Ingvar Kamprad

“This is, I think, and Ingvar thinks, and he writes this is the very first time anywhere in the world that a mail order business is combined with a physical showroom.”

“Sweden, at the time, had high and rising wealth and inheritance taxes. So, inheritance taxes for large estates, of which The comp rad and estate and Ikea as an asset would definitely be one was over 60%. And on top of that, there was an annual wealth tax in Sw…”

“The even more amazing thing is he codifies this into the official policy of the company, which is we must have at least, at first it's 10 quote unquote hot dog products across the range. He later ups it to 20, and it's, yes, it's like the lack table. It's an i…”

“And that, listeners, is the only capital that ever goes into Ikea. That is the only money that Ingvar would ever raise.”

“Ingvar is going to buy the building for 13,000 kroner, which is about 2500 dollars at the time. We're here in like early 19 fifties. So, you know, not cheap, but not that much money. And that 2500 dollar investment Becomes the first Ikea showroom.”

“In fact, the first employee of IKEA was A Jewish refugee who had fled Austria in 1943.”

“I mean, the man lives to be 91. He clearly didn't think he was going to live to be anywhere near that age. And the stories we heard of him visiting stores, being super engaged in board meetings, making decisions, making product decisions up until the last week…”

“How its founder became the eighth wealthiest person in the world before shifting his ownership into a foundation”

“He names it his name and his mailing address. Ingvar Kamprad Elmterud Agunyard. I-K-E-A. IKEA.”

“At this point, he's running an actually incredibly capital light business. Most things I think he is not taking inventory. Some of it he is, he's storing some pens and stuff, small goods under his bed while he's at college. But a lot of it, what he's doing is …”

“You look at Ingvar, you look at Sam Walton, you look at Buffett. I mean, all these guys, it feels like it's a part of their childhood story that as a teenager or a college student or something, they were out earning the average head of household.”