UNLOCKED Aristotle Onassis Onassis The Definitive Biography

In the Founders podcast episode on Aristotle Onassis, the host delves into the life of the Greek shipping magnate, detailing his rise from a 17-year-old fleeing the Greco-Turkish War to constructing one of the world's largest shipping empires. Onassis's entrepreneurial journey is marked by resourcefulness, from his early tobacco trading in Argentina to leveraging unused warships during the Suez Crisis, netting him between $60-70 million. His strategic move to register ships under Panamanian and Liberian flags to avoid restrictive practices exemplifies his knack for finding lucrative loopholes. Despite personal tragedies, including the loss of his son and subsequent family hardships, Onassis's story is one of relentless ambition and the ability to capitalize on the volatility of the shipping industry, even as he faced legal battles and industry pushback.

• Speaker A acknowledges the holiday season as a time when people often have more leisure for activities like listening to podcasts.
• The speaker plans to unlock a "misfit episode" of the Founders podcast for a two-week period to provide additional content for listeners.
• This action is described as a gesture of appreciation for the podcast audience.

"I had a thought the other day that since it's the holiday season, people usually have more time off of work, or maybe they're more time dedicated to travel. It's probably a good time for me to unlock one of my misfit episodes."

The quote indicates Speaker A's consideration of the holiday season as an opportune moment to offer extra podcast content, recognizing that listeners might have more free time.

• The unlocked episode focuses on the life of Aristotle Onassis, based on a biography from the 1960s.
• The episode recounts Onassis's journey from a 17-year-old fleeing the Greco-Turkish War to becoming a prominent entrepreneur and marrying Jackie Kennedy.
• Speaker A received significant positive feedback on this episode, suggesting it resonates with the audience.

"And it's on Aristotle analysis. This is one of the podcasts I got the greatest amount of positive feedback on."

The quote emphasizes the popularity and impact of the Aristotle Onassis podcast episode among listeners.

• Speaker A encourages listeners to consider subscribing to the Misfit feed, which contains exclusive episodes.
• A link to the Misfit feed is provided in the show notes for those interested in accessing over 50 unique episodes.
• The speaker frames the subscription as a self-gift during the holiday season.

"Don't forget to get something for yourself. So if you haven't yet upgraded to the misfit feed, I'll leave a link in the show notes below."

The quote suggests that subscribing to the Misfit feed could be a rewarding personal investment, especially during a season of giving.

• The biography of Aristotle Onassis describes him with various labels such as "mystery millionaire" and "merchant adventurer."
• Onassis's control over a vast business empire, including a fleet valued at $500 million, is highlighted.
• His business interests spanned across 85 companies in over ten countries, with a diverse portfolio that demanded his constant attention.

"Onassis is not an officer of any corporation, domestic or foreign, but an owner holding stocks of corporations which give him control."

The quote details Onassis's ownership model, which allowed him to maintain control over a sprawling business empire without holding official positions within the corporations.

• Speaker A references the biography "Onassis" by Willie Frischaur as a definitive account of Onassis's life.
• The book was recommended by a listener, and Speaker A possesses an original 1968 print.
• The biography's preface provides insight into Onassis's business strategies and the chaotic environment in which he thrived.

"Okay, so that's from the beginning of the book that I read this week, the one that I'm going to talk to you about today, which is just named Onassis."

The quote introduces the biography "Onassis" as the source material for the podcast episode, highlighting its significance in understanding Onassis's life story.

• Onassis's lifestyle was characterized by speed, flexibility, and a focus on addressing the most pressing problems.
• Unlike other tycoons, Onassis preferred to travel alone without an entourage, maintaining suits and essentials at his various destinations.
• Speaker A suggests that Onassis's approach to problem-solving and time management can be applied by others.

"The only thing I could say, I talk about that a lot in this book, and I think something I learned from him is the value in always focusing on the most valuable thing you could be doing at that time."

The quote reflects on Onassis's prioritization of tasks, emphasizing the importance of concentrating on the most critical issues at hand.

• Onassis was a lifelong learner with interests in history, politics, and military strategy.
• His knowledge and passion for history helped him form a close relationship with Winston Churchill.
• Speaker A points out the value of being well-versed in history, both for personal enrichment and for building relationships.

"So I just think in general that it's beneficial not only to your life to learn and study from history, but in conversation, you just become much more interesting to talk to."

The quote highlights the broader benefits of historical knowledge, suggesting that it enriches one's life and enhances social interactions.

• Onassis faced significant adversity from a young age, including the loss of his mother and the impact of the Greco-Turkish War.
• His family's life was disrupted by the war, leading to the loss of family members and the imprisonment of his father.
• Speaker A plans to discuss how Onassis's early experiences shaped his entrepreneurial mindset.

"We're going to see traits as of young Onassis navigates the perils of war traits that I feel like the way he thought and the way he navigated that situation is very entrepreneurial in nature."

The quote sets the stage for exploring how Onassis's early life challenges contributed to his development as an entrepreneur.

• Aristotle was caught smuggling and jailed, but managed to escape to the US military zone.
• Consul Parker helped him by hiding him and then disguising him in an American sailor's uniform to board a US destroyer and escape.
• This escape was pivotal in Aristotle's life, leading to his ambition.

"And he escapes aboard a US destroyer. Now, this is the interesting part. So before he got caught smuggling all the stuff by the turkish military, he winds up going to the family safe, taking out some money. I think it was like 20,000, $40,000 and basically paying for his father's, like, bribing to get his father released, right?"

The quote describes how Aristotle, after escaping, had previously taken a significant sum from the family safe to bribe for his father's release, which was a key moment leading to his ambition.

• Aristotle's family was angry with him for using a large sum of money to release his father and uncle, who were about to be acquitted.
• He felt humiliated by his family's reaction, which fueled his ambition and desire for freedom.
• He decided to emigrate with only $250, leaving the rest to his family.

"Aristotle was very upset. Never before he felt so humiliated, and never, ever after the injury to his pride produced a typical reaction. And later he said that the anger and frustration of this period of his life gave birth to the ambition and drive, which later took him to the top."

The quote explains Aristotle's emotional response to his family's criticism and how it ignited his ambition and drive for success.

• Aristotle's experience reflects the desire for control over one's life, commonly seen in entrepreneurs.
• The concept of entrepreneurship is linked to controlling one's income and time, which are critical for personal freedom.
• Aristotle's ambition was to be his own master and to prove himself independently.

"And it's hard to have control over your own life if you don't control how you make money in the world as a result of that. Also how you spend your time."

The quote emphasizes the importance of financial and temporal control in one's life, which is a driving force for entrepreneurial endeavors.

• Steve Jobs' quote is used to illustrate the idea that life is not fixed and can be shaped by individuals.
• Aristotle realized this concept during his journey to Argentina, understanding that he could change his circumstances.
• He demonstrated this by improving his conditions on the ship through persuasion and a bribe.

"Everything around you that you call life was made up by people that were no smarter than you. You can change it. You can influence it."

The quote from Steve Jobs, related to Aristotle's realization, teaches that individuals have the power to shape their own lives, which is a fundamental lesson for entrepreneurs.

• Aristotle's first job paid $0.25 an hour, but he quickly sought opportunities to increase his earnings through overtime and becoming a telephone operator.
• His resourcefulness is exemplified by his decision to sublet his bed while working night shifts, maximizing his income.
• This attitude of relentless resourcefulness is key to entrepreneurial success.

"For every month he works this way, he buys three more months of expenses."

The quote shows how Aristotle's work ethic and resourcefulness allowed him to secure his financial stability, a trait essential for entrepreneurs.

• Aristotle used an unusual sales technique to gain entry into the tobacco industry.
• He started at the top, persistently waiting for the managing director, which led to a successful sale and a significant commission.
• This approach demonstrates the importance of strategy and persistence in business.

"He received an order worth $10,000... His reward was the usual 5% commission, the magnificent sum of $500."

The quote highlights the success of Aristotle's unorthodox sales technique, which earned him a substantial commission and established his entrepreneurial prowess.

• Even after initial success, Aristotle continued to learn and improve his skills in languages and business.
• He recognized that continuous learning and skill development are crucial for progress in business.
• His ambition and fascination with big business drove him to explore creative possibilities.

"He was ambitious, acquisitive, conscious of his own talent, and increasingly fascinated by the creative possibilities of big business."

The quote reflects Aristotle's mindset of continuous improvement and his drive to explore the potential of large-scale business operations.

• Aristotle believed that stressors are necessary for growth and that seeking comfort can hinder potential.
• He related his responsibilities and challenges to the growth of a tree, which needs stress to become strong.
• This philosophy is applied to all areas of life, including work, fitness, and relationships.

"At a very young age, I had the responsibilities of a chief of a tribe, meaning that either you have two opportunities, you're going to shrink from the situation you're in and fail and let everybody down, or you're going to push forward and develop the skills needed to succeed."

The quote illustrates Aristotle's belief that facing responsibilities and stressors at a young age is essential for personal development and success.

• Speaker A discusses the early political and diplomatic career of a Greek individual during the onset of the Great Depression.
• The individual is responsible for managing Greece's shipping exports to Argentina, which introduces him to the shipping industry.
• He handles various issues such as crew disputes and conflicts with port authorities.

"It's a political appointment or diplomatic duty is what they call it, between Greece and Argentina. So his first days as the consulate coincided with the beginning of the world economic crisis."

This quote sets the stage for the individual's entry into the shipping world, highlighting the economic challenges he faced from the start.

• The individual's work as a consul enhances his interest in the shipping industry.
• He witnesses the negative impact of the Great Depression on shipping but maintains a positive outlook on economic fluctuations.
• He sees recessions as a normal part of the business cycle.

"The shadow of current difficulties could not dim the glamour of shipping."

This quote reflects the individual's undiminished interest in shipping despite the economic downturn.

• The individual adopts a long-term perspective on economic cycles and business strategy.
• He views downturns as opportunities and believes in weathering economic storms as part of business success.
• He plans to purchase ships at a fraction of their original cost during the economic crisis.

"Recessions, I think, is the word he uses. He goes, it's all part of the game."

This quote encapsulates the individual's attitude toward economic recessions, treating them as an integral part of business.

• The individual calculates the cost-effectiveness of purchasing ships for storage versus building storage facilities.
• He buys ships at a low price during the depression, intending to use them as floating warehouses, which also provides a built-in safety factor.

"A ten year old ship was good for another decade, would be a floating warehouse for the price of a Rolls Royce."

This quote illustrates the individual's innovative approach to utilizing ships as storage to mitigate costs during economic hardship.

• The individual encounters restrictive national shipping regulations and switches his ship's registration to Panama to avoid them.
• He takes advantage of Panama's simpler shipping procedures, lower taxes, and flexible labor laws.
• This strategic move allows him to operate more efficiently and cost-effectively.

"With one stroke of his pen, Aristotle Onassis not only freed himself of the restrictive practices which threatened to delay his ship for the first time..."

This quote describes the decisive action taken by the individual to circumvent restrictive national shipping regulations.

• The individual conducts a meticulous investigation into the tanker business.
• He decides to enter the tanker market, traditionally avoided by Greeks, and builds larger tankers than the standard size to improve economics.

"Most tankers at this time were 9000 tons. He decided to make 15,000 tons."

This quote shows the individual's willingness to challenge industry norms and scale up operations to increase profitability.

• The individual faces setbacks during World War II as his European tankers are immobilized.
• He adapts by focusing on American-based ships and reorganizing his tobacco business to cope with disrupted Asian supplies.

"With his European tankers immobilized in the Baltic, he was forced to turn his attention to American-based ships."

This quote highlights the individual's resilience and adaptability in the face of war-induced business challenges.

• The individual prefers a decentralized business structure to avoid government interference and maintain control.
• He avoids risky investments that could lead to government intervention or loss of autonomy.

"Onassis felt that he might be taking charge of a company which was so big that the government could not be indifferent to its future..."

This quote reveals the individual's strategic decision to maintain a decentralized structure to prevent external control over his businesses.

• The individual struggles to secure financing for expanding his shipping fleet.
• He secures contracts with oil companies and uses them as collateral to obtain loans from banks.
• This innovative approach revolutionizes shipping finance and leads to a massive expansion of his fleet.

"It was a single obvious solution. A ship of 30,000 tons made $120,000 a month. A five-year charter amounted to 60 monthly installments."

This quote explains the financial logic behind the individual's strategy to leverage oil company contracts for bank loans.

• The individual believes in the inevitability of larger ships for the future of transportation.
• He remains confident in his vision despite opposition and continues to push for the advancement of his shipping enterprise.

"Aristotle Onassis had not the slightest intention of submitting to this defeatist view. For more than a decade, he had been obsessed with the idea that the future of transportation was in bigger and bigger ships."

This quote underscores the individual's conviction in his vision for the future of shipping, despite industry skepticism.

• Onassis recognized the value of building long-term business relationships.
• He often left negotiations ensuring all parties gained something, avoiding one-off transactions.
• This approach was seen as an investment in human relations, creating many friends and allies.
• Onassis believed in the compounding benefits of relationships over short-term gains.

"Remember, when he starts out, it's like 9000 tons, almost ten x. What they thought was possible, this example that knowing human nature pays dividends."

The quote highlights Onassis's success in exceeding expectations and his understanding of human nature as a key to business success.

• Onassis concentrated on the most crucial aspects of his business, delegating routine work.
• He retained control over important company decisions, particularly regarding asset allocation.
• His approach echoes the decentralized management style of Berkshire Hathaway.
• Onassis's method emphasizes the importance of focusing on areas that drive the most value.

"He was already shredding the load of routine work, but reserving decisions strictly for himself."

This quote illustrates Onassis's strategic focus on decision-making while delegating less critical tasks.

• Onassis was known for his thorough exploration and questioning before making decisions.
• He would order reports, ask further questions, and never accept statements unchecked.
• Once he mastered a subject, he would act decisively and with full force.

"This says Onassis is a curious man. He explores, asks a hundred questions... then makes his decision quickly."

The quote underscores Onassis's methodical approach to understanding issues deeply before making swift decisions.

• Onassis became famous, marrying Jackie Kennedy and dealing with unwanted attention.
• He found the publicity harmful to his business, preferring to operate quietly.
• His indictment and legal troubles added to the complexity of his fame.

"Before, I used to operate quietly... Now it is like being a movie star."

This quote reflects Onassis's discomfort with fame and its interference with his preferred way of doing business.

• Onassis's fleet was valued between $150 and $200 million, with significant mortgage repayments.
• His net income before amortization charges was nearly $50 million a year.
• He faced legal challenges, including an indictment by the Justice Department and battles with other entities.

"The financial performance of his 30 plus companies... estimated the liquidation value of his fleet between 150 and $200 million."

The quote provides an insight into the financial scale of Onassis's operations and his success in the shipping industry.

• Onassis spent time in Hollywood and Washington, D.C., drawing parallels between show business and politics.
• He was critical of the political and legal system, feeling that it operated on similar dynamics to entertainment.

"Onassus spends a lot of time in Hollywood and Washington, DC... he says, if you knew how the food was made, you wouldn't care to eat it."

This quote conveys Onassis's cynical view of the inner workings of politics and show business.

• Onassis reflected on the extreme fluctuations in the tanker market's value and freight rates.
• He experienced the highs and lows of the industry, emphasizing its inherent volatility.
• The Suez Crisis exemplified the opportunity for massive profits amidst geopolitical events.

"Onassis mused about the vagaries of the tanker market in which he had made his millions."

The quote speaks to the unpredictable nature of the shipping industry and Onassis's navigation of its volatility.

• Onassis valued speed and the ability to make inconvenient situations convenient.
• He believed in the power of making swift, unrestricted decisions in business.
• The end of the book hints at Onassis's ambition to continue achieving beyond the age of 62.

"To compete in the most constructive way, one has to make the inconvenient convenience."

This quote encapsulates Onassis's philosophy on competition and efficiency in business.

"Aristotle, Socrates Onassis was setting out to show that life begins at 62."

The final quote suggests Onassis's forward-looking mindset and his continual pursuit of new challenges, despite his age.