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 12 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
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: 3G Capital Only Acquires One Business Every Few Years
“We'll only buy one business every few years, but we study a lot of them.”
Schwartz: 3G paid $4B for Burger King at $450M EBITDA
“We paid around four billion, and it was doing around four hundred and fifty million or so of EBITDA. Maybe a 150, hundred and seventy five million dollars of trailing capex at the time. So high 203 hundred ish of unlevered free cash flow.”
Schwartz: Burger King cut 90% of FedEx costs by switching to email
“One example, many multi-million dollar FedEx budget that 90% of it converted to email instead.”
Schwartz: Popeyes 18x EBITDA multiple bought down to ~12x via synergies
“It's 18 times acquisition, buys down to about 12 times.”