The Wolf of Wall Street Real Life Story
Jordan Belfort was interviewed by the Australian 60 Minutes today. Thanks to Playbook grad Vincent from Brisbane for the heads up on this. The movie was fun enouigh to watch twice thanks to Leo, Jonah, and Martin.
How to Think About Money Like a Billionaire
Where attention goes, energy flows, and results show.
I have been struggling to get through the huge Warren Buffett biography, The Snowball, for several years now. My first attempt began in 2009 and saw me progress about 70 or 80 pages into it before running out of steam. My second attempt commenced in January of this year and I managed to beat my old record by 30 or 40 pages. However, I seem to have run out of steam yet again. There’s something about this book that grinds you down. Although it’s extremely well researched and written, there’s just way too much detail about Warren’s childhood and personal life as an adult. As a result the business lessons have been excruciatingly slow in coming. (By the way, I was shocked and amused to discover that Warren, who lived an idyllic Henry Aldrich life, was a bit of juvenile delinquent as a boy.)
Marc Andreessen Offers a Lesson in High Tech M&A
High technology deals tend to be interesting primarily because of the absurdly high prices paid in many cases for revenue-less companies. Much of it is all “fugazi” as Matthew McConaughey’s crazy character in Wolf of Wall Street explained early on. Just consider some of Yahoo’s acquisitions over the past few years. There’s not much in the way of tangible results there.
Marcus knocks another one out of the ballpark in the season finale with the Key West Key Lime Pie Company.
If we don’t make it, we don’t sell it. – Marcus Lemonis
The Key West Key Lime Pie Company (KLPC) is located in Key West, Florida and is owned 50/50 by Jim Brush and Alison Sloat. The couple bought the business for $1200 ten years ago. As you have no doubt guessed, the company sells key lime pies. It had sales of $1.4 million last year but no profits before Marcus showed up. It also had $130K in debt.
Let’s do a quick Marcus Lemonis review of the business using his 3 Ps methodology.
The second season ended with another strong episode about Marcus’s turnaround of the Key West Key Lime Pie Company in Key West, Florida. Last weekend the new site built by Marcus sold 22K pies. Here’s the website.
The turnaround is reminiscent of Amazing Grape. Similar problems; similar solution.
I’ll write about it some more by week’s end.
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