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: Whole Foods Had 20 to 25 Years of Competitors Ignoring Them
“We had, you know, 20, 20 to 25 years where nobody paid any attention to us, and that allowed us to scale and compound, and they just dismissed us.”
Mackey: VCs owned 34% of Whole Foods before IPO and another round would forfeit control
“The founding investors still had a majority of the stock. The VCs on 34%. But if we'd done another round, they would have gotten control of the business, and they had different agendas.”
Mackey: Innovation is almost always recombining existing ideas, not inventing from scratch
“You could always, almost say nobody hardly invents anything, because they're always taking some other ideas and putting them together in interesting new combinations.”
Mackey: Whole Foods gave stock options to all employees, creating many millionaires
“So many of our team members became millionaires through our stock option program. If you're on a winning team that grows, you can make a lot of money, even if you're not the most senior executives. We gave stock options to everybody that worked there.”
Mackey: The American Dream is better than ever before
“The American Dream is alive and well, and it's never been better. It's, in fact, the dream is not only not dead, it's much better than it's ever been before, only The intellectuals in the media cannot see it.”
Mackey: Whole Foods' Optimal Annual Growth Rate Was 15% to 25%
“So there is an optimum level of growth, and it's not too little that you'll lose people, and not so high that your culture gets diluted down and changes negatively. So at Whole Foods, that sweet spot for us was between about 15 and 25%.”
Mackey: Love.Life will offer psychedelic therapy once legal in California
“When psychedelic therapy is legal in in California, like it is in Colorado and Oregon, we'll be doing that under therapeutic sessions.”
Mackey: Whole Foods had zero store failures in its first 20 years
“We didn't even have a store that failed for like the first 20 years of the history of the company. Every store we opened was a success.”
Mackey: Maximizing shareholder value requires optimizing the entire stakeholder system
“If you cheat any of your constituencies, any of your stakeholders, or try to sell them short, you can get away with it in the short term. In the long run, feedback loops are created, and your business sub-optimizes. So, I just realized to create the most value…”
Mackey: CEOs should stay out of politics to avoid hurting their business
“So the short answer, Jeff, in a way, is I think you should stay out of politics if you're a CEO. You can obviously have your personal opinions, but you're always going to be seen as speaking for the company, and if you do controversial things, you're going to …”
Mackey: Whole Foods considered going private with up to $13B in debt
“If you go private, which is an alternative Whole Foods looked at, you're taking on, we'd have been taking on, gosh, probably 1211, 12, thirteen billion dollars in debt under our balance sheet, and if the business turned down, you could go bankrupt.”
Mackey: Stepping down as Whole Foods CEO involved conflict with Amazon executives
“I didn't want to work as hard, and I wanted to do some other things in life, and I just knew, and I was having some conflict with some of the Amazon executives as well.”
Mackey: Wild Oats copied Whole Foods and got far higher valuations
“Well, it's like, you know, while Oates copied Whole Foods and came along after at a far higher valuations than we ever got.”
Mackey: Capitalism is a force for good that drives human progress
“That capitalism is, is not a force for evil. Capitalism is a force for good. It's helping humanity to progress. And there might be bad actors in capitalism, just like they're bad actors in business or bad doctors, bad lawyers, bad politicians. But in general, …”
Mackey: Businesspeople Are Mostly Honest Due to Repeat-Game Incentives
“Most of the time, business people are fundamentally honest because they understand they're gonna have ongoing relationships.”
Mackey: US underperforms in healthcare and education due to over-regulation stifling innovation
“Where does America underperform competitively, internationally? We underperform in education and healthcare. The two that are most regulated have the least amount of innovation.”
Mackey: Virtual learning and new school models may break education monopolies
“We may route around in education, because there's lots of innovations on the margin. I know of people starting new schools, for example, and, ah, we know that, that technology also allows us, through virtual learning, there's ways that the monopolies may be br…”
Mackey: Progressivism consists of social justice, environmentalism, and alternative religion branches
“Well, they tend to be progressives that are primarily social justice warriors, then there's environmental warriors, and then there's alternative religion. All of those are sort of branches of progressivism.”
Mackey: Cancel culture is evolutionary tribalism replacing physical violence
“The problem is we did evolve in tribes, and there's a tendency to love your own tribe, and you want to kill the other tribe. So we see that. Cancel cultures, like, We used to be able to just, we don't kill the other tribe. Now we cancel it. And so we see that …”
Mackey: The world has never been better by every historical measurement
“The world has never been better than it is right now by every historical measurement.”
Mackey Calls Modern Startup Valuations Ridiculous Compared to Late 1980s
“It was, it's ridiculous the kind of valuations people get today compared to what we could get back in the late 19 eighties.”
Mackey: 74% of Americans Are Overweight and 43% Are Obese
“74% of Americans are overweight, and 43% are obese, and that has not peaked. It is still going up.”
Mackey: Serial Founders Leave Because Scaling Creates Bureaucracy
“For them, the fun part is creating the business, and then as you start to staff it up and you build a bureaucracy, they're, they feel trapped by their own creations in a way. They're just, they're not wired to They fit within that kind of corporate structure t…”
Mackey: Regional retail acquisitions build geographical platforms cheaper than hiring from scratch
“The acquisitions were key because they created a platform, a geographical platform for us. To go into a new geography and create a team of people is very expensive.”