#150 Sam Walton (America's Richest Man)

**David Senra** (0:00)
I want to tell you about a one time only limited event that I don't think you're going to want to miss. I am doing a live show with Patrick O'Shaughnessy from the Invest Like the Best podcast in New York City on October 19th. Patrick has interviewed over 300 of the world's best investors and founders for his podcast. I've read over 300 biographies of history's greatest entrepreneurs for my podcast. We'll be talking about what we learned from seven years of podcasting, sharing our favorite ideas and stories, and doing a live Q&A. There will also be special event-only swag. If you live in New York City, I think it's a no-brainer. But if not, I think it's a great excuse to fly in. I've already heard from a bunch of people that bought tickets. They're flying in from other cities. Some people are flying in from other countries. That's setting the bar really high. So I will have at least four shots of espresso or four energy drinks before or during the show. So we can make it a night that you'll never forget. If you're interested in attending this unique live event, I will leave a link down below. I highly recommend you get your tickets today. And I hope I get to see you in New York on October 19th.
He lives in a simple house in a small Southern town. He's been married to the same woman for almost five decades. He drives a Chevy, dresses in store-bought clothes, and puts in long hours at his job.
He also made for himself and his family over $9 billion, more than any other man in America. This extraordinary person is Sam Walton. In this fascinating, superbly researched book, he pierces his carefully cultivated cloak of ordinariness to show what makes him tick and what made him succeed beyond the wildest dreams of wealth. It is a story and a quest that began in the Dust Bowl of Oklahoma in the Depression, where a small boy saw firsthand the razor-thin line between survival and disaster.
It was a lesson that stood him in good stead when he took an $85-a-month job with JC. Penney and learned the principles of putting customer satisfaction over profits.
In 1945, he bought a five-and-dime store in Newport, Arkansas, and began to put his ideas on how to make money to the test.
The first Walmart was born, and while the rest is history, the story of Sam Walton is also the story of those ideas and how they worked through good times and bad to create one of the greatest triumphs in the annals of American retailing.
What is most heartening of all about Sam Walton's spectacular success in this era notorious for greed, fraud, and financial shenanigans are his old-fashioned principles of doing business, virtues of honesty and hard work.
This rags-to-riches tale also reveals what others, both rivals and employees, boosters and critics, think of the wealthiest man in America and his methods.
And Sam Walton himself tells how he has coped not only with success but with setback, working 16-hour days to pursue his passion for business perfection while remaining true to himself and devoted to his family. For anyone looking for irresistible reading and a truly remarkable human being, meet Sam Walton, the plain folks genius who is utterly unique.
That was an excerpt from the book that I'm going to talk to you about today, which is Sam Walton, The Inside Story of America's Richest Man. And it was written by Vance H. Trimble. Interesting to note, as far as I can tell, the author is still alive. I just actually ordered another book of his based on the founder of FedEx. And if that's accurate, if he's still alive, he is 107 years old. I found that very interesting. Before I jump into the book, I want to bring up this quote that I learned from Charlie Munger that I've never forgotten. And Charlie's famous for being a biography nut and studying the lives and the history of business and investing in everything else. And this is what he said about Sam Walton. And it's one of the quotes that I always try to refer back to, because I think it's something I try to aspire to myself. And he says, it's quite interesting to think about Walmart starting from a single store in Arkansas against Sears, Sears Roebuck with its name, reputation, and all of its billions. How does a guy in Bentonville, Arkansas, with no money, blow right by Sears? And he does it in his own lifetime. In fact, during his own late lifetime, because he was already pretty old by the time he started out with one little store. And this is the most important part of the quote. He played the chain store game harder and better than anyone else. Walton invented practically nothing, but he copied everything anybody else ever did that was smart. And he did it with more fanaticism. So he blew right by them all.