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    • Einstein's Brain: A Wandering RelicEinstein's legacy took an unexpected turn posthumously when his brain was kept and studied without his consent, highlighting the complexities and uncertainties surrounding famous figures' remains. His independent spirit and non-conformist personality, shared with colleagues like Oppenheimer, led to groundbreaking discoveries.

      That Albert Einstein's legacy took an unexpected turn after his death when his brain became a wandering relic. Despite his wishes to be cremated and avoid morbid veneration, his brain was kept by a pathologist without permission, leading to decades of it being studied and dissected. This story is a reminder of the complexities and uncertainties that can surround the handling of famous figures' remains. Moreover, the discussion also highlighted the connections between various figures in scientific history. For instance, Einstein and J. Robert Oppenheimer, who were colleagues at Princeton towards the end of Einstein's life, were both known for their independent thinking and non-conformist personalities. These traits contributed significantly to their groundbreaking discoveries and innovations in their respective fields. Einstein's independent spirit and imprudent instincts were consistent throughout his life, making him a trailblazer in physics and a source of inspiration for future generations. His legacy continues to inspire and challenge us to think beyond the conventional wisdom and push the boundaries of knowledge.

    • Albert Einstein's Imprudence: A Strength and WeaknessEinstein's unconventional thinking, childlike curiosity, and independence led to groundbreaking discoveries, but his lack of respect for others hindered his career and caused struggles. He learned to develop humility and compassion, emphasizing imagination and individuality.

      Albert Einstein's imprudence, which was a strength in his scientific pursuits, was a weakness in his interpersonal relationships. His inability to show respect to others hindered his career prospects and caused him struggles early on. However, he learned to temper this trait and developed humility and compassion towards mankind. This trait of childlike curiosity and independence of character made him a trailblazer in science and a personality who benefited mankind. His emphasis on imagination over knowledge, individuality, and tolerance for free minds are lessons we can learn from him even today. Einstein's life is a testament to the fact that unconventional thinking and individuality can lead to groundbreaking discoveries and innovations.

    • Einstein's Rebellious YouthEinstein's curiosity, persistence, and disdain for conformity shaped his groundbreaking scientific discoveries. His unconventional learning style and refusal to conform caused challenges in school, but his focus and concentration led to success.

      The traits that made Einstein a rebellious yet reverent thinker, such as curiosity, persistence, and a disdain for conformity and authority, were present from a young age. He was a loner who found joy in intellectual pursuits, often immersing himself in complex problems for hours on end. Einstein's unconventional approach to learning and his refusal to conform to traditional educational methods caused him distress during his school years. However, his immense powers of focus and concentration allowed him to excel in his studies and eventually make groundbreaking discoveries in physics. Overall, Einstein's story serves as a reminder that the ability to think creatively, question authority, and persevere in the face of challenges are essential traits for success in the new century.

    • Albert Einstein's philosophy of self-directed learningEinstein valued self-directed learning and personal responsibility, contrasting it with traditional schooling's rigid structure. His rebellious nature led him to groundbreaking discoveries despite career challenges.

      Albert Einstein believed in the power of self-directed learning and the importance of personal responsibility in education. He contrasted his formative years of hands-on exploration and intuitive thinking with the rigid structure of traditional schooling. This philosophy stayed with him throughout his life, influencing his stance on education and his approach to learning. Despite his brilliance, Einstein's rebellious nature sometimes hindered his career, making it difficult for him to secure a job due to his refusal to conform to authority. However, his unique methods led him to groundbreaking discoveries in physics. Ultimately, Einstein's story underscores the value of trusting individuals to follow their own paths in learning.

    • Albert Einstein's unconventional education and careerSuccess often comes from persistence and hiding one's ego, as shown by Albert Einstein's dedication to theoretical physics despite rejection and obstacles, and Sam Walton's emphasis on building relationships over ego in business.

      Albert Einstein's unconventional approach to his education and career, which included playing hooky to study theoretical physics and struggling to find an academic job due to his perceived imprudence, can teach us valuable lessons about perseverance and the importance of hiding one's ego in building effective organizations. Despite his genius, Einstein faced rejection and obstacles, but he remained dedicated to his work and continued to pursue his passions. Sam Walton, a successful businessman, echoed this sentiment, emphasizing that exercising one's ego in public is not the way to build an effective organization. By hiding their egos and focusing on building relationships, individuals can overcome challenges and achieve great things. Einstein's story serves as a reminder that success often comes from persistence and a willingness to learn from setbacks.

    • Stories of Albert Einstein and Brian Acton's rejections remind us of the importance of perseveranceDespite initial setbacks and rejections, one's future success is not defined. Persevere and look for unexpected opportunities to overcome obstacles.

      Personal setbacks and rejections, no matter how significant they may seem at the time, do not define one's future success. The story of Albert Einstein's early rejection by professor Weber serves as a powerful reminder of this. Despite Weber's refusal to help Einstein and his lack of response to his paper, he later became the first person to nominate Einstein for the Nobel Prize. Similarly, Brian Acton, the co-founder of WhatsApp, faced numerous job rejections before eventually selling his company to Facebook for an enormous sum. These stories demonstrate the importance of perseverance and the potential for unexpected opportunities and successes. Furthermore, Jocko Willink's advice on building relationships with people we don't like emphasizes the importance of maintaining a professional and respectful attitude towards those who may have initially rejected us. By focusing on the relationship and finding indirect ways to connect and collaborate, we can overcome initial obstacles and achieve our goals.

    • Einstein's time as a patent clerk led to scientific breakthroughsEinstein's critical mindset and intellectual discussions during his patent clerk days inspired his groundbreaking scientific work.

      Albert Einstein's unconventional approach to life and work led him to make some of his most significant contributions during his time as a patent clerk. Despite his disagreeable opinions and difficulty becoming a teacher, Einstein found a way to turn his situation to his advantage. His friend's recommendation led him to the Swiss patent office, where he spent long hours examining patent applications. However, he discovered he could complete his work quickly, leaving time for his own scientific thinking. Einstein's boss, Holler, encouraged a critical and questioning mindset, which Einstein applied to both patent applications and his own scientific work. This mindset, along with the intellectual discussions and personal growth he experienced through the Olympia Academy, contributed to Einstein's remarkable productivity during this period. The lessons from Einstein's life, such as remaining critically vigilant and challenging conventional wisdom, can inspire us to approach our own work and learning with creativity and curiosity.

    • The impact of upbringing and relationships on successOur relationships and experiences, including those with our parents, can significantly shape our sense of self and ability to achieve success. Unexpected breakthroughs and persistence in the face of early setbacks are also important lessons.

      Our upbringing and relationships, particularly with our parents, can significantly impact our sense of self and success in life. This is evident in the story of Albert Einstein, who reminisced about his cheerful academy and the contrast between it and more respectable institutions. The death of his father, who did not live to see his son's remarkable achievements, left Einstein with a sense of guilt and desolation. This idea of the profound impact of relationships on success is further highlighted by Pat Riley's reflection on his father's missed opportunity to witness his achievements. Additionally, the unexpected nature of Einstein's "miracle year" and his revolutionary contributions to physics, despite a lack of early success or recognition, demonstrates the importance of persistence and the potential for breakthroughs to come from unexpected places. The origin of new ideas, whether for Einstein or for others, often stems from earlier intellectual experiences and can lead to groundbreaking discoveries. In essence, our relationships and the experiences that shape us can have a profound impact on our sense of self and our ability to achieve success. The unexpected nature of breakthroughs and the importance of persistence in the face of early setbacks are also valuable lessons to keep in mind.

    • The Importance of People Skills for SuccessEffective communication and connection with others are crucial for success, even for those with exceptional intellects. Seek to improve people skills through courses, teaching opportunities, and being open to unconventional approaches.

      Having strong people skills is crucial for success, as demonstrated by the stories of Albert Einstein and Warren Buffett. Despite their exceptional intellects, both men recognized the importance of being able to effectively communicate and connect with others. Einstein, who struggled with social interactions, faced professional setbacks early in his career due to his lack of people skills. Buffett, on the other hand, proactively sought to improve his communication abilities through courses and teaching opportunities. These examples highlight the importance of developing people skills, even for those in fields that may not seem directly related. Additionally, the anecdote about Einstein's unconventional teaching style shows that there can be value in approaching things differently and not being afraid to ask for help when needed.

    • Exploring unconventional ideas and relationshipsEinstein's life and teachings encourage us to question, explore, and prioritize what truly matters, even if it goes against the norm.

      Albert Einstein was an unconventional teacher and person. He was not for those who wanted to memorize information for exams, but rather for those who sought to deeply understand physics and question their own ideas. He was known to be wrong in some of his theories, but his willingness to explore all possibilities made him a pioneer, much like a successful entrepreneur. In his personal relationships, Einstein struggled with monogamy and communication, often leading to conflict and unconventional arrangements. Despite his difficulties, he prioritized his children above all else, leading to a complicated and emotional separation. Overall, Einstein's life and teachings remind us to question, explore, and prioritize what truly matters to us.

    • Einstein's Struggles with Personal RelationshipsEinstein, a brilliant scientist, valued academic freedom and individual dignity but struggled with personal relationships. He prioritized his independence and intellectual pursuits over personal entanglements, even in marriage.

      Albert Einstein, despite his incredible scientific achievements, struggled with personal relationships. He was deeply affected by the separation from his children during World War 1 and expressed a desire for reconciliation. Einstein also valued academic freedom and individual dignity, demonstrated when he intervened to release kidnapped university deans. Throughout his life, he prioritized his independence and intellectual pursuits over personal entanglements, even when it came to marriage. Despite living through two world wars, Einstein remained committed to his principles and continued to focus on his work. His letters reveal a man who learned the importance of building relationships, but also valued his independence above all else. Einstein's stubborn patience in scientific pursuits was matched by his impatience with personal entanglements, creating a complex and intriguing persona.

    • Albert Einstein's personal detachment fueled his scientific achievementsEinstein's unique personality traits, including detachment and stubbornness, contributed to his groundbreaking discoveries in physics

      Albert Einstein's detachment and indifference towards social conventions and emotional intimacies played a significant role in his scientific achievements. His marriage to Elsa, while providing him with care and support, also allowed him to focus on his research in a distraction-free environment. Einstein's stubbornness and unwillingness to conform to conventional wisdom in physics often led to breakthrough discoveries. His personal detachment also enabled him to challenge established scientific theories and pursue his ideas with single-minded dedication. Einstein recognized his unique personality traits, acknowledging his dual role as a solitary and social being. Despite his kindness and love for humanity, he maintained a sense of distance and a need for solitude. This detachment allowed him to make groundbreaking contributions to science, even in the face of personal danger during the Nazi regime.

    • Einstein's Change of Heart: From Pacifist to MilitantEinstein, a pacifist, was forced to reconsider his beliefs due to the extreme threat of Hitler and anti-Semitism, leading him to become a militant pacifist and eventually emigrate to the US, where he advised 'give to others much'.

      Albert Einstein, a renowned pacifist, was forced to reconsider his beliefs due to the extreme threat of Adolf Hitler and the rise of anti-Semitism in Germany. Despite his earlier belief that assimilation could protect Jews, the assassination of Walter Rathenau served as a bitter lesson that it did not bring safety. Einstein's inertia kept him in Berlin until the late 1920s, but once he realized the severity of the situation, he changed his stance and became a militant pacifist, advocating for action against threats that pacifism couldn't solve. He eventually moved to the United States and offered his stepdaughter the advice to "use for yourself little, but give to others much." This shift in Einstein's personal and scientific life reflects the harsh reality of the time and the limitations of pacifism in the face of extreme danger.

    • Einstein's permanent exit from Germany due to Nazi's anti-Semitic policiesNazi's anti-Semitic policies led to the expulsion of brilliant Jewish intellectuals, including Einstein, from Germany, which significantly contributed to the Allies' development of the atomic bomb before Nazi Germany.

      Einstein's departure from Germany in 1933, which he initially thought might be temporary, became permanent due to the rapid rise of the Nazi regime under Adolf Hitler. Hitler's anti-Semitic policies led to the expulsion of many Jewish intellectuals, including 14 Nobel laureates and 26 professors of theoretical physics. This mass exodus of brilliant minds from Germany played a significant role in the Allies' development of the atomic bomb before Nazi Germany could. The incident serves as a reminder of the dangers of intense ideology and the potential consequences of intolerance and discrimination. Hitler's hatred of Jews, which led to the implementation of discriminatory laws, ultimately proved to be detrimental to the German scientific community and the country as a whole.

    • Einstein's Belief in Freedom and SolitudeEinstein believed in cherishing freedom and solitude, emphasizing their importance for intellectual and individual growth. He feared the loss of these freedoms and believed they were essential for producing great thinkers.

      Life is unpredictable and the importance of cherishing freedom and solitude was a belief that Albert Einstein held close to his heart. Despite his plans to return to Europe, he ended up living the rest of his life in America. Before his departure from Europe, Einstein met with Winston Churchill and shared his concerns about the impending threat to intellectual and individual freedom. He emphasized that without such freedom, there would be no great thinkers like Shakespeare, Goethe, Newton, and Pasteur. Einstein also believed in the power of solitude to stimulate creativity and even suggested that scientists could be employed as lighthouse keepers to ensure undistracted thinking time. However, despite his intentions to return to Europe, Einstein never made it back, and he spent the remaining years of his life in America, where he continued to make groundbreaking scientific discoveries. Einstein's life serves as a reminder to appreciate the importance of freedom and solitude in our own lives and to embrace the unpredictability of life.

    • The Power of Persistence and Tenacity in HistoryAlbert Einstein's persistence led to groundbreaking discoveries, but his letter to FDR had unintended consequences. Rapid industrial rearmament during this period showcased the power of individuals and organizations to act swiftly towards a common goal, but complexities revealed challenges in collaboration.

      Persistence and tenacity, as demonstrated by Albert Einstein, can lead to groundbreaking discoveries and significant impacts on history. Despite the potential regret of his letter to FDR urging the development of atomic weapons, Einstein's insights played a crucial role in the Manhattan Project. This period of rapid industrial rearmament in America, led by figures like Henry Kaiser and Vannevar Bush, showcased the power of individuals and organizations to act swiftly towards a common goal. However, the complexities of history reveal the intricacies of relationships and the challenges of collaboration, as seen in Einstein's contrasting views on world government and his interactions with J. Robert Oppenheimer. Overall, the interconnected themes of determination, innovation, and cooperation are essential to understanding the historical context and the lasting impact of these pivotal moments.

    • Lessons from the US Civil War and Einstein's advocacy for free speechThe US Civil War highlights the challenges of unifying a nation with deep value differences. Einstein, a champion of free speech, stood firm during McCarthyism, inspiring younger generations to speak out.

      The establishment of a unified authority in a country with profound differences in values can be challenging. This was a lesson learned from the history of the United States leading up to the Civil War, as pointed out by Robert Oppenheimer. Oppenheimer also had a complex relationship with Albert Einstein, respecting him despite their differences, and admiring his childlike purity and profound stubbornness. Einstein was a strong advocate for free speech and independent thought, even during the height of McCarthyism, which led to his public condemnation. Despite the criticism, Einstein believed in upholding the spirit of the First Amendment, which he saw as a core aspect of America's cherished freedom. He became known as an "enfant terrible" for his unwillingness to keep silent, and he believed that older people should speak out on behalf of the younger generation. In his final years, Einstein approached death with a peaceful sense of morality, recognizing the fleeting nature of existence.

    • Einstein's Reflections on DeathEinstein, understanding the illusory nature of time, accepted death with simplicity and beauty, attributing his accomplishments to curiosity and the pursuit of natural wonders.

      Albert Einstein, a renowned physicist, approached death with a profound understanding of time and acceptance of the natural world. When he learned of the death of his longtime friend Besso, he wrote a condolence letter reflecting on the illusory nature of past, present, and future for believers in physics. Despite knowing he was dying from a stomach aneurysm, Einstein refused medical intervention, believing it tasteless to prolong life artificially. Instead, he embraced the idea of a simple and beautiful end. Throughout his life, Einstein attributed his accomplishments to his insatiable curiosity and the pursuit of simplicity and beauty in the natural world. His response to death underscores his deep connection to the mysteries of life and the universe.

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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)

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    (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.

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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) 

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    (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

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    (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) 

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

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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.

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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.

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

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

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

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

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

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

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

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

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

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

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

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

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    #350 How To Sell Like Steve Jobs

    #350 How To Sell Like Steve Jobs

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    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

    #169 David Ogilvy (The King of Madison Avenue)

    #169 David Ogilvy (The King of Madison Avenue)

    What I learned from reading The King of Madison Avenue: David Ogilvy and the Making of Modern Advertising by Kenneth Roman. 

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    One characteristic of geniuses, said Einstein, is they are passionately curious. Ogilvy’s great secret was an inquiring mind.In conversation, he never pontificated; he interrogated.

    There were piles of books all over his house, most about successful leaders in business and government. He was interested in how they used their leadership. How they made their money. He was interested in people — people who had accomplished remarkable things.

    Reading Ogilvy’s short autobiography is like having dinner with a charming raconteur.

    His Scottish grandfather is portrayed as cold — hearted, formidable, and successful — and his hero. 

    When you write a book about advertising, you’re competing with midgets. When you write an autobiography, you’re competing with giants.

    He took the occasion to remind everyone that he was not a big shot at school. I wasn’t a scholar. I detested the philistines who ruled the roost. I was an irreconcilable rebel — a misfit. In short, I was a dud. Fellow duds, take heart! There is no correlation between success at school and success in life.

    If you can’t advertise yourself, what hope do you have of being able to advertise anything else?

    Although he entered advertising to make money, Ogilvy had become interested — obsessively interested — in the business itself. He said he had read every book that had been written on the subject, and, as a young man, had reason to believe he would be good at it and would enjoy it. Since American advertising was years ahead of advertising anywhere else, he decided to study the trade where it was done best.

    Nobody, at any level, should be allowed to have anything to do with advertising until he has read this book seven times (Scientific Advertising by Claude Hopkins). Every time I see a bad advertisement, I say to myself, “The man who wrote this copy has never read Claude Hopkins.”

    In print, it should lead with a headline that offers a consumer benefit. Often it should rely on long text packed with facts. “The more you tell, the more you sell,” as he would later preach.

    David also learned something about writing from his time in the intelligence service. Stephenson was a master of the terse note. Memos to him were returned swiftly to the sender with one of three words written at the top of the page: YES, NO, or SPEAK, meaning to come see him.

    Here Ogilvy describes himself as of the day he started the agency: “He is 38 and unemployed. He dropped out of college. He has been a cook, a salesman and a diplomat. He knows nothing about marketing and has never written any copy. He professes to be interested in advertising as a career and is ready to go to work for $5,000 a year. I doubt if any American agency will hire him.

    Like De Gaulle, he felt that praise should be a rare commodity lest you devalue the currency.

    He had a near psychopathic hatred of laziness in all its forms. He was the least lazy person I have ever encountered. His advertising philosophy was shot through with intolerance of sloth. Lazy people accept mediocrity, which he hated.

    You cannot bore people into buying. Committees can criticize advertisements, but they cannot create them. Compromise has no place in advertising. Whatever you do, go the whole hog. You can’t save souls in an empty church.

    American Express built its business in part with an effective direct mail letter that started: “Quite frankly, the American Express Card is not for everyone.”

    I am a lousy copywriter. But a good editor.

    My crusade is in favor of advertising which sells. My war cry is: “We Sell. Or Else.” This has been my philosophy for 50 years, and I have never wavered from it, no matter what the temptations have been.

    Be happy while you’re living, for you’re a long time dead.

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

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

    What I learned from reading The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution by Walter Isaacson.

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    [0:29] This is the story of those pioneers hackers, inventors, and entrepreneurs. Who they were, how their minds worked, and what made them so creative. 

    [8:41] She developed a somewhat outsize opinion of her talents as a genius. In her [Ada Lovelace] letter to Babbage, she wrote, “Do not reckon me conceited but I believe I have the power of going just as far as I like in such pursuits.” 

    [14:10] The reality is that Ada’s contribution was both profound and inspirational. More than any other person of her era, she was able to glimpse a future in which machines would become partners of the human imagination. 

    [16:37] Alan Turing was slow to learn that indistinct line that separated initiative from disobedience.

    [20:15] If a mentally superhuman race ever develops its members will resemble John Von Neumann. 

    [23:40] His [William Shockley] tenacity was ferocious. In any situation, he simply had to have his way. 

    [28:38] Bob Noyce described his excitement more vividly: “The concept hit me like the atom bomb. It was simply astonishing. Just the whole concept. It was one of those ideas that just jolts you out of the rut, gets you thinking in a different way. 

    [29:06] Some leaders are able to be willful and demanding while still inspiring loyalty. They celebrate audaciousness in a way that makes them charismatic Steve Jobs,  for example; his personal manifesto dressed in the guise of a TV ad, began, “Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in square holes.” Amazon's founder, Jeff Bezos has the same ability to inspire. The knack is to get people to follow you, even to places that they may not think they can go, by motivating them to share your sense of mission

    [38:26] As Grove wrote in his memoir, Swimming Across, “By the time I was twenty, I had lived through a Hungarian Fascist dictatorship, German military occupation, the Nazi’s final solution, the siege of Budapest by the Soviet Red Army, a period of chaotic democracy in the years immediately after the war, a variety of repressive Communist regimes, and a popular uprising that was put down at gunpoint. 

    [39:10] Grove had a blunt, no-bullshit style. It was the same approach Steve jobs would later use: brutal honesty, clear focus, and a demanding drive for excellence. 

    [39:40] Grove’s mantra was “Success breeds complacency. Complacency breeds failure. Only the paranoid survive.” 

    [40:24]  Engineering the game was easy. Growing the company without money was hard

    [42:40] Vannevar Bush was a man of strong opinions, which he expressed and applied with vigor, yet he stood in all of the mysteries of nature, had a warm tolerance for human frailty, and was open-minded to change 

    [47:17] Gate was also a rebel with little respect for authority. He did not believe in being deferential. 

    [47:51] Jobs later said he learned some important lessons at Atari, the most profound being the need to keep interfaces friendly and intuitive. Instructions should be insanely simple: “Insert quarters, avoid Klingons.” Devices should not need manuals. That simplicity rubbed off on him and made him a very focused product person. 

    [48:47]  Steve Jobs’ interesting way to think about a new market: 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

    Innovation will come from people who are able to link beauty to engineering, humanity to technology, and poetry to processors. [57:21]

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    #155 Jeff Bezos (Shareholder Letters and Speeches)

    #155 Jeff Bezos (Shareholder Letters and Speeches)

    What I learned from reading Invent and Wander: The Collected Writings of Jeff Bezos, With an Introduction by Walter Isaacson.

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    [2:38]  The whole point of moving things forward is that you run into problems, failures, things that don't work. You need to back up and try again. Each one of those times when you have a setback, you get back up and you try again. You're using resourcefulness; you're using self-reliance; you're trying to invent your way out of a box. We have tons of examples at Amazon where we’ve had to do this. 

    [4:08] I would much rather have a kid with nine fingers than a resourceless kid. 

    [5:51]  I am often asked who, of the people living today, I would consider to be in the same league as those I have written about as a biographer: Leonardo da Vinci (#15), Benjamin Franklin (#115), Ada Lovelace, Steve Jobs (#5), and Albert Einstein. All were very smart. But that’s not what made them special. Smart people are a dime a dozen and often don’t amount to much. What counts is being creative and imaginative. That’s what makes someone a true innovator. And that’s why my answer to the question is Jeff Bezos. 

    [8:26] One final trait shared by all my subjects is that they retained a childlike sense of wonder. At a certain point in life, most of us quit puzzling over everyday phenomena.  Our teachers and parents, becoming impatient, tell us to stop asking so many silly questions. We might savor the beauty of a blue sky, but we no longer bother to wonder why it is that color. Leonardo did. So did Einstein, who wrote to another friend, “You and I never cease to stand like curious children before the great mystery into which we were born.” We should be careful to never outgrow our wonder years—or to let our children do so. 

    [11:50] Jeff’s childhood business heroes were Thomas Edison and Walt Disney. “I’ve always been interested in inventors and invention,” he says. Even though Edison was the more prolific inventor, Bezos came to admire Disney more because of the audacity of his vision. “It seemed to me that he had this incredible capability to create a vision that he could get a large number of people to share.” 

    [17:49] Keeping his focus on the customer, he emailed one thousand of them to see what else they would like to buy. The answers helped him understand better the concept of “the long tail,” which means being able to offer items that are not everyday best sellers and don’t command shelf space at retailers. “The way they answered the question was with whatever they were looking for at the moment. And I thought to myself we can sell anything this way.”

    [19:26] Every time a seismic shift takes place in our economy, there are people who feel the vibrations long before the rest of us do, vibrations so strong they demand action—action that can seem rash, even stupid

    [22:00] “No customer was asking for Echo,” Bezos says. “Market research doesn’t help. If you had gone to a customer in 2013 and said, ‘Would you like a black, always-on cylinder in your kitchen about the size of a Pringles can that you can talk to and ask questions, that also turns on your lights and plays music?’ I guarantee they’d have looked at you strangely and said, ‘No, thank you’”

    [24:14] We will continue to focus relentlessly on our customers.  

    [24:58] We are working to build something important, something that matters to our customers, something that we can all tell our grandchildren about. Such things aren’t meant to be easy. 

    [26:22] We are doubly blessed. We have a market-size unconstrained opportunity in an area where the underlying foundational technology we employ improves every day. That is not normal

    [29:14] Start with the customer and work backward. That is the best way to create value. 

    [32:19] Amazon’s culture is unusually supportive of small businesses with big potential, and I believe that’s a source of competitive advantage. 

    [35:47] Seek instant gratification —or the promise of it—and chances are you’ll find a crowd there ahead of you.

    [37:51] At a fulfillment center recently, one of our Kaizen experts asked me, “I’m in favor of a clean fulfillment center, but why are you cleaning? Why don’t you eliminate the source of dirt?” I felt like the Karate Kid.  

    [39:21] When we are at our best, we don’t wait for external pressures. We are internally driven to improve our services, adding benefits and features, before we have to. We lower prices and increase value for customers before we have to. We invent before we have to. These investments are motivated by customer focus rather than by reaction to competition. 

    [42:48] Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a ten percent chance of a one hundred times payoff, you should take that bet every time. But you are still going to be wrong nine times out of ten. We all know that if you swing for the fences, you’re going to strike out a lot, but you’re also going to hit some home runs. The difference between baseball and business is that baseball has a truncated outcome distribution. When you swing, no matter how well you connect with the ball, the most runs you can get is four. In business, every once in awhile, when you step up to the plate, you can score one thousand runs. This long-tailed distribution of returns is why it’s important to be bold. Big winners pay for so many experiments.  

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    #215: J. Robert Oppenheimer and Leslie Groves (The General and the Genius)

    #215: J. Robert Oppenheimer and Leslie Groves (The General and the Genius)

    What I learned from reading The General and the Genius: Groves and Oppenheimer—The Unlikely Partnership that Built the Atom Bomb by James Kunetka. 

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    It is clear that nothing short of a full-speed, all-out attempt would be worthwhile.

    Once Leslie Groves accepted his new assignment, he embraced it completely. From his appointment in September 1942 until the end of the war, he worked at full speed, often fourteen hours a day or more. His remarkable energy and stamina frequently exhausted those who worked and traveled with him.

    Groves's style was to delegate whatever he could and then put the screws to the delegees. He was a taskmaster.

    The instructions to the project were that any individual in the project who felt that the ultimate completion was going to be delayed by as much as a day by something that was happening, it was his duty to report it direct to me. Urgency was on us right from the start.

    When Marshall asked him if he ever praised anyone for a job well done, Groves said no. "I don't believe in it. No matter how well something is being done, it can always be done better and faster.”

    Oppenheimer insisted that Los Alamos should have one director. He had learned enough about management from studying Groves to believe that while consensus was important, an organization needed a single leader.

    The dual approaches reflected Groves's belief in pursuing multiple solutions to a problem until the problem is solved

    In a frank assessment of his boss after the war, he called him, "the biggest S.O.B. I have ever worked for. He is the most demanding. He is the most critical. He is always a driver, never a praiser. He is abrasive and sarcastic. He disregards all normal organizational channels. He is extremely intelligent. He has the guts to make timely, difficult decisions. He is the most egotistical man I know. He knows he is right and so sticks by his decision. He abounds with energy and expects everyone to work as hard or even harder than he does. If I had to do my part of the atomic bomb project over again and had the privilege of picking my boss I would pick General Groves."

    Groves had a reputation for competence. He was demanding, rough, and sometimes brutal with his staff, intolerant of delay and mental slowness. On the other hand, he never swore, rarely lost his temper, and never raised his voice. He was also prepared to let subordinates disagree if their arguments were sound. He disliked people who groveled.

    Groves remained unflappable, accepting the unanticipated as normal.

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    #147 Sam Colt

    #147 Sam Colt

    What I learned from reading Revolver: Sam Colt and the Six-Shooter That Changed America by Jim Rasenberger.

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    [0:01] Sam Colt embodied the America of his time. He was big brash, voracious, imaginative, and possessed extraordinary drive and energy. He was a classic disruptor who not only invented a world-changing product but produced it and sold it in world-changing ways. 

    [1:59] He had solved one of the great technological challenges of the early 19th century. 

    [2:36] He was rich at 21. Poor at 31. Then rich again at 41. 

    [7:10] Sam Colt solved a 400-year-old problem. The guns of 1830 were essentially what they had been in 1430.

    [7:53] There's a financial panic in 1819. This is a very important part in the life of Sam Colt. It may explain why he was such a hard worker, ruthless, and determined. The panic of 1819 bankrupts his family. 

    [10:48] What kind of person would do this voluntarily? He was set to embark on a 17,000-mile voyage across the Atlantic, around the horn of Africa, through the Indian ocean and to the city of Calcutta. Honeymoon was not quite the word to describe a 17,000-mile voyage to Calcutta in 1830. 

    [13:57] He bridled at being under any authority other than his own. His dogma was the gospel of self-determination. “It is better to be the head of a louse than the tail of a lion.”

    [14:19] Self-determination took deep root in my heart and to has been the mark that has and shall control my destiny. 

    [16:14] Every cut of the jackknife an act of quiet vengeance not only against those who had flogged him but against the nameless forces that had snatched away his childhood with financial ruin and death. 

    [19:58] He saw a nation brimming with industry and ingenuity and hope. And at the same time, anxiety, fear and brutality

    [20:55] Nights went to [selling] nitrous oxide, days to improving his gun. 

    [22:31] This description of the book sold me on buying it: Brilliantly told, Revolver brings the brazenly ambitious and profoundly innovative industrialist and leader Samuel Colt to vivid life. In the space of his forty-seven years, he seemingly lived five lives: he traveled, womanized, drank prodigiously, smuggled guns to Russia, bribed politicians, and supplied the Union Army with the guns they needed to win the Civil War. Colt lived during an age of promise and progress, but also of slavery, corruption, and unbridled greed, and he not only helped to create this America, he completely embodied it. By the time he died in 1862 in Hartford, Connecticut, he was one of the most famous men in nation, and one of the richest.

    [27:19] But more important than Roswell’s money would be the contacts he helped Sam cultivate in coming months; and more important still would be the encouragement Roswell gave to the young entrepreneur. 

    [30:46] Why guns were the first mass-produced product in America: But the government was not in the business of sewing or telling time; it very much was in the business of preparing for war, even if there were no wars to be fought just then. As a result, guns were among the first, and by far the most important, mass-produced items in the United States. Because the government was the main buyer of guns, it dictated how the guns were made. And it had a deep interest in solving problems of gun manufacturing. 

    [37:23] I’m amazed at how much life Sam Colt fit into 47 short years.

    [38:43] One of the main takeaways of the book is Everything sucks. I’m moving forward anyways. 

    [38:58] His refusal to admit defeat would appear almost delusional at times. 

    [39:34] The paradox of Sam Colt: One half of Sam Colt was the buncoing fabulist, the walking bonfire of other people’s money, the drinker and carouser; the other half was a truly gifted inventor. 

    [42:20] If you are in a great market the market will pull the product out of you. 

    [48:52] Sam Colt is extreme. This is him admonishing his younger brother for not being ambitious enough: Don’t for the sake of your own good name think again of being a subordinate. You had better blow out your brains at once & manure an honest man’s ground with your carcass than to hang your ambition on so low a peg.

    [49:15] The anger and frustration was real and his desire to be his own master and master of others was sincere. 

    [52:27] I've spent the last 10 years of my life without profit in perfecting military inventions. How many people are willing to work this hard and not give up after a decade? 

    [54:17] The opening of a new market: [Sam] Walker had done a great deal for Colt in the weeks since they began exchanging letters in November. Most important, he had single-handedly persuaded the Ordnance Department to contravene its long-standing objection to Colt’s pistols. 

    [57:40] After his first business fails he is determined to control his second attempt: “I am working on my own hook and have sole control and management of my business. No longer subject to the whims of a pack of dam fools styling themselves a board of directors. 

    [1:07:19] He was metabolically wired for productivity. He is without exception the hardest working man that I know of.

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