Daniel Schwartz
speaker
501 appearances
1 recordings
1 series
first heard Feb 2026
last heard 10 Feb
Daniel Schwartz’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
We 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 in the investment, you want to be really patient and wait until you find that great business.
The other way to look at it 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 like, 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.
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- Our capital structure being- Yeah, exactly.
Yeah.
We're going to buy a great business.
We're going to lever it appropriately, not too much.
It definitely makes it harder to price risk.
If you think about the traditional portfolio approach where- Yeah, it's the portfolio construction part of it.
Yeah, you have 10 businesses and if one has some idiosyncratic risk or whatever, it's like,
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...
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