August 2026 Magazine
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Monthly magazine for August 2026

John D Rockefeller has a case for being among the greatest businessmen ever (many strong cases have also been made regarding anti-competitive monopolistic practices that led to new regulations on how American business is conducted). Shane Parrish covers how he did it in a 3 hour heavily researched podcast - a few highlights below.

1) Quick summmary on his accomplishments:

  • Founder in one of the world's key industries (oil refinement)
  • Grew it to the largest company in world, while helping build out the surrounding infrastructure 
  • Created an organization that could function and flourish without him 
  • Philanthropically invested the results with an enormous and lasting impact

2) "The most important decision in poker is what table you sit at"

  • Rockefeller started Standard Oil in Cleveland. Why did Cleveland prove to be such an advantage over competitors? Pittsburgh was closer to the Pennsylvania oil fields and New York was closer to the customers, but Cleveland had water. It sat on Lake Erie, with the Erie Canal feeding east and the Great Lakes opening west.
  • Water freight was cheap—far cheaper than rail. Rockefeller could float his oil to market for around half of what a railroad charged. And critically, he could use either railroads or water. They built themselves into a position where they could not be pinned down by any one transportation provider.

3) Moved (very very) fast when there was a rare opportunity during a financial crisis 

  • In four weeks in 1972, standard oil bought out 22 of Cleveland’s 26 refineries. In one two-day span they bought six. Historians called it the 'Cleveland massacre'. Offered all stock in the new company or cash - most took the cash. 

4) It was not easy 

  • “For years on end I never had a solid nights sleep”.
  • Around 40, was losing weight and wrote to his mom he was eating a lot of celery because it was “supposed to help with nervous difficulty”.

5) Comprehensive and impactful philanthropy

  • To really understand this part of Rockefeller’s legacy, read this incredible piece on Frederick Taylor Gates, the critical person behind much of his philanthropy and one of the world's great "unsung heroes"
  • Built the first modern medical/health schools, which in turn have had titanic impact on public health
  • Built the campaign that all but eradicated yellow fever from the Americas. Took on hookworm when roughly 2 of 5 Southern children carried it at the time. Money was levered to get state governments moving. Half a million people were treated. Then took the hookworm fight worldwide to 52 countries
  • University of Chicago silent founder with $35 million donation; and made major contributions to multiple minority colleges. Helped bring 800 Southern high schools into existence
  • Rockefeller foundation still making major and impactful contributions over a century later