Intelligence Squared: What Can The Stoics Teach Us About Capitalism?

Host: Conor Boyle
Guests: Robert Rosenkranz (businessman, philanthropist, author of The Stoic Capitalist), Bill Browder (financier, author)
Date: May 10, 2025

Episode Overview

In this compelling episode, Bill Browder interviews Robert Rosenkranz about his new book, The Stoic Capitalist, exploring how Stoic philosophy intersects with the worlds of business and capitalism. The conversation traverses Rosenkranz’s humble background, his meteoric rise in finance, principles of rationality in decision-making, his approach to philanthropy and longevity, and how Stoic ideas can help guide young people and leaders to a meaningful and successful life.

Key Discussion Points & Insights

1. Rosenkranz’s Background and Early Life

[03:44–07:32]

• Rosenkranz grew up in a financially insecure household:

  • Mother was a drugstore clerk and a communist, his father often unemployed.
  • Household anxieties led to the development of early responsibility and rational self-reliance.
  • "The obstacle is the way,” he says, referencing a foundational Stoic idea.

  “That circumstance, which many people would find an obstacle, to me was a stimulus, almost required me to take full responsibility for my own life.” (Rosenkranz, 05:34)

• Early demonstration of critical thinking and rationality:

  • Trusted logic over emotion, especially when questioning his parents’ “bad ideas.”
  • “The idea of privileging rationality over emotions became a critical success factor for me in life as well.” (Rosenkranz, 06:48)

2. Academic Journey and Early Career

[07:32–14:15]

• Entered Yale on a scholarship after an elementary school teacher championed his abilities.

• Found Yale to be a culture shock socially, but academically empowering.

• Considered mathematics but was gently redirected to economics by Professor Browder (Bill’s father).

  "He sort of gently suggested that maybe economics would be a better idea for me. And he was absolutely right, because the qualities that it took to really excel in mathematics just was a level of ability that I didn't have.” (Rosenkranz, 10:39)

• Legal career quickly segued into finance. Early at Oppenheimer, he combined arbitrage and tax law knowledge to generate major profits for the firm, without seeking external validation.

  “Even at that young age, I wasn’t looking for him to give me approval... I was thinking, how do you get to be Leon Levy? How do you get to own a firm like this?” (Rosenkranz, 14:15)

3. Transformative Moves in Finance and Private Equity

[15:47–25:26]

• Pivotal moment: Chose to structure his own private equity deals with unusually high personal risk, declining the typical “carried interest” fee.

  “I said, I'll put every penny of it up, and I don't want to carry an interest at all. I'll absorb 50% of all the losses out of my $400,000, and I want 50% of the gains.” (Rosenkranz, 18:18)

• Detailed breakdown of the Oldfort deal:

  • Purchased a “random group of companies” for $18 million, $1.5 million in cash.
  • Sold off non-core assets to pay all debt, kept a profitable "lawn and garden" business, eventually scaled it to a national supplier, and sold it for $100 million.

  “So at that point, I own this company free and clear... I used the money that I was making from that, plus the proceeds of initial public offering, to buy up companies all around the country.” (Rosenkranz, 23:02)

• Next, purchased Delphi Insurance: $20 million investment, sold years later for $3 billion.

4. Stoic Principles in Business

[25:26–29:27]

• Discussion shifts from anecdotes to the deeper lessons in his book:

  • Rationality, emotional control, time allocation, interviewing, negotiation, and building organizations.
  • Emphasizes that these skills are universally applicable: “...any kind of activity where success is going to be a matter of long term commitment.” (Rosenkranz, 25:26)

• Notably, he avoided the infamous Madoff scandal by applying simple, rational checks rather than following the crowd.

  “I saw that every purchase was at the low of the day, every sale at the high of the day. Nobody can trade like that... it took me about 15 minutes to do this, and any professional investor could have done it, and they didn’t.” (Rosenkranz, 30:17)

5. Philanthropy, the Arts, and Social Impact

[31:39–34:20]

• Rosenkranz finds meaning in supporting contemporary and video art, particularly for “the natural language of younger people.”
  • Creating “Canyon,” a dedicated venue in Manhattan for immersive art.

  “One of the things I talk about in the book as an ingredient of the well lived life is using your financial resources... in ways that benefit society and creating the kinds of institutions you think that the society can use.” (Rosenkranz, 33:03)

6. Longevity, Healthspan, and Stoic View of Time

[34:20–39:01]

• Interested in extending healthspan rather than lifespan.

  “Most people recognize that [time is our most precious resource], but they don’t necessarily take on board that their health spans are a matter of their own decision making.” (Rosenkranz, 35:16)

• Describes his support for innovative “Impetus Grants” for longevity research—risk-tolerant, fast, and flexible grantmaking.

  • “We had over 1,000 applications, we gave 35 grants, and it’s only a year, but there are already some very promising results.” (Rosenkranz, 37:16)
  • Details a groundbreaking project extending the lifespan of C. elegans worms.

7. Advice for Young People and Stoic Wisdom

[39:35–42:01]

• Key takeaways for success:
  • Use reason to govern emotion.
  • Be intentional and focused with time and attention.
  • Learn to distinguish real opportunities from distractions.

  “You really have to find something that gives you that sense of satisfaction, that you can be fully committed and energized by it.” (Rosenkranz, 41:39)

Memorable Quotes

• On Overcoming Adversity:
  “That circumstance, which many people would find an obstacle, to me was a stimulus, almost required me to take full responsibility for my own life.” (Rosenkranz, 05:34)

• On Rationality Over Emotion:
  “The idea of privileging rationality over emotions became a critical success factor for me in life as well.” (Rosenkranz, 06:48)

• On Career Advice from a Mentor:
  “He sort of gently suggested that maybe economics would be a better idea for me. And he was absolutely right.” (Rosenkranz, 10:39)

• On Self-Esteem and Ambition:
  “I was thinking, how do you get to be Leon Levy? How do you get to own a firm like this? And that kind of outsized ambition coupled with A kind of a rational self esteem was really a very key success factor for me.” (Rosenkranz, 14:15)

• On Risk and Integrity in Business:
  “I'll put every penny of it up, and I don't want to carry an interest at all. I'll absorb 50% of all the losses out of my $400,000, and I want 50% of the gains.” (Rosenkranz, 18:18)

• On Avoiding Investment Fads:
  “I saw that every purchase was at the low of the day, every sale at the high of the day. Nobody can trade like that... it took me about 15 minutes to do this, and any professional investor could have done it, and they didn’t.” (Rosenkranz, 30:17)

• On Philanthropy and Living Well:
  “...using your financial resources, if you’ve been able to accumulate them, in ways that benefit society and creating the kinds of institutions you think that the society can use.” (Rosenkranz, 33:03)

• On Purpose and Fulfillment:
  “You really have to find something that gives you that sense of satisfaction, that you can be fully committed and energized by it.” (Rosenkranz, 41:39)

Important Timestamps

• Early Life and Upbringing – [03:44–07:32]
• Yale and Career Beginnings – [07:32–14:15]
• Private Equity and Oldfort Deal – [15:47–25:13]
• Stoic Principles in Leadership – [25:26–29:27]
• Sniffing out Fraud (Madoff Story) – [29:27–31:39]
• Art Collecting and Canyon – [31:39–34:20]
• Longevity, Philanthropy & Science Grants – [34:20–39:01]
• Final Advice and Stoic Summary – [39:35–42:01]

Tone & Atmosphere

The conversation is candid, intellectually rich, and punctuated by humor and humility. Rosenkranz’s measured, thoughtful responses reflect his commitment to rationality and mindful living, in line with Stoic philosophy. Browder’s probing questions draw out practical lessons and memorable stories, making abstract concepts highly relatable.

For Listeners Who Haven't Tuned In

This episode is an engaging deep-dive into how ancient Stoic principles can inform not just personal well-being but also groundbreaking business and philanthropic achievements. Rosenkranz illustrates both with vivid anecdotes and distilled wisdom, showing that controlling emotions, rigorously applying logic, and keeping one’s time and purpose in clear focus are keys not just to financial success but to living a meaningful life.