Candy Wars: The Rise of Mars and the Fall of Hershey

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
• Crusoe
• Statsig

Links:

• Hershey’s M&M response: Hershey-ets
• Our past episodes on Berkshire Hathaway, LVMH, and Novo Nordisk
• Worldly Partners Multi-Decade Mars Study
• Episode sources

Carve Outs:

• Dandelion Chocolate and the Dandelion Advent Calendar
• Tesla Model Y + repair service
• Silo
• Home Alone

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‍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.