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Creator of the Rainmakers podcast.
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Joined March 2015
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Last Seen Profiles
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Introducing the Rainmakers Archives: A curated series highlighting the foundational sources utilized in our podcast, 'Rainmakers'. Our inaugural source is a rare, exclusive interview with Richard Rainwater on Wall Street Week with Louis Rukeyser in 1997.
Explore Richard
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Sid Bass hired Richard Rainwater to make concentrated investments. After losing all the money the family gave him to manage ($5M), he would go on to develop a style that would transform their $50M into $5B in 16 years.
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In February 1988 Richard Rainwater gave a speech to Harvard Business School students on how he achieved career success after working for the Bass family. Here is a the story on his first big deal:
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Introducing the Rainmakers podcast.
This show is going to be an exploration on the world’s best investors from past and present to see how exactly they made their returns. In this first episode we will study the career of the legendary investor Richard Rainwater.
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I want to give a special shoutout to
@turtlebay_io
,
@sidecarcap
,
@rhunterh
,
@themagicbakery
,
@JSiegel88
, and
@richiemashiko
for helping me create this series.
Listen now:
Spotify:
Apple:
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At 31, Donald Bren embarked on a venture that would etch his name in history. With a vision grander than most could dare to dream, he persuaded Southern California's largest landowners to reimagine a sprawling 10,000-acre ranch. This was the birth of Mission Viejo.
Bren
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Hear his journey on becoming an investor with the Bass family and how exactly he compounded their money on episode 1 of Rainmakers out now.
Spotify:
Apple:
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This became his first big success: the $8M investment in Idanta became $200M. If you want to hear about Rainwater made other bigger investments listen to the Rainwater series out now:
Spotify:
Apple:
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He began managing Bass family investments and turned their initial $50M into a whopping $5B in 16 years. In the first part of this 3 episode series, we'll delve into Rainwater's journey with the Bass family.
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Sid Bass would hire Rainwater because he wanted to go back to the investment methods that his grand uncle Sid Richardson used to make their fortune through “concentrated investing”. Rainwater was given $5 million to invest on his own where he would end up losing all of it.
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Today's weather forecast shows an 100% chance of Rainmakers episode 2 being released.
In today's episode we will be closing our chapter on Richard Rainwater and will study how he became a self made billionaire.
Apple:
Spotify:
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In 1967, Universal Pictures filmed a movie about Red Adair, the legendary oil well firefighter. They needed real footage of Adair in action, leading to a chance encounter with a young Phil Anschutz, setting the stage for Anschutz's billionaire journey. Here's the story:
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Learn more on how this experience was a catalyst in Anschutz's path to becoming a billionaire in episode 3 of Rainmakers.
Apple:
Spotify:
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I don’t know how many times it needs to be said but if you’re not following
@turtlebay_io
, you’re missing out on one of the best accounts on this entire platform!
How Warren Buffett earns 50% on small sums:
Bayuk Cigars
In 1982, Buffett bought 6% of Bayuk for his private account. His $572,907 investment produced a 50% IRR with "virtually no risk."
Here's the story…
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@turtlebay_io
@lhamtil
@DurableCreators
After a good month of researching and then getting in contact with the author I was able to get these books right before she moved and lost all her copies.
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This graphic underscores how much of a great investment creating AEG was for Phil Anschutz. By owning arenas all around the world he got to not only own the venue, but then got the leverage to own the entire value chain (AXS, coachella, etc.) Now I also understand why he gave
Excellent graphic by the
@WSJ
showing where the money being spent on a concert is going to across the value chain.
(varies case by case but this is the general idea for a big act)
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@patrick_oshag
“The reasonable man adapts himself to the world: the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” - George Bernard Shaw
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Rainwater would learn that he was not a great investor and made it his mission to seek out successful investors to learn their methods. This was when Richard Rainwater met David Dunn.
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My friend
@45wallst
made a great thread a couple years back of old newspaper articles on the Kerkorian story that helped a ton with the episode. If you aren't already following, you should!
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This is an amazing podcast episode. No better way to start the week
Our
@artofinvest
teacher today is Mitch Rales, one of the most iconic business builders and philanthropists of our time. Having cofounded
@DanaherCorp
40 years ago alongside his brother and best friend, Steve, the Rales boys have strung together a track record of compounding that
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@themagicbakery
@JSiegel88
@heartof_thesea
Learning the “how” vs the “what” has been such an eye opening thing for me recently. In all accounts on Rainwater from those who worked with him it was “how” he made his deals that mattered to them. A Rainwater deal wasnt just about getting creative financing and buying a company
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It’s amazing what long term compounding can lead to. 60+ years of investing with Berkshire Hathaway and Warren Buffett has enabled a monumental $1 billion donation to a medical school, covering tuition for all its students.
Beautiful interview.
Lots to learn from what Gottesman saw in Buffett and Berkshire.
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If you would like to read the full transcript please go to my friend
@kevg1412
's newsletter in the tweet below.:
At just 26 years old, Richard Rainwater was given $5mn of the Bass family's fortune.
He lost it all.
But rather than fire him, they gave him a fresh start.
Over the next 15 years, he turned their $50mn fortune into $5bn--and amassed a $100mn fortune for himself.
Richard
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I also want to give another special shout out to
@sidecarcap
,
@rhunterh
,
@themagicbakery
,
@JSiegel88
,
@richiemashiko
for giving me feedback to make the episodes better.
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Rainwater asked Dunn to dinner to learn about the fund he was pitching and to get some advice on the investments Rainwater made as well. David Dunn recalls this dinner where he learned about Rainwater’s investments:
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David Dunn left the famed venture capital fund, J.W Whitney after becoming the youngest partner in the firms history. He was ready to strike it out on his own and was confident he can raise a big debut fund right out the gate. But there was a problem, the market crashed in 1970.
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This strategic move not only helped finance the firefighting operation but also showcased Anschutz's ability to turn a crisis into an opportunity. He navigated through tough negotiations and made decisions that would shape his future business empire.
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Seizing a unique opportunity, Anschutz struck a deal to sell the rights to film Adair's firefighting efforts to Universal Pictures. They were filming a movie about Adair and needed authentic footage of him battling an oil well fire.
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@semil
We would love to have you on
@uppodpod
! We are a podcast that explores the partnerships behind great investors and founders. We’ve had some great guests from the venture community like
@kwharrison13
,
@thistrippjones
,
@djrosent
. Let me know, I'll be more than happy to set it up!
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@PrefShares
You can make a strong case for Jack Henry as he has mentioned them as being the prototypical software business he studied in his letters
Constellation Software's ideal VMS business?
Jack Henry & Associates
They call it "Our Gold Standard for VMS Companies." Bernard Anzarouth, CSI's CIO, wrote a memo about Jack Henry in 1999.
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Anschutz's experience underscores the importance of resilience, pragmatism, and the ability to recognize and capitalize on opportunities in seemingly disastrous situations.
Reflecting on this pivotal moment, Anschutz said, "There's always a point that if you go forward you
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@themagicbakery
@walt373
Combine it with Bessent’s observation on making macro bets and you realize that the best really optimize for finding clear opportunities to take advantage of.
Reminder from Scott Bessent, who worked for Soros and Druck, that we’re all making macro bets
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@rhunterh
@ReustleMatt
Thanks for being one of the first people to take a look and give me feedback! I will always appreciate your support in helping me launch this series 🙏
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@moseskagan
@tsludwig
@hkimia
I found a book about the history of both The Irvine Company and the city of Irvine written by their head of PR, it’s quite informative:
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@moseskagan
@tsludwig
@hkimia
The book actually details the lengths Bren went to buying out the rest of the shareholders like donating to community activists’ campaigns and even parts of the land in order for them to protest the current ownership ( that he was part of!)
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Apple podcasts:
Spotify:
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@breadcrumbsre
@sidecarcap
Thank you so much for listening! I have a couple good episodes that will be out soon.
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@turtlebay_io
Thanks for helping me with research and the great feedback that made this episode come out the way it did. I really appreciate it! 🙏
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Rainwater did not take any offense to Dunn’s remarks and already had known of his own amateur investing. He really liked what he saw out of Dunn. While Dunn stopped trying to raise money after failing to get banks on board, Rainwater came calling.
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In a bold move, Anschutz negotiated control of the well, stating, "The final deal that was made was that I would assume total control in return for him assigning me a one-eighth interest in the well should I be able to get it under control."
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@WaterworldCapi1
what are some of the books/reading material that helped you during your career?
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Young Colorado entrepreneur Philip Anschutz faced the defining challenge of his early career with an oil well blowout - a dire situation often leading to bankruptcy. He recounted, "I guess I had been in business on my own for a year or two. I was having a very tough time of it."
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@mafiosocapital
@FoundersPodcast
Thank you for listening! More episodes are coming soon I promise.
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@themagicbakery
Thanks for helping me produce this series. I appreciate your feedback and am glad you liked it! 🙏
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Anschutz then turned to Paul "Red" Adair, the famous oil well firefighter. Despite Anschutz's limited funds, hiring Adair was essential to control the blazing well and mitigate further damage.
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@orwellianbrunch
The book is called The Art of Success by The Editors of Fortune Magazine. It is out of print but I happened to get a copy from ebay
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@nachkari
i'd say its super rare but someone like rainwater comes to mind in this respect of going from industry to industry and selling off when the time is right
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@jayvas
@turtlebay_io
@sidecarcap
@rhunterh
@themagicbakery
@JSiegel88
@richiemashiko
Thanks for listening, I appreciate it!
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@WaterworldCapi1
that’s been my problem 😂 i like to only dip my toes when i’m at it alone and then try to see if there’s any indication of it working before making it a meaningful position
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@R8T3D
I feel that part of the issue is admissions officers lack of knowledge in what you have built. While colleges in the US have traditionally used GPA and test scores as measures to accept people, unique ECs (like yours) can be overshadowed if it is not well documented.
1
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@FoundersPodcast
I really love your episodes that underline the point that
@pmarca
makes. I have a couple great biographies from successful business people that are out of print that i’d love to send to you so you can read them. Please check DMs 🙏🙏
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@Patrick___Walsh
@InfinityTradesX
Do you still have a pdf of capital account? If so, I would love to DM you
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@fortworthchris
I would say your best bet would be through John Goff. He and Sternlicht worked together on a deal to buy a portfolio of apartments for Rainwater (this was before Sternlicht formed Starwood and actually turned down Rainwater in being one of the deal makers at his office).
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Anschutz reacted to the crisis by recognizing the well had struck oil. He immediately flew to Wyoming, seizing the opportunity to purchase surrounding acreage, a move reflecting his quick strategic thinking and risk-taking.
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@SouthernValue95
@PrefShares
Do you think the nuance within this is spending time as a generalist to find unique opportunities so that you can eventually focus on something that works?
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