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Founders: #307: The World's Great Family Dynasties: Rockefeller, Rothschild, Morgan, & Toyada

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What I learned from reading Dynasties: Fortunes and Misfortunes of the World's Great Family Businesses by David Landes. ---- Listen to Invest Like the Best #292 David Senra: Passion and Pain. Join my free email newsletter to get my top 10 highlights from every book ---- (4:25) Success causes failure. As the family develops power and prestige, the heirs find many interesting and amusing things to do rather than run their business. (6:00) Those on the margins often come to control the center. (9:00) Great industrial leaders are always fanatically committed to their jobs. They are not lazy, or amateurs. — Confessions of an Advertising Man by David Ogilvy. (Founders #306) (9:50) For many of the great founders “Appetite comes with eating.” (11:00) Rothschild episodes: Founder: A Portrait of the First Rothschild by Amos Elon. (Founders #197) The House of Rothschild: Money's Prophets by Niall Ferguson. (Founders #198) JP Morgan episodes: The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow. (Founders #139) The Hour of Fate: Theodore Roosevelt, J.P. Morgan, and the Battle to Transform American Capitalism by Susan Berfield. (Founders #142) Rockefell

[00:00:00] This is a book about family and business. At its heart is the dynasty, the succession and interaction of family members over generations, and the firm, the business unit that embodies and expresses this interaction. I shall define a dynasty as three successive generations of family control. No small achievement. Growth, diversification, and technological advance can all work against the continuity of the family firm. To these factors, I shall add another. Success. Simply put, as the firm develops power and prestige, the heirs find many interesting and amusing things to do rather…

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