The Ledger, every show

“If you look at the amount of money we've made at RBI, and then you try to decompose that. Okay. How much Of it was because we did zero base budget successfully in a couple of instances. And how much of it is because we grew the businesses originally, we had 12…”

“We had this big returns in companies like RBI and where I think we made 28 times the original billion plus capital we put in, and we had a 30% IRR in 14 years and all, and things like that”

“We were able to then capitalize on that by having onboard computers, rank people on their fuel, And safety performance nationwide. I mean, railroaders are very proud people, and that drove a 30% reduction in fuel, for example, which was the number one cost in …”

“I mean, I remember 10 seconds into the call with Warren, he really, really praised the quality of the business. And then and I always go back to that and saying how right he was, and we didn't even fully appreciate how good a business it ultimately was, which …”

“Zero, and now it's the second two billion euro in sales. Largest market in the world for us and so on and so dark.”

“Pretty much any CPG company in the US is going to have a third of the business or so, sometimes more with Walmart or another big chunk with Costco or, and it's short in other countries as well, where between one and three retailers, you're going to have the bu…”

“We ended up going public in 2012, year and a half into this, mid-twelve, and this was a late 2010 closing, and between the dividend that was paid and the proceeds of selling quarter of the business or whatever that was, we returned a 130% of capital, give or t…”

“Then you fast forward to today on a company three times as big in sales than what we bought. And again, a function of fast international and domestic expansion or restaurant count and basically launching A boneless product, which is a chicken sandwich.”

“Incidentally, that's one of the things that's so great about this fully franchised quick service restaurant businesses, which is they're really not cyclical at all. Meaning on downturns, people trade down, look at what happened to the EBITDA of McDonald's or B…”

“We invested in RBI for 15 years and counting, and so on.”

“That's something that we fixed, but it had almost 2000 restaurants around the world.”

“It's also surprising the distance, because Skechers sells nine billion. A year in sneakers, and Adidas sells 14.”

“The bulk of the sales are done through your own 5000 plus stores and your sites. That's a big difference.”

“My co-founders have been investors of AB InBev now coming on 35 years. We investors in RBI for 14 years now and counting.”

“You can see the result of that in a company like RBI, where today, 80% of the leadership team is people that are grown into the company.”

“Convincing the sellers in that case that you would have financing, because it's hard even to conceive of that today, but a four billion dollar LBO in 2010 was by far the largest deal after the crisis.”

“We levered, what, quasi seven times, six and a half times off the gates. And we were a few years into this process back to two and change, or three, or not even three.”