#362 Li Lu

Founders

David Senra

Technology, Business, History, Entrepreneurship

4.8 • 2.4K Ratings

🗓️ 26 August 2024

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Charlie Munger said that Li Lu was the only outsider he ever trusted with his money. Decades before Li Lu made Munger half a billion dollars, Li survived one of the most horrific childhoods imaginable: Born into poverty, abandoned, hungry, beaten, surrounded by death. Persistent. Smart. Disciplined. Intensely curious. Obsessed with reading and learning. Determined to escape. This is a story you absolutely cannot miss. What I learned from reading Moving The Mountain: My life in China from the Cultural Revolution to Tiananmen Square by Li Lu. ---- Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ---- Build relationships with other founders, investors, and executives at a Founders Event ---- Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ---- Join my free email newsletter to get my top 10 highlights from every book ---- Follow Founders Podcast on YouTube (Video coming soon!) ---- “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 Be like Gareth. Buy a book: All the books featured on Founders Podcast ---- 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 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 Be like Gareth. Buy a book: All the books featured on Founders Podcast

Transcript

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0:00.0	A few weeks ago I was talking to John Mackie, the founder of Whole Foods, and he told me one of the craziest things anyone has ever said about the podcast.
0:06.8	He had listened to over 100 episodes before he met, and he told me that if founders existed when he was younger,
0:12.1	that Whole Foods would still be an independent company.
0:15.0	He said that since the podcast and all of history's greatest entrepreneurs
0:17.6	constantly emphasize the importance of controlling your expenses,
0:21.0	he would have put more of a priority on it, especially during good times.
0:24.4	It is natural for a company, and I think for human nature, to just not watch your costs as closely because everything is going so well.
0:31.2	Andrew Carnegie had one of the best ways to describe why this is so
0:33.7	important because he would actually repeat this mantra time and time again he
0:36.7	would say profits and prices are cyclical subject to any number of transient forces
0:41.2	on the marketplace. Costs, however, could be strictly
0:44.2	controlled and in Carnegie's view any savings achieved in the costs were permanent.
0:48.9	That quote from Carnegie is something I was talking about with my friend Eric
0:52.2	who's the co-founder and
0:53.3	CEO of RAMP RAMP is now a partner of this podcast I've gotten to know all the
0:57.9	co-founders of RAMP and I've spent a ton of time with them over the last year
1:00.9	or two they all listen to the podcast and they picked up on the fact that the main theme from the
1:04.6	podcast is on the importance of watching your costs and controlling your spend.
1:09.0	And how doing so can give you a massive competitive advantage. That is a main theme for
1:14.0	ramp. The reason that ramp exists is to give you everything you need to control
1:18.3	your spend. Ramp gives you everything you need to control your costs.
1:22.8	Ramp gives you easy to use corporate cards for your entire team,
	...

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