Founders
Episode 250 #250 Jacob Fugger (The Richest Man Who Ever Lived)
Founders

Episode 250: #250 Jacob Fugger (The Richest Man Who Ever Lived)

Founders

Episode 250

#250 Jacob Fugger (The Richest Man Who Ever Lived)

David Senra is the host of Founders, where he studies history's greatest entrepreneurs. This is what he learned from reading The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger by Greg Steinmetz.

What I learned from reading The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger by Greg Steinmetz.

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[1:55] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)

[5:05] It is well known that without me your majesty might not have acquired the Imperial crown. You will order that the money which I've paid out, with the interest, shall be paid without further delay.

[6:20] There's many examples in the book where Jacob is constantly pushing the pace and going further than you would expect when the consequences of making certain mistakes at this time in history was death.

[6:51] He wanted to see how far he could go even if it meant risking his freedom and his soul.

[7:01] He is the German Rockefeller. He thought that he was blessed with a talent for money-making by God. And so he couldn't retire. He couldn't live a life of leisure because God told him to make as much money as possible.

[8:38] Fugger wrote the playbook for everyone who keeps score with money. A must for anyone interested in history or wealth creation. —Bryan Burrough Barbarians At The Gate

[9:33] Jacob was the first documented millionaire in history.

[10:43] His objective was neither comfort nor happiness. It was to stack up money until the end.

[12:18] Venice was the most commercially minded city on Earth at the time. I wonder what the most commercially minded city on Earth is today? I don't know the answer.

[13:31] Titan: The Life of John D. Rockefeller by Ron Chernow. (Founders #248)

[17:42] The spectacle of the Emperor begging for help startled Jacob. Any belief he may have had in the Emperor’s superhuman qualities could not have survived the fact that mere shopkeepers had denied credit to the supposedly most powerful figure in Europe.

[19:11] Dan Carlin’s Hardcore History WW1 series

[23:16] There was nothing pioneering or innovative about the loan. His competitors could have made it as easily as Jacob did. All Jacob did was put up his money when no one else had the guts. Such out of favor investments became a hallmark of his investing career.

[23:37] The Richest Woman in America: Hetty Green in the Gilded Age by Janet Wallach (Founders #103)

[28:47] Founder: A Portrait of the First Rothschild by Amos Elon (Founders #197) and The House of Rothschild: Money's Prophets by Niall Ferguson (Founders #198)

[30:44] He was a radical. He refused to believe that noble birth made someone better than anyone else. For him, intelligence, talent, and effort made the man.

[32:29] You write the best life story by living an interesting life.

[33:23] His greatest talent was an ability to borrow the money he needed to invest.

[36:00] Nothing gave him greater joy than the chores required to make him richer.

[38:12] I don’t like plan B. Plan B should be to make Plan A work. —Jeff Bezos

[38:57] Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean by Les Standiford (Founders #247)

[41:04] In every age men have been dishonest and governments corrupt. The Lessons of History by Will and Ariel Durant. (Bonus episode between #169 and #170)

[43:47] Luther combined technology with an extremely strong worth ethic work.

[45:29] Jacob monitored every transaction.

[51:31] So this dude wanted to kill the rich and they put him on their currency.

[55:55] Jacob believed that businesses could more easily function with fewer, not more decision-makers.

[56:29] The Fugger family, 17 generations after Jacob lived, still enjoy income on land Jacob acquired centuries earlier.

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I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers. ”— Gareth

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#250 Jacob Fugger (The Richest Man Who Ever Lived)

Introduction

"In the days when Columbus sailed the ocean and Da Vinci painted the Mona Lisa, a German banker named Jacob Fugger became the richest man in history. Maybe you've heard of him, but usually, his name gets blank stares. His influence rests on what he did for Austria's Habsburg family dynasty. When Fugger made his first loan to the Habsburgs, they didn't even have Vienna. By the time he finished, they had half the known world. While they got the titles, Fugger got the money. His biggest client died penniless, and he died with the biggest fortune the world has ever known. Most people become rich by spotting opportunities, pioneering new technologies, or besting opponents in negotiations. Fugger did all of that through a mix of gumption and intellect. But he had an extra quality that allowed him to rise even higher. Nerve.


In an era when kings had unlimited power, Fugger had the nerve to stare down the heads of state and ask them to pay back their loans with interest. One of his sneaky financing schemes provoked an outrage, Martin Luther, to start the Reformation. In his biggest contribution to finance, he got the pope to legalize money lending. He financed Magellan's circumnavigation of the globe, and he helped defeat the mobs in the first clash between capitalism and communism. In The Richest Man Who Ever Lived, the author Greg Steinmetz, for the first time, gives Fugger his due. It is the ultimate untold story."

That is from the inside cover of the book that I'm going to talk to you about today, which is The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger, and it was written by Greg Steinmetz. Okay. So this book was actually recommended to me by my friend, Eric Jorgenson. Eric is the author of the book that I covered on Founders number 191. It's one of my favorite books. It's The Almanack of Naval Ravikant. I think it's key for anybody trying to build a business in the age of infinite leverage. There's a ton of great ideas in that book. If you haven't listened to it, obviously read the book, but go ahead and listen to. Make sure you go back and listen to episode number 191.

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