Founders
Learn from history's greatest entrepreneurs. Every week I read a biography of an entrepreneur and find ideas you can use in your work. This quote explains why: "There are thousands of years of history in which lots and lots of very smart people worked very hard and ran all types of experiments on ho
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History
#346 How Walt Disney Built Himself
What I learned from rereading Walt Disney: The Trium...
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Apr 22 2024 1h 47m
Chapter 1 59 sec
Disney’s key traits were raw ingenuity combined with sadistic determinationChapter 2 7 mins
I had spent a lifetime with a frustrated, and often unemployed man, who hated anybody who was successfulChapter 3 10 mins
Maybe the most important thing anyone ever said to him: You’re crazy to be a professor she told Ted. What you really want to do is draw. Ted’s notebooks were always filled with these fabulous animals. So I set to work diverting him. Here was a man who could draw such pictures. He should earn a living doing thatChapter 4 1 min
A quote from Edwin Land that would apply to Walt Disney too: My motto is very personal and may not fit anyone else or any other company. It is: Don't do anything that someone else can doChapter 5 4 mins
Walt Disney seldom dabbled. Everyone who knew him remarked on his intensity; when something intrigued him, he focused himself entirely as if it were the only thing that matteredChapter 6 1 min
I'm going to sit tight. I have the greatest opportunity I've ever had, and I'm in it for everythingChapter 7 59 sec
You have to take the hard knocks with the good breaks in lifeChapter 8 2 mins
Nothing wrong with my aim, just gotta change the target. Jay ZChapter 9 7 mins
He sincerely wanted to be counted among the best in his craftChapter 10 3 mins
He didn't want to just be another animation producer. He wanted to be the king of animation. Disney believed that quality was his only real advantageChapter 11 1 min
Walt Disney wanted domination. Domination that would make his position unassailableChapter 12 59 sec
Disney was always trying to make something he could be proud ofChapter 13 24 mins
We have a habit of divine discontent with our performance. It is an antidote to smugnessChapter 14 1 min
I don’t want to be relagated to the cartoon medium. We have worlds to conquer hereChapter 15 5 mins
Advice Henry Ford gave Walt Disney about selling his company: If you sell any of it you should sell all of itChapter 16 1 min
He kept a slogan pasted inside of his hat: You can’t top pigs with pigs. (A reminder that we have to keep blazing new trails.)Chapter 17 7 mins
Disney’s Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard SnowChapter 18 14 mins
It is the detail. If we lose the detail, we lose it all
#345 George Lucas
What I learned from rereading George Lucas: A Life b...
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Apr 12 2024 1h 59m
Chapter 1 58 sec
George Lucas unapologetically invested in what he believed in the most: himselfChapter 2 29 sec
George Lucas is the Thomas Edison of the modern film industryChapter 3 4 mins
A list of biographies written by Brian Jay JonesChapter 4 4 mins
Elon Musk interviewed by Kevin RoseChapter 5 6 mins
How many people think the solution to gaining quality control, improving fiscal responsibility, and stimulating technological innovation is to start their own special-effects company? But that’s what he didChapter 6 59 sec
When I finally discovered film, I really fell madly in love with it. I ate it. I slept it. 24 hours a day. There was no going backChapter 7 2 mins
Those on the margins often come to control the center. (Game of Thrones)Chapter 8 1 min
As soon as I made my first film, I thought, Hey, I’m good at this. I know how to do this. From then on, I’ve never questioned itChapter 9 10 mins
He was becoming increasingly cranky about the idea of working with others and preferred doing everything himselfChapter 10 10 mins
Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders The film Easy Rider was made for $350,000. It grossed over $60 million at the box officeChapter 11 3 mins
The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders A Mind at Play: How Claude Shannon Invented the Information Age by Jimmy Soni and Rob Goodman (Founders Steve Jobs & The NeXT Big Thing by Randall Stross. (Founders What we’re striving for is total freedom, where we can finance our pictures, make them our way, release them where we want them released, and be completely free. That’s very hard to do in the world of business. You have to have the money in order to have the power to be freeChapter 12 1 min
People would give anything to quit their jobs. All they have to do is do it. They’re people in cages with open doorsChapter 13 7 mins
Stay small. Be the best. Don’t lose any moneyChapter 14 2 mins
That was a very dark period for me. We were in dire financial strait. I turned that down [directing someone else’s movie] at my bleakest point, when I was in debt to my parents, in debt to Francis Coppola, in debt to my agent; I was so far in debt I thought I’d never get out. It took years to get from my first film to my second film, banging on doors, trying to get people to give me a chance. Writing, struggling, with no money in the bank… getting little jobs, eking out a living. Trying to stay alive, and pushing a script that nobody wantedChapter 15 2 mins
“Opening this new restaurant might be the worst mistake I've ever made."Chapter 16 59 sec
My thing about art is that I don’t like the word art because it means pretension and bullshit, and I equate those two directly. I don’t think of myself as an artist. I’m a craftsman. I don’t make a work of art; I make a movieChapter 17 2 mins
I know how good I am. American Graffiti is successful because it came entirely from my head. It was my concept. And that’s the only way I can workChapter 18 15 mins
Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders The budget for Star Wars was $11 million. In brought in $775 million at the box office alone!Chapter 19 34 mins
Steven Spielberg made over $40 million from the original Star Wars. Spielberg gave Lucas 2.5% of Close Encounters of the Third Kind and Lucas gave Spielberg 2.5% of Star Wars. That to 2.5% would earn Spielberg more than $40 million over the next four decades
Steven Spielberg
What I learned from reading Steven Spielberg: A Biog...
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Apr 4 2024 1h 38m
Chapter 1 4 mins
Studying Spielberg's Influence on FilmmakingChapter 2 11 mins
Steven SpielbergChapter 3 9 mins
The Evolution of Spielberg's FilmmakingChapter 4 9 mins
Steven Spielberg's Early Life and CareerChapter 5 9 mins
The Movie Brats and Their JourneyChapter 6 10 mins
Passing on Mentorship and KnowledgeChapter 7 5 mins
Steven Spielberg's Journey to SuccessChapter 8 13 mins
Spielberg's Journey to SuccessChapter 9 12 mins
Hiring Strategies of Famous EntrepreneursChapter 10 9 mins
Hiring and Leadership StrategiesChapter 11 2 mins
Importance of Hiring Passionate, Talented Employees
#344 Quentin Tarantino
What I learned from reading Cinema Speculation by Qu...
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Mar 30 2024 1h 6m
Chapter 1 4 mins
Tarantino is possibly the most joyously infectious movie lover aliveChapter 2 2 mins
He has a comprehensive database of the history of movies in his headChapter 3 8 mins
The Futurist: The Life and Films of James Cameron by Rebecca Keegan and The Return of James Cameron, Box Office King by Zach Baron (Founders Robert Rodriguez interviews Quentin Tarantino in the Director’s ChairChapter 4 59 sec
Like most men who never knew their father, Bill collected father figures. (Kill Bill 2)Chapter 5 1 min
When people ask me if I went to film school, I tell them, No, I went to filmsChapter 6 1 min
Invest Like the Best Patrick and John CollisionChapter 7 59 sec
Tarantino made his own Founders Notes [Comparinig himself and another director] Nor did he keep scrapbooks, make notes, and keep files on index cards of all the movies he saw growing up like I didChapter 8 13 mins
Napoleon and Modern War by Napoleon and Col. Lanza. (Founders On Spielberg and greatness: Steven Spielberg's Jaws is one of the greatest movies ever made, because one of the most talented filmmakers who ever lived, when he was young, got his hands on the right material, knew what he had, and killed himself to deliver the best version of that movie he couldChapter 9 4 mins
I've always approached my cinema with a fearlessness of the eventual outcome. A fearlessness that comes to me naturallyChapter 10 6 mins
The Big Score: Robert Friedland and The Voisey’s Bay Hustle by Jacquie McNish (Founders top 8 movies have cost around $400 million to make and made about $1.9 billion in box office salesChapter 11 8 mins
What made Kevin Thomas so unique in the world of seventies and eighties film criticism, he seemed like one of the only few practitioners who truly enjoyed their job, and consequently, their life. I loved reading him growing up and practically considered him a friend
#343 The Eternal Pursuit of Unhappiness: David Ogilvy
What I learned from reading Eternal Pursuit of Unhap...
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Mar 24 2024 32m
Chapter 1 4 mins
But what did David actually mean by divine discontent? Here's an interpretationChapter 2 1 min
We have to work equally hard to replace the old patterns of self-defeating behaviors. An old Latin proverb tells us how: a nail is driven out by a nail, habit is overcome by habitChapter 3 2 mins
Brilliant thinking is rare, but courage is in even shorter supply than genius. Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel. (Founders Fear is a demon that devours the soul of a company: it diminishes the quality of our imagination, it dulls our appetite for adventure, it sucks away our youth. Fear leads to self-doubt, which is the worst enemy of creativityChapter 4 3 mins
Trust is one of the greatest economic forces on earth. The NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders How great we become depends on the size of our dreams. Let's dream humongous dreams, put on our overalls, go out there and build themChapter 5 3 mins
If you asked an oracle the secret to doing great work and the oracle replied with a single word my bet would be on “curiosity” How To Do Great Work by Paul Graham. (Founders Only dead fish go with the flowChapter 6 1 min
If I have to choose between agreement and conflict, I’ll take conflict every time. It always yields a better result. Jeff BezosChapter 7 2 mins
Chapter 8 59 sec
You see, those who live by their wits go to work on roller coasters. The ride is exhilarating, but one has to have a stomach of titanium. For starters, you're never a hundred per cent certain you'll ever get there. If you (even) get to your destination, you sometimes wonder why you've ever botheredChapter 9 59 sec
Discovery consists of seeing what everyone has seen and thinking what nobody has thoughtChapter 10 59 sec
Dogged determination is often the only trait that separates a moderately creative person from a highly creative oneChapter 11 6 mins
Against the Odds: An Autobiography by James Dyson (Founders We are what we repeatedly do. Our character is a composite of our habits. Habits constantly, daily, express who we really are
#342 The Lessons of History (Will & Ariel Durant)
What I learned from reading The Lessons of History b...
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Mar 18 2024 53m
Chapter 1 1 min
The Story of Civilization by Will and Ariel Durant (Full Set)Chapter 2 1 min
Generations of men establish a growing mastery over the earth, but they are destined to become fossils in its soilChapter 3 29 sec
The influence of geographic factors diminishes as technology growsChapter 4 3 mins
ALL OF THE NAPOLEON EPISODESChapter 5 3 mins
Our job is to make our companies and ourselves better equipped to meet the test of survivalChapter 6 59 sec
Economic development specializes functions, differentiates abilities, and makes men unequally valuable to their groupChapter 7 3 mins
The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders In the end, superior ability has its wayChapter 8 2 mins
Nothing is clearer in history than the adoption by successful rebels of the methods they were accustomed to condemn in the forces they deposedChapter 9 59 sec
The imitative majority follows the innovating minority and this follows the originative individual, in adapting new responses to the demands of environment or survivalChapter 10 59 sec
If you can identify an enduring human need you can build a business around thatChapter 11 3 mins
In every age men have been dishonest and governments have been corruptChapter 12 5 mins
All that matters is to survive. The rest is just words. Charles de Gaulle by Julian Jackson. (Founders By being so cautious in respect to leverage and having loads of liquidity, we will be equipped both financially and emotionally to play offense while others scramble for survival. The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham (Founders History reports that the men who can manage men manage the men who can manage only things, and the men who can manage money manage allChapter 13 59 sec
The Iron Law of OligarchyChapter 14 59 sec
Every advance in the complexity of the economy puts an added premium upon superior abilityChapter 15 3 mins
The General and the Genius: Groves and Oppenheimer—The Unlikely Partnership that Built the Atom Bomb by James Kunetka. (Founders Freedom's Forge: How American Business Produced Victory in World War II by Arthur HermanChapter 16 16 mins
All technological advances will have to be written off as merely new means of achieving old ends
#341 Cornelius Vanderbilt (How his mind worked and why you wouldn't want to compete against him)
What I learned from rereading Tycoon's War: How Corn...
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Mar 11 2024 1h 5m
Chapter 1 2 mins
Vanderbilt was only interested in two things: making money and winningChapter 2 1 min
The First Tycoon: The Epic Life of Cornelius Vanderbilt by T.J. StilesChapter 3 59 sec
T he NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (FoundersChapter 4 59 sec
“If I had learned education. I would not have had time to learn anything else.”Chapter 5 2 mins
Vanderbilt wrote nothing down, keeping every detail of his business dealings in his head, and at any given time he knew his income and expenditures down to the last centChapter 6 4 mins
From Founders Notes. I asked the chat featureChapter 7 10 mins
The Invisible Billionaire: Daniel Ludwig by Jerry Shields (Founders The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (FoundersChapter 8 10 mins
Gentlemen, you have undertaken to cheat me. I won’t sue you, for the law is too slow. I’ll ruin you. Yours truly, Cornelius VanderbiltChapter 9 2 mins
He's turning everyone against Walker by appealing to their interests. He’s not saying do this for me to get my ships back. He appeals to their interests and aligns their interests with his ownChapter 10 59 sec
Vanderbilt had more money than all the Central American governments combinedChapter 11 24 mins
As far as my nature is concerned, I do not meet competition, I destroy competitors
#340 Michael Jordan and Kobe Bryant
What I learned from reading Relentless: From Good to...
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Mar 1 2024 1h 23m
Chapter 1 2 mins
Mozart: A Life by Paul Johnson. (Founders Michael was the best because he was relentless about winning. No matter how many times he won he always wanted more and he was always willing to do whatever it took to get itChapter 2 59 sec
Michael never cared about achieving mere greatness. He cared about being the best everChapter 3 59 sec
These are the most driven individuals you'll ever know, with an unmatched genius for what they do: they don't just perform a job, they reinvent itChapter 4 2 mins
Alex Rodriguez interviews Kobe BryantChapter 5 2 mins
The mind will play tricks on you. The mind was telling you that you couldn't go any further. The mind was telling you how much it hurt. The mind was telling you these things to keep you from reaching your goal. But you have to see past that, turn it all off if you are going to get where you want to beChapter 6 1 min
At some point you made something simple into something complicatedChapter 7 3 mins
Being at the extreme in your craft is very important in the age of leverage. The best person in the world at anything gets to do it for everyoneChapter 8 1 min
A 600 page biography of Kobe Bryant: The Life of Kobe Bryant by Roland Lazenby. (Founders This could be an ad for FOUNDERS NOTESChapter 9 59 sec
Mostly he tested himself. It seemed that he discovered the secret quite early in his competitive life: the more pressure he heaped on himself the greater his ability to rise to the occasionChapter 10 10 mins
Be indifferent to the opinions of other people. Michael does not care what you think. Kobe does not care what you think. There is no one that can hold them to a higher standard than themselvesChapter 11 59 sec
How Kobe Bryant knew he was going to win a lot of championshipsChapter 12 13 mins
Michael Jordan worked on consistency, relentlesslyChapter 13 3 mins
A good competitor always evaluates his oppenent. And you understand him for what he really is. You never try to give him confidence you try to take it at all times. Michael Jordan videoChapter 14 13 mins
Everyone wanted to be like Mike. Mike did not want to be like anyone elseChapter 15 3 mins
Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders Stop adding. Start deleting. Winning demands total focusChapter 16 12 mins
It started with hope
Jay Z's Autobiography
What I learned from reading Decoded by Jay Z. ----Ge...
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Feb 25 2024 2h 7m
Chapter 1 30 sec
I would practice from the time I woke in the morning until I went to sleepChapter 2 46 sec
Even back then I though I was the bestChapter 3 2 mins
Bourdain: The Definitive Oral Biography (Founders Belief becomes before abilityChapter 4 2 mins
Michael Jordan: The Life (Founders The public praises people for what they practice in privateChapter 5 21 sec
Lock yourself in a room doing five beats a day for three summersChapter 6 13 mins
Sam Walton: Made In America (Founders He was disappointed in the world, so he built one of his own from Steven Spielberg: A Biography (Founders The Pmarca Blog Archive Ebook by Marc Andreessen (Founders I'm not gonna say that I thought I could get rich from rap, but I could clearly see that it was gonna get bigger before it went away. Way biggerChapter 7 30 sec
Over 20 years into his career and dude ain’t changed. He’s got his own vibe. You gotta love him for that. (Rick Rubin)Chapter 8 5 mins
Against The Odds: An Autobiography by James Dyson (Founders I believe you can speak things into existenceChapter 9 2 mins
Picking the right market is essentialChapter 10 12 sec
All companies that go out of business do so for the same reason they run out of money. —Don ValentineChapter 11 2 mins
There are two things in business that matter, and you can learn this in two minutes- you don’t have to go to business school for two years: high gross margins and cash flow. The other financial metrics you can forget. —Don ValentineChapter 12 1 min
I went on the road with Big Daddy Kane for a while. I got an invaluable education watching him performChapter 13 1 min
Everything I do I learned from the guys who came before me. —KobeChapter 14 34 sec
I truly hate having discussions about who would win one on one or fans saying you’d beat Michael. I feel like Yo (puts his hands up like stop. Chill.) What you get from me is from him. I don’t get 5 championships without him because he guided me so much and gave me so much great adviceChapter 15 3 mins
Steve Jobs: The Exclusive Biography (Founders This is a classic piece of OG advice. It's amazing how few people actually stick to itChapter 16 3 mins
Nuts!: Southwest Airlines' Crazy Recipe for Business and Personal Success (Founders The key to staying on top of things is to treat everything like it's your first projectChapter 17 4 mins
The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley (Founders We (Jay Z, Bono, Quincy Jones) ended up trading stories about the pressure we felt even at this point in our livesChapter 18 1 min
Competition pushes you to become your best self. Jordan said the same thing about Larry Bird and Magic JohnsonChapter 19 5 mins
If you got the heart and the brains you can move up quickly. There's no way to quantify all of this on a spreadsheet, but it's the dream of being the exceptionChapter 20 1 min
He (Russell Simmons) changed the business style of a whole generation. The whole vibe of startup companies in Silicon Valley with 25 year old CEOs wearing shell toes is Russell's Def Jam style filtered through different industriesChapter 21 31 sec
Jay Z’s approach is I'm going to find the smartest people that that know more than I do, and I'm gonna learn everything I can from themChapter 22 18 sec
He (Russell Simmons) knew that the key to success was believing in the quality of your own product enough to make people do business with you on your terms. He knew that great product was the ultimate advantage in competitionChapter 23 1 min
In the end it came down to having a great product and the hustle to move itChapter 24 2 mins
Learn how to build and sell and you will be unstoppable. The Almanack of Naval Ravikant: A Guide to Wealth and Happiness (Founders We gave those brands a narrative which is one of the reasons anyone buys anything. To own not just a product, but to become part of a storyChapter 25 1 min
The best thing for me to do is to ignore and outperformChapter 26 11 mins
Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary (Founders Jony Ive: The Genius Behind Apple's Greatest Products (Founders Long term success is the ultimate goalChapter 27 2 mins
Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love Bill GurleyChapter 28 3 mins
I have always used visualization the way athletes do, to conjure realityChapter 29 1 min
The thing that distinguished Jordan wasn't just his talent, but his discipline, his laser-like commitment to excellenceChapter 30 1 min
The gift that Jordan had wasn't just that he was willing to do the work, but he loved doing it because he could feel himself getting stronger and ready for anything. That is the kind of consistency that you can get only by adding dead serious discipline of whatever talent you haveChapter 31 6 mins
when you step outside of school and you have to teach yourself about life, you develop a different relationship to information. I've never been a purely linear thinker. You can see it to my rhymes. My mind is always jumping around restless, making connections, mixing, and matching ideas rather than marching in a straight lineChapter 32 8 mins
Samuel Bronfman: The Life and Times of Seagram’s Mr. Sam (Founders The real bullshit is when you act like you don't have contradictions inside you. That you're so dull and unimaginative that your mind never changes or wanders into strange, unexpected placesChapter 33 2 mins
There are extreme levels of drive and pain tolerance in the history of entrepreneurshipChapter 34 3 mins
Hit Men: Power Brokers and Fast Money Inside the Music BusinessChapter 35 1 min
I love sharp people. Nothing makes me like someone more than intelligenceChapter 36 7 mins
They call it the game, but it's not. You can want success all you want but to get it you can't falter. You can't slip. You can't sleep— one eye open for real and foreverChapter 37 2 mins
The thought that this cannot be life is one that all of us have felt at some point or another. When a bad decision and bad luck and bad situations feel like too much to bear those times. When we think this, this cannot be my story, but facing up to that kind of feeling can be a powerful motivation to changeChapter 38 13 mins
Technology is making it easier to connect to other people, but maybe harder to keep connected to yourself
#339 Joseph Duveen: Robber Baron Art Dealer
What I learned from reading The Days of Duveen by S....
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Feb 20 2024 1h 4m
Chapter 1 2 mins
Duveen noticed that Europe had plenty of art and America had plenty of money, and his entire astonishing career was the product of that simple observationChapter 2 59 sec
The great American millionaires of the Duveen Era were slow-speaking and slow-thinking, cautious, secretive, and maddeningly deliberateChapter 3 2 mins
How Larry Gagosian Reshaped The Art World by Patrick Radden Keefe. (Founders Invest Like The Best Will England: A Primer on Multi-Strategy Hedge FundsChapter 4 7 mins
There is an old two-part rule that often works wonders in business, science, and elsewhereChapter 5 1 min
Duveen had enormous respect for the prices he set on the objects he bought and sold. Often his clients tried, in various ways, to maneuver him into a position where he might relax his high standards, but he nearly always managed to keep themChapter 6 5 mins
Wildcatters: A Story of Texans, Oil, and Money by Sally Helgesen. (Founders You don’t need many customers if the few customers you do have are the riches people in the worldChapter 7 3 mins
His enthusiasm was irrepressibleChapter 8 59 sec
Duveen felt that his educational mission was two fold —to teach millionaire American collectors what the great works of art were, and to teach them that they could get those works of art only through himChapter 9 3 mins
When you pay high for the priceless, you're getting it cheapChapter 10 59 sec
Certain men are endowed with the faculty of concentrating on their own affairs to the exclusion of what's going on elsewhere in the cosmos. Duveen was that kind of manChapter 11 5 mins
Monopoly was his methodChapter 12 2 mins
Duveen would pay the servants of staff that worked in the homes of his clients. This was the result: They developed a feeling that it was only fair to transmit to Duveen any information that might interest himChapter 13 6 mins
The art dealer Joseph Duveen was once confronted with a terrible problemChapter 14 16 mins
His clients felt better when they paid a lot. It gave them the assurance of acquiring rarity
#338 Monty Moncrief Texas Oil Billionaire
What I learned from reading Wildcatters: A Story of ...
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Feb 13 2024 59m
Chapter 1 58 sec
Family and business were the same thing to himChapter 2 59 sec
He possessed the directness and the utter simplicity of the old and the truly greatChapter 3 2 mins
His unquestioning confidence in the worthiness of his enterprise made him seem impervious to doubtsChapter 4 3 mins
The Morgans always believed in absolute monarchy. While Junius Morgan lived, he ruled the family and the business. Until Junius died his massive shadow dominated his son’s life. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow. (Founders Everywhere they looked, they saw opportunity without limits. The land itself was empty, and so these men built cities upon it and founded dynasties. They left behind them a world made in their own imageChapter 5 59 sec
The old wildcatters had neither the time nor the inclination to question their own purposes, or to agonize about what the future consequences of their efforts might be. They just went out and did whatever was there to be doneChapter 6 15 mins
The trouble with this business is that everybody expects to find oil on the surface. If it was up near the top, it wouldn't be any trick to it. You've got to drill deep for oil. The Big Rich: The Rise and Fall of the Greatest Texas Oil Fortunes by Bryan Burrough (Founders Charlie’s surfing model. One thing I learned from having dinner with Charlie was the importance of getting into a great business and STAYING in it. There’s a tendency in human nature to mess up a good thing because of an inability to sit stillChapter 7 4 mins
There are times when certain cards sit unclaimed in the common pile, when certain properties become available that will never be available again. A good businessman feels these moments like a fall in the barometric pressure. A great businessman is dumb enough to act on them even when he cannot afford to. The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders Delusional optimism: Go from one setback to another setback without any loss of enthusiasmChapter 8 1 min
There's no what if. There's only what happenedChapter 9 59 sec
Rainmakers PodcastChapter 10 1 min
I’d rather be lucky than smart, because a lot of smart guys go hungryChapter 11 7 mins
Chaos and defiance ruled the day, and those who led the way made little secret of their refusal to be controlledChapter 12 15 mins
Anybody who's got an idea of his own has to be a little bit crazy. Being crazy is something big companies just don't understand
#337 Napoleon's Maxims and Strategy
What I learned from reading Roots of Strategy by Tho...
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Feb 5 2024 1h
Chapter 1 4 mins
Napoleon fought more battles than Alexander, Hannibal, and Caesar combinedChapter 2 5 mins
The Mind of Napoleon: A Selection of His Written and Spoken Words edited by J. Christopher Herold. (Founders Insull: The Rise and Fall of A Billionaire Utility Tycoon by Forrest McDonald. (Founders No one should believe more in your business than you do. If this is not the case you are in the wrong businessChapter 3 1 min
If you do everything you will winChapter 4 59 sec
Napoleon episodesChapter 5 2 mins
What is the bigger number, five or one? One. One army, a real army, united behind one leader, with one purpose. A fist instead of 5 fingers. Robert Baratheon in Game of Thrones (YouTube)Chapter 6 2 mins
Read over and over again the campaigns of Alexander, Hannibal, Caesar, Gustavus, Turenne, Eugene and Frederic. Make them your models. This is the only way to become a great general and to master the secrets of the art of war. With your own genius enlightened by this study, you will reject all maxims opposed to those of these great commanders. [If Napoleon was alive you know he’d listen to Founders podcast]Chapter 7 2 mins
The Tao of Charlie Munger by Charlie Munger and David Clark (Founders Advance orders tend to stifle initiative. A commander should be left free to adapt himself to circumstances as they occurChapter 8 2 mins
The art of war consists in a well organized and conservative defense, coupled with an audacious and rapid offensiveChapter 9 2 mins
Ten people who yell make more noise than ten thousand who keep silentChapter 10 1 min
Long orders, which require much time to prepare, to read and to understand are the enemies of speed. Napoleon could issue orders of few sentences which clearly expressed his intentions and required little time to issue and to understandChapter 11 59 sec
A great leader will resort to audacityChapter 12 8 mins
“Alexander the Great thought, decided, and above all, moved swiftly. He appreciated the importance of speed and the terrifying surprises speed made possible. His enemies were always stunned and shocked by his arrival. He invented the blitzkrieg.” Heroes: From Alexander the Great and Julius Caesar to Churchill and de Gaulle by Paul Johnson. (Episode It is no harm to be too strong; it may be fatal to be too weakChapter 13 59 sec
Napoleon on single threaded leadership: Once a campaign has been decided upon there should be no hesitation in appointing one commander to assure its success. When authority is divided, opinions and actions differ, and confusion and delay arises. A single chief proceeds with vigor; he is not delayed by necessity to conferChapter 14 59 sec
Posess obstinate willChapter 15 59 sec
Experience must be supplemented by study. No man's personal experience can be so inclusive as to warrant his disregarding the experiences of others. ( This is a great reason why you should invest in a subscription to Founders Notes )Chapter 16 2 mins
It is profitable to study the campaigns of the great mastersChapter 17 1 min
Skill consists in converging a mass of fire upon a single point. He that has the skill to bring a sudden, unexpected concentration of artillery to bear upon a selected point is sure to capture it. (A lesson from Peter Thiel: Don’t divide your attention: focusing on one thing yields increasing returns for each unit of effort.)Chapter 18 11 mins
All great captains have been diligent students [of history]
#336 How To Lose A Few Billion Dollars: Samuel Insull
What I learned from reading Insull: The Rise and Fal...
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Feb 1 2024 1h 25m
Chapter 1 3 mins
Insull had been in the electric business as long as there had been an electric businessChapter 2 59 sec
He awoke early, abruptly, completely, bursting with energy; yet he gained momentum as the day wore on, and long into the night. Sam had near-demonic energyChapter 3 1 min
Sam's most obvious attribute was a capacity for racing through large quantities of reading material, effortlessly perceiving its important assumptions and generalizations, and thoroughly assimilating its salient detailsChapter 4 59 sec
He eagerly embraced platitudesChapter 5 3 mins
Opportunity handled well leads to more opportunityChapter 6 59 sec
He developed an ability to concentrate on a single subject and to completely shut out everything else, no matter how pressingChapter 7 4 mins
A theme from the robber baron era: How do we turn a luxury product into a necessity?Chapter 8 1 min
If you do everything you will win. Working by Robert Caro. (Founders and The Mind of Napoleon: A Selection of His Written and Spoken Words edited by J. Christopher Herold. (Founders Insull reread every one of Edison's European contracts, and he took it upon himself to write weekly letters to Johnson, summarizing the fluctuations in the telephone situation and outlining Edison's shifting interests in connection with it. These letters proved to be the best selling points Johnson could have in recommending Insull to EdisonChapter 9 59 sec
One of his most deep-rooted traits was that he was absolutely unable to imagine the possibility of his own failure; he entirely lacked the sense of caution of those who doubt themselvesChapter 10 5 mins
We will make electric lights so cheap that only the rich will be able to burn candlesChapter 11 5 mins
Edison had an almost pathological hostility to any form of system, order, or discipline imposed from withoutChapter 12 8 mins
Warren Buffett on leverageChapter 13 2 mins
To make electricity as cheap as possible we need the largest base of customers. The way to get the largest base of customers is through monopolyChapter 14 1 min
We are only going to do things that other people can not doChapter 15 2 mins
While money may not buy friends it will keep many a man from becoming an enemyChapter 16 9 mins
The moment of applause was the moment for actionChapter 17 5 mins
Sam Insull made electric power so abundant and cheap in the United States that people who had never expected to use it, found it as natural and as necessary as breathingChapter 18 19 mins
He took his leverage too high and the structure of the leverage was a problem. Ted Turner's Autobiography. (Founders Get access to the World’s Most Valuable Notebook for Founders by investing in a subscription to Founders Notes
#335 How To Make A Few Billion Dollars: Brad Jacobs
What I learned from reading How To Make A Few Billio...
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Jan 23 2024 1h 12m
Chapter 1 1 min
I'm what's called a moneymaker. I've started five companies from scratch—seven if you include two spin-offs and turned them all into billion dollar or multibillion-dollar enterprisesChapter 2 2 mins
I love working with outrageously talented people to deliver outsized returns for shareholders in public stock marketsChapter 3 2 mins
The single most powerful pattern I have noticed is that successful people find value in unexpected places and they do this by thinking about business from first principles. Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel (Founders So much of success in business comes from keeping your head in a good placeChapter 4 59 sec
I'm an ambitious person by nature and a dealmaker by inclinationChapter 5 3 mins
Episode I Had Dinner With Charlie MungerChapter 6 59 sec
Listen to Think Big and Move Fast: Brad Jacobs on Invest Like the BestChapter 7 5 mins
Setting the Table: The Transforming Power of Hospitality in Business by Danny Meyer. (Founders If you want to make money in the business world, you need to get used to problems, because that's what business isChapter 8 59 sec
I am not surprised when things don’t go perfectly. That is the nature of the universeChapter 9 6 mins
Listen to this incredible conversation between Charlie Munger and John Collison on Invest Like The BestChapter 10 2 mins
Invest in technology. The savings compound, it gives you an advantage over a slower moving competitor, and can be the difference between a profit and a loss. (Lesson from Andrew Carnegie)Chapter 11 8 mins
How Larry Gagosian Reshaped The Art World by Patrick Radden Keefe. (Founders While the rental industry overall was slow to computerize, the larger regional players were more tech-savvy. By 1997, nearly all of them were running on software developed by a company called Wynne SystemsChapter 12 1 min
The deals I've avoided have contributed more to my success than the deals I've doneChapter 13 4 mins
I love these questions for a business and a familyChapter 14 25 mins
There are few mistakes costlier than hiring the wrong person. An empty seat is less damaging than a poor fit
#334 Oprah
What I learned from reading the transcripts of Young...
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Jan 16 2024 1h 9m
Chapter 1 1 min
Oprah fired her agent and replaced him with a Chicago lawyer named Jeffrey Jacobs. "I heard Jeff is a piranha. I like that. Piranha is good."Chapter 2 1 min
I will just create. And if it works, it works. And if it doesn’t, I’ll create something else. I don’t have any limitations on what I think I could do or beChapter 3 2 mins
Dr. Julie Gurner’s Ultra Successful newsletterChapter 4 1 min
Imitation precedes creation. Stephen King On Writing: A Memoir of the Craft by Stephen King. (Founders On getting demoted from anchor to talk show host: I was embarrassed by the whole thing because I had never failed before. It was that “failure” that led to the talk show. (Opportunity is a strange beast. It frequently appears after a loss.)Chapter 5 59 sec
The talk show immediately felt right to her: This is what I should have been doing because it was like breathing to me. It was like breathing. I knew it was the right thing to doChapter 6 59 sec
Oprah has an intense, powerful belief in herself. And she has had that since she was 4Chapter 7 59 sec
I truly believe that thoughts are the greatest vehicle to change power and success in the world. Everything begins with thoughtsChapter 8 1 min
If you actually have to choose between the most experienced person, or the most educated person, or the person who actually wants it the most, you always pick the person who wants it the most. Josh Kushner on the Invest Like the Best podcastChapter 9 4 mins
VisualizeChapter 10 2 mins
I was watching my grandmother boiling clothes (they had no indoor plumbing) and I was four years old and I remember thinking: My life won’t be like this. My life won’t be like this. It will be betterChapter 11 4 mins
And whatever you do, if you do a lot of it, you get good at it. And that is how this broadcasting career started for me. I’ve been an orator for a long time. I’ve been an orator all of my lifeChapter 12 1 min
I loved books so much as a child. They were my outlet to the worldChapter 13 1 min
I had a very strict father. I remember my father saying you can not bring C’s in this house because you are not a C student. You’re an A student. It was just so matter of factChapter 14 2 mins
Paul Graham on how to make yourself a big target for luckChapter 15 59 sec
I demand only the best for myselfChapter 16 1 min
Oprah on the parasocial relationship with her audience: It’s not like other celebrities. I see people react to other people and it’s not like it is to meChapter 17 1 min
Asking for help is a superpower no one usesChapter 18 1 min
The ability to read at an early age saved my life. I knew there was a better way. I knew there was a way out because I had read about itChapter 19 59 sec
I sign every check. It is tedious. It gets to be a lot. I have piles of checks. The idea of having money and not being responsible and knowing how much money you have and keeping control of it is not something that I personally can accept. I watch it very carefullyChapter 20 59 sec
Henry Singleton pays all the bills and signs all the checks, calling it "a form of discipline. Through doing the signing it's amazing how much you learn about the business. There's a reminder of each event or action behind each check. Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by Dr. George Roberts. (Founders How do you learn to be a founder? You do it the same way you do anything else: 14, 15 hour days. I feel most comfortable workingChapter 21 2 mins
For me, work just meant discovery and fun. If I heard somebody complaining, “Oh, I work so hard, I put in ten- and twelve-hour days,” I would crucify him. “What the fuck are you talking about when the day is twenty-four hours? What else did you do?” Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger. (Founders It doesn’t feel like workChapter 22 1 min
Intuition is a very powerful thing. More powerful than intellect in my opinion. That’s had a big impact on my work. Steve JobsChapter 23 5 mins
I am only a little dress-maker, trying to make women young and pretty. These other designers that do the pretty little sketches, the boys, they don't understand women, they don't know how they live. Their idea is to make them weird, freaks. Coco Chanel: The Legend and the Life by Justine Picardie. (Founders I live from the inside outChapter 24 59 sec
Chapter 25 14 mins
Find what feeds your passion. Your real job is to find out why you are really here and then get about the business of doing that
#333 Red Bull's Billionaire Maniac Founder: Dietrich Mateschitz
What I learned from reading The Red Bull Story by Wo...
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Jan 8 2024 1h 8m
Chapter 1 59 sec
In literal financial terms, our sports teams are not yet profitable, but in value terms, they are," he says. "The total editorial media value plus the media assets created around the teams are superior to pure advertising expendituresChapter 2 2 mins
It is a must to believe in one's product. If this were just a marketing gimmick, it would never workChapter 3 2 mins
He doesn't place a premium on collecting friends or socializing: "I don't believe in 50 friends. I believe in a smaller number. Nor do I care about society events. It's the most senseless use of time. When I do go out, from time to time, it's just to convince myself again that I'm not missing a lot."Chapter 4 1 min
The most dangerous thing for a branded product is low interest. (Edwin Land: The test of an invention is the power of an inventor to push it through in the face of the staunch-not opposition, but indifference-in society. (Indifference is your enemy)Chapter 5 2 mins
Nike, Adidas and Vans episodesChapter 6 59 sec
He has no plans to sell or take Red Bull public. "It's not a question of money. It's a question of fun. Can you imagine me in a shareholders' meeting?”Chapter 7 2 mins
Red Bull’s Billionaire ManiacChapter 8 29 sec
He is universally described as a person with great charismaChapter 9 29 sec
The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders 292)Chapter 10 4 mins
He has a fierce desire for privacy. He buys a society magazine to make sure he never appears in itChapter 11 1 min
There is no market for Red Bull. We will create oneChapter 12 13 mins
Estée Lauder: A Success Story by Estée Lauder. (Founders the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders Gossip and malicious rumors are worth more than the most expensive publicity campaign in the world.” Dior by Dior: The Autobiography of Christian Dior (Founders Control your costs and maintain financial discipline even when making record profitsChapter 13 1 min
Many companies outsource their marketing and advertising activity. Red Bull consistently took the opposite route: It outsourced production and distribution and takes care of sales and advertising itselfChapter 14 59 sec
Charlie Munger and John Collison on Invest Like The BestChapter 15 1 min
If you are making a physical product make it look different from its competitors from the startChapter 16 1 min
Everything is marketingChapter 17 59 sec
Never do anything that compromises your survivalChapter 18 59 sec
All corporate projects like Formula 1, football, Air Race, and media serve the core business: the sale of the energy drinkChapter 19 1 min
This is a battle for attentionChapter 20 2 mins
Red Bull owns their events. They never relinquish media rights to any event. They invest in making the content and then they give their content to other media distributors for free. A very clever way to multiply their advertising and marketing spendChapter 21 1 min
The Bugatti Story by L’Ebe Bugatti. (Founders The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli. (Founders Why he moved Red Bull’s headquarters to a little village on a lake: The aim was to create a more pleasant working atmosphereChapter 22 14 mins
On why fitness is so important to him: “Everything that gives me pleasure in life is connected with a certain physical fitness and physical well-being. I like going to the mountain, I like skiing, I like sailing, I like riding a motorbike, I like fooling around and everything is connected with a minimum of physical agility, motor skills, dexterity, strength, stamina. In order to enjoy it outdoors, I need the indoor program.”
#332 Jesus
What I learned from reading Jesus: A Biography from ...
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Dec 24 2023 47m
Chapter 1 6 mins
Chapter 2 59 sec
Jesus wasChapter 3 59 sec
The most important step when starting anything new is recruiting the people who are going to help you on your missionChapter 4 3 mins
No prophet is acceptable in his hometownChapter 5 59 sec
Jesus emphasized the importance of humility, gentleness, non aggression. The importance of the pursuit of justice and righteousness. He encourages acts of compassion and forgiveness towards others. He focuses on inner purity, sincerity, and a genuine heart. He commends those who work towards reconciliation, harmony, and peaceChapter 6 59 sec
Some of Jesus’s maximsChapter 7 7 mins
He turned compassion, which all of us feel from time to time for a particular person, into a huge overarching gospel of love. He taught the love of mankind as a wholeChapter 8 59 sec
Jesus taught to change and improve yourself. He led by example and encouraged imitation. Those that changed themselves, changed the worldChapter 9 6 mins
Jesus’s new 10 commandmentsChapter 10 1 min
Join my personal email list to get updates about the new Founders conferenceChapter 11 11 mins
How I use Founders Notes
#331 Christian Dior
What I learned from reading Dior by Dior: The Autobi...
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Dec 18 2023 1h
Chapter 1 1 min
The Taste of Luxury: Bernard Arnault and the Moet-Hennessy Louis Vuitton Story by Nadege Forestier and Nazanine Ravai. (Founders Opportunity is a strange beast. It frequently appears after a lossChapter 2 1 min
When you read biographies of people who've done great work, it's remarkable how much luck is involved. They discover what to work on as a result of a chance meeting, or by reading a book they happen to pick up. So you need to make yourself a big target for luck, and the way to do that is to be curious. Try lots of things, meet lots of people, read lots of books, ask lots of questionsChapter 3 9 mins
He spat in the face of postwar egalitarian democracy and said, in so many words, “I want to make the rich feel rich again.” His first collection turned out to be the most successful in fashion historyChapter 4 59 sec
I envisioned my fashion house as a craftsman’s workshop rather than a clothing factoryChapter 5 2 mins
A fortune teller tells Dior he must do found his fashion house in spite of his fears and doubts: She ordered me sternly to accept the Boussac offer at once. You must create the house of Christian Dior, whatever the conditions, she told me. Nothing anyone will offer you later will compare with the chance which is open to you nowChapter 6 6 mins
Dior said Balenciaga was "the master of us all" Balenciaga (Founders Gossip and malicious rumors are worth more than the most expensive publicity campaign in the worldChapter 7 59 sec
The most passionate adventures of my life have been with my clothes. I am obsessed with themChapter 8 30 mins
When asked what was the best asset a man could have, Albert Lasker replied, ‘Humility in the presence of a good idea.’ It is horribly difficult to recognize a good idea. I shudder to think how many I have rejected. Research can’t help you much, because it cannot predict the cumulative value of an idea. Ogilvy on Advertising by David Ogilvy
#330 Les Schwab (Charlie Munger recommended this book)
What I learned from rereading Les Schwab Pride In Pe...
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Dec 11 2023 1h 37m
Chapter 1 1 min
I was too proud to complainChapter 2 4 mins
For a poor boy, money was much more important than prideChapter 3 24 mins
the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger (Founders Sam Walton: The Inside Story of America's Richest Man by Vance H. Trimble (Founders I always knew that if we fixed all the flat tires in town, we'd have all the tire business in townChapter 4 11 mins
If we become complacent, then brother, it's all over withChapter 5 7 mins
Grinding It Out: The Making of McDonald's by Ray Kroc (Founders If you’re not serving the customer, or supporting the folks who do, we don’t need you. —Sam WaltonChapter 6 59 sec
The company paid low wages and had a lower overhead. The flaw was they didn’t get —with the low pay— near the quality of employees we hadChapter 7 4 mins
Life is hard for the man who thinks he can take a shortcutChapter 8 1 min
Decision making should always be made at the lowest possible levelChapter 9 2 mins
Charlie Munger analyzes why Les Schwab was successfulChapter 10 26 mins
Extreme success is likely to be caused by some combination of the following factors
#329 Charlie Munger (the NEW Poor Charlie's Almanack)
What I learned from reading the NEW Poor Charlie's A...
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Dec 5 2023 1h 54m
Chapter 1 9 mins
The practical wisdom of Poor Charlie's Almanack, this ode to curiosity, generosity, and virtue will similarly compound at successive generations of entrepreneurial readers extend his lessons to their own circumstancesChapter 2 16 mins
Education is the process whereby the ability to lead a good life is acquired. Socrates: A Man for Our Times by Paul Johnson. (Founders Trust is one of the greatest economic forces on earthChapter 3 1 min
Charlie is content to trust his own judgment when it runs counter to the wisdom of the herdChapter 4 29 sec
Animated: Charlie Munger: The Psychology of Human MisjudgementChapter 5 29 sec
Aim for durability. Durability has always been a first rate virtue in Charlie’s eyesChapter 6 59 sec
Charlie only focuses on great businesses and great businesses have moatsChapter 7 11 mins
Johnny Carson by Henry Bushkin. (Founders You can flourish in a niche: People who specialize in the business world —and get very good because they specialize— frequently find good economics that they wouldn't get any other wayChapter 8 1 min
Being so well known has advantages of scale. This is what you might call an informational advantage. It increases social proofChapter 9 2 mins
Business Breakdowns episode on Coca ColaChapter 10 59 sec
Occasionally scaling down and intensifying gives you a big advantage. (You can find great profit margins this way)Chapter 11 6 mins
Sam Walton: Made In America by Sam Walton. (Founders Scale and fanaticism combined is very powerful. (Think Sam Walton)Chapter 12 16 mins
I also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those games or make those investments where I have an edge. A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders The best thing a human being can do is help another human being know moreChapter 13 2 mins
Optimism is a moral duty. Edwin LandChapter 14 4 mins
The game of competitive life often requires maximizing the experience of the people who have the most aptitude and the most determination as learning machinesChapter 15 2 mins
The most important rule in management is get the incentives rightChapter 16 29 mins
Never, ever think about something else when you should be thinking about the power of incentives
Notes from my dinner with Charlie Munger
What you are about to hear I have never released on ...
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Nov 29 2023 30m
Chapter 1 7 mins
Lessons From Dinner With Charlie MungerChapter 2 7 mins
Great Business and Patience ImportanceChapter 3 7 mins
Costco's Business Model and Charlie Munger's WisdomChapter 4 7 mins
Lessons From Charlie Munger's WisdomChapter 5 34 sec
Episode Updates and Recommendations
#328 Tom Murphy (Buffett's favorite manager)
What I learned from reading The Outsiders: Eight Unc...
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Nov 22 2023 42m
Chapter 1 3 mins
Tom Murphy] gave me one of the best pieces of advice I've ever received. He said, 'Warren, you can always tell someone to go to hell tomorrow'...You haven't missed the opportunity. Just forget about if for a day. If you feel the same way tomorrow, tell them then-but don't spout off in a moment of anger." All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. (Founders Thirty years ago Tom Murphy, then CEO of Cap Cities, drove this point home to me with a hypothetical tale about an employee who asked his boss for permission to hire an assistantChapter 2 59 sec
The goal is not to have the longest train, but to arrive at the station first, using the least fuelChapter 3 2 mins
Tom Murphy’s simple formulaChapter 4 2 mins
The business of business is a lot of little decisions every day, mixed up with a few big decisionsChapter 5 59 sec
He quickly indoctrinated Burke into the company's lean, decentralized operating philosophyChapter 6 2 mins
I had an appetite for and a willingness to do things that Murphy was not interested in doing. Burke believed his job was to create the free cashflow and Murphy's job was to spend itChapter 7 1 min
Stay in the game long enough to get lucky. The most important thing that he does happens 30 years into his careerChapter 8 1 min
Chapter 9 29 sec
Decentralization is the cornerstone of our philosophy. Our goal is to hire the best people we can and give them the responsibility and authority. They need to perform their jobs. We expect our managers to be forever cost consciousChapter 10 59 sec
An extreme decentralized approach keeps both costs and rancor downChapter 11 59 sec
Murphy delegates to the point of anarchyChapter 12 3 mins
The best defense against the revenue lumpiness inherent in advertising supported businesses was a constant vigilance on costsChapter 13 4 mins
Why Capital Cities had low turnover: The system in place corrupts you with so much autonomy and authority that you can't imagine leavingChapter 14 7 mins
To learn more about a Capital Cities like company listen to The 50X Podcast
#327 Ted Turner
What I learned from reading Ted Turner's Autobiograp...
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Nov 14 2023 1h 26m
Chapter 1 59 sec
My net worth dropped by about 67 million per week, or nearly 10 million per day, every day for two and a half yearsChapter 2 59 sec
Early to bed, early to rise, work like hell, and advertiseChapter 3 5 mins
Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger. (Founders The problem isn't getting rich, it's staying sane. Charlie MungerChapter 4 2 mins
I learned a lesson that would stick with me throughout my career. When the chips are down in the pressure's on it's amazing to how creative people can beChapter 5 29 sec
My father always maintained many of the different billboard businesses as separate legal entities. (He didn’t want to dilute ownership of his main company and separate entities allowed for periodic reorganization to offset capital gains liabilitiesChapter 6 2 mins
When you own an asset your job is to maximize its valueChapter 7 59 sec
He combines the assets he has in a way his competitors can notChapter 8 59 sec
The more I learned about TV stations the more I realized that ours was a disaster. Of the 35 people who were on the payroll when we took over only two were still there a year later —the custodian and the receptionistChapter 9 5 mins
Ted Turner believed in the power of television more than almost anybody elseChapter 10 29 sec
My dad taught me early on that longterm relationships with your customers and partners are very important. You never know how the guy who you're friendly with today might be able to help you tomorrowChapter 11 5 mins
Cable Cowboy: John Malone and the Rise of the Modern Cable Business by Mark Robichaux. (Founders What other people in his industry sees as a threat, Ted sees as an opportunityChapter 12 6 mins
These issues were all unchartered territory. All of us, the regulators, the broadcasters, the program suppliers and the leagues were sorting things out on the fly. I was working as hard as I could. I'd go all out during the day, working on sales, distribution, regulatory issues, whatever the battle happened to be, and I'd worked right up until it was time to fall asleep. I had a pull down Murphy bed in my office and I would literally work until the point of total exhaustion. Then I'd put my head on the pillow at night worried about problems. Then I'd wake up and spend the entire next day trying to solve themChapter 13 59 sec
One of the most important ideas in the book is the power of Belief: Clearly the company for whom the economics of 24 hour news would have made the most sense with a big three broadcasters. They already had most of what was needed: studios, bureaus, reporters, anchors. They had everything but a belief in cableChapter 14 59 sec
I'm going to be a billionaire. And here's why. I'm going to put this station up on a satellite and I'm going to get a news thing going. Sports, movies and news, 24 hours a day, all over the world. He said this in 1976Chapter 15 2 mins
Henry Ford didn't need focus groups to tell him that people would prefer inexpensive, dependable automobiles over horses. Alexander Graham Bell never stopped to worry about whether people would prefer speaking to each other on a phoneChapter 16 2 mins
I'm always convinced that one of the reasons that I've been successful is that I've almost always competed against people who were bigger and stronger, but who had less commitment and desire than I did. For Turner Broadcasting this dispute meant everything. We had to winChapter 17 59 sec
Ted’s Superstation idea is printing money: $177 million in revenue and $66 million in profit. This is in the 1980s!Chapter 18 3 mins
It would be 13 years before we faced another 24 hour news channelChapter 19 59 sec
He has a keen understanding of how to combine assets to create an advantage that no one else hasChapter 20 28 mins
The Gambler: How Penniless Dropout Kirk Kerkorian Became the Greatest Deal Maker in Capitalist History by William C. Rempel. (Founders Genius has the fewest moving parts. Never get into deals that are too complicated
#326 Anna Wintour
What I learned from reading Anna: The Biography by A...
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Nov 6 2023 1h 12m
Chapter 1 29 sec
She knows the ecosystem in which she operates better than anyoneChapter 2 7 mins
If Anna had a personal tag line it would be: I just have to make sure things are done rightChapter 3 59 sec
He had a desk with nothing on it except a buzzer underneath, so that when he was done with you, which was in about five minutes, his assistant could come in and whisk you awayChapter 4 1 min
What is the number one thing you hope people learn from you? To be decisive and clearChapter 5 9 mins
The Vogue 100 is a private club whose members pay $100,000 a year just for access to AnnaChapter 6 59 sec
She did not second guess herselfChapter 7 1 min
She was meticulous about everythingChapter 8 5 mins
Her focus was singular. She was very clear minded about wanting to do work that she thought was the bestChapter 9 2 mins
She knew that killing stories was necessary to let people know that you had standardsChapter 10 6 mins
Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders Anna ran the magazine with iron fisted disciplineChapter 11 59 sec
With Anna you get two minutes. The second minute is a courtesyChapter 12 2 mins
It is slothful not to compress your thoughts. Winston ChurchillChapter 13 1 min
Anna saw the potential for the industry and how she can expand the power and the influence that her individually, and Vogue as a brand, by just combining all these people that are already in the ecosystem and then intentionally putting them together. When they work together it becomes stronger. And as a result of what she created, the whole is greater than the sum of its partsChapter 14 11 mins
The power she has cannot be understated. The way in which she accumulated the power was fascinating. She aligned everybody's interest, with her at the centerChapter 15 59 sec
She's not just building up a personal brand. She's not just building up Vogue. She's building up the entire industryChapter 16 1 min
Resist any cheapening of the brand, however popular and lucrative it might be in the short termChapter 17 2 mins
Anna told him don't spend any time and money building out the perfect store in New York. Just roll racks into the unfinished space and start selling clothes. (He ignored this advice and went out of business)Chapter 18 1 min
More resources
#325 Larry Gagosian (Billionaire Art Dealer)
What I learned from reading How Larry Gagosian Resha...
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Oct 29 2023 1h 11m
Chapter 1 1 min
The dealer has been so successful selling art to masters of the universe that he has become one of themChapter 2 14 sec
We think of genius as being complicated, but geniuses have the fewest moving parts. Gagosian is simple. He's basically a shark, a feeding machineChapter 3 3 mins
A novice is easily spotted because they do too much. Too many ingredients, too many movements. Too much explanation. A master uses the fewest motions required to fulfill their intentionChapter 4 1 min
His own publicist described him as “A Real Killer”Chapter 5 5 mins
The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders There is always a blueprint. Joseph Duveen was the art dealer to the Robber BaronsChapter 6 59 sec
Numerous friends of Gagosian caution me not to mistake this merry-go-round of parties and galas and super yacht cruises for a life of leisure. This guy is always working. This motherfucker works 24/7. The parties are marketing showcases in disguiseChapter 7 3 mins
The Taste of Luxury: Bernard Arnault and the Moet-Hennessy Louis Vuitton Story by Nadege Forestier and Nazanine Ravai. (Founders The best way to raise the price of something is to say that you would never sell itChapter 8 9 mins
If Gagosian possesses one secret weapon that has equipped him for success it might be his disinhibitionChapter 9 8 mins
The niche Gagosian pursued was seen —at the time —as low status. The secondary business was perceived as a backwater by dealers. It was considered a bit distastefulChapter 10 1 min
He disdains formal meetings. He finds bureaucracy and protocol dull. There is no hierarchy. There is Larry and then everyone elseChapter 11 6 mins
Gagosian reaps huge profits from asymmetries of informationChapter 12 2 mins
Art is just money on the wallsChapter 13 1 min
David Geffen is still as liquid as the day is longChapter 14 15 mins
The competitive drive of self-made billionaires does not go into remission once they’ve made their fortune