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    • Charles de Gaulle: A French Hero and Influential FigureCharles de Gaulle, a French military and political leader, transformed into a national hero through military defiance against German occupation during WWII. His tenacity and ability to inspire confidence left a lasting impact on France and beyond.

      Charles de Gaulle, a French military and political leader, was an extraordinary and divisive figure whose impact on French history is unparalleled. His military defiance against the German occupation during World War II transformed him into a national hero, despite facing numerous assassination attempts. De Gaulle's influence extended beyond France's borders, with figures like Henry Kissinger and Osama bin Laden acknowledging his significance. De Gaulle's legacy is deeply embedded in modern France, with thousands of public spaces named after him. Arthur Rock, a venture capitalist, noted the similarities between de Gaulle and Henry Singleton, a successful businessman, highlighting their shared tenacity and ability to inspire confidence. Studying de Gaulle's life provides valuable insights into leadership and determination, making it a worthwhile endeavor for anyone seeking to learn from history's most influential figures.

    • Founders with a clear and consistent vision build enduring brandsSuccessful founders establish a clear and consistent vision for their company, communicating it consistently to build a strong and enduring brand.

      Successful founders, like Charles de Gaulle, build their legacy through a clear and consistent vision. De Gaulle's myth was established through his radio speeches during World War II, which resonated with the French people and helped him gain support. Similarly, founders like Steve Jobs and Jeff Bezos have become known for their consistent philosophies and repeatable mantras. De Gaulle's famous quote, "all my life, I've had a certain idea of France," reflects this idea. Founders spend a great deal of time figuring out what they want their company to represent and communicate that vision consistently to build a strong and enduring brand.

    • The power of a clear and unwavering visionHaving a clear vision for life or business can inspire determination and become a rallying cry, even in the face of adversity. Mentors and relationships can also play a crucial role.

      Having a clear and unwavering vision for one's life or business, much like Charles de Gaulle had for France, is a powerful idea. De Gaulle's single-minded purpose and unwavering belief in France's survival inspired him since childhood and led him to become a voice and an idea that France was not doomed. His famous BBC broadcast from London during World War II challenged Petain's defeatism and became a rallying cry for the French people. This unyielding determination can be applied to our own lives and businesses, as we strive to never give up on our vision and goals. Additionally, the importance of mentors and the potential for fractured relationships should also be noted. De Gaulle's relationship with Petain serves as a reminder of the complexities and uncertainties that can arise even in the most unlikely of circumstances.

    • Charles de Gaulle's Vision for Modernizing France's MilitaryCharles de Gaulle, a French leader, foresaw military modernization before WWII, inspired by his love for France and his father's influence. Despite physical oddities, he remained dedicated, instilling belief in updating strategies and new ideas.

      Charles de Gaulle, a French military leader and statesman, was a visionary who foresaw the need for modernizing France's military long before World War II. He was a missionary, deeply committed to his country and its future, and his speeches and writings inspired many to follow his lead. De Gaulle's father had a profound influence on him, instilling a love for France's history and culture. De Gaulle's physical appearance was unusual, with his tall stature, small head, heavily hooded eyes, long neck, and lack of chin. Despite his physical oddities and early struggles in the military, he remained dedicated to his cause and is remembered as a hero who helped lead France to victory during World War II. De Gaulle's belief in the importance of updating strategies and embracing new ideas, even in the face of adversity, continues to be relevant today.

    • Charles de Gaulle's First Combat Experience and Unwavering Belief in VictoryDespite the danger and loss of life, de Gaulle found satisfaction in his first moments in combat during WW1. His unwavering belief in victory and determination to conquer shaped his leadership style, and he discovered that physical danger didn't deter him. Firepower could overwhelm virtues.

      Charles de Gaulle's obsession with war and defending France's glory led him to experience a sense of satisfaction during his first moments in combat during World War 1, despite the danger and loss of life around him. Despite being wounded twice and facing seemingly insurmountable odds, de Gaulle's unwavering belief in victory and determination to conquer remained unshaken. This single-minded purpose would define his leadership style and contribute to his success in future conflicts. Additionally, de Gaulle discovered that physical danger did not deter him, and that the power of firepower could overwhelm even the greatest virtues. These lessons shaped his perspective on warfare and France's role in the world.

    • The Life of Determined General Jean de Lattre de TassignyThrough adversity, General Jean de Lattre de Tassigny remained focused and determined, demonstrating the importance of perseverance and adaptability in the face of challenges.

      No matter what our goals or aspirations are in life, we must remain determined and focused, even in the face of adversity. This is exemplified by the life story of General Jean de Lattre de Tassigny, who endured numerous injuries and hardships during World War 1, including being taken prisoner and experiencing deep depression. Despite these challenges, he continued to strive for his goals and never gave up. The historical context of the war, marked by outdated tactics and high casualties, further emphasizes the importance of perseverance and adaptability. De Lattre's story serves as a reminder that even in the darkest moments, we must hold on to our sense of purpose and keep pushing forward.

    • Learning from the experiences of othersDuring challenging times, keep ideas to oneself, avoid distractions, learn from past experiences, and continuously expose oneself to new ideas to discover unique solutions and unexpected opportunities.

      Going through difficult periods in life, such as building a company or facing personal challenges, is inevitable. Seeing how others, like Charles de Gaulle and Henry Singleton, have navigated similar experiences can provide valuable perspective and help us realize that we may not be thinking clearly during these times. Keeping ideas to oneself and avoiding distractions can lead to unique and effective solutions. Additionally, learning from past experiences and continuously exposing ourselves to new ideas can lead to unexpected opportunities in the future. As Claude Shannon noted about Singleton, "He always tries to work out the best moves. Maybe he doesn't like to talk too much because when you're playing a game, you don't tell anyone else what your strategy is."

    • The importance of self-belief and morale in warfareSelf-belief and morale are vital for overcoming challenges and achieving success, as seen in Charles de Gaulle's analysis of Germany's defeat in WW1. Figures like Shackleton and Sharp also emphasized their importance.

      Self-belief and morale are crucial factors in warfare and achieving success, as exemplified by Charles de Gaulle's analysis of Germany's defeat in World War 1. De Gaulle, a man of extensive historical knowledge, identified the importance of maintaining the will to fight despite adversity. He was fascinated by how the Germans, despite their military resources, suddenly lost their morale and surrendered. De Gaulle believed that a strong sense of self-belief and refusal to give up in the face of suffering are essential for overcoming challenges. This idea is echoed by figures like Ernest Shackleton and business magnate Isadore Sharp, who also emphasized the importance of perseverance and taking pain to achieve excellence. De Gaulle's unwavering self-belief and refusal to conform to outdated teachings made him a figure of contempt among his superiors, but his insights have continued to resonate throughout history.

    • Leadership through belief, adaptability, and actionEffective leaders believe, adapt, and take action to seize opportunities and stay successful in unpredictable environments

      Adaptability and flexibility are key to success in leadership, as evidenced by the experiences and philosophies of Charles de Gaulle, Herb Keller, Henry Singleton, Warren Buffett, and Charlie Munger. These individuals, who lived and worked in different industries and historical periods, emphasized the importance of seizing opportunities, adapting to circumstances, and staying open to change. De Gaulle, a military leader, believed in acting on belief rather than waiting for ability. Herb Keller, the founder of Southwest Airlines, recognized the gap between planning and reality and advocated staying flexible. Henry Singleton, a successful businessman, emphasized the need to stay agile in the face of unpredictable external influences. Warren Buffett and Charlie Munger, renowned investors, have built their careers on the same principle: no master plan or master planner, but rather a focus on opportunities and adaptation. These influential figures demonstrate that belief, adaptability, and action are essential components of effective leadership.

    • Charles de Gaulle's Private Side: Protective Father to Daughter with Down SyndromeCharles de Gaulle, despite his public persona of silence and austerity, was a loving and protective father to his daughter Anne, who had Down syndrome, and emphasized a leader's creative spark, capacity for abstraction, and critical intelligence in his writing.

      Charles de Gaulle, the enigmatic French leader, was known for his unwavering self-belief and intelligence, but also held a deeply personal and tender side. Despite his austere public persona, he was fiercely protective of his family, particularly his third child, Anne, who was born with Down syndrome. De Gaulle refused to send her away, instead keeping her with him and his wife throughout her life. This human side of De Gaulle was rarely seen by others, as he was known for his silence and reluctance to reveal his thoughts. In his writing, De Gaulle emphasized the importance of a leader's creative spark, capacity for abstraction, and critical intelligence, while also maintaining mystery and distance. His book, "The Edge of the Sword," published in 1932, reflected his disillusionment with French politics and diplomacy, and his belief in the power of a leader's will. Despite the contrast between his public and private personas, De Gaulle's unwavering belief in himself and his ideas ultimately made him a formidable and inspiring leader.

    • The importance of adapting to changeCharles de Gaulle's insights from a century ago remind us to stay adaptable and proactive in the face of change, as demonstrated by military leaders and successful entrepreneurs

      History and human nature repeat themselves, and those who fail to adapt to new realities risk being left behind. Charles de Gaulle, a French military leader and statesman, made this observation a century ago when he wrote "Edge of the Sword." He warned that war was an integral part of human existence and that the horrors and sacrifices of war would not change human nature. De Gaulle's prediction of the impending conflict between France and Germany was proven correct, and his belief in the importance of mechanization and offensive warfare influenced military thinkers such as George S. Patton. Similarly, entrepreneurs like Bill Gates and Mark Zuckerberg have demonstrated the importance of embracing new technologies and constantly advancing to succeed in business. De Gaulle's insights from a century ago continue to resonate today, reminding us to stay adaptable and proactive in the face of change.

    • The importance of strong leadership and adaptation in uncertain timesDe Gaulle's vision of a professional army with technical expertise and a sense of purpose, similar to Germany's Panzer strategy, was ignored before WW2. Strong leadership and adaptation to changing circumstances are crucial.

      The lessons learned from World War 1 were no longer applicable when Germany went to war again in World War 2. De Gaulle, in his book "The Army of the Future," advocated for a professional army of 100,000 men with technical expertise and a sense of purpose. This idea of constant advancement and aggressiveness, similar to Germany's Panzer tank strategy, was also embraced by business leaders like Bill Gates. De Gaulle's description of the ideal leader was that of a master towards whom people's faith and dreams are directed. He believed that crowds in modern society were irrational and needed to be led by strong, decisive figures. However, during the time leading up to World War 2, both France and England were being led by weak individuals who were unable to take rapid offensive action. De Gaulle's warnings about the importance of having a strong, capable military went unheeded, and Hitler was able to exploit this weakness. This is a reminder that history often repeats itself, and the importance of strong leadership and the ability to adapt to changing circumstances cannot be overstated.

    • The Challenge of Focused Attention in LeadershipEffective leaders need extended focus for strategic planning, but constant interruptions and distractions hinder this ability, potentially leading to disastrous consequences.

      Effective strategic planning and concentration require extended periods of focused attention, yet the constant interruptions and distractions in government and business can hinder this ability. As history shows, figures like De Gaulle and Duval faced significant challenges in maintaining focus amidst the demands of their roles. De Gaulle's frustration with the inability to plan and strategize due to interruptions is highlighted in his conversation with Duval, where the telephone rang ten times during their conversation. This issue of truncated attention spans could lead to disastrous consequences, as seen when France and Britain were unable to prevent Germany's aggression due to their defensive strategies. De Gaulle's prophetic warnings about the importance of taking action and galvanizing the people instead of relying on defensive security were largely ignored. Ultimately, the ability to think deeply and strategically is crucial for success, and the constant distractions and interruptions can make it a challenge to achieve.

    • Henry De Gaulle's Unyielding Leadership StyleHenry De Gaulle's unyielding determination and independent command style, marked by conviction, reflection, and unwillingness to give up, inspired great founders.

      Henry De Gaulle, a renowned military leader during World War II, was known for his unyielding determination and independent command style. He was often alone in his decision-making process, believing that calm reflection was necessary for effective leadership. De Gaulle's conviction in his judgement and unwillingness to give up led him to keep fighting even when France seemed to be lost in the battle. His leadership style, which was described as independent, exclusive, authoritarian, and egocentric, resonated with the conviction and determination required of great founders. Despite criticism that his ideas and manner of expressing them seemed incompatible with democracy, De Gaulle's unwavering commitment to renewal and refusal to conform to established positions ultimately led to his appointment as Undersecretary of State for Defense during a critical time in French history.

    • The Unlikely Alliance of de Gaulle and ChurchillDuring WWII, de Gaulle's determination and refusal to surrender led to an unlikely alliance with Churchill, shaping the outcome of the war through human will and determination.

      During the darkest moments of World War II, when France was on the brink of surrender, a young and determined Charles de Gaulle made an indelible impression on Winston Churchill. Despite their initial disagreements and mutual suspicion, their shared stubbornness and refusal to give up on the war led them to form an unlikely alliance. At the same time, de Gaulle's rival, René Pleven, gave in to defeatism and resigned, leaving de Gaulle as the last man standing against the tide of surrender. In the face of overwhelming odds, de Gaulle went into exile, eventually becoming the symbol of French resistance and leading the country to victory. This pivotal moment in history illustrates the power of human will and determination in shaping the course of events, even in the most challenging circumstances. De Gaulle's unwavering commitment to his beliefs and his refusal to give up, despite the pressure to do so, ultimately made all the difference in the outcome of the war.

    • De Gaulle's clear vision for the futureDe Gaulle's unwavering determination and clear vision inspired confidence in Churchill and led the Free French forces to victory. Clear communication and adaptability were also essential in executing his vision.

      Clarity of purpose is a crucial factor in achieving success, even in the face of adversity. During the 10 days in Bordeaux, De Gaulle stood out as the only French political figure in London with a clear vision for continuing the fight against Germany. His unwavering determination and singular focus earned him the support of Churchill and the respect of his followers. De Gaulle's strength came from his ability to maintain a clear vision for the future, even when the path forward was uncertain. This clarity of purpose allowed him to inspire confidence in those around him and ultimately lead the Free French forces to victory. Additionally, the importance of clear communication and adaptability in executing a clear vision cannot be overstated. Despite facing numerous challenges in recruiting people and gathering supplies, De Gaulle's calm and focused demeanor inspired confidence and enabled him to persevere.

    • From Person to Idea: De Gaulle's TransformationDe Gaulle's unwavering determination and the faith of his followers transformed him from a person to an idea, defying the Vichy regime's control and establishing the legitimacy of the Free French movement.

      Even in the face of immense adversity and setbacks, Charles de Gaulle refused to give up on his vision for a free France. His determination was fueled not only by his personal convictions but also by the faith and hope of his followers. Despite being hunted by the Vichy regime and stripped of his citizenship, de Gaulle continued to broadcast messages of resistance, inspiring thousands of people to rally around him as an idea rather than a person. The power of his words and the belief of his supporters created an "invisible thread" that tied them to the Free French movement, defying the control of the enemy government. De Gaulle's transformation from a person to an idea marked a pivotal moment in his leadership, making him realize the immense responsibility he bore for the people who looked up to him. Ultimately, the strength of his convictions and the unity of his followers proved that the legitimacy of a government rests not on its authority but on the faith and loyalty of its people.

    • Staying true to your business missionMaintain a clear focus on your business mission, even in the face of opposition or challenges, to inspire loyalty and ultimately achieve success.

      Having a clear and unwavering focus on serving the needs of your customers is the most important thing in business. Just like De Gaulle's unwavering commitment to the continuation of the French country during World War II, businesses should prioritize their mission above all else, even if it means being disagreeable or facing challenges from allies. De Gaulle's single-minded determination to embody and represent the interests of the French nation, even in the face of opposition, is a powerful reminder of the importance of staying true to one's values and goals. In business, as in wartime, having a clear and unwavering focus can inspire others to join your mission and ultimately lead to success.

    • De Gaulle's unwavering commitment to FranceDe Gaulle's clear-cut decisions, simple personal style, and unyielding determination made him a challenging but inspiring leader for France.

      Charles de Gaulle's unwavering commitment to his beliefs and his country, despite the challenges and difficulties, made him a formidable leader. De Gaulle's decisions were clear-cut, and he didn't let external factors such as anti-Semitism or personal attributes influence his perception of people. He only recognized Frenchmen who were willing to fight for their country. De Gaulle's personal style was simple, austere, and authoritarian, with a strong sense of mission and an unyielding determination. He was a complex character, capable of being both a good listener and a stubborn rejecter of advice, and he took on the sins of France as his own burden. De Gaulle's uncompromising nature, rooted in his deep love for his country, made him a challenging figure to work with, but also a leader who inspired loyalty and admiration.

    • Charles de Gaulle's Effective LeadershipDe Gaulle's determination, intransigence, and understanding led to effective French leadership despite challenging times and opposition from powerful figures.

      Charles de Gaulle's unwavering determination, intransigence, and profound understanding of events and ideas made him an effective leader for France during challenging times. Despite his difficult personality and perceived lack of democratic inclinations, he gained the support of the people and managed to maintain control, even when faced with opposition from powerful figures like Roosevelt and Churchill. His ability to stay focused on his mission and not give up, even in the face of adversity, ultimately led to his success. The complexities of the situation and the efforts to diminish his influence only served to strengthen his position.

    • Charles de Gaulle's unwavering leadership saved FranceDe Gaulle's loyalty from the French people, clarity of purpose, and determination secured his position as France's undisputed leader, inspiring the nation during adversity.

      Charles de Gaulle's unwavering clarity of purpose, ruthlessness, and brilliance as a political leader ultimately solidified French unity and secured his position as the undisputed leader of the country, even amidst adversity and foreign intervention. This was exemplified during his interactions with Churchill and Roosevelt, where his loyalty and love from the French people saved him from being sidelined. The loyalty of customers or followers is a valuable asset for any leader or business, as seen in de Gaulle's case. His famous speeches and performances further solidified his position and inspired the French people during trying times. Despite the challenges, de Gaulle's determination and clear vision for France proved to be a winning formula.

    • Leadership during crisis: Charles de Gaulle's inspiring exampleStrong leadership with a clear vision inspires confidence and unity during crises, exemplified by Charles de Gaulle's role in the liberation of Paris

      During times of crisis and struggle, strong leadership with a clear vision and unwavering determination can inspire and unite a population, instilling confidence and belief in their ability to overcome adversity. This was exemplified by Charles de Gaulle during the liberation of Paris, as he provided a beacon of hope and unity, ultimately leading to the successful restoration of the French Republic. De Gaulle's singleness of purpose and tenacity were instrumental in inspiring the French people to believe in their own strength and ability to reclaim their city and country. Similarly, leaders like Henry Singleton, as described by Arthur Rock, possess these same qualities and inspire confidence in their ability to accomplish their goals. This idea of strong leadership and unity in the face of adversity is a powerful reminder of the human spirit and our ability to overcome even the most challenging circumstances.

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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.

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    (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.

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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.

    (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.

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

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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.

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    -They know their business down to the ground

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

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    (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)

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

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    #351 The Founder of Rolex: Hans Wilsdorf

    #351 The Founder of Rolex: Hans Wilsdorf

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

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

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

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

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    #350 How To Sell Like Steve Jobs

    #350 How To Sell Like Steve Jobs

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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

    #226 Heroes: From Alexander the Great and Julius Caesar to Churchill and de Gaulle

    #226 Heroes: From Alexander the Great and Julius Caesar to Churchill and de Gaulle

    What I learned from reading Heroes: From Alexander the Great and Julius Caesar to Churchill and de Gaulle by Paul Johnson.

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    [0:55] I have always had a soft spot for those who speak out against the conventional wisdom and who are not afraid to speak the truth, even if it puts them in a minority of one.

    [1:20] 4 traits of heroes:

    1. Absolute independence of mind. Think everything through yourself.

    2. Act resolutely and consistently.

    3. Ignore the media.

    4. Act with personal courage at all times regardless of the consequences to yourself.

    [2:25] Churchill by Paul Johnson

    [2:47] Intellectuals: From Marx and Tolstoy to Sartre and Chomsky by Paul Johnson and Creators: From Chaucer and Durer to Picasso and Disney by Paul Johnson. 

    [3:34] Founders #196 Book link: The Splendid and the Vile: A Saga of Churchill, Family, and Defiance During the Blitzby Erik Larson. “It’s slothful not to compress your thoughts.” —Churchill

    [4:58] They carved out vast empires for themselves and hammered their names into the history of the earth.

    [5:04] Each was brave, highly intelligent, and almost horrifically self-assured.

    [6:09] Founders #208 In the Company of Giants: Candid Conversations With the Visionaries of the Digital World  "People are packaged deals. You take the good with the confused. In most cases, strengths and weaknesses are two sides of the same thing." —Steve Jobs

    [10:22] Alexander the Great read Homer all of his life and knew the passages by heart. It was to him, a Bible, a guide to heroic morality, a book of etiquette and a true adventure story. The Illiad and The Odyssey by Homer. 

    [11:50] Can't Hurt Me: Master Your Mind and Defy the Odds by David Goggins

    [12:15] The most important factor, as always with men of action, was sheer will.

    [15:56] Caesar appreciated the importance of speed and the terrifying surprises speed made possible.

    [16:15] Founders #155 Invent and Wander: The Collected Writings of Jeff Bezos “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."

    [18:33] Caesar was a man of colossal energy and farsighted cunning. He aimed to conquer posterity as well as the world.

    [19:42]  You should avoid an unfamiliar word as a ship avoids a reef. —Julius Caesar

    [20:55] You train an animal, you teach a person. —Sol Price

    [23:02] Caesar’s approach to difficulty was all problems are solvable.

    [24:36] Caesar was a man of exceptional ability over a huge range of activities. Among his qualities: great mental power, energy, steadfastness, a gift for understanding everything under the sun, vitality, and fiery quickness of mind. Few men have had such a combination of boldness shrewdness and wisdom.

    [26:30] George Washington: A Life by Ron Chernow 

    [27:14] Founders #191 The Almanack of Naval Ravikant: A Guide to Wealth and Happiness

    [27:25] George Washington was a vigorous and active man, an early riser about his business all day. And by no means intellectually idle, he accumulated a library of 800 books.

    [29:57] The best talk on YouTube: Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love 

    [35:08] His (Washington) strategy was clear, intelligent, absolutely consistent, and maintained with an iron will from start to finish.

    [36:12] All that counts is survival. The rest is just words.

    [37:18] A lesson from the history of entrepreneurship: Why you start your company matters. Doesn’t have to be complex. A great example: Phil Knight said he started Nike because he believed if everyone got out and ran a few miles every day the world would be a better place.

    [42:06] Team of Rivals: The Political Genius of Abraham Lincoln by Doris Kearns Goodwin

    [45:23] Words and the ability to weave them into webs which cling to the memory are extremely important in forwarding action.

    [53:01] Founders #200 Against the Odds: An Autobiography by James Dyson: This is part of my anti-brilliance campaign. Very few people can be brilliant. Those who are, rarely do anything worthwhile. You are just as likely to solve a problem by being unconventional and determined as by being brilliant. And if you can't of be unconventional, be obtuse. Be deliberately obtuse, because there are 5 billion people out there thinking in train tracks, and thinking what they have been taught to think.

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    #103 Hetty Green (The Richest Woman in America)

    #103 Hetty Green (The Richest Woman in America)

    What I learned from reading The Richest Woman in America: Hetty Green in the Gilded Age by Janet Wallach. 

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    [0:10] She was  the smartest woman on Wall Street, a financial genius, a railroad magnate, a real estate mogul, a Gilded Era renegade, a reliable source for city funds.

    [0:19] “I have had fights with some of the greatest financial men in the country. Did you ever hear of any of them getting ahead of Hetty Green?”

    [1:10] I go my own way, take no partners, risk nobody else’s fortune.

    [1:29] She was considered the single biggest individual financier in the world.

    [1:58]  A Mind at Play: How Claude Shannon Invented the Information Age by Jimmy Soni and Rob Goodman (Founders #95)

    [2:55] Watch your pennies and the dollars will take care of themselves.

    [3:31] Don’t close a bargain until you have reflected on it overnight.

    [4:00] I am always buying when everyone wants to sell, and selling when everyone wants to buy.

    [4:51] I never set out for anything that I don’t conquer.

    [5:55] To live content with small means; To seek elegance rather than luxury, And refinement rather than fashion; To be worthy, not respectable, and wealthy, not rich.

    [7:27] Her father’s advice: Never owe anyone anything.

    [9:44] By the time she is 13 she is the family bookkeeper.

    [11:53] She paid attention when he (her father) repeated again and again that property was a trust to be taken care of and enlarged for future generations. She obeyed when he insisted that she keep her own accounts in order and later praised the experience. “There is nothing better than this sort of training,” she said.

    [13:28] Hetty hungered for money itself.

    [14:08] List of financial panics discussed in the book: Panic of 1857, Panic of 1866, The Long Depression 1873-1896 which had several panics within, (Panic of 1873, 1884, 1890, 1893) Panic 1901 and Panic of 1907.

    [16:18] She was a master at studying what happened before her.

    [16:31] The First Tycoon: The Epic Life of Cornelius Vanderbilt by TJ Stiles. (Founders #54) and Tycoon's War: How Cornelius Vanderbilt Invaded a Country to Overthrow America's Most Famous Military Adventurer by Stephen Dando-Collins (Founders #55)

    [17:15] Clever men like Russell Sage, a future role model for Hetty, kept substantial amounts of cash on hand and used it to buy stocks at rock-bottom prices. John Pierpont Morgan told his son there was a good lesson to be learned from other people’s greed and good bargains to be found in the aftermath. In future times, Hetty would always keep cash available and use it to buy when everyone else was selling. Much later, Warren Buffett would do the same. But most people watched their money wash away in the flood.

    [23:57] This was the start of the contrary investing she followed for the rest of her life: buying when everyone else was selling; selling when everyone else was buying. “I buy when things are low and nobody wants them. I keep them until they go up and people are crazy to get them. That is, I believe, the secret of all successful business,” she said.

    [26:46] Hetty, like Claude Shannon, Warren Buffett, and Ed Thorp, collected a lot of information. Hetty read more and studied more than most other people.

    [28:07] The opportunities were enormous for those with the stomach to take the risks.

    [30:25] The markets may change, the methods may be revamped, but as long as human beings are propelled by greed and ego, they are doomed to repeat the mistakes of the past.

    [31:11] She had a pile of cash when others were scouring for pennies, but she also had a deft mind and the colossal courage to push against the crowd.

    [36:17] Hetty’s investments were not always known: she purchased property under fictitious names, bought stocks under other identities, and was praised by shrewd observers for how closely she held her positions.

    [37:41] Williams greeted his new customer with all the courtesy and respect due a woman of her wealth. “I have observed that many a tattered garment hides a package of bonds and that gorgeous clothing does not always cover a millionaire,” he told his colleagues.

    [44:14] The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen (Founders #37)

    [45:52] Hetty didn't like the idle rich. She respected authentic achievement.

    [48:48] Companies who stocks had skyrocketed collapsed when their lack of capital was revealed.

    [49:22] The HP Way: How Bill Hewlett and I Built Our Company by David Packard. (Founders #29)

    [49:30] More companies die from indigestion than starvation. —David Packard

    [50:58] She used her intelligence to increase her wealth, her independence to live as she wished, and her strength to battle anyone who stood in her way.

    [55:24] They sought her out to sell off their possessions. As rates rose, more and more of “the solidest men in Wall Street,” she said, from “financiers to legitimate businessmen,” came to call, begging to unload everything from palatial mansions to automobiles. “They came to me in droves,” she recalled.

    [59:30] When it comes to spending your life, there have to be some things neglected. If you try to do too much, you can never get anywhere.

    [59:53] You see this advice over and over again. You just got to figure out what that thing is that you want to focus on. No one can answer that question for you.

    [1:00:14] I think the key to a happy life is getting to the end of your life with the least amount of regrets as possible.

    [1:00:24] She prized the life she led. “I enjoy being in the thick of things. I like to have a part in the great movements of the world and especially of this country. I like to deal with big things and with big men. I would rather do [this] than play bridge. Indeed, my work is my amusement, and I believe it is also my duty.”

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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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    #230 Lucille Ball (TV's biggest star)

    #230 Lucille Ball (TV's biggest star)

    What I learned from reading Love, Lucy by Lucille Ball. 

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    [3:19] Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger (Founders #141) 

    [3:28] Arnold: The Education of a Bodybuilder by Arnold Schwarzenegger (Founders #193) 

    [4:37] Lucille Ball gave me advice about Hollywood. “Just remember, when they say, ‘No,’ you hear ‘Yes,’ and act accordingly. Someone says to you, ‘We can’t do this movie,’ you hug him and say, ‘Thank you for believing in me.

    [6:21] I like reading about people that do things that they're not supposed to do.

    [9:45] Create a comprehensive family history.

    [14:43] People with happy childhoods never overdo; they don't strive or exert themselves. They're moderate, pleasant, well liked, and good citizens. Society needs them. But the tremendous drive and dedication necessary to succeed in any field-not only show business-often seems to be rooted in a disturbed childhood.

    [19:27] This is a school that teaches acting, telling what is going to wind up being one of the most successful actresses that ever lives, that she can't do it.

    [20:29] I soon learned that to survive you have to be very strong, very healthy, and damned resilient. Rarely does anyone give you an encouraging word.

    [20:52] I'd show up early for rehearsals and stay until they had to sweep me off the stage. . .I didn't give up. I wore out my soles trudging to casting offices.

    [21:08] I can't say that I was discouraged. For some incomprehensible reason, knew that someday I'd make it.

    [21:15] Remember that there are practically no “overnight" successes. Before that brilliant hit performance came ten, fifteen, sometimes twenty years in the salt mines, sweating it out.

    [25:08] I was determined to stay in Hollywood. I would do what I could to make sure I'd survive the long haul.

    [27:34] What would you give to be a star in two years?’’ Lela asked me when I first was getting to know her.

    “What d’ya mean?’’

    "Would you give me every breath you draw for two years? Will you work seven days a week? Will you sacrifice all your social life?"

    “I certainly will," I promised.

    "Okay," she said, "let's start.

    Lela was the first person to see me as a clown with glamour.

    [28:43] Lela taught us never to see anyone as bigger or more important than ourselves.

    [30:07] Buster Keaton used to tell me about dozens of Hollywood people who ran into trouble. This was comforting, like reading an autobiography and thinking, “Well, that happened to them, too. I'm not the only one.”

    [35:51] He soon learned that in striking out on your own, you have to throw out your chest and sell yourself.

    [42:03] I learned the bitter lesson that directors and producers can make or break an actress.

    I was a star, but I felt that I couldn't afford to turn down parts for fear of infuriating these bigwigs

    If I did turn down a script I would be put on suspension, without salary.

    I couldn't accept an offer from any other studio, no matter how good, yet I could be fired at any time without the bosses showing cause.

    All the glittering “stars" were at the mercy of the whims of the top people.

    [45:12] I had a driving, consuming ambition to succeed in show business.

    [47:23] Founder mentality. Desi and I decided that since nobody else seemed to have faith in us as a team, we’d form our own corporation to promote ourselves. Desilu Productions, Inc., was launched.

    [48:54] At that time, television was regarded as the enemy by Hollywood. So terrified was Hollywood of this medium, movie people were afraid to make even guest appearances. (As bill gates and Walt Disney learned — go with the phenomenon— not against it)

    [50:50] Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson (Founders #140) 

    Overdrive: Bill Gates and the Race to Control Cyberspace by James Wallace (Founders #178) 

    [52:57] To my delight, I discovered that the I Love Lucy show drew from everything I'd learned in the movies, radio, the theater, and vaudeville.

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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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    #184 Isadore Sharp (Four Seasons)

    #184 Isadore Sharp (Four Seasons)

    What I learned from reading Four Seasons: The Story of a Business Philosophy by Isadore Sharp.

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    [0:01] When I built my first hotel I knew nothing about the hotel business. 

    [4:28] He refused to settle for the pragmatic dictum of maturity. Issy also skipped skepticism and "Let's be sensible." People said he was naïve, with a kind of glandular optimism. Perhaps. But as it turned out naïveté served him well. 

    [6:32] Early on he made some audacious statements that sounded like pipe dreams. He told me once that his aim was to make the name Four Seasons a worldwide brand, synonymous with luxury, like Rolls-Royce.

    [8:39]Once, when Dad was excavating a basement with horse and plough, he broke his shoulder. But he shrugged it off and uncomplainingly kept on working, something I never forgot. 

    [26:52] I decided to go ahead. I foresaw only one difficulty, but it loomed large: How do you build a two-hundred-room resort without any money? This was literal fact. My earnings barely covered my rising family costs. 

    [35:23] I asked Sir Gerald Glover, "How do you keep your lawn so perfect?"  “No problem”, he replied. “You just cut it every week for three hundred years.” 

    [43:48] I owe my success to my freedom. I think for me independence has an incalculable value. 

    [44:44] All business proceeds on belief: Trying to run a company without a set of beliefs is like trying to steer a ship without a rudder. 

    [56:03] The experience made me realize what I would really like to do: create a group of the best hotels in the world. And what we really want to do is usually what we do best.

    [56:51] We will not be all things to all people. We will specialize. 

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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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    #225 Winston Churchill

    #225 Winston Churchill

    What I learned from reading Churchill by Paul Johnson. 

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    [2:09] Churchill never allowed mistakes, disaster, illnesses, unpopularity, and criticism to get him down.

    [4:19] The Splendid and the Vile: A Saga of Churchill, Family, and Defiance During the Blitz by Erik Larson. (Founders #196)

    [4:57] He wrote best-selling biographies on Napoleon, Churchill, Eisenhower, Socrates, and Mozart.

    [6:39] 3 part series on Larry Ellison: Softwar: An Intimate Portrait of Larry Ellison and Oracle (Founders #124), The Billionaire and the Mechanic: How Larry Ellison and a Car Mechanic Teamed up to Win Sailing's Greatest Race, the Americas Cup, Twice (Founders #126), The Difference Between God and Larry Ellison: *God Doesn't Think He's Larry Ellison(Founders #127)

    [7:40] How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets by Felix Dennis (Founders #129)

    [8:35] On the importance of belief: I am not asking you to be Winston Churchill. None of us could be. But I do ask that you begin, right now, right at this very moment, to ask yourself whether you believe in yourself. Truly. Do you believe in yourself? Do you? If you do not, and, worse still, if you believe you never can believe, then, by all means, go on reading this book. But take it from me, your only chance of getting rich will come from the lottery or inheritance. If you will not believe in yourself, then why should anyone else?

    [10:15] How did one man do so much, for so long, and so effectively?

    [11:29] Reading is not a chore. Reading is theft. It is a robbery. Someone smarter than you has spent 20 years beating their head against the wall trying to solve the problem you're dealing with. You can steal that hard won knowledge and make it yours. That is power.

    [12:57] Screw It, Let's Do It: Lessons in Life by Richard Branson (Founders #49)

    [15:27] Long Walk to Freedom: The Autobiography of Nelson Mandela

    [16:44] My personal email list: My top 10 highlights from Churchill.

    [21:51] He had accumulated a number of critics and even enemies, and a reputation for being brash, arrogant, presumptuous, disobedient, boastful, and a bounder.

    [22:22] He thirsted for office, power, and the chance to make history.

    [27:29] Paul Orfalea The educational system teaches kids they have to be good at everything, or else. Out of the classroom, I've found this just isn't so. Adults have a much easier time. They get to specialize. They pick one thing. It's a whole lot easier. Copy This!: How I Turned Dyslexia, ADHD, and 100 Square Feet into a Company Called Kinko's (Founders #181)

    [33:34] He is so resourceful and undismayed.

    [35:00]  It's amazing how much of an advantage simply not giving up can give you.

    [37:28] Don’t turn your back on he who will not accept defeat.

    [38:10] Big Brown: The Untold Story of UPS (Founders #192)

    [41:09] Really it’s a pretty simple philosophy. What you have to do is just draw a line in the dirt, and force the bureaucracy back behind that line. And then know for sure that a year will go by and it will be back across that line, and you’ll have to do the same thing again. —Sam Walton

    [42:26] Shit happens. Acknowledge it. Learn from it. Forget it. Move on. —Paul Van Duren Authentic: A Memoir by The Founder of Vans (Founders #126) 

    [44:00] Churchill was again sent to the bottom and had to face the task of wearily climbing the ladder again, for the third time in his life. It was not so easy now he was nearing fifty.

    [44:35] The World Crisis by Winston Churchill

    [45:01] No More Champagne: Churchill and His Money by David Lough

    [45:40] Churchill had his own version of PEDs: In those days, Churchill often took several whiffs of pure oxygen to lift him before a bout of oratory, and he traveled up with two canisters.

    [47:14] He called for a premium on effort and a penalty on inertia.

    [50:30] You have to work yourself into a position where you can trust your own judgment. That's all you have in life.

    [52:28] Never underestimate your opponent. All downside, no upside.

    [1:02:49] From Shoe Dog: I looked down the table. Everyone was sinking, slumping forward. I looked at Johnson. He was staring at the papers before him, and there was something in his handsome face, some quality I'd never seen there before. Surrender. Like everyone else in the room, he was giving up. The nation's economy was in the tank, a recession was under way. Gas lines, political gridlock, rising unemployment, Nixon being Nixon-Vietnam. It seemed like the end times. Everyone in the room had already been worrying about how they were going to make the rent, pay the light bill. Now this. I cleared my throat. "So...in other words," I said. I cleared my throat again, pushed aside my yellow legal pad. "What I'm trying to say is, we’ve got them right where we want them."

    [1:08:52] We shall never surrender.

    [1:10:00] Identify your most valuable asset and go all in: What’s going to win this war? Airpower.

    [1:13:10] From Estee Lauder's autobiography: No community was too small for my attention, my absolutely full efforts. I had ridden, for instance, on a bus for six hours to open a small store in Corpus Christi, Texas. The store's clientele was modest in size and economics. No matter.

    [1:15:22] From Personal History: In one exchange between us, I had deplored the fact that we had the bad luck to live in a world with Hitler, to which Phil responded, “I don’t know. Maybe it’s a privilege to have to fight the biggest son of a bitch in history.”

    [1:16:24] Churchill had an uncanny gift for getting priorities right.

    [1:16:40] He is an apostle of the offensive.

    [1:20:05] Words are the only things that last forever.

    [1:20:23] The Second World War by Winston Churchill

    [1:21:40] Never flinch, never wary, never despair.

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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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