Feldspar prize stories Book

Concise to-the-point statement of human decency and ethical behaviour in business and life by one of America’s most generous (and unknown) billionaires.

He backs up his points by a lifetime of experience rather than science, bringing numerous examples when sticking to an ethical higher ground was costly in a short term (e.g. he shook hands on selling a business for $50M but by the time of the last signature he could have asked for $100M) but how it would always pay off in the long term (e.g. he is now in great and profitable relationships with the people and the companies that he sold to, having made the money back several times).

My bookmarked takeaways:
- Everything we need for today’s business and life we learned as kids (hopefully): be tough, be competitive, give it all you have but do it fairly
- Problem with society nowadays: success seems more important than how one obtains it?
- A key attribute of leaders is decisiveness, so leaders need to surround themselves with candid subordinates not afraid to bring the “painful” news so leaders can course-correct
- Kick "lawyer dependancy" in dealings. Lawyers should have the second opinion, yours is the first and the last. Trust, accept responsibility and stand by your word. But also deal only with people who have integrity
- Hire your team to have the same values as you. When interviewing, the author is only checking for demonstrations of integrity, commitment, courage
- Holding a grudge is unhealthy and unproductive. He brings several examples of top businessmen who dwelled on revenge and paid for it. Getting even is a form of self-pity. Accept what has happened and move on in positive and dignified way.
- When things go bad, let your feelings come out. Make your reaction fast, furious and finite (since it also stresses those around you)
- Work out your feelings. Obsessing on grudges keeps them alive, forgiveness forces them to die
- Final remarks at a funeral reveal a great deal about our deceased. What will be said in your eulogy Wealth or grades will not be mentioned, but rather "How did the departed hold others?" at home, at work, in the community
- The equivalent of "Do unto others as you would have them do unto you" exists in every major religion
- Financially successful should share their bounty with employees and society. You did not get here alone. Pay it forward.
- Run a company like a fully-committed family business. Take responsibility. Your name is on the door
- There should be no tension between profits and decency / fairness
- The 6 "Fs": family, faith, fortitude, fairness, fidelity, philanthropy