2795: Success by Exhaustion by Nick Maggiulli of Of Dollars and Data on How to Build Wealth

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Self-improvement, Education, Business, Investing

4.5 • 1.3K Ratings

🗓️ 14 July 2024

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2795: Nick Maggiulli highlights how IBM's legal team, Cravath, Swain, & Moore LLP, defended against antitrust charges through sheer tenacity and exhaustive effort, demonstrating that success can be achieved by outworking opponents. This brute force approach extends to various domains, including finance, where strategies like indexing and high savings rates can lead to financial stability regardless of market conditions. Read along with the original article(s) here: https://ofdollarsanddata.com/success-by-exhaustion/ Quotes to ponder: "They buried us in paper. They produced reams of paper in futile endeavors. We stacked up the paper - it was five or six feet tall!" "The majority of (actual) wars have not been won with strategy, bravery, training, or superior equipment, but brute force." "If you think about it, indexing is a brute force solution to the problem of picking stocks." Episode references: What It Takes: https://www.amazon.com/What-Takes-Secrets-Greatest-Professional/dp/1118517725 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 2795.
0:05.0	Success by exhaustion by Nick Mad Julie of of dollars and data.
0:10.3	com.
0:11.5	And on your host and personal finance enthusiasts Diana Meriam.
0:15.0	Welcome back to Optimal Finance Daily,
0:18.0	where every day I read an offer commentary on some of the best personal finance blogs on the web in about 10 minutes or less.
0:25.0	So with that, let's get right to our next article as we optimize your life.
0:30.0	Success by
0:35.0	exhaustion by Nick Mad Julie of of dollars and data.com
0:40.0	It was January 1969 when the Department of Justice filed antitrust charges against IBM for monopolizing the computer market.
0:50.0	Little did they know, the case would drag on for 13 years, cost the Department of Justice
0:57.0	$15 million and result in 2,500 depositions and over 60 million pages of documents.
1:06.2	The charges against IBM were eventually dismissed, in many ways because of the incredible
1:11.4	work done by Kravath, Swain, and Moore, LLP, the legal counsel hired
1:16.9	by IBM. The intriguing part of the story revolves around how Kravith defended IBM.
1:24.0	Krava's strategy was complex and involved brute force.
1:28.0	They wanted to win by outworking their opponents.
1:32.0	In what it takes, Charles Ellis highlights one such instance
1:36.8	of Kravith employing this tenacious strategy.
1:40.5	Quote, they had organized over a dozen Kravith lawyers there in a pattern of 8 a.m. to 2 a.m. work days.
1:48.0	Every day throughout the trial, the day's transcript was obtained at about 10 p.m. by a team of Kravith lawyers who took it
1:56.3	apart and reorganized the contents into proposed findings of fact to support the series of
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