#16 Titan: The Life of John D. Rockefeller

What I learned from reading Titan: The Life of John D. Rockefeller by Ron Chernow.  [0:01] Rockefeller was a unique hybrid in American business, both the instinctive first-generation entrepreneur who founded the company and the analytical second-generation manager who extends and develops it.  [0:30] Having created an empire of unfathomable complexity, he was smart enough to see that he had to submerge his identity in the organization.  [0:43] Don’t say that I out to do this or that. We ought to do it. Never forget that we are partners. Whatever is done for the general good is done for the good of us all. —John D. Rockefeller.  [0:55] He preferred outspoken colleagues to weak-kneed sycophants.  [1:14] That he created one of the first multinational corporations, selling kerosene around the world and setting a business pattern for the next century, was arguable his greatest feat.  [2:48] The spot chosen for the new refinery tells much about Rockefeller’s approach to business. . . Able to ship by water or over land, Rockefeller gained the critical leverage he needed to secure preferential rates on transportation which was why he agonized over plant locations throughout his career.  [6:02] This is before the invention of the car. Kerosene was the main byproduct of oil. People used it to have lighting in their houses. Before Rockefeller, only rich people were able to do this. After Rockefeller, everyone could do it.  [6:41] There’s a lot of people making money in refining. People hear about other people making money in refining. They follow in like lemmings and this causes refining capacity to be triple the amount that is actually needed. By then 90% of refineries were operating in the red.  [7:46] “So many wells were flowing that the price of oil kept falling, yet they went right on drilling.” — John D. Rockefeller.  [8:08] “Often-times the most difficult competition comes, not from the strong, the intelligent, the conservative competitor, but from the man who is holdin