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    • Vannevar Bush and Edwin Land's belief in individual potential and contrarian approachBush and Land believed in individual's capacity for greatness, skeptical of easy solutions, mass mediocrity and the importance of allowing individuals to explore potential unfettered

      Vannevar Bush, the engineer and science advisor who played a pivotal role in American technology during World War 2 and the atomic age, believed deeply in the power of the individual and the importance of tackling tough problems with a contrarian, pragmatic approach. He was skeptical of easy solutions and big institutions, and thought that knowledge came from a physical encounter with reality. Bush's philosophy, as shared in the book "Endless Frontier," aligns closely with that of his friend Edwin Land, who also believed in the individual's capacity for greatness and the dangers of an increasingly bureaucratic society. Both men were suspicious of mass mediocrity and believed in the importance of allowing individuals to explore their potential unfettered. Their shared beliefs offer valuable insights for us today.

    • Vannevar Bush: The Father of the Digital AgeVannevar Bush, a trailblazing inventor, engineer, and writer, advocated for entrepreneurs and innovation, shaping the digital age with his ideas and inventions, including the digital computer and the internet.

      Vannevar Bush was a trailblazing inventor, engineer, and writer whose ideas and inventions laid the groundwork for the digital computer and the information revolution. He was politically powerful, with influences stretching from the Manhattan Project to the creation of the Internet. Bush's vision of the engineer as a pragmatic polymath and his advocacy for entrepreneurs and innovation made him a leading proponent of industrial vitality and a contrarian figure in his time. Despite being a controversial figure, Bush's intelligence, vitality, and candor left a lasting impact on American history. His writings continue to inspire generations of technology company founders and entrepreneurs. Bush's advocacy for small new industrial units, or startups, as a means to limit monopoly economic power remains relevant today. Bush's legacy continues to shape the technological landscape and serves as a reminder of the importance of innovation and entrepreneurship.

    • Early life experiences shaped Bush's leadership styleBush's childhood experiences taught him about autocratic leadership and the importance of making decisive, independent decisions

      George H.W. Bush's early life experiences shaped him into a strong-willed, independent leader with a penchant for autocratic decision-making. His father, Perry, instilled in him the importance of gratitude, self-reliance, and resilience. Bush's fascination with old whaling logs as a boy taught him about leadership and the importance of autocratic leadership in successful ventures. This lesson stayed with him throughout his life and influenced his approach to leadership, both in military conflicts and as President. Bush's biography demonstrates the enduring impact of early life experiences on personality development and leadership style. Successful leaders, whether in the whaling industry or in business, have the power to demand loyalty and make decisions with absolute authority. Bush's experiences and observations from his childhood reading reinforced this notion, which stayed with him throughout his life.

    • Bush's entrepreneurial spirit and determinationBush's determination and entrepreneurial spirit led him to success, from arguing for admission to MIT to inventing radio tubes and starting Raytheon.

      George Bush, the future president, was a fiercely loyal and protective leader, driven by a strong entrepreneurial spirit. Growing up with modest means, Bush saw the path of invention and entrepreneurship as his ticket to success. His stubborn and independent nature was evident from a young age, as he fought for recognition and credit for his work. This mentality served him well when he tried to gain admission to MIT, where he argued for his qualifications despite initial rejection. Impatient and in a hurry due to financial constraints, Bush worked multiple jobs to support himself while studying. His persistence paid off when he played a role in the invention of radio tubes at American Radio and Research Corporation, which later became the foundation for the successful company Raytheon. This experience showcases Bush's ability to be at the right place at the right time with the right skills, ultimately leading to his financial success. This tenacity and determination were traits Bush carried with him throughout his life, including during his military service in World War 2.

    • From hobbyist tools to consumer productsRecognizing the potential to make complex technologies user-friendly and affordable can lead to market explosion, as demonstrated by the evolution of home radios and personal computers.

      Domesticating complex technologies makes them accessible and desirable to the masses, leading to market explosion. This concept was exemplified in the evolution of home radios and later, personal computers. Steve Jobs recognized the potential of turning computers from hobbyist tools into consumer products, leading to the creation of Apple and the domestication of the computer. This idea, which emerged in the 1920s with radios and was further developed by Jobs in the late 1970s, demonstrates the power of making complex technologies user-friendly and affordable. Rereading books and reflecting on past ideas can lead to new insights and connections, highlighting the importance of continuous learning and exploration.

    • Bush's bold response to bully supervisorAsserting your worth and standing up for yourself is important, even if it leads to temporary conflict. Find hobbies to manage stress and take up space in the world through knowledge and skills.

      Standing up for yourself is essential, especially when dealing with bullies. This was exemplified in the story of George Bush's encounter with his supervisor, Jackson, at MIT. Bush's bold response to Jackson's criticism led to a temporary rift, but ultimately, their relationship remained unscathed. This experience underscores the importance of not taking things lying down and asserting your worth. Additionally, the passage highlights the importance of hobbies and finding ways to manage anxiety and stress. Bush, who was known for his ceaseless activity, used hobbies as a means of relaxation and found great value in them. His advice to his sons, "justify the space you occupy," emphasizes the importance of taking up space in the world through knowledge and skills, particularly in the context of science and technology.

    • Embrace a multidisciplinary approach to lifeApproach life with a clear-headed and disciplined attitude, avoid wishful thinking, and embrace the possibilities of being both broad and deep in knowledge and interests.

      We need to embrace a multidisciplinary approach to learning and life. Vannevar Bush, a scientist and engineer, believed that we should not be like the ostrich and bury our heads in the sand when faced with challenges or technological advancements. Instead, we should approach life with a clear-headed and disciplined attitude, avoiding wishful thinking and embracing the possibilities of being both broad and deep in our knowledge and interests. Bush admired individuals like Leonardo da Vinci and Ben Franklin, who were masters of various fields, and warned against the dangers of becoming overly specialized or monotonous in our pursuits. For Bush, using freedom wisely and maintaining a balance between science, technology, and the humanities was the key to a fulfilling life.

    • Vannevar Bush: Brilliant Inventor and VisionaryVannevar Bush was a visionary who saw the potential of automating information management and established a liaison between government, industry, and researchers, becoming a pivotal figure during World War 2.

      Vannevar Bush was not only a brilliant inventor but also a visionary who recognized the importance of connecting scientific knowledge with human needs and aspirations. He saw the potential of automating the process of thinking and managing information to prevent an impending information glut. However, his most significant contribution was his foresight in establishing a liaison between government, industry, and researchers during times of stress, such as the looming threat of another world war. Bush's idea proved invaluable when the US entered World War 2, making him a pivotal figure in shaping the future of scientific research and development. Bush's ability to anticipate the needs of society and act upon them made him an influential figure in history.

    • Bush's recognition of the importance of staying informed and adaptiveBush's belief in the power of inventiveness drove him to counteract Germany's technological superiority during WW2, resonating with FDR's approach and Ogilvy's advocacy for nurturing genius.

      George Bush, despite his reluctance and initial perception of alienation, recognized the importance of staying informed and adaptive in the face of technological superiority from an enemy. This was exemplified during the early days of World War II when Charles Lindbergh warned of Germany's advanced air force. Instead of succumbing to fear, Bush was driven to action and believed that the U.S. could counteract this advantage through innovation. This mindset, rooted in his belief in the power of inventiveness, was a defining trait of Bush's character. Additionally, Bush's admiration for FDR's approach to government, favoring inventiveness over order, resonated with the ideas of advertising legend David Ogilvy, who advocated for tolerating and nurturing genius in companies.

    • The Power of Brevity and Clarity in CommunicationEffective communication involves being clear, concise, and focused. George Bush and David Ogilvy demonstrate the importance of brevity and clarity in decision-making and productivity. Personal mottos or guiding principles can help us stay motivated and resilient in the face of challenges.

      Embracing brevity and clarity in communication can lead to effective decision-making and productivity, as demonstrated by the examples of George Bush and David Ogilvy. Bush's ability to present clear and concise plans, and Ogilvy's belief in the power of succinct writing, highlight the importance of being direct and focused in our communication. Additionally, having a personal motto or guiding principle can help us stay focused and motivated in our work and lives. Bush's motto, "Don't let the bastards get you down," serves as a reminder to stay resilient and persistent in the face of challenges. Overall, the importance of brevity, clarity, and personal motivation in communication and decision-making cannot be overstated.

    • Bush's Role in Building the Atomic Bomb: Father Figure and ProtectorBush acted as a leader, providing resources and protection for experts to develop the atomic bomb, subjugating his ego for the greater good during a time of immense pressure and no rules.

      President George Bush's role in the Manhattan Project was not about building weapons himself, but rather, organizing and supporting the team of experts who did. He acted as a father figure, providing them with the necessary resources and protection to develop the atomic bomb. This secretive world, hidden behind the larger context of the war, was a world of no rules and immense pressure, where Bush's ego was subjugated in service of the country. The team, including Bush, Oppenheimer, and Groves, considered extreme measures like kidnapping key German scientists to reduce the threat of a German atomic bomb. Bush, feeling isolated and anxious, found solace in taking action rather than burdening the president with his concerns. This period was a time of immense pressure and no limits, where the survival of the country was at stake.

    • The Impact of Vannevar Bush on American InnovationVannevar Bush's expertise and efficient production methods helped the allies outproduce the Axis powers during WWII. His vision of a machine to amplify human memory and intelligence inspired generations of inventors and scientists. Bush's impact on American political life was significant, but his time and talents were finite.

      Being resourceful and adaptable is key to success, as demonstrated by Vannevar Bush during World War II. The allies, despite starting with fewer resources and less advanced technology, outproduced the Axis powers due to their expertise and efficient production methods. Bush's essay "As We May Think" inspired generations of inventors and scientists with his vision of a machine that could amplify human memory and intelligence. Bush's impact on American political life was significant, as he bridged the gap between science and the state. However, even the most formidable individuals, like Bush, are subject to the same limitations of time and mortality. Bush's legacy serves as a reminder that our time is precious and that we should strive to make the most of our talents and resources. Bush's life, marked by groundbreaking innovations and personal losses, ultimately came to an end in 1974.

    • Melancholic Reflections of Vannevar BushVannevar Bush, a renowned inventor and engineer, felt his life insignificant towards the end, despite past accomplishments. Buy his biography on Founders Podcast for insights and support the podcast.

      Profound sense of melancholy experienced by Vannevar Bush, a renowned inventor and engineer, towards the end of his life. Despite his impressive past accomplishments, he found his present life insignificant. This sentiment is explored in depth in Bush's biography, which is available for purchase through the Founders Podcast website, founderspodcast.com. The book offers a wealth of information about Bush's life and innovations, and purchasing it through this link supports the podcast. If you'd like to enhance your reading experience and remember key insights, consider using the Readwise app, which offers a free 60-day trial. This app, which I personally use, helps you capture and review important information as you read. As of now, I've read 271 books and have 1,000 more to go. I'll be back soon with more insights.

    Recent Episodes from Founders

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    (46:30) The early days of Wal-Mart were like the early days of Disneyland: "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes. We just did the work. Processes came later. All of these things had never been done before. Walt had gathered up all these people who had never designed a theme park, a Disneyland.

    So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything.

    We just worked and Walt just walked around and had suggestions. — Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. (Founders #347)

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

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

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

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

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

     

    #353 How To Be Rich by J. Paul Getty

    #353 How To Be Rich by J. Paul Getty

    What I learned from reading How To Be Rich by J. Paul Getty. 

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    Build relationships with other founders, investors, and executives at a Founders Event

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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.

     A few questions I've asked SAGE recently: 

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

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

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

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    Get access to Founders Notes here

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    (2:00) My father was a self-made man who had known extreme poverty in his youth and had a practically limitless capacity for hard work.

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

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

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

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

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

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

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

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

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

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

    (41:00) Two principles he repeats:

    Be where the work is happening.

    Get rid of bureaucracy.

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

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

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

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

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

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

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

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

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

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

    #352 J. Paul Getty: The Richest Private Citizen in America

    #352 J. Paul Getty: The Richest Private Citizen in America

    What I learned from reading As I See it: The Autobiography of J. Paul Getty by J. Paul Getty. 

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    Build relationships with other founders, investors, and executives at a Founders Event

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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.

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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

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

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

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

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

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

    -They concentrated on expanding

    -They concentrated on making their companies more efficient 

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

    -Always personally involved in their business

    -They know their business down to the ground

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

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

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

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

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

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

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

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

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

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

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

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

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

    Get access to Founders Notes here

    You can search all my notes and highlights from every book I've ever read for the podcast. 

    You can also ask SAGE any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

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

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

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

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

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

    #350 How To Sell Like Steve Jobs

    #350 How To Sell Like Steve Jobs

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

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

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

    Get access to the World’s Most Valuable Notebook for Founders

    You can search all my notes and highlights from every book I've ever read for the podcast. 

    You can also ask SAGE any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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    (1:00) You've got to start with the customer experience and work back toward the technology—not the other way around.  —Steve Jobs in 1997

    (6:00) Why should I care = What does this do for me?

    (6:00) The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy.  (Founders #348)

    (7:00) Easy to understand, easy to spread.

    (8:00) An American Saga: Juan Trippe and His Pan Am Empire by Robert Daley 

    (8:00) The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

    (9:00)  love how crystal clear this value proposition is. Instead of 3 days driving on dangerous road, it’s 1.5 hours by air. That’s a 48x improvement in time savings. This allows the company to work so much faster. The best B2B companies save businesses time.

    (10:00) Great Advertising Founders Episodes:

    Albert Lasker (Founders #206)

    Claude Hopkins (Founders #170 and #207)

    David Ogilvy (Founders #82, 89, 169, 189, 306, 343) 

    (12:00) Advertising which promises no benefit to the consumer does not sell, yet the majority of campaigns contain no promise whatever. (That is the most important sentence in this book. Read it again.) — Ogilvy on Advertising 

    (13:00) Repeat, repeat, repeat. Human nature has a flaw. We forget that we forget.

    (19:00) Start with the problem. Do not start talking about your product before you describe the problem your product solves.

    (23:00) The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders #292)

    (27:00) Being so well known has advantages of scale—what you might call an informational advantage.

    Psychologists use the term social proof. We are all influenced-subconsciously and, to some extent, consciously-by what we see others do and approve.

    Therefore, if everybody's buying something, we think it's better.

    We don't like to be the one guy who's out of step.

    The social proof phenomenon, which comes right out of psychology, gives huge advantages to scale.

    —  the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger (Founders #329)

    (29:00) Marketing is theatre.

    (32:00) Belief is irresistible. — Shoe Dog: A Memoir by the Creator of Nike by Phil Knight.  (Founders #186)

    (35:00) I think one of the things that really separates us from the high primates is that we’re tool builders. I read a study that measured the efficiency of locomotion for various species on the planet. The condor used the least energy to move a kilometer. And, humans came in with a rather unimpressive showing, about a third of the way down the list. It was not too proud a showing for the crown of creation. So, that didn’t look so good. But, then somebody at Scientific American had the insight to test the efficiency of locomotion for a man on a bicycle. And, a man on a bicycle, a human on a bicycle, blew the condor away, completely off the top of the charts.

    And that’s what a computer is to me. What a computer is to me is it’s the most remarkable tool that we’ve ever come up with, it’s the equivalent of a bicycle for our minds.

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    #349 How Steve Jobs Kept Things Simple

    #349 How Steve Jobs Kept Things Simple

    What I learned from reading Insanely Simple: The Obsession That Drives Apple's Success by Ken Segall. 

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

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

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

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

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

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

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

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

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

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

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

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

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    Michael Jordan In His Own Words

    Michael Jordan In His Own Words

    What I learned from reading Driven From Within by Michael Jordan and Mark Vancil. 

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    Episode Outline: 

    Players who practice hard when no one is paying attention play well when everyone is watching.

    It's hard, but it's fair. I live by those words. 

    To this day, I don't enjoy working. I enjoy playing, and figuring out how to connect playing with business. To me, that's my niche. People talk about my work ethic as a player, but they don't understand. What appeared to be hard work to others was simply playing for me.

    You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. 

    Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. 

    I knew going against the grain was just part of the process.

    The mind will play tricks on you. The mind was telling you that you couldn't go any further. The mind was telling you how much it hurt. The mind was telling you these things to keep you from reaching your goal. But you have to see past that, turn it all off if you are going to get where you want to be.

    I would wake up in the morning thinking: How am I going to attack today?

    I’m not so dominant that I can’t listen to creative ideas coming from other people. Successful people listen. Those who don’t listen, don’t survive long.

    In all honesty, I don't know what's ahead. If you ask me what I'm going to do in five years, I can't tell you. This moment? Now that's a different story. I know what I'm doing moment to moment, but I have no idea what's ahead. I'm so connected to this moment that I don't make assumptions about what might come next, because I don't want to lose touch with the present. Once you make assumptions about something that might happen, or might not happen, you start limiting the potential outcomes. 

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    Founders
    en-usMay 12, 2024

    #348 The Financial Genius Behind A Century of Wall Street Scandals: Ivar Kreuger

    #348 The Financial Genius Behind A Century of Wall Street Scandals: Ivar Kreuger

    What I learned from reading The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy. 

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    Episode Outline: 

    1. Ivar was charismatic. His charisma was not natural. Ivar spent hours every day just preparing to talk. He practiced his lines for hours like great actors do.

    2. Ivar’s first pitch was simple, easy to understand, and legitimate: By investing in Swedish Match, Americans could earn profits from a monopoly abroad.

    3. Joseph Duveen noticed that Europe had plenty of art and America had plenty of money, and his entire astonishing career was the product of that simple observation. — The Days of Duveen by S.N. Behrman.  (Founders #339 Joseph Duveen: Robber Baron Art Dealer)

    4. Ivar studied Rockefeller and Carnegie: Ivar's plan was to limit competition and increase profits by securing a monopoly on match sales throughout the world, mimicking the nineteenth century oil, sugar, and steel trusts.

    5. When investors were manic, they would purchase just about anything. But during the panic that inevitably followed mania, the opposite was true. No one would buy.

    6. The problem isn’t getting rich. The problem is staying sane. — Charlie Munger

    7. Ivar understood human psychology. If something is limited and hard to get to that increases desire. This works for both products (like a Ferrari) and people (celebrities). Ivar was becoming a business celebrity.

    8.  I’ve never believed in risking what my family and friends have and need in order to pursue what they don't have and don't need. — The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)

    9. Great ideas are simple ideas: Ivar hooked Durant with his simple, brilliant idea: government loans in exchange for match monopolies.

    10. Ivar wrote to his parents, "I cannot believe that I am intended to spend my life making money for second-rate people. I shall bring American methods back home. Wait and see - I shall do great things. I'm bursting with ideas. I am only wondering which to carry out first."

    11. Ivar’s network of companies was far too complex for anyone to understand: It was like a corporate family tree from hell, and it extended into obscurity.

    12. “Victory in our industry is spelled survival.”   —Steve Jobs

    13. Ivar's financial statements were sloppy and incomplete. Yet investors nevertheless clamored to buy his securities.

    14. As more cash flowed in the questions went away. This is why Ponzi like schemes can last so long. People don’t want to believe. They don’t want the cash to stop.

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

    16.  A summary of Charlie Munger on incentives:

    1. We all underestimate the power of incentives.
    2. Never, ever think about anything else before the power of incentives.
    3. The most important rule: get the incentives right.

    17. This is nuts! Fake phones and hired actors!

    Next to the desk was a table with three telephones. The middle phone was a dummy, a non-working phone that Ivar could cause to ring by stepping on a button under the desk. That button was a way to speed the exit of talkative visitors who were staying too long. Ivar also used the middle phone to impress his supporters. When Percy Rockefeller visited Ivar pretended to receive calls from various European government officials, including Mussolini and Stalin. That evening, Ivar threw a lavish party and introduced Rockefeller to numerous "ambassadors" from various countries, who actually were movie extras he had hired for the night.

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    #347 How Walt Disney Built His Greatest Creation: Disneyland

    #347 How Walt Disney Built His Greatest Creation: Disneyland

    What I learned from reading Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. 

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    (8:00) When in 1955 we heard that Disney had opened an amusement park under his own name, it appeared certain that we could not look forward to anything new from Mr. Disney.

    We were quite wrong.

    He had, instead, created his masterpiece.

    (13:00) This may be the greatest product launch of all time: He had run eight months of his television program. He hadn't named his new show Walt Disney Presents or The Wonderful World of Walt Disney.

    It was called simply Disneyland, and every weekly episode was an advertisement for the still unborn park.

    (15:00) Disneyland is the extension of the powerful personality of one man.

    (15:00) The creation of Disneyland was Walt Disney’s personal taste in physical form.

    (24:00) How strange that the boss would just drop it. Walt doesn’t give up. So he must have something else in mind.

    (26:00) Their mediocrity is my opportunity. It is an opportunity because there is so much room for improvement.

    (36:00) Roy Disney never lost his calm understanding that the company's prosperity rested not on the rock of conventional business practices, but on the churning, extravagant, perfectionist imagination of his younger brother.

    (41:00) Walt Disney’s decision to not relinquish his TV rights to United Artists was made in 1936. This decision paid dividends 20 years later. Hold on. Technology -- developed by other people -- constantly benefited Disney's business. Many such cases in the history of entrepreneurship.

    (43:00) Walt Disney did not look around. He looked in. He looked in to his personal taste and built a business that was authentic to himself.

    (54:00) "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes.

    We just did the work. Processes came later. All of these things had never been done before.

    Walt had gathered up all these people who had never designed a theme park, a Disneyland.

    So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything.

    We just worked and Walt just walked around and had suggestions."

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    Related Episodes

    #250 Jacob Fugger (The Richest Man Who Ever Lived)

    #250 Jacob Fugger (The Richest Man Who Ever Lived)

    What I learned from reading The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger by Greg Steinmetz.

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    [1:55] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)

    [5:05] It is well known that without me your majesty might not have acquired the Imperial crown. You will order that the money which I've paid out, with the interest, shall be paid without further delay.

    [6:20] There's many examples in the book where Jacob is constantly pushing the pace and going further than you would expect when the consequences of making certain mistakes at this time in history was death.

    [6:51] He wanted to see how far he could go even if it meant risking his freedom and his soul.

    [7:01] He is the German Rockefeller. He thought that he was blessed with a talent for money-making by God. And so he couldn't retire. He couldn't live a life of leisure because God told him to make as much money as possible.

    [8:38] Fugger wrote the playbook for everyone who keeps score with money. A must for anyone interested in history or wealth creation. —Bryan Burrough Barbarians At The Gate

    [9:33] Jacob was the first documented millionaire in history.

    [10:43] His objective was neither comfort nor happiness. It was to stack up money until the end.

    [12:18] Venice was the most commercially minded city on Earth at the time. I wonder what the most commercially minded city on Earth is today? I don't know the answer.

    [13:31] Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)

    [17:42] The spectacle of the Emperor begging for help startled Jacob. Any belief he may have had in the Emperor’s superhuman qualities could not have survived the fact that mere shopkeepers had denied credit to the supposedly most powerful figure in Europe.

    [19:11] Dan Carlin’s Hardcore History WW1 series

    [23:16] There was nothing pioneering or innovative about the loan. His competitors could have made it as easily as Jacob did. All Jacob did was put up his money when no one else had the guts. Such out of favor investments became a hallmark of his investing career.

    [23:37] The Richest Woman in America: Hetty Green in the Gilded Age by Janet Wallach (Founders #103)

    [28:47] Founder: A Portrait of the First Rothschild by Amos Elon (Founders #197) and The House of Rothschild: Money's Prophets by Niall Ferguson (Founders #198)

    [30:44] He was a radical. He refused to believe that noble birth made someone better than anyone else. For him, intelligence, talent, and effort made the man.

    [32:29] You write the best life story by living an interesting life.

    [33:23] His greatest talent was an ability to borrow the money he needed to invest.

    [36:00] Nothing gave him greater joy than the chores required to make him richer.

    [38:12] I don’t like plan B. Plan B should be to make Plan A work. —Jeff Bezos

    [38:57] Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford (Founders #247)

    [41:04] In every age men have been dishonest and governments corrupt. The Lessons of History by Will and Ariel Durant. (Bonus episode between #169 and #170)

    [43:47] Luther combined technology with an extremely strong worth ethic work.

    [45:29] Jacob monitored every transaction.

    [51:31] So this dude wanted to kill the rich and they put him on their currency.

    [55:55] Jacob believed that businesses could more easily function with fewer, not more decision-makers.

    [56:29] The Fugger family, 17 generations after Jacob lived, still enjoy income on land Jacob acquired centuries earlier.

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    #239 The Wright Brothers

    #239 The Wright Brothers

    What I learned from rereading The Wright Brothers by David McCullough.

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    [3:40] Relentlessly Resourceful by Paul Graham

    [4:11] If I were running a startup, this would be the phrase I'd tape to the mirror. "Make something people want" is the destination, but "Be relentlessly resourceful" is how you get there.

    [5:35] Everybody engaged in complicated work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing. —Charlie Munger

    [6:44] No bird soars in a calm.

    [10:30] Neither ever chose to be anything other than himself.

    [11:36] Wilbur was a little bothered by what others might be thinking or saying.

    [11:46] What the two had in common above all was a unity of purpose and unyielding determination.

    [15:09] Every mind should be true to itself —should think, investigate and conclude for itself.

    [17:53] My Life in Advertising (Founders #170)

    [19:33] Overdrive: Bill Gates and the Race to Control Cyberspace (Founders #174)

    [19:39] Hard Drive: Bill Gates and the Making of the Microsoft Empire (Founders #140)

    [23:56] I wish to avail myself of all that is already known.

    [30:32] Like the inspiring lectures of a great professor, the book had opened his eyes and started him thinking in ways he never had.

    [34:29] In no way did any of this discourage or deter Wilbur and Orville Wright, any more than the fact that they had had no college education, no formal technical training, no experience working with anyone other than themselves, no friends in high places, no financial backers, no government subsidies, and little money of their own. Or the entirely real possibility that at some point, like Otto Lilienthal, they could be killed.

    [36:07] When once this idea has invaded the brain it possesses it exclusively.

    [38:23] I’ve never found anybody that didn’t want to help me if I asked them for help. I called up Bill Hewlett when I was 12 years old. He answered the phone himself. I told him I wanted to build a frequency counter. I asked if he had any spare parts I could have. He laughed. He gave me the parts. And he gave me a summer job at HP working on the assembly line putting together frequency counters. I have never found anyone who said no, or hung up the phone. I just ask. Most people never pick up the phone and call. And that is what separates the people who do things, versus the people who just dream about them. You have to act. —Steve Jobs

    [41:47] You wanted to start a company. You knew that it was going to be hard. What are you complaining for?

    [42:17] Jay Z: Decoded (Founders #238)

    [42:56] They had their whole heart and soul in what they were doing.

    [46:28] You should follow your energy.

    [53:49] The Wright brothers have blinders on mentality. They don't care what other people say. They just say I'm working at this. I don't care what other people think.

    [54:16] The brothers proceeded entirely on their own and in their own way.

    [58:21] This is the blueprint they are using: Test. Iterate. Test. Iterate. Work long hours. Concentrate and ignore the naysayers.

    [1:00:31] Wilbur was always ready to jump into an argument with both sleeves rolled up. He believed in a good scrap. He believed it brought out new ways of looking at things and helped round off corners.

    [1:00:57] Amazon Unbound: Jeff Bezos and the Invention of a Global Empire (Founders #180)

    [1:02:26] Pour gasoline on promising sparks.

    [1:04:14] It is very bad policy to ask one flying machine man, about the experiments of another, because every flying machine man thinks that his method is the correct one.

    [1:08:46] Stephen King On Writing: A Memoir of the Craft (Founders #210)

    [1:10:26] They were always thinking of the next thing to do. They didn't waste much time worrying about the past.

    [1:11:05] Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. — Driven From Within (Founders #213)

    [1:12:56] They would have to learn to accommodate themselves to the circumstances.

    [1:20:42] The best dividends on labor invested have invariably come from seeking more knowledge rather than more power.

    [1:27:37] He went his way always in his own way.

    [1:31:45] A man who works for the immediate present and its immediate rewards is nothing but a fool.

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    #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.”

    ——

    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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    #132 Edwin Land (Steve Jobs's Hero)

    #132 Edwin Land (Steve Jobs's Hero)

    What I learned from reading The Instant Image: Edwin Land and the Polaroid Experience by Mark Olshaker. 

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    [1:42] The word “problem” had completely departed from Edwin land's vocabulary to be replaced by the word “opportunity”. 

    [2:01] What was it about this man and his company that allowed such confidence and seeming lack of concern with the traditional top priorities of American business? 

    [2:38] There is something unique about Polaroid having to do both with the human dimension of the company, and with a unity of vision of its founder and guiding genius.  

    [3:36] Perhaps the single most important aspect of Land's character is his ability to regard things around him in a new and totally different way.  

    [4:14] Right from the beginning of his career Land had paid scant attention to what experts had to say, trusting his own instincts instead.  

    [4:49] Land has always believed that for any item sufficiently ingenious and intriguing, a new market could be created. Conventional wisdom has little capacity with which to evaluate a market that did not exist prior to the product that defines it. 

    [5:21] He feels that creativity is an individual thing. Not generally applicable to group generation. 

    [5:52] Land is a man deeply caught up in the creative potential of the individual. 

    [6:33] An institution is the lengthened shadow of one man. 

    [7:43] Apple founder Steve Jobs once hailed Edwin Land, the founder of Polaroid and the father of instant photography, as "a national treasure" and once confessed to a reporter that meeting Land was "like visiting a shrine." By his own admission, Jobs modeled much of his own career after Land’s. Both Jobs and Land stand out today as unique and towering figures in the history of technology. Neither had a college degree, but both built highly successful and innovative organizations. Jobs and Land were both perfectionists with an almost fanatic attentiveness to detail, in addition to being consummate showmen and instinctive marketers. In many ways, Edwin Land was the original Steve Jobs.  

    [8:36] There's a rule that they don't teach you at the Harvard business school. It is, if anything is worth doing it's worth doing to excess

    [11:22] Steve Jobs: I always thought of myself as a humanities person as a kid, but I liked electronics. Then I read something that one of my heroes, Edwin Land of Polaroid, said about the importance of people who could stand at the intersection of humanities and sciences. And I decided that's what I wanted to do.  

    [12:51] In a world full of cooks, Edwin Land was a chef. [Link to The Cook and The Chef: Elon Musk’s Secret Sauce]  

    [19:34] Land was asked what he wanted to be when he was younger: I had two goals. To be the world's greatest scientist and to be the world's greatest novelist. 

    [21:28] Everyone acknowledged that the future of Polaroid corporation would be determined by what went on in the brain of Edwin Land. 

    [22:01] My motto is very personal and may not fit anyone else or any other company. It is: Don't do anything that someone else can do.  

    [22:54] Fortunately our company has been one which has been dedicated throughout its life to making only things which others can not make.  

    [25:06] Land had far more faith in his own potential, and that of the company he inspired, than did any of the experts looking in from the outside.  

    [27:30] Polaroid failed to build a successful company by selling to other businesses: Each [product] would have involved millions of dollars in revenue for the company, but each invention involved a certain degree of transformation of an existing industry controlled by an existing power structure. From this Land realizes he needs to control the relationship with the customer. He realizes he needs to sell directly to the end user

    [36:16] Edwin Land is inspired by, and learned from, people that came before him. One example of this is Alexander Graham Bell. Edwin Land is not worried about the marketing [of a new product] because Bell went through the same thing: Land apparently lost little sleep over the initial situation, calling to mind that the same sort of reaction had greeted the public introduction of Bell's telephone, 70 years earlier. The telephone had been a dominant symbol in Land's thinking. He began making numerous connections between his camera and the telephone.  

    [40:16] Over the years, I have learned that every significant invention has several characteristics. By definition it must be startling, unexpected, and must come into a world that is not prepared for it. If the world were prepared for it, it would not be much of an invention.  

    [40:46] It is the public's role to resist [a new invention, a new product/service]. 

    [41:29] It took us a lifetime to understand that if we're to make a new commodity —a commodity of beauty —then we must be prepared for the extensive teaching program needed to prepare society for the magnitude of our invention

    [45:12] Only the individual— and not the large group— can see a part of the world in a totally new and different way.  

    [48:08] Land's view is that a company should be scientifically daring and financially conservative. 

    [50:30] To understand more about every aspect of light, Edwin Land read every single book on light that was available in the New York City Public Library. That reminded me of one of my favorite lectures ever: Running Down A Dream: How to Succeed and Thrive in a Career You Love

    [51:59] Land on the problem with formal education: Young people for the most part —unless they are geniuses— after a very short time in college, give up any hope of being individually great. 

    [54:16] Among all the components and Land's intellectual arsenal, the chief one seems to be simple concentration.  

    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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    #98 Enzo Ferrari (the making of an automobile empire)

    #98 Enzo Ferrari (the making of an automobile empire)

    What I learned from reading Enzo Ferrari: Power, Politics, and the Making of an Automobile Empire by Luca Dal Monte.

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    [0:01] Ferrari was animated by an extraordinary passion that led him to build a product with no equal

    [3:52] Lee Iacocca on why Enzo Ferrari will go as the greatest car manufacturer in history: "Ferrari spent every dollar chasing perfection." 

    [8:50] Business lessons from his father  

    [11:47] Enzo Ferrari was not interested in school. He wanted to start working immediately. 

    [16:36] The deaths of his father and brother 

    [18:20] No job. No money. No connections. A young man desperate to succeed in life. 

    [23:06] He learned something that he would never forget for the rest of his life: Not even the best driver had any chance of victory if he was not at the wheel of the best car

    [24:20] Starting his first business which ends in bankruptcy.

    [28:31] Enzo learned from those who already accomplished what he was trying to do. 

    [31:10] He does the best possible job at whatever task he is given. Even if he doesn't want to do it. Enzo focuses on being useful. 

    [33:35] A young Enzo Ferrari is plagued with doubts and close to a nervous breakdown. 

    [38:28] The large leave gaps for the small: The start of Scuderia Ferrari. 

    [49:38] Enzo Ferrari at 33 years old. 

    [51:30] For Enzo Ferrari it was always day 1.

    [52:33] Alfa Romeo pulls the plug/the end of Scuderia Ferrari, the birth of Ferrari.

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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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