#139 J.P. Morgan

What I learned from reading The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow.  [0:01] This book is about the rise, fall, and resurrection of an American banking empire—the House of Morgan.  [1:56] What gave the House of Morgan its tantalizing mystery was its government links. Much like the Rothschilds it seemed insinuated into the power structure of many countries, especially the United States.  [2:46] They practiced a brand of banking that has little resemblance to standard retail banking.  [3:43] They have weathered wars and depressions, scandals and hearings, bomb blasts and attempted assassinations.  [4:44] Contrary to the usual law of perspective, the Morgans seem to grow larger as they recede in time.  [5:41] I was struck that the old Wall Street—elite, clubby, and dominated by small, mysterious partnerships—bore scant resemblance to the universe of faceless conglomerates springing up across the globe.  [6:49] Only one firm, one family, one name rather gloriously spanned the entire century and a half that I wanted to cover: J.P. Morgan.  [8:13] I am a firm believer that most people who do great things are doing them for the first time. —Marc Andreessen  [12:22] He carried the scars of early poverty. Like many who have overcome early hardship by brute force, he was always at war with the world and counting his injuries.  [14:22] My capital is ample but I have passed too many money panics unscathed, not to have seen how often large fortunes are swept away, and that even with my own I must use caution. [14:48] His annual savings were staggering. He spent only $3,000 of a total annual income of $300,000. [18:05] J.P’s dad’s advice: You are commencing upon your business career at an eventful time. Let what you now witness make an impression not to be eradicated. Slow and sure should be the motto of every young man.  [18:40] Junius Morgan reminds me of Tywin Lannister.  [21:19] Perhaps the contrast between his own steady