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    • From Circus to Global Fame: P.T. Barnum's Diverse CareerBorn into poverty, P.T. Barnum became a global phenomenon by understanding common desires, accumulating wealth, and championing charitable causes, good government, and faith.

      P.T. Barnum's life was much more than just running a circus. He was a best-selling author, inspirational lecturer, real estate developer, banker, state legislator, and mayor before his circus days. Barnum, born into a struggling family, became world-famous and wealthy by appealing to popular tastes and understanding ordinary Americans' desires. His early interest in money led him to sell sweets to soldiers at a young age, and he continued to accumulate property and wealth throughout his life. Despite his controversial beginnings, Barnum's ideals and commitment to charitable causes, good government, and his faith earned him respect and admiration, not just in the United States but also globally. His life embodied the American narrative of breaking social boundaries and represented both the country's best and worst impulses.

    • Young Barnum's entrepreneurial spiritBarnum's early failures led him to learn valuable lessons about advertising and entertainment, shaping his future success in creating captivating spectacles and attractions.

      P.T. Barnum's passion for commerce and his early life experiences drove him to start his own business at a young age. Despite initial failures, Barnum's restlessness and entrepreneurial spirit led him to various ventures, including a successful lottery business. This experience taught him the importance of advertising and entertainment, eventually shaping his future endeavors in creating spectacles and attractions that captivated audiences. Barnum's determination to work for himself, even from a young age, and his ability to adapt to various business opportunities, showcased his unique character and drive that would later lead to his success as a showman and businessman.

    • Understanding the gap between beliefs and actionsP.T. Barnum's lottery business revealed that people's public respectability didn't align with their private interests, emphasizing the importance of understanding this gap.

      P.T. Barnum's success in his lottery business gave him insights into the complexities of human nature, revealing that people's public respectability did not always align with their private interests. He discovered that many of his customers, including clergymen and deacons, were secretly buying lottery tickets despite their public condemnation of gambling. This realization underscores the importance of understanding the gap between people's stated beliefs and their actions. Additionally, Barnum's unsuccessful newspaper venture during his early twenties showcased his innate showmanship, as he used his time in jail to generate local coverage and organize a parade upon his release. These events foreshadowed his future ability to draw attention to his beliefs, enterprises, and himself.

    • Lessons from P.T. Barnum's early careerDespite financial struggles and questionable methods, P.T. Barnum learned valuable lessons from his early career, which led to his future success as a showman.

      P.T. Barnum's success as a showman was built on his ability to execute seemingly small but consequential details, even during challenging times. He was an unyielding optimist who faced financial struggles when lotteries were outlawed, forcing him to change careers. During Barnum's era, human exhibitions were popular, and he found success in promoting oddities, including a false claim about George Washington's nanny being over 160 years old. This early venture was his least proud moment, but it taught him valuable lessons and set the foundation for his future success in the showman industry.

    • Barnum's Early Struggles: Failed Attempts and Autopsy TicketsDespite numerous job attempts, Barnum faced financial struggles. When he couldn't afford to buy the Barnum Museum, he famously replied 'I have no silver and gold, but I have brass' to acquire it, demonstrating his determination and resourcefulness.

      P.T. Barnum's early life was marked by numerous failed attempts at various occupations before he found success with the Barnum Museum in New York City. During his twenties and thirties, Barnum tried various jobs such as dance troop promoter, traveling showman, cologne manufacturer, Bible salesman, horse show clerk, copywriter, and freelance fiction writer. Despite his efforts, he struggled financially and even sold tickets to an autopsy to make ends meet. However, after realizing he was at the bottom of his financial situation and needing to provide for his family, Barnum saw an opportunity to buy the American Museum for $15,000, a significant amount of money he didn't have. Instead of letting this stop him, Barnum famously replied, "I have no silver and gold, but I have brass," showing his determination and cleverness to acquire the museum and start his most successful venture.

    • Understanding the growing middle class and their desire for wholesome entertainmentP.T. Barnum's success came from catering to the curiosity and learning needs of the public through effective advertising and a diverse collection, appealing to their sense of wonder and desire for new experiences.

      P.T. Barnum's success in creating a profitable museum was due to his understanding of the growing middle class and their desire for wholesome entertainment. He used this insight to attract customers through effective advertising and by offering a diverse collection that educated as well as entertained. Barnum's persuasive skills and ambitious plan to acquire every existing thing, living or dead, helped him build a museum that catered to the curiosity and learning needs of the public. Despite the seemingly impossible goal, he traveled the world to find unique exhibits and eventually became famous for his outrageous displays, such as the Fiji Mermaid. Ultimately, Barnum's ability to appeal to the public's sense of wonder and their desire for new experiences contributed to the success of his museum.

    • Barnum's Marketing of Fiji Mermaid: A HoaxBarnum created a hoax around the Fiji Mermaid by generating public curiosity through misleading letters to newspapers, disguising them as local news, and exhibiting a manipulated creature to capitalize on human fascination with the unusual.

      P.T. Barnum's marketing strategies were groundbreaking and deceptive, as seen in his famous hoax of the Fiji Mermaid. The mermaid was actually a manipulated combination of an orangutan, baboon, and salmon. Barnum obtained it from a friend and planned to exhibit it in New York. He generated public curiosity by having friends in different cities write letters to New York newspapers about the mermaid's arrival. Barnum disguised these letters as miscellanies of local news, making it seem like the mermaid was a genuine traveling oddity. This strategy of sowing intrigue and hiding intentions was a common tactic Barnum used throughout his life to distinguish his offerings from the ordinary. The lengths he went to demonstrate the power of effective marketing and the human fascination with the unusual.

    • P.T. Barnum's Marketing Tactics for the Fijian MermaidP.T. Barnum used clever marketing tactics, including crafted stories, exclusive access, and meetings with reporters, to generate buzz and attract crowds to his Fijian Mermaid exhibit.

      P.T. Barnum, the famous showman, used clever marketing tactics to generate buzz and attract crowds to his exhibits, including the alleged Fijian Mermaid. He carefully crafted stories and letters, creating intrigue and excitement, which led multiple newspapers to publish articles about the mermaid. Barnum then arranged meetings with local reporters to introduce them to the mermaid, who was actually an employee in disguise. He also commissioned idealized engravings and offered exclusive access to different newspapers, ensuring widespread coverage. Barnum's understanding of human nature and salesmanship allowed him to create a sense of urgency, encouraging people to visit the exhibit before it left town. He owned the mermaid the entire time and eventually displayed it in his museum, using the exhibit as effective indirect advertising to attract more visitors. Barnum's actions demonstrate his innovative marketing strategies and his ability to generate public interest in his exhibits.

    • P.T. Barnum Takes Tom Thumb to EuropeP.T. Barnum's determination and energy led him to international success by taking Tom Thumb's act to Europe and making every day count.

      P.T. Barnum's success with his museum in America led him to aspire for international recognition. After paying off his debts and creating a surplus, Barnum saw his business as no longer an experiment but a well-oiled machine. Seizing the opportunity, he took Tom Thumb's act to Europe, where it was met with massive success. Barnum's energy and determination were evident in his early morning shopping trips with Albert Smith, who described the day as more enriching than any other. Barnum's philosophy of making the most out of every day drove him to achieve great things, and his willingness to take risks and embrace oddities made him a trailblazer in entertainment.

    • From Rudeness to Redemption: P.T. Barnum's JourneyP.T. Barnum's success came from his bold promotion skills, but his neglect of family and excessive drinking led to personal struggles. He overcame bankruptcy by giving up alcohol and promoting temperance, demonstrating his ability to learn and adapt.

      P.T. Barnum's overwhelming energy and self-confidence, which sometimes came across as rude, allowed him to become incredibly successful as a promoter. He made millions of dollars by promoting acts like Tom Thumb and a Swedish singer, often making more than the talent themselves. However, Barnum's focus on work led him to neglect his family and drink excessively. His wife, Charity, worried about his path and hid her fears from him out of fear of his anger. Eventually, Barnum gave up drinking and found a new sense of purpose by spreading the message of temperance and giving up alcohol. This not only helped him recover from bankruptcy but also became a lucrative venture. Barnum's story shows that despite his imperfections, he had the ability to recognize and correct his mistakes, making him a complex and intriguing figure.

    • Barnum's innovative marketing strategiesBarnum's focus on generating buzz and publicity, rather than just ticket sales, led to successful promotion and a successful career.

      PT Barnum, a renowned showman, used innovative marketing strategies to promote various forms of entertainment and generate publicity, often focusing on the second-order effects rather than the obvious. One of his most successful publicity gambits was auctioning off the first ticket to a Jenny Lind concert, which generated extensive media coverage for both the show and the winning bidder. Barnum's approach to promotion was not about the monetary gain from the ticket sales but the publicity it generated. He understood the importance of creating buzz and generating interest, which ultimately led to increased ticket sales and a successful career. In essence, Barnum's promotion was about sharing what he loved and creating enjoyable experiences for people, even if it meant taking calculated risks and thinking beyond the obvious.

    • P.T. Barnum's Expertise in Showmanship and Promotion Led to Success, But Overextension into Unfamiliar Businesses Led to DownfallFocus on your expertise and stay within your circle of competence to avoid financial ruin.

      P.T. Barnum's success came from his expertise in showmanship and promotion, but his downfall was due to his lack of focus and overextension into unfamiliar business ventures. Barnum's scheme to outbid others for Jenny Lind's appearance led to national attention and massive profits, but his reckless spending and diversification into various businesses, many of which failed, ultimately led him to bankruptcy. Despite his optimistic nature, Barnum's financial ruin left him depressed and struggling to adjust to the loss of his wealth and status. This story serves as a reminder of the importance of staying within one's circle of competence and focusing on what one knows best. Barnum's successes came when he leveraged his expertise, but his failures were a result of his overreach into unfamiliar territory.

    • From Financial Ruin to Success: P.T. Barnum's StoryDespite financial ruin and betrayal, P.T. Barnum found support from true friends, learned valuable lessons, and continued to build wealth and success through lectures, books, and new ventures.

      Even in the face of financial ruin and betrayal by some, P.T. Barnum's resilience and determination led him to reinvent himself. After losing money and realizing he had more fake friends than he thought, Barnum found support from his true friends and used his experiences to give lectures and write books, including "The Art of Money Getting." He saw his troubles as a lesson from God to be a better person and became more generous with his wealth. Despite being in his 50s, Barnum continued to accumulate wealth and remain active in business, starting the circus and updating his autobiography, which sold over a million copies and influenced others like John Fish to succeed in business. In essence, Barnum turned his misfortune into an opportunity for growth and continued success.

    • Barnum's friendship with Fish leads to new adventuresBarnum's friendship with Fish inspired him and led to new experiences, including meeting General Custer and influencing Mark Twain's career.

      P.T. Barnum, despite his advanced age and previous attempts at retirement, couldn't resist the urge to continue working and contributing. His friendship with Fish, which began when Fish admired Barnum's showmanship, led to new adventures, including meeting General Custer and touring together. Barnum's autobiography, "Struggles and Triumphs," made a significant impact on Mark Twain (Samuel Clemens), inspiring him in his own career as a public lecturer and writer. Barnum's life before the circus was the focus of his autobiography, and his encounter with Bailey and the Great London Circus was a turning point. Despite being rejected by Bailey in his attempt to buy their famous elephant, Barnum's energy and determination remained unwavering. This highlights the human need to stay engaged and productive, even in later life.

    • Barnum joins forces with Ringling BrothersRealizing competition was futile, Barnum collaborated with Ringling Brothers to create a larger, more successful circus, demonstrating the power of teamwork and media connections.

      P.T. Barnum, despite being a formidable and clever showman, met his match in the Ringling Brothers and Barnum & Bailey Circus. Realizing it would be wiser to join forces than to continue competing, Barnum let Bailey run the business, while Barnum focused on promotions and media contacts. Barnum's life came full circle as he met a "newspaper man" before his death, and the industry that had been his lifeblood honored him with extensive obituaries. Barnum's remarkable life story serves as a testament to the power of collaboration and the enduring impact of media.

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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

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    If you want me to speak at your company go here

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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

    Be like Gareth. Buy a book: All the books featured on Founders Podcast

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    Come build relationships at the Founders Conference on July 29th-July 31st in Scotts Valley, California 

    ----

    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. 

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     A few questions I've asked SAGE recently: 

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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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    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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    #346 How Walt Disney Built Himself

    #346 How Walt Disney Built Himself

    What I learned from rereading Walt Disney: The Triumph of the American Imagination by Neal Gabler. 

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    (2:00) Disney’s key traits were raw ingenuity combined with sadistic determination.

    (3:00) I had spent a lifetime with a frustrated, and often unemployed man, who hated anybody who was successful. 

    Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)

    (6:00) Disney put excelence before any other consideration.

    (11:00) Maybe the most important thing anyone ever said to him: You’re crazy to be a professor she told Ted. What you really want to do is draw. Ted’s notebooks were always filled with these fabulous animals. So I set to work diverting him. Here was a man who could draw such pictures. He should earn a living doing that. 

    Becoming Dr. Seuss: Theodor Geisel and the Making of an American Imagination by Brian Jay Jones. (Founders #161)

    (14:00) A quote about Edwin Land that would apply to Walt Disney too:

    Land had learned early on that total engrossment was the best way for him to work. He strongly believed that this kind of concentrated focus could also produce extraordinary results for others. Late in his career, Land recalled that his “whole life has been spent trying to teach people that intense concentration for hour after hour can bring out in people resources they didn’t know they had.”  A Triumph of Genius: Edwin Land, Polaroid, and the Kodak Patent War by Ronald Fierstein. (Founders #134)

    (15:00) My parents objected strenuously, but I finally talked them into letting me join up as a Red Cross ambulance driver. I had to lie about my age, of course. 

    In my company was another fellow who had lied about his age to get in. He was regarded as a strange duck, because whenever we had time off and went out on the town to chase girls, he stayed in camp drawing pictures.

    His name was Walt Disney.

    Grinding It Out: The Making of McDonald's by Ray Kroc. (Founders #293)

    (20:00) Walt Disney had big dreams. He had outsized aspirations.

    (22:00) A quote from Edwin Land that would apply to Walt Disney too: My motto is very personal and may not fit anyone else or any other company. It is: Don't do anything that someone else can do.

    (24:00) Walt Disney seldom dabbled. Everyone who knew him remarked on his intensity; when something intrigued him, he focused himself entirely as if it were the only thing that mattered.

    (29:00) He had the drive and ambition of 10 million men.

    (29:00) I'm going to sit tight. I have the greatest opportunity I've ever had, and I'm in it for everything.

    (31:00) He seemed confident beyond any logical reason for him to be so. It appeared that nothing discouraged him.

    (31:00) You have to take the hard knocks with the good breaks in life.

    (32:00) Nothing wrong with my aim, just gotta change the target. — Jay Z

    (35:00) He sincerely wanted to be counted among the best in his craft.

    (43:00) He didn't want to just be another animation producer. He wanted to be the king of animation. Disney believed that quality was his only real advantage.

    (47:00) Walt Disney wanted domination. Domination that would make his position unassailable.

    (49:00) Disney was always trying to make something he could be proud of.

    (50:00) We have a habit of divine discontent with our performance. It is an antidote to smugness.

    Eternal Pursuit of Unhappiness: Being Very Good Is No Good,You Have to Be Very, Very, Very, Very, Very Good by David Ogilvy and Ogivly & Mather.  (Founders #343)

    (53:00) While it is easy, of course, for me to celebrate my doggedness now and say that it is all you need to succeed, the truth is that it demoralized me terribly. I would crawl into the house every night covered in dust after a long day, exhausted and depressed because that day's cyclone had not worked. There were times when I thought it would never work, that I would keep on making cyclone after cyclone, never going forwards, never going backwards, until I died.

    Against the Odds: An Autobiography by James Dyson (Founders #300)

    (56:00) He doesn't place a premium on collecting friends or socializing: "I don't believe in 50 friends. I believe in a smaller number. Nor do I care about society events. It's the most senseless use of time. When I do go out, from time to time, it's just to convince myself again that I'm not missing a lot."

    The Red Bull Story by Wolfgang Fürweger (Founders #333)

    (1:02:00) Steve was at the center of all the circles.

    He made all the important product decisions.

    From my standpoint, as an individual programmer, demoing to Steve was like visiting the Oracle of Delphi.

    The demo was my question. Steve's response was the answer.

    While the pronouncements from the Greek Oracle often came in the form of confusing riddles, that wasn't true with Steve.

    He 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.

    He was always trying to ensure the products were as intuitive and straightforward as possible, and he was willing to invest his own time, effort, and influence to see that they were.

    Through looking at demos, asking for specific changes, then reviewing the changed work again later on and giving a final approval before we could ship, Steve could make a product turn out like he wanted.

    Much like the Greek Oracle, Steve foretold the future.

    Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

    (1:07:00) He griped that when he hired veteran animators he had to “put up with their Goddamn poor working habits from doing cheap pictures.” He believed it was easier to start from scratch with young art students and indoctrinate them in the Disney system.

    (1:15:00) I don’t want to be relagated to the cartoon medium. We have worlds to conquer here.

    (1:17:00) Advice Henry Ford gave Walt Disney about selling his company: If you sell any of it you should sell all of it.

    (1:23:00) He kept a slogan pasted inside of his hat: You can’t top pigs with pigs. (A reminder that we have to keep blazing new trails.)

    (1:25:00) Disney’s Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow.

    (1:33:00) It is the detail. If we lose the detail, we lose it all.

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    #21 Masters of Doom: How Two Guys Created an Empire and Transformed Pop Culture

    #21 Masters of Doom: How Two Guys Created an Empire and Transformed Pop Culture

    What I learned from reading Masters of Doom: How Two Guys Created an Empire and Transformed Pop Culture by David Kushner.

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    [0:35] For a new generation, Carmack and Romero personified an American dream: they were self-made individuals who had transformed their personal passions into a big business, a new art form, and a cultural phenomenon.

    [1:19] His (John Carmack) game and life aspired to the elegant discipline of computer code.

    [1:40] Romero wants an empire. I just want to create good programs.

    [3:07] No matter what Romero suffered he could always escape back into games.

    [4:55] Romero’s stepdad smashed Romero’s face into the machine as punishment for playing video games.

    [5:24] He beat Romero until the boy had a fat lip and a black eye. Romero was grounded for two weeks. The next day he snuck back to the arcade.

    [7:40] One afternoon his father left to pick up groceries. Romero wouldn't see him again for two years.

    [8:53] Alibaba: The House That Jack Ma Built by Duncan Clark. (Founders #32)

    [10:20] Arcade games were bringing in $5 billion a year. Home systems were earning $1 billion. His stepfather did not believe game development to be a proper vocation. You'll never make any money making games he often said.

    [11:28] A business is just an idea or service that makes somebody's life better. —Richard Branson

    [12:58] Richard Garriott came to fame in the early eighties through his own initiative + Explore/Create: My Life in Pursuit of New Frontiers, Hidden Worlds, and the Creative Spark by Richard Garriott.

    [13:20] Ken and Roberta Williams also pioneered the Ziploc distribution method, turning their homemade graphical role-playing games into a $10 million–a–year company.

    [14:19] Carmack quickly distinguished himself when he was only seven years old. He scored nearly perfect on every standardized test placing himself at a ninth grade comprehension level.

    [15:03] The Cook and The Chef by Tim Urban

    [16:05] Carmack had never worked on a computer before but took to the device as if it were an extension of his own body.

    [16:39] All they desired is be able to create their own world.

    [17:08] The Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius, and Betrayal by Ben Mezrich.  (Founders #14)

    [17:44] He read the passage about computers in the encyclopedia a dozen times.

    [18:36] He relished this ability to create things out of thin air. As a programmer he didn't have to rely on anyone else.

    [18:54] A book that inspired John Carmack: Hackers: Heroes of the Computer Revolution by Stephen Levy

    [20:35] When Carmack finished the book he had one thought: I'm supposed to be in there.

    [21:09] If you want to understand the entrepreneur, study the juvenile delinquent. The delinquent is saying with his actions, “This sucks. I’m going to do my own thing.” —Let My People Go Surfing (Founders #18)

    [22:48] Carmack was sentenced to one year in juvenile detention. Most of the kids were in for drugs. Carmack was in for an Apple II.

    [24:24] Carmack knows what he wants to do with his life and then he eliminates everything else that’s not that.

    [24:32] Carmack relished the freelance lifestyle. He was in control of his time, slept as late as he wanted, and, even better, answered to no one.

    [27:16] How id Software was born.

    [31:26] Super Mario Brothers 3 sold 17 million copies. The equivalent of 17 platinum records —something only artists like Michael Jackson had pulled off.

    [33:20] Carmack was of the moment. His ruling force was focus. Time existed for him not in some promising future or sentimental past but in the present condition. He kept nothing from the past—no pictures, no records, no games, no computer disks. He kept nothing but what he needed at the time. His bedroom consisted of a lamp, a pillow, a blanket, and a stack of books. There was no mattress.

    [35:58] Shareware dated back to a guy named Andrew Fluegelman. In 1980, Fluegelman wrote a program called PC-Talk and released it online with a note saying that anyone who liked the wares should feel free to send him some “appreciation” money. Soon enough he had to hire a staff to count all the checks. Fluegelman called the practice “shareware,” “an experiment in economics.”

    [37:42] Then he got an idea. Instead of giving away the entire game, why not give out only the first portion, then make the player buy the rest of the game directly from him? No one had tried it before, but there was no reason it couldn’t work.

    [38:26] There was no advertising, no marketing and virtually no overhead except for the low cost of floppy discs and Ziploc bags, because there were no other people to pay off. Scott could price his games much lower than most retail title. $15 to $20 as opposed to 30 to 40 for every dollar he brought in Scott was pocketing 90 cents. By the time he contacted Romero, he had earned $150,000 by word of mouth alone.

    [38:54] I just love the fact that he could do it on his own. By himself. He doesn't have to ask permission. He doesn't have to deal with publishing. He just makes something people like and then they can pay him directly.

    [39:50] They didn’t need any help getting motivated. Carmack seemed almost inhumanly immune to distraction.

    [40:45] All of science and technology and culture and learning and academics is built upon using the work that others have done before.

    [41:23] They start spending nights and weekends developing their own games. They still have day jobs.

    [42:19] The first Keen trilogy was now bringing in fifteen to twenty thousand dollars per month. It wasn’t just pizza money anymore, it was computer money. Carmack was only twenty years old, Romero, twenty-three, and they were in business.

    [43:31] Carmack’s maxim on problem solving: Try the obvious approach first; if that fails, think outside the box.

    [44:45] They didn’t seem to have a business bone in their bodies. When they told Williams how much they were making he blurted out “You’re telling me you’re making fifty thousand dollars a month just from shareware?”

    [50:30] I think it takes a certain level of discipline to have a company that's making millions of dollars a year and yet not expand out and try to add all these unnecessarily expenses. (A mistake made a lot in the history of entrepreneurship)

    [53:39] The more business responsibilities they had, things like order fulfillment and marketing, the more they would lose their focus —making great games.

    [53:55] The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone. (Founders #179)

    [55:28]  Innovate, optimize, then jettison anything that gets in the way.

    [58:49] The more shareware was distributed, the more potential customers ID would be able to collect. We don't care if you make money off the shareware demo they told the retailers. Move it in mass quantities. The retailers couldn't believe their ears. No one had ever told them not to pay royalties.

    [59:23] Take the money that you might have given me in royalties and use it to advertise the fact you're selling Doom.

    [1:02:19] Even though only an estimated 1% of people who downloaded shareware bought the remaining game, $100,000 worth of orders were rolling in every day.

    [1:05:56] Why, they wanted to know, did they need GTI? Ron didn’t relent. “Look,” he said, “maybe you’ll sell a hundred thousand copies of Doom in shareware, but I believe if you give me a retail version of Doom and, let’s call it for lack of a better term, Doom II, I think I could sell five hundred thousand or more units.”

    [1:08:16] For Carmack it wasn't the cash that was intriguing. It was the opportunity to get back into the trenches.

    [1:10:53] Romero spelled out his new life code: It was time to enjoy ID’s accomplishments, no more crunch mode, no more bloodshot nights, no more death schedules. Carmack remained quiet.

    [1:14:06] Carmack said Romero was pushed out of ID because he wasn't working hard enough.

    [1:14:21] The main point of conflict between Carmack and Romero: Romero wants an empire. Carmack just wants to create good programs.

    [1:24:15] He's just making colossal mistake after colossal mistake. Not adhering to anything that had previously made him successful.

    [1:25:50] All those things Carmack had berated him about: The hyperbole, the lack of focus, the dangers of a large team— had come back with vengeance.

    [1:27:56] My favorite paragraph in the book: “In the information age, the barriers just aren’t there. The barriers are self-imposed. If you want to set off and go develop some grand new thing, you don’t need millions of dollars of capitalization. You need enough pizza and Diet Coke to stick in your refrigerator, a cheap PC to work on, and the dedication to go through with it. We slept on floors. We waded across rivers.”

    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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    #255 Sam Zemurray (Banana King)

    #255 Sam Zemurray (Banana King)

    What I learned from rereading The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen.

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    [0:47] This story can shock and infuriate us, and it does. But I found it invigorating, too. It told me that the life of the nation was written not only by speech-making grandees in funny hats but also by street-corner boys, immigrant strivers, crazed and driven, some with one good idea, some with thousands, willing to go to the ends of the earth to make their vision real.

    [4:56] Tycoon's War: How Cornelius Vanderbilt Invaded a Country to Overthrow America's Most Famous Military Adventurer by Stephen Dando-Collins (Founders #55)

    [6:00] Unlike Vanderbilt's other adversaries William Walker was not afraid of Cornelius when he should have been.

    [8:21] The immigrants of that era could not afford to be children.

    [8:42] The Adventures of Herbie Cohen: World's Greatest Negotiator by Rich Cohen

    [8:54] He was driven by the same raw energy that has always attracted the most ambitious to America, then pushed them to the head of the crowd. Grasper, climber-nasty ways of describing this kid, who wants what you take for granted. From his first months in America, he was scheming, looking for a way to get ahead. You did not need to be a Rockefeller to know the basics of the dream: Start at the bottom, fight your way to the top.

    [10:01] There is no problem you can't solve if you understand your business from A to Z.

    [13:08]  Sam spotted an opportunity where others saw nothing.

    [14:17] As far as he was concerned, ripes were considered trash only because Boston Fruit and similar firms were too slow-footed to cover ground. It was a calculation based on arrogance. I can be fast where others have been slow. I can hustle where others have been satisfied with the easy pickings of the trade.

    [14:42] The kid on the streets is getting a shot at a dream. He sees the guy who gets rich and thinks, yep, that'll be me. He ignores the other stories going around.  // There's no way to quantify all that on a spreadsheet, but it's that dream of being the exception, the one who gets rich and gets out before he gets got that's the key to a hustler's motivation. Decoded by Jay Z. (Founders #238)

    [22:36] He was pure hustle.

    [24:15] Preston later spoke of Zemurray with admiration. He said the kid from Russia was closer in spirit to the banana pioneers than anyone else working. "He's a risk taker," Preston explained, “he's a thinker, and he's a doer.”

    [26:33] They don't write books about people that stopped there.

    [28:48] Titan: The Life of John D. Rockefeller by Ron Chernow (Founders #248) and John D: The Founding Father of the Rockefellers by David Freeman Hawke. (#254)

    [30:22] He seemed to strive for the sake of striving.

    [30:44] If you're on a mans side you stay on that mans side or you're no better than a goddamn animal.

    [31:11] The world is a mere succession of fortunes made and lost, lessons learned and forgotten and learned again.

    [35:41] A man whose commitment could not be questioned, who fed his own brothers to the jungle.

    [36:00] The Forgotten Highlander: An Incredible WWII Story of Survival in the Pacificby Alistair Urquhart.

    [37:02] Why the Founders of United Fruit were the Rockefellers of bananas.

    [43:23] He kept quiet because talking only drives up the price.

    [44:19] 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.

    [49:30] He believed in the transcendent power of physical labor—that a man can free his soul only by exhausting his body.

    [58:04] He disdained bureaucracy and hated paperwork. So seldom did he dictate a letter that he requires no full-time secretary.

    [1:00:01] He was respected because he understood the trade. By the time he was 40 he had served in every position. There was not a job he could not do nor a task he could not accomplish. He considered it a secret of his success.

    [1:01:02] Rick Rubin: In the Studio by Jake Brown. (Founders #245)

    [1:04:00] Zemurray was the founder, forever on the attack, at work, in progress, growing by trial and error.

    [1:06:44] Here was a self-made man, filled with the most dangerous kind of confidence: he had done it before and believed he could do it again. This gave him the air of a berserker, who says, If you're going to fight me, you better kill me. If you’ve ever known such a person, you will recognize the type at once. If he does not say much, it's because he considers small talk a weakness. Wars are not won by running your mouth. I'm describing a once essential American type that has largely vanished. Men who channeled all their love and fear into the business, the factory, the plantation, the shop.

    [1:07:44] Founder Mentality vs Big Company Mentality: When this mess of deeds came to light, United Fruit did what big bureaucracy-heavy companies always do: hired lawyers and investigators to search every file for the identity of the true owner. This took months. In the meantime, Zemurray, meeting separately with each claimant, simply bought the land from them both. He bought it twice paid a little more, yes, but if you factor in the cost of all those lawyers, probably still spent less than United Fruit and came away with the prize.

    [1:09:04] His philosophy: Get up first, work harder, get your hands in the dirt and blood in your eyes.

    [1:13:02] For every move there is a counter move. For every disaster there is a recovery. He never lost faith in his own agency.

    [1:13:57] A man focused on the near horizon of costs can sometimes lose sight of the far horizon of potential windfall.

    [1:16:22] You gentlemen have been fucking up this business long enough. I'm going to straighten it out.

    [1:19:03] In a time of crisis the mere evidence of activity can be enough to get things moving.

    [1:19:42] Zemurray was never heard to bitch or justify. He was a member of a generation that lived by the maxim: Never complain, never explain.

    [1:23:08] The Father of Spin: Edward L. Bernays and the Birth of Public Relations by Larry Tye

    [1:24:14] He should link his private interest to a public cause.

    [1:25:32] In almost every act of our daily lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons who understand the mental processes and social patterns of the masses, who harness old social forces and contrive new ways to bind and guide the world.

    [1:28:28] Sam's defining characteristic was his belief in his own agency, his refusal to despair. No story is without the possibility of redemption; with cleverness and hustle, the worst can be overcome. I can't help but feel that we would do well by emulating Sam Zemurray–not the brutality or the conquest, but the righteous anger that sent the striver into the boardroom of laughing elites, waving his proxies, shouting, "You gentlemen have been fucking up this business long enough. I'm going to straighten it out.

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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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    #249 Steve Jobs In His Own Words

    #249 Steve Jobs In His Own Words

    What I learned from reading I, Steve: Steve Jobs In His Own Words by George Beahm.

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    [1:05]

    On Steve Jobs

    #5 Steve Jobs: The Biography
    #19 Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader
    #76 Return To The Little Kingdom: Steve Jobs and The Creation of Apple
    #77 Steve Jobs & The NeXT Big Thing
    #204 Inside Steve Jobs' Brain
    #214 Steve Jobs: The Exclusive Biography
    #235 To Pixar And Beyond: My Unlikely Journey with Steve Jobs to Make Entertainment History

    Bonus Episodes on Steve Jobs

    Insanely Simple: The Obsession That Drives Apple's Success (Between #112 and #113)
    Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs (Between #110 and #111)

    On Jony Ive and Steve Jobs

    #178 Jony Ive: The Genius Behind Apple's Greatest Products

    On Ed Catmull and Steve Jobs

    #34 Creativity Inc: Overcoming The Unseen Forces That Stand In The Way of True Inspiration

    On Steve Jobs and several other technology company founders

    #157 The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution

    #208 In the Company of Giants: Candid Conversations With the Visionaries of the Digital World

    [3:13] We're not going to be the first to this party, but we're going to be the best.

    [4:54] Company Focus: We do no market research. We don't hire consultants. We just want to make great products.

    [5:06] The roots of Apple were to build computers for people, not for corporations. The world doesn't need another Dell or Compaq.

    [5:52] Nearly all the founders I’ve read about have a handful of ideas/principles that are important to them and they just repeat and pound away at them forever.

    [7:00] You can oftentimes arrive at some very elegant and simple solutions. Most people just don't put in the time or energy to get there.

    [8:09] I think of Founders as a tool for working professionals. And what that tool does is it gets ideas from the history of entrepreneurship into your brain so then you can use them in your work. It just so happens that a podcast is a great way to achieve that goal.

    [8:48] Tim Ferriss Podcast #596 with Ed Thorp

    [8:50] A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders 222)

    [10:43] In most people's vocabularies, design means veneer. It's interior decorating. It's the fabric of the curtains and the sofa. But to me, nothing could be further from the meaning of design. Design is the fundamental soul of a man-made creation that ends up expressing itself in successive outer layers of the product or service.

    [12:05] The Essential Difference: The Lisa people wanted to do something great. And the Mac people want to do something insanely great. The difference shows.

    [14:21] Sure, what we do has to make commercial sense, but it's never the starting point. We start with the product and the user experience.

    [15:57] Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader by Brent Schlender and Rick Tetzeli. (Founders #19)

    [16:41] We had a passion to do this one simple thing.

    [16:51] And that's really important because he's saying I wasn't trying to build the biggest company. I wasn't trying to build a trillion dollar company. It wasn't doing any of that. Those things happen later as a by-product of what I was actually focused on, which is just building the best computer that I wanted to use.

    [17:14] In the Company of Giants: Candid Conversations With the Visionaries of the Digital World by Rama Dev Jager and Rafael Ortiz.  (Founders #208 )

    [17:41] It comes down to trying to expose yourself to the best things that humans have done and then try to bring those things in to what you're doing. Picasso had a saying: good artists copy, great artists steal. And we have always been shameless about stealing great ideas.

    [20:29] Our belief was that if we kept putting great products in front of customers, they would continue to open their wallets.

    [21:06]  A Mind at Play: How Claude Shannon Invented the Information Age by Jimmy Soni and Rob Goodman (Founders #95) “A very small percentage of the population produces the greatest proportion of the important ideas. There are some people if you shoot one idea into the brain, you will get half an idea out. There are other people who are beyond this point at which they produce two ideas for each idea sent in.”

    [22:29] Edwin land episodes:

    Insisting On The Impossible: The Life of Edwin Land and Instant: The Story of Polaroid (Founders #40)

    The Instant Image: Edwin Land and The Polaroid Experience by Mark Olshaker. (Founders #132)

    Land’s Polaroid: A Company and The Man Who Invented It by Peter C. Wensberg. (Founders #133)

    A Triumph of Genius: Edwin Land, Polaroid, and the Kodak Patent War by Ronald K. Fierstein. (Founders #134)

    [25:01] Macintosh was basically this relatively small company in Cupertino, California, taking on the goliath, IBM, and saying "Wait a minute, your way is wrong. This is not the way we want computers to go. This is not the legacy we want to leave. This is not what we want our kids to be learning. This is wrong and we are going to show you the right way to do it and here it is and it is so much better.

    [27:47] Jony Ive: The Genius Behind Apple's Greatest Productsby Leander Kahney. (
    (Founders #178)

    [29:00] Enzo Ferrari: Power, Politics, and the Making of an Automobile Empire by Luca Dal Monte (Founders #98)

    [34:39] On meeting his wife, Laurene: I was in the parking lot, with the key in the car, and I thought to myself: If this is my last night on earth, would I rather spend it at a business meeting or with this woman? I ran across the parking lot, asked her if she'd have dinner with me. She said yes, we walked into town, and we've been together ever since.

    [37:26] It's not about pop culture, and it's not about fooling people, and it's not about convincing people that they want something they don't. We figure out what we want. And I think we're pretty good at having the right discipline to think through whether a lot of other people are going to want it, too. That's what we get paid to do.

    [41:29] Constellation Software Inc. President's Letters by Mark Leonard. (Founders #246)

    [42:30] Made in Japan: Akio Morita and Sony by Akio Morita. (Founders #102)

    [44:36] Victory in our industry is spelled survival.

    [45:21] Once you get into the problem you see that it's complicated, and you come up with all these convoluted solutions. That's where most people stop, and the solutions tend to work for a while. But the really great person will keep going, find the underlying problem, and come up with an elegant solution that works on every level.

    [48:15] Churchill by Paul Johnson (Founders #225)

    [48:25] I would trade all my technology for an afternoon with Socrates.

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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

    Be like Gareth. Buy a book: All the books featured on Founders Podcast

    #247 Henry Flagler (Rockefeller's partner)

    #247 Henry Flagler (Rockefeller's partner)

    What I learned from reading Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford.

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    [1:14] The building of the railroad across the ocean was a colossal piece of work born of the same impulse that made individuals believe that pyramids could be raised cathedrals, erected and continents Tamed the highway

    [1:31] All that remains of an error where men still lived, who believed that with enough will and energy and money that anything could be accomplished.

    [2:13] Titan: The Life of John D. Rockefeller, Sr by Ron Chernow (Founders #16)

    [2:35] Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Changed America by Les Standiford. (Founders #73)

    The Autobiography of Andrew Carnegie by Andrew Carnegie (Founders #74)

    Henry Clay Frick: The Life of the Perfect Capitalist by Quentin Skrabec Jr. (Founders #75)

    [5:51] The Autobiography of Benjamin Franklin by Benjamin Franklin (Founders #62)

    [6:24] Benjamin Franklin: An American Life by Walter Isaacson. (Founders #115) “This industry visible to our neighbors began to give us character and credit," Franklin noted. One of the town's prominent merchants told members of his club, "The industry of that Franklin is superior to anything I ever saw of the kind; I see him still at work when I go home from club, and he is at work again before his neighbors are out of bed." Franklin became an apostle of being-and, just as important, of appearing to be-industrious. Even after he became successful, he made a show of personally carting the rolls of paper he bought in a, wheelbarrow down the street to his shop, rather than having a hired hand do it.

    [8:54] Ogilvy on Advertising (Founders #82) Set yourself to becoming the best-informed person in the agency on the account to which you are assigned. If, for example, it is a gasoline account, read books on oil geology and the production of petroleum products. Read the trade journals in the field. Spend Saturday mornings in service stations, talking to motorists. Visit your client’s refineries and research laboratories. At the end of your first year, you will know more about the oil business than your boss, and be ready to succeed him.

    [10:50] The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227) Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero. That is not an equation whose effects I would like to experience personally.

    [13:20] Rockefeller did not believe in diversification. He said they had no outside interest. That it is an immense task building a successful company. It's silly to go out and diversify into other lines or to make other investments. Focus on your business!

    [13:53] Their chief binding passion: The desire to make large sums of money.

    [14:13] Random Reminiscences of Men and Events by John D. Rockefeller. (Founders #148)

    [19:44] Warren Buffett on MOATs: On a daily basis, the effects of our actions are imperceptible; cumulatively, though, their consequences are enormous. When our long-term competitive position improves as a result of these almost unnoticeable actions, we describe the phenomenon as "widening the moat." When short-term and long-term conflict, widening the moat must take precedence.

    [20:06] The way I define moat: Why are you difficult to compete with?

    [26:54] For the last 14 or 15 years I have devoted myself exclusively to my business.

    [28:00] He had become a creator instead of an accumulator and he had found much more satisfaction in such an accomplishment.

    [30:40] Writer, Sailor, Soldier, Spy: Ernest Hemingway's Secret Adventures, 1935-1961 by Nicholas Reynolds. (Founders #194)

    [35:54] You have to admire Julia Tuttle. She is relentlessly persistent.

    [36:27] Flagler likes to keep his options open and react to new information.

    [43:25] It was a time in history when men were tempted no longer to regard themselves as the mercy of the fates —but as masters of their environment.

    [46:08] A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222 and #93)

    [46:29] Getting rich and staying rich are two separate skills.

    [49:11] It is well-documented that Flagler planned his actions carefully.

    [51:06] He is not at all interested in retiring and is in fact, choosing to run directly towards more difficulties.

    [51:51] Decoded by Jay Z. (Founders #238) Every hustler knows the value of a feint. It keeps you one step ahead of whoever's listening in.

    [52:57] During your attempt at doing something difficult you're going to have several points where all of the options in front of you would not be described as good options.

    [57:47] You realize that you were before a man who has suffered and has never wept, who has undergone intense pain and has never sobbed, who has never bent under stress.

    [58:12] The only excess I believe I have indulged in has been that of hard work.

    [58:58]  Hard work, energy, and accomplishment. For Flagler it seemed to be all he knew and all he needed to know.

    [1:07:16] A story about how not panicking can save your life.

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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

    Be like Gareth. Buy a book: All the books featured on Founders Podcast

    #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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