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    Learn from history's greatest entrepreneurs. Every week I read a biography of an entrepreneur and find ideas you can use in your work. This quote explains why: "There are thousands of years of history in which lots and lots of very smart people worked very hard and ran all types of experiments on how to create new businesses, invent new technology, new ways to manage etc. They ran these experiments throughout their entire lives. At some point, somebody put these lessons down in a book. For very little money and a few hours of time, you can learn from someone’s accumulated experience. There is so much more to learn from the past than we often realize. You could productively spend your time reading experiences of great people who have come before and you learn every time." —Marc Andreessen
    en-usDavid Senra368 Episodes

    Episodes (369)

    #353 How To Be Rich by J. Paul Getty

    #353 How To Be Rich by J. Paul Getty

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

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

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    "Learning from history is a form of leverage." — Charlie Munger. 

    Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. 

    Get access to Founders Notes here

    You can also ask SAGE (the Founders Notes AI assistant) any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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

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

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

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

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

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

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

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

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

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

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

    (41:00) Two principles he repeats:

    Be where the work is happening.

    Get rid of bureaucracy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    "Learning from history is a form of leverage." — Charlie Munger. 

    Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. 

    Get access to Founders Notes here

    You can also ask SAGE (the Founders Notes AI assistant) any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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

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

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

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

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

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

    -They concentrated on expanding

    -They concentrated on making their companies more efficient 

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

    -Always personally involved in their business

    -They know their business down to the ground

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

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

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

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

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

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

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

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

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

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

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

    #351 The Founder of Rolex: Hans Wilsdorf

    #351 The Founder of Rolex: Hans Wilsdorf

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

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

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

    Get access to Founders Notes here

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

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

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

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

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

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

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

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

    #350 How To Sell Like Steve Jobs

    #350 How To Sell Like Steve Jobs

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

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

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

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

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

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

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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

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

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

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

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

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

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

    (10:00) Great Advertising Founders Episodes:

    Albert Lasker (Founders #206)

    Claude Hopkins (Founders #170 and #207)

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

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

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

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

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

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

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

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

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

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

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

    (29:00) Marketing is theatre.

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

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

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

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    If you want me to speak at your company go 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

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

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

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

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

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

     A few questions I've asked SAGE recently: 

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

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

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

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

    Get access to Founders Notes here

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    (1:30) 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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    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

    ----

    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

    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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    Relationships run the world: Build relationships at Founders events

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

    You can read, reread, and 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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    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. 

    ----

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

    You can read, reread, and 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

    ----

    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
    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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    Relationships run the world: Build relationships at Founders events

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

    You can read, reread, and 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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    Episode Outline: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    16.  A summary of Charlie Munger on incentives:

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

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

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

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    #347 How Walt Disney Built His Greatest Creation: Disneyland

    #347 How Walt Disney Built His Greatest Creation: Disneyland

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

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

    We were quite wrong.

    He had, instead, created his masterpiece.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    #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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    #345 George Lucas

    #345 George Lucas

    What I learned from rereading George Lucas: A Life by Brian Jay Jones.

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    (0:01) George Lucas unapologetically invested in what he believed in the most: himself.

    (1:00) George Lucas is the Thomas Edison of the modern film industry.

    (1:30) A list of biographies written by Brian Jay Jones

    (6:00) Elon Musk interviewed by Kevin Rose

    (10:15) How many people think the solution to gaining quality control, improving fiscal responsibility, and stimulating technological innovation is to start their own special-effects company? But that’s what he did.

    (17:00) When I finally discovered film, I really fell madly in love with it. I ate it. I slept it. 24 hours a day. There was no going back.

    (18:00) Those on the margins often come to control the center. (Game of Thrones)

    (21:00) As soon as I made my first film, I thought, Hey, I’m good at this. I know how to do this. From then on, I’ve never questioned it.

    (23:00) He was becoming increasingly cranky about the idea of working with others and preferred doing everything himself.

    (34:00) Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)

    (42:00) The film Easy Rider was made for $350,000. It grossed over $60 million at the box office.

    (45:00) The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233)

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

    Steve Jobs & The NeXT Big Thing by Randall Stross. (Founders #77)

    (47:00) What we’re striving for is total freedom, where we can finance our pictures, make them our way, release them where we want them released, and be completely free. That’s very hard to do in the world of business. You have to have the money in order to have the power to be free.

    (49:00) You should reject the status quo and pursue freedom.

    (49:00) People would give anything to quit their jobs. All they have to do is do it. They’re people in cages with open doors.

    (51:00) Stay small. Be the best. Don’t lose any money.

    (59:00) That was a very dark period for me. We were in dire financial strait. I turned that down [directing someone else’s movie] at my bleakest point, when I was in debt to my parents, in debt to Francis Coppola, in debt to my agent; I was so far in debt I thought I’d never get out. It took years to get from my first film to my second film, banging on doors, trying to get people to give me a chance. Writing, struggling, with no money in the bank… getting little jobs, eking out a living. Trying to stay alive, and pushing a script that nobody wanted.

    (1:02:00) “Opening this new restaurant might be the worst mistake I've ever made."

    Stanley [Stanley Marcus of Neiman Marcus] set his martini down, looked me in the eye, and said, "So you made a mistake. You need to understand something important. And listen to me carefully: The road to success is paved with mistakes well handled."

    His words remained with me through the night. I repeated them over and over to myself, and it led to a turning point in the way I approached business.

    Stanley's lesson reminded me of something my grandfather Irving Harris had always told me:

    “The definition of business is problems."

    His philosophy came down to a simple fact of business life: success lies not in the elimination of problems but in the art of creative, profitable problem solving. The best companies are those that distinguish themselves by solving problems most effectively.

    Setting the Table: The Transforming Power of Hospitality in Business by Danny Meyer. 

    (1:05:00) My thing about art is that I don’t like the word art because it means pretension and bullshit, and I equate those two directly. I don’t think of myself as an artist. I’m a craftsman. I don’t make a work of art; I make a movie.

    (1:06:00) I know how good I am. American Graffiti is successful because it came entirely from my head. It was my concept. And that’s the only way I can work.

    (1:09:00) Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

    (1:21:00) The budget for Star Wars was $11 million. In brought in $775 million at the box office alone!

    (1:25:00) Steven Spielberg made over $40 million from the original Star Wars. Spielberg gave Lucas 2.5% of Close Encounters of the Third Kind and Lucas gave Spielberg 2.5% of Star Wars. That to 2.5% would earn Spielberg more than $40 million over the next four decades.

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    Steven Spielberg

    Steven Spielberg

    What I learned from reading Steven Spielberg: A Biography by Joseph McBride. 

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    Episode Outline: 

    Whatever is there, he makes it work.

    Spielberg once defined his approach to filmmaking by declaring, "I am the audience."

    "He said, 'I want to be a director.' And I said, 'Well, if you want to be a director, you've gotta start at the bottom, you gotta be a gofer and work your way up.' He said, 'No, Dad. The first picture I do, I'm going to be a director.' And he was. That blew my mind. That takes guts."

    One of his boyhood friends recalls Spielberg saying "he could envision himself going to the Academy Awards and accepting an Oscar and thanking the Academy.” He was twelve.

    He was disappointed in the world, so he built one of his own.

    Spielberg remained essentially an autodidact. Spielberg followed his own eccentric path to a professional directing career. Universal Studios, in effect, was Spielberg's film school. Giving him an education that, paradoxically, was both more personal and more conventional than he would have received in an academic environment. Spielberg devised what amounted to his own private tutorial program at Universal, immersing himself in the aspects of filmmaking he found most crucial to his development.

    At the time he came to Hollywood, generations of nepotism had made the studios terminally inbred and unwelcoming to newcomers. The studio system, long under siege from television, falling box-office receipts, and skyrocketing costs, was in a state of impending collapse.

    When Steven was very discouraged trying to sell a script and break in, he always had a positive, forward motion, whatever he may have been suffering inside.

    In the two decades since Star Wars and Close Encounters were released, science-fiction films have accounted for half of the top twenty box-office hits. But before George Lucas and Spielberg revived the genre there was no real appetite at the studios for science fiction. The conventional wisdom was science-fiction films never make money.

    Your children love you. They want to play with you. How long do you think that lasts? We have a few special years with our children, when they're the ones who want us around. So fast, it’s a few years, then it's over. You are not being careful. And you are missing it.

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    #344 Quentin Tarantino

    #344 Quentin Tarantino

    What I learned from reading Cinema Speculation by Quentin Tarantino. 

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    (9:00) Tarantino is possibly the most joyously infectious movie lover alive.

    (14:00) On the ride home, even if I didn't have questions, my parents would talk about the movie we had just seen. These are some of my fondest memories.

    (14:00) He has a comprehensive database of the history of movies in his head.

    (17:00) The Futurist: The Life and Films of James Cameron by Rebecca Keegan and The Return of James Cameron, Box Office King by Zach Baron (Founders #311)

    (25:00) Robert Rodriguez interviews Quentin Tarantino in the Director’s Chair

    (26:00) Like most men who never knew their father, Bill collected father figures. (Kill Bill 2)

    (27:00) When people ask me if I went to film school, I tell them, No, I went to films.

    (29:00) Invest Like the Best #348 Patrick and John Collision 

    (31:00) Tarantino made his own Founders Notes [Comparinig himself and another director] Nor did he keep scrapbooks, make notes, and keep files on index cards of all the movies he saw growing up like I did.

    (32:00) Napoleon and Modern War by Napoleon and Col. Lanza. (Founders #337)

    (41:00) On Spielberg and greatness: Steven Spielberg's Jaws is one of the greatest movies ever made, because one of the most talented filmmakers who ever lived, when he was young, got his hands on the right material, knew what he had, and killed himself to deliver the best version of that movie he could.

    (46:00) I've always approached my cinema with a fearlessness of the eventual outcome. A fearlessness that comes to me naturally.

    (51:00) The Big Score: Robert Friedland and The Voisey’s Bay Hustle by Jacquie McNish (Founders #131)

    (51:00)

    Tarantino's top 8 movies have cost around $400 million to make and made about $1.9 billion in box office sales

    Pulp Fiction
    $8 million
    $213 million

    Jackie Brown
    $12 million
    $74 million

    Kill Bill 1
    $30 million
    $180 million

    Kill Bill 2
    $30 million
    $152 million

    Inglorious Basterds
    $70 million
    $321 million

    Django Unchained
    $100 million
    $426 million

    The Hateful 8
    $60 million
    $156 million

    Once Upon A Time In Hollywood
    $90 million
    $377 million

    (58:00) What made Kevin Thomas so unique in the world of seventies and eighties film criticism, he seemed like one of the only few practitioners who truly enjoyed their job, and consequently, their life. I loved reading him growing up and practically considered him a friend.

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    #343 The Eternal Pursuit of Unhappiness: David Ogilvy

    #343 The Eternal Pursuit of Unhappiness: David Ogilvy

    What I learned from reading 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. 

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

    Can you give me more ideas about how to avoid competition from Peter Thiel?

    Have any of history's greatest founders regretted selling their company?

    What is the best way to fire a bad employee?

    How did Andrew Carnegie know what to focus on?

    Why was Jay Gould so smart?

    What was the biggest unlock for Henry Ford?

    Can you give me a summary of Warren Buffetts best ideas?

    If Charlie Munger had a top 10 rules for life what do you think those rules would be?

    What did Charlie Munger say about building durable companies that last?

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    (0:01) But what did David actually mean by divine discontent? Here's an interpretation:

    DON'T BOW YOUR HEAD.

    DON'T KNOW YOUR PLACE.

    DEFY THE GODS.

    DON'T SIT BACK.

    DON'T GIVE IN.

    DON'T GIVE UP.

    DON'T WIN SILVERS.

    DON'T BE SO EASILY HAPPY WITH YOURSELF.

    DON'T BE SPINELESS.

    DON'T BE GUTLESS.

    DON'T BE TOADIES.

    DON'T GO GENTLE INTO THAT GOOD NIGHT.

    AND DON'T EVER, EVER ALLOW A SINGLE SCRAP OF RUBBISH OUT OF THE AGENCY

    (5:00) We have to work equally hard to replace the old patterns of self-defeating behaviors. An old Latin proverb tells us how: a nail is driven out by a nail, habit is overcome by habit.

    (7:00) Brilliant thinking is rare, but courage is in even shorter supply than genius. — Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel. (Founders #278)

    (7:00) Fear is a demon that devours the soul of a company: it diminishes the quality of our imagination, it dulls our appetite for adventure, it sucks away our youth. Fear leads to self-doubt, which is the worst enemy of creativity.

    (10:00) Trust is one of the greatest economic forces on earth. —  The NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329)

    (13:00) How great we become depends on the size of our dreams. Let's dream humongous dreams, put on our overalls, go out there and build them.

    (14:00) If you asked an oracle the secret to doing great work and the oracle replied with a single word my bet would be on “curiosity” — How To Do Great Work by Paul Graham. (Founders #314)

    (17:00) Only dead fish go with the flow.

    (18:00) If I have to choose between agreement and conflict, I’ll take conflict every time. It always yields a better result. — Jeff Bezos

    (20:00) It's the cracked ones that let light into the world.

    (20:00)

    Rule #1. There are no rules.
    Rule #2. Never forget rule #1.

    (21:00) Bureaucracy has no place in an ideas company.

    (23:00) You see, those who live by their wits go to work on roller coasters. The ride is exhilarating, but one has to have a stomach of titanium. For starters, you're never a hundred per cent certain you'll ever get there. If you (even) get to your destination, you sometimes wonder why you've ever bothered.

    Other times the scenery pleasantly surprises you.

    (24:00) Discovery consists of seeing what everyone has seen and thinking what nobody has thought.

    (25:00) God is with those who persevere.

    (25:00) Dogged determination is often the only trait that separates a moderately creative person from a highly creative one.

    That's because great work is never done by temperamental geniuses, but by obstinate donkey-men.

    (26:00) Against the Odds: An Autobiography by James Dyson (Founders #300)

    (26:00) We are what we repeatedly do. Our character is a composite of our habits. Habits constantly, daily, express who we really are.

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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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    #342 The Lessons of History (Will & Ariel Durant)

    #342 The Lessons of History (Will & Ariel Durant)

    What I learned from reading The Lessons of History by Will and Ariel Durant. 

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    (1:00) This is a 100 page biography of the human species

    (1:00) The Story of Civilization by Will and Ariel Durant (Full Set) 

    (2:30) Generations of men establish a growing mastery over the earth, but they are destined to become fossils in its soil.

    (4:00) Ruthlessly prioritize how you spend your time.

    (4:00) The influence of geographic factors diminishes as technology grows.

    (4:30) ALL OF THE NAPOLEON EPISODES:

    Napoleon: A Concise Biography by David Bell. (Founders #294) 

    The Mind of Napoleon: A Selection of His Written and Spoken Wordsedited by J. Christopher Herold. (Founders #302)

    Napoleon and Modern War by Napoleon and Col. Lanza. (Founders #337) 

    (8:00) Our job is to make our companies and ourselves better equipped to meet the test of survival.

    (11:30) Economic development specializes functions, differentiates abilities, and makes men unequally valuable to their group.

    (12:30) The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)

    (14:30) In the end, superior ability has its way.

    (16:30) Nothing is clearer in history than the adoption by successful rebels of the methods they were accustomed to condemn in the forces they deposed.

    (19:00) The imitative majority follows the innovating minority and this follows the originative individual, in adapting new responses to the demands of environment or survival.

    (20:00) If you can identify an enduring human need you can build a business around that.

    (21:00) In every age men have been dishonest and governments have been corrupt.

    (25:00) Survival at all costs: Nature and history do not agree with our conceptions of good and bad; they define good as that which survives, and bad as that which goes under.

    (25:00) Victory in our industry is spelled survival. — Steve Jobs

    (25:00) All that matters is to survive. The rest is just words. — Charles de Gaulle by Julian Jackson. (Founders #224)

    (26:00) By being so cautious in respect to leverage and having loads of liquidity, we will be equipped both financially and emotionally to play offense while others scramble for survival. — The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham (Founders #227)

    (27:00) History reports that the men who can manage men manage the men who can manage only things, and the men who can manage money manage all.

    (31:00) The Iron Law of Oligarchy

    (32:00) Every advance in the complexity of the economy puts an added premium upon superior ability.

    (33:00) The General and the Genius: Groves and Oppenheimer—The Unlikely Partnership that Built the Atom Bomb by James Kunetka. (Founders #215)

    (34:00) Freedom's Forge: How American Business Produced Victory in World War II by Arthur Herman 

    (37:00) All technological advances will have to be written off as merely new means of achieving old ends

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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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    #341 Cornelius Vanderbilt (Tycoon's War)

    #341 Cornelius Vanderbilt (Tycoon's War)

    What I learned from rereading Tycoon's War: How Cornelius Vanderbilt Invaded a Country to Overthrow America's Most Famous Military Adventurer by Stephen Dando-Collins. 

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    (0:01) Vanderbilt was only interested in two things: making money and winning

    (3:00) Cornelius Vanderbilt, the descendant of poor Dutch immigrants, would die in 1877 possessing more money than was held by the United States treasury.
    (3:00) The First Tycoon: The Epic Life of Cornelius Vanderbilt by T.J. Stiles

    (5:00) The NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329) 

    (6:00) “If I had learned education. I would not have had time to learn anything else.”

    (7:00) Vanderbilt wrote nothing down, keeping every detail of his business dealings in his head, and at any given time he knew his income and expenditures down to the last cent.

    (10:00) From Founders Notes. I asked the chat feature:

    Tell me about Cornelius Vanderbilt. How did he make his money?

    One trait it identified in Vanderbilt was this:

    Vanderbilt's approach to business was often marked by a sly concealment of his intentions, keeping information close while simultaneously gathering intelligence on competitors. This strategic obfuscation allowed him to make moves that others often couldn't predict or comprehend until it was too late

    (This feature will be available to Founders Notes subscribers very soon!)

    (15:00) The Invisible Billionaire: Daniel Ludwig by Jerry Shields (Founders #292)

    (24:00) The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233) 

    (26:00) Gentlemen, you have undertaken to cheat me. I won’t sue you, for the law is too slow. I’ll ruin you. Yours truly, Cornelius Vanderbilt.

    (37:00) He's turning everyone against Walker by appealing to their interests. He’s not saying do this for me to get my ships back. He appeals to their interests and aligns their interests with his own.

    (40:00) Vanderbilt had more money than all the Central American governments combined.

    (41:00) As far as my nature is concerned, I do not meet competition, I destroy competitors.

    The 38 Letters from J.D. Rockefeller to His Son by John D. Rockefeller. (Founders #324)

    (41:00) Vanderbilt said why don’t you pay me to not compete with you?

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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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    #340 Michael Jordan and Kobe Bryant

    #340 Michael Jordan and Kobe Bryant

    What I learned from reading Relentless: From Good to Great to Unstoppable by Tim Grover and Winning: The Unforgiving Race to Greatness by Tim Grover. 

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    (3:00) What I am giving you is insight into the mentality of those who have found unparalleled success by trusting their own instincts.

    (3:00) Mozart: A Life by Paul Johnson. (Founders #240)

    (6:00) Michael was the best because he was relentless about winning. No matter how many times he won he always wanted more and he was always willing to do whatever it took to get it.

    (6:00) Michael never cared about achieving mere greatness. He cared about being the best ever.

    (7:00) These are the most driven individuals you'll ever know, with an unmatched genius for what they do: they don't just perform a job, they reinvent it.

    (8:00) Alex Rodriguez interviews Kobe Bryant 

    (11:00) The most important thing, the one thing that defines and separates him from any other competitor: He's addicted to the exquisite rush of success and he'll alter his entire life to get it.

    (11:00) 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. —

    —Driven From Within by Michael Jordan and Mark Vancil. (Founders #213)

    (12:30) If one thing separated Michael from every other player, it was his stunning ability to block out everything and everyone else. He was able to shut out everything except his mission.

    (14:00) At some point you made something simple into something complicated.

    (16:00) Being at the extreme in your craft is very important in the age of leverage. The best person in the world at anything gets to do it for everyone.

    (20:00) A 600 page biography of Kobe Bryant: The Life of Kobe Bryant by Roland Lazenby. (Founders #272)

    (21:00) This could be an ad for FOUNDERS NOTES 

    The greats never stop learning.

    All the hours of work have created an unstoppable internal resource you can draw on in any situation.

    (22:00) Mostly he tested himself. It seemed that he discovered the secret quite early in his competitive life: the more pressure he heaped on himself the greater his ability to rise to the occasion.

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

    (23:00) Kobe and Ahmad Rashad interview

    (23:00) Be indifferent to the opinions of other people. Michael does not care what you think. Kobe does not care what you think. There is no one that can hold them to a higher standard than themselves.

    (34:00) How Kobe Bryant knew he was going to win a lot of championships:

    It was easy to size other players up in the NBA. I found that a lot of guys played for financial stability. Once they got that financial stability the passion, the work ethic, and the obsessiveness was gone. Once I saw that I thought, “This is going to be like taking candy from a baby. No wonder Michael Jordan wins all these fucking championships.”

    (35:00) Michael Jordan worked on consistency, relentlessly.

    (49:00) A good competitor always evaluates his oppenent. And you understand him for what he really is. You never try to give him confidence you try to take it at all times. — Michael Jordan video

    (53:00) Everyone wanted to be like Mike. Mike did not want to be like anyone else.

    (1:07:00) Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

    (1:07:00) Stop adding. Start deleting. Winning demands total focus.

    (1:11:00)  It started with hope.

    It started with hope.

    We went from a shitty team to one of the all time greatest dynasties.

    All you needed was one little match to start that whole fire.

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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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    Jay Z's Autobiography

    Jay Z's Autobiography

    What I learned from reading Decoded by Jay Z. 

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    (1:39) I would practice from the time I woke in the morning until I went to sleep

    (2:10) Even back then I though I was the best.

    (2:57) Bourdain: The Definitive Oral Biography  (Founders #219)

    (4:32) Belief becomes before ability.

    (5:06) Michael Jordan: The Life (Founders #212)

    (5:46) The public praises people for what they practice in private.

    (7:28)  Lock yourself in a room doing five beats a day for three summers.

    (7:50) Sam Walton: Made In America  (Founders #234)

    (9:50) He was disappointed in the world, so he built one of his own — from Steven Spielberg: A Biography (Founders #209)

    (12:47) The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)

    (13:35) I'm not gonna say that I thought I could get rich from rap, but I could clearly see that it was gonna get bigger before it went away. Way bigger.

    (21:10) Over 20 years into his career and dude ain’t changed. He’s got his own vibe. You gotta love him for that. (Rick Rubin)

    (21:41) Against The Odds: An Autobiography by James Dyson (Founders #200)

    (25:27) I believe you can speak things into existence.

    (27:20) Picking the right market is essential.

    (29:29) All companies that go out of business do so for the same reason – they run out of money. —Don Valentine 

    (29:42) There are two things in business that matter, and you can learn this in two minutes- you don’t have to go to business school for two years: high gross margins and cash flow. The other financial metrics you can forget. —Don Valentine 

    (31:54) I went on the road with Big Daddy Kane for a while. I got an invaluable education watching him perform.

    (33:12) Everything I do I learned from the guys who came before me. —Kobe

    (34:15) I truly hate having discussions about who would win one on one or fans saying you’d beat Michael. I feel like Yo (puts his hands up like stop. Chill.) What you get from me is from him. I don’t get 5 championships without him because he guided me so much and gave me so much great advice.

    (34:50) Steve Jobs: The Exclusive Biography (Founders #214)

    (37:20) This is a classic piece of OG advice. It's amazing how few people actually stick to it.

    (38:04) Nuts!: Southwest Airlines' Crazy Recipe for Business and Personal Success(Founders #56)

    (39:04) The key to staying on top of things is to treat everything like it's your first project.

    (41:10) The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley (Founders #233)

    (44:46) We (Jay Z, Bono, Quincy Jones) ended up trading stories about the pressure we felt even at this point in our lives.

    (45:22) Competition pushes you to become your best self. Jordan said the same thing about Larry Bird and Magic Johnson.

    [46:43] If you got the heart and the brains you can move up quickly. There's no way to quantify all of this on a spreadsheet, but it's the dream of being the exception.

    (52:26) He (Russell Simmons) changed the business style of a whole generation. The whole vibe of startup companies in Silicon Valley with 25 year old CEOs wearing shell toes is Russell's Def Jam style filtered through different industries.

    (54:17) Jay Z’s approach is I'm going to find the smartest people that that know more than I do, and I'm gonna learn everything I can from them.

    (54:49) He (Russell Simmons) knew that the key to success was believing in the quality of your own product enough to make people do business with you on your terms. He knew that great product was the ultimate advantage in competition.

    (55:08) In the end it came down to having a great product and the hustle to move it.

    (56:37) Learn how to build and sell and you will be unstoppable. The Almanack of Naval Ravikant: A Guide to Wealth and Happiness (Founders #191)

    (58:30) We gave those brands a narrative which is one of the reasons anyone buys anything. To own not just a product, but to become part of a story.

    (59:30) The best thing for me to do is to ignore and outperform.

    (1:01:16) Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90)

    (1:06:01) Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary  (Founders #78)

    (1:08:42) Jony Ive: The Genius Behind Apple's Greatest Products(Founders #178)

    (1:11:46) Long term success is the ultimate goal.

    (1:12:58) Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love - Bill Gurley

    (1:15:11) I have always used visualization the way athletes do, to conjure reality.

    (1:18:14) The thing that distinguished Jordan wasn't just his talent, but his discipline, his laser-like commitment to excellence.

    (1:19:42) The gift that Jordan had wasn't just that he was willing to do the work, but he loved doing it because he could feel himself getting stronger and ready for anything. That is the kind of consistency that you can get only by adding dead serious discipline of whatever talent you have.

    (1:21:37) when you step outside of school and you have to teach yourself about life, you develop a different relationship to information. I've never been a purely linear thinker. You can see it to my rhymes. My mind is always jumping around restless, making connections, mixing, and matching ideas rather than marching in a straight line,

    (1:27:41) Samuel Bronfman: The Life and Times of Seagram’s Mr. Sam (Founders #116)

    (1:34:15) The real bullshit is when you act like you don't have contradictions inside you. That you're so dull and unimaginative that your mind never changes or wanders into strange, unexpected places.

    (1:36:25) There are extreme levels of drive and pain tolerance in the history of entrepreneurship.

    (1:38:45) Hit Men: Power Brokers and Fast Money Inside the Music Business

    (1:42:24)  I love sharp people. Nothing makes me like someone more than intelligence.

    (1:44:17) They call it the game, but it's not. You can want success all you want but to get it you can't falter. You can't slip. You can't sleep— one eye open for real and forever.

    (1:51:49) The thought that this cannot be life is one that all of us have felt at some point or another. When a bad decision and bad luck and bad situations feel like too much to bear those times. When we think this, this cannot be my story, but facing up to that kind of feeling can be a powerful motivation to change.

    (1:54:18) Technology is making it easier to connect to other people, but maybe harder to keep connected to yourself.

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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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    #339 Joseph Duveen: Robber Baron Art Dealer

    #339 Joseph Duveen: Robber Baron Art Dealer

    What I learned from reading The Days of Duveen by S.N. Behrman. 

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    (0:01) 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.

    (2:30) The great American millionaires of the Duveen Era were slow-speaking and slow-thinking, cautious, secretive, and maddeningly deliberate.

    (3:30) How Larry Gagosian Reshaped The Art World by Patrick Radden Keefe. (Founders #325)

    (4:30) Invest Like The Best #342 Will England: A Primer on Multi-Strategy Hedge Funds

    (6:00) There is an old two-part rule that often works wonders in business, science, and elsewhere: 

    1. Take a simple, basic idea and 

    2. Take it very seriously. — the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329)

    (10:00) The art dealer Joseph Duveen insisted on making the paintings he sold as scarce and rare as possible. To keep their prices elevated and their status high, he bought up whole collections and stored them in his basement. The paintings that he sold became more than just paintings—they were fetish objects, their value increased by their rarity.  — The 48 Laws of Power by Robert Greene. 

    (14:00) Duveen had enormous respect for the prices he set on the objects he bought and sold. Often his clients tried, in various ways, to maneuver him into a position where he might relax his high standards, but he nearly always managed to keep them.

    (16:00) Wildcatters: A Story of Texans, Oil, and Money by Sally Helgesen. (Founders #338)

    (18:00) You don’t need many customers if the few customers you do have are the riches people in the world.

    (22:00) His enthusiasm was irrepressible.

    (26:00) Duveen felt that his educational mission was two fold —to teach millionaire American collectors what the great works of art were, and to teach them that they could get those works of art only through him.

    (27:00) When you pay high for the priceless, you're getting it cheap.

    (31:00) He was interested in practically nothing except his business.

    (31:00) Certain men are endowed with the faculty of concentrating on their own affairs to the exclusion of what's going on elsewhere in the cosmos. Duveen was that kind of man.

    (32:00) Monopoly was his method.

    (38:00) Duveen would pay the servants of staff that worked in the homes of his clients. This was the result: They developed a feeling that it was only fair to transmit to Duveen any information that might interest him.

    (41:00) The art dealer Joseph Duveen was once confronted with a terrible problem.

    The millionaires who had paid so dearly for Duveen’s paintings were running out of wall space, and with inheritance taxes getting ever higher, it seemed unlikely that they would keep buying.

    The solution was the National Gallery of Art in Washington, D.C., which Duveen helped create in 1937 by getting Andrew Mellon to donate his collection to it. The National Gallery was the perfect front for Duveen.

    In one gesture, his clients avoided taxes, cleared wall space for new purchases, and reduced the number of paintings on the market, maintaining the upward pressure on their prices. All this while the donors created the appearance of being public benefactors.

    The 48 Laws of Power by Robert Greene. 

    (48:00) His clients felt better when they paid a lot. It gave them the assurance of acquiring rarity.

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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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    #338 Monty Moncrief Texas Oil Billionaire

    #338 Monty Moncrief Texas Oil Billionaire

    What I learned from reading Wildcatters: A Story of Texans, Oil, and Money by Sally Helgesen.

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    (0:01) Family and business were the same thing to him.

    (1:00) We're one-hundred percent family owned, unincorporated, and independent, and we intend to stay that way.

    (1:00) He possessed the directness and the utter simplicity of the old and the truly great.

    (2:00) His unquestioning confidence in the worthiness of his enterprise made him seem impervious to doubts.

    (5:00) The Morgans always believed in absolute monarchy. While Junius Morgan lived, he ruled the family and the business. Until Junius died his massive shadow dominated his son’s life. — The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow. (Founders #139)

    (8:00) Everywhere they looked, they saw opportunity without limits. The land itself was empty, and so these men built cities upon it and founded dynasties. They left behind them a world made in their own image.

    (9:00) The old wildcatters had neither the time nor the inclination to question their own purposes, or to agonize about what the future consequences of their efforts might be. They just went out and did whatever was there to be done.

    (10:00) The trouble with this business is that everybody expects to find oil on the surface. If it was up near the top, it wouldn't be any trick to it. You've got to drill deep for oil. — The Big Rich: The Rise and Fall of the Greatest Texas Oil Fortunes by Bryan Burrough (Founders #149)

    (14:00) Charlie’s surfing model. One thing I learned from having dinner with Charlie was the importance of getting into a great business and STAYING in it. There’s a tendency in human nature to mess up a good thing because of an inability to sit still:

    "There are huge advantages for the early birds. When you're an early bird, there's a model that I call surfing—when a surfer gets up and catches the wave and just stays there, he can go a long, long time.

    But if he gets off the wave, he becomes mired in shallows. But people get long runs when they're right on the edge of the wave, whether it's Microsoft or Intel or all kinds of people."

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

    (18:00)  Ted Turner's Autobiography (Founders #327)

    (19:00) All the stories seem to be about the same prickly individual. They are giants, successful predators, acute and astute, tamers of the untamable and defenders of vast treasure.

    (26:00) There are times when certain cards sit unclaimed in the common pile, when certain properties become available that will never be available again. A good businessman feels these moments like a fall in the barometric pressure. A great businessman is dumb enough to act on them even when he cannot afford to. — The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

    (29:00) Delusional optimism: Go from one setback to another setback without any loss of enthusiasm.

    (31:00) There's no what if. There's only what happened.

    (33:00) Rainmakers Podcast

    (34:00) I’d rather be lucky than smart, because a lot of smart guys go hungry.

    (36:00) Optimism is the personal quality that nurtures luck.

    (36:00) Chaos and defiance ruled the day, and those who led the way made little secret of their refusal to be controlled.

    (44:00) Anybody who's got an idea of his own has to be a little bit crazy. Being crazy is something big companies just don't understand.

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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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    A premium podcast that even Dave Portnoy couldn't resist. Interviews with different people help bring different perspectives to this show. Join me as I talk about different topics with different people.


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    https://linktr.ee/Chrisxm

    https://app.redcircle.com/shows/503c7c85-6051-41bc-986f-1f6ecb8f1c80/donations

    Ampere Inc.

    Ampere Inc.
    Мы с нашей командой создали этот подкаст для популяризации истории нашей компании. Здесь мы расскажем вам о всех наших удачах и неудачах, истории создания компании о тех трудностях что мы прошли на пути к мировой известности.

    By: Команда Ampere

    Topics:historytechnologybusiness

    HOW THEY DID IT AND WHY

    HOW THEY DID IT AND WHY

    Giving random commentary on things that matter and things that don't. Sometimes it's funny, sometimes it's not. Occasionally we have deep conversations and sometimes it's random. Hope the reviews save you time, hope the reactions entertain and hope the random commentary introduces you to stuff you never knew about. Sometimes we want to know how people did what they did and why? We appreciate anyone who takes the time to click here and thank you for spending a little time with us!

    MOVIE REVIEWS

    MOVIE REACTIONS

    FOOD REVIEWS

    FOOD REACTIONS

    MUSIC REVIEWS

    MOVIE REACTIONS

    RANDOM FACTS PODCAST

    COMMENTARY PODCAST

    HISTORY COMMENTARY

    TRAVEL REVIEWS PODCAST

    TRAVEL REACTIONS PODCAST