#253 Henry Goldman (Goldman Sachs)

What I learned from reading When Money Was In Fashion: Henry Goldman, Goldman Sachs, and the Founding of Wall Street by June Breton Fisher. ---- Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com ---- [2:30] The Uses of Adversity by Malcolm Gladwell [2:40] Business Breakdowns: Goldman Sachs: Fortune Favors The Old [3:00] Men can learn from the past, and I've been shocked how little some of the younger executives in the present firm know about its origins. They don't even know that my grandfather, whose picture is on the wall there, founded the firm. [3:46] My grandfather, Henry Goldman, was the son of a poor German immigrant named Marcus Goldman. Marcus Goldman is the founder of Goldman Sachs. [5:45] Levi Strauss: The Man Who Gave Blue Jeans to the World by Lynn Downey (Founders #33) [7:10] The job Marcus Goldman was grateful to have: Walking the streets peddling goods seven days a week. Working regardless of rain, or snow, or the humid summer heat. [9:13] Henry had been slow learning to read. It was finally determined that the youngster suffered from astigmatism, and his chores in the shop were limited to fetching and carrying articles from the storeroom or fastening the shutters at closing time. His mother was convinced he would never succeed in a competitive world and was inclined to coddle and baby him. (The “slow learner” is the one that fuels much of Goldman Sachs growth!) [12:03] At the time no qualifications or special training were needed to enter the banking business. [13:36] Marcus was anxious to capitalize on every waking hour. [14:19] Henry was an attentive listener who committed everything he heard to memory. [18:40] Successful people listen. Those who don’t listen, don’t survive long. — Michael Jordan: The Life by Roland Lazenby (Founders #212) [25:12] This part about the Railroads reminded me of the Internet: As new businesses started up every day and the distribution of their goods was being revolutionized by the rap