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Founders: #63 The King of Oil: The Secret Lives of Marc Rich

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What I learned by from reading The King of Oil: The Secret Lives of Marc Rich by Daniel Ammann. ---- The spot market for oil was one of the most lucrative ideas of the twentieth century. [0:01] the historical events intertwined with the career of Marc Rich [5:15] how his family escapes the Nazi's [12:00] his first jobs + learning from his father + finding his vocation [14:30] learning the commodities business from A to Z [20:00] his work environment was training for entrepreneurship + how he thought about the opportunity in oil [30:30] Marc gets screwed on pay so he starts his own company [35:00] why Marc chose Switzerland as the headquarters of Marc Rich + Co. [37:00] why the invention of the spot market was important [43:00] why Marc Rich thought he was exempt from Jimmy Carter's executive order [46:15] the state of his business in 1990 [1:01:00] how to lose $172,000,000 [1:14:00] ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ---- “I have listened to every episode released and look forward to every episode th

[00:00:00] The spot market for oil was surely one of the most lucrative ideas of the 20th century. Back when Mark Rich first began to snatch away a part of the global oil trade from the mighty oil corporations, crude oil cost $2 per barrel. In the summer of 2008, a barrel went for a record $140. Mark Rich's undertaking was revolutionary and highly successful. In the 1970s, Rich and a handful of trusted partners single-handedly managed to break the cartel of big oil, a cartel that dominated every aspect of the oil trade from the well to the gas pump. They created the first fully functioning…

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