MITT ROMNEY

Started at Bain & Company as a management consultant in 1977. Co-founded Bain Capital in 1984 with Bill Bain and partners, starting with $37 million in capital.

Under Romney, Bain Capital invested in Staples, Sports Authority, Domino's Pizza, and Bright Horizons — generating returns that averaged 113% annually in the fund's first decade. Built Bain Capital into a firm managing over $180 billion by the time he left.

Became CEO of the 2002 Salt Lake City Olympics and rescued it from a $379 million deficit, delivering a $100 million profit. Governor of Massachusetts from 2003–2007, implementing healthcare reform (RomneyCare) that became the model for Obamacare.

Republican presidential nominee in 2012 — lost to Barack Obama. US Senator from Utah (2019–2025).

One of the only Republican senators to vote to convict Donald Trump in both impeachment trials.

Bain Capital (co-founder, 1984–2001), Governor of Massachusetts (2003–2007), US Senator from Utah (2019–2025)

Classic leveraged buyout model. Romney's Bain Capital approach: acquire undervalued or underperforming companies, install better management, optimize operations ruthlessly, and sell within 3-7 years.

The formula generated enormous returns but also drew criticism for job losses at portfolio companies. As a personal investor, Romney is diversified across real estate, bonds, and index funds — far more conservative than his PE career would suggest.

Staples. Bain Capital invested $2.5 million in 1986 when office supply superstores didn't exist.

The company grew to 2,000 stores and a $19 billion market cap. Romney reportedly earned over $100 million from the Staples investment alone.

The broader Bain Capital track record — 113% average annual returns in the first decade — is among the best in PE history.

The 2012 presidential campaign. His "47 percent" comment at a private fundraiser — suggesting 47% of Americans see themselves as victims — was caught on hidden camera and effectively ended his presidential chances.

In the business world, the Bain Capital model drew criticism for loading companies with debt and cutting jobs. Companies like KB Toys and Dade International went bankrupt under Bain ownership, though Romney had left the firm before some of these failures.

Buy quality assets, improve operations, and sell at the right time. Romney's financial philosophy is fundamentally about operational excellence — the belief that most businesses are undermanaged and can be dramatically improved with the right incentives and leadership.

Personally, he tithes 10% of income to the LDS Church and is genuinely frugal despite his wealth.

Married to Ann Romney since 1969. Five sons, all of whom have worked in business or politics.

His father, George Romney, was Governor of Michigan and CEO of American Motors. Devout member of the Church of Jesus Christ of Latter-day Saints — served as a missionary in France and later as a bishop and stake president.

Brigham Young University (BA in English, 1971), Harvard Business School and Harvard Law School (joint JD/MBA, 1975). Graduated in the top 5% of his HBS class.

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