Mike Bloomberg
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Periodical, while surrounded by the fruits of our success, the profits, the power of the notoriety. I get frustrated and I dream of starting again. But something stops me. Perhaps some too old, perhaps some afraid IT was all luck, or maybe deep down inside, I really do like the traps that have accumulated.

Nevertheless, when I find that we just have declare with legal or had a meeting to keep others in the loop, or we are justifying staff versus producers, I want to scream, we used to have the nike model attitude. We just did IT. Now there's a why we can't lurking in the background.

Keeping IT from coming out while we grow is our number one management focus today. What started simple with time has become complex. A single straight forward policy has picked up exception after exception.

Over time, products have grown to overlap. No one's got an excuse, but everyone's got a reason. Madam, why not just quit them?

Chuck IT all sell the business, take the money and run, play a conservatively, relax a little. Real entrepreneur s never do so. And I have an either. Generally, real builders are so focused, one dimensional and dedicated, they'd d have a nervous breakdown. After two weeks of sitting around their chAllenge, even their reason for living would be gone.

Why would I swap fun, influence, chAllenge and more money than you could ever spend for only a multiple of more money than you can never spend? I can't think of anything Better than my current situation. Should I take the company public and have to answer the more partners, stock holders and security analysts?

Why would we want to do that? We're going in the other direction. We've already bop back mars thirty percent investment in our company.

The first part ten percent, we bought back for two hundred million and one hundred and ninety six. And the second twenty percent, we bought back for four point five billion in two thousand and eight. Not a bad return on their original investment of thirty nine million dollars.

sell. No thanks. Answering to no one is the ultimate situation. So back on the trend mill ago, ratched up the risk, enter a new medium, start another project, improve, develop, expand, go for IT.

That is an extra from the book time we talk about today, which is Michael bloomberg s autobots phy. Bloomberg by bloomberg. And that is an awesome example of why this book moved up to queue.

Uh, he is unapologetically extreme, and he sets the tone from the very, very beginning this book had been recommended to me over the years, and I wanted to push IT up to the front because of something I saw somebody wrote. So there is this writer who does. He studies great histories, great investors, like I said, history's great founders.

But he does IT in writing. He's got the theme on newsletter, it's called neck or which is like C K A R, A link to he wrote A A twitter thread, one of the a Better twitter, thad, than I could ever write and it's on the lessons that are in Michael bloomberg s autobots. phy.

And so I link to that twitter, thought, if you want to read, IT gives a great overview of the book. And his unapologetically extremest jumps out in that thread. I say, okay, I love studying people like that.

I want to read his biography, her head tobia. Phy, and so this is a short book. I got a lot of a highlights.

I'm going to jump into him before I tell you like how I came into this like a new bloomberg s name. I know he's got a very successful company. I didn't know, just haven't really paid a hand one. I don't know that much about him other than his name recognition. I knew he was the mayor york, and I knew who is unbelievable wealthy.

I just assumed to say, if you have a network of fifty billion dollars and you did IT in a very short amount of time, well, to be speaking, I mean, I guess it's not short of my time, but I have the updated version. The photographer y he's been working for fifty years. So there's a lot of information here.

This can be useful to, but I just as soon, okay, this guy, you know, has a public company. I didn't know bomberg was privately owned to this day. He owns around eighty percent of IT. They do around ten billion dollars in revenue. And i've seen varying a estimates of his profit margins.

But there are somewhere around thirty to forty percent wishes blew my mind, the idea that you could have a private company that is throwing off, let's say, three billion dollars of profit every year, and then taken into account the fact that he started the company, when is almost forty years old? okay. So i'm going to jump into the book, right? He says the time from the very first pages is in the process of the book.

And he says, what started in one thousand nine hundred eighty one with four guys in a coffee pot and not one customer has grown beyond our wildest st imaginations, the culture that we created, the very beginning, continues to define who we are. We are still a company that will out work our competitors. We will take more risks than they will.

We will serve our customers Better. We will invest more in the long, long term, and we will place a greater emphasis on transparency and teamwork. And in the very next day, he makes one of the best points he makes the entire book is that you cannot mistake your product for the device that delivers IT.

And then, of course, we see right away just microburst, just like every other founder that we study, they have deep historical knowledge about their industry. They go back and they learn from the experience functions as they came before them. This helps them understand how they think, copy their best ideas and avoid their worst mistakes.

And so he can say, hey, we're not going to mess up like code acted, okay? So he says, the technology that we pioneer in the early one thousand nine hundred eighties has long been ancient history, but we never made the error that so many others have a mistaking their product for the device that delivers IT. And now he's going to give us an historical le reference of a pit.

All that he was able to avoid. Codec, thought they were in the camera and film business instead of the photography business. See that so easy to make that mistake, though, from code extractive, we make money, we make cameras and we make money developing film.

So that must be a business. Didn't even understand that? No, you're in the photography business. This is also something we saw.

I did a couple like five Edwin land because his company overtook like he was heavily influences by uh, eastern codec. He creates polaroid polar displaces eastern codex, so says code. I thought they were in the Cameron phone business set of photography business.

The digital photography revolution passed them by and after more than a century as one of the most innovative companies in the world, they filed for bankrupcy. At bloomberg. We got out of the business of building physical computers as soon as pcs began taking off.

We knew our core product with data and analytics, not hardware. So I onna finish this paragraph again. I think to take where IT there is, hey, what is your core product? Think about what what is the the service you're actually delivering to customers.

As says, we knew a great product with data and analytics, not hard ware. Look ahead or fall behind. When we started the company, we were refugees from wall street to we were refugees business from wall street, motivated by an idea that we could build something new that just might make a difference in the world of finance.

So take a part of that sentence. We were motivated by an idea that we could build something new that just might make a difference. I feeling a universal to founders.

People told me I was crazy to think we could overturn the status quote on wall street and chAllenge to the giants of financial information. So something mico talks about a lot is the fact that getting fired mind being the best thing that ever happened to him. He loved his job.

He was comfortable his job. He would stay there forever if this didn't happen. Obviously, stays in that company, never builds bloomberg. And this is going to echo what I think he was in the the a commencement address that Steve jobs gave at stanford I think back in two thousand and five where he talked about the same thing is like getting fired from apple the first time IT was the best thing ever happened to me um says he says something like sometimes life is going to hit you in head with a brick but don't lose faith and so we're going to go to this part in micros life.

So there was started in nine years old and essentially hearing, here's ten million dollars in your history so Michael was working at salomon brothers. Ah, this guy is famous. I don't know.

I never know how to pronounce. I think john, god friend, maybe I just going home, john, to the book. So john was the managing partner of rosy, taught us firm.

He told me my life at Solomon on brothers was finished. It's time for you to leave. I was terminated from the only full time job i'd ever known and from the high pressure life.

I loved this after fifteen years of twelve hour days and six day weeks. I was out now with remarkable. This came the next day after a giant celebration.

They had just sold the company. So they have a huge party. They're all partners. So they have actually owned ships. So that's where the ten million dollars going to come from.

And so he says, after the meeting, we ate greece y stakes and drank hard. Look, we shot poll, we smoke cuban cigars, we played poker and left IT was a great, big, wonderful paternity party, boozing and carousing into the wee hours. No thoughts of others a moment just for us.

We had worked for IT. And whether or not we deserved that, we got IT we're talking about. He was in here for fifteen, for fifteen years, work in six days a week, twelve hours a day, something that he preaches open over again.

He just like, do people just not working hard? This is what I mean about him just being unapologetically stream. Kind of reminds me what we learned in our truckers biography, where he talks about trying to hire other body builders.

He was trying to be the the world's best body builders, and he needed to make money. So he started this company, this construction company, and he called the other body builders lazy bastards, because wouldn't to work every day. And he's like, I I was in A A, A huge rush to get rich.

There's like that kind of energy from from this book, for sure. So IT says the next day, with enormous hankos h, each part SAT down with two members of the executive of committee, most of the sixty three partners were asked to stay on as employees of the new company. Not me, though.

A half thousand and other guys were pushed out at that time as well. And so he talks about, was I sad on the drought? This is really, actually smart.

He doesn't really linger over regret some mistakes. So says, was I SAT on the drive home, you bet. But as usual, I was much too mocho to show, and I did have ten million dollars as compensation to hurt my, for compensation for my hurt feelings.

If they had told me we have another job for you, I would have done IT in a second. I was willing, this is so important, I double underlying this sentence. I was willing to do anything that they wanted.

IT was a great organization. I would have been happy to stay. I am is another important tenant. I would have never left voluntarily.

Afterward, I didn't sit around wondering what was happening at the build firm, didn't go back in visit. I never look over my shoulder. Once finished, gone, life continues and then makes the point OK.

It's thousand, nine hundred and eighty one. I got ten million dollars. It's good amount money.

I don't never have to work. I don't want to like I could play easy. Obviously, from the beginning, we see that's just not his personality type at all.

And he does something that that was considered odd at the time. He decides i'm going to start my own company, my own start up. And a lot of people were obsessed the prestige of where he for a large company.

You have the expense account. Michael goes in the details, you know, all three thousand, twenty and thirties, he said to travel the world, salon brothers, just picking up to check. He's working twelve our days, but he's also parting constantly, entertained clients. He says he this goes back to this this recurrent team in the book that he's unapologetically extreme.

He like, no, I they tell you, don't burn uh, the candle of both ends like, I burn the candle at both ends since like I want my life to be feel as full as possible so the way to do that to do more um but the point being is okay, i'm gona do this even though people around in my peer group think it's odd like that takes a sense of courage and this is obvious to guys got a gigantic ego and superhuman levels of self belief. I don't think you accomplish what he is accomplish without those two things and so he says, I was never embarrass to say that had been fired and was now running a small, still a small start up. I'm tougher than many others are perhaps it's psychological defense mechanism.

I that I convinced myself not to care with other thought, but I but he makes the points like, I don't care what other people think, but he's married at this point and things are two small kids, if not but he's like, listen, what other people don't think about me I don't care about that but I do care with my wife thinks and he says but I was worried that so might be ashamed of my new, less visible status and concerned I couldn't support the family. So I want to pause there, think about this. This is not the bomber we see today, which he's what he's got because the eight years old, right? This is thirty nine year old version of microblog.

He's sitting around. And before him is this vastly uncertain future, right? And his other people are saying, look at this poor mike. He got fired. He's now, he goes from solemn brothers, this prestigious headquarters that we have to this tiny, little hundred square of office, which I get to in a minute.

And it's like, oh, I I worried that my wife might be ashamed of my new, less visible states and concerned I am concerned I couldn't support a family. So thirty nine year old mike does not know what eighty old mike is that might does. And that's the fact that this little start up, that everybody is make a fun of, that you you worry my other other people might be ashamed of, is going to produce tens of billions of dollars for you and your family.

I think that's an important point to think about. So i'm going to go into his own life. Real quake. And he just talks about, you know, like came from like middle class. My dad never made more than like six thousand old a year, but they taught him important things.

And he says from my parents as a child, I learned hard work, intellectual curiosity and the ambition to strive relentlessly for the goals. I said, so that's something here, peats open over again. He's just got this inner drive, this fire in the belly that just cannot be extinguished.

So he talks about, you know, I was bad and really not really pay paying too much attention to school. I was totally bored in high school until my senior year when the school started to honors courses, one in history, one in literature. Uh, so this is really important.

The history teacher made current events come alive. Ah, the instructor made history real irrelevant, not just something to read in, memorize and in. The english teacher helped us analyze the world's great books instead of teaching spelling and grammar, which are two things I never did learn.

What a great idea that english teacher helps us analyze the world's great books is said of teaching spelling, grammar, two things that never did learn. Discussing the meaning of the story versus memorizing the plot made the difference fast. He made IT fascinating versus boring.

But classes are both classes brought in my perspective the exposure to history and culture open my ice to whole new world. What a shame. All the proceeding time was partially wasted. IT was an early lesson for me, how we, as a society, must find a Better way to engage our children in the joys of learning.

I developed a sense of history and its legacy and remain, and this is such an important point that I think you and I talk about over and over and over again. The fact that that we are dedicated, studying and learning from history just gives us a master advantage over the people that don't and most people don't. They're just going to go on repeating mistakes that we, that we can easily avoid.

I developed a sense of history, and his legacy remained amazed at how little people seem to learn from the past, how we fight the same battles over and over again. Someone to skip over his college, his, his chemical logy, I want to get right to. When he goes to to business school, he goes to harvard.

And he, he, he started, learned about, okay, what actually affects achievement in the future. And so he says, my two years of harvard were well spent. The academic standards there were superior, but not what i'd call outstanding.

There are some very bright students in my class, some classmates I thought were not exactly intellectual, gifted in a few that I considered total frauds who could only talk a good game. And then he, he, so he's talking about the way he viewed his peers at her business school. And then what happens to these people that he categorize later in life, those of whom I thought were smart generally did well.

Later in life, those whom I considered dummies did less well, the bullshit ters faded away. And and so he's talking about that you know it's time is the best filter, right? Like you can fake the fund for maybe a year, maybe two years, may be five years, but not over the course of your entire career.

You're either talented and hard working and driven or you're not. And so he realized, what's the most important elements? He says, street smarts and common sense that turned out were Better predictors of career achievements. So this point his life, he's twenty four years old. He just graduated from business school.

And I think what he's experiencing here is very similar to a lot of people go to this, what you just not sure what what you want to do after college for a lot of people. And he says that I really, and this is such a crazy statement, think about what the future there's in front of them. Again, I really hadn't pondered where my life and work would take me.

What would I do with my life? And it's his friend that actually makes a decision form because, like, I don't know, I figure out going to maybe manufacturing or working some kind of business. You know, I just started, I just graduated from business school.

Isn't that what i'm excited to do? And his friend Steve is the ones like, k want you go to wash so he says, my good friend Steve told me to call the firm, uh, told me to call salmon brothers and goldman sex to say that I was desperate to be an institutional sales person or equity trader. This is nineteen sixty six, seven.

Okay, who are they? I asked, and what would I be doing? Don't worry about its gott said, our humans.

Steve said, I just do IT and then he says, not having any Better ideas of my own. I made the calls and then he goes until there's like three paragraphs. Hear them going to call from this is very interesting.

So there's two main points I want to make you. Number one, IT was a mistake for others to overlook these jobs. And number two, what he's learning there is transferable to many other nations.

And so he says security, trading and sales at that time, we're considered second class occupations. And he says that a mistake both involve getting your hands dirty by actually picking up the phone and talking to customers. Forget the fact almost all occupations have a big selling component, selling your firm, your ideas and yourself.

And that is really what he talks about later. He was like the the master salesmen at the beginning of his own company, overlooked the fact that a good trading mentality is synonymous with the ability and discipline to compartmentalise focus and compete for success. In those days, no self respecting research anna alist or banker ever thought of working the phones, of actually bringing in business.

Solicitating was viewed as undignified. This is exactly what he's doing. And so I didn't look at like that for me. I had college loans to pay off. A good job was a good job.

And as I would learn later on in life, IT is the doors, the lean and hungry ones, those with ambition in their eyes and fire in their bEllies, who go to further and achieve the most. And this is why this is his financial situation. At the beginning of his career, he wants to getting a job after he is, and he's telling was like, look, I can't afford to work here.

I want to work as something, but can I want to? I love you, but I don't own another super clothes. I don't have an apartment to live in.

I have no cash in the bank. All I got of these outstanding student loans I took for tuition when my part time campus job didn't pay enough. And so I think they wanted to give up like nine thousand a year, and they gave him eleven and thousand five hundred.

And so he accepts the job, and he says, to say that I fit into salamon and love the industry is an under statement. I reveled in IT every minute of the day. So I really thought about this.

Okay, so obviously one of the wall, these men on men on the planet right now, that's his financial situation. That the very begin was crew, though, like I don't have any money on her apartment like I can't take this job. It's pace that enough.

And really what I thought about it's like this is just a temporary poor person who is smart and determined, who found a job that he loved and he was good at. He's not going to stay broken long. It's impossible.

He's smart, determined, found a job he loved and was good at. You're not safe for long. And so this is the begin with fifteen years there.

I really like his insights where he compares, in contrast, the different leaders that he worked under. And you can clearly tell how he thinks about leadership. I would say by far, Billy salomon was a guy running the place when he, when Michael started there.

This is the person. And he easy to comparing, contrasting with that other guy, john. This is the person. That, to me, seems more like the follow bloomberg s personal philosophy. And leadership seems to be heavily influenced by his boss, Billy.

So says, the boss when I joined was Billy, as he preferred to be, as he prefer to be called, he made the culture special. He was decisive and consistent as a leader. Again, this is not the U. N. I talk about over again.

You can tell a lot about people by who they admire because we're going clearly see, this is boom berg saying, what is he's writing these words, know, fifty years ever, this happened maybe four years, whatever the time is. Clearly, this guy had to having the influence on he. He was decisive and consistent as a leader.

If he ever harbor doubts after making a decision, I never thought he was easily approach, able and willing to listen everyone's views. But when he said we were going left, we went left. And when he said, right, right, IT was we didn't have to prepare for both directions, he said the rules.

So he's open to the discussion. He wants to hear your ideas, but he's he's the box after him. He's the one is going to make decisions.

If I say laugh, we're going left. This is, again, very, very common history, luna neurons. But also, what he does hear is like, there's, this is a really important program. H there were no different set of rules for him.

Leading from the front is essentially what my goals telling us, right? He LED by example, what he said he, what he said he did, and the rest of us did as well. And so now he brings in the second person he worked for, john.

John was a great leader, too. This, the of fires. And later on, john was a great leader too, but I always thought he listens to too many people.

Okay, so this is crazy, really. I would summarize. This is more egalitarian, but less effective is john Billy trusted his own judgment. And open idea is, but i'm going to make a decision and we know founders have to trust their own judges. You ve got to work your self into position is very clear where you can actually trust judgment because they're they always been person making decisions no one can do IT for you and made running the form much more difficult for me, smart people prepared for both left and right. When john succeeded Billy, this event, this split resources, and made IT harder to lead when the, when the going out tough, unlike Billy.

So I here comes to contrast, and we can clearly see from, like if you read between the lines will make up saying, like he clearing this mistake, i'm complete the ultimate decision maker bloomer, unlike Billy a john consulted all interested parties before making a decision. No matter how noble the motive, the resulting apparent indecisiveness is. That resulted in apparent indication ess comparing john to to build on leadership.

I always thought john was more egalitarian but less effective. And so bloomberg is kind of starting at the bottom, this organization, and we see that he's really too embarrass to tell his peers, his defiler graduates of harvard the truth and says, he says, I worked my first summer there in the cage, physically counting securities by hand. IT was a pretty lowly start.

We slaved in our underwear in an unaids dish of bank for with an occasional six pack of beer to make IT more bearable. When my friends asked what I was doing your work to say face, I told them I was studying methods and procedures to simplify the worker. My friends were research channel sts and investment bankers with lush private offices.

And I was what I can only be called a clerk in his internalise. Why didn't I quit? I was too embarrassed to IT.

So mike, learning the value of sales. He also is learning the value of the thrill that you feel, feel when you're really good at your job. And then this is going to be really interesting that i've seen a couple times.

I get her once second billion. John would stand over me watching silently while I was on the phone with the customer heads down, totally focus on making the sale talking, explaining, cajoling, pleading. I felt a great thrill when I had close a deal.

They would walk away without a word. There were any congratulations. They weren't needed. I was expected to make big trades.

So a few months ago I read this book, the journal genius, which is about the enhance project, which I, before I read the book, thought Robin armon, hyper j robber open hyper was the lead on a project I didn't know he actually worked for. Generalising growth as IT grows the same way he's like. I'm not giving you congratulations on something you supposed to do.

I've been listening to a few these interviews with. I read this article, this post I was really interesting by Frank slotman which I guess his run like three different technology companies that think is like either turn around and taking public and last like ten years something like that maybe twenty years i've ever got the exact time for me but he has a great um post called amped up. Well guess that post has now been turned into like this short book and he's going on these all these podcasts to promote the book and he realises es, he said something I I drot IT down.

He's a very extreme individual just like bomberg z and this is a sleeman said, I don't believe in offering congratulations for something we are supposed to be doing. We are supposed to win austral. Interesting to read Frank's poster. Listen to speak because that's what he says like missing.

There's all the slack most people just is really if he's identifying that the that you can get drastically different results with different energy that you apply at different businesses, different tastes you have to do even if you have the same employees and the same assets is just under different leadership, you get vastly different results. I might just a good chance of going to read this book because I think it's like a hundred fifty pages and maybe i'll do like a short little on this episode. okay.

So this was something that was really interesting because I was like with a minute blue berg, if you study is his uh his career yes, he's going to eventually take on in salmon, rather trying to um like created the latest technologies for the for them to do their jobs the best. So like the second half of his career, maybe to the third of his uh towards the end of his cruel salam road, is kind of in my opinion, he got the idea um to to build blom work, his company. But I was a great to minute.

If you're thirty nine years old, you just meet ten million dollars is one hundred and eighty one. Why build a business? You are just selling bonds and equities like you're in wall street. Surprising that he didn't choose to be an investor.

And so when I realized I I didn't understand that until I got to this paragraph, and really what mike is telling us is the sherice way to get rich is to build a business customers love, which is exactly what heat there that's about heat to, and said, just being an investor. And so he says wall street promises, promises vast riches, although few of the great fortune have been made there. Now he goes back in the history from john d.

Rockefeller to sam wm to bill gates. Great financial success comes from starting businesses with concrete products in the real world, building jobs, creating value and helping people. The year waited, so he saying the shares, way to get rich is to build a business.

Customers love OK. So we're still the point in his early career, still someone brothers, this is again more of he preaches this over over gan. He is like you're just not working enough.

You don't want IT enough like you're going to lose to people like me who have a high pain tolerance to get up every day excited. Do what I do. And I been like this forever.

So he says, I came in every morning at seven, getting there before everyone else except Billy. He and what he's doing here, David deffand, I read his his biography. The Operator, I think, is what is call, I think, his founder, number one ten, one eleven, in something there, he uses this.

David gian uses the same idea to get ahead. When he he started in the mailroom, I think he was his early choice, and he figured that i'm gonna going to build, i'm going to intentionally build a relationship with the head of the company because I know if this, the person making all decisions think i'm smart and motivated. I'm really to do whatever he needs done.

I will accelerate faster than my other peers in the mail room. Bloomberg doing the same thing here. So he says, I came in, I got there.

The only one person to be me there I was Billy. When he needed to borrow a match, or he wanted talk sports, I was only other percent trading room. So he talked to me.

At eight, twenty six, I became a body of the managing partner. David defended exacting thing, I would say, then talk to Billy coming in early, but he's going home. John want to staying late.

So he says, okay, i'll stay later than everyone else, except for john, when he needed someone to make an after always call to the biggest clients or someone to list to his complaints about those who already gone home. I was that someone, and then I get a free cab ride up town with him. The number two guy in the company.

So in the morning, a building relations with the number one guy and night and building the relative number two. Where is the other twenty six shades? They are gone. They're not here.

And so he says, um making myself of the present wasn't exactly bertin i've loved what I was doing he repeats this over and over and over into the book the importance of loving what you do. If you love IT, you do IT more the more you do something, the Better you get. So we talked about that over over again.

H, I love what I was doing, developing a close working relationship ship with those who in the show probably didn't n hurt my career. I ve never understood why everybody else doesn't do the same, think, make himself in dispensable on the job. That was exactly what I did.

And this might be, this might be my favorite. This part is amazing. It's going to go on for a little bit.

It's on the importance of showing up, working hard, staying flexible and loving what you do. If you were able to see the book that I have in my hand, I was a seventy. No, eighty five percent of my highlights come from the beginning.

The book towards the end. It's like i'm really rich and I give up like it's cool that that you don't need seven hundred fifty million here and a billion to that. That's amazing.

I'm interested in the climb the early who we were before, who was the version of you that made that wealth that's gonna en few decades in the future possible because that's what I think most of us are, right? We're in that the beginning, the climb, the middle, whatever IT is. And so for Michael to be able sit down and say, hey, this is what the things I was thinking about at this time.

This is my approach. This is what I learned in fifty. I think use of the word later on, fifty years of toiling like that is like the fact that you can put those, in fact, of these books are widely available.

You can pick up for fifteen or twenty dollars. That's insane. There is not a Better investment on the planet. So says a IT is said that eighty percent of life is just showing up. I believe that you can never have complete mastery of your existence.

You can choose the advantage to start out with, and you certainly can pick your genetic intelligence level, but you can control how hard you work. I'm sure someone, some place is smart enough to succeed while keeping in perspective and not working too hard. But I ve never met them.

The more you work, the Better you do. Is that simple? I've always had worked. The other person, still, I had a life. I don't remember being so driven or focused, and my job got in the way of playing in the evenings and on weekends, I dated a lot, I sky, I jogged, and I hit the town more than most. The more you try to do, the more life you'll have.

Although I was serious about my career, this is when he gets into the point of like, don't, and against, over, over again, don't have his rigid plans. The history of entrepreneurs is clearing this, that the best entrepreneurs that have ever lived, the best investors, have a life. They optimize for flexibility.

They adapt to the circumstances. Although talking about people like herb, every single thing warn buffet. Now we have Michael bloomberg g in this mix. Although I was serious about my career, I D never had a budget for my future. Unlike so many of my classmates, I didn't set out to be a partner.

Vice president by each thirty are trillionaire thirty five make a comprehensive scheme for the rest of mine life, both the business and at home. I've never let planning get in the way of doing. This is such a fantastic, a paragrapher life, I found works the following way daily.

Your presented with many small, surprising opportunities. Sometimes you see this one that takes you to the top. Most of is valuable at all. Take you only a little way to succeed. You must drink together many small incremental advances, rather than count on hitting the lottery job, jack out all once, trusting to get great luck as a strategy, not likely to work for most people, as a practical matter, consistently enhancer skills, put in as many hours as possible, and make tactical plans for the next steps. Then, based on what actually occurs, look one more, move ahead in a gesture plan, take lots of chances and make lots individual spur of the moment.

Decisions are going to repeat that because I think he's summarizing that a punch here, take lots of chances and make lots of individual spur of the moment decisions don't devise a five year plan. Central planning didn't work for stalin or mile, and IT doesn't work for entrepreneur s either. Damn, that's good.

And that is going to go back into the fact that these are just small little steps. Every significant advances I or my companies ever made has been evolutionary rather than revolutionary, small earned steps, not big lucky hits. Something that he did, that that vashe increases his out of success, is that he didn't quit.

He found the company in nineteen eighty one, forty years later, that company is still Operating. It's not just money, he understand the psychology fftt does. It's not just money that compounds knowledge and skills.

Due to stop quitting, I stay flexible. A reporter once asked me what what we, a bloomberg failed. My answer after some thought was nothing.

But what we accomplish wasn't always what we set out to do. This is not as arrogant. He actually the very beginning of the other guy, like, come on, what you time up.

But his explanation makes sense. So let me read that too. Before you you're like, disguise the whatever explode if you want to put in there.

Often in the process, things worked that we hadn't planned on unforeseen uses of rose for our products. Customers appeared, appeared whom we had IT known existed. And exactly the reverse occurred for those that we were dead share of.

So planning has its place. The actual thought process sometimes leads a great new ideas, but you can only accomplish with possible when you get there. Then whatever your idea is, is you've got ta do more of IT than anyone else.

A tt. So this is defining you alm. That use evolves, I think, evolves way to describe this ideas the best, the most sync in fine work. That means fine work that feels like play.

So he says, whatever your ideas do, IT more than anyone else, a test that easy if you structure your things so that you like doing them, since doing more almost always leads to create accomplishments in turn, your hub more fun, and then you want to do even more because of the rewards and so on. Talking to virtuous like fly will effect, right? And so on.

I've always love my work and put in a lot of time, which is help me, make me successful. I truly pay people who don't like their jobs. They struck at work so unhappily for ultimately so much less success, and thus develop even more reason to hate.

Now we talk about the negative fly will. If you don't love what you do, that's actually really smart. So it's going to go back to the begin.

They stuck at work so unhappily for ultimately so much less success and thus develop even more resented to occupations. There's there's too much the lifeless stuff to do in this short lifetime not to love getting up on a weekday morning. Okay, so that's the end of that section.

I absolutely loved um that I mean, that took place on over three pages and I had a toner highlander's from the three pages. I really like the vice is giving here now. He's got some advice for Young people, which I thought was really smart too.

Some Young people starting their careers today are too impatient for current compensation at the expense of continuing their education, giving their jobs a chance. Get back to work. Forget the money today.

There's plenty of time for that leader. Novices should go to the best firm they can get into and then listen and learn. So what is he singer? He's saying, optimized for learning over money.

And you make more money in the future. If you do that, right? This is very soon as to what save jobs told us, where he didn't his only career there's a call for from him.

I think that i've consistently figured out who the really smart people were to hang around with. So Michael blomberg, do the same thing, go fine, the smart people, and go listen and learn. And in some cases, you can maybe opportunities for the vast majority people.

You you able this in person, right? You can. You don't maybe have the skills, the a like, the resume or whatever, to get hired to bear on these people.

So maybe gotto find like a different path uh, to do so, but one opportunities available, everybody is to pick up the the biography and other bike phys of these people that had remarkable lives, able accomplished more in one lifetime. And most people were one hundred five times, right? So and again, this is a very similar to I talked about this before.

I'm i'm not going to go detail because I ton of pilots in the spoke the corneal l of the idea that spawn me to set founders with this interview I saw in on must do with Kevin rose on Kevin roses video pockets series foundation, I think, back in two thousand and twelve. And he said the same thing is like I didn't have, you know, mentors. I didn't have resources when I came from to california.

So I saw out mentors and historical context. And he says, I read biography and autobiography. And so when I pick up the bike, he was using an example like venture reglan.

So I pick up of the bike phy, I study what, Frankly went through. And now he becomes to use charly member's word, like, I become friends with the amid dead. Ellan says, I, I, I am now have A A mentor in historical context.

And Frankland has been dead for two hundred years by time is back his book. But he's still teaching me things. So I think that's the same exact idea that he just put here.

He's listen to forget the money today. This plenty of time for that later. Now obviously should go to the best form they can get into and then listen and learn.

When you read a book, you're having a one side of conversation with somebody, you can't do anything but listen. Few pages later, just one sentences again, demonstrates this. This team, I, I want to make sure I bring attention.

Bloom work is on apologetically extreme. I would be tougher than the rest. And so he says that over an, I will be tougher.

I'll, I worked down or be more competitive, I want to give up. I have an advantage. He just told us eighty percent life is just showing up.

He's making sure that he's building the strength, both willing for mentally to not give up. Eventually he's going to switch jobs. Someone, brothers.

And this is really what my opinion. He didn't say so explicit. I don't think he does, at least given the idea to start as a own company.

The future he says I started will be my last job, asylum on running information systems. This group was responsible for both keeping the firms books. And providing the analytical tools the traders and sales people needed.

That's exactly what I think how he described what this company is today. We provide analytical tools that traders and sales people need. He doesn't make a interesting point here that all your previous life experiences is just preparing for an opportunity.

Kenya, see. So he says, us. And I spent my first twenty four years getting ready for wall street. Then I spent fifteen years surviving on wall street.

And then thirty nine, all these experiences LED me to the the decision that, okay, i'm gona serve your company. And again, I feel like there's seventeen notes in this book where I write down on apologetical extreme lister what he says here, this is wild. So it's time on this.

And I could be an, I could have went to go and sex another job. I could be investor, whatever is like, no, i'm going to choose to be an entrepreneur. R rather than employ.

okay. And so this is crazy. Did I want to risk an embarrassing and costly failure? absolutely.

Happiness for me has always been the thrill of the unknown, trying something that everyone says can be done, feeling that nine pit my stomach that says danger ahead. I want action. I want chAllenge.

Even today, after toiling for fifty years, I wake up looking forward to getting in early, practicing my profession. I really appreciate you practice there, creating something and competing against the best IT is a real high to be a participant rather than a spectator. Think about that.

Did I want to risk embarrassing and costly failure? Absolutely, I did. And so what he's when he's figure, okay, what what are my company to be? A good question answer yourself is, what do I do Better than anyone else? And so he says, I would start a company that would help financial organizations.

They were, they were Better traders and sales people. There were Better managers and computer experts, but nobody had more knowledge of the securities and investment industries and of how technology could help them. He is telling you when, before you start a company, ask yourself, what do I do Better than anyone else?

Another main theme that he would tell you, if you could sit down and talk to bloomberg, which is what you're doing when you read automotive phy, stop with the overanalyzing. Stop with your stupid projections. Uh, just go take one step forward.

And why is he telling you that? Because learning by doing is a faster process. What my, one of my favorite entrepreneurs ever discovered to the podcast, a eventual founder, paragon ia.

He said this amazing book called let my people go surfing and he says in a book, the entrepreneur way is to a merely take a forward step and if that feels good, take another. If not, step back. Learn by doing.

It's a faster process if you're going to suck this now, bloomberg, if you going to succeed, you need a vision, one that's affordable, practical and fills a customer need, then go for IT. Don't worry too much about the details, don't second guess your creativity, avoid overanalyzing your new projects potential and that's really important. Think about all the waste time and energy when he's the first building his company.

So is no there's no way you consider nobody consider predict at the very beginning talking about Steve jobs in his garage, making the first fifty apple computers one days going to be a two true in all the company. Same thing. Bomb had a one conference, but we needed a hundred school foot office with four people on the coffee.

But like i'm going to sixty billion dollars in a couple decades, you way. So I think there's just a really good invite start. Second guessing just go A A blue work.

He's got more address for if you're working on product that because and you should work on your product and sales first and then everything else after a blueberry, we always built the product first. Selling is the only process we run simultaneously with development from the very start. And then this is just what a paragraph.

I ronit a one room temporary office. He was about a hundred square feet of space with a view of an ally, a far cry from my previous place of employment. Salomon had a multi acre forty first, forty first floor trading room overlooking the new york harbor.

I deposited three hundred thousand dollars of my Solomon rollers windfall into a corporate checking account. Fifteen years later, I had a billion dollar business. I don't know if I mentioned IT later, but just in case I don't again, think about the confidence in the bottle and arrogance this guy has, and I want to betting he went to working out for him.

But he's got ten million dollars. He wants up putting four million dollars. So forty percent everything he's into the company, which is also helped him retain some more ownership to this day. And he's doing that when he's got a wife and two little kids to support as well to spread out the risk. He's going to find his first, first customer study, which can be myal linge.

They're to make a investment as well a little later on, the one who reference earlier where they bought like thirty percent the company and he buys them out to two separate parts later on. But I want to get to this point. They agreed he essentially has an idea for product, but it's not built.

So it's him but your programmer, sales people and this is the the thing that you when I talk at all time running a company, running a start up I think is uh, the actual term mark countries and users for the quote is like the only experience when you're uniting to start the only experience to motions, euphoria and terror. And then he says, I find a lack of sleep and hands both and so he's going to uh to alter between states, euphoria and states of terror. When I came back to the meeting, my colleagues were related until the reality was, six month delivery for something that didn't exist begin to set in as developers were magicians, not miracle workers.

Month at the mount, as we worked our mood alternative between indication and the feeling of in pending disaster. We we're just putting out fires. We were just sting to major earthquakes when some new software bug forces to start over.

But every day we got closer to building the machine. We d promise. And he's also building hardware this time, which you mentioned early, is like, okay, well, my adventure ge is not harvard. I did that because I was trying to create the advice I wanted to create didn't exist once the Harry manufacturer exceeded my talent. Doesn't make any sense.

Let me use if there's pcs everywhere, let me use that platform and realized that's what he he's references about, okay, what my business actually is, what code failed to realize, he bloom work, understand what his business was, is the information that that i'm giving you that's valuable. Doesn't matter how I transmit that information to you, also provide my main take away for myself for the book, because he's talks about repurposing your information later on. Member, I didn't know why, like before about the book, why the hold does see you have a new series.

Why do you have all these of the things? Everything he does goes back to selling subscriptions to blueberry is frequent genius. I will get there to me.

So he says more after that part, we were not just putting off as we're just into major earths when some new software bug forces start over. But every day we are closer. The building machine, we our style then was pretty.

This is a good idea on problems solving here. Our style, then, was pretty the same as today. We took the problem and broke IT down into little manageable, digestible pieces that each of us take responsibility for, the ones for the part that we were best suit to do.

So just a few lines for you hear. This reminds me of teddy rose vote. He is fantastic.

I like the idea of a life moto, a family model. This has come over a couple times to stand. The guy created marvel, marvel comics. His, a model was excessive, which means ever upward earn a shackleton, one of the greatest polar florets ever lived. Ah he's actually my I told you before but my lock screen on my phone is just the picture of him was like snow's beer just looks like hell.

And because when I look at him, it's remind of me of his motto, which was by and dance we conquer so I see that like I he didn't give up who's gna freeze the death you can keep going and David stop in and then the um then the one that what bloomberg say here is the rosebud. He took the the the family model from his father, which is get action and so he says we act from day one. Others plan had a plan for months, something bloomberg repeat you over never getting sick.

You in there planning, i'm already out running so using going to catch up, good luck. Then he talks about, still, the early day is the product development. This is more about the terror.

I must admit I was worried. And why was he worried? We were spending what would grow to be four million dollars of my ten million dollars sale, mon brother's windfall.

Simultaneously, I was becoming responsible for the families of almost two dozen company employees. I convince these people to follow me. And if the venture had not succeeded, I would have failed them, their spouses and their children, as well as our customers.

And then you, the sentence you not expected to see after he just said that we poured ahead. From the beginning, I was convinced we were doing something nobody else could do, nor was anyone else trying as a child. There is a two wild sentences.

And really, what is telling us to say you ve got a different change product, that's where all the the, the, the profited in is a very an idea that spread through out start of culture. Peter tells the books, here are the one he says, listen, you want to create and capture lasting value, then you don't build an undifferentiated, ated commodity business. And so why is Michael telling us?

From the beginning, I was convinced we were doing something nobody else can do, nor was anyone else trying. So when my favorite, I would say, most unique ideas i've ever come across was in the founder of SONY, his automotive phy em oreo. I think it's found one one or two and there they're reducing audio equipment.

The only is of SONY well before. Like they're not successful the money and they find um a music student who loves their product and kept sending them hey like like basically critics on what you could do, like how he thinks he could um they could be improved here like a very like uh advanced year. Like good hearing as a music student probably has to half right.

And so key you keep getting these um these suggestions from he's okay, you want a job and so he once up hiring him, literally all his job is critique and uh critique products. So then you're when you do that, you're helping them get Better. And then like a decade too later, that guy once up being the president of Sunny, it's one of the most remarkable things that ever read named spooks, were going to see a similar situation, kind of like the same idea here, mars.

Now their customer, they're giving bloome berg and investment. And so they put on two traders because the traders are the ones that are using the product. He says when we first install IT miral assign two traders to work with this, I thought they'd role pains and they would second guesses every step.

The way was I wrong? IT turned out both of them were as responsible for our success as anyone. And why is that? Because they were nip pickers, but not in a nasty way.

They wanted to succeed. When they said something didn't work, they could show us IT didn't work. So we knew for sure IT didn't work.

And more important, they would help fix the problem because they will tells under what specific circumstances IT didn't work. Every day, our system got Better as we fixed each problem they point IT out. I'd always rather have a smart, fair, honest, demanding client than a nasty dummy.

He says, for our first, this is religious minder, that at the begin, you're gonna doing everything yourself. For the first three, four years and business, I did all, all of these functions. I worked full time selling our services. I negotiated all of our contracts ah I was running the company never before our sense that I have as much fun and as a chAllenge or as a chAllenor as chAllenging a time and business.

Uh, back when we started, the original half dozen of us, after finishing our regular job, would go into clients officers on the weekends ah we had to climb under the desks and where we had to lay our cables, we dragged wires, stuff in cables through holes that we draw in other people's furniture or without permission, without giving any thought, any fire law or building code. It's amazing we didn't burn down some office or lectured or melts. At the end of the day, at ten or eleven coconina, we turn IT on and watch what we created come alive.

IT was so satisfying, we improved sed everything as we went on. I used to write all the checks myself. I said, every contract I paid, every bill I did, all the hiring, hiring I bought, the coffee, the soda, the chips I empted, the whistle baskets I dusted, the window sales.

I wrote and handed out every paycheck. Personally, those were the best days. The very first few years in the early nineteen eighties, we were involved in running every aspect of the company as we grew and turn these functions over to newly highly specialist.

I felt like I was losing a child to adolescence. Good for the kid, but painful for the parent. In addition to selling customers, he also sold recruits. He wanted the best, ah the most talented. He wanted to work with the smart people.

He really understand, bloomberg understood, is h understood like S A laughter before him that everything has to be sold all the time and pretty sure that the director from s day order everything has to be sold all the time. And so this is a pitch. I'm gona give an example of the pitch that he would give the perspective of.

Customers are suing prospective employees ah about why they do not work here. We've got the best people in the world working here. All of them think they walk on water.

All of them are working holiday. Once they come, they stay for the rest of the lives because they love IT. They built the Better mouse p they're doing something important. They're giving the little guy the information he needs to fight. okay.

So now we're going to get into what I think might be his most applicable idea for us in the age, the age that we happened live in because we're talking about what is in the omens of wall put together by air drg ts in its uh documents in the abcs wisdome. It's in um think about founders. I'll leave in the shower nuts but you can find an archive.

I'll say the the the number but it's about he said in the book is like it's not White color is blue color, it's it's unleashed version leverage. And so how the hell does Michael bloomberg get himself into position where he is like he gets his leverage through media, he guess, is what i'm trying to tell you here. Um and there's many ways for us to do the same thing today.

We don't have to go on the road. Heat did. And again, I think these ideas scale up and down can be like a one person business up into a giant company company bloomberg IT still works and so he's having conversation with with a reporter and again, member mico go, I am going to make money by selling.

I think that the questions, like twenty two thousand dollars a year, because his sales page is interesting, is in the book he's like, was in people say bomberg terminals too expensive, is twenty thousand or years like at eight eight dollars, hopefully members ing the numbers to correctly home from, but he something like that's A D A dollars a day. If you can make more than A D A dollars a day with the information given you, then you have bigger problems. And I think that just a really interesting way is twenty two thousand a year.

It's the same number, right? Twenty two thousand a year sounds a lot to me. Eighty dollars a day sounds less even at the same.

It's like a weird hack of our brain, right? So really, i'm going to read these conversations time with this reported a gift, an idea that helps greatly expand his business. Why i'm telling us, and really the note of my self, is your company has information no one else has.

How can you refurbished to benefit other people and achieve your objective? And so let's go. This conversation he's having in the early days of his company, I want to make our terminal and indispensable to stack as well as bond traders.

Should we get into the text news business. His answer is to the report who's eventually going to be hard to run this part, and I think might still work there. When I was taken, his answer wasn't what I expected.

Although IT encouraged me to keep the conversation going, mike, he said, remember this day financial reporter talking to mike OK? I think he might have been from the street journal. I can't remember.

Unfortunately, a mike, I said, you in the people you work with have created a terminal that explains more about why bonds fluctuate each minute, day and week than any collection of reporters ever. Could you already provide charts and graphs that influences the major debt trading decisions worldwide? If you add text to the information, you'll have something that doesn't exist anywhere else.

No one in debt or equity would be able to live without IT. And so if you stop and think about what he saying, it's like, mike, you have information. No one else has IT IT.

You just happen to present IT in picture form, in graph form. Why don't you just have higher bunch of people to then add text written narrative explanation about what's going on? That is useful information.

Useful information is known as news. Put that news out, say this news comes from bloomberg. People read IT for free to let what has bloomer? Let me look into IT.

Eight percent of the people that discover your, you can have ninety nine percent of the people that don't ever pay you a dollar. And that could still be a profitable line for you. When I read sid mires book, that's the guy that wrote, he wrote a computer game.

I made a computer game called civilization, that a that once up selling like fifty three million copies. That was amazing. I love his book.

I think that teach you a lot about building like a mother like if you, anna, build like a higher leverage business, how you do so game gaming example in ty 3 of the users of Candy crush don't pay， have never paid a dollar yet, that game still and millions of dollars every day. And so that idea that sit picked up on is very similar to what this guy I know. He was name mike.

No, no, it's calling glom work. I don't know this guy's name. matt. Sorry, his name is matt. But matt is telling him, know you already have this information, make IT easily publicly available, share the information that you have with other people they'll know about you, and then you can offer the same people what you want them to buy.

And even if millions, I think tens of millions of people is like the reach of bloomberg today. Yes, they they have like I have came member, I want to say like three hundred thousands of scribes. So again, millions of people are familiar with the name.

I was familiar. The name never got to terminal. Millions of people read the the analysis and information that company produces. And a tiny, tiny percentage will actually give you money for your other product.

And that is going to allow you to have this giant leveraged media business that is just funding in subscription a customers. And so this is this idea is i'm going to spend some time here because this goes over many, many pagets when i'm about to read you. This is all separate.

But I really, I feel of this is a very powerful idea. I want to point out before I get into the this site to expand on that with you, this what he does. So he takes some convincing math like, yeah, you do this course and bomb is not sure, uh, not sure.

So what does he do? He consults history when trying to decide if you should enter the news business. And so again, this guy has it's rather impressive that he's able to know all the stuff.

I mean, he's been alive a long time and IT doesn't sound like he's guy is ever gonna p learning. But listen to that, he goes. History shows that any gutsy entrepreneur can enter the news business any time.

And he list of all these people he studied. Jose polar, you know, I did a pocket on him when you ran off her, did a podcast on him. Uh, Henry loose, don't know who that is.

Bc forms ted Turner, ruber murdoch and Opera winfrey. So he just gave a bunch of ideas for different people to pursue the grapes of. So he just list off what is that like, you know, seven, eight people, you know, like what they did IT why can I best?

So then he talks about, oh, this is a vange um okay. So I need to pause and tell you what I wrote before I read the question to ask you of what advantage do you have that existing companies in your space lack? There's a million other media companies.

Why is boom berg think you can do IT one? History shows that if you're got the, you can pull this off. But too, I don't have to worry about a turning a profit.

okay? This has been run over over again. By different companies to introduce different product lines that don't need immediate profits.

Best of all, we had revenue from terminal rental, which meant we didn't have to worry about a new service paying for itself as a stand alone product. This is one heck of advantage, he says. Fundamentally, a bloomberg were builders, not buyers.

So IT never occurred to me to acquire news organization as a starting point. It's always more fun to create from scratch, and it's a lotless risky. So that's everything he repeat over again is very anti acquisition, even though there there are a couple examples that he buys with a business way I can't he buys one of them.

They are like almost close the bankrupcy. So just point out when he does the few times that he's done acquisitions, at least when the book was publish, he points out why he did that. But he in general, he repeats over and over again.

He's a distant just build yourself. It's more fun, it's less risky. And you can do IT exactly he you want to do if on the ray beginning OK.

So now he's full on on this idea. This is can be this gigantic customer acquisition strategy form. I'm going to read this to you really. I the know of myself.

So I when I go back in referenced ideas in the future and you don't understand, instead of reading this whole page, what is the compressed idea here? Each news story is a product demo. More demos leads to more revenue.

More revenue leads to more stories, and then even more revenue. This is why, I mean, like, this is a really my favorite idea in the book. I handed him a three page list of what bloomberg news should be doing.

Our purpose was to do more than just collect and relay news. IT should also advertise the analytical and computational powers of the bloomberg terminal by highlighting its capabilities in each news story. Each news story is a product demo. This is wild.

With our terminal functions included, each of our news stories would be more informative than the competitions and more people would want access to them, which meant more revenue, which in turn meant we could afford more reporters and have more news and so on and so on. Each news story is a product demo. More demos lead to more revenue.

More revenue leads to more stories, and then even more revenue. And I just gives us a simple like formula. As entrepreneur, i've learned to know what I don't know, to get access to the people who do know, and then study hard.

And then he goes back to this idea of knowing what you like, what is the process of business? What is the actual what is the actual product service that you provide your customers? So I reference cover.

When we first began, we manufactured computers and keyboards because we had to personal computers didn't really exist in order to deliver our product. So we made them because that's how we delivered our product. But we never made the mistake of believing that we were in the hard report.

We are in the business of producing and distributing the world's most accurate, reliable, comprehensive information and analysis that has been our mission from day one, and IT has never changed. Technology will continue makes an important point here. Technology will continuously revolutionized distribution, but our product is content, and much of that content sits behind the media world's most expensive payment.

Instead, he says it's twenty two thousand dollars that were set to eighty eight dollars a day. So nice thing to give us advice on. How do you make your product, your company, stand out? And his advice is, you hata be you.

You know more about your business than anyone else. You think about a more, you care about a more. You're in the best position. Then if those facts are accurate, to tell other people why is valuable and he doesn't, you know how to be to split, polished speaker crisman. A definite helps there is some kind of weird I like you know hypnotic effect that Christa hap has on on people.

We see that throughout history right in good and bad a people um but you just tell him why the people want to know why, like why did you make IT? Why is valuable? What does he do? And so he says, entrepreneurs.

The booming one thousand nine hundred eighties were commonplace. My company was small, virtually anonymous. Our product, which is the terminal that we're selling, uh, was called the market master IT could have been confused with a kitchen appliance with that name.

No one knew us, no one cared about me. But by one thousand and eighty four, this is about the change. Those of the days when run a wag improved how marketable ideas could be when they were peddled with carma.

You needed a spokesperson for mass appeal. Consumers and the media identify products and policies with people who pitch them. So give an example.

Nike didn't just make sneakers. IT pushed them with a mistake that can only come from Michael Jordan to have the best mouths. Trap wasn't enough successful delivered by people promotion.

If we were gona build our business, we too needed a personality. The obvious choice with me, our competitors founders, were all dead. I on the other hand, was alive and out, making speeches and sales calls every day.

A turning my name and work into a great weapon that others in the financial news and market data businesses could not match. And since I spent so much time demonstrating our product, people have begun to mentally interchange me with the terminal. So that's what he changes IT from market master terminal to the bloomberg terminal.

And then the company also had a different name is like there was some like basic name, like innovative market solutions or something like that. We said that does not making sense, just call blogg. So then he says one of the funniest lines and the are one the most unexcited lines and entire book, I would become the coronal standard standards of financial information services as the owner by definition, I spoke with authority.

And to make good copy, I gave the press a colourful personality to focus on. So we talked about starting the new that service prints. And then he's like, I don't care about the medium.

The medium like all produce, he produce a magazine, magazine. I take an out to read. I will give you thirty second uh, news, uh, audio like radio, uh, clipsed on a news, thirty second news clips on the radio part.

Me, uh, I do that. Uh, I will write articles to take five ministry. I will, I get into T. V. I will do anything and really one trading to.

He's got a lot of these like round about ways to get in front of potential customers and everything that has to do with the fact he's a repair, posing the information that his unique business collects. We talked about this series like people often asked me, why did bloomberg get into radio TV? We have the necessary information in the technical know how.

So broadcasting is an easy extension of what we do elsewhere. Radio and television provide our company with instinct visibility. Why does he want that? More people know whose company is, are gona buy this product.

The media, like the me, really am. I'm talking this because this is how you did IT in his time, right? You had maybe still on TV network.

He wants to buying a radio station. He doesn't crazy self, right? But this is where we have lot more access and easier ways to do to run the same playbook.

Today you don't have to buy a radio station. You can start podger is the same thing, right? Uh, you don't have to buy A T V station.

You can start youtube channel. You can start making vertical video on tiktok or anywhere else, right? The same exact thing, the same idea, like he just warned us early in the book, like technologies is always going to revolution and distribution.

Just ride those waves. Just stick to your core thing. And so he says, we have a nessa information radio, television, provide to our company with instant visibility.

The media like, not the media like, nothing Better than writing about themselves. The more exposure bloomberg had to the media, the more they promoted us to the general public. So really the way thing what that is like, there's round about ways for you to get in front of potential customers.

Just think about IT clear schedule. Spent half a day just thinking was like, where are these things that i'm I could be doing and I am not currently doing? Just a more like specific ideas for you is a great way to have to pick the person.

So your company's launching new project, okay, who you going to put in charge of bit? This is what bloomberg, how he made that decision. I've always believed in markets rather than the central planners ability to make efficient selections in many of our new ventures.

We don't appoint a manager at the beginning. We simply threw everyone interested into the deepen of the pool and then stand back. IT becomes obvious very quickly who the best warmers are. We just watch you people go to for help and advice.

And later, when we formalize a management appointments, no one is ever surprised as a really smart the leverages gained from employing creative people and letting them do their own thing is incredible. I have now skip to have a couple pages. We're back at that same idea.

Everything they do increases the likelihood of selling bloomberg subscriptions. So it's just going to pull out one sentence of this whole thing goes in more detail. He says TV stories relate to magazine articles that relate to computer data.

So every piece of media that we're producing comes from the data that we happens to have, the computer data that we have that very few people, if anybody else in the world has. And i'm going to be purpose data i'm going to put in a TV story and I have a narrative around that. I'm going to, right, write a magazine article.

I'm going to give you, uh, thirty seconds on the radio. I'm going to give you fifteen hundred words on the bloomberg dot, come in a newspaper and every time you're listening to A A little radio, you're watching T, V. You're in article with just a demo of the what my product is capable above oh, you read that article that was very interesting information.

You didn't know that where the information come from, this information help to my business. Let me go look up this a blubb terminal. A few pages later, he hits this again.

And this is why say you should read the whole book so so close in our businesses formation. It's not the information that that, uh which is not the medium that the information is delivered. That's really what is about to tell us why use all media farms rather than focus on just one what business arian ganny is asking you to.

I love the fact that he's constant telling you just ask yourself these questions the end if you asked, if you pause for me to ask yourself to these questions. The answers are valuable. They're onna criticized your thinking and make sure that directly head in the right direction.

What you want to do so is like what business we in some companies take themselves to be in radio or in television or in newspapers and so on. We have a great division. Blooming burg is in the business of giving its customers the information they need in whatever form is the most appropriate.

With all methods at our disposal, we do Better. We create or adopt a new medium. We don't ask our customers to accept less.

So the he was back into the point that technology gave him his his leverage, his advantage because when he started out and I skip over all this, but in he talks about the book where, you know, they doing everything by hand, they're writing down trading slips, keeping track of stuff literally by pane and paper, no books. And so he's like, this is ridiculous. We should automate IT.

He starts working on that when automation is kind of like a science fiction. This is the one thousand nine sixty, I think, might be the very beginning in one thousand nine and seventies when he's doing this. But I want to pull out one paragraph here because I think this is really important and it's what you are able doing right now.

You had to spend as much time learning is possible because you never know what opportunities that knowledge will open up in the future. He is talking about the education he gets in the one thousand nine hundred sixties and seventies that will make in billions of dollars three decades in the future. But he would not have made the money if you didn't have the experience.

So says my education, that you sick any talks about something you when I talked about. Again, history does not repeat human nature dots, human nature. Consent is not changing.

My education, one thousand nine and sixties and one hundred and seventy era of horse and buggy e computer systems form the basis of what I did more than a decade later when I bought the bloomberg terminal to financial desk worldwide. What I discovered them about data management, about people management, still serves me well today. People have a need for information, and once confronted with IT, they can exhibit bravery, jealousy, adventurousness and fear of the new.

No matter what systems we create in the next decades, these two statements will remain true. So a lot more detail. Some of them was confusing to me, but because he's talking about essentially what they built when he's automating these systems at salon bellers before blumberg, he goes through a lot of detail like what what I meant.

So I just needed to give you the punch line and i'm gona tell you why this is an idea that's been in existence for at least one hundred twenty nine years. So says Simon, is in an action that's exactly what having the only useful data, reusable and analytical tool in the industry gave them in the one thousand nine hundred seventy. This is what he was charged up with the close priority system we built.

Salomon got a period, got got for a period when no one else had. Solem jumped away ahead and stayed that way for a decade, in a sense, for ten years when salmon on went to a nigh fight, IT Carried a gun. And so Andrew carnegie founded Carry his steel company hundred twenty nine years ago, and he used his idea, talks about his automotive phy. You can go back in our type of three part series on him. And Henry colly freak, the worth listening to this books are worth reading, because what Andrew carney y realized, this is an idea that i've seen used by almost every founder after the fact that came, you know, the last hundred and twenty nine years.

And so Andrew carney, even though when he was Younger, the older people in street, like chastize them, I criticize him for doing this, so that the way summarized antropov ic ideas that you need to always invest in latest technology, your business is why the savings compound IT gives you an edge over your slower moving competitors and can be the difference to in a profit and lost. And so think about what he just said. For a decade, Solomon had a two, a technology noted so there's showing up to a fight.

You got a knife. I got a gun. That's the second part of, uh, county thing that gives you advantage over slower moving competitors.

The same idea, something that bloomberg in to preach sue about management, is find the very smart st people that you can find the most thousand people in your company, and then give them freedom and he says, I always believe that management's ability to influence work habits through idiot is unlimited and then he just says, s one sentence here. And really, this sentence sponde a thought years ago. He's given us a blueprint for a modern company.

We should combine software sales and content marketing. And so this one sentences says, we have phenomenally low turnover for a company, employed many Young programmer, sales people and reporters. So those are the three areas and returns of humans like human capital, human resources.

He's investing in software give you leverage, sales gives you leverage, content marketing gives you leverage. And then goes right back into this aggressive war like power that he has throughout the book every day. A bloomberg, we face chAllenges that jeopardized our comfortable life.

We constantly have to fight, establish competitors trying to take food out of our children's S A mouse. And then there, the startups I wanted destroy everything we've built. And this, again, it's just good to know.

This is why history so much beneficial so so beneficial to learn how to study. Because these people usually don't speak like if you watching interview of like a founder. Now very rarely will they talk the way we've talk in these books. The extremely like they keep that under raps.

Um so again, I I he's just a border line crazy person and his approach and the reason, even if you don't want Emily approaches this is a matter if I want to be aware that these people are out there so I can avoid them, right? So cold pages later, this is another idea that we see over over again. More questions ask ourselves, what can we do that our competitors cannot.

There is no reason to do a copycat product. Consumers can just buy that from others. Ewan founder, polar ID, says, don't waste your talents on me too products.

And I would use that other code earlier, Peter, till don't build an undifferentiated commodity business, bloomberg land, till they are all time your same idea. Go back to this idea that bloomberg repeats a lot. I don't want like I want a lot of small bets with limited downside and untapped upside. I'm not going to sit here and put all of my resources like we talk about buying in the company. So I spent almost my money buying in the company what IT doesn't work out.

Like why don't I just have these opportunities? This like a little miniatures bets and this is something that's very somewhere if you go back and read about like what jeff basis thinking on this um you know he's very willing to invest ten million dollars and ten million dollars a pop in multiple different businesses and and then giving time to see what they grow into you know he said multiple different product lines I grew from, you know ten million dollars to billion dollar plus in ten million businesses he talks about that marketplace a of U S. Echo, all these other examples.

IT is a very like simple line of thinking here. And so bloomberg says our motors up on day remains building from within, which avoids to the bet to store highest gamble that often characterized large takeovers such as the disastrous time Warner ao deal. Maybe i'm just not that smart when i'm looking to expand.

I prefer starting with little capital and that we can afford to lose and a few people we can always signed other projects this way. We never feel we've committed to stay with our mistakes, nor are we so over extended that we can't handle other additional experimental ventures simultaneously. So lot of little small bets, limited downside, uncapped upside, is what he's telling us there.

And then he's got this great historical now logy. That is, I found very interesting. And this is why favor audio over video? Because one human talking to another is this all this time. And I watch videos are going wrong. I love movies to suspect that.

But I like the fact that podcast, that you do other things while you listen, the fact that, like, you could buy a script of founders, listen to two days a week and over a year while you're driving your car, your commuting, you're going for a walk, you're at the gem, your washing dishes you've just downloaded, the the ideas, the best ideas to copy in, the worst mistakes to avoid of over one hundred of issues. Great entrepreneurs. Podcasting, to me, is an absolute miracle.

And so this is what bomber says. We exchange ideas more than information, and we do most of that, only having text visuals to add to understanding his nice. But were men and women, not machines face to face, or even over electronic media? We need to transmitted and received sound.

When Samuel more invented the telegraf, he gave us electronic, interactive, digital tax communication. Nevertheless, we flocked to alex integram bells, analogue, voice, telephone instead, because IT Better mirs the way we live, we talk to each other. So now we going to see another day from blueing.

That is, the jeff is who says exactly the same thing, pretty sure to, and share the letters to read up to a minute. Since bloomberg was always up against companies many times our size, we had to enter each commercial fight with an advantage. I don't believe that business battles should be even.

We don't want fair fights. We want to go into contests with an advantage, basel says. When IT comes to competition, being one of the best is not good enough.

Do you really want to plan for a future in which you might have to fight with somebody who is just as good as you are? I wouldn't. And then I think they're both making points that I guess next to their this idea that they are saying is the fact that we live like world.

Our world is dominated by parallels. And so the the the the being the the best in your category. R, I suppose the second best you might talk, the difference of thousands of percentages are more profitable, wealth created or whatever metric you want to use.

But they're talking about OK only for survival. You want to be into fights where you have an net, right? This is very so much to what edr talus and he said is fifty years of as a money to manager taught him.

One thing is like only play games and make investments. We have an edge very somewhere to what bomberg and bases are saying as like, I don't want to I don't want to plan for a future. I to fight somebody who is good at me, I have to be the best, not one of the best.

And bomberg saying, I don't want to fair fight. I want to go down into a contest with an advantage. And then I want to talk because, again, this is we're always thinking, like we're sitting to people's lives part of having a great life, which I think is what you and I after, is the fact that we have to be good at at our work.

Work is a third of our lives. If you don't enjoy IT, if you not good at IT, you're you're losing a lot on the table like your enjoyment of life is going to be diminished. You have to learn how to be a capable ca Chrisman professional, whatever IT is that that you choose to do during the day, right? But that's just one part.

The main goes, how do we have a great life? How do we get to the end of our life and not have regrets? And that's why we have to learn from the intelligent dead that came before us, because these people were formidable, smart, driven, and yet they got to the in their life with regrets.

So we are, we are foolish if we do not learn from their examples. Or how do I void that? And this is about the fact that the relationships we have with people is more important than chasing an extra dollar. And that is, if history is anything, is that this type age driven personalities, these people have fire in the bEllies. These really smart people make that mistake.

And so given the choice, we've got to be smarter about this, given the choice between optimizing for extra dollar, which we can make later, are spending time with the love, one that may not always be here he gotto choose the love one. And so he's talking about the note of myself. Here is, dad would have been proud.

And so i've heard from people like, I have mother and daughters that that listen to founder together. I have father and sons. I have married, uh, I ve had for married couples to do this.

And these relationships are special to impact for the rest of our lives. I've seen this over and over again in these books. And so if you have kids, you ready to know this? But if you don't have kids, you have no idea how much your parents love you.

They love you more than they love themselves. And as robot to see here that the impact of parent can have on their child IT affects them for the rest of their life. IT is an important job.

There is no slacking because we're going to get to a sentence that bloomberg rights that's going that gives you chills. So first, he talks about his mom. His dad died early.

He was unfortunate. His dad died when he was still in school. So he didn't he didn't never got to see the success that he had, but his mom did.

So he says, until my mom died at age one hundred and two, I call her first thing in the morning when I got to work, taking care of your family was a given, something I hope my own children have learned. The person who would have been really thrilled with my father, who had died earlier. And he started about the fact he was thrilled only with the success of the fact he got into harvard business school.

For dad, an average working class guy, harvard was a verified, in almost unattainable way. Point on the trail to the great american dream, the business school, the salomon partnership and and our nota Ariely today, all would have meant even more to him than to me. And this is the most powerful sentencing tire book today.

Fifty five years later, I still meet some. And then Michael had some parking advice for us, the importance of being persistent and resourceful. Most fortins are built by entrepreneurs who started with nothing and generally got fired once a choice in their careers.

And throughout history, the vast minor degree writers, artists, musicians, dancers and athletes have come from less financially secure families. The rewards almost always go to those who out work the others. The time you put in is the single most important controllable variable determining your future.

And that is where I leave IT for the full story. You got to read the book. If you buy the book using link to station in your parkas player, you will be supporting the podcast at same time.

I also leave a link down below. If you want to give give scription to a friend or family member, that is an option as well. That is one urgently that is two hundred and twenty books down one thousand ago. And I talked against.