Acquired

Rolex is a series of paradoxes. They sell obsolete and objectively inferior mechanical devices for 10-1000x the price of their superior digital successors… and demand is stronger than ever in history! Their products are comparable to a Hermès Birkin bag in price, luxury status and waitlist times… yet they produce over 1m units / year (roughly 10x annual Birkin production). They make the most universally recognized and desired Swiss watches… yet their founder wasn’t Swiss and didn’t start the company in Switzerland! If Rolex were publicly traded, they’d almost certainly be among the top 50 market cap companies in the world… yet they’re 100% owned by a charitable foundation in Geneva that (among other things) literally just gives away money to local people in the city. Tune in for one of the most fascinating and admirable companies we’ve ever covered on Acquired. We had an absolute blast making the episode, and hope you enjoy it as much as we did! Sponsors: Many thanks to our fantastic Spring ‘25 Season partners: * J.P. Morgan Payments [https://bit.ly/acquiredJPMProlexpod] * ServiceNow [https://bit.ly/acquiredsn] * Fundrise [https://bit.ly/acquiredfundrise25] * Huntress [https://bit.ly/acqhuntress] Links: * The Renaissance of the Swiss Watch Industry - Marc Bridge [https://atpresent.substack.com/p/the-renaissance-of-the-swiss-watch] * HODINKEE - Inside All Four Rolex Manufacturing Facilities [https://www.hodinkee.com/articles/inside-rolex] * “If you were…” campaign [https://www.watchprosite.com/rolex/if-you-were-reading-the-new-yorker-tomorrow--you-d-wear-a-rolex-/732.1577316.15622151/] * Worldly Partners’ Multi-Decade Rolex Study [https://worldlypartners.com/businesshistory] * Episode sources [https://docs.google.com/document/d/13jbg_6wzcNt7KwCbJAiKhJ0ifcsgkh8AowXoovIfkiU/edit?usp=sharing] Carve Outs: * Bluey [https://www.imdb.com/title/tt7678620/] * Acquired on Armchair Expert [https://open.spotify.com/episode/6xGGNXHVEVrEqH0kh0xbbz?si=mzd5tDwOTcOIh8zScIqk2A] * Eleven Reader [https://elevenreader.io] More Acquired: * Get email updates [https://www.acquired.fm/email] with hints on next episode and follow-ups from recent episodes * Join the Slack [http://acquired.fm/slack] * Subscribe to ACQ2 [https://pod.link/acquiredlp] * Check out the latest swag in the ACQ Merch Store [https://www.acquired.fm/store]! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

We flew to Taiwan to interview TSMC Founder Morris Chang in a rare English interview. In fact, the last long-form video interview we could find was 17 years ago at the Computer History Museum… conducted by the one-and-only Jensen Huang! This episode came about after asking ourselves a version of the Jeff Bezos “regret minimization” question: what conversations would we most regret not having if the chance passed Acquired by? Dr. Chang was number one on our list, and thanks to a little help from Jensen himself, we’re so happy to make it happen. Dr. Chang shares the stories of a few crucial moments from TSMC’s history which have only been written about in his (currently Chinese-only) memoirs, including how TSMC won Apple’s iPhone and Mac chip business and a 2009 discrepancy with NVIDIA that almost jeopardized their relationship, and the lessons he took from them. We can’t think of a better way to kick off 2025. Please enjoy! Sponsors: Many thanks to our fantastic Spring ‘25 Season partners: * J.P. Morgan Payments [https://bit.ly/acquiredJPMPmorrispod] * ServiceNow [https://bit.ly/acquiredsn] * Fundrise [https://bit.ly/acquiredfundrise25] Links: * Worldly Partners’ Multi-Decade TSMC Study [https://worldlypartners.com/businesshistory] * Karina Bao’s writing [https://karinabao.substack.com] Carve Outs: * AAA [https://www.aaa.com] * Defunctland [https://www.youtube.com/defunctland] * Everything Everywhere all at Once [https://www.imdb.com/title/tt6710474/] * Asianometry [https://www.youtube.com/asianometry] More Acquired: * Get email updates [https://www.acquired.fm/email] with hints on next episode and follow-ups from recent episodes * Join the Slack [http://acquired.fm/slack] * Subscribe to ACQ2 [https://pod.link/acquiredlp] * Check out the latest swag in the ACQ Merch Store [https://www.acquired.fm/store]! ‍Notes: This episode contains a paid endorsement for Fundrise. All investments can lead to loss. Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

We dive into the unbelievable and unlikely history behind the quietest technology giant of them all: the Taiwan Semiconductor Manufacturing Company. Founded in 1987 by the then-56 year old Morris Chang, already a legend in the semiconductor industry by virtue of his meteoric rise and fall at Texas Instruments, TSMC today manufactures nearly all the leading-edge chips for Nvidia, Apple, Broadcom, Qualcomm, AMD, and yes — even Intel. Tune in for an incredible story of innovation, perseverance and lasers. Lots and lots of lasers! Note: this is a remastered version of our original 2021 episode. We don’t often re-release old episodes, but in this case we have a very timely reason for doing so. Stay tuned! :) Sponsors: Many thanks to our fantastic partners: * Vanta [https://bit.ly/acquiredvanta] * J.P. Morgan Payments [https://bit.ly/acquiredJPMPTSMCpod] * Statsig [https://bit.ly/acquiredstatsig24] Links: * Episode Sources [https://docs.google.com/document/d/1rQMgQDY5c3Fs5DsjB4cZHVZGdhN4kK-6HapO_r7pjyQ/edit?usp=sharing] Carve Outs: * Ted Lasso (Season 1) [https://tv.apple.com/us/show/ted-lasso/umc.cmc.vtoh0mn0xn7t3c643xqonfzy] * Greek [https://www.imdb.com/title/tt0976014/] * Who is Michael Ovitz? [https://www.amazon.com/dp/B07B2HS77M/] More Acquired: * Get email updates [https://www.acquired.fm/email] with hints on next episode and follow-ups from recent episodes * Join the Slack [http://acquired.fm/slack] * Subscribe to ACQ2 [https://pod.link/acquiredlp] * Check out the latest swag in the ACQ Merch Store [https://www.acquired.fm/store]! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield… all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known! Sponsors: Many thanks to our fantastic Fall ‘24 Season partners: * J.P. Morgan Payments [https://bit.ly/acquiredJPMPF245pod] * Crusoe [https://bit.ly/acquiredcrusoefall24] * Statsig [https://bit.ly/acquiredstatsig24] Links: * Hershey’s M&M response: Hershey-ets [https://shop.hersheys.com/holiday/sweet-treats/032284016385.html] * Our past episodes on Berkshire Hathaway [https://www.acquired.fm/episodes/berkshire-hathaway-part-i], LVMH [https://www.acquired.fm/episodes/lvmh], and Novo Nordisk [https://www.acquired.fm/episodes/novo-nordisk-ozempic] * Worldly Partners Multi-Decade Mars Study [https://worldlypartners.com/wp-content/uploads/2024/12/Mars-Inc.pdf] * Episode sources [https://docs.google.com/document/d/1saoPN-Scw7bcyf4nbNNY10Ek5GuVwQep6eIq0-bAK6U/edit?usp=sharing] Carve Outs: * Dandelion Chocolate [https://www.dandelionchocolate.com] and the Dandelion Advent Calendar [https://www.dandelionchocolate.com/products/2025-advent-calendar-preorder] * Tesla Model Y [https://ts.la/ben11770] + repair service * Silo [https://www.imdb.com/title/tt14688458/] * Home Alone [https://www.imdb.com/title/tt0099785/] More Acquired: * Get email updates [https://www.acquired.fm/email] with hints on next episode and follow-ups from recent episodes * Join the Slack [http://acquired.fm/slack] * Subscribe to ACQ2 [https://pod.link/acquiredlp] * Check out the latest swag in the ACQ Merch Store [https://www.acquired.fm/store]! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

IKEA may be the most singular company we’ve ever studied on Acquired. They’re a globally scaled, $50B annual revenue company with no direct competitors — yet have only ~5% market share. They’re one of the largest retailers in the world — yet sell only their own products. They generate a few billion in free cash flow every year — yet have no shareholders. And oh yeah, they also sell hot dogs cheaper than Costco! (Sort of.) Tune in for an episode flat-packed with counterintuitive lessons about how this folksy mail order business from the Swedish countryside came into your living rooms (and bedrooms and dining rooms and kitchens and bathrooms and patios and garages and backyards) all over the globe! Sponsors: Many thanks to our fantastic Fall ‘24 Season partners: * J.P. Morgan Payments [https://bit.ly/acquiredJPMPF244pod] * Statsig [https://bit.ly/acquiredstatsig24] * Crusoe [https://bit.ly/acquiredcrusoefall24] Links: * Please take our 2024 Acquired Survey [http://acquired.fm/survey] if you have a minute. It'd mean the world to us! * The Testament of a Furniture Dealer [https://www.inter.ikea.com/en/-/media/InterIKEA/IGI/Financial%20Reports/English_The_testament_of_a_dealer_2018.pdf] * Our past episodes on Costco [https://www.acquired.fm/episodes/costco], Walmart [https://www.acquired.fm/episodes/walmart], Amazon [https://www.acquired.fm/episodes/amazon-com], LVMH [https://www.acquired.fm/episodes/lvmh] and Hermès [https://www.acquired.fm/episodes/hermes] * Worldly Partners Multi-Decade IKEA Study [https://worldlypartners.com/businesshistory] * Episode sources [https://docs.google.com/document/d/1K_E4J8aDElUg49R4lwytlI5qjalami5rVieJuVktVtY/edit?usp=sharing] Carve Outs: * Detroiters [https://www.imdb.com/title/tt4779762/] * The 11-inch iPad Pro [https://www.apple.com/ipad-pro/] * The QB School [https://www.youtube.com/c/theqbschool] * Ice Cube at the World Series [https://youtu.be/C-Cv9z86cOE?si=lknKUOgzst4HTW2X] More Acquired: * Get email updates [https://www.acquired.fm/email] with hints on next episode and follow-ups from recent episodes * Join the Slack [http://acquired.fm/slack] * Subscribe to ACQ2 [https://pod.link/acquiredlp] * Check out the latest swag in the ACQ Merch Store [https://www.acquired.fm/store]! © Copyright 2024 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.