Book Highlights - In-N-Out, Munger, Donuts, Ego, Walmart
I couldn't help myself... I started another book this week 🤷🏻♂️ But ZERO regrets. From the start, it's incredible. Being local to Southern California, In-N-Out Burger is near and dear to me. If you're from the east coast, it might be Five Guys for you... but those are fighting words out here in sunny Socal. Sorry. Our hearts belong to the best burger around, The Double-double. Or a 4x4 if you're feeling bold. 😉
This week I cover a few of the regulars, but I threw in The Ins-N-Outs of In-N-Out Burger written by the current CEO and granddaughter of the founder, Lynsi Snyder. I'm a couple chapters in and highly recommend it.
Books Of The Week
- The Ins-N-Outs of In-N-Out Burger By Lynsi Snyder
- The Tao Of Charlie Munger By David Clark
- The Donut King By Ted Ngoy
- The Alter Ego by Todd Herman
- Made In America By Sam Walton
- It’s funny, sometimes people will talk about "going to flip burgers," like that’s a job they'll do if everything else doesn't work out. Maybe at other restaurants a person can get hired and be flipping burgers the next day. But at In-N-Out flipping burgers is a really big achievement. When you flip burgers at In-N-Out, you're in the captain's chair. You're steering the ship. Our burgers are our golden egg, our pride and joy. That's why nobody gets to flip burgers at In-N-Out until they've mastered the other levels.
- The problem that Greece, Italy, and Spain have is that when they made the euro their currency, their respective central banks gave up the power to print money and turned that power over to the European Central Bank. So unless the ECB is willing to print an extra couple of hundred billion euros for them, Greece, Italy, and Spain all have the potential to default on their debt and cause a systemic collapse of the world's financial system.
- Luck favors the bold, but only if they're adequately prepared.
- We are judged in our lives by what we do, not by what we think or intend to do.
- If I think about calling my mom and telling her exactly why I love her, and I actually pick up the phone and call and tell her, it creates a totally different world. One is Ordinary, the other Extraordinary.
- Here's the simple lesson we learned-which others were learning at the same time and which eventually changed the way retailers sell and customers buy all across America: say I bought an item for 80 cents. I found that by pricing it at 1.20. I might make only half the profit per item, but because I was selling three times as many, the overall profit was much greater. Simple enough. But this is really the essence of dis-counting: by cutting your price, you can boost your sales to a point where you earn far more at the cheaper retail price than you would have by selling the item at the higher price. In retailer language, you can lower your markup but earn more because of the increased volume.
I'll leave you with this quick VIDEO.
Sometimes all you need to create something amazing is a little pressure.
Until next time...
Readers are leaders,
