Everything John Mackey said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Mackey: Musk and Rockefeller are among the greatest heroes in history
“And somebody like Elon Musk, he gets a very, very, very tiny sliver of the value that he creates for the whole world. I mean, He's created, he and people like Rockefeller, they're lambasted as the villains when they are the greatest heroes that have ever, ever…”
Mackey: Founders Must Never Give Up Control to VCs
“I always tell young entrepreneurs, don't give up control of your business to the VCs. They may talk a good game, but they're not fundamentally aligned with you.”
VCs are 'hitchhikers with credit cards' focused purely on exits
“I call the VCs I call them hitchhikers with credit cards, and, but what I mean by that is that they're getting into your car, And as long as you take them where they want to get to, which is an exit which either has to be a sale or an IPO... They're not there …”
Mackey: VCs push high burn rates to force cram-down rounds
“They're gonna tell you to try to, don't worry about your burn rate, just grow, grow, grow, and I said, that's not in your best interest. They say that because you, they're the ones supplying the money, and eventually, if they need to, they'll do a cram down ro…”
Mackey: Professional managers view roles at Whole Foods as stepping stones
“In my experience, they're very, they're not usually mission driven. They've gotten their MBA from Harvard or Wharton or Stanford. They're very intelligent. They work hard, but working at Whole Foods or Amazon, it's just a, it's just part of their career path. …”
Mackey proposes 0% capital gains tax on 10-year holdings, 50-60% on short-term
“What I'd love to see is that if you held something for, say, 10 years, maybe your taxes, capital gains taxes went down to close to zero, and if you sold it in less than a year, maybe they'd be much higher. Maybe they'd be 50 or 60%, so that you'd create these …”
Mackey: VCs are hitchhikers who will hijack the car if crossed
“Venture capitalists are like hitchhikers, hitchhikers with credit cards. And as long as you take them to where they want to go, they will help you pay for the gas. But if you don't take them where they want to go, they will try to hijack the car, and they will…”
Mackey Compares VCs to Hitchhikers With Credit Cards Who Hijack Cars
“Venture capitalists are like hitchhikers, hitchhikers with credit cards. And as long as you take them to where they want to go, they will help you pay for the gas. But if you don't take them where they want to go, they will try to hijack the car, and they will…”
Mackey: VCs Wreck Good Businesses by Forcing Rapid Scaling
“The game VCs are playing is, is that it's kind of a blockbuster model. They're looking for exponential growth, and when they hit, when you get an Apple, or you get a Nvidia, or an Intuitive Surgical, or you get one of these Companies that just compound and com…”
Mackey: Whole Foods Went Public to Escape Venture Capitalist Control
“We needed to go public to, because I didn't want the VCs to get control of the business.”
Mackey: Elon Musk is a master strategist far ahead of public perception
“I think you got to put Musk in that category as well. People don't understand what a master strategy, strategist Elon is, and think about the way SpaceX has evolved in a way. It's, he's so many steps ahead of where people realize he is in terms of thinking it …”
Mackey: Defeated four internal coup attempts across Whole Foods history
“I count four different coup attempts that occurred over the history of the company that I was able to beat back.”
Mackey: The best capital is self-generated profit to retain business control
“The best capital you'll ever have is the capital you make yourself, and if you don't want to lose control of your business, then make sure you're very profitable, don't scale too quickly, grow your business thoughtfully and painfully patiently, keep your costs…”
Repeated disagreements with Amazon ultimately led to Mackey's retirement
“I had my share of disagreements with Amazon. I fought with them many times, and ultimately that led to me to retire.”
Mackey: Clear grocery health ratings will drive away shoppers or get diluted
“What they would do is they'd dumb it down so that a lot of stuff that you think is red now would all of a sudden be green. And the, It's like, because most of the food that we're selling in supermarkets is not good for people. And if you start telling the trut…”
Mackey: Intellectuals have historically disliked business and distrusted its motives
“Intellectuals are the ones that don't like business, and intellectuals have never really liked business. I'm not saying all intellectuals, just as a general rule, as Deidre McCloskey calls it, the clerisy. Has always been skeptical about business, and has alwa…”
Mackey: Intellectuals Have Historically Been the Class Enemy of Business
“The intellectuals who've always been the class enemy of business. The genie got out of the bottle back in the Industrial Revolution, and there was about a, as Deidre McCloskey points out, another one of the great economists had a big impact on me. As she point…”
Mackey: Socialism has failed in all 41 attempts over 100 years
“Socialism has been tried 41 times in the last hundred years, and there are 41 failures.”
Mackey: Unchecked progressivism will destroy modernism
“Because if progressivism is allowed to continue without being checked, it will destroy, it'll destroy modernism.”
Mackey: Animal rights activists' accusations against Whole Foods were fundamentally correct
“That the accusations that the animal rights people had made about what we were doing were fundamentally correct.”
Whole Foods Went Public in 1992 to Prevent VCs Taking Control
“Yeah, but venture capitalists didn't want us to go public. They wanted us to do another round of venture financing, but I was determined not to do another round of venture financing because that would have given them control of the company, and I just didn't t…”
Mackey: Supermarkets ignored Whole Foods until its NYC Columbus Circle store opened
“Whole Foods flew under the radar. The supermarkets never took us seriously for decades. It wasn't until we opened up in Columbus Circle in New York City.”
Mackey: Supermarket chains ignored Whole Foods because they feared Walmart
“They were hypnotized by Walmart. They were so scared about Walmart that they ignored us.”
Mackey: Most Founders Are Short-Term House Flippers, Not Long-Term Builders
“The most common entrepreneur is a serial entrepreneur. They just start businesses, and they do them for five years and flip them. They're like somebody remodeling a house and then flipping it. And so in these cases, they're really creative. They're good at ger…”