From the course: The Secret to Better Decisions: Stop Hoarding Chips

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Western Union and Random House

Western Union and Random House

From the course: The Secret to Better Decisions: Stop Hoarding Chips

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Western Union and Random House

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- If you look at a company like Western Union back in the day. So Western Union was famous for having a monopoly on the telegram business. Telegrams were really, really good business. They were making a lot of money every day. You went to work for Western Union because you liked working for a stable, monopolistic company that was succeeding. They had a chance to buy the patents in the telephone. They had a chance to become AT&T, and they said, "No." The reason they said no is they liked being Western Union. And they didn't think it was worth trading in any of the chips that they had worked to earn for a chance to build something new. And so they walked away from it. Or let's consider my friends at Random House. Random House, biggest book publisher in the United States. Random House succeeds every day making something they're proud of, selling it to people they like to sell to, bookstores. They're in the book business. But…

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