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    • From humble beginnings to successAlbert Champion's early life struggles instilled a strong work ethic that fueled his success as a bicycle racer and automobile manufacturing entrepreneur, allowing him to build a business in three countries and provide for his loved ones.

      Albert Champion's humble beginnings shaped his character and drove him to work tirelessly throughout his life. After his father's early death, the 12-year-old Albert became the breadwinner for his family, abandoning formal education. He threw himself into work, eventually becoming a successful bicycle racer and later, an automobile manufacturing entrepreneur. This relentless pursuit of success allowed him to build a business in three countries and provide for his loved ones, including retiring his mother. The experience of losing his father at a young age and struggling financially instilled in him a strong work ethic that fueled his achievements.

    • Childhood experiences shaped Albert ChampionAlbert Champion's tough childhood instilled self-reliance, showmanship, and determination, leading to a successful career as a bicycle racer and celebrity.

      Albert Champion's challenging childhood experiences shaped him into a hardworking and self-improving individual. Growing up in segregated Paris, he faced harsh labor and social inequality at a young age. However, after discovering the joy of riding a unicycle, he dedicated himself to mastering the skill and turning it into a career. This early experience instilled in him the value of self-reliance and showmanship, which he would apply throughout his life. Despite the hardships, Champion's childhood laid the foundation for his future success as a bicycle racer and celebrity. Moreover, the influential people in his life, such as Henry, the civil engineer who recognized his talent and provided him with opportunities, played a significant role in shaping his future. Unfortunately, Champion's life had a tragic ending, but his legacy lives on through the numerous obituaries and recollections from those who knew him. His story serves as a reminder of the resilience and determination that can come from even the most challenging childhood experiences.

    • Recognizing Opportunities and Taking RisksRecognizing unserved demand and taking calculated risks can lead to building a successful business, as demonstrated by Adolf Clement's journey from a locksmith apprentice to a bicycle and automobile manufacturer.

      Adolf Clement, an orphaned Frenchman, defied traditions and seized opportunities to build a successful bicycle and automobile manufacturing company, inspired by his experiences as a locksmith apprentice. At 16, he embarked on a walking tour to learn the trade, but instead of returning home, he opened a locksmith shop in Paris. He soon noticed the trend towards bicycles and, despite lacking a formal education, recognized the greater opportunity in this field. With his entrepreneurial spirit, Clement sold his machine to buy parts and manufacture more bicycles, recognizing the unserved demand. He also saw potential in a new tire innovation by Dunlop and made a risky investment, securing an exclusive manufacturing license in France. Clement's story illustrates the importance of recognizing opportunities and taking calculated risks to build a successful business.

    • The Power of Determination and PerseveranceDurant's victory in a grueling bike race despite hearing a rumor of his competitor's rest and Champion's subsequent employment with Clement demonstrate the importance of determination and hard work in achieving success.

      Determination and tenacity, not just talent, can lead to great success. This was evident in the story of Durant, who came from humble beginnings and faced intense physical challenges during a 750-mile bike race. Despite hearing a rumor that his competitor had taken a rest, Durant pushed through without stopping and ultimately won. This story resonated with Champion, who was inspired by Durant's perseverance and the adulation he received. As a result, Champion left his job to seek employment with Adolph Clement, who hired him to race and work in the factory during off-season. This experience taught Champion the importance of hard work and advertising in achieving success. Overall, the story highlights the power of grit and determination in overcoming obstacles and achieving greatness.

    • Mentor Clement teaches Champion the importance of diversification and pushing aheadClement, a shrewd businessman, mentored Champion, instilling the value of diversification and relentless progress. This relationship and the lessons learned shaped Champion's life and business decisions.

      Clement, a shrewd businessman, taught Champion, a young and determined individual, the importance of diversifying resources and constantly pushing the business ahead of the competition. Clement, who had lost his mother at a young age and understood the struggles of poverty, saw potential in Champion and became his mentor. Champion, inspired by Clement's business acumen and driven by a fear of returning to his impoverished past, became a workaholic and applied his dedication to everything he did, from racing to business. Clement's recognition of Champion's talent and potential led him to sponsor the young racer, providing him with financial support and public adulation, fueling his growing ego and addiction to winning. This relationship and the lessons learned from Clement significantly influenced Champion's life and business decisions.

    • Lessons from influential figuresChampion's business success was shaped by encounters with Choppy Walburton and Adolf Clement, who taught him the importance of taking punishment, never giving up, and staying ahead of the competition.

      Champion's racing success was shaped by his fierce drive and competitive spirit, but his business success was influenced by his encounters with influential figures like Choppy Walburton and Adolf Clement. Choppy taught Champion the importance of taking punishment and never giving up, while Clement showed him the value of innovation and staying ahead of the competition. These lessons stayed with Champion throughout his life, helping him become a successful businessman and innovator. Additionally, Champion's early experiences with Clement and Choppy provided him with much-needed guidance and mentorship during his formative years. Overall, these relationships and lessons played a crucial role in Champion's personal and professional growth.

    • The impact of knowledge and mentorshipMentorship and shared knowledge can lead to personal success and professional growth. Dedication to a passion as a profession can provide for a family and lead to significant innovations.

      Knowledge and mentorship can have a profound impact on an individual's life. The story of Albert Champion and Clement illustrates this idea perfectly. Champion, who intended to become the next Clement, was mentored by the older cyclist and learned valuable lessons that helped him in his own career. This shared knowledge was multiplied in impact, as Champion went on to have a successful career in professional cycling and later, in automotive manufacturing. Another key takeaway is the importance of treating one's passion as a profession, especially when it serves as the primary source of income for a family. Champion's dedication to cycling as a profession allowed him to provide for his loved ones and eventually pave the way for the development of affordable motorcycles.

    • Albert Champion's Love for Motorcycles Led Him to the Auto IndustryA successful bicycle racer, Albert Champion became a pioneer in the auto industry due to his love for motorcycles, capitalizing on their popularity and earning significant income. Despite a tragic accident, he remained resilient and adaptable, ultimately contributing to his place in auto industry history.

      Albert Champion's love for motorcycles led him to become a pioneer in the auto industry despite the high cost of cars at the time. With his background as a successful bicycle racer, he was able to capitalize on the popularity of these events and the significant earnings they generated. Manufacturers paid top athletes like Champion up to 40% of ticket sales to compete, making him one of the best-paid American athletes. However, his reckless personality led to a tragic accident, leaving him with a shorter leg. Despite this setback, Champion was determined to join the automobile revolution and found a way to return to France during an amnesty for draft dodgers. This resilience and adaptability ultimately contributed to his place in the history of the auto industry.

    • Seizing Opportunities in BusinessUsing personal strengths and perseverance, Albert Champion turned his cycling fame and fortune into a successful business importing French spark plugs in the US

      Albert Champion, a successful cyclist, saw an opportunity to leverage his name recognition and racing earnings to enter the American automobile industry. To acquire the necessary capital, he planned to win the national title in France and use the resulting fame and fortune to become the exclusive US importer of high-quality French spark plugs. Despite skepticism from friends and challenges, Champion succeeded and established a successful business partnership with a Boston Buick dealership owner, eventually meeting Billy Durant, who would become a pivotal figure in his life. This story illustrates the importance of seizing opportunities, using personal strengths, and persevering through obstacles to achieve business success.

    • Champion's dedication to self-improvement and workWillis R. 'Champion' Knight's success in business was driven by his focus, relentless drive for self-improvement, and effective time management. However, personal challenges threatened his partnerships due to negative publicity.

      Focus and a relentless drive for self-improvement were key to Willis R. "Champion" Knight's success in business, even as personal challenges threatened to derail his partnerships. Champion, a workaholic from a young age, believed in constantly improving himself and his work. He prioritized his tasks and managed his time effectively. However, his personal life caused issues in his business relationships. His affair with a married woman led to negative publicity and a rift with his partners, the Stranahan family. Despite their high ethical standards, Champion's behavior threatened their family name. Alfred P. Sloan, another industry titan, shared Champion's mindset of constant improvement. Champion's passion for work was unwavering, and he found arguments for its importance just as avidly as one might for a hobby. The early days of the automobile industry in America were filled with larger-than-life personalities, and Champion was no exception. His dedication to his craft and his unyielding drive for self-improvement were instrumental in his successes, even as personal challenges threatened to derail him.

    • A pivotal partnership in the automobile industryPerseverance, innovation, and strong partnerships led Albert Champion and Ransom E. Olds to significant success in the early days of the automobile industry

      The dynamic between the personalities of Albert Champion and Ransom E. Olds, as well as their shared passion for speed, led to a pivotal partnership in the early days of the automobile industry. Despite challenges, including disagreements with family members and business partners, Champion's impressive skills and Durant's confidence in his abilities ultimately led to significant success. The fast-paced collaboration between Champion and Durant, as well as Champion's friendship with Louis Chevrolet, contributed to the growth of the automobile industry in Michigan. This tale highlights the importance of perseverance, innovation, and the power of a strong partnership in achieving business success.

    • The Complexities of Business PartnershipsPersonal actions can negatively impact successful business relationships, and expanding a niche can lead to business growth.

      Business partnerships can be complicated and even the most successful businessmen can make mistakes. Louis Chevrolet and Billy Durant, both with a middle name and a history of world records and accidents, seemed destined to work together. However, Durant's falling out with Chevrolet led to Chevrolet leaving and starting his own company, which Durant financed. While this was a smart business move, Durant made a personal mistake by attempting to have an affair with Chevrolet's wife, leading to a violent confrontation and the end of their friendship. This tragic event serves as a reminder that personal actions can have serious consequences, even for successful businessmen. Additionally, the concept of widening a niche, as employed by Alfred Sloan years later, allowed General Motors to overtake Ford.

    • Albert Champion's dedication to innovation and hard workAlbert Champion's success in the automobile industry was driven by his relentless dedication to innovation, experimentation, and hard work. However, his personal life was marred by a destructive relationship with his second wife, which ultimately led to his downfall.

      Albert Champion's relentless dedication to innovation, experimentation, and hard work led him to great success in the automobile industry. However, his personal life was marred by a destructive relationship with his second wife, Edna, who turned out to be a gold digger. Despite his accomplishments, he prioritized work over marriage, leading to his downfall. Champion's philosophy was that staying ahead of the competition and continuously learning were keys to success, both as a racer and as a businessman. His ability to adapt and innovate, from designing original machinery to expanding product lines, set him apart in the industry. Unfortunately, his personal life was marked by infidelity and divorce, which ultimately proved to be his undoing.

    • Albert's relentless work led to tragic endAlbert's dedication to work cost him his life, while his wife's infidelity led to her inheritance of his fortune

      Albert Champion, a successful automobile accessory manufacturer, lived and worked relentlessly until his death at the age of 49. Despite having amassed great wealth, he couldn't quit his work and continued to attend the Paris Auto Show. Tragically, his wife Edna was having an affair with a friend, Charlie, whom she met during Albert's absence. The confrontation between Albert and Charlie led to a fatal fight, ending Albert's life. Edna, now a wealthy widow, was unrepentant and continued to enjoy her newfound luxurious lifestyle. Albert's legacy, however, endured, with his companies and inventions, such as spark plugs and dashboard speedometers, still recognized and in use today. The bittersweet irony lies in the fact that Albert's dedication to his work ultimately cost him his life, while Edna, who caused his demise, inherited his fortune.

    • ACDelco's impact on roads and Paris classic bicycle race's enduring appealACDelco's automotive components impact millions of vehicles and Paris classic bicycle race showcases cycling's rich history, both entities leaving lasting impressions and inspiring their communities.

      The reach and impact of two seemingly unrelated entities - ACDelco automotive components and the Paris classic bicycle race - extend far beyond their individual spheres. ACDelco's presence on the roads of the United States, with over 50 million vehicles using their spark plugs, filters, brakes, and other components, showcases their significant role in the automotive industry. Meanwhile, the Paris classic bicycle race, with its roster of legends growing each year, highlights the enduring appeal and rich history of cycling. Both entities have made a lasting impression and continue to inspire and serve their respective communities. For those interested in learning more about the fascinating stories behind these entities, consider purchasing the book mentioned in the podcast, as doing so will not only provide valuable insights but also support the podcast. The journey of discovery is far from over, with 1,000 more books to explore. Stay tuned for more intriguing tales.

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    (2:00) My father was a self-made man who had known extreme poverty in his youth and had a practically limitless capacity for hard work.

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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.

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    (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

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    (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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    Learning from history is a form of leverage. —Charlie Munger. Founders Notes gives you the super power to learn from history's greatest entrepreneurs on demand.

    Get access to the World’s Most Valuable Notebook for Founders

    You can search all my notes and highlights from every book I've ever read for the podcast. 

    You can also ask SAGE 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: 

    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) 

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

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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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    #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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    (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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    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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    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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    #347 How Walt Disney Built His Greatest Creation: Disneyland

    #347 How Walt Disney Built His Greatest Creation: Disneyland

    What I learned from reading Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. 

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    (8:00) When in 1955 we heard that Disney had opened an amusement park under his own name, it appeared certain that we could not look forward to anything new from Mr. Disney.

    We were quite wrong.

    He had, instead, created his masterpiece.

    (13:00) This may be the greatest product launch of all time: He had run eight months of his television program. He hadn't named his new show Walt Disney Presents or The Wonderful World of Walt Disney.

    It was called simply Disneyland, and every weekly episode was an advertisement for the still unborn park.

    (15:00) Disneyland is the extension of the powerful personality of one man.

    (15:00) The creation of Disneyland was Walt Disney’s personal taste in physical form.

    (24:00) How strange that the boss would just drop it. Walt doesn’t give up. So he must have something else in mind.

    (26:00) Their mediocrity is my opportunity. It is an opportunity because there is so much room for improvement.

    (36:00) Roy Disney never lost his calm understanding that the company's prosperity rested not on the rock of conventional business practices, but on the churning, extravagant, perfectionist imagination of his younger brother.

    (41:00) Walt Disney’s decision to not relinquish his TV rights to United Artists was made in 1936. This decision paid dividends 20 years later. Hold on. Technology -- developed by other people -- constantly benefited Disney's business. Many such cases in the history of entrepreneurship.

    (43:00) Walt Disney did not look around. He looked in. He looked in to his personal taste and built a business that was authentic to himself.

    (54:00) "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."

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    Related Episodes

    #239 The Wright Brothers

    #239 The Wright Brothers

    What I learned from rereading The Wright Brothers by David McCullough.

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    [3:40] Relentlessly Resourceful by Paul Graham

    [4:11] If I were running a startup, this would be the phrase I'd tape to the mirror. "Make something people want" is the destination, but "Be relentlessly resourceful" is how you get there.

    [5:35] Everybody engaged in complicated work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing. —Charlie Munger

    [6:44] No bird soars in a calm.

    [10:30] Neither ever chose to be anything other than himself.

    [11:36] Wilbur was a little bothered by what others might be thinking or saying.

    [11:46] What the two had in common above all was a unity of purpose and unyielding determination.

    [15:09] Every mind should be true to itself —should think, investigate and conclude for itself.

    [17:53] My Life in Advertising (Founders #170)

    [19:33] Overdrive: Bill Gates and the Race to Control Cyberspace (Founders #174)

    [19:39] Hard Drive: Bill Gates and the Making of the Microsoft Empire (Founders #140)

    [23:56] I wish to avail myself of all that is already known.

    [30:32] Like the inspiring lectures of a great professor, the book had opened his eyes and started him thinking in ways he never had.

    [34:29] In no way did any of this discourage or deter Wilbur and Orville Wright, any more than the fact that they had had no college education, no formal technical training, no experience working with anyone other than themselves, no friends in high places, no financial backers, no government subsidies, and little money of their own. Or the entirely real possibility that at some point, like Otto Lilienthal, they could be killed.

    [36:07] When once this idea has invaded the brain it possesses it exclusively.

    [38:23] I’ve never found anybody that didn’t want to help me if I asked them for help. I called up Bill Hewlett when I was 12 years old. He answered the phone himself. I told him I wanted to build a frequency counter. I asked if he had any spare parts I could have. He laughed. He gave me the parts. And he gave me a summer job at HP working on the assembly line putting together frequency counters. I have never found anyone who said no, or hung up the phone. I just ask. Most people never pick up the phone and call. And that is what separates the people who do things, versus the people who just dream about them. You have to act. —Steve Jobs

    [41:47] You wanted to start a company. You knew that it was going to be hard. What are you complaining for?

    [42:17] Jay Z: Decoded (Founders #238)

    [42:56] They had their whole heart and soul in what they were doing.

    [46:28] You should follow your energy.

    [53:49] The Wright brothers have blinders on mentality. They don't care what other people say. They just say I'm working at this. I don't care what other people think.

    [54:16] The brothers proceeded entirely on their own and in their own way.

    [58:21] This is the blueprint they are using: Test. Iterate. Test. Iterate. Work long hours. Concentrate and ignore the naysayers.

    [1:00:31] Wilbur was always ready to jump into an argument with both sleeves rolled up. He believed in a good scrap. He believed it brought out new ways of looking at things and helped round off corners.

    [1:00:57] Amazon Unbound: Jeff Bezos and the Invention of a Global Empire (Founders #180)

    [1:02:26] Pour gasoline on promising sparks.

    [1:04:14] It is very bad policy to ask one flying machine man, about the experiments of another, because every flying machine man thinks that his method is the correct one.

    [1:08:46] Stephen King On Writing: A Memoir of the Craft (Founders #210)

    [1:10:26] They were always thinking of the next thing to do. They didn't waste much time worrying about the past.

    [1:11:05] 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. — Driven From Within (Founders #213)

    [1:12:56] They would have to learn to accommodate themselves to the circumstances.

    [1:20:42] The best dividends on labor invested have invariably come from seeking more knowledge rather than more power.

    [1:27:37] He went his way always in his own way.

    [1:31:45] A man who works for the immediate present and its immediate rewards is nothing but a fool.

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    #238 Jay Z: Decoded

    #238 Jay Z: Decoded

    What I learned from reading Decoded by Jay Z. 

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    [1:39] I would practice from the time I woke in the morning until I went to sleep

    [2:10] Even back then I though I was the best.

    [2:57] Bourdain: The Definitive Oral Biography  (Founders #219)

    [4:32] Belief becomes before ability.

    [5:06] Michael Jordan: The Life (Founders #212)

    [5:46] The public praises people for what they practice in private.

    [7:28]  Lock yourself in a room doing five beats a day for three summers.

    [7:50] Sam Walton: Made In America  (Founders #234)

    [9:50] He was disappointed in the world, so he built one of his own — from Steven Spielberg: A Biography (Founders #209)

    [12:47] The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)

    [13:35] 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 bigger.

    [21:10] 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)

    [21:41] Against The Odds: An Autobiography by James Dyson (Founders #200)

    [25:27] I believe you can speak things into existence.

    [27:20] Picking the right market is essential.

    [29:29] All companies that go out of business do so for the same reason – they run out of money. —Don Valentine 

    [29:42] 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 Valentine 

    [31:54] I went on the road with Big Daddy Kane for a while. I got an invaluable education watching him perform.

    [33:12] Everything I do I learned from the guys who came before me. —Kobe

    [34:15] 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 advice.

    [34:50] Steve Jobs: The Exclusive Biography (Founders #214)

    [37:20] This is a classic piece of OG advice. It's amazing how few people actually stick to it.

    [38:04] Nuts!: Southwest Airlines' Crazy Recipe for Business and Personal Success(Founders #56)

    [39:04] The key to staying on top of things is to treat everything like it's your first project.

    [41:10] The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley (Founders #233)

    [44:46] We (Jay Z, Bono, Quincy Jones) ended up trading stories about the pressure we felt even at this point in our lives.

    [45:22] Competition pushes you to become your best self. Jordan said the same thing about Larry Bird and Magic Johnson.

    [46:43] 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 exception.

    [52:26] 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 industries.

    [54:17] 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 them.

    [54:49] 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 competition.

    [55:08] In the end it came down to having a great product and the hustle to move it.

    [56:37] Learn how to build and sell and you will be unstoppable. The Almanack of Naval Ravikant: A Guide to Wealth and Happiness (Founders #191)

    [58:30] 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 story.

    [59:30] The best thing for me to do is to ignore and outperform.

    [1:01:16] Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90)

    [1:06:01] 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 #78)

    [1:08:42] Jony Ive: The Genius Behind Apple's Greatest Products(Founders #178)

    [1:11:46] Long term success is the ultimate goal.

    [1:12:58] Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love - Bill Gurley

    [1:15:11] I have always used visualization the way athletes do, to conjure reality.

    [1:18:14] The thing that distinguished Jordan wasn't just his talent, but his discipline, his laser-like commitment to excellence.

    [1:19:42] 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 have.

    [1:21:37] 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 line,

    [1:27:41] Samuel Bronfman: The Life and Times of Seagram’s Mr. Sam (Founders #116)

    [1:34:15] 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 places.

    [1:36:25] There are extreme levels of drive and pain tolerance in the history of entrepreneurship.

    [1:38:45] Hit Men: Power Brokers and Fast Money Inside the Music Business

    [1:42:24]  I love sharp people. Nothing makes me like someone more than intelligence.

    [1:44:17] 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 forever.

    [1:51:49] 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 change.

    [1:54:18] Technology is making it easier to connect to other people, but maybe harder to keep connected to yourself.

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    #132 Edwin Land (Steve Jobs's Hero)

    #132 Edwin Land (Steve Jobs's Hero)

    What I learned from reading The Instant Image: Edwin Land and the Polaroid Experience by Mark Olshaker. 

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    [1:42] The word “problem” had completely departed from Edwin land's vocabulary to be replaced by the word “opportunity”. 

    [2:01] What was it about this man and his company that allowed such confidence and seeming lack of concern with the traditional top priorities of American business? 

    [2:38] There is something unique about Polaroid having to do both with the human dimension of the company, and with a unity of vision of its founder and guiding genius.  

    [3:36] Perhaps the single most important aspect of Land's character is his ability to regard things around him in a new and totally different way.  

    [4:14] Right from the beginning of his career Land had paid scant attention to what experts had to say, trusting his own instincts instead.  

    [4:49] Land has always believed that for any item sufficiently ingenious and intriguing, a new market could be created. Conventional wisdom has little capacity with which to evaluate a market that did not exist prior to the product that defines it. 

    [5:21] He feels that creativity is an individual thing. Not generally applicable to group generation. 

    [5:52] Land is a man deeply caught up in the creative potential of the individual. 

    [6:33] An institution is the lengthened shadow of one man. 

    [7:43] Apple founder Steve Jobs once hailed Edwin Land, the founder of Polaroid and the father of instant photography, as "a national treasure" and once confessed to a reporter that meeting Land was "like visiting a shrine." By his own admission, Jobs modeled much of his own career after Land’s. Both Jobs and Land stand out today as unique and towering figures in the history of technology. Neither had a college degree, but both built highly successful and innovative organizations. Jobs and Land were both perfectionists with an almost fanatic attentiveness to detail, in addition to being consummate showmen and instinctive marketers. In many ways, Edwin Land was the original Steve Jobs.  

    [8:36] There's a rule that they don't teach you at the Harvard business school. It is, if anything is worth doing it's worth doing to excess

    [11:22] Steve Jobs: I always thought of myself as a humanities person as a kid, but I liked electronics. Then I read something that one of my heroes, Edwin Land of Polaroid, said about the importance of people who could stand at the intersection of humanities and sciences. And I decided that's what I wanted to do.  

    [12:51] In a world full of cooks, Edwin Land was a chef. [Link to The Cook and The Chef: Elon Musk’s Secret Sauce]  

    [19:34] Land was asked what he wanted to be when he was younger: I had two goals. To be the world's greatest scientist and to be the world's greatest novelist. 

    [21:28] Everyone acknowledged that the future of Polaroid corporation would be determined by what went on in the brain of Edwin Land. 

    [22:01] 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 do.  

    [22:54] Fortunately our company has been one which has been dedicated throughout its life to making only things which others can not make.  

    [25:06] Land had far more faith in his own potential, and that of the company he inspired, than did any of the experts looking in from the outside.  

    [27:30] Polaroid failed to build a successful company by selling to other businesses: Each [product] would have involved millions of dollars in revenue for the company, but each invention involved a certain degree of transformation of an existing industry controlled by an existing power structure. From this Land realizes he needs to control the relationship with the customer. He realizes he needs to sell directly to the end user

    [36:16] Edwin Land is inspired by, and learned from, people that came before him. One example of this is Alexander Graham Bell. Edwin Land is not worried about the marketing [of a new product] because Bell went through the same thing: Land apparently lost little sleep over the initial situation, calling to mind that the same sort of reaction had greeted the public introduction of Bell's telephone, 70 years earlier. The telephone had been a dominant symbol in Land's thinking. He began making numerous connections between his camera and the telephone.  

    [40:16] Over the years, I have learned that every significant invention has several characteristics. By definition it must be startling, unexpected, and must come into a world that is not prepared for it. If the world were prepared for it, it would not be much of an invention.  

    [40:46] It is the public's role to resist [a new invention, a new product/service]. 

    [41:29] It took us a lifetime to understand that if we're to make a new commodity —a commodity of beauty —then we must be prepared for the extensive teaching program needed to prepare society for the magnitude of our invention

    [45:12] Only the individual— and not the large group— can see a part of the world in a totally new and different way.  

    [48:08] Land's view is that a company should be scientifically daring and financially conservative. 

    [50:30] To understand more about every aspect of light, Edwin Land read every single book on light that was available in the New York City Public Library. That reminded me of one of my favorite lectures ever: Running Down A Dream: How to Succeed and Thrive in a Career You Love

    [51:59] Land on the problem with formal education: Young people for the most part —unless they are geniuses— after a very short time in college, give up any hope of being individually great. 

    [54:16] Among all the components and Land's intellectual arsenal, the chief one seems to be simple concentration.  

    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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    #122 Alfred Sloan (General Motors)

    #122 Alfred Sloan (General Motors)

    What I learned from reading My Years with General Motors by Alfred Sloan.

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    [2:40] There are ideas worth billions in a $30 history book: Henry talked to me on several occasions about a book by the former chairman of General Motors. He told me he had learned a very important concept from that book, which he wished to use in the growth of Teledyne. . .during a very difficult economic time of recession, General Motors had needed additional funds to finance their growth and had a plan to sell bonds to the general public. The bond sale was a complete failure, and the chairman (Sloan) had written in his book that it had taught him an important lesson. It was that for a corporation to grow and to have a strong financial base, it needed to have, as part of itself, an interest in substantial financially oriented institutions. So General Motors had started GMAC and invested in other financial groups. As a result of his interest in this idea, Henry had decided that at some point, he would seek out financial organizations we could acquire. We began acquiring a number of financial and insurance companies, which was a significant change from our usual aerospace, metals, industrial and consumer company acquisitions.

    [5:45] Alfred Sloan had a singular focus: General Motors and the Hyatt Roller Bearing Company, have been almost the sole interests of my business life.

    [6:28] Alfred Sloan’s perspective on work: I simply took the view that we should go at the job vigorously and without hampering restrictions. I put no ceiling on progress.

    [12:22] Billy Durant came up with the idea for General Motors. Alfred Sloan perfected it: Durant’s pioneer work has yet to receive the recognition it deserves. His philosophy was an emerging one in the Model T era and was afterward to be realized not by him but by others, including myself.

    [19:08] The accumulated intelligence of mankind is what makes us special amongst all other species Everything is built upon the foundation before it: It has been called to my attention that Eli Whitney, long before, had started the development of interchangeable parts in connection with the manufacture of guns, a fact which suggests a line of descent from Whitney to Leland to the automobile industry.

    [29:20] Alfred Sloan had a great perspective on problems. They are temporary and we can fix them: Economic declines have a way of shaking out the weak ones in business, and we had weaknesses. Some people cannot see beyond a slump, but I have never yielded to economic pessimism and in times of decline have kept in mind the eventual upturn of the business cycle and the long—range dynamics of growth. Confidence and caution formed my attitude in 1920. We could not control the environment, or predict its changes precisely, but we could seek the flexibility to survive fluctuations in business. I mention this because confidence is an important element in business; it may on occasion make the difference between one man’s success and another’s failure.

    [33:15] Sloan on how difficult Henry Ford was to compete against: With Ford in almost complete possession of the low—price field, it would have been suicidal to compete with him head on. No conceivable amount of capital short of the United States Treasury could have sustained the losses required to take volume away from him at his own game. 

    [38:40] Alfred Sloan on committees: I have often been taxed, by people who do not know me, with being a committee man—and in a sense I most certainly am—I have never believed that a group as such could manage anything. A group can make policy, but only individuals can administer policy.

    [44:20] General Motors was able to overtake Ford because they widened a niche: It was that plan, policy , or strategy of 1921—whatever it should be called— which, I believe, more than any other single factor enabled us to move into the rapidly changing market of the twenties with the confidence that we knew what we were doing commercially and were not merely chasing around in search of a lucky star. The most important particular object of that plan of campaign, which followed from its strategic principles, was, as I have said, to develop a larger place for Chevrolet between the Ford car below and the medium—price group above, a case of trying to widen a niche. That was all, in the beginning, despite the completeness of the plan with regard to the whole market.

    [56:40] Alfred Sloan knew the car market was changing. You didn’t make sales by having the best car. You made sales by being different. David Ogilvy called this idea “a positively good product”: In the past, just about every advertiser has assumed that in order to sell his goods he has to convince consumers that his product is superior to his competitor’s. This may not be necessary. It may be sufficient to convince consumers that your product is positively good. If the consumer feels certain that your product is good and feels uncertain about your competitor’s, he will buy yours. If you and your competitors all make excellent products, don’t try to imply that your product is better. Just say what’s good about your product – and do a clearer, more honest, more informative job of saying it. Sales will swing to the marketer who does the best job of creating confidence that his product is positively good.

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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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    #135 Joseph Pulitzer (Politics & Media)

    #135 Joseph Pulitzer (Politics & Media)

    What I learned from reading Pulitzer: A Life in Politics, Print, and Power by James McGrath Morris.

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    [0:20]  Joseph Pulitzer was the midwife to the birth of the modern mass media. Pulitzer’s lasting achievement was to transform American journalism into a medium of mass consumption and immense influence. 

    [3:04] He was the pioneer of the modern media industry.  

    [5:06] Teddy Roosevelt tried to have Joseph Pulitzer put in jail.  

    [7:11] How one of Pulitzer’s adult sons viewed him: One of the strange differences between us two is the fact that you have never come near learning how to enjoy life. 

    [9:42] Joseph favored reading works of history and biography.  

    [10:12] Joseph understood fully the extent of the calamity [his father’s death]. He had been 9 years old when his older brother died, 10 when his younger brother and sister died, 11 when his father died, and 13 at the death of his last sister. 

    [11:50] At 17 years old Joseph escapes to America. A group of wealthy Boston businessmen recruit thousands of young Europeans to fight for the Union in the American Civil War. This scheme became Pulitzer’s escape route. 

    [13:18] Describing how he came to the United States: He was friendless, homeless, tongueless, and guideless.  

    [14:05]  One of the places he slept when he was homeless was in the lobby of a hotel. They kept kicking him out. Later in life he buys the hotel. 

    [14:44] What he said about his job of tending mules: Never in my life did I have a more trying task. The man who has not cared for 16 mules does not know what work and trouble are.  

    [15:18] Pulitzer was a voracious reader. When he was not working he spent every free minute improving his mind.  

    [17:12]  Edwin Land said, "Anything worth doing is worth doing to excess". Joseph Pulitzer would have agreed with that. 

    [19:15]He was so industrious that he became a positive annoyance to others who felt less inclined to work. Pulitzer was unwilling to put forward anything but his best effort. 

    [25:10] In only 5 years he had grown from a bounty hunting Hungarian teenager to an American lawmaker.  

    [28:54] There are only two or three human stories and they go on repeating themselves as fiercely as if they have never happened before.  

    [38:10] He is 30 years old and depressed. In the best of circumstances the loss of one’s only surviving parent inspires self-reflection, for Joseph with no specific profession or even a home, such introspection was demoralizing.  

    [40:45] It is hard to understand how much money newspapers made, especially at this time. William Randolph Hearst’s net worth would be the equivalent of $30 billion today.  

    [48:34] One did not work with Pulitzer. For him, surely. Against him, often. But not with him.  

    [51:44] Pulitzer was extremely ambitious. He was not satisfied to be the 500th best newspaper. He wanted to be number 1.  

    [1:06:20] When we think that, a hundred years hence, not one of us now living will be alive to care or to know, to enjoy or to suffer, what does it all amount to? To a puff of smoke which makes a few rings and then disappears into nothingness and yet we make tragedies of our lives, most of us not even making them serious comedies. 

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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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