Alex Behring and Daniel Schwartz - Inside 3G Capital

**Patrick O'Shaughnessy** (0:00)
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. If you enjoy these conversations and want to go deeper, check out Colossus, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus along with all of our podcasts at colossus.com.

**SPEAKER_2** (2:15)
Patrick O'Shaughnessy is the CEO of PositiveSum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of PositiveSum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of PositiveSum may maintain positions in the securities discussed in this podcast. To learn more, visit PSUMVC.

**Patrick O'Shaughnessy** (2:43)
My guests today are Alex Behring and Daniel Schwartz, co-managing partners of 3G Capital. 3G has built one of the most distinctive firms in investing around a simple idea. There are only a handful of truly great businesses and even fewer great CEOs, so instead of diversifying broadly, they concentrate deeply. Their model is to raise capital with the intention of making just one investment per fund, commit meaningful amounts of their own money alongside their partners, and focus all their time and the best people on that single opportunity. What sets them apart is that they come to investing as operators. Alex previously ran the largest railroad in Latin America, and Daniel served as the CEO of Burger King, and many of their partners have spent years as CEOs, CFOs, or senior operators inside of complex organizations. When 3G buys a company, they step in as operators, align incentives with ownership, and work alongside management to improve the business. That approach has produced a series of iconic deals, including Burger King, Tim Hortons, Hunter Douglas, and Skechers. Along the way, they've also become known for developing talent, giving young leaders real responsibility and ownership, and holding an unusually high bar. Please enjoy this great conversation with Alex and Daniel. Once you've heard from Alex and Daniel, I highly recommend you also read our in-depth profile on them and 3G Capital. They gave our managing editor Dom Cooke unprecedented access, and the outcome is an excellent profile about the 50-year history of 3G, and how the model began with Jorge Paulo Lemann in Brazil.
I want to start with this one investment per fund concept, because first of all, I just think it's extremely cool to think about having a big pull of capital to deploy into one thing, and all the work that goes into that, what ends up being that one thing despite looking at countless other businesses. Where did that concept come from? Because it must dictate so much about the nature and culture of the investment strategy, firm, people. One investment per fund sounds interesting, and I know it is from our past discussions. Where did that come from?