Visa, every mention
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every year anyone Ben Gilbert 174David Rosenthal 152Jason Calacanis 1
Verbatim, from the transcripts: the passages where Visa comes up
Vanguard: The communist capitalist who saved investors a trillion dollars (Audio) · Acquired
- ▶ 1:30 Ben Gilbert General Motors, Nike, Starbucks, Lockheed Martin, Visa, Apple,
- ▶ 3:13:54 Ben Gilbert Visa.
- ▶ 3:13:55 David Rosenthal Oh, Visa.
- ▶ 3:14:20 Ben Gilbert Listeners, for anyone who isn't tuned into our visa episode, it took a similarly, I'm not sure if selfless is the right word, but a person who was not motivated by getting to own the fruits of their labor, where D just decided to
- ▶ 3:15:22 David Rosenthal So Visa, yes, he, you know, sort of forwent founder economics, so to speak, but it wouldn't have been on the table for him.
- ▶ 3:15:43 David Rosenthal Visa connection.
Formula 1: Fast cars, celebrities, and B2B software (Audio) · Acquired
- ▶ 3:57:07 Ben Gilbert It's like D Hawk at Visa.
Google Part II: Alphabet (Audio) · Acquired
- ▶ 3:04:49 Ben Gilbert In many ways, it's sort of the Visa network of networks thing, where they don't have to make every phone, they don't have just one horse in the race, they're getting leverage by having two, three, four, five major manufacturers of these…
Indian Premier League Cricket (Audio) · Acquired
- ▶ 4:15:56 David Rosenthal The only example I can think of from our sort of acquired canon here is Visa and Dee Hawk of a founder of something of this magnitude that did it without really realizing any equity for himself.
- ▶ 4:16:12 David Rosenthal I mean, I guess Morris Chang and TSMC too, although Morris over time did get quite a significant stake in TSMC through equity grants and Dee, I think got paid quite a bit at Visa too.
Mars Inc. - The Chocolate Story (Audio) · Acquired
- ▶ 37:38 David Rosenthal It puts the visa drop to shame.
- ▶ 2:55:49 David Rosenthal In 1984, they start sponsoring the Olympics, and they totally run the Visa playbook.
Meta (Audio) · Acquired
- ▶ 3:41:25 David Rosenthal They raise sixteen billion dollars at a one hundred and four billion dollar market cap, making it, I think, the third largest IPO of all time at that point behind Visa and, ironically, General Motors coming out of, uh, the bankruptcy…
Microsoft Volume II: The Complete History and Strategy of the Ballmer Years (Audio) · Acquired
- ▶ 1:56:53 Ben Gilbert Because you do a deal with every OEM, you know, as you're going down the line, it's the Visa networks of networks thing that I think we alluded to this last episode too.
Starbucks (with Howard Schultz) · Acquired
- ▶ 2:07:56 Ben Gilbert If I'm buying six dollar lattes over and over again with my Visa card, and Starbucks is getting hit with 30 cents every time, instead, if I'm buying 25 dollar gift cards, well, that's now three out of four times I'm, I'm going and buying…
Microsoft Volume I: The Complete History and Strategy of founding through Windows 95 (Audio) · Acquired
- ▶ 40:28 David Rosenthal Let's take Visa, for example, which listeners may remember we talked a lot on that episode about the power of a network.
- ▶ 40:35 David Rosenthal Well, Visa works with J.P.
- ▶ 40:41 David Rosenthal You can easily add Visa as an acceptance method through a streamlined implementation with consolidated reporting.
- ▶ 3:46:44 Ben Gilbert Apple is in many ways like the Amex, where Microsoft is the Visa.
- ▶ 3:46:51 Ben Gilbert On our Visa episode, it just became so clear that Visa could sort of
- ▶ 3:47:01 Ben Gilbert They could distribute to a bank, partner with a bank, and then boom, each of the banks that was on their network could independently scale at their own rate, which created obviously compounding effects for how fast Visa and MasterCard…
- ▶ 4:22:09 Ben Gilbert If you are new to the show and looking for great recent episodes that we've done, I highly recommend the Visa one as discussed earlier in sort of the Network of Networks idea if you haven't heard that, or perhaps the Nintendo or Nvidia…
Hermès (Audio) · Acquired
- ▶ 4:04 David Rosenthal Yeah, we really uncovered the breadth of JPMorgan Payments as we went deep into industry research for our Visa episode last year.
Novo Nordisk (Ozempic) · Acquired
- ▶ 4:44 David Rosenthal We both personally bank with them, as does Acquired, but we really uncovered the breadth of JP Morgan payments as we went deep into our industry research for our Visa episode last year.
- ▶ 29:29 Ben Gilbert So whether it's a startup that needs merchant acquiring, which you now know what that is from our Visa episode, or a company building a new multi-sided marketplace, or even a business expanding across borders and having to manage the…
- ▶ 3:23:38 Ben Gilbert My god, Visa makes so much money.
Holiday Special 2023 (Audio) · Acquired
- ▶ 1:47 Ben Gilbert If you count Visa, it's six.
- ▶ 2:22 Ben Gilbert We're just gonna do a lot of LVMH, NFL, uh, Visa, Costco, Nike, and the, you know, mixed in there.
- ▶ 16:03 David Rosenthal And we did the Visa episode that we finished the year with was like the NFL coda part two.
- ▶ 16:14 David Rosenthal Nintendo, Lockheed, Porsche, Nike, Costco, Nvidia part three, and then Visa.
- ▶ 16:46 Ben Gilbert I think the most interesting businesses, or businesses that sort of tickle me, are Costco and Visa because there's a purity to them.
- ▶ 17:19 Ben Gilbert Visa, on the other hand, is like the best operating leverage business.
- ▶ 17:35 Ben Gilbert It's probably Visa to do this sort of, uh, least work for the most free cash flow.
- ▶ 17:46 Ben Gilbert It's almost like the complete opposite over in Visa land.
- ▶ 22:38 David Rosenthal I think our best episodes this year were LVMH, Costco, and Visa.
- ▶ 30:32 David Rosenthal But I think, um, the other part of the coin question of what was our best episode, I think Visa was our best episode.
- ▶ 30:49 David Rosenthal But Visa, I think, was the perfect blend of, like, an NFL Sunday gone extremely right.
- ▶ 31:13 David Rosenthal Which for me were LVMH, Costco, and Visa.
- ▶ 33:28 Ben Gilbert If you look at the Visa numbers, I just pulled up my Visa notes, Visa does 8600 transactions per second.
- ▶ 33:36 Ben Gilbert So that's, what, 200 times as much throughput at Statsig than at Visa?
- ▶ 2:24:55 Ben Gilbert So thanks to, uh, the two listeners who recently wrote in correcting me on Visa
- ▶ 2:25:10 Ben Gilbert So we'll be including probably, I don't know, we've got three or four more Visa tidbits that we'll toss in the email for that.
- ▶ 2:25:23 Ben Gilbert We just did this awesome Visa follow-up.
Visa (Audio) · Acquired
- ▶ 0:57 Ben Gilbert And Visa, along with just one other competitor, MasterCard, has tirelessly spent decades stitching together all the banks, merchants, and the relationships with consumers to make this possible.
- ▶ 1:09 Ben Gilbert Now, this is just the rosy side of the story, and merchants may harbor far less rosy feelings about Visa given how much of their profits go to interchange fees, but the duality of the story is what makes it so interesting to understand.
- ▶ 1:36 Ben Gilbert So here are some astonishing stats on Visa.
- ▶ 1:39 Ben Gilbert It is the 11th most valuable company in the world.
- ▶ 1:43 Ben Gilbert It is worth more than any bank in the world, including every bank involved in creating it.
- ▶ 1:49 Ben Gilbert Visa's brand is among the very most trusted in the world associated with reliability and security.
- ▶ 1:55 Ben Gilbert But that said, if you asked most people what Visa does, they could not actually articulate it.
- ▶ 2:01 Ben Gilbert Visa does not extend credit.
- ▶ 2:03 Ben Gilbert They do not issue cards.
- ▶ 2:05 Ben Gilbert They do not work directly with merchants.
- ▶ 2:07 Ben Gilbert They do not work directly with consumers.
- ▶ 2:10 Ben Gilbert They are not a bank or a financial institution.
- ▶ 2:12 Ben Gilbert They don't ever bear any risk.
- ▶ 2:14 Ben Gilbert They are merely a network connecting banks to other banks.
- ▶ 2:22 David Rosenthal I can't believe we're all the way in season 13, and we haven't talked about this company yet.
- ▶ 2:26 David Rosenthal But as we will get into, it's always been overlooked and underrated.
- ▶ 3:29 David Rosenthal Well, we are starting actually with a big thank you to Dave Stearns, author of what is undeniably the very best book on Visa and its history, Electronic Value Exchange.
- ▶ 3:59 David Rosenthal So, Dee Hock, the founder of Visa, who we will talk a lot about as we go along here, he told this great story of how after his time at Visa in his kind of older age, he would start his speaking engagements with a little thought exercise…
- ▶ 4:16 David Rosenthal He would get up on stage, he'd hold up his Visa card, and he would ask, how many of you recognize this?
- ▶ 4:28 David Rosenthal Then he would say, okay, now how many of you can tell me who owns this company?
- ▶ 4:34 David Rosenthal And every single hand in the room would always go down, and they would say, how did this company start?
- ▶ 4:45 David Rosenthal It's just wild, as we were saying in the intro, how important this company is, and yet still to this day, I think, you know, maybe a few more people than in Dee's time know the answer to these questions, but not many.
- ▶ 16:20 David Rosenthal So this comes to be kind of post-depression in the 19 thirties, 19 forties in the U.S., and this really is starting to sound a lot like Visa.
- ▶ 24:02 David Rosenthal This is a version of D Hawk holding up the Visa card.
- ▶ 38:50 David Rosenthal And this is the seed of Visa.
- ▶ 38:53 Ben Gilbert But listeners, before we talk about how the Bank AmeriCard Licensing Association morphs into Visa, now is the perfect time to tell you about one of our favorite companies, Blinkist, and their new parent company, GoOne, where David and I…
- ▶ 41:12 Ben Gilbert Okay, David, so how do we get to Visa?
- ▶ 41:15 Ben Gilbert You have been telling me about the Bank AmeriCard from Bank of America, and I opened this show saying Visa's not a bank, and Visa doesn't have direct relationships.
- ▶ 41:24 Ben Gilbert It's this big indirect thing where they work with other banks.
- ▶ 41:39 David Rosenthal In this second chapter, there is also only one person in the world that could have taken Bank AmeriCard and turned it into Visa, and that is D-Hawk.
- ▶ 45:58 David Rosenthal So B of A has no distinction between what ultimately now in the Visa network and MasterCard and others is called issuing banks.
- ▶ 46:39 David Rosenthal Fees are obviously what Visa does today.
- ▶ 47:04 Ben Gilbert This new Bank of AmeriCard licensee system that they're starting to sort of develop here that would become Visa, it's an open loop system.
- ▶ 51:37 David Rosenthal So what are the colors of Visa?
- ▶ 52:37 David Rosenthal Visa.
- ▶ 57:01 David Rosenthal This is where the birth of Visa happens.
- ▶ 59:36 David Rosenthal And I think you could really say on this day, the founder of Visa.
- ▶ 1:01:36 David Rosenthal But D kinda thinks he just got authorization to go create Visa.
- ▶ 1:02:03 David Rosenthal Today, right in theme with Visa, we are talking about reliability and some of those details of Crusoe's infrastructure.
- ▶ 1:12:21 David Rosenthal And that's that he's about as far from the man and image of JP Morgan as you could imagine.
- ▶ 1:18:30 David Rosenthal There's a myth out there that Visa was originally a non-profit and then was converted to a for-profit before the IPO in 2008.
- ▶ 1:19:30 Ben Gilbert That's actually probably the best analogy for Visa is the NFL league organization.
- ▶ 1:21:33 Ben Gilbert Whatever the heck Visa's predecessor name is.
- ▶ 1:26:08 David Rosenthal Visa was global from basically day one.
- ▶ 1:26:46 David Rosenthal Do I want to buy Dee's pitch of it's worth it to me to be a proportional owner of Visa, or I could be the singular dominant credit card network in my own country, which is more valuable.
- ▶ 1:27:29 David Rosenthal They're gonna vote the next morning, final vote, on who's gonna join the soon-to-be visa network, and who's gonna go it on their own.
- ▶ 1:29:44 David Rosenthal So the other thing along these lines that he does, which is just hilarious, once this is all set up, this, the international part of Visa becomes first IBANCO, I-B-A,
- ▶ 1:29:55 David Rosenthal Shortly after this, they rebrand the whole thing into Visa, which we'll talk about in a minute.
- ▶ 1:31:11 Ben Gilbert Okay, so how does the name Visa come about?
- ▶ 1:31:16 David Rosenthal Okay, Visa is so important.
- ▶ 1:31:35 David Rosenthal The soon-to-be Visa knows if we're really gonna
- ▶ 1:32:01 David Rosenthal And as legend goes, there are so many submissions of the name Visa that
- ▶ 1:32:17 David Rosenthal But then they change the name to Visa.
- ▶ 1:32:19 David Rosenthal Visa, it's the most incredible name ever created.
- ▶ 1:33:31 David Rosenthal So, the Visa name, brand, everything, there's two more levels at which it becomes really important.
- ▶ 1:34:05 David Rosenthal So Visa says, okay, here's the operating regulations.
- ▶ 1:34:12 David Rosenthal In the middle white band, Visa logo goes there.
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