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Daniel Schwartz

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76
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2026-02-10
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2026-02-10
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  1. “Find ourselves strongly encouraging people and the businesses that we're involved with to similarly do that in their organizations.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Yes, same. One of the most fulfilling parts of this job and of running our restaurant business was seeing the growth of so many of these people throughout the organization, inside the organization and now on many onto doing other things as well. And want to see that continue here at 3G with this next generation under us successfully running our businesses and then down the road successfully running the firm.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “There's a lot of patience as well that's required here because we're only buying one business every many years. And so for those of us who have had a little bit more experience, that's fine for some of the junior people. It's a little bit harder. And so we definitely have to work with them and over communicating the benefits of being patient, establishing real trust with everyone we work with as well. I mean, we talk about this trust as being a scarce asset in this world and building trust with everyone we work with. be it our partners here, people with whom we'll transact in the future, knowing that we're going to be good partners. To keep working as hard as you do”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Yeah, well said. I mean, they're passionate about the business. They genuinely care. You hear this in Senra's podcast all the time. Do you feel like there's anything major?”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “You look at David Sonderberg buying Small businesses ten, fifteen years ago which wouldn't make a dent on the size of overall Hunter Douglas back then, but today contribute hundreds and hundreds and millions of dollars in sales. Those are some very tangible examples of the benefits of thinking long term. My friend David Senra who runs the first. Type builders.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Recruiting, developing, growing some of this young special talent, who in the first many years with us, if we were in it for a two, three, four, five year flip, just don't bother, yeah. It's negative payback. You're giving them a lot more than they're giving you. Those people 15 years in now run the business. Or France. The first couple few years in France, the amount of money we had to invest to get things going, the amount of time we had to spend. As I mentioned before, there was one restaurant in the South of Breads that was open. You only do that if you're taking a long-term view. And so even though it wouldn't pay back in the next six months or year, a few years, we knew if we're going to be long-term owners of this business, fast forward 10, 15 years, we'll be well off having this $2 billion plus euro sales business. And you see this in the family businesses, especially these multi-generational family businesses.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “If you are long term and you're thinking long term and the decisions that you're making are around long term, you will make different decisions than if you are short term. And a couple very simple examples would be with our restaurant business on people. We spent a disproportionate amount of time.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “more often than not you find that those are still owned or somewhat controlled or influenced or managed by the founding family. And it's linked because if you have an owner who really cares about his or her business and will make the right long-term decisions as opposed to maybe the public company quarter to quarter, those decisions positively compound on themselves over decades. And so that's one of the reasons why some of the times these family businesses tend to be much, much better than their public company equivalents. I'd love to say one more word about that. So everyone says think long term. Everyone says it, right? No one does it. What are people doing? What are the features of businesses that make them better when they're built very slowly over time than they could be if the same business had been built quickly?”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Did we were essentially family businesses? We were viewed as a great home, a great long-term home for iconic founder-led family businesses. And so I like over time with the success of those two investments for us to hopefully be known as a great home for founder-led and family-controlled businesses. That's very buffet-coded. Is that by design or is it just the nature of what's worked for you and what you enjoy? It's also a function of the kinds of businesses that we like, which are successful businesses that have been around for a long time.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Starts with the co founders and Alex and myself and our team here. Everyone is deeply intellectually curious and wants to grow, wants to learn. And despite some of the success that senior partners and co-founders have had here, they are some of the most humble people you will ever be around. And they are not afraid to ask anyone basic questions. And there's zero arrogance, zero. And just this ultra, ultra high level of humility. Is there anything you hope that 3G becomes that it's not yet? The last two transactions that we”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Maybe just to compound an Alex's answer. A few years ago, we had hired a new person to come into our restaurant brands. And we do this annual team off sites where each of the brands goes through and talks about the plans for the next year, the big strategic projects that they're focused on. And I remember after the meeting, the person came up to me and said, look, you know, I didn't know what to expect here. Everybody talks about you guys. got a bunch of cost cutters there were like 800 pages of content at this off site”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “We like businesses, as I mentioned before, well moated businesses where technology can help improve the business, not disrupt the business. So if it's the case of Sketchers having a better e-commerce experience or case of Hunter Douglas having AI tie into decide when the blinds should go up or down dependent on the weather and things like that or with the restaurant businesses, several of the restaurant businesses are now experimenting with AI-enabled voice drive-thru. So we like types of businesses that could be improved by technology. And we and our teams embrace that. Just not the businesses that a new technology is going to completely change and remove. You're going to wear sneakers tomorrow, regardless of what.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Let alone by like five or ten of them. And if you're going to be disciplined on business quality and price, it's always difficult. Is. It's easy to look back in hindsight and say, Oh, it was so easy It wasn't. It was always, always very difficult to buy a great business at a fair price.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “I agree with Alex. It does feel like businesses, the world, markets are more expensive today than they were in the past, and therefore it's harder to buy a good business or a great business at a reasonable price. With that said, this thing's never been easy. It's easy to look back in hindsight and say, oh, in 2010, you bought Burger King and it was so inexpensive. Like I said, no one else showed up.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “There's consequences, and let's also have goals linked to revenue and the goal with restaurant brands or Burger King, the number of restaurants we need to open this year, the target profitability for our franchisees this year. And so I think it just comes back to ownership mindset and ownership management.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “For us, it's like we try to bring this ownership mentality where the folks running the business are large shareholders and they're acting like owners and not management. And then that ownership mentality then needs to be applied both to cost and to revenue, to growth. And when you apply it to cost, as Alex said, you do this bottoms-up analysis. And in many cases, it enables you to extract meaningful amount of value in companies. But I wouldn't recommend one of your listeners by a lousy business with a big zero-based budgeting overhead opportunity because you're just going to have a slightly more profitable lousy business. The ownership mentality and linking goals to compensation to results, that applies equally to cost and to revenue. And so in the case of the cost, it's let's have a zero-based budget and have a budget of cost that you have to adhere to if you spend more than your cost budget.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “With all these businesses, you have to, from an outside end, do enough work that you get comfortable, that you believe they're going to be a good business, and you have to hope to own it forever. But this came up in your interview with Matt and Alex, that you only really know and understand a business once you own it and you're inside of it. You only know if it's a forever business once you're really part of it. And we do as much work as we can to maximize the chance that the business we get involved with is going to be the next forever business for us.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “While I'd like to sit here and say the investment memo for Burger King said that it was going to be a platform company and we were great visionaries”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Each transaction is different. I think they're all BK, talking about Hunter Douglas, they're all great businesses, and I think there are different ways we were able to kind of help in each. And this business is certainly growing faster than any of the other businesses that we've been involved in.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “I think they saw that we have been involved in businesses for decades, not years, that we don't buy businesses and then flip them and that we ourselves have operating experience running our businesses. And so I think the owner operator and long-term nature of 3G was something they found attractive. And I think given where they were in their life cycle and succession planning and whatnot, it made sense to explore”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Basically, you have highly experienced management who essentially founded the business 30 plus years ago. And Robert and his product team coming up with incredible innovation. And Michael and his store team building big, beautiful stores and David and the supply chain team making sure that they can deliver the shoes to the storage problem.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Knew them, they doubled the size of the business. It's one of these things where, to your point, maybe some people, especially maybe in New York, some people wouldn't know that the brand is as big as it is. But when you start looking into the numbers, if you look back over the last, and I'm not going to cherry-pick years, so you chew the year, three year, five year, 10 years, seven year, eight year, they would Kager sales and volume in the double digits. And they had the second highest loyalty rate amongst customers, I think, only after Nike. They were the most diversified. They had the highest skew count, most diversified across all categories of athletic footwear, thereby reducing the risk. There was no hero skew. There's no Air Jordan or Yeezy or Samba. Equivalent.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Through Global Franchise Network as well. And we were really impressed with what they were building. I think they were pretty impressed by our businesses and the fact that we had also been in operating roles. And we stayed in touch and we'd visit them a couple times a year and we toured their DC and we'd meet them when they'd come to New York that fall and spring buying seasons. Tell us each year, oh yeah, we're going to add a billion dollars in sales next year. And every time a year later, it's like, wow, they did. They had a billion dollar. And sure enough, in the handful of years we...”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Yeah, that's largely here to stay. It's a multi hundred billion dollar category. As Alex said, these trends are driving this mid to high single digits growth. There's not a lot of private label. The same, I don't know, seven or eight sneaker companies or the same seven or eight sneaker companies in most countries. We like the industry backdrop. This first came up on our screen as a fast-growing, good business sometime around 2018, 2019. And we just followed it. We researched the sneaker industry. We followed the company. In 2021, prior to our acquisition of Hunter Douglas, we visited the company. We visited the Sketchers Company and the team out there. And we introduced ourselves through a mutual friend who has long-term business owner operators. We talked a lot about the global franchise restaurant business because they're also selling a lot of their foot.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Two thirds of the business is already outside of the US. And when you look at who is buying the brand and the market share the company has within those customer cohorts, it's actually pretty good. Broadly speaking, we like footwear. We like athletic footwear. We believe there is a casualization and an athleisure trend within society.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “It surprised many people, including us the first time we. To being Nike and Adidas. And the numbers are a little skewed in it. I'm referring to sneakers only in a lot of these companies like Nike and Idiotis have apparel businesses and sketchers is 99% footwear.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “With Sketchers, you could do something similar to that. I mean, Skechers is the third largest sneaker company in the world.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Even if a business has great historical financials, I think today we likely wouldn't be willing to take big customer concentration risk. And then that goes back to that likelihood of or potential of being disintermediated and inability to price risk.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Partner to manage that country. And as time went by, we found Olivier Bertrand. And he's an incredible restaurant operator and collaborating with him. We built this 2 billion euro plus business. I'd love to talk about Kraft Heinz and the lessons learned from it. An interesting one because, as we've talked about before, if you just look down a piece of paper, you'd be like, ah, it was another investment you made, didn't do as well as RBI was fine. Everything underneath the surface is far more interesting. So I'm curious for your perspective on the story now looking back on it, but most especially for just what you take away from. The experience that altered how you think about your business, investing, or anything else”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “Think it's just worth talking about our model, though. So, as Alex mentioned, we bought the business and some countries had company stores, some countries had multi-franchise stores, some countries had master franchise partnerships. And we developed this master franchise joint venture model where we said, look, the best way for us to run the best restaurants, manage the brand in a way that's going to be great for the guests and grow the brand the fastest would be to have well-capitalized local entrepreneurs as our partners. And we prove that out through the creation of these master franchise joint ventures in places like Brazil and in China and in India and in France, which is one of the best burger markets in the world, I think we had opened our first restaurant and an airport in the south of France. And it was an absolute hit overnight. And so we went to France to look to find”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Great operators who are going to Just says, like a little vignette in this story. How did you take it from zero to two billion in France? What was the literal story of what happened?”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “We bought it from extremely savvy investors who had made a great return on their investment too. I think made five plus times their money on the acquisition of Burger King that they did a decade prior”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “We simplified the business. Exactly. And they were basically spending overhead exceeded EBITDA, and CapEx was about half the EBITDA, despite the fact that it was 90% franchise at the time. Felt like we would be able to run the business more efficiently, fix some of these problems, and we could create a lot of value. And look, in hindsight, yes, it was a great deal and mentions like 25 times return. But at the time, these were real issues. And I think we had an early appreciation for the strength of the franchise business model that the broader market subsequently more greatly appreciated in the years to come. But look at the time. No one else showed up. And there was a go shop, window shop, whatever they call it, and no other private equity firm showed up. And I'd say the consensus at the time was that we overpaid.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “From an outside in, we felt that the company could be run a lot more efficiently. I think there were 400 in change of EBITDA. There was a hundred.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “No one said a billion. They're like, I don't know, 20 billion, 30 billion. And so it met that smell test and we did a lot of work to support the view that we would be able to run the business much, much more profitably from EBITDA standpoint, from a cash flow standpoint. And if we got a few things right, we can grow it much faster too.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “Missed some shares or something. It didn't look right, but he made sure we got the share count right. And it didn't meet the smell test. And we asked some people around us and I said in the past I asked my then fiance, who's like a doctor and my mom was a lawyer who were objectively smart but not in finance. And McDonald's is $90 billion. We think Burger King's worth.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “When we found the company on one of our screening exercises and we ran some math, we concluded it would take a billion and change dollars of equity capital to buy Burger King. But the time McDonald's was, I don't know, say like an 80, $90 billion company, yum was a $30 billion company. And Burger Kings just felt like there was this mismatch. Obviously, we did a lot of work to justify and support this thesis that the brand was bigger than the business, but even just at the very first glance, we both said it doesn't make sense. It sounds wrong. Of course, Alex is like, you sure the share counts right?”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “Cold email people who had impressive resumes, and if they seemed like they were really passionate and they were looking for like a project and not just a job, I'd offer people jobs on the spot, which again was unheard of. And I'm sure you have some examples in your.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “A step before you. The question is how do you meet them? And it's generally speaking word of mouth and being willing to open as many doors as you can. Someone made an offhand comment to me when I was in Hong Kong passing through an investment firm about this superstar analyst who had just left. His name was Josh Kobza. Took note and then cold called Josh. And Josh was like, how did you get my number? Don't worry about that, Josh. This is fine. And he brought him to Miami. We hired him on the spot. I would, and I've said this in the past, we'd go to Wharton and HBS and get the resume book.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “I think this is a common mistake a lot of CEOs make. And I think because we don't do that, I think that allows us to get some of the best people, especially in the early days that allowed me to attract some of the best best people because I was willing to pay people outside of the normal whatever preset pay curve and preset systems that we had. If there was a superstar and make an exception, I reserved that right as CEO to do that.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “I always tried and learn from these guys, just never be political if you genuinely think certain people can contribute more, give them outsized grants or outsized equity awards.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “It goes all right when Alex's point just doling out stock awards to everybody and it becomes an expectation. It also goes awry when you try to be fair. And this concept of fair is really tricky because if you want to operate as a meritocracy, definitionally a lot of people aren't going to think you're being fair. Is they going to think that they're being underpaid and other people are getting overpaid? And I learned this from the folks here at 3G, that I felt I was being fair. I think I was doing what was right by the people, but I did not allocate stock equally to people. I gave certain people multiples of what other people got based on our thoughts of people's existing and potential future contribution. And not everyone does that, even as CEOs, there's a lot of pressure to give equal amounts.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Coupled with extreme levels of transparency, which I also learned from Alex and the guys, who set these big, hairy, ambitious goals for the company, and you're constantly letting everyone know how you as senior leaders and the company as a whole is tracking. Because if you're not giving people visibility into this, they might not understand why you're asking for it and acting with such a sense of urgency. The other piece that's crucial to this is making sure everyone's incentives are aligned. And that matters a lot. So as leaders in the company, one level down and two levels down and three levels down, everybody having stock or stock options knowing that the way that we're going to create value here, the value creation will cascade itself down throughout the organization and having everyone's incentives and goals and systems aligned.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “People who you have to hold back and not push forward, you yourself as the leader constantly keeping this expectation of wanting to move quickly, never showing any level of complacency whatsoever, wanting to get stuff done very, very quickly. My guess is you see that you, Patrick, see that in the tech startups that you invest in. They're building new products that are disrupting new categories that every minute hour a day count and they need to move quickly to either get to the next round or get to the next customer. And you try to bring that same sense of urgency that exists if you're a tech startup with finite amount of cash to a mature business that's highly cash flow generative.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “Had the benefit that I was with Alex, so I got all three. And then someone'd say, one of the things that Alex brought to me in this was when you get to the company having this massive sense of urgency, because companies have a tendency of moving slowly and don't operate maybe as quickly as things operate on the investment side. But if you're going to do something, just do it this quarter. Do it this quarter, do it this month. You're going to do this month. Why can't you do it now? And that sense of urgency, getting stuff done fast really, really matters because companies, I think, are 5, 10% strategy and 90, 95% execution. And execution is getting stuff done quickly right.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “He's much better and more mature than I was at that age. And so you guys gave me a shot. I'd like to give him a shot. So when you grow up in this environment, you get more comfortable making a bet on someone who has a little less experience, but who you genuinely believe in. And we're not just shooting from the hip. Alex, I worked for you for six years before you let me go be CFO.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “Sammy, who is the next year in Thiago, and David, all these guys, all these guys. And I remember at the time when I was getting promoted CEO, Alex asked me, Josh was kind of young. Is it okay? I'm like,”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “Believed would be the best, best, best people, not the best people who would be willing to go to work in a burger chain in South Florida, but just the best people, period. And whether it's like the rising star at McKinsey or a Blackstone or a Goldman Sachs or at another company, I'd want the best, best, best people. And I similarly was willing to give them shots way earlier than they get elsewhere, both more responsibility and more economics. And one of the early examples of that was Josh Cobza. Josh, when he was 25, and when Alex promoted me to be CEO at 32, I think Josh became CFO at 26.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “Lucky because I think we both grew up workwise in these extremely pure meritocracies that genuinely valued talent over tenure. And I think Alex benefited from that when he led the acquisition of the railroad and the co-founders gave him a shot to be the CEO of the largest railroad company in all of Latin America at age 30. So that was normal to him. after working together for I guess what, five plus years or six years, he knew me. He trusted me and he knew I'd give everything that I had and I wouldn't let Burger King fail, which is why he was comfortable similarly giving me a shot as CFO and CEO because someone gave him a shot. And when I was in that role, I spent a disproportionate amount of my time focused on recruiting and recruiting who I was.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “Warren never compromises on business quality and takes discipline. And I think what we do here, we like to think that we emulate him in that capacity, that we will never compromise on business quality, rather do nothing than buy a business we don't think is great.”

    2026-02-10 · Invest Like the Best · Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458] · IDENTIFIED FROM THE TRANSCRIPT · source