Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458]
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What is the main topic discussed in this episode?
Most software companies try to maximize your time on their app to juice engagement. Ramp does the exact opposite. Ramp understands that no one wants to spend hours chasing receipts, reviewing expense reports, and checking for policy violations.
What is the unique investment model of 3G Capital?
So they built their tools to give that time back, using AI to automate 85% of expense reviews with 99% accuracy. And since Ramp saves companies 5%, it's no wonder that Shopify runs on Ramp, Stripe runs on Ramp, and my business does too. To see what happens when you eliminate the busy work, check out ramp.com slash invest. OpenAI, Cursor, Anthropic, Perplexity, and Vercel all have something in common. They all use WorkOS.
How do great businesses maintain customer relationships?
And here's why. To achieve enterprise adoption at scale, you have to deliver on core capabilities like SSO, SCIM, RBAC, and audit logs. That's where WorkOS comes in. Instead of spending months building these mission-critical capabilities yourself, you can just use WorkOS APIs to gain all of them on day zero. That's why so many of the top AI teams you hear about already run on WorkOS. WorkOS is the fastest way to become enterprise-ready and stay focused on what matters most, your product. Visit WorkOS.com to get started. Every investor should know about Rogo because Rogo AI's platform is not just another generic chatbot. Instead, it was designed to support how Wall Street bankers and investors actually work, from sourcing diligence and modeling to turning analysis into deliverables.
For me, three key things differentiate Rogo. First, it connects directly to your system so it can work with your actual data. Second, it understands your workflows, how work really happens across a deal or an investment. And third, it runs end-to-end and produces real outputs the way the best people do.
What are the advantages of a small investment team?
Auditable spreadsheets, investment memos, diligence materials, and slide decks that match your standards. This all comes from the fact that Rogo is built by finance professionals for finance professionals. And it's already being adopted by some of the most demanding institutions in the world. To learn more, visit rogo.ai slash invest. Hello and welcome everyone.
How does ownership influence company culture?
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.
to learn more visit psum.vc
My guests today are Alex Baring and Daniel Schwartz, co-managing partners of 3G Capital. 3G's 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.
What makes Burger King a compelling investment opportunity?
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.
How did 3G Capital negotiate with Tim Hortons?
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 Cook, unprecedented access, and the outcome is an excellent profile about the 50-year history of 3G and how the model began with Jorge Paulo Leman in Brazil.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:12
2
What is the unique investment model of 3G Capital?
0:12–0:36
3
How do great businesses maintain customer relationships?
0:36–1:33
4
What are the advantages of a small investment team?
1:33–1:52
5
How does ownership influence company culture?
1:52–2:55
6
What makes Burger King a compelling investment opportunity?
2:55–3:36
7
How did 3G Capital negotiate with Tim Hortons?
3:36–5:44
8
What lessons can be learned from the Kraft Heinz investment?
5:44–1:36:59
Speakers
4 identifiedMore from Invest Like the Best with Patrick O'Shaughnessy
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