Ep 54: Charles Schwab: The big entrepreneur looking out for the small investor

Charles Schwab is the founder and chairman of The Charles Schwab Corporation. What began as a small discount brokerage company in the 70’s has evolved to become the nation’s largest publicly traded investment services firm, with close to $4 trillion in client assets. He is also the chairman of The Charles and Helen Schwab Foundation, a private foundation focused on education, poverty prevention, human services, and health.  He is the author of several bestselling books with his latest memoir titled Invested.

 

Some interesting insights from this episode:

  • He had to work extra hard to build his self-confidence to overcome his dyslexia and to keep up in class.
  • People with dyslexia are conceptual thinkers who tend to not get lost in the weeds. Some people are very literal in learning and need to go from step 1 to 2 to 3 while dyslexics can go from step 1 to step 10.
  • Seeing an inherent conflict of interest between commissioned stock brokers and the customers, he invented a new contrarian business model by paying salaries to people placing trades with a bonus tied to the overall success of the company.
  • After the tech meldtown of the early 2000’s, Charles had to come out of retirement to run the company again. He had to lay off thousands of employees and get the company turned around.  Sometimes founders are the only ones who can make the tough calls and drive huge fundamental changes to the business.
  • He was a consummate innovator who continually pivoted, redefined the business, and opened up new markets. He knew it was important to disrupt yourself before someone else did it for you.
  • When hiring, beyond skills and experience, he looks at their character and ethics and their responsibility to the customer.
  • “Excellence is an ongoing pursuit. You are always striving for it but you never achieve it.”

Ep 52: Neil deGrasse Tyson: Astrophysicist and Master of the Universe

Neil deGrasse Tyson is an astrophysicist with the American Museum of Natural History and Director of the Hayden Planetarium.  He is also the host of the hit radio and Emmy-nominated TV show StarTalk, and the New York Times best-selling author of Astrophysics for People in a Hurry and the author of a number of other notable books, the latest of which is titled Letters from an Astrophysicist.  He earned his BA in physics from Harvard and his PhD in astrophysics from Columbia.

 

Some interesting insights from this episode:

  • He knew he wanted to become an astrophysicist since the age of nine when he visited his first planetarium.
  • His passion for discovering the universe enabled him to push past the racism and all the societal pressures holding him back. He would not allow anything to interfere with his ambitions.
  • He finished middle of his class in high school because he was valuing the joy of learning while others were valuing high grades. He had lots of interests outside of school and was never driven by grades.
  • “When I wonder what I am capable of as a human being, I don’t look to relatives, I look to all human beings. The genius of Isaac Newton, the courage of Joan of Arc and Gandhi, the athletic feats of Michael Jordan, the oratorical skills of Sir Winston Churchill, the compassion of Mother Teresa. I look to the entire human race for inspiration for what I can be – because I am human. My life is what I make of it.”
  • It’s highly likely that there is extra-terrestrial life. The top four ingredients of life on earth are the top four chemically active ingredients in the universe. In addition, the speed at which life formed on Earth, the age of the universe, and the number of planets and galaxies all suggest that there are life forms outside of the Earth.
  • He does not believe in a God. If there were such a divine force, it would manifest.  If there is something we don’t understand and can’t explain, his first thought if not whether it might be divine but rather, how can he experiment on it further to better understand it.
  • He has 14 million Twitter followers. He views his role on social media as enlightening the public to what is objectively true so people can have informed opinions.
  • Physicists recently detected gravitational waves originally predicted by Einstein over a century ago. These waves were produced in a collision between two black holes 1.3 billion light years away.
  • “Excellence is whether you’ve done the best you can given whatever the talents available to you.”

Ep 50: Steve Schwarzman: Co-founder and CEO of Blackstone

Steve Schwarzman is the co-founder and CEO of Blackstone, one of the world’s largest and most successful investment funds with over a half trillion dollars under management. Steve is an active philanthropist with a history of supporting education, culture, and the arts.  He holds a BA from Yale and an MBA from Harvard Business School.  His new book is called What It Takes: Lessons in the Pursuit of Excellence.

 

Some interesting insights from this episode:

  • He has always been very competitive. When he graduated from Yale, he insisted upon an extra $500 a year in his offer from a prestigious investment bank so he could be the highest paid graduate from his class.
  • “What I lacked in basic economics, I made up for with my ability to see patterns and develop new solutions and paradigms, and with the sheer will to turn my ideas into reality.”
  • He single-handedly advised Tropicana on getting acquired, which was the second largest transaction in the world that year, even though he had absolutely no M&A experience up until that point.
  • “To be successful you have to put yourself in situations and places you have no right being in. You shake your head and learn from your own stupidity. But through sheer will, you wear the world down, and it gives you what you want.”
  • They closed on their first fund of $1 billion the morning of October 19th, 1987, aka Black Monday, the largest one day drop in stock market history. Just one day later and Blackstone might not have ever gotten off the ground.
  • After losing some money on a deal, he re-architected the entire investment decision making process to be much more rigorous with the goal of engineering out the risk so as to never lose money again
  • He has a philosophy to only hire “10’s”. Those people tend to be intelligent, articulate, calm, energetic, curious, and can envision the future.
  • “Excellence is being the best that you can be at whatever you choose to do.”

Ep 49: Jill Heinerth: Underwater Cave Explorer

Jill Heinerth is a cave diver, underwater explorer, writer, photographer, and filmmaker.  She has starred on TV series for PBS, National Geographic Channel, and the BBC, and has consulted on movies for directors, including James Cameron. Her new book is titled: Into The Planet: My Life as a Cave Diver.

 

Some interesting insights from this episode:

  • Fighting off a burglar during college taught her how to deal with challenges in life. Having had this harrowing dance with fear probably saved her life in the long run.
  • Despite having enormous success as an entrepreneur in the advertising business, she knew in her heart that it wasn’t what she was meant to do so she built up the courage to quit and begin her life of adventure under the water.
  • There’s very little margin for error in cave diving. More people die while diving underwater caves than climbing Mt Everest.
  • Most accidents happen before someone even steps foot in the water. It is the lack of planning and preparation that causes most issues.  They are entirely preventable.
  • There is significant mental preparation. Before each dive, she closes her eyes and walks through all the worst case scenarios and rehearses all of the solutions.
  • She has the 7R gene which explains much of her risk seeking behavior. She is always seeking new challenges, new adventures.
  • “Excellence is your willingness to nurture and support the next generation. To ensure that if something’s important to you, the people below you eventually move beyond you.”

Ep 42: Joe De Sena: Founder and CEO of Spartan

Joe is the founder and CEO of Spartan, the largest obstacle racing series in the world. He is also a New York Times bestselling author of multiple books including Spartan Up, Spartan Fit, and most recently The Spartan Way.

 

Some interesting insights from this episode:

  • The most grueling endurance event he’s ever done is running a business.
  • “Death is the price we pay for life so make it worth it.”
  • Learn how he built the largest participatory endurance sport in the world with over a million annual participants and 275 events spread across 42 countries.
  • It took over a decade of losing money and tweaking the product until he finally figured out a formula that worked. He stuck with it for so long because he knew it was his true north.
  • Branding matters. They’re probably 10x more successful because of the name Spartan.
  • Intermittent fasting can make you feel better and it increases performance.
  • The best way to physically train is to focus on flexibility and mobility.
  • The ambitious mission of Spartan is to change 100 million lives.
  • “Excellence is giving it everything you’ve got. When you’re up against a wall and you refuse to give up, that’s excellence.”

Ep 41: Albert–Laszlo Barabasi: Unlocking the formula for success

Albert-László Barabási is the Robert Gray Dodge Professor of Network Science at Northeastern University, where he directs the Center for Complex Network Research, and holds appointments in the Department of Medicine at Harvard Medical School and the Central European University in Budapest.  He is the author of four books with his latest one entitled: The Formula: The Universal Laws of Success. 

 

Some interesting insights from this episode:

  • The definition of success is the rewards we earn from the communities we belong to. While your performance is about you, your success is about us.  It’s what we as a community acknowledge and value.
  • The first law of success is that performance often drives success but when performance can’t be measured, networks drive success.
  • The second law of success is that performance is bounded but success is unbounded. Marginal differences in performance may lead to order of magnitude differences in success (fame, fortune, recognition, etc.).
  • The third law of success if that prior success will increase the odds of future success. It is the law behind why the rich get richer and the powerful stay that way.
  • The fourth law of success is that while team success requires diversity and balance, a single individual will inevitably receive credit for the group’s achievements.
  • For performance oriented teams, diversity and empathy are the most critical success factors while for innovation oriented teams, leadership is most important.
  • The fifth law of success is that with persistence, success can come at any time. Your ability to succeed neither declines nor improves with age.

Ep 37: Clint Harp: Craftsman, TVman, Journeyman

Clint Harp and his wife Kelly own their own handmade furniture design business Harp Design in Waco Tx.  He was formerly a regularly recurring guest in the hit TV show Fixer Upper and currently stars in his own television series called Wood Work. His new book is called Handcrafted: A Woodworker’s Story

 

Some interesting insights from this episode:

 

  • Sometimes we may hang on to a dream for too long. His original dream was to be a musician but eventually realized that he didn’t have the talent and had to accept that his life’s plan lay elsewhere.
  • He quit a lucrative job in medical sales without any safety net to pursue his passion of building furniture.
  • Only by being 100% honest with his wife and admitting that he was struggling with his new furniture design business was he able to earn her trust and respect which allowed their marriage to grow stronger as a result.
  • Learn how a fortuitous encounter at a gas station would change the trajectory of his career and his life.
  • He had a few lucky breaks along the way but everyone does. It’s what do you do with those lucky breaks that’s so critical to success.
  • Learn how he became known as the dumpster-diving, reclaimed wood-loving carpenter.
  • “Looking at a pile of wood on my shop floor might be one of my favorite things to do. What might appear to be a mess is really a beautiful creation just waiting to be put together.”
  • “What I am is a journeyman. A dreamer. A kid who once sat at the base of a tree and imagined what was possible. A guy who now stands at the foot of the mountain trying to claw my way to the top, knowing there’s another peak right around the corner.”

Ep 36: Scott Hamilton: Champion on and off the ice

Scott Hamilton is a retired figure skater and Olympic gold medalist. He won four consecutive U.S. championships from 1981–84, four consecutive World Championships from 1981–84 and a gold medal in the 1984 Olympics.  Since that time he has been a TV commentator, a motivational speaker, the founder of a skating academy, a cancer survivor and the founder of a cancer research center.  He is a New York Times bestselling author and his latest book is called Finish First: Winning Changes Everything.

 

Some interesting insights from this episode:

  • Finishing first doesn’t necessarily mean finishing first. Accomplishing whatever goal you set for yourself is a finish first moment.
  • “The only disability in life is a bad attitude.”
  • It was his mother’s passing that was the catalyst which woke him up and allowed him to take his skating to another level.
  • He gave away all his medals and trophies because he didn’t want to let them be an anchor to prevent him from moving forward.
  • All of the losing earlier in his career was actually great preparation for ultimately learning how to compete and win.
  • “Excellence is leveraging everything we have to live the best life we possibly can.”