The Billionaires Behind Monaco's Superyachts (And the Businesses They Bought)

In this episode of 5 Minutes in the Lower Middle Market, we explore an unlikely place to study wealth creation: the harbor of Monaco during Formula 1 weekend.Many people assume the yachts belong to tech founders, celebrities, or hedge fund stars. But a closer look reveals a different story. A surprising number of fortunes were built by acquiring companies, consolidating fragmented industries, buying hard assets, improving operations, and compounding capital over decades.Timestamps:0:00 The surprising number of fortunes built through acquisitions1:38 Patrick Dovigi and the roll-up of waste management2:16 Ian Malouf and building a recycling empire2:32 Gary Klesch and buying unwanted industrial assets2:49 Eddie Lampert and distressed investing3:34 The repeatable pattern behind massive fortunes4:00 Why boring industries create extraordinary wealth