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Seinfeld, which ended three decades ago, has been watched by 72 million Americans so far THIS YEAR. Behind that incredible stat is an equally incredible business story: obsessive creators, perfect market timing, an ownership structure that aligned incentives for the long term…all of which created a sitcom that became number one by breaking all the rules.

The Home Depot's founding story is like an Avengers movie… if the Avengers got fired, went broke, and stacked empty paint cans ten feet high to look legitimate. After being unceremoniously fired from their previous hardware chain at ages 48 and 35, Bernie Marcus and Arthur Blank took the words of their New York banker Ken Langone (who had also just accidentally caused their firings) to heart: they'd just been "kicked in the ass with a golden horseshoe.” They proceeded to author the greatest compounding story in American retail history, helped by some legendary cameos along the way from Sol Price, Jamie Dimon, and Ross Perot (to name a few). And the ending is as good as any superhero film: from its 1981 IPO to today, The Home Depot has been the single highest-returning equity in the entire US stock market — higher than Apple, Microsoft, Berkshire Hathaway, and everything else! Sponsors: Many thanks to our fantastic Fall '26 Season partners: Sierra WorkOS Anthropic Sentry Links: Sign up for email updates, get our takeaways and research photos from each episode, and vote on future topics! The Official Acquired Meetup on Sept 17th with our friends at Sentry. Join us! The Acquired Home Depot Companion PDF Our Visual Artifacts page for Home Depot Built from Scratch by Bernie Marcus and Arthur Blank Kick Up Some Dust by Bernie Marcus The Board Wore Chicken Suits by Joe Nocera, The New York Times Frank Blake on Invest Like the Best Ken Langone's interview with Arvind Navaratnam Worldly Partners' Multi-Decade Home Depot Study All episode sources Carve Outs: Silo Season 3 Tires Season 3 Ratio 8 Coffee Maker Trade Coffee Quarterback Comedian More Acquired: Get email updates and vote on future episodes! Join the Slack Check out the latest swag in the ACQ Merch Store! 00:00:00 Start 00:00:43 Intro 00:05:32 Bernie Marcus's Early Career and meeting Arthur Blank (1972) 00:15:58 Ken Langone & Handy Dan (1970s) 00:33:08 Ken Buys Handy Dan, Bernie & Arthur Fired 00:43:55 Ross Perot Almost Buys Home Depot 00:51:20 Pat Farrah & The HomeCo Interlude 01:05:03 First Stores & Early Model (1979) 01:14:16 Home Depot Goes Public & Expands (1981) 01:24:35 Home Depot's Unique Operating System 01:46:01 Arthur Blank Takes CEO & Early Cracks (1997) 01:56:07 The Bob Nardelli Era (2000-2007) 02:12:09 Nardelli's Public Downfall & Firing (2006-2007) 02:24:24 Frank Blake's Turnaround: Crisis & Culture (2007) 02:42:30 E-commerce & Distribution Revolution 02:59:57 Home Depot Today: Pro & DIY (2024) 03:12:04 Analysis: The Paradox of Specialness 03:16:18 7 Powers: Home Depot's Competitive Advantages 03:19:17 Quintessence: Why It Got So Big 03:26:27 Carve-Outs + Outro ‍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.

In 1984, the Walt Disney Company was worth more dead than alive. Disney Animation — the heart of Walt's famous flywheel — had stagnated for years, bleeding away talent while corporate raiders circled, salivating over offers to sell off the film library to MGM and offload the parks to hotel operators. But what followed instead was the greatest turnaround in media history under Michael Eisner and Frank Wells. Beauty and the Beast. The Lion King. Broadway. Bringing the Disney Vault home on VHS and DVD. And the greatest media acquisition of all time — ESPN. And then... it all almost fell apart. Again. Euro Disney turned into a money pit. Boardroom and executive infighting ran rampant. Animation descended into a dumpster fire. (Remember Chicken Little? Us neither.) Comcast — Comcast!! — tried to steal the company via a hostile takeover. Out of the chaos, a new generation of Disney management emerged under Bob Iger to stage yet another epic comeback with Pixar, Marvel and Lucasfilm, creating the defining media empire of the 21st century…until the tech companies came along. Tune in for the ultimate Acquired thrill ride: Disney, Part II. Sponsors: Many thanks to our fantastic Fall '26 Season partners: Sierra Sentry WorkOS Anthropic Links: Sign up for email updates, get our takeaways and research photos from each episode, and vote on future topics! The Official Acquired Meetup on Sept 17th with our friends at Sentry. Join us! The Acquired Disney Part II Companion PDF The Acquired Disney Part II Artifacts visual hub Our Disney Part II column in WSJ Worldly Partners' Multi-Decade Disney Study All episode sources Carve Outs: Warby Parker Transitions Extra Active Michael Arndt's Toy Story 3 Story Presentation The Golden State Valkyries More Acquired: Get email updates and vote on future episodes! Join the Slack Check out the latest swag in the ACQ Merch Store! 00:00:00 Start 00:00:50 Intro 00:05:07 Disney in Chaos (1984) 00:11:33 Eisner, Wells, Katzenberg Arrive (1984) 00:24:30 Animation Renaissance & CAPS Tech (1989) 00:37:33 Flywheel Extensions: Home Video, Retail & Broadway 00:54:32 Challenges & ABC/ESPN Acquisition (1994-1995) 01:05:55 ESPN: Disney's Accidental Goldmine 01:21:26 Eisner's Decline & Save Disney Campaign (2001-2004) 01:34:53 Comcast Hostile Takeover Bid (2004) 01:41:58 Bob Iger's Vision & Pixar Acquisition (2005-2006) 01:52:17 Pixar: From Lucasfilm to Steve Jobs (1979-1995) 02:03:11 Toy Story, IPO & Eisner Conflict (1995) 02:34:30 Disney Acquires Pixar (2006) 02:46:37 Marvel & Lucasfilm Acquisitions (2009-2012) 02:58:01 Streaming Pivot: Cord Cutting & BAMTech (2015) 03:06:30 The Disney+ Strategy & FOX Acquisition (2017-2019) 03:19:01 The Disney+ Launch, COVID, & Chapek's Tenure (2019-2022) 03:42:15 Iger's Return, Challenges & Parks Revival (2022-2026) 03:50:54 The Business Today: Parks & Streaming Focus 03:59:22 Analysis: Disney+ Strategy & The New Media Landscape 04:10:01 Analysis: Bull/Bear Cases 04:21:20 Quintessence 04:24:39 Carve-Outs + Outro ‍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.

The Walt Disney Company is the most successful enterprise ever created for monetizing human nostalgia. Today it’s the king of global entertainment, holding the intellectual property rights to the childhood memories of billions of people (including, likely, all of you) and is a reliable, predictable profitable business. But it didn’t start that way. During Walt’s era, Disney operated like an unhinged moonshot factory, blowing its finances on one seemingly crazy project after another, like the very first feature-length animated film or a theme park inspired by Walt's fascination with model trains (spoiler: Disneyland). Walt’s relentless ambition to bet the company over and over again not only created some of the most monumental artistic achievements of the 20th century (Snow White, Fantasia, Disney Imagineering), but also resulted in the accidental invention of the modern “flywheel” business model. In this episode, we tell the story of the ultimate marriage of art, commerce, and engineering — The Walt Disney Company: Walt's Era. Sponsors: Many thanks to our fantastic Spring '26 Season partners: J.P. MorganWeAreDevelopers event

Vanguard is the most effective vehicle ever created for participating in the fruits of American capitalism. Today it’s the single largest equity owner of the majority of corporations in the S&P 500, on behalf of 50 million clients (including, likely, many of you). And yet Vanguard itself is essentially a communist organization — it has no shareholders, makes no profits, and operates more like REI than Fidelity. If you own a Vanguard fund, you own a piece of the firm itself. Any excess margin instead gets returned to clients in the form of lower fees, which since 1975 have added up to roughly five hundred billion dollars transferred out of Wall Street managers’ pockets and into retail investors’ savings accounts. And oh yeah, it all started as a cockamamie revenge plot by a guy who’d just been fired by his partners. Today we tell the story of communist capitalism at its finest — Vanguard. Sponsors: Many thanks to our fantastic Spring '26 Season partners: J.P. MorganWeAreDevelopers event