TIP639: Buffett's Favorite Business Book w/ David Fagan

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 21 June 2024

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay is joined by David Fagan to discuss Don Keough’s book, The Ten Commandments of Business Failure. Don Keough was the President and COO of Coca-Cola. During Keough’s and Roberto Goizueta’s leadership, Coca-Cola’s stock compounded at 27% per annum from 1981 through 1997. David Fagan serves as the managing partner at MBF Chartered Professional Accountants, a firm dedicated to supporting small and medium-sized owner-managed businesses across Canada. David was an early member of our TIP Mastermind Community, and he enjoys utilizing it to meet interesting people and learn more about stock investing. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:17 - Why the best businesses never quit taking risks. 18:37 - Why being inflexible is a recipe for failure. 20:53 - Why perception is everything and we shouldn’t assume infallibility. 24:24 - What makes trust the foundation of any successful business. 35:19 - How business leaders can balance outside expertise with their own intuition. 39:38 - How we can utilize optimism to win in business. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Don Keough’s book: The Ten Commandments of Business Failure. Related Episode: Same as Ever w/ Morgan Housel | YouTube Video. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial Sun Life AFR The Bitcoin Way Industrious Briggs & Riley Meyka Public Vacasa American Express iFlex Stretch Studios Range Rover Fundrise USPS Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:03.0	On today's episode, I'm joined by my friend David Fagan to discuss Don Keio's book, The Ten Commandments of Business
0:09.6	Failure.
0:11.1	David is a managing partner at MBF Chartered Professional Accountants, a firm dedicated to supporting small and medium sized owner managed businesses across Canada.
0:21.0	David was one of our early members of our TIP mastermind community and I'm
0:25.2	grateful to have him as a part of the group as he has a deep passion for
0:28.7	entrepreneurship, business, self-improvement, and investing.
0:32.8	Given his success in managing a small business,
0:35.4	I thought he was the perfect person to join me on the show
0:37.6	to discuss Don Keio's book.
0:39.9	During this episode, we discuss why the best businesses never quit taking new risks, David's personal
0:45.5	business experience and how it ties into the lessons that Don shares, why trust is the foundation
0:51.0	of every great company, how we can balance our own intuition with the outside
0:55.6	consultancy of expert advice, why pessimism is paralyzing and why optimism is key to building
1:02.1	a successful business and a strong financial foundation
1:05.2	and much more.
1:06.5	Warren Buffett is well known for investing in Coca-Cola in 1988 and he was actually
1:11.0	good friends with Don Keio and wrote the forward to Don's book.
1:14.8	Under the leadership of Don Keo and Roberto Goizetta from 1981 through 1997,
1:20.3	Coca-Cola's stock compounded at 27% per annum excluding dividends.
1:25.0	I really enjoyed covering this book with David on the show and I hope you enjoy it as well.
1:30.0	Celebrating 10 years and more than 150 million downloads.
	...

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