#250 Jacob Fugger (The Richest Man Who Ever Lived)

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Jun 8, 2022

Discover the extraordinary life of Jacob Fugger, the wealthiest man of the 16th century, known for his bold business strategies and ethical dilemmas. He transformed from a textile trader to a banking titan, mastering innovative bookkeeping and leveraging powerful connections across Europe. Fugger’s radical approach to finance challenged noble privilege and shaped banking practices, all while navigating tumultuous periods like the Protestant Reformation. His relentless pursuit of wealth raises questions about purpose and legacy in a world driven by money.

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ANECDOTE

Fugger's Bold Letter

Jacob Fugger wrote a bold letter to Charles V demanding loan repayment, even though Charles V was the most powerful man on Earth.
Fugger emphasized his crucial role in Charles V acquiring the imperial crown, showing his nerve and understanding of leverage.

INSIGHT

Fugger's Drive

Unlike his heirs, Fugger relentlessly pursued wealth, believing his money-making talent was God-given.
He felt a divine duty to amass wealth, similar to John D. Rockefeller's belief.

INSIGHT

Venice's Influence

Venice's commerce-focused culture shaped young Fugger, where he learned banking and accounting.
This contrasted with Germany's religion-prioritizing environment, giving him a unique perspective.

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The Richest Man Who Ever Lived

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Peter Bernstein

The Richest Man Who Ever Lived, de Peter Bernstein, es una biografía de Jakob Fugger, un comerciante y banquero alemán del siglo XVI. La obra explora la vida y los negocios de Fugger, quien se convirtió en una figura influyente en la política y la economía europea. Bernstein describe cómo Fugger construyó su imperio comercial, financiando guerras y reyes, y cómo su influencia se extendió por toda Europa. El libro analiza las estrategias comerciales de Fugger, su habilidad para gestionar el riesgo y su impacto en la historia económica de Europa. La obra ofrece una visión fascinante de la vida de un hombre que acumuló una inmensa riqueza y poder durante una época de grandes cambios políticos y económicos.

The Lessons of History

Will Durant

Written by Will and Ariel Durant after completing the 10th volume of their 'The Story of Civilization' series, 'The Lessons of History' provides an overview of the themes and lessons observed from human history. The book examines history from various perspectives including geography, biology, race, character, morals, religion, economics, socialism, government, war, growth and decay, and progress. The Durants discuss the recurring themes of history, such as the balance between liberty and equality, the role of economics, and the inevitability of human nature's influence on historical events. They argue that while there are no predictable regularities in the course of civilizations, there are common factors that contribute to their growth and decline[1][3][5].

The richest woman in America

Hetty Green in the Gilded Age

Janet Wallach

This book is a captivating biography of Hetty Green, who at the time of her death in 1916 was worth at least $100 million, equivalent to over $2 billion today. Abandoned by her neurotic mother and scorned by her misogynist father, Hetty set out to prove her value through her financial prowess. She ignored the herd mentality, taking advantage of financial panics and crises by buying railroads, real estate, and government bonds when others were selling, and putting her money into cash when others were buying and borrowing. Her independence, outspokenness, and disdain for the upper crust earned her a reputation for harshness, yet those who knew her admired her warmth, wisdom, and wit. The book sets her life against a backdrop of financial crises similar to those of the present day, highlighting her as a rarely-mentioned queen of American finance.

The House of Rothschild

Volume 1: Money's Prophets, 1798-1848

Niall Ferguson

In this meticulously researched volume, Niall Ferguson explores the early history of the Rothschild family, detailing their ascent from the Frankfurt ghetto to become one of the most influential financial dynasties in Europe. The book delves into their strategic use of financial instruments and their extensive political networks, which enabled them to dominate international finance during the 19th century.

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.

Founder

Amos Elon

This book provides a detailed portrait of Meyer Amschel Rothschild, who rose from humble beginnings in the Frankfurt ghetto to become a leading financier in Europe. It explores not only his life but also the societal context of his time, including the challenges faced by Jews in Germany and the emergence of modern capitalism. The book offers insights into Rothschild's innovative business strategies and his role in shaping European finance.

The Almanack of Naval Ravikant

A Guide to Wealth and Happiness

Naval Ravikant

Eric Jorgenson

Tim Ferriss

The Almanack of Naval Ravikant is a compilation of Naval's thoughts on fundamental principles for happiness, wealth creation, decision-making, and personal growth. The book distills his insights from the last ten years into practical advice, guiding readers on how to walk their own unique path toward a happier, wealthier life. It emphasizes the importance of compound interest, leveraging resources, and productizing oneself. The book also delves into key aspects of life, including relationships, health, and purpose, offering a holistic approach to wealth and happiness.

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.

Barbarians at the gate

The Fall of RJR Nabisco

Bryan Burrough

Barbarians at the Gate is a detailed and engaging narrative about the takeover of RJR Nabisco in 1988. Written by investigative journalists Bryan Burrough and John Helyar, the book provides an unprecedented look at the financial operations and social history of the time. It centers around F. Ross Johnson's plan to buy out RJR Nabisco, which led to a bidding war involving prominent figures like Henry Kravis and Ted Forstmann. The book includes a new afterword that updates the story twenty years after the deal, tracing the subsequent success and failure of those involved and the impact of the story on the world.

What I learned from reading The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger by Greg Steinmetz.

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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com

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[1:55] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)

[5:05] It is well known that without me your majesty might not have acquired the Imperial crown. You will order that the money which I've paid out, with the interest, shall be paid without further delay.

[6:20] There's many examples in the book where Jacob is constantly pushing the pace and going further than you would expect when the consequences of making certain mistakes at this time in history was death.

[6:51] He wanted to see how far he could go even if it meant risking his freedom and his soul.

[7:01] He is the German Rockefeller. He thought that he was blessed with a talent for money-making by God. And so he couldn't retire. He couldn't live a life of leisure because God told him to make as much money as possible.

[8:38] Fugger wrote the playbook for everyone who keeps score with money. A must for anyone interested in history or wealth creation. —Bryan Burrough Barbarians At The Gate

[9:33] Jacob was the first documented millionaire in history.

[10:43] His objective was neither comfort nor happiness. It was to stack up money until the end.

[12:18] Venice was the most commercially minded city on Earth at the time. I wonder what the most commercially minded city on Earth is today? I don't know the answer.

[13:31] Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)

[17:42] The spectacle of the Emperor begging for help startled Jacob. Any belief he may have had in the Emperor’s superhuman qualities could not have survived the fact that mere shopkeepers had denied credit to the supposedly most powerful figure in Europe.

[19:11] Dan Carlin’s Hardcore History WW1 series

[23:16] There was nothing pioneering or innovative about the loan. His competitors could have made it as easily as Jacob did. All Jacob did was put up his money when no one else had the guts. Such out of favor investments became a hallmark of his investing career.

[23:37] The Richest Woman in America: Hetty Green in the Gilded Age by Janet Wallach (Founders #103)

[28:47] Founder: A Portrait of the First Rothschild by Amos Elon (Founders #197) and The House of Rothschild: Money's Prophets by Niall Ferguson (Founders #198)

[30:44] He was a radical. He refused to believe that noble birth made someone better than anyone else. For him, intelligence, talent, and effort made the man.

[32:29] You write the best life story by living an interesting life.

[33:23] His greatest talent was an ability to borrow the money he needed to invest.

[36:00] Nothing gave him greater joy than the chores required to make him richer.

[38:12] I don’t like plan B. Plan B should be to make Plan A work. —Jeff Bezos

[38:57] Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford (Founders #247)

[41:04] In every age men have been dishonest and governments corrupt. The Lessons of History by Will and Ariel Durant. (Bonus episode between #169 and #170)

[43:47] Luther combined technology with an extremely strong worth ethic work.

[45:29] Jacob monitored every transaction.

[51:31] So this dude wanted to kill the rich and they put him on their currency.

[55:55] Jacob believed that businesses could more easily function with fewer, not more decision-makers.

[56:29] The Fugger family, 17 generations after Jacob lived, still enjoy income on land Jacob acquired centuries earlier.

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