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    • Theodore Roosevelt's pursuit of justice for stolen boatRoosevelt's determination and resilience in pursuing justice for his stolen boat, even in harsh conditions, shaped his character and led him to become a great leader.

      Theodore Roosevelt, a young physician turned adventurer, demonstrated extraordinary determination and principle in pursuing justice after his boat was stolen. Despite the harsh conditions and danger, he embarked on a dangerous journey with his friends to catch the thieves. The adventure, which included reading Anna Karenina during the ordeal, showcased Roosevelt's resilience and commitment to doing what was right. The story, as told by Victor Stickney, highlights the unique character of Theodore Roosevelt, a man of brilliant ability who chose to live an extraordinary life on the frontier. McCullough's book, "Mornings on Horseback," explores the story of this family, vanished way of life, and the unique child who became Theodore Roosevelt. The author wrote the book to shed light on the formative experiences that shaped Roosevelt's character and ultimately led him to become one of America's most influential leaders.

    • Theodore Roosevelt's complex personality and fascinating life storyThrough David McCullough's biography, we gain insight into Theodore Roosevelt's transformation from a complex and dynamic figure, shaped by his family and early life experiences, into a persistent and influential leader.

      Theodore Roosevelt, despite not being the main focus of several books the speaker has recently read, has left a lasting impression due to his fascinating and complex personality. The speaker was particularly drawn to Roosevelt's life story after reading about his rivalries and temporary partnerships with influential figures like J.P. Morgan and William Randolph Hearst. When searching for a biography on Roosevelt, the speaker was drawn to David McCullough's work due to the author's ability to tell compelling stories in a concise manner. The speaker was specifically interested in understanding how Roosevelt transformed into the dynamic and persistent figure he became, and how his family and early life influenced his later achievements. The book, published in 1981 and winner of the National Book Award, provides insight into Roosevelt's inner workings and the challenges he faced throughout his life.

    • Teddy Roosevelt's upbringing shaped his 'get action' life mottoTeddy Roosevelt's unconventional education and hatred of idleness, instilled by his father, contributed to his remarkable achievements despite his privileged background.

      Learning from the discussion about "Mornings on Horseback" by David McCullough is that Teddy Roosevelt's upbringing, specifically his father's influence, played a significant role in shaping his life motto of "get action" and his ability to accomplish remarkable feats. Despite coming from a wealthy and privileged background, the Roosevelt family was unconventional in their education methods, with Teddy being an avid reader and question asker. His father, Theodore Roosevelt Sr., instilled in him a hatred of idleness and the importance of seizing the moment. Teddy's privileged upbringing allowed him to pursue his interests and read extensively, which contributed to his impressive body of work later in life. The paradox of the Roosevelt family's wealth and unconventional education methods highlights the importance of action, curiosity, and determination in overcoming adversity and achieving success.

    • The power of stories in shaping desires and experiencesTheodore Roosevelt's love for adventure and learning was fueled by the stories he heard as a child, including those of his mother's family and heroic figures from literature. His struggles with asthma led him to seek out knowledge and ideas from medical texts, which he later applied to his own life.

      Theodore Roosevelt's love for the outdoors and adventure was fueled by the stories of his mother's family, which provided distraction and excitement during his frequent asthma attacks. His father's decision to hire a substitute during the Civil War deeply affected him and became a regret he felt compelled to compensate for. Roosevelt's insatiable hunger for adventure and desire to distinguish himself are themes that emerged early in his life, influenced by the heroic figures he admired from his favorite stories. The stories we encounter shape our desires and experiences, and Roosevelt's ambition and eagerness to explore and learn are evident in his early life and continue to inspire him throughout his career. Additionally, Roosevelt's struggles with asthma led him to seek out knowledge and ideas from medical texts, such as "On Asthma," which he and his father read, and which he later applied to his own life.

    • Theodore Roosevelt's Determination and ResilienceDespite health challenges, Roosevelt learned to be determined and resilient, shaping him into a successful and inspiring figure.

      That life is a battle, and it's essential to respond with determination and tenacity instead of seeing oneself as a helpless victim. This lesson is exemplified in the life of Theodore Roosevelt, who faced the challenge of asthma from a young age. Despite his health issues, he learned that life is unpredictable and that he must be prepared for the worst. His father encouraged him to build up his body through strenous exercise, which became a lifelong habit for Teddy. He saw himself as weak and boneless, and he knew that strength had to come first before he could achieve his goals. This mindset helped him become a successful and inspiring figure, as shown in Salter's book. The main point is that no minute of life should be wasted, and we can all learn from Teddy Roosevelt's determination and resilience.

    • The impact of loved ones on confidence and motivationHistorical figures like Alexander Graham Bell, Theodore Roosevelt, and Estee Lauder demonstrate the power of family support and belief in shaping self-confidence and motivation.

      The support and belief of loved ones, particularly parents, can significantly impact an individual's confidence and motivation. This is evident in the lives of historical figures like Alexander Graham Bell and Theodore Roosevelt. Bell's rejection by Theodore Roosevelt Sr. for investment may have been a setback, but the belief and confidence instilled in Roosevelt Jr. by his father proved instrumental in his later accomplishments. Similarly, Estee Lauder's relationship with her uncle and Roosevelt's bond with his father demonstrate the power of validation and trust in shaping one's self-belief. Despite experiencing grief and self-doubt, figures like Roosevelt continued to strive for success and make their loved ones proud. Reading biographies provides valuable insights into the human experiences of accomplished individuals, reminding us that we all face emotions like joy, terror, sorrow, and grief, but it's our resilience and determination that ultimately define our paths in life.

    • From tragedy to activity: Theodore Roosevelt's coping mechanismTheodore Roosevelt overcame personal tragedy by immersing himself in physical activity and maintaining a frugal, resourceful mindset instilled by his father.

      Theodore Roosevelt, despite facing immense tragedy and grief throughout his life, coped by throwing himself into physical activity and maintaining a frugal, resourceful mindset. After the death of his father, he returned to Harvard to complete his education and immersed himself in various interests and clubs. His father had instilled in him the importance of being frugal and managing resources effectively, which Theodore carried with him throughout his life. Despite his eccentricities and intense energy, he was a figure of constant activity and was wholly incapable of indifference. This mindset helped him deal with his emotional pain and overcome adversity.

    • Roosevelt's relentless drive and curiosityDespite health challenges, Roosevelt's drive and curiosity led him to accomplish great things, from nature observation to politics and American history impact

      Theodore Roosevelt was a highly competitive and driven individual who constantly pushed himself to prove his superiority, whether it was in physical challenges or intellectual pursuits. This trait was evident from his childhood diaries, where he meticulously cataloged his observations of nature, to his political career, where he observed and judged his peers with a critical eye. Despite facing adversity, such as a health diagnosis that required him to live a quiet life, Roosevelt defied the odds and continued to push himself, driven by a sense of wonder and discovery. This relentless drive and curiosity led him to accomplish great things, from writing books to joining politics and making a significant impact on American history.

    • Roosevelt's zest for life and relentless determinationRoosevelt's approach to life was marked by his unwillingness to shrink from challenges, insatiable curiosity, and refusal to be confined by boredom, even amidst personal losses.

      Theodore Roosevelt was an uncommon, determined, and fiery individual who approached life with zest and relished in battles, whether political or personal. Despite facing criticism and ridicule, he remained focused on his goals and was known for his tenacity and insatiable curiosity. He saw every moment as an opportunity to learn and engage, and his zest for life was evident in his every action. Whether it was his quick consumption of newspapers or his eagerness to fight formidable opponents, Roosevelt's approach to life was characterized by his unwillingness to shrink from challenges and his refusal to be confined or hemmed in by boredom. His tragic personal losses only strengthened his resolve and determination, making him a truly remarkable figure in American history.

    • Reflections on loss and mortality in Theodore Roosevelt's early lifeDespite facing numerous health issues and the untimely deaths of his parents, Roosevelt found strength and purpose through his struggles, ultimately leading to his legendary leadership.

      Learning from Theodore Roosevelt's early life is the sense of the fragility and brevity of life. Faced with numerous health issues and the untimely deaths of his parents, Roosevelt was left with a profound sense of mortality and a determination to seize the moment. After his mother's death, he wrote, "The light has gone out of my life," and went on to seek solace and physical exertion in the Badlands. Here, he faced challenges and even violence, but also gained strength and a renewed sense of purpose. Despite his deep sadness and despair, he never gave up, instead choosing to find meaning and identity through his struggles. This period of Roosevelt's life, marked by loss and introspection, set the stage for his later achievements and legendary leadership.

    • The Badlands shaped TR's character and valuesTR's experiences in the Badlands instilled courage, self-reliance, and a deep appreciation for honesty and hard work. Despite facing challenges, he believed in his abilities and became President.

      Theodore Roosevelt's experiences in the harsh and dangerous frontier of the Badlands shaped his character and values, leading him to develop courage, self-reliance, and a deep appreciation for honesty and hard work. Despite facing numerous challenges and setbacks, including financial losses and political failures, Roosevelt believed in his abilities and eventually became President of the United States. His transformation from a doubtful young man to a confident leader demonstrates the power of determination and resilience in the face of adversity.

    • An Unprecedented President with a Passion for ConservationRoosevelt, the youngest president, made history with charisma, executive abilities, and conservation efforts, settling labor disputes, initiating antitrust suits, building the Panama Canal, and using the White House as a 'bully pulpit'.

      Theodore Roosevelt was an exceptional and unprecedented president, having served various roles beforehand including civil service commissioner, police commissioner, assistant secretary of the Navy, colonel, governor, and vice president. At 42 years old, he became the youngest president in history, known for his charisma, executive abilities, and passion for conservation. He made significant strides in settling labor disputes, initiating antitrust suits, and building the Panama Canal. Roosevelt was also an avid conservationist, increasing national forest areas and establishing numerous parks and monuments. He used the White House as a "bully pulpit" to preach values and made history as the first American to receive the Nobel Peace Prize. Despite his public persona, Roosevelt harbored private introspective thoughts and dealt with personal loss by encouraging others to move forward. His favorite poet, Edwin Arlington Robinson, reflected themes of loneliness and personal memory, contrasting the public image of the robust and quick-stepping Roosevelt.

    • Living Intensely and Entirely in Every MomentRoosevelt's zest for life and ability to live in the present despite adversity left a lasting impact on American history.

      Learning from the life of Theodore Roosevelt is his ability to live intensely and entirely in every moment. Despite numerous health issues, personal losses, and political upheavals, Roosevelt continued to pursue his passions, from writing letters to his children to exploring the Amazon jungle. His zest for life and rare faculty for living in the present made him a remarkable figure in American history. Roosevelt's love for books, nature, and adventure, coupled with his unwavering determination, inspired generations and left a lasting impact on the world.

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    #354 Sam Walton: The Inside Story of America's Richest Man

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    What I learned from reading Sam Walton: The Inside Story of America's Richest Man by Vance Trimble. 

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    (2:30) Sam Walton built his business on a very simple idea: Buy cheap. Sell low. Every day. With a smile.

    (2:30) People confuse a simple idea with an ordinary person. Sam Walton was no ordinary person.

    (4:30) Traits Sam Walton had his entire life: A sense of duty. Extreme discipline. Unbelievable levels of endurance.

    (5:30) His dad taught him the secret to life was work, work, work.

    (5:30) Sam felt the world was something he could conquer.

    (6:30) The Great Depression was a big leveler of people. Sam chose to rise above it. He was determined to be a success.

    (11:30) You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient. — Sam Walton: Made In America by Sam Walton. (Founders #234)

    (15:30) He was crazy about satisfying customers.

    (17:30) The lawyer saw Sam clenching and unclenching his fists, staring at his hands. Sam straightened up. “No,” he said. “I’m not whipped. I found Newport, and I found the store. I can find another good town and another store. Just wait and see!”

    (21:30) Sometimes hardship can enlighten and inspire. This was the case for Sam Walton as he put in hours and hours of driving Ozark mountain roads in the winter of 1950. But that same boredom and frustration triggered ideas that eventually brought him billions of dollars. (This is when he learns to fly small planes. Walmart never happens otherwise)

    (33:30) At the start we were so amateurish and so far behind K Mart just ignored us. They let us stay out here, while we developed and learned our business. They gave us a 10 year period to grow.

    (37:30) And so how dedicated was Sam to keeping costs low? Walmart is called that in part because fewer letters means cheaper signs on the outside of a store.

    (42:30) Sam Walton is tough, loves a good fight, and protects his territory.

    (43:30) His tactics later prompted them to describe Sam as a modern-day combination of Vince Lombardi (insisting on solid execution of the basics) and General George S. Patton. (A good plan, violently executed now, is better than a perfect plan next week.)

    (43:30) Hardly a day has passed without Sam reminding an employee: "Remember Wal-Mart's Golden Rule: Number one, the customer Is always right; number two, if the customer isn't right, refer to rule number one.”

    (46:30) The early days of Wal-Mart were like the early days of Disneyland: "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)

    (1:04:30) Sam Walton said he took more ideas from Sol Price than any other person. —Sol Price: Retail Revolutionary by Robert Price. (Founders #304)

    (1:07:30) Nothing in the world is cheaper than a good idea without any action behind it.

    (1:07:30)  Sam Walton: Made In America  (Founders #234)

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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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    #353 How To Be Rich by J. Paul Getty

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

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    Get access to Founders Notes here

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

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

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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.

    (6:00) I acted as my own geologist, legal advisor, drilling superintendent, explosives expert, roughneck and roustabout.

    (8:00) Michael Jordan: The Life by Roland Lazenby. (Founders #212) 

    (12:00) Control as much of your business as possible. You don’t want to have to worry about what is going on in the other guy’s shop.

    (20:00) Optimism is a moral duty. Pessimism aborts opportunity.

    (21:00) I studied the lives of great men and women. And I found that the men and women who got to the top were those who did the jobs they had in hand, with everything they had of energy and enthusiasm and hard work.

    (22:00) 98 percent of our attention was devoted to the task at hand. We are believers in Carlyle's Prescription, that the job a man is to do is the job at hand and not see what lies dimly in the distance. — Charlie Munger

    (27:00) Entrepreneurs want to create their own security.

    (34:00) Example is the best means to instruct or inspire others.

    (37:00) Long orders, which require much time to prepare, to read and to understand are the enemies of speed. Napoleon could issue orders of few sentences which clearly expressed his intentions and required little time to issue and to understand.

    (38:00) A Few Lessons for Investors and Managers From Warren Buffett by Warren Buffett and Peter Bevelin. (Founders #202) 

    (41:00) Two principles he repeats:

    Be where the work is happening.

    Get rid of bureaucracy.

    (43:00) Years ago, businessmen automatically kept administrative overhead to an absolute minimum. The present day trend is in exactly the opposite direction. The modern business mania is to build greater and ever greater paper shuffling empires.

    (44:00) Les Schwab Pride In Performance: Keep It Going!by Les Schwab (Founders #330) 

    (46:00) The primary function of management is to obtain results through people.

    (50:00) the truly great leader views reverses, calmly and coolly. He is fully aware that they are bound to occur occasionally and he refuses to be unnerved by them.

    (51:00) There is always something wrong everywhere.

    (51:00) Don't interrupt the compounding. It’s all about the long term. You should keep a fortress of cash, reinvest in your business, and use debt sparingly. Doing so will help you survive to reap the long-term benefits of your business.

    (54:00) You’ll go much farther if you stop trying to look and act and think like everyone else.

    (55:00) The line that divides majority opinion from mass hysteria is often so fine as to be virtually invisible.

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

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

    Get access to Founders Notes here

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

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

    (8:00) On his dad sending him to military school: The strict, regimented environment was good for me.

    (20:00) Entrepreneurs are people whose mind and energies are constantly being used at peak capacity.

    (28:00) Advice for fellow entrepreneurs: Don’t be like William Randolph Hearst. Reinvest in your business. Keep a fortress of cash. Use debt sparingly.

    (30:00) The great entrepreneurs I know have these traits:

    -Devoted their minds and energy to building productive enterprises (over the long term)

    -They concentrated on expanding

    -They concentrated on making their companies more efficient 

    -They reinvest heavily in to their business (which can help efficiency and expansion )

    -Always personally involved in their business

    -They know their business down to the ground

    -They have an innate capacity to think on a large scale

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

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

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

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

    (42:00) There are times when certain cards sit unclaimed in the common pile, when certain properties become available that will never be available again. A good businessman feels these moments like a fall in the barometric pressure. A great businessman is dumb enough to act on them even when he cannot afford to. — The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

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

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

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

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

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

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

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

    Get access to Founders Notes here

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

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

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

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

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    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

    #350 How To Sell Like Steve Jobs

    #350 How To Sell Like Steve Jobs

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

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

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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?

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

    Get access to Founders Notes here

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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

    #106 Bill Walsh (The Score Takes Care of Itself)

    #106 Bill Walsh (The Score Takes Care of Itself)

    What I learned from reading The Score Takes Care of Itself: My Philosophy of Leadership by Bill Walsh. 

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    [0:01] I believe it’s much the same in one’s profession: Superb, reliable results take time. 

    [4:55] How Jack Dorsey describes The Score Takes Care of Itself: He took at team that was at the bottom and brought them to the top. He focused on the details. He didn’t say you need to win games. He said you need to tuck in your shirts. You need to clean your lockers. This is how we answer the phones here. He set a new standard of performance. 

    [6:53] Bill Walsh on his father / What he learned from his early life 

    [10:15] Bill Walsh on why should you care about your standard of performancePursuing your ambitions, especially those of any magnitude, can be grueling and hazardous, and produce agonizing failure along the way, but achieving those goals is among life’s most gratifying and thrilling experiences

    [14:15] A great description of the book: Bill Walsh loved to teach. This is his final lecture on leadership

    [16:20] Bill Walsh built a new culture. He calls it his Standard of Performance. 

    [20:30] Make a commitment to be the best version of yourself— even when your current external results may not warrant that belief 

    [26:16] The prime directive was not victory  

    [28:45] Winners act like winners before their winners  

    [32:20] Bill Walsh experiences the entrepreneurial roller coaster 

    [37:00] An incredible story about his idea of the west coast offense 

    [46:20] Be unswerving in moving towards your goal 

    [47:25] Sweat the little details but the right little details 

    [49:00] Don’t focus on your competitors —spend that time making yourself better so it is harder for them to compete against you 

    [50:00] Don’t let anybody call you a genius / If you sleep on a win you’ll wake up with a loss / Success Disease 

    [54:15] Without a healthy ego you’ve got a big problem  

    [58:05] There is no mystery to mastery  

    [1:03:05] A pretty package will not sell a crappy product  

    [1:04:16] Avoid burnout: Can you imagine how burned out you must be to wait fourteen years to return to doing something you love? 

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    #102 Akio Morita (Sony)

    #102 Akio Morita (Sony)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    #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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    “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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    #270: Vannevar Bush (Pieces of the Action)

    #270: Vannevar Bush (Pieces of the Action)

    What I learned from reading Pieces of the Action by Vannevar Bush.

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    Outline: 

    Pieces of the Action offers his hard-won lessons on how to operate and manage effectively within complex organizations and drive ambitious, unprecedented programs to fruition.

    Stripe Press Books:

    The Dream Machine by M. Mitchell Waldrop

    The Making of Prince of Persia: Journals 1985-1993 by Jordan Mechner.] 

    Endless Frontier: Vannevar Bush, Engineer of the American Century by G. Pascal Zachary

    — Any exploration of the institutions that shape how we do research, generate discoveries, create inventions, and turn ideas into innovations inevitably leads back to Vannevar Bush.

    — No American has had greater influence in the growth of science and technology than Vannevar Bush.

    — That’s why I'm going to encourage you to order this book —because when you pick it up and you read it —you're reading the words of an 80 year old genius. One of the most formidable and accomplished people that has ever lived— laying out what he learned over his six decade long career.

    A Mind at Play: How Claude Shannon Invented the Information Age by Jimmy Soni and Rob Goodman (Founders #95)

    Bootstrapping: Douglas Engelbart, Coevolution, and the Origins of Personal Computing by Thierry Bardini

    — I don’t know what Silicon Valley will do when it runs out of Doug Engelbart’s ideas. —  The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution by Walter Isaacson. (Founders #157)

    Bush points out that tipping points often rest with far-seeing, energetic individuals. We can be those individuals.

    — I went into this book with little more than a name and came out with the closest thing to a mentor someone you've never met can be.

    We are not the first to face problems, and as we face them we can hold our heads high. In such spirit was this book written.

    The essence of civilization is the transmission of the findings of each generation to the next.

    This is not a call for optimism, it is a call for determination.

    It is pleasant to turn to situations where conservatism or lethargy were overcome by farseeing, energetic individuals.

    People are really a power law and that the best ones can change everything. —Sam Hinkie

    There should never be, throughout an organization, any doubt as to where authority for making decisions resides, or any doubt that they will be promptly made.

    You can drive great people by making the speed of decision making really slow. Why would great people stay in an organization where they can't get things done? They look around after a while, and they're, like, "Look, I love the mission, but I can't get my job done because our speed of decision making is too slow." — Invent and Wander: The Collected Writings of Jeff Bezos by Jeff Bezos and Walter Isaacson.(Founders #155)

    Rigid lines of authority do not produce the best innovations.

    Research projects flowered in pockets all around the company, many of them without Steve's blessing or even awareness.

    They'd come to Steve's attention only if one of his key managers decided that the project or technology showed real potential.

    In that case, Steve would check it out, and the information he'd glean would go into the learning machine that was his brain. Sometimes that's where it would sit, and nothing would happen. Sometimes, on the other hand, he'd concoct a way to combine it with something else he'd seen, or perhaps to twist it in a way to benefit an entirely different project altogether.

    This was one of his great talents, the ability to synthesize separate developments and technologies into something previously unimaginable. —Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader by Brent Schlender and Rick Tetzeli (Founders #265)

    He was so industrious that he became a positive annoyance to others who felt less inclined to work.  —Pulitzer: A Life in Politics, Print, and Power by James McGrath Morris. (Founders #135)

    Tuxedo Park: A Wall Street Tycoon and The Secret Palace of Science That Changed The Course of World War II by Jennet Conant. (Founders #143)

    If a man is a good judge of men, he can go far on that skill alone.

    All the past episodes mentioned by Vannevar Bush in this book:

    General Leslie Groves: The General and the Genius: Groves and Oppenheimer—The Unlikely Partnership that Built the Atom Bomb by James Kunetka. (Founders #215)

    J. Robert Oppenheimer: The General and the Genius: Groves and Oppenheimer—The Unlikely Partnership that Built the Atom Bomb by James Kunetka. (Founders #215)

    Alfred Lee Loomis: Tuxedo Park: A Wall Street Tycoon and The Secret Palace of Science That Changed The Course of World War II by Jennet Conant. (Founders #143)

    J.P. Morgan: The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow. (Founders #139)

    The Hour of Fate: Theodore Roosevelt, J.P. Morgan, and the Battle to Transform American Capitalism by Susan Berfield. (Founders #142)

    Orville Wright: The Wright Brothers by David McCullough. (Founders #239)

    Birdmen: The Wright Brothers, Glenn Curtiss, and the Battle to Control the Skies by Lawrence Goldstone. (Founders #241)

    Edwin Land: Land's Polaroid: A Company and the Man Who Invented It by Peter C. Wensberg. (Founders #263)

    Instant: The Story of Polaroid by Christopher Bonanos. (Founders #264)

    Henry J. Kaiser: Builder in the Modern American West by Mark Foster. (Founders #66)

    Professional Amateur: The Biography of Charles Franklin Kettering by Thomas Boyd (Founders #125)

    Reluctant Genius: The Passionate Life and Inventive Mind of Alexander Graham Bellby Charlotte Gray. (Founders #138)

    Difficulties are often encountered in bringing an invention into production and use.

    An invention has some of the characteristics of a poem.It is said that a poet may derive real joy out of making a poem, even if it is never published, even if he does not recite it to his friends, even if it is not a very good poem. No doubt, one has to be a poet to understand this.In the same way, an inventor can derive real satisfaction out of making an invention, even if he never expects to make a nickel out of it, even if he knows it is a bit foolish, provided he feels it involves ingenuity and insight. An inventor invents because he cannot help it, and also because he gets quiet fun out of doing so. Sometimes he even makes money at it, but not by himself. One has to be an inventor to understand this. One evening in Dayton, I dined alone with Orville Wright. During a long evening, we discussed inventions we had made that had never amounted to anything. He took me up to the attic and showed me models of various weird gadgets. I had plenty of similar efforts to tell him about, and we enjoyed ourselves thoroughly. Neither of us would have thus spilled things except to a fellow practitioner, one who had enjoyed the elation of creation and who knew that such elation is, to a true devotee, independent of practical results.So it is also, I understand, with poets.

    Against The Odds: An Autobiography by James Dyson (Founders #200)

    When picking an industry to enter, my favorite rule of thumb is this: Pick an industry where the founders of the industry—the founders of the important companies in the industry—are still alive and actively involved. — The Pmarca Blog Archive Ebook by Marc Andreessen. (Founders #50)

    If a company operates only under patents it owns, and infringes on no others, its monopoly should not be disturbed, and the courts so hold. An excellent example is Polaroid Corporation. Founded by Edwin Land, one of the most ingenious men I ever knew (and also one of the wisest), it has grown and prospered because of his inventions and those of his team.

    I came to the realization that they knew more about the subject than I did. In some ways, this was not strange. They were concentrating on it and I was getting involved in other things.

    P.T. Barnum: An American Life by Robert Wilson. (Founders #137)

    We make progress, lots of progress, in nearly every intellectual field, only to find that the more we probe, the faster our field of ignorance expands.

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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