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    Prof G Markets: Ozempic’s Market Impacts and Surging Bond Yields — with Downtown Josh Brown

    Prof G Markets: Ozempic’s Market Impacts and Surging Bond Yields — with Downtown Josh Brown

    This week on Prof G Markets, Scott shares his thoughts on which stocks and sectors could get a boost or take a hit from Ozempic’s increasing popularity. Then, Josh Brown, CEO of Ritholtz Wealth, joins the show to help break down why bond yields have surged the past few weeks. Learn more about your ad choices. Visit podcastchoices.com/adchoices
    No Mercy / No Malice: WeBur

    No Mercy / No Malice: WeBur

    As read by George Hahn. https://www.profgalloway.com/webur/ Learn more about your ad choices. Visit podcastchoices.com/adchoices
    Here's where UNHAPPINESS begins...

    Here's where UNHAPPINESS begins...

    I think that if you make everything your fault (without beating yourself up, of course), then you are also the person with the power to change things around.


    When you hold yourself accountable, it leads to solutions; it helps you maintain a position of control instead of being a victim. So many of you right now – in this exact second – are unhappy because you’re pointing fingers and feeling a lack of control.


    The lack of accountability leads to so much worse. If we can prop up accountability instead of shying away from it, we will be happier.


    Enjoy! Let me know what you thought.


    Tweet Me! @garyvee

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    #128 Henry Leland (Cadillac)

    #128 Henry Leland (Cadillac)

    What I learned from reading Master of Precision: Henry Leland by Ottilie Leland and Minnie Dubbs Millbrook.

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    Get access to the World’s Most Valuable Notebook for Founders by investing in a subscription to Founders Notes

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    [0:17] Henry Leland laid the foundation for the future of American industry. He had established manufacturing procedures never previously so effectively employed and took a position of leadership. In the next decades would be comparable in statute with, although quite different from, William Durant, Henry Ford and Alfred Sloan. 

    [0:40] It should be pointed out that Leland's contribution to the development of the motor car was the establishment of high standards of manufacturing

    [2:33] Henry Leland always got deep satisfaction out of anything which was made right. He had—in high degree—the pride of craftsmanship that had marked the master workman down the centuries. 

    [3:07] He developed the Cadillac, the self-starter, The Lincoln car, held up high standards of performance for the industry, and established the first notable school of automotive mechanics. 

    [4:05] A lesson Henry Leland learned from his Father: He bequeathed a singularly trustful disposition to his son, who could never believe that other men were not inherently as good and honorable as he himself. He was several times to pay a stiff penalty for this faith in human nature

    [4:56] A lesson Henry Leland learned from his Mother: “There is a right way and a wrong way to do everything. Hunt for the right way and then go ahead.” This simple admonition was to become a creed that would govern all of his actions as he rose in industry. 

    [6:10] He lives through the beginning of two industries in his life: Manufacturing in general and the automobile industry in specific. 

    [7:24] Henry Leland was not sure he wanted to become an apprentice machinist. The hours were long—10 hour days, 6 days a week—and most factories did not pay high wages. Moreover, farming was still the traditional American operation, which offered a possibility of independence and did not shut a man indoors with noisy machinery. 

    [9:06] Henry was already discovering the education that could be mined from books. At first, the fond of reading, he had been attracted by cheap adventure novels, which he borrowed from the local library. One night a stranger there, seeing what he was taking out exclaimed, “Surely don't read that trash!” Henry replied, “What better use can I make of my time than to read?” The stranger answered, “It makes a lot of difference what you read,” and then suggested some better books. The episode was a revelation to young Leland and he was soon reading volumes that acquainted him with American genius in literature, government and invention

    [9:55] Abraham Lincoln was his idol. Lincoln Motor Company—which Henry founds when he is in his 70s— is named after Abraham Lincoln. If we want to continue the conversation that Steve Jobs and Larry Ellison were having [about who is history’s greatest person] in The Billionaire and The Mechanic—Jobs said Gandhi. Ellison said Napoleon. Leland’s answer would be Abraham Lincoln

    [12:05] Even if he experienced a financial penalty, Henry Leland wanted to do the honorable thing. 

    [12:44] Henry wanted to work where he could render the greatest service to his country [during The Civil War]. He had learned that the U.S. Armory needed expert mechanics, and he had determined to help with war production. The particular lesson he learned in the Armory was the value of order and neatness in a work shop. Everything was clean and systematic, a state of affairs not common in early factories. 

    [14:37] Precision was his god. His personal work was outstanding

    [14:56] The discipline and subordination of factory life ran counter to American individualism. 

    [16:31] A nervous breakdown drove him from the shop to the far for rest. 

    [16:48] His mind, independent and teaming with ideas, made it difficult for him to work with others. He longed for a business in which he might put his theories to work but he had no money, a family to support, and his father and mother were in need of aid. 

    [20:00] The manufacture of the hair clippers [which he invented and brought to market against the opposition of his bosses] was spirited and rose to an output as much as 300 daily. For this I received a ‘Thank you’ and 50 cents a day more in my pay envelope. That was on of the times I thought I ought to quit making other men rich and go to work for myself

    [20:41] Henry Leland was good at sales by not trying to be good at sales. He wanted to educate people. He was gifted at selling because he gave the customer useful advice. 

    [22:26] As usual there was little money left over for saving. And yet Henry Leland was more hopeful of going into business for himself than ever before. He had brought his skill and experience to the service of the ambitious industrialists of the west and they had shown him in return the financial method that had put them in business. Each had organized a company by selling stock. “Eureka,” said Henry Leland to himself, “I have found it,” for he had great experience and he was sure he could raise a little money. His dream of an independent business might come true after all

    [23:40] Henry Leland had a lifetime of experience before he starts his first company. He was 47 years old. He had been working in factories since he was a teenager. 

    [25:03] Leland was a missionary for precision. He held people to high standards. 

    [26:07] Horace Dodge trained directly under Leland for two years before starting a machine shop of his own. 

    [27:45] The building up of a business, which expands rapidly and must be financed primarily from its own earnings, is often a discouraging process

    [27:56] How Henry Leland advertised the services of his foundry: We appeal for business only to those who want the best. We do not attempt to compete with the average foundry on price. We believe no other foundry can successfully compete with us on quality

    [29:57] “There always was and there always will be conflict between Good and Good Enough. In opening up a new business one can count on meeting resistance to a high standard of workmanship. It is easy to get cooperation for mediocre work, but one must sweat blood for a chance to produce a superior product.” —Henry Leland 

    [35:10] Henry Leland founds Cadillac when he is almost 60 years old: Henry Leland now embarked on the great adventure of his life; he would play an important role in the organization of Detroit’s first successful automobile company. 

    [35:27] Cadillac was making $2 million per year in profit when Billy Durant buys Cadillac for $4.5 million. 

    [37:21] Other men had built cars for many reasons—for the fascination of creation, for the profits in it—but Henry Leland agreed to build a car because he did not want to see a pet engine unappreciated and unused. 

    [38:53] Henry Leland was an expert in a field where experts were still uncommon

    [41:13] We buy the best parts we can find. I have always contended price should be considered last by a manufacturer in selecting materials for his product

    [45:10] His theory was that the one essential ingredient of success was mastery of one’s self as well as one’s job

    [47:57] A story: If you do the right thing people will remember. 

    [52:10] Henry Leland is 77 years old when he starts Lincoln Motor Company 

    [54:21] Henry Leland did not believe in quitting: It was manifestly impossible for the Lelands, men of tender heart and unswerving integrity, to take a cold, dispassionate view of the financial straits of the Lincoln Company. Many automobile companies had had money troubles; some had undergone a variety of reorganizations, combinations and other stratagems to keep alive and their directors and management had not been considered dishonest or insensible of their trust even though investors may have lost a portion or all of their equity. But such a course was unthinkable for the Lelands; as long as there was breath in their bodies they would oppose it. They had invested everything they owned in the company

    [1:01:05] Henry Ford and Henry Leland were like oil and water: We see a difference in management culture. Leland led from the front. Ford beat you down from above. 

    [1:02:27] How Ford management described the Lincoln organization: The whole organization is unusually harmonious and uniformly competent

    [1:05:40] A letter from Henry Leland to Henry Ford: I cannot but feel certain that you intended to keep those pledges when you made them to me personally and, while I cannot understand the long delay on your part, I still hope and trust that you will not shake my life long faith in humanity. 

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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. It's good for you. It's good for Founders. A list of all the books featured on Founders Podcast.

    Prof G Markets: Goldman’s Earnings Slump, an ETF for Options Trading, and Fractional Jet Ownership

    Prof G Markets: Goldman’s Earnings Slump, an ETF for Options Trading, and Fractional Jet Ownership

    Scott breaks down the big bank earnings and explains why Goldman seems to be struggling more than its competitors. He then shares his thoughts on an ETF that makes options trading more accessible for retail investors. Finally, he discusses the different business models of private aviation and why fractional jet ownership is on the rise. Learn more about your ad choices. Visit podcastchoices.com/adchoices
    My Worst Mistake | Ep 271

    My Worst Mistake | Ep 271

    Sometimes, it’s not always about trying to conquer. Today, Alex (@AlexHormozi) takes us back to when he made one of the biggest mistakes in his entrepreneurial career and really shares the “losses” rather than always hearing the “wins” in order to give us more perspective about the industry.

    Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

    Timestamps:

    (0:53) - Mistakes break you more than wins; Alex's company struggled with churn.

    (2:56) - Idea of "more for less" cost Alex millions.

    (4:46) - 3 Moral lessons: prices, raise prices, understand benchmarks and solutions.

    Follow Alex Hormozi’s Socials:

    LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

    "We Don't Share Finances, and It Saved Our Marriage." (Listener Intervention)

    "We Don't Share Finances, and It Saved Our Marriage." (Listener Intervention)

    What’s yours is mine? Not for these Money Rehabbers! Nicole talks to the (absolutely lovely) Evie and Shane, a married couple who don’t share a bank account. According to them, separate bank accounts = less fighting = more romance. Agree? Tune in to hear their story.  Encore Edition. Originally aired 3/23/22 $ Investors: Robinhood has the only IRA that gives you a 3% boost on every dollar you contribute when you subscribe to Robinhood Gold. Learn more at Robinhood.com/boost  $ Want the kiddos in your life to become money masters? Check out Greenlight, the best money app and debit card for families (and get one month free!): http://greenlight.com/moneyrehab $ Is mental health a resolution for 2024? Get 10% off your first month of therapy with BetterHelp at: http://betterhelp.com/moneyrehab  $ The secret to health and wealth is in your gut. Literally. Get 20% off a 90 day bottle of Just Thrive Probiotic and Just Calm. Try it at: justthrivehealth.com and use promo code: MONEYREHAB. $ Want one-on-one money coaching from Nicole? Book a meeting with her here: intro.co/moneynewsnetwork
    Prof G Markets: Bitcoin’s Rally, Elon’s xAI Fundraising, and Alaska Airlines Acquires Hawaiian

    Prof G Markets: Bitcoin’s Rally, Elon’s xAI Fundraising, and Alaska Airlines Acquires Hawaiian

    Scott breaks down his wins and loses amid crypto’s bull market this year. He also shares his thoughts on the state of the airline industry and whether or not Hawaiian Airlines could make a good merger arbitrage trade. Finally, he and Ed discuss why Elon Musk needs to raise $1 billion for his AI company. Learn more about your ad choices. Visit podcastchoices.com/adchoices
    First Time Founders with Ed Elson – ft. Ryan Petersen of Flexport

    First Time Founders with Ed Elson – ft. Ryan Petersen of Flexport

    Ed speaks with Ryan Petersen, the founder and CEO of Flexport, a supply chain management company. They discuss logistics, the company’s $8 billion valuation, finding fame as an entrepreneur, and how Ryan thinks about money. Learn more about your ad choices. Visit podcastchoices.com/adchoices
    Props & Drops Ep. 36 with Matt Kalish: NBA All-Star Weekend 2023 Recap and What’s Next for NFTs...

    Props & Drops Ep. 36 with Matt Kalish: NBA All-Star Weekend 2023 Recap and What’s Next for NFTs...

    Today's episode of the GaryVee Audio Experience is Episode 36 of Props & Drops with Matt Kalish! We kicked things off with a recap of the Waste Management Open and the NBA All-Star Weekend. Also, we chatted about what the Giants might do with Daniel Jones and Saquon Barkley, we debated whether the NCAA tournament will make a comeback, the NFT and card market and how we think VeeCon and Reignmakers are bound to shake things up.


    Overall this is a really fun episode and I want your feedback on it! Enjoy!


    My website: www.garyvaynerchuk.com

    Check out my new NFT project: veefriends.com

    Join the VeeFriends Discord: https://discord.gg/veefriends


    Tweet Me! @garyvee

    Text Me! 212-931-5731

    My Newsletter: garyvee.com/newsletter

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    #276 Paul Graham’s Essays Part 2

    #276 Paul Graham’s Essays Part 2

    What I learned from reading Paul Graham’s essays.

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    Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com

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    [4:01] You don't want to start a startup to do something that everyone agrees is a good idea, or there will already be other companies doing it. You have but that you know isn't to do something that sounds to most other people like a bad idea.

    [5:20] The independent-minded are often unaware how different their ideas are from conventional ones, at least till they state them publicly.

    [6:20] Founders find themselves able to speak more freely with founders of other companies than with their own employees.

    [7:40] There are intellectual fashions too, and you definitely don't want to participate in those. Because unfashionable ideas are disproportionately likely to lead somewhere interesting. The best place to find undiscovered ideas is where no one else is looking.

    [8:30] How much does the work you're currently doing engage your curiosity? If the answer is "not much," maybe you should change something.

    [9:00] How To Think For Yourself by Paul Graham

    [9:00] How To Work Hard by Paul Graham

    [10:00] Hackers and Painters by Paul Graham

    [11:00] Paul on Twitter: "Maybe better founders could have..." Presumably Patrick knows what he means by that, but in case it's not clear, he's describing the empty set. If Patrick and John Collison had to work long hours to build something great, you will too. Link to tweet

    [13:00] Less is more but you have to do more to get to less. — Rick Rubin: In the Studio by Jake Brown. (Founders #245)

    [13:00] If great talent and great drive are both rare, then people with both are rare squared.

    [14:30] Can’t Hurt Me by David Goggins

    [15:30] Aliens, Jedis, & Cults

    [16:30] How To Do What You Love by Paul Graham

    [19:00] Fear's a powerful thing. I mean it's got a lot of firepower. If you can figure out a way to wrestle that fear to push you from behind rather than to stand in front of you, that's very powerful. I always felt that I had to work harder than the next guy, just to do as well as the next guy. And to do better than the next guy, I had to just kill.

    And you know, to a certain extent, that's still with me in how I work, you know, I just go in. —Jimmy Iovine

    [20:00] Many problems have a hard core at the center, surrounded by easier stuff at the edges. Working hard means aiming toward the center to the extent you can. Some days you may not be able to; some days you'll only be able to work on the easier, peripheral stuff. But you should always be aiming as close to the center as you can without stalling.

    [22:00] Find work that feels like play. —The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)

    [23:00] A deep interest in a topic makes people work harder than any amount of discipline can.

    [23:00] Mozart: A Life by Paul Johnson. (Founders #240)

    [25:00] Working hard is not just a dial you turn up to 11. It's a complicated, dynamic system that has to be tuned just right at each point. You have to understand the shape of real work, see clearly what kind you're best suited for, aim as close to the true core of it as you can, accurately judge at each moment both what you're capable of and how you're doing, and put in as many hours each day as you can without harming the quality of the result. This network is too complicated to trick. But if you're consistently honest and clearsighted, it will automatically assume an optimal shape, and you'll be productive in a way few people are.

    [26:00] How to Lose Time and Money by Paul Graham

    [30:00] Schlep Blindness by Paul Graham

    [31:00] A company is defined by the schleps it will undertake. And schleps should be dealt with the same way you'd deal with a cold swimming pool: just jump in. Which is not to say you should seek out unpleasant work per se, but that you should never shrink from it if it's on the path to something great.

    [33:00] What I’ve Learned From Users by Paul Graham

    [34:00] The first thing that came to mind was that most startups have the same problems. No two have exactly the same problems, but it's surprising how much the problems remain the same, regardless of what they're making. Once you've advised 100 startups all doing different things, you rarely encounter problems you haven't seen before.

    [34:00] Today I talked to a startup doing so well that they had no current problems that needed solving. Profitable, growing ~20x a year (not a typo), only 9 employees. This is so rare that I didn't know what to do. We ended up talking about problems they might have in the future.

    I advised them never to raise another round, so to get equity you're going to have to get hired there. So learn to program. Link to tweet

    [35:00] But knowing (nearly) all the problems startups can encounter doesn't mean that advising them can be automated, or reduced to a formula.

    [37:00] It's not about pop culture, and it's not about fooling people, and it's not about convincing people that they want something they don't. We figure out what we want.

    And I think we're pretty good at having the right discipline to think through whether a lot of other people are going to want it, too. —Steve Jobs

    [39:00] That was another big surprise: how often founders don't listen to us.

    [39:00] Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe. (Founders #221)

    [40:00] The reason startups are so counterintuitive is that they're so different from most people's other experiences. No one knows what it's like except those who've done it.

    [42:00] Speed defines startups. Focus enables speed. YC improves focus.

    [42:00] Alexander combined an excessive tolerance of fatigue with an intolerence for slowness. Alexander the Great: The Brief Life and Towering Exploits of History's Greatest Conqueror--As Told By His Original Biographers (Founders #232)

    [43:00] However good you are, good colleagues make you better. Indeed, very ambitious people probably need colleagues more than anyone else, because they're so starved for them in everyday life.

    [45:00] Leading By Design: The Ikea Story (Founders #104)

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    Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com

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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

    #283 Andrew Carnegie

    #283 Andrew Carnegie

    What I learned from rereading The Autobiography of Andrew Carnegie by Andrew Carnegie. 

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    Get access to the World’s Most Valuable Notebook for Founders by investing in a subscription to Founders Notes

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    Follow one of my favorite podcasts Invest Like The Best  

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    (1:01) 3 part series on Andrew Carnegie and Henry Clay Frick:

    Meet You In Hell: Andrew Carnegie Henry Clay Frick, and the Bitter Partnership That Transformed America by Les Standiford. (Founders #73) 

    The Autobiography of Andrew Carnegie by Andrew Carnegie (Founders #74) 

    Henry Clay Frick: The Life of the Perfect Capitalist by Quentin Skrabec Jr. (Founders #75) 

    (2:00) What these guys all had in common is they were hell bent on knowing their business down to the last cent. They were obsessed with having the lowest cost structure in their industry.

    (2:00) Highlights from Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Changed America:

    —Cut the prices, scoop the market, watch the costs, and the profits will take care of themselves.

    —Frick knows his business down to the ground.

    —Frick’s rise from humble beginnings was obviously intriguing to him. It signaled to Carnegie that Frick was another of the fellow “fittest,” and those were the individuals with whom Carnegie sought to align himself.

    —Carnegie would repeat the mantra time and again: profits and prices were cyclical, subject to any number of transient forces of the marketplace. Costs, however, could be strictly controlled, and in Carnegie’s view, any savings achieved in the costs of goods were permanent.

    —On this issue the two men were of one mind. Frick had made his way in coke by the same reckoning that Carnegie had in rail and steel: if you knew your costs down to the penny, you were always on firm ground.

    (6:00) Benjamin Franklin: An American Life by Walter Isaacson. (Founders #115)

    (7:00) A sunny disposition is worth more than a fortune. Young people should know that it can be cultivated; that the mind like the body can be moved from the shade into sunshine.

    (7:00) The Snowball: Warren Buffett and the Business of Life by Alice Schroeder. (Founders #100)

    (8:00) The most important judge of your life story is yourself.

    (9:00) You can always understand the son by the story of his father. The story of the father is embedded in the son. —Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)

    (10:00) Invest in technology, the savings compound, it gives you an advantage over slower moving competitors, and can be the difference between a profit and a loss.

    (17:00) He is working from sunrise to sunset for $1.20 a week and he is ecstatic about being able to help his family avoid poverty. 

    (18:00) Andrew Carnegie had manic levels of optimism.

    (20:00) Do not delay. Do it now. It is a great mistake not to seize the opportunity. Having got myself in, I proposed to stay there if I could.

    (21:00) I felt that my foot was upon the ladder and that I was about to climb.

    (21:00) Lesson from Andrew Carnegie’s early life: Focus on whatever job is in front of you at this very moment and do the best you can. You can never know what opportunities that will unlock in the future.

    (24:00) On the miracle of reading and having free access to a 400 volume personal library: In this way the windows were opened in the walls of my dungeon through which the light of knowledge streamed in. Every day's toil and even the long hours of night service were lightened by the book which I carried about with me and read in the intervals that could be snatched from duty. And the future was made bright by the thought that when Saturday came a new volume could be obtained.

    (26:00) To Colonel James Anderson, Founder of Free Libraries in Western Pennsylvania:

    He opened his Library to working boys and upon Saturday afternoons acted as librarian, thus dedicating not only his books but himself to the noble work. This monument is erected in grateful remembrance by Andrew Carnegie, one of the "working boys" to whom were thus opened the precious treasures of knowledge and imagination through which youth may ascend.

    (28:00) Running Down A Dream: How to Succeed and Thrive in a Career You Love by Bill Gurley

    (36:00) Dark Genius of Wall Street: The Misunderstood Life of Jay Gould, King of the Robber Barons by Edward J. Renehan Jr. (Founders #258)

    (43:00) This policy is a true secret of success: Uphill work it will be.

    (46:00) Put all your eggs in one basket and watch that basket.

    (46:00) The most expensive way to pay for anything is with time.

    (48:00) The men who have succeeded are men who have chosen one line and stuck to it. It is surprising how few men appreciate the enormous dividends derivable from investment in their own business.

    (48:00) My advice to young men would be not only to concentrate their whole time and attention on the one business in life in which they engage, but to put every dollar of their capital into it.

    (51:00) The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow. (Founders #139)

    (52:00) Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford. (Founders #247)

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    Get access to the World’s Most Valuable Notebook for Founders by investing in a subscription to Founders Notes

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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

    Prof G Markets: Goldman and Apple Part Ways, Shein and Temu, and Charlie Munger’s Legacy

    Prof G Markets: Goldman and Apple Part Ways, Shein and Temu, and Charlie Munger’s Legacy

    Scott shares his thoughts on the contradicting narratives around Goldman and Apple’s partnership. He also discusses the fast fashion industry and its externalities. Finally, he takes a look at Charlie Munger’s legacy. Learn more about your ad choices. Visit podcastchoices.com/adchoices
    Office Hours: Cause-Related Marketing, Why Young People Should Get to a City, and How to Talk to Your Boss About Career Development

    Office Hours: Cause-Related Marketing, Why Young People Should Get to a City, and How to Talk to Your Boss About Career Development

    Scott discusses the trends around cause-based marketing, speaking as to why companies should avoid making statements on social issues. He then gives advice to a listener wondering whether to move to a bigger city for career opportunities. He wraps up with his thoughts on navigating conversations about career goals and aspirations with a manager, particularly when aiming to advance to their position.  Music: https://www.davidcuttermusic.com / @dcuttermusic Learn more about your ad choices. Visit podcastchoices.com/adchoices
    The BIGGEST MISTAKE some leaders make

    The BIGGEST MISTAKE some leaders make

    Listen carefully … the kind of repeated apologizing I’m speaking about in this episode of the podcast is a “real issue” … leaders need to stop pressure at their level not enhance it. This podcast episode is the Q&A segment at the Lockton Growth Forum keynote. Q&A is definitely my favorite format when I get to meet all of you!  A lot of these questions are topics on how to navigate a business in a 2023 world.  Whether it's a question around tactics you need to do on LinkedIn or people's feelings towards Gen-Z. We're living in a different world and that requires adjusting.  This episode is full of advice for entrepreneurs and SPECIFICALLY leaders. Enjoy!Here are some topics we discussed:

    • Question about Gen Z in the workplace
    • What is the best strategy on LinkedIn
    • My thoughts on nepotism
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    No Mercy / No Malice:  What We Leave Behind

    No Mercy / No Malice: What We Leave Behind

    As read by George Hahn. https://www.profgalloway.com/what-we-leave-behind-3/ Learn more about your ad choices. Visit podcastchoices.com/adchoices
    #137 P.T. Barnum

    #137 P.T. Barnum

    What I learned from reading Barnum: An American Life by Robert Wilson. 

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    Come see a live show with me and Patrick O'Shaughnessy from Invest Like The Best on October 19th in New York City. 

    Get your tickets here

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    ---

    [1:23] He is known today primarily for his connection to the circus, but that came only in the last quarter of his long life. Less well known is that he was also a best-selling author, an inspirational lecturer on temperance and on success in business, a real-estate developer, a builder, a banker, a state legislator, and the mayor of Bridgeport, Connecticut. 

    [1:54] In all endeavors he was a promoter and self-promotor without peer, a relentless advertiser and an unfailingly imaginative concoctor of events to draw the interest of potential patrons.  

    [3:16] Through hard work, a lot of brass, and a genius for exploiting new technologies related to communication and transportation, he became world famous and wealthy beyond his dreams. 

    [3:54] He led a rich, event-filled, exhilarating life, one indeed characterized by both struggles and triumphs. His life is well worth knowing.  

    [5:36] Barnum’s was 16 when his father died, leaving his family with debts: Barnum remembered the family returning from the cemetery “to our desolate home, feeling that we were forsaken by the world, and that but little hope existed for us this side of the grave.”  

    [6:22] He knew even then that he would only be happy working for himself

    [7:56] Like most persons who engage in a business which they do not understand, we were unsuccessful in the enterprise. 

    [8:16] He is running a lottery and learns something he will use later in his career: He began to develop his insight into the complicated nature of his customers, a realization that outwardly respectable people might have interests that were not entirely respectable.  

    [11:06] The day he became a showman. He starts a newspaper, gets sued for libel, goes to jail, and organizes a parade on the day he is released: His ability to marshal not just his own paper but also the goodwill of others was a harbinger of things to come.  It was the first example of his flair for drawing attention to his beliefs, his enterprises, and himself.  

    [13:48] Seemingly small but consequential details would never elude him. 

    [14:15] His lottery business is outlawed by the state legislature. He is broke: He blamed himself for his situation, writing that “the old proverb, ‘Easy come, easy go,’ was too true in my case.” Still, he was confident in his ability to make money.  

    [17:03] I fell into the occupation, and far beyond any of my predecessors on this continent, I have succeeded.  

    [18:42] Up and Down, Down and Up: He struggled to find further success in the years that followed. Barnum would spend much of the five years after on the road with various acts. “I was thoroughly disgusted with the life of an itinerant showman.”  

    [20:03]  Broke again at 31: Barnum later wrote, “I began to realize, seriously, that I was at the very bottom of fortune’s ladder, and that I had now arrived at an age when it was necessary to make one grand effort to raise myself above want.” 

    [22:00] The clever way he is able to get the money to buy the American Museum: He decided to seek out the retired merchant who owned the building in which the museum was housed, with the quixotic goal of persuading him to buy the collection for him on credit, arguing that he would be a more reliable tenant than the struggling Scudder family (the current owners of the museum). This, against all odds, Barnum was able to do. 

    [23:52] The customers he wanted and how he positioned his product: Barnum wanted to attract this rising middle class. They had more money and were more likely to spend it on wholesome activities, and with their higher rates of literacy, they were more susceptible to newspaper advertising.  

    [28:05] How Barnum planned and publicized his show. The details and machinations are amazing. 

    [35:47]  He doesn’t rest on his laurels. After becoming successful in America he decides to expand to Europe: The challenge was the new place itself, a place that had no notion of who P.T. Barnum was. Whether or not he would succeed in the land of his forebears would be a test for Barnum of his own worth, of how far he had come and how far he might yet go. 

    [38:05]  Barnum told him that a person must “make thirty hours out of twenty-four or he would never get ahead.” 

    [40:40] His drinking became a problem, so he quit: Making a resolution not to drink and then keeping it took both discipline and self-awareness and constituted another serious effort to turn his marriage and himself around. 

    [42:54] We are all promoters. Estee Lauder was a promoter of beauty, Larry Ellison was a promoter of the efficiency gains of software and of winning, Henry Ford was a promoter of service, Claude Shannon was a promoter of following your own curiosity. Promoting is just sharing what you love.  

    [43:55]  Barnum promoted wholesome, good, family fun and entertainment. He built a wonderful life for himself just off that very simple idea, that I am going to promote various forms of entertainment so people can enjoy their time. I think that is a very simple idea and if you take it to extremes like Barnum did you can build a life around that. 

    [44:29] Barnum is never focused on the obvious. He is always focused on 2nd order effects.  

    [47:49] Barnum’s house: Iranistan  

    [48:23] Barnum goes bankrupt at 50!: When his projects relied on his instincts and experience as a showman, they tended to be successful. But when he was tempted by schemes in areas where he was less familiar, the results were uneven. I think this is a reminder of what Charlie Munger and Warren Buffett told us: Stay within your circle of competence.  

    [50:26] Down and depressed: He added that he was “once more nearly at the bottom of the ladder.” He wrote that his “own constitution through the excitements of the last few months, has most seriously failed.” He was understandably if uncharacteristically, “in the depths.”  

    [52:02]  I did it before. I’ll do it again: “I feel competent to earn an honest livelihood for myself and family.” He was, and had every right to be, proud of the things he had accomplished largely on his own, and that pride and the self-confidence that went with it were not likely to evaporate even in this moment of distress

    [54:34] To give you an idea of how world famous Barnum was in his day: His autobiography sold over a million copies. That’s insane!  

    [56:55]  Mark Twain began an after dinner habit of reading from Barnum’s autobiography. The book made an impression on Twain, encouraging him in the years ahead as he promoted himself as a public lecturer and writer

    [59:27] Barnum competes with Bailey and his impressed: Barnum was impressed by how well the three younger men had turned the tables on him, using his own methods. “Foes worthy of my steel,” he called them. The aging showman realized he had finally met his match, and he concluded it would be wiser to join them than to compete with them. 

    ——

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