The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 7 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Behring: 3G returned 130% of capital on Burger King IPO while keeping 70%
“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…”
Behring: Popeyes sales tripled after seven years under RBI ownership
“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.”
Behring: Franchised Fast Food Is Non-Cyclical and Grew EBITDA in 2008 Crisis
“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…”
Behring: 3G founders have held AB InBev for 35 years and RBI for 14
“My co-founders have been investors of AB InBev now coming on 35 years. We investors in RBI for 14 years now and counting.”
Behring: 80% of RBI leadership was developed internally
“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.”