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Mars Inc. - The Chocolate Story (Audio)

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/acquiredJPMPF245yt 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 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 The Dandelion Chocolate Advent Calendar https://www.dandelionchocolate.com/products/2025-advent-calendar-preorder Tesla Model Y + repair service https://ts.la/ben11770 Silo https://www.imdb.com/title/tt14688458/ Home Alone https://www.imdb.com/title/tt0099785/ More Acquired: Get email updates with hints on next episode and follow-ups from recent episodes https://www.acquired.fm/email 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.

Ben GilberthostDavid Rosenthalhost
Dec 16, 20243h 53mWatch on YouTube ↗

EVERY SPOKEN WORD

  1. BG

    Okay, David, how many current varieties of M&M's can you name?

  2. DR

    Ooh, wow! Okay. Well, plain, peanut, peanut butter.

  3. BG

    Uh-huh. Actually, plain is technically now called milk chocolate.

  4. DR

    Oh, interesting. There's dark, right?

  5. BG

    Yep, which I've got right here. [packaging crinkling]

  6. DR

    Uh, they had mint for a while. Did they discontinue mint?

  7. BG

    Mint is a holiday-only theme.

  8. DR

    Hmm.

  9. BG

    So that's a seasonal one.

  10. DR

    Oh, [sighs] what else? I mean, at the end of the day, it's kinda only plain and peanut that matter, right?

  11. BG

    I think in sales numbers-

  12. DR

    Are there pretzel ones?

  13. BG

    There are pretzel ones. There are also [packaging crinkling] almond.

  14. DR

    Oh, almond. See, I- yeah, I'm allergic to almonds, so I never think about almonds.

  15. BG

    There's also some weird ones. Caramel?

  16. DR

    Yeah.

  17. BG

    I don't want that at all, but they make it. Crunchy Cookie, which replaced Crispy of our youth. Do you remember the blue packaging, Crispy M&M's?

  18. DR

    Oh, yeah, I remember the Crispies. Yeah.

  19. BG

    And then there's some specialty ones: Dark Chocolate Peanut, which I really want, Fudge Brownie, Campfire S'mores, and Caramel Cold Brew.

  20. DR

    Ooh, I don't know about any of these.

  21. BG

    And then there's these really wild limited edition ones. In addition to Holiday Mint, Birthday Cake, Chili Nut, and Pumpkin Spice Latte.

  22. DR

    [chuckles] Oh, that sounds disgusting.

  23. BG

    I know. [laughing]

  24. DR

    [laughing]

  25. BG

    But yes, I think you are right-

  26. DR

    Oh

  27. BG

    ... the milk chocolate and the peanut are the sales drivers.

  28. DR

    Yep.

  29. BG

    All right, should we do it?

  30. DR

    Let's do it.

Episode duration: 3:53:11

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