Person
20 episodes · 435 quoted claims
In the book's account, John D. Rockefeller's partner Andrews sided with him when Rockefeller dissolved his early refinery partnership.
“They were doubly shocked to find that Andrews had thrown in his lot with Rockefeller as one of their other partners.”
According to the host, Rockefeller's former partners dropped out of the auction for the Cleveland refinery when bidding reached $72,000.
“Bidding for this oil refinery hit $72,000. Once it hit that, they're like, this is too much money.”
The host says the refinery Rockefeller won at auction had total sales of $1.2 million the following year.
“the next year, that refinery had total sales of $1.2 million. This is in the eighteen sixties. This is insane.”
Andrew Carnegie, as a railroad superintendent, shocked other executives by burning stalled rail cars to keep traffic flowing.
“Shortly after his appointment, he shocked his fellow executives by burning stalled cars to clear lines.”
Andrew Carnegie visited a large steelworks in England in 1872, which the book says set the direction of his career.
“He had visited the giant new steelworks at Birmingham, and here was an industrial scale that made his heart leap.”
Carnegie's personal balance sheet in the 1870s showed $2.1 million in assets and a $1.7 million net worth, mostly in illiquid stock.
“His personal balance sheet showed 2.1 million in assets and a net worth of 1.7 million, but it was almost all in stock”
The host says Cornelius Vanderbilt put bounties on Jay Gould and Jim Fisk during the fight over the Erie Railroad.
“He literally set hitmen. He put prices on Jay Gould and Jim Fisk's head.”
In a rate war, Cornelius Vanderbilt cut cattle freight to a penny a head, but Jay Gould had cornered the cattle market and profited from the low rates.
“he was laughing victoriously as his trains filled up with steers until he discovered that Jay Gould had cornered the cattle market and were making a fortune from his shipping losses.”
By 1883 Jay Gould was the dominant owner or controlling shareholder of dozens of railroads.
“By 1883, Gould had become the dominant owner of, or controlling shareholder in, of literally dozens of railroads.”
Jay Gould was essentially on his own from age thirteen, when his father left him at a high school with some clothes and fifty cents.
“He was essentially on his own from age thirteen when his father registered him in a high school in a neighboring town and left him with a pile of clothes and fifty cents.”
The host says railroads made up about 80% of total stock market capitalization during the era discussed.
“this was a time when railroads accounted for about 80% of total stock market capitalization.”
The host says Rockefeller consolidated about 25 or 26 Cleveland refineries in a few weeks in the episode known as the Cleveland Massacre.
“I think he he consolidated twenty five or twenty six refineries in Cleveland”
According to the book, 24 acquired refineries were consolidated into six large modern installations designed for efficient production.
“As a total of twenty four refineries were consolidated into six large state of the art installations”
Rockefeller bought a fleet of wide-gauge tank cars from the cash-strapped Erie Railroad, giving Standard Oil early access, lower freight rates and rental income.
“At one point, Rockefeller purchased a fleet of uh wide gauge tank cars from the cash strapped Erie Railroad.”
Carnegie Steel bought the Frick Coke Company and gained a dominant position in coke, a key raw material for steel.
“With the purchase of the Frick Coke Company, Carnegie Steel enjoyed a dominant position in coke”
Carnegie financed some of his biggest plants with bonds sold through Junius Morgan but otherwise mostly avoided investment bankers.
“Carnegie sold bonds through Junius Morgan to finance some of his biggest plants, but that was the exception.”
After a $11,000 advertising campaign, Procter & Gamble's floating Ivory soap became one of the first national consumer brands.
“After risking $11,000 in an advertising campaign, P and G found themselves as one of the first blowout national consumer brands.”
British sawyers burned down new sawmills in 1825, which the host cites as an example of resistance to new machinery in England.
“Sawyers actually burnt down the new sawmills in 1825.”
The host says Charlie Munger named John D. Rockefeller as the greatest entrepreneur of all time.
“And he says it was obviously Rockefeller. That's what Munger said.”
J. P. Morgan inherited his father Junius Morgan's flair for numbers and spent school vacations working in the family banking back office.
“J. P. had Junius's flair for numbers and loved to spend his school vacations working in the counting house”
The Mind of Napoleon was first published in 1955 and is out of print.
“it's out of print, first published in 1955. Last time I did an episode on it was several years ago.”
Napoleon had public works built in stages so that each stage was usable when finished.
“If, for instance, he ordered the construction of some public work, he would make sure that it was built in stages and that at the end of each stage it could be put to some use”
In 1816 Napoleon wrote to the British about George Washington, saying success had forced them to acknowledge him.
“writing in 1816 about his view of Washington and he's writing it to the British”
Henry Singleton, when criticized for lacking a business plan, replied that outside influences on a business cannot be predicted and that his plan was to stay flexible.
“once criticized for not having a business plan, Henry replied that he knew a lot of people running companies had very definitive plans that they followed assiduously.”
Napoleon dictated all important army bulletins himself to inform the public, counter rumors, mislead the enemy and stir up enthusiasm.
“Napoleon dictated all important army bulletins himself. Their purpose was multiple to inform the public to counter rumors to mislead the enemy or to stir up enthusiasm”
A biography the host read says Julius Caesar's plain writing style was deliberate and meant to get his point across.
“Julius Caesar's simplicity was deliberate. He wrote not to show off or to astonish, but to get his point across.”
According to a Henry Ford biography, Ford paid for a schoolmate's son to attend college and helped him get a forestry job in Oregon.
“Henry Ford uh had an old schoolmate whose son wanted to become a forester. Ford paid for the young man's college education, arranged his transportation”
General Mack, commander of Austrian forces that had surrendered to Napoleon, discussed with him the march through Switzerland and the violation of Prussian neutrality.
“So he's having this conversation with this guy named General Mack, who is the commander of these Austrian forces that had just surrendered to Napoleon.”
Napoleon told General Mack that he had not recognized Swiss neutrality and so had a right to send troops through Switzerland.
“I had not recognized its neutrality. Consequently, I have a right to enter its territory.”
Napoleon addressed his soldiers as ill-fed and almost naked and promised to lead them to fertile plains, cities and rich provinces.
“Soldiers, you are ill fed and almost naked. The government owes you a great deal, but it can do nothing for you.”
Napoleon praised Frederick the Great as one who knew his business best, especially in moments of great crisis.
“Frederick was great above all at moments of great crisis. This is the highest praise that can be given.”
Napoleon singled out boldness as the common quality of the seven great generals he cited as examples.
“Boldness is the common quality singled out by Napoleon in the seven great generals whom he cites as examples”
Napoleon wrote that Alexander the Great believed himself a god and wanted others to believe it, and that ambition consumed him.
“Alexander believed himself a god. He and he wanted to make others believe it too.”
The book's editor uses Napoleon's dictation of twenty-one large sheets of instructions for Josephine's water-cure trip to show his inability to delegate trivial details.
“And then he dictated twenty one large sheets of paper.”
Napoleon argued that retreats cost more lives and material than the bloodiest battles.
“Retreats are always disastrous. They cost more lives and material than the bloodiest battles.”
Napoleon criticized a leader in Egypt in 1250 for spending eight months praying instead of marching, fighting and consolidating control.
“he spent eight months praying when he should have spent them marching, fighting and consolidating his hold over the country.”
Napoleon praised Alexander the Great for conquering a portion of the globe with a handful of men while barely out of boyhood.
“Alexander had barely outgrown his boyhood when with a handful of men he conquered a portion of the globe.”
The Walter Isaacson biography, as read by the host, says Steve Jobs wanted a legacy placing him among or above figures like Edwin Land, Bill Hewlett and David Packard.
“He wanted to be in the pantheon with, and indeed a notch above people like Edwin Land, Bill Hewlett, and David Packard.”
The host has stored his book notes and highlights in a database since 2018, which his AI assistant Sage draws on.
“Since 2018, I've been um storing every single note that I've taken on a book and every single highlight I've made in a book in this database.”
The host says the Founders podcast started in September 2016.
“it's uh almost ten years since I've been doing uh founders, started September 2016.”