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Lyssna när som helst, var som helst

David Senra

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

Founders

What I learned from reading Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.

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Cicero, learned man that he was, believed in self-improvement so long as breath lasts.

In business we often find that the winning system goes almost ridiculously far in maximizing and/or minimizing one or a few variables-like the discount warehouses of Costco.

"Invert, always invert." It is in the nature of things, as Jacobi knew, that many hard problems are best solved only when they are addressed backward.

It's quite interesting to think about Wal-Mart starting from a single store in Arkansas-against Sears with its name, reputation and all of its billions. How does a guy in Bentonville, Arkansas, with no money, blow right by Sears? And he does it in his own lifetime-in fact, during his own late lifetime because he was already pretty old by the time he started out with one little store. He played the chain store game harder and better than else. Walton anyone invented practically nothing. But he copied everything anybody else ever did that was smart. So he blew right by them all.

Charlie's redundancy in expressions and examples is purposeful: for the kind of deep "fluency" he advocates, he knows that repetition is the heart of instruction.

He enjoyed challenging the conventional wisdom of teachers and fellow students with his ever-increasing knowledge gained through voracious reading, particularly biographies.

He never forgot the sound principles taught by his grandfather: to concentrate on the task immediately in front of him and to control spending.

I would say everything about Charlie is unusual. I've been looking for the usual now for forty years, and I have yet to find it. Charlie marches to his own music, and it's music like virtually no one else is listening to. So, I would say that to try and typecast Charlie in terms of any other human that I can think of, no one would fit. He's got his own mold.

Charlie Munger has spent a professional lifetime studying lives that have worked well and others that have glitches or have experienced failures.

Despite his healthy self-image, Charlie would prefer to be anonymous.

I am a biography nut myself. And I think when you're trying to teach the great concepts that work, it helps to tie them into the lives and personalities of the people who developed them. I think you learn economics better if you make Adam Smith your friend. That sounds funny, making friends among 'the eminent dead,' but if you go through life making friends with the eminent dead who had the right ideas, I think it will work better for you in life and work better in education. It's way better than just giving the basic concepts.

His underlying philosophical view was one of deep and realistic cynicism about human nature, including a distaste for pure mob rule and demagogues.

Find out what you're best at and keep pounding away at it. This has always been Charlie's basic approach to life.

Take a simple idea and take it seriously.

Charlie likes the analogy of looking at one's ideas and approaches as "tools." “When a better tool (idea or approach) comes along, what could be better than to swap it for your old, less useful tool?Warren and I routinely do this, but most people, cling to their old, less useful tools."

Henry Singleton has the best operating and capital deployment record in American business...if one took the 100 top business school graduates and made a composite of their triumphs, their record would not be as good as Singleton's.

You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don't, you're going to lose. And that's as close to certain as any prediction that you can make. You have to figure out where you've got an edge. And you've got to play within your own circle of competence.

The other aspect of avoiding vicarious wisdom is the rule for not learning from the best work done before yours. . .There once was a man who assiduously mastered the work of his best predecessors, despite a poor start and very tough time. Eventually, his own work attracted wide attention, and he said of his work: “If I have seen a little farther than other men, it is because I stood on the shoulders of giants."

In my whole life, I have known no wise people who didn't read all the time-none, zero. You'd be amazed at how much Warren reads-and at how much I read.

There is no better teacher than history in determining the future. There are answers worth billions of dollars in a $30 history book.

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

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

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

#90 Charlie Munger (Poor Charlie's Almanack)

What I learned from reading Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance

The conventional wisdom of the time said to take a deep breath and wait for the next big thing to arrive in due course. Musk rejected that logic by throwing $100 million into SpaceX, $70 million into Tesla, and $10 million into SolarCity. Short of building an actual money crushing machine, Musk could not have picked a faster way to destroy his fortune. He became a one-man-ultra-risk taking venture capital shop and doubled down on making super-complex physical goods in two of the most expensive places in the world, Los Angeles and Silicon Valley. [2:13]

What Musk has developed that so many of the entrepreneurs in Silicon Valley lack is a meaningful worldview. He’s the possessed genius on the grandest quest anyone has ever concocted. He’s less a CEO chasing riches than a general marshaling troops to secure victory. [9:17]

The life that Musk has created to manage all of these endeavors is preposterous. [9:53]

He felt as if the public had lost some of its ambition and hope for the future. [14:34]

His fears that mankind had lost much of its will to push the boundaries were reinforced one day when Musk went to the NASA website. He expected to find a detailed plan for exploring Mars and instead found bupkis. [14:58]

The men were heading to Russia at the height of its freewheeling post-Soviet days when rich guys could apparently buy space missiles on the open market. [24:32]

Musk wheeled around and flashed a spreadsheet he’d created. “Hey guys, I think we can build this rocket ourselves.” [27:53]

Some of these people had spent years on the island going through one of the most surreal engineering exercises in human history. They had been separated from their families, assaulted by the heat, and exiled on their tiny launchpad outpost— sometimes without much food — for days on end as they waited for the launch windows to open and dealt with the aborts that followed. So much of that pain and suffering and fear would be forgotten if this launch went successfully. [32:17]

It took six years-about four and half more than Musk had once planned — and five hundred people to make this miracle of modern science and business happen. [34:38]

Well that was freaking awesome. There are a lot of people who thought we couldn’t do it. There are only a handful of countries on Earth that have done this. It’s normally a country thing, not a company thing. My mind is kind of frazzled, so it’s hard for me to say anything, but this is definitely one of the greatest days in my life. [35:19]

To avoid bankruptcy Musk made a last-ditch effort to raise all the personal funds he could and put them into the company. “It was like the fucking Matrix,” Musk said, describing his financial maneuvers. [42:53]

The 2008 period told him everything he would ever need to know about Musk’s character. He saw a man who arrived in the United States with nothing, who had lost a child, who was on the verge of having his life’s work destroyed. “He has the ability to work harder and endure more stress than anyone I’ve ever met. What he went through in 2008 would have broken anyone else. He didn’t just survive. He kept working and stayed focused.” [48:37]

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

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

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

#1 Elon Musk: Tesla, SpaceX, & the Quest for a Fantastic Future

What I learned from reading Walt Disney based on the book Walt Disney: The Triumph of the American Imagination by Neal Gabler.

 

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

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

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

#2 Walt Disney

What I learned from reading The Wizard of Menlo Park: How Thomas Alva Edison Invented The Modern World by Randall Stross

Edison starts his first business at 12 years old (11:00)

Edison's discipline (20:00)

Edison's rivalry with Alexander Graham Bell (38:00)

Edison's friendship with Henry Ford (1:00:00)

Edison's stoic nature (1:15:00) 

The death of Thomas Edison (1:21:00)

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

----

“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

#3 The Wizard of Menlo Park: How Thomas Edison Invented The Modern the Modern World

What I learned from reading The Patriarch: The Remarkable Life and Turbulent Times of Joseph P. Kennedy by David Nasaw

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

----

“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

#4 The Remarkable Life and Turbulent Times of Joseph P. Kennedy

What I learned from reading Steve Jobs by Walter Isaacson.

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

----

“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

#5 Steve Jobs

What I learned from reading Sam Walton: Made In America by Sam Walton.

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

----

“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

#6 Sam Walton

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

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

----

“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

#7 Grinding It Out: The Making of McDonald's

What I learned from reading The Intel Trinity: How Robert Noyce, Gordon Moore, and Andy Grove Built the World's Most Important Company by Michael Malone.

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

----

“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

#8 The Intel Trinity: How Robert Noyce, Gordon Moore, and Andy Grove Built the World's Most Important Company

What I learned from reading I Invented the Modern Age: The Rise of Henry Ford by Richard Snow.

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

----

“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

#9 I Invented the Modern Age: The Rise of Henry Ford

What I learned from reading The Responsible Company: What We've Learned From Patagonia's First 40 Years by Yvon Chouinard and Vincent Stanley.

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When I die and go to hell, the devil is going to make me the marketing director for a cola company. I’ll be in charge of trying to sell a product that no one needs, is identical to its competition, and can’t be sold on its merits. (0:01)

What Patagonia was meant to be (8:25)

Everyone wants to feel useful (11:00)

a short history of companies (14:30)

the definition of meaningful work (26:00)

more human, less corporate (40:30)

Yvon's ancestors and their working conditions (46:00)

the benefits of long term thinking (49:00)

build something useful and don't bullshit (57:00)

Don't do things that have no useful purpose / being bold can lead to new discoveries / we need more small businesses (1:04:00)

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

----

“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

#60 Yvon Chouinard: What We've Learned from Patagonia's First 40 Years

Lyssna när som helst, var som helst

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