#243 Francis Greenburger (Real Estate Billionaire)

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Apr 25, 2022

Explore the emotional rollercoaster of launching skyscrapers in New York's unpredictable real estate market. Delve into the impact of family dynamics on entrepreneurial journeys, particularly the influence of a father in the literary world. Discover lessons in resilience through financial crises and personal losses. Learn about the art of navigating investment risks while balancing leisure during turbulent times. The wisdom gained from past economic downturns emphasizes adaptability and the strength of personal relationships in successful investing.

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ANECDOTE

Real Estate Over Patterson

Francis Greenburger refused to give up real estate for his literary agent, even if it meant losing James Patterson as a client.
Patterson went on to sell over 350 million books.

INSIGHT

Emotional Rollercoaster

Greenburger's career was marked by extreme highs and lows, reflecting the volatile nature of real estate.
This emotional rollercoaster persisted throughout his life, even after decades in the business.

ADVICE

Avoid Overpaying

Don't let inexperienced competitors with deep pockets drive up real estate prices.
Saying no is crucial for surviving in such a ruthless industry.

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Tuxedo Park

A Wall Street Tycoon and the Secret Palace of Science That Changed the Course of World War II

Jennet Conant

This book tells the story of Alfred Loomis, a financier who brought together some of the most visionary scientists of the 20th century at his laboratory in Tuxedo Park, New York. Together, they contributed significantly to the development of radar and the atomic bomb, changing the course of World War II. The book explores Loomis' life, his scientific contributions, and his influence on the war effort.

Time to make the donuts

William Rosenberg

In 'Time to Make the Donuts,' William Rosenberg shares his inspiring story of building Dunkin' Donuts into a global brand. The book offers insights into his business philosophy, emphasizing diligence, persistence, and innovation. It also explores the history of the franchise and Rosenberg's personal experiences as a pioneering entrepreneur.

Risk Game

Francis Greenburger

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.

Elon Musk

Tesla, SpaceX, and the Quest for a Fantastic Future

Ashlee Vance

This book is an authorized biography that delves into the life of Elon Musk, from his tumultuous childhood in South Africa to his rise as a visionary entrepreneur in Silicon Valley. Ashlee Vance captures Musk's journey through his various ventures, including PayPal, SpaceX, Tesla, and SolarCity. The book examines Musk's unique personality, his insatiable drive, and his ability to thrive through hardship. It also explores the broader context of American innovation and the challenges of global competition, positioning Musk as a contemporary amalgam of legendary inventors and industrialists like Thomas Edison, Henry Ford, and Steve Jobs.

The fish that ate the whale

The Life and Times of America's Banana King

Rich Cohen

This book tells the fascinating story of Samuel Zemurray, who started as a roadside banana peddler and eventually built a sprawling empire involving banana cowboys, mercenary soldiers, Honduran peasants, CIA agents, and American statesmen. Rich Cohen's narrative explores Zemurray's rise to power, his involvement in overthrowing Central American governments, and his complex role in American history. The book delves into Zemurray's personal life, his business exploits, and the moral implications of his actions, painting a nuanced portrait of a man driven by an indomitable will to succeed.

What I learned from reading Risk Game: Self Portrait of an Entrepreneur by Francis Greenburger.

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[1:26] I can be extremely stubborn when I have a hunch about something.

[3:31] I knew all too well that markets can turn on a dime.

[5:40] Money that had once flowed freely dried up over night.

[6:41] I always listened to other people's ideas because that is how you happen upon the good ones.

[6:46] Logic is no match for bureaucracy.

[7:33] This ruthless industry has created far more bankruptcies than it has billionaires. Saying no is the most important judgment that you make.

[9:00] Time to Make the Donuts: The Founder of Dunkin Donuts Shares an American Journey (Founders #231)

[9:09] Sometimes the best lessons that you learn in life are from what you discover in the weaknesses of otherwise very good people.

[15:54] My father was terrible with money. His knack of mismanaging it, losing it, or not making it in the first place was an incredible source of stress within our family.

[19:09] The constant question mark that was my parents's checkbook balance made a lasting impression.

[24:31] His pride in my abilities formed the basis of the self-confidence that allowed me to start businesses, sell books, make crazy friends, and love women at an age when most others were busy with their homework.

[29:40] The Fish That Ate the Whale: The Life and Times of America's Banana King (Founders #37)

[30:12] I see opportunity where others saw nothing.

[31:34] He doesn't dilly-dally. This guy moves fast. It's not like I proved it once, let me try two or three times. He is like it worked once, it's gotta work over and over again, and he immediately starts to scale it.

[37:40] Don’t interrupt the compounding: I was skating on razor thin margins that a busted toilet could threaten. But I prefer to remain on the edge as I kept my buildings running rather than sell any of them before they grew to the much higher value that I had a hunch they would one day achieve.

[40:45] The idea that builds his empire: By co-oping I would be dealing with tens of thousands of dollars in sales, rather than hundreds of dollars in rents.

[41:58] Once something works don't dilly dally. Go as fast as you possibly can.

[43:08] Lots of folks thought what I was doing was insane.

[43:17] I knew something that the market had not yet fully embraced.

[47:06] My advice to those with expanding businesses is that they must first make a decision about how they want to allocate their time and structure their business so that the balance reflects that.

[49:33] Children require attention and involvement. This takes you out of your self orientation and makes you invest in another person who can only pay you in one currency: Love.

[50:09] If anyone had asked me in 1990 what the chances of my business survival was I would have said 1 in 100. I still consider it a miracle that we didn't go bankrupt.

[53:12] The main lesson is never delay discomfort. Waiting or ignoring a problem never solves it. Just run towards it.

[55:36] Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future (Founders #30)

[56:27] Every parent’s worst nightmare.

[1:06:25] Disaster usually rises when short-term profit takes precedence over lasting value creation.

[1:08:21] I don't pick investments. I pick jockeys, not horses.

[1:10:31] Tuxedo Park: A Wall Street Tycoon and The Secret Palace of Science That Changed The Course of World War II (Founders #143)

[1:10:52] The Richest Woman in America: Hetty Green in the Gilded Age (Founders #103)

[1:13:52] Real security comes from adaptability.

[1:13:59] Independent thinking in its simplest forms means not assuming that the status quo was the best answer, the right answer, or the most effective answer.

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