Founders: #250 The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger
David Senra 6/8/22 - Episode Page
What I learned from reading The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger by Greg Steinmetz.
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[1:55] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)
[5:05] It is well known that without me your majesty might not have acquired the Imperial crown. You will order that the money which I've paid out, with the interest, shall be paid without further delay.
[6:20] There's many examples in the book where Jacob is constantly pushing the pace and going further than you would expect when the consequences of making certain mistakes at this time in history was death.
[6:51] He wanted to see how far he could go even if it meant risking his freedom and his soul.
[7:01] He is the German Rockefeller. He thought that he was blessed with a talent for money-making by God. And so he couldn't retire. He couldn't live a life of leisure because God told him to make as much money as possible.
[8:38] Fugger wrote the playbook for everyone who keeps score with money. A must for anyone interested in history or wealth creation. —Bryan Burrough Barbarians At The Gate
[9:33] Jacob was the first documented millionaire in history.
[10:43] His objective was neither comfort nor happiness. It was to stack up money until the end.
[12:18] Venice was the most commercially minded city on Earth at the time. I wonder what the most commercially minded city on Earth is today? I don't know the answer.
[13:31] Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)
[17:42] The spectacle of the Emperor begging for help startled Jacob. Any belief he may have had in the Emperor’s superhuman qualities could not have survived the fact that mere shopkeepers had denied credit to the supposedly most powerful figure in Europe.
[19:11] Dan Carlin’s Hardcore History WW1 series
[23:16] There was nothing pioneering or innovative about the loan. His competitors could have made it as easily as Jacob did. All Jacob did was put up his money when no one else had the guts. Such out of favor investments became a hallmark of his investing career.
[23:37] The Richest Woman in America: Hetty Green in the Gilded Age by Janet Wallach (Founders #103)
[28:47] Founder: A Portrait of the First Rothschild by Amos Elon (Founders #197) and The House of Rothschild: Money's Prophets by Niall Ferguson (Founders #198)
[30:44] He was a radical. He refused to believe that noble birth made someone better than anyone else. For him, intelligence, talent, and effort made the man.
[32:29] You write the best life story by living an interesting life.
[33:23] His greatest talent was an ability to borrow the money he needed to invest.
[36:00] Nothing gave him greater joy than the chores required to make him richer.
[38:12] I don’t like plan B. Plan B should be to make Plan A work. —Jeff Bezos
[38:57] Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford (Founders #247)
[41:04] In every age men have been dishonest and governments corrupt. The Lessons of History by Will and Ariel Durant. (Bonus episode between #169 and #170)
[43:47] Luther combined technology with an extremely strong worth ethic work.
[45:29] Jacob monitored every transaction.
[51:31] So this dude wanted to kill the rich and they put him on their currency.
[55:55] Jacob believed that businesses could more easily function with fewer, not more decision-makers.
[56:29] The Fugger family, 17 generations after Jacob lived, still enjoy income on land Jacob acquired centuries earlier.
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