#237 Julio Lobo (Cuba's Last Sugar Tycoon)

What I learned from reading The Sugar King of Havana: The Rise and Fall of Julio Lobo, Cuba's Last Tycoon by John Paul Rathbone. ---- Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com ---- [2:02] Beyond Possible: One Man, Fourteen Peaks, and the Mountaineering Achievement of a Lifetime (Founders #236) [3:22] This is a cautionary tale. [6:18] One of the main lessons of the book is just how fast things can change. [6:25] The History of Cuba in 50 Events [10:14] Lobo walked with a limp due to a murder attempt 14 years before that had blown a four inch chunk out of his skull. [12:29] One of the most human of all desires is to perpetuate what you have created. [12:55] Lobo thinks he has leverage when he really doesn’t. [18:39] He dies in poverty. Imagine having $5 billion and then at the end of your life having to rely on an allowance from your adult daughters. [20:30] I think about what Charlie Munger says: Don't try to be really smart. Just try to be consistently not dumb over a long period of time. [20:58] Hershey: Milton S. Hershey's Extraordinary Life of Wealth, Empire, and Utopian Dreams (Founders #146) [22:59] Chico, I was born naked. I will probably die naked. And some of the happiest moments of my life happened when I was naked. [29:01] From an early age it was apparent that Lobo sought not only wealth but glory too. [30:21] He was an individualist who did not spare himself any sacrifice to attain his objectives. [31:26] The clearest path to wealth is building a business that benefits somebody else's life. Make a product or service that makes somebody else's life better. Do that for a long period of time and keep improving it. [33:45] His father told him I would much rather you make your mistakes now than later when I may not be around to pick up your pieces. [38:16] It turns out that almost being executed makes you impatient for large success. [40:32] If you instead focus on the prospective price change of a contemplated purchase, you are speculating. There is nothing improper about that. I know, however, that I am unable to speculate successfully, and I am skeptical of those who claim sustained success at doing so. Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game. And the fact that a given asset has appreciated in the recent past is never a reason to buy it. —Warren Buffett from The Essays of Warren Buffett (Founders #227) [45:09] Think about the type of funeral you want. There is a story about a person who died. The minister said it is now time to say something nice about the deceased. After long time a person came up and said, “His brother was worse.” That is not the kind of funeral you want. —Charlie Munger [50:34] Alfred Nobel: A Biography (Founders #163) [52:30] The Fish That Ate the Whale: The Life and Times of America's Banana King(Founders #37) [54:26] They almost resorted to a duel, which was still common in Cuba at the time, where differences were often settled with machetes at dawn. [1:04:34] There are times when chasing the things money can buy, one loses sight of the things which money can't buy and are usually free. [1:05:10] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness (Founders #191) [1:05:17] A calm mind, a fit body and a house full of love, these things cannot be bought, they must be earned. —Naval Ravikant [1:08:52] His business collapsed like a house of cards. [1:09:34] It was the same ending that befell so many other famous speculators throughout history. ---- Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast ---