01 / belief
Franzisca was a commoner and (I think) an illegitimate child born out of wedlock.
“Franzisca was a commoner and (I think) an illegitimate child born out of wedlock.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
Acquired / episode intelligence
IKEA
Speakers in the public record
Claim mix
belief 33uncertainty 11commitment 7evaluation 7recommendation 2observation 2prediction 2disagreement 1preference 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.
66 published records
02 / recommendation
Mentions personal use of Worldly Partners research.
“In fact, in particular, for each of these episodes now, I read the Worldly Partners research on the company we’re covering from front of the show, Arvind.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
03 / recommendation
Likes Facebook Marketplace. Likes Craigslist.
“I think I talked before on the Meta episode about how much I love Facebook Marketplace and Craigslist before that.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
04 / uncertainty
Seems like a wildly conservative estimate for the amount of assets in this foundation. Arguably closer to €100 billion, but we don’t know.
“Seems like a wildly conservative estimate for the amount of assets in this foundation. Arguably closer to €100 billion, but we don’t know.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
05 / belief
I think that really is the only one that matters. I was tempted to say, oh, brand’s important here too.
“I think that really is the only one that matters. I was tempted to say, oh, brand’s important here too.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
06 / commitment
If you just think about all the ways in which they whittle price down, every single place they could make a deal with a customer and say, hey, how about you do a little bit of work and we don’t, we will give you a better price, and the customer says, okay.
“If you just think about all the ways in which they whittle price down, every single place they could make a deal with a customer and say, hey, how about you do a little bit of work and we don’t, we will give you a better price, and the customer says, okay.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
07 / belief
I think mine is the combination of never taking a single outside shareholder plus Ingvar’s personality and the desire to serve the many equals this company.
“I think mine is the combination of never taking a single outside shareholder plus Ingvar’s personality and the desire to serve the many equals this company.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
08 / belief
I think so. I’m so glad we did this company. It was, in many ways, off the wall.
“I think so. I’m so glad we did this company. It was, in many ways, off the wall.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
09 / belief
Not to mention, at this point, IKEA, I think 10% of their furniture is actually made in-house at IKEA.
“Not to mention, at this point, IKEA, I think 10% of their furniture is actually made in-house at IKEA.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
10 / uncertainty
I’m sure they don’t lose, but they don’t make as much money. I don’t know. Maybe they do lose money on online orders.
“I’m sure they don’t lose, but they don’t make as much money. I don’t know. Maybe they do lose money on online orders.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
11 / evaluation
For a long time, people believed it was a tax dodge, which it may also be, but at the end of the day with IKEA’s customer, it doesn’t matter.
“For a long time, people believed it was a tax dodge, which it may also be, but at the end of the day with IKEA’s customer, it doesn’t matter.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
12 / belief
I had been planning to say this idea of the many, and I think that there’s a reason Ingvar had it as testament number one, in The Testament of a Furniture Dealer.
“I had been planning to say this idea of the many, and I think that there’s a reason Ingvar had it as testament number one, in The Testament of a Furniture Dealer.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
13 / belief
Trying to buy materials at a discount, minimal sales staff, no finishes on unseen services, flat-packing, no one has assistance, I think actually the CEO is the only person at the company with an assistant, no one flies first class, they print on both sides of the paper.
“Trying to buy materials at a discount, minimal sales staff, no finishes on unseen services, flat-packing, no one has assistance, I think actually the CEO is the only person at the company with an assistant, no one flies first class, they print on both sides of the paper.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
14 / uncertainty
I don’t know if it’s 860 million unique people or 860 million times a person walked into the door, but whatever.
“I don’t know if it’s 860 million unique people or 860 million times a person walked into the door, but whatever.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
15 / commitment
I will say a thing that illustrates every point we’ve been making on this episode really, really well is, so they bought TaskRabbit for a small amount, $50–$75 million somewhere in there A few years ago.
“I will say a thing that illustrates every point we’ve been making on this episode really, really well is, so they bought TaskRabbit for a small amount, $50–$75 million somewhere in there A few years ago.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
16 / observation
The only way in which it hurts them is access to capital, but they don’t need money.
“The only way in which it hurts them is access to capital, but they don’t need money.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
17 / belief
From what I could tell—I’m not a tax expert—I think royalties are tax-deductible.
“From what I could tell—I’m not a tax expert—I think royalties are tax-deductible.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
18 / uncertainty
Maybe there’s, I don’t know, but yeah, you and I ran the numbers, I’ll pull up the spreadsheet real quick.
“Maybe there’s, I don’t know, but yeah, you and I ran the numbers, I’ll pull up the spreadsheet real quick.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
19 / uncertainty
I wish it had a new processor. I don’t know. It’s a bummer. They don’t care and it’s clear.
“I wish it had a new processor. I don’t know. It’s a bummer. They don’t care and it’s clear.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
20 / belief
I’ve never eaten at IKEA just to eat lunch. I realized Ohio did not get an IKEA for a really long time.
“I’ve never eaten at IKEA just to eat lunch. I realized Ohio did not get an IKEA for a really long time.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
21 / belief
I think the exchange rate was about 5:1 at this point in time of five krona to $1.
“I think the exchange rate was about 5:1 at this point in time of five krona to $1.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
22 / belief
I think that where the original IKEA was is now the parking lot and they’ve shifted and built this new shiny building next to it.
“I think that where the original IKEA was is now the parking lot and they’ve shifted and built this new shiny building next to it.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
23 / belief
I think if we could just show people they could see with their own eyes, touch with their own hands, they would see that the quality we’re delivering at this price is way better than anyone else out there.
“I think if we could just show people they could see with their own eyes, touch with their own hands, they would see that the quality we’re delivering at this price is way better than anyone else out there.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
24 / belief
Nothing. They own (I think) all of their real estate today, they own all this. I’m sure they probably use construction financing today, but they have €25 billion in the bank.
“Nothing. They own (I think) all of their real estate today, they own all this. I’m sure they probably use construction financing today, but they have €25 billion in the bank.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
25 / uncertainty
I don’t know if it’s as religious, but they are looking to make money on everything they sell.
“I don’t know if it’s as religious, but they are looking to make money on everything they sell.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
26 / uncertainty
Competitors even go to the Swedish government and they lobby the Swedish government to limit IKEA’s ability to circulate its catalog. I don’t know on what grounds.
“Competitors even go to the Swedish government and they lobby the Swedish government to limit IKEA’s ability to circulate its catalog. I don’t know on what grounds.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
27 / uncertainty
I don’t know that the customer base in the town of Älmhult was that important to IKEA itself.
“I don’t know that the customer base in the town of Älmhult was that important to IKEA itself.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
28 / belief
Around this time, I think when they were observing, the US stores were not in great shape.
“Around this time, I think when they were observing, the US stores were not in great shape.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
29 / belief
Although he is a trader for a very long time, I think that is how he would think of himself.
“Although he is a trader for a very long time, I think that is how he would think of himself.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
30 / commitment
Ingvar says, “It’s our job to figure out, start with that end goal in mind and then design backwards from that of how we are going to make that happen.
“Ingvar says, “It’s our job to figure out, start with that end goal in mind and then design backwards from that of how we are going to make that happen.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
31 / belief
Ingvar, I think rightly took a lot of flack for not fully disclosing how long that went on.
“Ingvar, I think rightly took a lot of flack for not fully disclosing how long that went on.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
32 / belief
If I have it right, I think that design is actually based on a Polish chair design.
“If I have it right, I think that design is actually based on a Polish chair design.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
33 / belief
Ingvar goes off to the School of Commerce, and for the first time there he’s able to do what (I think) he intended, which was get access in the school library to real actual trade publications, import-export trade papers and trade publications.
“Ingvar goes off to the School of Commerce, and for the first time there he’s able to do what (I think) he intended, which was get access in the school library to real actual trade publications, import-export trade papers and trade publications.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
34 / belief
I think there was some stat in the IKEA story that during the decade between the mid-50s and the mid-60s, three-quarters of the farms in Sweden closed down.
“I think there was some stat in the IKEA story that during the decade between the mid-50s and the mid-60s, three-quarters of the farms in Sweden closed down.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
35 / belief
I think at IKEA, it’s Ingvar just his background in being religiously opposed to losing money.
“I think at IKEA, it’s Ingvar just his background in being religiously opposed to losing money.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
36 / evaluation
The interesting thing about the US, though, which I was so surprised reading, because again IKEA has just been part of my life forever, it actually doesn’t work that well for a really long time.
“The interesting thing about the US, though, which I was so surprised reading, because again IKEA has just been part of my life forever, it actually doesn’t work that well for a really long time.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
37 / belief
The stories we heard of him visiting stores, being super engaged in board meetings, making decisions, making product decisions up until the last weeks of his life at 91 years old are (I think) he is totally right.
“The stories we heard of him visiting stores, being super engaged in board meetings, making decisions, making product decisions up until the last weeks of his life at 91 years old are (I think) he is totally right.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
38 / belief
I think Swedish locations are used for sofas and coffee tables, like the core part of the line.
“I think Swedish locations are used for sofas and coffee tables, like the core part of the line.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
39 / belief
I don’t recall exactly the Walmart story, but even that I think Sam was from family and banks and other folks taking money.
“I don’t recall exactly the Walmart story, but even that I think Sam was from family and banks and other folks taking money.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
40 / belief
I think different product categories are named after different things, like rivers, and certain furniture is named almost like conference room naming at companies.
“I think different product categories are named after different things, like rivers, and certain furniture is named almost like conference room naming at companies.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
41 / belief
Yup, and when you look at the old catalogs, you can tell. It’s not this simple Swedish design that we think about as IKEA as today.
“Yup, and when you look at the old catalogs, you can tell. It’s not this simple Swedish design that we think about as IKEA as today.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
42 / belief
David, I think where you’re going with this is they really start going down, once IKEA does meaningfully start investing in e-commerce, starting in 2018 is when they really put their foot on the gas.
“David, I think where you’re going with this is they really start going down, once IKEA does meaningfully start investing in e-commerce, starting in 2018 is when they really put their foot on the gas.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
43 / evaluation
Ingvar’s grandfather, Achim, had been connected to the timber trade in Germany, so idea makes sense on paper. Unfortunately though, it doesn’t work out.
“Ingvar’s grandfather, Achim, had been connected to the timber trade in Germany, so idea makes sense on paper. Unfortunately though, it doesn’t work out.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
44 / uncertainty
I don’t know if you could walk up and try to order a hot dog that’s less than $1, but it is $1.
“I don’t know if you could walk up and try to order a hot dog that’s less than $1, but it is $1.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
45 / belief
Totally. This is, I would say, generation three of the IKEA business. Generation one is just small goods trading company.
“Totally. This is, I would say, generation three of the IKEA business. Generation one is just small goods trading company.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
46 / belief
I think Ingvar probably viewed that as a short-term optimization and that is antithetical to how he wants to run the business.
“I think Ingvar probably viewed that as a short-term optimization and that is antithetical to how he wants to run the business.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
47 / uncertainty
I’ve seen them before and I don’t know what it’s called and I don’t want to know.
“I’ve seen them before and I don’t know what it’s called and I don’t want to know.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
48 / uncertainty
I don’t know how much of the Emeryville complex they own, but there is so much retail all around that.
“I don’t know how much of the Emeryville complex they own, but there is so much retail all around that.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
49 / commitment
I will say the Småland at the Seattle store, the idea is a little bit better than the execution.
“I will say the Småland at the Seattle store, the idea is a little bit better than the execution.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
50 / belief
I suspect this is something that, a different era when we were growing up, like things worked a little better and you can’t get away with these days.
“I suspect this is something that, a different era when we were growing up, like things worked a little better and you can’t get away with these days.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
51 / belief
Yup, and you said to just an enterprise foundation I think is the word you used, not a charitable foundation.
“Yup, and you said to just an enterprise foundation I think is the word you used, not a charitable foundation.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
52 / commitment
Nowhere in either company is their sloppiness, but at IKEA we are going to intentionally make the backside and the insides not beautiful so that it is a higher value to you as a customer.
“Nowhere in either company is their sloppiness, but at IKEA we are going to intentionally make the backside and the insides not beautiful so that it is a higher value to you as a customer.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
53 / belief
Again, the Ingka Foundation is a charitable foundation, and they do disperse, I think now €200–€300 million a year in charitable donations around the world.
“Again, the Ingka Foundation is a charitable foundation, and they do disperse, I think now €200–€300 million a year in charitable donations around the world.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
54 / belief
I think there are certainly a lot of question marks around what do they look like in an e-commerce world, a world that’s shifting to urbanization, and a world where they’re now a big company.
“I think there are certainly a lot of question marks around what do they look like in an e-commerce world, a world that’s shifting to urbanization, and a world where they’re now a big company.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
55 / belief
Have beautiful form. I think that’s a part of it, too, is it’s supposed to have the form and design.
“Have beautiful form. I think that’s a part of it, too, is it’s supposed to have the form and design.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
56 / observation
Mail order was the only way to make this happen. You’re not going to drive away or get on a bus with a table.
“Mail order was the only way to make this happen. You’re not going to drive away or get on a bus with a table.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
57 / evaluation
We will flash all the way forward to modern day. Ingvar always owned 100% of IKEA.
“We will flash all the way forward to modern day. Ingvar always owned 100% of IKEA.”
- Speaker
- Ben Gilbert
- Episode
- IKEA
- Publisher
- Acquired
58 / disagreement
Anyway, I refuse to believe that the ability to buy just a hotdog at IKEA is not a nod to the Costco deal because IKEA also has the hot dog and drink combo for $1.
“Anyway, I refuse to believe that the ability to buy just a hotdog at IKEA is not a nod to the Costco deal because IKEA also has the hot dog and drink combo for $1.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
59 / commitment
We will move ahead only by constantly asking ourselves how what we are doing today can be done better tomorrow.
“We will move ahead only by constantly asking ourselves how what we are doing today can be done better tomorrow.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
60 / evaluation
He’s like, oh my God, I have just received the last commandment from God about how to run this business. It’s like, yes, we take the legs off and it takes up a lot less space.
“He’s like, oh my God, I have just received the last commandment from God about how to run this business. It’s like, yes, we take the legs off and it takes up a lot less space.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
61 / prediction
Later, once he, like Charlie Munger got turned onto the virtues of Costco, Ingvar would hilariously formalize this idea, this manifesto in 1995 as the hot dog product policy, because in 1995 they copied Costco and they start selling hot dogs in the stores.
“Later, once he, like Charlie Munger got turned onto the virtues of Costco, Ingvar would hilariously formalize this idea, this manifesto in 1995 as the hot dog product policy, because in 1995 they copied Costco and they start selling hot dogs in the stores.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
62 / preference
Obviously, some stuff you can’t flat-pack, but as much as possible. And because they had, for separate reasons, started doing their own designs with manufacturers, they can do this.
“Obviously, some stuff you can’t flat-pack, but as much as possible. And because they had, for separate reasons, started doing their own designs with manufacturers, they can do this.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
63 / commitment
I can aggregate a lot more demand. It actually doesn’t matter if I don’t know these people or I don’t go to these parts of Sweden.
“I can aggregate a lot more demand. It actually doesn’t matter if I don’t know these people or I don’t go to these parts of Sweden.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
64 / evaluation
Before mail order, the only way that people out in the countryside could get furniture that wasn’t locally made right there or passed down from generations but still it had to get made and bought at some point in time, was through dealers like Ingvar used to be like, traveling salesmen–type people.
“Before mail order, the only way that people out in the countryside could get furniture that wasn’t locally made right there or passed down from generations but still it had to get made and bought at some point in time, was through dealers like Ingvar used to be like, traveling salesmen–type people.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
65 / evaluation
Because IKEA sells so much stuff in its range that yes, there could be a Home Depot there, or yes, there could be a Bed Bath & Beyond there—I’m using American terms here; obviously, these are not Russian stores—and we compete with them partially.
“Because IKEA sells so much stuff in its range that yes, there could be a Home Depot there, or yes, there could be a Bed Bath & Beyond there—I’m using American terms here; obviously, these are not Russian stores—and we compete with them partially.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired
66 / prediction
I think and Ingvar thinks and he writes this, “This is the very first time anywhere in the world that a mail order business is combined with a physical showroom.
“I think and Ingvar thinks and he writes this, “This is the very first time anywhere in the world that a mail order business is combined with a physical showroom.”
- Speaker
- David Rosenthal
- Episode
- IKEA
- Publisher
- Acquired