It's Better To Be Rich Than Right: Peter May
Shownotes
In this episode of Big Shot, we're honored to host business mogul Peter May. But his path to managing more than $7 billion is not what you might expect. What started as a career as an accountant at the prestigious KPMG quickly became something much different once Peter crossed paths with Nelson Peltz, igniting a dynamic partnership that spanned decades. Together, they founded Triarc Companies and pioneered innovative funding strategies, revitalizing numerous struggling businesses. They eventually sold the company and founded Trian Partners, a multi-billion dollar investment firm. Peter's commitment to philanthropy extends beyond financial contributions, as he invests his time and expertise. Notably, his impactful work with Mount Sinai Health Systems and Operation Exodus showcases his dedication to making a difference. Join us as Peter generously imparts invaluable insights and practical wisdom applicable to all aspects of life.
In This Episode We Cover:
(07:28) What it was like growing up during the Cold War in Long Island
(12:12) How his father was a great role model
(14:33) Peter’s time at The University of Chicago
(16:25) How Peter was inspired by his father’s saying, “Do more than what’s expected of you”
(22:24) The Jewish value of education
(24:53) How Peter was able to avoid being drafted to Vietnam
(30:59) Getting started as an accountant at KPMG
(32:40) How Peter met Nelson Peltz
(34:24) The importance of adding value
(36:11) The origins of Home Depot
(38:16) How Peter and Nelson Peltz went into business together
(41:00) When Peter and Nelson took their company public
(44:25) What happened after Peter and Nelson sold Flagstaff foods
(49:20) Peter and Nelson’s funding strategy emerges
(50:42) How MPM group consulting got its start
(51:57) What constructive capitalism is
(54:10) How Peter and Nelson bought Triangle Industries
(1:00:29) How Peter and Nelson transformed Triangle and made it profitable
(1:03:18) The purchase of America Can and National Can
(1:17:03) The meaning of Nelson’s phrase “I’d rather be rich than right”
(1:18:53) Why Peter doesn’t look back much
(1:20:14) Why chutzpah is so quintessential to the Jewish entrepreneurial experience
(1:22:23) Why Peter doesn’t feel like he’s made it still
(1:23:30) About “engaged philanthropy” and how Peter helped turn around Mount Sinai Health
(1:30:15) Peter’s advice to the next generation
(1:33:26) About Operation Exodus
(1:36:33) Peter’s legacy—
Referenced:
Green tea benefits: https://www.firebellytea.com/blogs/all/green-tea-benefits
Firebelly Tea: https://www.firebellytea.com/
The University of Chicago: https://www.uchicago.edu/en
Pogroms: https://encyclopedia.ushmm.org/content/en/article/pogroms
Nelson Peltz: https://www.forbes.com/profile/nelson-peltz/
Arthur Anderson: https://en.wikipedia.org/wiki/Arthur_Andersen
KPMG: https://kpmg.com/
Emerson Radio: https://www.emersonradio.com/
Bernard Marcus: https://en.wikipedia.org/wiki/Bernard_Marcus
Mike Milken: https://en.wikipedia.org/wiki/Michael_Milken
Saul Steinberg: https://en.wikipedia.org/wiki/Saul_Steinberg
Victor Posner: https://en.wikipedia.org/wiki/Victor_Posner
Alcoa: https://www.alcoa.com/global/en/home/
Mount Sinai Health System: https://www.mountsinai.org/
Engaged philanthropy: https://engagedgiving.org/philosophy
Operation Exodus: https://operationexodususa.org/
—
Where to find Peter May:
Mount Sinai Health: https://www.mountsinai.org/about/board-leadership/peter-may
Wendy’s: https://www.wendys.com/who-we-are/board-directors/peter-may
Where To Find Big Shot:
Website: https://www.bigshot.show/
YouTube: https://www.youtube.com/@bigshotpodcast
TikTok: https://www.tiktok.com/@bigshotshow
Instagram: https://www.instagram.com/bigshotshow/
Harley Finkelstein: https://twitter.com/harleyf
David Segal: https://twitter.com/tea_maverick
Production and Marketing: https://penname.co