David Rubenstein: the dollar will go down in value
Executive Summary
A My First Million conversation (episode 861) with Sam Parr, Shaan Puri and investor David Rubenstein, co-founder of Carlyle. He talks about the entrepreneur's fear, a missed chance to take 20% of the company Jeff Bezos was about to build, working as a young White House adviser under President Carter, losing contacts after the election, and his frugal habits. Sponsor: the description links a HubSpot resource; no HubSpot read appears in the parts covered. PARTIAL COVERAGE: this note covers the opening, the Carter White House section, the post-election lesson, the frugal habits section, and the section on starting Carlyle, and does not cover every part of the roughly 62 minute conversation, and the video title's claim about the dollar was not in the parts covered. Figures and stories are the speaker's recollections and not independently checked. This is a summary, not financial or investment advice.
Key Takeaways
Entrepreneurs never feel safe
Rubenstein says an entrepreneur always thinks something bad will happen, and cites that 99.9% of companies started in the US are not in business five years later.
The Bezos offer he passed on
He says Jeff Bezos once offered him 20% of the company he was about to build, and he later called it stupid to pass because he says the stock is probably worth $14 billion.
A job at 27 in the White House
He says he became deputy domestic policy adviser at 27 without being qualified, and his blue-collar parents were in awe when he introduced them to the president.
Knowing the promises
He says he compiled President Carter's campaign promises, so he could say in meetings that an idea would violate one.
Staff of young talents
He says he hired a staff of young but talented people in areas like energy and environment to come up with positions.
Power makes friends that vanish
He says people flatter you in the White House, but after the election loss the people he called did not call back because he was out of power.
Frugal habits
He says he still pays about $15 for a haircut at the same barber, has had his suit for ten years, and his father, a postal clerk, shaped his views on money.
The Conversation Breakdown
Entrepreneurs never feel safe
⏱ Untimed topicRubenstein says an entrepreneur always thinks something bad will happen, and cites that 99.9% of companies started in the US are not in business five years later.
The Bezos offer he passed on
⏱ Untimed topicHe says Jeff Bezos once offered him 20% of the company he was about to build, and he later called it stupid to pass because he says the stock is probably worth $14 billion.
A job at 27 in the White House
⏱ Untimed topicHe says he became deputy domestic policy adviser at 27 without being qualified, and his blue-collar parents were in awe when he introduced them to the president.
Knowing the promises
⏱ Untimed topicHe says he compiled President Carter's campaign promises, so he could say in meetings that an idea would violate one.
Staff of young talents
⏱ Untimed topicHe says he hired a staff of young but talented people in areas like energy and environment to come up with positions.
Power makes friends that vanish
⏱ Untimed topicHe says people flatter you in the White House, but after the election loss the people he called did not call back because he was out of power.
Frugal habits
⏱ Untimed topicHe says he still pays about $15 for a haircut at the same barber, has had his suit for ten years, and his father, a postal clerk, shaped his views on money.
Core Frameworks & Ideas
Know the promises better than anyone
Be the person who holds the commitments so you can flag conflicts.
Hire talented specialists
Fill gaps in experience with strong people in each area.
Power is borrowed
Expect contacts made through a position to fade when it ends.
Actionable Next Steps
- ✓List the commitments your team has made and flag any decisions that conflict.
- ✓Name which relationships exist because of your role rather than you.
- ✓Write down one opportunity you passed on and the principle you would use next time.
- ✓Look up any financial claim from reliable sources before repeating it.
Notable Quotes
“I'm the bright young guy who said it was so great.”
“I still go to the same barber for like $15 to get a haircut”
“The trick is being able to fit in your suit for 10 years.”
The One Thing to Remember
Rubenstein says entrepreneurs never stop fearing failure, that power gives you flattering friends who vanish when it ends, and that he still lives frugally.