What I learned from rereading Random Reminiscences of Men and Events by John D. Rockefeller.
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Notes and highlights from the episode:
It has not been my custom to press my affairs forward into public gaze. (Bad boys move in silence)
My favorite biography on Rockefeller John D: The Founding Father of the Rockefellers by David Freeman Hawke. (Founders #254)
Secrecy covered all of his operations.
Taking for granted the growth of his empire, he hired talented people as found, not as needed. — Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)
We had been frank and aboveboard with each other. Without this, business associates cannot get the best out of their work.
Rockefeller said Jay Gould was the best businessman he knew. Jay Gould books and episodes: American Rascal: How Jay Gould Built Wall Street's Biggest Fortune by Greg Steinmetz (Founders #285) and Dark Genius of Wall Street: The Misunderstood Life of Jay Gould, King of the Robber Barons by Edward J. Renehan Jr. (Founders #258)
"If I have to choose between agreement and conflict, I'll take conflict every time. It always yields a better result." — Jeff Bezos
It's a pity to get a man into a place in an argument where he is defending a position instead of considering the evidence. His calm judgment is apt to leave him, and his mind is for the time being closed, and only obstinacy remains
I like doing deals with the same people. You get to know each other and build a mutual sense of trust. Today, a lot of what I do originates from associations that go back ten, twenty, thirty, even forty years. — Am I Being Too Subtle?: Straight Talk From a Business Rebel by Sam Zell.
Writing a check separates conviction from conversation. — Warren Buffett
We had with us a group of courageous men who recognized the great principle that a business cannot be a great success that does not fully and efficiently accept and take advantage of its opportunities. (Do everything and you will win)
Such was Rockefeller's ingenuity, his ceaseless search for even minor improvements. Despite the unceasing vicissitudes of the oil industry, prone to cataclysmic booms and busts, he would never experience a single year of loss. — Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)
Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford. #247 Henry Flagler (Rockefeller’s Partner)
Rockefeller on the impact Henry Flagler had on the beginning of Standard Oil: He always believed that if we went into the oil business at all, we should do the work as well as we knew how; that we should have the very best facilities; that everything should be solid and substantial; and that nothing should be left undone to produce the finest results. And he followed his convictions of building as though the trade was going to last, and his courage in acting up to his beliefs laid strong foundations for later years. (Build a first class business in a first class way)
Young people should realize how, above all other possessions, is the value of a friend in every department of life without any exception whatsoever.
When you recruit A players you don't tell them here's 5 things I want you to focus on. Here's your top 10 priorities. NO. You've got one priority. Destroy that priority. Do it more than anybody else possibly will. (Henry Flagler’s main priority was controlling the cost of transportation.)
Larry Ellison: You don’t want turnover on your core product team. Knowledge compounds. Don’t interrupt the compounding. — Softwar: An Intimate Portrait of Larry Ellison and Oracle by Matthew Symonds. (Founders #124)
We were accustomed to prepare for financial emergencies long before we needed the funds. (Keep a fortress of cash)
It is impossible to comprehend Rockefeller's breathtaking ascent without realizing that he always moved into battle backed by abundant cash. Whether riding out downturns or coasting on booms, he kept plentiful reserves and won many bidding contests simply because his war chest was deeper. — Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)
I learned to have great respect for figures and facts, no matter how small they were.
This casual way of conducting affairs did not appeal to me.
As our successes began to come, I seldom
