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This Week's Read: Adolph Ochs' Gamble That Built the NYT

I’m a first-generation entrepreneur committed to learning as much about entrepreneurship as I can. The best way I’ve found to do this is to study other entrepreneurs. So, every week, I read a book about an entrepreneur, usually a biography. Then, every Sunday, I post my latest read in my Library on this site.

A few months ago, I read a biography about Albert Lasker, the entrepreneur who pioneered advertising techniques that helped usher in the era of American consumerism. I learned he teamed up with Adolph Ochs to help free a man charged with murder in Atlanta in 1913. They felt he was being wrongly accused because he was Jewish. Researching Ochs, I learned he acquired a failing New York Times (NYT) and turned the newspaper into an internationally respected paper.

I read a biography about Ochs, An Honorable Titan, in March, and I recently read a second biography about him, Printer's Devil to Publisher. The second one was written by Doris Faber, who worked at the NYT, albeit after Ochs had passed. It contains more of the details I craved—specifically, the early years of his life as an information entrepreneur selling directories of all the businesses in Chattanooga and the specifics of how he acquired his first newspaper, the Chattanooga Times, when he was broke and 20 years old. This book also details how speculating on land during a financial bubble ruined Ochs financially and led him to take the biggest gamble of his life: moving to New York City and buying majority ownership of the failing NYT with no money down.

This book isn't too long, but well researched. It gives readers a glimpse of the newspaper world of the early 1900s and explains how a high school dropout acquired one of the most prestigious media properties of that era and influenced the world.

If you’re interested in learning more about Ochs or the early days of the NYT, consider reading Printer’s Devil to Publisher.

Weekend Backlog Drop: Two New Books Added

In 2024, I committed to reading a book (usually a biography) every week, and to date, I’ve done it for 65 consecutive weeks. I wanted to share what I’m reading and also keep track for myself, which, surprisingly, was hard to do (see here). So, I created the Library section on this website. I added to the Library all the books I’ve read since I embarked on my book-a-week habit. And I’ve committed to adding my latest read to the Library every Sunday. It’s a weekend habit that helps me document and share my continuous learning journey in a fun way.

However, I also read books before 2024, and I want to capture and share those as well. My goal is to add them to the Library over time. During Memorial Day weekend, I added five (see here). That inspired me to experiment with adding two books every weekend until my backlog is cleared. Two weekends ago, I added two books (see here), and this past weekend I added two more:

That’s the latest on my weekend goal. I hope that sharing these books via my Library will add value to others.

This Week’s Book: How to Improve Your Interactions and Relationships with People

I’m a first-generation entrepreneur who loves to learn, and I’m committed to learning as much as I can about entrepreneurship. The best way I’ve found to do it is to study other entrepreneurs and the frameworks they use. So, every week, I read a book, usually a biography. Then, every Sunday, I post my latest read in my Library on this site.

Several years ago, an entrepreneur friend mentioned Dale Carnegie and told me how useful his book was in helping him improve his interactions with his team. I was intrigued and bought Carnegie’s book How to Win Friends & Influence People, but I never made it a priority to read it . . . for seven years.

In the last six months, I’ve gotten more interested in human psychology and have been reading up on the topic. Several books and people have mentioned Carnegie’s book. I decided to dust off my copy and give it a read. The book was initially published in 1936 but has been updated several times. My paperback copy was published in 1998, but I plan to also read the 2022 edition.

Carnegie’s book focuses on his easy-to-understand framework and breaks it down into four parts:

  • Techniques for Interacting with People
  • Making People Like You
  • How to Win People to Your Way of Thinking
  • Leadership: How to Change People without Offending or Angering Them

For each part, he explains several principles that help you improve in that area. What I liked was that he connected each principle to examples that crystallize how it had been applied in real life. He didn’t leave it up to the reader to figure out the application of the principles.

I now understand why so many people like this book and why it’s been a bestseller for decades. It helps anyone easily understand how to improve their interactions and relationships with others. Who doesn’t want that?

An interesting fact is that Warren Buffett took Carnegie’s course on public speaking many years ago. He credits that course with improving his interactions with others and getting him past his fear of public speaking. The principles taught in that course are some of the principles in this book.

Updated the Library: Two More Books Added

In 2024, I began reading a biography (usually) every week. I wanted to share what I’m reading and keep track for myself, which was hard to do (see here). So, I created a Library section in this website. Every Sunday, I add my latest read to the Library. And I’ve added all the books I’ve read since I started my book-a-week habit in early 2024.

However, I also read books before 2024, and I’d like to share those as well. My goal is to add them to the Library page on this site over time. During Memorial Day weekend I added five. See here.

Last week, I decided to test adding books weekly until my backlog is depleted (see here). So, I set a goal to add two books by Monday. I’m happy to say I checked that box. Here are those two books:

Adding two older books to the library wasn’t too bad. Felt like a more manageable pace than adding five, as I’d done the previous week. I reviewed my highlights in each book to refresh my understanding of the main concepts, which was useful.

Hopefully, sharing these books via my Library will add value to others.

This Week’s Book: The Secret to Getting People to Do What You Want

As a first-generation entrepreneur, I’m committed to learning as much as I can about entrepreneurship. The best way I’ve found to do it is to study other entrepreneurs and their mental models, so I read a book every week, usually a biography. I share it in my Library on this site, and every Sunday, I post the latest book I read.

Earlier this year, I read the updated version of Poor Charlie’s Almanack, a collection of Charlie Munger’s speeches on mental models and psychology. Periodically, I listen to a condensed version of Munger’s “Psychology of Misjudgment” speech (see here). These resources piqued my interest in learning how people make decisions and are persuaded to make decisions or take action.  

Munger and others have recommended Influence: The Psychology of Persuasion by Robert B. Cialdini, so I gave it a read. The book is considered a classic, and I can see why. Cialdini updates it periodically. I read the 2006 edition because I already owned it, but now I plan to read the 2021 edition, too.

This book delves into the intricacies of the psychology of compliance (doing what people are asking you to do). It also dedicates a chapter to the big-six psychological triggers, including examples of how they’re used:

  • Reciprocation
  • Commitment and consistency
  • Social proof
  • Liking
  • Authority
  • Scarcity

This book was informative and equipped me to be better at recognizing when these triggers are being used against me. The case study–style examples effectively drove home the points and made them less theoretical.

An interesting observation was that Charlie Munger borrowed heavily from the concepts in this book for his “Misjudgment” speech, and the principles are prominent in Poor Charlie’s Almanack, too. Charlie was smart enough not to reinvent the wheel. Instead, he built on Cialdini’s principles and applied them to investing to create his billion-dollar fortune.

Challenge Complete: 5 Books Added to Library

In 2024, I began reading a biography (usually) every week, and I’ve added all those books to the Library page of this website. But I read books before 2024 too, and I want to share those as well. I aim to add them to the Library page on this site over time. A few days ago, I said I’d set myself a Memorial Day Challenge to add five of them.

I’m happy to report that I checked that box. Here are the books I added:

This was a fun challenge. It took longer than I expected, but it was worth it. I spent a decent chunk of time reading the highlights and notes in each book. It was a nice refresher and reminded me of concepts I hadn’t revisited in almost two years.

Hopefully, sharing these books via my Library will add value to someone else.

This Week’s Book: History’s Most Extreme Financial Bubbles

As a first-generation entrepreneur, I’m committed to learning as much as I can about entrepreneurship. The best way I’ve found to do it is to study other entrepreneurs. To do that, I read a book every week, usually a biography. I share it in my Library on this site, and every Sunday, I post the latest book I read.

I recently listened to an interview of Josh Kopelman, founding partner of First Round Capital, a well-known, seed-stage, venture capital firm. One of Kopelman’s points is that most of the profits in venture capital are made in parts of the financial market cycle driven by “extreme f*ing greed” and “irrational disequilibrium” (see the clip here). This interview reminded me that financial market cycles have a profound impact on entrepreneurs and the investors who back them.

Last year, I read Bull!, which chronicles the financial booms and busts between 1982 and 2004. I wanted to go back further. I found exactly what I was looking for in a book that goes back hundreds of years, A Short History of Financial Euphoria. It’s short, a quick read, but does a great job of recounting history’s most famous financial bubbles—from the 1600s’ Tulip Mania to the 1980s’ junk bond frenzy and savings and loan crisis.

This book was straightforward and read like a mini biographical anthology. It details each bubble, including its origins, how it was created, and who the major players were. It describes the patterns each major speculative financial bubble follows and how to spot the signs of a bubble.

Anyone interested in the financial cycles and how to spot speculative euphoria may enjoy this book.

Why I Quit a Book

Recently, I started reading a book on financial history. I’m curious about the topic and think it could help me better understand the current financial landscape. I was excited when I received the book and began reading it, but I quickly realized I wasn’t feeling it. I was somewhat academic and a chore to read. The writing style wasn’t a good fit for me. I struggled to read thirty or so pages before I pulled the plug.

I’ve put pre-read steps in place to reduce the likelihood that I’ll start reading a book I won’t like, so this hasn’t occurred in many months. Because it isn’t happening as often, I second-guessed myself for a moment before I realized that I wasn’t the problem. The book was.

I read to gain wisdom from others and an understanding of topics that interest me. If a book isn’t helping me achieve those goals, I need to move on and find another book that will. There’s no shame in that. I’ve got an objective, and I’m on a mission. The world is full of books. If one isn’t working, there are plenty more to take its place.

I enjoy reading books from start to finish, one book at a time. But I’m not going to waste time. I finish books only if they align with what I’m trying to accomplish and aren’t a struggle to digest or comprehend.

This Week's Book: Ted Turner, Unfiltered and Unstoppable

I’ve committed to learning as much as I can about entrepreneurship, and the best way I’ve found to do it is by studying entrepreneurs. Reading about their journeys is my preferred method. I read a book every week, usually a biography, and then share it in my Library on this site. Every Sunday, I post the latest book I read.

Last summer, I read Call Me Ted, an autobiography by Ted Turner. The book is a great recap of Turner’s entire career through 2008 or so. But when I read it, I could tell Ted was speaking from the perspective of a wiser man who had calmed down a lot. I enjoyed that perspective, but I wanted to hear from Ted in his prime, when he was full of energy and said outlandish things publicly on a daily basis.

I did some digging and found another book. Last week, I read a biography of Turner, Lead, Follow or Get Out of the Way by Christian Williams. Williams was attached to Turner’s hip throughout 1979 and 1980. He saw and heard a lot. He was even aboard Turner’s yachts for some of his famous and tragic races.

The thing I like most about this book is that it’s filled with quotations of things Ted said. He was brash and direct, to put it mildly. His words offer a unique insight about his thinking and mind during, arguably, his prime. A period when he was undertaking some of his most ambitious projects (e.g., launching CNN), fighting some of his fiercest battles with competitors and regulators, and racing yachts all over the world (and winning, too).

If you’re interested in learning about the early years of Ted’s journey, how he was thinking at the time, and the details of what he was doing, consider reading this biography.

This Week’s Book: Andre Blay Invented What Netflix Perfected

I love studying entrepreneurs. Reading about their journeys is the best way for me to do it. I’m reading a book every week, usually a biography, and then sharing it in my Library on this site. Every Sunday, I’m posting the latest book I read.

Last month I read Netflixed, a biography about—you guessed it—Netflix. The book mentioned Andre Blay and how he pioneered the VHS industry, which helped birth the home video rental industry. According to that book, Blay laid the foundation for Blockbuster and then Netflix.

This week, I read Blay’s memoir about his journey as an “entertainment entrepreneur.” Pre-Recorded History, published in 2010, describes how he became the “founder of the home video industry.”

Blay’s memoir was about more than his own journey; he delineated the backstory of the movie industry and provided a detailed timeline of each movie studio’s chain of ownership and significant events. He then described how working with Learjet founder Bill Lear (who also created the 8-track stereo system) and then at a tape-duplication company that acquired music rights from Motown Records gave him the idea for recorded movies on VHS.

Blay’s idea, combined with new VCR technology in the late 1970s, led to explosions of consumers watching movies at home and video rental stores to satisfy the demand. Between 1978 and 1985, around 20,000 video rental stores, mostly mom-and-pop outfits, sprang up across the country. In 1981, the first year data was recorded, pre-recorded home entertainment retail sales reached $500 million. By 1999, they were $16 billion, according to Blay.

If you’re interested in learning about how technology disrupted the way Hollywood distributed movies, leading to the rise of Netflix, or about how movie distribution deals are structured, consider giving this book a read.