01 / belief
I think he probably went to Oregon in part because he wasn't going to be a star there.
“I think he probably went to Oregon in part because he wasn't going to be a star there.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
Acquired / episode intelligence
Nike
Speakers in the public record
Claim mix
belief 37uncertainty 8commitment 6evaluation 5observation 3recommendation 3disagreement 1prediction 1
Evidence policy
Every row below preserves an exact excerpt. Identified speakers are linked; unresolved voices are labeled and excluded from people counts.
Claim ledger
The useful parts, with receipts.
64 published records
02 / belief
Companies like Goat and StockX, and we'll talk about this more in analysis, but Nike has made the, I think, very conscious decision not to capture any of that value.
“Companies like Goat and StockX, and we'll talk about this more in analysis, but Nike has made the, I think, very conscious decision not to capture any of that value.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
03 / belief
Let me add on one more, I don't think this is really a bear case. But if you're viewing this through the lens of should I buy the stock, not investment advice, versus other companies that could put my money into, as incredible as this company is, operations, the power, the scale economies, the brand, I think the durability, it's still not a software gross margin business, nor is it ever going to be.
“Let me add on one more, I don't think this is really a bear case. But if you're viewing this through the lens of should I buy the stock, not investment advice, versus other companies that could put my money into, as incredible as this company is, operations, the power, the scale economies, the brand, I think the durability, it's still not a software gross margin business, nor is it ever going to be.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
04 / uncertainty
I don't know. I don't think so on Flyknit. If you're going to make the Flyknit in the US, you may as well assemble it.
“I don't know. I don't think so on Flyknit. If you're going to make the Flyknit in the US, you may as well assemble it.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
05 / belief
Nike, I actually think, is really at the forefront of apparel personalization with what started as Nike ID, and now is I think called Nike By Me.
“Nike, I actually think, is really at the forefront of apparel personalization with what started as Nike ID, and now is I think called Nike By Me.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
06 / belief
I assume that's their sports marketing budget. I think the wording on the financial statement is interesting, too.
“I assume that's their sports marketing budget. I think the wording on the financial statement is interesting, too.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
07 / belief
I think a lot of Nikes power on a go forward basis is totally the scale economy stuff.
“I think a lot of Nikes power on a go forward basis is totally the scale economy stuff.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
08 / belief
I think Daniel Ek commented on it, and I was trying to figure out what you had just found.
“I think Daniel Ek commented on it, and I was trying to figure out what you had just found.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
09 / belief
I don't think that's the case for Adidas, maybe for some items, but I doubt as many as Nike.
“I don't think that's the case for Adidas, maybe for some items, but I doubt as many as Nike.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
10 / belief
Everything I said, probably true. I think MJ probably really believes that as do many people.
“Everything I said, probably true. I think MJ probably really believes that as do many people.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
11 / belief
I don't have a clear answer here. I think my best answer is, they want the most swooshes out there in the world.
“I don't have a clear answer here. I think my best answer is, they want the most swooshes out there in the world.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
12 / commitment
I will catch us up now and give us the numbers on the business today, and then we can go into playbook.
“I will catch us up now and give us the numbers on the business today, and then we can go into playbook.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
13 / uncertainty
I don't know how long it will be, but it's just a vibe that I get from reading stuff.
“I don't know how long it will be, but it's just a vibe that I get from reading stuff.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
14 / belief
I think the reason they do it is to make all of this work, to make the dream work in a way that is applicable to everybody on the planet and not just Louis Vuitton's market, is they have to keep it attainable.
“I think the reason they do it is to make all of this work, to make the dream work in a way that is applicable to everybody on the planet and not just Louis Vuitton's market, is they have to keep it attainable.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
15 / belief
Yup, which is basically, what is it that enables a business to achieve persistent differential returns and be more profitable than their closest competitor on a durable basis? David, I think there is a trap laid for us on this episode, but I'm curious.
“Yup, which is basically, what is it that enables a business to achieve persistent differential returns and be more profitable than their closest competitor on a durable basis? David, I think there is a trap laid for us on this episode, but I'm curious.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
16 / disagreement
I disagree with your Dior thing, that the really good brands, or the way you can tell if something's luxury or a durable brand, is if you couldn't kill it if you tried.
“I disagree with your Dior thing, that the really good brands, or the way you can tell if something's luxury or a durable brand, is if you couldn't kill it if you tried.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
17 / belief
Yup. But I do think, despite you saying the trap, and I think there is a big trap in over estimating brand value of Nike, it does definitely have brand value and brand power.
“Yup. But I do think, despite you saying the trap, and I think there is a big trap in over estimating brand value of Nike, it does definitely have brand value and brand power.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
18 / belief
Obviously, we're going to talk about brand here in a minute, but scale economies are written all over this company in this episode, for me. This is the clearest thing in my mind that makes this industry and Nike's position and strategy within it so different from (say) an LVMH, a Porsche, and the other.
“Obviously, we're going to talk about brand here in a minute, but scale economies are written all over this company in this episode, for me. This is the clearest thing in my mind that makes this industry and Nike's position and strategy within it so different from (say) an LVMH, a Porsche, and the other.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
19 / belief
I think there's some other catch-all, but basically there's Nike and Converse, and Nike includes Jordan.
“I think there's some other catch-all, but basically there's Nike and Converse, and Nike includes Jordan.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
20 / observation
The only way that they can get the waffle trainer, sweet, sweet inventory, those delicious waffles that they want, is to sign up for the Futures Program.
“The only way that they can get the waffle trainer, sweet, sweet inventory, those delicious waffles that they want, is to sign up for the Futures Program.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
21 / observation
The only way to have built what they built was to have endured what they endured in a system that was stacked against them.
“The only way to have built what they built was to have endured what they endured in a system that was stacked against them.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
22 / commitment
What this banker is basically saying to Phil Knight is, I will only loan you up to the amount of money that I already know you have.
“What this banker is basically saying to Phil Knight is, I will only loan you up to the amount of money that I already know you have.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
23 / belief
There's a quote from Jeff Johnson, Blue Ribbon employee number one who I think had already left the company at this point.
“There's a quote from Jeff Johnson, Blue Ribbon employee number one who I think had already left the company at this point.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
24 / belief
The canonical old school waffle trainer is blue with a yellow swoosh. I think a lot of those were sold to be lifestyle shoes going with blue jeans.
“The canonical old school waffle trainer is blue with a yellow swoosh. I think a lot of those were sold to be lifestyle shoes going with blue jeans.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
25 / observation
The only way to describe him is he was like a descendent of the survivors of the Oregon Trail.
“The only way to describe him is he was like a descendent of the survivors of the Oregon Trail.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
26 / belief
I think, oftentimes, without even thinking about how does this translate to something the ordinary person could buy or wear, the athletes find their way to it either through a brand deal nowadays, or in the early days, through their local running shop who has something cool and exclusive.
“I think, oftentimes, without even thinking about how does this translate to something the ordinary person could buy or wear, the athletes find their way to it either through a brand deal nowadays, or in the early days, through their local running shop who has something cool and exclusive.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
27 / evaluation
The thing that's so great, though, is it doesn't matter. It's the story, it's the dream.
“The thing that's so great, though, is it doesn't matter. It's the story, it's the dream.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
28 / uncertainty
I don't know. I doubt if it does in the same way. I know that the relationship with Nissho Iwai continued for 30–40 years, like a very long time.
“I don't know. I doubt if it does in the same way. I know that the relationship with Nissho Iwai continued for 30–40 years, like a very long time.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
29 / belief
The early 90s, late 80s, early 90s are just all good for Nike. I think by 1991, their market cap hit $5 billion.
“The early 90s, late 80s, early 90s are just all good for Nike. I think by 1991, their market cap hit $5 billion.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
30 / belief
I think he's got a motor that's just different than the way that other humans operate.
“I think he's got a motor that's just different than the way that other humans operate.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
31 / belief
Onitsuka, I think, is $20, $30, maybe $40 million revenue company in Kobe at this point in time.
“Onitsuka, I think, is $20, $30, maybe $40 million revenue company in Kobe at this point in time.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
32 / commitment
One more really critical thing I want to say about all this, Jordan, the building of the dream, and the changing of culture, before we move on to all the rest of Nike history, which we will cover here.
“One more really critical thing I want to say about all this, Jordan, the building of the dream, and the changing of culture, before we move on to all the rest of Nike history, which we will cover here.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
33 / evaluation
The stats is a few years old. It was right before the pandemic, but the dominance was even more prevalent in the lifestyle basketball category where they have 96% share.
“The stats is a few years old. It was right before the pandemic, but the dominance was even more prevalent in the lifestyle basketball category where they have 96% share.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
34 / belief
I think the issue was what Nike could do for Kobe, and thus what Kobe could participate in, was exponentially higher than even what Adidas could do.
“I think the issue was what Nike could do for Kobe, and thus what Kobe could participate in, was exponentially higher than even what Adidas could do.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
35 / belief
The upside, I think you can make a strong argument in the case with many of those countries that this is part of the coming-up process in the global economy.
“The upside, I think you can make a strong argument in the case with many of those countries that this is part of the coming-up process in the global economy.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
36 / uncertainty
His genius business plan—I don't know how much of this was part of the Stanford paper or not—is he's going to drive around to track meets in Oregon and up and down the West Coast and sell the shoes out of his car.
“His genius business plan—I don't know how much of this was part of the Stanford paper or not—is he's going to drive around to track meets in Oregon and up and down the West Coast and sell the shoes out of his car.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
37 / belief
Most of them ran for Bowerman. Strasser is, I think, about 6’ 2” and weighs over 300 pounds.
“Most of them ran for Bowerman. Strasser is, I think, about 6’ 2” and weighs over 300 pounds.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
38 / belief
Interestingly, financially, there are only a couple quarters where Nike's revenue declines. I think that's because of the Futures Program.
“Interestingly, financially, there are only a couple quarters where Nike's revenue declines. I think that's because of the Futures Program.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
39 / uncertainty
Still here in 1977, Strasser is just on fire. I don't know the full context around this.
“Still here in 1977, Strasser is just on fire. I don't know the full context around this.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
40 / commitment
Nike says, we are going to make you a signature shoe, and then you are going to participate in the upside from that.
“Nike says, we are going to make you a signature shoe, and then you are going to participate in the upside from that.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
41 / belief
I think everyone shows up to work, and you wear Nike stuff, and you don't ever wear any of the competitors.
“I think everyone shows up to work, and you wear Nike stuff, and you don't ever wear any of the competitors.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
42 / belief
Trade-offs, I think there are two things. None of this would have happened if Jordan didn't turn out to be Jordan.
“Trade-offs, I think there are two things. None of this would have happened if Jordan didn't turn out to be Jordan.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
43 / belief
I think if I remember our NBA episode, the NBA was really getting going post war, so the 50s.
“I think if I remember our NBA episode, the NBA was really getting going post war, so the 50s.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
44 / belief
For context, today, Nike is more than twice the size of Adidas, who is more than three times, I think, the size of the number three player, which is Skechers maybe.
“For context, today, Nike is more than twice the size of Adidas, who is more than three times, I think, the size of the number three player, which is Skechers maybe.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
45 / belief
Don, after he wrote this book, and I think he wrote one or two other books, he had quite the career change.
“Don, after he wrote this book, and I think he wrote one or two other books, he had quite the career change.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
46 / belief
I think people who are really in the know in the footwear industry have read this book.
“I think people who are really in the know in the footwear industry have read this book.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
47 / belief
Eventually, Knight, I think he reads in either a magazine or a newspaper article about Japanese trading companies.
“Eventually, Knight, I think he reads in either a magazine or a newspaper article about Japanese trading companies.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
48 / belief
Finally, at the end of 1963, I think right around Christmas, Phil writes in Shoe Dog, the samples show up.
“Finally, at the end of 1963, I think right around Christmas, Phil writes in Shoe Dog, the samples show up.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
49 / belief
I think the waffle trainer is starting to be worn outside of track situations. This is the first hint of a lifestyle sneaker.
“I think the waffle trainer is starting to be worn outside of track situations. This is the first hint of a lifestyle sneaker.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
50 / commitment
We are going to come back to Carolyn Davidson and the Nike art department in a minute here.
“We are going to come back to Carolyn Davidson and the Nike art department in a minute here.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
51 / belief
To give you a sense, David, I think you're probably spot on with that, maybe 100 million, maybe 200 million for track shoes in the US.
“To give you a sense, David, I think you're probably spot on with that, maybe 100 million, maybe 200 million for track shoes in the US.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
52 / uncertainty
I don't know if it's Blue Ribbon or Onitsuka decides that the Aztec is too close to that.
“I don't know if it's Blue Ribbon or Onitsuka decides that the Aztec is too close to that.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
53 / belief
I think he actually maybe spent some summers at college and then at GSB, working in the newsroom at the Oregon Journal.
“I think he actually maybe spent some summers at college and then at GSB, working in the newsroom at the Oregon Journal.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
54 / belief
Let's flash forward to the 90s here, where this really hits a flashpoint, and then I think we'll come back to the story.
“Let's flash forward to the 90s here, where this really hits a flashpoint, and then I think we'll come back to the story.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
55 / evaluation
I think there's a scene in Shoe Dog even when he's on the trip around the world in 1963, that he peers into China from Hong Kong, and his dreaming about 2 billion feet in China.
“I think there's a scene in Shoe Dog even when he's on the trip around the world in 1963, that he peers into China from Hong Kong, and his dreaming about 2 billion feet in China.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
56 / commitment
Yes. They extend the deal for seven more years, I believe, at the same 5% royalty on gross sales, but there's the new massive, further commitment to making the Jordan sub brand much more of its own brand.
“Yes. They extend the deal for seven more years, I believe, at the same 5% royalty on gross sales, but there's the new massive, further commitment to making the Jordan sub brand much more of its own brand.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
57 / evaluation
Most people didn't realize it at the time because keep in mind, 2006 over in Apple, Steve Jobs is still the CEO.
“Most people didn't realize it at the time because keep in mind, 2006 over in Apple, Steve Jobs is still the CEO.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
58 / uncertainty
To this point, it's still unproven if it's, hey, Blue Ribbon has great distribution, and people will buy anything from these guys because we trust the company, or if it's, people really wanted Onitsuka Tiger because they were really good shoes for runners, and I don't really want whatever this new thing you're selling is.
“To this point, it's still unproven if it's, hey, Blue Ribbon has great distribution, and people will buy anything from these guys because we trust the company, or if it's, people really wanted Onitsuka Tiger because they were really good shoes for runners, and I don't really want whatever this new thing you're selling is.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
59 / prediction
I think, originally, Bowerman says 50/50, then he sleeps on it, and he comes back with his lawyer and he says, actually, let's do 51/49.
“I think, originally, Bowerman says 50/50, then he sleeps on it, and he comes back with his lawyer and he says, actually, let's do 51/49.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
60 / evaluation
Some of them are things that Nike would never say today because it shows the trade-offs inherent in their business.
“Some of them are things that Nike would never say today because it shows the trade-offs inherent in their business.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
61 / recommendation
I think you should go listen to Marc Andreessen on Lex Fridman, and then you should listen to him again on Ben Thompson in that order.
“I think you should go listen to Marc Andreessen on Lex Fridman, and then you should listen to him again on Ben Thompson in that order.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
62 / recommendation
It's actually better if you open it on mobile because the sub headline goes away, so it's literally just a black and white picture of Serena Williams that says, Nike Inc is a growth company.
“It's actually better if you open it on mobile because the sub headline goes away, so it's literally just a black and white picture of Serena Williams that says, Nike Inc is a growth company.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired
63 / recommendation
I think Amazon owes a thank you note to Acquired LPs because I bought every Nike book out there.
“I think Amazon owes a thank you note to Acquired LPs because I bought every Nike book out there.”
- Speaker
- David Rosenthal
- Episode
- Nike
- Publisher
- Acquired
64 / uncertainty
The China market is a huge important set of consumers to Nike, so I think them figuring out, especially how their social justice stances fit in with the CCP control in China, that's a huge open question.
“The China market is a huge important set of consumers to Nike, so I think them figuring out, especially how their social justice stances fit in with the CCP control in China, that's a huge open question.”
- Speaker
- Ben Gilbert
- Episode
- Nike
- Publisher
- Acquired