Great Business Stories

This is the amazing story of Yoshiaki Tsutsumi (tsoo-TSOO-mee)- who for 4 years solid from 1987-1990 was ranked the richest person in the world, the most powerful and probably revered business person in Japan throughout the 70’s and 80’s. And yet for all his wealth and power, there is very little known about him- but what we do know his rise and very public fall- because there is a big fall, make for a fascinating story- it’s a cracking episode - enjoy

I’m being a bit flippant here because this is a guy who worked hard for his money- he became a millionaire at 31 and then proceeded to build a company that had the most successful IPO opening day in history up to that point, and within 9 months of that IPO he sold the company for $5.7 billion becoming a billionaire- yet astonishingly at the time of the sale that company has revenues of just $40 million. How did he manage that?He then did what every sports fan would dream of doing and bought his favourite basketball team and turned them from also-rans into champions. He hasn’t been lucky all of the time- he’s had tussles with the SEC, got caught up in the #metoo movement, missed out on an investment that could have netted him $4.75 billion, but through Shark tank and other high profile investments, he’s now being mentioned as a potential presidential candidate for 2028. It’s a fascinating story- enjoy.

2001 was Sam Waksal’s year.Seven years after discovering Erbitux — the so-called wonder drug — everything seemed to be falling into place. The drug had made it onto the cover of Business Week, Waksal’s company ImClone’s stock was at record highs, and he was living like a celebrity. There were photographs of him with Mick Jagger, Lorraine Bracco, Matthew Modine. He was best friends with Martha Stewart, dated her daughter Alexis for years, and he’d just sold $111 million worth of shares.To anyone watching, Waksal looked like the golden boy of biotech — a scientist-turned-successful entrepreneur. But within months, he’d be kicked out of his own company, under federal investigation, and eventually sent to prison — dragging others, most famously Martha Stewart, down with him.And of course that moment didn’t come out of nowhere. It started years earlier, and to understand how he got there, we have to go back to the beginning.

It was the autumn of 1996. Jeff Bezos had just raised eight million dollars, putting Amazon’s valuation at around sixty million. Revenue that year was $15.7 million, small yes, but growing at a huge rate and it had caught the attention of two men who’d built an empire out of books the old-fashioned way — Leonard and Stephen Riggio, founders of Barnes & Noble.Their chain was the heavyweight of American bookselling: hundreds of superstores, nearly two billion dollars in annual sales, and a reputation for crushing smaller rivals.That autumn, the Riggio brothers invited Jeff Bezos to dinner in New York for what was described as a frank but cordial conversation. They told him they admired what he’d built, acknowledged that Amazon had the early lead online. But, they said plainly, if Barnes & Noble launched its own e-commerce site, their scale and publisher relationships would allow them to “surpass Amazon easily” in both selection and price.They floated alternatives — a partnership, maybe a strategic alliance, maybe for Bezos to lead Barnes & Noble’s online strategy.Bezos declined. Steve Riggio left the dinner unconvinced and said after the meeting. “That purely virtual model won’t cut it in the long term.”Now… to understand how Bezos ended up across the table from the biggest booksellers in America just over a year after setting up Amazon, you have to go back to where it all began.

Throughout my 20’s Weill was a constant presence in the business magazines that I read because he was always doing deals, always adding a little bit more to his growing business and it all added up because by the turn of the century he had built the biggest bank in the world- a remarkable achievement- but he didn’t do it all on his own- he had his protege- Jamie Dimon, without doubt the most influential and powerful banker of the last 20 years. I dig into Weill's early years when he built his first business, sold it and then through acquisitions- some good, some bad, he built the biggest bank in the world with Dimon, we look at his relationship with Dimon, why he sacked Dimon, how that impacted his legacy- it’s a cracking story- enjoy.

I’m sure I’ll come across other people I admire for their business acumen but after researching Dell for this episode, he’s at the top- one of these people who is just brilliant at businessAt 16, he made more money in one summer than his teachers made all year.At 18, he was building computers in a dorm room with sales reaching up to $80,000 some monthsBy 27 he was the youngest CEO ever to lead a Fortune 500 company. He did it by always thinking about how to consistently eliminate unnecessary steps. But he’s tough as well- there were big battles with Carl Icahn where Dell comes out on top. And what I really, really love about Michale Dell is he does it all with no ego, no scandal, no politics- just great business. It’s a cracking episode, enjoy.

Most of us know who Reid Hoffman is- I thought I knew a good bit about him before we did that episode on PayPal, but it was while researching that episode that I found out just how smart and how strategic he is. He was one of the first people in silicon valley to understand the potential of the internet to build social networks- he was one of the very first investors in Friendster and in Facebook and of course he built LinkedIn, selling it to Microsoft for $26 billion. He was a founding investor in Open AI, one of the first investors in AirBnb- this guy has had so  much success but it hasn’t been all plain sailing- he got caught up in his own Jeffrey Epstein story- it’s a cracking episode- enjoy.

He was once the second richest man on Earth — richer than Bezos, Arnault, Buffet. He left school at 15 and over the last 50 years he has built a huge empire spanning ports, power plants, airports, his success fuelled by risk, relentlessness, and a powerful friendship with India’s prime minister.I knew about Adani for a while but it only when I mentioned him briefly when I was talking about the Hindenburg Group in the episode on Short Sellers that i thought I’d love to cover this guy- and his story is so well worth it- there’s billions, there’s a kidnapping, there’s a terror attack, there’s a lot of alleged corruption- it’s a cracking episode — enjoy.

Black made billions with junk bonds, complex financial engineering, buying bankrupt companies and turning them around- he was aggressive, ruthless and very good at what he did.He was Michael Milken’s right hand man. After Milken went to jail, Black built Apollo - an asset manager overseeing $850 billion. He bought the painting The Scream for $120 million. And now he’s forced to explain why he paid Jeffrey Epstein $158 million —after Epstein had served jail time.It’s a cracking episode—enjoy.

I love business stories from any time- as long as it’s full of drama, success or failure, interesting characters, I don’t care if it a year old or 1000 years old, and the Tulip Bubble from the 1700’s has drama in spades- I’ve always wanted to dig into it because tulipmania is remembered as the first market bubble. I mean picture the scene, january of 1637, in taverns across Holland, fortunes were made and lost on flowers that bloomed for just one week a year. Men traded houses, farms, for a single bulb. The story has been told for centuries as the world’s first great financial bubble—the madness of crowds overtaken by financial speculation. It’s a tale of greed, folly, and overnight collapse.But there’s a twist in this tale and who doesn’t love a good old twist?It’s a cracking story—enjoy.

Khashoggi has been on my radar since I was a teenager-because he was always in the photos at the best parties- this 5 foot 4, bald Saudi businessman surrounded by the rich, the famous and of course beautiful women. Back then he was described as being one the richest men in the world —  he was certainly the biggest spender. He threw the biggest parties, owned 3 jets and built the world’s most expensive yacht.But behind the glamour was something darker. He brokered billion-dollar arms deals, sent escorts to charm world leaders, and helped dictators stash their stolen fortunes and as a result, he got caught up in some of the biggest scandals of the 80’s.Khashoggi was a networker, a fixer, a man who lived on the thin line between business and crime. Presidents, kings, and CEOs all needed him, and that was his ultimate protection. It’s a fascinating story- enjoy

I wanted to cover this story because I’m a huge Formula 1 fan—and if you follow F1, you can’t ignore Red Bull. And I knew the bones of the story, about how Mateschitz took a weird Thai tonic for truck drivers and turned it into a multi billion dollar global empire.But he did more than just launch a product- he created a whole new category—and then to promote it, he didn’t just attach red bull to extreme sports- Red Bull became a part of extreme sports to such an extent that they created their own extreme sports.And the most extraordinary thing about it all, and I’m saying this as someone who drinks Red Bull, is that the product itself doesn’t really taste nice- how did he do it?It’s a cracking episode—enjoy.

it's the story of how two childhood friends bolted a motor to a bicycle — and more or less ignited a cultural revolution because over the next century, Harley-Davidson became a symbol of rebellion, of freedom and of AmericaBut behind  the myth, the company has had a turbulent time. There were strikes, near-bankruptcy, Japanese rivals, political trade wars, and even Warren Buffett riding to the rescue.Today, Harley is still the most famous name in motorcycles... and yet it’s in dire straits, it’s big bike sales have been dwindling and it’s move to modernise has been disastrous- it just sold 33 of it’s electric bikes in the last quarterSo what happened?This is the story of Harley Davidson. And it’s a cracking episode — enjoy.

I’ve wanted to cover Wynn for ages because this is the guy who built modern day Vegas- make no mistake about it-He took Vegas from its mob and gambling roots into a resort destination focused on luxuries, high-end amenities and family-friendly spectacles. The Vegas we see today was built and shaped by Wynn- his vision, his ambition, his attention to detail. And then after 50- years being at the very top of the food chain in Vegas, it all came crashing down- literally overnight. It’s a fascinating story- enjoySubscribe now to access the longer co-hosted episodes released on the 1st of every month as well as lots of bonus episodes and ad free weekly episodes.Subscribe via Spotify Subscriptions, Apple Subscriptions or on Patreon by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠clicking on this link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠or going to patreon.com/greatbusinessstories

He was once a star trader with Julian Robertson's Tiger Capital, he then left and set up his own Asian hedge fund only to fall into trouble, charged with insider trading, come out of that scandal, build a personal fortune estimated at $20 billion, became known within Wall Street as the greatest investor you’ve never heard of.” and then loses it all, within a matter of days- who was Bill Hwang, where did it all go wrong for him , and even more importantly, at least for me how this story shines a light on what is a ticking timebomb that I believe is going to result in another serious financial meltdown-wits a cracking episode, enjoySubscribe now to access the longer co-hosted episodes released on the 1st of every month as well as lots of bonus episodes and ad free weekly episodes.Subscribe via Spotify Subscriptions, Apple Subscriptions or on Patreon by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠clicking on this link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠or going to patreon.com/greatbusinessstories

When he was just 24 years old Andreesen launched Netscape, the browser and company that kicked off what became the dot com boom, became a multi millionaire and took on Bill Gates and Microsoft - and he lost.Then he started a new company, right as the bubble burst, and pivoted and persevered until he sold it and made another fortune. And then he started a16z, one of the most powerful venture capital firms in the world. And along the way he has had numerous controversies while also setting himself up as this very powerful kind of evangelical, but if you ask me, fanatical, techno optimist.This is the story of Marc Andreessen. And it's a cracking episode—enjoy.Subscribe now to access the longer co-hosted episodes released on the 1st of every month as well as lots of bonus episodes and ad free weekly episodes.Subscribe via Spotify Subscriptions, Apple Subscriptions or on Patreon by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠clicking on this link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠or going to patreon.com/greatbusinessstories

To clarify the title- I don’t love the Webvan story because it failed- I don’t like to see any company fail, but because the story behind Webvan is the story of the internet boom, those 5 years from 1995-2000 when me and my friends were young, eager, hungry and the internet opened up so many opportunities for us. And the Webvan story, it’s ambition, it’s scale, it’s stated purpose to replace grocery shopping- yes pretty mundane but also hugely impactful, and it’s demise was so fast a, it makes for a fascinating story set in a time that I have nothing but very fond memories of- enjoy, it’s a cracker.Subscribe now to access the longer co-hosted episodes released on the 1st of every month as well as lots of bonus episodes and ad free weekly episodes.Subscribe via Spotify Subscriptions, Apple Subscriptions or on Patreon by⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠clicking on this link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠or going to patreon.com/greatbusinessstories

At age nine, Jensen Huang couldn’t speak English and was scrubbing toilets in a Kentucky reform school. By 35, he’d taken Nvidia public. And by 60, he’d built the most valuable company on Earth.How?By betting everything—twice—on markets that didn’t even exist yet. First gaming. Then AI.He convinced Sega to pay him not to deliver a chip. He built a million-selling chip in eight months, when the industry standard was two years. Now, with Nvidia powering the AI revolution, the world runs on chips bearing his vision.This is the story of Jensen Huang. And it’s a cracking episode—enjoy.Subscribe now to access the longer co-hosted episodes released on the 1st of every month as well as lots of bonus episodes and ad free weekly episodes.Subscribe via Spotify Subscriptions, Apple Subscriptions or on Patreon by⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠clicking on this link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠or going to patreon.com/greatbusinessstories

Have you even heard of Victor Posner? I hadn’t but if you’re a fan of this show, you’ll know that one of mine and Keith’s favorite books of all time is Barbarians at the Gate, a rip roaring story about a leveraged buy-out and attempted hostile take over of RJR Nabisko from the 1980’s. So I love the drama around hostile takeovers, and I wanted to find out- who first started hostile takeovers in the 20th century, and it turned out to be this guy Victor Posner, I can say that I’d never come across such a lowlife. If you're ever looking for a person that symbolises everything that’s wrong with capitalism- and just to note- I’m a fan of capitalism overall- then Posner is your poster boy.Subscribe now to access the longer co-hosted episodes released on the 1st of every month as well as lots of bonus episodes and ad free weekly episodes.Subscribe via Spotify Subscriptions, Apple Subscriptions or on Patreon by⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠clicking on this link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠or going to patreon.com/greatbusinessstories

In 2012, Russian special forces arrived at Pavel Durov’s door—automatic rifles in hand. He didn’t answer and curiously, they left. They were there because Durov had built VK, Russia’s answer to Facebook, and was refusing Kremlin demands to take down certain pages. It made him a symbol of resistance. Or so the legend goes.The truth? It’s difficult to say with any certainty. He called himself a defender of privacy, but quietly handed over user data in India. He raised $1.7 billion for a blockchain dream, only to have it shut down by the SEC. And in 2024, he was arrested in Paris for failing to stop criminal abuse on his platform.He’s part visionary, part mythmaker—equal parts privacy evangelist and pragmatic businessman.This is the story of Pavel Durov- whatever the full truth is, it makes for a cracking episode—enjoy.Subscribe now to access the longer co-hosted episodes released on the 1st of every month as well as lots of bonus episodes and ad free weekly episodes.Subscribe via Spotify Subscriptions, Apple Subscriptions or on Patreon by⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠clicking on this link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠or going to patreon.com/greatbusinessstories