What I learned from reading James J. Hill: Empire Builder of the Northwest by Michael P. Malone.----Come see a live show with me and Patrick O'Shaughnessy from Invest Like The Best on October 19th in New York City. Get your tickets here! ----Subscribe to listen to Founders Premium — Subscribers can listen to Ask Me Anything (AMA) episodes and every bonus episode. ---James J. Hill demonstrates the impact one willful individual can have on the course of history [1:00]If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you. –James J. Hill [3:30]Early life and education [7:58]What James Hill learned from history: The power of one dynamic individual [9:09]Hill strikes out for adventure [10:48]Hill makes it a priority to seek out mentors to learn from [14:44]Starting his first business [18:22]Hill’s strategies on building businesses & insights into his business philosophy [21:50]Hill’s edge: An obsession with knowing every detail of his business [29:22]Burn the boats/ going all in/ when you have an edge, bet heavily [34:31]Stay close to where the money is being spent [36:51]Hill had an edge because he took the time to educate himself more than others would [38:49]The power of maintaining your focus [40:00]The best defense against invading railroads was a better built system that could operate at lower rates [45:05]Great idea to think of your business as a living organism [55:40]A well run business is built slowly [56:32]—“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

What I learned from reading A Mind at Play: How Claude Shannon Invented the Information Age by Jimmy Soni and Rob Goodman ----Come see a live show with me and Patrick O'Shaughnessy from Invest Like The Best on October 19th in New York City. Get your tickets here! ----Subscribe to listen to Founders Premium — Subscribers can listen to Ask Me Anything (AMA) episodes and every bonus episode. ---[0:25] Claude Shannon trained a powerful intellect on topics of deep interest, and continued to do so beyond the point of short term practicality[5:50] Insulated from opinion of all kinds[9:09] A simple way to describe the impact of information theory[10:39] Resourceful at a young age[11:50] An ordinary childhood[12:41] Follow your natural drift[14:40] Too many facts; too few principles[16:10] His indecisive nature inadvertently helps him[17:00] An important turning point in Shannon’s life[18:30] Vannevar Bush: The first person to see Claude Shannon for who he was [21:00] The results of Claude Shannon’s thesis[23:20] How Claude Shannon worked in his 20s[25:30] The main takeaway from the book: The world isn’t there to be used, but to be played with, manipulated by hand and mind[30:00] Succeeding with no prior knowledge in the specific field[31:20] Working on what naturally interests you is time well spent[32:45] Working at Bell Labs / The Idea Factory: Bell Labs and the Great Age of American Innovation[36:49] Fire Control / What he worked on during the war[38:15] Claude Shannon’s work on cryptography[40:05] Take many different ideas from unrelated fields[43:35] Leaving Bell Labs for MIT[48:52] Claude Shannon on investing[1:01:15] Shannon’s design for his own funeral—“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

The podcast delves into the unconventional success of Henry Singleton, praised by Warren Buffett. It explores Singleton's unique focus on capital allocation, breaking up businesses into smaller profit centers, and prioritizing profitability over revenue growth. The narrative highlights Singleton's exceptional operational skills, risk management, and strategic decision-making. The podcast discusses the impact of technology on corporate size, the importance of maintaining a margin of safety for company longevity, and Singleton's innovative capital allocation strategies.

The podcast delves into Ed Thorp's thrilling life story, from using wearable tech and beating casinos to applying quantitative methods in finance. It highlights the importance of survival in risk-taking, independence, and prioritizing personal happiness over relentless wealth accumulation.

What I learned from reading Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street by William Poundstone.----Come see a live show with me and Patrick O'Shaughnessy from Invest Like The Best on October 19th in New York City. Get your tickets here! ----Subscribe to listen to Founders Premium — Subscribers can listen to Ask Me Anything (AMA) episodes and every bonus episode. ---Claude Shannon was as close to a sure thing as existed [2:53]The beginning of information theory [7:11]Project X [9:09]introduction to Ed Thorpe [15:05]using math and physics to beat Las Vegas [18:03]Ed Thorp and Claude Shannon meet [20:45]testing Thorpe’s Blackjack theory [26:00]The core of John Kelly’s philosophy of risk can be stated without math. It is that even unlikely events must come to pass eventually. Therefore, anyone who accepts small risks of losing everything will lose everything, sooner or later. The ultimate compound return rate is acutely sensitive to fat tails. [28:23]I’d be a bum in the street with a tin cup if the markets were efficient. —Warren Buffett [44:30]how Claude Shannon begins studying the stock market [46:45]Claude Shannon and Henry Singleton [48:16]why and how Ed Thorp started investing in stocks [49:49]Thorp starts a hedge fund and starts working remotely [52:49]Ed Thorp meets Warren Buffett [54:20]An acid test of Princeton/Newport’s market neutrality came in the Black Monday crash of October 19, 1987. The Dow Jones index lost 23 percent of its value in a single day. Princeton/Newport’s $ 600 million portfolio shed only about $ 2 million in the crash. Princeton Newport’s return for the year was an astonishing 34 percent. [59:36]the implosion of Long Term Capital Management [1:07:00]The thing you should do is the opposite of what you feel you should do. –Jim Clayton [1:09:10]A quote from 1738: A man who risks his entire fortune acts like a simpleton, however great may be the possible gain. — Daniel Bernoulli [1:13:00]Claude Shannon: A smart investor should understand where he has an edge and invest only in those opportunities. The methods Claude Shannon used to invest [1:17:10]—“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

What I learned from reading First A Dream by Jim Clayton.----Come see a live show with me and Patrick O'Shaughnessy from Invest Like The Best on October 19th in New York City. Get your tickets here! ----Subscribe to listen to Founders Premium — Subscribers can listen to Ask Me Anything (AMA) episodes and every bonus episode. ---

Explore the wisdom of Charles T. Munger, the success of Wal-Mart, and the power of inverting problems. Learn about Munger's early influences, overcoming personal struggles, and mastering cognitive limitations. Discover the importance of continuous learning, strategic thinking, and navigating thoughts and behaviors.

What I learned by reading Confessions of an Advertising Man by David Ogilvy.----Come see a live show with me and Patrick O'Shaughnessy from Invest Like The Best on October 19th in New York City. Get your tickets here! ----Subscribe to listen to Founders Premium — Subscribers can listen to Ask Me Anything (AMA) episodes and every bonus episode. ---

Explore Warren Buffett's journey with Berkshire Hathaway, from textile industry success to strategic shifts towards insurance and publishing. Discover his investment philosophy of choosing quality businesses over bargain prices. Dive into Geico's resilience, Mrs. B's journey, and Buffett's insights on business management and owner capitalism. Reflect on America's prosperity and Berkshire's success, emphasizing the importance of savings and investment.

What I learned from reading The Maverick and His Machine: Thomas Watson Sr. and The Making of IBM by Kevin Maney.----Come see a live show with me and Patrick O'Shaughnessy from Invest Like The Best on October 19th in New York City. Get your tickets here! ----Subscribe to listen to Founders Premium — Subscribers can listen to Ask Me Anything (AMA) episodes and every bonus episode. ---