China, every mention
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tap a year for its mentions
every year anyone David Rosenthal 83Ben Gilbert 63Howard Schultz 11Anthony Gonzalez 9Charlie Munger 8Ben Thompson 7Doug DeMuro 4Morris Chang 3John Bathgate 3Mitch Lasky 2
Verbatim, from the transcripts: the passages where China comes up
Disney: The Renaissance and the Empire · Acquired
- ▶ 1:45:18 David Rosenthal Like China and India.
Ferrari: What happens when you staple a luxury brand to a sports team? (Audio) · Acquired
- ▶ 2:12:08 Ben Gilbert So he goes to start selling in China meaningfully for the first time.
- ▶ 2:12:18 Ben Gilbert China, it was perfectly acceptable.
- ▶ 3:26:46 David Rosenthal China.
- ▶ 3:26:47 David Rosenthal You mentioned it earlier, but, uh, what's going on for Ferrari in China?
- ▶ 3:26:51 Ben Gilbert So what's going on in the auto industry in China?
- ▶ 3:26:55 Ben Gilbert China's car market is being completely upended by inexpensive, high-quality electric cars.
- ▶ 3:27:06 Ben Gilbert This is having a huge impact on brands that expanded into China in the last decade, like we talked a lot about on our, our Porsche episode.
- ▶ 3:27:15 Ben Gilbert But China is only seven percent of Ferrari's sales, down from 10% at its peak.
- ▶ 3:27:22 Ben Gilbert Now, Porsche, on the other hand, China was 33% of their deliveries a few years ago, which has collapsed all the way to 15% and continues to fall.
- ▶ 3:27:33 Ben Gilbert So the question then is, is Ferrari any less desirable today in China than it was five years ago?
- ▶ 3:28:00 Ben Gilbert I think my answers on this are, there are domestic supercars in China.
- ▶ 3:28:10 Ben Gilbert Unless there's a sentiment change where people in China only want to buy domestic supercars, I mean, that's sort of a risk to them.
- ▶ 3:29:06 David Rosenthal If you look, you know, certainly in China, but also in Europe, where Chinese EVs are, you know, invading, everywhere.
- ▶ 3:29:12 David Rosenthal In America, EVs are in a bit of a slump, but in much of the rest of the world, Chinese EVs are dominating.
- ▶ 3:29:21 David Rosenthal So, is Ferrari gonna say, yeah, we're just gonna abdicate all of that, and let the next supercar brands be built around EVs, and probably be built in China?
Formula 1: Fast cars, celebrities, and B2B software (Audio) · Acquired
- ▶ 1:49:35 David Rosenthal Then you have a new set of races, like Bahrain and China, that had just come on.
- ▶ 1:50:45 David Rosenthal And just like Bahrain and China, these are big money deals.
- ▶ 1:54:53 David Rosenthal Let's put this circus on a plane to Russia and China.
The Jamie Dimon Interview: How JP Morgan Became an $800 Billion Bank · Acquired
- ▶ 49:26 Jamie Dimon If we ever get any kind of war where cyber is involved, and China is very good at it, and so is Russia, but Russia is mostly criminal, which is slightly different.
Google Part I: Origins of Search. How the Best Business in Human History Happened (Audio) · Acquired
- ▶ 2:17:59 Ben Gilbert Today, it's half of Google's business, and they even had a business in China for a long time until famously they got into a fight with China that started in
- ▶ 2:18:12 Ben Gilbert Eventually Google finally just withdrew and rather than censoring results in 2010, but basically everywhere that is not China starting in 2001 with Schmidt being like, we need an international business.
Indian Premier League Cricket (Audio) · Acquired
- ▶ 3:47:39 David Rosenthal This thing goes global beyond the traditional cricket-playing countries, and the U.S., maybe China, other countries around the world who historically have not cared about cricket get really into the IPL.
Rolex (Audio) · Acquired
- ▶ 1:38:02 Ben Gilbert They organize these trips to South America, the West Indies, China, Japan.
- ▶ 2:58:47 Ben Gilbert So Hong Kong becomes the powerhouse for inexpensive manufacturing of all of this, along with Taiwan, South Korea, and mainland China.
- ▶ 4:16:41 Ben Gilbert Smartwatches, Timexes, all the stuff that's made in Hong Kong and China.
TSMC founder Morris Chang · Acquired
- ▶ 27:50 Morris Chang However, China ruined it.
- ▶ 27:53 Morris Chang They subsidized the hell out of it.
- ▶ 27:56 Morris Chang And, uh, they now, uh, control that business, solar cells.
TSMC · Acquired
- ▶ 3:35 Ben Gilbert Unbelievably, this company that the entire world relies on is on an island that some countries feel is a sovereign nation, and the People's Republic of China feels is actually theirs.
- ▶ 4:51 David Rosenthal Okay, speaking of, we start in Ningbo, China, in July, 1931, just about one year after Warren Edward Buffett was born in Omaha, Nebraska, and there are going to be quite a few parallels here as we go through this episode, but in July,…
- ▶ 5:49 Ben Gilbert China scale is ridiculous, but certainly wasn't eight million people when Morris was born in 1931.
- ▶ 6:05 David Rosenthal So the family moved around a good bit within China as his father was transferring for work.
- ▶ 6:27 David Rosenthal Then when he was six, the Second Sino-Japanese War breaks out, and Morris and his mom flee the main part of China to Hong Kong, and they go to live in Hong Kong for a few years to escape the air raids and the fighting.
- ▶ 7:06 David Rosenthal So they're in Hong Kong, so they flee again back to China.
- ▶ 47:21 David Rosenthal You know, now it's made in China or made in Vietnam or elsewhere, but made in Taiwan was super low end physical manufacturing stuff.
- ▶ 1:22:21 David Rosenthal Certainly China's talking about this.
- ▶ 1:22:39 David Rosenthal China, of course, wants their own.
- ▶ 1:23:12 David Rosenthal China, you know, they're asking the question, like, the, well, China could just spend a billion dollars and do this, create their own fabs, and they're doing this.
- ▶ 1:24:04 Ben Gilbert So the reason that some people can't get their hands on the ASML equipment is because the Netherlands did not renew their trade agreement with China.
- ▶ 1:24:30 Ben Gilbert Uh, maybe let's not sell that to SMIC in China, and so they're not doing that.
- ▶ 1:59:12 Ben Gilbert Capitalize geopolitics discussion, because I was thinking about the other way that TSMC could fail would be that China decides the moment is right to go and assert our force and take over Taiwan.
- ▶ 2:02:03 David Rosenthal And they have operations in China, I believe, too.
- ▶ 2:03:00 David Rosenthal I mean, this is a scary, scary future to contemplate, and I hope to God it doesn't happen, but really the thought exercise here is what would happen if China annexes Taiwan tomorrow.
- ▶ 2:05:17 David Rosenthal You know, maybe it's the same, like China's right there, but this isn't actually going to happen, but I don't know.
Mars Inc. - The Chocolate Story (Audio) · Acquired
- ▶ 2:55:43 David Rosenthal The brothers take them to Japan, China, Russia, the Middle East, South America.
IKEA (Audio) · Acquired
- ▶ 7:54 David Rosenthal It's not China.
- ▶ 2:04:38 David Rosenthal In the spring of 1998, they enter China.
- ▶ 2:04:41 David Rosenthal They expect that China will become a, obviously, a huge, huge market for them, which it does.
- ▶ 2:35:40 Ben Gilbert Experience-oriented shopping centers across Europe and China, and more are on the way.
- ▶ 3:13:10 Ben Gilbert It's hard to compete globally on EVs since the US and China are becoming pretty fragmented ecosystems.
Meta (Audio) · Acquired
- ▶ 5:29:42 Ben Gilbert So according to the UN, last year, there were 5.4 billion people online.
- ▶ 5:29:53 David Rosenthal And Meta does not include China.
- ▶ 5:30:00 Ben Gilbert China alone is 1.4 billion.
- ▶ 5:30:02 Ben Gilbert And while this isn't, like, totally exact, I think you just apply the same multiple to China and say, well, two thirds of humans are online, two thirds of China is online.
- ▶ 5:30:09 Ben Gilbert So that means that there's nine hundred and forty million people online in China.
- ▶ 5:30:16 David Rosenthal I think you could probably argue a much higher percentage of China is online.
Acquired LIVE from Chase Center (with Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg) · Acquired
- ▶ 57:37 Emily Chang Well, Russia maybe, but that's complicated, and we don't even know if China could dock at the ISS.
Starbucks (with Howard Schultz) · Acquired
- ▶ 2:40 Ben Gilbert They're even huge in China, a country that didn't consume very much coffee until Starbucks arrived.
- ▶ 1:37:53 Ben Gilbert What's the calculus on entering China, and did you realize it could become such a pillar of the company like it is today?
- ▶ 1:38:27 Howard Schultz We entered in a partnership in China early on that was not successful, did not share our values, and we got out, and ended up going.
- ▶ 1:38:41 Ben Gilbert And so you, the, that was, that was legal to do that, to be an American-owned company operating in China.
- ▶ 1:38:47 Howard Schultz Yeah, but we struggled in China for almost a decade.
- ▶ 1:38:52 Howard Schultz There was tremendous pressure inside the company of close China.
- ▶ 1:39:08 Howard Schultz Belinda was working, she started with Starbucks in Singapore, but she was working in Hong Kong, we were open in Hong Kong, and, uh, I, I saw something in her, it was just extraordinary operator, and had a touch with people, and I said, and…
- ▶ 1:39:43 Howard Schultz But she changed the course of history for Starbucks in China.
- ▶ 2:14:58 Howard Schultz That's why when I came back from China, what I said was, I just want to say something about China and the U.S.
- ▶ 2:15:18 Ben Gilbert I want to pick up the thread on China now that we're sort of into the 20 tens.
- ▶ 2:15:23 Ben Gilbert This decade saw huge, ridiculous growth in China store openings.
- ▶ 2:15:36 Ben Gilbert And there was a stat that was reported that a new store opened in China every 15 hours in 2017.
- ▶ 2:15:51 Howard Schultz China presented
- ▶ 2:16:54 Howard Schultz You can't have people in Starbucks in Seattle designing the breakfast menu who have never been to China.
- ▶ 2:17:11 Howard Schultz So I wanted to centralize China.
- ▶ 2:17:31 Howard Schultz She single-handedly built the China business.
- ▶ 2:17:35 Ben Gilbert Today, 18% of Starbucks' revenue is China.
- ▶ 2:17:43 Howard Schultz John and I have been to China almost every quarter during the building years of turning it with her, and all the government meetings to tell the Starbucks story, and, and then we did things in China disruptively.
- ▶ 2:27:48 Ben Gilbert 39,000 stores globally in 86 countries, almost half of which are in North America, 18% in China, and, ah, about half of those are licensed franchise, and half are company operated, and so while we're not, you know, you, you mentioned we…
Hermès (Audio) · Acquired
- ▶ 1:44:22 Ben Gilbert Then they'll observe the rising upper middle class of China, so they'll go there in present day.
- ▶ 2:16:37 David Rosenthal So the story is that Accel really wanted to go work in China, and so he goes into investment banking after undergrad.
- ▶ 2:17:05 David Rosenthal He works first in China and then in New York for Bay and Pay Paribas.
- ▶ 2:17:15 Ben Gilbert And he's an expert on this pretty interesting luxury market in the next 20 years China.
- ▶ 2:26:16 David Rosenthal Luxury brand and company in China called Shang Shia.
- ▶ 2:26:28 David Rosenthal And the idea is that the Chinese market is so big and so important to Hermes.
- ▶ 2:26:33 David Rosenthal They're going to lend the Hermes brand to this new brand that is going to have Hermes principles, but take traditional Chinese craftsmanship of which there's a long multi-thousand year history of
- ▶ 2:27:18 David Rosenthal And I think this is especially true in China.
- ▶ 3:10:22 Ben Gilbert Which I think is very China-focused.
- ▶ 3:11:19 Ben Gilbert So there's all this talk about China and luxury today.
- ▶ 3:11:59 David Rosenthal AKA China.
- ▶ 3:12:20 David Rosenthal So I actually looked into that, I was like, huh, yeah, the rest of Asia, you know, again, aka China, is 48% of the business.
- ▶ 3:12:26 David Rosenthal But on a per capita basis, Japan buys twice as much Hermes as China.
- ▶ 3:12:34 David Rosenthal Japan is, I believe, around a 10th of the size of China, and is 10% of Hermes sales versus 48% for rest of Asia.
- ▶ 3:12:50 Ben Gilbert I will say that you listen to management commentary, Hermes is very excited about China's middle class, and they have done a really good job skewing younger there.
- ▶ 3:12:59 Ben Gilbert 80% of clients in China are below 40.
- ▶ 3:13:10 David Rosenthal China's been big for the whole luxury industry over the last decade plus, but the past few years, particularly the last two years, China has been real tough for the luxury industry, and yet Hermes is still growing there.
- ▶ 3:35:04 David Rosenthal That audience is forty-plus percent China.
Visa (Audio) · Acquired
- ▶ 1:27:06 Ben Gilbert I mean, that is the dominant way of payments flowing in China.
- ▶ 3:22:01 Ben Gilbert To the extent that super apps actually happened in the US the way that they did in China, we would be telling a very different story.
- ▶ 3:22:53 David Rosenthal The two things I would want to investigate on the could what happened in China happen here?
- ▶ 3:22:58 David Rosenthal One, just the build out of infrastructure happened more concurrently in China, like payments infrastructure is already built out here.
- ▶ 3:23:05 David Rosenthal Technology infrastructure got built out afterwards, whereas it all happened all together in China.
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