#359 The Russian Rockefellers: The Nobel Family Dynasty
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You and I always talk about this phenomenon that we occurring to out the history entrepreneurship, that you can always understand the sun by the story of his father, the story of the fathers and bedded in the sun. The story is about to hear, is when the most remarkable industrial audience is ever told, and at the center is this relationship between a father and his two sons.

The founder of this family dynasty was a great inventor, but he wasn't a great entrepreneur. He knew how to build great products, but he didn't pay enough attention to the financial side of his business, and as a result, he goes bankrupt. That is a mistake that his two sons actually learn from and successfully avoided his son's light weg and offered were both world class entrepreneurs and some of the wealthier people on earth when they were alive.

They both built their businesses to last. They never went bankrupt. Their father and they were both obsessed with watching their costs.

They both knew that is not enough. To build a great product, you have to build a great business. And people that build businesses, businesses that last is who we study on this podcast in.

Every single one of them was obsessed with controlling their expenses, just like ludwig an alred were. In fact, this book talks about the fact that ludwig and offered were both born in the eighteen thirties. And there's all these great founders are also born in that decade in the book talks about what some of these great founders, all born in the eighteen thirties, had in common.

And one of the people that is mentioned in the book is andy neg. And carnegie would repeat this matter time and time again, profits and Prices or cyclical, subject to any number of transient forces on the marketplace. Costs, however, could be strictly controlled. And in carne's view, any savings achieved in the cost were permanent. This is something I was talking about with my friend eric, whose the cofounder in CEO of ramp rap is now a partner of this podcast.

I've gotten to know all the confounders of ramp t and spent a bunch of time with them over the last year to they all listen to the podcast and have picked up on the fact that the main theme from the podcast is the importance of watching your cost and controlling your spend and how doing so gives you a massive competitive advantage. That is the main theme for rap. The reason the ramp exists is to give you everything that you need to control your spend.

Ramp helps you watch your costs. If rap existed in the eighteen hundreds, the founder of this family, dynasts last years of life, would have been a lot more pleasant. And one thing is for sure, offered in ladwig nobel would have definitely used ramp.

They would have jumped all over a tool that gives you everything you need to control spend and optimize your financial Operations, all in a single platform. Ramps, landing pages, incredible. Make history s greatest entrepreneurs proud by going to ramp t dot com to learn how they can help your business control costs, that is, ramp ed dot com.

The name of nobel usually calls to mine Alfred nobel. They went her dynamic and the nobel prizes, which he and doubt. But other members of the nobel family were no less creative and innovative.

In fact, the range of their achievements in building an industrial empire qualifies them to be known as the russian rock fellers. The founder of this russian industrial dynasty was an immigrant from sweden, a manual nobel, was an architect, a pioneer producer, steam engines and a weapons maker. Decades before his son offered, dynamic began to offer the character of modern warfare, a manual design, invented and produced underwater mines and manuals. Other sons included robber who directed the family's activities in the caspi, an oil fields.

And add you and I will talk about a spur of the moment decision by Robert, actually changes of the entire ital jacta of the nobel family from weapon makers into developing, uh, the entire russian oil industry and ludwig, who is going to be the majority of what I want to talk about today this is my favorite nobel and ludwig and engineering genius and manufacturing magnet whose boundless energy and fierce determination created the russian petroleum industry. Ludwig son in manual was not only one of the wealthy men in europe, but the peer and occasional adversary of some of the most powerful figures in international business circles. He surely bargain with the rush child for control the russian markets and did not shrink from head on competition with standard oil and il dutch shell for lucrative world markets.

And manual not only helped modernized russian AV, he also expanded the russian oil industry, was a pioneer user of the dial engine, official of the state bank, and a commander of a fleet of three hundred ships. Perhaps no family in history has played so decisive a role in building an industrial empire in an undeveloped but resource rich nation. Yet the achievements of the nobel family are almost entirely unknown.

Why the answer can be found in the official soviet myth that when the bulk excel zed power in november thousand. Nine hundred seventeen, they inherit an abt cobol, which they transformed into a corner copia. The truth was the exact opposite.

When the bolt vx came to power in manual, had to flee the country, disguise as a present, a reminder of how fast things can change. He was one of the richest people in the country as to flee the country disguised as a present. And two of his brothers were thrown in jail.

The families holdings were confident. Ted, the nobel empire, which its fifty thousand workers lay in ruins, its fleet of oil takers were idled, the fires and its founders ies were banked, the oil refineries seized Operations, their oil wealth were flooded, and russia's largest engine factory shut down. An empire which had taken the family eighty years to design and build was destroyed, bringing to a sudden and bitter end one of the most remarkable industrial otis's in world history.

That is, an expert from the inside flap of this remarkable book, and we talked about today, first publish all way back in nineteen seventy six. IT is called the russian rockefellers. The saga of the family and the russian oil industry and has written by Robert top.

So I found this book through my friend Cameron priest, who continues to be one of most prolific readers of entrepreneur history that i've ever come across. He's recommended on on forty, fifty, sixty of these books to me. And I spent the last few days rereading my highlights, going through all my notes on the book to try to figure out what I want to focus on.

So I want to focus on ludwig nobel. But to tell the story of ludwig nobel, I have to tell you the story of his father, few of his brothers, and then his son. And so I want to start in the introduction of the book to give you an overview of what has to be one of the most remarkable families in human history.

So we started Alfred nobel. Everybody knows him because he's the one he dies. And in his will he endures the nobel Price and and other people knew him as the inventor of dynamic.

So as Alfred nobel was only one member of history's most inventive family, and the story has never been told of his father manual and his brother's ludwick and Robert, and is nephew in manual and their own individual entrepreneur, technological and financial achievements, weapons, petroleum, chemical and transportation industry. So ludwig nobel and reason, the books called the russian rocket values, because a lot way nobel offered brother literally created the russian oil industry. This is not.

So i've been going around talking about this book, uh, to all my friends and really anybody who will listen this week, I have been reading IT because at the time, to give you an overview at the time that the the the book takes place, okay, russia at this point in history is going to wind up producing over half of all the world oil. The mobile family produces thirty percent of that half one company, and that company is founded and created by ldc. And so here's just a brief overview of some of his achievements.

He designed the world's first oil tanker. He installed europe's first pipelines. He built the world's first full scale continuous distillation refinery. He forced gigantic c infrastructure on water and land. He built a network of storage, close and tank farms, harbors free, free ards and marketing outlets from one end of the vast russian empire to the other, and then across the european continent. Ent ludwig's father before him, pioneer development of underwater mines, designed steam engines to power relationships, install the first central heating systems to warm russian homes.

Ludwig son, after him, launched the world's first diesel driven tug boats and tankers while bargaining with the rush child and struggling against the world, that shell company, and bartering with standard oil. Okay, to keep, in this entire conversations, going to send our network. I gotta tell you about his father in the fact that they grew up in poverty.

I read offered nobels biography a long time. He goes Price three, four years ago. It's episode sixty three. There is a line in there because you're gonna understand that in manual nobel, the founder of the dynamics, the pat of the family spent sixty decades in poverty. In fact, there's a lot.

The reason bring this up is because in alf nobel's bike phy, he says that he never forgot poverty. And he never forgot poverty. Even after he was one of the wealthiest people on the planet.

This guy lived in the eighteen hundreds and so there's a line in his biography that's that's not where he asked somebody what they wish as a wedding present and the Young woman replied, I want, as my wedding gets, should be what you earn in one day and nobel, who's usually tied with money, actually agreed. And he wrote her a check. His his daily earning for himself with one hundred and ten thousand dollars a day in the eighteen hundreds.

And so this poverty that his dad's really in venture, we're going talk a lot about this today like it's not enough to just be an inventor. You also have to be a skilled LED entrepreneur, which his dad wasn't, but his son's. And so this is we're going to go into a manual life and says only marriage brought him some measure of success.

And IT talks about the role that his wife and the mother of ludwig and Alfred just how import SHE was, the family success, her patients and dance, even her faith and her husband were sorely tested during those first years of marriage. As one after another of a manual dreams turn into nightmares, they move from house to house on the outskirts of stocks, home needing, but not being able to afford larger quarters for their growing family. Alfred was born just ten months after his father had declared bankrupcy no bills wife was the strong support of pillar upon which he's going to build his businesses.

Reminded me when I read the the autobiography, the founder, four seasons is at or sharp. There is a bunch of times where his wife is kind of comment in commentary to the book about what IT was like, not four seasons now, but when four seasons was just an idea in her husband's brain. SHE talks about the fact that he saw him stress SHE saw him lying awake in the middle of the night and SHE SHE said something was very, very ah I think profound is my my most valuable contribution to his success has been my silence.

What does that mean? This is what SHE SHE says in his automobile ly on. He made some dacian statements that sound like pipe dreams.

He told me once that his aim was to make the name four seasons a worldwide brand anonymous with luxury like rose rose, sure, I thought with only about ten hotels, hardly likely, but I didn't let on. My most valuable contribution to his success has been my silence. And I think she's picking up on on a very important idea.

Entrepreneurs are going to get enough doubt from the external world. They can't have IT when they come home. They can't have you with the most important relationship they have in their life. And you see that just like, is IT or sharp's wife understood that.

And anyone know, balls wife also understood that the previous year a fire had destroyed most of their home, and a man you will still face with deaths from his abandoned building projects. So no alternative to the humilation of declaring himself bankrupt. But he refused to be discouraged or defeated.

He was determined to fed practical applications for some of those ideas that never stopped swirling in his head. And so now I is his inventive, but he's also very persuasive. So he's able to raise money multiple times, even after multiple failures.

And so we started setting up. And he does these experiences with sub surface charges of gun powder to destroy an enemy under on land, on sea. What he is thinking about becomes underwater and underground mines.

This is really important because it's going to lead directly to some experiments that his son does, which builds the empire. The monopoly he built around dynamics, says IT, was the beginning of the nobel families fascination with explosion. So a manual is swedish.

He's trying to sell his invention to the swedish military. A main theme of the book is the fact that for very long time there's been a huge number of swedish immigrants into russia. And IT is during the next generation of the nobel family that the swedish actually build the russian oil industry.

And so here's a little bit about the trouble that is having in sweden of the eighteen thirties. And manual was alone and recognized in the value of this new weapon. Financial security continue to elude him.

Creditors continue to hang him. Now they're going to describe sweden at this time in an agricultural country in which poverty was thought to be a national characteristic. And manual was beginning to believe that he would not have the chance to make the kinds of success he felt he could with the proper opportunities.

His frustration was not a unique phenomenon in stockholm. The time. But the manual was never want to let frustration block his path or force him to resign and accept his fate.

When he met a visiting russian emissary at a party in stocks home, he was suddenly confronted by crossroads, another new arena, to seek fame and fortune. Now remember that line. I have offered nobel.

Never forgot poverty. The decision was as difficult as any manual would ever make for he had to leave andreev a that his wife and their three sons, can you imagine, put yourself in his shoes. You are thirty, sexual old, you have a wife, you have three sons.

You are bankrupt, you're in debt. You have no track record that to indicate that you are capable of having to bringing successful you eventually lot. But you have no track to show that you can actually bring successful ly one of your inventions to Marks.

And you get on a boat and you wave goodbye to your family. Not sure when you're gone to see them again. So he first goes to finance, then he goes to russia.

And so this idea of sweets seeking fortune in russia was not new. This is a great, uh, paragraph. I got ta read you about the stuff going on doing.

Peter the great says, from the time of the vikings to the time of the nobel ls, there were thousands of sweets who, in an endless repetition of war and commerce, thought plundered, traded and settled in russia. Swedish technicians were employed by the cars. Swedish metal workers and gunSmith laid the foundations of a weapons industry.

A sweet stablish the first glass works sweet dest. Prisoners of war were used by Peter the grade to cut a three mile path to the forest for his great bull vard in the heart of his new city. Sweets seeking force on in russia was not new.

And this massive risk that a manual will took, which is going to change directory of his descendants, lives forever. Why not working out? Because the swedish military was not interested in the manuals, undersea minds, but the russians were enthusiastic.

I'm going to skip over a big party. He does a demonstration. And this is what I mean about how enthusiastic the russian military was.

The mine exploded when he was struck by a small boat. The general was a static. He rushed over to nobel and kissed him and then started to dance.

The general had been under considerable pressure to find a successful underwater mine, which nobels the first person to invent. This is september eighteen forty. He is thirty nine years old.

This is remarkable description. IT was the first sizable subsidy and manual had ever received, and he uses that money to establish a factory. Two years later, he's making enough money to actually send for his family.

Can you imagine, as I could not imagine, being away from my kids and my wife, songs, incredible for the first time in his life, enjoyed a certain prosperity of comforting and encouraging feeling of success. In the summer of eighteen forty two, he sent for his family. Now this is wild.

He was one for five years. okay. During his five year absence, his wife and her and his three songs had scrape out a simple existence that at times bordered on poverty.

Their only source of income came from a little milk and vegetable store that SHE Operated. The boys now checks out this is, well, the boy is robber in lood wigs, or robbert sea. Older brother loodheramaun le and offered Young gest, okay, Robert and log with ludwig to survive, had the cell matches on the streets of stocking.

Now how crazy is that? A couple of episodes ago, on episode forty eight, I covered the book the match king, which is about the founder of the swedish match company, which still exists this day, by the way. And we see in this story the early days of what's going to turn to the nobel family dynasty, sustained by their Young kid.

I mean, these are Young kids are party seven years old at the time, selling matches on street corners and stock mp. And so once he has his family back together, and he has all of the sons in russia, he does, uh, uh, a bRiley thing. This is the phenomenal education that he sets up for his sons.

He says they were instructed solely by tudes robber in ludwick, primarily. And engineering Alfred in chemistry, which is hilarious, because you could think of ludwig as an engineer. And Alfred empires going to be in chemistry.

And all three in swedish, russian, german, french, in english, they were also put to work in the factory, moving from one position to another, learning the business of running a business as a great line, learning the business of running a business acquiring from direct on the job exposure, practical lessons and the problems and chAllenges of management, execution and administration. Now a manual is going to have about a twenty year period of relative prosperity before he goes bankrupt again. How could that possibly happen? There's two issues here.

He's much more of an inventor, not an entrepreneur. He has two really big mistakes. One, he's got one customer.

What you're going to amend IT. And two, he doesn't have the financial discipline that his son Alfred will have. He expands to fast.

He's not conservative. He's not really paying attention to his costs. Alfred was probably the most gifted entrepreneur of the family, and so his dad didn't have that. But his dad did have a lot of success inventing in producing. And so addition to the success of his underwater mines, he's also manufacturing marine engines.

And then he's steadily expanding the factor, until had about a thousand employees as reputation as an adventure in one of russia's leading engineers in industrial world street king. Indications of a manual success, the old man rewards for his diligence is persistence in his genius. Despite the achievements and the recognition in manual was not in secure financial position, his entire business dependent on the contracts that he was getting from Nicholas the zar at the time.

Nicholas gonna die. The news are takes over. This is Alexander the second.

And suddenly those contracts, those promises, mean nothing. There's I think that was the navy sales. As said, two is one.

One is none. You cannot only have one customer. Your business cannot depend on a single customer. The many pledges of contracts made to a manual by the ministers of Nicholas, ignored by the ministry and his place and protest that he had expanded his payroll and factory in order to honor those contracts, went unheated.

By eighteen fifty seven, he had a surplus of labor, a surplus of supplies and no orders for a manual. The decline was a disaster. Without government contract, he could not keep the factory running.

There was also the problem of a manual himself. This is what I mentioned. He is less of a businessman and factory director than he wasn't inventer.

He was simply not the man to manage an enterprise that had grown to the, to the size. And his tremendous talents lay and fields other than management. He was more inventive.

The entrepreneur, his two sons will be both. And this had to happen. I think this leads directly to their success, because they are capable of learning from their father's mistake.

Robert ludwig and Alfred would never forget the bitter lessons of their father's failure. For a manual than fifty eight, there would not be another chance. IT was all over twenty two years after he had sales from as a bankrupt man.

He returned again, bankrupt. But what I love bottom is he's relentlessly optimistic and he has faith in his sons. So he says his dreams are going to have to be realized by the next generation of nobels. And he was not pessimistic about the next generation.

This is what he said, if my sons work harm hormones, ously and Carry on the work that I have begun, I believe that they will never want for their daily bread, for there is still much to be done here in russia. So IT is shortly after this, where ludwig opens his own factory. And so something that's been implanted, or I guess, a habit that's been planted in my mind from charlie monger, is like when you're analyzing some boy's business success, you try to look for waves that they were able to serve.

And so lood wag is actually going to serve this idea of serve things in poor choice. Omeo, I think I covered back on episode twenty nine, but loud wig is going to serve a change, and they're going to be beneficial government policies from the government of russia and in this explosion and population growth and new industry development sentiment. In addition, revolution comes to rush at the time.

And so he says ludwig took full advantage of the recent reversals in government policy. In contrast to manuals last years in russia, the ministries, the war ministry, that is, it's insane. I think we're going na get to IT, but I think more than a third of russia's budget, the time went to military.

The ministry once again beginning to encourage domestic manufacturing. The greatest stimulate to the new industrial initiative was the immense tion act of eighteen sixty one, which was the liberation of forty million russian peasants. They are now flocking from the countryside into these news like city centers.

And then the, the, the areas are spring up against these around these giant factories. All these people are coming to cities, and they need jobs. And so within twenty years they will be two hundred and fifty new factories that pop up.

They said. They call this ablated awake ing to the opportunities of the industrial revolution. So he's going to start making weapons and things to support weapons.

So he start making making cast iron artillery ells and then gun carriage, which he gets. I think he builds the best gun carriage in the world. So a gun carriage plays the same role that, like a carriage, us for human carriage Carries a human.

This is a carriage that covers a giant piece of artillery. The thing that would pop to mind as if you think about like a civil world can, and they are usually on like two big wheels, and you can to pick IT up and move IT to a different spot. That what what allows that, uh, cannon to move is a gun carriage that is what, uh, what love works making.

He's also gonna make rifles and rifle stocks for the russian multi, which inadvertently or accidentally leads to his discovery of this giant and brand new induced oil industry inside of russia. We'll get there one second, but this is an important I would say learning is not just memorize information, learning changing your behavior. He is changing.

He's actually learned from his father. He is changing his behavior. More than a third of the state budget when to the military.

But ludwig was careful to avoid total dependence on such contracts and to art to rely on the spoken or even written word of government ministries. He had no intention of repeating his father's costly mistake so loud. Wig's factory becomes the country's largest manufacturer of gun carriages, rifles.

And here's what time he's expanding so rapidly. He can. Not find the talent. So this idea that he keeps having to import sweetest talent to build the russian manufacturing and weapons industry, and he is going to do the same to build the oil industry, something that pops up over over again to the book, so says the task of finding talent was just difficult blood wig, as I had been first father.

And the solution for both men was to recruit as many sweets and fans as were willing to work in Peters burg. As factory orders increased, so did the size of the factory in the number of workers has meant additional sweets, fins and education region on the payroll. And another phenomenon that he is surfing is the fact the the entire and the enter europe pan was engaged in a giant arms race.

So keep in mind, this is two years after the american civil war. So he's got this very successful and expanding manufacturing business, and he's got all these factories. Where did he get the money to do this? His dad was bankrupt.

They were not a rich family yet. And this is another example of this maxim that I just see over over again in the biography that relationships run the world. So not only a contracts are coming from relationship city head and friendship city had, but also the finance.

So there's a captain in the utility, this ending builder ing. He had been a close friend of ludwig. He needs two hundred thousand rifles. And so he goes to the warm ministry. He says, hey, ludwig should be the one that that makes us for us.

Another one of his friends, and this guy was also friends with his dad, was one of the people that made this, was influential, making this actual decision, like being an actual decision maker for this. This guy's name is coral. And knowing, going to try to pronounce his last name, so says, is undoubted to lood workers benefit. That one of his best, oldest and truth friends was in a key position to influence the decision. Coral, with the ison officer, once assign to a manual his father.

He was also the chief inspector for the rifle and ambition factories he had previously had served as the head of armories and lootenant general carles, also the person that arranged the financing for lood wik, so says, in the early eighteen seventies, coral had long ludwik his security, his cal security, to use as collateral for bank loans to expand the factory. Loud week had to pay five percent interest for the securities and six percent on the borrowed ed cash, but these were bargain rates in a country where bangalore's were not easily procured. Such support, relationship and encouragement was a most valuable asset for blood wig's industrial enterprises.

Sorry, said ludwig is most fascine characters entire book, and there is a ton of interesting characters in the book and now is you know he's a great manufacturing genius. He's a great but he also is always is capable like thinking for himself making his own decisions and he he was one of the um they had the best reputation and think in all of russia for actually giving a shit about the well being of his employees at a time when that was just unheard of. In many cases i'm going to get to this they talked about, well, I guess lovely is the first person or one of the first people to realize increased care of your employees actually leads to increase productivity.

And it's describing like the the you know all these people are coming in from the countryside. Sometimes they're emigrating from other countries. They're working and you know inhospitable factory environment.

And he said that cattle, in many cases, would have resisted the cramped quarters that they put humans in. And so loud week innovates in every single aspect of his business, I don't think, have brought I would from the very beginning. What's faster to me is, is loud wig in Alfred.

They're gonna this dull success. At almost the exact same time, different industries, they have widely different approaches. Alfred is like a delegator.

He has essentially monopoly. Lod week is Operating in an intense uh, tensely competitive industry. He does everything himself. But I think this is just one of the greatest things you earn from reading all these bigfin. Like there's not one path.

And now reading about both of them in their personalities is like it's very obvious ous that they built businesses of take to their true self. So I just said the begin, but keep that in mind. I'm going to go to what he did for his employees, and at this time, nobody was doing this.

Ladd made certain that his workers accommodations were adequate and well maintained. He built new housing. He encourage them to save a portion of their wages and establish the savings banks for employees.

He regularly add a sub sentier sums from his own profits into the employee bank. He refused to employ children. He reduced the workday from the usual fourteen hours to ten and a half hours and instituted the first profit sharing plan in russia.

He also started a series of free educational courses for his workers decades before the business world discovered that overall efficiency and productivity are promoted by generous and concern attitude towards employees. Ladwig nobel was doing IT. And then the description of justice, remarkable inventor in entrepreneurs, genius, that ladwp was there's a million things that he's gona different things that he's going to work on.

But I want to go back to this idea. Really important learning from mistakes is changing your behavior, right? So realizes we need a bunch of just consumer products.

We can't rely on military. And so at the time you have carriage driver, you know, these are horses. One Carries the roads in russia. You need me called roads. IT was a Larry.

They said that the coach, the roads were so bad in this area where that the coach drivers would sit sideways with their legs hanging off the carriage so they could jump off easily when they were, get when they hit the inevitable, like giant hole in the road, in the road. So ludwig makes the nobel wheel, this Carry wheel that can actually withstand and not break. And the result was a monopoly on the market.

This is also going to tie to this idea that the nobel family had excessively high standards, and as a result, over time, they're able to build this incredible brand based on quality. The noble name may meant something in in the later on, as they dominate the, they wore the fact that they were nobel likes, that they worked for the nobel families as a badge of honor example. They were the best.

Now, I needed the reason i'm also talking this is because one is learning from his father. But too, this is like ludwig's M O for everything he wants to control, everything from the invention to the manufacturing to the sales to everything. And so they invent the whale they manufactured, and they set up all the sales organza all over, like all over russia.

Recruitment of the sales force, establishment of the sales districts, the administrative and financial direction, all were planned and implemented in ludwig's office. This goes, he's much more like a micro manager, involved every single detail, like a, more like a Steve jobs, you know what? Disney and his brother alpha nobel, which i'll get you.

He was interested in these administrative details as he was an engineering design and processes of manufacturing, a finances for work. He was constantly the plan to check on the Operation of some machine he had designed to supervise installation, to oversee repair. There was no faster of production or distribution or direction that escaped his attention.

He had demonstrate that whatever was produced in the nobel factory was worthy of comparison with any competing product from abroad. So that is an interviewing introduction into ludwig. We will return to him in a second.

I need to get to offered, because the brothers are constantly involved in each other's businesses. There are so many letters between the brothers. I wish there were some kind of book where you just see their correspondents back and forth.

Considering that the bullet vics s invaded and kind of take over everything, I betch IT a lot of core response was, uh, destroyed. But it's is just fascinated. Let's get to offered.

This is such a fascine family. There's twin success is twin success of ludwig and Alfred are happening at the exact same time. So by the time that love, we is going to start building in the oil industry.

By that time, Alfred already had a dozen dynamic factories all over the globe. And how that came to be was facing because he got the idea from his former chemistry tuder. Remember, going back to what I said about what his father did was so growing for his sons that he's like, we're going to hire tuder.

You guys are going to start a engineering. You're new chemistry. You're gonna arn, all these languages. So his former chemistry tutor had told a manual his father, okay, about these vital experiments with natural glistering that's going to be the active ingredients in dynamic when offered tames this, and had recommended IT for use in making more powerful land in sea mines in manual, had no time for such research, but his son, Alfred did. And this is what I mean about how the families currently supporting them.

When Alfred is doing his demonstrations the first time he successfully detonates what's going to turn into dynamic. His brothers robbert and ludwig are there observing. And then this next sentence is, something is really important.

It's not the first person to invent something that gets rich. It's the first person to match that invention and build a phenomenal business around that invention. Alfred was not the first to experiment with natural glory, but he was the first to combine successful experimenting with a genius for business organization and financial management.

I double underline financial management. He is probably the rudest person and his entire family when he comes to managing the money, watching the costs of the business, he was very conservative. He did not want to expand faster if he meant putting the survival of his business at risk.

What if save jobs? Tell us, a few weeks ago, Victory in our industry is spelled survival. All the money is in the future. Do not interrupt compounding. And the way to interrupt compounding is if you over, optimize for growth at the expense of their ability.

The other book that i'm reading this week starts out, i'll give you A A little steak peak, one thousand square foot store into a forty billion dollar company. IT starts sixty years ago. They did like eight billion dollars revenue last year.

The inability to build a durable business would have foreclosed that opportunity, that eight billion dollar a year, opportunity that sixty years into the future, that opportunity that most humans are incapable of seizing. So now we introduced to the third brother, Robert. Robert is the older brother.

He is in this family like the undertaker. Yet a single spur of the moment decision changes the project. Tory of the entire family.

I couldn't been easy to be. The older brother is a standard set by he's got two Younger brothers that are complete over achiever s. That says the standards set by two such achieving brothers would be hard for anyone to match.

And so robber is working for a ludwig. Ludwig is making all these rifles and rifle stocks for the russian military. He's OK.

Can you travel to this section over here? Because they're known to have phenomenal a supplies of like one would. And ludd gives Robert twenty five thousand rebels to buy up the whole stock of walnut wood.

Robert is going to travel to this place called buco. But kou is going to be where they build the their giant oil company. So we can call this section Roberts pivot.

In all his travels, he had never seen anything like baku, and in all his dreams for personal enrichment, and he had never seen greater potential. There were parceled oil rich land in bahar, along with a small refinery. So he goes like, i'm not buying your while, not wood.

I want your refinery. His offer was the world, not money, or twenty five thousand rubles of A A sand decision taken without consultation with either lodg, after all, was lid week's money. Are Alfred the family expert, expert in matters of finance and investment? When he returned to petter's burg, he would have to convince his brother he had found a much Better investment for the money than rifle stocks.

And this is the remarkable thing about business. You only has to be right once. Up until this point, Robert had failed repeatedly.

He just needed to wait until he found the right opportunity. So he says his two brothers looked upon the scheme with as much enthusiasm as they had viewed Roberts. Other projects.

First there was fireproof bricks, then carrizo, iron, glass, eron, and now petroleum. What next? But here is one of the most important things in this book. Robert had an nate talent for this opportunity, and they're onna target, a market full of second rate talent, second rate competition.

And what he realizes, like these refineries, these are you cos they don't know what they're doing and what the very beginning of a giant oil industry. So Robert is also a very good chemist. In fact, Alfred, who hire some of the best chemist in the world, said that his brother was a very good chemist.

And so in a short time, Robert was able to suggest, improve methods of refining the crude oil as coming out this back backup region in russia to produce higher grade care. Sine then was the norm for his, for the competitive refineries. And they can combine the the talents of the family had the fact that they could build very sophisticated manufacturing facilities.

And so very quickly, Roberts modernized refinery produce the higher quality care sine that had ever come out of russia, where the usual product was that known as boco slott. IT was unquestioning. One of the was the best of the hundred and forty refineries cramming in this town of back to listen to this, going back to the main team.

IT was an all swedish Operation. The main chemist was swedish, the engineering production chief was swedish, the machine shop forming was swedish. And in two short years, they were achieving what, in later years, would be expecting anyone associated with the nobel company, producing the most reliable product, establishing new standards, setting a pace which others had to follow, providing goals and guidelines in all phases of a new industry.

So ludwig is about to move his attention into this brand, knew, or oil nery that spring up in buco. I need to tell you what bak u was like at the beginning. And the the contrast of what load works is gonna pose very so much what, you know, rock flow did. There's a reason to call the russian rockwell's.

He, you know, he said he found this very chaotic, uh, brand new industry and post order and his his will in order on IT so says he was a raw Mercedes and often barbaric society ruled by adventurous frontier spirit in made by greed and the insatiable search for Richard, typical of a gold rush mentality, there was a proverb among russian businessman that whoever lives a year among the oil owners of bak u can never again be civilized, which is the perfect opportunity for someone like ludwik, the time, the place to setting our ideal for ludwick. Particular genius when lud with nobel entered bucko in the spring of eighteen seventy six, a man with vision had arrived. IT was the real beginning of the oil history.

Every phase of the business would have to be examined, every area rationalized, improve and modernized. So there's a ton of detail, but I just want to plot to sentences because this is one of the best things. If you can find yourself in a situation where you you're tacking a market full of second rate competition and second rate talent, which is exactly what ludwig is doing.

He has these ideas for other. He shares ideas with all the conca competitors in his field. Obviously gonna to have some kind of organza in the early oil.

He realized just like rock relative and they're just like, no, they're the very begin. They don't know what the hold y're doing there. They're producing a low quality product and they're just not interest in change, says others were simply not interested in any new idea.

They had a complete lack of enterprise. So what what he would do is, obviously he's not looking around. I wonder, is a good idea no one to do? I yes, I won't do IT. He said, no. I believe the ideas rational should happen.

So he just go and build IT, and then people try to imitate, and they they just not a talented to the competition, and started to build own pipelines, frequently fAiling to match nobel standards and erecting a maze of Jerry built leaking and ill fitting pipes. And then one thing the ludwig does is he's constant inventing. He's leading the way, is industry.

He's the first. Think about how crazy, how much, how many other fortunes after this are built off of oil tankers. And supertankers, like Daniel ludwig e like aosta asis ludwig is one that invented the oil tanker.

And it's IT was just very common sense. Listen to his approach. If IT could be transported in bulk mining oil Carried from one harbor to another large tank lid, believe that the product could could compete with more traditional sources of fuel.

There had to be a fast, reliable economic means of moving lakes of oil. The size of this intention is not to tractive that that, that description lakes of oil, not hyperbolic. This is last week thinking right?

Like there has be a fast, reliable economic means, means of moving lakes oil from the isolated regions where is readily available to the heavily populated centers, worse in demand. This invention is going to be later described as the most important fact in the entire history of the petroleum industry. That is, nuts.

When you think about the petroleum industry may be the world's most valuable industry that ever been created. So ludwig argues the facts of this case, very rational person. The standard oil barrel waste sixty four pounds.

That's twenty percent of the oil that I can hold, which means that a fit of any cargo of a barrel of oil consist of wood that could only be shipped one week as you're not shipping empty oil heroles back the other way. Lid week's arguments, whether logical and persuasive as they seem to him, failed to sway the opposition. This is what I mean.

This is a second rate competition. why? Because they're just mimic, they are just copying.

They can end their they're incapable of independent thought. There was absolutely no support for the scheme. IT was too great to risk because I had never been done before. And then his personality very different than alford, who is going to essentially have a technical monopolies.

He says ludwig make no effort to keep secret any part of his designs, and he rejected the police of his associates and shareholders that he take out patterns he did not wish to profit in that manner to restrict dissemination of ideas that could benefit the entire industry. This is incredible. okay.

So you know, there is small when he starts doing this and then came on. This book is from ninety seventy six guys. So it's even bigger more than about now.

But the main thing I want, I want to tell you is a good idea to know of myself. A good idea, not abandoned, will always grow larger than expected. And so they talk about the fact that know he, his first all attacker, smaller.

And he just realized that all will be getting is bigger, bigger, bigger, until the size of tankers increased to levels never dreamed of with captains of the ship haven't used bicycles to move from one end of the ship to the other. A good idea, not abandoned, will always grow larger than expected. And so when i'm gone to read this overview of this phenomenal business that ludi built and a description of love with himself, you'll see why he was my favorite character in this entire book.

Bloodwood nobels tanker fleet was the most dramatic innovation in the russian petroleum industry of the eighteen seventies, but is only part of the general transportation and distribution system, which he conceived and organized. Pipelines to Carry the rail oil from field to refinery, and the finished product to docker de tankers to Carry that product six hundred miles north, smaller tank batches for transhipment, bargees for moving the oil up the mighty river railroad ten cars and bargees Carrying the oil from all corn or two, all corners of the empire, retail distribution centers in every major area. Population in labor force of thousands, from field to consumer drilling for oil building, bargees fitting, pipe refining, caring, repairing, ten cars and ships peddling the products.

This was lodged nobel's empire within the russian empire. He created IT in ten years from well to weak. IT was all nobel IT was the achievement of an individual who throughly dominated all aspects of an industry which he was literally creating as he went along.

He was president, chief engineer, sales manager, an entire research and development department chair, the board and market analyst, and incomparable, insatiable over achiever. His deeds and russia were, without parallel, absolutely incredible. You know that also incredible human nature.

Human nature is funny to me. Even after he's done of this, he he tries to share ideas throughout his industry and he always receives, not always alarmingly, ly number, amount of times negative responses. And he's said the best things like, well, only thing you do when you receive a negative responses, you take out a panel paper and you do IT yourself this guy's optimism.

This is mentality of just absolutely loved IT. This is a great quote of his on struggle. Opposition never really bothered ludwig, never really impeded his progress or diminish his determination.

This is what he said. An industrial undertaking, properly managed and well organized, involves constant struggle. Its success is dependent upon forests, perseverance, industry and economy struggle is to be expected.

Lud weight was accustomed to making his own decisions, traveling his own road, and he was certainly used to opposition OK. And I want to go back to the the idea and earlier, I think really beneficial. The idea that the the twin successes of ludwig and offered are happening exactly times.

They're Operating different industries. They are different persons. They are different ways approaching their business.

At the time this is taking place, there are two of the most successful and richest entrepreneurs on the planet. And so this goes on for a few pages. I just want to compare and contrast them because I love this idea.

Again, there's no formula to whatever authentic to you, self sufficient, independent, with the devotion to work in a reliance on its routine. The swedes demand a high level of order in that works, so they both share that, okay, a sense of purpose and perspective in their own rational civilization for the nobels, their boyhood of poverty strengthen that motivation. He who does not work, need not eat, declare ludwik.

And so their father is going to wait in on what he thought were the the difference between the sons. A manual believe that I was Alfred who demonstrated the greatest industry, but ludwig, the greatest genius for offered his role, was never to do myself what another could do Better, or at any rate, as well. He wanted to delegate everything possible.

Alf nobel was certain that if you do everything yourself in a very large concern, which concern at this time in history is just a business, a very large business, the result will be that nothing will be done properly, and whoever tries stew himself will be worn out in body and soul and ruined. That is Alfred perspective. Let's go to ludwig and Alfred.

Alfred was a very like, morose man. I don't know if you'd want to be like friends with him. Ludwig drew people, and he was a very charismatic loud wig was not a person easily forgotten.

Even after the brief st. Encounter, he was, in the words of his closest collaborators, a personality in the fullest sense of the world. He dominated every audience he revealed at once an inner current of purpose and deep concentration of power.

Alfred preferred to be aloof from his employees. Lod week's home was in front of his factory. Blood week spent many hours with his engineers in dassen, his factory forming in his section chiefs. I don't think alford ever had kids. Ludwig had eighteen eleven of the eighteen survived.

Fancy last week was at heart an optimist and hopeful about mankind, as hopeful about mankind as he was about his own capability in career, offered more pessimistic and definitely had a cynical view of his fellow man. What they had in common was that love we can offered both pushed themselves as such a pace that physical exhaustion probably would have overcome. Far hardier types, alpha is more interested in the financial aspects of business.

Loud regarded intra speculation as a refuge for those who were too lazy to work. Ludwig competed in a heavily competitive market. Alfred essentially had a monopoly.

These were alien considerations to the man whose own industrial empire was based on a product that he alone controlled. He alone determine the quantity of dynamic to release until the market. He alone decided which plans in which country should should charge what Price.

Competition was a little to no concern to him, and he could run his business from a hotel room in any country he chose out for. Delegated loud wire was an entrepreneur who would would never content to delegate to mean invest, but who always insisted are becoming personally and totally committed. So loud wig is going to die relatively early.

He is going to die fifty seven. We're not there yet. There is going to be the psychic. Archy is the way I described IT and maybe I ve just been watching too much game of the ones.

But the trial key of the russian oil industry at this time, once they see the success that the nobel family had, is standard oil comes in and then the ross child are also financing and trying to break the rush was actually financing. Develop the second largest it's going to want to be the second largest, uh, russian oil company. And so there can be a major headache for the no bells for the next two generations.

And so this war between them is going to be known as europe's second thirty year war between standard. This can be dutch roll shell, the rush childs and then the nobel family. But I do want to point out a very fascine idea what it's like.

Well, outside success attracts a lot of attention and is in turn going to attain attract a lot of competition. And so the one place on the planet at which rockfalls senator are not dominating is in russia. And so they have there is a series of tax.

But this is a great description of what was happening, because the noble families producing just so much oil this point in late november, standard oil cut Prices, rock filler, already controlled with the ninety percent of all american oil exports and with the dominating force in all world markets except russia. But the this is such a great line. This is why i'm reading the section to you.

But the Price of monopoly is eternal aggression. The Price of monopoly is eternal aggression. And when the americans saw nobel sudden and successful invasion of their markets, they quickly counter attacked.

And then when you understand the scale, this is mine bogin brain breaking scale of the russian oil industry at this time that make sense. Why, you know, stand all in rocket ler. We're not to ignore them.

And they were gona try to fight. This is insane. okay? One, no bell oil. Well, a single one gushed over eleven thousand tons of oil a day. That is more than the total oil flowing from all five thousand wells in the united states.

At that time, these gushers would come out sometimes so fast and unexpectedly ly that they would shoot a stream of oil that's two hundred and twenty five feet straight up into the sky. That stream of oil will then be Carried by a wind a mile and a half a way you'd have entire towns, which would the outside houses, would be drenched in oil from these gushers. And just like you and I have talked about the past of like that, i've done a few episodes.

I did this book called the big rich and and another book called wildcatters about the first and second oil revolutions in texas. And what I love about reading the oil just IT draws the crazy st. character.

So there's a guy, the six foot three and giant of a peasant, okay? He worked as a servant in the bacco office of one of the ZARA local military representatives. He saved some of his meg earnings from his paycheck.

He buys a small venture on the outskirts of town under the grape that he thought he was buying. Just happened to be lakes of oil. By the turn of the century, that peasant, that giant peasant, became a, became a man of fabulous wealth and fabulous extravagance.

His son inherited the wealth, and he becomes russia's greatest gambler, a collector of painting resources and beautiful women. He would threw parties that look like from out of the pages of arabian nights. He would swag across the euro, keeping a large onto age and then growing enormously fat with its movable feast and its permanent luxuries.

One of these people are turned from peasant and rich. They spend their money on lario things. And one of them built this giant palace.

And the beginning is shaped like a dragon. And the get into the palace, you have to actually go through the entrance to dragon jaws. I wish I had a picture of IT because they sounded amazing, but loud wig was very different from this.

They always be very wealthy, but they didn't waste their time, you know, just throwing parties that he like to work, like we'd like to work. And he was very proud that he was considered one of the very few they considered, like the the bocco oil industry, completely dishonest. And so says loud, we was proud of his own particular guarantee, ed, and that of his company.

If you can find in baha any man who can prove that we've been dishonest, that we cheat or refuse to address any sustenance al grievances ces, we will face inquiry in your, and if guilty, make immense from every report in this book. Ludwig was a great man, and unfortunately, he had severe health issues. He had issues with his logs.

He had heart disease, and at the early age of fifty seven years old, his heart fails and he dies. Now the business turns over to his son in manual. A few years later, after ludwig's death, both other brothers, Robert and an alpha bell, also died.

Now a man was like, stories is also incredible because he's going to be one of the wealthy people in russian. He's the one that has address up as a peasant and leaf y is going having about fifteen years the future. But he's also remarkable because if he wasn't for a manual, there be no nobel Price.

He is the one. A manual is the one. So this ludwick son offered nobels nephew, he is the one that saves the nobel prize, because other people the nobel family wanted offered nobels will overturn.

They wanted that his giant tic fortune until you have kids of the other brothers, they're doing everything in their power to try, avoid outfits will, and keep that fortune in the family. And so one of the lines in here is kind of humor, because one side of the family does not have the financial security that the other noodles did. These are robberies.

Ds and IT says IT could not have been easy to stand by and let all that money go to strange people in distance lands, because they written books are divided. Some new formula. So, so that office made me chuck le.

But IT is a manual alone that is fighting the entire families. Like now we have to honor what of a nobel wanted. And so he says he had made his position clear. He would not fight the will. He was interested in preservation of the family name and honor in strict adherence ance to the wishes of Alfred.

He told him the other relations of his let the last will and testament speak for the soul, and the also speaks to the ethics in the morals that was passed down in the family because knowledge, other family doing this, all sweet, right? The sweetest king caused a manual before him, is like he, even the king opposed this idea, and a manual refused to back down, even from the king. This was the result.

Well was validated, and the nobel foundation was established. IT encourage to pose popular sentiment, to fight his own family and to broke arguments with the king. And then I think we need to move on to one of the main lessons to the book. Um I think i've understood this because sun of human immigrants and I just cannot find them.

How my grandfather, who was thirty eight years old, uneducated, didn't have any money, didn't speak english, worked in a shoe factory and at a butcher shop, understood the danger that his family was in when castro took over and moved to a country where he didn't know anybody and didn't speak the language. And so growing up with these stories that you hear over and over again, this is about launch. His family escaped the.

They got out. I think you're on the last train in poland as some it's grown up in america. I think you can have the assumption that you know the way things are now, the way things will be forever, you human history, to shows us like how fast things can change.

A manual is the third generation of one of the wealthiest, most respected families in russia. And he escapes, hidden as a peasant. People come into the factories and murder their employees.

And so now we have an account of what I was like to experience the specific revolution, not knowing what was going on. So there's an executive in the nobel company that kept a diary and IT goes, remarked how fast things change. The diary last for less than two weeks, and I just wanted pull out a couple lines that are spread across several days.

They are in order. So start thursday. Street cars stop running strikes in several factories to please clear the streets of demonstrators shouting bread.

Friday strikes are spreading confrontations between police and the people. Streets cleared and closed off from crowds. Saturday police often disguise as soldiers and coax, hold the crowd in check, dead and wounded, lying on the streets.

Sunday, stores have boarded up their windows. The police are shooting. Corsets are using whips.

In the evening, a lot of shooting drivers who are carding off the corpses talk about hundreds. Monday, all offices and workshops are closed. We let anyone go home who wants to? And employees.

Nephew was killed by strain bullet. He was right the forehead I was. He was standing in the window watching the activities on the street. Tuesday, as we were walking to the office, we came under fire shooting at us from both sides of the street. In the evening, we do not use any rooms facing the street.

And this is why, between nine and ten and nine, I open the door to my study, just slightly lighting the front window for a second machine. Gunfire spray the entire facade of the building wednesday, more house searches. The person who lives on the floor below us is arrested and taken away.

And was remarkable, even after all that he ends the journal. The worst is probably over. The anarchy in peers works soon spread to other city.

The collapse of the imperial government in the abdication of the zr. The wise and children of nobel swedish employees move back to the safe shores of their neutral country. Lennon in his bottle x seized power.

They were said no time, showing the nation the meaning of totalitarian revolution. All newspapers but their own were suppressed. Editors were imprisons, and the only print or spoken were permitted was that of the bolsover x.

Their available of decrease covered every phase of economic, political, spiritual, intellectual life. The workers and soldiers demanded great sums of money from the industry. st.

Nobel factories that comes to the chaos and close down transport was nationalized. Factories were nationalized, owners and managers dismissed, bank deposit seized, Prices skyrocketed. The ZARA and his family were murdered. The petroleum industry was nationalized. This is a crazy sentence in the book.

A former insane asylum inmate was named minister of war and promptly propose the election of A Y to the council to represent oppressed animals on illiterate sailor was placed in charge of the schools and a well known pip was given control of public welfare. Discipline in routine were replaced by unless series of meetings decrease and denunciations. None of the nobel chiefs really believe that the danger was more than a passing phenomenon and that the bolt s could continue very long in power.

This idea that this one last things will go back to Normal is a very common, requiring belief in history around both wars and revolution. These are not stupid people, and yet they couldn't have been more incorrect. And they realize this is when they have to get out or they are going to be killed.

The last nobels had departed after three quarters of a century, the swedish saga of a family and russia came to a bitter end. All of their access to sees all their factories in manual. The sun of ludwig goes back to sweden, and this is goes back to his, even his grandfather and his father.

This was a lentz optimism that they had in their blood. A manual had found great pleasure in life. Even in exile, he refused to be consumed by anger and bitterness. His few remaining years were not going to be wasted worrying or falling victim to a paralyzing pestle. Ence of hate and frustration in bacco all visual proof of the nobel name was removed.

The precision ET slate wiped clean, ranged from a place in history reduced to the category of non person, a manual the father ludwig Robert, and a manual the grandson, and all those nobles who struggled and strained to build and create disappeared into the mist. Their glory, power and honor obliterated by those who seized what they have created, their acts long forgotten by those secure from such a miserable fate. This book is amazing.

There are so many stories that I couldn't get to. I could do a podcast on entire chapters, multiple podcast, because I just so much detail in this book, but I really wanted to focus on live. That's the person that resonate me the most.

So for the full story, highly recommend you buy the book. If you buy the book using the links is in the show notes on your paycheck player or be going to founder pycke 点 com， you'll be supporting the podcast at the same time. That is three hundred and fifty nine books down one thousand ago.

And I talked to again soon, one of things I love most about the story that you just heard is the importance of passing on the knowledge from one generation to the other. That undoubted dwg and Alfred lives were changed forever, analyzed the recentness because of what they're learning from their father, from the mistakes he made in business to the really smart decisions he made in the way he educated his sons. That transfer of knowledge from one generation to the next was going on for as long as we've had language by before we have had language.

And it's one of my obsessions with making this podcast. I think the idea of all this reading research of doing this, this weird, intense desire that I have to collect into still the knowledge of his, his case, and then record what i'm learning through that process, make them into the podcast, and then push that to the new, to to the current and the next generation of entrepreneurs, I think is really important. Because what happens as a result of this is that we all get to ban and learn from many cases, is four, five, six, seven decade long careers of these entrepreneurs, half.

And so if you're going to spend a lot of time learning from history guy's entrepreneurs in the this podcast, i've also made a tool to make sure that you never forget the lesson. Actually made this tour for myself to to make sure that I never forget the lesson so I can pull them up on demand when I need them. Now I made that tool that was once just my own available, everybody, and that tools, founders notes, and even before was something as public available.

Me tap into the collective knowledge of his, his greatest of years. For the last six years i've been all notes and highlights for everything that I read for this podcast into the giant searchable database that APP that I was using to do. This is called read wise.

And so I know the founders are read wise. And so I talked to them. I was, O, K. I had a lot of request that people actually want access on my notes and highlight, can we team up and actually build a door so we can terni ze what I, everybody else.

And so even if you didn't know about the sole, you've heard me use IT over over again on the podcast in this episode you ve heard me pulled up passing, said in F A nobel's og phy. I was using founders notes to do that any time on the podcast. When i'm referencing past ideas from past episodes from test book, I talk about ideas from disc, Steve jobs monger, all this, that's me, searching notes and pulling up those ideas.

And so that is a really important point to get across what you see. If you want to have described to find those notes, you see what I see. It's the exact same tool that I use. IT is a tool that I made for myself and I was using for years before I thought, anybody else ever see.

And so a bunch of describes the founders notes are using founders notes to help them think through issues that they are having inside their company, anything from hiring to recruiting, to marketing, to leadership, to preparing for board meetings, to preparing for sales presentations. If you are already running a successful company, I think it's a no brainer to invest in the tour. And i've added a new feature, this going to show you, I use founder notes and push ideas such for nurses directly into brain quickly.

And that feature is called sage advice, which is a private pdas fee that is included with every single subscription to founders notes. The last episode I made for that feed was on James licence. So what I did is I read two, two automotive phy of James licence in fifty, sixty seven hours of reading, countless hours of inputting the notes and all those highlights into founder notes. And so what I do is I go back and reread every single note and highlight from every single book that I read on an individual, in this case, James dyson. And then there's also an AI assistant that lives inside the founders, notes called.

And I ask sage questions about James dicing, because sage will read on my notes and highlights transcripts from every single piso's, and then use all that reading to give me like an outline of, you know, how do James they can think about, what was the most important, do you think, marketing things like that? And then I took all of the research and a composer into a single document. And is still that down to what I think of the most powerful ideas from James dicon SE fifty year career? So you take a fifty year career, sixty hours of reading, and I distil their down into an episode that that you can listen to in twelve minutes.

All of the episodes that make on the feet are going to be, you know, around ten minutes. The idea with these many episodes, as I want to create a tool that, if you can condense the idea, is like the most important is like fifteen, 10， ten, whatever the number is, the most important ideas over their entire career ruthlessly added down to ten minutes, twelve minutes, whatever. As long as that is that link, you're going to be able to listen to that over and over again.

So if c is becoming real of a podcast and IT really is just a little to going to do. That serves this consumer reminder and just an easy way for you to downloaded those ideas into your brain. And then once in your brain, then you can use them in your career.

So if you want access to that tool that i'll give you the superpower to access the collective knowledge of history, gays, entrepreneurs you need on demand, makes you describe a founders note stock com that is founders with A S just like the podcast founders notes dock com. Thank you for the support. Thank you for listening. And I talk to again soon.