James J. Hill was one of Charlie Munger’s favorite founders. A few notes from his biography:
1. He had unlimited energy, was stubborn, had a temper, was supremely arrogant and he did more to transform the northern frontier of the United States than any other single individual.
2. He read a a lot of biographies of Napoleon. He believed in the strength of will and the power of one dynamic individual to change the world. He loved the conquering hero. (That’s the word he used. He said that the railroad entrepreneurs “conquered” the distance between remote communities in the American west)
3. He said he accustomed himself to handle a large workload.
4. He was able to hold people’s attention. He engaged them in rapid-fire, highly animated conversation, gesturing expansively with his hands.
5. He was the embodiment of high energy.
6. He worked incredibly hard. He’d fall asleep at his desk, get up, go for a swim in the river, then go back to work.
7. He was greatly disturbed by inefficiency.
8. He loved eliminating steps.
9. He called vertical integration “rational integration.”
10. He read incessantly.
11. He permitted himself few distractions in his relentless drive to achieve wealth and status.
12. He said the railroad he built was his monument. He said that he made his mark on the surface of the earth and no one could wipe it out.
13. He said it pays to be where the money is spent.
14. He possessed a priceless advantage compared with most other nineteenth-century rail titans. Rather than coming from the outside world of finance, as most of them did, he arose from the inside world of freighting and transportation. He knew this world and all its complexities.
15. He destroyed competitors who built in ignorance of their costs. He built carefully and watched every penny.
16. He simply could not delegate authority and live with the outcome.
17. He had an easy to understand organizing principle for his company. Hills credo was: What we want is the best possible line, shortest distance, lowest grades, and least curvature that we can build.
18. He practiced a policy of plowing large percentages of profits directly back into the property. He did this because he believed that the best defense against invading railroads was a better-built system that could operate at lower rates.
19. He built with deliberate thrift and brutal efficiency. His railroad would become among the most profitable in the Northwest. He didn't need JP Morgan the way other railroad executives did. (Financial strength was kryptonite to JP Morgan)
20. He cared most about freight, never frills.
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The life of James J. Hill demonstrates the impact one willful individual can have on the course of history. Listen to episode 371 to learn more.
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