#247 Henry Flagler (Rockefeller's partner)

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May 19, 2022

Dive into the ambitious journey of Henry Flagler as he builds a monumental railroad from Miami to Key West, defying skepticism at every turn. Explore his evolution from an oil magnate to a transformative hotel developer while shaping Florida's landscape and transportation. Discover the fierce challenges faced by his surveying team, and experience gripping tales of survival and resilience after devastating storms. Finally, witness the emotional triumph of a lifelong dream realized at the tender age of 82.

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ADVICE

Appear Industrious

Be industrious and frugal, but also appear so.
This builds character and credit with others, opening up opportunities.

ANECDOTE

Flagler and Rockefeller's Partnership

Henry Flagler's diligence and focus allowed him to meet John D. Rockefeller.
This partnership led to the creation of Standard Oil.

ADVICE

Become an Expert

Become the best-informed person in your field, even if you lack inherent expertise.
Immerse yourself in study and gather more information than others.

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Writer, Sailor, Soldier, Spy: Ernest Hemingway's Secret Adventures, 1935-1961

Nicholas Reynolds

Writer, Sailor, Soldier, Spy explores Ernest Hemingway's involvement in espionage and intelligence from the Spanish Civil War to the Cuban Revolution. The book details his roles as both a Soviet agent and a U.S. operative, highlighting how these experiences influenced his literary works and personal life. Nicholas Reynolds provides a meticulously researched narrative that uncovers a previously unseen side of Hemingway's life.

Andrew Carnegie's Autobiography

Andrew Carnegie

A Man for All Markets

From Las Vegas to Wall Street, How I Beat the Dealer and the Market

Edward O. Thorp

In this book, Edward O. Thorp recounts his remarkable career, from inventing card counting systems to beat blackjack dealers, to developing mathematical formulas that gave him an edge in the financial markets. Thorp's story includes his invention of the world's first wearable computer to predict roulette outcomes, his detection of the Bernie Madoff scheme, and his interactions with notable figures like Warren Buffett and Rudy Giuliani. The book offers practical wisdom on investing, asset allocation, and wealth management, making it an intellectual thrill ride for readers interested in finance and mathematics.

Ogilvy on Advertising

David Ogilvy

This book provides comprehensive insights into the world of advertising, covering topics such as how to get a job in advertising, how to choose an agency for your product, the secrets behind effective advertising, how to write successful copy, and the role of research in advertising. Written with brutal candor and generosity, Ogilvy shares his extensive knowledge and experience in the industry, making it a valuable resource for both professionals and those interested in advertising.

The essays of Warren Buffett

Lessons for Corporate America

Warren Buffett

This book is a comprehensive collection of Warren Buffett's annual letters to Berkshire Hathaway shareholders, edited by Lawrence A. Cunningham. It provides valuable insights into Buffett's investment philosophy, corporate management, and business strategies. The letters are organized into thematic chapters, making it easier for readers to understand Buffett's views on various topics such as value investing, executive compensation, and market fluctuations. The book is praised for its clarity, wisdom, and practical advice, making it a definitive source for understanding Buffett's approach to business and investing.

The Autobiography of Benjamin Franklin

Benjamin Franklin

The Autobiography of Benjamin Franklin is a classic and influential work that covers various periods of Franklin's life. It is divided into four parts, written at different times, and includes his childhood, apprenticeship to his brother James, his early methodical plans for 'arriving at moral perfection,' his experiments with electricity, and his political career. The autobiography provides an intimate and honest account of Franklin's life, reflecting his determination, work ethic, and practical wisdom. Despite its tortuous publication history, it remains one of the most famous autobiographies ever written.

Last Train to Paradise

Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean

Les Standiford

This book chronicles the extraordinary story of the construction and operation of the railroad from Miami to Key West, often referred to as 'Flagler’s Folly'. It details the engineering challenges, the personal struggles of Henry Flagler, and the impact of the railroad on Florida and Key West. The narrative also includes a gripping account of the devastating 1935 hurricane that destroyed much of the railroad. The book blends historical facts with engaging storytelling, capturing the era and the characters involved in this monumental engineering feat.

Decoded

Phil Barden

Random reminiscences of men and events

John D Rockefeller

This book is a personal account of John D. Rockefeller's life and career, focusing on his encounters with influential people in the business world, particularly those involved in the Standard Oil Company. It includes reflections on his early partnerships, the development of the oil industry, and various business principles. Rockefeller shares stories of his daily and intimate companionship with his partners and associates, highlighting the importance of relationships and pivotal moments in his career. The book also touches on philanthropy and the challenges of giving, as well as Rockefeller's views on the happiness and moral responsibilities of wealthy individuals.

Meet You in Hell

Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Transformed America

Les Standiford

This book tells the riveting story of Andrew Carnegie and Henry Clay Frick, two founding fathers of American industry, and their bitter rivalry that emerged from their partnership. The narrative focuses on the 1892 Homestead steel strike, which was one of the deadliest labor disputes in U.S. history. Standiford captures the majesty and danger of steel manufacturing, the rough-and-tumble business world, and the fraught relationship between 'the world’s richest man' and the ruthless coke magnate. The book explores themes of industrialization, labor conflicts, and the personal idiosyncrasies of these two industrial titans[1][4][5].

Benjamin Franklin

An American Life

Walter Isaacson

This biography by Walter Isaacson chronicles the life of Benjamin Franklin from his early days as a runaway apprentice to his later years as one of America's most influential Founding Fathers. The book explores Franklin's contributions to science, politics, and literature, including his work on the Declaration of Independence, his diplomatic efforts in France, and his inventions such as bifocal glasses and the lightning rod. Isaacson also delves into Franklin's personal life, including his relationships and his philosophical underpinnings that shaped American society. The narrative highlights how Franklin helped forge the American national identity and his enduring relevance in the twenty-first century.

Titan

The Life of John D. Rockefeller, Sr.

Ron Chernow

This biography by Ron Chernow provides an in-depth look at John D. Rockefeller, Sr., the founder of Standard Oil and one of the most influential figures in American history. Drawing on unprecedented access to Rockefeller’s private papers, Chernow reconstructs Rockefeller’s troubled origins, his single-minded pursuit of wealth, and his profound religiosity. The book also delves into Rockefeller’s philanthropic efforts, including his generous donations to the Rockefeller Foundation, the University of Chicago, and Rockefeller University. Chernow’s narrative synthesizes Rockefeller’s public and private lives, revealing a complex and multifaceted individual who was both a ruthless businessman and a devoted philanthropist. The book captures a pivotal moment in American history, documenting the post-Civil War shift from small businesses to giant corporations and featuring cameos by notable figures such as Ida Tarbell, Andrew Carnegie, and J.P. Morgan.

What I learned from reading Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford.

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[1:14] The building of the railroad across the ocean was a colossal piece of work born of the same impulse that made individuals believe that pyramids could be raised cathedrals, erected and continents Tamed the highway

[1:31] All that remains of an error where men still lived, who believed that with enough will and energy and money that anything could be accomplished.

[2:13] Titan: The Life of John D. Rockefeller, Sr by Ron Chernow (Founders #16)

[2:35] Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Changed America by Les Standiford. (Founders #73)

The Autobiography of Andrew Carnegie by Andrew Carnegie (Founders #74)

Henry Clay Frick: The Life of the Perfect Capitalist by Quentin Skrabec Jr. (Founders #75)

[5:51] The Autobiography of Benjamin Franklin by Benjamin Franklin (Founders #62)

[6:24] Benjamin Franklin: An American Life by Walter Isaacson. (Founders #115) “This industry visible to our neighbors began to give us character and credit," Franklin noted. One of the town's prominent merchants told members of his club, "The industry of that Franklin is superior to anything I ever saw of the kind; I see him still at work when I go home from club, and he is at work again before his neighbors are out of bed." Franklin became an apostle of being-and, just as important, of appearing to be-industrious. Even after he became successful, he made a show of personally carting the rolls of paper he bought in a, wheelbarrow down the street to his shop, rather than having a hired hand do it.

[8:54] Ogilvy on Advertising (Founders #82) Set yourself to becoming the best-informed person in the agency on the account to which you are assigned. If, for example, it is a gasoline account, read books on oil geology and the production of petroleum products. Read the trade journals in the field. Spend Saturday mornings in service stations, talking to motorists. Visit your client’s refineries and research laboratories. At the end of your first year, you will know more about the oil business than your boss, and be ready to succeed him.

[10:50] The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227) Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero. That is not an equation whose effects I would like to experience personally.

[13:20] Rockefeller did not believe in diversification. He said they had no outside interest. That it is an immense task building a successful company. It's silly to go out and diversify into other lines or to make other investments. Focus on your business!

[13:53] Their chief binding passion: The desire to make large sums of money.

[14:13] Random Reminiscences of Men and Events by John D. Rockefeller. (Founders #148)

[19:44] Warren Buffett on MOATs: On a daily basis, the effects of our actions are imperceptible; cumulatively, though, their consequences are enormous. When our long-term competitive position improves as a result of these almost unnoticeable actions, we describe the phenomenon as "widening the moat." When short-term and long-term conflict, widening the moat must take precedence.

[20:06] The way I define moat: Why are you difficult to compete with?

[26:54] For the last 14 or 15 years I have devoted myself exclusively to my business.

[28:00] He had become a creator instead of an accumulator and he had found much more satisfaction in such an accomplishment.

[30:40] Writer, Sailor, Soldier, Spy: Ernest Hemingway's Secret Adventures, 1935-1961 by Nicholas Reynolds. (Founders #194)

[35:54] You have to admire Julia Tuttle. She is relentlessly persistent.

[36:27] Flagler likes to keep his options open and react to new information.

[43:25] It was a time in history when men were tempted no longer to regard themselves as the mercy of the fates —but as masters of their environment.

[46:08] A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222 and #93)

[46:29] Getting rich and staying rich are two separate skills.

[49:11] It is well-documented that Flagler planned his actions carefully.

[51:06] He is not at all interested in retiring and is in fact, choosing to run directly towards more difficulties.

[51:51] Decoded by Jay Z. (Founders #238) Every hustler knows the value of a feint. It keeps you one step ahead of whoever's listening in.

[52:57] During your attempt at doing something difficult you're going to have several points where all of the options in front of you would not be described as good options.

[57:47] You realize that you were before a man who has suffered and has never wept, who has undergone intense pain and has never sobbed, who has never bent under stress.

[58:12] The only excess I believe I have indulged in has been that of hard work.

[58:58] Hard work, energy, and accomplishment. For Flagler it seemed to be all he knew and all he needed to know.

[1:07:16] A story about how not panicking can save your life.

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