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Founders

#367 Inside the Contrarian Mind of Sam Zell

Founders

David Senra

Steve Jobs, Founders, James Dyson, Company Builders, Technology, Henry Ford, Elon Musk, Business Professional Biography, How I Built This, The History Of Entrepreneurship, Jim Clark, Entrepreneurship, Entrepreneurs, History, Founder, Business Autobiography, Jeff Bezos, Entrepreneur, Biography, Biographies Of Entrepreneurs, Biographies, Business, Business Biography

4.81.5K Ratings

🗓️ 8 October 2024

⏱️ 50 minutes

🧾️ Download transcript

Summary

What I learned from reading Money Talks, Bullsh*t Walks: Inside the Contrarian Mind of Billionaire Mogul Sam Zell by Ben Johnson.

Transcript

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0:00.0

One of the craziest things that has happened as a result of the podcast is a few years ago I read Sam's L's autobiography

0:05.8

and then I made an episode on what I learned from reading Sam's L's autobiography and

0:09.3

Sam's L listened to the episode that is about his autobiography and asked to meet me as a result and in that

0:16.2

autobiography he talks about the impact that his partner Bob had on him and here's one of the stories from his autobiography. He says Bob was extremely

0:24.9

frugal and watched every single nickel in our business. Bob was constantly on the lookout

0:29.9

for anything that could be reused. He used to walk into somebody's office

0:33.4

and while talking would casually rummage

0:35.9

through the person's trash can.

0:37.9

He would take out stacks of papers that still

0:40.1

had paper clips on them, all while continuing his conversation as though nothing out of the ordinary was occurring.

0:46.2

Bob would then just pull those paper clips off, hand them back to the employee,

0:50.4

conclude the conversation, and walk out.

0:53.0

This is a trait that Bob and Sam shared.

0:55.0

In this book there's a quote that says in a trademark

0:58.0

Zell move he focused on aggressive internal cost controls.

1:03.4

I spend a ton of time reviewing all the lessons that you and I are learning from this

1:06.3

podcast so I read old highlights, notes, I search through transcripts, I even built an

1:10.9

AI assistant called Sage that helps me do this.

1:14.3

And so this week I was asking Sage, why do you think history's greatest

1:16.8

computers are obsessed with this?

1:18.2

Why are they all obsessed with controlling their costs, with watching their expenses?

1:22.1

I mean, look at this, look at the story

...

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