logo
episode-header-image
Jun 2024
1h 29m

#352 J. Paul Getty: The Richest Private ...

David Senra
About this episode

What I learned from reading As I See it: The Autobiography of J. Paul Getty by J. Paul Getty. 

----

Build relationships with other founders, investors, and executives at a Founders Event

----

"Learning from history is a form of leverage." — Charlie Munger. 

Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. 

Get access to Founders Notes here

You can also ask SAGE (the Founders Notes AI assistant) any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

 A few questions I've asked SAGE recently: 

What are the most important leadership lessons from history's greatest entrepreneurs?

Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) 

How did Edwin Land find new employees to hire? Any unusual sources to find talent?

What are some strategies that Cornelius Vanderbilt used against his competitors?

Get access to Founders Notes here

----

(2:00) Vice President Nelson Rockefeller did me the honor of saying that my entrepreneurial success in the oil business put me on a par with his grandfather, John D. Rockefeller Sr. My comment was that comparing me to John D. Sr. was like comparing a sparrow to an eagle. My words were not inspired by modesty, but by facts.

(8:00) On his dad sending him to military school: The strict, regimented environment was good for me.

(20:00) Entrepreneurs are people whose mind and energies are constantly being used at peak capacity.

(28:00) Advice for fellow entrepreneurs: Don’t be like William Randolph Hearst. Reinvest in your business. Keep a fortress of cash. Use debt sparingly.

(30:00) The great entrepreneurs I know have these traits:

-Devoted their minds and energy to building productive enterprises (over the long term)

-They concentrated on expanding

-They concentrated on making their companies more efficient 

-They reinvest heavily in to their business (which can help efficiency and expansion )

-Always personally involved in their business

-They know their business down to the ground

-They have an innate capacity to think on a large scale

(34:00) Five wives can't all be wrong. As one of them told me after our divorce: "You're a great friend, Paul—but as a husband, you're impossible.”

(36:00) My business interests created problems [in my marriages]. I was drilling several wells and it was by no means uncommon for me to stay on the sites overnight or even for two days or more.

(38:00) A hatred of failure has always been part of my nature and one of the more pronounced motivating forces in my life.  Once I have committed myself to any undertaking, a powerful inner drive cuts in and I become intent on seeing it through to a satisfactory conclusion.

(38:00) My own nature is such that I am able to concentrate on whatever is before me and am not easily distracted from it.

(42:00) There are times when certain cards sit unclaimed in the common pile, when certain properties become available that will never be available again. A good businessman feels these moments like a fall in the barometric pressure. A great businessman is dumb enough to act on them even when he cannot afford to. — The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

(47:00) [On transforming his company for the Saudi Arabia deal] The list of things to be done was awesome, but those things were done.

(53:00) Churchill to his son: Your idle and lazy life is very offensive to me. You appear to be leading a perfectly useless existence.

(54:00) My father's influence and example where the principle forces that formed my nature and character.

----

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. ” — Gareth

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

Up next
Jul 3
#393 The Marketing Genius of the Michelin Brothers
Your family asks you to take over a failing factory in a remote part of France. This “family business” comes with a stack of unpaid bills, a small team of workers who haven’t been paid in months, and a banker refusing to extend any more credit. You cut every unprofitable product ... Show More
55m 7s
Jun 23
#392 Michele Ferrero and His $40 Billion Privately Owned Chocolate Empire
You take over the family pastry shop and transform it into one of the most valuable privately held businesses in the world. Your father dies young. Your uncle does too. Everyone is relying on you and this keeps you up at night. You insist on differentiation and refuse to make me ... Show More
55m 10s
Jun 13
#391 Jimmy Iovine
You grow up in a rough neighborhood in Brooklyn. You drop out of college. Your dad is your best friend but you don’t want to work the docks like him. You’re determined to “do something special.” You get a job sweeping the floor at recording studio. You get fired—twice. You’ll do ... Show More
57m 20s
Recommended Episodes
Jul 2024
What Are You Willing to Sacrifice to be Wealthy? with Scott Galloway
Young people these days talk about wanting balance in their lives.  Well according to Scott Galloway, that means you don’t want to be rich. Building wealth is no easy feat. It requires determination, hard work and sacrifice. But luck plays a huge role too. Scott shares stories wi ... Show More
44m 52s
Mar 2023
TIP540: Lessons in Life and Business from a Self-Made Billionaire w/ Andrew Wilkinson
Trey chats with billionaire entrepreneur and investor, Mr. Andrew Wilkinson. They discuss various topics, including self-care and parenting, as well as exciting deals he collaborated on with Bill Ackman and Howard Marks.Andrew is the co-founder of Tiny, which has been called the ... Show More
1h 2m
May 2024
The Algebra of Wealth - Scott Galloway
Scott Galloway, serial entrepreneur, NYU professor, and author of "The Algebra of Wealth," shares his hard-won insights on building lasting, meaningful wealth as a founder. Scott and Dan discuss the key components of his wealth-building philosophy: focus, stoicism, time, and dive ... Show More
1h 28m
May 2024
#78 - Decoding Billion-Dollar Success: Timeless principles.
Welcome to another episode of the Natural Born Leader Podcast! Last night, I stumbled upon an eye-opening podcast featuring a seasoned entrepreneur who's seen it all, from PayPal to Palantir. What struck me the most? Despite his brilliance, building billion-dollar companies ... Show More
3m 8s
Jun 2024
TIP635: Deep Diving Into The Warren Buffett Way w/ Robert Hagstrom
Kyle Grieve chats with Robert Hagstrom about reflections from Warren Buffett’s early investing mistakes, why GEICO’s insurance float has been setup so perfectly for use by Warren Buffett, why low turnover portfolio’s outperform other options, why looking at stocks as abstractions ... Show More
1h 14m
May 2024
The Ultra Rich Playbook [Legal and Tax-Free] | Ep 718
"The single greatest and most valuable skill that a human being can have is the ability to come to their own conclusion..." Today, Alex (@AlexHormozi) shares his strategies for achieving a net worth of over $100 million through smart investing and value generation. Learn how the ... Show More
28m 25s
Mar 2024
Scott Adams: How To Accomplish Impossible Things By Reframing Your Brain
There are people who say that Scott Adams has the ability to swing elections and bring awareness to causes he supports because of his highly influential livestream and powerful persuasion techniques.   Scott Adams is the best-selling author of the books Win Bigly, Loserthink, and ... Show More
56m 23s
Sep 2023
How Anyone Can Become a Great Public Speaker w/ Keith Ferrazzi | EP #65
In this episode, Peter and Keith discuss the art and business of public speaking. Keith Ferrazzi, a renowned executive coach and speaker, shares his insights on building a successful speaking career.  15:33 | Transforming Lives Through Speaking 31:11 | Get Good at Speaking Quickl ... Show More
1h 25m
Jun 2024
Wealth and Money Are Two Different Things
I wanted to be rich so bad for my entire life. In high school, I watched Wall Street with Michael Douglas and Charlie Sheen. It was supposed to be a cautionary tale but I saw it as inspiration. I wanted to be Gordon Gecko, the crazy high risk Wall Street trader. When I was 17, I ... Show More
10m 17s
May 2024
SPI 789: The World of High-Value Business Exits with Nick Bradley
#789 Selling your business can be a once-in-a-lifetime moment that creates generational wealth for you and your family. But how do you build a brand that attracts potential buyers? If you're inexperienced, how do you avoid being taken advantage of and leaving money on the table? ... Show More
51m 43s