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

    en-usJanuary 12, 2022

    Podcast Summary

    • Exploring the traits of true heroesHistorian Paul Johnson identified four traits of true heroes: absolute independence of mind, acting resolutely and consistently, ignoring the media, and displaying personal courage.

      True heroes possess absolute independence of mind, act resolutely and consistently, ignore the media, and display personal courage at all times. This was the observation made by historian Paul Johnson in his book "Heroes," where he explored the lives of great figures from Alexander the Great to Winston Churchill. Johnson admired those who challenge conventional wisdom and speak the truth, even if they are in a minority. He believed that heroes are not always popular in their own time, but their courage and determination leave a lasting impact on history. By examining the lives of George Washington, Abraham Lincoln, Julius Caesar, Alexander the Great, Winston Churchill, and de Gaulle, Johnson identified these four traits as common characteristics among heroes. Absolute independence of mind means thinking critically and questioning the status quo. Acting resolutely and consistently means sticking to one's convictions and following through on decisions. Ignoring the media refers to not being swayed by external opinions or public pressure. Personal courage means taking risks and facing challenges despite the potential consequences. These traits are timeless and can inspire us to be heroes in our own lives.

    • Influential Figures: Bold, Intelligent, and ComplexInfluential figures in history, like Alexander the Great and Julius Caesar, were complex individuals with both admirable and questionable traits. Their interconnected strengths and weaknesses serve as valuable lessons for future generations.

      The most influential figures in history, such as Alexander the Great and Julius Caesar, were bold, intelligent, and self-assured individuals who built vast empires but were also cruel, selfish, and unlovable. This extreme nature of their traits makes them valuable case studies for future generations. For instance, Steve Jobs, a renowned entrepreneur, acknowledged that his strengths and weaknesses were interconnected. Philip II, Alexander the Great's father, was another formidable figure who laid the groundwork for his son's conquests with a powerful administration, vast resources, and a professional army. The inheritance Alexander received from his father was the most magnificent an aspiring world conqueror could hope for, fueling his limitless ambition. Their mothers, such as Olympias, were equally influential and passionate, ambitious, unscrupulous, and violent figures in their own right.

    • Alexander the Great's Exceptional Education and Self-BeliefAlexander's education under Aristotle and belief in his divine descent fueled his indomitable spirit, allowing him to conquer vast territories through sheer willpower and self-belief.

      Alexander the Great's extraordinary life was shaped by his exceptional education under Aristotle, his unwavering self-belief, and his indomitable willpower. Born of a sinister parentage, Alexander was well-educated by Aristotle, who instilled in him a vast knowledge and a passion for learning. Alexander believed he was descended from Hercules, which gave him a courageous and daring spirit, as well as a fatalism that made death unimportant. He rose early, lived a spare diet, and trained extensively in violence and warfare. Alexander's uncommon self-belief, which bordered on divinity, fueled his success as a military leader, allowing him to travel over 20,000 miles and conquer vast territories. His sheer willpower, combined with his pre-natural confidence and persistence, enabled him to continually improve his military machine and lead from the front. Alexander's story is a testament to the power of the mind and the importance of believing in oneself.

    • Effective leadership through adaptability, planning, technology, financial stability, and inspiring camaraderieHistorical figures like Alexander the Great and Julius Caesar showcased effective leadership through adaptability, thorough planning, understanding of technology, financial stability, and inspiring camaraderie among their teams, leaving lasting impacts on history.

      Effective leadership, as demonstrated by historical figures like Alexander the Great and Julius Caesar, involves adaptability, thorough planning, understanding of technology, financial stability, speed of decision making, and the ability to inspire camaraderie among team members. These leaders, despite their flaws and ambitions, left lasting impacts on history through their achievements and innovations. Alexander the Great, with his battle scars and flexible tactics, exemplified the importance of optimizing for adaptability and understanding the environment. Julius Caesar, who transformed the Roman Republic into an empire, demonstrated the power of effective communication and the long-lasting impact of words. Both leaders understood the importance of financial stability, speed, and inspiring loyalty among their teams, making them influential figures in history.

    • Julius Caesar's Power of Clear and Simple CommunicationJulius Caesar's clear and simple communication skills, speed, obsession with details, and meticulous training of his men helped him secure his place in history despite actions without senate authority.

      Julius Caesar, a man of colossal energy and farsighted cunning, understood the power of clear and simple communication. He knew that controlling the narrative of his own story was essential to securing his place in history. Caesar was a man of action, known for his speed and obsession with details. He wrote extensively about his conquests, producing works with the supreme merits of simplicity and clarity. Caesar's deliberate use of simple language was not for show but to get his point across effectively. His early life was marked by adversity, including the death of his father and poverty, which fueled his ambition and drive. Caesar's ability to move fast was a key to his success, but he also possessed the patience to train his men meticulously. His legacy continues to influence business leaders, from Sol Price to Jeff Bezos, who learned the importance of teaching and investing in people. An intriguing anecdote from Caesar's life is his encounter with pirates, where he raised the ransom money and then turned the tables to capture and crucify them. Caesar's obsession with war and the potential for wealth through conquest made him one of the richest men in Rome. Despite his actions done without senate authority, his communication skills and military prowess secured his place in history.

    • Julius Caesar: Hero or Monster?Julius Caesar's complex legacy includes achievements, but also ethical concerns and inspirations for both heroes and tyrants.

      Julius Caesar was a complex historical figure who can be viewed as both a hero and a monster, depending on one's perspective. He was a brilliant leader who conquered vast territories to amass great wealth and power, but his methods, including breaking rules and using violence, can also be seen as criminal. Throughout history, leaders have been inspired by Caesar's accomplishments, but it's important to consider the ethical implications of his actions. Caesar's exceptional abilities included mental power, energy, and shrewdness, but his legacy also includes inspiring dictators and tyrants. Napoleon admired Caesar and believed writing about his death would be the greatest task of his life, while others questioned how many lives Caesar might have taken had he lived longer. The complexities of historical figures like Caesar offer valuable lessons and insights, but it's essential to consider the full picture, including their flaws and the consequences of their actions.

    • George Washington's Intellectual Pursuits Set Him ApartCultivating specific knowledge and skills sets is crucial for standing out in today's world and achieving success.

      Having specific knowledge and skills sets you apart in the age of infinite leverage. George Washington, an exemplary figure, understood this concept well. Standing out at 6 feet 3 inches tall, Washington's physical stature influenced his leadership style, but it was his intellectual pursuits that truly set him apart. He gained knowledge in surveying, which taught him valuable skills like record-keeping, map reading, and map making. This expertise gave Washington an edge during the Revolutionary War, making him one of the most knowledgeable individuals about the American land. Naval Ravikant emphasizes the importance of cultivating specific knowledge in today's world, where the gains often accrue to those who possess unique skills. By emulating Washington's example, we can strive to acquire distinct knowledge and excel in our respective fields. As Bill Gurley, a venture capitalist, noted in his talk "Running Down a Dream," the most successful individuals in any profession often possess unique approaches and skills that set them apart. Therefore, continually seeking out and mastering specific knowledge can be a powerful tool in achieving success.

    • Strive to be the most knowledgeable person in your fieldDedicate yourself to mastering your craft, leverage the internet for information, and consistently build on your knowledge to gain a valuable advantage

      Continuous learning and striving to be the most knowledgeable person in your field is essential for success. As Bill Gurley emphasizes, information is readily available online, so there's no excuse not to dedicate yourself to mastering your craft. This mindset, as exemplified by historical figures like George Washington and Estee Lauder, can lead to significant gains in the age of infinite leverage. It requires motivation, discipline, and a long-term commitment, but the rewards are worth the effort. By refusing to give up and consistently building on your knowledge, you can achieve exceptional results and gain a valuable advantage over others.

    • Leadership in Entrepreneurship: Lessons from George WashingtonBelief in a mission, strategic thinking, and unwavering determination are crucial traits for entrepreneurs, as demonstrated by George Washington's leadership during the American Revolution.

      George Washington's leadership during the American Revolution demonstrates the traits of great entrepreneurs. Despite being outnumbered and under-resourced, Washington's strategic thinking, unwavering determination, and belief in his mission kept him and his army in the fight. His ability to maintain a clear and consistent strategy, even in the face of setbacks and sacrifices, ultimately led to success. This lesson can be applied to entrepreneurship, where starting a company based on a strong belief or passion can sustain an entrepreneur through the challenges and long-term commitment required for success. Phil Knight's story of starting Nike with a simple belief in the benefits of running is a modern-day example of this principle.

    • Washington and Lincoln's Moral Character Shaped HistoryGeorge Washington and Abraham Lincoln, with their moral character, left lasting impacts on American history. Washington's decision to step down from power set a precedent, while Lincoln's goodness inspired a nation.

      The founding figures of America, such as George Washington and Abraham Lincoln, are revered not only for their achievements but also for their moral character. During Washington's time, running was not seen as a beloved activity, but Washington believed that encouraging people to run and learn from historical heroes could make the world a better place. Washington's decision to step down from power and return to his farm after leading the country to victory was seen as heroic by the British king, who recognized the difficulty for successful revolutionary leaders to relinquish power. Lincoln, another American hero, is remembered for his goodness, which he cultivated despite coming from humble beginnings and having little formal education. Both Washington and Lincoln serve as examples of how moral character can shape history.

    • From humble beginnings to master of words: The life of Abraham LincolnSelf-educated Lincoln rose to become a master of words and a skilled lawyer, demonstrating high morality and integrity. His use of simple, powerful language shaped his mission and influenced leaders like Steve Jobs and Jeff Bezos.

      Abraham Lincoln, a self-educated man, rose from humble beginnings to become a master of words and a skilled lawyer. His life, well-documented with over 4,000 books written about him, demonstrates an extremely high standard of morality and integrity. Lincoln's use of language was simple yet sophisticated, focusing on accuracy and truthfulness. He became a lawyer, but remained a good man, as shown in a letter where he returned excess payment. The power of words and the ability to weave them into persuasive narratives was crucial for political action in Lincoln's time, and it remains important in company building today. Entrepreneurs like Steve Jobs and Jeff Bezos used repetition and simple, powerful phrases to craft the narrative of their missions. In the 19th century, America's population was aggressively literate, and Lincoln, who was brought up on key documents like the Declaration of Independence and the Constitution, added to the canon with the Gettysburg Address and the Second Inaugural Address. The key phrases within these speeches came to Lincoln in intuitive flashes, making him a master storyteller and a powerful leader.

    • Leaders who overcame personal challengesGreat leaders like Lincoln and Churchill showed resilience, introspection, and determination to lead their countries through adversity, despite personal melancholy or disagreements.

      Great leaders, like Abraham Lincoln and Winston Churchill, were deeply introspective and active individuals who did not let personal melancholy or disagreements hinder their ability to make important decisions and lead their countries through challenging times. Lincoln, a strong and egotistical leader, surrounded himself with cabinet members he disagreed with to strengthen the country, while Churchill, a seemingly inactive yet methodical leader, followed his axiom of conserving energy to be effective in his actions. Both leaders demonstrated remarkable strength and determination in doing the right thing, even when it was difficult or could easily be avoided. Their stories serve as reminders of the importance of resilience, introspection, and effective leadership in times of adversity.

    • Intelligence and determination lead to great successIntelligence and determination, even without formal education, can lead to remarkable achievements. Challenge the status quo and think outside the box to discover unique insights and create innovative solutions.

      Intelligence and determination, even in the absence of formal education, can lead to remarkable achievements. Winston Churchill, despite being underestimated by his family and dismissed for his academic performance, went on to build a remarkable career as a politician, artist, and military leader. His intelligence, which was often overlooked, served him well in navigating the many challenges he faced. James Dyson, the inventor, shares a similar perspective, encouraging employees to be unconventional and even deliberately obtuse in their thinking. By challenging the status quo and thinking outside the box, individuals can uncover unique insights and create innovative solutions. Churchill and Dyson's stories remind us that intelligence and determination, when combined, can lead to great success, regardless of one's educational background.

    • Leadership from Singular Figures: Churchill and de GaulleUnderstand the importance of clear vision, determination, and effective communication in leading your company to success, as demonstrated by Churchill and de Gaulle's historical leadership.

      Effective leadership, as demonstrated by Winston Churchill and Charles de Gaulle, often stems from a singular, formidable individual with almost absolute control. Churchill's love for power and history, as well as his ability to tell his own story through speeches and books, contributed significantly to his success in leading the United Kingdom during World War II. De Gaulle, too, was a national hero who saved France twice and gave it its first successful constitution. Despite their achievements, both men were flawed but chose to embrace their singularity as a philosophy of life. Entrepreneurs can learn from these historical figures by understanding the importance of clear vision, determination, and effective communication in leading their companies to success.

    • De Gaulle's Unique Leadership StyleDe Gaulle, a complex figure, valued ideas over people, demanded intense loyalty, and disregarded human connections. His lectures on leadership showcased his extensive historical knowledge and innovative military ideas, setting the stage for modern warfare.

      Charles de Gaulle was a complex and unique historical figure, known for his intellectual prowess, elitist views, and intense loyalty demanded from his followers. He was a man of his mind, who spent most of his time reading and valued ideas over people. De Gaulle had a dim view of most humans and saw getting close to someone as a potential weakness. He was an extreme character who demanded intense loyalty but gave none in return. De Gaulle's lectures on leadership at the Military Staff College, delivered without notes, showcased his extensive historical knowledge and his belief that the hero may need to disobey foolish or cowardly orders from above. He was a misfit and a rebel, one of the first to realize that the mechanization of war required new military ideas, and his attempts to propagate these novel ideas set the stage for the use of tanks, aggressive nature, and speed on the battlefield. Despite his unfriendly demeanor, de Gaulle's impact on military strategy was significant and influential.

    • De Gaulle's unique insights from his isolationDe Gaulle's intransigence and isolation allowed him to gain unique perspectives, shaping him into a transcendental figure in history.

      Despite being difficult and even ungrateful, De Gaulle's intransigence and isolation allowed him to derive unique insights that others might have missed. His views, though held by a flawed and perhaps even selfish individual, were always interesting and contributed to his role as a transcendental figure in history. Churchill and De Gaulle, both old-style national heroes, shared the ability to reflect upon the process of history. If you're interested in learning more about these and other heroes, consider purchasing the book using the link in the show notes. Your support helps keep this podcast going.

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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.

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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.

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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.

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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) 

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

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

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

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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

    #224 Charles de Gaulle

    #224 Charles de Gaulle

    What I learned from reading Charles de Gaulle by Julian Jackson. 

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    [6:45] The Winston Churchill episode is #196 based on the book The Splendid and The Vile

    [7:07] Don’t turn your back on he who will not accept defeat.

    [7:54] The greatest founders in history have identified a series of ideas that are extremely important to them and they repeat these ideas over and over again. Repetition is persuasive.

    [12:24] De Gaulle was a voice before he was a face.

    [16:45] Whatever happens the flame of the French resistance must not be extinguished, and it will not be extinguished.

    [19:15] De Gaulle spoke about the army the way Enzo Ferrari spoke of his cars. Founders #97 Go Like Hell: Ford, Ferrari, and Their Battle for Speed and Glory at Le Mans

    [23:30] Nothing dented his belief in victory.

    [23:38] The victor is the one that wants victory most energetically.

    [32:17] “Henry Singleton always tries to work out the best moves and 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.” —Claude Shannon

    [32:51] A country (or a person, or a company) is defeated only when it has lost the will to fight.

    [36:19] Excellence is the capacity to take pain.

    [42:13] To be passive is to be defeated.

    [48:18] Leadership is a solitary exersize of the will.

    [53:23] “I don't want any messages saying 'I'm holding my position.' We're not holding a goddamned thing. We're advancing constantly and we're not interested in holding anything except the enemy's balls. We're going to hold him by his balls and we're going to kick him in the ass. We are going to kick the living shit out of him all the time. Our plan of operation is to advance and keep on advancing.” —General Patton

    [53:45] That central is completely opposite of what the French* generals thought.

    [54:34] Founders #208 In The Company of Giants

    [59:15] The history of entrepreneurship is extremely clear about the need to be able to concentrate.

    [1:00:38] All that matters is to survive. The rest is just words.

    [1:04:55] He pushed himself to the limits and he expected the same from his men.

    [1:05:53] All those who have done something valuable and durable have done so alone and in silence.

    [1:07:07] Beyond Possible: One Man, Fourteen Peaks, and the Mountaineering Achievement of a Lifetime by Nims Purja

    [1:14:31] What everyone seems to ignore is the incredible mixture of patience, of obstinate creativity, the dizzying succession of calculations, negotiations, conflicts, that we had to undertake in order to accomplish our enterprise.

    [1:15:19] He really believed that giving up was treason. That you deserved death for giving up.

    [1:20:12] Fortune cannot always be favorable to us.

    [1:23:01]  It was from this moment in his memoirs that DeGaulle starts to talk of himself in the third person. De Gaulle appears as a figure whom the narrator of the memoir watches.

    [1:27:55] No question or discussion, we must go forward. Whoever stands still, falls behind.

    [1:30:05] I have only one aim: to deliver France.

    [1:41:10] The effective formula De Gaulle used was 1. Ruthlessness. 2. Brilliance. 3. Total clarity about what he wanted to achieve.

    [1:45:36] Paris! Paris outraged! Paris broken! Paris martyred! But Paris liberated! Liberated by itself, liberated by its people with the help of the French armies, with the support and the help of all France, of the France that fights, of the only France, of the real France, of the eternal France!

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    — 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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    #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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    #232 Alexander the Great

    #232 Alexander the Great

    What I learned from reading Alexander the Great: The Brief Life and Towering Exploits of History's Greatest Conqueror--As Told By His Original Biographers by Arrian, Plutarch, and Quintus Curtius Rufus. 

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    [1:28] Heroes: From Alexander the Great and Julius Caesar to Churchill and de Gaulleby Paul Johnson (Founders #226)

    [2:16] Each was brave, highly intelligent, almost horrifically self-assured, whose ambitions knew no bounds.

    [2:46] He was a man of formidable achievements. He was highly creative. He woke up early. His diet was spare. He was skilled with the sword and the spear and an expert at all forms of arms drills. He dressed to be seen.

    [3:50] He had supernatural self confidence and persistence. There is no substitute for will.

    [4:26] Churchill by Paul Johnson (Founders #225)

    [5:50] Addiontal research: Dan Carlin's Hardcore History Addenum Glimpses of Olympias

    [6:03] The Macedonians were a rugged people.

    [7:23] Think about this— At 19 years old you think it is your place in history to take revenge on something that happened 150 years previous. That is unapologetically extreme.

    [9:42] There’s a rule they don’t teach you at Harvard Business School. It is: If anything is worth doing, it’s worth doing to excess.” —Edwin Land

    [12:11] Alexander had excessive tolerance of fatigue

    [13:14] Combine an excessive tolerance of fatigue with an intolerance of slowness.

    [14:06]  Four Seasons: The Story of a Business Philosophy by Isadore Sharp (Founders #184) "Excellence is the capacity to take pain."

    [14:17] All the things you want in life are on the other side of difficulty and discomfort.

    [17:12] The River of Doubt: Theodore Roosevelt's Darkest Journey (Founders #175)

    [21:59] He considered that the task of training and educating his son was too important to be true and trusted to the ordinary run of teachers.

    [22:14] Knowledge Project: Inside the Mind of A Famous Investor | Marc Andreessen

    [25:03] Becoming Dr. Seuss: Theodor Geisel and the Making of an American Imagination by Brian Jay Jones (Founders #161) 

    Mind Your Own Business: A Maverick's Guide to Business, Leadership and Life by Sidney Harman (Founders #229) 

    Bloomberg by Michael Bloomberg. (Founders #228)

    [27:40] Learning is nonlinear.

    [31:38] I meant to say Alexander, not Aristotle. Alexander is the one writing the letter to Aristotle.

    [33:49] Alexander was a lover of books.

    [38:55] George Lucas: A Life by Brian Jay Jones (Founders #35)

    [44:51] Time to Make the Donuts: The Founder of Dunkin Donuts Shares an American Journey by William Rosenberg (Founders #231)

    [49:16] Big Brown: The Untold Story of UPS by Greg Niemann (Founders #192)

    [51:24] Fortune generally makes those whom she has compelled to put their trust in her alone more thirsty for glory than capable of coping with it.

    [54:11] What folly forced you, knowing as you did the fame of my achievements, to try the fortunes of war?

    [58:05] No trait of Alexander's was more firmly held or enduring than his admiration for genuine excellence and brilliant achievement.

    [58:30] Winners don't go around leaving negative comments about other people winning.

    [1:01:59] Stand firm, for it is toil and danger that lead to glorious achievements.

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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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    #251 Ben Franklin and George Washington: The Founding Partnership

    #251 Ben Franklin and George Washington: The Founding Partnership

    What I learned from reading Franklin & Washington: The Founding Partnership by Edward Larson.

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    [0:59] Both men have been called The First American but they were friends first and never rivals.

    [1:32] Leadership at this level is a rare quality and well-worth study.

    [1:53] The Autobiography of Benjamin Franklin by Benjamin Franklin. (Founders #62) and  Benjamin Franklin: An American Life by Walter Isaacson. (Founders #115)

    [3:53] He was bookish and inquisitive. Franklin quickly displayed a seemingly inexhaustible capability for hard work and was self-taught by reading.

    [5:36] Franklin was convinced that acts mattered more than beliefs.

    [6:06] Franklin advised fellow tradesmen. The way to wealth depends chiefly on two words: Industry and Frugality. Waste neither time nor money. Make the best use of both.

    [7:06] The years roll around and the last one will come. When it does I would rather have it said he lived usefully than he died rich.

    [8:25] He found electricity a curiosity and left it a science.

    [8:50] When Franklin proposed the ideal prayer it was for “Wisdom that discovers my truest interests.”

    [9:26] 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. —Heroes: From Alexander the Great and Julius Caesar to Churchill and de Gaulle by Paul Johnson. (Founders #226)

    [10:08] His (Washington) strategy was clear, intelligent, absolutely consistent, and maintained with an iron will from start to finish.

    [16:09] The pictures that we primarily know them as: Washington on the $1 bill and Franklin on the $100 bill — Washington was 64 years old in that picture and Franklin was almost 80 — that is not what they look like at this point. Washington is an extremely young man (21 or 22 years old) and Franklin (48 years old) still has almost 40 years left of life.

    [18:44] Blood Meridian by Cormac McCarthy

    [21:09] Think about this. Franklin is almost 50. He's already a successful entrepreneur, successful scientist, successful writer and now he focuses his talent on the most important project of his life. Something he will be working on in one form or another for the next 34 years —until he dies.

    [24:28] Never underestimate your opponent. It’s all downside and no upside.

    [26:39] You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don't, you're going to lose. And that's as close to certain as any prediction that you can make. You have to figure out where you've got an edge. And you've got to play within your own circle of competence. —Charlie Munger

    [27:58] Washington remained remarkably calm under fire.

    [28:23] This is a great description of how lopsided this was: You might as well send a cow in pursuit of a rabbit. The Indians were accustomed to these woods.

    [29:20] This is going to be  the most decorated military leader in early American history and so far everything we've seen from his early career is just one failure after another.

    [32:00] Where Washington's regimen was chronically undermanned, Franklin’s was oversubscribed. They had precisely the same job—to secure the frontier.

    [32:30] There's a lesson that both Franklin and Washington learned during this part that is going to eventually ripple throughout history: A final shared lesson carried weight. Despite the war's ultimate outcome, the British were beatable in New World combat. "This gave us Americans the first suspicion that our exalted Ideas of the Prowess of British soldiers was not well founded.” So it's like you have this reputation because you're this gigantic superpower, this world empire —and yet what we're seeing on the battlefield was like, oh, wait a minute —they're beatable.

    [36:55] Understanding what people believe is pivotal to understanding why they do what they do.

    [37:36] Washington’s view of the American Revolution: "Essentially, he saw the conflict as a struggle for power in which the colonists, if victorious, destroyed British pretensions of superiority and won control over half of a continent."

    [40:17] We have taken up arms in defense of our Liberty, our property, our wives, and our children. We are determined to preserve them or die.

    [43:02] Washington used the winter to reassess and revise his army structure and strategy because both were faulty.

    [47:08] By soldiering on for one more year Washington's army, destitute and half naked, turned the world upside down. Imagine if they had quit before this point!

    [51:50] When I look at this building, my dear sister, and compare it with that in which our good parents educated us, the difference strikes me with wonder. (A lot can change in one lifetime)

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

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