#330 Les Schwab (Charlie Munger recommended this book)

What I learned from rereading Les Schwab Pride In Performance: Keep It Going! by Les Schwab.  ---- Get access to the World’s Most Valuable Notebook for Founders by investing in a subscription to Founders Notes ---- (8:00) I didn't know how to ride a bike. We never had one. All the other young kids delivered newspapers on a bike.  He's got no money. He doesn't have a bike. So he ran his routes for two months in order to get enough money to buy his first bike. He’d run nine or 10 miles a day.  (8:00) I was too proud to complain. (10:00) For a poor boy, money was much more important than pride. (10:00) Am I Being Too Subtle?: Straight Talk From a Business Rebel by Sam Zell. (Founders #269) (13:00) I was young. I was cocky. But the same cockiness helped me a lot in going through life. (15:00) The very first sentence describing his very first day in business is mind blowing: I had never fixed a flat tire in my life. (15:00) the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger (Founders #329) (29:00) Sam Walton: The Inside Story of America's Richest Man by Vance H. Trimble (Founders #150) (35:00) I always knew that if we fixed all the flat tires in town, we'd have all the tire business in town. (40:00) If we become complacent, then brother, it's all over with. (52:00) Grinding It Out: The Making of McDonald's by Ray Kroc (Founders #293) (56:00) If you’re not serving the customer, or supporting the folks who do, we don’t need you. —Sam Walton (1:00:00) The company paid low wages and had a lower overhead. The flaw was they didn’t get —with the low pay— near the quality of employees we had. (1:01:00) Life is hard for the man who thinks he can take a shortcut. (1:06:00) Decision making should always be made at the lowest possible level. (1:08:00) Whatever you do, you must do it with gusto, you must do it in volume. It is a case of repeat, repeat, repeat. (1:08:00) Charlie Munger analyzes why Les Schwab was successful. (1:11:00) Extreme success is likely to be