#65 Kirk Kerkorian: Penniless Dropout became the Greatest Deal Maker in Capitalist History
whatshot 28 snips
Mar 31, 2019
Discover the remarkable journey of a penniless dropout who became a titan of deal-making. Explore his fearless approach to risks that led him from a $2.60-a-day job to owning MGM and earning $260,000 daily. Learn about his mantra on gambling big and the invaluable lessons from financial setbacks. His philanthropic spirit contrasts with his pursuit of success, all while navigating the highs and lows of the business world. Kirk Kerkorian's life is a testament to resilience and boldness in the pursuit of dreams.
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question_answer ANECDOTE
Kerkorian's Unlikely Success
Kirk Kerkorian, a humble man, defied expectations by achieving great success despite dropping out of junior high.
He was a skilled pilot, movie mogul, and gambler who amassed a fortune through shrewd deal-making.
volunteer_activism ADVICE
Go Big or Go Home
Place big bets when the odds are in your favor.
Kerkorian believed small bets were pointless, both in business and gambling.
question_answer ANECDOTE
From Furnaces to Flight
Working as a furnace installer, Kerkorian discovered his love for flying after a $1 prop plane ride.
This experience led him to abandon his boxing aspirations and pursue a career in aviation.
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The novel, narrated by Alexei Ivanovich, revolves around his employment as a tutor for a Russian family in a German hotel and casino town. Alexei is deeply in love with Polina, the General's stepdaughter, but his attempts to win her affection through gambling lead to a cycle of addiction and financial turmoil. The story reflects Dostoevsky's own struggles with gambling and explores themes of love, debt, and the psychological effects of compulsive gambling. The novel is known for its vivid descriptions of the casino environment and the psychological state of its characters[2][3][4].
[0:16] He was a humble man privately proud of his accomplishments, a business genius who ignored his MBA advisers, a daring aviator and movie mogul, a gambler at the casino and on Wall Street who played the odds in both houses with uncanny skill.
[4:34] Kirk believed there was no point in placing small bets.
[16:48] He was a day laborer at MGA studios. He made $2.60 a day. Thirty years later he owned MGM and his investment was returning $260,000 a day.
[21:27] His low tolerance for mistakes and recklessness made him a demanding instructor. He often repeated the mantra: There are old pilots and there are bold pilots—but there are no old, bold pilots.
[46:54] He still relished big risks. And he subscribed to the logic of his friend and casino owner Wilbur Clark of the Desert Inn: “The smaller your bet, the more you lose when you win.” Besides, what’s the point—where’s the thrill—winning a small wager? Betting the limit became Kirk’s trademark.
[53:26] Kirk was now sitting on stock worth more than $66 million, a vast fortune by any measure. And no one was more surprised than he was.
[1:09:03] Kirk blamed Kirk. He had let himself become vulnerable. He hated that. He hated feeling helpless and at the mercy of forces beyond his control. He vowed never to let anything like that happen again.
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