Great video of Jamie Dimon, currently CEO of J.P. Morgan Chase. A video like this one is one of the huge advantages of the Internet Age. The opportunity to listen, for an hour, to a dynamic and capable CEO telling us exactly what he does and how he does it, is probably unparalleled in history. Similarly, I recently linked to an extended video of Warren Buffet. These videos are pure gold. Endless food for thought. Most of us will never sit in a room with these giants, and yet we can get a sense of the essence of their success, and certainly we can apply much of what we learn from them. Dimon, incidentally, was a protégé of Sandy Weill, whose recent book I reviewed here.
Lessons from the Jamie Dimon interview:
Running a company is a hard job. Days, nights, weekends, even on vacation. This is a common precept of successful people. “Balance” is not something generally practiced at the highest levels of success.
Acquire deep knowledge from all sources, including print sources and “people” sources. Quantity matters. Expect to read virtually every important periodical in your field virtually every day. Have drinks with anyone who might possibly have important knowledge about your chosen field. Think in terms of dozens of people.
Bad companies are bad for obvious reasons. Dirty stores. Redundant systems. Suppliers who rip them off. “Good old boy” networks of inferior managers.
Compared to execution, strategy is near-total B.S.
Be relentless. Battles are not won in a day. Costs are not slashed in a day.Have the energy to fight the important battles over and over and over.
There’s a lot more in this magnificent video. Well worth taking notes.