#10 Natural Gas Partners: The Rainwater Thesis

Welcome to the Rainmakers Podcast, where financial legends come to life. Today, we're joined by Ken Hersh, co-founder of Natural Gas Partners, to uncover the firm's extraordinary success. Ken will share how NGP's innovative strategies transformed the oil and gas industry from a neglected sector into a private equity goldmine. We'll explore the vision, timing, and innovation that led to larger funds, impressive returns, and a revolution in energy investment. Join us for an insider's perspective on how NGP became a true game-changer in the world of finance. Follow me: https://twitter.com/rainmakerspod Sources: The Fastest Tortoise by Ken Hersh “The Smart Money Speaks” by Stephen Taub “Rainwater’s World” by David Carey “Investing secrets of the Rainwater Rolodex” by Hilary Rosenberg "The man behind the Bass Dynasty" by Anthony Bianco "The Rainwater Prophecy" by Oliver Ryan If you enjoyed the episode please share and leave a review!

Show Notes: Welcome to the Rainmakers Podcast, where we unravel the strategies of investing legends. Today, we're diving into the birth of Natural Gas Partners, a pivotal moment in Richard Rainwater's illustrious career. We'll explore how the shifting landscape of the oil and gas industry set the stage for Rainwater's bold move, dissecting his unique approach to deal-making. Join us as we connect the dots between market events, meticulous research, and the formation of a private equity powerhouse. This is part one of a two-part series that promises to decode the brilliance behind one of the most successful ventures in financial history. Get ready to discover how a visionary investor turned industry upheaval into extraordinary wealth! Follow me: https://twitter.com/rainmakerspod Sources: ENSCO: The First 20 Years by Carolyn Barta Oil Capital by Bernard F. Clark Jr. Money Masters of Our Time by John Train The Fastest Tortoise by Ken Hersh Squawk Box CNBC April 4th, 2012 6:00am-9:00am EDT Wall Street with Louis Rukeyeser 1997 “The Smart Money Speaks” by Stephen Taub “Rainwater’s World” by David Carey “Investing secrets of the Rainwater Rolodex” by Hilary Rosenberg -“Lord of the Lowball” by Shade Rowe "Bootstrapped" by Mark Kindley "Bass brothers lose investment manager" by Stephen Rassenfoss "The man behind the Bass Dynasty" by Anthony Bianco "The Rainwater Prophecy" by Oliver Ryan If you enjoyed the episode please share and leave a review!

Show Notes: Welcome to the Rainmakers Podcast, where billionaire success stories come to life. Today, we continue our deep dive into Kirk Kerkorian's investment playbook. We'll explore how this casino mogul navigated a financial crisis after a high-stakes, debt-fueled bet on MGM during an economic downturn. Discover how Kerkorian rebounded from a staggering loss, seeing his net worth plummet from $350 million to $70 million in just one year. Join us for a masterclass in resilience and strategic recovery in the face of near-financial ruin. Special thanks to @45wallst on twitter for helping with the research of this episode. Follow him here: https://twitter.com/45WallSt Follow me: https://twitter.com/rainmakerspod Sources: Fade Out: The Calamitous Final Days of MGM by Peter Bart Winner Takes All by Christina Binkley Indecent Exposure: A True Story of Hollywood and Wall Street by David McClintick Keynote Speech to The Society of Automotive Analysts - Jerome B. York 1996 Don’t Ever tell Babe Ruth how to hold his bat by D.M. Kerkorian: Casinos Trump Cars by Businessweek 2006 Kerkorian Shuffles the MGM Deck by Businessweek 2007 Kerkorian Faces Debt Woes by Businessweek 2009 Kerkorian in the Emerald City by Ralph King Jr The Strip and The Street by Bernard Condon Beverly Hills Meets Motown by Time Magazine 1990 Kerkorian, Columbia In Peace Pact by Robert J. Cole Kerkorian to Seek 20% of Columbia by Robert J. Cole New UA Will Start As 'Shell Company' by Thomas C. Hayes Third Time Is Still a Charm for Financier Kerkorian by James Bates The MGM Grand Hotel, which opened in December 1973, by Chris Chrystal Timeline: Kirk Kerkorian’s long career of bold investments by LA Times 2015 Kerkorian and MGM, Off Again by Frank Ahrens Ted Turner: Back from the Brink by Stratford P. Sherman

Show Notes: Welcome to the Rainmakers podcast, where we decode the strategies of investing legends. Today, we're diving into the early career of Kirk Kerkorian, a self-made billionaire who rose from humble beginnings to reshape Las Vegas and Hollywood. We'll explore the pivotal moves that set Kerkorian on his path to fortune, from his daring aviation ventures to his first forays into the casino business. Join us for an inspiring journey through the formative years of one of America's most intriguing tycoons. Follow me: https://twitter.com/rainmakerspod Links: International Hotel Ad: https://en.wikipedia.org/wiki/Westgate_Las_Vegas#/media/File:International_Hotel_advertisement.jpg Alix Pasquet Presentation: https://youtu.be/YMmjbHAHdNU?si=kKyvFOBg6jcsRpeL Sources: Kerkorian: An American Success Story by Dial Torgerson The Airline Industry by William M. Leary The Only Way to Fly: The Story of Western Airlines, America’s Senior Air Carrier by Robert J Serling Third Try at the Club by David McClintick How It All Came Apart In the Eurodollar Market by Lewis Beman Kirk Kerkorian: Friend or Foe? : His Presence in the MGM Deal Receives Mixed Reviews by Michael A. Hiltzik Entrepreneurs: The High Ride on Free Time by Time Magazine Kerkorian Doesn’t Want All the Meat off the Bone by Irwin Ross

Welcome to the Rainmakers podcast, where we unveil the strategies of world-class investors. Today, we're exploring the remarkable career of Jack Kent Cooke, a media maverick who built a billion-dollar empire through innovative business practices. From turning around struggling radio stations with Roy Thomson to pioneering the sports business, Cooke's journey is a masterclass in creative entrepreneurship. Join us as we unpack the deals and decisions that transformed this visionary into a titan of media and sports. Prepare for an illuminating dive into the mind of a true rainmaker! Links: Mark Leonard Presentation: https://drive.google.com/file/d/1uHEOdyn622mABGv7rd6Y_uQL1ngr94z6/view?pli=1 Springwood Capital Twitter: https://twitter.com/springwoodCap27 Savannah Bananas: https://youtu.be/T5RkB7_qNh8?si=Slip5PnA3q9EzyNa Paul Enright Invest like the Best: https://podcasts.apple.com/cz/podcast/paul-enright-the-buy-side-primer/id1154105909?i=1000517881913 Follow me: https://twitter.com/rainmakerspod Sources: The Last Mogul by Adrian Havill Jack Kent Cooke: A Career Biography by Adrian Kinnane Market Place: Teleprompter: Fight Widens by Robert Metz Jack Cooke: Genial But Tough by Steve E Prokesch

Welcome to the Rainmakers podcast, where we unravel the strategies of the world's most successful investors. Today, we're diving into the extraordinary story of Donald Bren, America's real estate titan. We'll explore how a single, masterful deal propelled Bren to become the nation's wealthiest property investor. Join us as we dissect Bren's background, his approach to this game-changing investment, and the elements that made it wildly successful. Get ready for an insider's look at the deal that built an empire and the mind behind it all. Links: James Cameron Interview: https://youtu.be/qTVGXcmk0xg?si=qiosQNavbV--HXPP Founder’s Podcast #311: https://podcasts.apple.com/us/podcast/311-james-cameron/id1141877104?i=1000620838661 Donald Bren ULI Interview: https://youtu.be/XTLz2v88zWs?si=Gl-t_6zH9xckAbf3 Deane Homes Garden Kitchen: https://www.facebook.com/preserveorangecounty/photos/a.1109996192417998/3156041687813428/?type=3 Forbes Riches Real Estate Billionaires in 2023: https://www.forbes.com/sites/giacomotognini/2023/10/04/the-richest-real-estate-billionaires-in-america-2023/?sh=516e6a2a63af Rancho Mission Viejo Periodical: https://www.cityofrsm.org/DocumentCenter/View/507/Rancho-Mission-Viejo-History-PDF Sources: **Transforming the Irvine Ranch: Joan Irvine, William Pereira, Ray Watson, and the Big Plan by Michael Stockstill and H. Pike Oliver** **The Irvine Ranch: A Time for People: A 50-Year Overview of the Development of the Irvine Ranch in Orange County, California (with a New Epilogue) by Martin A. Bower** Threshold Resistance by A. Alfred Taubman James Toepfer Oral History by Mission Viejo Oral History Project John T. Martin Oral History by Mission Viejo Oral History Project Tony Moiso Oral History by The Living Stories Collective *Bren family builder is latest housing casualty* by John Gittelsohn *Key Figures in the Dispute : DONALD L. BREN : Close-up: Developer appears to be uncomfortable in his role as one of the richest men in the country.* by Michael Flagg *A Family’s Fortune* by Sam Enriquez *AMERICA'S RICHEST LAND BARON Donald Bren's stunning property covers 100 square miles of California. He's worth $2 billion now, and his ''build and hold'' strategy promises to keep his wealth climbing.* by Gary Hector ** *BUSINESS PEOPLE; Investor in Irvine Sees Long-Term Opportunity* by Daniel F. Cuff *Donald Bren’s Legacy* by Scott Kraft *BREN: Orange County’s Reclusive Billionaire : Is Donald Bren America’s Richest?* by Michael Cieply and Michael Flagg *Mother of Irvine Co. chairman* by LA Times Archives 2008 *Forster & O’Neill and Their Great Ranch* by Don Tryon Have any feedback? DM me @rainmakerspod on Twitter!

Welcome to the Rainmakers podcast! Step into the world of financial titans as we uncover the strategies behind their astronomical success. Today, we shine the spotlight on Dennis Washington, a self-made billionaire whose empire spans construction, mining, railroads, and even luxury yachts. From humble beginnings in construction to building a diverse billion-dollar portfolio, Washington's story is a masterclass in leveraging skills and seizing opportunities. Join us as we journey through Washington's remarkable ascent, examining the pivotal deals that shaped his fortune and extracting valuable lessons for aspiring entrepreneurs and investors alike. I also want to give a special shoutout to Pythia Capital on twitter for helping me research for this weeks episode. Be sure to follow here: https://twitter.com/PythiaR Links and Sources: The Rich History of the Anaconda Copper Mine: https://www.intermountainhistories.org/items/show/278 Anaconda, Montana: https://westernmininghistory.com/towns/montana/anaconda/ Frank Gardner Oral History: https://www.verdigrisproject.org/oral-histories/frank-gardner-mining-executive Fabled construction company rises again: https://www.goupstate.com/story/news/2004/08/01/fabled-construction-company-rises-again/29731744007/ The Wreck of Morrison Knudsen: https://content.time.com/time/magazine/article/0,9171,133973,00.html David Tepper $20 Story: https://nymag.com/intelligencer/2010/01/david_tepper_is_so_rich_he_jus.html Djokovic on Playing Tennis: https://www.ft.com/content/efaeed40-725c-11e5-bdb1-e6e4767162cc Sources: - *Anaconda : labor, community, and culture in Montana's smelter city* ****by Laurie Mercier - *Opportunity, Montana : big copper, bad water, and the burial of an American landscape* ****by Brad Tyer - "Denny’s always the low-cost producer" by Richard L. Stern - "New hope for the dead" by James Cook - "The king is dead, long live the king!" by Seth Lubove - "Billionaire Highway Man: Life Lessons Dennis Washington Learned When He Was 25" by Luisa Kroll - "Quicksand" by Victoria Murphy - "A tycoon in the old mold" by Stephen S. Johnson - "Man With Toys" by David Armstrong - "A Shoe Shiner Turned Construction Billionaire, Dennis Washington Now Seeks to Polish His Legacy" by David Benoit - "Troubled Washington Group Files for Chapter 11 Bankruptcy" by Michael Brick - "Marine Towing Operations in Canada" by Joseph Monteiro - "Kyle Washington: The Prince of Tides" by Alison Bate - "Dedicated to Development" by Jessica Marquez Have any feedback? DM me @rainmakerspod on Twitter!

Welcome to the Rainmakers podcast, where we decode the strategies of the world's top investors! In this episode, we're focusing on Philip Anschutz, a master of transforming industries and building wealth. We'll examine two key deals that showcase Anschutz's unique investment methods, offering you a glimpse into the tactics that turned him into a multibillionaire. Join us as we uncover how one of today's most versatile tycoons spots opportunities and generates remarkable returns across diverse sectors. Links: Around Kansas - Phil Anschutz June 06,2018 https://www.youtube.com/watch?v=rnfunEKZzxg&ab_channel=FarmingUnlimitedTV Rise and fall of former LA Kings owner Bruce McNall: https://www.youtube.com/watch?v=1Ymc0JVcgFk&ab_channel=SPORTSNET Stephen Mandel - Investing Behind Change Invest Like the Best: https://www.joincolossus.com/episodes/17309631/mandel-investing-behind-change?tab=transcript "Big Shots with Giselle Fernandez" Tim Leiweke interview: https://youtu.be/PmD78qRIVYo?si=ajOEQDsWtnYqp-Bb Disney Flywheel: https://twitter.com/david_perell/status/1318613088074108932/photo/1 Sources: - Lamar Hunt: A Life in Sports by Michael MacCambridge - The Mayor : how I turned around Los Angeles after riots, an earthquake and the O.J. Simpson murder trial by Richard Riordan - The Land of Flickering Lights: Restoring America in an Age of Broken Politics by Michael Bennet - “The Passion of Philip Anschutz” by Devin Leonard - “Lakers Valued At $5.5 Billion In Anschutz Sale To Dodgers Owners” by Mike Ozanian - “Value Of AEG Disclosed To Be At Least $8 Billion” by Mike Ozanian - “Home Field Advantage” by David Davis - "The Man Who Owns L.A" by Connie Bruck - "Anschutz Empire Includes Galaxy" by Grahame L. Jones - "Shadow of a Doubt" by Stuart Steers - "Two 'rookies' tackle sports" by Paula Moore - "AEG: Timeline of L.A. deals" by Scott J. Wilson - "Anschutz to Buy Concert Firm Goldenvoice" by Jeff Leeds - "Anschutz Group Acquires Promotion Firm" by Jeff Leeds - "Coachella Grossed Record-Breaking $114 Million This Year: Exclusive" by Dave Brooks - "Movie Theaters Of the Absurd" by Forbes Magazine 2001 - "Regal's Future Up in the Air" by South Florida Sun Sentinel 2000 - "Anschutz Sells Half-Billion Dollars in Shares of Regal Entertainment" by Ed Lin - "Six Who Made It Happen" by David Wharton and Robyn Norwood - "Regal Cinemas Completes Chapter 11 Recovery Plan" by LA Times Archives 2002 - "Regal files bankruptcy" by CNN Money 2001 - "Philip Anschutz Reaps A Blockbuster Payout" by Andy Serwer - "Morality Play" by Dorothy Pomerantz Have any feedback? DM me @rainmakerspod on Twitter!

Welcome to the Rainmakers Podcast! Today we're exploring the remarkable career of Phil Anschutz, a versatile entrepreneur who built a $10 billion fortune across multiple industries. From oil and railroads to telecommunications and entertainment, Anschutz's journey exemplifies diversification and strategic risk-taking. We'll examine his knack for transforming distressed assets into lucrative ventures, diving into key investments like Southern Pacific Railroad, Qwest Communications, and AEG. You'll gain insights into the business philosophy that enabled Anschutz to succeed in such varied sectors. Whether you're an aspiring entrepreneur or a curious investor, this episode offers valuable lessons from one of America's most adaptable billionaires. Enjoy the show, and don't forget to leave a review if you like what you hear! Sources: - “The Taming Of The Wildcatter” by Forbes Magazine 1978 - “Take a ride on the Rio Grande” by Carol E. Curtis - “Remember the name: Anschutz” by Toni Mack - “Working over the railroad” by William P. Barrett - “A Game of Chicken” by Phyllis Berman and Roula Khalaf - “I might be a seller, I might be a buyer” by Phyllis Berman and Roula Khalaf - “The man who won’t let go” by Dyan Machan - “Empty Pipes” by Toni Mack - “No Ordinary Joe” by Carleen Hawn - “The Money Race” by Forbes Magazine 1998 - “Phil Anschutz” by Andy Van De Voorde - *Philip Anschutz, 1997 Colorado Business Hall of Fame Laureate* - Oral History of Colorado Project, Philip Anschutz, 1974 - Anschutz, Philip F., et al. Out Where the West Begins: Profiles, Visions, and Strategies of Early Western Business Leaders. United States, Cloud Camp Press, 2017. - “**SFSP Agrees to Sell Its Railroad to Rio Grande : $1.8-Billion Deal Must Be Approved by ICC; Other Bidders Protest the Plan” by Nancy Rivera Brooks** - “Red Adair” by PBOG 2015 Have any feedback? DM me @rainmakerspod on Twitter!

Welcome back to Rainmakers! In this second episode, we're diving deeper into Richard Rainwater's meteoric rise to billionaire status. We'll explore how he built Rainwater Inc, his strategies for finding lucrative deals, and examine some of his most notable investments. Join us for an insightful look at the methods that propelled Rainwater to extraordinary wealth in just a decade. If you enjoy the show, don't forget to subscribe, leave a review, and share with fellow investment enthusiasts. Links: The Fort Podcast with Chris Powers: https://youtu.be/NWCaHbRnrtw?si=myVdBk6ch_z5Cqeh John Phelan Graham and Doddsville Interview: https://business.columbia.edu/sites/default/files-efs/imce-uploads/Graham%20%20Doddsville_Issue%2027.pdf Sources: - ENSCO: The First 20 Years by Carolyn Barta - Money Masters of Our Time by John Train - The For-Profit Healthcare Revolution: The Growing Impact of Investor-Owned Health Systems in America by Sandy Lutz - The Fastest Tortoise by Ken Hersh - Squawk Box CNBC April 4th, 2012 6:00am-9:00am EDT - Wall Street with Louis Rukeyeser 1997 - “The Smart Money Speaks” by Stephen Taub - “Rainwater’s World” by David Carey - “Investing secrets of the Rainwater Rolodex” by Hilary Rosenberg - “Lord of the Lowball” by Shade Rowe - “Cashing In on Health Care's Troubles” by Milt Freudenheim - Thomas F. Frist, Jr., M.D. in First Person: An Oral History. United States, Health Research & Educational Trust, 2013. - “Hospital company chief to challenge Clinton” by Del Jones - “A Texas Power Play” by Bill Bancroft - “Can Richard Rainwater Strike a Gusher By Himself?” by Mark Ivey - “Change is Good” by Worth Magazine 1987 - “Gunfight” by Cheryl Einhorn - “The Texas Business Executive of the Year” by Susan DuBois - “Wednesday, July 9, 1986 : Oil Falls Below $11 a Barrel” by LA Times Archives - “STANDARD RATES SET FOR HOSPITALS UNDER MEDICARE” by Robert Pear Have any feedback? DM me @rainmakerspod on Twitter!