YouSaid · the spoken record

Daniel Schwartz

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76
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2026-02-10
most recent
2026-02-10
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1
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  1. “CEO on a regular basis, Alex was our executive chairman. I was a CEO then. And we're in the middle of doing this prolonged negotiated deal. We get wind from the reporters at Bloomberg that they're going to run an article on us at Burger King really centered around our ages, the ages of the management team.”

    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. “Try not to get too stressed work wise. I try to always keep things pretty even keeled. I had this basketball coach who once said, pressure is something you put in a tire. I always try to keep that in the back of my head. I'd say there was one time that I was pretty stressed was this was the summer of 2014. We had bought Burger King in 2010 billion in change of equity within a couple years was objectively a great outcome. Everyone got all their money and then some back and by mid 2014 we were like a $10 billion company and we had owned 70% of the company. So objectively good. And we all decided, Alex, myself and Josh Kobza, who was in our CFO, we all got really excited about buying Tim Hortons. And we were actively negotiating an acquisition, a merger of Tim Hortons. Alex was meeting with him.”

    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. “And you find enormous amounts of savings and just doing kind of simple internal and external benchmarking, but you only are able to capitalize and achieve those savings if you have buy-in at the top of people who view this as owners of the business, who want to run it optimally for the business and not necessarily for themselves.”

    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. “It's like, how are you going to manage a business if you are its owner? You're going to look after all the money you spend as if it's your own. You are going to make decisions based on what is in the best interest of the business. You always have to put your business before yourself. And so typically when we come into these businesses, we love doing benchmarking exercises where we will look at expenses, costs by area within the business. So let's say by the North America group, the European group, the Asia Pacific group, and then we look at by category all the way we're spending money. We call this a zero-based budgeting. And we basically give visibility on cost to everyone. And we say, look, if this one group is spending this much on this area, well, why can't we apply policies throughout the organization to benchmark both with ourselves internally and other companies?”

    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. “Alex says to me we announced the deal, and Alex says, Well, now it's time we got to assemble our team. I'm like, Alex, come on. We just bought this business. It's like $4 billion. It comes with people, right? And Alex is like, well, it does. But I think it's really important. And we got to assemble like an A plus world class leadership team and just kind of dawned on me, which he had experienced this in years. A business is nothing more than a bunch of people kind of running around doing things and quality of the people is paramount to the quality of the business. In these businesses, you want to create a culture centered around ownership. And that starts with the leaders of the business who need to act like they are and behave like they are NV, the shareholders of the business. So the leaders need to be the shareholders. The leaders can't just be quote unquote the management. Management and shareholders need to be one and the same. And so once you've established that, now you can go to the next step.”

    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. “Co founders, two of whom were CEOs of operating businesses themselves at relatively young ages and who gave Alex a shot when he was 30. And they gave you some real practical advice, which you then passed on to me when I, I guess, became CFO or CEO of Burger King, which if you hear some of this advice, you'll be able to connect it to some of Alex's actions, which were at the time for me deeply insightful comments that were very contrary to how I behaved and acted as an investment analyst. Things like manage the people, not the business, centralize the what, not the how, go around asking lots and lots of questions. Don't ever be afraid to ask people questions, even if something that seems obvious to the organization might not be as obvious to you. When we were buying Burger King, I'll never forget to show how naive maybe I was at the 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

  7. “One of the things that's interesting, you hear Alex's story in the railroad, and a lot of these initiatives he outlined were his, but he benefited from some great advice from co-founders.”

    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. “Think also staying quote unquote small allows us to attract some of the best, best, best people on the investment side here because we could still offer people founder-like economics, a path to partnership, a path to taking on responsibility much, much faster than those people might have if they take a kind of traditional investment path.”

    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. “I have a few thoughts on this. You've seen how much value and enterprise value has been created in the alternative investments like lands broad or landscape. And so how often do people, Alex, tell you, why don't you guys buy more businesses? Why don't you raise larger funds? Why don't you get more diversified? So I think there is this poll to do all that for a reasonably good reason.”

    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. “Think it's one of these things where the TAM is large, but it's not so large. And we really have this scaled manufacturing coupled with the scaled distribution. And so I think gaining distribution is hard. It's quite hard given the way you go to market because there's a service component, there's an installation component to this product, this process.”

    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. “Lot of companies brag about all their ESG initiatives and energy savings. Our window coverings actually save people tons of energy. It's a natural way to keep your house cool.”

    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. “There's some volume growth. There's a little bit of price growth. And as I mentioned, as we mentioned earlier, there's this historical roll up element of the business where you're buying small players in the industry. And we are the natural home for many of these small players.”

    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. “TAM for the interior and exterior window coverings is around $70 billion. HD is far and away the largest player. We have this combination of scaled manufacturing coupled with scale distribution And that allows us to either through our own sales force or through our exclusive dealer network deliver the product within a week, two weeks, which is typically what people would expect their window coverings to be delivered. Every product is largely custom made to measure. So there's no one single SKU. And so we have billions of permutations of styles, colors, patterns, sizes. And the business was around prior to us buying it for about 100 years. And we talk about all the things that can change in the world and disruption risks, but we're highly confident about the sun rising and the sun setting. And you see houses are being built with larger and larger windows because people like natural light. And so it's a product that's here to stay. We're the number one leader.”

    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. “He did. David evolved Hunter Douglas into a business that we had an even greater appreciation for 15 years after meeting him.”

    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. “Transformational acquisitions along the way to evolve that Hunter Douglas business to become even more direct to consumer, so to go to both selling through dealer and direct to consumer. We were big admirers of that business for many, many years, and we had the history of following the business for many, many, many years prior to Alex and Ralph chatting about succession and next steps for the business. So we played the real long game.”

    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. “I like that we're inserting the word window here many times, but maybe just some additional color. You had a longstanding relationship with Ralph. I had first met David in 2007. David is Ralph's son, who is now our partner in Hunter Douglas. He rolled his shares into the transaction a few years ago. They invested alongside us in Burger King. We built a good relationship, lots of mutual respect. David came down Alex Alex, I guess and I organized to have some of our partners come visit us in Burger King in 2011 or 2012 and we gave a presentation on what we were doing. And remember spending time with David. And he said, this reminds me in some respects of Hunter Douglas, this kind of entrepreneurial startup type culture in a traditional business. And we kept tabs on their business through the years as well. And we watched David do some.”

    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. “One additional large difference in our case is the folks here have largely all been in both investing roles and operating roles. And so in Alex's case, he was the CEO of the largest Brazilian rail and logistics company, largest Latin American rail and logistics company. I was the CFO and CEO of what was Burger King and now is today restaurant brands international that applies to some of our other partners here as well. I think this experience of being an operator and an investor allows us to ultimately be a better investor and allows us when we get involved in these businesses to be able to send our own people in who are partners of ours here, who have also been CEOs and CFOs and operators of businesses and who are well incentivized to create value at the company. That's directly linked and aligned with us and our limited partners.”

    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. “Good, relatively easy to understand, well-moded businesses that we and our partners here could kind of wrap our heads around, businesses that have ideally been around for a long time with strong brand franchises that we could own and grow and maybe improve a little bit”

    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. “Have some mutual friends who are much better suited to invest in the next technological. Exactly. We're just not that. We've managed to stay pretty disciplined to stick to.”

    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. “Kirkland's a fantastic brand. It's one of the largest in the country. You and I probably both have plenty of Kirkland products in our household. Compare it, contrast that with the restaurant business, Burger King or Tim Horton's, Popeyes or Firehouse subs. I mean, those are just a few great brands. I mean, we happen to be involved in them. Each of those brands owns the relationship with our end customers. And so if you want a whopper, you're coming to a Burger King. Or in the case of our Hunter Douglas business, if you want blinds, you're coming to a Hunter Douglas dealer or one of our shop-at-home dealers. So I think we have a much better appreciation for 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

  21. “Since 2004, we've followed restaurant businesses. We followed packaged food and consumer packaged goods businesses. And there is this ongoing shift we see in society of the share gain of private label. If you're a large retailer, be it a Walmart and Amazon or Costco, if you own the relationship with your customers, you have this ability to disintermediate the company selling to you. Kirk happens.”

    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. “With that disruption and disintermediation. I think we have a greater appreciation today for businesses that own the relationship with their end customers. If you have that, you're less likely, I mean, it seems obvious, but less likely to be disintermediated through some new disruptive force.”

    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. “It's harder to price risk, so we take that into consideration. But then, on the other hand, you have this team here who they're really excited to do a great deal. And oftentimes they're going to bet their own careers, as is the case with Alex and a railroad that he bought in Brazil, as is the case with Burger King that we bought here for me. And so when you're betting your reputation on something, you want to hold it to the highest possible standard.”

    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. “Exactly. Yeah. Like, we're going to buy a great business. We're going to leverage appropriately, not too much. It definitely makes it harder to price risk if you think about the traditional portfolio approach where nobody.”

    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. “I think it's a healthy pressure that we put on ourselves to make sure that we're not compromising on business quality and we're only rather do nothing than work.”

    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. “Have this luxury of only having to find one great business at a time. And I think if you're investing your own capital and if that's the lens through which you're looking at the investment, you want to be really patient and wait until you find that great business. The other way to look at is it's so hard for us to find a great business to invest in. How are we going to find 10? It's so hard to find great people to be great CEOs. So how are we going to find 10? So, I think it's great to be able to buy one business every once in a while and send in your A players to get involved.”

    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