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PROFILES.
— The refugee who went from rags to riches (twice) [**HIGHLY RECOMMEND**]
— The founder who grappled with darkness
— The $2 billion mall rats
— The mastermind behind Joe Biden's approach
— The queen of pandemic yoga
— The star haunted by the success of his past
— The rich kids who want to tear down capitalism
— The company digitizing junkyards
— The thousand-year-old business
PEOPLE TO KNOW.
The refugee who went from rags to riches (twice): If you walk into a donut shop in California, chances are it's owned by a Cambodian family. That's because of Ted Ngoy, a refugee who built up an empire, sponsored more than 100 other Cambodian shop owners, and became known as the Donut King ... only to lose it all. "If you could turn the clock around, I would do that," he says. "The past I cannot change, but I learned the heavy way." If you read one thing this week, let it be this. (BBC)
"I never back down. Never give up. Never surrender.
The founder who grappled with darkness: Wow, what a story. In the early morning hours of the day after Thanksgiving, Zappos founder Tony Hsieh died from his exposure to a shocking house fire in Connecticut. He was only 46 years old. While he directly and indirectly delivered on making other people smile, Hsieh was privately coping with issues of mental health and addiction. This Forbes investigation delves into his final months of wrenching internal battles and a series of terrible external decisions. This is a difficult and poignant read. (Forbes)
“He fostered so much human connection and happiness, yet there was this void."
The $2 billion mall rats: Catie McKee, Dan McNamara, and their boss Marc Rosenthal all worked at MP Securitized Credit Partners, a tiny hedge fund that had made a massive bet against shopping malls. The trio was in the business of shorting commercial mortgage bonds, specifically those heavily weighted with debt issued to shopping malls. In 2018, they had made a bet that a series of shopping malls would eventually fail. Here's how they proved Wall Street wrong. (Esquire)
“It felt like we were getting kicked in the teeth every single day."
The mastermind behind Joe Biden's approach: Anita Dunn is president-elect Joe Biden's secret weapon. She is a senior adviser who keeps track of who crosses Biden—staff, reporters, politicians. She watches. She listens. She remembers. Dunn has worked on six Democratic presidential campaigns over the past 40 years while remaining largely unknown to the general public. She’ll guide the new administration too—and remain out of the spotlight while she does it. (The Atlantic)
“As [Biden] will be the first to say, he’s the only Irishman who doesn’t carry a grudge. I’m not Irish, but I will carry his grudges.”
The queen of pandemic yoga: Yoga instructor Adriene Mishler has become a YouTube sensation during the pandemic with more than 8 million subscribers. Mishler started posting yoga videos under the name “Yoga With Adriene” on YouTube in 2012. She has posted videos of everything from "Yoga for Suffering” to "Yoga for Core (and Booty!).” Here's how she's brought in so many types of people — pipe fitters, mechanics, teachers, and nurses — into no-nonsense yoga. (The New York Times)
“All you need is your body and an open mind.”
The star haunted by the success of his past: At age 78, Paul McCartney is still known for The Beatles. "The Beatles are inescapable," he says. During the pandemic, McCartney has been busy recording a new album called “McCartney III.” “What I’m amazed with,” McCartney says, “is that I’m not fed up with music. Because, strictly speaking, I should have gotten bored years ago.” (The New York Times)
"I think it’s a fact of life that personalities don’t change much. Throughout your life, there you are."
The rich kids who want to tear down capitalism: This is a profile of rich kids who will inherit their family's wealth with plans to give it all away. I have a lot of mixed feelings about this one. I, too, believe in pledging the majority of mega-wealth to philanthropic causes (a la The Giving Pledge). But I have a problem with an heir like Pierce Delahunt who calls themselves a “socialist, anarchist, Marxist, communist or all of the above." As someone whose family lived in a former communist country, it makes me cringe to see a complete lack of understanding for what a communist system would entail. Ironically, the very privilege of being born in capitalist America could blind you to the harsh reality of the oppressive regimes you are endorsing as an alternative. Anyway, I hope you read it, and decide for yourself. (The New York Times)
“I want to build a world where someone like me, a young person who controls tens of millions of dollars, is impossible."
COMPANIES TO WATCH.
The company digitizing junkyards: Advanced technology is not only making cars safer and easier to drive, it’s also making them nearly impossible to repair. ****Copart is a Dallas-based company that dominates the market for processing and reselling salvage cars — vehicles damaged enough to be written off as a total loss by auto insurers as well as discarded cars still in decent condition. It's a lucrative business — Copart booked $700 million in net income on $2.2 billion sales in its 2020 fiscal year. This is a remarkable story. (Forbes)
"We took a relatively unsophisticated business where they were selling cars over an oral auction, and turned that into a business that receives a hundred billion dollars a year in bids and is doing 100% of it online."
The thousand-year-old business: Ichiwa, a Japanese shop that sells rice flour cakes, takes the long view, the really long view. By putting tradition and stability over profit and growth, Ichiwa has weathered wars, plagues, natural disasters, the rise and fall of empires — and now a global pandemic. Here's how a business survives a whole millennium. (The New York Times)
"We keep going because we all hate the idea of being the one to let it go.”
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AUDIO TO HEAR.
Daniel Ek on how to harness your creativity: Spotify CEO Daniel Ek believes in the power of creativity, but he doesn't believe in the power of creativity without restraint. "Most people associate creativity with unstructured thinking, but some of the most creative people I know are almost scripted in their approach and process," he says. Ek, who is personally reserved but professionally ruthless, reveals his fresh approach to creativity and leadership. (Link available to premium members.)
Priscilla Chan on a life of service: Priscilla Chan is one of the world’s most powerful women. While both Chan and husband Mark Zuckerberg founded the Chan Zuckerberg Initiative, she’s at the helm. She keeps a low profile, but this podcast allows you to hear her full life story. Her parents came to the United States as refugees, and she says it's a "miracle" she is where she is today. This is a really good one. (Link available to premium members.)
Rory Sutherland on embracing the irrational: The trouble with market research is that, well, most people don't know what they want. Although we like to think that we can predict our future behavior, we're often wrong. In this fascinating episode, Alchemy author Rory Sutherland explains that the way you frame a product can completely change consumer perception and behavior. In this masterclass of branding and behavioral economics, Sutherland explains how you can succeed in a world of irrational and emotion-driven human behavior. (Link available to premium members.)
VIDEOS TO SEE.
Ted Ngoy on the power of persistence: Ted Ngoy, or "the Donut King," reached levels of success beyond his wildest imagination. He opened up dozens of donut shops in L.A. and gave Cambodian refugees the ability to start and own businesses. "President Bush Sr. flew from The White House to give me a presidential award for achieving the American Dream," he says. But then the very traits that got him to the top were the same ones that forced him to lose it all. (Link available to premium members.)
Dwayne 'The Rock' Johnson on leveling up: Dwayne Johnson has never followed a blueprint in life. He went from poverty to football to WWE all the way to Hollywood. Johnson believes in always striving for more. In this interview, he opens up about his childhood, mental health, fame, and the recent death of his father. (Link available to premium members.)
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