#327 Ted Turner

What I learned from reading Ted Turner's Autobiography. ---- Get access to the World’s Most Valuable Notebook for Founders by investing in a subscription to Founders Notes ---- Listen to Art of Investing #4 David Senra Lessons from the Founder Historian.  ---- (9:00) My net worth dropped by about 67 million per week, or nearly 10 million per day, every day for two and a half years. (10:00) Once to drive home a point about the difficulties of attracting good loyal employees he told me: Jesus only had to pick 12 disciples and even one of those didn't turn out well. (10:00) Early to bed, early to rise, work like hell, and advertise . (11:00) Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger. (Founders #141) (13:30) The problem isn't getting rich, it's staying sane. — Charlie Munger (17:00) I learned a lesson that would stick with me throughout my career. When the chips are down in the pressure's on it's amazing to how creative people can be. (20:00) My father always maintained many of the different billboard businesses as separate legal entities. (He didn’t want to dilute ownership of his main company and separate entities allowed for periodic reorganization to offset capital gains liabilities. (20:30) When you own an asset your job is to maximize its value. (23:00) He combines the assets he has in a way his competitors can not. (24:00) The more I learned about TV stations the more I realized that ours was a disaster. Of the 35 people who were on the payroll when we took over only two were still there a year later —the custodian and the receptionist. (25:00) Ted Turner believed in the power of television more than almost anybody else. (30:30) My dad taught me early on that longterm relationships with your customers and partners are very important. You never know how the guy who you're friendly with today might be able to help you tomorrow. (31:00) Cable Cowboy: John Malone and the Rise of the Modern Cable Business by Mark Robichaux. (Founders #268)