Founders

What I learned from reading Dior by Dior: The Autobiography of Christian Dior and Creators by Paul Johnson. 

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(4:00) The Taste of Luxury: Bernard Arnault and the Moet-Hennessy Louis Vuitton Story by Nadege Forestier and Nazanine Ravai. (Founders #296)

(5:00) Opportunity is a strange beast. It frequently appears after a loss.

(6:00) Dior was a nobody in his forties, with nothing in his design career to suggest genius.

(6:00) When you read biographies of people who've done great work, it's remarkable how much luck is involved. They discover what to work on as a result of a chance meeting, or by reading a book they happen to pick up. So you need to make yourself a big target for luck, and the way to do that is to be curious. Try lots of things, meet lots of people, read lots of books, ask lots of questions.

— How To Do Great Work by Paul Graham. (Founders #314)

(7:00) Dior told him: “I am not interested in managing a clothing factory. What you need, and I would like to run, is a craftsman’s workshop, in which we would recruit the very best people in the trade, to reestablish in Paris a salon for the greatest luxury and the highest standards of workmanship. It will cost a great deal of money and entail much risk.”

(8:00) He spat in the face of postwar egalitarian democracy and said, in so many words, “I want to make the rich feel rich again.” His first collection turned out to be the most successful in fashion history.

(18:00) I envisioned my fashion house as a craftsman’s workshop rather than a clothing factory.

(19:00) A fortune teller tells Dior he must do found his fashion house in spite of his fears and doubts: She ordered me sternly to accept the Boussac offer at once. You must create the house of Christian Dior, whatever the conditions, she told me. Nothing anyone will offer you later will compare with the chance which is open to you now.

(22:00) Dior said Balenciaga was "the master of us all" — Balenciaga (Founders #315)

(26:00) Gossip and malicious rumors are worth more than the most expensive publicity campaign in the world.

(29:00) The most passionate adventures of my life have been with my clothes. I am obsessed with them.

(30:00) When asked what was the best asset a man could have, Albert Lasker replied, ‘Humility in the presence of a good idea.’ It is horribly difficult to recognize a good idea. I shudder to think how many I have rejected. Research can’t help you much, because it cannot predict the cumulative value of an idea. — Ogilvy on Advertising by David Ogilvy.

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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

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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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

What I learned from rereading Les Schwab Pride In Performance: Keep It Going! by Les Schwab. 

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(8:00) I didn't know how to ride a bike. We never had one. All the other young kids delivered newspapers on a bike. 

He's got no money. He doesn't have a bike. So he ran his routes for two months in order to get enough money to buy his first bike. He’d run nine or 10 miles a day. 

(8:00) I was too proud to complain.

(10:00) For a poor boy, money was much more important than pride.

(10:00) Am I Being Too Subtle?: Straight Talk From a Business Rebel by Sam Zell. (Founders #269)

(13:00) I was young. I was cocky. But the same cockiness helped me a lot in going through life.

(15:00) The very first sentence describing his very first day in business is mind blowing: I had never fixed a flat tire in my life.

(15:00) the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger (Founders #329)

(29:00) Sam Walton: The Inside Story of America's Richest Man by Vance H. Trimble (Founders #150)

(35:00) I always knew that if we fixed all the flat tires in town, we'd have all the tire business in town.

(40:00) If we become complacent, then brother, it's all over with.

(52:00) Grinding It Out: The Making of McDonald's by Ray Kroc (Founders #293)

(56:00) If you’re not serving the customer, or supporting the folks who do, we don’t need you. —Sam Walton

(1:00:00) The company paid low wages and had a lower overhead. The flaw was they didn’t get —with the low pay— near the quality of employees we had.

(1:01:00) Life is hard for the man who thinks he can take a shortcut.

(1:06:00) Decision making should always be made at the lowest possible level.

(1:08:00) Whatever you do, you must do it with gusto, you must do it in volume. It is a case of repeat, repeat, repeat.

(1:08:00) Charlie Munger analyzes why Les Schwab was successful.

(1:11:00) Extreme success is likely to be caused by some combination of the following factors:

1 Extreme maximization or minimization of one or two variables. Think Costco.

2 Adding success factors so that a bigger combination drives success, often in nonlinear fashion, as one is reminded by the concept of breakpoint and the concept of critical mass in physics. Often, results are not linear. You get a little bit more mass and you get a lollapalooza result. And, of course, I've been searching for lollapalooza results all my life, so I'm very interested in models that explain their occurrence.

3 An extreme of good performance over many factors. Example, Toyota or Les Schwab.

4 Catching and riding some sort of big wave. Example, Oracle.

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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

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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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

What I learned from reading the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. 

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Listen to this incredible conversation between Charlie Munger and John Collison on Invest Like The Best. 

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(2:00) The practical wisdom of Poor Charlie's Almanack, this ode to curiosity, generosity, and virtue will similarly compound at successive generations of entrepreneurial readers extend his lessons to their own circumstances.

(12:00) Education is the process whereby the ability to lead a good life is acquired.  — Socrates: A Man for Our Times by Paul Johnson. (Founders #252)

(22:00) Trust is one of the greatest economic forces on earth.

(29:00) Charlie is content to trust his own judgment when it runs counter to the wisdom of the herd.

(31:00) Animated: Charlie Munger: The Psychology of Human Misjudgement

(31:30) Aim for durability. Durability has always been a first rate virtue in Charlie’s eyes.

(32:00) Charlie only focuses on great businesses and great businesses have moats.

(33:00) Johnny Carson by Henry Bushkin. (Founders #183)

(42:00) You can flourish in a niche: People who specialize in the business world —and get very good because they specialize— frequently find good economics that they wouldn't get any other way.

(45:00) Being so well known has advantages of scale. This is what you might call an informational advantage. It increases social proof.

(46:30) Business Breakdowns episode on Coca Cola 

(49:00) Occasionally scaling down and intensifying gives you a big advantage. (You can find great profit margins this way)

(50:00) Sam Walton: Made In America by Sam Walton. (Founders #234)

(51:00) Scale and fanaticism combined is very powerful. (Think Sam Walton)

(57:00) I also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those games or make those investments where I have an edge. — A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)

(1:08:00) The best thing a human being can do is help another human being know more.

(1:14:00) Optimism is a moral duty. — Edwin Land

(1:17:00) You want to maximize the playing time of your top players.

(1:17:00) The game of competitive life often requires maximizing the experience of the people who have the most aptitude and the most determination as learning machines.

(1:22:00) The most important rule in management is get the incentives right.

(1:25:00) Never, ever think about something else when you should be thinking about the power of incentives.

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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

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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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

Reflections from my dinner with Charlie Munger.

Order the new updated version of Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

Charlie Munger episodes:

#295 I had dinner with Charlie Munger

#286 Warren Buffett and Charlie Munger All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. 

#221 Charlie Munger Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe.

#90 Charlie Munger Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

#79 Charlie Munger Charlie Munger: The Complete Investor by Tren Griffin

#78 Charlie Munger Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark

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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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

What I learned from reading The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by William Thorndike. 

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(5:00) Tom Murphy] gave me one of the best pieces of advice I've ever received. He said, 'Warren, you can always tell someone to go to hell tomorrow'...You haven't missed the opportunity. Just forget about if for a day. If you feel the same way tomorrow, tell them then-but don't spout off in a moment of anger." All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. (Founders #286)

(5:15) Thirty years ago Tom Murphy, then CEO of Cap Cities, drove this point home to me with a hypothetical tale about an employee who asked his boss for permission to hire an assistant.

The employee assumed that adding $20,000 to the annual payroll would be inconsequential.

But his boss told him the proposal should be evaluated as a $3 million decision, given that an additional person would probably cost at least that amount over his lifetime, factoring in raises, benefits and other expenses (more people, more toilet paper).

And unless the company fell on very hard times, the employee added would be unlikely to be dismissed, however marginal his contribution to the business.

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

(7:30) The autobiography of the founder of CBS: As It Happened A Memoir by Bill Paley 

(9:00) The goal is not to have the longest train, but to arrive at the station first, using the least fuel.

(10:00) Tom Murphy’s simple formula:

1. Focus on industries with attractive economic characteristics.

2. Selectively use leverage to buy occasional large properties.

3. Improve operations.

4. Pay down debt.

5. Repeat.

(13:00) The business of business is a lot of little decisions every day, mixed up with a few big decisions.

(16:00) He quickly indoctrinated Burke into the company's lean, decentralized operating philosophy.

(17:00) I had an appetite for and a willingness to do things that Murphy was not interested in doing. Burke believed his job was to create the free cashflow and Murphy's job was to spend it.

(19:30) Stay in the game long enough to get lucky. The most important thing that he does happens 30 years into his career.

(21:30)

Q: Is this a case of leading by example?

Murphy: Is there any other way?

(23:30) Decentralization is the cornerstone of our philosophy. Our goal is to hire the best people we can and give them the responsibility and authority. They need to perform their jobs. We expect our managers to be forever cost conscious.

(24:00) Repeated by Murphy: Hire the best people and leave them alone.

(24:00) An extreme decentralized approach keeps both costs and rancor down.

(25:00) Murphy delegates to the point of anarchy.

(26:00) The best defense against the revenue lumpiness inherent in advertising supported businesses was a constant vigilance on costs.

(30:00) Why Capital Cities had low turnover: The system in place corrupts you with so much autonomy and authority that you can't imagine leaving.

(35:00) To learn more about a Capital Cities like company listen to The 50X Podcast.

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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

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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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

What I learned from reading Ted Turner's Autobiography.

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Listen to Art of Investing #4 David Senra Lessons from the Founder Historian. 

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(9:00) My net worth dropped by about 67 million per week, or nearly 10 million per day, every day for two and a half years.

(10:00) Once to drive home a point about the difficulties of attracting good loyal employees he told me: Jesus only had to pick 12 disciples and even one of those didn't turn out well.

(10:00) Early to bed, early to rise, work like hell, and advertise .

(11:00) Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger. (Founders #141)

(13:30) The problem isn't getting rich, it's staying sane. — Charlie Munger

(17:00) I learned a lesson that would stick with me throughout my career. When the chips are down in the pressure's on it's amazing to how creative people can be.

(20:00) My father always maintained many of the different billboard businesses as separate legal entities. (He didn’t want to dilute ownership of his main company and separate entities allowed for periodic reorganization to offset capital gains liabilities.

(20:30) When you own an asset your job is to maximize its value.

(23:00) He combines the assets he has in a way his competitors can not.

(24:00) The more I learned about TV stations the more I realized that ours was a disaster. Of the 35 people who were on the payroll when we took over only two were still there a year later —the custodian and the receptionist.

(25:00) Ted Turner believed in the power of television more than almost anybody else.

(30:30) My dad taught me early on that longterm relationships with your customers and partners are very important. You never know how the guy who you're friendly with today might be able to help you tomorrow.

(31:00) Cable Cowboy: John Malone and the Rise of the Modern Cable Business by Mark Robichaux. (Founders #268)

(32:00) What other people in his industry sees as a threat, Ted sees as an opportunity.

(37:00) These issues were all unchartered territory. All of us, the regulators, the broadcasters, the program suppliers and the leagues were sorting things out on the fly. I was working as hard as I could. I'd go all out during the day, working on sales, distribution, regulatory issues, whatever the battle happened to be, and I'd worked right up until it was time to fall asleep. I had a pull down Murphy bed in my office and I would literally work until the point of total exhaustion. Then I'd put my head on the pillow at night worried about problems. Then I'd wake up and spend the entire next day trying to solve them.

(44:00) One of the most important ideas in the book is the power of Belief: Clearly the company for whom the economics of 24 hour news would have made the most sense with a big three broadcasters. They already had most of what was needed: studios, bureaus, reporters, anchors. They had everything but a belief in cable.

(45:00) I'm going to be a billionaire. And here's why. I'm going to put this station up on a satellite and I'm going to get a news thing going. Sports, movies and news, 24 hours a day, all over the world. He said this in 1976.

(46:00) Henry Ford didn't need focus groups to tell him that people would prefer inexpensive, dependable automobiles over horses. Alexander Graham Bell never stopped to worry about whether people would prefer speaking to each other on a phone.

(49:00) I'm always convinced that one of the reasons that I've been successful is that I've almost always competed against people who were bigger and stronger, but who had less commitment and desire than I did. For Turner Broadcasting this dispute meant everything. We had to win.

(52:00) Ted’s Superstation idea is printing money: $177 million in revenue and $66 million in profit. This is in the 1980s!

(53:00) It would be 13 years before we faced another 24 hour news channel.

(57:00) He has a keen understanding of how to combine assets to create an advantage that no one else has.

(58:00) The Gambler: How Penniless Dropout Kirk Kerkorian Became the Greatest Deal Maker in Capitalist History by William C. Rempel. (Founders #65)

(58:00) Genius has the fewest moving parts. Never get into deals that are too complicated.

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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

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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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

What I learned from reading Anna: The Biography by Amy Odell. 

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3. I went to Notre Dame and spoke to the Art of Investing class. You can listen to the full conversation here. 

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(8:00) She knows the ecosystem in which she operates better than anyone.

(8:30) If Anna had a personal tag line it would be: I just have to make sure things are done right.

(16:00) He had a desk with nothing on it except a buzzer underneath, so that when he was done with you, which was in about five minutes, his assistant could come in and whisk you away.

(17:00) What is the number one thing you hope people learn from you? To be decisive and clear.

(19:00) The Vogue 100 is a private club whose members pay $100,000 a year just for access to Anna.

(29:00) She did not second guess herself.

(30:00) She was meticulous about everything.

(32:00) Her focus was singular. She was very clear minded about wanting to do work that she thought was the best.

(38:00) She knew that killing stories was necessary to let people know that you had standards.

(41:00) Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

(44:00) Anna ran the magazine with iron fisted discipline.

(48:00) With Anna you get two minutes. The second minute is a courtesy.

(49:00) It is slothful not to compress your thoughts. — Winston Churchill

(52:00) Anna intentionally builds relationships with the most powerful people in her industry.

(52:00) Anna saw the potential for the industry and how she can expand the power and the influence that her individually, and Vogue as a brand, by just combining all these people that are already in the ecosystem and then intentionally putting them together. When they work together it becomes stronger. And as a result of what she created, the whole is greater than the sum of its parts.

(53:30) The power she has cannot be understated. The way in which she accumulated the power was fascinating. She aligned everybody's interest, with her at the center.

(1:05:00) She's not just building up a personal brand. She's not just building up Vogue. She's building up the entire industry.

(1:06:00) Relationships last longer than money.

(1:06:00) Resist any cheapening of the brand, however popular and lucrative it might be in the short term.

(1:08:00) Anna told him don't spend any time and money building out the perfect store in New York. Just roll racks into the unfinished space and start selling clothes. (He ignored this advice and went out of business)

(1:11:00) More resources:

Front Row: Anna Wintour: The Cool Life and Hot Times of Vogue's Editor in Chief by Jerry Oppenheimer 

The September Issue (Documentary)

The Devil Wears Prada (Movie)

73 Questions with Anna Wintour

73 More Questions with Anna Wintour 

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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

----

Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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

What I learned from reading How Larry Gagosian Reshaped The Art World by Patrick Radden Keefe. 

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(4:00) The dealer has been so successful selling art to masters of the universe that he has become one of them.

(5:45) We think of genius as being complicated, but geniuses have the fewest moving parts. Gagosian is simple. He's basically a shark, a feeding machine.

(6:00) A novice is easily spotted because they do too much. Too many ingredients, too many movements. Too much explanation. A master uses the fewest motions required to fulfill their intention.

(10:00) His own publicist described him as “A Real Killer”

(12:00) The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders #292)

(17:30) There is always a blueprint. Joseph Duveen was the art dealer to the Robber Barons. 

Biographies of Duveen:

Duveen: A Life in Art

Secrets Of An Art Dealer

Duveen

The Artful Partners: The Secret Association of Bernard Berenson and Joseph Duveen

(18:00) Numerous friends of Gagosian caution me not to mistake this merry-go-round of parties and galas and super yacht cruises for a life of leisure. This guy is always working. This motherfucker works 24/7. The parties are marketing showcases in disguise.

(19:00) The Taste of Luxury: Bernard Arnault and the Moet-Hennessy Louis Vuitton Story by Nadege Forestier and Nazanine Ravai. (Founders #296)

(19:30) The best way to raise the price of something is to say that you would never sell it.

(23:00) If Gagosian possesses one secret weapon that has equipped him for success it might be his disinhibition.

(33:00) The niche Gagosian pursued was seen —at the time —as low status. The secondary business was perceived as a backwater by dealers. It was considered a bit distasteful.

(42:00) He disdains formal meetings. He finds bureaucracy and protocol dull. There is no hierarchy. There is Larry and then everyone else.

(44:00) Gagosian reaps huge profits from asymmetries of information.

(51:00) Art is just money on the walls.

(54:00) David Geffen is still as liquid as the day is long.

(56:00) The competitive drive of self-made billionaires does not go into remission once they’ve made their fortune.

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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

----

Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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

What I learned from reading The 38 Letters from J.D. Rockefeller to His Son by John D. Rockefeller. 

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(5:00) My Influence had been extended to all corners of the oil industry.  If I say that I have the power of life and death over oil producers and oil refiners, that is not a lie. I can make them wealthy or I can make them worthless.

(7:25) I never thought I would lose. As far as my nature is concerned, I do not meet competition. I destroy competitors.

(8:30) Retreat means surrender. Retreat will turn you into a slave. The war is inevitable. Let it come.

(9:00) Bring a steel like determination to face all kinds of challenges.

(13:45) I firmly believe that our destiny is determined by our actions and not by our origins.

(15:45) Alexander the Great: The Brief Life and Towering Exploits of History's Greatest Conqueror--As Told By His Original Biographers by Arrian, Plutarch, and Quintus Curtius Rufus. (Founders #232)

(21:00) The glory and success of the family cannot guarantee the future of a children and grandchildren.

(22:30) People of poor backgrounds will actively develop their abilities while also seizing various opportunities because they urgently need to rescue themselves.

(26:00) Luck is the remnant of design luck is the remnant of design. — Cyrus McCormick

(27:30) Rockefeller explains to his son, in writing, exactly what he was: A conqueror.

(28:00) Everyone is a designer and architect of his own destiny.

(29:00) If you do everything you will win: All great events hang by a single thread. The clever man takes advantage of everything, neglects nothing that may give him some added opportunity; the less clever man, by neglecting one thing, sometimes misses everything. — The Mind of Napoleon: A Selection of His Written and Spoken Words edited by J. Christopher Herold. (Founders #302)

(32:00) Visionary businessmen are always good at finding opportunities in every disaster. And that is how I did it.

(36:00) Anything can happen in this world.

(38:30) People who climb up in any industry are fully committed to what they are doing. They sincerely love the work that they do. If you sincerely love the work that you do you will naturally succeed.

(41:00) Do it now. Opportunity comes from opportunity.

(42:00) Action solves everything.

(42:00) Always more audacity. — Hero of the Empire: The Boer War, a Daring Escape, and the Making of Winston Churchill by Candice Millard. (Founders #319)

(43:00) So at this time we’d better push it. We’d better push it.

(43:00) Smart people make things happen.

(46:00) Life is an opportunity at a time.

(48:00) Get rid of the habit of being distracted.

(54:00) No one in the world leads a smooth life.

(58:00) Too many people overestimate what they lack and underestimate what they have.

(58:00) You cannot sharpen your razor on velvet. — Abraham Lincoln

(59:00) When I was a poor boy I was confident that I would become the richest person in the world. Strong self confidence inspired me.

(59:00) I never believed that failure is the mother of success. I believe that faith is the father of success. Victory is a habit.

(59:00) Believing that there will be great results is the driving force behind all great careers.

(1:06:00) A story about Rockefeller’s ruthless competitive drive.

(1:07:00) My nature never wears off. What I like is the good feeling of victory.

(1:09:00) The people who can get ahead in the world are those who know how to find their ideal environment. If they cannot find it, they will create it themselves.

(1:16:00) Enthusiasm is a force multiplier to everything.

(1:16:00) The outcome of things is often proportional to our enthusiasm.

(1:18:00) I think carefully prepared plans and actions are called luck. I never succumb to luck, I believe in cause and effect.

(1:18:00) Ask yourself: Am I using my mind to create history?

(1:18:00) I never succumb to luck, I believe in cause and effect.

(1:18:00) In the process for pursuing career success the most important step is to prevent yourself from making excuses.

(1:19:00) The important thing is that you firmly believe that you are your greatest capital.

(1:19:00) Faith [in yourself] is the force that must drive you forward.

(1:20:00) No American has completely changed the American way of life like Henry Ford did. He has turned the car from a luxury into a necessity that everyone can afford.

(1:23:00) I told myself, I warned myself. You must hold onto this tightly. It can bring you to the realm of your dreams.

(1:26:00) Of course I paid a high price, but what I won was freedom and a glorious future. I became my own master.

(1:32:00) The end is just the beginning. — Andrew Carnegie

(1:33:00) Look at those who fail, and you will find that most people fail not because they make mistakes, but because they are not fully committed. The same goes for companies.

(1:35:00) The person who can create value the most is the person who devotes himself completely to his favorite activities.

(1:36:00) Match people by their enthusiasm.

(1:38:00) THE ROCKEFELLER EPISODES: 

#307 The World's Great Family Dynasties 

#254 John D. Rockefeller: The Founding Father of the Rockefellers

#248 John D Rockefeller (Titan) 

#247 Henry Flagler (Rockefeller's partner) 

#148 John D. Rockefeller's Autobiography 

#16 John D. Rockefeller (Titan) 

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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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“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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What I learned from reading Bloomberg by Michael Bloomberg. 

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[2:08] Answering to no one is the ultimate situation.

[3:02] Twitter thread on Michael Bloomberg by Neckar.Substack.com

[5:28] We never made the error that so many others have: mistaking their product for the device that delivers it.

[6:27] We knew our core product was data and analytics.

[7:01] We were motivated by an idea that we could build something new that just might make a difference.

[9:04] Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger

[10:05] I was willing to do anything that they wanted. I would have never left voluntarily.

[16:00] Street smarts and common sense were better predictors of career achievements.

[17:40] Almost all occupations have a big selling component: selling your firm, your ideas and yourself.

[18:20] It is the doers, the lean and hungry ones, those with ambition in their eyes and fire in their bellies, who go the furthest and achieve the most.

[21:36] Comparing John to Bill on leadership, I always thought John was more egalitarian, but less effective.

[22:55] It was a lowly start. We slaved in our underwear and an un-air conditioned, a bank vault.

[23:57] The General and the Genius: Groves and Oppenheimer - The Unlikely Partnership that Built the Atom Bomb

[24:22] Amp It Up: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity by Frank Slootman

[27:20] David Geffen biography: The Operator: David Geffen Builds, Buys, and Sells the New Hollywood

[30:07] It's said that 80 percent of life is just showing up. I believe that. You can never have complete mastery over your existence. You can't choose the advantages you start out with, and you certainly can't pick your genetic intelligence level. But you can control how hard you work. 

[31:20] Life, I've found, works the following way: Daily, you're presented with many small and surprising opportunities. Sometimes you seize one that takes you to the top. Most, though, if valuable at all, take you only a little way. To succeed, you must string together many small incremental advances-rather than count on hitting the lottery jackpot once. Trusting to great luck is a strategy not likely to work for most people. As a practical matter, constantly enhance your skills, put in as many hours as possible, and make tactical plans for the next few steps. Then, based on what actually occurs, look one more move ahead and adjust the plan. Take lots of chances, and make lots of individual, spur-of-the-moment decisions.

[32:12] Don't devise a Five-Year Plan or a Great Leap Forward. Central planning didn't work for Stalin or Mao, and it won't work for an entrepreneur either.

[34:16] I truly pity people who don't like their jobs. They struggle at work, so unhappily, for ultimately so much less success, and thus develop even more reason to hate their occupations. There's too much delightful stuff to do in this short lifetime not to love getting up on a weekday morning.

[38:48] Did I want to risk an embarrassing and costly failure? Absolutely. Happiness for me has always been the thrill of the unknown, trying something that everyone says can't be done, feeling that gnawing pit in my stomach that says danger ahead. I want action.

[40:28] Let My People Go Surfing: The Education of a Reluctant Businessman

[41:37] I rented a one room temporary office. It was about a hundred square feet of space with a view of an alley, a far cry from my previous place of employment. I deposited  $300,000 of my Salomon Brothers windfall into a corporate checking account. And fifteen years later, I had a billion-dollar business.

[45:25] By endurance we conquer.

[46:50] Zero to One by Peter Thiel

[47:14] Made In Japan: Akio Morita and Sony by Akio Morita

[51:19] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness

[54:35] Sid Meier's Memoir!: A Life in Computer Games

[58:30] Each news story is a product demo. More demos lead to more revenue. More revenue leads to more stories and then even more revenue.

[1:03:24] He's got a lot of these like roundabout ways to get in front of potential customers. He’s repurposing the information that his unique business collects.

[1:15:53] When it comes to competition, being one of the best is not good enough. Do you really want to plan for a future in which you might have to fight with somebody who is just as good as you are? I wouldn't. —Jeff Bezos

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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

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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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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