In the latest Founders podcast episode, the host delves into the extraordinary life of Kirk Kerkorian, an enigmatic American businessman whose journey from an eighth-grade dropout to a billionaire dealmaker is chronicled in the book "The Gambler." Kerkorian's story is one of relentless resourcefulness, from his early days as a day laborer at MGM Studios earning $2.60 a day to owning the studio and earning $260,000 a day. The episode explores Kerkorian's ventures, from teaching himself to fly and creating a profitable charter airline to building the largest hotel in Las Vegas. His aversion to the limelight and his philanthropic efforts, often done anonymously, highlight his unique character. The host's admiration for Kerkorian's ability to learn and adapt, paralleling the traits of other successful entrepreneurs discussed on the podcast, is evident throughout the narrative.
"One of the benefits to subscribing to Founders is access to the back catalog. By subscribing, you get access to over 160 full length episodes that are available nowhere else."
This quote emphasizes the exclusive content available to subscribers of the Founders podcast, highlighting the extensive library of episodes not accessible to non-subscribers.
"Kurt Kerkorian is not well known, but he led an unbelievable life... He was a day laborer at MGM Studios. He made $2.60 a day. 30 years later, he owned MGM, and his investment was returning $260,000 a day."
The quote outlines the dramatic transformation in Kerkorian's financial status and ownership of MGM Studios, illustrating a rags-to-riches story that Founders podcast seeks to explore and share with listeners.
"By learning from some of the greatest minds in history, you're doing exactly what Elon Musk did, Jeff Bezos did, Steve Jobs and countless other historical figures."
This quote connects the podcast's mission with the learning strategies of successful individuals, suggesting that listeners can emulate these figures by absorbing the knowledge shared in the podcast.
"There is an inspiring life story in the 98 years that belonged to Kirk Akorian... A gambler at the casinos and on Wall street who played the odds in both houses with uncanny skill."
The quote provides a snapshot of Kirk Kerkorian's life, emphasizing his diverse accomplishments and his skill in high-stakes environments, which is a central focus of the podcast episode.
"Friends would call him a deal junkie, addicted to financial thrills, whether at a craps table or at the negotiating table. In business, as in gambling, Kirk believed that there was no point in placing small bets."
This quote captures Kerkorian's approach to business and investment, likening his strategic risk-taking to gambling, and highlighting his preference for significant, impactful deals.
"Eviction was a recurring family predicament. He said he studied in the school of hard knocks. It turned out to be an advanced course in survival and the value of trust, loyalty, and hard work."
The quote reflects on Kerkorian's challenging upbringing and the lessons he learned from it, which influenced his personal values and business ethics.
"Well, did you agree? Like, did you make an agreement yesterday? Did you shake and say you're going to sell the company? He's like, yes, I did. And Kirk's like, well, why are we even talking?"
This quote highlights Kirk's commitment to his word and the handshake agreement, showing that he valued integrity over additional financial gain.
"Donations made anonymously to anonymous person was like the purest form of giving."
This quote encapsulates Kirk's philosophy on giving, where he views anonymous donations as the most sincere and selfless form of charity.
"So that's when he had to set up the foundation and kind of do it more publicly, even though he didn't want to because he was getting bad press undeservedly so."
This quote explains the circumstances that led Kirk to abandon his preferred method of anonymous giving due to public perception and the need to address undeserved negative press.
"Life is a big craps game. I've got to tell you, it's all been fun."
The quote provides insight into Kirk's personal philosophy, suggesting he views life as a game of chance filled with enjoyment.
"Kirk's senses were instantly assaulted by the deafening scream and forceful lurch of the piper's 50 hp engine. But if Kirk was unnerved by the noise, the power, the speed, or second later, seconds later, the altitude, he didn't show it. His big grin said it all."
This quote describes the moment Kirk fell in love with flying, marking a pivotal point in his life that would influence his future career and fortune.
"By age nine, Kirk was hawking the Evening Express on street corners, making about fifty cents a day and turning over pocketfuls of pennies to help support the family."
This quote highlights Kirk's early introduction to work and his contributions to his family's income during tough economic times.
"The pay was $30 a month, more money than Kirk or Norman had ever made, okay? But that was a limited engagement." "One of the OD jobs he picked up was moving boulders at MGM studios in Culver City... They made $2.60 each." "30 years later, he owned MGM, and his investment into MGM was returning $260,000 a day."
These quotes highlight Kirk's humble beginnings with low-paying jobs and his eventual rise to significant wealth through ownership of MGM, demonstrating a remarkable financial transformation.
"Throughout the middle 1930s, Kirk turned entrepreneurial." "He made enough money to start buying and trading old clunkers." "Presto, he could clear a $15 profit."
These quotes outline Kirk's first business venture in the automotive industry, demonstrating his early entrepreneurial spirit and ability to create profit from limited resources.
"Kirk's new love was flying, and she was a demanding mistress." "He needed more money to pay for $3 an hour flight lessons..." "Sometime around the spring of 1940, a newspaper advertisement caught Kirk's tension... He hitchhikes 85 miles to the Mojave..."
These quotes capture Kirk's passion for flying and his commitment to pursuing it despite financial challenges. They also illustrate his willingness to work hard and seek creative solutions to achieve his goals.
"Kirk came out of Pancho's flight academy barely six months after plunging into intense pilot training..." "His low tolerance for mistakes and recklessness made him a demanding instructor." "There are old pilots and there are bold pilots. There are no old, bold pilots."
These quotes describe Kirk's progression from student to instructor, emphasizing his dedication to safety and discipline. His mantra about pilots underscores the seriousness with which he approached flying.
"The Royal Air Force ferry command needed contract pilots to fly new warplanes from the North Atlantic for the astonishing sum of $1,000 a month." "You had a one in 40 chance of crashing."
These quotes highlight the high-risk nature of Kirk's job as a ferry pilot during the prelude to World War II, reflecting both the danger involved and the lucrative compensation offered for such perilous work.
Because they're using these planes to shoot the german rockets out of the sky. He was commanding some of the biggest, hottest, most powerful planes in the air, and he's on the leading edge of technology for aviation.
This quote highlights Kirkorian's involvement in a critical and technologically advanced aspect of the war effort, emphasizing his experience with cutting-edge aviation.
So there's a point in all these little anecdotes. Kirk's stint as a contract pilot lasted more than two years through the end of the war in Europe.
This quote underscores the strategic importance of Kirkorian's piloting experience, which provided him with the skills, savings, and the drive that were essential to his future business endeavors.
Kirk wanted his own airline, his own fleet of planes, his own company.
This quote encapsulates Kirkorian's ambition to grow beyond a small charter operation into a significant player in the airline industry, reflecting his entrepreneurial spirit and vision.
One way to build capital fast was in surplus military plane market.
This quote explains Kirkorian's strategic approach to capitalizing on the post-war surplus of military aircraft as a means to rapidly increase his wealth and business standing.
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