How Raymond Plank Made a Fortune in Big Oil's Scraps

The capacity of the human mind for The capacity of the human mind for learning and personal growth greatly learning and personal growth greatly learning and personal growth greatly exceeds that which I would have deemed exceeds that which I would have deemed exceeds that which I would have deemed plausible in my early years. The purpose plausible in my early years. The purpose plausible in my early years. The purpose of this memoir is to open the window of of this memoir is to open the window of of this memoir is to open the window of my life in the hope that readers may my life in the hope that readers may my life in the hope that readers may find parts useful in achieving a fuller find parts useful in achieving a fuller find parts useful in achieving a fuller measure of their own capacities to measure of their own capacities to measure of their own capacities to attain worthy goals on behalf of self attain worthy goals on behalf of self attain worthy goals on behalf of self and others in the certain belief that and others in the certain belief that and others in the certain belief that happiness and understanding uplift the happiness and understanding uplift the happiness and understanding uplift the human spirit contributing to the base human spirit contributing to the base human spirit contributing to the base for a full and happy life. I look back for a full and happy life. I look back for a full and happy life. I look back through the years of my life from the through the years of my life from the through the years of my life from the vantage point of now being in my 90th vantage point of now being in my 90th vantage point of now being in my 90th year. I look back in order to see year. I look back in order to see year. I look back in order to see forward. Hindsight informed me of forward. Hindsight informed me of forward. Hindsight informed me of several primary individual lifetime several primary individual lifetime several primary individual lifetime learnings which might be useful to learnings which might be useful to learnings which might be useful to others, especially those who desire to others, especially those who desire to others, especially those who desire to expand the remarkable individual expand the remarkable individual expand the remarkable individual capacities granted us when we seek capacities granted us when we seek capacities granted us when we seek beyond self the greater common good. My beyond self the greater common good. My beyond self the greater common good. My values have been influenced by a few values have been influenced by a few values have been influenced by a few cornerstones. First, at perhaps the age cornerstones. First, at perhaps the age cornerstones. First, at perhaps the age of 10, when I was on a walk with my dad, of 10, when I was on a walk with my dad, of 10, when I was on a walk with my dad, he dropped my hand, put his arm around he dropped my hand, put his arm around he dropped my hand, put his arm around my shoulder, and noted, "Son, over my my shoulder, and noted, "Son, over my my shoulder, and noted, "Son, over my life, I found it very useful to try to life, I found it very useful to try to life, I found it very useful to try to make a very small difference on behalf make a very small difference on behalf make a very small difference on behalf of others." He concluded with, "Mother of others." He concluded with, "Mother of others." He concluded with, "Mother will be calling us to dinner. Time to will be calling us to dinner. Time to will be calling us to dinner. Time to get back." We never again discussed the get back." We never again discussed the get back." We never again discussed the topic. still fresh and off recurring in topic. still fresh and off recurring in topic. still fresh and off recurring in my mind now nearly 80 years later. The my mind now nearly 80 years later. The my mind now nearly 80 years later. The second cornerstone was that of this second cornerstone was that of this second cornerstone was that of this postcard that my mother had written just postcard that my mother had written just postcard that my mother had written just prior to her death at age 47 when I was prior to her death at age 47 when I was prior to her death at age 47 when I was just 15 years old. She wrote, "My son, just 15 years old. She wrote, "My son, just 15 years old. She wrote, "My son, the 15 years of my life which you have the 15 years of my life which you have the 15 years of my life which you have shared have been such glorious ones. How shared have been such glorious ones. How shared have been such glorious ones. How I have loved them. You are so fine and I have loved them. You are so fine and I have loved them. You are so fine and unselfish. You have given me such love unselfish. You have given me such love unselfish. You have given me such love and consideration. I have known no joy and consideration. I have known no joy and consideration. I have known no joy which could equal that of your which could equal that of your which could equal that of your companionship. My pride in you will go companionship. My pride in you will go companionship. My pride in you will go on through the years if you keep your on through the years if you keep your on through the years if you keep your head up and your courage and faith high. head up and your courage and faith high. head up and your courage and faith high. Mother died of a blood clot to the brain Mother died of a blood clot to the brain Mother died of a blood clot to the brain following a routine appendecttomy only following a routine appendecttomy only following a routine appendecttomy only hours before I was to drive my father to hours before I was to drive my father to hours before I was to drive my father to the hospital and bring her home. She the hospital and bring her home. She the hospital and bring her home. She wrote that postcard a few days before wrote that postcard a few days before wrote that postcard a few days before she died. With the clarity of hindsight, she died. With the clarity of hindsight, she died. With the clarity of hindsight, I see that these cornerstones had much I see that these cornerstones had much I see that these cornerstones had much to do with the career path that I to do with the career path that I to do with the career path that I pursued. I chose to be selfmployed pursued. I chose to be selfmployed pursued. I chose to be selfmployed rather than working for a large company. rather than working for a large company. rather than working for a large company. I wanted a smaller, riskier initiative. I wanted a smaller, riskier initiative. I wanted a smaller, riskier initiative. Apache Corporation had a very modest Apache Corporation had a very modest Apache Corporation had a very modest beginning. Founded with just $250,000 beginning. Founded with just $250,000 beginning. Founded with just $250,000 in 1954. By mid 2008, that $250,000 in 1954. By mid 2008, that $250,000 in 1954. By mid 2008, that $250,000 had become 50 billion. Teddy Roosevelt had become 50 billion. Teddy Roosevelt had become 50 billion. Teddy Roosevelt once opined, "It is better to have lived once opined, "It is better to have lived once opined, "It is better to have lived one hour of glorious strife than never one hour of glorious strife than never one hour of glorious strife than never to have lived at all. You be the judge. to have lived at all. You be the judge. to have lived at all. You be the judge. Let the tale begin." So that was from Let the tale begin." So that was from Let the tale begin." So that was from the introduction from the book I want to the introduction from the book I want to the introduction from the book I want to talk about today, which is a small talk about today, which is a small talk about today, which is a small difference, and it was written by difference, and it was written by difference, and it was written by Raymond Plank. So this is a very unusual Raymond Plank. So this is a very unusual Raymond Plank. So this is a very unusual book. Uh first of all, it reads like a book. Uh first of all, it reads like a book. Uh first of all, it reads like a diary, and I'll get to that in one diary, and I'll get to that in one diary, and I'll get to that in one second. and the fact that this guy kept second. and the fact that this guy kept second. and the fact that this guy kept a daily diary for 60 years. Uh what I a daily diary for 60 years. Uh what I a daily diary for 60 years. Uh what I want to do, what's so fascinating about want to do, what's so fascinating about want to do, what's so fascinating about this is originally I was going to tell this is originally I was going to tell this is originally I was going to tell the story of Apache Corporation, but the story of Apache Corporation, but the story of Apache Corporation, but when I was going through all my notes when I was going through all my notes when I was going through all my notes and highlights for the past few days, I and highlights for the past few days, I and highlights for the past few days, I was like, you know, what's actually was like, you know, what's actually was like, you know, what's actually interesting is the fact that he's 90 interesting is the fact that he's 90 interesting is the fact that he's 90 years old. He has seven decades of years old. He has seven decades of years old. He has seven decades of entrepreneurial experience in this book. entrepreneurial experience in this book. entrepreneurial experience in this book. And what I found most interesting is not And what I found most interesting is not And what I found most interesting is not the this the the the company history of the this the the the company history of the this the the the company history of the company he founded. But essentially the company he founded. But essentially the company he founded. But essentially he has like all these ideas and maxims he has like all these ideas and maxims he has like all these ideas and maxims and basically sayings and beliefs that and basically sayings and beliefs that and basically sayings and beliefs that he's accumulated and essentially just he's accumulated and essentially just he's accumulated and essentially just extols his philosophy almost like you're extols his philosophy almost like you're extols his philosophy almost like you're reading a diary in this book. And so he reading a diary in this book. And so he reading a diary in this book. And so he goes into this natural entrepreneurial goes into this natural entrepreneurial goes into this natural entrepreneurial bent that he had when he was a child. bent that he had when he was a child. bent that he had when he was a child. He's growing up on a farm. He says farm He's growing up on a farm. He says farm He's growing up on a farm. He says farm life and responsibilities were the life and responsibilities were the life and responsibilities were the outcropping of a strong work ethic. life outcropping of a strong work ethic. life outcropping of a strong work ethic. life was structured and privileges were was structured and privileges were was structured and privileges were earned rather than assumed. And so one earned rather than assumed. And so one earned rather than assumed. And so one of the first businesses he had was of the first businesses he had was of the first businesses he had was selling eggs. Selling eggs gave me some selling eggs. Selling eggs gave me some selling eggs. Selling eggs gave me some early marketing and sales experience. early marketing and sales experience. early marketing and sales experience. How fortunate I was to grow up in the How fortunate I was to grow up in the How fortunate I was to grow up in the country and comprehend self-sufficiency country and comprehend self-sufficiency country and comprehend self-sufficiency and innovation as building blocks and innovation as building blocks and innovation as building blocks towards independence. Uh so I think he's towards independence. Uh so I think he's towards independence. Uh so I think he's like 10 or 12 when he starts that egg like 10 or 12 when he starts that egg like 10 or 12 when he starts that egg selling business. He says by high school selling business. He says by high school selling business. He says by high school I was sawing down trees and he with a I was sawing down trees and he with a I was sawing down trees and he with a physical saw. There's no power saws back physical saw. There's no power saws back physical saw. There's no power saws back then. Stacking, selling, and storing then. Stacking, selling, and storing then. Stacking, selling, and storing firewood. And then as he's sawing down firewood. And then as he's sawing down firewood. And then as he's sawing down trees, he sees another adjacent trees, he sees another adjacent trees, he sees another adjacent opportunity where he's like, "Oh, some opportunity where he's like, "Oh, some opportunity where he's like, "Oh, some of these trees produce sap. We should of these trees produce sap. We should of these trees produce sap. We should actually uh extract the sap from the actually uh extract the sap from the actually uh extract the sap from the trees, boil them, boil them down, and trees, boil them, boil them down, and trees, boil them, boil them down, and then make gallons of syrup and then sell then make gallons of syrup and then sell then make gallons of syrup and then sell that as well." And so by the time he's that as well." And so by the time he's that as well." And so by the time he's in high school, he's got this thriving in high school, he's got this thriving in high school, he's got this thriving syrup business, and he's raising syrup business, and he's raising syrup business, and he's raising chickens and selling eggs. And so he's chickens and selling eggs. And so he's chickens and selling eggs. And so he's selling this to local grocery stores and selling this to local grocery stores and selling this to local grocery stores and to the meat markets around Minneapolis to the meat markets around Minneapolis to the meat markets around Minneapolis where he lives. Then he talks a lot where he lives. Then he talks a lot where he lives. Then he talks a lot about the relationship with his father about the relationship with his father about the relationship with his father which he talked about in the which he talked about in the which he talked about in the introduction. He says, "I was grounded introduction. He says, "I was grounded introduction. He says, "I was grounded in dad's values of integrity, a strong in dad's values of integrity, a strong in dad's values of integrity, a strong work ethic, and the desire to be work ethic, and the desire to be work ethic, and the desire to be successful. My father praised and was successful. My father praised and was successful. My father praised and was very enthusiastic over my very enthusiastic over my very enthusiastic over my entrepreneurial endeavors." There's also entrepreneurial endeavors." There's also entrepreneurial endeavors." There's also a financial conservatism that runs a financial conservatism that runs a financial conservatism that runs throughout this entire book, and part of throughout this entire book, and part of throughout this entire book, and part of that has to do with the fact that he saw that has to do with the fact that he saw that has to do with the fact that he saw his dad lose most of his net worth in his dad lose most of his net worth in his dad lose most of his net worth in the Great Depression. My family did not the Great Depression. My family did not the Great Depression. My family did not escape the Great Depression. I recall escape the Great Depression. I recall escape the Great Depression. I recall dad coming home from the office one dad coming home from the office one dad coming home from the office one night and announcing that his net worth night and announcing that his net worth night and announcing that his net worth had been wiped out. Yet we had food, had been wiped out. Yet we had food, had been wiped out. Yet we had food, much of that we raised ourselves, much of that we raised ourselves, much of that we raised ourselves, clothing, and a mortgage-free home. He clothing, and a mortgage-free home. He clothing, and a mortgage-free home. He was fortunate to have credit and was fortunate to have credit and was fortunate to have credit and credibility as an honest and able credibility as an honest and able credibility as an honest and able businessman. And he was scrupulous about businessman. And he was scrupulous about businessman. And he was scrupulous about paying his bills. And so it is during paying his bills. And so it is during paying his bills. And so it is during the Great Depression that his mother the Great Depression that his mother the Great Depression that his mother dies. One never forgets the death of a dies. One never forgets the death of a dies. One never forgets the death of a parent. Mother had gone to the hospital parent. Mother had gone to the hospital parent. Mother had gone to the hospital for a routine procedure. I was to drive for a routine procedure. I was to drive for a routine procedure. I was to drive dad to the hospital the Saturday morning dad to the hospital the Saturday morning dad to the hospital the Saturday morning when we could pick her up and return when we could pick her up and return when we could pick her up and return home. At 3:00 a.m., I was awakened by home. At 3:00 a.m., I was awakened by home. At 3:00 a.m., I was awakened by the phone. May I speak to Mr. Plank? the phone. May I speak to Mr. Plank? the phone. May I speak to Mr. Plank? This is Northwestern Hospital calling. I This is Northwestern Hospital calling. I This is Northwestern Hospital calling. I called Dad, who was asleep in the master called Dad, who was asleep in the master called Dad, who was asleep in the master bedroom above me. As he hastened to the bedroom above me. As he hastened to the bedroom above me. As he hastened to the phone, I heard him scream, "Oh no, phone, I heard him scream, "Oh no, phone, I heard him scream, "Oh no, mother was dead at 47 from a blood clot. mother was dead at 47 from a blood clot. mother was dead at 47 from a blood clot. For 6 months, I was unable to write in For 6 months, I was unable to write in For 6 months, I was unable to write in my diary." I questioned why God would my diary." I questioned why God would my diary." I questioned why God would let this happen. There's actually an let this happen. There's actually an let this happen. There's actually an interesting historical parallel here. So interesting historical parallel here. So interesting historical parallel here. So Teddy Roosevelt's wife and mother died Teddy Roosevelt's wife and mother died Teddy Roosevelt's wife and mother died on the same day. And he also had this on the same day. And he also had this on the same day. And he also had this habit, this daily habit of writing in a habit, this daily habit of writing in a habit, this daily habit of writing in a diary. And the night that his mother and diary. And the night that his mother and diary. And the night that his mother and wife die, in his diary, uh, Teddy wife die, in his diary, uh, Teddy wife die, in his diary, uh, Teddy Roosevelt draws a big X and he writes, Roosevelt draws a big X and he writes, Roosevelt draws a big X and he writes, "The light has gone out of my life." "The light has gone out of my life." "The light has gone out of my life." Before we get back into this, I want to Before we get back into this, I want to Before we get back into this, I want to tell you about the presenting sponsor of tell you about the presenting sponsor of tell you about the presenting sponsor of this podcast, Ramp. I have been reading this podcast, Ramp. I have been reading this podcast, Ramp. I have been reading a lot about SpaceX lately. SpaceX is one a lot about SpaceX lately. SpaceX is one a lot about SpaceX lately. SpaceX is one of the most valuable businesses in the of the most valuable businesses in the of the most valuable businesses in the world, and one of the main themes in the world, and one of the main themes in the world, and one of the main themes in the history of SpaceX is constantly history of SpaceX is constantly history of SpaceX is constantly attacking and questioning your cost. attacking and questioning your cost. attacking and questioning your cost. Ramp helps many of the most innovative Ramp helps many of the most innovative Ramp helps many of the most innovative businesses in the world do exactly that. businesses in the world do exactly that. businesses in the world do exactly that. And they do this by using first And they do this by using first And they do this by using first principles thinking. The median company principles thinking. The median company principles thinking. The median company running on ramp cuts their expenses by running on ramp cuts their expenses by running on ramp cuts their expenses by 5%. And one thing that SpaceX has 5%. And one thing that SpaceX has 5%. And one thing that SpaceX has demonstrated is that a religious demonstrated is that a religious demonstrated is that a religious dedication to controlling your cost dedication to controlling your cost dedication to controlling your cost helps increase revenue because you can helps increase revenue because you can helps increase revenue because you can pursue opportunities you couldn't pursue opportunities you couldn't pursue opportunities you couldn't otherwise. And we see that in the ramp otherwise. And we see that in the ramp otherwise. And we see that in the ramp data, too. The median company running on data, too. The median company running on data, too. The median company running on ramp also grows their revenue by 16%. So ramp also grows their revenue by 16%. So ramp also grows their revenue by 16%. So when you're running your business on when you're running your business on when you're running your business on ramp and your competitors are not, you ramp and your competitors are not, you ramp and your competitors are not, you have a massive competitive advantage have a massive competitive advantage have a massive competitive advantage that compounds over time. Ramp is the that compounds over time. Ramp is the that compounds over time. Ramp is the only platform designed to make your only platform designed to make your only platform designed to make your finance team faster and happier. Many of finance team faster and happier. Many of finance team faster and happier. Many of the top founders and CEOs that I know the top founders and CEOs that I know the top founders and CEOs that I know run their business on ramp. I run my run their business on ramp. I run my run their business on ramp. I run my business on Ramp and you should too. Go business on Ramp and you should too. Go business on Ramp and you should too. Go to ramp.com today to learn how they can to ramp.com today to learn how they can to ramp.com today to learn how they can help your business save time, save help your business save time, save help your business save time, save money, and grow revenue. That is money, and grow revenue. That is money, and grow revenue. That is ramp.com. And so Raymond is in his early ramp.com. And so Raymond is in his early ramp.com. And so Raymond is in his early 20s when the beginning of World War II 20s when the beginning of World War II 20s when the beginning of World War II starts to happen. And he's actually a starts to happen. And he's actually a starts to happen. And he's actually a fighter pilot and he's going to talk a fighter pilot and he's going to talk a fighter pilot and he's going to talk a lot about that in the book. What there's lot about that in the book. What there's lot about that in the book. What there's one paragraph I want to read to you one paragraph I want to read to you one paragraph I want to read to you though because I think there's something though because I think there's something though because I think there's something this guy has like an overactive almost this guy has like an overactive almost this guy has like an overactive almost like zest for life and part of it I like zest for life and part of it I like zest for life and part of it I think has to do with the fact that in think has to do with the fact that in think has to do with the fact that in his early 20s he saw a lot of his his early 20s he saw a lot of his his early 20s he saw a lot of his friends die and not return from combat. friends die and not return from combat. friends die and not return from combat. And so he says at age 22, I'd be flying And so he says at age 22, I'd be flying And so he says at age 22, I'd be flying a 4-ine bomber responsible for the a 4-ine bomber responsible for the a 4-ine bomber responsible for the well-being of a crew of 10 and helping well-being of a crew of 10 and helping well-being of a crew of 10 and helping kill the Japanese who sought to kill us. kill the Japanese who sought to kill us. kill the Japanese who sought to kill us. There's a lot of my notes in the book There's a lot of my notes in the book There's a lot of my notes in the book where I'm comparing Raymond to where I'm comparing Raymond to where I'm comparing Raymond to Rockefeller. And there's when you read Rockefeller. And there's when you read Rockefeller. And there's when you read biographies of Rockefeller, something biographies of Rockefeller, something biographies of Rockefeller, something that appears over and over again is the that appears over and over again is the that appears over and over again is the fact that Rockefeller was low-key, but fact that Rockefeller was low-key, but fact that Rockefeller was low-key, but he was relentless. So he might not tell he was relentless. So he might not tell he was relentless. So he might not tell you what he's thinking. uh you sh very you what he's thinking. uh you sh very you what he's thinking. uh you sh very rarely show any uh emotion but when he rarely show any uh emotion but when he rarely show any uh emotion but when he was when he wanted something to happen was when he wanted something to happen was when he wanted something to happen he would just constantly attack that he would just constantly attack that he would just constantly attack that problem or seize that opportunity until problem or seize that opportunity until problem or seize that opportunity until it actually happened and the one example it actually happened and the one example it actually happened and the one example I would have here is where there's this I would have here is where there's this I would have here is where there's this great line in Rockefeller's great line in Rockefeller's great line in Rockefeller's autobiography where he talked about the autobiography where he talked about the autobiography where he talked about the difficulty of raising money in Cleveland difficulty of raising money in Cleveland difficulty of raising money in Cleveland in the early days of his oil company and in the early days of his oil company and in the early days of his oil company and he'd just constantly get turned down by he'd just constantly get turned down by he'd just constantly get turned down by all the bank presidents and he says what all the bank presidents and he says what all the bank presidents and he says what if the bank refused to make me a loan if the bank refused to make me a loan if the bank refused to make me a loan That was nothing. That made no That was nothing. That made no That was nothing. That made no difference to me. It simply meant that I difference to me. It simply meant that I difference to me. It simply meant that I must look elsewhere until I got what I must look elsewhere until I got what I must look elsewhere until I got what I wanted. Raymond has that same set of wanted. Raymond has that same set of wanted. Raymond has that same set of attributes. He see you see it in his attributes. He see you see it in his attributes. He see you see it in his professional life. He is this guy is professional life. He is this guy is professional life. He is this guy is definitely hardcore uh and I would say, definitely hardcore uh and I would say, definitely hardcore uh and I would say, you know, relentless. But what what was you know, relentless. But what what was you know, relentless. But what what was funny is you also see it in his dating funny is you also see it in his dating funny is you also see it in his dating life. And so he meets this woman named life. And so he meets this woman named life. And so he meets this woman named Elizabeth McCabe. And he didn't they Elizabeth McCabe. And he didn't they Elizabeth McCabe. And he didn't they didn't exchange information, but he's didn't exchange information, but he's didn't exchange information, but he's like, I need to date this woman. And so like, I need to date this woman. And so like, I need to date this woman. And so he looks up every single McCabe that he looks up every single McCabe that he looks up every single McCabe that lived in the Min in Minneapolis, goes to lived in the Min in Minneapolis, goes to lived in the Min in Minneapolis, goes to the phone directory and winds up having the phone directory and winds up having the phone directory and winds up having to call two dozen different McCabes to call two dozen different McCabes to call two dozen different McCabes before finding the one that the h the before finding the one that the h the before finding the one that the h the house that was the girl that he wanted house that was the girl that he wanted house that was the girl that he wanted to date. And he says, "We dated a few to date. And he says, "We dated a few to date. And he says, "We dated a few times and any interest I had in other times and any interest I had in other times and any interest I had in other girls promptly vanished." And so girls promptly vanished." And so girls promptly vanished." And so unfortunately that relationship doesn't unfortunately that relationship doesn't unfortunately that relationship doesn't last very long because he is shipped off last very long because he is shipped off last very long because he is shipped off to fight in the war. of the 40 missions to fight in the war. of the 40 missions to fight in the war. of the 40 missions I flew, our squadron was shot up on 19 I flew, our squadron was shot up on 19 I flew, our squadron was shot up on 19 of them. And so he writes a lot about of them. And so he writes a lot about of them. And so he writes a lot about the importance of the importance of the importance of courage. And obviously the courage is courage. And obviously the courage is courage. And obviously the courage is not in the absence of fear, but it only not in the absence of fear, but it only not in the absence of fear, but it only counts if you're actually afraid. And I counts if you're actually afraid. And I counts if you're actually afraid. And I think the the the trials and the think the the the trials and the think the the the trials and the tribulations that he went through when tribulations that he went through when tribulations that he went through when he was a young man in his early 20s made he was a young man in his early 20s made he was a young man in his early 20s made the business and the risk-taking that he the business and the risk-taking that he the business and the risk-taking that he was doing later on in life seem, you was doing later on in life seem, you was doing later on in life seem, you know, inconsequential um like by know, inconsequential um like by know, inconsequential um like by comparison. In fact, they they wrote uh comparison. In fact, they they wrote uh comparison. In fact, they they wrote uh they wrote a series of company histories they wrote a series of company histories they wrote a series of company histories for the Apache Corporation and the very for the Apache Corporation and the very for the Apache Corporation and the very first one which covers the very first first one which covers the very first first one which covers the very first few years of the company. They they few years of the company. They they few years of the company. They they decided to title that book Journey into decided to title that book Journey into decided to title that book Journey into Risk Country. So if you go back to what Risk Country. So if you go back to what Risk Country. So if you go back to what he was saying at the beginning of the he was saying at the beginning of the he was saying at the beginning of the book where he's like well you know book where he's like well you know book where he's like well you know working for a big company or working for working for a big company or working for working for a big company or working for any company really but it's definitely a any company really but it's definitely a any company really but it's definitely a big company is not for me. I wanted a big company is not for me. I wanted a big company is not for me. I wanted a riskier like I wanted to be in business riskier like I wanted to be in business riskier like I wanted to be in business for myself. I wanted to be on a Twitter for myself. I wanted to be on a Twitter for myself. I wanted to be on a Twitter and I wanted to take risk. And I think a and I wanted to take risk. And I think a and I wanted to take risk. And I think a lot of this is tied to what he was lot of this is tied to what he was lot of this is tied to what he was experiencing, seeing all his friends experiencing, seeing all his friends experiencing, seeing all his friends die, getting shot up, you know, fighting die, getting shot up, you know, fighting die, getting shot up, you know, fighting the Japanese. And so there's just a the Japanese. And so there's just a the Japanese. And so there's just a couple quotes that he has from uh that couple quotes that he has from uh that couple quotes that he has from uh that he chose to write down in his diary all he chose to write down in his diary all he chose to write down in his diary all through like the early 1940s. So he through like the early 1940s. So he through like the early 1940s. So he says, for example, without courage, all says, for example, without courage, all says, for example, without courage, all virtue is fragile. And then he quotes uh virtue is fragile. And then he quotes uh virtue is fragile. And then he quotes uh Winston Churchill says, "Courage is what Winston Churchill says, "Courage is what Winston Churchill says, "Courage is what Winston Churchill called the first of Winston Churchill called the first of Winston Churchill called the first of human qualities because it guarantees human qualities because it guarantees human qualities because it guarantees all of the others." And so when he all of the others." And so when he all of the others." And so when he survives to the end of the war, he gets survives to the end of the war, he gets survives to the end of the war, he gets discharged from the army. And now he's discharged from the army. And now he's discharged from the army. And now he's thinking he's like, "Okay, I'm a young thinking he's like, "Okay, I'm a young thinking he's like, "Okay, I'm a young man. What do I actually want to do with man. What do I actually want to do with man. What do I actually want to do with my life?" And the way he described this my life?" And the way he described this my life?" And the way he described this is very fascinating to me. He says, "It is very fascinating to me. He says, "It is very fascinating to me. He says, "It was for the first time in my life I was was for the first time in my life I was was for the first time in my life I was in charge of my personal destiny." And in charge of my personal destiny." And in charge of my personal destiny." And this is when he says, "I want to build a this is when he says, "I want to build a this is when he says, "I want to build a business. I sought a career in which I business. I sought a career in which I business. I sought a career in which I would be part of starting a business. I would be part of starting a business. I would be part of starting a business. I was confident that working in a large was confident that working in a large was confident that working in a large company was not my cup of tea." And he company was not my cup of tea." And he company was not my cup of tea." And he knew he had to act fast. There's another knew he had to act fast. There's another knew he had to act fast. There's another Rockefeller quote where Rockefeller is Rockefeller quote where Rockefeller is Rockefeller quote where Rockefeller is describing the opportunity he sees in describing the opportunity he sees in describing the opportunity he sees in oil to his partners in early days of the oil to his partners in early days of the oil to his partners in early days of the oil industry and it's really about the oil industry and it's really about the oil industry and it's really about the importance of seizing opportunity now. importance of seizing opportunity now. importance of seizing opportunity now. Rockefeller wrote, "We have an Rockefeller wrote, "We have an Rockefeller wrote, "We have an opportunity now to expand which may not opportunity now to expand which may not opportunity now to expand which may not last long." Raymond thought the same last long." Raymond thought the same last long." Raymond thought the same thing. He thought they that the America thing. He thought they that the America thing. He thought they that the America was primed for this massive economic was primed for this massive economic was primed for this massive economic boom which in hindsight we knew we boom which in hindsight we knew we boom which in hindsight we knew we obviously know he was correct but at the obviously know he was correct but at the obviously know he was correct but at the time other people thought the opposite. time other people thought the opposite. time other people thought the opposite. So he says,"I believed immense job So he says,"I believed immense job So he says,"I believed immense job creation would be driven from the creation would be driven from the creation would be driven from the expanding roots of technological expanding roots of technological expanding roots of technological innovations and deferred availability of innovations and deferred availability of innovations and deferred availability of goods and services. I argued that both goods and services. I argued that both goods and services. I argued that both the depression and the war had the depression and the war had the depression and the war had contributed to vast market potential. contributed to vast market potential. contributed to vast market potential. And the precursor to the Apache And the precursor to the Apache And the precursor to the Apache Corporation is actually going to come Corporation is actually going to come Corporation is actually going to come from a very simple idea. Well, I believe from a very simple idea. Well, I believe from a very simple idea. Well, I believe that there's going to be a massive that there's going to be a massive that there's going to be a massive expansion of jobs. There's going to be a expansion of jobs. There's going to be a expansion of jobs. There's going to be a massive expansion of new businesses massive expansion of new businesses massive expansion of new businesses created. Every single new business is created. Every single new business is created. Every single new business is going to need tax and accounting going to need tax and accounting going to need tax and accounting services. So they start something a very services. So they start something a very services. So they start something a very simple tax and accounting service to simple tax and accounting service to simple tax and accounting service to serve small businesses called the serve small businesses called the serve small businesses called the Northwest Business Service and one way Northwest Business Service and one way Northwest Business Service and one way they got initial distribution is by they got initial distribution is by they got initial distribution is by joining these like uh leagues of joining these like uh leagues of joining these like uh leagues of professional these uh professional professional these uh professional professional these uh professional organizations. So one of them is called organizations. So one of them is called organizations. So one of them is called this one two club and this one two club this one two club and this one two club this one two club and this one two club had a very interesting set of rules. So had a very interesting set of rules. So had a very interesting set of rules. So it says for uh the one two club meetings it says for uh the one two club meetings it says for uh the one two club meetings the rules were that the club had to the rules were that the club had to the rules were that the club had to limit one member from each type of limit one member from each type of limit one member from each type of business. So you could have one bank, business. So you could have one bank, business. So you could have one bank, one accounting firm, which was him, one one accounting firm, which was him, one one accounting firm, which was him, one employment agency, one securities employment agency, one securities employment agency, one securities broker, one building contractor, one broker, one building contractor, one broker, one building contractor, one insurance agency, one life insurance, insurance agency, one life insurance, insurance agency, one life insurance, one mortgage company, manufacturing, so one mortgage company, manufacturing, so one mortgage company, manufacturing, so on and so forth. Each was pledged to and on and so forth. Each was pledged to and on and so forth. Each was pledged to and delivered business prospects. And so as delivered business prospects. And so as delivered business prospects. And so as he's being exposed to all these he's being exposed to all these he's being exposed to all these different type of businesses, he's doing different type of businesses, he's doing different type of businesses, he's doing all these tax and uh bookkeeping all these tax and uh bookkeeping all these tax and uh bookkeeping services for these different businesses. services for these different businesses. services for these different businesses. This is where he gets this idea that, This is where he gets this idea that, This is where he gets this idea that, hey, there might be this opportunity in hey, there might be this opportunity in hey, there might be this opportunity in oil wells. And so he does a great job of oil wells. And so he does a great job of oil wells. And so he does a great job of describing how unexpected this describing how unexpected this describing how unexpected this opportunity was. He says, "Little did I opportunity was. He says, "Little did I opportunity was. He says, "Little did I know that what had started with know that what had started with know that what had started with accounting and tax work associated with accounting and tax work associated with accounting and tax work associated with Minneapolis oil investors would lead to Minneapolis oil investors would lead to Minneapolis oil investors would lead to the formation of Apache Corporation." the formation of Apache Corporation." the formation of Apache Corporation." And then he talks about the conditions And then he talks about the conditions And then he talks about the conditions that were present at this time in that were present at this time in that were present at this time in history, which led to this insight he's history, which led to this insight he's history, which led to this insight he's going to have. There had been little going to have. There had been little going to have. There had been little drilling in the United States during drilling in the United States during drilling in the United States during each of the wars, World War I and World each of the wars, World War I and World each of the wars, World War I and World War II. And our American resources were War II. And our American resources were War II. And our American resources were being rapidly depleted. Post war, our being rapidly depleted. Post war, our being rapidly depleted. Post war, our government was quick to incentivize the government was quick to incentivize the government was quick to incentivize the domestic search due tax incentives. So, domestic search due tax incentives. So, domestic search due tax incentives. So, the government wants more domestic oil the government wants more domestic oil the government wants more domestic oil drilling after World War II. Washington drilling after World War II. Washington drilling after World War II. Washington had also committed to paying down our had also committed to paying down our had also committed to paying down our then immense war debts, which meant then immense war debts, which meant then immense war debts, which meant substantial increases in graduated substantial increases in graduated substantial increases in graduated income taxes. The top tax rate would income taxes. The top tax rate would income taxes. The top tax rate would exceed 90% of gross income following exceed 90% of gross income following exceed 90% of gross income following World War II. This combination of tax World War II. This combination of tax World War II. This combination of tax rates on one hand and drilling and rates on one hand and drilling and rates on one hand and drilling and production tax incentives on the other production tax incentives on the other production tax incentives on the other encouraged highly taxed individuals to encouraged highly taxed individuals to encouraged highly taxed individuals to invest in the search for oil and gas invest in the search for oil and gas invest in the search for oil and gas that is the most important part of this that is the most important part of this that is the most important part of this entire section. It did not take much entire section. It did not take much entire section. It did not take much time or brain power to expand our time or brain power to expand our time or brain power to expand our accounting and tax service business accounting and tax service business accounting and tax service business through our contacts in oil and gas. We through our contacts in oil and gas. We through our contacts in oil and gas. We provided oil and gas investor groups provided oil and gas investor groups provided oil and gas investor groups accounting and tax services. We saw it accounting and tax services. We saw it accounting and tax services. We saw it as our responsibility to understand the as our responsibility to understand the as our responsibility to understand the basis for change and growth of our basis for change and growth of our basis for change and growth of our served market. To this end, I did a lot served market. To this end, I did a lot served market. To this end, I did a lot of inquiring and learning. And when we of inquiring and learning. And when we of inquiring and learning. And when we recognize charges out of line with costs recognize charges out of line with costs recognize charges out of line with costs of drilling, completing wells, or of drilling, completing wells, or of drilling, completing wells, or acquiring and holding acreage for acquiring and holding acreage for acquiring and holding acreage for investors, I checked directly with oil investors, I checked directly with oil investors, I checked directly with oil field service providers. And so, what field service providers. And so, what field service providers. And so, what he's going to notice here is that the he's going to notice here is that the he's going to notice here is that the investors are getting ripped off. I investors are getting ripped off. I investors are getting ripped off. I personally uncovered kickback checks personally uncovered kickback checks personally uncovered kickback checks that were fattening the purses of that were fattening the purses of that were fattening the purses of unscrupulous promoters. I reported these unscrupulous promoters. I reported these unscrupulous promoters. I reported these findings to a group of investors and findings to a group of investors and findings to a group of investors and their response was instant and their response was instant and their response was instant and unanimous. You must take over and manage unanimous. You must take over and manage unanimous. You must take over and manage our assets and these were substantial our assets and these were substantial our assets and these were substantial assets. The problem was we knew nothing assets. The problem was we knew nothing assets. The problem was we knew nothing about either finding oil or completing about either finding oil or completing about either finding oil or completing and producing wells. We did not feel and producing wells. We did not feel and producing wells. We did not feel qualified. And I love his response here. qualified. And I love his response here. qualified. And I love his response here. We did not feel qualified. We proceeded We did not feel qualified. We proceeded We did not feel qualified. We proceeded nonetheless. So in 1954, this is when he nonetheless. So in 1954, this is when he nonetheless. So in 1954, this is when he founds the Apache Corporation with founds the Apache Corporation with founds the Apache Corporation with $250,000, which we talked about at the $250,000, which we talked about at the $250,000, which we talked about at the very beginning. Very humble beginnings. very beginning. Very humble beginnings. very beginning. Very humble beginnings. They start with just a handful of They start with just a handful of They start with just a handful of employees. They hire a geologist. They employees. They hire a geologist. They employees. They hire a geologist. They hire an executive assistant. And they hire an executive assistant. And they hire an executive assistant. And they hire a landman. And so there's two hire a landman. And so there's two hire a landman. And so there's two tenets of his business that are present tenets of his business that are present tenets of his business that are present at the very beginning that stay with him at the very beginning that stay with him at the very beginning that stay with him throughout his entire career. One is throughout his entire career. One is throughout his entire career. One is this idea that we can do more with less this idea that we can do more with less this idea that we can do more with less than the other guys can. And so there's than the other guys can. And so there's than the other guys can. And so there's a this frequently plagiarized phrase and a this frequently plagiarized phrase and a this frequently plagiarized phrase and repeated phrase at Apache. says, "How repeated phrase at Apache. says, "How repeated phrase at Apache. says, "How good is our latest discovery? It's good is our latest discovery? It's good is our latest discovery? It's better than it is." That gives you an better than it is." That gives you an better than it is." That gives you an insight to how they think about this. insight to how they think about this. insight to how they think about this. And then the second tenant is that they And then the second tenant is that they And then the second tenant is that they were extremely costconscious. were extremely costconscious. were extremely costconscious. They watched and controlled their costs. They watched and controlled their costs. They watched and controlled their costs. He says we were very sensitive to He says we were very sensitive to He says we were very sensitive to redundancy of costs. And so he's talking redundancy of costs. And so he's talking redundancy of costs. And so he's talking about making sure that every single about making sure that every single about making sure that every single expenditure was the lowest it could be expenditure was the lowest it could be expenditure was the lowest it could be and that it was actually a good like and that it was actually a good like and that it was actually a good like investment for the company. This this investment for the company. This this investment for the company. This this goes on for several pages, but what I goes on for several pages, but what I goes on for several pages, but what I would say is like the way I would would say is like the way I would would say is like the way I would summarize what he's saying at this point summarize what he's saying at this point summarize what he's saying at this point in his career, it's like, you know, in his career, it's like, you know, in his career, it's like, you know, we're very sensitive to cost. We keep an we're very sensitive to cost. We keep an we're very sensitive to cost. We keep an eye on every single dollar. Sam Zuri, eye on every single dollar. Sam Zuri, eye on every single dollar. Sam Zuri, the fish that ate the whale, uh, from the fish that ate the whale, uh, from the fish that ate the whale, uh, from the biography of his is called the fish the biography of his is called the fish the biography of his is called the fish ate the whale. He has a line in there ate the whale. He has a line in there ate the whale. He has a line in there that talked about the opening that he that talked about the opening that he that talked about the opening that he saw in the creation of his business saw in the creation of his business saw in the creation of his business where he is, you know, going to get into where he is, you know, going to get into where he is, you know, going to get into the fruit business, which at the time the fruit business, which at the time the fruit business, which at the time were some of the biggest businesses in were some of the biggest businesses in were some of the biggest businesses in the world. and I'm, you know, this this the world. and I'm, you know, this this the world. and I'm, you know, this this Russian immigrant kid and I'm going to Russian immigrant kid and I'm going to Russian immigrant kid and I'm going to compete with some of the biggest uh compete with some of the biggest uh compete with some of the biggest uh industries in the world. And he says, I industries in the world. And he says, I industries in the world. And he says, I can be fast where others have been slow. can be fast where others have been slow. can be fast where others have been slow. I can hustle where others have been I can hustle where others have been I can hustle where others have been satisfied with the easy pickings of the satisfied with the easy pickings of the satisfied with the easy pickings of the trade. He Raymond Plank saw a lot of trade. He Raymond Plank saw a lot of trade. He Raymond Plank saw a lot of waste in his industry just like waste in his industry just like waste in his industry just like Rockefeller did you know 100 years Rockefeller did you know 100 years Rockefeller did you know 100 years previously. And so this idea I can previously. And so this idea I can previously. And so this idea I can hustle where others have been satisfied hustle where others have been satisfied hustle where others have been satisfied with easy pickings of the trade. And so with easy pickings of the trade. And so with easy pickings of the trade. And so the first and most important product of the first and most important product of the first and most important product of the Apache Corporation is actually a the Apache Corporation is actually a the Apache Corporation is actually a taxefficient investment vehicle for very taxefficient investment vehicle for very taxefficient investment vehicle for very rich people. It says occurred to me that rich people. It says occurred to me that rich people. It says occurred to me that Apache had at hand an exceptional Apache had at hand an exceptional Apache had at hand an exceptional investment vehicle for clients with investment vehicle for clients with investment vehicle for clients with substantial income in the highest income substantial income in the highest income substantial income in the highest income bracket. So this is going to go on for bracket. So this is going to go on for bracket. So this is going to go on for multiple pages. It is very detailed in multiple pages. It is very detailed in multiple pages. It is very detailed in case you you want to buy the book and case you you want to buy the book and case you you want to buy the book and read it. I'm going to give you a quick read it. I'm going to give you a quick read it. I'm going to give you a quick overview and so this is going to overview and so this is going to overview and so this is going to describe an actual example used in the describe an actual example used in the describe an actual example used in the book with the numbers. So Apache is not book with the numbers. So Apache is not book with the numbers. So Apache is not just selling oil prospects, okay? This just selling oil prospects, okay? This just selling oil prospects, okay? This is a taxefficient investment. That is is a taxefficient investment. That is is a taxefficient investment. That is what their main product is. So wealthy what their main product is. So wealthy what their main product is. So wealthy investors are looking for legal ways to investors are looking for legal ways to investors are looking for legal ways to reduce their taxes. Oil and gas reduce their taxes. Oil and gas reduce their taxes. Oil and gas investments had unusually generous tax investments had unusually generous tax investments had unusually generous tax benefits because the government wanted benefits because the government wanted benefits because the government wanted to encourage domestic energy production. to encourage domestic energy production. to encourage domestic energy production. All of the loopholes that that he finds, All of the loopholes that that he finds, All of the loopholes that that he finds, they will eventually close. That's why they will eventually close. That's why they will eventually close. That's why he's he has to constantly essentially he's he has to constantly essentially he's he has to constantly essentially reinvent the company over and over reinvent the company over and over reinvent the company over and over again. But I want to describe what he again. But I want to describe what he again. But I want to describe what he was doing at the very beginning. So was doing at the very beginning. So was doing at the very beginning. So Apache packaged its drilling Apache packaged its drilling Apache packaged its drilling opportunities so investors receive both opportunities so investors receive both opportunities so investors receive both the chance to make money if oil was the chance to make money if oil was the chance to make money if oil was found and very large tax deductions found and very large tax deductions found and very large tax deductions immediately. So the example that he immediately. So the example that he immediately. So the example that he gives in the book, he says, "Okay, gives in the book, he says, "Okay, gives in the book, he says, "Okay, suppose an investor buys into one of suppose an investor buys into one of suppose an investor buys into one of Apache's drilling programs and they Apache's drilling programs and they Apache's drilling programs and they invest $200,000." invest $200,000." invest $200,000." That uh rich investor would get an That uh rich investor would get an That uh rich investor would get an immediate tax deduction of 80% of the immediate tax deduction of 80% of the immediate tax deduction of 80% of the investment. So they invest 200 grand, investment. So they invest 200 grand, investment. So they invest 200 grand, they deduct $ 160,000. All of their they deduct $ 160,000. All of their they deduct $ 160,000. All of their investors are in very high tax brackets investors are in very high tax brackets investors are in very high tax brackets at the time which are o above 90%. So at the time which are o above 90%. So at the time which are o above 90%. So 90% of the 160 is 144,000. 90% of the 160 is 144,000. 90% of the 160 is 144,000. So although he wrote a $200,000 check, So although he wrote a $200,000 check, So although he wrote a $200,000 check, the IRS effectively paid much of the the IRS effectively paid much of the the IRS effectively paid much of the cost through reduced taxes. After cost through reduced taxes. After cost through reduced taxes. After accounting for taxes, plank then would accounting for taxes, plank then would accounting for taxes, plank then would calculate that investment really cost calculate that investment really cost calculate that investment really cost him only about $56,000 out of pocket. him only about $56,000 out of pocket. him only about $56,000 out of pocket. Now it continues to get even more Now it continues to get even more Now it continues to get even more interesting. Now assume that Apache interesting. Now assume that Apache interesting. Now assume that Apache discovers enough oil that investment discovers enough oil that investment discovers enough oil that investment doubles. That investor receives another doubles. That investor receives another doubles. That investor receives another 200 grand. Normally that would be all 200 grand. Normally that would be all 200 grand. Normally that would be all taxable. But oil royalties had another taxable. But oil royalties had another taxable. But oil royalties had another benefit. They had a depletion allowance. benefit. They had a depletion allowance. benefit. They had a depletion allowance. Congress allowed owners of oil producing Congress allowed owners of oil producing Congress allowed owners of oil producing properties to treat part of their income properties to treat part of their income properties to treat part of their income as a return of the oil being depleted as a return of the oil being depleted as a return of the oil being depleted underground. So instead of taxing all of underground. So instead of taxing all of underground. So instead of taxing all of the royalty income at the time, you the royalty income at the time, you the royalty income at the time, you could deduct 27.5% could deduct 27.5% could deduct 27.5% could be excluded through the percentage could be excluded through the percentage could be excluded through the percentage depletions allowance. I know this is depletions allowance. I know this is depletions allowance. I know this is getting really confusing, but it'll get getting really confusing, but it'll get getting really confusing, but it'll get simple here. So you receive $200,000. simple here. So you receive $200,000. simple here. So you receive $200,000. The tax-free portion of that is 55,000. The tax-free portion of that is 55,000. The tax-free portion of that is 55,000. So only the remaining $145,000 is taxed. So only the remaining $145,000 is taxed. So only the remaining $145,000 is taxed. So investors not only received huge So investors not only received huge So investors not only received huge deductions upfront, they also paid less deductions upfront, they also paid less deductions upfront, they also paid less tax on future production. That is tax on future production. That is tax on future production. That is interesting for investors, but I would interesting for investors, but I would interesting for investors, but I would argue more interesting for Plank and his argue more interesting for Plank and his argue more interesting for Plank and his partners. It solved a financing problem. partners. It solved a financing problem. partners. It solved a financing problem. Apache was a young company without much Apache was a young company without much Apache was a young company without much capital. Instead of borrowing huge sums capital. Instead of borrowing huge sums capital. Instead of borrowing huge sums from banks, plank attracted wealthy from banks, plank attracted wealthy from banks, plank attracted wealthy investors by saying in effect, even if investors by saying in effect, even if investors by saying in effect, even if the wells are only moderately the wells are only moderately the wells are only moderately successful, the tax benefits alone successful, the tax benefits alone successful, the tax benefits alone dramatically reduce your downside. And dramatically reduce your downside. And dramatically reduce your downside. And if we discover oil, you also share in if we discover oil, you also share in if we discover oil, you also share in the upside. That it made it much easier the upside. That it made it much easier the upside. That it made it much easier for him to raise millions of dollars to for him to raise millions of dollars to for him to raise millions of dollars to then acquire leases and drill wells. then acquire leases and drill wells. then acquire leases and drill wells. Now, that leads us to one of the most Now, that leads us to one of the most Now, that leads us to one of the most important ideas in the book. What are important ideas in the book. What are important ideas in the book. What are you the best in the world at? So, he you the best in the world at? So, he you the best in the world at? So, he says, "When we founded Apache, my says, "When we founded Apache, my says, "When we founded Apache, my knowledge of the technical aspects of knowledge of the technical aspects of knowledge of the technical aspects of the oil and gas business was virtually the oil and gas business was virtually the oil and gas business was virtually non-existent. While my financial and tax non-existent. While my financial and tax non-existent. While my financial and tax related knowledge may have had few related knowledge may have had few related knowledge may have had few competitive peers, he saw this competitive peers, he saw this competitive peers, he saw this opportunity because he was the only one opportunity because he was the only one opportunity because he was the only one in the oil and gas industry with his in the oil and gas industry with his in the oil and gas industry with his finance and tax related knowledge. And finance and tax related knowledge. And finance and tax related knowledge. And he realized, hey, I can learn oil and he realized, hey, I can learn oil and he realized, hey, I can learn oil and gas. And he does that by hiring people gas. And he does that by hiring people gas. And he does that by hiring people with the domain knowledge he needs and with the domain knowledge he needs and with the domain knowledge he needs and then just hanging out with them. He then just hanging out with them. He then just hanging out with them. He says, "These men were my companions on says, "These men were my companions on says, "These men were my companions on field visits while geology and field visits while geology and field visits while geology and engineering filled our conversations. I engineering filled our conversations. I engineering filled our conversations. I was learning more by osmosis and was learning more by osmosis and was learning more by osmosis and interest." So, at this point in his interest." So, at this point in his interest." So, at this point in his career, he has an earned secret and an career, he has an earned secret and an career, he has an earned secret and an edge. The problem is he picked the wrong edge. The problem is he picked the wrong edge. The problem is he picked the wrong co-founder. So, there is there's some co-founder. So, there is there's some co-founder. So, there is there's some insane stories about the co-founder insane stories about the co-founder insane stories about the co-founder conflict. And really, he he he has conflict. And really, he he he has conflict. And really, he he he has fights with all kinds of people that uh fights with all kinds of people that uh fights with all kinds of people that uh he's going to be doing business with he's going to be doing business with he's going to be doing business with over the multiple decades. I think, you over the multiple decades. I think, you over the multiple decades. I think, you know, it's very very common. But this know, it's very very common. But this know, it's very very common. But this one is very fascinating. And it talks one is very fascinating. And it talks one is very fascinating. And it talks about uh this this what he calls a about uh this this what he calls a about uh this this what he calls a schism began to widen between Truman schism began to widen between Truman schism began to widen between Truman Anderson and myself. The arguments Anderson and myself. The arguments Anderson and myself. The arguments between us became louder and our staff between us became louder and our staff between us became louder and our staff would cower as we threw a waste basket would cower as we threw a waste basket would cower as we threw a waste basket or smashed an ashtray. The differences or smashed an ashtray. The differences or smashed an ashtray. The differences between Truman and me ran deep. And he between Truman and me ran deep. And he between Truman and me ran deep. And he has a great way to describe this. He has a great way to describe this. He has a great way to describe this. He says, "Values are not created equal." says, "Values are not created equal." says, "Values are not created equal." Truman and I differed on a fundamental Truman and I differed on a fundamental Truman and I differed on a fundamental basis. My time horizons for Apache were basis. My time horizons for Apache were basis. My time horizons for Apache were long-term. Truman was impatient in his long-term. Truman was impatient in his long-term. Truman was impatient in his personal drive to become a high roller. personal drive to become a high roller. personal drive to become a high roller. Values are not created equal. I wanted Values are not created equal. I wanted Values are not created equal. I wanted to build the business. Truman wanted to to build the business. Truman wanted to to build the business. Truman wanted to build his personal fortune and fame. And build his personal fortune and fame. And build his personal fortune and fame. And so they're actually in a war to see so they're actually in a war to see so they're actually in a war to see who's going to wrestle control of the who's going to wrestle control of the who's going to wrestle control of the company. And this is nuts. His company. And this is nuts. His company. And this is nuts. His co-founder actually spies on him. This co-founder actually spies on him. This co-founder actually spies on him. This is going to cause his co-founder getting is going to cause his co-founder getting is going to cause his co-founder getting kicked out of the company while seeking kicked out of the company while seeking kicked out of the company while seeking to rid Apache of me. Truman made a to rid Apache of me. Truman made a to rid Apache of me. Truman made a Watergate type blunder. He bugged our Watergate type blunder. He bugged our Watergate type blunder. He bugged our offices and our board and conference offices and our board and conference offices and our board and conference rooms. And so he attributes these rooms. And so he attributes these rooms. And so he attributes these mistakes to Truman's out of control ego. mistakes to Truman's out of control ego. mistakes to Truman's out of control ego. He'll talk about uh the detriment to out He'll talk about uh the detriment to out He'll talk about uh the detriment to out of control ego multiple times throughout of control ego multiple times throughout of control ego multiple times throughout the book. He talks about it in the early the book. He talks about it in the early the book. He talks about it in the early days, the middle of the book where we days, the middle of the book where we days, the middle of the book where we are now and at the very end he said the are now and at the very end he said the are now and at the very end he said the lesson from all this dealing with his lesson from all this dealing with his lesson from all this dealing with his co-founder he says what was the lesson co-founder he says what was the lesson co-founder he says what was the lesson ego can quickly outstrip one's ego can quickly outstrip one's ego can quickly outstrip one's competence and fat heads get flattened. competence and fat heads get flattened. competence and fat heads get flattened. So he is taking control of the company. So he is taking control of the company. So he is taking control of the company. Truman is kicked out. There's a very Truman is kicked out. There's a very Truman is kicked out. There's a very rough time. There's all these, you know, rough time. There's all these, you know, rough time. There's all these, you know, ups and downs and Apache Corporation, as ups and downs and Apache Corporation, as ups and downs and Apache Corporation, as you can imagine, any company that's you can imagine, any company that's you can imagine, any company that's going to last for 50 years is. But he going to last for 50 years is. But he going to last for 50 years is. But he does something really smart here. This does something really smart here. This does something really smart here. This is a really great idea that he started is a really great idea that he started is a really great idea that he started during tough times and then kept doing during tough times and then kept doing during tough times and then kept doing it even when times were great. He would it even when times were great. He would it even when times were great. He would just write these daily reports of what just write these daily reports of what just write these daily reports of what he was up to for so the board was never he was up to for so the board was never he was up to for so the board was never surprised. He essentially just surprised. He essentially just surprised. He essentially just overcommunicated. For a period of overcommunicated. For a period of overcommunicated. For a period of several months, I wrote a daily report several months, I wrote a daily report several months, I wrote a daily report on my activities that contributed to the on my activities that contributed to the on my activities that contributed to the basis for confidence and support from basis for confidence and support from basis for confidence and support from the board and was a practice well worth the board and was a practice well worth the board and was a practice well worth maintaining between board meetings. And maintaining between board meetings. And maintaining between board meetings. And at the end of the chapter, he has two at the end of the chapter, he has two at the end of the chapter, he has two examples of I consider him a very examples of I consider him a very examples of I consider him a very hardcore entrepreneur. He says, "As for hardcore entrepreneur. He says, "As for hardcore entrepreneur. He says, "As for Truman Anderson, he started a car wash Truman Anderson, he started a car wash Truman Anderson, he started a car wash business that quickly fell from grace. business that quickly fell from grace. business that quickly fell from grace. He went broke and disappeared from the He went broke and disappeared from the He went broke and disappeared from the area, selling his fortress-like estate area, selling his fortress-like estate area, selling his fortress-like estate and moving with his new wife to Denver. and moving with his new wife to Denver. and moving with his new wife to Denver. Then he moved to California. He put Then he moved to California. He put Then he moved to California. He put together oil deals, bringing a son into together oil deals, bringing a son into together oil deals, bringing a son into the business, and that business sank. the business, and that business sank. the business, and that business sank. Truman had a heart attack and died, and Truman had a heart attack and died, and Truman had a heart attack and died, and I missed his funeral. So, Plank I missed his funeral. So, Plank I missed his funeral. So, Plank definitely holds a grudge. And then definitely holds a grudge. And then definitely holds a grudge. And then there's a great picture in the book that there's a great picture in the book that there's a great picture in the book that also speaks to how hardcore he is. And also speaks to how hardcore he is. And also speaks to how hardcore he is. And and the the the sentence under the and the the the sentence under the and the the the sentence under the picture is, "I kept competitors annual picture is, "I kept competitors annual picture is, "I kept competitors annual reports on the wall behind my desk. The reports on the wall behind my desk. The reports on the wall behind my desk. The better to study them." And he literally better to study them." And he literally better to study them." And he literally has them pinned to the wall behind his has them pinned to the wall behind his has them pinned to the wall behind his desk. And before we get back into this, desk. And before we get back into this, desk. And before we get back into this, I want to tell you about Applov. And one I want to tell you about Applov. And one I want to tell you about Applov. And one of my all-time favorite quotes is from of my all-time favorite quotes is from of my all-time favorite quotes is from the book 0ero to1. In that book, Peter the book 0ero to1. In that book, Peter the book 0ero to1. In that book, Peter Thiel writes, he says, "The single most Thiel writes, he says, "The single most Thiel writes, he says, "The single most powerful pattern I have noticed is that powerful pattern I have noticed is that powerful pattern I have noticed is that successful people find value in successful people find value in successful people find value in unexpected places. And they do this by unexpected places. And they do this by unexpected places. And they do this by thinking about business from first thinking about business from first thinking about business from first principles instead of formulas." And principles instead of formulas." And principles instead of formulas." And that is exactly what Apploven has done that is exactly what Apploven has done that is exactly what Apploven has done with their advertising platform. with their advertising platform. with their advertising platform. Apploven connects you with over a Apploven connects you with over a Apploven connects you with over a billion potential new customers in billion potential new customers in billion potential new customers in mobile games. Apploven allows you to mobile games. Apploven allows you to mobile games. Apploven allows you to capture undivided attention. Applov1ven capture undivided attention. Applov1ven capture undivided attention. Applov1ven ads are full screen videos that are ads are full screen videos that are ads are full screen videos that are watched for an average of 35 seconds. watched for an average of 35 seconds. watched for an average of 35 seconds. That is retention that blows other ad That is retention that blows other ad That is retention that blows other ad platforms out of the water and you can platforms out of the water and you can platforms out of the water and you can launch on Apploven in minutes. You set launch on Apploven in minutes. You set launch on Apploven in minutes. You set the goal and Apploven achieves it. No the goal and Apploven achieves it. No the goal and Apploven achieves it. No complex setup, no expertise needed. And complex setup, no expertise needed. And complex setup, no expertise needed. And Apploven scales quickly. They can put Apploven scales quickly. They can put Apploven scales quickly. They can put your ads in front of over a billion your ads in front of over a billion your ads in front of over a billion potential customers. Other businesses potential customers. Other businesses potential customers. Other businesses have seen immediate results scale to have seen immediate results scale to have seen immediate results scale to hundreds of thousands of dollars of hundreds of thousands of dollars of hundreds of thousands of dollars of spend per day and increase their revenue spend per day and increase their revenue spend per day and increase their revenue by millions. So, you want to get started by millions. So, you want to get started by millions. So, you want to get started quickly before all of your competitors quickly before all of your competitors quickly before all of your competitors are on Apploven. And you can do that by are on Apploven. And you can do that by are on Apploven. And you can do that by going to apploven.com. going to apploven.com. going to apploven.com. That's apploven.com. That's apploven.com. That's apploven.com. And then I want to tell you about Vanta. And then I want to tell you about Vanta. And then I want to tell you about Vanta. Vanta. Vanta. Vanta. Vanta helps your Vanta. Vanta. Vanta. Vanta helps your Vanta. Vanta. Vanta. Vanta helps your company prove your secure so more company prove your secure so more company prove your secure so more customers will use your product or customers will use your product or customers will use your product or service. Vanta is an AI powered security service. Vanta is an AI powered security service. Vanta is an AI powered security expert that scales with you. The more expert that scales with you. The more expert that scales with you. The more your business grows, the more complex your business grows, the more complex your business grows, the more complex your security needs get. And that your security needs get. And that your security needs get. And that complexity turns into chaos. Vanta tames complexity turns into chaos. Vanta tames complexity turns into chaos. Vanta tames that chaos for you. Vanta automates that chaos for you. Vanta automates that chaos for you. Vanta automates compliance, continuously monitors your compliance, continuously monitors your compliance, continuously monitors your controls, and gives you a single source controls, and gives you a single source controls, and gives you a single source of truth for compliance and risk. So of truth for compliance and risk. So of truth for compliance and risk. 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Automate your a Vanta customer. Automate your compliance, security, and trust with compliance, security, and trust with compliance, security, and trust with Vanta. Vanta will help you win trust, Vanta. Vanta will help you win trust, Vanta. Vanta will help you win trust, close deals, and stay secure faster. and close deals, and stay secure faster. and close deals, and stay secure faster. and with less effort. Go to with less effort. Go to with less effort. Go to vanta.com/founders vanta.com/founders vanta.com/founders and you'll get $1,000 off. That is and you'll get $1,000 off. That is and you'll get $1,000 off. That is vanta.com/founders. vanta.com/founders. vanta.com/founders. And so then he has a piece of advice for And so then he has a piece of advice for And so then he has a piece of advice for us. Get the plane. So he winds up buying us. Get the plane. So he winds up buying us. Get the plane. So he winds up buying a small plane. He's obviously can pilot a small plane. He's obviously can pilot a small plane. He's obviously can pilot it himself. But he has this there's so it himself. But he has this there's so it himself. But he has this there's so many examples in the book where the fact many examples in the book where the fact many examples in the book where the fact that he could just fly himself anywhere. that he could just fly himself anywhere. that he could just fly himself anywhere. They would be working on a deal or going They would be working on a deal or going They would be working on a deal or going to a meeting and like, "Hey, can you be to a meeting and like, "Hey, can you be to a meeting and like, "Hey, can you be here in 2 hours?" He says, "Yep. You here in 2 hours?" He says, "Yep. You here in 2 hours?" He says, "Yep. You would just drive to the airport, hop in would just drive to the airport, hop in would just drive to the airport, hop in his plane, get there." He says getting his plane, get there." He says getting his plane, get there." He says getting the plane was a life-changing event. And the plane was a life-changing event. And the plane was a life-changing event. And then he goes back to just being very then he goes back to just being very then he goes back to just being very protective of company assets and protective of company assets and protective of company assets and watching the costs. He says, "My watching the costs. He says, "My watching the costs. He says, "My arrangement with Apache was that I would arrangement with Apache was that I would arrangement with Apache was that I would charge the company the equivalent of charge the company the equivalent of charge the company the equivalent of commercial airfare." And so one thing commercial airfare." And so one thing commercial airfare." And so one thing he's constantly fighting against he's constantly fighting against he's constantly fighting against throughout the entire book is the throughout the entire book is the throughout the entire book is the cyclical nature of the oil and gas cyclical nature of the oil and gas cyclical nature of the oil and gas industry. So in the 19 late 1950s to industry. So in the 19 late 1950s to industry. So in the 19 late 1950s to early 1960s, he essentially changes early 1960s, he essentially changes early 1960s, he essentially changes Apache into this like diversified Apache into this like diversified Apache into this like diversified conglomerate. And he talks about why. He conglomerate. And he talks about why. He conglomerate. And he talks about why. He says in the late 1950s when Oklahoma and says in the late 1950s when Oklahoma and says in the late 1950s when Oklahoma and Texas oil allowables were cut by up to Texas oil allowables were cut by up to Texas oil allowables were cut by up to 90%, so were our revenues. Our offensive 90%, so were our revenues. Our offensive 90%, so were our revenues. Our offensive strategy was to acquire in exchange for strategy was to acquire in exchange for strategy was to acquire in exchange for shares of our stock because they were shares of our stock because they were shares of our stock because they were already a public company at this time already a public company at this time already a public company at this time successful entrepreneurial-driven successful entrepreneurial-driven successful entrepreneurial-driven businesses which we could grow. This businesses which we could grow. This businesses which we could grow. This would allow us to find revenues that would allow us to find revenues that would allow us to find revenues that would bridge the gap and fix the would bridge the gap and fix the would bridge the gap and fix the cyclical downturn in the oil and gas cyclical downturn in the oil and gas cyclical downturn in the oil and gas business. So they wind up over the next business. So they wind up over the next business. So they wind up over the next 10 years or so, they wind up uh 10 years or so, they wind up uh 10 years or so, they wind up uh eventually acquiring 58 different eventually acquiring 58 different eventually acquiring 58 different businesses. And it's wild. It wasn't businesses. And it's wild. It wasn't businesses. And it's wild. It wasn't like they were just they were acquiring like they were just they were acquiring like they were just they were acquiring in like one specific area. They wind up in like one specific area. They wind up in like one specific area. They wind up owning businesses in agriculture, owning businesses in agriculture, owning businesses in agriculture, plastics, telephone, steel, auto parts, plastics, telephone, steel, auto parts, plastics, telephone, steel, auto parts, ranching, utilities, lumber. It just ranching, utilities, lumber. It just ranching, utilities, lumber. It just goes on and on. They were definitely uh goes on and on. They were definitely uh goes on and on. They were definitely uh individual opportunity driven. And then individual opportunity driven. And then individual opportunity driven. And then he talks about how he would manage all he talks about how he would manage all he talks about how he would manage all of these separate businesses uh in this of these separate businesses uh in this of these separate businesses uh in this conglomerate that he's going to wind up conglomerate that he's going to wind up conglomerate that he's going to wind up and then unwind and wind up selling and then unwind and wind up selling and then unwind and wind up selling these businesses and then going these businesses and then going these businesses and then going full-fledged into just a normal oil and full-fledged into just a normal oil and full-fledged into just a normal oil and gas company later on. In Apache gas company later on. In Apache gas company later on. In Apache subsequent diversification, we did more subsequent diversification, we did more subsequent diversification, we did more things right than wrong. In the things right than wrong. In the things right than wrong. In the businesses we acquired, we avoided the businesses we acquired, we avoided the businesses we acquired, we avoided the major error of the era's conglomerates. major error of the era's conglomerates. major error of the era's conglomerates. Very common to build conglomerates in Very common to build conglomerates in Very common to build conglomerates in the 1960s, by the way. Many of those the 1960s, by the way. Many of those the 1960s, by the way. Many of those upon acquiring smaller businesses too upon acquiring smaller businesses too upon acquiring smaller businesses too frequently superimposed large company frequently superimposed large company frequently superimposed large company practices and corporate overheads on practices and corporate overheads on practices and corporate overheads on frustrated former owners accustomed to frustrated former owners accustomed to frustrated former owners accustomed to successfully running their own successfully running their own successfully running their own operations. So they would buy the operations. So they would buy the operations. So they would buy the company, they would centralize uh they company, they would centralize uh they company, they would centralize uh they would give them direction centralized would give them direction centralized would give them direction centralized capital allocation um decisions over a capital allocation um decisions over a capital allocation um decisions over a certain amount and then basically leave certain amount and then basically leave certain amount and then basically leave them to run their own companies. And so them to run their own companies. And so them to run their own companies. And so then there's just some crazy stories in then there's just some crazy stories in then there's just some crazy stories in the book. So at the time they're the book. So at the time they're the book. So at the time they're building up they're bu they're buying a building up they're bu they're buying a building up they're bu they're buying a bunch of these telephone companies. So bunch of these telephone companies. So bunch of these telephone companies. So it says the consolidation of the it says the consolidation of the it says the consolidation of the telephone franchises continued and by telephone franchises continued and by telephone franchises continued and by 1966 Apache telephone holdings had grown 1966 Apache telephone holdings had grown 1966 Apache telephone holdings had grown to 12 telephone companies. His idea is to 12 telephone companies. His idea is to 12 telephone companies. His idea is buy all these small telephone companies, buy all these small telephone companies, buy all these small telephone companies, put them into one group and then sell put them into one group and then sell put them into one group and then sell them to a larger telephone company. And them to a larger telephone company. And them to a larger telephone company. And so he is pitching this company CEO. The so he is pitching this company CEO. The so he is pitching this company CEO. The company's called Continental Telephone. company's called Continental Telephone. company's called Continental Telephone. And he's has a deal on the table with And he's has a deal on the table with And he's has a deal on the table with the CEO, this guy named Phil Lucier. And the CEO, this guy named Phil Lucier. And the CEO, this guy named Phil Lucier. And so he says, "Phil and I agree on price so he says, "Phil and I agree on price so he says, "Phil and I agree on price and terms." And this is one of the and terms." And this is one of the and terms." And this is one of the craziest things that ever happens in the craziest things that ever happens in the craziest things that ever happens in the book. There's like a mafia style hit on book. There's like a mafia style hit on book. There's like a mafia style hit on Continental Telephones CO. So Phil and I Continental Telephones CO. So Phil and I Continental Telephones CO. So Phil and I agree on price and terms. Unfortunately, agree on price and terms. Unfortunately, agree on price and terms. Unfortunately, Phil was blown up in a St. Lewis Phil was blown up in a St. Lewis Phil was blown up in a St. Lewis restaurant parking lot when he turned restaurant parking lot when he turned restaurant parking lot when he turned his ignition key after lunch. The cause his ignition key after lunch. The cause his ignition key after lunch. The cause and perpetrators were never determined and perpetrators were never determined and perpetrators were never determined and the car bomb appears to have and the car bomb appears to have and the car bomb appears to have targeted the wrong man. So one of the targeted the wrong man. So one of the targeted the wrong man. So one of the most interesting things about this book most interesting things about this book most interesting things about this book and his life story is the fact that he and his life story is the fact that he and his life story is the fact that he would just reverse course as soon as the would just reverse course as soon as the would just reverse course as soon as the conditions changed. So he says in uh and conditions changed. So he says in uh and conditions changed. So he says in uh and this is happening in 1970s. He says that this is happening in 1970s. He says that this is happening in 1970s. He says that we wanted to then transition from a mini we wanted to then transition from a mini we wanted to then transition from a mini conglomerate towards our long range conglomerate towards our long range conglomerate towards our long range target of becoming an independent oil target of becoming an independent oil target of becoming an independent oil and gas company. So many cos would have and gas company. So many cos would have and gas company. So many cos would have stayed diversified forever. Plank stayed diversified forever. Plank stayed diversified forever. Plank didn't. When opportunities in oil didn't. When opportunities in oil didn't. When opportunities in oil improved, he actually sold virtually improved, he actually sold virtually improved, he actually sold virtually everything and then returned Apache to everything and then returned Apache to everything and then returned Apache to being a focused energy company. And so being a focused energy company. And so being a focused energy company. And so something you see throughout the six something you see throughout the six something you see throughout the six decades of his career is the fact that decades of his career is the fact that decades of his career is the fact that he just wasn't emotionally attached to he just wasn't emotionally attached to he just wasn't emotionally attached to prior decisions. when the conditions prior decisions. when the conditions prior decisions. when the conditions change, he would change with them. And change, he would change with them. And change, he would change with them. And it's really incredible that he made that it's really incredible that he made that it's really incredible that he made that decision when he did because almost four decision when he did because almost four decision when he did because almost four decades later, he was still reaping the decades later, he was still reaping the decades later, he was still reaping the benefits of that. So in 2011, he gets benefits of that. So in 2011, he gets benefits of that. So in 2011, he gets this report and it's on all these oil this report and it's on all these oil this report and it's on all these oil wells in this land that he bought for wells in this land that he bought for wells in this land that he bought for Apache from between the years of 1970 to Apache from between the years of 1970 to Apache from between the years of 1970 to 1977. And they thought they had, you 1977. And they thought they had, you 1977. And they thought they had, you know, reaped everything that they could know, reaped everything that they could know, reaped everything that they could out of this. But other people, this is out of this. But other people, this is out of this. But other people, this is something you see over and over again in something you see over and over again in something you see over and over again in the history of entrepreneurship. Other the history of entrepreneurship. Other the history of entrepreneurship. Other people, someone else will invent people, someone else will invent people, someone else will invent technology. If you just stay in the game technology. If you just stay in the game technology. If you just stay in the game long long enough to get lucky and you long long enough to get lucky and you long long enough to get lucky and you take a long-term view, somebody else take a long-term view, somebody else take a long-term view, somebody else will come along and invent technology will come along and invent technology will come along and invent technology that makes your assets more valuable. So that makes your assets more valuable. So that makes your assets more valuable. So other people were inventing drilling other people were inventing drilling other people were inventing drilling techniques, right, outside of Apache techniques, right, outside of Apache techniques, right, outside of Apache that made Apache's wells that they had that made Apache's wells that they had that made Apache's wells that they had for 40 years then start drilling and for 40 years then start drilling and for 40 years then start drilling and yielding great results. My two favorite yielding great results. My two favorite yielding great results. My two favorite examples of this is if you read examples of this is if you read examples of this is if you read Rockefeller's autobiography, which I Rockefeller's autobiography, which I Rockefeller's autobiography, which I already mentioned earlier, is the fact already mentioned earlier, is the fact already mentioned earlier, is the fact that, you know, in his autobiography, that, you know, in his autobiography, that, you know, in his autobiography, he's I think he's like 70 or 80 years he's I think he's like 70 or 80 years he's I think he's like 70 or 80 years old. He talks about like, "Yeah, I had a old. He talks about like, "Yeah, I had a old. He talks about like, "Yeah, I had a great chat today with this young man who great chat today with this young man who great chat today with this young man who I really admire and it's like Henry Ford I really admire and it's like Henry Ford I really admire and it's like Henry Ford came down to Florida, if I remember came down to Florida, if I remember came down to Florida, if I remember correctly, and is hanging out with correctly, and is hanging out with correctly, and is hanging out with Rockefeller for the day." And it's like, Rockefeller for the day." And it's like, Rockefeller for the day." And it's like, "Yeah, I wonder why Rockefeller admires "Yeah, I wonder why Rockefeller admires "Yeah, I wonder why Rockefeller admires him so much." Remember when Henry Ford him so much." Remember when Henry Ford him so much." Remember when Henry Ford when Rockefeller retired from Standard when Rockefeller retired from Standard when Rockefeller retired from Standard Oil, he retained his his interest, his Oil, he retained his his interest, his Oil, he retained his his interest, his equity interest in the company, right? equity interest in the company, right? equity interest in the company, right? That was before the mass production of That was before the mass production of That was before the mass production of the automobile. Before Ford came along the automobile. Before Ford came along the automobile. Before Ford came along 15 years later and was the first person 15 years later and was the first person 15 years later and was the first person in history to figure out how to in history to figure out how to in history to figure out how to massproduce the automobile, which massproduce the automobile, which massproduce the automobile, which greatly increased the demand for oil, greatly increased the demand for oil, greatly increased the demand for oil, which obviously Rockerfeller still owned which obviously Rockerfeller still owned which obviously Rockerfeller still owned the interest in. He's like, "Oh yeah, I the interest in. He's like, "Oh yeah, I the interest in. He's like, "Oh yeah, I love this guy. Yeah, no that you love this guy. Yeah, no that you love this guy. Yeah, no that you love this guy." And then another example love this guy." And then another example love this guy." And then another example of this is um uh Steve Jobs was was of this is um uh Steve Jobs was was of this is um uh Steve Jobs was was studying the animation industry when he studying the animation industry when he studying the animation industry when he was trying to build Pixar. And what he was trying to build Pixar. And what he was trying to build Pixar. And what he realized was the vast value of Disney's realized was the vast value of Disney's realized was the vast value of Disney's film library and the fact that you know film library and the fact that you know film library and the fact that you know decades after Disney had died, decades decades after Disney had died, decades decades after Disney had died, decades after these movies had been made when after these movies had been made when after these movies had been made when somebody invented the VHS tape and then somebody invented the VHS tape and then somebody invented the VHS tape and then again with the DVD and then again with again with the DVD and then again with again with the DVD and then again with the streaming services after that. Uh he the streaming services after that. Uh he the streaming services after that. Uh he says something like I think in the says something like I think in the says something like I think in the biography of um of Steve Jobs it was biography of um of Steve Jobs it was biography of um of Steve Jobs it was something like you know Snow White came something like you know Snow White came something like you know Snow White came out 40 years ago and it just dropped 250 out 40 years ago and it just dropped 250 out 40 years ago and it just dropped 250 uh million to uh million to uh million to Disney's bottom line. Disney's bottom line. Disney's bottom line. They had taken Snow White from the They had taken Snow White from the They had taken Snow White from the vault, put it on VHS or put it on DVD, vault, put it on VHS or put it on DVD, vault, put it on VHS or put it on DVD, then released it and that 250 million then released it and that 250 million then released it and that 250 million revenue was basically all profit. Again, revenue was basically all profit. Again, revenue was basically all profit. Again, if you stay in the game long enough to if you stay in the game long enough to if you stay in the game long enough to get lucky, someone else will then come get lucky, someone else will then come get lucky, someone else will then come along and invent technology that make along and invent technology that make along and invent technology that make your assets more valuable. I love that your assets more valuable. I love that your assets more valuable. I love that idea. Then he's just got a great a bunch idea. Then he's just got a great a bunch idea. Then he's just got a great a bunch of great maxims, which I think again is of great maxims, which I think again is of great maxims, which I think again is probably my favorite part of the book. I probably my favorite part of the book. I probably my favorite part of the book. I think I've already maybe said that a few think I've already maybe said that a few think I've already maybe said that a few times to you, but just I I felt like you times to you, but just I I felt like you times to you, but just I I felt like you could almost do an entire episode or could almost do an entire episode or could almost do an entire episode or maybe just read the book and just pull maybe just read the book and just pull maybe just read the book and just pull out, you know, 15 or 20 sentences where out, you know, 15 or 20 sentences where out, you know, 15 or 20 sentences where you just have this like wise 90-year-old you just have this like wise 90-year-old you just have this like wise 90-year-old man just trying to talk to you about man just trying to talk to you about man just trying to talk to you about stuff. And he says learning moves up the stuff. And he says learning moves up the stuff. And he says learning moves up the fulfillment scale in direct proportion fulfillment scale in direct proportion fulfillment scale in direct proportion to its transference by achieving. to its transference by achieving. to its transference by achieving. Something that was also surprising in Something that was also surprising in Something that was also surprising in the book was he talked about that he the book was he talked about that he the book was he talked about that he felt he was learning more uh and felt he was learning more uh and felt he was learning more uh and learning faster in his you know ninth learning faster in his you know ninth learning faster in his you know ninth decade than he did ever in his life. decade than he did ever in his life. decade than he did ever in his life. Here's another uh great little maxim Here's another uh great little maxim Here's another uh great little maxim that he talks about. I remain fond of that he talks about. I remain fond of that he talks about. I remain fond of the observation that those who lack the observation that those who lack the observation that those who lack self-respect are unlikely to enjoy the self-respect are unlikely to enjoy the self-respect are unlikely to enjoy the respect of others. Here's a piece of respect of others. Here's a piece of respect of others. Here's a piece of advice on how to persuade people inside advice on how to persuade people inside advice on how to persuade people inside and outside of your company. I found and outside of your company. I found and outside of your company. I found that sprinkling my delivery with that sprinkling my delivery with that sprinkling my delivery with analogies carried my positions a long analogies carried my positions a long analogies carried my positions a long way. That approach together with way. That approach together with way. That approach together with delivering a talk without the benefit of delivering a talk without the benefit of delivering a talk without the benefit of a script has served me increasingly well a script has served me increasingly well a script has served me increasingly well over the decades on subjects too over the decades on subjects too over the decades on subjects too numerous to note. Another great numerous to note. Another great numerous to note. Another great observation, most markets, in my observation, most markets, in my observation, most markets, in my experience rarely pause and stabilize experience rarely pause and stabilize experience rarely pause and stabilize where rationality might suggest that where rationality might suggest that where rationality might suggest that they should. He's also very honest and they should. He's also very honest and they should. He's also very honest and open. I think he was married three open. I think he was married three open. I think he was married three times, had a bunch of kids, and times, had a bunch of kids, and times, had a bunch of kids, and essentially he talks about the fact that essentially he talks about the fact that essentially he talks about the fact that he did choose work over family. He says, he did choose work over family. He says, he did choose work over family. He says, "One trade-off in my pursuits was my "One trade-off in my pursuits was my "One trade-off in my pursuits was my family who needed and warranted more of family who needed and warranted more of family who needed and warranted more of my time, love, attention, and support. I my time, love, attention, and support. I my time, love, attention, and support. I had time enough to say no while shortch had time enough to say no while shortch had time enough to say no while shortch changing a fine, wonderful wife and changing a fine, wonderful wife and changing a fine, wonderful wife and mother with our own discords washing mother with our own discords washing mother with our own discords washing over the lives of our children who have over the lives of our children who have over the lives of our children who have in aggregate done very well given their in aggregate done very well given their in aggregate done very well given their dad's shortcomings. At the same time, dad's shortcomings. At the same time, dad's shortcomings. At the same time, I'm not the type of person ruthfully to I'm not the type of person ruthfully to I'm not the type of person ruthfully to reminisce and think, "If only I had done reminisce and think, "If only I had done reminisce and think, "If only I had done this and hadn't done that." For life is this and hadn't done that." For life is this and hadn't done that." For life is to live, learn, and grow. A recipe that to live, learn, and grow. A recipe that to live, learn, and grow. A recipe that for me is a full splendid meal and at for me is a full splendid meal and at for me is a full splendid meal and at the core of personal happiness. He has the core of personal happiness. He has the core of personal happiness. He has more maxims a few pages later. One who more maxims a few pages later. One who more maxims a few pages later. One who thinks solely of self is soon forgotten. thinks solely of self is soon forgotten. thinks solely of self is soon forgotten. Those who care about others live on. And Those who care about others live on. And Those who care about others live on. And there's another thing that he has in there's another thing that he has in there's another thing that he has in common with Rockefeller. He says, common with Rockefeller. He says, common with Rockefeller. He says, "During the early formative years of a "During the early formative years of a "During the early formative years of a new program at my initiative, I would new program at my initiative, I would new program at my initiative, I would carry the startup costs personally until carry the startup costs personally until carry the startup costs personally until the program had taken roots." There's an the program had taken roots." There's an the program had taken roots." There's an example in one of Rockfo's biographies example in one of Rockfo's biographies example in one of Rockfo's biographies where he wants to invest like 3 million where he wants to invest like 3 million where he wants to invest like 3 million in something and they're at a partner in something and they're at a partner in something and they're at a partner meeting and no one can agree. And so meeting and no one can agree. And so meeting and no one can agree. And so Rockefeller says, "Hey, you know what? Rockefeller says, "Hey, you know what? Rockefeller says, "Hey, you know what? I'm going to put this 3 million out I'm going to put this 3 million out I'm going to put this 3 million out personally. If it works out, Standard personally. If it works out, Standard personally. If it works out, Standard Oil can pay me back and we can, you Oil can pay me back and we can, you Oil can pay me back and we can, you know, keep the assets in the company. know, keep the assets in the company. know, keep the assets in the company. And if not, I'll just take the loss." And if not, I'll just take the loss." And if not, I'll just take the loss." and at his offering of doing that when and at his offering of doing that when and at his offering of doing that when his partners heard that they're like, his partners heard that they're like, his partners heard that they're like, "Well, if you can go in and you can take "Well, if you can go in and you can take "Well, if you can go in and you can take the risk, then we're going to come in the risk, then we're going to come in the risk, then we're going to come in with you." And so, you see a very with you." And so, you see a very with you." And so, you see a very similar uh idea that Plank is using here similar uh idea that Plank is using here similar uh idea that Plank is using here talked about a little bit about this talked about a little bit about this talked about a little bit about this this counterposition strategy they had. this counterposition strategy they had. this counterposition strategy they had. It's like, "Hey, we're going to buy It's like, "Hey, we're going to buy It's like, "Hey, we're going to buy these smaller wells from major oil these smaller wells from major oil these smaller wells from major oil companies. Uh we like them. The the companies. Uh we like them. The the companies. Uh we like them. The the infrastructure is already there. They infrastructure is already there. They infrastructure is already there. They haven't been invested in because the haven't been invested in because the haven't been invested in because the incentives for the major oil companies incentives for the major oil companies incentives for the major oil companies are to go after these, you know, power are to go after these, you know, power are to go after these, you know, power law level discoveries. And so we law level discoveries. And so we law level discoveries. And so we actually think like we can do just a actually think like we can do just a actually think like we can do just a better job than they care than they can better job than they care than they can better job than they care than they can about these little wells. I I one of my about these little wells. I I one of my about these little wells. I I one of my favorite ideas from Ray Croc, the favorite ideas from Ray Croc, the favorite ideas from Ray Croc, the founder of McDonald, in his founder of McDonald, in his founder of McDonald, in his autobiography, he was talking about like autobiography, he was talking about like autobiography, he was talking about like why was he so successful compared to the why was he so successful compared to the why was he so successful compared to the other fast food restaurants that are other fast food restaurants that are other fast food restaurants that are selling hamburgers, too. And he says, selling hamburgers, too. And he says, selling hamburgers, too. And he says, "Well, we take the hamburger more "Well, we take the hamburger more "Well, we take the hamburger more seriously than they do." And you see a seriously than they do." And you see a seriously than they do." And you see a little bit of that here. So he says, little bit of that here. So he says, little bit of that here. So he says, "Our new incarnation required that we "Our new incarnation required that we "Our new incarnation required that we achieve a substantially greater level of achieve a substantially greater level of achieve a substantially greater level of critical mass to operate as an oil critical mass to operate as an oil critical mass to operate as an oil company dependent on internally company dependent on internally company dependent on internally generated cash flow from wells we owned generated cash flow from wells we owned generated cash flow from wells we owned and operated from our own account." That and operated from our own account." That and operated from our own account." That decision shifted our primary focus from decision shifted our primary focus from decision shifted our primary focus from drilling to the acquisition of assets drilling to the acquisition of assets drilling to the acquisition of assets with upside potential via acquire and with upside potential via acquire and with upside potential via acquire and exploit tactics. So you might be asking, exploit tactics. So you might be asking, exploit tactics. So you might be asking, well, why would the majors why would the well, why would the majors why would the well, why would the majors why would the majors just do it themselves? Why would majors just do it themselves? Why would majors just do it themselves? Why would they actually sell to Apache? And he they actually sell to Apache? And he they actually sell to Apache? And he talks about that here. uh we were able talks about that here. uh we were able talks about that here. uh we were able to purchase from larger oil companies as to purchase from larger oil companies as to purchase from larger oil companies as the major integrated oil companies would the major integrated oil companies would the major integrated oil companies would be willing to sell as they sought cost be willing to sell as they sought cost be willing to sell as they sought cost reduction and cash redeployment in their reduction and cash redeployment in their reduction and cash redeployment in their quest for larger reserves. Once large quest for larger reserves. Once large quest for larger reserves. Once large international companies to develop their international companies to develop their international companies to develop their fields some focus increasing attention fields some focus increasing attention fields some focus increasing attention on new virgin opportunities in a on new virgin opportunities in a on new virgin opportunities in a worldwide portfolio concurrently to worldwide portfolio concurrently to worldwide portfolio concurrently to reduce their cost as fields deplete they reduce their cost as fields deplete they reduce their cost as fields deplete they limit exploration expenditures. So they limit exploration expenditures. So they limit exploration expenditures. So they there was like we're going to invest. there was like we're going to invest. there was like we're going to invest. We're going to take that oil that small We're going to take that oil that small We're going to take that oil that small oil that you're not reinvesting. We're oil that you're not reinvesting. We're oil that you're not reinvesting. We're going to take it more seriously. And going to take it more seriously. And going to take it more seriously. And then he was asked by a reporter like cuz then he was asked by a reporter like cuz then he was asked by a reporter like cuz he does a bunch of deals with Shell and he does a bunch of deals with Shell and he does a bunch of deals with Shell and Mobile and Texico and all these other Mobile and Texico and all these other Mobile and Texico and all these other companies. And he was asked why were we companies. And he was asked why were we companies. And he was asked why were we expected to make good money on older expected to make good money on older expected to make good money on older Texico properties that had been Texico properties that had been Texico properties that had been producing for years. And he replied, producing for years. And he replied, producing for years. And he replied, well we're a bit like pigs following well we're a bit like pigs following well we're a bit like pigs following cows through a corn field. The scraps cows through a corn field. The scraps cows through a corn field. The scraps are pretty good for a company with our are pretty good for a company with our are pretty good for a company with our particular strategy. And so I think that particular strategy. And so I think that particular strategy. And so I think that desire to want to be counterpositioned desire to want to be counterpositioned desire to want to be counterpositioned to want to look at what everybody else to want to look at what everybody else to want to look at what everybody else is doing and say, "Hey, I have to do is doing and say, "Hey, I have to do is doing and say, "Hey, I have to do things differently. I want to do things things differently. I want to do things things differently. I want to do things my own way." I think it was there my own way." I think it was there my own way." I think it was there present probably since he was born. It's present probably since he was born. It's present probably since he was born. It's something you see throughout his entire something you see throughout his entire something you see throughout his entire career. In fact, he has a maxim he says career. In fact, he has a maxim he says career. In fact, he has a maxim he says later in the book that beaten paths are later in the book that beaten paths are later in the book that beaten paths are for beaten men. And so he says, "In for beaten men. And so he says, "In for beaten men. And so he says, "In looking back on the decades, remember looking back on the decades, remember looking back on the decades, remember he's 90 years old when he's writing he's 90 years old when he's writing he's 90 years old when he's writing these words. In looking back on the these words. In looking back on the these words. In looking back on the decades, I'm surprised to realize that decades, I'm surprised to realize that decades, I'm surprised to realize that what I did not know has been a what I did not know has been a what I did not know has been a tremendous advantage versus a liability. tremendous advantage versus a liability. tremendous advantage versus a liability. I had not fallen victim to how others I had not fallen victim to how others I had not fallen victim to how others learned, knew, and practiced. We were learned, knew, and practiced. We were learned, knew, and practiced. We were able to develop the Apache way. After able to develop the Apache way. After able to develop the Apache way. After all, beaten paths are for beaten men. all, beaten paths are for beaten men. all, beaten paths are for beaten men. And then at the very end of the book, And then at the very end of the book, And then at the very end of the book, there's a short letter from one of his there's a short letter from one of his there's a short letter from one of his sons that talks about what he learned sons that talks about what he learned sons that talks about what he learned from his father. He says, "Passion for from his father. He says, "Passion for from his father. He says, "Passion for all endeavors, passion for high moral all endeavors, passion for high moral all endeavors, passion for high moral standards and integrity, passion for standards and integrity, passion for standards and integrity, passion for life, compassion for the individual, be life, compassion for the individual, be life, compassion for the individual, be it prince or popper, to treat with it prince or popper, to treat with it prince or popper, to treat with respect and equality, to challenge and respect and equality, to challenge and respect and equality, to challenge and encourage each individual to become more encourage each individual to become more encourage each individual to become more fulfilled and often providing a means to fulfilled and often providing a means to fulfilled and often providing a means to do so. Compassion for humanity, to do so. Compassion for humanity, to do so. Compassion for humanity, to create opportunity for those not yet create opportunity for those not yet create opportunity for those not yet born, to offer a better life in a better born, to offer a better life in a better born, to offer a better life in a better world, to make a small difference. And world, to make a small difference. And world, to make a small difference. And that is where I'll leave it. That is 427 that is where I'll leave it. That is 427 that is where I'll leave it. That is 427 books down, 1,000 to go. And I'll talk books down, 1,000 to go. And I'll talk books down, 1,000 to go. And I'll talk to you again soon.