Surviving Auschwitz, building an empire on Wall Street, and confronting challenges in business and personal life. From overcoming trauma to navigating success, Siggi Wilzig's astonishing journey is a testament to resilience and determination.
Read more
AI Summary
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
Survivors carry guilt for outliving family after Holocaust.
Ziggy aids family escape from Nazi persecution, progresses in business.
Ziggy's determination and salesmanship lead to Willshire Oil Company's success.
Owning a bank aids Ziggy's tax optimization and fuels business growth.
Deep dives
Ziggy's Survival Story and Guilt
Surviving the Holocaust, Ziggy reflects on the guilt survivors carry for outliving their family. Memories of Auschwitz haunt him, influencing his ritual of wearing two pairs of socks since liberation. Despite the horrors endured, nightmares keep him grounded in reality and appreciation for life.
Ziggy's Escape and Immigration to America
Fleeing from Nazi persecution, Ziggy helps family members secure visas, aiding their escape to various countries before reuniting in America. He arrives with little money, shovels snow to earn, progresses to sales jobs, and eventually studies the stock market, setting the stage for monumental business ventures.
Ziggy's Rise in Business - Willshire Oil Company
With determination and salesmanship, Ziggy persuades acquaintances to invest in Willshire Oil Company. Overcoming obstacles and becoming CEO, he leads the company's transformation with aggressive exploratory well projects, driven by optimism and vision.
Ziggy's Strategic Move - Acquiring a Bank
Recognizing the benefits of owning a bank for tax optimization and financial leverage, Ziggy engineers the acquisition of a bank by Willshire. Consolidating tax returns and capitalizing on the bank's profits, Ziggy fuels the growth of Willshire's operations and solidifies his business empire.
Ziggy's Innovative Tax Strategy
By owning a bank, Ziggy implements a strategic tax approach benefiting Willshire by redirecting tax funds from the bank to fuel the oil company's growth. This innovative financial strategy cements Willshire's stability and prosperity under Ziggy's leadership.
Building a Bank Empire with Unorthodox Methods
Ziggy's unconventional approach to banking led to his rapid rise as the youngest chairman and CEO of a major bank in the state. By sidestepping traditional investment methods and avoiding outside investors, he gained control and accumulated wealth efficiently. His relentless focus on accumulating stocks and his aggressive customer recruitment strategies set him apart in the industry, showcasing his determination to succeed against conventional norms.
Customer Satisfaction and Employee Differentiation
Ziggy's emphasis on spoiling customers with exceptional treatment and personalized attention created a loyal customer base and a steady stream of referrals. He differentiated between 'workhorses' and 'racehorses' among employees, valuing initiative and ambition over routine performance. Despite his relentless pressure on those around him and challenges with regulatory bodies, Ziggy's drive for success and legacy of growth from $180 million to over $4 billion exemplifies his unwavering entrepreneurial spirit.
Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com
----
Never give up. Only death is permanent. Everything else can be fixed.
I couldn't take such talk about not coming out alive. I didn't want to hear it. Whenever my mind told me I was not going to survive, the Almighty told me to keep going. So I stayed away from the others.
Because I could outwit the guards, I always felt superior to them. I hated them. I hated their brutality, their inhuman behavior. I felt stronger, more intelligent, and I had confidence in myself from childhood. So even though they had the guns and did all the killing, I felt superior. It was obviously a touch of arrogance, and some of it was justified and some not justified, but even in that totally hopeless condition I looked down on all of them.
It was clear that Americans were alive in every sense, moving purposefully toward some vision of tomorrow. He liked that. He would do that, too: grasp opportunities and not allow the darkness of the past to rob him of a bright future.
Even smart chickens shit on their own feathers!
When Naomi found out her husband was purchasing shares of Wilshire on a regular basis, she chided him. "More stock? We can barely pay the bills and you're buying more stock?" Siggi made excuses, but he didn't stop buying. "I didn't see how this was going to change our life," Naomi said, remembering other stocks her husband had bought and other career moves he had made. "But that's how it turned out."
You are looking at a man who had the foxlike instincts to survive history's darkest hour, a man who has no fear of adversity and who cannot be intimidated by overwhelming odds.
Siggi had grown his bank from $180 million in assets to more than $4 billion.
Siggi was the first person in history to sue the Federal Reserve.
He's just happy to be alive. People thought he was nuts and laughed at him, but he didn't care.
Less than a year after his death, his estate was worth hundreds of millions of dollars. “Not bad," as Siggi once said, "for a short, bowlegged Jew with flat feet who never graduated kindergarten and started with only $240 in his pocket."
----
Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com
----
“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