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Porsche (with Doug DeMuro)

Nobody’s perfect — including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it’s packed with enough juicy family drama and creeping takeovers to fill a Netflix series. Yet, behind it all lies perhaps the darkest origin story we’ve ever told on Acquired. Not only was Porsche was started by Nazis, Adolf Hitler himself was deeply involved in its early fortunes. And, following WWII, the Allies simply looked past these facts and essentially bestowed a license to generate wealth on Porsche and its owners — setting the stage for them to become one of the top ~15 wealthiest families in the world today. Joining us to explore it all is perhaps the very most-qualified person in the person in the world: the one & only Doug DeMuro. Not only is Doug the largest independent car reviewer on YouTube with millions of subscribers (we’re HUGE fans), he previously worked at Porsche corporate and owns a legendary Porsche Carrera GT — which served as the recording backdrop for this episode. Make sure you tune in to watch the video version! :) ACQ2 Show + LP Program: Subscribe to the shiny new ACQ2! https://pod.link/acquiredlp Become an LP and support the show. Help us pick episodes, Zoom calls and more. https://acquired.fm/lp Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: …in touch with Tiny! (just tell them Ben & David sent you) https://bit.ly/acquiredtiny Vanta: a free trial + $1,000 off any compliance audit product https://bit.ly/acquiredvanta Pilot: 20% off your company’s first six months of service https://bit.ly/acquiredpilot23 Links: Doug’s YouTube channel (which we HIGHLY recommend) https://www.youtube.com/channel/UCsqjHFMB_JYTaEnf_vmTNqg Cars & Bids https://carsandbids.com Episode sources https://docs.google.com/document/d/1wOduOXDCcBi-o6bx3JeJ4YoVHhfzuHoailgLZvPKgg4/edit?usp=sharing Carve Outs: ResortPass https://www.resortpass.com Seinfeld Cast Charlie Rose Interview Compilation https://www.youtube.com/watch?v=L0TE_xXjp-0 WhistlinDiesel https://www.youtube.com/@whistlindiesel 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. © Copyright ACQ, LLC

Ben GilberthostDoug DeMuroguestDavid Rosenthalhost
Jun 27, 20233h 22mWatch on YouTube ↗

EVERY SPOKEN WORD

  1. BG

    It's definitely Porsche.

  2. DD

    Porsche.

  3. BG

    Porsche.

  4. DD

    Yeah, definitely don't say Porsche.

  5. BG

    Definitely don't say Porsche.

  6. DD

    The family says it more like-

  7. DR

    ... I'm gonna go-

  8. DD

    Like, 'cause I met one of them at one point, they say it more like p- not like Porsche, but more like Porsche. Like, but it's hard-- I think it's a German thing, and I think it's difficult to... But so we all say Porsche.

  9. DR

    Mm.

  10. DD

    Porsche.

  11. DR

    Yeah.

  12. BG

    If you say Porsche with a German accent, it comes out like Porsche.

  13. DD

    Yeah.

  14. BG

    So I think it's almost like-

  15. DR

    Porsche.

  16. DD

    Yeah.

  17. DR

    Yeah, yeah, it'll be a little-

  18. DD

    Yeah, that's probably exactly what it is. [laughing]

  19. SP

    Who got the truth? Is it you, is it you, is it you? Who got the truth now? Hmm. Is it you, is it you, is it you? Sit me down, say it straight. Another story on the way. Who got the truth?

  20. BG

    Welcome to season 12, episode 6 of Acquired, the podcast about great technology companies and the stories and playbooks behind them. I'm Ben Gilbert.

  21. DR

    I'm David Rosenthal.

  22. BG

    And we are your hosts. Today, we tell the story of Porsche. If you liked our LVMH episode, you are gonna love this one, and not just because it's a European luxury brand. There is possibly even more family drama, creeping takeovers, and complex corporate structures at play. But why is Porsche, the brand and the product, so special? The company has struck an incredible balance of both building some of the world's finest supercars while also being a great daily driver, unlike, say, a Ferrari or a Lamborghini. Of course, these are expensive daily drivers, with the average Porsche costing $110,000, but they have managed to nail being a prestige brand with pricing power and make a ton of cars at 350,000 per year. Today, we'll study how they cultivated such a vibrant community, which, conveniently for them, is comprised of extremely wealthy people. But it has not always been this way, and it certainly didn't start this way. Today's story has Nazis, tanks, the first electric vehicles, and, like most luxury brands, some misadventures in the 1980s.

  23. DR

    Oh, yes.

  24. BG

    And if you like quirks and features, you're gonna be pumped about our partner in crime to help us tell this story, Doug DeMuro. Doug is one of David and my favorite YouTubers and content entrepreneurs. He operates the largest independent YouTube channel focused on car reviews, with millions of subscribers. He also used to work at Porsche corporate and is about as big of an enthusiast of the brand as you'll find anywhere. In fact, we are filming this episode now sitting in his garage in front of a very special Porsche, Doug's Carrera GT. Welcome to Acquired, Doug.

  25. DD

    Thank you for having me.

  26. BG

    It's wonderful to have you here. Well, listeners, if you wanna know every time an episode drops, sign up for email updates at acquired.fm. Join the Slack. We'll be talking about it after this episode, acquired.fm/slack. And without further ado, David, take us in. And listeners, this is not investment advice. David and I, and Doug, may have investments in the companies we discuss, and this show is for informational and entertainment purposes only.

  27. DR

    To set the stage a little bit, I think that even though it's a marketing phrase-

  28. BG

    The German engineering thing

  29. DR

    ... it's worth sharing a little bit of history because it is more than just a marketing phrase.

  30. BG

    Right.

Episode duration: 3:22:51

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