Lecture Notes: The Art of the Deal by Donald J. Trump

Introduction

• Donald Trump introduces the audiobook version of his book, "The Art of the Deal," originally published in 1987.
• The book covers his early life, work in Brooklyn, and then Manhattan, including projects like the Grand Hyatt Hotel, Trump Tower, and Wollman Rink.

Key Themes and Concepts

Deals as an Art Form

• Trump views deals as his art form, similar to painting or poetry for others.
• Emphasizes the importance of big deals for personal satisfaction.

Work Philosophy

• Trump prefers a flexible and unstructured work routine.
• He believes in coming to work without a strict schedule to see what develops spontaneously.
• Emphasizes the importance of being imaginative and entrepreneurial.

Daily Routine

• Trump starts his day early, around 6 AM, and reads morning newspapers.
• His workday involves numerous phone calls and meetings, often unscheduled and short.
• He rarely stops for lunch and continues working from home.

Week in the Life (Selected Highlights)

Monday

• Discusses a potential takeover of Holiday Inns.
• Advises a political friend on sticking with Governor Cuomo.
• Involvement in a media event to help a family in Georgia.

Tuesday

• Looks into purchasing the Beverly Hills Hotel.
• Considers selling Holiday Inns stock and discusses strategic options.

Wednesday

• Press conference for Wollman Rink garners significant media attention.
• Continues negotiations for theater spaces and real estate deals.

Thursday

• Discusses the potential political fallout with Abe Hersfeld.
• Deals with markets and considers the impact on his stock holdings.

Friday

• More meetings on the West Side Yards project.
• Concludes the week with a sense of satisfaction and reflects on upcoming projects.

Reflections and Insights

Business Strategy

• Trump emphasizes the importance of flexibility and keeping options open.
• He discusses the significance of leveraging strengths and using bold promotions.
• Believes in delivering quality and containing costs while having fun in the process.

Personal Philosophy

• Trump values loyalty and toughness.
• He stresses the importance of fighting back against unfair treatment.
• Advocates for thinking big and protecting the downside in any deal.

Real Estate and Market Trends

• Observes shifts in architectural trends and adapts his projects accordingly.
• Uses successful projects like Trump Tower to leverage future deals.

Conclusion

• Trump reflects on a week filled with diverse business dealings.
• Highlights his approach to balancing risk, creativity, and business acumen.
• Prepares to pursue new opportunities with a focus on giving back and continuing to make big deals.