IN THIS EPISODE, YOU’LL LEARN:

• What Charles Koch thinks are the key ingredients to being successful in business.
• The importance of market-based management.
• How Charles Koch’s choose among business opportunities.
• Why creative destruction is and why it’s important in business and stock investing.
• Ask The Investors: What do you think about Ray Dalio’s All Weather Portfolio?

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

Preston Pysh  0:02  

On today’s show, we cover the eighth richest person on the planet, Mr. Charles Koch. Koch has been the Co-owner, Chairman and CEO of the Koch Industries since 1967. The company was originally involved in chemicals and oil refinement, but now, the company also provides products and services for pollution control equipment, polymers, fibers, minerals, fertilizer, and even ranching. 

Koch is a graduate of MIT. His annual compounded return since running Koch Industries since 1967 is estimated to be 18% annually. Without further delay, here are our highlights and lessons learned from Charles Koch.

Intro  0:38  

You are listening to The Investor’s Podcast where we study the financial markets and read the books that influenced self-made billionaires the most. We keep you informed and prepared for the unexpected.

Preston Pysh  0:58  

Hey, everyone, welcome to the The Investor’s Podcast, I’m your host, Preston Pysh. As always, I’m accompanied by my co-host, Stig Brodersen. Like we said in the introduction, we’re going to cover Charles Koch. 

Just as a side note, Stig and I covered one of Charles Koch’s books. This was Episode 9, a long time ago. The name of Charles’s book was “The Science of “Success.” 

We thoroughly enjoyed this book and also wrote an executive summary. If you want to read the executive summary that Stig and I have for this book, we’ll link that in the show notes. If you guys want to go back and listen to Episode 9, you can hear us talk about that book. 

Today, we’re going to cover some of the topics that Charles Koch himself has talked about. The first question that we’re going to play here Charles Koch was asked, “How can one be successful in business?” This was his response.

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BOOKS AND RESOURCES

• Preston and Stig’s discussion of Charles Koch’s book, The Science of Success.
• Preston and Stig’s Executive Summary of Charles Koch’s book, The Science of Success.
• Related Episode: Listen to Preston and Stig’s discussion of Ray Dalio’s new book, Big Debt Crises or watch the video here.
• Related Episode: Listen to Preston and Stig’s discussion of Clayton Christensen’s book, The Innovator’s Dilemma or watch video here.
• Related Episode: Listen to Preston and Stig’s discussion of Tony Robbins’ book, Money Master the Game or watch video here.
• Angela Duckworth’s book, Grit – Read reviews of this book.
• The Investor’s Podcast’s guidelines to the Berkshire Hathaway Annual Shareholder’s meeting 2019.

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