Daniel Schwartz
Co-Managing Partner, 3G Capital. On 2 shows, 2 appearances. The Shows tab opens the full record on each.
investorexecutiveoperator3g-capital.com ↗Wikipedia ↗
Daniel Schwartz joined 3G Capital in 2005 and later served as CEO of Burger King and Restaurant Brands International. He currently serves as Co-Managing Partner at 3G Capital, leading the firm's concentrated investment strategy.
2shows
2appearances
30statements
11resolved
8supported
0contradicted
73%fully supported
3said about them ↓ Everything Daniel Schwartz said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Schwartz: PE firms should buy one business and deploy top talent
“It's so hard to find great people. To be great CEOs. It's like, how are we gonna find 10? So I think it's great to be able to buy one business every once in a while and send in your A++ players to get involved.”
Schwartz: 3G routinely paid certain employees multiples of their peers' stock
“I did not allocate stock equally to people. I gave certain people multiples of what other people got based on our thoughts of people's existing and potential future contribution.”
Schwartz became Burger King CEO at 32; Kobza became CFO at 26
“Josh when he was 25, and when Alex promoted me to be CEO at 32, I think Josh became CFO at 26.”
Schwartz: Burger King memo projected 3x in five years, not platform M&A
“Well, I'd like to sit here and say the investment memo for Burger King said that it was going to be a platform company, and we were great visionaries... Well, there was a memo, it just didn't say that... No, it was after five years, this will be worth three ti…”
Schwartz: Retailers disintermediate CPG brands because they own customer relationships
“If you're a large retailer, be it a Walmart and Amazon or Costco. If you own the relationship with your customers, you have this ability to disintermediate the company selling to you.”
Schwartz: 3G Capital Sticks Exclusively to Simple, Long-Standing Moated Brands
“We've managed to stay pretty disciplined to stick to good, relatively easy to understand, well-moded businesses that we and our partners here could kind of wrap our heads around. Businesses that have ideally been around for a long time with strong brand franch…”
Schwartz: Staying Small Lets 3G Offer Founder Economics and Faster Promotion
“I think also staying quote unquote small allows us to attract some of the best, best, best people on the investment side here, because we could still offer people founder-like economics, a path to partnership, a path to taking on responsibility much, much fast…”
Schwartz: 3G recruited MBAs via cold emails and on-the-spot job offers
“We'd go to Wharton and HBS and get the resume book. Cold email people who had impressive resumes, and if they seemed like they were really passionate and they were looking for like a project and not just a job, I'd offer people jobs on the spot, which again wa…”
Schwartz: Buying Burger King required just $1 billion of equity in 2010
“When we found the company on one of our screening exercises and we ran some math, we concluded it would take a billion and change dollars of equity capital to buy Burger King. At the time, McDonald's was like an 80, ninety billion dollar company. Yum was a thi…”
Schwartz: Burger King's overhead exceeded EBITDA despite 90% franchise rate
“Overhead exceeded EBITDA, and CapEx was about half the EBITDA, despite the fact that it was 90% franchised at the time.”
Schwartz: 3G Likely Won't Take Big Customer Concentration Risk Today
“Even if a business has great historical financials, I think today we likely wouldn't be willing to take big customer concentration risk.”
Schwartz: Zero-based budgeting on a bad business just creates a slightly more profitable bad business
“I wouldn't recommend one of your listeners buy a lousy business with a big zero-based budgeting overhead opportunity, because you're just going to have a slightly more profitable lousy business.”
Schwartz: Erasing the line between management and ownership drives entrepreneurial alignment
“We don't like to think of that being delineation between ownership and management. And like the people who are running the company are the people who own the company. And I think it results in them being more entrepreneurial. It results in them bringing this o…”
Schwartz: Burger King Yielded ~25% Free Cash Flow on Equity in Year One
“Yeah, it's like a 25% free cash flow yield within the first year or so on our equity.”
Schwartz: Burger King recruited MBAs with cold emails and spot offers
“I would make regular trips to business schools, get the resume books in advance, and cold email folks who I thought had impressive resumes, and if you get an email from, say, Cold email CEO or CFO of this company. I'm on campus, and do you want to meet? I got …”
Schwartz: Tim Hortons EBITDA grew 80% and cash flow doubled under 3G
“Which in hindsight, it's like, oh, it was really obvious that Tim Horton's EBITDA is now 80% higher or whatever it is, and the cash flow doubled. We've expanded it globally.”
Schwartz: Multi-brand restaurant platforms must keep separate brand identities and real estate
“While there would be back of the house synergies in terms of finance, procurement, supply chain, legal, we actually felt it was very important for the brands to maintain their own distinct brand identity and brand management. Part of that is real estate develo…”
Schwartz: Bet on high-potential talent before they are fully ready
“Don't be afraid to make a big bet on someone if you really believe in that person. Even if maybe that person isn't a hundred percent ready at the time, don't be afraid. Make the bet.”
Schwartz: Burger King hit a $10 billion valuation four years post-buyout
“We had bought Burger King in 2010. Billion and change of equity. Within a couple of years, it was objectively a great outcome. Everyone got all their money and then some back, and by mid 2014, we were like a ten billion dollar company, and we had owned 70% of …”
Schwartz: Behring became CEO of Latin America's largest railroad at age 30
“And the co-founders gave him a shot to be the CEO of the largest railroad company in all of Latin America at age 30.”
Schwartz: No other PE firm bid on Burger King during go-shop window
“But look at the time, no one else showed up and there was a go shop, window shop, whatever they call it, and no other private equity firm showed up.”
Schwartz: Two-thirds of Skechers' business is outside the US
“Two-thirds of the business is already outside of the U.S., and when you look at who is buying the brand and the market share the company has within those customer cohorts, it's actually pretty good.”
Schwartz: Skechers is growing faster than any past 3G Capital investment
“This business is certainly growing faster than any of the other businesses that we've been involved in.”
Schwartz: 3G Capital aims to become the home for founder-led, family businesses
“The last two transactions that we. Did were essentially family businesses. We were viewed as a great home, a great long-term home for iconic founder led family businesses. And so I like over time with the success of those two investments for us to hopefully be…”
The other half of the tape: Daniel Schwartz's own voice is left out of every number here. Other people bring the name up 2 times in 2 episodes across the shows. 1 statement on the record names them. every mention, with the transcript →
Who brings them up most Ted Seides 1Alex Sloane 1
Statements about Daniel Schwartz, by other people (1)
Every mention by year
tap a year for its mentions
Capital Allocators 2
2026 1 mention in 1 episode
2024 1 mention in 1 episode
One line per show, most statements first. The link opens Daniel's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
 INVEST LIKE THE BESTLEDGER | Co-Managing Partner, 3G Capital | 1 | 18 | 86% 6/7 | full record on Invest Like the Best → |
| CAPITAL ALLOCATORSLEDGER | Co-Managing Partner, 3G Capital | 1 | 12 | 50% 2/4 | full record on Capital Allocators → |