Bob Iger’s Masterclass

Bob Iger is the executive chairman of the Walt Disney Company. In his Masterclass, he discusses his philosophy on leading one of the most prestigious companies in the world.

He begins by detailing his routine. He always takes advantage of the mornings and carves time to sit down and think. If you are a morning person, that’s the time when you have the highest energy. He likes to wake up extremely early, around 4:30 AM, and exercise. He listens to music and thinks about his day. It is a very creative moment for him.

He arrives at the office around 6:30 AM before anyone arrives and makes coffee. Bob lives by the saying: “The early bird catches the worm.” He goes home early, about 5:30 PM, joins his family for dinner, and around 8:00 PM works a little more. He needs alone time without interruption to think better. Every night he tries to reflect on his days and his accomplishments.

Before starting work, he makes a checklist of the day’s tasks. Then, he ponders about the priorities of the company. Usually, the focus of the majority of the companies is how to make the products or services better.

In the 2000’s he was a candidate to become the company’s CEO. He consulted with friends and realized he was in a political campaign. He concluded he had to define the company’s priorities and sell his ideas with a clear message to all board members. At that level, most of your work will involve communications skills, so make sure to develop them.

Before meeting the board members, he developed a strategy centered on creating great content. He found a way to correlate the company’s success with the success of the content creation engine of the company.

Bob set out to improve the content by acquiring Pixar. Unfortunately, the previous CEO did not have a good relationship with Steve Jobs, Pixar’s CEO at that time. His first task as CEO was to repair that relationship, and he did.

He talked to Steve, visited Pixar, and one day he called Steve Jobs and said, “I got a crazy idea.” It was Disney’s buying Pixar. Steve invited him to Apple’s headquarters and wrote down the pros and cons on a whiteboard. The cons outnumber the pros by a lot, and Bob thought the deal would not happen, but Steve said the few pros were much more important than the cons. 

Steve was preoccupied that the acquisition would kill Pixar’s culture. Bob assured him he would not let it happen. He was acquired many times before while working at other companies and knew how to maintain a culture. It is essential to respect the value of the culture.

You need to explain clearly what do you expect from people. Always strive for perfection and improve the product consistently. Have face-to-face meetings with the leaders of the company. The job of a leader is to define, share, reinforce, and repeat the company’s strategic priorities. Clarity is of utmost importance.

You should be keenly aware of the evolution of the market. A company that maintains the status quo in this dynamic world is bound to become obsolete. Gather data of what is happening and take big swings towards the future.

Identify problems and develop solutions. Talk to people at every level of the company, and let them pour their hearts out. Trust your instincts when leading the company. Enable your team to do their best work.

Bob was excellent at making acquisitions. He details how Disney acquired major brands and gives some tips. 

Deals must close quickly. Act fast to prevent the other side from developing cold feet. Leave stuff at the table to make others feel good and focus on closing the deal. The value created from an acquisition must be much larger than what you left on the table. You must fully understand the desires of the other parties. Make the other side feel like a winner. In a deal, you must both win.

Think deeply about brands. The brand must stay true to the core principles but adapt to the change.

A great example is Disney’s princesses. In the past, princesses were not happy unless a prince charming came to defend them. Now with frozen, for example, the princess is helped by her sister, staying strong by themselves.

Be skeptical about data; they always give an incomplete picture. People don’t know what they want. You need to trust your instincts. Listen to your gut.

Immerse yourself in the marketplace. Meet your customers. Interact and ask tons of questions. Listen with focus.

Taking significant risks is the surest way to success. If you fail, fail while daring greatly. Make sure to not withdraw and hide after failure.

Pay attention to new technologies and find a way to help your business grow. Always try to disrupt yourself. Change is inevitable. Experiment at the forefront constantly.

Curiosity is essential for growth. Make sure to separate time for meeting new people, going to new places, and trying new things. Curiosity is the root of innovation.

Give credit when people own their mistakes. However, if they show a massive lack of judgment, do not give them a second chance. Instead, punish harshly and fast.

A great leader is authentic, direct, optimistic, and decisive. However, they don’t take themselves too seriously. Indecisiveness lowers everyone’s morale. Great leaders talk about a brighter future. Optimism is contagious.

Bob was on the board of a company with Warren Buffett, and Warren argued a leader must have: brains, energy, and integrity. If they didn’t have integrity, that would mean a lot of problems.

I highly recommend Masterclass to improve various skills. It is an online platform of curated courses given by the highest performers globally.

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Book Review: Developing My Life

The book, Developing: My Life is about the life of real estate developer William “Bill” Zeckendorf Jr. He was a pioneer who helped revitalize neighborhoods in New York and Santa Fe, New Mexico.

He developed many New York projects until 1987, when the stock market crashed and left him in a terrible financial situation. After that, he moved to Santa Fe, New Mexico, where he continued real estate development. In Santa Fe, he was involved in community affairs with universities, hospitals, performing arts, and more.

Bill’s strength and focus was in structuring the project, which means envisioning a project, buying the land, choosing an architect, securing financing, hiring contractors, and placing a team that would follow through.

This book talks a lot about generations. His father, William Zeckendor Sr. was one of the biggest and most famous developers in the United States. His two sons have a billion-dollar real estate development business. His grandchildren are almost all involved in real estate.

Real estate development is a craft where the most common path to get in is by apprenticeships through family businesses. It is tough to get into the business because you need a lot of capital, expertise, and connections.

Development is slow, and having many projects under your belt might take decades. This book helps you identify some patterns and learn from someone who was once the most active developer in New York—one of the world’s most sophisticated markets. I recommend this book to people who want to improve their judgment on real estate development or better understand how cities get built.

Bill’s life story is full of warning tales. It demonstrates how someone so knowledgeable in real estate can make small fortunes in many projects but lose their shirt when a deal goes sour or when the market dries up. In the last chapter, “Summing Up,” Bill opened up on what happened to him and his father, explaining the concept of “developer’s disease.”

“After suffering with my father through the demise of his company and personal bankruptcy, I was determined never to let that happen to me. Still, many years later, I, too, succumbed to what ultimately took him down. I call it developer’s disease.

Developer’s disease is a rare but highly contagious condition that afflicts certain developers. They hire the best architects. Their projects are the most admired. They’re financially very successful. They start with one project at a time. Then one project grows into another and another until they have many projects—some would say too many—underway. They begin to take on the most difficult projects, not just to put up buildings but remaking whole neighborhoods. Their goal is no longer making money; it’s being a savior. And they are treated royally for their pains. Based on their sterling records, financial institutions rush to provide money, and investors clamor to partner on their projects. And then, just as these developers are riding high, invincible, a deal goes sour or the market turns, and their luck runs out. Developer’s disease mows them down.

That’s pretty much what happened to me. After a cautious start in the 1970s, by the middle of the 1980s, I was the busiest developer in New York City, with a full plate of deals in progress and a full-blown, if undiagnosed, case of developer’s disease…

…Were I to make my career over, I might undertake fewer projects, juggle fewer balls, and steer clear of personal guarantees. But I wouldn’t for a second choose another field. I can’t think of anything more challenging, more satisfying, more frustrating, and more fun than real estate development.”

Favorite quotes:

“Bill would chase a deal, secure financing, and then pore over the plans with the architect. But as soon as the first shovel hit the ground, he moved on to the next deal.”

“One of the challenges in a renovation is something most people don’t think about: you have little control over the construction workers. When a new building goes up, construction proceeds in an orderly fashion, floor by floor. The floors’ sides remain open, so you can readily see who’s doing what, and where and when. But in renovations, workers are hard to track; they are all over the building at any given time. We found that some of them were hiding in rooms, literally sleeping on the job.”

“These things happen: projects that look good on paper for one reason or another don’t pan out.”

“Big is key for turning around a decaying neighborhood. A small building won’t change anything; the infusion of high-quality new apartments must be sufficient to upgrade the available housing stock.”

“As a further amenity—one not offered before in a New York apartment building—the one and two-bedroom units were laid out so they could be combined easily into larger apartments. This provided to be an effective marketing tool, and designing interiors so the apartments could be readily joined became a Zeckendorf trademark.”

“For me, the thrill of developing was not in watching a building go up: I seldom spent any time on job sites, leaving construction supervision to my project managers. My passion was putting together the deal. I loved every aspect of it: finding a property, assembling a site, securing financing, hiring an architect, and working on the plans. Once we broke ground, I was happy to turn over day-to-day supervision, only stepping back in if a problem arose or we needed more financing.”

“Most developers like to hold on to commercial buildings, leasing out the office space as an ongoing source of income. However, I didn’t want to be a landlord any more than I wanted to be a hotelier and preferred the business model of our residential condos: sell off the individual units as quickly as possible and get out.”

“With apartment sizes ranging from studios to two bedrooms, the Vanderbilt was aimed at younger buyers. To attract this market, we put in a state-of-the-art health club with a swimming pool, sauna, and basketball and squash courts.”

“Building apartments near a hospital center is good for business: doctors welcome the convenience, and buyers find it reassuring to have a top-flight medical care close at hand.”

“Big projects take more time and money and involve more parties. All of that ups the ante. In executing the four biggest projects of my career, I discovered the many ways a project could go right—or horribly wrong.”

“The terms were stiff, however, and we had to make personal guarantees on the loan. I always tried to avoid personal guarantees: if you put up personal assets as collateral and the project runs into trouble, you risk losing your assets.”

“Negative opinions come with the territory: developers automatically get a bad rap because what we do inevitably means change.”

“A complicated project can easily take ten or more years to come to fruition, exposing the developer to uncontrollable changes in market conditions.”

“The key to a successful assemblage is to keep your intentions quiet. You don’t want to tip your hand and have other developers swoop in and tie up parcels you’re after. Nor do you want the owners of the lots to jack up the prices, or rent-controlled tenants to stick you up for exorbitant relocation fees.”

“And we were a full-service organization, not merely developing our own properties as a managing partner with equity but also offering our expertise as project managers.”

“Between New York and Santa Fe, I had more than a dozen projects in the works when the stock market crashed in 1987. I was leveraged to the hilt, and it was only a matter of time before I ran aground.”

“Unless a developer has very deep pockets or a large portfolio of properties, leverage is the only way to finance a deal. I seldom financed a project alone. Having multiple partners allowed me to share the risk, but also meant sharing the returns. And often, it meant taking my money out to invest it in my next venture before I could reap the profits.”

“Inevitably, if a project is going to make a big impact on a community, somebody is bound to oppose it.”

“I learned a long time ago not to assume that anything is impossible.”

“And while my father and I usually had half a dozen or more projects underway simultaneously, my sons concentrate on one or two buildings at a time.”

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Book Review: Elon Musk’s Biography

Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance

This book is a chronological story about the life of Elon Musk, one of the greatest businessmen of our generation. The book starts with his grandfather’s adventures. It follows on the family history up to Elon’s birth after the book zooms in every aspect of Elon, his childhood, his environment, his education, his relationships, and the founding of his companies Zip2, PayPal, SpaceX, and Tesla.

The author, Ashlee Vance, is an American business columnist focused in the tech world. He is the host of the Bloomberg series Hello Word, where he reports on the tech scene across the globe. For this book, he did many interviews with Elon, his family, friends, employees, ex-employees, investors, etc. The book is full of anecdotes and does not hold back when there is an adverse opinion, which, unsurprisingly, often comes from ex-employees and ex-wife. There are many quotes, stories, and emails straight from Elon too. Ashlee breaks down Elon’s motivations, action and then provides an excellent synthesis about why Elon Musk can do what he does.

This book is excellent for studying patterns of new innovative companies. It focuses on the chaos, drama, and uncertainty of a new venture. It also details Elon’s work ethic, his passion, resourcefulness, and the growth mindset necessary to execute essential things. 

Elon often reflects on past mistakes and explains his philosophies on company building. Some lessons learned are:


His grandfather, Haldeman, was an eccentric adventurer and a vital businessman who became a model for Elon. Haldeman had an airplane and was the first private pilot to get from Africa to Australia. After creating a fortune in Canada, he sold everything and moved to South Africa, where Elon was born in 1971. Elon says that he got his tolerance for risk from his grandfather. His grandmother was the first chiropractor in Canada. 

When he was young, according to his brother Kimbal, Elon usually read for up to 10 hours a day. Elon programmed and sold a space video game when he was 12 years old. There are some anecdotes of him being a strong advocate of solar energy. He has dedicated his life to the passions he had as a child. 

Science fiction and video games influence how he views himself, he says in the book, “Maybe I read too many comics as a kid. In the comics, it always seems like they are trying to save the world. It seemed like one should try to make the world a better place because the inverse makes no sense.”

At age 14, Musk had a full-on existential crisis, which is common amongst gifted people, but surprising in how young he was. He read a bunch of philosophies, and his conclusion was, “The really tough thing is figuring out what questions to ask. Once you figure out the question, then the answer is relatively easy. I came to the conclusion that really we should aspire to increase the scope and scale of human consciousness in order to better understand what questions to ask. The only thing that makes sense to do is strive for greater collective enlightenment.”

He had a really tough childhood. He was severely bullied in school and at home by his father. He credits his ability to handle the pressure. This resulted in him wanting to leave South Africa as soon as possible. He regarded the United States as the land of opportunity, so he returned to Canada to find a way to go to the US. He arrived in Canada at age 17. He studied there for two years at Queen’s University and then transferred to the University of Pennsylvania, where he graduated from economics and physics. 

He interned in a startup in San Francisco and then moved there after graduation. He founded a company called Zip2, which was the first type of internet map. Subsequently, Compaq bought Zip2, and he got 22 million from the sale at age 27. With that, he founded, which later merged with PayPal and ultimately took that name. He was fired as CEO while being the largest stakeholder. 

After that, he started to study Space and moved to Los Angeles because there was a mature aerospace industry with lots of talent, thus showing the importance of founding the right company in the right place with the right talent.

In the meanwhile, eBay bought PayPal for 1.5 billion, and Elon received 180 million of it at age 31. After that, he invested almost everything he had to SpaceX, Tesla, and SolarCity. Around 60% of this book is about the ups and downs of SpaceX and Tesla, where he was CEO and dedicated most of his time.

When Elon started to study the space industry, he was shocked about the low ambitions of NASA because they had no plan to go to Mars and old technology. Elon wanted to reignite their dreams and started to devise a project to send plants to Mars. After organizing many conferences with the top people in the industry, the plan evolved to create a company that reduced the cost of space exploration and eventually colonizes Mars.

SpaceX was founded in 2002. As expressed in their website, “SpaceX designs, manufactures and launches advanced rockets and spacecraft. The company was founded in 2002 to revolutionize space technology, with the ultimate goal of enabling people to live on other planets.” The book goes into detail on the first four launches, detailing the failure of the first three, the success of the fourth one, and how Elon managed the whole situation and pushed the company forward.

Tesla was founded one year later in 2003 with the mission to accelerate the world’s transition to sustainable energy. At the beginning of the company, he got some cofounders, which he later fired, and explains how he got the talent needed to create electric technology, the development of the prototype, the roadster, and the problems that arose from taking the prototype to market. 

He was also Chairman and the largest stakeholder of SolarCity, which became the biggest installer of solar panels in the country. His cousins started it. The book barely talks about SolarCity.


Elon’s life story leaves you reflecting on the impact you are doing with your life. He makes anyone feel small, but that is a good feeling because he inspires you to think bigger, be more ambitious, and excited about the future.

This is one of the fastest books I have ever read. I highly recommend it. If you buy it, it would probably be best to buy it on kindle so you can update it without additional costs. 

Quotes that made me ponder 

“He opened up about the major fear keeping him up at night: namely that Google’s co-founder and CEO Larry Page might well have been building a fleet of artificial-intelligence-enhanced robots capable of destroying mankind. ‘I’m really worried about this,’ Musk said.” — Ashlee Vance

“Each one of his businesses is interconnected in the short term and the long term. Tesla makes battery packs that SolarCity can then sell to end customers. SolarCity supplies Tesla’s charging stations with solar panels, helping Tesla to provide free recharging to its drivers. Newly minted Model S owners regularly opt to begin living the Musk Lifestyle and outfit their homes with solar panels. Tesla and SpaceX help each other as well. They exchange knowledge around materials, manufacturing techniques, and the intricacies of operation factories that build so much stuff from the ground up.” — Ashlee Vance

“One former SpaceX executive described the working atmosphere as a perpetual-motion machine that runs on a weird mix of dissatisfaction and eternal hope. ‘It’s like he has everyone working on this car that is meant to get from Los Angeles to New York on one tank of gas. They will work on the car for a year and test all of its parts. Then, they set off for New York after that year, all of the Vice Presidents think privately the car will be lucky to get to Las Vegas. What ends up happening is that the car gets to New Mexico — twice as far as they expected — and Elon is still mad. He gets twice as much as anyone else out of people.’” — Ashlee Vance

“The way Elon talks about this is that you always need to start with the first principles of a problem. What is the physics of it? How much time will it take? How much will it cost? How much cheaper can I make it? There is this level of engineering and physics that you need to make judgments about what’s possible and interesting. Elon is unusual in that he knows that and he also knows business and organization and leadership and governmental issues.” — Larry Page, Co-founder of Google

“I don’t think we are doing a good job as a society deciding what things are really important to do. I think like we are just not educating people in this kind of general way. You should have a pretty broad engineering and scientific background. You should have some leadership training and a bit of MBA training or knowledge of how to run things and organize stuff and raise money. I don’t think most people are doing that, and it’s a big problem. Engineers are usually trained in a very fixed area. When you are able to think about all of these disciplines together, you kind of think differently and can dream of much crazier things and how they might work. I think that’s a real and important thing for the world. That’s how we make progress.” — Larry Page

“I think there are probably too many smart people pursuing Internet stuff, finance, and law. That is part of the reason why we haven’t seen as much innovation” — Elon Musk

“I would like to die thinking that humanity has a bright future. If we can solve sustainable energy and be well on our way to becoming a multi-planetary species with a self-sustaining civilization on another planter — to cope with a worst-case scenario happening and extinguishing human consciousness — then I think that would be really good.” — Elon Musk

“There is a fundamental problem with regulators. If a regulator agrees to change a rule and something bad happens, they could easily lose their career. Whereas if they change a rule and something good happens, they don’t even get a reward. So, it’s very asymmetric. It’s then very easy to understand why regulators resist changing the rules. It’s because there’s a big punishment on one side and no reward on the other. How would any rational person behave in such a scenario?” — Elon Musk

“The objective of a company should be — what delivers fundamental value. I think it’s important to look at things from a standpoint of what is actually the best thing for the economy.” — Elon Musk


Many things have happened since the publication of this book in 2015:

Additional Links

If you want a deep dive on Elon Musk and his companies, I highly recommend The Elon Musk Post Series on

I also recommend Joe Rogan’s conversation with Elon Musk in Sept 2018 and May 2020.