Podcast appearances and mentions of jim sinegal

Story of the Week (DR):Berkshire board names Greg Abel as CEO, Buffett to remain chairWarren Buffett says he'll propose Greg Abel take over as Berkshire Hathaway CEO at year-endWarren Buffett makes surprise announcement: He's stepping down as Berkshire Hathaway CEOOpenAI backs off push to become for-profit companyIn a nutshell, with help from its chatbot: “OpenAI has restructured into a hybrid model with a nonprofit parent company, OpenAI Inc., and a for-profit subsidiary now called a Public Benefit Corporation (PBC). This shift allows for investment while keeping a focus on its mission of developing AGI for the benefit of humanity. The change responds to previous criticism about reducing nonprofit oversight.”OpenAI's nonprofit mission fades further into the rearviewSam Altman urges lawmakers against regulations that could ‘slow down' U.S. in AI race against ChinaKohl's CEO Fired After Investigation Finds 'Highly Unusual' Business Deal with Former Romantic PartnerKohl's CEO Ashley Buchanan was fired after an internal investigation revealed he violated the company's conflict-of-interest policies. The probe found that Buchanan directed business to a former romantic partner, Chandra Holt, who is the CEO of Beyond Inc. and founder of Incredibrew. Holt secured a multimillion-dollar consulting deal with Kohl's under unusually favorable terms, which Buchanan failed to disclose.As a result, Buchanan was dismissed for cause, forfeiting equity awards and required to repay a portion of his $2.5 million signing bonus.This marks the third CEO departure at Kohl's in just three years, highlighting ongoing leadership instability amid declining sales.Proxy Firms Split on Harley-Davidson Board Shake-Up MMGlass Lewis= Withhold; ISS = What's happening at Harley exactly?We have a fun twist at the proxy cage match between Harley Davidson and H Partners, who are 9% shareholders and have started a withhold vote campaign against long-tenured directors Jochen Zeitz, Thomas Linebarger, and Sara Levinson: Glass Lewis says “withhold” but ISS says “support”?Through lackluster reasoning based on hunches and not performance analytics, ISS revealed, without satire, that "[T]here are compelling reasons to believe that as a group [the targeted directors] still have a perspective that can be valuable” and, in discussing the candidacy of departing CEO Jochen Zeitz: “[I]t appears that his time in the role has been more positive than negative, which makes it hard to argue that his vote on a successor is worthless.”Testimony in House Hearing: “Exposing the Proxy Advisory Cartel: How ISS & Glass Lewis Influence Markets”A 2015 study found that 25 percent of institutional investors vote “indiscriminately” with ISS [1].In 2016, a study estimated that a negative recommendation from ISS leads to a 25-percentage point reduction in voting support for say-on-pay proposals [2].A 2018 study demonstrated that a negative recommendation from ISS was associated with a reduction in support of 17 percentage points for equity-plan proposals, 18 points for uncontested director elections, and 27 points for say-on-pay [3].In 2021, a study examining “robo-voting”—the practice of fund managers voting in lockstep with the recommendations of ISS—identified 114 financial institutions managing $5 trillion in assets that automated their votes in a manner aligned with ISS recommendations 99.5% of the time [4].A 2022 study provided further evidence that institutional investors are highly sensitive to an opposing recommendation from a proxy advisory firm. Opposition from ISS was associated with a 51 percent difference in institutional voting support compared with only a 2 percent difference among retail investors [5].During the 12 months ending June 30, 2024, negative recommendations from the two proxy advisory firms were associated with (1) a 17-percentage point difference in support for directors in uncontested elections at the S&P 500 (96.9% with the firms' support vs. 79.7% without); (2) a 35-percentage point gap for say-on-pay proposals (92.8% vs. 58.0%); and (3) a 36-percentage point difference for shareholder proposals (42.4% vs. 6.6%)Why Leo XIV? Pope's chosen name suggests commitment to social justicePope NamesLeo: Many Pope Leos were reformers or defenders of Church teachings.John: often linked to pastoral care and modernization.Paul: Reflects missionary zeal and intellectual work.Gregory: Reform, liturgy, and missionary outreach.Benedict: Benedict XVI emphasized faith and reason in a skeptical age.Pius: Emphasis on traditional piety and Church authority.Clement: Reconciliation and peacemaking.Innocent: Ironically, several Popes named Innocent wielded immense political power.Urban: Engagement with worldly and civic matters.Francis: Poverty, simplicity, ecological concern.CEO NamesWarren: cuddly billionaires who control everything, put family members on board, and say pithy thingsJamie: blowhard control freaks bankers who think they should be President and have something to say about everythingMark: college dropout social media dictators who have no oversight while charting humanity's demiseElon: arrogant and childish Wizard of Ozzian leaders who pretend to be company founders with world domination delusionsSundar: East Asian stewards meant to distract from actual Tech dictatorsTim: Genteel Southern cruise ship captains who keep a steady hand after replacing legendsEtc.Goodliest of the Week (MM/DR):DR: Bill Gates to give away $200 billion by 2045, says Musk is 'killing' world's poorest childrenDR: This Subaru has an external airbag to protect cyclists: The design helps protect both pedestrians and cyclists in a crash MM DRMM: Proxy Firms Split on Harley-Davidson Board Shake-UpThe other major proxy firm, Glass Lewis, reached a different conclusion. It said Tuesday that the directors had “overseen starkly suboptimal shareholder returns,” and that removing them from the eight-person board likely wouldn't create any problems.MM: 80% of Gen Z, Millennials Plan to Increase Allocations to Sustainable Investments: Morgan Stanley SurveyAssholiest of the Week (MM):All Zuckerberg editionCertified watch guy ZuckMark Zuckerberg is a certified watch guy. Here are some of his standout timepieces, from a $120 Casio to a $900,000 Greubel Forse.These are the stories as Trump, whose ass Zuck's lips are firmly planted on, says you should only have 3 dolls - Zuck's watches, C.E.O. Pay Raise Sparks Outrage Among Teachers and Public Officers, 58 crypto wallets have made millions on Trump's meme coin. 764,000 have lost money, data shows, The best and worst looks billionaires wore to the 2025 Met GalaFriend maker Zuck DRMark Zuckerberg wants you to have more friends — but AI friendsMark Zuckerberg destroyed friendship. Now he wants to replace it with AI.Meanwhile, no wonder: Mark Zuckerberg says his management style involves no 1-on-1s, few direct reports, and a 'core army' of 30 running MetaMan with no friends says you need more and will provide fake ones?Human picker ZuckZuck's version of human friends probably the reason he wants to make you fake ones - hand-selected fake friends on the board (Patrick Collison and Dina Powell McCormick to Join Meta Board of Directors):4 tech bro dictators (Tan, Houston, Collison, Xu)3 tech bro suck ups (Andreessen, Alford, Songhurst)1 nepo baby dictator (Elkann)1 family dictator suck up (Travis)2 DJT suck ups (White, Powell McCormick)2 US govt suck ups (Killefer, Kimmitt)Prediction - Zuck to have the first true AI board member?Empathetic ZuckGaslighting, golden handcuffs, and toxicity: Former Meta employees shared what it was like to be laid off as low performersA former senior machine learning engineer at Meta described the shock of being laid off, only for a Meta recruiter to invite her to reapply three days later and skip the interview process.Two weeks before the layoffs, he said, his new manager told the team everyone was "safe." Then came the termination email — and a performance rating of "Meets Some Expectations," low on Meta's end-of-year rating scale. "How could they evaluate my performance when I'd only worked 10 weeks in 2024?" he said, adding that an HR director had said he was "too new to evaluate."An engineer was laid off after five months of leave for a serious health crisis while in the middle of disability-related negotiations.Meta exec apologizes to conservative activist Robby StarbuckLover ZuckMark Zuckerberg's Wife Was Weirded Out by His Strange Gift to HerHe made it for her not out of love, but because…The billionaire is apparently a huge fan of the sculptor behind the statue, the pop artist Daniel Arsham, but decided to go with his wife's likeness, he said on the podcast, because a statue of himself would have been "crazy."Academic ZuckMark Zuckerberg says college isn't preparing students for the job marketHeadliniest of the WeekDR: Olivia and John Randal Tyson Named to Tyson Foods Board of DirectorsDR: This new mental health service targets burned-out content creators: CreatorCare offers affordable therapy tailored to influencers and digital creators—addressing the rising mental health toll of life online.DR: Costco co-founder still goes into the office weekly at age 89: ‘To be successful, you've got to be pretty focused'Costco co-founder Jim Sinegal stepped down from his role in 2012. But Sinegal still goes to the office some TuesdaysDR: Billionaire KKR cofounders say 'emotional intelligence' should be a focus for young investorsKKR leadership page:1 of 8 are women: It HAS to be head of marketing, head of people, or head of legal stuff: so which is it? It's Chief Legal Officer Kathryn SudolBoard is 14:4F; no F in leadership role MM: Elon Musk's Urgent Concern: That the Earth Is Going to Get Swallowed by the Sun"Mars is life insurance for life collectively," Musk said. "So, eventually, all life on Earth will be destroyed by the Sun. The Sun is gradually expanding, and so we do at some point need to be a multi-planet civilization because Earth will be incinerated."It is slated to happen in 6 billion yearsMM: Elon Musk is responsible for “killing the world's poorest children,” says Bill GatesWho Won the Week?DR: Pope #-267, duh. The world's greatest vampire CEO. And Villanova students (who are not openly gay or have vaginas), who all suddenly now believe they will eventually be the pope. MM: Your shitty washer/dryer, which no longer looks horrible: E.P.A. Plans to Shut Down the Energy Star ProgramPredictionsDR: Open AI's CEO, Mark VII, creates a deepfake video showing the country of China eating his baby at one of his homes in Hawaii causing the Trump administration to completely dismantle the SEC.MM: Sit tight for this, I have two: Euronext rebrands ESG in drive to help European defence firms - “energy, security, and geo-strategy” flops, so to LSEG rebrands its ESG Scores to “Emitting, Smoking, Gambling” so that investors can finally do ESG investing and feel good about itMusk gets his Texas wish. SpaceX launch site is approved as the new city of Starbase - I predict in 12 months, Musk is offering SpaceX employees that live in Starbase (a company town) crypto tokens instead of pay that are redeemable at stores in Starbase. To avoid them being called scrips, which were outlawed in the US in 1938 but still used anyway through the 1960s, Musk will list them on crypto exchanges that can be used to trade for dollars (but are totally worthless). Eventually, so indebted to the space plantation and Musk, there is a new renaissance of “resistance music” (a la “We Shall Overcome” and “Sixteen Tons”) with a song ranking number 1 in the US by the end of 2026.

In this episode, Clay explores The Power Law by Sebastian Mallaby and uncovers the secret behind venture capital's astonishing success. The Power Law is a fundamental law of the universe that explains why just a handful of disruptive companies, like Google and Tesla, generate the lion's share of returns. To win in the world of venture capital, investors must seek out bold, unconventional founders to back the next big idea. Tune in to learn how understanding the Power Law can transform your perspective on investing and help you spot tomorrow's breakout winners. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:53 - The critical role of the Power Law in venture capital and why a few outliers drive most of the returns. 30:54 - How venture capitalists identify and back bold, unconventional founders like Steve Jobs and Elon Musk. 30:54 - The fascinating history behind the rise of venture capital firms like Sequoia Capital and their game-changing investments. 36:22 - Why early-stage companies delay going public and the shift in bargaining power from VCs to founders. 01:06:47 - Insights into the mistakes investors make when exiting too early or dismissing "crazy" ideas that turn into trillion-dollar companies. 01:08:16 - Lessons for public equity investors on spotting disruption and understanding the potential of emerging innovators. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Mallaby's book: The Power Law. Jim Sinegal's interview with the Motley Fool. The Science of Hitting Blog. Email Shawn at shawn@theinvestorspodcast.com to attend our free events in Omaha or visit this page. Related Episode: Listen to TIP481: Our Story w/ Stig Brodersen & Clay Finck. Related Episode: Listen to TIP686: Big Tech Stocks w/ Adam Seessel. Related Episode: Listen to TIP417: The Incredible Story of the PayPal Mafia w/ Jimmy Soni. Related Episode: Listen to TIP667: Why Most Stocks Will Lose You Money w/ Hendrik Bessembinder. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained Fintool The Bitcoin Way Onramp Bluehost Vanta PrizePicks Fundrise TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Founders ✓ Claim Key Takeaways  Greatness does not come from intelligence; it comes from character, which can only be earned from overcoming adversities and developing perseverance Strategy is not words; strategy is action The Mission is the Boss: Nvidia exists to serve a mission and not for the sake of perpetuating its existence Refuse to be outworked and be unapologetically extreme in your dedication; working long hours is a necessary prerequisite for excellence Do what is natural and organic to you so that you enjoy it and can do it for a long period The Speed of Light Framework for project execution: Instead of judging performance based on past performance or against the competition, judge yourself against the theoretical maximum of what can be achieved in the minimum amount of time; the law of physics should be your only constraint Jensen tortures people into greatness: “The work” is the most important thing, not people's feelings Hone the sword by seeking conflict: Opportunity handled well leads to more opportunity Innovation is a necessity, not an optionNvidia has a flat organizational structure that (1) Enables employees to act with more independence and (2) Filters out low-performing employees who are unaccustomed to thinking for themselves Ship the Whole Cow: Nvidia found ways to package and sell hardware that it previously would have discarded; this helped it mitigate low-end market competition and insulate itself from the innovator's dilemma Complacency kills: The enemy is not the competition, but the company falling victim to complacency –  both real and imagined  Read the full notes @ podcastnotes.orgWhat I learned from reading The Nvidia Way: Jensen Huang and the Making of a Tech Giant by Tae Kim.----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

Founders ✓ Claim Key Takeaways  Greatness does not come from intelligence; it comes from character, which can only be earned from overcoming adversities and developing perseverance Strategy is not words; strategy is action The Mission is the Boss: Nvidia exists to serve a mission and not for the sake of perpetuating its existence Refuse to be outworked and be unapologetically extreme in your dedication; working long hours is a necessary prerequisite for excellence Do what is natural and organic to you so that you enjoy it and can do it for a long period The Speed of Light Framework for project execution: Instead of judging performance based on past performance or against the competition, judge yourself against the theoretical maximum of what can be achieved in the minimum amount of time; the law of physics should be your only constraint Jensen tortures people into greatness: “The work” is the most important thing, not people's feelings Hone the sword by seeking conflict: Opportunity handled well leads to more opportunity Innovation is a necessity, not an optionNvidia has a flat organizational structure that (1) Enables employees to act with more independence and (2) Filters out low-performing employees who are unaccustomed to thinking for themselves Ship the Whole Cow: Nvidia found ways to package and sell hardware that it previously would have discarded; this helped it mitigate low-end market competition and insulate itself from the innovator's dilemma Complacency kills: The enemy is not the competition, but the company falling victim to complacency –  both real and imagined  Read the full notes @ podcastnotes.orgWhat I learned from reading The Nvidia Way: Jensen Huang and the Making of a Tech Giant by Tae Kim.----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

Clay dives into the life and legacy of Sol Price, the pioneering retail entrepreneur who revolutionized the industry with FedMart and Price Club, ultimately leading to the creation of Costco.  The episode explores how Price's business philosophies, including treating employees well and maintaining a relentless focus on providing value to customers, inspired iconic entrepreneurs like Sam Walton and Jeff Bezos. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:45 - The story of Sol Price starting Fedmart and Price Club. 19:30 - Sol Price's core business philosophies 50:47 - The key ingredients to the success of Costco's business model. 52:58 - What led to the emergence of Costco and the eventual merger with Price Club. 01:01:40 - An overview of Costco's business model today And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Books mentioned: Sol Price: Retail Revolutionary & Social Innovator, and The Joy of Costco. Jim Sinegal's interview with the Motley Fool. The Science of Hitting Blog. Email Shawn at shawn@theinvestorspodcast.com to attend our free events in Omaha or visit this page. Related Episode: Listen to TIP492: The Best Investor You've Never Heard Of. Related Episode: Listen to TIP634: Value Investing Fundamentals w/ John Huber. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained The Bitcoin Way Found Fintool Bluehost Vanta Fintool PrizePicks Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

What I learned from reading The Nvidia Way: Jensen Huang and the Making of a Tech Giant by Tae Kim.----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

Podcast: Founders (LS 62 · TOP 0.1% what is this?)Episode: #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters to PartnersPub date: 2024-09-16The best investors are not investors at all. They're entrepreneurs who have never sold. — Nick SleepNick Sleep's letters are a masterclass on the importance of understanding the underlying reality of a business — what he calls the engine of its success.I read all 110,000 words of Nick's letters (twice!) to make this episode and what I found most important is Nick's ability to develop a deep understanding of “honestly run compounding machines” (like Costco and Amazon) years before everyone else.Nick explains clearly how Jim Sinegal and Jeff Bezos set up their companies for long term success —from the very beginning — and gives us a few hints along the way on how we can do the same in our business.And the absolute entrepreneurial history nerd in me loved the references to Henry Ford, Sam Walton, Rockefeller and other greats from the past that are sprinkled throughout Nick's letters.No surprise that someone who was able to make $2 billion for his clients has a deep understanding of the great work that came before him.If you want to read all of Nick Sleep's partnership letters you can do so here for freeYou can also read William Green's book Richer, Wiser, Happier: How The World's Greatest Investors Win In Markets and Life —which both Nick and I recommend. It has an excellent chapter on How Nick and Zak built their firm. ----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book----Follow Founders Podcast on YouTube (Video coming soon!) ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders PodcastThe podcast and artwork embedded on this page are from David Senra , which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

The best investors are not investors at all. They're entrepreneurs who have never sold. — Nick SleepNick Sleep's letters are a masterclass on the importance of understanding the underlying reality of a business — what he calls the engine of its success.I read all 110,000 words of Nick's letters (twice!) to make this episode and what I found most important is Nick's ability to develop a deep understanding of “honestly run compounding machines” (like Costco and Amazon) years before everyone else.Nick explains clearly how Jim Sinegal and Jeff Bezos set up their companies for long term success —from the very beginning — and gives us a few hints along the way on how we can do the same in our business.And the absolute entrepreneurial history nerd in me loved the references to Henry Ford, Sam Walton, Rockefeller and other greats from the past that are sprinkled throughout Nick's letters.No surprise that someone who was able to make $2 billion for his clients has a deep understanding of the great work that came before him.If you want to read all of Nick Sleep's partnership letters you can do so here for freeYou can also read William Green's book Richer, Wiser, Happier: How The World's Greatest Investors Win In Markets and Life —which both Nick and I recommend. It has an excellent chapter on How Nick and Zak built their firm. ----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book----Follow Founders Podcast on YouTube (Video coming soon!) ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

In May 2023, Pat Callans was a Continuum™ guest. The feedback on the conversation was fantastic. Pat's goal was to practice law. Until... Pat discusses the importance of balancing career ambitions with family life. Now with Costco for 30 years, he shares the importance of employee welfare and business continuity. Pat reflects on the lessons learned from his experiences and the influence of key figures in his life, including Jim Sinegal, ultimately underscoring the importance of service and ethical conduct in both personal and professional realms. Whether you listened to this episode previously or are a new Continuum™ fan, these 53 minutes are a positive investment of your time.

Founders ✓ Claim Key Takeaways Support David Senra and get access to the world's most valuable notebook for foundersRead the full notes @ podcastnotes.orgWhat I learned from reading Sam Walton: The Inside Story of America's Richest Man by Vance Trimble. ----Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ----Build relationships with other founders, investors, and executives at a Founders Event----(2:30) Sam Walton built his business on a very simple idea: Buy cheap. Sell low. Every day. With a smile.(2:30) People confuse a simple idea with an ordinary person. Sam Walton was no ordinary person.(4:30) Traits Sam Walton had his entire life: A sense of duty. Extreme discipline. Unbelievable levels of endurance.(5:30) His dad taught him the secret to life was work, work, work.(5:30) Sam felt the world was something he could conquer.(6:30) The Great Depression was a big leveler of people. Sam chose to rise above it. He was determined to be a success.(11:30) You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you're too inefficient. — Sam Walton: Made In America by Sam Walton. (Founders #234)(15:30) He was crazy about satisfying customers.(17:30) The lawyer saw Sam clenching and unclenching his fists, staring at his hands. Sam straightened up. “No,” he said. “I'm not whipped. I found Newport, and I found the store. I can find another good town and another store. Just wait and see!”(21:30) Sometimes hardship can enlighten and inspire. This was the case for Sam Walton as he put in hours and hours of driving Ozark mountain roads in the winter of 1950. But that same boredom and frustration triggered ideas that eventually brought him billions of dollars. (This is when he learns to fly small planes. Walmart never happens otherwise)(33:30) At the start we were so amateurish and so far behind K Mart just ignored us. They let us stay out here, while we developed and learned our business. They gave us a 10 year period to grow.(37:30) And so how dedicated was Sam to keeping costs low? Walmart is called that in part because fewer letters means cheaper signs on the outside of a store.(42:30) Sam Walton is tough, loves a good fight, and protects his territory.(43:30) His tactics later prompted them to describe Sam as a modern-day combination of Vince Lombardi (insisting on solid execution of the basics) and General George S. Patton. (A good plan, violently executed now, is better than a perfect plan next week.)(43:30) Hardly a day has passed without Sam reminding an employee: "Remember Wal-Mart's Golden Rule: Number one, the customer Is always right; number two, if the customer isn't right, refer to rule number one.”(46:30) The early days of Wal-Mart were like the early days of Disneyland: "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes. We just did the work. Processes came later. All of these things had never been done before. Walt had gathered up all these people who had never designed a theme park, a Disneyland.So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything.We just worked and Walt just walked around and had suggestions. — Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. (Founders #347)(1:04:30) Sam Walton said he took more ideas from Sol Price than any other person. —Sol Price: Retail Revolutionary by Robert Price. (Founders #304)(1:07:30) Nothing in the world is cheaper than a good idea without any action behind it.(1:07:30)  Sam Walton: Made In America  (Founders #234)----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast 

Founders ✓ Claim Key Takeaways Support David Senra and get access to the world's most valuable notebook for foundersRead the full notes @ podcastnotes.orgWhat I learned from reading Sam Walton: The Inside Story of America's Richest Man by Vance Trimble. ----Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ----Build relationships with other founders, investors, and executives at a Founders Event----(2:30) Sam Walton built his business on a very simple idea: Buy cheap. Sell low. Every day. With a smile.(2:30) People confuse a simple idea with an ordinary person. Sam Walton was no ordinary person.(4:30) Traits Sam Walton had his entire life: A sense of duty. Extreme discipline. Unbelievable levels of endurance.(5:30) His dad taught him the secret to life was work, work, work.(5:30) Sam felt the world was something he could conquer.(6:30) The Great Depression was a big leveler of people. Sam chose to rise above it. He was determined to be a success.(11:30) You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you're too inefficient. — Sam Walton: Made In America by Sam Walton. (Founders #234)(15:30) He was crazy about satisfying customers.(17:30) The lawyer saw Sam clenching and unclenching his fists, staring at his hands. Sam straightened up. “No,” he said. “I'm not whipped. I found Newport, and I found the store. I can find another good town and another store. Just wait and see!”(21:30) Sometimes hardship can enlighten and inspire. This was the case for Sam Walton as he put in hours and hours of driving Ozark mountain roads in the winter of 1950. But that same boredom and frustration triggered ideas that eventually brought him billions of dollars. (This is when he learns to fly small planes. Walmart never happens otherwise)(33:30) At the start we were so amateurish and so far behind K Mart just ignored us. They let us stay out here, while we developed and learned our business. They gave us a 10 year period to grow.(37:30) And so how dedicated was Sam to keeping costs low? Walmart is called that in part because fewer letters means cheaper signs on the outside of a store.(42:30) Sam Walton is tough, loves a good fight, and protects his territory.(43:30) His tactics later prompted them to describe Sam as a modern-day combination of Vince Lombardi (insisting on solid execution of the basics) and General George S. Patton. (A good plan, violently executed now, is better than a perfect plan next week.)(43:30) Hardly a day has passed without Sam reminding an employee: "Remember Wal-Mart's Golden Rule: Number one, the customer Is always right; number two, if the customer isn't right, refer to rule number one.”(46:30) The early days of Wal-Mart were like the early days of Disneyland: "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes. We just did the work. Processes came later. All of these things had never been done before. Walt had gathered up all these people who had never designed a theme park, a Disneyland.So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything.We just worked and Walt just walked around and had suggestions. — Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. (Founders #347)(1:04:30) Sam Walton said he took more ideas from Sol Price than any other person. —Sol Price: Retail Revolutionary by Robert Price. (Founders #304)(1:07:30) Nothing in the world is cheaper than a good idea without any action behind it.(1:07:30)  Sam Walton: Made In America  (Founders #234)----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast 

What I learned from reading Sam Walton: The Inside Story of America's Richest Man by Vance Trimble. ----Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ----Build relationships with other founders, investors, and executives at a Founders Event----(2:30) Sam Walton built his business on a very simple idea: Buy cheap. Sell low. Every day. With a smile.(2:30) People confuse a simple idea with an ordinary person. Sam Walton was no ordinary person.(4:30) Traits Sam Walton had his entire life: A sense of duty. Extreme discipline. Unbelievable levels of endurance.(5:30) His dad taught him the secret to life was work, work, work.(5:30) Sam felt the world was something he could conquer.(6:30) The Great Depression was a big leveler of people. Sam chose to rise above it. He was determined to be a success.(11:30) You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you're too inefficient. — Sam Walton: Made In America by Sam Walton. (Founders #234)(15:30) He was crazy about satisfying customers.(17:30) The lawyer saw Sam clenching and unclenching his fists, staring at his hands. Sam straightened up. “No,” he said. “I'm not whipped. I found Newport, and I found the store. I can find another good town and another store. Just wait and see!”(21:30) Sometimes hardship can enlighten and inspire. This was the case for Sam Walton as he put in hours and hours of driving Ozark mountain roads in the winter of 1950. But that same boredom and frustration triggered ideas that eventually brought him billions of dollars. (This is when he learns to fly small planes. Walmart never happens otherwise)(33:30) At the start we were so amateurish and so far behind K Mart just ignored us. They let us stay out here, while we developed and learned our business. They gave us a 10 year period to grow.(37:30) And so how dedicated was Sam to keeping costs low? Walmart is called that in part because fewer letters means cheaper signs on the outside of a store.(42:30) Sam Walton is tough, loves a good fight, and protects his territory.(43:30) His tactics later prompted them to describe Sam as a modern-day combination of Vince Lombardi (insisting on solid execution of the basics) and General George S. Patton. (A good plan, violently executed now, is better than a perfect plan next week.)(43:30) Hardly a day has passed without Sam reminding an employee: "Remember Wal-Mart's Golden Rule: Number one, the customer Is always right; number two, if the customer isn't right, refer to rule number one.”(46:30) The early days of Wal-Mart were like the early days of Disneyland: "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes. We just did the work. Processes came later. All of these things had never been done before. Walt had gathered up all these people who had never designed a theme park, a Disneyland.So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything.We just worked and Walt just walked around and had suggestions. — Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. (Founders #347)(1:04:30) Sam Walton said he took more ideas from Sol Price than any other person. —Sol Price: Retail Revolutionary by Robert Price. (Founders #304)(1:07:30) Nothing in the world is cheaper than a good idea without any action behind it.(1:07:30)  Sam Walton: Made In America  (Founders #234)----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast 

What I learned from reading Insanely Simple: The Obsession That Drives Apple's Success by Ken Segall. ----Come build relationships at the Founders Conference on July 29th-July 31st in Scotts Valley, California ----Learning from history is a form of leverage. —Charlie Munger. Founders Notes gives you the super power to learn from history's greatest entrepreneurs on demand.Get access to the World's Most Valuable Notebook for FoundersYou can search all my notes and highlights from every book I've ever read for the podcast. You can also ask SAGE any question and SAGE will read all my notes, highlights, and every transcript from every episode for you. A few questions I've asked SAGE recently: What are the most important leadership lessons from history's greatest entrepreneurs?Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) How did Edwin Land find new employees to hire? Any unusual sources to find talent?What are some strategies that Cornelius Vanderbilt used against his competitors?Get access to Founders Notes here. ----(1:30) Steve wanted Apple to make a product that was simply amazing and amazingly simple.(3:00) If you don't zero in on your bureaucracy every so often, you will naturally build in layers. You never set out to add bureaucracy. You just get it. Period. Without even knowing it. So you always have to be looking to eliminate it.  — Sam Walton: Made In America by Sam Walton. (Founders #234)(5:00) Steve was always easy to understand. He would either approve a demo, or he would request to see something different next time. Whenever Steve reviewed a demo, he would say, often with highly detailed specificity, what he wanted to happen next.  — Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)(7:00) Watch this video. Andy Miller tells GREAT Steve Jobs stories. (10:00) Many are familiar with the re-emergence of Apple. They may not be as familiar with the fact that it has few, if any parallels.When did a founder ever return to the company from which he had been rudely rejected to engineer a turnaround as complete and spectacular as Apple's? While turnarounds are difficult in any circumstances they are doubly difficult in a technology company. It is not too much of a stretch to say that Steve founded Apple not once but twice. And the second time he was alone. —  Return to the Little Kingdom: Steve Jobs and the Creation of Appleby Michael Moritz.(15:00) If the ultimate decision maker is involved every step of the way the quality of the work increases.(20:00) "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes. We just did the work. Processes came later. All of these things had never been done before. Walt had gathered up all these people who had never designed a theme park, a Disneyland. So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything. We just worked and Walt just walked around and had suggestions." — Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. (Founders #347)(23:00) The further you get away from 1 the more complexity you invite in.(25:00) Your goal: A single idea expressed clearly.(26:00) Jony Ive: Steve was the most focused person I've met in my life(28:00) Editing your thinking is an act of service.----Learning from history is a form of leverage. —Charlie Munger. Founders Notes gives you the super power to learn from history's greatest entrepreneurs on demand.Get access to the World's Most Valuable Notebook for FoundersYou can search all my notes and highlights from every book I've ever read for the podcast. You can also ask SAGE any question and SAGE will read all my notes, highlights, and every transcript from every episode for you. A few questions I've asked SAGE recently: What are the most important leadership lessons from history's greatest entrepreneurs?Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) How did Edwin Land find new employees to hire? Any unusual sources to find talent?What are some strategies that Cornelius Vanderbilt used against his competitors?Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

What I learned from reading Working Backwards: Insights, Stories, and Secrets from Inside Amazon by Colin Bryar and Bill Carr.---I'm doing a live show with Patrick O'Shaughnessy from Invest Like the Best on October 19th in New York City. Get your tickets here!---Sponsors: I use EightSleep to get the best sleep of my life. Find out why EightSleep is loved by founders everywhere and get $150 off at eightsleep.com/founders/----Vesto makes it easy for you to invest your businesses idle cash. Schedule a demo with Vesto's founder Ben and tell him David from Founders sent you. Here's the legal disclosures to make the lawyers happy:Vesto Advisors, LLC (“Vesto”) is an SEC registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. More information about Vesto and our partnership can be found hereWe are entitled to compensation for promoting Vesto Advisors, LLC. Accordingly, we have an incentive to endorse Vesto and its team and services. We are not current advisory clients of the Vesto.----Join Founders AMAMembers of Founders AMA can:-Email me your questions directly (you get a private email address in the confirmation email) -Promote your company to other members by including a link to your website with you question -Unlock 40 Ask Me Anything (AMA) episodes immediately-Listen to new Ask Me Anything (AMA) episodes every week ---Join my free email newsletter to get my top 10 highlights from every book---(8:00) Principles Jeff Bezos would repeat: customer obsession, innovation, frugality, personal ownership, bias for action, high standards.(10:30) Single threaded leadership: For each project, there is a single leader whose focus is that project and that project alone, and that leader oversees teams of people whose attention is focused on that one project.(11:00) The best thing I did as a manager at PayPal was to make every person in the company responsible for doing just one thing. Every employee's one thing was unique, and everyone knew I would evaluate him only on that one thing. I had started doing this just to simplify the task of managing people. But then I noticed a deeper result: defining roles reduced conflict. — Zero to One: Notes on Startups, or How to Build the Futureby Peter Thiel. (Founders #278)  (12:30) Jeff said many times: We need to eliminate communication, not encourage it. Communication is a sign of dysfunction.(14:30) Jeff is insisted that instead of finding new and better ways to manage our dependencies, we figure out how to remove them.(15:30) Jeff on decision making speed: “Most decisions should probably be made with somewhere around 70% of the information you wish you had. If you wait for 90%, in most cases, you're probably being slow. Plus, either way, you need to be good at quickly recognizing and correcting bad decisions. If you're good at course correcting, being wrong may be less costly than you think, whereas being slow is going to be expensive for sure."(16:30) The best way to fail at inventing something is by making it somebody's part-time job.(21:00) Even though you cannot hear it, with a well-written narrative there is a massive amount of useful information that is being transferred in those 20 minutes.(23:00) A simple tip on how to produce unique insights:Jeff has an uncanny ability to read a narrative and consistently arrive at insights that no one else did, even though we were all reading the same narrative. After one meeting, I asked him how he was able to do that. He responded with a simple and useful tip that I have not forgotten: he assumes each sentence he reads is wrong until he can prove otherwise. He's challenging the content of the sentence, not the motive of the writer. Jeff was usually among the last to finish reading.(26:30) Jeff wanted to know exactly what we were going to build and how it would be better for customers. To Jeff a half-baked mockup was evidence of half-baked thinking.(27:00) Founders force the issue.(28:00) Writing required us to be thorough and precise. We had to describe features, pricing, how the service would work, why customers would want it. Half baked thinking was harder to disguise on the written page than in PowerPoint slides.(34:30) Failure and invention are inseparable twins.(35:30) Working backwards exposes skill sets that your company needs but does not yet have.(36:30) Differentiation with customers is often one of the key reasons to invent.(44:00) To read Bezos' shareholder letters is to get a crash course in running a high-growth internet business from someone who mastered it before any of the playbooks were written.(46:00) The idea that Amazon, a pure e-commerce distributor of retail products made by others, would become a hardware company and make and sell its own reader device was controversial.(46:00) If you outsource then your company doesn't acquire those skills. Amazon wants the skills.(54:00) Jeff wanted to build a moat around his best customers.(58:00) We had acquired a core competency only a few other companies could match.List of Jeff Bezos episodes to learn more:#282 Jeff Bezos shareholder letters#180 Jeff Bezos (Invention of a Global Empire)#179 Jeff Bezos (Everything Store)#155 Jeff Bezos (Invent and Wander)#71 Jeff Bezos Shareholder Letters#38 Space Barons#17 Jeff Bezos (Everything Store)----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers.” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

En un tiempo de inflación desbocada, cuesta encontrar productos que lleven meses, años, y ya no digamos décadas, sin subir de precio. Pues eso es lo que ha hecho la cadena estadounidense Costco, que mantiene inalterable el coste de su perrito caliente, desde que lo introdujo en 1985: cuesta 1,50 dólares, incluyendo además el combo de bebida con relleno infinito.La historia de Costo se remonta al año 1983, cuando es fundada en Seattle por Jim Sinegal, un entusiasta del comercio minorista, y el abogado y empresario Jeff Brotman, que también contaba con experiencia en el sector. La peculiaridad de esta cadena de supermercados es que se trata de un club de precios, que se basa en un sistema de socios, o suscriptores, que deben pagar una cuota para poder comprar sus productos.Este concepto había nacido poco antes, inventado por el empresario Sol Price, a su vez mentor y gran valedor de Sinegal, que se dio cuenta que el sistema de ventas para mayoristas se podía adaptar al cliente final, que estaría dispuesto a pagar una cuota a cambio de poder acceder a productos a precios bajos y un amplio catálogo.El éxito de Costco fue espectacular e inmediato. Fue la primera empresa del mundo en alcanzar los 3.000 millones anuales en ventas en menos de 6 años. Sinegal, además, se caracterizaba por un sistema de dirección benévolo, siguiendo el principio de que, si los empleados reciben un buen trato, a su vez tratarán y atenderán bien a los clientes. De hecho, los trabajadores de Costco siempre han tenido condiciones de trabajo por encima de las que marca el sector en Estados Unidos.Con el fin de atraer a nuevos clientes dispuestos a pagar la cuota, introduce en 1985 comida ya preparada, para consumir en el establecimiento. Y el primer producto que ofrecieron fue un perrito caliente, y fue todo un éxito. Ofrecía un combo de un perrito caliente de cuarto de libra, con un refresco, por un precio de 1,50 dólares.Han pasado 37 años, y ese menú, inmune a cualquier evolución de precios y a la inflación, sigue costando lo mismo. Con la particularidad de que además ahora es más grande, y el refresco se puede rellenar infinitamente, o refill, como se dice ahora. Si se ajustase el precio al IPC, ahora tendría que venderse por unos 4,20 dólares.Con esta política de precios, han logrado vender cada año más de 100 millones de estos perritos calientes, superando en algunos cursos los 130 millones. Son más de los que venden, por ejemplo, todos los equipos juntos de la liga de baseball.Mucha gente cree que se trata de una estrategia para atraer clientes, ya que quien acuda a comerse uno de estos perritos estará tentado de comprar algo más ante las ofertas disponibles en el supermercado. Pensarán incluso que a Costco le merecería la pena incluso vender a pérdidas con este objetivo. Y es correcto, al menos la primera parte. Porque como confirmó en cofundador de la compañía en una entrevista en 2009, su supermercado nunca vende a pérdidas. Lo que sí han hecho es ajustar el margen de beneficio de este perrito caliente, pero aun así, con tantos millones vendidos cada año, los beneficios no son menores.Además, a diferencia de otras empresas que para no aumentar los precios de sus productos reducen su calidad, Costco ha tratado de evitar ese paso. ¿Cómo lo ha hecho? Aprovechando su tamaño para negociar. Por ejemplo, ha dejado de trabajar con proveedores que se negaban a mantener los precios bajos. Y cuando ya eran conscientes de que se trataba de uno de sus productos estrella, construyeron sus propias plantas de fabricación, primero una en Los Ángeles y luego otra en Chicago. También lograron negociar mejores condiciones para la compra de panes, ketchup o mostaza.En algún momento también cambiaron la forma de servir el refresco, como comentábamos, que al principio se servía en lata, y luego en grifo. Y en el lado más negativo y que más críticas suma entre los clientes, dejaron de ofrecer gratis condimentos como la cebolla o el chucrut.Una anécdota para entender la importancia de mantener el precio de los perritos calientes la protagonizó el propio Sinegal. En 2011 dejó la dirección ejecutiva de la compañía, pero se mantuvo como asesor hasta 2018, cuando se retiró definitivamente. Ese año, en una charla con su sucesor, su colega W. Craig Jelinek, este le propuso la idea de subir el precio de los perritos. La respuesta de Sinegal no pudo ser más contundente: "Si subes el precio del puto perrito caliente te mataré. Atrévete a averiguarlo".De esta forma, el perrito caliente se ha consolidado como el producto estrella de Costco. Tan relevante es que, hace un par de años, en pleno auge de los troleos bursátiles gestionados en foros de internet, con el caso Gamestop como el más relevante, Costco vivió un proceso similar. Una cuenta parodia difundió que el supermercado iba a subir el precio de los perritos, de 1,50 a 2,50 dólares. Como consecuencia, las acciones de la compañía se hundieron más de un 10% rápidamente.En su proceso de expansión internacional, también apuesta por la presencia del menú de los perritos calientes en sus tiendas. En el caso de España, donde cuenta con varios establecimientos, la oferta es de 1,50 euros por el perrito, aunque no incluye la bebida, que cuesta 30 céntimos más. La receta es la tradicional americana, un poco diferente de la que puede encontrarse en otros restaurantes españoles, e incluye cebolla, pimiento y pepinillos.No se puede negar que la estrategia de Costco es todo un éxito. Suma casi 120 millones de suscriptores en todo el mundo, y se ha convertido en la segunda cadena de supermercados que más vende, tras superar a Carrefour hace unos años, y tan solo por detrás de Walmart.

What I learned from reading Sol Price: Retail Revolutionary by Robert Price. ----This episode is brought to you by EightSleep: Get the best sleep of your life and unlock more energy with the Pod 3. Go to eightsleep.com/founders/----This episode is brought to you by Meter: Meter is the easiest way for your business to get fast, secure, and reliable internet and WiFi in any commercial space. Go to meter.com/founders----This episode is brought to you by Tiny: Tiny is the easiest way to sell your business. Tiny provides quick and straightforward exits for Founders. Get in touch by emailing hi@tiny.com----Subscribe to listen to Founders Premium — Subscribers can ask me questions directly and listen to Ask Me Anything (AMA) episodes.----[6:50] He believed in developing strong operating efficiencies, and he continually emphasized passing on savings to customers.[8:48] It's pretty incredible to think about that Sol's ideas have created trillions of dollars of value.[11:18] You can always understand the son by the story of his father. The story of the father is embedded in the son. —Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)[14:00] Stephen King on the belief and support he received from his wife: “Having someone who believes in you makes a lot of difference”— Stephen King On Writing: A Memoir of the Craftby Stephen King. (Founders #210)[16:00] True education is gained through the discipline of life. —Henry Ford[19:45] Sol kept a small sign in his office: “Do it now.”[24:00] Sol finds an idea future generations of entrepreneurs will use: A membership retail store targeted to a specific niche.[24:45] When you have people driving far distances to save money that is a very good sign. — Sam Walton: Made In America by Sam Walton. (Founders #234)[26:45] Daniel Ek interview on the Acquired podcast. [39:10] If you're not spending 90% of your time teaching, you're not doing your job. —Jim Sinegal.[39:45] You train an animal, you teach a person.[40:00] He was not a fan of training manuals because he believed that manuals were a substitute for thinking.[43:00] What does limited selection have to do with efficiency? Because payroll and benefits represent 80% of a retailer's cost of operations, pricing advantage follows labor productivity. Fewer items result in reduced labor hours throughout all of the product supply channels. Put simply, the cost to deal with 4,500 items is a lot less than the cost to deal with 50,000 items.[50:21] The operating efficiencies of the warehouse concept and the direct delivery of products from the suppliers to Price Club made it possible to sell merchandise for less.[55:00] Costco and Sam's were expanding aggressively while Price Club remained tentative.[1:03:30] Sol was a poster child for the American dream. His immigrant parents were born in a small Russian village. Sol was the first in his family to graduate college. He earned a law degree. He became an exceptionally successful businessman and philanthropist, celebrated 70 years of marriage, was a good father who instilled high values in his sons, and he never walked away from responsibility. It doesn't get much better than that.---Subscribe to listen to Founders Premium — Subscribers can ask me questions directly and listen to Ask Me Anything (AMA) episodes.----Join my free email newsletter to get my top 10 highlights from every book----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

Pat Callans graduated from Notre Dame in 1984 and pursued his dream of being a lawyer, graduated from Northwestern Law School in 1987. This conversation will lead you on Pat's intriguing career path from private practice to recently celebrating his 29th anniversary with Costco, his focus on family and provide insights on Pat's long-term relationship with Seattle University. In addition to sharing insights on ethical leadership and Jim Sinegal, Pat talks about the influence Nuestros Pequeños Hermanos has had on him and his family. A captivating conversation you will enjoy.

Were you here before podcasts? Remember the NPR show? AM radio anyone? Today Mac Greer is back with the keys to our deep vault of audio gold. Tom Gardner joins David to revisit and discuss the conversations, predictions, and lessons from 20 years ago. (7:08) Jim Sinegal on competition and growth (13:09) Meg Whitman on eBay's acquisition of PayPal (18:00) John Antioco on Blockbuster's bright future (22:53) Roger Ebert on Blockbuster's imminent demise (25:23) Loretta Lynn on Growing Up Poor (30:45) Sir Bob Geldof on the futility of bribery (35:07) Mike Veeck on creative marketing Companies Discussed: COST, WMT, EBAY, PYPL, NFLX Host: David Gardner Guests: Tom Gardner, Mac Greer Voices from the Vault: Jim Sinegal, Meg Whitman, John Antioco, Roger Ebert, Loretta Lynn, Sir Bob Geldof, Mike Veeck Producers: Mac Greer & Rick Engdahl

Devin: What do you see as your superpower?Dan: I would say one of the things that I've been blessed with is the ability to win people's trust and confidence, specifically leaders. I just have this chronic problem of thinking of others first, almost to a fault. I think that helps.“We all know what it's like maybe to work for a boss that inspires us and pulls the best out of us,” says Daniel Cooper, CEO and founder of ROC Investments. “We also know what it's like to probably work for a boss that doesn't do that, [who] makes us feel the opposite.”ROC Investments manages an ETF that trades under the symbol ROCI, focused on investing in companies led by CEOs with great character.With his mentor, Joe Ritchie, Dan started this work 20 years ago, starting with what may seem like a counter-intuitive premise for a fund manager. “There's no way we could out-analyze Wall Street to get an edge.”A parallel observation created a view that ultimately led to the fund's formation. “Nobody seems to be valuing character and leadership. In other words, the market seems to pretty much place a value of zero for that.”So, “20 years ago, in an effort to find that edge and also believing that character does matter, we set out to try to value character better than zero as it related to CEOs leading companies,” Dan Says.For a time, Dan set the work aside. “This March, I decided to come back to it because I felt like the world needs more than ever now, a way to affirm character in the world using your dollars.”“The research and the data point to the fact that it's a significant contributor to the long-term outperformance of a company,' he says.There are four areas of character that Dan screens for in the fund:* Integrity. “When it comes to integrity, we're looking for simple things like CEOs telling the truth, keeping their promises consistently, acting how they believe in value. Standing up for what is right. These are all things we try to teach our kids.”* Responsibility. “Taking responsibility for personal choices, for example, owning mistakes and not pointing the finger when mistakes are made on their behalf, but taking responsibility or giving credit away.”* Forgiveness. “Letting go of mistakes, letting go of other people's mistakes, which builds trust and innovation and organization.”* Compassion. “Empathy, the ability to empathize with the world, probably your employees and your team.”The first measure, integrity, may be weighted more heavily in the analysis because the firm uses two different processes to screen the companies in the Russell 1000 (the largest 1000 public companies in the U.S.) for leaders that display integrity.First, the firm uses an artificial intelligence analysis of the language in the CEOs' shareholder letters. “We did this in collaboration with some professors from the University of Virginia, Yale, Duke and INSEAD in France,” Dan says. “It was a system that they used to try to correlate language with with with integrity.”The firm also engaged the team that did the analysis for the book, Return on Character by Fred Kiel. The book shows that “high character CEOs outperform low character CEOs by a factor of five X as measured on a return on assets basis.” Using the two systems, Dan sees the same companies pop up—helping to confirm the effectiveness of the screen for integrity, yielding a pool of about 150 companies. “We went in and did a deep analysis on publicly available data, looking for evidence of responsibility, forgiveness and compassion, and basically gave scores in each one of those categories,” he says.This final step involves “behavior-based interviews” with experts:We sit down with people, analysts and others that actually are in the industry who understand, say, a certain sector and are familiar with leadership. I ask them questions like, “Of the companies you're familiar with, who would put the company before their own interest? Who tends to give credit away? Who's more humble than they are arrogant?”We basically just fill this data. We've mined for this kind of data around the four pillars of character. We organize it, and then it basically informs how we allocate capital.There is an exciting result of this analysis. Dan says that the benchmark index, the Russell 1000, has just 5 percent women CEOs, but 9 percent of the character-led portfolio is female. That suggests that when screening for character, you're 80 percent more likely to find women leaders than a random selection would.Dan says he has a superpower that helps his work, which is his ability to win the trust and confidence of other people, especially leaders.How to Develop Winning Trust As a SuperpowerDan says he's developed the ability to win the trust and confidence of leaders by putting their interests ahead of his own. When asked, he shared the story of a time when he felt he used his ability to great effect:I can think of one [example], and it's ironically related to what I'm doing today. When I first developed this investment strategy, one of the big, exciting aspects was to know the CEOs that actually fit these criteria in the marketplace. I mean, that data wasn't widely known right at the time. My mentor, who was independently wealthy—a very, very successful individual—and I, would get involved in foreign relations situations abroad and try to move the needle in the right direction. One of those was Rwanda, with our relationship with the president of Rwanda, Paul Kagame. Paul Kagame was not interested in going to Washington and having bureaucratic meetings. He was interested in meeting American industry. We had the list of the great kind of CEOs in the market. So, I started calling the CEOs on the list and asking them to sit down with the president of Rwanda, which was an unusual call. I mean, CEOs get a lot of calls, but this one broke through. I can remember two incidents on both sides of that. One, when I would go to brief the president in Rwanda, I would sit down, and I said to him, “more than money and power, I'm making a commitment to you to introduce you to men and women of character and honor.” So that was one. I think he believed me. One of the CEOs that I had the great fortune to meet and call a friend today is Jim Sinegal, the founder of Costco. When we first sat down and talked about this, I said to him, “I think this is one of those scenarios where you're actually going to thank me someday for this one because it's so special.” In retrospect, I thought, “Man, that's kind of a bold thing to say to the CEO of Costco,” but it ended up being true, in the sense that I think he would he would agree it was a great experience. His daughter went on to found this extraordinary school for girls in Rwanda. Costco ended up buying close to two-thirds of Rwanda's specialty coffee. And the list goes on and on. So those were scenarios where I think the utilization of my ability to win the trust of leaders had maybe an impact. It was an honor to be in a position to do that.Dan has some simple advice for gaining the trust and confidence of others, especially leaders: “It's being genuinely ready to put the interest of the other person across from the table interest first before your own.”“If somebody knows that you're willing to be in a situation where you may come out lesser on the end of something or that you're going to protect them because you actually really do care about not just their career and their business, but their life, that tends to come across in the way you communicate,” Dan says.“It's pretty simple,” he says. “Just think of the other person first, and that will likely go a long way to winning the trust of folks.”You can make winning trust a superpower by following Dan's example and advice, enabling you to do more good in the world. Get full access to Superpowers for Good at devinthorpe.substack.com/subscribe

The retailer Costco has famously sold its hot dog and soda combo for $1.50 for nearly 40 years. In fact, the big box store's founder, Jim Sinegal, reportedly once told the company's current CEO Craig Jelinek, “If you raise the (price of the) effing hot dog, I will kill you.” Now, Costco's competitor Sam's Club is offering the same deal for $1.38 in an effort to ease the burden on consumers. As inflation causes the prices of other commodities to rise, does the cheap hot dog combo really make an impact on consumers' bottom line? Chris Thornberg, the founder of Beacon Economics, joins Mike Rogers to get to the root cause of inflation, discuss retail strategy, and yes... hot dogs.

Text Hawk to 66866 to become part of "Mindful Monday." You, along with tens of thousands of other learning leaders will receive a carefully curated email from me, each Monday morning, to help you start your week off right! Full show notes at www.LearningLeader.com Twitter/IG: @RyanHawk12      https://twitter.com/RyanHawk12 Steve Holmes founded Springfree Trampoline in 2003 and has overseen its growth to almost 400 employees globally. He is responsible for strategic business development and leads growth initiatives worldwide. Springfree® Trampoline, the World's Safest Trampoline™, was introduced in 2003, and available in Australia in 2004. Dr. Keith Alexander re-designed the trampoline from the ground up to invent Springfree Trampoline, over fifteen years of research and development. Notes: “I hope that customers describe Springfree as a company which has integrity, honesty, great character, and deals with its customers in a way that values their experience with the brand and the product, and delivers on the promises they make. Living in the tension of competing priorities. This is the job of the leader. It's happening at all times both at work and at home. We must be aware of and understand how to live in that tension. Your working genius - Jim has learned that his sense of wonder and invention is what brings him the most joy. We have to know what lights us up in order to sustain excellence over time. Responding to losing the Costco account. Steve called the Jim Sinegal and worked out how the relationship would end and then immediately planned for the future to keep his company in business. "The greatest piece of marketing is our customers." How to find your purpose: Ikigai is a Japanese concept that means your 'reason for being. ' 'Iki' in Japanese means 'life,' and 'gai' describes value or worth. Your ikigai is your life purpose or your bliss. It's what brings you joy and inspires you to get out of bed every day. Life is about giving so that others will benefit. The C's of business Clarity Competency Confidence Choice "The pace of change is faster than the pace of learning." Sustained excellence: Humble Hungry Smart As the leader, you must create an environment where people want to learn

Scale Economics Shared is a business model that creates amazing long term growth in companies that implement it well. It's also a business model that ensures a long runway for a company, excites its customers and keeps competitors at bay. Costco used this strategy to grow a lot during the years Jim Sinegal was CEO. Check out this episode to learn about Scale Economics Shared and the Costco Story. Sources for episode: https://microcapclub.com/2018/02/new-mental-model-investing/ http://mastersinvest.com/newblog/2020/9/16/learning-from-nicholas-sleep https://igyfoundation.org.uk/wp-content/uploads/2021/04/Full_Collection_Nomad_Letters_.pdf https://www.youtube.com/watch?v=f9Iv_vdO7sw&ab_channel=MyTalkShowHeroesMyTalkShowHeroes https://en.wikipedia.org/wiki/James_Sinegal https://www.youtube.com/watch?v=dzejHGniMTQ&ab_channel=CNBCCNBC Podcast website: Wall Street Vision Investing Podcast Get in touch with Vlad: Wall Street Vision - Contact Disclaimer: This podcast is for entertainment purposes only and should not be relied upon as the basis for investment decisions. Before making any decisions, consult a professional. I may maintain positions in the securities discussed on this podcast. This show is copyrighted by the Wall Street Vision, written permission must be granted before syndication or rebroadcasting.

Donald Glacy is a Chair at Vistage Worldwide, the world's leading executive coaching organization. From starting his first company at 16 years old and selling it 3 years later, to creating the world's first 24/7 integrated marketing execution center, and working with celebrity personalities including Ryan Seacrest, Hulk Hogan, Manny Pacquiao and Mario Lopez, Don is truly a gifted entrepreneur. Today, his focus is developing leaders through Vistage Worldwide. In a study by Dunn & Bradstreet, Vistage member companies grew 2.2 times faster than average small and midsize U.S. businesses no matter the economic conditions. Through a combination of peer advisory, executive coaching, training, and enrichment opportunities, Vistage creates better and more insightful leaders. On this episode, we'll discuss: ✓ "Culture isn't the #1 thing, it's the ONLY thing." - Jim Sinegal, Founder of Costco ✓ The value of mentorship, discipline, and encouragement ✓ Finding Alignment: Does your "WHY" connect with what you do? Social Links: https://www.linkedin.com/in/donglacy/   Pathways to Success is brought to you by: Codeup: https://codeup.com/ CityCentral: https://citycentral.com/ (Promo Code "Pathways" for 50% off first 3 months)  DeadSoxy: https://deadsoxy.com/?ref=pathways (Promo Code "Pathways" for 30% off) 

A panel of three former Seattle University Board of Trustees Chairs – Phyllis Campbell, Jim Sinegal, and Steve Hooper – ask outgoing SU President Father Steve Sundborg about his leadership insights, the most challenging moments in the 24 years he led SU, his post-retirement plans, and how he sees the university in the future. The panel also announces the creation of the Stephen V. Sundborg, SJ Endowment for Business Social Impact to support community outreach programs such as the Innovation & Entrepreneurship Center's RAMP-up program.   Hosted by Joseph M. Phillips, dean of Seattle University's Albers School of Business and Economics, The Leadership Playbook asks top executives from the business world's most recognizable brands and companies about the stories behind their success, their leadership secrets, and the biggest obstacles they've faced and overcome.  Follow us on leadershipplaybook.org to find out more about the show. Subscribe to listen to succeeding episodes.  Podcast production and music by Alvarez Audio.

Today, we will be diving into Costco. Costco is a favorite business story and model for many operators and investors. It was founded in 1983 in Seattle, and it has grown into a juggernaut with over $169 billion in sales and almost 60 million members globally. To me, Costco is the best example of doing one thing for customers and getting better at it constantly for decades.   To help me break down Costco, I talked to both Zack Fuss and Chris Bloomstran. Zack is an investor at Continental Grain, a 200-year old family-owned business that is focused on investing and operating businesses throughout the food and agriculture ecosystem with assets across the US, Latin America, and Asia. Chris is President and Chief Investment Officer of Semper Augustus Investments Group and a long-time shareholder in Costco.   In this Breakdown, we'll start with Zack by diving into the Costco business model, examining the relentless focus on efficiency that separates Costco from its peers, and exploring the secrets behind its private label brand, Kirkland. I'll then talk to Chris about Costco's growing international opportunities and the lessons that operators and investors can take away from studying the business and founder Jim Sinegal. I hope you enjoy this Breakdown of Costco.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. We created Business Breakdowns to uncover the lessons and frameworks behind every business, and that's what makes Tegus our perfect launch partner. Much of the foundational prep for these episodes starts with research on the Tegus platform.    With Tegus, you can learn everything you'd want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 15,000 calls on Coinbase, Hinge Health, Farfetch, or almost any company of interest. All you have to do is log in. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial. ----- Business Breakdowns is a property of Colossus, Inc. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss   Show Notes [00:03:03] - [first question] - The fundamental equation that makes Costco work [00:04:02] - Dynamics of a shared scale economy business [00:06:45] - Jim Senegal's devotion to perfecting one model for decades [00:10:10] - Examples of how far Costco is willing to go to provide value for its members [00:12:27] - Analysis of a private label strategy, and why Kirkland is such a success [00:15:35] - Key differences that separate Costco from their competitors [00:18:19] - An open-source retailing relationship with suppliers [00:21:10] - How they maximize sales per square foot over time [00:25:45] - Thoughts on leverage in unit-concept stores and why Costco doesn't use leverage to accelerate growth  [00:28:02] - Lessons that can be learned and applied to other businesses    [00:30:47] - How Costco approaches international expansion [00:33:54] - Why Jim Sinegal is such an exemplary CEO

There are several ways to describe an effective leader. A leader can be strong, passionate, and humble. While all of these traits are essential to leadership success, there is something in leader humility that makes it unique.  In today’s episode, our guest, Marilyn Gist and I discuss what leader humility is and what it is not. Marilyn also explains how humility bridges the power disparity between leaders and employees by making their employees feel seen and heard. She cites real-world examples of how humility has been an effective aid in solving crisis situations in global companies such as Ford and Costco.  Learn more about humility and how you can display it in your leadership by listening to this podcast episode today! What’s Discussed in This Episode: Marilyn’s encounter with Jim Sinegal [02:08] How Jim demonstrates leader humility [04:09] Relationship between humility and power distance [05:23] Leaders’ awareness of their effect to others [08:15] Advice for CEOs mentoring new leaders [10:17] Perception of a leader [12:51] Show humility in a proactive manner [11:38] Generous inclusion and leadership [15:08] Why leaders don’t include their employees in decision-making [16:50] Alan Mulally’s experience with Ford’s crisis [18:33] How Alan balanced competing interests [21:09] Leader’s humility impact on the organization’s bottom lines [17:48] Building self-awareness [26:34] Rebuild a humble model of yourself [25:32] Helpful tools in building humility [27:22] Repairing damaged relationships [31:26] A leader recovers according to their strength [30:38] Top three things to do to become a humble leader [33:41] About the Guest: Marilyn Gist is an educator, speaker, and acclaimed author of The Extraordinary Power of Leader Humility. She is a sought-after speaker for topics on leadership effectiveness and impact. Marilyn’s book about leadership humility brings insight into what is required from leaders to work together with their employees effectively.  Resources: Marilyn Gist Website (https://www.marilyngist.com/discover-extraordinary-power) Marilyn’s restaurant recommendation: Il Terrazzo Carmine (https://www.ilterrazzocarmine.com/) Books mentioned in this episode: The Extraordinary Power of Leader Humility (https://amzn.to/35Hyq2l) Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher. Thank you for tuning in! 

Tesla batteries/new cars/new tech, term limits, elections, Supreme Court justices... and so much more. So many TIL and shower thoughts were had. If you like the music check out the artist here: theearthonfireIntro song links: Spotify Apple MusicPlease subscribe to us on YouTube and join us live for our weekly recording!Follow us on InstagramFollow us on Facebook for the easiest way find us live.Links discussed in episode:House Democrats to introduce bill setting 18-year term limit for Supreme Court justicesTel Aviv set to become first city with electric roads that charge public transportationThe 3 biggest things Elon Musk announced at Tesla's big outdoor eventCalifornia moves to end sales of new gas-powered carsNo smoking: CEO of Philip Morris, the company that makes Marlboro, says cigarette sales may end within 10-15 yearsTIL:TIL that in Japan, if a working day falls between two public holidays, that working day becomes an additional holiday by law, also known as a "Citizen's Holiday".In Troy (2004), Brad Pitt and Eric Bana did not use stunt doubles for their epic duel. They made a gentleman's agreement to pay for every accidental hit. $50 for each light hit, $100 for each hard blow. Pitt ended up paying Bana $750. Bana didn't owe Pitt anythingTIL Costco's hot dog has remained $1.50 since it was first introduced in 1984. After the company president complained they were losing money on it, CEO Jim Sinegal put his foot down. "If you raise [the price of] the effing hot dog, I will kill you," Sinegal said.TIL as many as three US Presidents, and also Abraham Lincoln's son, may have died as a result of a contaminated water supply to the White House. Until 1850 there was no sewage system and a field of human excrement called "night soil" flowed freely into the water supply.TIL about the Anderson Electric Car Company that existed from 1907-1939 and made the Detroit Electric - an electric car that could reliably get 80 miles per charge but up to 211 miles.Shower Thoughts:Medieval sex must have smelled terrible.You don’t need a heater if you have a crappy enough pc"So long" makes more sense as a greeting than as a farewell.Turns out, there’s a bunch of people who want to be told what to thinkA microwave oven is an impractical, but effective, metal detector.It seems weird that “fire” made it to the common services, but nothing elseSometimes an employee’s most impressive efforts for a company are when they are fixing a mistake they hope their boss never finds out about.It's a good job our subconscious knows exactly the right amount to loosen our asshole, so that we can pass gas in our sleep without shitting ourselves.For vehicles powered by flamethrowers, hot air balloons are the least metal of all travel options.It’s really easy to tell if someone has never lost a game of Russian Roulette

What I learned from reading Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price.What was it about this man that engendered so much admiration and respect? [0:01]Sol Price's early life  [4:39]Sol Price was a misfit / “If you want to understand the entrepreneur, study the juvenile delinquent. The delinquent is saying with his actions, "This sucks. I'm going to do my own thing.”  [5:40] Learning to love being productive / Sol Price on the importance of time / DO IT NOW! [12:20]The beginning of FedMart [16:00] Sol Price learned from other founders [21:25] Sol Price's business philosophy [28:50]What happened when Sol opens a pharmacy in FedMart / A creative solution to being cut off by gasoline suppliers [36:25] Sol Price's idea on teaching and “alter egos” / “You train an animal. You teach a person.” —Sol Price [39:13] The intelligent loss of sales [42:00] The idea for Price Club [52:37] What Sol Price meant to his son [1:05:28]—“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

What I learned from reading Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price.Become a Misfit today and immediately unlock 50+ episodes of Founders available nowhere else.What was it about this man that engendered so much admiration and respect? [0:01]Sol Price’s early life [4:39]Sol Price was a misfit / “If you want to understand the entrepreneur, study the juvenile delinquent. The delinquent is saying with his actions, "This sucks. I'm going to do my own thing.” [5:40]Learning to love being productive / Sol Price on the importance of time / DO IT NOW! [12:20]The beginning of FedMart [16:00]Sol Price learned from other founders [21:25]Sol Price’s business philosophy [28:50]What happened when Sol opens a pharmacy in FedMart / A creative solution to being cut off by gasoline suppliers [36:25]Sol Price’s idea on teaching and “alter egos” / “You train an animal. You teach a person.” —Sol Price [39:13]The intelligent loss of sales [42:00]The idea for Price Club [52:37]What Sol Price meant to his son [1:05:28]“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers. ”— GarethBe like Gareth. Buy a book. It's good for you. It's good for Founders. Amazon pays me if you buy a book using this link:  A list of all the books featured on Founders Podcast.Become a Misfit today and immediately unlock 50+ episodes of Founders available nowhere else.

Jim Sinegal started as a grocery bagger in a grocery store. How did he start Costco and became a billionaire. Holy coconut Donut, Let us check out, how he did it.

Costco changed shopping with its massive scale and deeply curated approach to retailing. Marc and Dan discuss how the company quietly became one of the biggest retailers in the world, selling 137 million hotdogs at $1.50 a piece and an astounding quantity of pretty much everything else.

Costco has racked up big profits for shareholders. In this special episode of Motley Fool Money, Costco co-founder Jim Sinegal shares some secrets to Costco's success.

CVS Health buys Target’s pharmacy & clinic businesses for $1.9 billion.  We discuss why it’s a win for both companies and anaylze why Leapfrog may be on its last legs.  Plus we share highlights from our event in Seattle, including the wisdom of Costco’s Jim Sinegal.

Costco founder and longtime CEO Jim Sinegal steps down. We explore what the future holds for his replacement and which CEOs now rank as our favorites. Traffic to daily deal websites is declining, putting Groupon’s IPO in a tougher spot.

Our analysts discuss the latest earnings from Chipotle, Cisco, and Disney.  We delve into Microsoft's new deal with Nokia and talk retail with Costco CEO and co-founder Jim Sinegal.  

Jim Sinegal, CEO of the nation's 4th largest retailer, defies conventional wisdom by putting his people first - before Wall Street. "Wall Street is in the business of making money between now and next Tuesday," he said. "We're in the business of building an organization, an institution that we hope will be here 50 years from now. And paying good wages and keeping your people working with you is very good business."