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Nathan Rothschild

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2021-08-18

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2021-08-18

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1. “That is where I'll leave it. So, if you want to know the full story, read the book. If you buy the book using LinkedIn's show notes to your podcast player, you'll be supporting the podcast at the same time. That is 198 books down, 1,000 to go. And I'll talk to you again soon.”

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2. “He charged his sons to always apply all their efforts to keep the business property intact and not participate in any risky ventures. He gave them much wise counsel, bade them to avoid all evil company. He told them that the world with his death, with his impending death, told him that the world would now try to make money out of us, so that it behooved them to be all the more careful. All that mattered, he said, was that they should hold together in unity. He died in the full possession of his faculties, and ten minutes before he his death he said to his daughter Betty Good night forever. At the time of his death he was most likely the richest person in the world.”

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3. “It's remarkable how fast this happens because the wound becomes infected, and that's what he's going to die of. So on June 13th, they're saying it's fine. Then a few days later, it's like, oh, something's going on. We're going to have to operate again to cut them open again. And again, this is done without anesthesia. For six weeks, the family waited in vain for Nathan to recover. Doctors continue to open and drain the wounds. And then by July 24th, Nathan lapsed into a violent fever and was plainly in danger. The onset of septicemia. So as he is dying, they have to, it says it was decisive as well as a fraught moment in the history of the firm, for the head of the family was dying before the new partnership agreement had been signed. So it's obvious for a few days that he's going to die. He knows he's going to die. They hammer out a new partnership agreement and then he has to wind up doing the same thing that his father did on his deathbed where he's talking about what he wants the future to be. And this is where I'll close. The practical provisions of the future had been made. Nathan offered some parting advice.”

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4. “They have does not help and may have even contributed to his death. The final illness and death of Nathan Rothschild is a case study and inadequacies of 19th century medicine. So they start lancing the boil, they cut him open, and then they, but they keep telling the family, no, no, he's fine, he's fine, he's gonna be fine. The large opening has been running famously and no other operation is expected will be necessary. The doctor arrived this morning. He found both wounds and much more forward state than he had imagined. In fact, he's quite satisfied by the way they're going on and assures us only time is requisite to see Nathan quite restored.”

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5. “Earlier complaint and rectal abscess, as his wife put it, he again had a visit from the most unpleasant visitor, a disagreeable boil in the most inconvenient place which annoys him considerably, particularly in sitting down. So Harris suffered from a severe case of hemorrhoids and rectoboils and all this other weird medical conditions. And in both books it talks about the fact that when you're in the ghetto in Frankfurt, it's limited. There's like a couple hundred families. There's a lack of genetic diversity that can result in illness and disease and might, they don't know for sure, might have led to the early death of Nathan. His father lived a little longer. I think his father died when he was like 66 or 68, something like that. So he gets over to Frankfurt. He's not doing well. And the primitive medical industry.”

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6. “So, this is about a wedding and a funeral, and then Nathan's death. They're all going back to Frankfurt to meet, and they also have to renew a partnership agreement, which they had to do every few years, right? And what blew my mind is the since 1936. The last time all five brothers had met together was in 1828. So it was extremely rare. So they're meeting for this wedding and they're having this meeting and this debate and this ongoing process of hammering out this new partnership agreement. It says only one shadow hung over the brother's deliberations and over the nuptial preparations beyond the closed doors. And that was the fact that Nathan was dying. Or rather, he was ill for no one could conceive that the man who since the death of his father in 1812 had been the unquestioned leader of the house of Rosschild might die at the very height of his powers. Nathan had suffered a reoccurrence of”

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7. “He was lord and master of the money market of the world, and of course virtually lord and master of everything else. He literally held the revenues of southern Italy in his pawn. Pawn, pawn, and monarchs and ministers of all countries courted his advice and were guided by his suggestions. He was still in the vigour of life, and was a money making machine. He had a general intelligence equal to his position and looked forward to the period when some relaxation from his vast enterprises might enable him to direct his energies to great objects of public benefit. But in the height of his vast prosperity he suddenly died.”

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8. “Valuable part of their career, and you're doing it quote unquote to be educated instead of just apprenticing. So it says he and his brothers recognize that there might be a conflict between higher education and successful business. I advise you not to let him study. They're talking about one of their descendants more than another two years so he should enter the business when he's 17 years old. Otherwise, he would not be deeply attached to the business. The subsequent business career of the son, the only one of Nathan's sons to attend an English university, proved that analysis to only be too accurate. The Rossiles view was that the best apprenticeship was learning by doing. Okay, so now we get to 1836. Nathan is 58 years old and he's at the height of his powers. I'm going to read a fictional account of Nathan.”

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9. “Another thing that the brothers thought, because remember, they came from the ghetto. There's all this debate about what's the next generation? What are our sons going to do? And they're like, listen, we're going to value everybody else at this time. They're sending to make sure their sons are educated, higher education over and over again, maybe for 10 or 15 years, like these long periods. And the Rothschilds were like, no, apprenticeship is more valuable. Because their point is you're wasting. Like if you put somebody in the business when they're 18 or 19 or 20 or 21, something like that, right, they're young, they're aggressive, they can learn a lot more in the business as opposed to like you making them go to secondary educations that might last from the time they might be 28 or 29 before you get into business. You've wasted like a huge”

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10. “And so their point was like, we're not, you know, some people, now they're calling us barons, they call us noble. But again, more important than being aristocrats is we're merchants. We're entrepreneurs. We're investors. Let us remain merchants. It is extremely nice to possess the title and not to make use of it except in private. A positive business letter from a finance minister is worth more than all the titles of nobility. Nathan's disdain for aristocratic trappings persisted. He regarded it as a little more than fancy dress.”

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11. “This is Nathan on honors and titles. Perhaps the hardest thing to explain is Nathan's apparent doubt about the value of such honors. A number of letters would seem to suggest that he was offered, but turned down the offer of a knighthood. When someone tried to tell Carl that his brother had accepted, he refused to believe it. And he says he's writing to Nathan that he refused to believe it because you love simplicity. And there is some kind of, you know, it's complicated as our businesses. There is some kind of simple way, like desire for simplicity that Nathan lived his life where it's just like I focus on one thing and one thing only. Thus when Nathan declined a Prussian decoration in 1818, he suggested that it be given to Solomon instead because here in London I have no use for such a thing, whereas my brother loves ribbons and is a barren”

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12. “The skull this vision turn into reality every single set that I do, every repetition, every weight that I lift will get me one step closer to turning this vision into reality. So I couldn't wait to do another 500 pound squad. I couldn't wait to do another 500-pound bench press. I couldn't wait to do another 2,000 reps of sit-ups. I couldn't wait for the next exercise. So let me tell you something. Visualizing your goal and going after it makes it fun. No matter what you do in life, you've got to have a purpose. And another way to think about this, I heard somebody put this in more succinct terms. Instead of waking up like, oh, this is what I have to do today. I was like, oh, I got to do this. You flip your mindsets. I get to do this. So the other bodybuilders in this case are running off the same goals Arnold. I was like, oh, I have to do these reps. Arnold is saying I get to do these reps.”

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13. “It gets you closer to a goal. I think one of the best mental models I've come across is the way Arnold Schwarzenegger approached this. He was asked. He's like, listen, you're working out so hard. You're working out five or six hours a day. And you have a smile on your face. And the others are shooting the documentary pumping iron at this point. And the others are working out just as hard as you, but they look sour in the face. Why is that? And his answer was fascinating. He says, because I'm shooting for a goal, in front of me is the Mr. Universe title. So every rep that I do gets me closer to accomplishing that goal. To make this goal, this vision turn into reality. Every single thing I don't like to do that may be painful, uncomfortable, right? Every single thing. He's using the word rep. It could be anything in your professional life that you know you have to do that'll get you closer to your goal but you don't like to do right instead of being sour in the face like as other people is like i'm smiling he flips it it's a very powerful idea so it says in front of me is the mr universe title so every rep that i that i do gets me closer to accomplishing that goal to make”

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14. “And then I think you also add to the fact that in general, I'm pretty sure the Rothschilds were extremely anti-social. They wind up courting these people as a, like they thought of it as work. This is a little bit about that. So they're willing to do things they don't like to do in order to get closer to a goal. This reminds me of something Arnold Schwarzenegger said that I thought it was a really good advice I'll give to you after this. The brothers themselves disliked intensely the great majority of social functions they gave. They thank God when the dinners were over. This is one of the brothers. I think of nothing else but business. If I attend a society party, I go there to become acquainted with the people who might be useful for the business. They considered giving a large dinner. They're saying when they pay for a large dinner, when they hire a chef and they have to pay the chef's bill, they considered it the same as when they had to bribe politicians. It's the same exact thing to them. And so this idea that you take something you don't like to do, but you still do it because”

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15. “Now the description of Nathan, this man is really a complete original. He was amused by the combination of bad manners, sharp wit, and lack of deference which Nathan brought to polite society. And so if you think about Nathan's point, and he brings this up too, I think he would even make busts, like statues, like miniature statues of all the different royal people that would come and ask him for loans. If these are the people supposedly running the world there, they have all the power, and yet they come to him for money. He's in a unique position to see their flaws.”

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16. “And when you have the fortune, it requires 10 times as much wit to keep it. Then he gives some advice to another person at dinner that I thought was funny, or not funny, that was valuable. And it's like, don't get distracted. Stick to one business. He talks about this, and tons of people are coming to me. They're out for me all kinds of opportunity. And I say no to. So he says, stick to one business, young man. Stick to your brewery. And you may be the great brewer of London. Be a brewer and a banker and a merchant and a manufacturer, and you will soon be bankrupt. More in his personality and his single mindedness, a frequently repeated anecdote has Nathan telling the composer, I'll skip the name. This composer, he says, I understand nothing of music. This, patting his pocket and making his money rattle and jingle, is my music.”

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17. “Do you realize whom you are addressing? exclaims the affronted dignitary. Rothschild still does not look up, so take two chairs. Nor was it only his own territory or his office that Nathan was famed for his blithe disregard for social rank. So this is what I mean about. He just doesn't care. Like you're into status, I'm into money. It's essentially the way you would, and he knows that money would trump status, right? So he's talking to somebody of more noble rank and says, guests at the same dinner. I think I read this to you last podcast too. When a guest at the dinner expressed the hope that your children are not too fond of money and business to the exclusion of more important things, I am sure you would not wish that. Nathan retorted bluntly. I am sure I would wish that. And then he says, to give mind and soul and heart and body and everything to business that is the way to be happy, I require a great deal, it requires a great deal of boldness and a great deal of caution to make a great fortune. And when you have it,”

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18. “Answer that's fine. I'll take the money. You can keep the honors and everything else, they would even turn down and I'll go into more because this is again, well, I'm right here anyway, so I'll continue on this vein. But this is about Nathan's personality, and he just seemed to think he was like, he thought the old way of things were dying and like he knew better. So he would have been given offered honorable titles and all this other stuff. He's like, I don't give a shit about any of that, like at all. So more about his personality, he's hard-nosed, aggressive, confident, and obsessed. Contemporaries found Nathan Rothschild an intimidating man, coarse to the point of downright rudeness in manner. Such bruising encounters in his office were later distilled into the famous two chairs joke. He says this is probably the most frequently reprinted Rothschild joke. An eminent visitor is shown into Nathan's office without looking up from his desk, he casually invites him to take a chair.”

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19. “All the money and assets stay on the male line, right? And I'll go into more detail why this might have led to early deaths, in some cases. So it says they have to produce suns, the family practice, their remarkable sustained strategy of endogamy after 1824, Rothschilds tended to marry Rothschilds. This was an extraordinary amount of intermarriage. And so that talks about later on when modern-day geneticists would look at their family treated like, oh, this is not good. You have a severe lack of genetic diversity and it causes all kinds of problems. Not even the royal families of Europe were as closely inbred through references to our royal family suggest that the Rothschilds regarded them as a kind of model. So then there's a lot of talk about how they're viewed in society. I don't think the Rothschilds really care. So there's this one sentence I think summarizes this. You ought to know that honors and prophets do not go hand in hand. And the Rothschilds”

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20. “Again, there's no way to know some people say they have two trillion dollars, some say they have a couple billion, but anyway, they know they have multiple billions to this day, the family. And it's just dispersed between a lot of different descendants. But this is just, it's just hard to fathom that. 200 years later, they're talking about most families have a limited lifespan. They're broke after two or three generations. And now, you know, what is that? 10 generations, something moving forward. They still have an insane amount of money. That's mind-boggling. Innumerable other family dynasties had far shorter lives, lasting just one or two generations. The Rothschilds took exceptional precautions to avoid this decadence. The necessary step first towards perpetuating the firm was to produce sons. Remember, they would not, you call, if you listen to the podcast today last week, Meyer made sure. He's like, listen, the daughters are excluded from this. We don't want the husbands they marry to have access to Rothschild's funds.”

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21. “And it's funny because he buys a house and has a garden, and I think the first night he lives there, he sleeps outside in the garden, and he's just like, I slept out. He was telling his boat. I slept out in fresh air, like under the, like, it's clean, not sitting in my own waist. He's like, I might sleep outside every day, or every night, rather. This is, I got to move ahead because this is also an interesting, I don't even know if you'd call it, I guess it is interesting, they would learn from the mistakes of others, but then their solution to that winds up causing some form of inbreeding. So it says they were unquestionably exceptional in financial terms, but they were also exceptional in the way they operated as a family. Most family firms had a limited lifespan. The idea that successive generations would lose the economic motivation, the work ethic that had driven their fathers and grandfathers. So we are in eighteen twenties right now, right? What is remarkable is now we're living 200 years after the events in this book.”

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22. “As they start buying a bunch of stuff, Amzel bought a house in the suburbs. For the first time he found himself living in fresh air. This is what I mean about this is a hell of a sentence. So for the first time he found himself living in fresh air. He had spent virtually all of his 42 years cooped up in the ghetto, working, eating, and sleeping in its cramped and dingy rooms.”

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23. “Okay, so moving on, the Rothschilds have made so much money from gold and liquid assets that they start getting into the immovable assets. And this is when they start spreading out into real estate. And it's interesting, you can still Google, I was watching a documentary on the Rothschild real estate collection. I think they have like 44 states. I mean, you got to see what these look like. It's remarkable. So it says nothing symbolized the Rothschild's escape from the gloomy confines of the Frankfurt Ghetto better than their acquisition of real estate outside it. In 1815, virtually all the family's wealth was held in the form of paper, bonds and other securities and precious metal. The brothers still lived in rented accommodations. They are probably the richest family in the world at that point. And they're living in rented accommodations. Carl had had enough of this. He's one of the younger brothers. It is galling that one should make as much money and live like a dog while others who don't have a tenth of our fortune live like princes.”

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24. “Just from her royalties, from her perfume made her one of the richest, if not the richest woman in the world. So that would be her example. Whatever you do, don't get rid of your interest in Chanel No. 5 perfume.”

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25. “Came to depend. Increasingly, their position in the international gold market was becoming as dominant as their position in the international bond market. So really, I want to remind myself of that because there's just certain assets that you want to hold on to for dear life. And it's going to change not only the time period, but where your particular vantage point is. Might be shares in a private company, might be your own business, might be stock you've had forever, whatever it is. In Rockefeller's day, it was standard oil stock. In the Rochelle day, it's gold. Well, what is the equivalent today? Like, what do you have access to that might be unbelievably valuable if you hold on to it for a long period of time? I'm rereading, or not rereading, I'm reading another biography of Coco Chanel, and the equivalent for her was her ownership and perfume. It is insane. The sales, granted, the fashion house is still around today. The sales of perfume in the early, let's say, from the 1920s, 1930s, 1940s.”

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26. “And if he didn't come through it says 73 out of the 700 banks in the country had failed and the guy that had their, I guess it'd be like the not the Treasury Secretary, the highest financial executive or politician rather in England at the time admitted the country came within 48 hours of putting a stop to all dealings between man and man except by barter How crazy is that sentence Had it not been for the most extraordinary exertions above all on the part of Rothschild, Nathan, the bank would have stopped payment. Of course Nathan would not have made such an immense deliveries of gold without asking for generous commissions in return. The rescue of the bank was a remarkable achievement which owed everything to the international nature of the Rothschild's operation. In effect the brothers were establishing the system of international monetary cooperation which would later be performed routinely by central banks. and on which the gold standard.”

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27. “I think that's founder's number 16 or 18 somewhere, like one of the first books I did. But he says to somebody, he's like, listen, whatever you have to do, sell the shirt on your back, but do not sell your stock. And a lot of his partners didn't take heed to that advice, so they would want to buy a yacht or a big house, so they'd have to liquidate some of their stock. And Rockefeller would buy it from them. And he just keep accumulating over and over again. I'm going to skip over the details of the Bank of England crisis, but just pull out some stuff here. We were back to our old established practice of buying gold whenever we can find any. And so they have this huge accumulation of gold. Nathan winds up delivering agreeing and delivering it to the Bank of England, saves them from defaulting. Nathan was still delivering a gold a year later as Nathan recalled later, there was a good deal of gold supplied from the whole world. I imported it and it was imported from almost every country. We got it from Russia, from Turkey, from Austria, from every quarter in the world.”

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28. “Let's fast forward a few years. There's a massive banking crisis that's going to happen in England in 1825. And they really credit Nathan Rothschilds as like saving them from going insolvent. But really the main point here is when I got to this section the Rothschilds were constantly always accumulating gold. I don't know why they knew this was going to be so valuable or like what it was. But the reason like for whatever reason, and usually it comes from some kind of insider's perspective is you'll see these times in history. The way the Rothschild desired gold and they would constantly keep buying and accumulating and not getting rid of it is very similar to what John D. Rockefeller did with Standard Oil Stock. And the reason he had, a lot of people had equity ownership in standard oil. But the reason Rockefeller was so much richer is because he would buy it and keep it at every opportunity. And he'd advise others to do so. I remember in that book Titan talks about”

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29. “Reason I thought about that is like you can't, everybody's focused on the same goal here, right? So everybody goes to where the good times are. So they're coming in. They see the Rushouts having all the success. They're going to come in. It's going to be a ton of competition. But everybody's attracted to the easy money, the good places, right? And there's a quote from... The big rich, I think, is applicable to so many other different domains and says the trouble with this one oil. Which is like a risky strategy compared to what everybody else does, and that's why he got rich and they didn't. The trouble with this business is that everybody expects to find oil on the surface. If it was up near the top, it wouldn't be any trick to it. You've got to drill deep for oil. And the main point is you've got to go where other people aren't.”

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30. “of demand and demand for oil on a global basis is hard to even for us to understand but the amount of wealth generated is just mind-boggling and how rapid it happens and then the influence of that rapid increase in wealth on human behavior is fascinating so there'll be more books on oil definitely in the future but what's happening here is okay we got to figure out what are we going to do we have more competition coming into like england how can we like expand our business there was one obvious response to the difficulties experienced by the Rothschilds in London and Paris between 1815 and 1819 and that was to seek new business elsewhere so it says the Central and East European states emerged from the war with dire financial problems which could be addressed only with the assistance of foreign capital so we can't go to these more developed nations like Britain and France but we can go to these other ones they also go to South America they do a lot of business in Brazil later on they'll do business in America and all this other stuff but the”

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31. “So later on their business starts to slow down because now there's not war and there's not chaos, right? And so peaceful times are bringing good times and then good times bring more competition. So now you've got to remember when they started there was no competition. So now they have more competition. They're complaining about like the slowdown in the business. And so really the principle here is that you got to go to where there's less competition. And so this is one way to do it. I'm going to tell you why this reminds me of a quote from that book, The Big Rich, that I read. It's founder's number 149. If you haven't went back and listened to that podcast, it's about the second oil boom in Texas history. And the crazy wildcatters and oil speculators, I think they cover like four people in the book. The book is insane. It's absolutely the people in that book are insane. And there's a lot more books on oil. I also read Mark Rich's book, King of Oil, or the biography of Mark Rich called King of Oil. That's in the archive as well. But there's a bunch more books in the future I want to do on oil just because the amount”

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32. “I think in one security throughout 1816, he ignored his nervous brother's repeated advice to take profits. Family opinion on the strategy was divided. Cautious as ever, one brother said it was stupid to invest one's whole fortune in one single security. So this is not the family's fortune. It's all of the money in the London Trading House and continue to urge Nathan to sell. By July, with the security left over 82, they wind up making a ton of money and essentially said the other brothers had to acknowledge that his brother had pulled off another business masterpiece.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

33. “approach necessarily generated and this is what I mentioned earlier that even though they're super super rich the brothers their descendants are different but their brothers never forget that they grew up in the ghetto in the end they were authentic bonds of brotherly love forged in the ghetto where no where no other ties could rival did anyone promise us more when we all slept in one little attic room asked Solomon when Nathan was grumbling at having sold some securities too soon from all sharing a little bedroom in the ghetto to being the richest family in the world in one lifetime that's wild throughout eighteen sixteen he ignored his nervous brother oh so this is I'm gonna skip over like what they're trading and all again there's just tons of different financial transactions in this book really this is just demonstrates for you Nathan's personality is default aggressive. He puts all of his family's wealth even in 1816. Is it all of it? I forgot how, let's see.”

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34. “Nathan had only one concern business. So you can think of him as completely single-minded. Nathan gloried in his ascetic. I had to look up that word. I thought it was aesthetic. It's ascetic. And it says characterized by or suggesting the practice of severe self-discipline and the absence of all forms of indulgence. So says he's glorying in the fact that he's disciplined and he's not focused on anything else. He says, after dinner I usually have nothing to do. I do not read books. I do not play cards. I do not go to the theater. My only pleasure is my business. Remember, this is the Napoleon of Finance we're talking about. His older brother, the oldest Amshow, was not like him. Amshow was the most cautious of the five and constantly yeaned to live a quiet life. Me, I don't want to eat the world. He's talking about his brother wants to eat the world. Eat the world, he wrote. His idea was to work in tranquility without the anxieties which Nathan's Napoleon”

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35. “So I have no idea what happened. I do know that if he did make a hundred million pounds, we would not know about it. It is almost certain that this family would have kept that secret. And so whatever the amount is, they come out of this time, they're writing to each other, and there's some letters. Like a year later, they're like, we have more money than we could ever money than we need for our lives. And they're still relatively young. This is where Nathan is unquestionably the leader of the family. Nathan really began to emerge as the dominant domineering partner.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

36. “We also know that they had access to information way before other people did. We also know from the record, well, third thing we know, I guess, is that a bunch of records are missing. The fourth thing we know is the records that do exist do show a doubling of assets. So let me go back to my note, which is like 10 pages before where we just were, right? When this whole thing pops off and before I read this to you, just I think it's obvious if you read this section from what I just read to you, like the unknowns unknown, the unknown unknowns greatly outnumber the known knowns, right? And so reading this whole section and the note I left myself is like, if you were taught by your father to obsess over secrecy and you made a hundred million pounds in 1815, what would you say?”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

37. “Of eighteen fourteen and eighteen fifteen were made in ways much more mysterious than the traditional Waterloo myth implies. Okay, so let's pause here. What do we know? We know there's this huge historical event that they were betting on one way or the other, right”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

38. “They were able to make it up by July of the next year, right? The trouble is that now this is where I start to have different thoughts. The trouble is that it's almost impossible to say precisely how the Rothschilds performed financially in this period because they had no ideas themselves. And why is that? Because there were substantial gaps in the records reflecting the habits of concealment which had developed in Frankfurt, which means the secrecy they were taught by their father. And the reason that In addition to it just being smart to not let people know how prosperous you are in general, but the reason it was so important to their father, because he saw other people get killed for this. It arouses envy in others, and not only that because there's so much anti-Semitism at this time, they didn't want, or some people I should say, didn't want Jewish people succeeding like this. So says there are additional gaps in the records reflecting the habits of concealment which they developed in Frankfurt during the period of the French occupation. It is fair to conclude that the huge profits of”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

39. “So, over the next few pages, they go into all the detail about what reportedly happened, right? But it says, no, the myth is diametrically opposed. They said they made 20 to 135 million pounds. Imagine if that was true, right? If you made that a much money in 1815, it's incalculable. Almost impossible to understand that much money in that time. But here's, so I'm going to skip over all the highlights I had for the next few pages because then I got really confused. So this says by the summer of 1816, so now we're a year later, right? He writes, by the summer of 1816, it's true that the brothers estimated that their combined capital amounted to, let's say, a million pounds, implying a doubling of their capital between March 18th and July 1816, right? But there's a good reason to doubt whether this period immediately after Waterloo was when the bulk of this increase occurred, but they just said they lost money, right? But now it's saying, well, they lost money right after Waterloo, but then...”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

40. “Going to read what Neil Ferguson says here, and then I'll tell you my own note. So it says the idea that Nathan profited from the dramatic events of 1815 is central to Rothschild mythology. It had been repeatedly claimed that by obtaining the first news of Napoleon's defeat at Waterloo before the government itself, Nathan was able to make a huge sum of money on the stock exchange. He was rumored to make profits of between twenty and one hundred thirty five million pounds. Now he says those amounts have long ago been debunked. The real story is very different. It is possible that a series of miscalculations by the brothers led to losses rather than profits in the critical period before and after Waterloo.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

41. “Exchange market So now we go to the next year. This is 1815. This is like the most pervasive Rothschild. He's going to call it a myth, right? And he's going to say, hey, the fact is one of the most well-knowns is that they had information, they had access to information and knew the result of the Battle of Waterloo day, maybe two days before anybody else did, and they were able to make a lot of money on this.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

42. “Advantageous to France. This is a bad miscalculation. On the contrary, the Rothschild's ability to relay gold across the channel was about to become a decisive source of strength for Britain. In 1814, Nathan was officially charged with the task of financing Wellington's advance through France. And so now it gets into, you know, they had more than one way to make money. And they're calling what I was just calling confusion. They're calling diverse intergovernmental payments. So it says in each case there were at least two ways and sometimes three to make a profit. The first and most obvious took the form of commissions. So they would charge about 8%. The second potentially more lucrative but also riskier lay in exploiting the often rapid and large exchange rate movements which occurred during this period. The brothers were able to take advantage of the variations in exchange rates. This is what I meant about geographical arbitrage. The brothers were able to take advantage of the variations in exchange rates from place to place, which reflected the absence, especially pronounced in wartime of an integrated European form.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

43. “Extremely complex. So, anyways, playing hide and seek with the authorities was becoming second nature to the brothers. Indeed, even their sons were already being taught to attach in the importance, to attach importance to secrecy. Now here's something surprising to you. They're smuggling gold from Britain and they're going to France and other places. Napoleon knew and he allowed this to go on. So again, this winded up being a massive mistake for Napoleon, but also very benefit, like the Russia's benefited from the fact that Napoleon was making this mistake. So it's saying they were quite well informed, talking about Napoleon, was quite well informed about what they were doing. They saw this huge outflow of gold from England, and they took that as advantageous to them, not realizing that that gold was financing the people that were going to fight them. Napoleon followed the advice of his Minister of Public Treasury, who argued that any outflow of gold from Britain was a sign of economic weakness and therefore”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

44. “Like some of the largest cases like US history. And one strategy that the attorneys would have the same strategy. They'd know, okay, they're embedded in some of these documents that I have is very bad news for my clients that's going to be revealed in discovery. So what they would do is they would bury that needle in a gigantic haystack. So let's say you had half a dozen documents that you, you know, if it came to light, it would look bad and maybe you lose the case. You would send opposing counsel like millions of pages. And what you're doing there is just you're trying to hide the information that you don't want other people to know about and just share volume. I feel like a lot of the stuff that the Rothschilds did was very similar to that like principle. And maybe it's just because I'm on the outside and I'm not well versed in that business anyways. Maybe it was just common sense to them and they knew their business like the back of the hand, which I'm sure they did, but it was extremely.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

45. “Of myth, and there's some truth buried with lies. And so when I was reading the book, it made me think of like some of the decisions they make and how complex everything gets. I remember reading one time a book on the discovery process for major tobacco cases.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

46. “Well, guess what? I have my brother sitting on the shore. So, says the youngest Rothschild brother took care of the business on the other side of the channel, exchanging the imported guineas for bills on London, the prices of which were naturally very low in France. At that time, and which can then be redeemed for a profit in London. And there was also another thing. I've read close to between these three books, I don't know, close to a thousand pages on the Rothschilds. Their business is still way more complex than my understanding. There's so many examples of these transactions that I can't follow. It's like they transfer one asset to one country, they change that asset to another asset, then they send the transitioned asset into another country, and they do the same thing, and then they send it back all across the continent. And part of me thinks they did it on purpose to make it more complicated for any kind of outsider to kind of reconstruct, right? Which is what Neil Ferguson, the author, was saying at the very beginning, like I'm trying to do my best to reconstruct this, but there's a lot of missing information.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

47. “Know how to get to Portugal. I undertook all that and I sent it to France, and that was the best business I ever did. The Rothschilds became involved in smuggling gold from England to France. So that is what they're getting paid to do. The youngest Rothschild brother took care of all the business on the other side of the channel. And again, this is also, you know, obviously you have to be smart and determined, and there's a great deal of luck involved, like right place, right time thing here, right? Where not only did you need this war, not only did you need to have the foresight to realize, oh my God, that these guys are going to need this asset that I have access to, right? But then because you have this distributed, which is extremely rare at this time, this distributed multinational private bank is the way you could think of the Rothschilds at this point. You embedded in that, you have like this logistical advantage because even though you're in England, the center of the world finance at this point, you have brothers dispersed in very strategic places. And in this case, when you have to get something across the channel,”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

48. “And relationships cultivate because they have influence. And then this is the third and most important reason. And again, think about this, what they're really engaging in here, if you think about it, is smuggling in geographical arbitrage, which was really fascinating, how you move money and assets around now. We do that digitally, right? They literally had to move it around in physical form. And they get caught, you know, it's very dangerous. It's like smuggling drugs. The third and most important reason Nathan became involved in British war finance was that he had a solution to the problem of how to get money to Wellington. Nathan subsequently made what he had done sound easy. Now this is Nathan talking. When I settled in London, the East India Company had $100,000 worth of gold to sell. I went to the sale and bought it all. I knew the Duke of Wellington would need it. I had bought a great many of his bills at a discount. The government, meeting the British government, sent for me and said that they must have it. When they got it, they did not know how to get it to Portugal, so he buys it, then resells it to the government, they don't know how to get it to Wellington. When they got it, they did not know how to...”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

49. “And it's good a job as the author tries to do here. It's still the least understood. And you'll see what I mean by that in a little bit. Three distinct elements were required to turn Nathan into the Napoleon of Finance. What a freaking nickname, huh? First was the absence of competition. The second was Nathan's favor's favor was the appointment of John Charles Harry's as commissionary in chief. Harry's was to be Nathan's Buterus, his first friend in a high place, so what they're referencing there is that his father, Nathan's father, cultivated intentionally cultivated relationship with the right hand guy of the landgrave, of Wilhelm, the guy that had access to one of the largest fortunes in Europe at the time. And so we see Nathan's doing that. That's why they call him Nathan's Buddha-Squeque, because that guy's name is Buderes. Nathan's doing the exact same thing, but his Buddhaques is named John Charles Harry's. And so these are very important people to know.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source

50. “And so now we get into where Nathan's, part of it has to do with his personality and the fact of how aggressive he is. But it's also the fact that he was in the right place at the right time and the vast majority of their wealth is going to be made in London. This changes in the future, like future generations, and it gets a little bit more equitable even, I think, after Nathan dies. But this is a little bit about the fact that these European powers' inability to pay for war winds up opening up the largest opportunities of Nathan's career. So it's a little bit about this. Historians have never adequately explained how an obscure Jewish merchant banker, who only a few years before had been a smuggler, and a few years before that a minor textiles exporter was able to become the principal conduit of money from the British government to the continental battlefields on which the fate of Europe was decided in eighteen fourteen and eighteen fifty eighteen fifteen. Of all the steps in the ascent of the House of Rothschild, this surely was the greatest, yet it's also the least understood.”

    2021-08-18 · Founders · #198 Nathan Rothschild (Rothschild Family Dynasty) · IDENTIFIED FROM THE TRANSCRIPT · source