Entrepreneur & Investor.
Entrepreneur & Investor.
Richard Rainwater

Issue #89: Richard Rainwater

NOTE: this was a past issue of my weekly newsletter, Timeless Gems. Join my free mailing list so you don’t miss out on future issues.

Today’s gem is this podcast episode on Richard Rainwater.

The Bass Family hired Rainwater in the 70s to help manage their investments (and diversify from their oil interests). This podcast details his investment style and how he operated. It also covers some of his earlier deals, including how he lost money on his first few investments. Rainwater eventually transformed the Bass Family’s fortune from a $50m nest egg into a $5bn empire within a decade or so.

Rainwater was a legendary dealmaker and probably the first-ever independent sponsor. He was never afraid to raise capital for a single deal if it exceeded the Bass family’s checkbook. Highly recommend checking out this podcast.

There’s a Part 2 of the podcast that I haven’t gotten around to listening to yet, but it’s on my list. Rainwater was featured in the book Storming The Magic Kingdom, which was included in my top book picks for 2023.