Jul 10, 2024 · 1h 4m · founders
How To Be Rich by J. Paul Getty
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In this episode, David Senra breaks down J. Paul Getty's seminal 1965 guide, How To Be Rich, exploring the billionaire industrialist's timeless principles on lean operations, contrarian investing, and executive leadership.
Statements from this episode (8)
Shell broke a competitor boycott against Getty by buying 1.7M barrels
“As a starter, the company would buy the next 1.7 million barrels of crude oil that I produced. In addition, Sir George told me, a pipeline would be constructed to link my wells with the Shell Oil Company's pipeline network, and construction was to commence the…”
Resolve urgent crises by pitching top decision-makers directly
“And then he knows you have to aim straight for the top. You have to go to the ultimate decision maker because the president of shell can look how fast he can move.”
Senra: Moving against prevailing business consensus invites severe obstruction and derision
“The businessman who moves counter to the tide of prevailing opinion must expect to be obstructed, derided, and damned.”
Getty produced 13B oil barrels from the Saudi neutral zone
“He gets this concession from the king of Saudi Arabia. And what's crazy is in the neutral zone, they're going to wind up producing. Getty's going to wind up producing. Thirteen billion barrels of oil.”
Senra: Optimism is a moral duty while pessimism aborts opportunity
“The way I think about what Getty is teaching us right now is that optimism is a moral duty and that pessimism aborts opportunities.”
David Senra: Wealth comes from long-term asset ownership, not trading
“All the money is in the long term. You want to own, not trade.”