Over the past couple weeks, I've mentioned that I recently
read David Nastrow's new biography of Joseph P. Kennedy,
the patriarch of the "Kennedy dynasty" in American
politics. I highly recommend the book as a study of Mr.
Kennedy's life and the founding of a famous and powerful
family.
He was a scoundrel. He was a
serial philanderer and made much of his money from what
would be illegal trading today. He could be ruthless and I
am not proposing that anyone model their life after this
guy. Let's be clear about that. I understand that as a
devout Catholic, Rose Kennedy could never divorce him,
but why she didn't shoot him is beyond me. But we can
still learn lessons from the guy.
The first thing that struck me about Joe Kennedy was his
clarity about his purpose, and his self-discipline. As a
young man, his first car was a Model T Ford. His second car
was a Rolls Royce. One of his first goals was to work hard
and make enough money that his children wouldn't have to.
From his 20's, he was focused on one objective: He would
establish a legacy that would permit his children (all nine
of them) to do whatever they wished with their lives.
Today, we might call that "strength of will" or strength of
character. Or, less charitably, we might call it
stubbornness or tunnel vision. Whatever. Throughout his
life, he wanted his Irish-Catholic family to be respected.
He wanted them to have power and the freedom to
develop their talents in whatever direction they wished. He
knew exactly why he worked so hard and that clarity
energized enormous activity.
And it is worth noting that he was more than willing to pay
the price for success. Through his 20's and 30's, he often
slept at the office. He travelled when necessary, sleeping
on trains to be at important meetings in the morning. He
was often gone for days, even weeks at a time. He dug
through the dreary details of contracts, stock transactions
and historical records so that he always knew more about a
deal than the opposition. He worked hard!
The second talent that impressed me was his ability to see
the big picture, then drill down and see how the mega-
trends of the day would eventually impact his own business.
When prohibition was repealed and others were buying stock
in liquor companies (only a few of which ever made money),
he invested in the companies that made glass bottles. No
matter who survived as a distiller, they would all need
bottles! And he made a fortune.
When the country was expanding in the 20's, he made money
in stocks. During the Great Depression, he made still more
by selling stocks short. When movies shifted from the
silent era to the new-fangled "talkies," he invested in the
high-tech companies that made sound recording possible,
then used his profits to buy the movie studios themselves.
The lesson is obvious. What's going on around you, in the
big world "out there" that will ultimately filter down and
make a difference in your own business, in your life and
finances? Joe Kennedy had a remarkable ability to see the
obvious. He paid attention. He "read the tea leaves" and
used that knowledge to become incredibly "lucky" as an
investor.
There are many things that can be learned from Joe Kennedy,
but the final one for today is his love of what is now
called "networking." As a teenager and in college, he knew
how to make friends. He understood the value of life-long
friendship. He was generous about doing favors for others,
and never shy about asking for the favor to be returned.
As young adults, he arranged for his children to study or
apprentice with the brightest people in the world. His
oldest boys were sent to London to study economics with
Professor Laski. In college his son, John (later President
Kennedy), met with leaders at the Vatican and across Europe
to research his Senior Thesis, which eventually became a
significant book on foreign policy while he was still in
his 20's. Daughter Eunice worked with Felix Frankfurter.
It was said of Joe Kennedy that he could accomplish more
with a phone call to a friend than others could achieve in
a week of meetings. There is some truth to the old slogan,
"It's who you know that counts!"
In summary, two points for this week. First, read. Read a
lot. Read for fun and for enrichment. Read for information
and to learn the behaviors you want in your own life. And
second, we can learn from scoundrels. We can learn things
to avoid and strengths to emulate. I don't think I would
have admired Joe Kennedy as a man. I certainly wouldn't
have respected his methods. But I would have loved to buy
him lunch and pick his brain for an hour!
read David Nastrow's new biography of Joseph P. Kennedy,
the patriarch of the "Kennedy dynasty" in American
politics. I highly recommend the book as a study of Mr.
Kennedy's life and the founding of a famous and powerful
family.
He was a scoundrel. He was a
serial philanderer and made much of his money from what
would be illegal trading today. He could be ruthless and I
am not proposing that anyone model their life after this
guy. Let's be clear about that. I understand that as a
devout Catholic, Rose Kennedy could never divorce him,
but why she didn't shoot him is beyond me. But we can
still learn lessons from the guy.
The first thing that struck me about Joe Kennedy was his
clarity about his purpose, and his self-discipline. As a
young man, his first car was a Model T Ford. His second car
was a Rolls Royce. One of his first goals was to work hard
and make enough money that his children wouldn't have to.
From his 20's, he was focused on one objective: He would
establish a legacy that would permit his children (all nine
of them) to do whatever they wished with their lives.
Today, we might call that "strength of will" or strength of
character. Or, less charitably, we might call it
stubbornness or tunnel vision. Whatever. Throughout his
life, he wanted his Irish-Catholic family to be respected.
He wanted them to have power and the freedom to
develop their talents in whatever direction they wished. He
knew exactly why he worked so hard and that clarity
energized enormous activity.
And it is worth noting that he was more than willing to pay
the price for success. Through his 20's and 30's, he often
slept at the office. He travelled when necessary, sleeping
on trains to be at important meetings in the morning. He
was often gone for days, even weeks at a time. He dug
through the dreary details of contracts, stock transactions
and historical records so that he always knew more about a
deal than the opposition. He worked hard!
The second talent that impressed me was his ability to see
the big picture, then drill down and see how the mega-
trends of the day would eventually impact his own business.
When prohibition was repealed and others were buying stock
in liquor companies (only a few of which ever made money),
he invested in the companies that made glass bottles. No
matter who survived as a distiller, they would all need
bottles! And he made a fortune.
When the country was expanding in the 20's, he made money
in stocks. During the Great Depression, he made still more
by selling stocks short. When movies shifted from the
silent era to the new-fangled "talkies," he invested in the
high-tech companies that made sound recording possible,
then used his profits to buy the movie studios themselves.
The lesson is obvious. What's going on around you, in the
big world "out there" that will ultimately filter down and
make a difference in your own business, in your life and
finances? Joe Kennedy had a remarkable ability to see the
obvious. He paid attention. He "read the tea leaves" and
used that knowledge to become incredibly "lucky" as an
investor.
There are many things that can be learned from Joe Kennedy,
but the final one for today is his love of what is now
called "networking." As a teenager and in college, he knew
how to make friends. He understood the value of life-long
friendship. He was generous about doing favors for others,
and never shy about asking for the favor to be returned.
As young adults, he arranged for his children to study or
apprentice with the brightest people in the world. His
oldest boys were sent to London to study economics with
Professor Laski. In college his son, John (later President
Kennedy), met with leaders at the Vatican and across Europe
to research his Senior Thesis, which eventually became a
significant book on foreign policy while he was still in
his 20's. Daughter Eunice worked with Felix Frankfurter.
It was said of Joe Kennedy that he could accomplish more
with a phone call to a friend than others could achieve in
a week of meetings. There is some truth to the old slogan,
"It's who you know that counts!"
In summary, two points for this week. First, read. Read a
lot. Read for fun and for enrichment. Read for information
and to learn the behaviors you want in your own life. And
second, we can learn from scoundrels. We can learn things
to avoid and strengths to emulate. I don't think I would
have admired Joe Kennedy as a man. I certainly wouldn't
have respected his methods. But I would have loved to buy
him lunch and pick his brain for an hour!
