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My First MillionMy First Million

We watched the Elizabeth Holmes doc (and honestly, WTF)

*Sam's database on how long it takes to become a millionaire:* https://clickhubspot.com/3jgb Episode 874: Shaan Puri ( https://x.com/ShaanVP ) and Sam Parr ( https://x.com/theSamParr ) are breaking down the best documentary of the year. — Check Out Sam's Stuff: • Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Shaan uses Mercury across all of his companies. you can too: http://mercury.com/ Mercury is a fintech company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., Members FDIC • I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out: beehiiv.com/mfm-challenge My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /

Shaan PurihostSam Parrhost
Oct 20, 202653mWatch on YouTube ↗

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At a glance

WHAT IT’S REALLY ABOUT

Nathan Fielder’s Holmes doc reveals everything—and clarifies almost nothing

  1. Shaan explains that Nathan Fielder’s documentary follows Elizabeth Holmes during the 34 days before she goes to prison, then continues the story through reenactments once she’s incarcerated.
  2. The hosts describe the film as emotionally intimate and visually invasive while still leaving viewers more confused about Holmes’ intent, honesty, and self-perception than before.
  3. A major portion of their discussion centers on Billy’s role, with multiple speakers describing him as controlling, image-conscious, and a key driver of decisions around the documentary and Holmes’ public presence.
  4. They highlight the film’s meta-structure—bringing in the actress who portrayed Holmes in a dramatized series—to explore guilt, judgment, and how media portrayals shape “truth.”
  5. By the end, the group’s working conclusion is that Holmes was involved and complicit, but may have rationalized her actions as ‘mission-first hustle’ rather than fraud.

IDEAS WORTH REMEMBERING

5 ideas

The documentary’s central trick is that maximal visibility still produces maximal ambiguity.

Shaan describes the film as giving viewers extreme access—close-up framing, intimate domestic moments—yet leaving them unsure what to believe about Elizabeth Holmes’ inner reality, intentions, and self-understanding.

Holmes’ stance isn’t confession or rebuttal; it’s a persistent, reality-bending insistence.

Shaan and another speaker highlight that Holmes repeatedly denies lying and seems genuinely confused about why she’s going to prison; Shaan recounts a scene where she insists the machine “could” do any test, even when pressed on whether it could do so at the time.

The movie shifts suspicion and power dynamics onto Billy, not just Holmes.

A major thread in Shaan’s retelling is the film’s portrayal of Billy (Holmes’ fiancé) as controlling and strategically involved—pushing for documentary “upside,” taking over small moments (like the egg-whisking), and acting as her proxy online while she’s incarcerated.

The film’s moral universe is expansive: it suggests “everyone is guilty” in different ways.

Shaan argues the film implicates multiple parties—Billy, the actress from the dramatized series, journalists, and even Nathan Fielder—by showing how judgment, storytelling incentives, and “fiction” shape reputations and beliefs.

Fielder’s ‘weaponized awkwardness’ and reenactments aren’t gimmicks here—they’re core investigative tools.

The group repeatedly notes Nathan Fielder’s method: direct questions, long silences, and meticulous reenactments; once Holmes goes to prison, reenactments become essential to continuing the narrative without prison footage.

WORDS WORTH SAVING

5 quotes

It's like I saw everything and I know less than I knew at the beginning. I don't, I don't know what to think.

— Shaan Puri

She's still in a way committed to the bit and creat- She has this reality that's clearly false, but it's, the question is does she not realize it's false, or is she that good that she makes you think she doesn't believe it's false?

— Shaan Puri

But you also leave understanding what it's like to be deceived by her because you're like, "I don't know what to believe. She did it to me, too. She did it to him. She did it to him."

— Shaan Puri

Have you ever been to someone's house and, like, seen how they live? Like, I've, I've been to, like, a couple's house and seen their kids and I'm, like, shocked where they say there's, like, levels to wealth, there's levels to, like, athletics, and then there's, like, different levels of, like, weirdness and it's like these people live so differently from me I can't even... It's hard to even empathize.

— Sam Parr

I think she didn't believe it was fraud. I think she, it was fraud, but she didn't interpret it that way.

— Unattributed

Spoiler discussion and premise setupHolmes’ denial and ‘confusion’ about wrongdoingBilly’s control, incentives, and public proxy behaviorExtreme close-up cinematography and intimacyNathan Fielder’s awkward-questioning styleReenactments as narrative engine after prisonMeta-commentary on media portrayals and guilt

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