues—especially justice—within their own enterprises and personal lives.

Highlights

  • 6:54

    Public Stocks and Short-Term Incentivesinsight

    The guest explains how public stocks, third-party investors, and short-term quarterly goals remove companies from human consequences and create poor incentives for environmental and ethical standards.

  • 9:12

    The Burden and Cost of Principlesinsight

    Running a small business forces owners to face financial trade-offs where ethical choices directly reduce profit margins, such as choosing expensive local manufacturing over cheap alternatives.

  • 17:59

    You Are What You Won't Doinsight

    The host discusses how difficult it is to say no to money early in a career, but emphasizes that true safety and peace of mind come from refusing offers that violate personal values.

  • 21:20

    Holding Leadership to Accountstrategy

    The guest argues that employees should feel empowered to bring operational contradictions and ethical concerns directly to their bosses.

  • 23:06

    Removing Tobacco Products From Inventorystory

    The host shares a concrete story about purchasing a local grocery store and deciding to remove tobacco products entirely, sacrificing roughly eight percent of revenue to align with his values.

  • 24:20

    Clarifying Unethical Requests at Workstory

    The host shares an anecdote about being asked to do something unethical at American Apparel, realizing that fear of losing an unethical job is misplaced because it provides a clear answer on whether to stay.

Quotes

  • “You control whether or not you understand them.”
    Ryan Holiday · 0:48
  • “You control whether or not you feel bad.”
    Ryan Holiday · 0:51
  • “You control whether or not you forgive and move on.”
    Ryan Holiday · 0:54
  • “The other cool part about having a business is, if you have a strong opinion, go put some money and work behind it.”
    Unnamed speaker · 10:51
  • “Public companies are beholden to four months. You know, they have quarterly goals and that's it.”
    Unnamed speaker · 7:48
  • “The first one is, that those who believe that it's impossible should get out of the way of those of us who are doing it.”
    Unnamed speaker · 13:13
  • “If you make mistakes, if you want to leave, if you give me hard feedback, you have a little attitude sometimes.”
    Unnamed speaker · 17:38
  • “You have to put up or shut up.”
    Ryan Holiday · 16:08
  • “You can make a mistake with the dollar, but you can't make a mistake with my reputation. If you do so, you'll be fired.”
    Unnamed speaker · 17:23

About this episode

It would be nice if they got it. If they understood why they did it. How they hurt us. What it meant to us. And maybe they will…someday. -- 🎥 Watch the full episode with Codie Sanchez https://www.youtube.com/watch?v=gTRmrzSCbaI here: https://www.youtube.com/watch?v=gTRmrzSCbaI 👉 Follow Codie Sanchez on Instagram @codiesanchez https://www.instagram.com/codiesanchez/?hl=en, onTikTok @Codie_Sanche https://www.tiktok.com/@realcodiesanchezz, and on YouTube @CodieSanchezCT https://www.youtube.com/@CodieSanchezCT 📚 Grab signed copies of Main Street Millionaire by Codie Sanchez https://www.thepaintedporch.com/products/main-street-millionaire-how-to-make-extraordinary-wealth-buying-ordinary-businesses?_pos=1&_sid=c81c995fb&_ss=r at The Painted Porch | https://www.thepaintedporch.com/ https://www.thepaintedporch.com/products/main-street-millionaire-how-to-make-extraordinary-wealth-buying-ordinary-businesses?_pos=1&_sid=c81c995fb&_ss=r 🎟️ DAILY STOIC LIVE https://www.dailystoiclive.com/| Ryan Holiday is coming to a city near you https://www.dailystoiclive.com/! Grab tickets here https://www.dailystoiclive.com/ | https://www.dailystoiclive.com/ 🎙️ AD-FREE https://dailystoic.supercast.com/| Support the podcast and go deeper into Stoicism by subscribing to The Daily Stoic Premium https://dailystoic.supercast.com/ - unlock ad-free listening, early access, and bonus content: https://dailystoic.supercast.com/ https://dailystoic.supercast.com/ ✉️ FREE STOIC WISDOM https://dailystoic.com/dailyemail | Want Stoic wisdom delivered to your inbox daily? Sign up for the FREE Daily Stoic email at https://dailystoic.com/dailyemail https://dailystoic.com/dailyemail -- Stop online threats before they become real-world attacks. Visit ironwall.com/DAILYSTOIC and request a free Risk Assessment to see exactly how exposed your executives are. -- Wealthfront’s high-yield cash account: https://www.wealthfront.com/stoic This experience may not be representative of other Wealthfront clients, and there is no guarantee of future performance or success. Experiences will vary. Ryan Holiday, who’s a client of Wealthfront, receives cash compensation from Wealthfront Brokerage for paid testimonials in his podcast, creating a conflict of interest. More details available via the referral link. The Direct Deposit Plus Investing Program from Wealthfront Advisers LLC and Wealthfront Brokerage LLC provides eligible clients a 0.25% APY increase above the base APY on eligible Cash Account balances (up to an overall boosted rate of 4.30% for a limited time when including the three month 0.75% APY boost for new clients) when you direct deposit $1,000 a month, plus open, fund, and maintain an investing account. Wealthfront may change or end the program at any time and determine eligibility at its discretion. Terms apply. Full details at wealthfront.com/promo-terms. The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of January 30, 2026, is representative, requires no minimum, and may change at any time. References to the APY for the Wealthfront Cash Account, including any APY increase, are to the APY paid by insured depository institutions that participate in our cash sweep program (the "Program Banks”). Wealthfront Brokerage does not pay interest. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Instant and same-day withdrawals use the Real-Time Payments (RTP) network or FedNow service. Transfers may be limited by your receiving institution, daily caps, or participating entities. New Cash Account deposits have a 2–4 day hold before transfer. Wealthfront does not charge fees for these services, but receiving institutions may impose an RTP or FedNow Fee. Processing times may vary.. Fees & Eligibility requirements may apply to certain checking features. Investment advisory services are provided by Wealthfront Advisers LLC, an SEC-registered investment adviser. Investing involves risk, including the possible loss of principal. Securities investments are not bank deposits, bank-guaranteed or FDIC-insured, and may lose value. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

0:00
25:18

5,070 words · 2 speakers

Speaker names marked are inferred from speaking time and the show’s known hosts — they are not voice-verified.

Topics

  • CVS
  • Goldman Sachs
  • Vanguard
  • Main Street Millionaire
  • Whole Foods
  • American Apparel

Page updated · transcript and summary are machine-generated