On today’s episode, Clay shares his biggest takeaways from reading billionaire Willis Johnson’s book – Junk to Gold.
Willis Johnson founded Copart in 1982, and today he is worth over $2.6 billion through his equity ownership in the company.
Copart is one of the most impressive businesses we’ve studied. Over the past 30 years, the stock has compounded at over 21% per year, outperforming Microsoft, Adobe, and the majority of other stocks.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
08:15 - The key experiences in Willis Johnson’s early life that shaped him.
12:18 - How Willis thought about money and building a business.
14:44 - Willis’s experience fighting in the Vietnam War.
24:51 - What he learned from chasing his dreams and building a successful company.
42:08 - The story of Jay Adair dropping out of college to work with Copart.
45:24 - How Willis sold Wall Street on lending him money to grow and take his company public.
52:01 - What sets Copart apart from the majority of other companies that exist.
54:19 - How Copart strategically utilized technology to grow its business.
01:14:09 - Copart’s four major competitive advantages.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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