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    • A life marked by tragedy and triumphDespite personal losses and challenges, Frank Lloyd Wright continued to design and build over 1,100 structures, revolutionizing American architecture and leaving a rich legacy

      Frank Lloyd Wright's life and career were marked by both incredible achievements and personal tragedies. Born in 1867, Wright revolutionized American architecture and produced a prolific body of work, but at the age of 47, he suffered a devastating personal loss when his lover, Maima Borthwick, was murdered by a crazed servant. This event, which occurred in the middle of his near-century-long life, was a turning point that could have derailed a lesser man. Despite this and other challenges, Wright continued to design and build over 1,100 structures, including houses, offices, and iconic buildings like the Guggenheim Museum. His philosophy that buildings are like growing things that reach for the light reflects his deep connection to nature and his unwavering commitment to his craft. Wright's life and work continue to captivate and inspire, leaving us with a rich legacy that defies easy categorization.

    • Frank Lloyd Wright's Unconventional Approach and EgoFrank Lloyd Wright's confidence in his abilities and unique self-promotion fueled his success and drew attention to his innovative designs, but his ego and vanity have often overshadowed his significant contributions to architecture.

      Frank Lloyd Wright, despite his egotistical and arrogant personality, was a groundbreaking architect who broke the rules and pushed boundaries in his art and life. His confidence in his abilities, combined with his unique self-promotion, fueled his success and drew attention to his innovative designs. However, it's important to note that his ego and vanity have often overshadowed his significant contributions to the field of architecture. Despite this, Ben Franklin's perspective that vanity can be productive highlights the importance of self-confidence in one's abilities. Overall, Frank Lloyd Wright's legacy is marked by his unconventional approach, controversial actions, and unwavering belief in his genius.

    • Revolutionizing American Architecture with Unique ApproachFrank Lloyd Wright's innovative designs revolutionized American architecture by challenging societal norms and embracing human imagination over materials and methods.

      Frank Lloyd Wright was an extraordinary architect and person, known for his unique and obsessive approach to his craft. He saw architecture as a triumph of human imagination over materials and methods, and believed that his clients were privileged to work with him. Wright was a rule-breaker who lived in the moment and pursued his own potential with single-minded determination. His unconventional lifestyle and actions, including abandoning his family, made him a controversial figure. Despite his eccentricities, Wright's innovative designs revolutionized American architecture and continue to inspire today. His life and work remind us to embrace our uniqueness and pursue our own potential, even if it means challenging societal norms.

    • Frank Lloyd Wright's Continued Productivity and Innovation in Late YearsFrank Lloyd Wright, despite being considered a 'has been', continued to create plans for 350 buildings in his late years, driven by his passion for architecture and a strong ego, and insisting on Emerson's 'Self-Reliance' poem at his funeral.

      Frank Lloyd Wright, despite being considered a "has been" in the architectural world by some, continued to be productive and innovative in his later years, creating plans for 350 buildings between the ages of 77 and 92. His passion for architecture never wavered, and he saw no reason to retire. He remained focused on his work, isolating himself from the outside world to foster creativity. Wright's ego also remained strong, as he believed he was the pioneer of contemporary architecture. Another intriguing aspect of his life was his insistence that a poem called "Self-Reliance" by Emerson be read at his funeral. The poem's themes of nonconformity and the importance of one's own mind resonated with Wright's personality and approach to life.

    • Despite challenges, Frank Lloyd Wright never gave up on his craftFrank Lloyd Wright's unwavering passion and dedication to his craft, even in the face of numerous challenges and financial instability, resulted in an impressive body of work, inspiring us to find something we love and never give up.

      Frank Lloyd Wright, despite facing numerous challenges and financial instability throughout his life, continued to create an impressive body of work, with nearly a third of it produced in the last decade of his life. His unwavering passion and dedication to his craft serve as a reminder to find something you love and never give up. Additionally, Wright's control over his projects and his ability to bend reality to his vision, even if it meant stretching the truth, were defining aspects of his complex personality. His impact on architecture and art remains significant, leaving a lasting legacy that continues to inspire and intrigue.

    • Frank Lloyd Wright's Priorities: Architecture Over FamilyFrank Lloyd Wright's relentless pursuit of his architectural dreams led him to neglect his family, causing harm and distress.

      Frank Lloyd Wright was a highly ambitious and focused individual who prioritized his own dreams and goals above all else, including his family. Born with a strong belief in his own abilities, he left Wisconsin to pursue a career in architecture in Chicago and quickly gained confidence and egotism. Despite having several children, he felt a deeper connection to his buildings than to his own offspring. This extreme focus on his craft led to him abandoning his family, which caused harm and distress to his children and possibly his wives. While some may argue that living true to oneself is important, Wright's actions were unethical and not a behavior to be condoned. Instead, becoming a parent brings a new perspective and understanding that there is a life more important than one's own, and sacrifices must be made for the greater good.

    • Challenging the Status Quo in Architecture and LifeFrank Lloyd Wright's unconventional life and design philosophy teach us the importance of self-trust and breaking free from conventional norms, while also emphasizing the significance of fulfilling family responsibilities.

      Love and personal fulfillment are important, but not at the expense of abandoning one's responsibilities towards family, especially children. Frank Lloyd Wright's unconventional life and design philosophy demonstrate the power of self-teaching and the importance of breaking free from conventional norms. Despite his lack of formal education, he became one of the most successful architects in history by trusting in his own abilities and ideas. However, his obsession with control and disregard for traditional structures extended beyond his designs, leading to controversial actions. Ultimately, his legacy lies in his ability to challenge the status quo and promote openness, flow, and freedom in architecture and beyond. It's crucial to strive for personal growth and happiness, but not at the cost of neglecting our obligations to our loved ones.

    • Stripping down structures to their essentialsFrank Lloyd Wright's design philosophy focused on eliminating non-essential features to create spacious, harmonious living spaces, inspired by Bruce Lee's idea of eliminating the unessential.

      Frank Lloyd Wright, a renowned architect, believed in stripping down structures to their essentials, just as democracy values individual freedom. He removed unnecessary features like attics, porches, and basements to create spacious, harmonious living spaces. This philosophy, inspired by Bruce Lee's idea of eliminating the unessential, was applied to his designs throughout his career. Wright's approach can be applied to any craft. However, despite his architectural success, Wright's personal life was marked by financial instability. He lived beyond his means, accumulating luxuries while neglecting necessities, leading him to be pursued by creditors throughout his life. Despite these challenges, Wright's early career flourished under the tutelage of Louis Sullivan, the father of the American skyscraper, who recognized and nurtured his talent. Wright's rapid progress under Sullivan's mentorship culminated in him leading the entire drawing staff.

    • Frank Lloyd Wright's raw talent and dedication to architectureFrank Lloyd Wright's exceptional talent and unwavering dedication to architecture led to his success, but his disregard for rules and financial struggles resulted in unconventional deals and eventually financial difficulties.

      Frank Lloyd Wright's exceptional talent and unwavering dedication to architecture led to his success, but his disregard for rules and financial struggles led him to make unconventional deals, such as borrowing against his contract to build his own home. His friend, also an architect, recognized his raw talent and the price he was willing to pay for it, comparing him to Enzo Ferrari's dedication to his craft. However, Wright's reckless spending and disregard for rules eventually led to financial difficulties and a period of disappearance from the public eye. Ultimately, Wright's natural talent and relentless work ethic paved the way for his success, but his personal choices also contributed to his challenges.

    • Balancing multiple areas of lifeMaking sacrifices in each area can lead to a more balanced and fulfilling life, as opposed to focusing all efforts on one area at the expense of others. Ed Thorpe and Frank Lloyd Wright serve as examples of this principle.

      Prioritizing multiple areas of life and making sacrifices in each area can lead to a more balanced and fulfilling life, as opposed to focusing all efforts on one area at the expense of others. Ed Thorpe serves as an example of this, as he balanced financial success, family, fitness, and learning throughout his life. Conversely, Frank Lloyd Wright's focus on his work led to strained relationships with his family, which his youngest son, Robert, consciously rejected in his own life. Sacrifices, whether in the form of time, energy, or other resources, are necessary to achieve a balance in various aspects of life.

    • The value of learning and borrowing ideasThroughout history, progress is fueled by the cycle of learning, borrowing, and building upon ideas, as exemplified by Frank Lloyd Wright's career.

      No one truly owns ideas, as Frank Lloyd Wright learned from his mentor Louis Sullivan. This concept is a common thread throughout history, with many influential figures borrowing and building upon the ideas of others. Wright's spiritual connection to his work, as he explained in his writings and public speaking, was a brilliant way to inspire and captivate audiences. At a pivotal point in his career, Wright bet on himself and seized an opportunity to join Daniel Burnham's team, furthering his growth and success. This cycle of learning, borrowing, and building upon ideas continues to be a fundamental aspect of human progress.

    • A life of falls and comebacks for Frank Lloyd WrightFrank Lloyd Wright's resilience and determination led him to produce a third of his total output in the last 10 years of his life, demonstrating that it's never too late to start anew and make a meaningful impact.

      Frank Lloyd Wright's life was marked by calamitous falls and improbable comebacks. Despite facing numerous personal and professional challenges, including financial desperation, sexual intrigue, and unsolvable riddles, Wright remained determined to survive and even triumph. His midlife crisis, which came when he was nearly 50, led him to reassess his life and embark on a new path. Despite spending decades feeling dissatisfied with his work and personal life, Wright refused to give up. Instead, he spent years wandering aimlessly before eventually surpassing his past accomplishments. This resilience and determination to keep going, even in the face of adversity, is a powerful reminder that there is always possibility in the next day. Wright's third of his total output happened in the last 10 years of his life, demonstrating that it's never too late to start anew and make a meaningful impact.

    • Focus on your passions, not just the moneyIdentify and pursue your true desires, even if it means going against societal norms or expectations

      It's crucial to identify and pursue what we truly desire in life, rather than living a life that doesn't fulfill us, even if it means going against societal norms or expectations. Alan Watts emphasized this in his quote, encouraging individuals to focus on their passions and forget about the money. Frank Lloyd Wright's life serves as an example of this concept, as he realized late in life that his desire did not align with the family life he had built. This realization led to significant pain and destruction for those around him, but also allowed Wright to live true to himself. As a reminder, it's essential to reflect on our desires and live in a way that aligns with our authentic selves, even if it may be unconventional or difficult.

    • A complex architect with a nuanced truthFrank Lloyd Wright's personal life was marked by pain and regret, but his integrity and commitment to his artistic vision led him to continue producing groundbreaking work even in the face of adversity, shaping his legacy as a persevering and creative architect.

      Frank Lloyd Wright was a complex and multifaceted architect whose personal life was marked by pain, regret, and self-examination, but who continued to produce groundbreaking work even in the face of criticism and adversity. Despite his unconventional ideas and methods, Wright remained true to his vision and continued to push the boundaries of architecture well into his later years. The author of the book on Wright noted that he was often seen as a selfish and self-justifying figure, but the truth was more nuanced. Wright's integrity was sacred to him, and he was willing to sacrifice much to live his truth. However, he was also haunted by his past and full of regrets. Despite being written off by some as an aging architect with little to contribute, Wright continued to produce remarkable work after the age of 60. He built the Imperial Hotel in Tokyo, had a child out of wedlock, and suffered through the tragic burning down of Taliesin once again. These challenges only fueled his determination to create architectural masterpieces that would stand the test of time. Wright's legacy is one of perseverance, creativity, and a deep commitment to his artistic vision, despite the personal and professional challenges he faced throughout his life.

    • Frank Lloyd Wright's comeback in mid-lifeFaced personal scandals, financial hardships, and professional obituaries, Frank Lloyd Wright reinvented himself and produced iconic works during the latter part of his career through the Taliesin Fellowship, demonstrating resilience and passion.

      Frank Lloyd Wright, despite facing numerous challenges including personal scandals, financial hardships, and professional obituaries, managed to reinvent himself and produce some of his best work during the latter part of his career. He started the Taliesin Fellowship as a way to stave off poverty and oblivion, where students paid to learn under his tutelage while also contributing to the community through chores. Despite being broke and in despair during his mid-life, he found the will to survive and came back stronger, completing over 300 projects in the last decade of his life. His determination to fight for architecture and his commitment to his craft led him to create some of his most iconic works, making his comeback a testament to resilience and passion.

    • Frank Lloyd Wright's late-life creative explosionDespite financial struggles and being overshadowed, Frank Lloyd Wright revived his career by assimilating ideas and creating original work, leading to iconic buildings and enduring legacy

      Frank Lloyd Wright, despite facing bankruptcy and being outshined by European modernist architects, staged a remarkable comeback in 1936 by the age of 70. He achieved this through his unique ability to assimilate ideas from various sources and create something original. Wright's resurgence was unexpected, especially after a 25-year downturn in his career. The fellowship at Taliesin, which he established during this time, marked the beginning of his late-life creative explosion. The buildings he produced during this period, including the Johnson Wax building and Jacob's 1, are considered his best work and solidified his place in architectural history. Wright's story serves as an inspiration to never give up on one's talents and beliefs, no matter the circumstances.

    • Frank Lloyd Wright's tumultuous childhoodFrank Lloyd Wright's unwavering determination and inner strength, fueled by his mother's belief, led him to overcome adversity and become a groundbreaking architect.

      Frank Lloyd Wright's unyielding determination to succeed, despite the early hardships in his life, serves as an inspiring reminder to never give up on something you love. His father, William, who was gifted but lacked focus, abandoned the family when Frank was young. Contrary to popular belief, it was Frank's mother, Anna, who suffered from severe mental illness, leaving Frank as the favored child and the recipient of her unwavering belief and support. Growing up in this tumultuous environment instilled in Frank an indomitable will and inner strength that propelled him to achieve greatness, even in his later years. Despite the challenges, Anna's love and belief in her son ultimately benefited the world through his groundbreaking architectural designs.

    • Frank Lloyd Wright's unwavering determination and spiritual beliefFrank Lloyd Wright's inner will, refusal to give up, and profound faith in himself inspire us. His belief in great art's spiritual quality is reflected in his work. Despite his complex, emotional life, he remains a mystery and source of inspiration.

      Learning from the life story of Frank Lloyd Wright is his unwavering determination, spiritual belief in himself, and dedication to his craft. Wright's decisive inner will, refusal to give up, and profound faith in his abilities are qualities that can inspire us all. He also believed that great art must possess a spiritual quality, and his work reflected this belief. Despite the vast amount of information available about him, Wright remains a mystery, a unique human being whose life continues to intrigue and inspire. If you're interested in learning more, consider reading the book recommended in this podcast. It's a complex, emotional journey that may change your perspective on art, architecture, and the human spirit. By purchasing the book through the Amazon affiliate link provided in the show notes, you can support the author, the podcast, and yourself with valuable knowledge and insight.

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    "Learning from history is a form of leverage." — Charlie Munger. 

    Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. 

    Get access to Founders Notes here

    You can also ask SAGE (the Founders Notes AI assistant) any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

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    (2:00) Vice President Nelson Rockefeller did me the honor of saying that my entrepreneurial success in the oil business put me on a par with his grandfather, John D. Rockefeller Sr. My comment was that comparing me to John D. Sr. was like comparing a sparrow to an eagle. My words were not inspired by modesty, but by facts.

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    (34:00) Five wives can't all be wrong. As one of them told me after our divorce: "You're a great friend, Paul—but as a husband, you're impossible.”

    (36:00) My business interests created problems [in my marriages]. I was drilling several wells and it was by no means uncommon for me to stay on the sites overnight or even for two days or more.

    (38:00) A hatred of failure has always been part of my nature and one of the more pronounced motivating forces in my life.  Once I have committed myself to any undertaking, a powerful inner drive cuts in and I become intent on seeing it through to a satisfactory conclusion.

    (38:00) My own nature is such that I am able to concentrate on whatever is before me and am not easily distracted from it.

    (42:00) 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 #255)

    (47:00) [On transforming his company for the Saudi Arabia deal] The list of things to be done was awesome, but those things were done.

    (53:00) Churchill to his son: Your idle and lazy life is very offensive to me. You appear to be leading a perfectly useless existence.

    (54:00) My father's influence and example where the principle forces that formed my nature and character.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #351 The Founder of Rolex: Hans Wilsdorf

    #351 The Founder of Rolex: Hans Wilsdorf

    What I learned from reading about Hans Wilsdorf and the founding of Rolex.

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    Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) 

    How did Edwin Land find new employees to hire? Any unusual sources to find talent?

    What are some strategies that Cornelius Vanderbilt used against his competitors?

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    (0:01) At the age of twelve I was an orphan.

    (1:00) My uncles made me become self-reliant very early in life. Looking back, I believe that it is to this, that much of my success is due.

    (9:00) The idea of wearing a watch on one's wrist was thought to be contrary to the conception of masculinity.

    (10:00) Prior to World War 1 wristwatches for men did not exist.

    (11:00) Business is problems. The best companies are just effective problem solving machines.

    (12:00) My personal opinion is that pocket watches will almost completely disappear and that wrist watches will replace them definitively! I am not mistaken in this opinion and you will see that I am right." —Hans Wilsdorf, 1914

    (14:00) The highest order bit is belief: I had very early realized the manifold possibilities of the wristlet watch and, feeling sure that they would materialize in time, I resolutely went on my way. Rolex was thus able to get several years ahead of other watch manufacturers who persisted in clinging to the pocket watch as their chief product.

    (16:00) Clearly, the companies for whom the economics of twenty-four-hour news would have made the most sense were the Big Three broadcasters. They already had most of what was needed— studios, bureaus, reporters, anchors almost everything but a belief in cable.   —  Ted Turner's Autobiography (Founders #327)

    (20:00) Business Breakdowns #65 Rolex: Timeless Excellence

    (27:00)   Rolex was effectively the first watch brand to have real marketing dollars put behind a watch. Rolex did this in a concentrated way and they've continued to do it in a way that is simply just unmatched by others in their industry.

    (28:00) It's tempting during recession to cut back on consumer advertising. At the start of each of the last three recessions, the growth of spending on such advertising had slowed by an average of 27 percent. But consumer studies of those recessions had showed that companies that didn't cut their ads had, in the recovery, captured the most market share. So we didn't cut our ad budget. In fact, we raised it to gain brand recognition, which continued advertising sustains. — Four Seasons: The Story of a Business Philosophy by Isadore Sharp. (Founders #184)

    (32:00) Social proof is a form of leverage. — Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329)

    (34:00) What really matters is Hans understood the opportunity better than anybody else, and invested heavily in developing the technology to bring his ideas to fruition.

    (35:00) On keeping the main thing the main thing for decades: In developing and extending my business, I have always had certain aims in mind, a course from which I never deviated.

    (41:00) Rolex wanted to only be associated with the best. They ran an ad with the headline: Men who guide the destinies of the world, where Rolex watches.

    (43:00) Opportunity creates more opportunites. The Oyster unlocked the opportunity for the Perpetual.

    (44:00) The easier you make something for the customer, the larger the market gets: “My vision was to create the first fully packaged computer. We were no longer aiming for the handful of hobbyists who liked to assemble their own computers, who knew how to buy transformers and keyboards. For every one of them there were a thousand people who would want the machine to be ready to run.” — Steve Jobs

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

    Hodinkee: Inside the Manufacture. Going Where Few Have Gone Before -- Inside All Four Rolex Manufacturing Facilities 

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

    Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands by Jean Noel Kapferer and Vincent Bastien 

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    #350 How To Sell Like Steve Jobs

    #350 How To Sell Like Steve Jobs

    What I learned from reading The Presentation Secrets of Steve Jobs: How to Be Insanely Great in Front of Any Audience by Carmine Gallo 

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    Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) 

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    (1:00) You've got to start with the customer experience and work back toward the technology—not the other way around.  —Steve Jobs in 1997

    (6:00) Why should I care = What does this do for me?

    (6:00) The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy.  (Founders #348)

    (7:00) Easy to understand, easy to spread.

    (8:00) An American Saga: Juan Trippe and His Pan Am Empire by Robert Daley 

    (8:00) The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

    (9:00)  love how crystal clear this value proposition is. Instead of 3 days driving on dangerous road, it’s 1.5 hours by air. That’s a 48x improvement in time savings. This allows the company to work so much faster. The best B2B companies save businesses time.

    (10:00) Great Advertising Founders Episodes:

    Albert Lasker (Founders #206)

    Claude Hopkins (Founders #170 and #207)

    David Ogilvy (Founders #82, 89, 169, 189, 306, 343) 

    (12:00) Advertising which promises no benefit to the consumer does not sell, yet the majority of campaigns contain no promise whatever. (That is the most important sentence in this book. Read it again.) — Ogilvy on Advertising 

    (13:00) Repeat, repeat, repeat. Human nature has a flaw. We forget that we forget.

    (19:00) Start with the problem. Do not start talking about your product before you describe the problem your product solves.

    (23:00) The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders #292)

    (27:00) Being so well known has advantages of scale—what you might call an informational advantage.

    Psychologists use the term social proof. We are all influenced-subconsciously and, to some extent, consciously-by what we see others do and approve.

    Therefore, if everybody's buying something, we think it's better.

    We don't like to be the one guy who's out of step.

    The social proof phenomenon, which comes right out of psychology, gives huge advantages to scale.

    —  the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger (Founders #329)

    (29:00) Marketing is theatre.

    (32:00) Belief is irresistible. — Shoe Dog: A Memoir by the Creator of Nike by Phil Knight.  (Founders #186)

    (35:00) I think one of the things that really separates us from the high primates is that we’re tool builders. I read a study that measured the efficiency of locomotion for various species on the planet. The condor used the least energy to move a kilometer. And, humans came in with a rather unimpressive showing, about a third of the way down the list. It was not too proud a showing for the crown of creation. So, that didn’t look so good. But, then somebody at Scientific American had the insight to test the efficiency of locomotion for a man on a bicycle. And, a man on a bicycle, a human on a bicycle, blew the condor away, completely off the top of the charts.

    And that’s what a computer is to me. What a computer is to me is it’s the most remarkable tool that we’ve ever come up with, it’s the equivalent of a bicycle for our minds.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #349 How Steve Jobs Kept Things Simple

    #349 How Steve Jobs Kept Things Simple

    What I learned from reading Insanely Simple: The Obsession That Drives Apple's Success by Ken Segall. 

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    What are the most important leadership lessons from history's greatest entrepreneurs?

    Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) 

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    ----

    (1:30) Steve wanted Apple to make a product that was simply amazing and amazingly simple.

    (3:00) If you don’t zero in on your bureaucracy every so often, you will naturally build in layers. You never set out to add bureaucracy. You just get it. Period. Without even knowing it. So you always have to be looking to eliminate it.  — Sam Walton: Made In America by Sam Walton. (Founders #234)

    (5:00) Steve was always easy to understand. He would either approve a demo, or he would request to see something different next time. Whenever Steve reviewed a demo, he would say, often with highly detailed specificity, what he wanted to happen next.  — Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

    (7:00) Watch this video. Andy Miller tells GREAT Steve Jobs stories

    (10:00) Many are familiar with the re-emergence of Apple. They may not be as familiar with the fact that it has few, if any parallels.
    When did a founder ever return to the company from which he had been rudely rejected to engineer a turnaround as complete and spectacular as Apple's? While turnarounds are difficult in any circumstances they are doubly difficult in a technology company. It is not too much of a stretch to say that Steve founded Apple not once but twice. And the second time he was alone. 

    —  Return to the Little Kingdom: Steve Jobs and the Creation of Appleby Michael Moritz.

    (15:00) If the ultimate decision maker is involved every step of the way the quality of the work increases.

    (20:00) "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes. We just did the work. Processes came later. All of these things had never been done before. Walt had gathered up all these people who had never designed a theme park, a Disneyland. So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything. We just worked and Walt just walked around and had suggestions." — Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. (Founders #347)

    (23:00) The further you get away from 1 the more complexity you invite in.

    (25:00) Your goal: A single idea expressed clearly.

    (26:00) Jony Ive: Steve was the most focused person I’ve met in my life

    (28:00) Editing your thinking is an act of service.

    ----

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    Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) 

    How did Edwin Land find new employees to hire? Any unusual sources to find talent?

    What are some strategies that Cornelius Vanderbilt used against his competitors?

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    Michael Jordan In His Own Words

    Michael Jordan In His Own Words

    What I learned from reading Driven From Within by Michael Jordan and Mark Vancil. 

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    Episode Outline: 

    Players who practice hard when no one is paying attention play well when everyone is watching.

    It's hard, but it's fair. I live by those words. 

    To this day, I don't enjoy working. I enjoy playing, and figuring out how to connect playing with business. To me, that's my niche. People talk about my work ethic as a player, but they don't understand. What appeared to be hard work to others was simply playing for me.

    You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. 

    Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. 

    I knew going against the grain was just part of the process.

    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 be.

    I would wake up in the morning thinking: How am I going to attack today?

    I’m not so dominant that I can’t listen to creative ideas coming from other people. Successful people listen. Those who don’t listen, don’t survive long.

    In all honesty, I don't know what's ahead. If you ask me what I'm going to do in five years, I can't tell you. This moment? Now that's a different story. I know what I'm doing moment to moment, but I have no idea what's ahead. I'm so connected to this moment that I don't make assumptions about what might come next, because I don't want to lose touch with the present. Once you make assumptions about something that might happen, or might not happen, you start limiting the potential outcomes. 

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    Founders
    en-usMay 12, 2024

    #348 The Financial Genius Behind A Century of Wall Street Scandals: Ivar Kreuger

    #348 The Financial Genius Behind A Century of Wall Street Scandals: Ivar Kreuger

    What I learned from reading The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy. 

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    Episode Outline: 

    1. Ivar was charismatic. His charisma was not natural. Ivar spent hours every day just preparing to talk. He practiced his lines for hours like great actors do.

    2. Ivar’s first pitch was simple, easy to understand, and legitimate: By investing in Swedish Match, Americans could earn profits from a monopoly abroad.

    3. Joseph 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 observation. — The Days of Duveen by S.N. Behrman.  (Founders #339 Joseph Duveen: Robber Baron Art Dealer)

    4. Ivar studied Rockefeller and Carnegie: Ivar's plan was to limit competition and increase profits by securing a monopoly on match sales throughout the world, mimicking the nineteenth century oil, sugar, and steel trusts.

    5. When investors were manic, they would purchase just about anything. But during the panic that inevitably followed mania, the opposite was true. No one would buy.

    6. The problem isn’t getting rich. The problem is staying sane. — Charlie Munger

    7. Ivar understood human psychology. If something is limited and hard to get to that increases desire. This works for both products (like a Ferrari) and people (celebrities). Ivar was becoming a business celebrity.

    8.  I’ve never believed in risking what my family and friends have and need in order to pursue what they don't have and don't need. — The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)

    9. Great ideas are simple ideas: Ivar hooked Durant with his simple, brilliant idea: government loans in exchange for match monopolies.

    10. Ivar wrote to his parents, "I cannot believe that I am intended to spend my life making money for second-rate people. I shall bring American methods back home. Wait and see - I shall do great things. I'm bursting with ideas. I am only wondering which to carry out first."

    11. Ivar’s network of companies was far too complex for anyone to understand: It was like a corporate family tree from hell, and it extended into obscurity.

    12. “Victory in our industry is spelled survival.”   —Steve Jobs

    13. Ivar's financial statements were sloppy and incomplete. Yet investors nevertheless clamored to buy his securities.

    14. As more cash flowed in the questions went away. This is why Ponzi like schemes can last so long. People don’t want to believe. They don’t want the cash to stop.

    15. A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)

    16.  A summary of Charlie Munger on incentives:

    1. We all underestimate the power of incentives.
    2. Never, ever think about anything else before the power of incentives.
    3. The most important rule: get the incentives right.

    17. This is nuts! Fake phones and hired actors!

    Next to the desk was a table with three telephones. The middle phone was a dummy, a non-working phone that Ivar could cause to ring by stepping on a button under the desk. That button was a way to speed the exit of talkative visitors who were staying too long. Ivar also used the middle phone to impress his supporters. When Percy Rockefeller visited Ivar pretended to receive calls from various European government officials, including Mussolini and Stalin. That evening, Ivar threw a lavish party and introduced Rockefeller to numerous "ambassadors" from various countries, who actually were movie extras he had hired for the night.

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    Related Episodes

    #90 Charlie Munger (Poor Charlie's Almanack)

    #90 Charlie Munger (Poor Charlie's Almanack)

    What I learned from reading Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.

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    Cicero, learned man that he was, believed in self-improvement so long as breath lasts.

    In business we often find that the winning system goes almost ridiculously far in maximizing and/or minimizing one or a few variables-like the discount warehouses of Costco.

    "Invert, always invert." It is in the nature of things, as Jacobi knew, that many hard problems are best solved only when they are addressed backward.

    It's quite interesting to think about Wal-Mart starting from a single store in Arkansas-against Sears with its name, reputation and all of its billions. How does a guy in Bentonville, Arkansas, with no money, blow right by Sears? And he does it in his own lifetime-in fact, during his own late lifetime because he was already pretty old by the time he started out with one little store. He played the chain store game harder and better than else. Walton anyone invented practically nothing. But he copied everything anybody else ever did that was smart. So he blew right by them all.

    Charlie's redundancy in expressions and examples is purposeful: for the kind of deep "fluency" he advocates, he knows that repetition is the heart of instruction.

    He enjoyed challenging the conventional wisdom of teachers and fellow students with his ever-increasing knowledge gained through voracious reading, particularly biographies.

    He never forgot the sound principles taught by his grandfather: to concentrate on the task immediately in front of him and to control spending.

    I would say everything about Charlie is unusual. I've been looking for the usual now for forty years, and I have yet to find it. Charlie marches to his own music, and it's music like virtually no one else is listening to. So, I would say that to try and typecast Charlie in terms of any other human that I can think of, no one would fit. He's got his own mold.

    Charlie Munger has spent a professional lifetime studying lives that have worked well and others that have glitches or have experienced failures.

    Despite his healthy self-image, Charlie would prefer to be anonymous.

    I am a biography nut myself. And I think when you're trying to teach the great concepts that work, it helps to tie them into the lives and personalities of the people who developed them. I think you learn economics better if you make Adam Smith your friend. That sounds funny, making friends among 'the eminent dead,' but if you go through life making friends with the eminent dead who had the right ideas, I think it will work better for you in life and work better in education. It's way better than just giving the basic concepts.

    His underlying philosophical view was one of deep and realistic cynicism about human nature, including a distaste for pure mob rule and demagogues.

    Find out what you're best at and keep pounding away at it. This has always been Charlie's basic approach to life.

    Take a simple idea and take it seriously.

    Charlie likes the analogy of looking at one's ideas and approaches as "tools." “When a better tool (idea or approach) comes along, what could be better than to swap it for your old, less useful tool?Warren and I routinely do this, but most people, cling to their old, less useful tools."

    Henry Singleton has the best operating and capital deployment record in American business...if one took the 100 top business school graduates and made a composite of their triumphs, their record would not be as good as Singleton's.

    You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don't, you're going to lose. And that's as close to certain as any prediction that you can make. You have to figure out where you've got an edge. And you've got to play within your own circle of competence.

    The other aspect of avoiding vicarious wisdom is the rule for not learning from the best work done before yours. . .There once was a man who assiduously mastered the work of his best predecessors, despite a poor start and very tough time. Eventually, his own work attracted wide attention, and he said of his work: “If I have seen a little farther than other men, it is because I stood on the shoulders of giants."

    In my whole life, I have known no wise people who didn't read all the time-none, zero. You'd be amazed at how much Warren reads-and at how much I read.

    There is no better teacher than history in determining the future. There are answers worth billions of dollars in a $30 history book.

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    #102 Akio Morita (Sony)

    #102 Akio Morita (Sony)

    What I learned from reading Made in Japan: Akio Morita and Sony by Akio Morita. 

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    [0:01] Forty years ago, a small group gathered in a burned-out department store building in war-devastated downtown Tokyo. Their purpose was to found a new company, their optimistic goal was to develop the technologies that would help rebuild Japan's economy.

    [5:00] I was born the first son and fifteenth-generation heir to one of Japan's finest and oldest sake-brewing families. The Morita family has been making sale for three hundred years. Unfortunately, the taste of a couple of generations of Morita family heads was so refined and their collecting skills so acute that the business suffered while they pursued their artistic interests, letting the business take care of itself, or, rather, putting it in other hands. They relied on hired managers to run the Morita company, but to these managers the business was no more than a livelihood, and if the business did not do well, that was to be regretted, but it was not crucial to their personal survival. In the end, all the managers stood to lose was a job. They did not carry the responsibility of the generations, of maintaining the continuity and prosperity of the enterprise and the financial well-being of the Morita family. 

    [8:18] Tenacity, perseverance, and optimism are traits that have been handed down to me through the family genes.

    [9:25] I was taught that scolding subordinates and looking for people to blame for problems—seeking scapegoats—is useless. These concepts have stayed with me and helped me develop the philosophy of management that served me very well.

    [10:28] I had to teach myself because the subjects I was really interested in were not taught in my school in those days.

    [14:09] The emperor, who until now had never before spoken directly to his people, told us the immediate future would be grim. He said that we could “pave the way for a grand peace for all generations to come," but we had to do it "by enduring the unendurable and suffering what is insufferable."

    [23:58] When some of my relatives came to see me, they were so shocked by the shabby conditions that they thought I had become an anarchist. They could not understand how, if I was not a radical, I could choose to work in a place like that.

    [24:28] Ibuka and I had often spoken of the concept of our new company as an innovator, a clever company that would make new high technology products in ingenious ways.

    [29:36] We were engineers and we had a big dream of success. We thought that in making a unique product, we would surely make a fortune. I then realized that having unique technology and being able to make unique products are not enough to keep a business going. You have to sell the products, and to do that you have to show the potential buyer the real value of what you are selling. 

    [32:20] There was an acute shortage of stenographers because so many people had been pushed out of school and into war work. Until that shortage could be corrected, the courts of Japan were trying to cope with a small, overworked corps of court stenographers. We were able to demonstrate our machine for the Japan Supreme Court, and we sold twenty machines almost instantly! Those people had no difficulty realizing how they could put our device to practical use; they saw the value in the tape recorder immediately.

    [38:03] Marketing is really a form of communication. We had to educate our customers to the uses of our products.

    [39:15] We would often have the market to ourselves for a year or more before the other companies would be convinced that the product would be a success. And we made a lot of money, having the market all to ourselves.

    [40:20] The public does not know what is possible, but we do. So instead of doing a lot of market research, we refine our thinking on a product and its use and try to create a market for it by educating and communicating with the public.

    [42:33] Everybody gave me a hard time. It seemed as though nobody liked the idea [the Walkman]. “It sounds like a good idea, but will people buy it if it doesn't have recording capability? I don't think so." I said, “Millions of people have bought car stereo without recording capability and I think millions will buy this machine.

    [46:38] "We definitely want some of these. We will take one hundred thousand units." One hundred thousand units! I was stunned. It was an incredible order, worth several times the total capital of our company. When he told me that there was one condition: we would have to put the Bulova name on the radios. That stopped me. We wanted to make a name for our company on the strength of our own products. We would not produce radios under another name. When I would not budge, he got short with me. "Our company name is a famous brand name that has taken over fifty years to establish," he said. "Nobody has ever heard of your brand name. Why not take advantage of ours?" I understood what he was saying, but I had my own view. “Fifty years ago," I said, “your brand name must have been just as unknown as our name is today. I am here with a new product, and I am now taking the first step for the next fifty years of my company. Fifty years from now I promise you that our name will be just as famous as your company name is, today."

    [49:04] When I attended middle school, discipline was very strict, and this included our physical as well as our mental training. Our classrooms were very cold in winter; we didn't even have a heater; and we were not allowed to wear extra clothes. In the navy,I had hard training. In boot camp every morning we had to run a long way before breakfast. In those days I did not think of myself as a physically strong person, and yet under such strict training I found I was not so weak after all, and the knowledge of my own ability gave me confidence in myself that I did not have before. It is the same with mental discipline; unless you are forced to use your mind, you become mentally lazy and you will never fulfill your potential.

    [52:06] Norio Ohga, who had been a vocal arts student at the Tokyo University of Arts when he saw our first audio tape recorder back in 1950. He was a great champion of the tape recorder, but he was severe with us because he didn't think our early machine was good enough.He was right, of course; our first machine was rather primitive. We invited him to be a paid critic even while he was still in school. His ideas were very challenging. He said then, "A ballet dancer needs a mirror to perfect her style, her technique."

    [54:21] Nobody can live twice, and the next twenty or thirty years is the brightest period of your life. You only get it once. When you leave the company thirty years from now or when your life is finished, I do not want you to regret that you spent all those years here. That would be a tragedy. I cannot stress the point too much that this is your responsibility to yourself. So I say to you, the most important thing in the next few months is for you to decide whether you will be happy or unhappy here.

    [59:40] My argument again and again was that by saving money instead of investing it in the business you might gain profit on a short-term basis, but in actual fact, you would be cashing in the assets that had been built up in the past.

    [1:00:00] One must prepare the groundwork among the customers before you can expect success in the marketplace. It is a time-honored Japanese gardening technique to prepare a tree for transplanting by slowly and carefully binding the roots over a period of time, bit by bit, to prepare the tree for the shock of the change it is about to experience. This process, called Nemawashi, takes time and patience, but it rewards you, if it is done properly, with a healthy transplanted tree. Advertising and promotion for a brand-new, innovative product is just as important.

    [1:01:19] If Japanese clients come into the office of a new and struggling company and see plush carpet and private offices and too much comfort, they become suspicious that this company is not serious, that it is devoting too much thought and company resources to management's comfort, and perhaps not enough to the product or to potential customers. Too often I have found in dealing with foreign companies that such superfluous things as the physical structure and office decor take up a lot more time and attention and money than they are worth.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #167 Jackie Cochran (Aviation)

    #167 Jackie Cochran (Aviation)

    What I learned from reading Jackie Cochran: An Autobiography by Jackie Cochran. 

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    [4:37] At the time of her death on August 9, 1980, Jacqueline Cochran held more speed, altitude, and distance records than any other pilot, male or female, in aviation history. Her career spanned 40 years, from the Golden Age of the 1930s as a racing pilot, through the turbulent years of World War Il as founder and head of the Women's Airforce Service Pilot (WASP) program, into the jet age, when she became the first female pilot to fly faster than the speed of sound. She was a 14-time winner of the Harmon trophy for the outstanding female pilot of the year and was accorded numerous other awards and honors in addition to the trophies she won with her flying skills. 

    [6:15] Jackie was an irresistible force. Time and time again in the many, many interviews I was so kindly granted, the repeated theme was "Jackie just could not be stopped." And indeed, this driving, cussed determination is signally evident in Jackie's own writings. Her unremitting persistence is clear in everything she did, from regaining the doll of which she was robbed at the age of six to her need to be the world's top aviatrix. Generous, egotistical, penny-pinching, compassionate, sensitive, aggressive -indeed, an explosive study in contradictions—Jackie was consistent only in the overflowing energy with which she attacked the challenge of being alive. Always passionately convinced of any viewpoint she happened to hold (nothing Jackie ever did was by halves), she raced through life, making lifelong friends and unforgetting enemies, surely breaking all records in the sheer volume of her living on this earth—as she did in the air. 

    [8:07] To live without risk for me would have been tantamount to death. 

    [14:16] Whenever I turned on a light, I'd think of how my foster family had been able to sit back and sit around that goddamn mojo lamp. Not me

    [16:39] I always knew I was different from the others

    [24:02] "What are you going to be when you grow up, Jackie?" they'd ask me. I never wavered in my response. "I'm going to be rich," I'd say, knowing even then that they thought I was silly or crazed. "I'll wear fine clothes, own my own automobile, and have adventures all over the world." They'd laugh. I was certain that's where I was going, I felt no embarrassment about my big dreams. No dreams, no future. They could laugh, but most of my mill friends wanted as little from life as they were destined to get. 

    [26:51] To get the best performance, to do better than anyone has ever done before, you've got to take chances. 

    [30:21] You almost had to have been there to know what such a range of existences did for me. Because of where I came from and then where I went, I ended up understanding intimately one very sustaining line of life: I could never have so little that I hadn't had less. It took away my fear. It pushed me harder than I might ever have pushed myself otherwise. The poverty provided me with a kind of cocky confidence and made me relatively happy with what I had at any given moment. 

    [42:05] Jackie always felt that there was nobody better than she was. She was equal to anybody and had as much confidence as anybody. That's why she was able to accomplish so much. If somebody else can do it, so can I. That was her theory, her motto. 

    [45:16] She could be ruthless when she wanted to pursue something, and she'd go at her goal with an intensity that wouldn't stop.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #97 Enzo Ferrari (Ferrari vs Ford)

    #97 Enzo Ferrari (Ferrari vs Ford)

    What I learned from reading Go Like Hell: Ford, Ferrari, and Their Battle for Speed and Glory at Le Mans by A. J. Baime.

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    [0:01] Racing was the most magnificent marketing tool the industry had ever known.

    [2:42] Founders vs Managers 

    [3:43] Founders Podcasts on Henry Ford: #9, #26, and #80. 

    [4:29] The passion Enzo Ferrari had for his products 

    [5:50] The same broad features keep recurring over and over again/ In their detailed appearance these broad features are never twice the same. 

    [8:09] Steve Jobs on passion. 

    [12:00] Steve Jobs on building the Macintosh/ Artisans have soul in the game. 

    [13:05] Enzo Ferrari’s schedule at 58 years old / His early life 

    [17:08] Ferrari’s 3 principles for winning 

    [20:20] How Enzo Ferrari started his company / Racing as marketing / Ferrari’s personality and his philosophy on building a business

    [24:49] Enzo Ferrari’s extreme level of dedication 

    [25:48] How Enzo Ferrari described his product 

    [26:54] How and why the Ford/Ferrari negotiations begin

    [35:37] How Enzo Ferrari described the process of building a product

    [38:07] The advantage founder led companies have / I made a mistake here. I said Les Miles when I meant Ken Miles. Les Miles is a football coach. Ken Miles is a race car driver. 

    [40:58] Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda 

    [42:06] Enzo Ferrari on why he doesn’t have a social life. 

    [42:57] You don’t understand. When I go in there, if I don’t really and truly believe I am the best in the world, I had better not go in at all.

    [49:05] Enzo Ferrari played chess while everyone else was playing checkers.

    [52:20] It would be a waste of life to do nothing with one’s ability

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #180 Jeff Bezos (Invention of a Global Empire)

    #180 Jeff Bezos (Invention of a Global Empire)

    What I learned from reading Amazon Unbound: Jeff Bezos and the Invention of a Global Empire by Brad Stone.

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    [1:47] Every interesting thing I've ever done, every important thing I've ever done, every beneficial thing I've ever done, has been through a cascade of experiments and mistakes and failures. I'm covered in scar tissues as a result of this.

    [6:19] I absolutely know it's hard, but we'll learn how to do it.

    [8:30] Thinking small is a self fulfilling prophecy.

    [12:13] Begin any conversation about a new product in terms of the benefit it creates for customers.

    [19:08] Bezos deployed his playbook for experiments that produced promising sparks: he poured gasoline on them.

    [22:41] You can regulate yourself quite easily or think about what you're going to do with your existing resources. Sometimes, you don't know what the boundaries are. Jeff just wanted us to be unbounded.

    [25:48] If I have to choose between agreement and conflict, I'll take conflict every time. It always yields a better result.

    [27:19] Don't come to me with a plan that assumes I will only make a certain level of investment. Tell me how to win.

    [35:50] He preached the wholesale embrace of technology, rapid experimentation, and optimism about the opportunities of the internet instead of despair.

    [45:17] Bezos’ one constant edict: Go faster.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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