Wilbur Ross is a prominent figure in global finance with over half a century of experience in investment banking and private equity. Named among Bloomberg Markets' 50 most influential people in global finance, Ross has built a significant legacy. He served as the 39th US Secretary of Commerce under the Trump administration. Known for his expertise in navigating economic crises, Ross has been honored with numerous awards, including a medal from South Korea's President Kim Dae-Jung and Japan's Order of the Rising Sun, Gold and Silver Star. He recently authored a book detailing key anecdotes and moments from his extraordinary life and career.
Episode Summary:
king, private equity, and his tenure in the Trump administration. The discussion offers practical wisdom and insightful anecdotes, making this an episode packed with valuable lessons for anyone interested in economics, business, and public policy.
The conversation transitions smoothly through various impactful stages of Ross's life, shining a light on the critical influences that shaped his path, such as his mentor General Georges Doriot. Ross shares the significance of Doriot's teachings, which range from professional appearance to public speaking, and how they have played an integral role in his success. Additionally, the episode sheds light on Ross's time in Washington, emphasizing the unique power dynamics and the importance of titles within governmental structures, providing listeners with a well-rounded perspective on the intersection of business and politics.
Key Takeaways:
Versatility in Career: Ross discusses the importance of having multiple career phases—business, government, and intellectual pursuits—mirroring the diverse paths taken by his mentor, General Dorriott.
Mentorship Influence: The stepping stones in Ross's career were significantly shaped by General George F. Dorriott, whose teachings on conduct, presentation, and public persona left a lasting impact.
Power Dynamics in Washington: Ross underscores that Washington's primary currency is power, heavily influenced by one’s title, affecting social standings and influence, which contrasts sharply with other sectors.
Unprecedented Personal Branding: Ross notes that Donald Trump’s transition from business to presidency is marked by his unparalleled personal brand, making him a unique figure even before his political career.
Retrospective Advice: Reflecting on his career, Ross wishes he had transitioned to entrepreneurship earlier, emphasizing the value of taking bold steps sooner rather than later.
Notable Quotes:
“I think it's having several different careers just as he did. He had the commercial career, he had the government career in the form of the military, and he had an intellectual career in terms of the schools.”
“The unusual thing I noticed was that the power of a title varies inversely and exponentially with its length.”
“The people who rule the world wear long socks and Hermes ties.”
Resources:
Buy Wilbur Ross’s New Book
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