Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

If you told me a year ago that I’d be learning critical life and business lessons from the founder of a ketchup company, and that thirty to fifty thousand people would listen to our conversation, well, I’d have told you that’s impossible. But the fact that it is true proves many of the points laid out by this week’s guest Scott Norton, co-founder of Sir Kensington’s which was recently acquired by Uni-Lever. Sir Kensington’s, which makes “condiments with character” is no ordinary Ketchup company, and Scott is no ordinary founder. We talk about the most elemental aspects of business: product, relationships, sales, marketing, and culture. I love that we can do so through the lens of such a seemingly simple product, something that we use all the time with our families at a BBQ. Scott’s observations on culture, the importance of relationships in sales, and competitive edge are all memorable. But above all, I’ll remember his line: seek to learn that which cannot be taught. And I will continually return to the mental image of the Temple of Poseidon. Oh, and as a bonus we also talk about biking around Asia, which like all of Scott’s stories comes complete with thought provoking lessons. Enjoy this unique conversation with one of the most interesting people I’ve met on this journey. We begin with the history of ketchup. For comprehensive show notes on this episode go to http://investorfieldguide.com/norton For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Links Referenced They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Movie) Books Referenced Getting to Yes: Negotiating Agreement Without Giving In How to Win Friends & Influence People They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Book) Show Notes 2:40 – (First question) – A look at the history of ketchup 5:16 – The milestones of ketchup’s history in the US 10:26 – What were the early days like to compete in a market where the leaders have such a stronghold on the consumer 14:41 – Effective ways to negotiate 14:57 – Getting to Yes: Negotiating Agreement Without Giving In 16:32 – How may stages were there in the early products 19:04 – A look at kaizen and what it means to Scott 20:38 – Scandinavian business principles that they bring to the company 23:40 – As the company has grown, has Scott seen downsides to the stakeholder model especially when competing against larger companies that use the shareholder model 28:19 – How did they use outside capital in getting started 31:07 – What was the most memorable story from the early days of disrupting this legacy industry, especially as it relates to the sales of this product 33:30 – How to Win Friends & Influence People 33:58 – How do you create trust and show the benefits of your product in sales 37:48 – How culture started for the company, how it’s shifted since then and what competitive advantage the right culture creates 41:47 – Some of the best outcomes are the result of mindset and culture 43:28 – What new frontiers is Scott and the company looking at today 51:41 – The power of giving and how it will bring large returns, especially when you don’t expect them as part of the giving 53:04 – They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Book and Movie) 55:37 – Look at Scott’s decision to bike around Asia and what he experienced during that time 1:02:49 – Best advice for someone in their early 20’s Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

Jaksot(573)

Team Ritholtz - The Wu Tang Clan of Finance - [Invest Like the Best, EP.52]

Team Ritholtz - The Wu Tang Clan of Finance - [Invest Like the Best, EP.52]

My guests this week don't need to be introduced. In celebration of the one year anniversary of invest like the best, I asked Josh Brown, Mike Batnick, and Barry Ritholtz to join me for a hour, during ...

29 Elo 20171h 11min

Pat Dorsey - Buying Companies With Economic Moats - [Invest Like the Best, EP.51]

Pat Dorsey - Buying Companies With Economic Moats - [Invest Like the Best, EP.51]

My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few c...

22 Elo 201752min

Jason Zweig and Morgan Housel - Business vs. Investing - [Invest Like the Best, EP.50]

Jason Zweig and Morgan Housel - Business vs. Investing - [Invest Like the Best, EP.50]

My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduc...

15 Elo 20171h 17min

Brad Stulberg - Just Manageable Challenges - [Invest Like the Best, EP.49]

Brad Stulberg - Just Manageable Challenges - [Invest Like the Best, EP.49]

This week's conversation is about performance. More specifically, it is about the ins and outs of steady progress and growth. My guest is Brad Stulberg who coauthored the book Peak Performance, which ...

8 Elo 20171h 4min

Leigh Drogen - Sink or Swim--How to Combine Quant and Traditional Asset Management Techniques - Invest Like the Best, EP.48]

Leigh Drogen - Sink or Swim--How to Combine Quant and Traditional Asset Management Techniques - Invest Like the Best, EP.48]

Several weeks ago my conversation with Leigh Drogen on quant investing proved timely and popular--because everyone in asset management is facing the rise of big data, and the use of data science in in...

1 Elo 20171h 7min

Wes Gray - Compound Your Face Off - [Invest Like the Best, EP.47]

Wes Gray - Compound Your Face Off - [Invest Like the Best, EP.47]

My guest this week is a version of me—a funnier, cooler version who has a PhD and served as an active duty marine. Lots of you will already be familiar with Wes Gray, and those of you who are not are ...

25 Heinä 20171h 24min

Rishi Ganti - Esoteric Assets - [Invest Like the Best, EP.46]

Rishi Ganti - Esoteric Assets - [Invest Like the Best, EP.46]

My guest this week is Rishi Ganti, who invests in what he calls esoteric assets. I'm not sure what to do other than laugh in amazement at his professional credentials -- PhD in economics, CFA, CPA, la...

18 Heinä 20171h 21min

Jerry Neumann - The Deployment Age, Power Laws, and Venture Capital - [Invest Like the Best, EP.45]

Jerry Neumann - The Deployment Age, Power Laws, and Venture Capital - [Invest Like the Best, EP.45]

I am drawn to a group of investors that I call practitioner philosophers. These are people who have gotten their hands dirty in their respective fields, but despite being doers, they still often sit b...

11 Heinä 20171h 31min

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