Rame

Some wisdom from Richard Rainwater:

Might be my fav read of the year - Leonardo Del Vecchio, Luxoticca founder. "I want to be the best at everything I do. That's all." Picture this tiny Alpine village in northern Italy... a place so remote, so tucked between snow-capped Dolomite mountains that most Italians…

Today we break down the Chicago Mercantile Exchange $CME. Our guest Adam Chandler, co-PM at Claremont Global, covered: Exchange and Clearinghouse 101 Why CME dominates futures What drives this ~$100bn mkt cap business

Sage advice from Munger:

Bernard Arnault was asked whether Apple is a luxury product. He said he knew Steve Jobs and he asked for advice when opening stores. (1/x)

Many know the story of Jay, Buffett, Graham & the Rockwood cocoa arb. Less seem to know what happened to after. I named my project after Rockwood not only because it involves the most creative deal, but was arguably Jay’s most important. New article out. Free for all to read.

"How did Jay Pritzker make his money and invest? The only time he gives, in detail, what he actually looks for in deals was actually in a private panel in 1977 where businessmen in Chicago reflected on where lawyers are necessary. In that panel Jay said: When an opportunity is…

I'd guess Pritzker is the investor blueprint most would romanticize being: - Insane returns - Generalist, mainly opportunistic - Napkin math + sophisticated structuring - Admired by other GOATs - Mysterious via avoiding media - Humble in any interview

Rainmakers is back with another episode. This time on the legendary investor Jay Pritzker. In his father's first ever TV appearance he tells a panel of fellow businessmen why he disdains the media for the ways they portray his family. 41 years later, I give it my own shot.

Okay, I've wanted to do this for a long time Are you familiar with the Pritzkers? They're Chicago royalty, with a saga that's got it all - rags-to-riches rise, alleged mob ties, huge successes and wild blowups, including a family feud that makes Succession look... tame

In my ongoing research into the Pritzker family and their history, I’m always looking for more documents, stories, contacts or leads. If you have any information you’re willing to share, you can reach me on @signalapp All communication is confidential unless otherwise agreed.

When we look at the best investors we tend to think they had a thesis that was rigidly followed which ultimately led to their successful outcome. But after studying some of these outliers, the common pattern I actually see are investors who get the initial thesis wrong but…

Investing is an arrogant act. Buying a stock implies its price - set by thousands of well informed and highly incentivized market participants - is wrong. Understanding when the conditions are ripe for a company to be over or under valued is key to earning outsized returns.…

Richard Rainwater’s first big win for the Bass family started with a snubbed VC, David Dunn. A Forbes piece on Dunn’s struggles caught the eye of Prime Computer’s founders. Dunn became their first investor. Rainwater’s $8M became $200M.

This past weekend, Frederick Smith passed away. Frederick was the Founder, Chairman, and CEO of FedEx Corporation, as well as a minority owner of the Washington Commanders. He reportedly first outlined the idea for FedEx as part of a college paper. However, after college, rather…

If you have any interest in the Pritzker family please give this article a read. @RockwoodNotes spent the last 4 months piecing together the origins of the Pritzkers starting with the patriarch who moved from Kiev to Chicago, Nicholas Pritzker.

First article is out. Free for all to read. I cover the life of Nicholas Pritzker, which I consider central to understanding the Pritzker story. He immigrated, gritted his way to be the family’s first attorney, and established an ethos that defined the family for generations.