#237 Julio Lobo (Cuba's Last Sugar Tycoon)

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Mar 16, 2022

Discover the dramatic rise and fall of Julio Lobo, Cuba's last sugar tycoon, whose fortune vanished with the revolution. His story reveals how quickly things can change, highlighted by a past assassination attempt that left him marked. The discussion dives into themes of ambition, personal sacrifice, and the emptiness that can accompany relentless pursuit of wealth. We also hear poignant tales from Cuban refugees, contrasting Lobo's lavish life with the struggles of many seeking freedom. It's a cautionary tale about integrity and the true costs of success.

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ANECDOTE

Lobo's Defiance

Julio Lobo, Cuba's wealthiest man, refused Che Guevara's offer to manage the nationalized sugar industry.
He chose to flee Cuba with little, leaving vast wealth behind, demonstrating his attachment to his creation.

INSIGHT

Unforeseen Downfall

Lobo's downfall stemmed from his inability to foresee Castro's true intentions, highlighting the danger of relying on predictions.
Many, including Lobo, mistakenly believed Castro was not a communist threat, leading to their financial ruin.

ANECDOTE

Lobo's Resilience

Lobo survived a murder attempt, a testament to his resilience, leaving shrapnel in his skull for decades.
This near-death experience fueled his impatience for success, shaping his risk-taking nature.

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Beyond Possible

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In this spellbinding memoir, Nims Purja reveals the man behind the climbs, explaining how his early life in Nepal and training as a soldier in Britain’s elite Gurkha and SBS units allowed him to achieve a mountaineering mission few thought was attainable. The book is tied to the acclaimed Netflix documentary '14 Peaks' and highlights Purja’s leadership, integrity, and collaboration in achieving world-class climbing feats, including the first-ever winter ascent of Pakistan’s K2. It also delves into his personal journey, from his humble beginnings to his remarkable achievements, and inspires readers to push beyond their limits[1][3][4].

The Almanack of Naval Ravikant

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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.

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The sugar king of Havana

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The Sugar King of Havana is a captivating portrait of Julio Lobo, the King of Sugar in prerevolutionary Cuba. Lobo's extraordinary life includes surviving assassination attempts, courting Hollywood stars, and dominating the world sugar market. The book explores his eventual decline after declining Che Guevara's offer to become Minister of Sugar, leading to his exile. It offers a richly detailed look at Cuba's past and a hopeful glimpse into its future.

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What I learned from reading The Sugar King of Havana: The Rise and Fall of Julio Lobo, Cuba's Last Tycoon by John Paul Rathbone.

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

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[2:02] Beyond Possible: One Man, Fourteen Peaks, and the Mountaineering Achievement of a Lifetime (Founders #236)

[3:22] This is a cautionary tale.

[6:18] One of the main lessons of the book is just how fast things can change.

[6:25] The History of Cuba in 50 Events

[10:14] Lobo walked with a limp due to a murder attempt 14 years before that had blown a four inch chunk out of his skull.

[12:29] One of the most human of all desires is to perpetuate what you have created.

[12:55] Lobo thinks he has leverage when he really doesn’t.

[18:39] He dies in poverty. Imagine having $5 billion and then at the end of your life having to rely on an allowance from your adult daughters.

[20:30] I think about what Charlie Munger says: Don't try to be really smart. Just try to be consistently not dumb over a long period of time.

[20:58] Hershey: Milton S. Hershey's Extraordinary Life of Wealth, Empire, and Utopian Dreams (Founders #146)

[22:59] Chico, I was born naked. I will probably die naked. And some of the happiest moments of my life happened when I was naked.

[29:01] From an early age it was apparent that Lobo sought not only wealth but glory too.

[30:21] He was an individualist who did not spare himself any sacrifice to attain his objectives.

[31:26] The clearest path to wealth is building a business that benefits somebody else's life. Make a product or service that makes somebody else's life better. Do that for a long period of time and keep improving it.

[33:45] His father told him I would much rather you make your mistakes now than later when I may not be around to pick up your pieces.

[38:16] It turns out that almost being executed makes you impatient for large success.

[40:32] If you instead focus on the prospective price change of a contemplated purchase, you are speculating. There is nothing improper about that. I know, however, that I am unable to speculate successfully, and I am skeptical of those who claim sustained success at doing so. Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game. And the fact that a given asset has appreciated in the recent past is never a reason to buy it. —Warren Buffett from The Essays of Warren Buffett (Founders #227)

[45:09] Think about the type of funeral you want. There is a story about a person who died. The minister said it is now time to say something nice about the deceased. After long time a person came up and said, “His brother was worse.” That is not the kind of funeral you want. —Charlie Munger

[50:34] Alfred Nobel: A Biography (Founders #163)

[52:30] The Fish That Ate the Whale: The Life and Times of America's Banana King(Founders #37)

[54:26] They almost resorted to a duel, which was still common in Cuba at the time, where differences were often settled with machetes at dawn.

[1:04:34] There are times when chasing the things money can buy, one loses sight of the things which money can't buy and are usually free.

[1:05:10] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness (Founders #191)

[1:05:17] A calm mind, a fit body and a house full of love, these things cannot be bought, they must be earned. —Naval Ravikant

[1:08:52] His business collapsed like a house of cards.

[1:09:34] It was the same ending that befell so many other famous speculators throughout history.

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