Exploring the rabbit holes of business, history, and business history. <br/><br/><a href="https://www.preferredsharespodcast.com?utm_medium=podcast">www.preferredsharespodcast.com</a>
Preferred Shares Podcast
Claim This Podcastby Preferred Shares Podcast
5.0(40 reviews)
35 episodes
Updated Weekly
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39
Podcast Authority
BetaPoorBased on show quality, social media presence, reviews, charts, and more
Quality47
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Podcast Overview
Exploring the rabbit holes of business, history, and business history. <br/><br/><a href="https://www.preferredsharespodcast.com?utm_medium=podcast">www.preferredsharespodcast.com</a>
Language
🇺🇲
Publishing Since
8/31/2023
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39
Podcast Authority
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24 episodes over 1.9 years
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Recent Episodes
June 12, 2026
Duke Dynasty: The Legacy of the American Tobacco Monopoly, Part Two
<p><strong>Welcome to Episode 35 of the Preferred Shares Podcast.</strong></p><p>This podcast is the second and final part on our series on the American Tobacco Company and the founding Duke family. <a target="_blank" href="https://www.preferredsharespodcast.com/p/duke-dynasty-the-legacy-of-the-american">Part One</a> covered the founding of the family tobacco business, and then the unbelievable hardships the family endured and overcame during and after the Civil War to re-start the business.</p><p>We begin Part Two in 1890 with Buck Duke’s formation of the American Tobacco Company, which would become the dominant force in all the major forms of tobacco in the United States. We hope you enjoy.</p><p>* The Antitrust Act and Market Dynamics</p><p>* Antitrust Action Against American Tobacco Company</p><p>* The Supreme Court’s Ruling on ATC</p><p>* The Breakup of American Tobacco Company</p><p>* Buck Duke’s Legacy and Diversification</p><p>* The Impact of the Duke Endowment</p><p>* Counterfactuals and the Future of Tobacco</p><p>* Should We Celebrate Buck Duke?</p><p>Images, Tables and Charts</p><p>American Tobacco’s Losses on Plug Tobacco (1894-1898)</p><p>ATC lost a cumulative $4 million on plug tobacco from 1894-1898. Robust profits from its cigarette business supported these losses.</p><p>Billions of Cigarettes Sold in the U.S. (1890-1949)</p><p>For a long time, cigarettes were insignificant compared to plug and chewing tobacco and cigars. However, with ATC’s unrelenting emphasis on scale and efficiency, the cigarette category grew rapidly. From 1910 to 1921, total industry cigarette volumes increased 5x. From 1910 to 1949, volumes increased 35x.</p><p>Per Capita Consumption in Pounds of Various Tobacco Products (1904-1953)</p><p>Cigarettes were a minor part of all tobacco products for several generations. It wasn’t until the 1920s that cigarettes overtook chewing tobacco, smoking tobacco, and cigars, on a per capita basis in the United States.</p><p>Profitability of American Tobacco Company (1890-1908)</p><p>ATC was tremendously profitable at its inception. However, profitability declined from 1890 to 1909 for two reasons. The first is ATC’s battles during the plug tobacco war from 1894-1898. Second, profitability declined as ATC consolidated and invested in other less profitable tobacco categories. Despite the profitability decline during the 1890s, ATC still managed to earn an average of 32.7% on tangible assets and an average profit of 20.6% on net sales from 1890-1909. </p><p>Taxes and Dividends Paid by the American Tobacco Company (1904-1953)</p><p>ATC paid a steadily growing amount of state and federal taxes. The dividends it paid to shareholders from 1910-1953 remained unchanged as it continually reinvested in its business.</p><p>Statue of James Buchanan at Duke University</p><p>Sources</p><p><strong>Books</strong></p><p>* Farley, Jennifer Dawn. Duke Homestead and the American Tobacco Company, Arcadia Publishing, August 26, 2013.</p><p>* American Tobacco Company. Sold American!: The First 50 Years of the American Tobacco Company, 1954.</p><p>* Tennant, Richard B. The American Cigarette Industry, 1950.</p><p>* Jenkins, John Wilber. James B. Duke, Master Builder, 1927.</p><p><strong>Other</strong></p><p>* <a target="_blank" href="https://www.dukeendowment.org/">The Duke Endowment</a></p><p>Additional Reading & Listening</p><p>Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:</p><p><strong>Devin LaSarre</strong> (<a target="_blank" href="https://invariant.substack.com/">Invariant</a> and <a target="_blank" href="https://x.com/DevinLaSarre">@DevinLaSarre</a>)</p><p>* 📖 <a target="_blank" href="https://invariant.substack.com/p/haypp-group-engine-for-the-new-environment">Haypp Group: Engine for the New Environment</a></p><p><strong>Douglas Ott</strong> (<a target="_blank" href="http://www.andvariassociates.com/">Andvari Associates</a> and <a target="_blank" href="https://x.com/yesandnotyes">@yesandnotyes</a>)</p><p>* 📖 <a target="_blank" href="https://andvari.substack.com/p/ingredion">Ingredion: A Low-Multiple, High Value-Added Business Near Inflection</a></p><p>* 📖 <a target="_blank" href="https://andvari.substack.com/p/think-or-surrender">Think! or Surrender!!</a> - The Life and Wisdom of H. O. Hirt, co-founder of Erie Indemnity</p><p><strong>Lawrence Hamtil</strong> (Fortune Financial and <a target="_blank" href="https://x.com/lhamtil?lang=en">@lhamtil</a>)</p><p>* 🎤 <a target="_blank" href="https://open.spotify.com/episode/5hHGl6bvjIqeECxZCRkVE4">“How Tobacco Became One of The Greatest Investments in History”</a>, Odd Lots</p><p><strong>Enjoy this episode? Share it with someone who loves business history as much as you do!</strong></p><p>You can also follow <a target="_blank" href="https://twitter.com/Pfdshares">Preferred Shares</a>, <a target="_blank" href="https://twitter.com/DevinLaSarre">Devin</a>, <a target="_blank" href="https://twitter.com/yesandnotyes">Doug</a>, and <a target="_blank" href="https://twitter.com/lhamtil">Lawrence</a> on Twitter.</p><p>Disclaimer</p><p>All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.</p><p>Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://www.preferredsharespodcast.com?utm_medium=podcast&utm_campaign=CTA_1">www.preferredsharespodcast.com</a>
May 25, 2026
Duke Dynasty: The Legacy of the American Tobacco Monopoly
<p><strong>Welcome to Episode 34 of the Preferred Shares Podcast.</strong></p><p>This episode (Part One of Two) explores the remarkable history of the Duke family and the rise of the American tobacco industry, focusing on innovation, resilience, and strategic business decisions that transformed a local operation into a global powerhouse. Explore the fascinating history of the American Tobacco Company, its dominance, legal battles, insights into antitrust laws, industry strategies, the impact on society, and the legacy of Buck Duke.</p><p><strong>In This Episode</strong></p><p>* The Duke Family Legacy Begins</p><p>* Washington Duke’s Early Life and Challenges</p><p>* The Birth of Brightleaf Tobacco</p><p>* The Civil War’s Impact on the Duke Family</p><p>* Rebuilding After the War</p><p>* Transportation’s Role in Business Expansion</p><p>* Education and Family Dynamics</p><p>* Transition to Large Scale Operations</p><p>* Buck Duke Takes Charge</p><p>* Pivoting to Cigarettes</p><p>* The Bonsack Machine Revolution</p><p>* Innovations in Packaging and Cost Reduction</p><p>* Marketing Strategies and Global Expansion</p><p>* The Formation of the American Tobacco Company</p><p><strong>Charts and Images</strong></p><p><strong>Sources</strong></p><p><strong>Books</strong></p><p>* Farley, Jennifer Dawn. Duke Homestead and the American Tobacco Company, Arcadia Publishing, August 26, 2013</p><p>* American Tobacco Company, Sold American!: The First 50 Years of the American Tobacco Company, 1954</p><p>* Tennant, Richard B., The American Cigarette Industry, 1950</p><p>* Jenkins, John Wilber, James B. Duke, Master Builder, 1927</p><p><strong>Other</strong></p><p>* <a target="_blank" href="https://www.dukeendowment.org/">The Duke Endowment</a></p><p>* <a target="_blank" href="https://patents.google.com/patent/US238640A/en">U.S. patent 238,640 granted March 8, 1881</a></p><p>* <a target="_blank" href="https://patents.google.com/patent/US247795">U.S. patent 247,795 granted October 4, 1881</a></p><p>Additional Reading & Listening</p><p>Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:</p><p>Douglas Ott (<a target="_blank" href="http://www.andvariassociates.com/">Andvari Associates</a> and <a target="_blank" href="https://x.com/yesandnotyes">@yesandnotyes</a>)</p><p>* 📖 <a target="_blank" href="https://andvari.substack.com/p/think-or-surrender">Think! or Surrender!!</a></p><p>Lawrence Hamtil (Fortune Financial and <a target="_blank" href="https://x.com/lhamtil?lang=en">@lhamtil</a>)</p><p>* 🎤 <a target="_blank" href="https://open.spotify.com/episode/5hHGl6bvjIqeECxZCRkVE4">“How Tobacco Became One of The Greatest Investments in History”</a>, Odd Lots</p><p>Devin LaSarre (<a target="_blank" href="https://invariant.substack.com/">Invariant</a> and <a target="_blank" href="https://x.com/DevinLaSarre">@DevinLaSarre</a>)</p><p>* 📖 <a target="_blank" href="https://invariant.substack.com/p/haypp-group-engine-for-the-new-environment">Haypp Group: Engine for the New Environment</a></p><p><strong>Enjoy this episode? Share it with someone who loves business history as much as you do!</strong></p><p>You can also follow <a target="_blank" href="https://twitter.com/Pfdshares">Preferred Shares</a>, <a target="_blank" href="https://twitter.com/DevinLaSarre">Devin</a>, <a target="_blank" href="https://twitter.com/yesandnotyes">Doug</a>, and <a target="_blank" href="https://twitter.com/lhamtil">Lawrence</a> on Twitter.</p><p>Disclaimer</p><p>All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.</p><p>Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. At the time of publishing, clients of Andvari owned shares of Norfolk Southern. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.</p><p></p><p></p><p>keywords</p><p>Duke family, tobacco industry, innovation, business history, manufacturing, branding, cigarette machine, Bonsack machine, market strategy American Tobacco Company, Buck Duke, antitrust, monopoly, tobacco industry, Standard Oil, market share, mergers, regulation, history</p><p>key topics</p><p>The origins of the Duke family and their farm in North Carolina</p><p>The development of Brightleaf tobacco and its regional dominance</p><p>The invention and impact of the Bonsack cigarette machine</p><p>Strategic moves in pricing, marketing, and branding</p><p>The transition from local to global markets and the rise of cigarette consumption Buck Duke’s business strategy and industry dominance</p><p>Legal battles and antitrust lawsuits against ATC</p><p>Industry consolidation and market share evolution</p><p></p><p>Titles</p><p>The Duke Family’s Tobacco Empire: From Humble Beginnings to Global Domination</p><p>How Innovation and Strategy Built the American Tobacco Industry</p><p></p><p></p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://www.preferredsharespodcast.com?utm_medium=podcast&utm_campaign=CTA_1">www.preferredsharespodcast.com</a>
April 28, 2026
Class 1 Railroads with Matt Reustle of Business Breakdowns
<p><strong>Welcome to Episode 33 of the Preferred Shares Podcast.</strong></p><p>In this episode, we talk in depth about North American’s Class 1 Railroads and the pending merger between <a target="_blank" href="https://investor.unionpacific.com/">Union Pacific</a> and <a target="_blank" href="https://norfolksouthern.investorroom.com/">Norfolk Southern</a>. Joining the conversation is Matt Reustle, a former analyst with Goldman Sachs covering the transportation sector. More recently, Matt has been the long-time host of the great <a target="_blank" href="https://colossus.com/series/business-breakdowns/">Business Breakdowns</a><a target="_blank" href="https://colossus.com/series/business-breakdowns/"> podcast</a>.</p><p><strong>In This Episode</strong></p><p>Defining Class 1 Rails</p><p>Key dynamics of the industry</p><p>The formation of the ICC and historic regulation, including the Staggers Act</p><p>E. Hunter Harrison and the rise of Precision Scheduled Railroading (PSR)</p><p>The ICC’s last big decision: the BN and SF merger</p><p>Key industry metrics and historical performance</p><p>Exploring the potential likelihood and impact of the proposed UNP NSC merger</p><p><strong>Disclaimer</strong></p><p>All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.</p><p>Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. At the time of publishing, clients of Andvari owned shares of Norfolk Southern. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://www.preferredsharespodcast.com?utm_medium=podcast&utm_campaign=CTA_1">www.preferredsharespodcast.com</a>
35 total episodes available
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