How to Succeed in Business and Politics | Wilbur Ross (39th Secretary of Commerce)

Here’s a draft of your podcast show notes based on the Wilbur Ross episode:A Note from James: Wilbur Ross, the man, the myth, the legend. I’m going to be honest, back in 1999, I remember playing a lot of poker at the Mayfair Poker Club in New York City. There was a guy there who worked for Wilbur Ross, who was running huge private equity funds back then. I was jealous because I wanted to work for Wilbur Ross. He’s been a consistent feature in building businesses decade after decade. Most recently, he served as Secretary of Commerce for all four years of the Trump administration. Now, Wilbur has a new book out called Risks and Returns, about his 55-year career building businesses and his experiences in government. So, I can’t believe I had the chance to talk with him about this incredible journey.Episode Description: In this episode, James sits down with Wilbur Ross, one of the most influential business minds of our time. From running one of the largest private equity funds to serving as Secretary of Commerce, Ross has been at the epicenter of some of the most significant economic shifts in modern history. Wilbur shares his insights on building businesses, navigating the complexities of government, and his views on the current economic landscape. His new book Risks and Returns offers a unique glimpse into his 55-year career, and this conversation is filled with the kinds of practical insights that entrepreneurs and investors won’t want to miss.What You’ll Learn:The keys to Wilbur Ross’s long-term success in business and government.How the American bankruptcy system aids in company rehabilitation, rather than liquidation.The challenges and opportunities around rare earth minerals and the semiconductor supply chain.Why labor force participation is crucial to economic growth and reducing inflation.How government fiscal policy and the Federal Reserve's actions contribute to inflation.Timestamped Chapters:[01:30] Introduction to Wilbur Ross’s career and private equity legacy.[04:37] The scope of the Secretary of Commerce's responsibilities.[06:41] The innovations Elon Musk has brought to the space industry.[13:19] Wilbur’s early career challenges and lessons learned.[20:20] Wilbur's approach to distressed industries and investment strategies.[32:15] How the government prints money and its role in inflation.[45:14] The national security threat posed by rare earth minerals and semiconductors.[50:26] Reflections on the Trump administration and Trump's unique approach to foreign policy.Additional Resources:Risks and Returns by Wilbur Ross ------------What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air! ------------Visit Notepd.com to read our idea lists & sign up to create your own!My new book, Skip the Line, is out! Make sure you get a copy wherever books are sold!Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltuchershow.com ------------ Thank you so much for listening! If you like this episode, please rate, review, and subscribe to “The James Altucher Show” wherever you get your podcasts: Apple PodcastsiHeart RadioSpotify Follow me on social media:YouTubeTwitterFacebookLinkedIn