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I read or listen to over 50 books a year
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on business I skim most of them I study
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a select few these are the nine books
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that helped me build a $100 million
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business and they transformed just about
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everything but why are these the books I
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come back to because they are from
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billionaires and I truly believe
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biographies of billionaires teach you
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more than self-help books and are the
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best way to learn so the goal of this
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video is to save you hundreds of hours
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by sharing the most valuable lessons
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from each book why you should read it
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and how to implement these principles in
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your life to grow your business and make
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more money and at the end I got a little
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special giveaway for you so make sure to
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stick around but before we get into it
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don't be a bad Vibe you need to
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subscribe we don't want to fill your
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head with nonsense instead here we do it
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all with common sense okay first up
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built from scratch this is the book from
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the two founders of the Home Depot on
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how they built a company from nothing to
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$30 billion why should you read this one
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because it's actually 300 billion the
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new market cap of Home Depot what I love
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about this book in general is it's the
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story of how two Founders step by step
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built a company that's lasted far beyond
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them and probably will for decades in
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the future I want to steal the homework
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from people who bootstrapped their
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business didn't have a lot of cash
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didn't have a lot of experience because
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I think that's probably a lot of you
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guys and me too I never raised money for
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this company for instance or most of my
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companies the interesting part about
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this book in my opinion it is so
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tactical in an age before people who
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wrote books were just trying to get
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speaking gigs and famous and talk on
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stages you can't find these guys
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anywhere try to Google them they're
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literally not available and because of
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that this book is it's not fluff it's
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not a book as a business card it is only
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for Builders so I really like it I
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recommend you listen to it on audiobook
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I don't think you have to read it that's
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what I do and I've listened to it a few
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times one of my favorite stories from
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the book is about them getting fired so
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what actually happened to create Home
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Depot is that the two founders of it
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started at another company and that
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company they were moving they were
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growing within the company and they
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thought they were doing pretty well but
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apparently they were too aggressive for
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what was his name Sandy seelhoff who was
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the head of the company and he fired
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them from a company called dalan
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Corporation and told them that they were
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inept that he could do it all himself
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and firing them is what led them to
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light a fire underneath them and so I
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think for a lot of people we don't
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realize that the thing that is waiting
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to propel us in the future is the most
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painful thing that might ever happen to
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us what's interesting is the two
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Founders Home Depot were also inspired
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by another book we're going to talk
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about which is from the founder of w Sam
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walson sometimes we can't be what we
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can't see and these two guys they saw
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somebody else just like them from a
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small town didn't go to fancy schools
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didn't have a lot of cash but still were
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able to build a giant company the other
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thing that is unique in this book in my
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opinion is one they start from the idea
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of low prices because they couldn't
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afford very much they couldn't afford to
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create a luxury store because they
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didn't have any money so they were like
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let me solve my own pain before Home
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Depot existed you couldn't just go out
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and buy all the things you needed to
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redo your house you had to go to
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specialty stores you had to go to
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contractors sometimes you had to show
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your contractor's license even to get
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into the specialty stores and Home Depot
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totally revolutionized that so they were
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like wait a second we're kind of broke
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we're kind of poor we want to redo our
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house we can't afford a contractor what
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would it look like if we built a big
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Warehouse what if we just bought a
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warehouse or leased a warehouse brass
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tax nothing really in it not pretty
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throw up a bunch of cheap shelves boxed
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goods and if people will come in and buy
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our stuff everybody else in the industry
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told them that they were crazy and they
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said we don't think so because we think
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that people wanted do it themselves they
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can't and they can't afford contractors
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and so they took this lowprice paino
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idea and created an Empire what's
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fascinating is if you were to go back
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before Home Depot was created and pull
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at the average Americans do you want to
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redesign and redo your house yourself
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and could you redesign and redo your
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house yourself 10% of Americans back
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then thought they could do Home
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Improvement today it's more like 56% so
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they have single-handedly taken
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construction home construction out of
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the hands of the few and put it into the
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hands of the many that's one reason one
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of the other reasons is they changed the
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rules of the game how anywhere you have
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an industry where you have a middleman
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There's an opportunity to build a
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business the middleman in this instance
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used to be these specialty stores used
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to be contractors and they were like
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gosh if I just got rid of this guy in
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the middle I could decrease the price by
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100% 200% 50% depending on the issue so
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that's exactly what they did they got
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rid of the man in the middle and look at
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how much money they made doing that they
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took the home do-it-yourself Market from
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a $35 billion Market to a
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$365 billion Market just during the
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writing of this book when they had
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created $3 billion company I think the
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idea here is when somebody says you
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can't it's often because they don't want
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you to I want to share one of my
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favorite quotes So they say the key is
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not to make the sale the key is to
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cultivate the customer at the Home Depot
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cul ating the customer is much more
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important than creating a bottom line we
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teach our Associates that if you can
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save a customer money do it we're not
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looking to fleece the customer if I can
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save them a hundred bucks why not do it
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that reflects one of our core values
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care for them today they'll be back
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tomorrow I love this now they paired
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this idea because if that was the only
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idea all your employees might say buy
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everything for free from somebody else
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let me give this away they paired it
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with one other thing never let a
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customer leave the store empty-handed
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period if there was something they
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needed that they didn't have then we
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would figure out a way to get them to
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their goal I think this idea of always
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satisfying the customer means that they
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always buy something with this idea of
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never overcharging the customer so it's
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simultaneously you feel like man they're
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taking care of me and man they're taking
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care of me but profit is in the middle
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now how does this apply to you if you
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want to get rich you should only take
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advice from those who already are rich
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if you want to build a billion dollar
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business you should probably listen to
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those who have built billion- dollar
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businesses these two guys have done it
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and it's actually lasted the test of
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time so let's steal their homework
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number two poor Charlie's Almanac which
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is this one right here okay this is one
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of the best books of all time in my
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opinion Charlie Munger was the right
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hand to Warren Buffett in creating
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birkshire Hathaway he put together this
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compilation of his best speeches emails
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scripts since they started what's
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fascinating about this book in my
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opinion is it's an easy read Charlie
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Munger kind of talks like your grandpa
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but you know if you mix raisins with tur
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they're still turds kind of these quotes
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and idioms and pieces of wisdom that are
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so simple to understand because of the
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way that he communicates and yet this
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man has created more wealth than almost
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anybody in this country and the quote on
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the back is there is an old two-part
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rule that often works wonders in
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business science and Elsewhere One take
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a simple basic idea and two take it very
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seriously it seems too simple and yet
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that is part of the magic of Charlie
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Munger I think you should read this book
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if you want to become a better investor
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if you want to get better at decision
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making if you want to figure out how to
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take your money and make more money with
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it and if you want to replicate the best
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investor of our time probably in tandem
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with Warren Buffett his success one of
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the best stories from Charlie Munger
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that I really loved is he talks about
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being incredibly Frugal but also caring
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a lot about the way that he looks so
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throughout the book there are stories
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from his kids from his wife from his
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friends perfect example from Charlie
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Monger is his son talking about how his
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father was a man of very few words not a
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lot of compliments I don't know if any
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any of you guys have a dad like that and
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so one time his son sends him a book
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called trillin and the book was about an
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immigrant family and the growth of this
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family and sort of the midwestern values
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and humor that they had in building a
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huge business and so his son sends the
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book to his dad and he's pretty excited
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he thinks his dad's going to like the
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book and all of a sudden he gets the
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book back in a padded envelope with an
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address label written by his dad's
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secretary there was no note so his son
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never knew if he rejected it or not he
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never even asked his dad he just kind of
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thought maybe he never read it or he
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never received it but it turns out his
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dad liked it so much that he sent copies
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of it to the whole family and so I think
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this is a little bit of an example of
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these days it seems like we always want
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a feedback loop we always want more
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compliments and more comments but
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sometimes we can make a lasting impact
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just because we think it's right and we
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don't have to have all the rigor moral
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as much as you can and Charlie M talks
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about this get people who don't tell you
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exactly what you want that they're hard
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on you and Charlie Munger was certainly
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that he also was really well known for
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sitting in what they call his Mount
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Rushmore chair which was a chair
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probably kind of like this where he
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would read newspapers every single day
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he was a voracious reader and the Mount
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Rushmore chair you weren't allowed to
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bother him for like two hours a day he
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was stonefed he wouldn't talk to anybody
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he wouldn't engage and he was really
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intimidating to his kids but he realized
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that his only differentiator in life was
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could he consume more information than
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other people do because he didn't think
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he was smarter than other people he
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simply thought that he worked worked
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Harder by getting more into his head
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than anybody else could and in this day
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and age with podcasts audio books
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YouTube I think we all have that
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capability but we're so distracted right
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30second Tik toks steal our attention
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all the time from a book that could
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actually change our lives if we went all
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the way through it and so a reminder for
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you sometimes to go to Mount Rushmore
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what is unique from this book Munger was
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known for mental models so if you go and
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look about stories on on Monger there
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will be points again and again where
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instead of making a decision once and
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deciding yes or no on it he will say
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this is a type of decision that I will
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probably have again how do I answer
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questions like this decisions like this
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and so he has favorite quotes and lines
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like you can Le a horse to water but you
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can't make it drink so what would that
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be about well in one instance he would
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say the most important thing when you're
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hiring somebody is to realize that you
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can't teach desire it's the same quote
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so what is he saying there he's saying
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when you go to partner with somebody
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when you go to hire somebody you need to
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make sure they want it cuz you can't
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want it more than them so if he was
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deciding between hiring candidate A or B
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he would find the one who would want to
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drink he would find the one who would
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want it more for themselves than he did
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so he wouldn't have to keep answering
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that question to himself how do I decide
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who to hire it would be who is the
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thirstiest and actually going to drink
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one of the other things that Monger does
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that I thought was really interesting is
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instead of learning from the positive he
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would do what's called inversion he
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would say invert always invert so often
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when I'm going to have an activity I go
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if I did the same activity for 100 days
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or more would I have a better life or a
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worse life if I eat I ice cream every
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day for 100 days better or worse worse
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okay maybe don't do it if I read 30
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minutes every day focused attention
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instead of tick tocking would my life be
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better or worse better do it and so
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instead of thinking about could I be
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better think about would it be worse and
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he does this again again and it's called
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inverse thinking and very important if
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you want to be an investor too because
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imagine one of him and Buffett's famous
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lines is rule number one to investing is
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never lose money rule number two is
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don't forget rule number one and so if
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you want to be a good investor you
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always have to think about the downside
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more than the upside otherwise you are a
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happy fool Distributing money to other
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people's hopes and dreams and never
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having it come back to you number three
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the ride of a lifetime Lessons Learned
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From 15 years at the helm of Disney this
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is
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so this is a book by oh this is going to
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go poorly I'm going to leave it right
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there this is a book by the CEO of Walt
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Disney World so Bob Iger so it basically
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Chronicles everything that happened to
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create the happiest company on the
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planet and what I think is interesting
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about this book in general is that he
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was at Disney through a pivotal period
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with a ton of Transitions and changes
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and went from being a normal employee to
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the CEO of the company to one of the
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richest men in the world and so I think
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we should steal his homework when Iger
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became the CEO of Disney in 2005 he came
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in right as Disney and Pixar were having
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a strained relationship they had a
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partnership right where they were
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Distributing content together Steve Job
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was was over Disney he wasn't into it he
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didn't think they should continue the
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partnership so Iger took a huge risk he
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said I'm going to double down on you
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Steve Jobs and on Pixar so much so that
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instead of just being a partner I'd like
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to outright acquire Pixar huge move and
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Steve Jobs if you read anything about
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him loves big moves so he realized that
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he was dealing with a player here not
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somebody was going to tiptoe but take a
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huge jump they ended up acquiring Pixar
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it was one of the most successful
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Acquisitions in Disney's entire history
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and they developed a really close
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relationship Steve Jobs famously said
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that together we saved two companies and
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I think that might be true in some ways
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they also had a great relationship from
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one Visionary to another I think this is
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a good example of what happens sometimes
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when you go all in to not half ass your
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way through life but instead when you
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see an opportunity jump what is unique
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in this book is we have seen live Disney
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become one of the most acquisitive
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meaning they buy a lot of business
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companies in the world watching Bob igar
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acquire Star Wars and all of its
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entities watching him acquire Pixar
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Steve Jobs brilliant brainchild and
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integrate those into Disney transform
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the company and every single transaction
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is documented in here so you can hear
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about one of my favorite stories which
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is when he goes and meets with George
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Lucas who was the founder of Lucas film
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AKA what owns Star Wars and Lucas was
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like no way am I selling this not for a
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bajillion dollars and Lucas didn't need
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the money he had plenty of it this was
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his baby that he didn't want to see
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ruined now have they kind of ruined it
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different story I do think they've
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beaten Star Wars to death like a dead
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horse but uh back when when Bob was
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heading the company and running it
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acquisition they didn't think it was
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going to happen they were competing with
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a bunch of other people and Disney
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actually paid less than others they
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recouped their money in this acquisition
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faster than almost any acquisition
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Disney has done I think they got a
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raging deal and so you can learn a lot
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about deal making from Bob Iger and the
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way that he gets deals done is really
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interesting because I think he goes and
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he learns the psyche of the person that
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he wants something from he spent a ton
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of time getting to know Steve Job so
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much so that he was invited to his
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funeral to speak and they would say I
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love you to each other he got to know
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George Lucas so well that he would go to
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his house and go on walks with him and
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so when he put together a transaction
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for them he knew what they wanted he
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didn't just sell what he wanted
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brilliant strategy some of my favorite
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quotes for him ask the questions you
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need to ask admit without apology what
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you don't understand and do the work to
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learn what you need to learn as quickly
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as possible true Authority comes from
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knowing who you are and not pretending
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to be anything else I think we've all
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felt that moment where we're somewhere
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we don't ask the question because we're
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scared we want to look smart he said
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said me asking a question has nothing to
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do with my intelligence level it
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actually shows I'm more intelligent
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realizing an area where I might not know
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everything one of the other things that
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I love is he talks about Innovation
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which they did a lot of on Disney and
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says the path to Innovation begins with
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curiosity innovate or die and there is
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no innovation if you operate out of fear
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of the new or untested in this day and
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age a lot of us operate from fear and he
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wouldn't and lastly some of this when we
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have people like Bob Iger I think maybe
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they're trying to portray something you
00:15:32
know when he put out this book I think
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he was going to do a presidential run
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that's just my take and so sometimes I
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think they're trying to portray
00:15:37
themselves one way or another but then
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he has a line like this don't be in the
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business of playing it safe be brutal
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and be final and I think that's true
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don't play safe sometimes you do have to
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be brutal my biggest takeaway from this
00:15:49
book is Big swings you know Home Depot
00:15:52
is kind of a series of small moves
00:15:54
perfectly executed continuously Bob Iger
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is like go eat the whole at once and I
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think it's good to see the two all right
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next we've got Steve Jobs by Walter
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isacson I don't even have to look it's
00:16:05
this giant book this one is long but
00:16:08
think about what Steve Jobs has done
00:16:11
this book is based on over 40 interviews
00:16:13
with jobs conducted over two years as
00:16:15
well as interviews with more than a
00:16:17
hundred family members friends
00:16:19
adversaries competitors and colleagues
00:16:21
famously Steve Jobs read in said it
00:16:23
sounds kind of true and yet I remember
00:16:25
many things in another way why should
00:16:26
you read it because he's one of the
00:16:28
brilliant vision Aries of our time if
00:16:30
not all time in the modern age I think
00:16:33
if you want to be exceptional it's much
00:16:35
easier to mimic somebody that you
00:16:37
already know is exceptional when it
00:16:38
comes to Steve Jobs there's so much to
00:16:41
learn besides the little 30 second
00:16:43
quotes that we get from for instance one
00:16:46
of my favorite stories which was about
00:16:48
the 1984 commercial if you guys have
00:16:50
never seen it here's a snippet on
00:16:53
January 24th Apple computer will
00:16:55
introduce Macintosh so in this
00:16:58
commercial this was revolutionary for
00:17:00
its time we're not even going to talk
00:17:01
about the technology we're going to sell
00:17:03
a feeling and we're going to sell a
00:17:04
Persona if you owned an Apple product
00:17:07
you would feel like this and here is our
00:17:10
enemy that we all stand against and that
00:17:12
was 1984 brilliant and then he did that
00:17:14
again with this other AD comparing Dell
00:17:17
and Appo one of my other favorite
00:17:19
stories from this book is about the
00:17:22
detail of Steve Jobs he was a
00:17:25
perfectionist with a true belief that
00:17:26
how you do anything is how you do
00:17:27
everything and there is one point well
00:17:29
there's two points let me tell you the
00:17:30
first one so when they're working on the
00:17:32
first prototype of the iPhone he
00:17:34
insisted the iPhone screen should be
00:17:36
made out of glass rather than plastic
00:17:38
but the engineers like no no no that's
00:17:39
way too hard so jobs told them I don't
00:17:42
care we do hard things and he told them
00:17:44
that people will carry their phones in
00:17:45
their pockets alongside their keys so it
00:17:48
needs to be scratch resistant we all
00:17:49
know that he's like I want a glass
00:17:51
screen I want it perfect in six weeks to
00:17:53
pull out this point jobs takes the
00:17:56
iPhone prototype scratches it with his
00:18:00
keys and says I don't know how we're
00:18:02
going to do it but we're going to do it
00:18:03
a crazy thing is he had something that
00:18:05
people called at the time the reality
00:18:07
Distortion field where when you were in
00:18:09
Steve Jobs proximity you felt like you
00:18:12
could achieve that Elon Musk has
00:18:14
something very similar where he says in
00:18:16
6 weeks we will do this and people go
00:18:18
okay we believe you and thus we're going
00:18:20
to do it and so lo and behold thanks to
00:18:23
him we have glass that's scratch
00:18:25
resistant today on our iPhones when
00:18:28
everybody told him that they couldn't
00:18:29
one of my favorite other stories is he
00:18:31
couldn't figure out how to get all of
00:18:33
his Engineers to feel like every part of
00:18:36
the computer the first MacBook was
00:18:39
theirs like they had ownership in it so
00:18:42
he was thinking about this problem and
00:18:43
thinking about this problem what he
00:18:44
finally did is he took the inside of a
00:18:47
plate inside of the MacBook and he had
00:18:49
the engineers sign the plate so even
00:18:52
though no customers could see it every
00:18:54
single engineer's name was signed inside
00:18:56
of the MacBook they owned a piece of it
00:18:59
their names would be etched forever
00:19:00
inside of this piece of Hardware he knew
00:19:03
that no one would ever see the detail
00:19:05
that they had but they knew it too and
00:19:07
that's another way to project that
00:19:09
reality Distortion field now what I
00:19:11
think is unique here is that jobs knew
00:19:14
the truth which is if you want to go
00:19:16
fast go alone if you want to go far go
00:19:19
together and that in fact you really
00:19:21
cannot create anything if you're just
00:19:23
going to be an individual human he
00:19:25
probably wanted to be an individual
00:19:27
contributor he was known for Tantrums
00:19:29
screaming at people crying High
00:19:32
emotionality being unnerved losing
00:19:36
himself in one project for weeks at a
00:19:38
time failing he was a highly highly
00:19:40
flawed individual and you can look up
00:19:43
his family life and his kids to continue
00:19:46
that point and yet he was wildly
00:19:48
successful and so sometimes I think
00:19:50
reading a book like this it shows yes
00:19:53
he's crazy yes he still won and he did
00:19:55
it his way which probably means that you
00:19:57
can too he notoriously in his house had
00:20:01
a beautiful home in California and like
00:20:03
one piece of furniture which was one
00:20:05
couch that he thought was perfectly
00:20:06
designed because he refused to put one
00:20:08
thing in his house that he didn't think
00:20:10
was aesthetically perfect and so for all
00:20:13
you OCD Steve Jobs might
00:20:16
be your guy Steve Jobs also did one
00:20:19
other thing really really well that's in
00:20:20
this book what does your to-do list
00:20:21
looks like it looks like 100 items and
00:20:23
you need to do all of them at his
00:20:25
Retreats he would tell Executives you
00:20:27
only get three you only get three you
00:20:29
only get three and so he would skim down
00:20:32
the list to say we must have a list of
00:20:35
things we will not work on in order to
00:20:36
work on the big things and I think that
00:20:38
was huge what are my favorite quotes you
00:20:40
cannot talk about Steve Jobs without The
00:20:42
Crazy Ones he has a line I love called
00:20:45
here's are The Crazy Ones The Misfits
00:20:47
the Rebels the troublemakers the round
00:20:49
pegs in the square holes the ones who
00:20:51
think differently this was one of the
00:20:54
overarching uh beliefs at Apple which is
00:20:56
where think differently came from he
00:20:58
talks about deciding what not to do is
00:21:00
just as important as deciding what to do
00:21:02
going back to that 103 list and and then
00:21:05
talking about the little handwriting
00:21:08
inside of the computer he says I want it
00:21:10
to be as beautiful as possible even if
00:21:12
it's inside the Box a great Carpenter
00:21:15
isn't going to use lousy wood for the
00:21:16
back of a cabinet even though no one's
00:21:19
going to see it this goes back to that
00:21:20
Perfection and unseen details this one
00:21:23
is a reason why you should continue
00:21:24
watching this video all the way through
00:21:27
think about this for a second one way to
00:21:29
remember who you are is to remember who
00:21:31
your heroes are so sometimes when you're
00:21:33
lost or when I'm lost I go what would
00:21:36
the person who I think most highly of do
00:21:38
in this moment and even when I don't
00:21:39
know the answer I turn to what I think
00:21:41
the answer might be from them and that
00:21:43
helps me many times so if you're going
00:21:44
to take actions away from this book and
00:21:47
from Steve Jobs it should probably be
00:21:49
this It Go all in send it your
00:21:54
difference is the thing that makes you
00:21:55
unique in this world never forget that
00:21:58
never apologize for it and even though
00:22:00
you are flawed it doesn't mean you can't
00:22:02
be exceptional okay let me sneak in a
00:22:04
book this one this is buy Yours Truly
00:22:07
does that name look familiar this book
00:22:09
is tactical advice on how to buy your
00:22:12
first business or your third or your
00:22:14
fifth business and why today in this
00:22:15
world around us I think it is the key to
00:22:17
ownership for everyone and it might even
00:22:20
be the key to saving this country and
00:22:21
our communities taking our communities
00:22:24
back from the big guys while I love
00:22:26
talking about billionaires I don't think
00:22:28
they should own everything I think you
00:22:30
guys should so if you haven't
00:22:31
pre-ordered the book go to MSM book.com
00:22:34
and pre-order or the link below cuz I
00:22:36
think we should take back a little bit
00:22:37
of ownership in this country and I want
00:22:39
you guys to be the next round of
00:22:40
billionaires and actually help pull
00:22:42
people up as opposed to gatekeep which
00:22:44
is why we do everything we do on YouTube
00:22:47
more of you that own instead of the few
00:22:50
who own everything and we have to ask
00:22:52
permission for it MSM book.com I spent 3
00:22:54
years on it you're not going to regret
00:22:56
it the next book Elon Musk by Walter
00:22:58
isacon the man who needs no introduction
00:23:01
what's interesting though is Walter
00:23:02
isacson wrote both of these books and he
00:23:06
did two years of research on musk same
00:23:08
thing hundreds of interviews for people
00:23:10
who hated him loved him family friends
00:23:12
workers colleagues competitors and so
00:23:14
it's this very nuanced biography of one
00:23:16
of I think the most controversial
00:23:19
misunderstood and Brilliant Minds of our
00:23:22
time why would I read this book I would
00:23:24
listen to this book again so my book
00:23:26
Main Street millionaire you should get
00:23:27
it in hard C and have it delivered to
00:23:29
you cuz you're going to want to
00:23:30
highlight it write down specific tactics
00:23:32
and take action on it almost like a
00:23:33
workbook these two books you don't need
00:23:35
to read in my opinion you can listen to
00:23:38
them you can listen to them again and
00:23:39
again and again but on audiobook because
00:23:42
you're not trying to take a tactic that
00:23:44
Steve Jobs used you're trying to change
00:23:46
your mindset and then you can take a
00:23:48
tactic from my book all right one of my
00:23:50
favorite stories about Elon Musk God
00:23:53
where do we start can we just start with
00:23:55
this one which is what Elon Musk says to
00:23:58
advertisers who won't advertise on
00:24:00
Twitter go
00:24:03
yourself one of my favorite stories
00:24:05
about Elon Musk is starting at the
00:24:07
beginning so a lot of people know him
00:24:08
today as this Titan of industry but the
00:24:11
cool part about the biography is it
00:24:13
takes you back to being a young kid from
00:24:15
South Africa and what that was like
00:24:17
flying in Planes living wild and it sort
00:24:20
of explains why today he's a hard man to
00:24:23
tell what to do also learning a little
00:24:25
bit about his family and how they think
00:24:27
about the world and his father who
00:24:28
fathered multiple kids too gave me a
00:24:30
perspective of the humans behind the man
00:24:33
and one of the themes you're going to
00:24:35
see in this series is yes I do think
00:24:37
that Elon Musk is a genius but I also
00:24:40
think that he is flawed and so watching
00:24:43
him in some of those early interactions
00:24:45
was really useful I also think it's
00:24:46
interesting to look at some of his
00:24:47
family life you know he's obviously had
00:24:50
a few wives he has many children he's
00:24:53
had one wife Grimes who I believe he's
00:24:55
been married to twice div force from
00:24:59
twice married to three times a worce
00:25:01
from twice I can't keep it straight the
00:25:03
the point of it all is sometimes we got
00:25:04
to be reasonable about the fact that
00:25:06
just because somebody is successful in
00:25:08
one area of life doesn't mean they're
00:25:10
successful in all of them Elon Musk is
00:25:12
definitely not successful in all areas
00:25:15
and guess what sometimes that's what it
00:25:17
takes so let's be honest about what it
00:25:18
takes to be a billionaire this book
00:25:20
really shows you that what is unique
00:25:22
from this book well if you haven't heard
00:25:24
of first principles thinking musk's
00:25:27
approach to business breaks this down
00:25:29
it's this idea of break the complex
00:25:31
issues down into their fundamental
00:25:33
truths and build them up from there this
00:25:35
allows you to go I want to build a
00:25:37
billion doll company that's really hard
00:25:39
that's really complex where would I
00:25:40
start with today in order to build on it
00:25:42
and so sometimes you struggle with
00:25:44
matching your actions to your big goals
00:25:46
this book is useful for that I also like
00:25:48
musk because he is known for extreme
00:25:50
ownership which means he will say when
00:25:53
he has been wrong and he also mandates
00:25:55
other people do as well I think this is
00:25:57
critical the billionaires that I've
00:25:59
engaged with they never allow themselves
00:26:02
to be labeled a victim by another I
00:26:04
think you should make sure to do the
00:26:05
same my favorite quote o there's a lot I
00:26:09
like this one I think it's possible for
00:26:10
ordinary people to choose to be
00:26:12
extraordinary isn't that kind of free
00:26:14
when something is important enough you
00:26:16
do it even if the odds are not in your
00:26:18
favor you know that famous line people
00:26:19
say where what would you do if you know
00:26:20
you couldn't fail you guys have heard
00:26:22
that before I think it's actually the
00:26:23
opposite what would you do even if you
00:26:26
knew you were going to fail what would
00:26:28
you do no matter what and Elon Musk is a
00:26:31
testament to that the last one is this
00:26:33
one I'm not trying to be anyone's savior
00:26:36
I'm just trying to think about the
00:26:37
future and not be sad and the reason I
00:26:39
like that is that saviors well they also
00:26:42
often become Martyrs and so Elon Musk is
00:26:46
saying I'm not trying to be perfect I'm
00:26:48
just trying to change the world in a
00:26:50
forward-looking way that I think it is
00:26:51
better for and I think that's important
00:26:54
for all of us the biggest takeaway that
00:26:56
I take from this book is is that we all
00:26:59
are more uniquely capable than we think
00:27:01
we are but the world tries to tell us
00:27:03
not to be the world will beat you down
00:27:05
again and again and again and that's
00:27:06
probably how you know you're on the
00:27:07
right path because you're pushing a
00:27:09
little bit past that comfort zone and
00:27:11
watching him do these huge things
00:27:13
inspires me to go yeah I could probably
00:27:15
do this smaller thing because he's no
00:27:18
more human than I am the next book I
00:27:20
love this book Sam Walton made in
00:27:22
America I just relistened to it for the
00:27:23
second or third time it's about the
00:27:25
founder of Walmart Sam Walton and his
00:27:27
story of how to build Walmart now hold
00:27:29
your phone I know a lot of people don't
00:27:31
love Walmart it's not my favorite place
00:27:32
to go shop today either I don't read
00:27:34
this book cuz I want to recreate Walmart
00:27:35
I read this book because Walmart is a
00:27:37
$500 billion doll a year company that I
00:27:40
want to learn how to build something so
00:27:43
lasting such as that why do you read it
00:27:46
because it's about a man who never
00:27:49
sought the limeline in fact one of my
00:27:50
favorite stories in the book is Sam
00:27:52
Walton was quiet he never did PR tours
00:27:56
he never did interviews he just built
00:27:58
the business for decades and decades
00:28:00
until finally somehow somebody put him
00:28:01
on the Forbes 100 list as one of the
00:28:04
richest if not the richest man in the
00:28:05
world I think it was the richest man in
00:28:06
the world and all of a sudden all of
00:28:08
these reporters descend on his Tiny Town
00:28:11
in Arkansas and they start trying to
00:28:14
interview his friends his family
00:28:15
everything about them and unlike most
00:28:18
people today who crave the internet me
00:28:20
in some ways he's pissed he's like I
00:28:23
don't want to talk to all of these
00:28:24
people I'm just trying to build
00:28:25
something lasting because I want to and
00:28:28
I thought that was really refreshing in
00:28:30
this day and age one of the other
00:28:31
stories I love he talks about what I'll
00:28:34
call uh checking for dust across his
00:28:36
business Sam was known actually for
00:28:40
never being on time to meetings randomly
00:28:42
canceling meetings and almost being
00:28:44
impossible to schedule with which kind
00:28:46
of makes me feel better because I'm that
00:28:48
way I don't know if you guys are like
00:28:49
I'm late a lot I'm all over the place I
00:28:52
kind of jump here and there my mind goes
00:28:54
in fractured manners and Sam was the
00:28:56
same but he said the key to running a
00:28:58
business even as big as Walmart is that
00:29:00
he would just go and check on things all
00:29:02
the time he was Notorious for having
00:29:03
these old kind of beat up planes not
00:29:06
like a fancy private jet we're talking
00:29:08
two propped planes I get it still
00:29:10
expensive but this guy's a billionaire
00:29:12
and he would go and fly around all the
00:29:14
stores they say to this day nobody has
00:29:17
visited more retail stores than Sam
00:29:19
Walton and he was known for when he went
00:29:22
there he would go immediately and talk
00:29:24
to the associates and ask them what they
00:29:26
thought not the management not the heads
00:29:28
not the executives he'd go up to the
00:29:30
front person and he'd say how's this
00:29:32
business doing what's going on what do
00:29:34
you think what should we be changing he
00:29:35
was just looking for dust all around his
00:29:37
business and that is usually what CEOs
00:29:39
do what is unique in this business if I
00:29:43
had to pick three things from Walmart
00:29:45
that I want to replicate it was one
00:29:47
obsessed with your customer he has a
00:29:49
quote that I'll share later about it but
00:29:52
uh okay let's share it right now the
00:29:54
quote is there's only one person who can
00:29:56
fire anyone all the way up to the boss
00:29:58
at any time and that is the customer and
00:30:00
he was right he was obsessed with the
00:30:02
customer in every way shape and form and
00:30:04
if you want to build a company you
00:30:06
should be too the second thing is cost
00:30:09
conscious so famously Sam wolton would
00:30:12
share a hotel room nobody called the HR
00:30:15
these day day and age with his other
00:30:17
Executives every time they traveled and
00:30:19
they weren't staying at the Ritz or the
00:30:20
Four Seasons they were staying at like a
00:30:22
Motel 6 with all of them together I try
00:30:24
to do that in my company like for
00:30:26
instance we're flying to LA
00:30:28
tomorrow and uh you know kind of old
00:30:32
Cody might have just gone and stayed at
00:30:33
the Four Seasons or the Ritz or a fancy
00:30:35
place but we're all going to stay in an
00:30:36
Airbnb together and I want to make sure
00:30:38
that we know at this company that I am
00:30:40
just as CC conscious as everybody else I
00:30:42
am not flying private all the time we're
00:30:44
flying on Southwest to to Las Vegas
00:30:46
today and I mean I'm not looking for
00:30:48
virtue signaling to say that's so great
00:30:50
and you know I'm doing anything special
00:30:53
but these days everybody's flexing their
00:30:54
Lambo their Rari their private plane and
00:30:57
yet the billionaires they pay attention
00:30:59
to the pennies and so I want to remember
00:31:01
that and I think you should too Sam
00:31:03
Walton knew his competitors he was
00:31:05
famous for going to other people's
00:31:07
stores he had this little recorder like
00:31:09
a tape recorder cuz he's old and now
00:31:11
he's dead I think anyway he's definitely
00:31:12
dead he's old and dead so he had this
00:31:14
little tape recorder and he would take
00:31:15
it around to all the stores and he would
00:31:17
record his thoughts like well they're
00:31:19
selling W watermelons here for 39 cents
00:31:21
we've got them for 54 they've got the
00:31:23
books up front which is smart as opposed
00:31:26
to the videotapes in the back you know
00:31:27
we've got gum up front and that's
00:31:29
actually a great markup their price is
00:31:31
too high we could go lower so he would
00:31:32
go around all of his competitors and
00:31:35
record what they were doing he was
00:31:36
famous for saying that his best ideas
00:31:39
came from everybody else he would just
00:31:40
make them a little bit better cheaper
00:31:42
and more customer Centric some of my
00:31:43
other favorite quotes are great ideas
00:31:45
come from everywhere if you just listen
00:31:47
and look for them you never know who's
00:31:48
going to have a good idea so he was
00:31:50
relentless about saying he'd be in a
00:31:51
conversation chatting with you and then
00:31:53
he'd be like hold that for a second then
00:31:54
he'd go on his voice recorder and he'd
00:31:56
record his little idea I love this so I
00:31:58
carry a tiny notebook everywhere to do
00:32:00
the same thing he has this line every
00:32:02
time Walmart spends $1 foolishly it
00:32:05
comes right out of our customers Pockets
00:32:07
every time we save them a dollar that
00:32:08
puts us one more step ahead of the
00:32:10
competition which is where we always
00:32:11
plan to be and I think that's true the
00:32:13
last one I'd edit on for him is high
00:32:16
expectations are the key to everything
00:32:17
I've struggled with this in my business
00:32:19
again and again the idea of telling the
00:32:21
people that we are on a bigger Mission
00:32:24
and that every time you submit some
00:32:25
piece of work I want you to be so proud
00:32:28
of what you've created that you want to
00:32:30
show it off and if you don't don't ship
00:32:32
the product yet but you should have this
00:32:34
belief and pride in what you do how do I
00:32:37
apply this to my life I make sure that
00:32:39
in my
00:32:40
businesses we all know three things
00:32:43
employees first because without happy
00:32:45
employees you can't have the second most
00:32:47
important thing which is customers first
00:32:49
and the third most important thing which
00:32:50
is that we are so proud of what we do
00:32:53
that when we send it we would be okay if
00:32:55
it was going to the person we look up to
00:32:57
more than anything in the world and I
00:32:58
think Sam Walton did that next we got am
00:33:01
I being too subtle oh I love this orange
00:33:04
book this is by Sam zel Sam zel was a
00:33:06
self-made billionaire he has a crazy
00:33:08
nickname which was the grave dancer and
00:33:10
he was famous for taking old beat up
00:33:13
companies real estate Etc pulling them
00:33:16
from the grave so they were struggling
00:33:17
going to die maybe already had died in
00:33:19
bankruptcy and revitalizing them he
00:33:21
would buy companies for pennies on the
00:33:22
dollar he was a Relentless businessman I
00:33:25
like to listen to him cuz I'm an
00:33:27
investor I like to take my money and
00:33:28
make more money maybe you guys are the
00:33:30
same he is one of the best of all time
00:33:32
to do that so if you want your money to
00:33:34
make more money you should listen to
00:33:35
this book one of The my favorite stories
00:33:38
about uh Sam zel is he was known for
00:33:40
being really eccentric so Sam zel look
00:33:43
at this guy drove a motorcycle and had
00:33:46
uh Leathers made for all of his
00:33:48
Executives that said zel's Angels which
00:33:51
just kills me and so you got this old
00:33:53
billionaire driving around on
00:33:55
motorcycles because he did not care what
00:33:57
any body thinks one of my second
00:33:59
favorite stories from Zam zel is he
00:34:00
famously had one of his associates come
00:34:02
into his office they're going to do a
00:34:03
deal and the guy brings this big huge
00:34:05
binder worth of stuff and puts it on
00:34:07
Sam's desk and is like I think we should
00:34:09
do this deal Sam says can you explain it
00:34:11
to me you know in like 3 minutes so he
00:34:13
explains the deal to Sam in 3 minutes
00:34:15
and Sam says we should do the deal and
00:34:17
the idea was this that if you can't
00:34:19
explain your deal your investment in 3
00:34:22
minutes concisely and convince somebody
00:34:25
a fat binder doesn't matter but
00:34:27
sometimes the only only way to get
00:34:29
somebody to convince to doing a deal in
00:34:30
3 minutes is to do all the work in that
00:34:32
fat binder and so he was sort of famous
00:34:34
for this idea of complexity makes you
00:34:36
look smart Simplicity makes you money
00:34:38
now what is unique from this book he is
00:34:41
the master at leverage he was sort of
00:34:43
one of the first people to to create
00:34:45
real estate levered investments called
00:34:48
REITs Real Estate Investment Trust and
00:34:50
that was compiling a bunch of real
00:34:52
estate together to grow it I think
00:34:54
what's also unique is Sam's had a bunch
00:34:55
of really big failures in the
00:34:57
news when this guy died I think it was
00:35:00
the Chicago Tribune excuse me if it
00:35:01
wasn't some Chicago newspaper cuz that's
00:35:03
where he was from had the headline say
00:35:06
failed media Tycoon Sam zel dies that's
00:35:10
because he bought one newspaper and the
00:35:11
newspaper didn't make it by the way I
00:35:14
don't think you're a failure if you
00:35:15
build a billion dollar multi multi
00:35:17
multi-billion dollar company you become
00:35:19
a billionaire you have a very successful
00:35:21
family and you have hundreds of
00:35:22
successful ideas and businesses so shame
00:35:24
on them some of my favorite quotes from
00:35:27
them I am not a reckless person but
00:35:29
taking risks is the only way to achieve
00:35:31
above average returns my second favorite
00:35:34
one is if you ain't the lead dog the
00:35:37
scenery never changes and then lastly
00:35:39
you just build up a tolerance for
00:35:41
rejection you learn to keep asking and
00:35:43
find ways to get a keep a conversation
00:35:45
going a no is just a beginning of a
00:35:48
conversation so if you're struggling and
00:35:49
you don't know where to go next you
00:35:51
might want to go with Zam okay I want to
00:35:53
close out with that the truth of the
00:35:56
matter is if you want want to become a
00:35:58
billionaire what's the fastest way to do
00:35:59
it read books by billionaire so what am
00:36:01
I going to do for you guys I'm going to
00:36:02
give away all these books and multiple
00:36:04
copies of them how am I going to do it I
00:36:06
want you to tag me on Instagram @ Cody
00:36:08
Sanchez with a picture of you watching
00:36:10
this YouTube video you can also tell me
00:36:12
which book you prefer you can let me
00:36:13
surprise you I'll write you a little
00:36:15
note in it but make sure to tag me on
00:36:17
Instagram you can tell me in the YouTube
00:36:19
comments if you've done that so I can go
00:36:20
and look for you guys but I want you
00:36:22
guys to become billionaires so I'm going
00:36:23
to shoot you a bunch of these make sure
00:36:25
also MSM book.com little pre-order baby
00:36:28
I'm going to do cool stuff for you later
00:36:30
until next week thank you guys for being
00:36:31
the few who do
