Contrary to modern finance theory, companies owned by non-profit foundations demonstrate superior long-term financial performance, longevity (6x more likely to reach 50 years), and return on assets compared to conventionally structured, shareholder-first corporations.

Demonstrating extreme long-term contracting, a bond issued in 1648 by a Dutch water company to repair a dike is still active. Yale University owns the parchment bond and periodically sends a representative to the Netherlands to collect the interest payments.

The first corporations in Ancient Rome were private companies contracted for state functions like tax collection and equipping armies. As their power grew, they bribed senators, encouraged wars, and backed politicians who dismantled the Republic, providing a stark historical warning about the alignment of corporate and state interests.

An alternative corporate structure where a for-profit company is overseen by a nonprofit foundation (e.g., Zeiss, Novo Nordisk, Hershey's) dramatically increases longevity. Data shows these companies have a 60% chance of reaching age 50, versus just 10% for conventional firms.

3G targets family-owned businesses because they often make better long-term decisions without quarterly pressures. Decisions that are negative ROI in the short term (e.g., entering new markets) compound positively over decades, creating more resilient and valuable enterprises.

The paradox of long-term planning is that focusing on sustainability and succession—building a company that doesn't need an exit—makes it far more valuable and appealing to potential buyers. Robust, self-sufficient companies built to last are inherently better investments.

Contrary to the stereotype of being 'dusty' or resistant to change, companies that last for centuries are masters of adaptation. Their longevity is direct evidence of their forward-thinking ability to navigate crises, from wars and pandemics to technological disruption.

The Tokyo Stock Exchange has issued an ultimatum to companies: get your price above book value or be delisted. This is forcing an end to centuries-old practices of corporate cross-ownership and compelling companies to engage in buybacks and other shareholder-friendly actions, providing a powerful catalyst for the market.

Mondragon, a massive Spanish cooperative, was founded when its founders couldn't access a wealthy heir, instead pooling money from 118 church members. It shows that a community-funded, employee-owned model can achieve massive scale as an alternative to the venture capital-driven path.