#258: Jay Gould (Dark Genius of Wall Street)

What I learned from reading Dark Genius of Wall Street: The Misunderstood Life of Jay Gould, King of the Robber Barons by Edward J. Renehan Jr. ---- Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com ---- [2:40] John D: The Founding Father of the Rockefellers by David Freeman Hawke. (Founders #254) [3:46] From the back cover: Though reviled for more than a century as Wall Street's greatest villain, Jay Gould was in fact its most original creative genius. Gould was the most astute financial and business strategist of his time and also the most widely hated. He was the undisputed master of the nation's railroads and telegraph systems at a time when these were the fastest-growing new technologies of the age. His failed scheme to corner the gold market in 1869 caused the Black Friday panic. He created new ways of manipulating markets, assembling capital, and swallowing his competitors. Many of these methods are now standard practice; others were unique to their circumstances and unrepeatable; some were among the first things prohibited by the SEC when it came into being in the 1930s. [5:59] If he was exceptional, it was as a strategist. He had a certain genius. Time and time again, Wall Street never saw him coming. [7:22] Jay was in fact the Michelangelo of Wall Street: a genius who crafted financial devices and strategies, and who leveraged existing laws, in stunningly original ways. [7:45] His success was profound, his productivity was astonishing, and his motivations and tactics were fascinating. [10:54] Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242) [11:11] You can always understand the son by the story of his father. The story of the father is embedded in the son. [11:43] All ambitious men want either to please their fathers or to punch them in the goddamn face. [15:05] Persistent. Deliberate in his study. Disciplined. [16:30] Born of This Land: My Life Story by Chung Ju-yung (Founders #117) [20:07]