#268 John Malone (Cable Cowboy)

What I learned from reading Cable Cowboy: John Malone and the Rise of the Modern Cable Business by Mark Robichaux. ---- Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com ---- Outline: Thread of highlights from Cable Cowboy by @Loadlinefinance Malone was stalwart about building long term value through leveraged cash flow. Earnings didn’t count. He wasn’t constrained by quarterly expectations. Malone built the pipes, then bought the water that flows through them. Malone took spartan operations to another level. Absolutely no bureaucracy. No waste. We don’t believe in staff. Staff are people who second-guess people. Malone averaged one M&A deal every two weeks over 15 years. That’s insane. These guys were slinging billion dollar deals like bowls of breakfast cereal. One of the best parts of the book is Robichaux’s exploration of Malone’s complex personality. It’s not just a fawning glow piece. The beginning of industries are always filled with cowboys, pirates, and misfits. This book— by far — has been the most requested book for me to cover on Founders for years. Founders episodes on Andrew Carnegie: Meet You In Hell: Andrew Carnegie Henry Clay Frick, and the Bitter Partnership That Transformed America by Les Standiford. (Founders #73) The Autobiography of Andrew Carnegie by Andrew Carnegie. (Founders #74) Founders episodes on JP Morgan: The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow (Founders #139) The Hour of Fate: Theodore Roosevelt, J.P. Morgan, and the Battle to Transform American Capitalism by Susan Berfield (Founders #142) Mavericks Lecture: John Malone Two Rockefeller podcasts: Titan: The Life of John D. Rockefeller by Ron Chernow (Founders #248) John D: The Founding Father of the Rockefellers by David Freeman Hawke (Founders #254) Bob when recruiting John: You've got a great future here. If you can create it. Malone's top executives were rough riders. In 1972 TCI had $19 million