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3 episodes with 3g capital
2 episodes with 3g capital
2 episodes with 3g capital
4 episodes with 3g capital
2 episodes with 3g capital
In this episode of the Remarkable Retail podcast, hosts Michael LeBlanc and Steve Dennis begin by dissecting the week's most important retail news, highlighting the Trump administration's UK trade deal. They discuss the more consequential negotiations with China befor examining how Chinese e-commerce giants Temu and Shein are experiencing sales drops of 17% and 23% respectively after implementing pricing changes.April's surprising 7% jump in US core retail sales indicates consumers are pulling forward purchases ahead of expected tariff impacts. The hosts discusss positive earnings news from Tapestry (Coach's parent company), which increased profit guidance despite economic uncertainty, and Warby Parker, which delivered its first profitable quarter in its history. They conclude the news segment with Skechers' unexpected $9 billion acquisition by private equity firm 3G Capital, noting that the footwear giant operates in 180 countries with 5,300 stores.The interview segment features Josh Friedman, Senior Vice President of Digital and E-commerce at Ulta Beauty. Friedman brings extensive experience from previous roles at Dell, JCPenney, and Neiman Marcus. He discusses Ulta's 35-year journey and upcoming expansion into Mexico and the Middle East, emphasizing their mission to be "all things beauty, all in one place."When asked about Ulta's success factors, Friedman points to three key elements: comprehensive brand assortment, their powerful loyalty program with 44 million members, and Ulta's collaborative company culture. Personalization is a major focus for Ulta, built on their loyalty program foundation. Friedman explains how Ulta leverages search and virtual try-on technology to help deliver relevant customer experiences. Under new CEO Kecia Steelman Ulta is recalibrating its structure and focus. Friedman shares details about their upcoming curated marketplace launch, emphasizing it will be invitation-only and focused on carefully selected beauty and wellness brands that complement their existing offerings. The marketplace will allow Ulta to test new products and extend into additional categories while maintaining quality control. Here is a 10% off code for the CommerceNext Growth Show exclusive to Remarkable Retail listeners: REMARKABLE. About UsSteve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling authro of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur. He has been on the front lines of retail industry change for his entire career. Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada's Retail Marketing conference with leaders from Walmart & Google. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.Rethink Retail has recognized Michael as one of the top global retail experts for the fourth year in a row, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer. If you are a BBQ fan, you can tune into Michael's cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.
Send us a textIn this episode of The Wall Street Skinny, Kristen and Jen kick announce the launch of their long-awaited M&A course, part of their dynamic, story-driven finance curriculum. They discuss how the course, two years in the making, blends real-world technicals with the drama of HBO's Succession, making complex M&A concepts like accretion/dilution, deferred taxes, and tax structuring both engaging and accessible. They also announce a major May SALE on their self-paced course, see the links below to participate!From there, the conversation dives deep into the latest market headlines. Jen unpacks the recent Fed meeting, clarifying misconceptions about quantitative easing and explaining how the Fed is managing its shrinking balance sheet through non-competitive treasury purchases. They also discuss how these moves tie into broader concerns about stagflation, market liquidity, and the mechanics behind treasury auctions—demystifying some of the viral finance content floating around online.Finally, they pivot to the major private equity news of the week: 3G Capital's $9.3 billion bid to take Skechers private. Kristen and Jen break down why companies often seek the shelter of private ownership during times of market turmoil, the structure of 3G's offer (including rollover equity options for shareholders), and what this signals for the broader M&A environment. Shop the MAY SALE:- Buy the FULL IBD / PE course for 20% off HERE- M&A Standalone Course $50 OFF HEREEnroll in the Financial Modeling Talent Accelerator Sign up for our Talent Accelerator HERE today! Visit Vanta.com/wallstreet for $1,000 off Start your FREE TRIAL of Training The Street's Turbo Macros HEREShop the MAY SALE:- Buy the FULL IBD / PE course for 20% off HERE- M&A Standalone Course $50 OFF HERE Enroll in the Financial Modeling Talent Accelerator HERE Join the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS... ...
On this week's Modern Retail podcast, senior reporters Gabriela Barkho and Melissa Daniels discuss the rising challenges toy companies are facing in planning for inventory under Trump's China tariffs. As Mattel executives said in the company's quarterly earnings this week, the Barbie maker is trying to future-proof its supply chain to minimize potential price increases. In M&A news, DoorDash announced it acquired reservation platform Seven Rooms and delivery service Deliveroo, for $1.2 billion and $3.86 billion, respectively. In other acquisition news, Skechers was taken private by 3G Capital in a $9.42 billion deal, which is said to be the biggest footwear buyout to date. In this episode, Daniels also speaks with John Tabis (19:30), co-founder and chairman of flower delivery company Bouqs on how the floral industry is dealing with tariffs, with Mother's Day right around the corner. They get into the source of florals, and how Bouqs uses its internal technology to navigate high-demand times. Tabis, who is also a venture partner with M13, also got into best practices for companies with global supply chains at a moment of uncertainty.
Good ECO/Markets = Trump Bad ECO/Markets - Biden CTP for Micron is underway AI wins a horse race News from Omaha PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Good ECO/Markets = Trump - Bad ECO/Markets - Biden - CTP for Micron is underway - AI wins a horse race - News from Omaha - India/Pakistan - India stikes Markets - Some Earnings Color - S&P breaks it streak this week - KRI +4, +5 (Spearman +100) - Currency interventions happening Interesting Timing - Skechers U.S.A., Inc. the third largest footwear company in the world, today announced that it has agreed to be acquired by 3G Capital, a global investment firm built on an owner-operator approach to long-term investing. - 3G gets discount as tariffs are softening price - Helped to move the other names in the space higher Heads I Win.... - President Donald Trump took credit for the "good parts" of the economy in an exclusive interview with NBC News airing Sunday, but said that the "bad parts" are former President Joe Biden's economy. - "Ultimately, I take responsibility for everything, but I've only just been here for a little more than three months," Trump said. - "The tariffs have just started kicking in. ... The tariffs are going to make us rich. We're going to be a very rich country," he added. In terms of shortages: - "I don't think a beautiful baby girl needs – that's 11 years old – needs to have 30 dolls," Trump said. - "I'm just saying [children] don't need to have 30 dolls, they can have three, they don't need to have 250 pencils, they can have five," he added. - But, Mira Lago has 58 bedrooms, 33 bathrooms, a 29-foot-long (8.8 m) pietra dura marble-top dining table, 12 fireplaces, and three bomb shelters. ---WHAT? Ford Earnings - Ford Motor beats by $0.14, misses on revs, co suspends FY25 guidance; says business is strong, adjusted EBIT tracking within prior guidance, excluding new tariff-related impacts - Based on what the company knows now, and its expectation of how certain details and changes will be resolved related to tariffs, the company estimates a net adverse adjusted EBIT impact of about $1.5 bln for full-year 2025. Given material near-term risks, co is suspending guidance. Block Earnings (Last week) - Revenue decreased about 3% from $5.96 billion a year earlier. - Gross profit rose 9% to $2.29 billion from $2.09 billion a year earlier. That missed analysts' forecasts of $2.32 billion for the quarter. - Gross payment volume hit $56.8 billion, missing expectations of $58 billion, according to StreetAccount. - Stock plunges Check this out and find out more at: http://www.interactivebrokers.com/ Palantir Earnings - Palantir Technologies reports EPS in-line, beats on revs; guides Q2 revs above consensus; guides FY25 revs above consensus - Reports Q1 (Mar) earnings of $0.13 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.13; revenues rose 39.4% year/year to $883.9 mln vs the $862.17 mln FactSet Consensus. - U.S. commercial revenue grew 71% year-over-year and 19% quarter-over-quarter to $255 million. - U.S. government revenue grew 45% year-over-year and 9% quarter-over-quarter to $373 million. - Co issues upside guidance for Q2, sees Q2 revs of $934-$938 mln vs. $899.44 mln FactSet Consensus. - Co raises guidance for FY25, sees FY25 revs of $3.890-$3.902 bln vs. $3.75 bln FactSet Consensus. Raises adjusted income from operations guidance to between $1.711 -- $1.723 billion. - Stock down- probably some profit taking as valuation is a bit stretched Kentucky Derby - AI Wins! - Sovereignty won the 151st running of the Kentucky Derby in Louisville,
In one of the market’s biggest surprise moves and the second-largest fashion deal ever, Skechers has agreed to be taken private by 3G Capital for US$9.42 billion in the footwear industry’s biggest buyout to date. Dan Koh and Ryan Huang investigate the motivation behind this latest buyout and what going private would mean for the third largest footwear brand in the world.See omnystudio.com/listener for privacy information.
In this episode, Scott Becker breaks down key business stories, including continued market declines, Skechers' $9.4B sale to 3G Capital, challenges facing private equity giants like KKR and Blackstone, and more.
ICYMI: Hour Two of ‘Later, with Mo'Kelly' Presents – ‘Beyond the Box Score' with regular guest contributor Jackie Rae; Long Beach Post/WNBA Reporter and host of ‘The Jackie Rae Show,' weighing in on President Trump's announcement that Washington, D.C. will be the site of 2027 NFL draft & NBA Legend Paul Pierce's wild claims that “marriage is for old people and poor people”…PLUS – Thoughts on iconic sneaker brand Skechers being acquired by 3G Capital for $9.4 billion AND a look at your weekly horoscope with the Cat Breed that best represent your Zodiac Sign - on KFI AM 640…Live everywhere on the iHeartRadio app & YouTube @MrMoKelly
In this episode, Scott Becker breaks down key business stories, including continued market declines, Skechers' $9.4B sale to 3G Capital, challenges facing private equity giants like KKR and Blackstone, and more.
It’s a quiet start for Asia-Pacific markets, but global headlines are buzzing! Skechers gets snapped up by 3G Capital in a blockbuster $9.4 billion deal. Meanwhile, Ford and Mattel pull guidance amid tariff uncertainty, Netflix and Disney tumble on fresh trade threats, and Marvel’s Thunderbolts lights up the box office. Michelle Martin and Ryan Huang unpack the latest on Skechers, Warner Bros Discovery, Japan Foods, SATS, Yangzijiang Shipbuilding, and more. Plus, what’s driving the Taiwanese Dollar surge, and why is the Gates Foundation opening in Singapore?See omnystudio.com/listener for privacy information.
India Gears Up for Worst-Case Scenarios As Indo-Pak tensions soar post the deadly April 22 Pahalgam terror attack that claimed 26 lives, India's Ministry of Home Affairs has ordered nationwide civil defence mock drills on May 7. These include air raid sirens, crash blackouts, evacuation rehearsals, and camouflaging critical infrastructure—measures not seen at this scale since the Kargil conflict. The drills follow India's sweeping diplomatic retaliation: suspension of visas for Pakistani nationals, revocation of the Indus Waters Treaty, sealing the Attari border, and banning Pakistan Airlines. Pakistan hit back by halting all trade and closing its airspace. PM Modi has granted the military full operational freedom to respond. As cross-border ceasefire violations stretch into their 10th day, India is clearly preparing for all possibilities. Cyber Frontline: Hackers Hit Indian Defence SitesA digital war is brewing alongside border tensions. Pakistani hacker groups have claimed to breach key Indian defence-linked websites, including the Military Engineer Services and Manohar Parrikar Institute of Defence Studies and Analyses—claims the institute denies. One group alleged access to 10GB of user data. Meanwhile, defacement attempts were made on websites like Armoured Vehicle Nigam and Army Public Schools. Another group, Internet of Khilafah, targeted welfare platforms for ex-servicemen. While cybersecurity teams have foiled most attacks, these waves of digital aggression are adding another layer to the Indo-Pak crisis. Union Territories Join Centre's Capex Push Starting FY26, India's Union Territories (UTs) will finally be eligible for the Centre's 50-year, interest-free capital expenditure loan scheme—originally introduced post-pandemic for states only. With ₹1.5 trillion allocated for FY26, 60% of funds will go toward infrastructure, while 40% will be linked to reforms. UTs like Puducherry and Delhi can now tap into this pool to fund critical projects. States like Uttar Pradesh, Bihar, and Madhya Pradesh already top the borrowing list under this scheme. Economists say the move aims to spur public investment and balance development across regions amid slow private capital inflow. Taj Hotels Bets Big on India's Travel Boom Indian Hotels Company Ltd (IHCL), owner of the iconic Taj brand, is doubling down on India's tourism wave with a ₹1,200 crore investment plan for FY26. After a 53% jump in FY25 net profit to ₹2,038 crore, the company plans to open 30 new hotels, most under an asset-light model. TajSATS, its catering arm, added ₹716 crore to revenues. With rising demand from leisure, business, and MICE segments, IHCL is eyeing higher occupancy rates and room prices, forecasted to cross ₹10,000 by 2026. From legacy luxury to next-gen growth, IHCL is charting a bold path forward. Skechers to Go Private in $9.4 Billion Deal Footwear giant Skechers is being acquired by 3G Capital in a $9.4 billion all-cash deal, valuing shares at $63—a 30% premium. Shareholders can also choose $57 cash plus equity in a new private entity. The move comes as global shoemakers brace for US tariffs under President Trump's trade reset. Despite record revenues of $9 billion in 2024 and $640 million in earnings, Skechers hopes that going private will help it weather geopolitical headwinds, especially as China contributes 15% of its revenue. CEO Robert Greenberg and team will stay on, with headquarters remaining in California.
Los datos económicos del día en Estados Unidos eran los de la encuesta ISM de Servicios. Ha sorprendido al alza pese al aumento de los precios pagados. Algo de deterioro se ve también en el plano laboral. En lo corporativo son protagonistas en Estados Unidos las acciones de Skechers. 3G Capital ofrece 9.420 millones por la empresa de calzado. Y caídas en los operadores de cines después de que el presidente Donald Trump desvelase un arancel del 100% sobre las películas producidas fuera de EE.UU. Cinemark Holdings cae un 7,4%, AMC un 2,2% e IMAX un 9%. Analizamos el mercado esta hora con Gisela Turazzini, de Blackbird. Y hacemos Gestión del Patrimonio con Borja de Castro, de Banco BIG. En Bolsa española, y dentro del Ibex 35, Solaria, Unicaja y Acciona Energías son los mejores valores del día. Se ponen al frente de las pérdidas ArcelorMittal, Ferrovial y Telefónica.
Walmart, Kraft Heinz, Blue Rock Therapeutics, and the Four Seasons hotels are just some of companies that regularly invite Ron Monteiro to coach their finance teams in storytelling. But Ron's success followed decades of fear in presenting and public speaking in FP&A settings. Starting in accounting at Hitachi (“Ron Monteiro: “it was actually the only job I could get”) the CPA and CMA was inspired by a manager who gave him direction and mentorship doing FP&A as Kraft, as well as work over a decade in daily overcoming his debilitating fears. Now he delivers a playbook to teams across the world where finance is “expected to be at the table, not just tactically, but strategically.”Ron is also the author of a new book: Love Mondays which draws on his experience and interviews with finance leaders. In this episode Fear of public speaking I've carried through my life Kraft Foods and a leap of faith from my manager 15 years at Kraft with 7 jobs and five promotions including FP&A manager, analyst and director Transforming Kraft FP&A into strategic value: Kraft Singles and “Getting Our Shit Together” meetings Brendan Flynn's leadership of finance at Kraft developing future finance leaders The downward trend of FP&A post 3G Capital's buyout CPG and the essential metrics Learning what you can do to grow – listening tour as business partnering and putting your hand up Love Mondays! A Proven Process to Bring Joy Back Into Your Work Week and Life Paperback by Ron Monteiro https://www.amazon.ca/Love-Mondays-Proven-Process-Bring/dp/B0DPMTVYY3
We're counting down the top 5 episodes of 2024. Coming in at number five is Episode 384 with Alex Behring and Daniel Schwartz of 3G Capital, discussing their unique private equity organization and their wildly successful purchase of Burger King. Take Capital Allocator's Audience Engagement Survey Learn More Follow Capital Allocators at @tseides or LinkedIn Subscribe to the mailing list Access transcript with Premium Membership
Carlos Simonsen é cofundador e sócio da Upload Ventures. Com mais de dez anos de experiência em Private Equity e Banco de Investimento, além de growth equity e reestruturação. Desempenhou papel fundamental na aquisição da Heinz pela 3G Capital e na fusão da Kraft, avaliada em U$89 milhões. Além disso, Carlos também participou ativamente da compra da SABMiller pela AB Inbev, avaliada em U$107 milhões. Foi fundador da Corton Capital - empresa de growth equity que foi incorporada na Upload Ventures. Na Corton, liderou uma equipe que adquiriu participação majoritária na Neoway - vendida para a B3 por R$1.8 bilhão. Carlos foi também responsável por liderar a rodada de investimentos Series F da Loggi e Series E do Olist, além das rodadas secundárias da Wildlife Studios.
In this episode of If Not Now Wen, we are so excited to welcome special guest, Grant Newlin. Grant is a founder and general partner of Newlin Ventures, investing at Pre-Seed, Seed, and Series A across both North and South America. Grant began his career as a process improvement / strategy Consultant for Ernst & Young where he aided the nation's largest financial institutions in the post-financial crisis, Dodd-Frank world. He then worked in M&A sell-side and buy-side transactions for Waller Helms Advisors in Chicago, leading middle-market deals often as the sole junior banker. During the merger of Kraft Foods and Heinz, Grant worked with 3G Capital as the Lead, Senior Finance Manager to spearhead the finance and operations post-merger integration; he reported directly to the CFO and President of the US. And before Newlin Ventures, Grant was Head of Dealflow at New Stack Ventures, leading inbound and outbound dealflow strategies, owning all phases of diligence, and supporting LP engagement. Grant is also a staunch supporter of non-profit Surge for Water where he manages the US endowment. He was Chair of the Minnesota chapter and has served on both the Governing and Associate Boards. Grant also plays Advisor / Mentor to Techstars, Gener8tor, the University of Virgina iLab, and several other leading innovation hubs across the country. In this episode we talk about:
On this day in 1964, the first Tim Horton Donuts shop opened in Hamilton, Ontario.See omnystudio.com/listener for privacy information.
3G Capital's buyout of Burger King may be the most successful private equity deal you've never heard about. Over the last fourteen years, or the length of a typical private equity fund, 3G turned a $1 billion investment into $28 billion in value. The annual dividends from the investment accruing to 3G today are around 70% of its invested capital. The deal is one of the highest earning buyouts ever. 3G is an organization with a storied history. Founded by Jorge Paolo Lemann, Carlos Alberto Sicupira, and Marcel Herrmann Telles, the group created an owner-operator model of investing. They rose to prominence through building the largest beer company in the world, initially buying local brewer Brahma in 1989, expanding it and merging with a competitor to become AmBev in 1999, merging with Interbrew to become ImBev in 2004, and taking over Anheuser Busch in 2008 to become AB InBev. Twenty years ago, Alex Behring, a young star on their team, moved to the US to form 3G Capital and take the approach abroad. Burger King was the second largest hamburger fast food chain after McDonalds in 2010 when 3G took it private. What it accomplished since then has been extraordinary. My guests to discuss 3G and the deal are Alex Behring and Daniel Schwartz. Co-Managing Partners of 3G Capital. Our conversation covers the history of 3G, Alex's journey to form 3G Capital, and the 3G playbook. We then dive into the deal, covering the sourcing and deal dynamics, improving operations, growing the business, taking the company public unexpectedly, and reloading to buy Tim Horton's, Popeye's, and Firehouse Subs. Today's Burger King is part of Restaurant Brands International (QSR), a public company with a $32 billion market cap and $50 billion enterprise value. This classic deal will widen your aperture on what's possible with a long-term, compounding holding period and operational excellence. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
3G Capital's buyout of Burger King may be the most successful private equity deal you've never heard about. Over the last fourteen years, or the length of a typical private equity fund, 3G turned a $1 billion investment into $28 billion in value. The annual dividends from the investment accruing to 3G today are around 70% of its invested capital. The deal is one of the highest earning buyouts ever. 3G is an organization with a storied history. Founded by Jorge Paolo Lemann, Carlos Alberto Sicupira, and Marcel Herrmann Telles, the group created an owner-operator model of investing. They rose to prominence through building the largest beer company in the world, initially buying local brewer Brahma in 1989, expanding it and merging with a competitor to become AmBev in 1999, merging with Interbrew to become ImBev in 2004, and taking over Anheuser Busch in 2008 to become AB InBev. Twenty years ago, Alex Behring, a young star on their team, moved to the US to form 3G Capital and take the approach abroad. Burger King was the second largest hamburger fast food chain after McDonalds in 2010 when 3G took it private. What it accomplished since then has been extraordinary. My guests to discuss 3G and the deal are Alex Behring and Daniel Schwartz. Co-Managing Partners of 3G Capital. Our conversation covers the history of 3G, Alex's journey to form 3G Capital, and the 3G playbook. We then dive into the deal, covering the sourcing and deal dynamics, improving operations, growing the business, taking the company public unexpectedly, and reloading to buy Tim Horton's, Popeye's, and Firehouse Subs. Today's Burger King is part of Restaurant Brands International (QSR), a public company with a $32 billion market cap and $50 billion enterprise value. This classic deal will widen your aperture on what's possible with a long-term, compounding holding period and operational excellence. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
Learn how the UHNW (ultra-high-net-worth) individuals invest into different asset classes with Andrew Sarna, VP of Investments at Forthlane Partners. You can follow his work through his daily note here: https://offthecharts.substack.com/Andrew has spent the last 5 years building out the Forthlane investment platform. He has experience across asset classes and building Canadian Pension Plan style portfolios for UHNW clients. He has led multiple investments including Private Equity co-investments, Credit managers, Absolute Return managers, etc. Prior to joining Forthlane, Andrew began his career at the Kraft Heinz Company under 3G Capital, where he was the finance lead in Canada for logistics, supply chain losses and working capital. Andrew is a CFA Charterholder, holds an HBA from the Ivey Business School, and a Bachelor of Engineering Science with a specialization in Integrated Engineering from Western University. He graduated from both programs with Honours. He's also the creator of one of my favourite ways to keep a pulse on the market, a daily newsletter called Off the Charts. Globe and Mail Article:https://archive.ph/AOXdY#selection-2067.0-2067.106 Andrew Henderson with Rick Rubin:https://podcasts.apple.com/us/podcast/andrew-henderson/id1671669052?i=1000619346243
Rozhovor se spoluzakladatelem 3G Capital Pavlem Begunem o akciích největší super aplikace v Kazachstánu, mini Procter & Gambler v Latinské Americe nebo nejznámější značce na spodní prádlo v USA, jeho investiční filozofie nebo poslední investice v Číně. (Natočeno 13. listopadu 2023)
Dan Reese is the President of Milkshake Factory. In this conversation, we talk about his time working at Heinz & Kraft, his interactions with 3G Capital and their ruthless prioritization of cost cutting, scaling of Milkshake Factory, economics of the business, and why they may become one of the next great premium brands in food & beverage. ======================= Auradine, a leader in web infrastructure solutions including blockchain, AI, and privacy, has unveiled the world's first 4nm Bitcoin mining systems, featuring breakthrough EnergyTune™ technology, setting new standards in performance and energy efficiency. The Teraflux™ product line from Auradine offers best-in-class performance, efficiency, and total cost of ownership (TCO), positioning it as the optimal choice for Bitcoin mining needs. With EnergyTune™, a patent-pending technology, Auradine's Teraflux™ systems enable rapid demand response and optimal energy usage, fostering a symbiotic relationship with electrical grids, and contributing to sustainable energy practices. Designed and manufactured in the US, Auradine's Teraflux™ product line not only ensures cutting-edge technology but also mitigates supply chain risks and provides increased supply chain resiliency. Visit www.auradine.com for more information the Teraflux bitcoin mining systems. ======================= Cal.com is leading the charge of scheduling platforms in the open-source sphere, offering you the chance to harness the efficiency previously reserved for elite corporations and tech gurus. That's right, Cal.com is transforming sophisticated calendar management into an accessible tool for all via a user-friendly interface. Discover how countless users are optimizing their time in unprecedented ways. Use code “POMP” for $500 off when you set your team up with Cal.com. ======================= Pomp writes a daily letter to over 250,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/
20 YEARS IN PERSPECTIVE:It's been a juggle to combine two careers and raise a couple of healthy, good kids and particularly a career in a multinational on the one hand and a very local kind of rooted career in medicine on the other hand.The most difficult time by far was after the 2008 financial crisis, when I think a lot of businesses were under pressure and ours was no exception at the time. By far the toughest, but also very character building, so was a useful experience at the same time.One of the most fun things as that journey took me was in a food service role where I travelled across 75 countries around the world and got to eat the most incredible, but also the most disgusting things you can imagine in the world.I don't really regret anything. I just wish we had 3 lives, instead of one because there's so much more interesting things to do.On TOPIC: THE FOOD INDUSTRY, SUSTAINABILITY, HEALTH, INNOVATION, FOOD INFLATION AND MOREIt took 170,000 hours of R&D, believe it or not, to develop that packagingThere's a couple of driving forces which have always been drivers in the food industry and the first is taste. You can make something as sustainable, or as healthy or as whatever you can come up with, but if it doesn't taste good, people aren't going to eat it.We have taken 60mn pounds of sugar out of our products in the last couple of years.If you look at the supply side of things, things are changing dramatically due to deglobalization on the one hand, which has disrupted many different supply chains and climate change on the other hand and that's the “fun” part of being essentially agricultural business.We're the Number One tomato processor in the world, most of tomatoes that we source come out of California. California has been hit by drought, after drought, after drought. This is global warming impacting a big, big business right here and now.The war in the Ukraine has of course exacerbated that. And to give you an idea, I think 50% of the global sunflower produce comes out of the Ukraine, more than half of the global grain production... So, these are big, big disruptions and big shifts, also leading to huge cost inflation, which we hadn't seen in the industry either.The food industry, when it started at the end of the industrial revolution, was a high-tech industry and over time it kind of became a bit of a low-tech industry and I think you see now a new era of high-tech food industry emerging and that's fascinating.We're doing a lot in the innovation space to offer healthier alternatives. Heinz Tomato ketchup ZERO - a ketchup that has no added salt and no added sugars. 25% of regular ketchup consists of sugar.WHY GIVE BACK (TO INSEAD)Why on earth not? Firstly, because I'm just grateful for the amazing time we've had. Was fantastic year and it has been a life event for me.More fundamentally, there's a couple of things that I like to believe in and that come together in INSEAD.(1) I like to believe in Europe, an amazing continent that still has so much potential and it needs to have its own strong business schools.(2) I also believe in the power of education in a big way and giving access to people with amazing potential to access education, irrespective of whether they can afford it normally or not;(3) Finally I believe in business potentially being a source of good in the world, and I think INSEAD has a cool agenda on that, so I like it.References, mentions:Unilever, Kraft Heinz, Miguel Patricio, 3G Capital, StartLife, Foodtech, Agrifoodtech, Oblomov (by Ivan Goncharov), Paul Polman, Deglobalisation, ESG, food supply chains disruptions, food inflation
The Interview Discusses:His remarkable turnaround of Domino's Pizza where he increased the share price by 23x.The opportunity he saw at Restaurant Brands that convinced him to invest $30 million personally in the company's shares (and pledge to hold it for 5 years).The dynamics of working for a company controlled by private equity firm 3G.The importance of franchisee profitability for his turnaround plan.Tim Hortons extraordinary success in Canada and how that can be replicated in other parts of the world. Why Burger King International is performing well and Burger King US is struggling.Could Tim Hortons alone eventually be worth more than Restaurant Brands is currently? His role as Executive Chairman.What it was like being on Jim Cramer's Mad Money.The difference between his role at Restaurant Brands where he is Executive Chairman and his role at Best Buy where he is Non-Executive Chairman. ---And much more! Nothing in this podcast constitutes investment advice. Biography:Mr. Doyle was appointed Executive Chairman of RBI in November 2022 to accelerate growth for franchisees and shareholders. Most recently, he has served as an executive partner of the Carlyle Group, a global diversified investment firm, focused on the consumer sector. Prior to that he served as the chief executive officer of Domino's Pizza, from March 2010 to June 2018, having served as president from 2007 to 2010, as executive vice president of Domino's Team USA from 2004 to 2007 and as executive vice president of Domino's Pizza International from 1999 to 2004. Mr. Doyle has served on the board of directors of Best Buy Co., Inc. since November 2014 and has been the Chairman of Best Buy's board since May 2020.Important Disclosures. The information herein is provided by Boyar's Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible lThe Boyar Value Group's mission is to search for value on behalf of our clients. Since 1975, the Boyar family of companies has been relentlessly focused on discovering value for our clients. For more than four decades we have navigated through fads, gimmicks and market volatility. Utilizing value investing to try to create and preserve wealth has and always will be our sole focus. Our experienced team of analysts looks for diamonds in the rough, companies passed over by the rest of the investment community, but whose true value, in our opinion, significantly exceeds their current stock price. In essence, we are trying to buy a dollar for fifty cents. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com
A empresa de investimentos 3G Capital, fundada pelo bilionário brasileiro Jorge Paulo Lemann e seus sócios, levantou cerca de US$ 143 milhões (cerca de R$ 740 milhões) por meio da venda de ações da Restaurant Brands International
Surpresa e incredulidade tomaram o mercado assim que o recém-empossado presidente da gigante varejista anunciou “inconsistências contábeis” da ordem de R$ 20 bilhões. Seria o maior tombo já registrado pela empresa que nasceu como uma lojinha de rua em Niterói, em 1929, e convertida em uma companhia com mais de 40 mil funcionários, sob o controle acionário da 3G Capital, dos bilionários brasileiros Carlos Alberto Sicupira, Jorge Paulo Lemann e Marcel Telles. Ficaria ainda pior: a dívida revisada chega aos R$ 43 bilhões e a Americanas agora está em recuperação judicial. Neste episódio, Natuza Nery entrevista a jornalista Mariana Barbosa, editora da coluna “Capital” do jornal O Globo. - Mariana descreve a prática irregular na contabilidade da empresa que configurou a “fraude” que elevou a dívida de R$ 8 bilhões para mais de R$ 40 bilhões; - Explica o que é uma recuperação judicial e quais as consequências para a Americanas e para os fornecedores – e o que significa a forte reação do banco BTG Pactual; - E aponta os possíveis próximos capítulos: perda para pequenos investidores, venda de ativos de alto valor e muitas demissões.
Tony Cheng is a Managing Partner at Foresight Ventures, where he covers Web3 investments for the firm while also acting as Head of Corporate Development at Bitget Exchange. Formerly an investor at Sequoia Capital China and 3G Capital, Tony is well-versed in both traditional and crypto VC. Tony has also worked as a consultant at Oliver Wyman after earning his business degree from Saïd Business School, University of Oxford.In this conversation, we discuss:- Investing around the world- Managing investment size and portfolio construction- Working with Bitget - Vetting founders- Importance of conviction- Investing in the West vs. China- First-mover advantage- Strength of a community- Investment trends of 2023- Various ways where the VC landscape changed in 2022- Navigating different bear and bull market cycles- Day in the life of a VCForesight VenturesWebsite: foresightventures.comTwitter: @ForesightVenLinkedIn: Foresight VenturesTony ChengTwitter: @tcheng_100LinkedIn: Tony (Wenji) Cheng, CFA --------------------------------------------------------------------------------- This episode is brought to you by PrimeXBT. PrimeXBT offers a robust trading system for both beginners and professional traders that demand highly reliable market data and performance. Traders of all experience levels can easily design and customize layouts and widgets to best fit their trading style. PrimeXBT is always offering innovative products and professional trading conditions to all customers. PrimeXBT is running an exclusive promotion for listeners of the podcast. After making your first deposit, 50% of that first deposit will be credited to your account as a bonus that can be used as additional collateral to open positions. Code: CRYPTONEWS50 This promotion is available for a month after activation. Click the link below: PrimeXBT x CRYPTONEWS50
Aswath Damodaran is a Professor of Finance at New York University Stern School of Business. Known widely as the “Dean of Valuation,” Damodaran is an expert on how to value a company and determine why some thrive while others fail. He joins Preet to discuss similarities between the human and corporate life cycle, why Amazon has prospered over the last two decades, and how to become a better investor. Plus, can the Democrats combat the onslaught of House investigations coming their way? And what does the appointment of special counsel Jack Smith mean for the DOJ's investigations of Donald Trump? Don't miss the Insider bonus, where Preet and Damodaran discuss why he prefers to remain a teacher rather than start his own business and why the acquisition of Kraft Heinz by Warren Buffett and private equity firm 3G Capital has not been a success. To listen, try the membership for just $1 for one month: cafe.com/insider. For show notes and a transcript of the episode, head to: https://cafe.com/stay-tuned/corporate-teenage-wasteland-with-aswath-damodaran/ Tweet your questions to @PreetBharara with hashtag #askpreet, email us at staytuned@cafe.com, or call 669-247-7338 to leave a voicemail. Stay Tuned with Preet is brought to you by CAFE and the Vox Media Podcast Network. Learn more about your ad choices. Visit podcastchoices.com/adchoices
From debtors prison to the fastest-growing company in America. HJ Heinz is the story of fish guts, watery ooze, and new manufacturing breakthroughs. Dave Young: Welcome to the Empire Builders Podcast, teaching business owners the not-so-secret techniques that took famous businesses from mom and pop to major brands. Stephen Semple is a marketing consultant, story collector and storyteller. I'm Stephen's sidekick and business partner, Dave Young. Before we get into today's episode, a word from our sponsor, which is, well, it's us. But we're highlighting ads we've written and produced for our clients, so here's one of those. [Jim's Razorback Pizza Ad] Dave Young: Welcome back to the Empire Builders Podcast. So Stephen, this is episode 57. Unbelievable. Stephen Semple: 57, isn't that amazing? Just amazing how time flies. And when I got thinking about it, let me ask you a question. When you think about products, Dave, what product comes to mind when you say the number 57? Dave Young: Oh, that would be Heinz. Stephen Semple: That would be Heinz. So today we're going to talk about Heinz. But isn't that incredible? I did not prep you on this. And yet, you say to people, "The number 57," people immediately go, "Heinz ketchup!" So now there's a whole ton of things that we could talk about when it comes to Heinz. I mean, we could do probably God, I don't know how many podcasts we'd do, but what we're going to talk about today is ketchup, because that's really the thing that got things going for Heinz. So Heinz was founded by Henry J. Heinz in January of 1869. And what Heinz did at that time is they did a variety of bottled and pickled products. But things weren't going so great, because in 1875, Henry Heinz went off to debtor prison. Dave Young: Debtor prison, so they were founded long enough ago that there was still debtor prison. Stephen Semple: Yes, sir. And he spent a year in debtor prison. And then in 1876, he traveled off to the UK. Let's just fast forward a little bit. Today, 60% of the retail ketchup market in the US is Heinz. And on March 12th, 2013, Heinz was sold to Berkshire Hathaway and 3G Capital for $23 billion. Dave Young: I didn't know that. I was unaware that Uncle Warren picked up Heinz. Stephen Semple: He along with 3G Capital, they bought it together. So now back to Henry. So after Henry gets out of debtor prison, he travels to the UK and he gets inspired by a bottle of catsup. You know, C-A-T? The C-A-T version? Fermented fish guts is, essentially, what it's made [inaudible 00:03:39]. So it's this fish sauce that's really used to hide the taste of rancid meat. It's kind of disgusting stuff, actually. But it got him thinking. What if he could replace the fish bits with something better, like ripe tomatoes? So he returned to the US and started to work on the recipe. And HJ and his brother, John, emptied out their mother's savings and started experimenting. They wanted to make something with this really broad appeal. And they experimented with a lot of things, including green tomatoes. What they discovered is that when you use ripe, red tomatoes, it makes it thicker, because of all the pectin in the tomatoes. So that's where they landed. Stephen Semple: Think about this. You get out of debtor prison. You go to the UK. You see this fermented fish gut product and say to yourself, "I can do this with tomatoes." You go, you clean out your mother's savings, and you're off to the races. So they developed ketchup and it really started to sell well. It was actually doing very, very well. But the next thing that they did is they put the ketchup in clear bottles so the customers could see the product. And they were really one of the first to do that. Before that, everything was always in green or colored bottles. They were one of the first to do this whole idea of packaging into a clear bottle. But the real growth is about the start.
FII Fácil Entrevista: Yuri Bialoskorski da More InvestMORC11Gestora: A More Invest é uma gestora independente de recursos financeiros focada em crédito estruturado e fundos imobiliários. Foi fundada em 2011 por executivos do mercado financeiro com a finalidade de oferecer produtos de alta performance, previsibilidade e de grandes oportunidades para Family Offices, Wealth Management e plataformas.Yuri Bialoskorski, CGA: Profissional com 12 anos de experiência no mercado financeiro, atuou na Mauá Sekular em análise de risco e gestão de juros e moedas. Foi gestor de renda fixa e moedas na 3G Capital, sendo responsável pela equipe macroeconômica. Também foi sócio e trader internacional na MVP Capital/Bozano investimentos. É o responsável pela alocação em fundos imobiliários na More Invest desde 2017. Graduado em Economia pela Universidade de São Paulo.#MORE11 #moreInvest #MATV11 #MORC11#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesContato MORE Invest:Cadastra-se no mail list: https://bit.ly/MoreInvest-Mailinghttp://moreinvest.com.br/ri@moreinvest.com.br ---------------------------------------------------------------------------+ APP de FII - BAIXE o APPAPP Store: https://apps.apple.com/br/app/fii-f%C...Play Store: https://play.google.com/store/apps/de...
Andre Bastos is a business-building senior-level executive and entrepreneur with a strong finance, strategy, operations, sales, and general management background in startups and large corporations.Andre has created a technology-based business from scratch, while orchestrating and closing investment funding from major firms such as Goldman Sachs, 3G Capital, IFC, and Franklin Templeton. He is adept at leveraging artificial intelligence, machine learning, and big data to achieve a cutting-edge B2C financial service offering.Andre develops an agile culture across the enterprise that delivers significant productivity improvement. He is a strong negotiator with vendors and coordinated sales partnerships with 15 Fortune 500 companies. Here are a few of the topics we'll discuss on this episode of People Analytics: What Open Co does and how they help people lower their rate of credit. How Andre found a gap in the market and created this solution for it. The merger Andre's company went through and how they kept their employee's interests at the forefront during this. How to reduce employees' anxiety during mergers. The importance of being transparent. The strategy of bringing two different companies' cultures together during a merger. The cultural pillars at Open Co and how the organisation supports these. How HR leaders can navigate difficult mergers. Resources:Open CoConnect with Andre Bastos:LinkedInConnect with the host: Lindsay Patton on LinkedIn Lindsay Patton by Email
O episódio #42 do Outliers recebeu Bruno Coutinho e Philippe Perdigão, sócios fundadores da Mar Asset. A gestora foi criada em 2019, quando Bruno e Philippe se uniram ao sócio investidor Luis Moura que, após fundar a 3G Capital em Nova York e ter trabalhado no BTG Pactual e Citibank, montou uma estrutura para alocar, inicialmente, o seu próprio capital. O dinheiro dos sócios, portanto, é investido na mesma condição dos outros cotistas, na estratégia única da casa.O nome da gestora vem de uma paixão em comum entre os três: o surfe. “O mar é um ambiente de variáveis incontroláveis: vento, maré, tamanho da ondulação. O que controlamos é a nossa reação. É isso que pensamos no mercado também”, disse Bruno Coutinho.E o objetivo de longo prazo da gestora não é nada módico: ser para os fundos Multimercados o que a gestora Dynamo é para os fundos de ações - uma referência. Vão ter bastante trabalho duro pela frente e algumas décadas...boa sorte!Ouça o episódio completo e entenda mais sobre a Mar Asset!O Outliers reúne conversas com os gestores mais renomados do mercado e é apresentado por Samuel Ponsoni (@samuel.ponsoni), gestor de fundos da família Selection na XP, acompanhado por Carol Oliveira, coordenadora de análise de fundos da XP.
FII Fácil Entrevista: Yuri Bialoskorski e Fábio Fabietti da More InvestMATV11Gestora: A More Invest é uma gestora independente de recursos financeiros focada em crédito estruturado e fundos imobiliários. Foi fundada em 2011 por executivos do mercado financeiro com a finalidade de oferecer produtos de alta performance, previsibilidade e de grandes oportunidades para Family Offices, Wealth Management e plataformas.Fábio Fabietti: Profissional com mais de 20 anos de experiência no mercado financeiro, atuando na mesa de derivativos, commodities, estruturação de dívida e por fim, private bankig. Passou por instituições como Banco Rabobank, Czarnikow Trading, Capitale, HSBS, Coinvalores entre outras. Formado em Administração de empresas pela PUC-SP.Yuri Bialoskorski, CGA: Profissional com 12 anos de experiência no mercado financeiro, atuou na Mauá Sekular em análise de risco e gestão de juros e moedas. Foi gestor de renda fixa e moedas na 3G Capital, sendo responsável pela equipe macroeconômica. Também foi sócio e trader internacional na MVP Capital/Bozano investimentos. É o responsável pela alocação em fundos imobiliários na More Invest desde 2017. Graduado em Economia pela Universidade de São Paulo.#MORE11 #moreInvest #MATV11 #MORC11#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesContato MORE Invest:http://moreinvest.com.br/ri@moreinvest.com.br https://www.youtube.com/channel/UClCM...linkedin:https://www.linkedin.com/company/more...---------------------------------------------------------------------------+ BLACK FRIDAY - NOVEMBRO Chegou - Preços Especiaishttps://forms.office.com/Pages/Respon...+ APP de FII - BAIXE o APPAPP Store: https://apps.apple.com/br/app/fii-f%C...Play Store: https://play.google.com/store/apps/de...
FII Fácil Entrevista: Ariel Almeida da BlueMacawBLMG11Ariel Almeida é sócio e COO na BlueMacaw. Com ampla experiência em investimentos de private equity e real estate, Almeida integrou o time de real estate do BTG Pactual e participou ativamente de todas as transações do track record da BlueMacaw. O executivo também desempenhou posições de liderança na Kraft Heinz, em Chicago, trabalhando com executivos sêniores da empresa e de sua sócia controladora, a 3G Capital. Almeida é formado em Administração pela FGV - EAESP, da Fundação Getúlio Vargas em São Paulo, e possui MBA, com honras, pela Universidade de Chicago Booth School of Business. #BLMG11 #BLMR11 #BLMO11 #BLMC11#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesBlueMacaw:https://www.bluemacaw.com/logistico-b...https://www.instagram.com/bluemacawge...investor Day BlueMacawhttps://www.youtube.com/watch?v=QZMq7...Materialhttps://www.bluemacaw.com/insight/ri@bluemacaw.com---------------------------------------------------------------------------+ APP de FII - BAIXE o APPAPP Store: https://apps.apple.com/br/app/fii-f%C...Play Store: https://play.google.com/store/apps/de...
Allocating capital is one of management's most important jobs. Still, many decisions are suboptimal for shareholders. Why is that? In this episode, Jake Taylor - author of The Rebel Allocator - shares valuable insights on capital allocation and investment strategy. We also talk about biases, pricing power, and how to use a multidisciplinary approach in life and investing. For more info about the podcast, go to the episode page.—————————————————Episode ChaptersIntro(00:23) Intro with Eddie and Niklas(03:18) Charlie Munger calling and movie status(07:02) Feedback on and purpose of the bookCapital Allocation(09:21) Rational capital allocation(11:42) How to assess good capital allocators?(15:34) Incentives and suboptimal allocation(21:36) Analyzing a company's capital allocation decisions(24:11) Thoughts on M&A storiesInvesting, Portfolio, and Strategy(26:06) Investing in capital allocators and Farnam Street Investments(32:06) Cheapest things on Earth vs. M&A machines like $CSU(34:51) Living and dying a value investor(37:32) Investing biases and Jake's systematic approachThe Multidisciplinary Life Approach(43:33) Stretching your mind by using Truths (49:45) Advantage of focus 4h of dedicated work(53:34) Importance of solitude and patience(58:12) Going on the Information Onion DietPricing Power and Company Valuation(1:01:30) Competition, differentiation, and pricing power(1:06:42) Financial modeling and price sensitivityBook Inspiration(1:12:09) A door stopper better than any MBA or finance class—————————————————Articles MentionedText interview with Jake Taylor - Investing by the Books (2018)—————————————————Books Mentioned(20:52) High Output Management - Andrew Grove (1983)(31:27) Intelligent Fanatics - Sean Iddings, Ian Cassel (2016)(45:08) The Half-Life of Facts - Samuel Arbesman (2012)(50:33) The One Thing - Gary Keller (2013)(53:34) Subtract - Leidy Klotz (2021)(1:13:36) The Complete Financial History of Berkshire Hathaway - Adam Mead (2021)—————————————————Companies Mentioned(20:25) GEICO (29:16) Coca-Cola, Procter & Gamble, Dollar Shave Club, Gillette(31:29) Berkshire Hathaway, 3G Capital, Capital Cities / ABC (Tom Murphy)(32:06) Constellation Software, Vitec Software(38:03) Berkshire Hathaway—————————————————More on Jake Taylor:Jake's book: The Rebel AllocatorJake's podcast: https://twitter.com/5_GQsJake's podcast: https://greenbackd.com/value-after-hours-podcast/Jake's twitter: https://twitter.com/farnamjake1Jake's website: Farnam Street Investments—————————————————What is Investing by the Books?Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/Follow on Twitter: https://twitter.com/Investbythebook—————————————————What is Redeye?Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/Follow on Twitter: https://twitter.com/Redeye_—————————————————DisclaimerNotice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
Sarah Rogerson is a Lead Research Associate in the project Forest 500. It's an assessment of the 500 most influential companies and financial institutions in forest-risk supply chains. Prior to Global Canopy Sarah has worked on corporate environmental transparency with both CDP and the Climate Disclosure Standards Board, and on domestic recycling and engagement with Keep Britain Tidy. Sarah has a degree in Natural Sciences (Zoology) from the University of Cambridge. https://www.linkedin.com/in/sarah-rogerson/ There are two questions for you 1) How can we align with our assessments and scorecards of what we are expecting and asking the companies with our peers we are making sure we are all pushing for the same thing and reducing confusion within companies? 2) Are there any ways we can work better and very keen to share data? Special request for members of the company from Amul (GCMMF), Gruppo Veronesi, Le Gouessant, SunTrust, 3G Capital and Voya Financial Here are rankings of companies https://forest500.org/rankings/companies Do you want to be a guest on our podcast? I will be waiting for your email at vikram@73bit.com http://www.73bit.com/
FII Fácil Entrevista: Yuri Bialoskorski e Fábio Fabietti da More InvestMORE11Gestora: A More Invest é uma gestora independente de recursos financeiros focada em crédito estruturado e fundos imobiliários. Foi fundada em 2011 por executivos do mercado financeiro com a finalidade de oferecer produtos de alta performance, previsibilidade e de grandes oportunidades para Family Offices, Wealth Management e plataformas.Fábio Fabietti: Profissional com mais de 20 anos de experiência no mercado financeiro, atuando na mesa de derivativos, commodities, estruturação de dívida e por fim, private bankig. Passou por instituições como Banco Rabobank, Czarnikow Trading, Capitale, HSBS, Coinvalores entre outras. Formado em Administração de empresas pela PUC-SP.Yuri Bialoskorski, CGA: Profissional com 12 anos de experiência no mercado financeiro, atuou na Mauá Sekular em análise de risco e gestão de juros e moedas. Foi gestor de renda fixa e moedas na 3G Capital, sendo responsável pela equipe macroeconômica. Também foi sócio e trader internacional na MVP Capital/Bozano investimentos. É o responsável pela alocação em fundos imobiliários na More Invest desde 2017. Graduado em Economia pela Universidade de São Paulo.#MORE11 #moreInvest#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesContato MORE Invest:http://moreinvest.com.br/ri@moreinvest.com.br https://www.youtube.com/channel/UClCM...linkedin:https://www.linkedin.com/company/more...
Fusão de B2W (BTO3W) e Americanas (LAME4) mais complexa que o esperado para manter controladores no comando. Veja como vão ficar os negócios combinados e as primeiras impressões dos analistas. CSN (CSNA3) e CSN Mineração (CMIN3) apresentam balanços fortes, mas dentro das expectativas. Os IPOS da Boa Safra (SOJA3) e Caixa Seguridade (CXSE3). Credit Suisse eleva preço-alvo da Oi (OIBR3). Bolsa brasileira descola do exterior com correção após alta de ontem. No radar dos investidores: o pacote de Biden para educação; CPI da Covid. E no Radar Corporativo ainda: balanço de Embraer, Gol e Multiplan. Boa Safra: a história da produtora de sementes que planeja IPO - http://inf.money/S1FR7uPP$Os destaques do mercado financeiro e as principais notícias de economia você encontra aqui, no #RadarInfoMoney.
The Do One Better! Podcast – Philanthropy, Sustainability and Social Entrepreneurship
This episode is of particular interest to anyone who cares about driving forward quality education at scale in a global context. While the Lemann Foundation is based in Brazil, its work is of interest to philanthropists, NGOs and social entrepreneurs across the globe. Denis sheds light on the Foundation’s work, ranging from operations to grant-making, and provides a solid overview of the current state of affairs in Brazil’s education system and the opportunities for improvement. The Lemann Foundation was launched in 2002 by self-made Brazilian entrepreneur Jorge Paulo Lemann, who is one the world’s most prolific private investors and philanthropists. Lemann’s private equity firm, 3G Capital, boasts a portfolio that includes the likes of Anheuser-Busch, Burger King, Heinz, Kraft, SABMiller, and Tim Hortons. Visit The Do One Better! Website at Lidji.org for a full transcript of this conversation. Please click the ‘subscribe’ button on your favourite podcast app and share widely with others — thank you!
A Mar Asset Management, fundada por um trio de veteranos da 3G Capital, Banco BTG Pactual e Opportunity, é uma gestora de recursos independente, estruturada a partir da combinação da escola de investimentos em Macro / Renda Fixa do BTGPactual, com a de investimentos em ações do Opportunity e da 3G Capital. Neste episódio conversamos com Bruno Coutinho e Philippe Perdigão, sócios fundadores da Mar Asset junto com Luis Moura, que somam décadas de experiência em tomada de decisão de portfólio e foco em áreas com expertise e track-record provados em diferentes ciclos. Produção: wepod
170. When Buffett Met with His Partner at 3G Capital Leadership, Management and Legacy
Introdução: Congregação para a Doutrina da Fé emitiu em 06/01/2018 o documento: Considerações para um discernimento ético sobre alguns aspectos do atual sistema econômico-financeiro Citarei alguns trechos: 1 - As temáticas econômicas e financeiras, nunca como hoje, atraem a nossa atenção, pelo motivo da crescente influência exercitada pelo mercado em relação ao bem-estar material de boa parte da humanidade. Isto requer, de uma parte, uma adequada regulação de suas dinâmicas, e de outra, uma clara fundamentação ética, que assegure ao bem-estar conseguido uma qualidade humana das relações que os mecanismos econômicos, sozinhos, não podem produzir. 15 - Também o dinheiro é por si mesmo um instrumento bom, como muitas coisas de que o homem dispõe: é um meio a disposição da sua liberdade e serve para alargar as suas possibilidades. Este meio pode, porém voltar-se facilmente contra o homem. Assim, também o financiamento do mundo empreendedor, consentindo às empresas de ter acesso ao dinheiro mediante o ingresso no mundo da livre contratação da bolsa, é por si mesmo positivo. Este fenômeno, todavia, corre o risco hoje de acentuar também uma ideia ruim de financiamento da economia, fazendo sim que a riqueza virtual, concentrando-se sobretudo em transações caracterizadas pelo mero intento especulativo e em negociações de alta frequência (high frequency trading), atraia a si excessivas quantidade de capitais, subtraindo-os em tal modo dos circuitos virtuosos da economia real[29]. Assim, para tratar de Mercado financeiro: amar ou adiar? O que diz a Igreja? Nossos convidados serão: Rodolfo Barreto é sócio e gestor na área de fundos macro da Ibiuna Investimentos desde 2016. Trabalhou no BTG Pactual, de 2010 a 2016, como gestor macro responsável pela equipe de América Latina ex-Brasil para o fundo GEMM e fundos locais. De 2006 a 2010 foi gestor macro e economista chefe da 3G Capital em Nova York, onde era co-responsável pela gestão global macro além de participar do comitê de alocação de renda variável. Entre 2005 e 2006, foi Vice-presidente do Citigroup em Londres como estrategista responsável por mercados emergentes. De 2001 a 2005 trabalhou na JGP como economista focado em EUA, Japão e Europa. É mestre em Métodos Matemáticos para Finanças pelo Instituto de Matemática Pura e Aplicada -RJ e graduado em Economia pela Stanford University, com honras e um dos três premiados em economia - Premio Sobieski. E também contaremos com a presença do Pe. Rodrigo Hurtado, Legionário de Cristo, licenciado em Filosofia e teologia pela Universidade Regina Apostolorum de Roma, diretor do Instituto Católico de Liderança, e idealizador do Aplicativo de Meditação Católica (SEEDTIME) Apresentação: Adriano Dutra
13/08/2014 — O Ibovespa subia desde a abertura dos negócios, mas inverteu a tendência para queda por volta do meio-dia (no horário de Brasília), quando foi confirmado que o então candidato à Presidência da República Eduardo Campos (PSB) havia morrido em um acidente aéreo. O índice fechou em queda de 1,53%, depois de ter caído mais de 2% no intraday. O dólar subiu para R$ 2,28 na compra. O acidente mudou a dinâmica das eleições presidenciais. Campos estava em terceiro lugar nas pesquisas. Com a entrada de Marina Silva em seu lugar, cogitou-se que ela poderia ter forças para ir ao segundo turno, mas o embate final ficou mesmo entre Dilma Rousseff e Aécio Neves. E a Dilma venceu.Convidados:Jorge Junqueira, sócio-gestor da Gauss Capital, que na época trabalhava na 3G Capital, e Luiz Eduardo Portella, sócio fundador da Novus Capital.
Em uma das atrações do Encontro Anual, voltado para a rede da Fundação Estudar (e, nesta edição, completamente virutal), Jorge Paulo Lemann, um dos fundadores do 3G Capital, integrado por grupos como AB InBev, Kraft Heinz e Lojas Americanas, conversou com Henrique Dubugras, Líder Estudar e um dos fundadores da Brex, fintech bilionária com sede no Vale do Silício. Na conversa entre os dois, reflexões sobre passado e futuro dos negócios, sobre bons empreendedores e sobre particularidades de empreender no Brasil e em outros lugares - como os Estados Unidos e, mais especificamente, o Vale do Silício, conhecido como centro de inovações e de empresas de tecnologia que revolucionam mercados. Experiências de gerações distantes que, neste bate-papo, se complementam e pintam um cenário sobre personalidades bem distintas, mas com grande sucesso no mundo dos negócios.
Em uma das atrações do Encontro Anual, voltado para a rede da Fundação Estudar (e, nesta edição, completamente virutal), Jorge Paulo Lemann, um dos fundadores do 3G Capital, integrado por grupos como AB InBev, Kraft Heinz e Lojas Americanas, conversou com Henrique Dubugras, Líder Estudar e um dos fundadores da Brex, fintech bilionária com sede no Vale do Silício. Na conversa entre os dois, reflexões sobre passado e futuro dos negócios, sobre bons empreendedores e sobre particularidades de empreender no Brasil e em outros lugares - como os Estados Unidos e, mais especificamente, o Vale do Silício, conhecido como centro de inovações e de empresas de tecnologia que revolucionam mercados. Experiências de gerações distantes que, neste bate-papo, se complementam e pintam um cenário sobre personalidades bem distintas, mas com grande sucesso no mundo dos negócios.
Metanoia Lab | Liderança, inovação e transformação digital, por Andrea Iorio
No episódio de hoje, o Andrea vai comentar 3 frases do Jorge Paulo Lemann, bilionário brasileiro, sócio-fundador da AB Inbev, maior cervejaria do mundo, e do fundo 3G Capital, que falam sobre a importância de tomar riscos, sobre o poder da cultura de empresa e sobre o valor da educação continua. Te garanto, esse episódio é único e está incrível. E aí, vamos abrir juntos a porta do laboratório da Metanoia?
Os sócios da 3G Capital Partners, como Jorge Paulo Lemann, Carlos Alberto Sicupira e Marcel Telles, foram ao Credit Suisse pedir recursos para comprar pelo menos R$ 2 bilhões na oferta pública de ações da Lojas Americanas (LAME4). As informações foram publicadas pela “Bloomberg” nesta sexta-feira (14). Link da Notícia: https://www.sunoresearch.com.br/noticias/lojas-americanas-lame4-3g-capital-credit-acoes/ Tudo que você precisa saber sobre investimentos. Livros Recomendados. https://afl.b2w.io/6iVY https://afl.b2w.io/6iW1 https://afl.b2w.io/6iW2 https://amzn.to/2yec1ND --- Support this podcast: https://anchor.fm/investidor/support
Welcome to Episode 30 of Nooks and Crannies! 30 - The Meritocratic Mythos of Private Equity Firms or a Workers Revolt with Austerity and Chaka Khan :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: (2:00) Meritocratic Meritocracy is a Relativistic Mythos: Evan and Matt kick things off with an interrogation of the concept of Meritocracy and how it relates to education and work. We look at how meritocratic expectations are embodied by many undergrads from privileged backgrounds are reinforced through their lived experiences vs how working class students approach expectations of meritocracy. Then Evan brings the chat to the workplace, how the idea of ‘hard work will pay off’ is a mythos *not totally untrue, just rare in practice but reinforced through cultural artifacts like the media. It is evident that Matty has been out of the ‘job game’ and ‘employment field’ for quite some time, but he tries to keep up… (20:38) Violet’s Terrible Two’s: Vi announced her presence on the pod so the BFF’s decided to do a lil impromptu ditty on her adventures *and our, with being a cantankerous 21/4 year old! We also chat about Matt’s birthday and both make each other feel bad for forgetting each others B-Day’s! Miss you mom… (24:20) Battle of Blair Mountain: Funny and tragic story from our collective Labour history. Hey, you like your weekend’s and 8 hour day? Maybe you are like me and think, hey Domestic Labour is just as valuable as conventional Labour..Or maybe you find yourself thinking: “You know what this protest needs, gatling-guns and homemade shrapnel, to spice things up!” Well hold onto your private detective agency badge folks, Evan is about to tell ya’all and an exasperated Mamoo about The Battle of Blair Mountain (W. Virginia)! (40:43) Impromptu Cast Commercial: Despite this being a pretty solid recording sesh by your valiant co-host’s, we had major technical issues (tape delay due to faulty internet), luckily we use Cast! The exceptional audio recording platform that has saved my arse on multiple occasions (I recorded the entire Chronicity Series *forthcoming, on Cast, I had major connectivity issues then too, the recordings are clean as a whistle). So if any podcaster is curious, give Cast a Try. (41:52) Timmies, Canada’s Favorite Private Equity Firm: What started as a begin yet very common Canadian Question: How do you take your Tim’s? Diatribed into a interesting investigation into Private Equity Firms, especially 3G Capital. Here is a link to their contact page, if you are curious as to why they use Temporary Foreign Workers or maybe just..what’s the deal with the fries at Tim’s? Be sure to reach out: https://www.3g-capital.com/contact.html After complaining about this for a bit, Evan offers up a couple more examples of the evils of PEF’s (Canadian Media conglomeration and the US housing market). Good Times! (57:42) And to end things on a lighter note, listen to this Spotify playlist: https://open.spotify.com/playlist/1KLqQq6TnTyfLG81ej1oaq and find out why the universalistic opinion (Evan and Matt’s wife Melly) all think that Matty has the musical styling’s of a 52 y.o. woman from Ohio. Yes folks, this is Matt’s much anticipated by no one: Great Female Singers (ongoing), recommendations are strongly encouraged eh..happy to add to this generic list :) :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: N&C Links All The Episodes Drop us a line: Nooksandcranniespod@gmail.com Facebook: https://www.facebook.com/nooksandcranniespodcast Ponder Evan’s Blurry Pictures: https://www.instagram.com/nooks_and_crannies_pod/ Find Nooks and Crannies on Spotify Follow, Rate and Review on Podchaser (please!) Graphics by Donna Hume ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: Theme Music Attribution: Cullah - "Neurosis of the Liver" on "Cullah The Wild" https://www.cullah.com/discography/cullah-the-wild/neurosis-of-the-liver Under license (CC BY 4.0) https://creativecommons.org/licenses/by/4.0/
WeWork tables its IPO. 3G Capital sells 25 million shares of Kraft Heinz. Will Berkshire-Hathaway follow suit? MFAM Funds portfolio manager Bill Barker analyzes those stories. Plus, we discuss the forecast for holiday retail sales and debate the odds of “unprecedented uncertainty”. Get the money you need to run your small business. Go to Kabbage.com to get started. Credit lines subject to review and change. Individual requests for capital are separate installment loans issued by Celtic Bank, Member FDIC.
AbbVie buys Allergan for $63 billion in cash and stock. Jason Moser analyzes the pros and cons of the deal. Warren Buffett denies any tension between Berkshire-Hathaway and 3G Capital but, would anyone blame him if there was tension? Plus, Jason shares highlights from his trip to Costa Rica and five stock ideas the trip inspired.
Sonho Grande conta a história do homem mais rico do Brasil, Jorge Paulo Lemann, que junto com seus dois sócios, Beto Sicupira e Marcel Telles, criou em menos de 40 anos um império bilionário e se projetou mundialmente ao comprar marcas icônicas americanas como Heinz, Burger King e Budweiser. Além disso, o trio de empreendedores criou o Banco Garantia, comprou as Lojas Americanas, a cervejaria Brahma, que após aquisições e fusões se tornou a maior cervejaria do mundo, a AB InBev, criou a Fundação Estudar, fundou a GP Investimentos, a 3G Capital, entre outros grandes feitos. Cristiane Correa, autora do livro Sonho Grande, por muitos anos tentou entrevistar o trio de ouro do empreendedorismo brasileiro, mas não conseguiu. Sendo assim, o livro é o resultado de uma grande pesquisa e entrevista com mais de 100 pessoas, incluindo até mesmo Warren Buffett, que disse o seguinte: "Meu amigo – e agora sócio – Jorge Paulo e sua equipe estão entre os melhores homens de negócios do mundo. Ele é uma pessoa fantástica e sua história deveria ser uma inspiração para todos os brasileiros, assim como é para mim." No resumo do livro Sonho Grande você vai conhecer os grandes ensinamentos do maior empreendedor do Brasil. ------------------------------------------------------------------------------------------------ Baixe o livro digital gratuito em: engrandece.com/livro/ Conecte-se através de todas as mídias sociais: Blog: engrandece.com/blog/ Facebook: engrandece.com/facebook/ Instagram: engrandece.com/instagram/ Youtube: engrandece.com/youtube/ Podcast: engrandece.com/podcast/ Contato Oficial: engrandece.com/contato/ Um grande abraço!
The United States yesterday ratcheted up its fight against Iran. Tributes continue pouring in for the 76 year old inventor of mind mapping, Tony Buzan, who passed away earlier this month after heart attack. The Capitalist Party of South Africa, ZACP, last night tabled a plan to hand over direct ownership of the country’s 715 state owned enterprises to citizens. Brazilian investment company 3G Capital, has moved one of its more favoured executives into the CEO post at food giant Kraft Heinz.
Kraft Heinz was created by 3G Capital in a Warren Buffett-backed 2015 megamerger of Kraft and Heinz. Now the food group’s shares have crashed and Mr Buffett has admitted that he overpaid. Katie Martin discusses what went wrong with James Fontanella-Khan and Sujeet Indap.Contributors: Suzanne Blumsom, executive editor, Katie Martin, capital markets editor, James Fontanella-Khan, US corporate finance and deals editor and Sujeet Indap, Lex columnist. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information.
Daniel Schwarz leads Restaurant Brands International, the parent company of Burger King, Tim Horton’s, and Popeye’s. He started out his career at the investment firm 3G Capital. In 2013, when he was only 32, the firm’s managing partner, Alex Behring, took a big chance on him and promoted him to CEO of Burger King. Now, Schwartz is returning the favor by betting on young talent to lead his businesses.
A dica de hoje é de Jorge Lemann, o empresário mais rico e bem sucedido do Brasil, e um dos mais ricos do mundo! Um dos fundadores do 3G Capital, Jorge Paulo Lemann é conhecido pelas gigantes aquisições realizadas nos últimos anos e pelo apurado senso de oportunidade, que deram a ele e seus sócios o controle de grandes companhias como a Kraft Heinz, o Burger King e a maior cervejaria do mundo: a AB InBev. Veja mais vídeos do Cresça 1% ao dia: youtube.com/fernaobattistoni
Interview discusses: His thoughts on what it would take to create another Berkshire Hathaway. Unique insights into Warren Buffett gleaned from his over 20-year personal and professional relationship with him. His views on Berkshire's relationship with private equity firm 3G Capital and why he continues to invest with them. The history of super-voting stock and why they were partially banned. Why the investors in Berkshire Hathaway have played such a large role in its success. And more...Biography:Lawrence Cunningham's dozen books include The Essays of Warren Buffett: Lessons for Corporate America, which Cunningham self-published into an international best-seller translated into a dozen languages, as well as Berkshire Beyond Buffett; Quality Investing; and The AIG Story.
Cut costs, streamline operations, and acquire growth. That has been the recipe for success for 3G Capital (and frequent partner Warren Buffett), but as headwinds mount for packaged food and beverages, Kraft Heinz needs to find other avenues for growth. The cast also looks at Etsy and its trajectory under new CEO Josh Silverman.
Brazil's 3G Capital has becoming to the business …
A recent Globe and Mail story described the 'brutal' transformation of beloved Canadian restaurant brand Tim Horton's. The cause of the messy shift? Budget cuts by Tim's new owners - Brazilian holding company 3G Capital and Restaurant Brands International (RBI). I was invited by Mark Brennae of CFAX radio to chat about this disruption. It was a lively conversation!
It would have been among the biggest deals ever. Instead, Kraft Heinz's pursuit of Unilever will become a footnote in history. Kraft Heinz, whose two largest shareholders are 3G Capital and Warren Buffett's Berkshire Hathaway, pulled its $143 billion offer after news of its takeover offer leaked. Now, Kraft Heinz will look for new targets, and they're probably going to be big, Bloomberg Gadfly columnist Tara Lachapelle tells Alex Sherman. She gives her predictions for what's next on the wish list and explains why 3G's other deal this week -- Restaurant Brands's $1.8 billion deal for Popeyes Louisiana Kitchen -- reminds her of Kraft Heinz's M&A strategy.
Larry Cunningham has written a dozen books, including The Essays of Warren Buffet, Berkshire Beyond Buffett, and Quality Investing. Today, he talks about what the Berkshire subsidiaries are doing correctly and why Warren Buffett is unique as a leader. Larry also shares insightful stories of various CEOs of companies behind Berkshire and how they're able to make their investments profitable. 02:30 - Why did Larry study Warren Buffett and Berkshire? 04:00 - What surprised Larry the most as he was interviewing executives from Berkshire? 05:40 - Berkshire has shifted from being an investment company to a holding company. 06:00 - 20 years ago Berkshire was a 5-10 billion company, but 80% of its assets were in investments. 09:35 - Larry talks about Warren's strategy. 12:40 - The way Warren treats his team makes them feel like they're investing with their own personal money. 14:35 - What does it mean to be an entrepreneur? 17:15 - Berkshire doesn't insist that their subsidiaries have any sort of government or management style.16:45 - The CEO of the Marmon Group told Larry that his company has always been highly decentralized. 18:10 - Out of the 50 acquisitions Berkshire has made in the last 25 years, 40 of them have been private.17:35 - Berkshire relies on and trusts the team to make the best financial decisions. 21:25 - Larry talks about the Berkshire acquisitions that aren't bringing in profit. 27:30 - Larry shares a story about when Berkshire acquired Benjamin Moore Paint. 30:20 - What advice would Larry give to the audience about how to think about disruption? 33:15 - Many of the principles that Berkshire stands for are proven and can be replicated. 36:10 - Larry talks about the Berkshire and 3G Capital acquisition and why it's different than the others. 42:00 - What has Larry changed his mind about recently?40:50 - What are Larry's morning rituals? 43:05 - What advice would Larry have for his 25-year-old self? FULL SHOW NOTES: http://innovationecosystem.com/larry-cunningham
Over the long weekend, Deadpool set multiple box office records for Twenty-First Century Fox with over $280 million in global ticket sales. And after the movie, we treat listeners to dinner as we revisit 3G Capital and the latest results from Burger King and Tim Hortons.
Warren Buffett and 3G Capital team up again for the merger of Heinz and Kraft Foods. Coke and Pepsi grapple with the same problem: diet soda sales falling year over year. Wall Street’s most powerful woman takes a job with Google. And McDonald’s rolls out a surprising new product line. Our analysts discuss those stories and more, plus CPA Megan Brinfield offers tax tips for investors.
Berkshire Hathaway and 3G Capital team up to buy Heinz. US Airways and American Airlines make their merger official. And shares of Whole Foods slide on earnings.
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