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    • Discovering the Value of Readwise and Creating Founders NotesAn avid reader and podcast host found value in Readwise, amassed over 20,000 highlights, and created Founders Notes to share insights from great founders.

      The speaker, an avid reader and podcast host, discovered the value of the Readwise app through a chance encounter in 2019. Since then, he has become a super user, amassing over 20,000 highlights and notes from over 300 books. He uses Readwise daily and constantly rereads his notes and highlights. Realizing the value of his extensive collection, he approached the founders of Readwise to create a product that would give others access to his notes and highlights. The result is Founders Notes, a product for successful founders who want to reference the thoughts and ideas of history's greatest founders. Founders Notes allows subscribers to search by book or keyword and access a highlights feed. The speaker encourages founders to subscribe and keep the tab open for easy reference. He believes the value received will be commensurate with the value he has gained.

    • Larry Gagosian: A Straightforward Art DealerLarry Gagosian, a billion-dollar art dealer, values straightforwardness and action over introspection and pretentiousness, making him a master in the art world.

      Larry Gagosian, the world's biggest art dealer, values straightforwardness and action over introspection and pretentiousness. Gagosian, who owns and runs 19 galleries worldwide, generating over $1 billion in annual revenue, is known for his bluntness and Machiavellian business acumen. He avoids self-reflection, believing it can hinder his edge, and instead focuses on fulfilling his intentions with the fewest possible motions. This approach has made him a master in his field and a shark in the art world. The profile in The New Yorker highlights his simplicity and effectiveness, with one critic describing him as a "shark, a feeding machine." This philosophy of focusing on the essentials and taking action aligns with the idea that great entrepreneurs tend to be biased towards action rather than introspection.

    • Focusing on Commerce and Control in the Art IndustryArt dealer Larry Gagosian's success comes from waiting for sales metrics before investing, using size and resources to attract talent, and turning perceived liabilities into assets.

      Larry Gagosian, a billion-dollar art dealer, emphasizes the importance of focusing on commerce while maintaining control in the art industry. Unlike traditional art dealers who bet on raw talent and support emerging artists, Gagosian waits until an artist has achieved sales metrics before getting involved. He uses his size and resources to lure artists away with promises of more money, support, and a bigger platform. Gagosian's obsession with control extends to hosting lavish sales events disguised as parties, which creates a source of envy and confusion among his competitors. By turning perceived liabilities into assets, Gagosian's approach to business is a reminder that maintaining control and focusing on commerce can lead to success in any industry.

    • Expensive assets can lead to business successExpensive assets like yachts, mansions, and jets can generate more revenue through relationships and exclusivity in certain industries

      High overhead expenses, such as luxurious yachts, mansions, and private jets, can actually be assets for business success, especially in industries where relationships and exclusivity play a significant role. As seen in the examples of shipping magnates, angel investors, and art dealers like Larry Gagosian, these investments can lead to influential experiences and deals that ultimately generate more revenue than the initial cost. Gagosian, in particular, has mastered this principle by transforming himself from a servant to a master of the art world's elite, selling unique, one-of-a-kind assets through relationships and connections. The success of these individuals demonstrates that simplicity and a clear focus on the end goal, in this case, selling valuable items, can lead to outsized profits.

    • Larry Gagosian: The Art Dealer Connecting Ultra-Rich Buyers and SellersRenowned art dealer Larry Gagosian builds his business by connecting buyers and sellers, using network and knowledge to acquire desired art pieces, maintaining social status, and acting as if art is not for sale.

      Larry Gagosian, a renowned art dealer, has built a successful business by acting as a middleman, connecting buyers and sellers in the art market, and exploiting the status anxiety of the ultra-rich. He uses his extensive network and knowledge to locate and acquire desired art pieces for clients, often offering premium prices to owners. Gagosian's influence and social status are highly sought after, making him a desirable figure in the art world. He models his business after historical art dealers, such as Joseph Duveen, and maintains his position by constantly working and attending high-profile events as marketing showcases. Gagosian's ease of sales comes from his philosophy that everything has a price, and the best way to raise that price is to act as if it's not for sale.

    • Unconventional upbringing shaped Gagosian's art world successGrowing up with a financially unstable father and dropping out of college twice didn't deter Gagosian. His unique perspective, disdain for corporate environments, and understanding of artists' motivations made him a successful art dealer.

      Larry Gagosian's success in the art world was influenced by his unconventional upbringing and early life experiences. His father's financial instability and gambling habits instilled in him a unique perspective on the value of things and the importance of ambition. Despite a lackluster start in life, marked by dropping out of college twice and holding various menial jobs, Gagosian's determination and disinhibition propelled him into the art world. His experience working as an assistant for Michael Ovitz, a powerful agent, fueled his disdain for corporate environments and solidified his desire to be an art dealer. Gagosian's ability to sell and his understanding of artists' internal motivations have made him a master salesman and a formidable figure in the art world. His unconventional path to success is a testament to the power of persistence and the importance of embracing one's unique qualities.

    • Identifying opportunities and improving themStarted selling kitten posters, expanded to crafts, self-educated, and cold-called a photographer to secure first fine art collection

      Larry Gagosian's success in the art world came from his ability to identify opportunities and relentlessly improve upon them, even if it meant starting with something as simple as selling kitten posters. At the age of 27, Gagosian discovered a vendor selling posters and, seeing an opportunity to make money, began buying directly from the supplier and selling them with a markup. He then expanded his business by allowing local craftspeople to sell their goods on his patio for a commission. Despite facing challenges in running a business, Gagosian's quick learning abilities helped him become a successful art dealer. He transitioned from selling posters to dealing in prints and photographs, and his lack of formal art history knowledge drove him to self-educate through books and trade magazines. Ultimately, his determination and disinhibition led him to cold-calling a New York photographer, Ralph Gibson, and securing his first fine art collection.

    • Cold call leads to building a relationship and successMaking a bold move and being authentic can lead to valuable connections and new opportunities. Recognize your unique strengths and adapt to new environments to create your own path to success.

      Building relationships and being unapologetically yourself can lead to significant opportunities. Larry Gagosian, a successful art dealer, made a cold call to photographer Michael Gibson, which led him to meet the legendary art dealer Leo Castelli. Gagosian's bluntness and impatience with art world pretenses appealed to Castelli, and they began building a relationship. This relationship ultimately changed Gagosian's life as he moved to New York and started his own niche in the secondary art market. He recognized his limitations and couldn't compete with Castelli in the primary market, but he had access to a different ecosystem of collectors on the West Coast. By being true to himself and seizing the opportunity to meet Castelli, Gagosian created his own path to success. This story illustrates the importance of building relationships, being authentic, and recognizing one's unique strengths and opportunities.

    • Focusing on relationships with wealthy clients and secondary marketLarry Gagosian identified an untapped market in the art world by building relationships with wealthy clients and capitalizing on the secondary market, departing from the low status and distasteful view of the time, and inspiring success from historical figures like Joseph Duveen, leading to an empire and massive wealth.

      Larry Gagosian identified an untapped market in the art world by focusing on building relationships with wealthy clients and capitalizing on the secondary market for previously owned art. This approach was a departure from the established norms of the time, which viewed the secondary market as low status and distasteful. Gagosian drew inspiration from the historical success of Joseph Duveen, who had similarly supplied nouveau riche clients with art from noble European families. By being fast and hustling where others were slow, Gagosian built an empire and went from selling to the wealthy to becoming one of them. This opportunity was hidden in plain sight and rejected by more established players in the industry, but Gagosian's innovative approach allowed him to thrive during a time of massive new wealth in America. The story of Gagosian's success can be compared to that of Sam Zemurra, the banana king, who also saw a market that was overlooked by the establishment and built an empire by being fast and hustling where others were satisfied.

    • Larry Gagosian's Unconventional Tactics in the Art MarketLarry Gagosian's success in the secondary art market was built on his detective work and unconventional tactics, including making cold calls, secretly photographing artwork, and using information from his mentor to gain an edge.

      Larry Gagosian, a prominent art dealer, built his success by excelling in the secondary art market. He was not content with simply scouting the primary market like others. Instead, he became a detective, gathering information on art ownership and locations that were not publicly available. Gagosian's unconventional tactics, such as making cold calls and secretly photographing artwork at dinner parties, earned him a reputation as a shameless and aggressive dealer. His access to information from his mentor, Castelli, gave him an edge in the market. Despite his controversial methods, Gagosian's hunger for art and relentless pursuit made significant pieces more accessible to collectors. His denials of his tactics were often contradicted by his actions, but his reputation as a go-getter remained.

    • Larry Gagosian's Unconventional Approach to Building a Successful Art BusinessPersistence, adaptability, and a keen eye for valuable opportunities are key to building a successful art business. Identify potential clients and collectors, work long hours, and demand results to amass wealth.

      Larry Gagosian's success in the art world came from his relentless pursuit of opportunities and his aggressive approach to building relationships. He identified potential clients and collectors, often cold-calling them to offer a purchase or a sale. His eagerness to make deals and his willingness to work long hours allowed him to amass a significant fortune. Gagosian's unconventional management style, which involved hiring directors to sell art and constantly demanding results, also contributed to his success. Despite his immense wealth, Gagosian remained focused on his business and showed no signs of slowing down, even into his later years. Overall, his story highlights the importance of persistence, adaptability, and a keen eye for identifying valuable opportunities.

    • Successful individuals have a bias for action and find value in unexpected placesSuccessful individuals like Larry Gagosian have an extreme bias for action, quickly moving on from setbacks, and find value in unexpected places, thinking about their businesses from first principles.

      Successful individuals, like Larry Gagosian, have a few key characteristics that enable them to achieve greatness. First, they have an extreme bias for action and a ability to move on from setbacks quickly. Sam Zell's response to a failed business pitch is a prime example of this mindset. Second, they find value in unexpected places and think about their businesses from first principles. Gagosian's hiring of Picasso biographer John Richardson is a testament to this approach. Lastly, they build long-term relationships and play the long game. Gagosian's success in the secondary market allowed him to expand into the primary market and build relationships with living artists. Despite initial resistance from artists like Twombly, Gagosian's persistence paid off in the end. Overall, these individuals' simplicity and focus on action, finding value in unexpected places, and building long-term relationships are the keys to their genius.

    • Larry Gagosian's Success Story in the Art WorldLarry Gagosian's success in the art industry came from embracing its commercial side, securing high commission rates, poaching artists, and acknowledging its financial nature. His sales expertise and financial resources benefited artists and collectors, leading to significant investments in contemporary art.

      Larry Gagosian, a renowned art dealer, embraced the commercial side of the art industry and used his size and advantages to succeed, despite criticism from competitors. Gagosian's approach included securing high commission rates, poaching artists, and openly acknowledging the financial nature of the industry. His artists benefited from his sales expertise and financial resources, while collectors made significant investments in art through him. David Geffen, a master of the universe and a major art collector, spoke highly of Gagosian's impact on his art collection, which included numerous six-figure purchases. Geffen's financial success in the art market, in part, can be attributed to Gagosian's role in the industry during a period of significant growth in contemporary art prices. Ultimately, Gagosian's success story highlights the importance of embracing the commercial aspect of the art world and leveraging one's advantages to create value for artists and collectors.

    • Seeking advantages in art marketArt dealer Larry Gagosian thrived by understanding client needs, recognizing competitive nature, and constantly seeking advantages in the art market.

      Larry Gagosian, a successful art dealer, has thrived in the art market by consistently seeking advantages, even during downturns. This is evident in his early sale of a Jasper Johns painting for $1,000,000 in 1980, which was a significant milestone at the time, but also in his subsequent moves such as opening a gallery at a French airport for private jets in 2012. Gagosian's ability to understand and cater to the needs of his high-net-worth clients has been a key factor in his success. He has also recognized the competitive nature of self-made billionaires and uses his position as a middleman to capitalize on their desire to acquire coveted art pieces. Enzo Ferrari, another marketing genius, understood the importance of catering to clients' desires and rejection becoming an enticement. Gagosian's success can be attributed to his simplicity, constant pursuit of advantages, and deep understanding of human psychology.

    • Creating Exclusivity and Unpredictability in Art DealsLarry Gagosian's success in the art world comes from maintaining a low production rate, fueling demand, and setting arbitrary prices, all while shrouding his business in secrecy.

      Larry Gagosian, a renowned art dealer, has built a successful brand by creating an atmosphere of exclusivity and unpredictability around his deals. By maintaining a low production rate and making potential buyers wait, he fuels demand and raises the perceived value of the art he sells. Gagosian's unique position as both the market leader and the brand itself allows him to set arbitrary prices that collectors are willing to pay. His lack of transparency and cloak-and-dagger tactics further contribute to the mystique surrounding his business. Despite the opaque pricing and questionable methods, Gagosian's success has established him as a powerful figure in the art world.

    • Adapting to changing markets and finding opportunities in economic downturnsLarry Gagosian's success in the art world stems from his ability to adapt to market shifts and capitalize on economic downturns, rooted in the belief that people will always make money and he wants to be a part of it, with a simple business philosophy: if it's illegal, he won't do business.

      Larry Gagosian's success in the art world comes from his ability to adapt to changing markets and find opportunities in economic downturns. This is evident in his experience with the painting Perelman wanted to buy, as well as his shift towards emerging markets in Russia during a period of economic decline in the United States. Gagosian's approach is rooted in the understanding that there will always be people making money, and he is determined to be a part of it. Additionally, he has a simple business philosophy: if it's illegal for him to do business with someone, he won't. Otherwise, he doesn't concern himself with their moral credentials. Despite his ruthless business tactics, Gagosian's story also serves as a reminder that the art world's obsession with money and the pursuit of wealthy sponsors is not a new phenomenon. It's a reflection of human nature that has been present for centuries.

    • What Happens to Gagosian Gallery Without Larry?The success of a business can deeply depend on its founder's network, expertise, and persona. Learning from historical founders through platforms like Founders Notes can provide valuable insights for current business leaders.

      The success of a business, particularly one led by a charismatic and influential figure like Larry Gagosian, raises the question of what would happen if that person were to step down or pass away. The text discusses the potential challenges Gagosian Gallery might face in such a scenario, as the company's value is deeply tied to Larry's network, eye for art, and persona. Additionally, the text highlights the value of learning from history's greatest founders by using a tool like Founders Notes. This platform allows users to search and discover insights from various founders on various topics, such as hiring, communication, and negotiation skills. The searchable highlights and randomized feed of quotes offer a quick and effective way to learn from these influential figures, making it an invaluable resource for those already running successful companies.

    • Discovering Value in Founder NotesFounder Notes is a digital notebook for saving, organizing, and accessing valuable insights from books. Users can search, navigate, and favorite highlights, making it a convenient and effective tool for entrepreneurs and business leaders to manage their knowledge.

      Founder Notes is a digital notebook designed to help users save, organize, and access their important ideas and highlights from books. The user in the discussion emphasizes the convenience of being able to search for books and navigate through thousands of highlights. The favorites feature is particularly useful, allowing users to save their most valuable insights for easy access. The platform also offers a feed of random highlights, making it simple to rediscover past gems. With over 20,000 highlights and 839 favorites, the user finds immense value in this tool, especially for entrepreneurs and business leaders who can benefit from having a centralized repository of knowledge. The user strongly recommends trying it out for a year and believes it will be an invaluable resource for founders. Founder Notes can be accessed at foundersnotes.com.

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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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    If you want me to speak at your company go here

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    (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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    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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    #346 How Walt Disney Built Himself

    #346 How Walt Disney Built Himself

    What I learned from rereading Walt Disney: The Triumph of the American Imagination by Neal Gabler. 

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    (2:00) Disney’s key traits were raw ingenuity combined with sadistic determination.

    (3:00) I had spent a lifetime with a frustrated, and often unemployed man, who hated anybody who was successful. 

    Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)

    (6:00) Disney put excelence before any other consideration.

    (11:00) Maybe the most important thing anyone ever said to him: You’re crazy to be a professor she told Ted. What you really want to do is draw. Ted’s notebooks were always filled with these fabulous animals. So I set to work diverting him. Here was a man who could draw such pictures. He should earn a living doing that. 

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

    (14:00) A quote about Edwin Land that would apply to Walt Disney too:

    Land had learned early on that total engrossment was the best way for him to work. He strongly believed that this kind of concentrated focus could also produce extraordinary results for others. Late in his career, Land recalled that his “whole life has been spent trying to teach people that intense concentration for hour after hour can bring out in people resources they didn’t know they had.”  A Triumph of Genius: Edwin Land, Polaroid, and the Kodak Patent War by Ronald Fierstein. (Founders #134)

    (15:00) My parents objected strenuously, but I finally talked them into letting me join up as a Red Cross ambulance driver. I had to lie about my age, of course. 

    In my company was another fellow who had lied about his age to get in. He was regarded as a strange duck, because whenever we had time off and went out on the town to chase girls, he stayed in camp drawing pictures.

    His name was Walt Disney.

    Grinding It Out: The Making of McDonald's by Ray Kroc. (Founders #293)

    (20:00) Walt Disney had big dreams. He had outsized aspirations.

    (22:00) A quote from Edwin Land that would apply to Walt Disney too: 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.

    (24:00) Walt Disney seldom dabbled. Everyone who knew him remarked on his intensity; when something intrigued him, he focused himself entirely as if it were the only thing that mattered.

    (29:00) He had the drive and ambition of 10 million men.

    (29:00) I'm going to sit tight. I have the greatest opportunity I've ever had, and I'm in it for everything.

    (31:00) He seemed confident beyond any logical reason for him to be so. It appeared that nothing discouraged him.

    (31:00) You have to take the hard knocks with the good breaks in life.

    (32:00) Nothing wrong with my aim, just gotta change the target. — Jay Z

    (35:00) He sincerely wanted to be counted among the best in his craft.

    (43:00) He didn't want to just be another animation producer. He wanted to be the king of animation. Disney believed that quality was his only real advantage.

    (47:00) Walt Disney wanted domination. Domination that would make his position unassailable.

    (49:00) Disney was always trying to make something he could be proud of.

    (50:00) We have a habit of divine discontent with our performance. It is an antidote to smugness.

    Eternal Pursuit of Unhappiness: Being Very Good Is No Good,You Have to Be Very, Very, Very, Very, Very Good by David Ogilvy and Ogivly & Mather.  (Founders #343)

    (53:00) While it is easy, of course, for me to celebrate my doggedness now and say that it is all you need to succeed, the truth is that it demoralized me terribly. I would crawl into the house every night covered in dust after a long day, exhausted and depressed because that day's cyclone had not worked. There were times when I thought it would never work, that I would keep on making cyclone after cyclone, never going forwards, never going backwards, until I died.

    Against the Odds: An Autobiography by James Dyson (Founders #300)

    (56:00) He doesn't place a premium on collecting friends or socializing: "I don't believe in 50 friends. I believe in a smaller number. Nor do I care about society events. It's the most senseless use of time. When I do go out, from time to time, it's just to convince myself again that I'm not missing a lot."

    The Red Bull Story by Wolfgang Fürweger (Founders #333)

    (1:02:00) Steve was at the center of all the circles.

    He made all the important product decisions.

    From my standpoint, as an individual programmer, demoing to Steve was like visiting the Oracle of Delphi.

    The demo was my question. Steve's response was the answer.

    While the pronouncements from the Greek Oracle often came in the form of confusing riddles, that wasn't true with Steve.

    He 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.

    He was always trying to ensure the products were as intuitive and straightforward as possible, and he was willing to invest his own time, effort, and influence to see that they were.

    Through looking at demos, asking for specific changes, then reviewing the changed work again later on and giving a final approval before we could ship, Steve could make a product turn out like he wanted.

    Much like the Greek Oracle, Steve foretold the future.

    Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

    (1:07:00) He griped that when he hired veteran animators he had to “put up with their Goddamn poor working habits from doing cheap pictures.” He believed it was easier to start from scratch with young art students and indoctrinate them in the Disney system.

    (1:15:00) I don’t want to be relagated to the cartoon medium. We have worlds to conquer here.

    (1:17:00) Advice Henry Ford gave Walt Disney about selling his company: If you sell any of it you should sell all of it.

    (1:23:00) He kept a slogan pasted inside of his hat: You can’t top pigs with pigs. (A reminder that we have to keep blazing new trails.)

    (1:25:00) Disney’s Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow.

    (1:33:00) It is the detail. If we lose the detail, we lose it all.

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    #293: Ray Kroc (The Making of McDonald's)

    #293: Ray Kroc (The Making of McDonald's)

    What I learned from rereading Grinding It Out: The Making of McDonald's by Ray Kroc.

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    [2:00] I have always believed that each man makes his own happiness and is responsible for his own problems.

    [4:00] I was fascinated by the simplicity and effectiveness of the system they described that night.Each step in producing the limited menu was stripped down to its essence and accomplished with a minimum of effort.

    [5:00] When I flew back to Chicago that fateful day in 1954, I had a freshly signed contract with the McDonald brothers in my briefcase. I was a battle-scarred veteran of the business wars, but I was still eager to go into action. I was 52 years old. I had diabetes and incipient arthritis. I had lost my gall bladder and most of my thyroid gland in earlier campaigns. But I was convinced that the best was ahead of me.

    [6:00] It’s not what you do it’s how you do it:

    Ralph Lauren: The Man Behind the Mystique by Jeffrey Trachtenberg. (Founders #288)

    Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson. (Founders #290)

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

    [8:00] I never considered my dreams wasted energy. They were invariably linked to some form of action.

    [10:00] For me, work was play.

    [13:00] I vowed that this was going to be my only job. I was going to make my living at it and to hell with moonlighting of any kind. I intended to devote every ounce of my energy to selling, and that's exactly what I did.

    [14:00] Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)

    [20:00] This was the first phase of grinding it out—building my personal monument to capitalism. I paid tribute, in the feudal sense, for many years before I was able to rise with McDonald's on the foundation I had laid.

    [21:00] Make every detail perfect and limit the number of details to perfect.

    [26:00] I was putting every cent I had and all I could borrow into this project.

    [28:00] Perfection is very difficult to achieve and perfection was what I wanted in McDonald's. Everything else was secondary.

    [29:00] If my competitor was drowning, I'd put a hose in his mouth.

    [44:00] Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)

    John D: The Founding Father of the Rockefellers by David Freeman Hawke. (Founders #254)

    [47:00] The advertising campaign we put together was a smash hit. It turned Californians into our parking lots as though blindfolds had been removed from their eyes.

    [48:00] Authority should go with the job.

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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

    #37 The Fish That Ate The Whale: The Life and Times of America's Banana King

    #37 The Fish That Ate The Whale: The Life and Times of America's Banana King

    What I learned from reading The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen.

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    When he arrived in America in 1891 at age fourteen, Zemurray was tall, gangly, and penniless. When he died in the grandest house in New Orleans sixty-nine years later, he was among the richest, most powerful men in the world. In between he worked as a fruit peddler, a banana hauler, a dockside hustler, and the owner of plantations on the Central American isthmus. He batted and conquered United Fruit, which was one of the first truly global corporations. [0:01]

    Zemurray’s life is a parable of the American dream. It told me that the life of the nation was not written only by speech-making grandees in funny hats but also by street-corner boys, immigrant strivers, crazed and driven, some with one good idea, some with thousands, willing to go to the ends of the earth to make their vision real. [0:31]

    How Sam Zemurray started: He’d arrived on the docks at the start of the last century with nothing. In the early years, he’d had to make his way in the lowest precincts of the fruit business, peddling ripes, bananas other traders dumped into the sea. He worked like a dog and defied the most powerful people in the country. [2:26] 

    He was driven by the same raw energy that has always attracted the most ambitious to America. You did not need to be a Rockefeller to know the basics of the dream: Start at the bottom, fight your way to the top. [3:35] 

    He believed in staying close to the action—in the fields with the workers, in the dives with the banana cowboys. You drink with a man, you learn what he knows. There is no problem you can’t solve if you understand your business from A to Z. [4:33] 

    His real life began when he saw that first banana. He devised a plan soon after: he would travel to where the fruit boats arrived from Central America, purchase a supply of his own, carry them back to Selma, and go into business. [6:24]

    See opportunity where others see nothing: The bananas that did not make the cut were designated “ripes” and heaped in a sad pile. These bananas, though still good to eat, would never make it to market in time. As far as the merchants were concerned, they were trash. Sam grew fixated on ripes, recognizing a product where others had seen only trash. [6:54] 

    As far as he was concerned, ripes were considered trash only because Boston Fruit were too slow-footed to cover ground. It was a calculation based on arrogance. I can be fast where others have been slow. I can hustle where others have been satisfied with the easy pickings of the trade. Zemurray stumbled upon a niche: overlooked at the bottom of the trade. [8:08]

    His business grows rapidly: Because Zemurray discovered a patch of fertile ground previously untilled, his business grew by leaps and bounds. In 1899, he sold 20,000 bananas. Within a decade he would be selling more than a million bananas a year. [9:30]

    An interesting story about Why was Zemurray’s company so profitable so quickly? Hint: No expenses. [13:47]

    Was there a precursor? Of course there was. The world is a mere succession of fortunes made and lost, lessons learned and forgotten and learned again. [17:59] 

    If you looked into his eyes you would see the machinery turning. Part of him is always figuring. You listen to a man like that. He knows something that can’t be taught. [20:19]

    Study those that came before you. Avoid their fate: He paid special attention to the old-timers who had been in the trade since the days of wind power. They were former big timers now just trying to survive. [20:40] 

    Zemurray goes deep into debt to buy as much land as possible: 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 when he cannot afford to. [23:13] 

    He believed in the transcendent power of physical labor—that a man can free his soul only by exhausting his body. [26:07] 

    Unlike most of his competitors, he understood every part of the business. He was contemptuous of banana men who spent their lives in the North, far from the plantations. Those schmucks, what do they know? They’re there, we’re here! [26:21] 

    These banana companies were so powerful that they overthrew presidents. Multiple times. [27:47] 

    Pretend you are Sam Zemurray. You’ve been summoned to Washington, called to account by the Secretary of State, warned. What do you do? Put your head down, shut up? Sit in a corner? No Sam Zemurray. [29:57] 

    He disdained bureaucracy, hated paperwork. He ran his entire business in his head. He will telephone division managers in half a dozen countries, correlate their reports in his head and reach his decision without touching a pencil. [34:06]

    He was respected because he understood the trade. By the time he was 40 he had served in every position. He had worked on the docks, on the ships and railroads, in the fields and warehouses. He had ridden the mules. He had managed the fruit and money, the mercenaries and government men. He understood the meaning of every change in the weather, the significance of every date on the calendar. There was not a job he could not do, nor a task he could not accomplish. He considered it a secret to his success. He refrained from anything that took him away from his work. [37:46] 

    Manager vs Maker Schedule [39:43] 

    He began to visit boatyards. He wanted to build a fleet so he would never again be dependent on other companies to haul his product. He wanted control. In everything. [40:32] 

    It was a contrast of styles: the executives who ran United Fruit had taken over from the founders and were less interested in risking than in persevering. Zemurray was the founder, forever on the attack, at work, in progress, growing by trial and error, ready to gamble it all. [42:53] 

    Here was a self-made man, filled with the most dangerous kind of confidence: he had done it before and believed he could do it again. This gave him the air of a berserker, who says, if you’re going to fight me, you better kill me. If you’ve ever known such a person, you will recognize the type at once. If he does not say much, it’s because he considers small talk a weakness. Wars are not won by running your mouth. I’m describing a once essential American type that has largely vanished. Men who channeled all their love and fear into the business, the factory, the plantation, the shop. [46:42] 

    Two different approaches to buying land. One entrepreneurial, one the opposite: United Fruit did what big bureaucracy-heavy companies always do, hired lawyers and investigators to find the identity of the true owner. This took months. In the meantime, Zemurray simply bought the land from them both. He bought it twice—paid a little more, yes, but if you factor in the cost of all those lawyers, probably still spent less than United Fruit and came away with the prize. [47:50]

    Why the book is called The Fish That Ate The Whale [49:46] 

    The greatness of Zemurray lies in the fact that he never lost faith in his ability to salvage a situation. Bad things happened to him as bad things happen to everyone, but unlike so many he was never tempted by failure. He never felt powerless or trapped. He was an optimist. He stood in constant defiance. For every move there is a countermove. For every disaster, there is a recovery. He never lost faith in his own agency. [51:45]

    You gentlemen have been fucking up this business long enough. I’m going to straighten it out. [58:07]

    Sam’s defining characteristic was his belief in his own agency, his refusal to despair. No story is without the possibility of redemption; with cleverness and hustle, the worst can be overcome. I can’t help but feel that we would do well by emulating Sam Zemurray. [1:04:05] 

    A list of all the books featured on Founders Podcast.

    #265 Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader

    #265 Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader

    What I learned from rereading Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader by Brent Schlender and Rick Tetzeli

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    [3:11] His mind was never a captive of reality.

    [5:16] A complete list of every Founders episode on Steve Jobs and the founders Steve studied: Steve Jobs’s Heroes

    [7:15] Steve Jobs and The Next Big Thing by Randall Stross (Founders #77)

    [9:05] Steve Job’s Commencement Address

    [9:40] Driven and curious, even when things were tough, he was a learning machine.

    [10:20] He learned how to manage himself.

    [12:45] Anything could be figured out and since anything could be figured out anything could be built.

    [14:10] It was a calculation based on arrogance. — The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen (Founders #255)

    [18:00] We were no longer aiming for the handful of hobbyists who liked to assemble their own computers. For every one of them there were a thousand people who would want the machine to be ready to run.

    [17:40] He was a free thinker whose ideas would often run against the conventional wisdom of any community in which he operated.

    [19:55] He had no qualms about calling anyone up in search of information or help.

    [20:40] I've never found anybody who didn't want to help me when I've asked them for help.

    I've never found anyone who's said no or hung up the phone when I called. I just asked.

    Most people never pick up the phone and call. Most people never ask.

    [21:50] First you believe. Then you work on getting other people to share your belief.

    [24:55] All the podcasts on Edwin Land:

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

    A Triumph of Genius: Edwin Land, Polaroid, and the Kodak Patent War by Ronald Fierstein (Founders #134)

    Land's Polaroid: A Company and the Man Who Invented It by Peter C. Wensberg (Founders #133)

    The Instant Image: Edwin Land and the Polaroid Experienceby Mark Olshaker (Founders #132)

    Insisting On The Impossible: The Life of Edwin Land and Instant: The Story of Polaroid (Founders #40)

    [25:00] My friend Frederick’s newsletter I was interviewed for

    [30:20] He was an extraordinary speaker and he wielded that tool to great effect.

    [31:00] Never underestimate the value of an ally. — Estée Lauder: A Success Story by Estée Lauder. (Founders #217)

    [32:50] If you go to sleep on a win you’re going to wake up with a loss.

    [33:00] Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson (Founders #140)

    [34:20] Software development requires very little capital investment. It is basically intellectual capital. The main cost is the labor required to design and test it. There's no need for expensive factories. It can be replicated endlessly for practically nothing.

    [38:10] He cared passionately and he never dialed it in.

    [39:45] To Pixar And Beyond: My Unlikely Journey with Steve Jobs to Make Entertainment History by Lawrence Levy (Founders #235)

    [42:58] Time carries most of the weight.

    [43:30] People that are learning machines and then refuse to quit are incredibly hard to beat. Steve jobs was a learning machine who refused to quit.

    [44:17] Steve Jobs and The Next Big Thing by Randall Stross (Founders #77)

    [49:40] Creativity Inc by Ed Catmull

    [50:30] There were times when the reactions against Steve baffled Steve.

    I remember him sometimes saying to me: Why are they upset?

    What that said to me was that he didn't intend to get that outcome. It was a lack of skill as opposed to meanness. A lack of skill of dealing with other people.

    [55:50] Creative thinking, at its best, is chalk full of failures and dead ends.

    [56:40] Successful people listen. Those that don’t listen don’t last long. —Michael Jordan: The Life by Roland Lazenby. (Founders #212) 

    [58:40] You can't go to the library and find a book titled The Business Model for Animation. The reason you can't is because there's only been one company Disney that's ever done it well, and they were not interested in telling the world how lucrative it was.

    [1:01:20] The company is one of the most amazing inventions of humans.

    [1:02:25] The only purpose for me in building a company is so that the company can make products. One is a means to the other.

    [1:04:00] Personal History by Katherine Graham (Founders #152)

    [1:10:11] Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda

    [1:11:12] What am I focusing on that sets me apart from my competitors?

    [1:13:00] The channel? We lost $2 billion last year. Who gives a fuck about the channel?

    [1:15:21] Time carries most of the weight. Stay in the game as long as possible.

    [1:16:41] The information he'd glean would go into the learning machine that was his brain. Sometimes that's where it would sit, and nothing would happen. Sometimes he'd concoct a way to combine it with something else he'd seen, or perhaps to twist it in a way to benefit an entirely different project altogether. This was one of his great talents, the ability to synthesize separate developments and technologies into something previously unimaginable.

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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

    #267 Thomas Edison

    #267 Thomas Edison

    What I learned from reading Edison: A Biography by Matthew Josephson.

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    Outline:  

    He had known how to gather interest, faith, and hope in the success of his projects.

    I think of this episode as part 5 in a 5 part series that started on episode 263:

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

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

    #265 Becoming Steve Jobs: The Evolution of a Reckless Upstart into a Visionary Leader by Brent Schlender and Rick Tetzeli

    #266 My Life and Work by Henry Ford.

    Follow your natural drift. —Charlie Munger

    Warren Buffett: “Bill Gates Sr. posed the question to the table: What factor did people feel was the most important in getting to where they’d gotten in life? And I said, ‘Focus.’ And Bill said the same thing.” —Focus and Finding Your Favorite Problems by Frederik Gieschen

    Focus! A simple thing to say and a nearly impossible thing to do over the long term.

    We have a picture of the boy receiving blow after blow and learning that there was inexplicable cruelty and pain in this world.

    He is working from the time the sun rises till 10 or 11 at night. He is 11 years old.

    He reads the entire library. Every book. All of them.

    At this point in history the telegraph is the leading edge of communication technology in the world.

    My refuge was a Detroit public library. I started with the first book on the bottom shelf and went through the lot one by one. I did not read a few books. I read the library.

    Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love by Bill Gurley

    Blake Robbins Notes on Runnin’ Down a Dream: How to Succeed and Thrive in a Career You Love

    Greatness isn't random. It is earned. If you're going to research something, this is your lucky day. Information is freely available on the internet — that's the good news. The bad news is that you now have zero excuse for not being the most knowledgeable in any subject you want because it's right there at your fingertips.

    Why his work on the telegraph was so important to everything that happened later in his life: The germs of many ideas and stratagems perfected by him in later years were implanted in his mind when he worked at the telegraph. He described this phase of his life afterward, his mind was in a tumult, besieged by all sorts of ideas and schemes. All the future potentialities of electricity obsessed him night and day. It was then that he dared to hope that he would become an inventor.

    Edison’s insane schedule: Though he had worked up to an early hour of the morning at the telegraph office, Edison began reading the Experimental Researches In Electricity (Faraday’s book) when he returned to his room at 4 A.M. and continued throughout the day that followed, so that he went back to his telegraph without having slept. He was filled with determination to learn all he could.

    All the Thomas Edison episodes:

    The Wizard of Menlo Park: How Thomas Alva Edison Invented The Modern World by Randall Stross (Founders #3)

    Empires of Light: Edison, Tesla, Westinghouse, and the Race to Electrify the World by Jill Jonnes. (Founders #83)

    The Vagabonds: The Story of Henry Ford and Thomas Edison's Ten-Year Road Tripby Jeff Guinn. (Founders #190)

    Having one's own shop, working on projects of one’s own choosing, making enough money today so one could do the same tomorrow: These were the modest goals of Thomas Edison when he struck out on his own as full-time inventor and manufacturer. The grand goal was nothing other than enjoying the autonomy of entrepreneur and forestalling a return to the servitude of employee. —The Wizard of Menlo Park: How Thomas Alva Edison Invented The Modern World by Randall Stross

    Dark Genius of Wall Street: The Misunderstood Life of Jay Gould, King of the Robber Barons by Edward J. Renehan Jr. (Founders #258)

    It's this idea where you can identify an opportunity because you have deep knowledge about one industry and you see that there is an industry developing  parallel to the industry that you know about. Jay Gould saw the importance of the telegraph industry in part because telegraph lines were laid next to railraod tracks.

    Edison describes the fights between the robber barons as strange financial warfare.

    You should build a company that you actually enjoy working in.

    Don’t make this mistake:

    John Ott who served under Edison for half a century, at the end of his life described the "sacrifices" some of Edison's old co-workers had made, and he commented on their reasons for so doing.

    "My children grew up without knowing their father," he said. "When I did get home at night, which was seldom, they were in bed."

    "Why did you do it?" he was asked.

    "Because Edison made your work interesting. He made me feel that I was making something with him. I wasn't just a workman. And then in those days, we all hoped to get rich with him.”

    Don’t try to sell a new technology to an exisiting monopoly. Western Union was a telegraphy monopoly: He approached Western union people with the idea of reproducing and recording the human voice, but they saw no conceivable use for it!

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

    Passion is infectious. No Better Time: The Brief, Remarkable Life of Danny Lewin, the Genius Who Transformed the Internet by Molly Knight Raskin. (Founders #24)

    For more detail on the War of the Currents listen to episode 83 Empires of Light: Edison, Tesla, Westinghouse, and the Race to Electrify the World by Jill Jonnes.

    From the book Empire of Light: And so it was that J. Pierpont, Morgan, whose house had been the first in New York to be wired for electricity by Edison but a decade earlier, now erased Edison's name out of corporate existence without even the courtesy of a telegram or a phone call to the great inventor.

    Edison biographer Matthew Josephson wrote, "To Morgan it made little difference so long as it all resulted in a big trustification for which he would be the banker."

    Edison had been, in the vocabulary of the times, Morganized.

    One of Thomas Edison’s favorite books: Toilers of The Sea by Victor Hugo

    “The trouble with other inventors is that they try a few things and quit. I never quit until I get what I want.” —Thomas Edison

    “Remember, nothing that's good works by itself. You've gotta make the damn thing work.” —Thomas Edison

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

    He (Steve Jobs) 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.

    He was always trying to ensure the products were as intuitive and straightforward as possible, and he was willing to invest his own time, effort, and influence to see that they were.

    Through looking at demos, asking for specific changes, then reviewing the changed work again later on and giving a final approval before we could ship, Steve could make a product turn out like he wanted.

    Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda (Bonus episode between Founders #110 and #111)

    Charles Kettering is the 20th Century’s Ben Franklin. — Professional Amateur: The Biography of Charles Franklin Kettering by Thomas Boyd (Founders #125)

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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

    #292 Daniel Ludwig (The Invisible Billionaire)

    #292 Daniel Ludwig (The Invisible Billionaire)

    What I learned from rereading The Invisible Billionaire: Daniel Ludwig by Jerry Shields. 

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    [2:00] Obsessed with privacy, Ludwig pays a major public relations firm fat fees to keep his name out of the papers.

    [4:00]  An associate speaks of his unlimited ingenuity in dreaming up new ways of doing things.

    [5:00] Ludwig’s most notable characteristic, besides his imagination and pertinacity, is a lifelong penchant for keeping his mouth shut.

    [5:00] I'm in this business because I like it. I have no other hobbies.

    [6:00] Holding strongly to an opinion, purpose, or course of action, stubbornly or annoyingly persistent.

    [8:00] Risk Game: Self Portrait of an Entrepreneur by Francis Greenburger (Founders #243)

    [10:00] At his peak, he owned more than 200 companies in 50 countries.

    [23:00] War makes the demand for Ludwig's products and services skyrocket.

    [25:00] Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson. (Founders #290)

    [28:00] He did not mellow as he grew richer and older.

    [28:00] Some years later, the captain of a Ludwig ship made the extravagant mistake of mailing in a report of several pages held together by a paper clip. He received a sharp rebuke for his prodigality: "We do not pay to send ironmongery by air mail!"

    [29:00] Ludwig’s tightfistedness, however, persisted after the Depression, putting him in sharp contrast to such free spenders as Onassis and Niarchos. It also was largely responsible for many of his innovations in the shipbuilding industry.

    [29:00] Onassis: An Extravagant Life by Frank Brady. (Founders #211)

    [30:00] Ludwig’s ridding his ships of any feature that did not contribute to profits pleased his own obsessive sense of economy and kept him a step ahead of the competition. When someone asked why he didn't put a grand piano aboard his ships, as Stavros Niarchos did, Ludwig snapped, "You can't carry oil in a grand piano."

    [31:00] Stay in the game long enough to get lucky.

    [32:00] The world is a very malleable place. If you know what you want, and you go for it with maximum energy and drive and passion, the world will often reconfigure itself around you much more quickly and easily than you would think.  The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)

    [37:00] The yacht was as much a business craft as any of his tankers and probably earned him more money than any of them.

    [40:00] Like the Rockefeller organization, Ludwig had mastered the practice of keeping his money by transferring it from one pocket, one company to another, while appearing to spend it.

    [42:00] He had learned something by now. Opportunities exist on the frontiers where most men dare not venture, and it is often the case that the farther the frontier, the greater the opportunity.

    [43:00] The way to escape competition is to either do something no one else is doing or do it where no one else is doing it.

    [43:00] Much of Ludwig's success was due to his willingness to venture where more timid entrepreneurs dared not go.

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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