Episode description
Episode description
Welcome to the second part of our interview with the amazing Joe Mansueto.
Joe is the founder and former CEO of Morningstar, a financial services and investment research firm that is one of the most recognized companies in finance. It provides investment research and investment management services to many millions of people around the world.
If you haven't yet listened to part one, be sure to check that one out first
00:55 The importance of parental support
- Joe’s dad was buying saving bonds for his children for years
- He gave the accumulated money to Joe to start his business
- Joe made sure every dollar was spent wisely
05:07 Can parents give proper advice to children in today’s business environment?
- You should listen to your own instincts
- But also take into account your parents’ advice
09:06 The importance of cold calling
- You learn about perseverance, handling rejection, processing, and not taking it personally
- Cold calling is a very valuable skill to have
13:40 Bootstrapping and raising money
- Entrepreneurs should not raise a lot of money if they can avoid it
- Subscription model for Morningstar
- The pressures of raising outside money
20:11 Becoming rich should not be your primary goal
- Joe is more about independence, creativity, and autonomy
- One of the byproducts is building wealth
- His goal was to build a viable, enduring, independent company, that would survive for a very long time
- You should want to make money, but not at all costs
23:42 Joe’s soccer investments
- Wanted to diversify his investments
- Loves soccer and it became his passion
- Bought MLS team in Chicago
28:37 The importance of Extreme Preparation
- Preparation is essential
- Importance of understanding the client and his needs
- If you can move the needle for a company, any company will hire you
- Show the company how you can add value to it
33:26 Reaching out to successful people
- Trust your gut and do something that no one else does
- People are much more accessible than you think
- Successful people want to help and give back
36:56 The responsibility of giving back
- Giving back is important
- Finding meaningful ways of giving back
39:20 The pressure of giving money and being generous
- We shouldn’t judge others on their philanthropy
- Joe signed a giving pledge to set a good example
- Most wealthy people are trying to make the world a better place
42:56 Fill in the blanks to excellence
- Joe's biggest lesson in life
- Joe's number one pro
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