Founders
Episode 292 #292 Daniel Ludwig (The Invisible Billionaire)
Founders

Episode 292: #292 Daniel Ludwig (The Invisible Billionaire)

Founders

Episode 292

#292 Daniel Ludwig (The Invisible Billionaire)

David Senra is the host of Founders, where he studies history's greatest entrepreneurs. This is what he learned from rereading The Invisible Billionaire: Daniel Ludwig by Jerry Shields.

What I learned from rereading The Invisible Billionaire: Daniel Ludwig by Jerry Shields. 

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[2:00] Obsessed with privacy, Ludwig pays a major public relations firm fat fees to keep his name out of the papers.

[4:00]  An associate speaks of his unlimited ingenuity in dreaming up new ways of doing things.

[5:00] Ludwig’s most notable characteristic, besides his imagination and pertinacity, is a lifelong penchant for keeping his mouth shut.

[5:00] I'm in this business because I like it. I have no other hobbies.

[6:00] Holding strongly to an opinion, purpose, or course of action, stubbornly or annoyingly persistent.

[8:00] Risk Game: Self Portrait of an Entrepreneur by Francis Greenburger (Founders #243)

[10:00] At his peak, he owned more than 200 companies in 50 countries.

[23:00] War makes the demand for Ludwig's products and services skyrocket.

[25:00] Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson. (Founders #290)

[28:00] He did not mellow as he grew richer and older.

[28:00] Some years later, the captain of a Ludwig ship made the extravagant mistake of mailing in a report of several pages held together by a paper clip. He received a sharp rebuke for his prodigality: "We do not pay to send ironmongery by air mail!"

[29:00] Ludwig’s tightfistedness, however, persisted after the Depression, putting him in sharp contrast to such free spenders as Onassis and Niarchos. It also was largely responsible for many of his innovations in the shipbuilding industry.

[29:00] Onassis: An Extravagant Life by Frank Brady. (Founders #211)

[30:00] Ludwig’s ridding his ships of any feature that did not contribute to profits pleased his own obsessive sense of economy and kept him a step ahead of the competition. When someone asked why he didn't put a grand piano aboard his ships, as Stavros Niarchos did, Ludwig snapped, "You can't carry oil in a grand piano."

[31:00] Stay in the game long enough to get lucky.

[32:00] The world is a very malleable place. If you know what you want, and you go for it with maximum energy and drive and passion, the world will often reconfigure itself around you much more quickly and easily than you would think.  The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)

[37:00] The yacht was as much a business craft as any of his tankers and probably earned him more money than any of them.

[40:00] Like the Rockefeller organization, Ludwig had mastered the practice of keeping his money by transferring it from one pocket, one company to another, while appearing to spend it.

[42:00] He had learned something by now. Opportunities exist on the frontiers where most men dare not venture, and it is often the case that the farther the frontier, the greater the opportunity.

[43:00] The way to escape competition is to either do something no one else is doing or do it where no one else is doing it.

[43:00] Much of Ludwig's success was due to his willingness to venture where more timid entrepreneurs dared not go.

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#292 Daniel Ludwig (The Invisible Billionaire)

Introduction

The photographer from New York Magazine was excited and more than a little nervous. In a matter of moments, he would enjoy a unique opportunity. The chance to snap the first unposted picture ever taken of the richest man in the world. The strange thing was that most Americans had never even heard of Daniel Keith Ludwig. It was hard to figure. How could a man any man in these days of mass media coverage and public obsession with world records manage to accumulate a $3 billion fortune with hardly anyone becoming aware of it?

If it takes a 43-inch stack of $100 bills to make $1 million, then a stack equaling $1 billion with a tower over the Empire State Building. Ludwig's riches would be 3x as tall. Obsessed with privacy, Ludwig reportedly pays a major public relations firm fat fees to keep his name out of the papers. The New York Magazine photographer had learned that the world's richest man was living almost anonymously right in the middle of Manhattan and that he was in the habit of walking to work every day.

The photographer waited for the billionaire to walk the few blocks from his penthouse apartment. Just as a photographer were starting to think something had gone wrong and Ludwig wasn't coming, he spied a gray-haired figure in a black overcoat walking briskly. As the old man drew close, the photographer raised his camera and aimed. Ludwig surprised, turned his head and looked up. The shutter clicked.

The next instant, the world's richest man, 80 years old, but still fit and trim, charged a photographer and grabbed him in a half-nelson. He tried to wrestle into the sidewalk and take the camera, but the photographer twisted out of Ludwig's grasp and ran down the street. New York Magazine ran the photo with an accompanying article, the richest man in America walks to work.

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