#269 Sam Zell

624 snips

Sep 29, 2022

Delve into the mind of a commercial real estate titan, highlighting the significance of authenticity over conformity. Explore how viewing life as a puzzle fosters creativity and enjoyment in business. Journey through personal and family legacies that shape entrepreneurial spirits, with lessons in tenacity and risk-taking. Laugh at quirky investment strategies from the Gravedancer, and ponder deep emotional experiences tied to loss and industry shifts. Finally, embrace the essence of entrepreneurship through lifelong learning and rapid decision-making.

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ADVICE

Trust Your Gut

Seek diverse opinions, but trust your own judgment enough to act.
Commit highly to your decisions, even when facing criticism.

ADVICE

Long-Term Relationships

Prioritize building and maintaining long-term relationships in business.
Share the stakes, leave something on the table, and foster mutual benefit.

ANECDOTE

Career vs. Family

Sam Zell openly admits prioritizing his career over family earlier in life, leading to regrets and multiple divorces.
He now emphasizes a more balanced approach.

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Against the Odds: An Autobiography

Sir James Dyson

This book details Dyson's journey from his early life to the development of his revolutionary bagless vacuum cleaner. It includes his struggles, legal battles, and eventual success after finding support in Japan. The book also critiques various aspects of the British education system and industry.

The Invisible Billionaire

Daniel Ludwig

Jerry Shields

The book delves into the life of Daniel Ludwig, a high-school dropout who became one of the wealthiest men in the world through his ventures in shipping, oil, banking, and real estate. Ludwig's story is marked by his relentless ambition, innovative business tactics, and a penchant for maintaining privacy despite his immense wealth. The biography also explores his philanthropic efforts, including the establishment of the Ludwig Institute for Cancer Research.

Zeckendorf

William Zeckendorf

William Zeckendorf's autobiography chronicles his journey as a visionary real estate developer who reshaped urban landscapes in cities like New York, Denver, and Montreal. With his uncanny ability to make money and his flair for adventure, Zeckendorf built the largest real estate empire in history, only to face bankruptcy that shook Wall Street. The book offers insights into his financial acumen and creative approach to real estate.

Swimming Across

A Memoir

Andrew S. Grove

Swimming Across is a poignant memoir by Andrew S. Grove, detailing his childhood in Budapest, Hungary, amidst the Nazi occupation and subsequent Communist regime. The book recounts his experiences growing up in a secular Jewish family, facing anti-Semitism, and eventually escaping to the West during the Hungarian uprising of 1956. Grove's story is a testament to resilience and courage, offering a vivid portrait of a tumultuous period in history.

Leading by Design

The Ikea Story

Bertil Torekull

Ingvar Kamprad

This book tells the story of Ingvar Kamprad and the evolution of IKEA from its inception in 1943, when Kamprad started selling cheap fountain pens, to its current status as a global furniture retailer with 150 stores in 30 countries. The narrative is based on extensive interviews with Kamprad and other key figures, as well as various documents. It highlights Kamprad's drive, vision, and innovative management strategies that enabled IKEA to achieve its success. The book also touches on the company's challenges, including its future prospects and the influence of Kamprad's personal values and family-oriented business model.

Johnny Carson

Henry Bushkin

This book is a memoir written by Henry Bushkin, who served as Johnny Carson's lawyer, wingman, fixer, and closest confidant from 1970 to 1988. Bushkin provides a detailed and nuanced account of Carson's life, revealing his complexities as a voracious womanizer, his difficulties with his wives and children, and his public and private persona. The book also delves into Bushkin's own experiences and the various roles he played in Carson's life, including helping Carson navigate legal and personal issues, avoiding mob entanglements, and socializing with celebrities. The memoir is described as shocking, poignant, and uproarious, offering insights into the enigmatic life of Johnny Carson[3][4][5].

Cable Cowboy

John Malone and the Rise of the Modern Cable Business

Mark Robichaux

This book is a penetrating portrait of John Malone's complex persona and a captivating history of the cable TV industry. Written with Malone's unprecedented cooperation, it brings to life the story of how an unassuming copper strand evolved into the digital nervous system of the U.S., providing consumers with the fastest route to the Internet. The narrative details Malone's transformation of TCI into a media colossus, his dealings with competitors and regulators, and his significant influence on the industry. The book also explores the broader history of the cable industry, including its early days of providing access to broadcast signals in rural areas and its evolution into a high-speed electronic pipeline known as broadband[1][4][5].

Am I being too subtle?

Sam Zell

In 'Am I Being Too Subtle?', Sam Zell shares his story from his roots as the child of Jewish immigrants to his current status as a leading real estate mogul. The book blends autobiography with business insights, highlighting Zell's ability to see opportunities others miss. He discusses his approach to investing, his strategy of targeting troubled assets, and the importance of independent thinking and risk assessment. The book also includes personal anecdotes and lessons learned throughout his career, making it a guide for the next generation of entrepreneurs and investors.

Henry J. Kaiser

Builder in the Modern American West

Mark S. Foster

This biography explores Henry J. Kaiser's life and career, highlighting his contributions to infrastructure development, industry, and healthcare in the American West. It draws on extensive archival research to portray Kaiser as a quintessential 'can-do' capitalist who leveraged government and union support to achieve his goals.

Sam Walton

Made in America

John Huey

Sam Walton

In 'Sam Walton: Made in America,' Sam Walton shares his personal and professional journey, from his early life in Kingfisher, Oklahoma, to the founding and expansion of Walmart. The book is a first-person account supplemented by quotes from friends, family, and colleagues. It highlights Walton's core values, such as the importance of hard work, customer satisfaction, and competitive pricing. The autobiography also provides insights into Walton's leadership style, his approach to business, and the lessons he learned throughout his career. The book was published posthumously in 1993 and offers a compelling and inspiring look at the life of one of America's most successful entrepreneurs.

What I learned from reading Am I Being Too Subtle?: Straight Talk From a Business Rebel by Sam Zell.

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Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here.

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[6:37] I have an embedded sense of urgency. What I can’t figure out is why so many other people don’t have it.

[6:50] I was willing to trade conformity for authenticity.

[8:26] Problems are just opportunities in work clothes. —Henry J. Kaiser: Builder in the Modern American West by Mark Foster. (Founders #66)

[9:36] Once I have formed my opinion, I have to trust my perspective enough to act on it. That means putting my own money behind it. My level of commitment is usually high. And I stay with my decision even when everyone is telling me I’m wrong, which happens a lot.

[10:37] Long term relationships reflect the most important lesson imparted to me by my father. He taught me simply how to be. He often told me that nothing was more important than a man’s honor. A good name. Reputation is your most important asset.

[11:10] When I was younger my career competed with my role as a husband and father and my career often won.

[11:37] Childhood does not allow itself to reconquered. — Leading By Design: The Ikea Story (Founders #104)

[12:20] The personality types that stay in the game for as long as Sam has —and he's been in the game for 50 years — usually describe entrepreneurship as a calling and an obsession.

[12:35] The great thing about entreprenuership is that you get to spend your time building something you enjoy. Most people don’t get to do this. They are stuck in jobs they hate. I had the time of my life. —Sam Walton: Made In America by Sam Walton. (Founders #234)

[13:29] Business is not a battle to be waged — it’s a puzzle to be solved.

[14:33] Optimize for irreverence.

[16:54] Swimming Across by Andy S. Grove (Founders #159)

[18:11] His family narrowly escapes the Holocaust: His train arrived at 2:00 p.m. It was a ten minute walk home and when he got there he told my mother to pack what she could carry; they were boarding the 4:00 train out that afternoon.

[19:21] Every year for the rest of their lives they celebrated the date of their arrival with the toast to America. My sister and I grew up keenly aware of how fortunate we were to be in this country.

[15:58] You've got to understand that the world is a hard place.

[19:13] My tendency to go against conventional wisdom would later end up defining my career.

[26:55] Sam Zell — Strategies for Investing, Dealmaking, and Grave Dancing on The Tim Ferriss Show

[27:25] It just never occurred to me that I couldn't do it.

[28:42] Indifference to rejection is a fundamental part of being an entrepreneur.

[31:59] It was at this point in my career that I fully realized the value of tenacity. I just had to assume there was a way through any obstacle, and that I’d find it. This is perhaps my most fundamental principle of entrepreneurship, and to success in general.

[33:44] Difference for the sake of it. —James Dyson Against The Odds: An Autobiography by James Dyson (Founders #200)

[35:58] I was going to do what I love doing and I wasn't going to be encumbered by anyone else's rules.

[40:35] What I find fascinating is just how many of these ideas that he got from a older, more experienced entrepreneur, that he used for the rest of his life.

[41:36] Larry Ellison episodes:

Softwar: An Intimate Portrait of Larry Ellison and Oracle by Matthew Symonds (Founders #124)

The Billionaire and the Mechanic: How Larry Ellison and a Car Mechanic Teamed up to Win Sailing's Greatest Race, the America’s Cup, Twice by Julian Guthrie (Founders #126)

The Difference Between God and Larry Ellison: God Doesn't Think He's Larry Ellisonby Mike Wilson (Founders #127)

[41:59] Like most oracles, Wasserman gave an opinion that was simple and sensible (but unambiguously presented, thank goodness). “It is not prudent,” replied Wasserman, “to ask people to change their nightly viewing habits. Once they are used to tuning in a given channel, they find it hard to make the move, no matter how good an alternative is being provided elsewhere.” Was that it? All of our thinking and talking and arguing and agonizing came down to the belief that Americans won’t change the dial? Wasserman’s advice sealed our decision.

— Johnny Carson by Henry Bushkin. (Founders #183)

[43:55] Zeckendorf: The autobiograpy of the man who played a real-life game of Monopoly and won the largest real estate empire in history by William Zeckendorf.

[47:27] The captain of a Ludwig ship made the extravagant mistake of mailing in a report of several pages held together by a paper clip. He received a sharp rebuke: "We do not pay to send ironmongery by air mail!" — The Invisible Billionaire: Daniel Ludwig by Jerry Shields.

[51:32] There’s no substitute for limited competition. You can be a genius, but if there’s a lot of competition, it won’t matter. I’ve spent my career trying to avoid its destructive consequences.

[52:32] Cable Cowboy: John Malone and the Rise of the Modern Cable Business by Mark Robichaux (Founders #268)

[55:20] What do you do? I'm a professional opportunist.

[59:31] A mantra that I would repeat regularly for decades to come: Liquidity equals value.

[1:07:59] I have always believed that every day you choose to hold an asset, you are also choosing to buy it. Would I buy our buildings at the price Blackstone was quoting? Nope.

[1:12:29] Fast decision making and autonomy had become like oxygen to him.

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