Invest Like the Best with Patrick O'Shaughnessy

Invest Like the Best with Patrick O'Shaughnessy

By Colossus | Investing & Business Podcasts

Conversations with the best investors and business leaders in the world. We explore their ideas, methods, and stories to help you better invest your time and money. Hear stock market and boardroom insights you can't find anywhere else. If you're a professional investor, CEO, entrepreneur, or business strategist, this is for you. Explore all our episodes and learn more at https://www.joincolossus.com

Episodes

Cyan Banister - Investing for a Higher Purpose - [Invest Like the Best, EP.361]

My guest today is Cyan Banister. Cyan’s life story is remarkable. She was homeless at a young age, dropped out of high school, and five years ago she suffered an extremely rare stroke. Yet, in spite of everything, she is one of the most optimistic and curious people you can hope to meet. Cyan is also one of the great angel investors of this era, having invested early in SpaceX, Uber, Postmates, and Deepmind to name a few winners. She became the first female investing partner at Peter Thiel’s Founders Fund and now invests at Long Journey Ventures. Our conversation is as much about investing as it is about the essence of life and how connecting with that will help us in our professional pursuits. It is also full of awesome stories about people and companies like SpaceX and Bill Murray. Please enjoy this great conversation with Cyan Banister. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:03) First question - Spirituality as an Investable Category (00:06:51) Journey to Founders Fund (00:12:13) Overcoming Adversity and Embracing Optimism (00:14:28) The Power of Authenticity and Curiosity (00:25:28) The Skill of Feeling in Business (00:30:26) Investing in Uber (00:36:18) The Changing Dynamics of Early-Stage Investment (00:39:07) The Philosophy of 'Set it and Forget It' (00:42:24) The SpaceX Story: A Leap of Faith (00:48:02) Cyan’s Spiritual Awakening (00:61:34) Her Story of the Violin Kid (01:05:36) The Art of Trusting Your Gut in Business (01:07:47) The Spirit of Founders Fund and the Future of Venture Firms (01:15:16) What She Would Do With 1 Trillion Dollars (01:24:05) The Kindest Thing Anyone Has Ever Done For Cyan
20/02/24·1h 25m

Danny Meyer - The Power of Hospitality - [Invest Like the Best, REPLAY]

Today, we're replaying my conversation with Danny Meyer. He is the founder and CEO of Union Square Hospitality Group, which comprises some of the most acclaimed restaurants in New York, like Gramercy Tavern and Union Square Café. Danny is also the founder and chairman of Shake Shack, which began in NYC but is now a publicly traded company with hundreds of locations worldwide. Our conversation focuses on how great hospitality leads to a great business, regardless of what sector it's in. We discuss why hospitality is the starting point for Danny’s business philosophy, why first impressions matter, Danny’s concept of ABCD - always be connecting dots, how to scale hospitality, and how to build a business with essentialism and soul. Please enjoy this conversation with Danny Meyer. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00) Welcome to Invest Like the Best (03:41) First question – Danny’s experience as a tour guide in Italy (08:17) Why hospitality is the center of business focus (08:19) Setting the Table: The Transforming Power of Hospitality in Business (11:50) Early lessons at creating an environment of hospitality  (15:17) His strategy ABCD and learning from a trout fisherman relate and relate to hospitality (20:45) Scaling hospitality  (24:56) What kind of people make a hospitality business work (29:34) How to be an effective leader (33:00) Handling mistakes well in the role of hospitality  (36:28) Creating the spark in the early part of entrepreneurial ventures (40:32) When its time to start something new vs expand something you are already doing (45:52) The excellence reflex and an example of this in his career (50:25) Kindest thing anyone has done for him
13/02/24·49m 47s

Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY]

Today, we're running a replay of my 2019 conversation with legendary investor Chuck Akre. Chuck founded Akre Capital Management in 1989, which now manages approximately $14B dollars. We discuss his investing style and his “three-legged stool” for evaluating companies. Please enjoy this great conversation. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully diluted shares outstanding? Access every publicly-reported data point and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard-to-calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building, and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: [00:00:00] Welcome to Invest Like the Best [00:01:06] First Question – Advantage of being in Middleburg, Virginia [00:02:11] What a day looks like for Chuck [00:03:06] Why imagination is more important than knowledge [00:03:38] Difference between curiosity and imagination [00:04:38] The origins of the Nirvana Three-Legged Stool concept [00:10:14] First leg of the stool, extraordinary business and ROE’s with a focus on Bandag [00:14:36] How his evaluations of value have changed over the last 10-15 years [00:16:10] A look at recent businesses that he’s bought and why they are interesting [00:19:56] Why they keep things simple [00:21:35] Second leg of the stool, the people involved and characteristics of managers he has invested in [00:23:20] Role of capital allocation in the people he focuses on [00:29:34] Third leg of the stool, reinvestment [00:21:09] How does he think about diversifying across an investment area [00:33:32] Great businesses wrapped in a bad balance sheet [00:37:35] What would cause him to sell [00:38:52] What does he look for in people [00:43:27] How curiosity has impacted his interest in land conservation [00:43:51] Advice for investors, especially younger ones [00:46:14] Kindest thing anyone has done for him
06/02/24·48m 41s

Alex Telford - Unlocking Innovation in Pharma - [Invest Like the Best, EP.360]

My guest today is Alex Telford. Alex is the founder of Convoke, a software platform to help streamline drug development and commercialization. He also has been writing frequent blog posts on the biotech industry since 2019, keeping a pulse on the direction of innovation. He joined me today to talk about the history of the pharmaceutical industry and what’s becoming possible in medicine in the coming years. Alex helped break down the complexities of investing in new drug development, breakthroughs in gene therapy on the horizon, and the dance between timely progress and restrictive regulation. This industry has a lot to unpack, and he thoughtfully lays out the landscape. Please enjoy my conversation with Alex Telford. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:01) First question - Exploring public perceptions of Big Pharma (00:04:56) Providing an overview of the drug discovery process (00:07:22) Assessing the efficiency of the pharmaceutical industry (00:12:13) Anticipating the future direction of drug development (00:16:46) Categorizing different types of pharmaceutical drugs (00:21:19) Strategies to reduce the time from discovery to implementation (00:25:55) Gaining insights from cross-disciplinary research (00:31:13) The emerging role of AI in pharmaceuticals (00:34:32) Analyzing potential regulatory shifts in the industry (00:39:13) Discussing the importance of Randomized Controlled Trials (RCTs) (00:43:29) Examining the impact of blockbuster drugs (00:47:47) Deliberating on the complexities of drug pricing (00:54:09) Highlighting exciting developments and concerns in pharma (00:59:55) The kindest thing anyone has ever done for him
30/01/24·59m 0s

Madhavan Ramanujam - How to Price Products - [Invest Like the Best, REPLAY]

My guest today is Madhavan Ramanujam. Madhavan quite literally wrote the book on how to price products. It’s called “Monetizing Innovations” and his concepts have been used by companies across the world like Porsche, Uber, LinkedIn, and SuperHuman. Our conversation is a masterclass on pricing. We discuss common mistakes when pricing products, why you need to focus on benefits rather than features, and how to pick the right monetization model. Please enjoy my conversation with Madhavan Ramanujam. Listen to Founders podcast. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully diluted shares outstanding? Access every publicly-reported data point and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard-to-calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building, and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes [00:00:00] Welcome to Invest Like the Best [00:02:48] First question - How he arrived at a radically different way of building products [00:05:07] An example of coming up with a price before the product [00:08:35] Distinctions between a willingness to pay and positive feedback  [00:10:29] How to make sure you’re talking to the right potential customer in the first place [00:13:32] Productizing for different customer segments  [00:16:16] Questions companies should be asking to get accurate feedback [00:21:18] What he’s learned about the motivations of potential buyers [00:22:43] What leaders, killers, and fillers are [00:24:37] Some of the biggest mistakes companies make while following his formula [00:25:35] A rule of thumb for what is a benefit versus a feature [00:27:35] Five distinct pricing models for charging a customer [00:30:46] Whether or not the value piece of all of this revolves around time and money [00:33:27] What he tells entrepreneurs about pricing their products that most surprises them  [00:35:16] Defining the first four categories of failure  [00:40:13] Reasons why so many innovations fail to monetize and pricing being a CEO topic [00:41:51] Good rules that leaders can use to have a general sense for effective pricing  [00:47:38] Behavioral changes and observations as the absolute price move up and down  [00:50:36] Is there a pricing genius we should take note of? [00:53:18] The single question every leader should ask themselves [00:53:46] The kindest thing anyone has ever done for him
23/01/24·56m 5s

Daryl Morey - Systems Thinking in Sports - [Invest Like the Best, REPLAY]

This week, we are running a replay of my conversation with Daryl Morey from last year. Daryl is the President of basketball operations for the Philadelphia 76ers. Together with my friend and past guest of the show, Sam Hinkie, Daryl pioneered the analytics movement in basketball. He’s been so influential his style has its own name, “Moreyball”, a nod to Michael Lewis’s book about baseball, Moneyball. I had a blast talking to him about negotiation tactics, systems thinking, hiring, and a ton more. Please enjoy this great conversation with Daryl Morey. For the full show notes, transcript, and links to mentioned content, check out the episode page here. Listen to Founders Podcast. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Invest Like the Best (00:03:15) The basic principles of sports and what makes for a great sport (00:09:54) How resource concentration influences outcomes in various sports (00:13:13) The degree of certainty in predicting sports outcomes based on existing data (00:16:32) Using the concept of KPIs to optimize for certain characteristics to win games (00:18:45) Training teams on specific systems and plays versus leveraging individual talent (00:21:07) Why superstar athletes are key to success in basketball (00:24:02) Dealing with constant expected value calculations to appease stakeholders (00:25:30) Building the organization’s back office to find talented athletes (00:28:32) How he and other GMs make organization-level decisions (00:34:12) Why he’s involved with basketball as opposed to other sports (00:36:17) How he uses his frameworks to figure out systems outside of mainstream sports (00:37:41) Problems with the rules and economic factors of professional soccer (00:41:53) Suggestions to mitigate huge point spreads that make viewers disinterested (00:42:54) Trends he’s observed in the worlds of music, movies, and books (00:45:33) His perspective on developing one’s own career path (00:48:22) How challenges in his youth benefited him in the long run (00:49:28) The person he would call for advice if he was stuck in a foreign prison (00:51:01) His emphasis on first principles and why he supports free speech (00:52:31) Takeaways from a Harvard negotiation class he took (00:57:07) The power of refining the terms and definitions of a deal post-negotiation (00:58:51) The four people in the world that intrigue him most (01:01:40) The kindest thing anyone has ever done for him
16/01/24·1h 3m

Michael Ovitz - Knowledge Is Power - [Invest Like the Best, EP.359]

My guest today is Michael Ovitz. Michael is the legendary talent agent and co-founder of CAA, or Creative Artists Agency. Michael started CAA in 1975 and over the next twenty years, he built it into the world’s most formidable talent agency, changing Hollywood forever. The list of stars he’s worked with is endless, from Meryl Streep to Steven Spielberg and David Letterman.  Since leaving CAA, he has become an investor and adviser to many prominent firms, most notably Andreessen Horowitz, and Michael’s work ethic is unmatched. Please enjoy this great discussion with Michael Ovitz. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Show Introduction  (00:03:25) First Question, Michael Crichton's Impact (00:04:14) The Art of Storytelling and Creativity (00:07:20) Michael Crighton’s Writer's Block (00:09:53) The Birth of Jurassic Park (00:12:42) The Importance of Pacing in Storytelling (00:17:43) Positional Power and Influence (00:20:04) Knowledge is Power (00:22:10) The Role of Agents in the Business World (00:36:18) The Importance of Momentum in Business (00:42:35) Branding and Image (00:45:44) The Art of Spotting Talent (00:46:20) The Role of Persistence (00:51:25) Investing in People (01:00:30) Building Mystique (01:06:30) The Importance of Relationships (01:10:39) The Role of Art in the Entertainment Industry (01:17:04) Telling the Truth to Clients (01:25:28) Winning the Coca-Cola account (01:42:18) The Kindest Thing Anyone Has Done for Michael
09/01/24·1h 48m

Erik Serrano - Investing in Investment Firms - [Invest Like the Best, EP.358]

My guest today is Erik Serrano. Erik is the CEO of Stable Asset Management, which he started 14 years ago in his early 20s and has scaled to over $3 billion in AUM. Unusually, Stable’s strategy focuses on other investing firms. They look to back the Blackstone's of tomorrow and provide those founders with capital and support so their time is spent doing what they do best, which is typically investing. We discuss the commonalities among promising founders in this sector, how Stable serves as a full resource to their companies, and some harsh truths learned from building an investing business. Please enjoy my conversation with Erik Serrano. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully diluted shares outstanding? Access every publicly-reported data point and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard-to-calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building, and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:33) - (First question) Exploring the allure of investing in investment firms (00:08:20) - Discussing the scarcity of investors in investment firms (00:18:20) - Strategies for generating returns for investors (00:22:50) - Analyzing risk/return dynamics in portfolios (00:26:26) - Unveiling surprising insights from Project Legends (00:29:56) - Characterizing the ideal General Partner (GP) (00:37:23) - Identifying red flags in GPs' practices (00:44:10) - Viewing investment strategies as marketable products (00:52:52) - Delving into the emotional aspects of investing (01:01:57) - Tracing the lifecycle of an investment firm (01:13:04) - Offering guidance to aspiring young investors (01:18:24) - Reflecting on the notion that ‘nice people finish last’ (01:23:52) - The kindest thing anyone has ever done for him
02/01/24·1h 25m

Doug Leone - Lessons from a Titan - [Invest Like the Best, REPLAY]

This week we are replaying our episode with Doug Leone. Doug led one of the world’s most successful venture firms, Sequoia, for over 25 years after he was given responsibility for the firm by its founder, Don Valentine, in 1996. Alongside Mike Moritz, the pair managed its expansion from a single $150m early-stage fund into an $85 billion global powerhouse. It was a privilege to sit down with Doug and learn from him. We talk about his tough start at Sequoia, get into the technicalities of great go-to-market motions, and survey his advice for other investors in the industry. A key theme that will stick with me from this conversation is Doug’s insistence on keeping things simple and clear. Please enjoy my great conversation with Doug Leone. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:03:21] - [First question] - What Don Valentine’s heart was like [00:06:30] - The most productive and unproductive parts of Don’s toughness  [00:10:55] - Why it’s so important to understand someone’s core motivations [00:14:18] - Questions or topics he returns to when getting to know people  [00:16:44] - The most formative experiences he had prior to becoming an investor that impacted his investing the most  [00:20:37] - What venture looks like to him today relative to his prior career [00:23:51] - His style of approaching emerging technology markets like AI as an investor   [00:26:37] - Whether or not he’d go into venture today if he was in his late 20s  [00:28:30] - Commonalities between the very best at going to market effectively  [00:31:11] - The key components of great product positioning   [00:37:15] - How interacting with companies early on has changed over the ears [00:41:12] - Whether or not new entrants into venture should build firms with enterprise value  [00:46:14] - Sussing out the killer gene in somebody  [00:49:04] - How successful people can instill the lessons learned from hardship into their children  [00:53:52] - Whether or not his view on competitive advantage has changed   [00:55:21] - The early 2000s clawback at Sequoia and what navigating that period was like  [01:00:40] - The most interesting question an LP has ever asked him  [01:05:00] - Which dinner companions he’d pick to educate a newly successful founder [01:07:59] - The kindest thing anyone has ever done for him
26/12/23·1h 9m

Justin Ishbia - Lessons from Acquiring 586 Companies - [Invest Like the Best, EP.357]

My guest today is Justin Ishbia. Justin is the Founding Partner of Shore Capital. Shore is a private equity firm that invests in microcap businesses within industry niches. With $7 billion in capital deployed but an average transaction size of just $12 million, Justin has worked to build a system to drive success for hundreds of businesses through replicable operating procedures and championing young professionals.  The firm has created a moat around volume with nearly 600 acquisitions over the last three years, some of the highest numbers in the world. We discuss identifying growth prospects, constructing a meaningful board, and the business mentality behind "main street," not wall street, as Justin puts it. Please enjoy my conversation with Justin Ishbia.  Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes: (00:03:10) - (first question) - “The system is the star” and how it applies to Shore Capital  (00:07:10) - Shore Capital’s origin story (00:12:48) - What the perfect type of deal looks like for Justin  (00:16:34) - The historical rates of return for their deals  (00:18:12) - Shore Capital’s defensibility and strategic advantages  (00:22:13) - Their board system and incentive structure  (00:28:20) - Why they focus on the industrial subsector  (00:31:21) - Overview of thesis evaluation and generation  (00:37:24) - What they’re looking for during the diligence stage (00:40:45) - The bad reputation of levered rollups     (00:43:57) - What he’s learned about negotiations (00:46:39) - The weak points of Shore Capital’s system (00:48:59) - The Innovation Stack; Thinking about stacking unfair advantages  (00:52:11) - Selling a business and what buyers are looking for   (00:55:08) - Heavy focus on operations and their portfolio performance group  (00:58:00) - Why nobody above an associate level has ever left Shore Capital  (00:60:46) - Lessons learned becoming the owner of a major sports franchise  (01:03:56) - What’s surprising about how the league functions  (01:05:05) - Key people and firms he’s learned the most from  (01:07:17) - Where Shore Capital’s system could improve the most  (01:11:06) - The kindest thing anyone has ever done for Justin
19/12/23·1h 13m

Gavin Uberti - Real-Time AI & The Future of AI Hardware - [Invest Like the Best, EP.356]

Today, my guest is 21-year-old Gavin Uberti, who dropped out of Harvard to build Etched, which is one of the most fascinating companies I’ve seen. The topic of our conversation is the ongoing revolution in artificial intelligence, and more specifically the chips and technology that powers these incredible models. To date, general-purpose AI chips like Nvidia GPUs have powered the revolution, but Gavin’s bet is that purpose-built chips, hard-coded for the underlying model architecture, will dramatically reduce the latency and cost of running models like GPT4. We’re about to embark on what Gavin calls the “largest infrastructure buildout since the industrial revolution”, and I won’t spoil what he thinks this will unlock for all of us. It is so uplifting to me that someone so young can be working on something so big. Please enjoy this great conversation with Gavin Uberti. Check out Etched.AI Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully diluted shares outstanding? Access every publicly-reported data point and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard-to-calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building, and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes: (00:03:41) - (first question) - Born too late to explore the world, too early to explore the stars (00:05:59) - Interpreting and defining superintelligence (00:07:20) - Excitement we can have for an AI driven future  (00:09:25) - Overview and basic terminology of the transformers that power AI  (00:15:53) - What Q* is and the rumors around it  (00:20:41) - Robotics, machinery, and what’s interesting about them  (00:23:18) - The problem of latency and computing power  (00:8:55) - Needing to build physical infrastructure that doesn’t exist (00:32:18) - Inference and training AI models  (00:36:00) - Major stages of chip design and the upper limits of speed  (00:45:56) - Customers for billion dollar generative AI models (00:48:56) - A sci-fi-esque reality and the politicization of AI (00:50:38) - The Bitter Lesson and the implications of powerful AI models  (00:56:27) - The most important companies in the AI space today  (00:61:52) - Strategically building a defensible AI product  (01:04:07) - Software development and why other AI companies fail  (01:06:51) - Specialization and chip performance improvement  (01:15:34) - Why the transformer remains the leading architecture  (01:17:26) - A proliferation of models beyond the major players and data access (01:21:19) - The kindest thing anyone has ever done for Gavin
12/12/23·1h 23m

A Conversation with Charlie Munger & John Collison - [Invest Like the Best, EP.355]

Today, we’re releasing a conversation between John Collison and Charlie Munger. We've had this interview with Charlie scheduled to air for a while, coinciding with Stripe Press's launch of the amazing reprint of Poor Charlie's Almanack, which is released today. We were all stunned last week when we heard the news of Charlie's passing, but having consulted with those close to him, everyone agreed that he'd want us to release this interview. I'm thankful to be able to learn from him just one more time in this interview. Please enjoy, and may Charlie Rest in Peace.   Order your copy of Poor Charlie’s Almanack   Worldly wisdom episodes in honor of Charlie Munger: Daryl Morey: Systems Thinking in Sports Boyd Varty: The Art of Tracking Sam Hinkie: Find Your People David Senra: Passion & Pain Priya Parker: The Art of Gathering Charlie Songhurst: Lessons from Investing in 483 Companies For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:52) - (First question) - The fixation on evaluating business quality (00:05:58) - Learning the big ideas across various disciplines (00:10:03) - The issue of adverse selection in legal services (00:11:42) - Societal solutions for the opioid crisis (00:17:34) - Reasons for not investing in Amazon (00:20:38) - Explaining Costco's model (00:29:08) - Discussing the increasing challenges in investing (00:32:08) - Ingredients for long-term success in business (00:33:18) - Debating cryptocurrency (00:37:37) - Offering guidance for navigating a potential recession (00:38:56) - Reflecting on the state of American society (00:45:20) - Sharing a passion for architecture (00:54:13) - “Win-win” business (00:57:53) - Countering arguments against capitalism (00:60:42) - The origins of Poor Charlie's Almanack (01:05:14) - Building a productive partnership (01:08:55) - Opining on the SEC (01:12:22) - Highlighting investment concerns (01:16:31) - Reasons for optimism about China (01:32:14) - The unique aspects of Berkshire Hathaway
05/12/23·1h 40m

Peter Fenton & Victor Lazarte - Purpose and Partnership - [Invest Like the Best, EP.354]

My guests this week are Peter Fenton and Victor Lazarte. Peter and Victor are both General Partners at Benchmark. Of the six equal partners at the storied venture firm, Peter is the longest serving and Victor is the newest, having spent the past decade founding and building Wildlife Studios into one of the biggest independent mobile gaming companies in the world. Peter has been a board member at Wildlife for the past four years and has a remarkable track record of tech investing over his two decades at Benchmark. In our discussion, we talk about the core motivators behind great entrepreneurs, Benchmark's unique operating philosophy, and what it's like to transition from builder to investor. Please enjoy this conversation with Peter Fenton and Victor Lazarte. Listen to Founders Podcast: #326 Anna Wintour  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:04:10) - (First question) - Victor’s early expectations after being at the company for just three months (00:05:39) - What Victor misses from the operating life (00:06:59) - Peter’s opinion on what makes Benchmark a fascinating company (00:15:00) - Peter and Victor’s perspective on the significance of the phrase “life’s work” (00:24:19) - The influence of market tailwinds on success in investing (00:29:42) - How to keep founders’ generative drive at peak levels (00:32:39) - Balancing aggression, desire and generative drive when building and operating a business (00:34:22) - Victor’s approach to dealing with pleasure seeking as a successful operator  (00:38:29) - Why Benchmark intentionally raises funds at half the suggested amount (00:43:13) - Lessons learned from navigating challenging scenarios in venture capital  (00:46:27) - What excites Victor as he starts a new venture at Benchmark (00:48:19) - Why AI is more akin to the internet than crypto (00:52:41) - The significance of platform-based businesses in the contemporary landscape (00:57:45) - The impact tech giants exert on new entrants in the industry  (00:61:00) - Victor’s opinion on what makes great games and great gaming businesses (01:13:44) - Where Peter and Victor feel they have areas to grow (01:19:48) - Perspectives on human progress (01:21:14) - The kindest thing that anyone has done for both Peter and Victor
28/11/23·1h 29m

Lior Susan - Leave the World Better than You Found It - [Invest Like the Best, EP.353]

Today's episode is a conversation with Lior Susan, the Founder of Eclipse Ventures, whose mission is to unlock solutions to age-old physical industry problems through the intersection of bits and atoms. Lior is Israeli, and served in Israel's special forces before founding Ecplise. The topic of conversation is one fellow investor's perspective of the terror attacks of October 7 and the path forward. I hope more than anything that collective action is in the direction of fewer people dying, and most importantly, zero innocent civilians dying in Israel and in Gaza and Palestine. This is not a political show, and it won't become one. This is a conversation with a person deeply and personally affected by the Hamas terror attacks of October 7, who I believe to be a very good person who wants to be a part of change in the right direction for everyone good in and around Israel and Gaza, regardless of their background, religion, or anything else about them. Please enjoy my conversation with Lior Susan. Listen to Founders Podcast: #326 Anna Wintour For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully diluted shares outstanding? Access every publicly-reported data point and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard-to-calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building, and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:57) - [First question] - Recounting Lior's career thus far (00:09:29) - Insights on the global situation post-October 7th (00:14:37) - Delving into Israel's historical backdrop (00:19:47) - Analyzing the wave of protests on college campuses (00:23:29) - Sharing thoughts on Palestine (00:28:49) - Planning for the use of his time ahead (00:31:41) - Evaluating the current state of leadership in Israel (00:36:27) - Concerns for the welfare of innocent people (00:40:47) - Assessing technology's role in future conflicts (00:44:08) - Crafting pathways to effective globalization (00:48:27) - Identifying traits that contribute to investment success (00:55:17) - Envisioning constructive steps post-conflict (00:57:10) - Reflecting on the lessons from strong leadership (01:01:04) - The kindest thing anyone has ever done for Lior
21/11/23·1h 3m

Brad Jacobs - Think Big and Move Fast - [Invest Like the Best, EP.352]

My guest today is Brad Jacobs. Brad’s resumé is remarkable. He has founded seven companies, all of which are billion-dollar or multibillion-dollar businesses. He has done 500 M&A transactions and raised $30 billion dollars of debt and equity capital. Currently, he is the Executive Chairman of XPO, a commercial trucking company that he started in 2011 and has grown into one of the largest logistics businesses in the world. He has also written a book that will be out in January, titled “How to Make a Few Billion Dollars”. Brad’s energy is infectious and our conversation unpacks his strategies for M&A, his propensity for speed, and methods for earning team buy-in. Please enjoy my conversation with Brad Jacobs. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:02:11) - (First question) - Identifying key factors in a market before investing (00:05:07) - Gleaning insights from early acquisition experiences (00:08:43) - Delving into the seller's mindset during a business sale (00:12:51) - Weighing pre-built against organic growth strategies in acquisitions (00:17:20) - Defining the elements of an ideal business (00:22:49) - Engaging constructively with Wall Street (00:24:36) - Discussing the substantial buyback of XPO shares (00:28:16) - Ambition as a recurring theme in entrepreneurial success (00:30:17) - Emphasizing the need to facilitate team agility (00:32:35) - Highlighting the joys of post-acquisition integration (00:36:09) - Drawing lessons from Ludwig Jesselson's principles (00:40:34) - Comparing the risks and rewards of early versus late adoption (00:44:09) - Reflecting on errors made in trend analysis (00:48:59) - Strategies for implementing new technologies in enterprises (00:51:59) - The significance of thought experiments in strategic decision-making (00:56:00) - Recalling transformative events from his early years (00: 57:22) - Outlining what makes a meeting 'electric' (01: 01:53) - Sharing experiences with exemplary leadership (01:05:02) - Strategies for maximizing team potential (01:07:37) - Deciding the right time to step away from a business (01:08:58) - Unveiling unexpected challenges in entrepreneurship (01:18:45) - Philosophies for leading a fulfilling life (01:21:04) - Finishing How To Make A Few Billion Dollars (01:22:53) - The kindest thing anyone has ever done for Brad
14/11/23·1h 25m

Elizabeth Zalman & Jerry Neumann - Founder vs Investor - [Invest Like the Best, EP.351]

My guests this week are Elizabeth Zalman and Jerry Neumann. Jerry has been on this show two times before. He’s an early-stage Venture Capitalist, an adjunct professor of entrepreneurship, and an excellent writer. Liz is a two-time founder, most recently co-founding StrongDM, in which Jerry was a seed investor. Together, they have written a somewhat contentious book called "Founder vs Investor" that lays bare the relationship at the core of most new businesses. They take specific moments in a start-up’s life up to IPO and share their experiences on the friction that inevitably appears. In our conversation, we discuss the strong reaction to the book, the incentive problem at the root of the relationship, and explore best practices for other founders and VCs to follow. Please enjoy my conversation with Jerry Neumann and Liz Zalman. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes: (00:04:02) - (first question) - The controversy surrounding Founder vs Investor: The Honest Truth About Venture Capital from Startup to IPO  (00:07:53) - Considering the idea of firing founders (00:10:44) - Navigating morally grey areas for founders and investors (00:11:57) - Understanding the role of the board and their power (00:15:05) - A PSA for founders (00:17:48) - Identifying where incentives are most broken (00:22:28) - Viewing founder friendliness as a temporary status (00:25:41) - Offering good advice during the fundraising process (00:32:41) - Ensuring delivery on promises as an investor (00:37:04) - Strategies for a long-term relationship between a founder and investor (00:41:44) - Structuring the ideal board meeting tactically (00:48:13) - Determining which investing terms matter most (00:51:18) - Managing the dynamic between a founder and an investor during company growth (00:56:44) - Establishing a sustainable, differentiated position (00:59:08) - Defining the distinction between a founder and an investor (01:00:18) - Reflecting on lessons from exiting a business (01:03:52) - Exploring the VC-to-VC relationship (01:08:01) - Plans following their book release (01:11:34) - The kindest thing anyone has ever done for Elizabeth
07/11/23·1h 11m

Palmer Luckey - Inventing the Future of Defense - [Invest Like the Best, EP.350]

My guest today is Palmer Luckey. Palmer is the founder of Defense company Anduril Industries, which makes next-generation military technology for the US and its allies. Since bringing the company to life in 2017, Palmer and Anduril have disrupted the established order in the Defense industry. Prior to Anduril, Palmer founded Oculus VR, a virtual reality business that he sold to Facebook for $2 billion. Palmer is only in his early 30s, but he has already experienced more than most people will in a 40-year career. We talk about innovation, invention, differentiated thinking, and so much more. Please enjoy this great discussion with Palmer Luckey. Listen to Patrick's Business Breakdown with Anduril CEO. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully diluted shares outstanding? Access every publicly-reported data point and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard-to-calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building, and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes: (00:03:28) - The importance of synthetic long-chain hydrocarbon fuel (00:09:37) - Ranking America's potential for innovation (00:12:43) - Why there aren't more Thiel Fellowships (00:14:56) - The principles that motivate and drive him (00:18:21) - What it has been like working in the world of defense after the attack on Israel (00:20:34) - Surprising lessons learned when building a large company (00:24:02) - How to approach a new field initially (00:28:45) - Meeting other out-of-the-box thinkers (00:33:11) - Inventors working backward from existing systems versus forward from their ideals (00:34:51) - The most pressing issue in national security (00:41:01) - What matters most for America from a defense perspective (00:43:58) - How to determine which problems to prioritize (00:50:24) - Lessons learned from working with AI (00:57:21) - How Apple is shaping the future of VR (01:01:36) - Which videogame a prospective employee should excel at (01:04:06) - Why Oculus was so successful in marketing (01:11:13) - The kindest thing anyone has ever done for Palmer
31/10/23·1h 14m

Aswath Damodaran - Making Sense of the Market Pt. 2 - [Invest Like the Best, EP.349]

Today’s guest is Aswath Damodaran, who is joining us for a second time on Invest Like the Best. Aswath is a Professor of Finance at NYU’s Stern School of Business and is often referred to as the Dean of Valuation for his clarity of thought on the subject. This conversation picks up where we left off 18 months ago and covers a wide range of topics from macro risks to Nvidia and the process of crafting a personal investment philosophy. Please enjoy this great discussion with Aswath Damodaran. Listen to Founders Podcast Episode #311 James Cameron For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus Converge — the first virtual event centered on the world of investor research. When twin brothers Tom and Mike Elnick realized that the research process for investors was broken, they founded Tegus to fix it. Now the people behind the most trusted research platform are bringing institutional investors together to investigate the state — and the future — of fundamental research. On November 8th, join industry luminaries like IGSB Founder Reece Duca and Daniel Gross, AI Expert, Entrepreneur and Investor, to dig into the latest research trends and breakthrough technologies shaping the investment landscape. Register today at tegus.com/register. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:02:45) - (First question) - The general prevailing narrative in markets today (00:05:00) - The biggest business implications given the current market landscape   (00:06:45) - Why it’s bad to have risky founders with cheap capital trying experiments (00:08:53) - The natural rate of interest and how it’s priced  (00:09:55) - His updated view and thoughts on what’s currently driving inflation   (00:11:05) - What it’s felt like valuing companies given rates being where they are (00:13:35) - Macro variables that most have his attention today (00:18:45) - Whether or not international equities will become a place of interest (00:21:53) - The unique absolute basis of NVIDIA’s growth  (00:23:25) - His take on the new wave of AI in a broad sense  (00:29:15) - Trying to value AI companies without tangible business models (00:32:45) - The parts of his own valuation process that are beyond automation  (00:34:20) - Thoughts on a natural end state equilibrium for active management   (00:35:55) - Commonalities between investors who beat the benchmark  (00:38:35) - Episodes on his own path that lead him towards his investment philosophy  (00:42:05) - How he goes about valuing non-traditional companies like sports franchises  (00:46:45) - The world of entertainment and how he sees it as a business today  (00:53:45) - The best business models he’s ever seen  (00:55:40) - What valuing Instacart taught him about online grocery shopping (00:58:55) - The most interesting company he valued over the last year (01:03:25) - How bank failures changed his thinking on our financial systems and banks as businesses writ large  (01:06:15) - The changing attitude towards ESG investing  (01:11:11) - Why there are still so many pools of capital that pursue an active strategy (01:11:06) - Being sick and tired of the conversation always revolving around central banks (01:15:53) - What he’s most excited to look into over the coming year (01:17:53) - Major differences between a financial and an accounting balance sheet
24/10/23·1h 21m

Patrick Collison & John Collison - A Business State of Mind - [Invest Like the Best, EP.348]

My guests this week are the co-founders of Stripe, Patrick and John Collison. My conversation with John in 2020 is still one of our most popular. A key theme that emerged from that first discussion was John’s boundless curiosity for all things business and this conversation continues that thread. We talk about setting a strategy and culture that attracts ambition, why the returns to sweating the details are high, and how they view Stripe’s progress against their mission to increase the GDP of the internet. Please enjoy this great and wide-ranging discussion with John and Patrick Collison. Buy a ticket to Patrick and David Senra's live show this Thursday in NYC. Listen to Founders Podcast Founders Episode 311: James Cameron Subscribe to Colossus's New Show: Art of Investing For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:16) - (First question) - Stripe's curiosity-driven growth fuels enduring success and expansion (00:08:34) - Why companies should resonate with founders' ideas but also have strong enduring cultures (00:012:27) - Stripe aims to reduce friction and expand global commerce by solving practical barriers (00:25:59) - Simplifying processes for startups and large companies to drive growth efficiently (00:29:11) - Analyzing the enduring stories of ancient companies (00:35:44) - Success in Hollywood and academia depends on unmeasurable vision and knowledge (00:40:11) - Stripe's ubiquity, self-serve nature, and collective care drive its unique status (00:43:16) - Success in tech is grounded in user-centricity, care, and connecting with customers (00:48:17) - Parental influence on becoming entrepreneurs is complex (00:50:21) - Adult perspective on parents, admiration for their work, and ongoing philanthropy (00:52:30) - Stripe's challenges include complexity due to diverse payment methods and global programmable accessibility (00:57:27) - Aiming for long-term durability, Stripe prioritizes beauty and craftsmanship in its pursuit (01:02:50) - The most memorable conversation they had between them (01:05:30) - Why the launch of Atlas was a defining moment in Stripe’s history (01:06:35) - How their 25-year-old selves would react to what they are doing now (01:10:19) - The various ways in which they feel proud of each other (01:14:35) - The kindest thing anyone has ever done for them
17/10/23·1h 18m

Strauss Zelnick - Playing to Your Strengths - [Invest Like the Best, EP.347]

My guest this week is Strauss Zelnick, the CEO of leading game publisher Take-Two Interactive. Maybe most well-known for its hugely successful Grand Theft Auto game, Take-Two is a sophisticated, top-tier developer, publisher, and marketer of interactive entertainment that owns Rockstar Games and 2K. Strauss’s passion for entertainment led him strong and fast into the industry as he worked his way from sales to CEO and transitioned from motion picture to gaming. Today we cover his approach to staying on the cutting edge of media development, unlocking talent and potential in those around you, and becoming the leader you were meant to be. His intensity and his standard for excellence come through clearly. Please enjoy my conversation with Strauss Zelnick. Subscribe to Colossus's New Show: Art of Investing Buy a ticket to Patrick and David Senra's live show. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus Converge — the first virtual event centered on the world of investor research. When twin brothers Tom and Mike Elnick realized that the research process for investors was broken, they founded Tegus to fix it. Now the people behind the most trusted research platform are bringing institutional investors together to investigate the state — and the future — of fundamental research. On November 8th, join industry luminaries like IGSB Founder Reece Duca and Daniel Gross, AI Expert, Entrepreneur and Investor, to dig into the latest research trends and breakthrough technologies shaping the investment landscape. Register today at tegus.com/register. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:39) - (First question) - Why the entertainment media sector is so interesting (00:05:08) - Key inflection points in the history of media (00:09:17) - The role of pure content in businesses today (00:10:32) - Requirements for being a successful media business operator (00:12:03) - Strategies for working effectively with creatives (00:16:13) - How to cultivate a conducive environment for creatives (00:25:54) - The allure of collaborating with Take-Two (00:30:09) - Strauss’ journey to becoming the chairman and CEO of Take-Two (00:37:42) - Strategies for reducing costs in business (00:41:16) - Embracing diversity in the video game industry (00:43:41) - Identifying high-quality intellectual property (IP) (00:46:04) - The inspiration behind Strauss’ book Becoming Ageless: The Four Secrets To Looking and Feeling Younger Than Ever (00:51:12) - Influential leaders for learning and growth (00:55:45) - The impact of technology and the rise of new platforms (00:57:00) - Common misconceptions about Take-Two (00:59:42) - Unique attributes of Take-Two projects (01:00:36) - Defining moments in the history of the business (01:04:19) - Anticipating the future direction of Take-Two (01:13:41) - Sources of motivation and inspiration (01:15:29) - The concept and value of a masterpiece (01:11:08) - Paramount values as a parent (01:11:38) - The kindest thing anyone has ever done for Strauss
10/10/23·1h 14m

Rick Buhrman & Paul Buser - Find Your X, Nurture Your N - [Invest Like the Best, EP.346]

My guests this week are Rick Buhrman and Paul Buser. Rick and Paul spent over a decade managing the public equity portfolio at Notre Dame’s Endowment before leaving in 2020 to set up a permanent capital vehicle called Sator Grove. As you’ll hear in this conversation, they know, have studied, or have invested with most of the world’s best capital allocators. A few years ago, they also set up a class at Notre Dame for 40 of the college’s brightest students, called Art of Investing. The class is devoted to exploring the joys of compounding and each week, they bring in a world class investor or operator to share in detail how they’ve built their lives, portfolios, and businesses around the principles of compounding. Starting next week, it will be available as a Colossus Podcast so that you too will be able to join their class and learn from the likes of Todd Combs, Andre Perold, Ho Nam and others. I’d encourage you to search Art of Investing in your podcast player and subscribe so you don’t miss the first episode. Now onto my discussion with Rick and Paul. Art of Investing: Trailer For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:02:30) - (First question) - Shifting from Notre Dame to Sator Grove (00:06:20) - An overview of Sator Grove (00:11:39) - Launching in April 2021, they manage $300M for diverse, flexible investments (00:15:47) - Investing in meaningful projects with trust, long-term focus, and high potential (00:25:30) - How Mitch Rales embodies insatiable curiosity and lifelong learning (00:39:33) - Embracing change, adapting, and experimenting for success (00:41:49) - How investors learn from failed companies (00:51:59) - Investment success hinges on talent's judgment, character, adaptability, and trust (00:56:53) - What they found concerning in firms and teams when assessing managers (01:02:16) - Analyzing asset allocation challenges (01:07:39) - Fostering disciplined habits for growth (01:13:06) - The importance of nurturing compounding (01:21:21) - Creating meaningful connections and providing lifelong lessons (01:26:58) - Wisdom from their mentors and its impact on their investing philosophy (01:43:49) - Defining the good life: Quality projects, quality people, and meaningful integration (01:45:29) - The defining moments of their investing careers so far (01:47:59) - The kindest thing anyone has ever done for Rick and Paul
03/10/23·1h 58m

Jack Altman & Miles Grimshaw - Building and Investing in Lattice - [Invest Like the Best, EP.345]

My guests today are Jack Altman and Miles Grimshaw. Jack is the co-founder and CEO of Lattice, an HR software platform. Miles is a General Partner at Benchmark, an early investor and Board Director at Lattice, as well as a former guest on Invest Like the Best. Jack started Lattice in 2015 and has scaled it into a multi-billion-dollar business that already serves over 5,000 organizations. In our discussion, we look at all aspects of building and scaling a software product from both an investor and operator’s perspective, which made this particularly fun to do. Please enjoy my conversation with Jack Altman and Miles Grimshaw. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:02:55) - (First question) - How Jack & Miles met at Y Combinator in 2015 (00:04:22) - Lattice found a niche in mid-market HR software (00:07:55) - Discovering Lattice's true market need (00:11:14) - Fear of stalling drove the need for business growth beyond initial product (00:12:06) - Deciding on multi-product focus over up-market expansion (00:17:01) - Prioritizing quality of usage over frequency for customer health scores (00:20:06) - Balancing customer health scores and actual needs (00:24:31) - Prioritized community by spotlighting HR voices (00:28:20) - Building community helps companies sell a vision or lifestyle (00:31:05) - Cultivating broad awareness instead of hard-selling (00:35:33) - Overcoming the culture of 'perfection’ (00:37:22) - Flywheel effect makes suites efficient: lower go-to-market costs, more focus on product (00:41:06) - The challenges of juggling current needs and future demands (00:46:27) - Navigating disagreements and trust-building within a company (00:50:36) - Investors' roles extend beyond founders, focusing on their own goals and interests (00:51:52) - How transparency eases the founder-investor dance (00:55:16) - The changing employer-employee relationship (00:58:37) - Navigating growth from startup to public equity (01:05:43) - Lattice's ultimate aspiration (01:07:42) - Evaluating founders' authenticity (01:11:18) - What Jack & Miles are most embarrassed about, the most proud of, and the most excited for (01:14:30) - The kindest thing anyone has ever done for Jack and Miles
26/09/23·1h 19m

Michael Simanovsky - A Platform Approach to Real Estate - [Invest Like the Best, EP.344]

My guest today is Michael Simanovsky. Mike is the Managing Partner of Conversant Capital, a real estate investment firm he founded in early 2020. Conversant aims to be the most flexible capital provider in real estate, investing across public and private markets as well as equities and credit. The firm will also incubate platforms where they see an opportunity to take advantage of a compelling theme that lacks existing business models for investment. We cover the most undersupplied part of the market, why he’s building Conversant to be so flexible, and the surprising appeal of billboards. Please enjoy my conversation with Mike Simanovsky. Listen to Founders Podcast Join Colossus live in NYC with Patrick O’Shaughnessy and David Senra on Oct. 19. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:32) (First question) - Real estate investing through the lens of the capital cycle (00:06:50) - The capital cycle in practice (00:12:07) - Using evaluation of supply to determine where you are in a capital cycle (00:13:16) - Why real estate drew Mike in  (00:15:35) - The quality of investors in real estate (00:16:41) - What the US market needs most (00:20:26) - The range of returns in real estate (00:23:01) - Insights that stand out (00:26:45) - Starting a new company vs. building a portfolio of assets (00:28:46) - Key trade-offs and choices when building a firm (00:31:10) - Where things go wrong (00:33:59) - Best investment decision he ever made (00:38:06) - Philosophy on CapEx (00:39:52) - Misconceptions about real estate investing  (00:41:31) - Cold storage real estate (00:43:13) - The most interesting corners of the real estate market (00:46:13) - AI and its impact on the future (00:48:30) - Common investor missteps  (00:50:51) - Three guests Mike would invite to a dinner party  (00:52:34) - The most impactful questions to ask a real estate investor (00:53:17) - A defining moment of his career (00:53:17) - The premise of the platform approach (00:56:20) - Possible opportunities and an understanding of the current landscape (01:03:38) - Lessons Mike learned from basketball coach John Wooden’s philosophies  (01:04:30) - The kindest thing anyone has ever done for him
19/09/23·1h 6m

David Senra - In Service of Founders - [Invest Like the Best, EP.343]

My guest today is David Senra, the creator and host of Founders Podcast. With an incredible appetite for biographies, David has delved into the lives of over three hundred entrepreneurs, extracting invaluable wisdom that he shares with his audience each week. Throughout the conversation, we discuss David’s love of podcasts, and what can be gained from studying the lives of not just entrepreneurs, but of athletes and film directors alike. I hope you enjoy this conversation with David Senra. Listen to Founders Podcast Join Colossus live in NYC with Patrick O’Shaughnessy and David Senra on Oct. 19. Our first interview with David, Episode 292: Passion & Pain For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:02:43) - (First question) - David's journey so far (00:05:13) - Why there are no negative surprises linked to his work (00:07:13) - Being bullish on podcasts (00:13:27) - The importance of storytelling to the entrepreneurial journey  (00:17:43) - The impulse of entrepreneurs who are world-builders  (00:23:03) - The universal trait of successful entrepreneurs  (00:27:43) - What David has learned from filmmakers  (00:31:23) - The dark side of the Type-A personality (00:35:13) - What he has learned from athletes (00:42:27) - The effects of early childhood on success (00:43:48) - Insights gained from conquerors  (00:49:33) - Ranking the importance he places on power, wealth, and fame (00:56:13) - The possibility of episodes on spiritual figures (01:02:17) - How Henry Ford created something bigger than himself (01:05:43) - His thoughts on ‘high agency’ people (01:11:57) - Why David is not afraid to talk about anything publicly (01:16:27) - His favorite line from Game of Thrones
12/09/23·1h 24m

Will England - A Primer on Multi-Strategy Hedge Funds - [Invest Like the Best, EP.342]

My guest today is Will England, the CEO and Co-CIO of Walleye Capital. Walleye is a multi-strategy hedge fund headquartered in Minnesota that manages around $5 billion. Our conversation is a primer on multi-strategy hedge funds, which have become a force in markets through the success of firms like Millenium, Citadel, Point72, and Balyasny. We discuss the operational complexity behind the model, which managers best fit this type of investment style, and what happens in stress events like the Gamestop short squeeze in early 2021. We also talk about performance culture, the All Blacks, and Will’s experience as a US National Team rower. Please enjoy my conversation with Will England. Listen to Founders Podcast Founders Episode 311: James Cameron For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:22) - (First question) - His fascination with Robber Barons (00:04:49) - He explains the style of investing he has built at Walleye Capital    (00:08:51) - The importance of scale and what it means for firms like this  (00:13:01) - A breakdown of the component parts of a 15% return structure (00:16:56) - His advice to new portfolio managers trying to succeed with long/short investments (00:21:23) - His reaction to an efficient market hypothesis    (00:27:33) - He tells us what happens above the individual manager level (00:29:42) - The universe of talented people behind the business (00:35:26) - The backstory of Walleye Capital and why he chose Minnesota     (00:42:37) - He discusses the felt experience of being at Walleye versus other firms  (00:47:25) - Whether he identifies more as an entrepreneur systems builder or as an investor (00:50:04) - What he says about the half life of successful quantitative strategies   (00:54:03) - A breakdown of style allocations and the percentage of managers within each  (00:56:30) - How he determines how much leverage to use and how to be great at applying it  (00:59:59) - How the firm handles tough investment periods (01:02:34) - How he knew Citadel wasn’t taking down gross during the GameStop short (01:03:51) - What he looks for when hiring a portfolio manager (01:06:37) - His philosophy on performance and how he blends that into his firms culture  (01:09:21) - Inspiration he’s taken from the All Blacks team (01:11:25) - Addition aspects of the firm he believes are important (01:13:46) - Historical finance pioneers that inspire him  (01:16:07) - The kindest thing anyone has ever done for him
05/09/23·1h 19m

James Cameron - The Futurist - [Founders, Forever Episode]

Almost exactly a year ago, Colossus entered into a partnership with David Senra and the Founders podcast to join the Colossus network. The show has since exploded with more devoted fans than any podcast that I've encountered. With that in mind, we are excited to share an example episode from his show here today on the director, James Cameron. It's my favorite recent episode of David's. Please enjoy this episode, and if you haven't already, subscribe to Founders. This is what he learned from reading The Futurist: The Life and Films of James Cameron by Rebecca Keegan and The Return of James Cameron, Box Office King by Zach Baron. Join Colossus live in NYC with Patrick O’Shaughnessy and David Senra on Oct. 19. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:04:00) - I watched Titanic at the Titanic. And he actually replied: Yeah, but I madeTitanic at the Titanic. (00:07:10) - I like difficult. I’m attracted by difficult. Difficult is a fucking magnet for me. I go straight to difficult. And I think it probably goes back to this idea that there are lots of smart, really gifted, really talented filmmakers out there that just can’t do the difficult stuff. So that gives me a tactical edge to do something nobody else has ever seen, because the really gifted people don’t fucking want to do it. (00:07:20) - At 68 years old, Cameron wakes up at 4:45 AM and often kick boxes in the morning. (00:07:45) - Self-doubt is not something Cameron has a lot of experience with. His confidence preceded his achievements. (00:09:00) - I basically gave myself a college education in visual effects and cinematography while I was driving a truck. (00:16:00) - Every idea is a work in progress. (00:17:30) - He's been on a planet of his own making ever since. (00:18:00) - The Return of James Cameron, Box Office King by Zach Baron (00:22:00) - His outlook is that we can take fate in our own hands. (00:34:00) - Cameron had only been at Corman's for a matter of days, but he was already taking charge. He seems constitutionally incapable of doing otherwise. (What a line!) (00:35:30) - Your mediocrity is my opportunity. (00:37:40) - Cameron finds writing torture. He does it anyway. (00:43:00) - Cameron is willing to let ideas marinate for decades. (00:55:30) - I'd just made T2 for Carolco and I admired how they rolled, being their own bosses, mavericks, entrepreneurs. (00:57:30) - Mute the world. Build your own world. (01:04:50) - Opportunity is a strange beast. It commonly appears after a loss. Buy a book: All the books featured on Founders Podcast.
29/08/23·1h 13m

Lee Ainslie - Hedge Fund Maverick - [Invest Like the Best, EP. 341]

My guest today is Lee Ainslie, the founder of Maverick Capital. Lee started his investing career at Tiger Management where he worked for Julian Robertson. In 1993, he left to start Maverick and has built the firm into one of the top-performing hedge funds of the last 30 years. Lee doesn’t speak in public often so this is a fascinating insight into what it takes to build an enduring investment business - both psychologically and operationally. Throughout the conversation, we flick between his lessons building Maverick, his perspective on the market, and what he’s learned about the craft of investing. I hope you enjoy this great conversation with Lee Ainslie. Listen to Founders Podcast Founders Episode 311: James Cameron Join Colossus live in NYC with Patrick O’Shaughnessy and David Senra on Oct. 19. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:00) - (First question) - Lee tells us about his relationship with Steve Mandel (00:04:29) - Why he thinks Steve gave him a hand into the role he excelled at (00:07:22) - The concept behind investment talent (00:13:08) - Steps he takes to hire the right individuals for his team (00:16:14) - Why he stepped out on his own to start Maverick Capital (00:20:48) - What he thinks makes for a great investment or stock purchase (00:25:16) - How Maverick maintains its edge over other comparable firms (00:28:31) - Features of a business that get his attention in a unique way (00:32:03) - What he learned from Sol Price (00:38:21) - The difficult aspects of portfolio construction (00:42:04) - How zero interest rates affected the long short style of investing (00:47:22) - Positioning his team for success against other competitors  (00:50:32) - How private market activity can affect public market activity  (00:54:27) - Software companies and their strengths and weaknesses in the investment market (00:59:33) - Things he tells his team to watch for (01:04:10) - What Lee's learned about money (01:07:02) - The most important conversation he’s had in Mavericks history  (01:12:38) - Advice for senior executives trying to pass on responsibilities to others (01:17:54) - What the next ten years for Maverick Capital look like  (01:20:42) - Things Lee and Warren Buffett disagree on (01:24:11) - The components of a great investment pitch (01:25:08) - The hardest question anyone could ask him (01:28:48) - What he thinks is important having started Maverick Ventures  (01:31:32) - The kindest thing anyone has ever done for Lee
22/08/23·1h 36m

Nick Kokonas - Know What You Are Selling – [Founder’s Field Guide, Forever Episode]

Today, we are running a special episode from our show Founder's Field Guide. In this conversation, Nick Kokonas shares his experience of bringing a business mindset to the restaurant industry. It is one of our favorites at Colossus and there is something for everyone in this timeless conversation. Nick is the co-founder of 3 of the best restaurants and bars in America - Alinea, Next, and The Aviary as well as the co-founder and CEO of Tock, a comprehensive booking system for restaurants. He majored in philosophy before becoming a derivatives trader and is now one of the most well-known names in the hospitality industry. Listen to Founders Podcast Founders Episode 311: James Cameron For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (3:02) – (First question) – Why he thinks it’s so important to own something (4:35) – Make decisions that have outcomes (7:00) – His interest in the restaurant business (8:54) – Why restaurants are so tough  (12:05) – How their business mindset changed their running of the restaurant (14:35) – Words they would avoid in the restaurant  (16:19) – Asking the right questions in the restaurant business (20:40) – Importance in taking the right risks (22:02) – Coming up with innovative strategies for ticketing, selling meals ahead of time, and dynamic pricing (30:08) – Can dynamic pricing be extended to other businesses (31:20) – Origin of Tock (36:17) – Early days of Tock and identifying the right customers/challenges (41:33) – Importance of the first customer  (44:22) – The typical restaurant business model (49:23) – Lessons from Tock and the importance of knowing what your selling (53:47) – Lessons from publishing (55:44) – Other aspects of business that people know but do nothing about  (1:00:19) – Their response to Covid and lessons learned (1:07:43) – The real impact to the food delivery companies (1:09:24) – How businesses communicate their end processes to their customers (1:14:07) – Kindest thing anyone has done for him
15/08/23·1h 16m

Des Traynor - Real Talk about AI and Software - [Invest Like the Best, EP.340]

My guest today is Des Traynor. Des is the co-founder and Chief Strategy Officer of Intercom - a customer service solution that helps businesses answer product questions, offer instant support, and automate sales. The business was founded in 2011 and its products operate within 25,000 businesses, including the likes of Amazon, Lyft and Atlassian. Our conversation is roughly split in half. First, we talk about AI and how it’s actually changing businesses like Intercom through products such as their OpenAI powered bot called Fin. We then talk about Des’s views as an investor, which includes an answer about software that I’ll remember for a long time. Please enjoy my conversation with Des Traynor. Listen to Founders Podcast Founders Episode 311: James Cameron For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:42) - (First question) - Des's high level thoughts on Open AI and new technology (00:07:07) - Advanced AI tech for existing businesses versus start-ups ventures  (00:11:14) - Where Intercom falls on the spectrum of existing and new AI technology  (00:13:16) - Training AI to be tailored to specific fields of work (00:18:25) - The natural end point is for Intercom incorporating AI   (00:22:25) - Des's product philosophy behind this technology (00:24:03) - Choosing an AI provider that best suited his customer service industry needs (00:26:55) - The value comparison between using AI-led customer service versus human (00:29:18) - Why outsourcing automated data is not for everyone (00:31:15) - Des's advice for other companies beginning to integrate AI into their operations   (00:36:33) - What he is excited for as an investor in this area (00:37:50) - The most common discussions he’s having about this technology (00:41:21) - The inherent risks of using AI models that are not 100% accurate  (00:45:10) - Des's evolution as an investor (00:48:25) - How Intercom solved it’s AI execution problems (00:50:46) - Combating other companies that are trying to overtake the field  (00:53:44) - Counter arguments for using AI technology   (00:57:22) - His view on the best software out there (01:03:00) - The kindest thing anyone has ever done for him
08/08/23·1h 5m

Samo Burja - The Great Founder Theory of History - [Invest Like the Best, EP.339]

My guest today is Samo Burja. Samo is the founder of consulting firm, Bismark Analysis, and has dedicated his life’s work to understanding why there has never been an immortal society. His research focuses on institutions, the founders behind them, how they rise and why they always fall in the end. As you’ll hear, Samo has an encyclopedic grasp of history and his work has led him to some fascinating theories about human progress, the nature of exceptional founders, and the future of different societies across the world. Please enjoy my conversation with Samo Burja. Listen to Founders Podcast Founders Episode 311: James Cameron For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:02:52) - (First question) - The core thesis behind the Great Founder Theory (00:06:40) - Great ideas inevitably being discovered at some point in history  (00:08:45) - The historic implications of a global adoption of the Great Founder Theory (00:10:51) - The different possible directions of future trends (00:17:08) - Distinctions between great founders versus live players   (00:22:15) - Common misconceptions about what qualifies one as a great founder (00:24:38) - Noteworthy great founders in the United States (00:28:34) - Recurring observable traits and common themes of great founders   (00:31:29) - Using caution when projecting a mythic lens onto great founders  (00:37:53) - Social technology as the upstream effects of prior material technology (00:43:32) - Whether or not institutions play a role in propagating the work of great founders    (00:49:08) - The role of power and differences between owned and borrowed power   (00:56:51) - Additional ideas that play an outsized role in shaping the world  (01:01:09) - A differing worldview to his own that he finds interesting (01:04:53) - Whether or not capital allocators can benefit from the Great Founder Theory  (01:07:37) - The kindest thing anyone has ever done for him
01/08/23·1h 8m

Chris Paik - Venture Investing Frameworks - [Invest Like the Best, EP.338]

My guest today is Chris Paik, who is a General Partner at early-stage venture firm, Pace Capital. Before Pace, Chris spent eight years building and investing alongside last week’s guest, Josh Kushner, at his firm Thrive Capital. During that time, he sat on the board of Twitch. Our conversation explores Chris’ frameworks for investing, from atomic value swaps to business model product fit and the seven deadly sins. We also discuss different consumer trends like the rise of virtual YouTubers, Apple’s Vision Pro, and why everyone graduates off YouTube. Please enjoy my conversation with Chris Paik. Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:00) - (First question) - The history of humanity as a data storage and transfer problem and how that relates to new kinds of computer interfaces (00:14:47) - Investing strategies; knowing when to invest in new technology (00:16:39) - Assessing the gray areas of a potential investment (00:22:13) - CodeMiko and VTubing (00:32:51) - An explanation of atomic value swap (00:39:55) - The 7 deadly sins and the degrees to which each sin is monetizable  (00:45:05) - Evaluating the people behind new technologies (00:50:03) - The Reddit Revolt - the current changes happening at Reddit   (00:53:09) - Business model alignment; the steps to take when determining a business’ value capture mechanism  (01:03:52) - The investment decision that Chris is most proud of  (01:08:14) - The consumer investing landscape today (01:11:19) - Chris’ methods for finding new content, technology and potential investments on the internet (01:14:06) - The fundamentals of value creation   (01:15:06) - The dark side of tech, how can it be more than just friction reduction (01:17:22) - Chris’ opinion on why so many innovations come from the US (01:20:37) - Defining market places and how to start and grow a successful one (01:23:23) - Chris’ thoughts on opportunities with bad business models (01:26:19) - A breakdown of Chris’ analogy “Sculptors versus painters” (01:29:34) - The kindest thing that anyone has ever done for Chris
25/07/23·1h 30m

Josh Kushner - Building Thrive Capital - [Invest Like the Best, EP.337]

My guest today is Josh Kushner, founder and managing partner of venture firm, Thrive Capital. Josh started Thrive in 2010 and launched its first institutional fund in 2011. That first institutional fund was $40 million and, in it, Thrive led Warby Parker’s Series A, invested in Instagram, and incubated a business, which Josh co-founded, called Oscar. Thrive has gone from strength to strength since then and now manages $15 billion with a small team of 9 investors. Their portfolio is stage agnostic and their track record includes many of the best known businesses from the past decade, including Spotify, Unity, Stripe, and Twitch among many more. Josh rarely speaks in public about the firm and their philosophy so it was a blast to do this with him. Please enjoy my great conversation with Josh Kushner. Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 driveable global models handbuilt by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:14) - (First question) - Why do this podcast (00:06:14) - The development of taste and quality  (00:10:20) - CS Lewis tweet; The Inner Ring (00:11:53) - Founders being heroes and motivating quietly from the background (00:16:14) - Overview the founding story of Oscar Health (00:21:30) - Is a big business different from a small one (00:23:18) - Learning to identify good problems and creating a business to solve it  (00:25:43) - The birth story of Thrive Capital  (00:30:14) - Lessons learned from creating the first three Thrive funds (00:33:35) - Industry wide competition today and models for building a firm in general  (00:37:44) - Talent, recruiting and seeing potential in younger generations of people (00:45:40) - Investments he made during the early foundation of Thrive that had significant impact  (00:49:12) - His analogy for investing in early versus late stage (00:54:22) - The current macro environment (00:57:52) - Giving AI companies computing power instead of money (00:58:57) - Why he sold small stakes of Thrive  (01:03:10) - His philosophy on what makes a good product (01:05:20) - What he thinks about the models like Mobile and Cloud  (01:08:10) - His absence from crypto and why he refrained during the boom in 2021 (01:10:33) - Thoughts about the opportunity set in FinTech today writ large (01:12:04) - Other potential opportunity sets beyond what’s already been discussed (01:13:39) - Lessons learned from his time spent with Marc Andreessen, Stan Druckenmiller, Henry Kravis, and David Geffen (01:21:59) - Balancing magnitudes of capital between investment funds  (01:23:32) - Why founders choose Thrive (01:29:15) - Vision as a key ingredient for founders (01:32:19) - His view of the investment industry in the world today writ large  (01:40:19) - Other investment firms he would invest in (01:42:48) - The kindest thing anyone has ever done for him
18/07/23·1h 47m

Jeremy Giffon - Special Situations in Private Markets - [Invest Like the Best, EP.336]

My guest today is Jeremy Giffon. I spend all my time trying to find people who have some “singularity” to them. People who seem like they can do an N of 1 something. Having spent many days with Jeremy recently, he strikes me as one of those people. He was the first employee and general partner at private equity firm, Tiny, which buys and holds internet and technology focused businesses. Prior to that, he was on the founding team of MediaCore, which was acquired by Workday. The focus of our discussion is about esoteric opportunities that exist in private markets. How misaligned incentives and co-ordination problems create special situations for people like Jeremy to invest in. The rest of the conversation is wide-ranging and covers everything from compensation advice to meeting your heroes. Please enjoy my discussion with Jeremy Giffon. Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:15) - (First question) - What defines the nature of a perfect business in his mind (00:05:21) - Key characteristics he’d look for in a perfect investment (00:09:58) - Coordination problems that excite him (00:14:02) - Raising funds and ghostship companies  (00:16:17) - Examples of a special situations transaction in private markets  (00:18:55) - Building up a sourcing mechanism (00:22:18) - The biggest mistakes he’s seen in buying and selling companies  (00:25:42) - Refining the underwriting process (00:28:57) - Thoughts about minimum rates of return and multiples on capital for the investments he makes  (00:30:44) - Being lazy enough to wait for good deals on enduring businesses  (00:33:32) - Why people do things they don’t like  (00:35:47) - Whether or not he feels like he knows what he wants in life (00:40:48) - Invest Like The Best - Kevin Kelly; The reward for good work is more work  (00:42:58) - Hiring CEOs (00:44:54) - Really good respective returns in low risk companies and why those opportunities continue to persist    (00:47:05) - Tactics for negotiating with and sourcing CEOs   (00:50:37) - Binaries - pre and post fall (00:55:58) - Being hard to kill (00:59:15) - His favorite interview question  (01:06:07) - Having an audience is incredibly underpriced  (01:10:13) - What else is significantly underpriced (01:12:14) - Things he feels are overpriced today writ large (01:15:54) - Criticisms of the cult of learning (01:20:21) - The one call that everyone needs to make  (01:27:18) - Meeting your heroes and having mentors  (01:30:48) - Notable differences between the business environments of Canada and the US (01:33:13) - Lessons learned from people he admires and models for seeing the world  (01:35:35) - Views he holds that would make people scratch their heads (01:40:02) - The kindest thing anyone has ever done for him
11/07/23·1h 42m

Dave Yuan - A Primer on Vertical Market Software - [Invest Like the Best, EP.335]

My guest today is Dave Yuan. Dave is the Founder and Partner of Tidemark Capital, which he started in 2021 after 15 years as a General Partner at Technology Crossover Ventures. Dave has been investing in vertical market software as long as anyone I know and he currently sits on the board of two VMS businesses, Toast and Karbon. He is the perfect guest to deliver a primer on VMS, which is exactly what we do in this episode. Please enjoy my conversation with Dave Yuan. The Vertical SaaS Knowledge Project - Tidemark Capital Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here.  ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:02:57) - (First question) - Vertical Market Software (VMS) offers unique business models and customer benefits (00:04:02) - Industry-specific software serving SMBs with tailored functionality (00:06:53) - Assess market based on TAM, competition, and growth dynamics (00:10:00) - Trust as a nuanced factor in evaluating market opportunities (00:11:59) - Leverage account-based marketing and local network effects for VMS solutions (00:14:22) - Vertical solutions offer tailored value and quick results for specific industries (00:16:21) - Disrupting legacy control points through integration and surrounding functionality (00:19:07) - Building demand is crucial for small merchants (00:21:31) - VMS entrepreneurs need operational experience and multi-product mindset (00:23:13) - Investors need to adapt to the specific growth stage and market dynamics (00:25:22) - Gross retention is driven by control points, individual-based retention, and distribution (00:29:43) - Multi-product vertical SaaS: Integrated solutions for efficiency and value (00:32:33) - Diverse offerings to serve merchants' needs in a multi-product approach (00:34:07) - FareHarbor's unique strategy led to success in the tour industry (00:38:43) - LA-based company revolutionized commercial casting with a free software tool (00:40:03) - Opportunities remain in VMS, with greenfield areas and specific markets (00:45:12) - Key valuation considerations for VMS businesses (00:47:27) - Time horizon is crucial for investing in VMS businesses (00:48:04) - Businesses worth studying in this category (00:51:12) - The kindest thing anyone has ever done for him
04/07/23·53m 29s

Kevin Kelly - Be Generous and Unique - [Invest Like the Best, EP.334]

My guest today is Kevin Kelly. Kevin co-founded Wired magazine and has published a number of seminal books and essays on technology over the past three decades. I have devoured everything Kevin has put out into the world and many of his ideas shape the way I live today. Our conversation explores media, family, money, his concept of the Technium, AI, and more but the central theme of this episode is that we should be as generous and unique as possible. You will hear us refer to his latest book, Excellent Advice for Living, throughout and I highly recommend reading it if you haven’t already. Please enjoy this great conversation with Kevin Kelly. Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here.  ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 driveable global models handbuilt by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visitingtegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:05) - (First question) - Excellent Advice for Living - a journey towards authenticity (00:05:05) - Uncovering the essence of oneself is a lifelong journey of self-reflection (00:06:47) - What he would have done differently at 30 had he internalized this concept earlier (00:08:51) - The highest form of self-expression is being authentically unique and redefining success (00:11:05) - Conforming to others' definition of success and societal biases hinders progress (00:13:07) - Surrender and collaboration are both essential in becoming your authentic self (00:14:38) - Prototype your life to embrace imperfections and make ideas tangible (00:17:34) - Mastering cultural photography in Asia and developing a keen ability to spot trends (00:19:59) - Energy signatures reveal depth, breadth, discovery, and momentum  in events (00:22:02) - The reward for good work is more work (00:23:42) - Money is a tool for doing things, but beware its imprisoning burden (00:28:35) - Imagination can be cultivated and improved, often by challenging expectations (00:31:38) - Imaginative individuals include lateral thinkers who challenge norms (00:34:41) - Rites of passage and rituals provide stability and identity for children (00:38:15) - Mealtime without screens, family traditions, and cultivating a family identity (00:41:44) - An overview of “The three gates” (00:43:02) - Humans are naturally kind (00:47:23) - The Technium: an evolving ecosystem of interdependent tech and their tendencies (00:52:01) - Thoughts on AI (00:55:55) - Overestimating the existential threat of AI (00:57:38) - Idiosyncratic expression of creators (00:59:48) - Lessons learned about media (01:01:34) - Be the only, not the best. (01:05:09) - The kindest thing anyone has ever done for him
27/06/23·1h 6m

Justin Mares - The US Health Crisis - [Invest Like the Best, EP.333]

My guest this week is Justin Mares. Justin is the founder of TrueMed and has previously founded three different health food brands that collectively do $100M+ in annual revenue.  Every time I speak with him, he makes me reflect on my own health and the state of our health more broadly. This conversation is no different. As Justin puts it, we're in a health crisis that could ultimately bankrupt our country. We talk about the inputs, incentives, and potential solutions related to that crisis, and then move into his experiences building and investing in consumer brands. We finish with a fascinating discussion on why it's more common to see repeat founders these days. Please enjoy my great conversation with Justin Mares. Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here.  ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:06) - (First question) - Framing the overall problem of the US health system (00:04:12) - What it would take for America’s health crisis to affect global competitiveness (00:11:05) - Important changes that have contributed to the decline of health in the US  (00:14:53) - Other system settings and incentives have contributed to America’s health crisis (00:16:51) - Thoughts on Ozempic and attempts to engineer solutions for chronic disease (00:20:07) - Mental health decline, infertility, and other problems tied to the health crisis  (00:24:33) - When he first discovered this problem and became passionate about it (00:26:56) - The difficulties of building a health-centric bone broth company  (00:31:49) - Why no one has a built supply chain sourcing service to create scale economies (00:34:44) - Other companies he’s built and other things he’s doing to fight the problem  (00:40:15) - Going to market to simplify the HSA consumer experience  (00:43:04) - The world of water, environmental toxins and forever chemicals writ large (00:47:17) - The difficulty in avoiding forever chemicals in our everyday lives  (00:51:51) - How he searches for and decides on new businesses to start or invest in    (00:56:52) - The growing popularity and promise of psychedelic therapy  (00:58:48) - Personality traits of people who feel most at home in Edge City (01:01:36) - Strategies on sourcing and connecting with ambitious and talented people (01:06:56) - Childhood nutrition and the impact of their diets and health on society  (01:11:26) - Capital formation and creating new businesses in a systematic way (01:19:57) - The kindest thing anyone has ever done for him
20/06/23·1h 21m

Scott Goodwin - Know The Names - [Invest Like the Best, EP.332]

My guest this week is Scott Goodwin. Scott is the co-founder and managing partner of Diameter Capital Partners, which he started as a credit hedge fund in 2017 and has expanded into a $13 billion investment firm that covers all credit markets. Scott spent the first 8 years of his career at Citi where he rose to head of High Yield Trading before moving to Anchorage Capital in 2010 where he led their global trading desk. Scott is one of my favorite examples of the joke I used to make about this show, when I said it should be called - "This is who you're up against." He's one of the sharpest investors I know and I'm sure you'll see why. Please enjoy my great discussion with Scott Goodwin. Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 driveable global models handbuilt by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:07) - (First question) - Comparing the investing themes of the ‘10s to the ‘20s (00:04:59) - The skillset differences between investing in equity versus credit  (00:06:28) - Why Carvana’s stock plummeted and thoughts on the destruction of value (00:07:33) - General overview of credit cycles and what they are   (00:15:42) - Opportunities come from knowing the names well enough  (00:19:17) - Making substantial decisions in a matter of minutes as a credit investor  (00:22:23) - How he thinks about the evolution of sourcing alpha in credit markets (00:27:37) - Why so many institutional capital pools have fewer credit managers   (00:31:08) - His childhood and the unique aspects of it that set him apart (00:37:28) - Lessons learned early on about running an investment firm (00:43:34) - The role imagination plays in credit investing (00:46:35) - How weekly breakfasts lead to an investing partnership (00:50:51) - What Tracy Fenton has done for Diameter (00:53:05) - Things that should change about investing firms writ large (00:57:09) - Calling balls and strikes and how his team learns and works together (00:59:37) - Why he’s motivated more by failure than success (01:00:54) - Where he finds the most joy in his investing process (01:04:07) - Non-negotiable attributes he’d look for when investing in other GPs (01:05:22) - New variables that have his attention in the current market (01:08:27) - What feels like unfinished business to him (01:09:43) - His reaction to everything going on today in real estate (01:10:52) - The kindest thing anyone has ever done for him
13/06/23·1h 12m

Rolex: Timeless Excellence - [Business Breakdowns, Forever Episode]

Today, we are running a special episode from our show Business Breakdowns. In this conversation, Ben Clymer does an incredible job breaking down what makes Rolex so special. If you enjoy this episode, follow Business Breakdowns for more discussions like this. Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches. But, while the company’s products are iconic, the business itself is highly secretive. Owned by a Foundation and run as a non-profit entity, little is known about Rolex. To unlock the secrets, we are joined by Ben Clymer, founder of HODINKEE, and an expert on all things luxury watches. Ben has had rare access to Rolex and the people behind the manufacturer, making him the perfect person to dissect this business with us. Please enjoy this excellent Breakdown of Rolex. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. —-- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes [00:03:01] - [First question] - His favorite Rolex watch ever [00:04:24] - What makes the Rolex Daytona such a special watch  [00:07:19] - The job-to-be-done for high-end watches beyond just telling them the time [00:12:18] - The strategy behind marketing luxury products: The Luxury Strategy [00:14:34] - An overview of the Rolex business [00:19:38] - The history of Rolex  [00:38:45] - Their genius in marketing and distribution  [00:41:55] - How they make decisions and what others can learn from them [00:47:14] - The financials of Rolex and other luxury watch brands [00:49:02} - Most important business lessons others can learn from Rolex [00:52:54] - Other luxury brands worth studying  [00:57:26] - Negative lessons gleaned from Rolex
06/06/23·1h 2m

Kieran Goodwin - Imagination, Volatility, and the Pursuit of Alpha - [Invest Like the Best, EP.331]

My guest today is Kieran Goodwin. Kieran spent over two decades at the frontier of credit investing. During the global financial crisis, he was a Partner and Head of Trading at King Street Capital, which grew from $4 billion to $20 billion while he was there. He then left to start his own credit hedge fund, Panning Capital Management. In our discussion, we cover the state of private credit today, which forms of alpha he’s most skeptical of, and the blend of EQ and IQ necessary for success and investing. Please enjoy my conversation with Kieran Goodwin. Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 55,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:00) - (First question) - His view of the state of private credit in capital markets (00:06:56) - The notion of ball washing and why it’s important to understand  (00:09:04) - What the worst-case domino effects of ball washing could be  (00:12:21) - Arriving at a place where JP Morgan could borrow so much at the fund level (00:14:20) - Lessons learned from the worst trade he made  (00:16:53) - What could happen in the world of private credit in the next few years and how the bigger players tend to benefit  (00:19:29) - Thoughts on the world of venture capital right now   (00:21:13) - The time he was at the peak of his power as an investor (00:24:03) - From being new at something to incredibly successful seemingly overnight (00:26:42) - What kinds of alpha he believes exists and which ones he’s skeptical about (00:29:30) - Thoughts on income share agreements  (00:31:24) - Why there aren’t more initiatives for new talent to trade their student loans for future earnings  (00:33:13) - The power of EQ over IQ and why it’s important for investor success (00:35:49) - Whether or not now is a good time to get into the field of capital markets (00:37:54) - Key tenants to know when learning credit investing specifically  (00:40:09) - Things people misunderstand about the power of volatility  (00:42:39) - Ways he managed to stretch his own imagination effectively   (00:48:06) - The natural inclination to be short volatility  (00:49:24) - Incorporating long volatility into his portfolio and life   (00:52:20) - Thoughts on synergy in relationships   (00:55:48) - Other interesting lessons learned from sports (00:57:50) - The roles of the multiple coaches that sit in for an NBA team (00:59:42) - The kindest thing anyone has ever done for him
30/05/23·1h

Henry Schuck - Building ZoomInfo - [Invest Like the Best, EP.330]

My guest today is Henry Schuck, the founder and CEO of ZoomInfo. I’ve gotten to know Henry over the past year by virtue of him being on the board of Tegus, where I’m a board observer. I meet a lot of people and Henry is one of my favorites. His energy is unmatched and he knows his business down to the tiniest details. He has tenacity and curiosity in spades. ZoomInfo is a go-to-market software and data solution for B2B sales. Henry founded the business as DiscoverOrg in 2007 and bootstrapped it for the first 7 years of its life. Today, it’s an $8.5 billion public company with a database of over 140 million business contacts. We delve into the science of great sales, Henry shares some awesome stories, and we talk about his business philosophy more broadly. Please enjoy my great conversation with Henry Schuck. ZoomInfo Business Breakdown Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here.  ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 driveable global models handbuilt by a team of sector-focused analysts, 25+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:19) - (First question) - The story of Henry’s famous email about building a championship team (00:07:01) - Dealing with pressure in business (00:09:14) - Applying pressure from the top down as a CEO (00:10:28) - How ZoomInfo’s C-suite was constructed and how it operates (00:13:17) - A high-level picture of their product philosophy (00:19:29) - Rating the effectiveness of the average B2B go-to-market engine (00:21:25) - An anecdote about meeting with the head of commercial banking at one of world’s largest banks (00:23:06) - What separates the good from the great B2B go-to-market strategies (00:27:30) - Specific questions for screening potential salespeople; characteristics to look for (00:31:39) - The story of bootstrapping his startup (00:36:05) - His view on the process of pricing (00:40:54) - The importance of M&A in building the business (00:47:01) - The story of how ZoomInfo was acquired (00:50:06) - The ever-shifting goal posts of mergers and acquisitions (00:53:15) - Anecdotes of hustling in the early days (00:59:34) - Another story from the early days of selling (01:03:40) - Using information to influence a potential lead into a sale (01:04:57) - How companies can prepare for the advent of generative AI (01:12:10) - The stages of what it means to be a CEO (01:13:15) - Learning how to execute M&A (01:16:43) - What it means for a company to work in unison at scale (01:18:26) - His advice on M&A, company core values, and corporate communication (01:26:57) - Tips for going public with a company (01:28:33) - Lessons learned from leading a public company (01:34:47) - The kindest thing anyone has ever done for him
23/05/23·1h 32m

Karen Karniol-Tambour - Macro Headwinds vs. Tech Tailwinds - [Invest Like the Best, EP.329]

Today’s conversation was recorded during last week’s Sohn Conference. I sat down with Karen Karniol-Tambour, Co-CIO at Bridgewater Associates. I hosted Karen on this show two years ago and if you listened to that, you’ll remember she has a rare skill for distilling and analysing complex macro topics. Today’s environment is strikingly different to the summer of 2021 so this is a timely conversation on the big macro variables that are on investors’ minds today. Please enjoy my conversation with Karen Karniol-Tambour. Sohn 2023 | Kiril Sokoloff in conversation with Stanley Druckenmiller Sohn 2023 | Patrick Collison in conversation Sam Altman Listen to Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:05) - (First question) - Her take on AI and watching this new technology unfold (00:06:39) - Things she’s watching in the AI space that might lead to taking portfolio action  (00:09:19) - Potentially using AI to inform or make investment decisions  (00:10:17) - Why might it be the case that no one can use AI for investing in macro markets (00:11:14) - What she’d write about regarding the general state of capital markets today (00:13:46) - What pricing is telling us about market sentiment writ large (00:15:47) - Thinking about portfolio positioning in light of the unattractive state of risk assets (00:17:17) - Her perspectives on gold historically and today  (00:20:09) - Big long-term slow-moving macro variables that aren’t quite visible yet  (00:22:09) - The all-weather portfolio and building one in light of so much uncertainty  (00:24:38) - The rise of China, its growing power, and potential conflicts with the US  (00:28:01) - Monitoring for things like the banking crisis beneath the public narrative  (00:31:13) - Non-obvious variables that currently have her attention  (00:33:29) - “Overrated or underrated” rapid-fire questions (00:36:04) - What it’s been like being the CIO of Bridgewater so far
16/05/23·37m 15s

Fidji Simo - Creating Delightful Consumer Experiences - [Invest Like the Best, EP.328]

My guest this week is Fidji Simo, the CEO of Instacart. Fidji grew up in a small town in the South of France and was the first person in her family to graduate from high school. Since then, she has had a dazzling career with stops at France’s leading university, eBay, and Facebook. Fidji spent the better part of a decade at Facebook where she led the Facebook App before joining the online grocery platform, Instacart, in mid 2021. We talk about Fidji’s consumer product experiences, Instacart’s role within the grocery ecosystem, and delve into her personal philosophy on leadership. Please enjoy this wide-ranging discussion with Fidji Simo. Apply for the Investigative Research Analyst position at Positive Sum. Listen to Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:51) - (First question) - Comparing her experiences with Facebook and Instacart (00:06:22) - The dimensionality of creating great consumer products online (00:07:50) - How Instacart uses AI now and her advice to other companies who are ready to incorporate AI into their business (00:15:41) - What being a pragmatic technologist means to her (00:18:02) - Influences in younger years that led to her career path in technology (00:21:00) - The landscape Instacart seeks to build and how major key players within the industry are involved (00:27:09) - Data algorithms and their role in helping consumers (00:29:24) - Scale around the original core business (00:32:12) - The functional difference between Instacart shoppers and delivery drivers  (00:34:59) - Issues with fully automated grocery store facilities (00:37:32) - Insight into working with brands and consumer brand loyalty  (00:43:16) - Her vision for the future of Instacart (00:49:34) - Her principles for capital allocation (00:52:34) - Common misperceptions about Instacart from prospective investors (00:54:21) - Her philosophy of seeing the magic in team members (00:56:46) - Expanding knowledge while managing a complex business environment   (01:01:01) - When she felt the most helpless in her career (01:03:46) - Insight into generative AI and how it could shape the online grocery experience (01:08:00) - The role of content and its importance for businesses like Instacart (01:12:35) - The kindest thing anyone has ever done for her
09/05/23·1h 12m

Bessemer Venture Partners - Building a VC Firm that Lasts Centuries - [Invest Like the Best, EP.327]

My guests this week are Jeremy Levine, Kent Bennett, and Brian Feinstein. They are partners at one of the oldest and most storied venture firms in the world, Bessemer Venture Partners. Our conversation is split into two parts. First, we explore Bessemer itself. It’s over 100 years old and has a unique operating model with lessons for every investment firm in the market. We then discuss Jeremy, Kent, and Brian’s investing styles and outlook. What they look for in businesses, their thoughts on various sectors like vertical market software, and we close with a discussion about AI and defensibility. Please enjoy this great conversation.  Listen to Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 55,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:14) - (First question) - The unique history of Bessemer and how the firm stays current (00:08:55) - The role of heritage and cooperative partnership in Bessemer’s model (00:14:36) - How giving each partner autonomy and commissions can lead to better personal and company outcomes (00:17:18) - The extent of freedom a partner has in terms of the style of investments made (00:20:38) - Retro-analyzing the effectiveness of their investment roadmaps and core insights (00:25:10) - What conflict typically looks like in partners’ conversations and how they resolve it (00:27:06) - How they enable their junior staff using apprenticeship and open dialogue (00:31:31) - Their different taste in investment targets  (00:35:11) - How they each evaluate companies based on their unique interests (00:42:32) - Their thoughts on valuations and how they have dealt with with run-ups in the tech market (00:45:46) - What they anticipate in the future of early-stage investing (00:49:43) - The significance of Centaur companies that have hit $100-million in revenue (00:52:38) - The success of Bessemer’s writing and online content (00:55:13) - Where the vertical market software industry is in its life cycle (00:59:12) - How the next wave of innovation may revolutionize software or even depart from it (01:02:33) - Advice they give to companies looking to prepare for future shifts in tech and AI (01:04:46) - What excites them and what scares them within the development of LLMs (01:08:18) - Defensibility of an LLM-based company, given the high level of competition  (01:10:39) - How their firm deals with terminating partners if and when they aren’t a good fit (01:14:53) - The kindest thing anyone has ever done for each of them
02/05/23·1h 17m

Alexis Rivas - A New Blueprint for Homebuilding - [Invest Like the Best, EP.326]

My guest this week is Alexis Rivas. Alexis is the co-founder and CEO of Cover, which is pioneering a new way of building homes. It’s no surprise to anyone that aspects of our housing market is broken. The market is undersupplied and littered with regulatory issues. The homebuilding process has also not changed for the better part of a century. Alexis is attacking the problem and has taken a leaf out of the car industry’s learnings to create a similar production process for home building. In our discussion, we talk about his idea of lego pieces for homes, how they’re refining production with backyard homes first, and how this may change the way people buy and sell homes in future. Please enjoy my conversation with Alexis Rivas. Listen to Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. For a limited time, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:39) - (First question) - Supply and demand situation writ large for housing in the United States (00:06:34) - Lack of workforce growth to meet housing development needs (00:10:23) - Insight into “lego piece” style construction (00:11:41) - The comparison to automotive manufacturing (00:16:15) - Strategic description of a good “lego piece” from Cover (00:20:08) - Utility continuity comparison between panels versus tradition construction (00:21:05) - Potential criticism from skeptical contractors (00:22:53) - The marginal cost for a typical home buyer (00:25:59) - The role of software in the business (00:28:47) - Insight into support model and “The Last Mile” theory in construction and possible solutions to combat errors during assembly (00:30:46) - Support system integration for inevitable repairs (00:32:17) - The changing reality of initial ideas as projects are completed (00:34:27) - Building factories and streamlining production logistics (00:37:28) - Focusing on constraints and an example relatable to real life scenarios (00:38:37) - The value of moving slow to perfect processes early on versus an all in head first approach (00:40:09) - The scope of ambition over the next several decades (00:41:18) - The evolution of homes and how they could change based of consumer wants (00:43:37) - Vertical capabilities of cover panels (00:43:21) - Types of panels that could be introduced moving forward (00:45:14) - Timeline for Cover expansion into new states (00:46:06) - Advice for upcoming entrepreneurs when building similar business models (00:47:58) - The kindest thing that anyone has ever done for Alexis
25/04/23·50m 51s

Dr. Peter Attia - The Portfolio to Live Longer - [Invest Like the Best, EP.325]

My guest this week is Dr. Peter Attia. I’ve had Peter on the show twice before but it’s been over 5 years since his last appearance. In that period, his work has exploded and today he’s one of the clear leaders on the topic and practice of longevity and health span. He has a new book out called Outlive, which I heartily recommend. You’ll hear us refer to the last chapter of his book early in our conversation but we chose not to reveal the whole story live so you can read and enjoy it. We highlight the big picture in our conversation, including the transition from Medicine 2.0 to Medicine 3.0. I always leave these conversations with Peter full of ideas, and in this case, highly motivated to go outside and move my body in nature. I can think of no better actionable advice. Please enjoy my conversation with Peter Attia. Listen to Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Stretch your research budget with Tegus Expert Calls. Tegus delivers expert calls at a fraction of the cost of legacy vendors, with white-glove custom sourcing for every project at the speed you need to keep your research moving. And we don’t stop there. With rigorous compliance processes baked into everything we do, you can rest assured we’ve vetted every expert to ensure your privacy and protection. Start your next project today with Tegus Expert Calls. As an Invest Like the Best listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes Peter on The Tim Ferriss Show Podcast (00:04:15) - (First question) - How Patrick influenced Peter’s decision to launch his podcast (00:05:45) - How Peter has changed in the process of writing this book (00:08:11) - Process of writing the last chapter of this book (00:11:12) - How he stopped dealing with imposter syndrome (00:15:58) - Slow vs. fast death and medicine 2.0 vs. medicine 3.0 (00:22:55) - Doing more early detection screening to avoid slow death (00:27:00) - Impacts of compounding risks (00:31:24) - How do we shift thinking to better lifestyle changes vs. pill popping (00:35:32) - The outsized impact of exercise on health (00:46:18) - Peter’s exercise portfolio (The Comfort Crisis book)  (00:50:55) - Why habitual workouts create euphoria for exercise (00:54:45) - How Peter’s views on nutrition have evolved  (00:59:30) - Measuring metabolic health (01:01:55) - Where Peter hopes the future of healthcare is heading (01:05:40) - Benefits of mindfulness to health (01:12:55) - Defining your purpose in life (01:16:46) - An index card summation of this book (01:19:45) - Lessons learned being a better interviewer (01:21:46) - Frontier of Peter’s curiosity
18/04/23·1h 24m

Scott Davis & Rob Wertheimer - Lessons from the Industrial Titans - [Invest Like the Best, EP.324]

My guests today are Scott Davis and Rob Wertheimer. Scott and Rob head up Melius Research and are the authors of a great book called Lessons from the Titans. The book explains what the industrial giants of old can teach the new generation of high-growth businesses about how to survive and deliver shareholder value over multiple decades. Drawing on their experience as industrial analysts, they present case studies on businesses like Danaher, Roper, Honeywell, Boeing and GE to reveal both what does and doesn’t work when it comes to capital allocation and business strategy as a company enters a more mature phase in its lifecycle. Please enjoy my conversation with Scott and Rob. Read Lessons from the Titans Listen to Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:20) - (First question) - The intersection between the current tech sector drawdown and the historical track record of industrial titans  (00:07:10) - The most common ways they see companies start to fail and the types of errors they commit  (00:11:01) - The best historical examples of companies that have gone from non-operational excellence to operational excellence  (00:15:04) - Teaching the value of a business system and installing one for longevity  (00:24:06) - Questions they’d ask and points of evaluation to uncover the health of a business (00:31:19) - Thinking about sustainable value creation in a lower growth environment  (00:37:04) - Lessons from operating leverage and the rental industry  (00:39:11) - Ways industrial companies have handled growth CapEx well and badly  (00:43:52) - The line between discovering the future in a lab versus major pivots in reality while trying to solve today’s problems  (00:49:37) - How the best managers nurture a great shareholder base  (00:55:35) - Lessons to learn about business model transitions    (01:00:13) - Further important messages from their book that businesses would benefit from (01:04:30) - The kindest things anyone has ever done for them
11/04/23·1h 9m

Sam Hinkie, Boyd Varty, Charlie Songhurst - Trail Magic - [Invest Like the Best, EP.323]

Today’s episode is a little different. Rather than share a new conversation, I have put together a few of my favourites from the past six and a half years of doing this show. I often listen back to these for inspiration, energy, and their timeless ideas on life and investing. Each of these is a significantly shortened version of the original episode. The first conversation you’ll hear is with Sam Hinkie, the second discussion is with Boyd Varty, and the last conversation you’ll hear is with Charlie Songhurst. Sam, Boyd, and Charlie are all exceptional in their own way and I hope you enjoy these condensed versions of our conversations. Sam Hinkie - Find Your People Boyd Varty - The Art of Tracking Charlie Songhurst - Lessons from Investing in 483 Companies For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:04:40) - (Sam Hinkie) (00:05:55) - The most amazing thing he’s seen from someone he has worked with (00:09:51) - His interest in finding “digital breadcrumbs” on his pursuit of knowing a person (00:13:18) - The impactful story of meeting the assistant GM of the Houston Rockets (00:17:22) - Strategies he has developed to avoid transactional people (00:19:22) - How he shapes his career and optimizes from an investment perspective (00:24:06) - The strangest things he has come across in early-stage investing (00:29:47) - (Boyd Varty) (00:33:04) - His early experiences with tracking wildlife and how it applies to investing (00:44:46) - What can be learned about life goals and paths from the experience of tracking (00:47:59) - The influence of culture on decision-making and goal-setting (00:50:39) - His concept of “the ordering of chaos on behalf of others” (00:54:41) - The importance of moving towards the unknown to start approaching goals (00:57:15) - His most memorable tracking experience (01:12:40) - (Charlie Songhurst) (01:15:10) - His diverse career highlights (01:16:29) - His analysis of why startups succeed or fail (01:21:21) - What founders can learn to enable and maintain productivity in their company (01:25:21) - Nature versus nurture as it applies to adept founders, and the controversial “alien founder” concept (01:30:10) - The importance of good recruiting from an early stage (01:33:32) - How founders can make their companies attractive to prospective talent (01:35:53) - Why he is interested in investing in highly boring and highly complex ideas
04/04/23·1h 39m

David Senra - Passion & Pain - [Invest Like the Best, Forever Episode]

Hello everyone. A few days ago, we discussed what we call forever episodes, which are the few episodes of our show that we think will be as popular a decade from now as they are today. When I re-listened to this episode with David Senra, I left wildly energized and wanting to share that feeling. So we are re-releasing it today for anyone who missed it the first time or hadn't yet discovered Invest Like the Best. Please share with your friends and loved ones as I think anyone will benefit from David's perspective and enthusiasm. Have a great weekend and we'll be back with more next week. David Senra has studied history’s great founders and entrepreneurs in more depth than anyone I’ve ever met, and I’d wager more than anyone else alive. In this conversation, we cover many of the most common themes he’s discovered studying hundreds of entrepreneurs like Estée Lauder, John Rockefeller, Enzo Ferrari, and Edwin Land. Please enjoy this great conversation with David Senra.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. -----   This episode is brought to you by Tegus. Tegus, the modern research platform for leading investors. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:01] - [First question] - When he first fell in love with reading [00:07:01] - What’s rooted in his own history that’s made him obsessive about studying history’s great entrepreneurs and founders - Founders Podcast [00:10:34] - The first time he connected with someone as a positive role model that he was reading about  [00:13:45] - How often obsession is apparent in the founders he’s studied across hundreds of biographies  [00:18:08] - What is often behind obsession and how people listening can apply the lessons to their own lives [00:22:45] - The dynamic and relationship between inspiration and perspiration  [00:27:11] - Commonalities between the layers of leadership and support underneath founders [00:31:52] - Where else he’s seen ego rear its head in good and bad ways  [00:38:34] - How often do great founders break the law or enter gray areas of it  [00:41:22] - The role constant learning and listening plays in success [00:45:12] - Talking about how anything worth doing is worth doing to excess  [00:52:18] - Describing the soul of founders and businesses [00:58:39] - What he’s learned about all of these founders as it relates to marketing  [01:04:38] - A common story that process is often art  [01:08:10] - Who his idols are in podcasting specifically  [01:14:55] - Major aspects of people he’s studied that haven’t been discussed yet [01:19:55] - The kindest thing anyone has ever done for him
31/03/23·1h 23m

David Einhorn - The Long and Short of Investing - [Invest Like the Best, EP.322]

My guest today is David Einhorn. David is the President of Greenlight Capital, a long-short hedge fund that he co-founded in 1996. He is a prominent value investor with a reputation for rigorous security analysis. In 2002, he revealed a short position in Allied Capital, which was ultimately proven correct and similarly in early 2008, he told the Sohn Conference he was short Lehman Brothers. Over his near three decades managing money at Greenlight, he has delivered impressive returns but it has not been without challenge. Our conversation covers both the highs and lows, his views on the current banking issues, and how he has evolved as an investor. Please enjoy my great conversation with David Einhorn. The Sohn Conference 2023 Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here.  ----- This episode is brought to you by Tegus. Tegus, the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:03:50) - (First question) - Why he is glad he started his fund in 1996 rather than today (00:05:58) - His view of how companies’ personnel and goals have changed since the 90’s (00:07:01) - His counter-momentum approach to markets and how he views current trends (00:11:17) - The jelly-donut theory of monetary policy (00:14:46) - His outlook on inflation and the Fed from a fiscal perspective (00:16:48) - The evolution of Greenlight’s portfolio and philosophy through history (00:20:11) - Periods in his career that stand out as the most challenging (00:25:58) - How tech advances have influenced his core concept of figuring out worth (00:28:17) - His three-step process to picking investment targets (00:29:10) - The companies he has learned the most from studying (00:30:52) - His experience with investing in Apple (00:33:33) - How he considers the notion of quality in a business (00:35:05) - His views on shorting, concentration, and holding periods (00:38:37) - What he learned from a deep dive on airline businesses (00:40:31) - His perspective on sports franchises as an asset (00:42:12) - His new interest in poker and how he got so good at it (00:45:22) - Applying traditional valuation styles to the modern market (00:47:13) - Cultivating relationships with his limited partner investors and his team (00:54:26) - His perspectives on the insurance space (00:57:33) - The health of the economy and financial infrastructure as he understands it (01:01:51) - How he thinks about housing and the construction industry (01:03:54) - How AI and other high-tech are affecting his investment decisions (01:05:28) - Other topics on his mind, from national politics to social psychology (01:08:22) - The kindest thing anyone has ever done for him
28/03/23·1h 10m

Avi Goldfarb - The Economic Impact of AI - [Invest Like the Best, EP.321]

My guest today is Avi Goldfarb. Avi is a Professor at the University of Toronto’s Rotman School of Management, the Rotman Chair in Artificial Intelligence and Healthcare, as well as the co-author of two bestselling books on AI and its economic impact. His most recent book, Power and Prediction, is probably the best piece of content I have read in explaining how AI may reshape business models, systems, and products. We recorded this before GPT-4’s release last week which, if anything, makes Avi’s ideas on AI’s impact all the more poignant. Please enjoy my conversation with Avi Goldfarb.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.    -----   This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes (00:03:15) - [First question] - His initial reaction to chat GPT when it first launched  (00:07:08) - Prediction Machines; The impact price has on how much something is used by humans (00:11:07) - The shift from steam powered factories to electric ones and the transition between the two in regards to systems and application solutions; Power and Prediction (00:17:06) - Midpoints between a point solution and a systems solution and applications that are being built in the middle of them (00:19:10) - What application, system, and point solutions feel like today in the world of AI (00:27:03) - The transition from a world governed by rules to one by decisions   (00:30:58) - How the power of prediction moves us from a binary to a decimal framework (00:34:48) - Ways power disruption will occur as we navigate the emerging AI frontier (00:44:33) - Other functions like personalization that entrepreneurs should think about putting into their products and features (00:47:18) - How we should be thinking about the generation of information and data  (00:51:32) - A future where technology either desimates or empowers specific industries (00:54:16) - What he’s most excited and worried about given the emerging frontier of AI  (00:55:41) - The kindest thing anyone has ever done for him
21/03/23·57m 49s

Auren Hoffman - A Deep Dive on Data - [Invest Like the Best, EP.320]

My guest this week is Auren Hoffman. Auren is the CEO of Safegraph, which curates data on physical locations. He also founded LiveRamp, a public data connectivity business. Auren knows more about data businesses than almost anyone I know and that is the topic of today’s discussion. We look at the business of data from every angle and finish with a fun masterclass on how to host a dinner party. Please enjoy my conversation with Auren Hoffman.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus, the modern research platform for leading investors. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:16] - [First question] - His 2x2 matrix for categorizing different types of data businesses [00:04:59] - An example of what he calls a religion company in his matrix [00:07:03] - His notion of data currency [00:08:23] - His definition of a great business [00:09:46] - An example of a so-called application religion company in his proverbial matrix [00:11:24] - Co-op and non-profit business models within and outside of the data sphere [00:13:35] - The truth application quadrant of his matrix [00:16:18] - How data has exploded in prevalence for the business world as a whole [00:18:57] - How to think about the end market for data and its demand [00:21:09] - Characteristics of a good data set and how to identify it [00:23:14] - Other factors that impact the usability of a data set [00:24:30] - Optimizing data collection itself [00:26:30] - The slow growth that’s typical of early-stage data companies [00:27:27] - Market share considerations for data businesses [00:30:03] - Common struggles for data entrepreneurs [00:34:01] - The genesis of his business; SafeGraph [00:37:08] - The power of self-maintained and user-maintained databases [00:40:16] - Typical customers and use cases for SafeGraph’s data [00:41:08] - How SafeGraph and other companies protect against data theft [00:42:12] - Frequency of change as a proxy for the value of a given data set [00:45:32] - Categorizing inbound data based on the most important criteria [00:47:07] - The founder personalities he finds in the data industry [00:49:53] - Why he feels the data truth quadrant of his matrix is underdeveloped [00:50:30] - Bloomberg as an important data company to study [00:51:42] - The importance of transparency in business and in data distribution [00:53:07] - Failure modes that he sees most commonly in data-based startups [00:53:53] - Data businesses becoming application businesses and vice-versa [00:57:35] - The great dinner parties he’s known for [00:59:50] - How he makes the dinner parties appeal to introverts [01:03:11] - Dead people he would most like to have as dinner guests [01:04:09] - Questions he would ask the most influential religious figures [01:06:20] - The kindest thing anyone has ever done for him
14/03/23·1h 9m

Trae Stephens - Find Good Quests - [Invest Like the Best, EP.319]

My guest this week is Trae Stephens. Trae is a partner at Founders Fund and co-founder and Executive Chairman of Anduril. Trae’s philosophy can be boiled down to finding good quests, which has led him to investing in businesses that work closely with the government on societally important issues. Clearly, that extends to co-founding Anduril and I would highly recommend listening to my Business Breakdowns episode on Anduril if you haven’t already. In this conversation, we discuss the importance of lobbyists, why the high-tech defense firms of the past became stale, and how he hunts for disagreeableness in founders. Please enjoy my conversation with Trae Stephens.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   Listen to Founders Podcast Founders Episode 136 - Estee Lauder Founders Episode 288 - Ralph Lauren   -----   This episode is brought to you by Tegus, the modern research platform for leading investors. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:17] - [First question] - Why Trae thinks most high-margin businesses are bad for society [00:04:28] - What would he change to impact energy technology most if he were in charge [00:06:18] - His investing focus on dynamism and mission-driven tech companies [00:09:42] - Analyzing why relatively few people strive to make society-level advancements [00:11:35] - What he’s done as a parent to enable his kids to develop passions [00:12:41] - The most noteworthy adventures in his career [00:14:41] - Founding Anduril and what it taught him about the tech industry [00:18:40] - The cutting-edge of defense technologies today [00:21:29] - What Shyam Sankar of Palantir taught him about defense tech [00:23:34] - Why some of the biggest defense tech companies have stopped innovating [00:28:29] - What he and Anduril have learned about sales and scaling in the public sector [00:35:22] - His take on Peter Thiel’s notion that competition should be avoided [00:38:24] - The importance of being psychologically disagreeable when building a start-up [00:39:54] - The origin story that stands out the most from companies he has interviewed [00:41:12] - How he developed an investor mindset on his unorthodox path to the venture world [00:43:57] - What he has learned from playing supporting roles and aligning with great leaders [00:46:11] - Important but uncommon lessons about entrepreneurship [00:48:21] - Venture investing lessons he’s learned from Lauren Gross [00:50:00] - His first VR project and aspirations for the future of VR [00:54:50] - The role of religion and spirituality in his business philosophies [00:59:13] - Why he tries to capitalize on morality as opposed to sin [01:03:57] - The kindest thing anyone has ever done for him
07/03/23·1h 6m

Doug Leone - Lessons from a Titan - [Invest Like the Best, EP.318]

My guest this week is Doug Leone. Doug led one of the world’s most successful venture firms, Sequoia, for over 25 years after he was given responsibility for the firm by its founder, Don Valentine, in 1996. Alongside Mike Moritz, the pair managed its expansion from a single $150m early-stage fund into an $85 billion global powerhouse. It was a privilege to sit down with Doug and learn from him. We talk about his tough start at Sequoia, get into the technicalities of great go-to-market motions, and survey his advice for other investors in the industry. A key theme that will stick with me from this conversation is Doug’s insistence on keeping things simple and clear. Please enjoy my great conversation with Doug Leone.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus, the modern research platform for leading investors. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:21] - [First question] - What Don Valentine’s heart was like [00:06:30] - The most productive and unproductive parts of Don’s toughness  [00:09:01] - Being the opposite of insufferable and how it was different when he was younger [00:10:55] - Why it’s so important to understand someone’s core motivations [00:14:18] - Questions or topics he returns to when getting to know people  [00:15:31] - How much time he believes it can take to really get to know someone   [00:20:37] - What venture looks like to him today relative to his prior career [00:23:51] - His style of approaching emerging technology markets like AI as an investor   [00:26:37] - Whether or not he’d go into venture today if he was in his late 20s  [00:28:30] - Commonalities between the very best at going to market effectively  [00:31:11] - The key components of great product positioning   [00:32:10] - Helping companies circumnavigate mediocre positioning  [00:33:25] - Generating demand and leads and doing it well  [00:37:15] - How interacting with companies early on has changed over the ears [00:46:14] - Sussing out the killer gene in somebody  [00:47:25] - What high school was like for him when he first came to the US  [00:49:04] - How successful people can instill the lessons learned from hardship into their children  [00:50:45] - The most common failure modes he’s seen for investors  [00:55:21] - The early 2000s clawback at Sequoia and what navigating that period was like  [00:59:06] - What he’s learned about picking the right LPs and partnering with them [01:00:40] - The most interesting question an LP has ever asked him  [01:02:18] - Making sure that performance is on everyone’s minds all the time  [01:04:04] - What the components of a fantastic investment memo are [01:05:00] - Which dinner companions he’d pick to educate a newly successful founder [01:05:29] - What first popped out at him as black magic when he started investing [01:07:59] - The kindest thing anyone has ever done for him
28/02/23·1h 9m

Tim Urban - Idea Labs and High-Rung Thinking - [Invest Like the Best, EP.317]

I’m excited to share this conversation with Tim Urban. Tim is, in my opinion, one of the best and most engaging writers of our era. He’s tackled many of the most interesting topics in the world from AI to procrastination. I interviewed him in 2017 in an episode we called “Grand Theft Life”, and it remains one of my favorite episodes ever.   In the 6 years since that episode, he hasn’t published almost anything. That’s because he’s been writing the book we discuss in this episode. The book is called “What’s Our Problem”, in which Tim investigates the big issues facing society.   The reason I love Tim’s writing so much is its density of ideas and ridiculously clear explanations: a rare combo that makes reading a joy. I hope you enjoy this great round two with Tim Urban, and go buy and enjoy his great new book.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   Listen to Founders podcast.   -----   This episode is brought to you by Tegus, the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:50] - [First question] - What it’s been like spending seven years thinking about a single topic: Tim's book, What’s Our Problem? [00:05:05] - How he’s come to articulate the big question he’s trying to answer in his book [00:07:58] - A dinner experience where a single question showed just how much of a problem there was to solve [00:09:47] - Group ideology and the different ladder rungs of human thinking  [00:17:28] - The concept of a social golems and genies and their implications for society  [00:23:02] - His favorite genies and golems throughout history and their impact   [00:29:07] - Examples of canonical high functioning genies across history    [00:34:20] - The key ingredients within liberal democracies that allow for and correct golems [00:40:44] - Media’s role in shaping ideas and society and what’s changed about it in today’s media landscape  [00:46:46] - What else is going on that has him worried about modern institutions that are failing as social immune systems [01:01:15] - The gap between what we say publicly versus what we feel privately and the growing pile of unsaid things  [01:07:18] - What’s to be done in order to help society repair itself  [01:14:09] - Whether or not the direction we’re most afraid to run is where we should  [01:17:37] - Thoughts on AI having written extensively on it and the new wave of emerging tools [01:22:13] - The role and impact of leadership in regards to golems and genies
21/02/23·1h 28m

Dan Rose - How Stunning Founders Operate - [Invest Like the Best, EP.316]

My guest today is Dan Rose. Dan is the chairman of Coatue Ventures and has one of the most interesting collections of experiences of anyone I’ve talked to. He spent 20 years at Amazon and Facebook in their early days, working closely with Jeff Bezos, Andy Jassy, Mark Zuckerberg, and Sheryl Sandberg. He’s had a front-row seat to the defining products and founders of our era and his lessons from those experiences do not disappoint. Please enjoy this great discussion with Dan Rose.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus, the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:27] - [First question] - The story behind Amazon’s Kindle and the lessons it taught him [00:09:19] - Amazon’s philosophy of working backwards and the most creative solutions he and his team had to come up inside of that framework  [00:13:04] - What he did to convince publishers to get on board with his vision  [00:16:02] - His overall experience of the relationship between innovation and constraints [00:18:43] - Thoughts about the fine line between genius and nutcase  [00:22:02] - What the key points of his theory on partnerships would be  [00:24:28] - When advising portfolio companies becomes relevant  [00:26:09] - The dark arts of building companies that could be adopted by partnerships  [00:28:40] - Why he thinks the best technology companies drive strategy through product  [00:32:23] - Resolving micro management while also giving skilled talent their own space [00:36:07] - Where Javier Olivan fits into his ideal executive team  [00:36:57] - What about growth requires its own expertise  [00:37:35] - What makes Dave Schneider an ideal sales leader [00:39:08] - The most stressful period of time while working at Facebook [00:42:51] - General thoughts on great versus good business models in tech  [00:45:36] - Topics where Jeff Bezos and Mark Zuckerberg would disagree the most  [00:47:13] - Defining the platonic ideal of a great investor approaching corporate enterprises  [00:50:25] - Overview of the investing environment we’re in today from coast to coast [00:55:07] - What made Sheryl Sandberg so successful; Lean In [01:00:35] - Why he started his career at Life Mastery selling personal growth seminars  [01:05:47] - What will define the next generation of leaders  [01:07:59] - A product he would build if he could that doesn’t exist yet [01:08:59] - The kindest thing anyone has ever done for him
14/02/23·1h 12m

Jeff Green - Modernizing Advertising - [Invest Like the Best, EP.315]

My guest today is Jeff Green, the CEO and co-founder of advertising platform, The Trade Desk. The Trade Desk is the second advertising exchange Jeff has built, having sold his first venue to Microsoft in 2007. He started The Trade Desk in 2009 and has built it into a $30 billion public business. In our discussion, we talk about the parallels between The Trade Desk and an equity exchange, why Jeff chose to align with ad buyers not sellers, and how he shapes the culture of his firm. Please enjoy my conversation with Jeff Green.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   Listen to Founders podcast   Founders Episode #136 A Success Story: Estee Lauder    Founders Episode #288 Ralph Lauren Invest Like the Best with David Senra: Passion & Pain   -----   This episode is brought to you by Tegus, the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:09] - [First question] - What he’s learned about human behavior and how it’s impacted his business [00:05:45] - Big differences in generational and perennial behavior  [00:06:56] - The strong link between vulnerability and creativity   [00:07:42] - The necessary preconditions that allowed him to build Trade Desk the way he did [00:10:53] - What it would have felt like as an early stage employee at Trade Desk  [00:12:43] - The hardest parts about maintaining his type of company culture [00:14:05] - How much of his company culture is interwoven systemically or whether it arises naturally based on talent choices [00:15:59] - Defining what talent means to him and the dimensions of it that matter [00:22:03] - What he’s learned about delivering messages effectively   [00:23:49] - The founding story and history of Trade Desk  [00:28:33] - How he thinks about the key stakeholder groups around Trade Desk’s platform [00:30:50] - Figuring out who Trade Desk’s key customers were and identifying them writ large [00:34:55] - The composition of the universe and market of those who buy advertising  [00:36:11] - Practical product implications based on their choice of service  [00:40:16] - Building inventory legibility and its dimensions and importance  [00:47:55] - The time between the first line of code to a multi million dollar revenue stream [00:50:29] - Markers for technology companies he’d look for that could achieve a similar scale  [00:53:35] - How not being able to simulate poverty or hunger translates into his parenting  [00:57:10] - Describing the margin differences between Trade Desk and Google [00:59:00] - What stands out as the defining moment in his firm’s history  [01:01:50] - The kindest thing anyone has ever done for him
07/02/23·1h 4m

Carl Kawaja - Dealing with Regime Change - [Invest Like the Best, EP.314]

My guest this week is Carl Kawaja. It’s the second time I’ve had Carl on the show and my first conversation with him is one I go back to often. Carl is a portfolio manager at Capital Group, where he’s quietly overseen a huge portfolio for decades. He is one of the top investors operating today as well as one of my favorite people. The investing world has changed quite a bit since Carl and I first spoke in mid-2021 so this was a great chance to use Carl’s curious mind and wide range of experiences to discuss the regime change taking place across capital markets. In true Kawaja fashion, we go all over the map and discuss Apple, the Amazonian rainforest, baseball, the oil & gas industry, Muhammad Ali, and more. Please enjoy my great discussion with Carl Kawaja.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus, the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it's quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:44] - [First question] - What the market feels like to him today [00:06:00] - The pros and cons of the cost of capital and experimentation [00:09:09] - Things we can learn from Oil & Gas stocks and resource commodities in general [00:14:38] - Pulling apart the key lessons from Berkshire’s purchases of IBM and Apple [00:20:37] - The practical implications of wanting to land more soft-wins in investing that aren’t apparent out of the gate [00:25:52] - How he approaches and considers products and product cycles writ large [00:31:10] - The Systems Bible [00:33:15] - Thoughts about making money from value based strategies  [00:38:31] - His methodology to go about finding the next diamond in the rough  [00:42:48] - A New Innings [00:45:13] - The Arc of Boxing; Lessons from Muhammad Ali fighting Cleveland Williams [00:48:54] - Someone he thinks is an exemplar in both business and the world [00:54:37] - Don’t Sleep There Are Snakes [00:59:41] - The role fossil fuels play in the energy transition and the current regime change  [01:07:35] - What we can learn from uncontroversial transitions in the past
31/01/23·1h 11m

Daryl Morey - Systems Thinking in Sports - [Invest Like the Best, EP.313]

My guest this week is Daryl Morey, who is President of basketball operations for the Philadelphia 76ers. Daryl is a computer science graduate but has become one of the NBA’s most successful General Managers during his time with the Houston Rockets and the 76ers. Together with my friend and past guest of the show, Sam Hinkie, Daryl pioneered the analytics movement in basketball. He’s been so influential his style has its own name, “Moreyball”, a nod to Michael Lewis’s book about baseball, Moneyball. Daryl is also the co-founder of the MIT Sloan Sports Analytics Conference, which has become the gold standard forum for leaders in sports analytics. I had a blast talking to him about negotiation tactics, systems thinking, hiring, and a ton more. Please enjoy this great conversation with Daryl Morey.   Listen to Founders podcast   Founders Episode #136 A Success Story: Estee Lauder  Invest Like the Best with David Senra: Passion & Pain   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:15] - [First question] - The basic principles of sports and what makes for a great sport [00:09:54] - How resource concentration influences outcomes in various sports [00:13:13] - The degree of certainty in predicting sports outcomes based on existing data [00:16:32] - Using the concept of KPIs to optimize for certain characteristics to win games [00:18:45] - Training teams on specific systems and plays versus leveraging individual talent [00:21:07] - Why superstar athletes are key to success in basketball [00:24:02] - Dealing with constant expected value calculations to appease stakeholders [00:25:30] - Building the organization’s back office to find talented athletes [00:28:32] - How he and other GMs make organization-level decisions [00:34:12] - Why he’s involved with basketball as opposed to other sports [00:36:17] - How he uses his frameworks to figure out systems outside of mainstream sports [00:37:41] - Problems with the rules and economic factors of professional soccer [00:42:54] - Trends he’s observed in the worlds of music, movies, and books [00:45:33] - His perspective on developing one’s own career path [00:48:22] - How challenges in his youth benefited him in the long run [00:49:28] - The person he would call for advice if he was stuck in a foreign prison [00:51:01] - His emphasis on first principles and why he supports free speech [00:52:31] - Takeaways from a Harvard negotiation class he took [00:57:07] - The power of refining the terms and definitions of a deal post-negotiation [00:58:51] - The four people in the world that intrigue him most [01:01:40] - The kindest thing anyone has ever done for him
24/01/23·1h 3m

Miles Grimshaw - The DNA of Software Companies - [Invest Like the Best, EP.312]

My guest today is Miles Grimshaw. Miles is in his early thirties and is a General Partner at Benchmark. His experience and success belie his age. He was an early investor in Segment, Benchling, and Airtable, all before they had 30 employees. I have learned a ton from Miles about software investing and that’s why I was excited to have him on the show. We discuss his biological approach to investing, whether pure API companies can be good businesses, and what most has his attention right now. Please enjoy this conversation with Miles Grimshaw.   Listen to Founders podcast   Founders Episode #136 A Success Story: Estee Lauder    Invest Like the Best with David Senra: Passion & Pain   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern Saas platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:57] - [First question] - His notion of the investor as a biologist or a physicist [00:05:24] - Why he seeks out new companies with unique business models [00:07:53] - How his investments are based on present and future needs in the market [00:11:55] - Evaluating the genetics of a nascent or small company [00:13:38] - The half-life of information as it flows through a company or platform [00:17:26] - Unpacking how software companies can survive re-evaluation periods [00:21:03] - The power of environment creation and facilitation [00:25:10] - The importance of user conferences [00:25:45] - A company’s potential for a differentiated second act as a sign of good genes [00:30:21] - Product quality, timing, and reinvention in tech startups [00:33:10] - Why it’s crucial for companies to avoid copying their heroes [00:37:41] - Breaking down market perspective on pure API companies [00:41:29] - His views on software targeted to vertical versus horizontal markets [00:44:29] - Carefully leveraging relationships with core customers [00:48:06] - Operational lessons from his experience with the companies he’s invested in [00:50:26] - His maxim that software development is as much an art as a science [00:51:12] - His idea of a product magician in the software industry [00:52:19] - Effects of new products and categories at the forefront of the space [00:58:21] - How software founders should prepare for 2023 [01:01:41] - How both market structure and product shape the genetics of a business [01:04:32] - The challenge of pricing and packaging for SaaS companies [01:06:42] - Cardinal sins in software investing [01:07:42] - The kindest thing anyone has ever done for him
17/01/23·1h 10m

John Fio - Creating Magic for Consumers - [Invest Like the Best, EP.311]

My guest today is John Fiorentino. John is a product inventor and entrepreneur who, in the space of a few years, has bootstrapped four products; Gravity Blanket, Moon Pod, Moon Pals, and Birthdate Candles which have collectively sold hundreds of millions of dollars of revenue. Our conversation is quite different than normal. Alongside his successful brands, John has had a range of life experiences – from starting as a Jazz musician to working for Justin Bieber - that give him an original worldview. I was especially interested in his points around product positioning, creating magic for consumers, not letting yourself become the product, and how to build enduring brands. Please enjoy this great conversation with John Fiorentino.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:25] - [First question] - The amazing story behind Gravity Blanket [00:08:51] - What he’s learned about positioning relative to product [00:13:17] - How fundamental truths drive creativity in commerce [00:16:17] - Real-world examples of magic as he defines it [00:19:50] - The investability of consumer businesses from his perspective [00:25:25] - His contrarian thoughts on venture-backed startups [00:28:00] - How unique personalities create compelling IP and monetize it [00:38:28] - The fine line between creative power and self-destruction for brand founders [00:45:13] - The importance of consumer business goals being larger than oneself [00:48:45] - The story of the Moon Pals weighted stuffed animals [00:53:15] - How investors undervalue IP and mythology [00:57:20] - Leveraging uniqueness as a founder to boost your brand power [01:00:53] - His eye-opening experience working on Justin Bieber’s team [01:05:20] - How he identifies potential magic-makers and enables them [01:09:16] - An odd commonality between high-level successful people [01:12:14] - Whether or not one could map out their own archetype framework [01:15:23] - The dangers of focusing on one’s own persona and image as the product [01:18:19] - The kindest thing anyone has ever done for him
10/01/23·1h 21m

Amjad Masad - The Future of Software Creation - [Invest Like the Best, EP.310]

My guest today is Amjad Masad. Amjad is the founder and CEO of Replit, whose mission is to bring the next billion software creators online. Replit has built a browser-based coding environment that makes coding more fun, collaborative, and approachable. We discuss how that is possible and why the way most of us interact with computers today is suboptimal. We then go into the effects of AI on software creation and its broader impacts on technology. Please enjoy my conversation with Amjad Masad.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes[00:02:18] - [First question] - The Steve Jobs black-pill  [00:06:02] - Speculation on the near future of programming [00:09:38] - Potential convergence of simple software and coding tools [00:11:23] - What an IDE is and how it works [00:12:44] - The definition of REPL and the role of Replit in the space [00:14:21] - Decreasing friction in a programming environment using primitives [00:19:47] - Real-world effects of Replit’s low-friction design [00:23:27] - His perspective on new coding and AI technologies [00:30:29] - Promises and limitations of the user-friendly programming movement [00:33:16] - The dynamic nature of IDE technology and its challenges [00:39:53] - How he’s priming his team to react to new technologies like the upcoming GPT-4 [00:43:58] - Recommended skills and training for the AI world of the future [00:47:21] - The impact of IDE and AI tech innovations on existing tech giants [00:51:56] - His mixed but optimistic views on the trajectory of AI [00:54:40] - Recommendations for the curious listener without a programming background [00:56:50] - The role of smartphones in the IDE movement [00:58:28] - The kindest thing anyone has ever done for him
03/01/23·1h

Rebecca Lynn - Finding Your Customers - [Invest Like the Best, EP.309]

My guest this week is Rebecca Lynn. Rebecca co-founded early-stage investor Canvas Ventures in 2013 and is regularly featured as one of the best VCs in the market. She has deep positioning and go-to-market experience, which she honed during her time at Procter & Gamble, and that's the focus of our discussion. We cover the details of great marketing, why you should say no to customers, and how she has built Canvas. Please enjoy my discussion with Rebecca Lynn.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern Saas platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:37] - [First question] - What she’d do a great job teaching if she could teach a singular 401 level course [00:05:20] - Defining what the umbrella concept is  [00:06:10] - What about her career at P&G applies most to the kinds of companies she spends her time with now  [00:12:06] - What types of questions she asks to help someone building a product understand their marketing angle  [00:15:34] - The top three things people do wrong when running a survey in tactics or strategy [00:19:33] - Categories of questions where surveys are always helpful and effective    [00:21:06] - What the Go-To-Market Council is and what it does  [00:28:21] - The ways that most funnels are commonly broken   [00:31:17] - Defining great positioning and what it accomplishes [00:33:36] - How her knowledge and ideas most impacted the way she built Canvas [00:35:04] - Lessons learned about the world of digital health and the quantified self   [00:39:15] - The base level attributes that most indicate investment potential when she’s investing in a company [00:42:32] - The shifts in the world that most have her attention today [00:46:10] - What has her worried systemically about venture investing  [00:49:37] - The kindest thing anyone has ever done for her
27/12/22·51m 34s

Michael Mauboussin - Sharpening Investor & Executive Toolkits - [Invest Like the Best, EP.308]

My guest this week is Michael Mauboussin. Many of you will know Michael and his work well. He’s Head of Consilient Research at Counterpoint Global, one of the sharpest investment minds I know, and a frequent guest on this show. In this discussion, we go deep into his recent work on market share, returns on capital, and capital allocation - all of which are coming under increasing scrutiny for different reasons. Please enjoy this great conversation with my friend Michael Mauboussin.   Listen to Founders podcast   Founders Episode #136 A Success Story: Estee Lauder    Invest Like the Best with David Senra: Passion & Pain   For the full show notes, transcript, and links to mentioned content, check out the episode page here. -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:46] - [First question] - Overview of Michael’s recent research on market share [00:05:48] - Market share dynamics in modern history [00:08:43] - How market share data is useful for investors [00:12:30] - Investing in early breakout companies from low-concentration markets [00:14:34] - Surprises from his recent research project [00:15:29] - Using the value stick for stakeholder satisfaction [00:19:12] - Examples of value creation using the value stick [00:23:33] - Market power in relation to markups and willingness to pay [00:32:00] - Identifying a company’s real ROIC numbers [00:44:00] - How important absolute ROIC is when picking investments [00:47:07] - Research on capital generation and allocation trends [00:54:25] - Characteristics of great capital allocation strategies [00:59:26] - Surprises in the market since his deep-dive research [01:02:54] - Artificial intelligence and other sources of disruptive innovation
20/12/22·1h 6m

Jeremiah Lowin: Explaining the New AI Paradigm - [Invest Like the Best, EP.307]

My guest this week is Jeremiah Lowin. Jeremiah has been on the podcast a number of times over the years. He’s one of my oldest friends who has been a sounding board for me throughout my career. Today he is the founder and CEO of Prefect, which helps companies automate and orchestrate their dataflows. In full disclosure, Positive Sum is an investor in Prefect. We didn’t plan this conversation, but when OpenAI released ChatGPT, I called Jeremiah for a primer on what’s happening under the hood and how best to contextualize this product amidst the growing AI movement. We have these conversations often, but this time I decided to record it so we can all learn from someone I consider to be a leading mind in the fields of data science and machine learning. We start off in the weeds and zoom out as the discussion unfolds. Please enjoy this conversation with my friend, Jeremiah Lowin.   Listen to Founders podcast   Founders Episode #136 A Success Story: Estee Lauder    Invest Like the Best with David Senra: Passion & Pain   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:38] - [First question] - What a pre-trained transformer is  [00:06:12] - What latent representation means in the context of AI models  [00:09:57] - Models using math to interpret input data and generate images accurately  [00:11:43] - Whether or not understanding AI complexity in light of the results they arrive at will become a black box scenario  [00:14:13] - A high level history of the companies involved in generative AI [00:17:51] - The precursory technology that makes generative AI art possible [00:21:01] - What people are doing to improve AI models in between versions  [00:26:39] - Things that are literally happening during AI training [00:33:38] - Whether or not AI models might one day function as a utility like electricity [00:36:01] - Coding using GitHub Copilot and what it’s felt like to use it  [00:40:30] - How he’d approach starting an AI company from scratch  [00:44:40] - Developing this technology beyond general and into specific use cases [00:49:44] - The secret sauce for defensibility in the AI model space  [00:53:02] - What he’s watching more closely as the story unfolds  [00:56:32] - Whether or not he thinks that these toolkits will eventually learn how to use other systems like Unreal Engine on our behalf
13/12/22·1h

Bill Lenehan: Investing in Commercial Real Estate - [Invest Like the Best, EP.306]

My guest today is Bill Lenehan. Bill is the CEO of Four Corners Property Trust, a listed REIT and one of the leading owners of restaurant real estate in the US. Their portfolio is made up of 982 properties across 47 states. Real estate is something most of us own, whether as an investment or a home, and Bill’s insight into the asset class at this particular moment in time is fascinating to hear. Please enjoy my conversation with Bill Lenehan.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:19] - [First question] - Recent increases in mortgage rates and a frozen housing market [00:08:55] - Projected real estate trends over the next decade [00:13:38] - How a company’s ROI can be more consistent with backing from a real estate firm [00:16:41] - Risk-return rate and risk exposure in real estate compared to other asset classes [00:20:09] - The skills, traits, and circumstances that make a top-level real estate investor [00:22:38] - Stand-out learnings from his time at Farallon Capital Management [00:33:20] - The value of shopping malls and offices in a post-COVID, e-commerce US [00:39:27] - Pros and cons of different types of real estate investments, including REITs [00:43:22] - The impact of climate change on the real estate market [00:45:39] - The role of modern technology in investing and in real estate infrastructure [00:51:10] - Hard costs of building and renovating for the future [00:54:20] - How hard costs and supply levels impact rates of return and housing costs [00:57:17] - How the retail industry is adapting to consumer trends [01:01:23] - Why retailers need to adapt to a changing economy and how they’ll do it [01:04:03] - The relative magnitude of change in today’s real estate market [01:06:51] - The role health and wellness plays in real estate and finance [01:09:28] - What it feels like to be investing in 2022 [01:12:23] - The kindest thing anyone has ever done for him
06/12/22·1h 16m

Ron Howard and Brian Grazer - Box Office Business - [Invest Like the Best, EP.305]

Today I’m joined by two Hollywood greats, Ron Howard and Brian Grazer. They have produced, directed, written, and acted in a number of the most popular films and tv shows ever made, including Apollo 13, A Beautiful Mind, 24, and Frost/Nixon. Their partnership is one of the longest running in Hollywood, and the business they founded in 1985, Imagine Entertainment, has won 49 EMMY awards, 11 Golden Globes, and 10 Academy Awards. There are few better storytellers in the world and it was a thrill to talk about curiosity, trust, and business building with them both. Please enjoy this great conversation with Ron Howard and Brian Grazer.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:44] - [First question] - The value of trust and how Ron built it up over time with Brian [00:08:34] - The spark that allowed Brian to trust and work with Ron  [00:14:45] - Ray Stark calling Brian and threatening him over their mermaid movie [00:16:37] - Keeping their creative spark alive as their business scaled and matured  [00:20:20] - Principals like the universality concept that they return to most commonly  [00:23:24] - Seemingly bottomless wells of inspiration that they both pull from [00:26:18] - Curiosity precedes innovation and the curiosity conversations Brian has [00:30:15] - The pitch format Brian uses to try and secure a guest for a curiosity talk [00:32:16] - The role of engaging with conversations or ideas Brian disagrees with  [00:33:56] - How curiosity shapes the nitty gritty of Ron’s directing and producing  [00:37:41] - The biggest mistakes they’ve come across that people make telling stories [00:40:27] - Pinpointing the defining moments of their careers outside of the obvious wins [00:44:27] - Thoughts about how the industry has changed across their careers [00:47:19] - How they’ve gotten better at taking a project from nothing to the finish line  [00:49:53] - The kindest things anyone has ever done for them
29/11/22·52m 55s

Shane Battier - The No-Stats All-Star - [Invest Like the Best, EP.304]

Today’s episode is a special one, in a format that may turn into a series. It is a conversation between Ravi Gupta and Shane Battier. Ravi is a partner at Sequoia, one of our most popular past guests, and a good friend. Shane is Ravi’s friend, and one of the most successful basketball players ever, having won championships and awards at the high school, college, and NBA levels.   I spent 10 years as a purely quantitative investor, so naturally I was obsessed with data in sports. When I was meeting with prospective investors, Michael Lewis’s book Moneyball—which chronicled the data analytics revolution in baseball—was my go-to analogy to explain what I did… “Moneyball, but for investing.” I used that line for years.   I’ve learned firsthand that it’s wise to follow your curiosity, no matter how strange or different it may be. The podcast is my curiosity tour, and years ago it led me to Sam Hinkie—who is himself on the Mt. Rushmore of analytics in sports. Sam introduced me to Ravi. Then Ravi sent me Michael Lewis’ article written about Shane called “The No Stats All-Star.” I highly recommend you read it.   All this serendipity around friends, data, investing, and sports gave me an idea: why not ask Ravi to interview Shane? Ravi likes the idea of playing for the front of the jersey, not the back. It is hard to imagine someone that lived that more than Shane. Shane shares his story, lessons learned from various coaches, and using data as an advantage. He also explains the four kinds of teams he’s encountered, which I found simple, and memorable.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:53] - [First question] - What people measure in basketball, what matters when it comes to winning, and why he was called a replaceable cog in the No-Stats All-Star [00:08:38] - Some of the plays that impact the overall points during a basketball game [00:14:33] - The power of curiosity and obsessing over details [00:16:16] - Embracing his role and how being a role player applies to life outside of the court [00:20:47] - Where his obsession for winning and being a good team mate comes from  [00:23:23] - Some of the things great leaders and coaches did to inspire him  [00:28:51] - An overview of the four types of teams and fundamental aspects of them [00:34:50] - What a person can do to elevate their team and make it a winning one  [00:37:43] - Antifragility and the letter Shane wrote for Ravi when Amazon bought Whole Foods [00:44:56] - How to get everyone rallied around a long-term shared mission effectively   [00:46:48] - Finding a No-Stats All-Star in a company and what to look for in one [00:52:34] - The kindest thing anyone has ever done for him
22/11/22·54m 56s

Parker Conrad - Building a Compound Company - [Invest Like the Best, EP.303]

My guest today is Parker Conrad, co-founder and CEO of Rippling. I wanted to speak to Parker because he is building Rippling in a way that we don’t come across often. Rather than focus narrowly on one product, he is building a suite of interrelated products simultaneously to carry out the functions of HR, Finance, and IT for companies. He calls it a compound company and we discuss the idea, as well as some of his other non-traditional theories, in detail. Please enjoy this conversation with Parker Conrad.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.    -----   This episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:36] - [First question] - Overview of what a compound startup is  [00:06:32] - What he’s learned about picking customers effectively  [00:08:48] - Key chapters when it comes to building a compound startup  [00:13:48] - What great looks like at the base level infrastructure of employee data [00:20:15] - His overall philosophy on product development writ large  [00:25:09] - His role as a capital allocator and distributing resources to his teams [00:27:19] - The amount of products they offer and whether or not there’s a tradeoff between time, cost, and quality when building software [00:31:36] - Possibly incorporating an app-like store on top of their existing infrastructure  [00:34:43] - Speed and the kinds of people that can sustain it for long periods of time [00:36:30] - What motivates him on a personal level and harnessing motivation in general [00:42:31] - Whether or not there’s an end to feeling hurt by false public perceptions when building in public [00:44:12] - The intersection of leadership and communication inside of a business and what he’s learned about great communication  [00:48:00] - The paradox of how focusing on non-scalable actions perpetuates growth and productivity and his views on productivity-per-person [00:50:36] - The best example of a moment that required the most grit and perseverance while building his company  [00:52:28] - How to successfully get former founders to come work for him  [00:54:47] - What good private equity investors do  [00:58:31] - The kindest thing anyone has ever done for him
15/11/22·1h

Bob Elliott - A Macro Tour - [Invest Like the Best, EP.302]

My guest today is Bob Elliott, the CEO and CIO of Unlimited, which creates low-cost index ETFs for alternative investment strategies. Prior to co-founding Unlimited, Bob was a senior investment executive at Bridgewater Associates where he served on their investment committee and led Ray Dalio’s personal research team for a decade. His breadth and depth of experience makes him a great person to assess the current macro landscape. We discuss the relationship between rates, inflation, and asset classes, Bob's approach to identifying data with the most signal, and finish with his view on quantitative strategies in private markets. Please enjoy this great discussion with Bob Elliott.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:45] - [First question] - The Economic Organization of a POW Camp and key lessons one can learn from the paper [00:07:22] - The way that supply and demand clears a price and how that plays into his thinking about investing across asset classes  [00:09:58] - Whether or not he has a generalized investing worldview or framework [00:11:46] - Deciding on what data is signal and matters most when analyzing markets  [00:15:46] - A crash course on easy money and tight money regimes and the implications of both in a macro environment  [00:20:28] - The rise and role of inflation and what should be done about it [00:24:00] - What the next couple of years will look like if we draw lessons from history [00:30:12] - Why gold could ever belong in someone's portfolio when it doesn’t produce or yield anything back to the investor  [00:35:08] - Supply and demand constraints and the state of the housing market today  [00:40:42] - What might happen in future labor markets given our current macro environment [00:46:27] - Currencies, energy, geopolitics, and what he’s most focused on globally [00:52:19] - What movements in the charts are worrying him the most  [00:56:04] - The original “All Weather” portfolio and what one would look like if he built it today [01:02:05] - How his career has taught him to find talented individuals who might deliver alpha [01:07:19] - Lessons learned from early-stage and venture investing and thoughts on that world now [01:12:41] - Why there hasn’t been an iconic early-stage technology investing firm driven by systematic strategies [01:16:10] - The kindest thing anyone has ever done for him
08/11/22·1h 20m

Kirsten Green - Investing in Consumer Change - [Invest Like the Best, EP.301]

My guest today is Kirsten Green, founder and managing partner at Forerunner Ventures. Kirsten launched Forerunner in 2012 and has built it into a leading consumer-focused venture firm with early investments in consumer brands like Dollar Shave Club, Bonobos, Faire, and Warby Parker. Our conversation is an exploration of consumer behavior and how to invest behind change in our society. We also discuss frameworks for identifying brands early, how to build deal flow, and the shift in power between buyers and sellers. Please enjoy my conversation with Kirsten Green.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:35] - [First question] - The insights gleaned from studying consumers in the modern era [00:07:02] - Whether or not the shift in consumer behavior is similar to a platform shift like mobile [00:09:58] - Which of her hypothesis going into the research was proven most wrong [00:11:31] - The leading persona archetype that drives consumer spending  [00:13:58] - Thoughts about her investing focus after doing all of this research  [00:16:23] - How much the digital world is good and bad for community [00:18:50] - Positive and negative impacts digital access has on children [00:21:17] - The investing criteria that she and her firm have developed for founders and business models they find desirable  [00:32:00] - The beachhead problem for entry points, encouraging good focus and entry point selection, and who’s done it well  [00:35:33] - The history of the consumer of how they buy and sell and where the shifts in power have been  [00:39:47] - Other interesting trends she’s seeing in the seller empowerment era [00:43:35] - How different her investing models are for linear product businesses [00:46:45] - Frameworks she’s developed for evaluating a brand early on  [00:49:57] - The most defining moment in Forerunner’s history and the hardest lesson she’s had to learn  [00:53:13] - Ways she’s fostered and mentored young investors at Forerunner  [00:54:04] - What the most underappreciated thing is today about the consumer [00:54:50] - User and customer development strategies that work well for early stage products [00:56:26] - Three businesses young investors should study to educate themselves on great consumer businesses; Shoe Dog [00:59:49] - Where they find the companies Forerunner tends to invest in, and how to build and effective deal flow pipeline  [01:05:07] - The kindest thing anyone has ever done for her
01/11/22·1h 9m

Jason Droege - Building Uber Eats - [Invest Like the Best, EP.300]

My guest today is Jason Droege, a venture partner at Benchmark. Jason’s had a long entrepreneurial career, which most recently culminated in building and leading Uber Eats. He joined Uber in 2014 with a blank piece of paper to grow the business beyond ride sharing. Within six years, he found product market fit with food delivery, refined the service, and scaled Uber Eats to a global $20 billion GMV run rate. Our conversation pulls out the most important lessons learned during that period and how Jason now employs them in his role at Benchmark. Please enjoy this great conversation with Jason Droege.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:52] - [First question] - What it was like at a high level building Uber Eats [00:07:38] - How he would structure entrepreneurial incentives on a platform like Uber for a new leader or team attempting to build on top of it [00:10:17] - What he learned about selecting competitive frontiers and mistakes made while building Uber Eats [00:15:17] - Things that Uber Eats got most right that he’s proud of  [00:18:16] - Constructive mistakes that taught him a lot from his time with Uber Eats [00:20:36] - What made India such a competitive environment  [00:26:13] - What improved the most in his playbook for launching in a new city [00:27:14] - Defining what best means in this competitive sector   [00:29:01] - Dealing with suppliers in different categories and finding an ideal balance [00:32:09] - When monogamy between the buyer and supplier matters and when it doesn’t in a marketplace  [00:36:12] - Defining what founder market fit is and being “fingertippy” [00:37:29] - His views on the relationships between leaders of businesses and their cultures [00:40:26] - Why Uber believed in him more than he did  [00:41:40] - What he learned about marketing to suppliers specifically  [00:45:18] - Differing views he has on the concept of failure   [00:47:31] - Thoughts about ideas versus execution and the relative importance of the two [00:49:10] - Effectively measuring opportunity cost and using it in decision making   [00:58:56] - The most interesting things he’s learned from his time as a partner at Benchmark [01:00:15] - The kindest thing anyone has ever done for him
25/10/22·1h 4m

Paul Orfalea - It’s About the Money - [Invest Like the Best, EP.299]

My guest today is Paul Orfalea. Paul founded Kinkos, the popular copy chain, in 1970. He started with a single photocopy shop in California and grew the business into a $2 billion multinational operation over the course of his 30 years in charge. Paul is a non-traditional leader in the best sense and we discuss his philosophy of business building, from why your subordinates should frustrate you, why you shouldn’t love your business and tips he learned on hiring well. Please enjoy this conversation with Paul Orfalea.    Founders podcast on Paul Orfalea.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:58] - [First question] - What it was like to be a very bad student in highschool [00:04:22] - When he first realized he was unemployable [00:05:02] - The origin story of the very first Kinko’s [00:07:53] - Finding what has worked well in each Kinko’s and coaching managers [00:11:45] - The difference of working on and not in the business [00:13:57] - Why a good salesperson will sell you broke   [00:15:36] - Why he teaches, what he teaches, and his teaching style [00:18:31] - Explaining the Federal Reserve in two minutes   [00:21:58] - The role of anger in his career and something he’s worked on over time [00:22:31] - Where Kinko’s falls on the spectrum of bad to great businesses [00:26:18] - Lessons learned about using the word employee [00:27:21] - The most clever marketing strategy he ever deployed or designed [00:27:45] - Learning to spread the glory instead of the money   [00:28:30] - The state of entrepreneurship today compared to when he started  [00:30:42] - What motivated him across his career [00:31:35] - Why being in it for the money seems odd in today’s lens [00:32:34] - Who he most admired or most admires today  [00:32:51] - Let My People Go Surfing: The Education of a Reluctant Businessman [00:33:08] - Preserving the alignment of integrity and action  [00:34:57] - How good he is naturally with numbers and math being dyslexic  [00:38:05] - His parents’ impression of him while he was building Kinko’s  [00:39:56] - The most interesting person he’s ever worked with at Kinko’s [00:40:48] - What he would have done differently if he started from scratch [00:41:24] - Something that is most underappreciated about the United States  [00:43:00] - The kindest thing anyone has ever done for him  [00:43:57] - A big lesson he’s earned in a deeper way that he wishes he could share with others
18/10/22·46m 18s

Madhavan Ramanujam - How to Price Products - [Invest Like the Best, EP.298]

My guest today is Madhavan Ramanujam. Madhavan quite literally wrote the book on how to price products, it’s called “Monetizing Innovations” and his concepts have been used by companies across the world like Porsche, Uber, LinkedIn, and SuperHuman. Our conversation is a masterclass on pricing. We discuss common mistakes when pricing products, why you need to focus on benefits rather than features, and how to pick the right monetization model. Please enjoy my conversation with Madhavan Ramanujam.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern Saas platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:48] - [First question] - How he arrived at a radically different way of building products [00:05:07] - An example of coming up with a price before the product [00:08:35] - Distinctions between a willingness to pay and positive feedback  [00:10:29] - How to make sure you’re talking to the right potential customer in the first place [00:13:32] - Productizing for different customer segments  [00:16:16] - Questions companies should be asking to get accurate feedback [00:21:18] - What he’s learned about the motivations of potential buyers [00:22:43] - What leaders, killers, and fillers are [00:24:37] - Some of the biggest mistakes companies make while following his formula [00:25:35] - A rule of thumb for what is a benefit versus a feature [00:27:35] - Five distinct pricing models for charging a customer [00:30:46] - Whether or not the value piece of all of this revolves around time and money [00:33:27] - What he tells entrepreneurs about pricing their products that most surprises them  [00:35:16] - Defining the first four categories of failure  [00:40:13] - Reasons why so many innovations fail to monetize and pricing being a CEO topic [00:41:51] - Good rules that leaders can use to have a general sense for effective pricing  [00:47:38] - Behavioral changes and observations as the absolute price move up and down  [00:50:36] - Is there a pricing genius we should take note of? [00:53:18] - The single question every leader should ask themselves [00:53:46] - The kindest thing anyone has ever done for him
11/10/22·56m 30s

Scott Wilson - Non-Traditional Endowment Investing - [Invest Like the Best, EP.297]

My guest today is Scott Wilson. Scott is the CIO of Washington University’s endowment, which manages over $13 billion. In this conversation we discuss WashU’s non-traditional endowment model and cover a variety of asset classes and geographies. We talk about the qualities Scott looks for in managers, lessons from investing in Asia and emerging markets, and red flags in the venture space. Please enjoy this conversation with Scott Wilson.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern Saas platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus. -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:38] - [First question] - What he learned about markets from quant fixed income trading  [00:04:42] - How his experience shaped his degree of skepticism of the world [00:05:15] - The story that brought him to Grinnell College  [00:06:45] - What his education was like back in 2010 and what seemed sensible and insane when he arrived [00:09:37] - His philosophy around trying to have more direct ownership [00:12:03] - Lessons learned about choosing good partners and doing it effectively over time [00:13:51] - Things that are most enjoyable about getting to know new managers  [00:16:17] - Why they spend so much time in frontier and emerging markets [00:18:21] - Lessons learned from investing in China and thoughts on it today  [00:23:16] - The worst things he sees from venture investors  [00:24:39] - Whether or not venture investors should care more  [00:27:55] - What percentage of investors in private equity are investors versus just involved to try and engineer returns [00:28:59] - His impressions on hedge funds and the evolution of the hedge fund model [00:31:18] - The role that credit can play in a portfolio like the one he manages now  [00:36:34] - Everything he’s learned about asset managers acting as asset gatherers [00:39:35] - Ways he fights convergence and tracking error overseeing so much capital  [00:41:49] - What it’s like to go through the bad side of tracking error [00:45:43] - What he sees as a normal level of tracking error for endowments and foundations [00:46:59] - Why such big pools of institutional capital tend to look so similar  [00:48:10] - Whether or not real estate sits somewhere between stocks and bonds [00:51:10] - Colliding managers in a fun and spirited way at meetings  [00:52:16] - An investing trip from his career that he finds most memorable [00:52:50] - The kindest thing anyone has ever done for him
04/10/22·56m 32s

Julio Vasconcellos & Mate Pencz - Investing in Latin America - [Invest Like the Best, EP.296]

My guests today are Julio Vasconcellos and Mate Pencz, who are partners at Canary and Atlantico, leading early-stage investment firms in Latin America. They’re also both successful entrepreneurs. Mate is the co-founder and CEO of Brazilian real estate unicorn, Loft. Julio was Facebook’s first country lead for Brazil, an entrepreneur in residence at Benchmark, and the former founder of Peixe Urbano which sold to Baidu. This conversation was a great opportunity to dive into the state of investing and business in Latin America today, what it looks like on the ground, and cover the most interesting findings from Atlantico's annual report on Digital Transformation in the region. Please enjoy my conversation with Julio and Mate.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:39] - [First question] - A broad perspective on what is interesting in Latin American investing today - Latin America Digital Report 2022 [00:05:15] - What makes up the existing 1.5% tech penetration index in Lat Am [00:06:11] - Florian Hagenbuch, Mate Pencz - Everything Will be Bought Online (Loft); David Velez - Building the Branchless Network (Nubank); How important it is to parse by country when it comes to building businesses in LatAm  [00:08:31] - Overview of LatAm as a microcosm of fintech innovation happening really fast and what is most exciting in that sphere  [00:12:28] - Why the adoption of PIX was so successful and how it maps onto the banking system [00:14:27] - What PIX’s widespread adoption will enable for the coming wave of entrepreneurs  [00:22:30] - Shifting to remote work and how it’ll affect LatAm workers and talent [00:30:06] - What it feels like for an entrepreneur today compared to when Loft launched  [00:32:36] - Deeper themes and what needs to be unlocked for LatAm’s tech sector to look more like the US or China with big tech giants  [00:40:12] - Sources of available funding for venture and private equity   [00:42:54] - What valuations look like and whether or not there’s an entry multiple discount [00:45:12] - Seeking evidence that crypto is used in more valuable ways in emerging markets  [00:48:00] - Areas where LatAm is operating in a future state more so than elsewhere [00:50:28] - What the right amount of global firm participation in capital partnerships looks like [00:52:38] - Big standout lessons from their operating days  [00:55:53] - What is most exciting and concerning about their investing style and investing writ large in LatAm  [00:58:51] - The kindest thing anyone has ever done for Julio
27/09/22·1h 1m

Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295]

My guest today is Trina Spear, a former investor at Blackstone and the co-founder and CEO of FIGS. FIGS is a multi-billion-dollar public company that built a category-leading brand selling scrubs to healthcare professionals. It was a problem hiding in plain sight and FIGS solved it through vertical integration and customer obsession. Trina shares so many interesting, simple lessons that are often ignored in business. Please enjoy my great conversation with Trina Spear.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:28] - [First question] - The original insight that lead to founding FIGS [00:04:28] - Why obvious opportunities can go so long before being seized  [00:06:23] - Key dimensions needed to improve the product and the early days  [00:09:02] - Basic overview of a clothing retailer’s financial profile [00:10:49] - Financing the business and the early stage cash flow cycle  [00:13:04] - Strategies to manage workflow and making sacrifices [00:14:43] - Advice for people trying to build their brands in a hands-on way  [00:17:14] - The biggest calculated risk she took in the first five years [00:19:00] - Building a foundation that allowed for such explosive growth [00:21:44] - The story that allowed FIGS to connect with their customers [00:24:43] - Painting a picture of the size and scope of healthcare apparel [00:26:22] - Things lazy companies do and thoughts on product variety [00:28:54] - Defining SKU productivity and what to do with low productivity products  [00:30:21] - Chip Wilson Book; Lessons learned from reading Chip’s story [00:31:58] - Balancing a healthy relationship with your CFO [00:33:59] - Where she sees the most runway to tackle and continue to execute [00:35:46] - A women-lead industry and her time spent with Meg Whitman [00:38:13] - The most essential jobs she feels she has and shouldn’t do as the CEO [00:40:03] - Thoughts about relationships with investors and messaging  [00:42:14] - What she’d be most focus on in founders if she was just an investor  [00:43:57] - The most stressful thing that has ever come across her desk  [00:44:41] - What types of things bring her the most joy in building FIGS [00:45:27] - Philosophy of hiring given their small team and when it’s okay to hire [00:46:56] - Whether or not there’s a role for non A players in businesses [00:47:48] - The kindest thing anyone has ever done for her
20/09/22·49m 17s

Gabriel Leydon - How Web3 Onboards a Billion Users - [Web3 Breakdowns, EP.37]

Today, we are sharing an episode of Web3 Breakdowns with you. My Invest Like the Best conversation with Gabe Leydon last year was one of my favorites and became one of our most popular. Since that conversation, Gabe has become one of the most interesting builders in web3 that I know so I was excited to have him back to share his views of the space and how it might grow. If you enjoy this episode, subscribe to Web3 Breakdowns on your preferred podcast player.   My guest today is Gabe Leydon, who’s episode last year was one of our most popular ever. Gabe has spent the last 20 years designing video games and is one of the most original thinkers I know. He was the co-founder of Machine Zone, which pioneered free-to-play hits like Mobile Strike and Game of War. Over the past year, he has been in stealth mode building a web2 meets web3 video game company called Limit Break, which is founded on a brand new business model that he calls free-to-own. We dive into his vision for the future of gaming, how it could onboard a billion users onto the Ethereum network, and why the LTVs of crypto gamers are so far higher than their web2 counterparts. Please enjoy this conversation with Gabe Leydon.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:19] - [First question] - What free-to-own gaming means and why it’s exciting  [00:11:40] - Pre-existing behavior that sets up free-to-own for success [00:12:32] - The progression from PFP NFTs to clubs and the road ahead [00:14:16] - Overview of the business and monetization model for free-to-own games [00:17:51] - The story of DigiDaigaku, their mechanics, the drops, and what lead to their creation [00:22:14] - Balancing supply and demand in a free-to-own market [00:24:35] - Creativity and extensions of the DigiDaigaku NFTs [00:26:13] - Tiering, breeding and the role the Genesis series will play in the Digi universe [00:27:32] - The level of brand marketing NFTs will unlock for businesses [00:29:57] - How free-to-own will be the primary monetization method for brands [00:31:21] - A future with a global marketing shift towards digital property and economies [00:33:06] - Why most of the winning PFP projects are of unique characters [00:35:50] - His Twitter strategy and how he’s created such a fervor around him [00:42:40] - What will define the legendary marketers over the coming decade  [00:43:06] - Interoperability needed to make real-world NFT uses appealing to consumers  [00:44:44] - Whether or not we’ll see more token-gated business in the future  [00:45:40] - Stable Diffusion and his impression of the new AI art generating bots [00:48:56] - What great distribution looks like in a digitally native world [00:50:03] - The emphasis of innovation taking place in the metaverse being a bad thing [00:53:24] - Things he most admires in adjacent games and creators in his world [00:54:25] - Unique game mechanics that Web3 technology unlocks  [00:56:16] - NFTs will be the gateway for people to acquire crypto
15/09/22·59m 29s

Harley Finkelstein - Building the Entrepreneurship Company - [Invest Like the Best, EP.294]

My guest today is Harley Finkelstein. Harley is the President of Shopify and has been with the company since its early years. He is a lawyer by training but an entrepreneur by calling and that is the focus of our discussion. We discuss the different dimensions of entrepreneurship and Shopify’s role in promoting it, as well as exploring the company’s transition to public markets, and what the last few years have been like. Please enjoy my discussion with Harley Finkelstein.    For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:26] - [First question] - His interpretation and definition of a person’s life's work  [00:05:50] - The story of the riverstone and the average polished executive  [00:08:36] - The thing he can’t help but do; and focusing on our compulsions [00:13:12] - How he would boil things down to the most simple entrepreneurial formula; Distilled [00:16:38] - What is harder and easier about new business formation today  [00:21:03] - The countervailing forces for small-to-medium business entrepreneurship  [00:24:31] - What he’s learned about operationalizing ideas and mentor lessons [00:29:08] - A piece of fortune cookie advice that he finds terrible [00:30:49] - How Brands Grow; his philosophy on marketing & distribution   [00:35:27] - The most effective distribution strategies he’s seen work in Shopify that might be portable to other businesses [00:38:43] - What it was like getting their first app developer for the Shopify app store [00:41:17] - The state of ecommerce today writ large and what trends are interesting  [00:45:46] - Lessons learned about the digital places that people are buying  [00:49:06] - What it’s been like as an executive working at a company that had their stock price explode over the pandemic  [00:52:25] - Tips for communicating effectively with Wall Street [00:54:14] - An investor that stands out in memory that really impressed him [00:55:10] - Important aspects of his world that are worth mentioning  [00:57:04] - Lessons learned about motivating people through DJing  [00:59:12] - Whether or not reading the crowd can apply to business [01:03:49] - The kindest thing anyone has ever done for him
13/09/22·1h 5m

Mitch Lasky - The Business of Gaming - [Invest Like the Best, EP.293]

My guest today is Mitch Lasky. Mitch is a partner at Benchmark and one of the leading figures in the video game industry. Over the last 30 years, he has built, led, and invested in a number of the best gaming companies in the world, including Activision, EA, Riot, Snapchat, and Discord. I couldn’t think of a better person to break down the anatomy of great gaming businesses and Mitch does not disappoint. His insights are remarkable. Please enjoy this excellent conversation with Mitch Lasky.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:31] - [First question] - Why there aren’t more famous gaming investors [00:05:08] - The most important features of the modern gaming business model [00:07:11] - Developing his aesthetic taste and investing decision skill [00:08:03] - What makes a game fun  [00:09:26] - How delivering a pleasurable active user experience differs from passive content and media [00:11:09] - The developers of Doom being the first real modern video game company [00:13:09] - Half-Life’s important role in the development of the gaming industry [00:17:54] - How some of the big game aggregators get started in the first place [00:19:58] - What Riot can teach non-gaming businesses about business writ large [00:21:10] - Ways that the change from physical games to downloads changed monetization [00:31:47] - The impact of Apple’s privacy changes on gaming revenue [00:34:11] - How the access to professional game engines and a lower friction environment will change the industry [00:37:04] - Whether or not there is a step beyond mobile [00:39:42] - Ways platforms like Twitch and Discord have influenced gaming [00:42:26] - What he’s learned about games that allow them to seemingly exist forever [00:45:17] - Signs of a healthy gaming community [00:46:21] - The role of celebrities and influencers and generating retained audiences [00:47:45] - Whether or not crypto will unlock new opportunities for in-game monetization  [00:52:50] - Key categories of motivators that could replace a ponzi-style in-game inflation  [00:54:36] - Contrasting League of Legends versus a Ready Player One style world [00:58:22] - Emerging technologies and trends that may revolutionize the industry  [01:02:41] - The most genius game pattern he’s ever played [01:04:44] - What attributes will define the great game investors in the coming decades [01:06:59] - How much his experience lends itself to investing in other sectors [01:11:07] - The kindest thing anyone has ever done for him
06/09/22·1h 13m

David Senra - Passion & Pain - [Invest Like the Best, EP.292]

My guest today is David Senra. David has studied history’s great founders and entrepreneurs in more depth than anyone I’ve ever met, and I’d wager more than anyone else alive. In this conversation, we cover many of the most common themes he’s discovered studying hundreds of entrepreneurs like Estée Lauder, John Rockefeller, Enzo Ferrari, and Edwin Land. I found this to be one of the most energizing conversations I’ve had in a long time, and one I’ll return to often.   David’s work and extraordinary energy aligns so well with our mission at Colossus that we’re excited to partner with him. You’ll soon be able to find his podcasts and transcripts at joincolossus.com where we hope you’ll learn as much from him as we have. If you like this conversation, be sure to subscribe to David’s podcast called Founders. Now onto our discussion. Please enjoy this great conversation with David Senra.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:01] - [First question] - When he first fell in love with reading [00:07:01] - What’s rooted in his own history that’s made him obsessive about studying history’s great entrepreneurs and founders - Founders Podcast [00:13:45] - How often obsession is apparent in the founders he’s studied across hundreds of biographies  [00:18:08] - What is often behind obsession and how people listening can apply the lessons to their own lives [00:22:45] - The dynamic and relationship between inspiration and perspiration  [00:27:11] - Commonalities between the layers of leadership and support underneath founders [00:31:52] - Where else he’s seen ego rear its head in good and bad ways  [00:38:34] - How often do great founders break the law or enter gray areas of it  [00:41:22] - The role constant learning and listening plays in success [00:45:12] - Talking about how anything worth doing is worth doing to excess  [00:52:18] - Describing the soul of founders and businesses [00:58:39] - What he’s learned about all of these founders as it relates to marketing  [01:08:10] - Who his idols are in podcasting specifically  [01:14:55] - Major aspects of people he’s studied that haven’t been discussed yet [01:19:55] - The kindest thing anyone has ever done for him
30/08/22·1h 23m

Robert Smith - Investing in Enterprise Software - [Invest Like the Best, EP.291]

My guest today is Robert Smith, the founder, Chairman, and CEO of Vista Equity Partners. An engineer by training, Robert started Vista at the turn of the millennium and built it into one of the world's most successful software-focused investment firms. We discuss the white space left in enterprise software investing, the importance of capital cycles, and what he’s learned building an iconic investing franchise. Please enjoy my discussion with Robert Smith.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:34] - [First question] - What the enterprise software market looks and feels like to him [00:05:52] - Whether or not software is becoming a saturated market and what will drive demand over the coming decades [00:09:42] - Bringing an engineering mindset to enterprise software investing and culture [00:12:36] - A single change he made to a business that stands out most in memory [00:14:33] - Qualities that are most critical in defining a good enterprise software company [00:18:07] - How the profile of companies he’s bought has changed over the years [00:20:33] - Categories of software he tends to gravitate towards  [00:23:56] - Evolving his model for considering what multiple to pay for a business and thinking about p/e growth multiples  [00:27:17] - Lessons learned about customer churn over his twenty two year career [00:29:44] - Capital cycles and how much they truly impact the software world  [00:31:53] - What elements of building Vista have most appealed to him over the years   [00:38:06] - The war for talent and what his senior team would debate most  [00:40:01] - Biggest mistakes Vista has made and what they taught him [00:41:09] - What has him most insecure or paranoid about the platform he’s built [00:43:10] - The advice he’d give on having good relationships with LPs [00:44:57] - The largest risk he or Vista has ever intentionally taken  [00:46:15] - What he’s learned about having a winning negotiations and sales approach [00:49:27] - Who he’d give all of his capital to outside of Vista [00:53:08] - The work he does in the foster world [00:54:49] - The kindest thing anyone has ever done for him
23/08/22·56m 38s

Katherine Boyle - Investing for America - [Invest Like the Best, EP.290]

My guest today is Katherine Boyle, a general partner at Andreessen Horowitz. Katherine started her career as a reporter for The Washington Post before moving into VC at General Catalyst. She now leads a practice at a16z called American Dynamism, investing in companies that are solving critical issues in areas like defense, housing, and education.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   The content here is for informational purposes only and should not be taken as legal, business, tax or investment advice, or be used to evaluate any investment or security and is not directed at any investors or potential investors in any a16z fund. For more details, please see a16z.com/disclosures.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:42] - [First question] - The origin and overview of the term American Dynamism  [00:05:01] - Why the shift to a move slow and make sure nothing breaks mentality [00:07:31] - What about the American system today feels broken and stale  [00:09:48] - Becoming a journalist at The Washington Post  [00:11:35] - Describing the power landscape of media as it exists today   [00:12:28] - Major categories of American Dynamism that matter most   [00:14:29] - What matters more or less to her as an investor in these categories  [00:17:31] - Whether or not there’s anything fundamentally broken about our government [00:19:36] - The Systems Bible; What excites her about aerospace and defense and what creates opportunity and demand in these sectors [00:26:01] - An overview of how lobbying works and who does it and why [00:33:09] - The biggest problems that currently exist in the K-12 school system  [00:37:34] - The role immigration will play in range of outcomes in these main categories  [00:39:32] - Key takeaways about housing in light of American Dynamism   [00:42:09] - Her interpretation of the chart that shows inflation in categories over time [00:47:56] - Whether or not expected returns and risk profiles are different in this area  [00:49:55] - Overview of the anatomy of a great story   [00:51:30] - The story she tells founders at this stage so establish a partnership  [00:52:46] - The kindest thing that anyone has ever done for her
16/08/22·54m 50s

Ravi Gupta - Focus - [Invest Like the Best, EP.289]

My guest today is Ravi Gupta. Ravi spent a decade in private equity at KKR before joining Instacart as their first CFO and COO. He navigated them through a critical moment in their history and returned to investing in 2019 as a partner at Sequoia. Our discussion gets to the heart of what it means to build and invest in great businesses, and we talk a lot about the personal side of the journey, which tends to get overlooked. Please enjoy this great conversation with Ravi Gupta.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:34] - [First question] - Why it’s important to keep the main thing the main thing [00:04:59] - His first exposure to this idea; How Will You Measure Your Life [00:07:50] - Thoughts on the conflict of the main thing for a business and a person [00:11:45] - The most painful episode of enacting this philosophy at Instacart  [00:19:16] - Amazon’s 14 leadership principles vs. his concept of focus [00:21:55] - What good main things share in common and their attributes; Frank Slootman Episode [00:24:48] - Whether or not the feedback loop for things that work are very short  [00:26:04] - The nature of joy and competitiveness in company culture  [00:29:01] - How he assesses the depth that motivation runs through people and companies [00:32:43] - Analysis of his own motivations in life  [00:35:34] - Differences and shortcomings of virtuous and vicious motivators  [00:37:15] - How to accurately figure out someones motivators in a short period of time [00:40:22] - Being Demanding and Supportive; Why these words pair so well together [00:45:55] - What he’s looking for in companies given all of the ideas discussed so far [00:51:11] - How his ideology manifests inside of Sequoia  [00:58:44] - What it’s like to mentor an apprentice and how to do it well [01:02:40] - Adjusting behaviors to meet current markets where they’re at  [01:06:13] - Defining what a great product is [01:07:56] - What he did to turn around Instacart by narrowing their focus [01:12:28] - The things that most drove the switchover at Instacart [01:14:53] - The kindest thing anyone has ever done for him
09/08/22·1h 17m

Will Thorndike - The Power of Long Holding Periods - [Invest Like the Best, EP.288]

My guest today is Will Thorndike. I first spoke to Will in 2017 about his excellent book The Outsiders and his career in private equity. I titled that conversation: How Skilled Capital Allocators Compound Capital. In many ways this conversation continues where that one left off. Through the lens of his new project, a podcast called 50X, we explore the power of multi-decade holding periods and the shared characteristics of businesses that are able to compound returns at high rates for abnormally long periods of time. Please enjoy this discussion with my friend, Will Thorndike, and if you haven’t subscribed to 50X, I highly recommend doing so.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:45] - [First question] - How working on The Outsiders project shaped his thinking [00:06:29] - His interest in long-term holding periods and dealing with multi-decade time horizons [00:09:42] - Shared characteristics among compounding machines [00:11:23] - Defining capital efficiency and the return on tangible capital metric  [00:13:02] - An example of an attractive business that requires a lot maintenance CapEx [00:14:22] - Thoughts on the measurement of intangibles and whether or not he’d avoid great businesses that are intangible heavy  [00:15:25] - Tangible ways capital efficiency rolls into compounding capacity  [00:20:32] - Lessons learned about good game selection for companies  [00:25:09] - An example of a decentralized structure and why it works so well [00:30:00] - What the best serial acquirers do for long-term holders [00:31:46] - Advantages of using debt for financing and acquisitions   [00:33:39] - How different the future might be for young CEOs with capital allocator mindsets [00:39:09] - 3 companies that Housatonic Partners has owned for more than 25 years [00:40:29] - What made Karen Moriarty so good for so long  [00:42:36] - The crossover between public and private investing and the virtues of each sector [00:47:10] - What is at the top of his wish list of the companies he wants to explore  [00:50:25] - The development of investor conviction over time and what he’s learned about it [00:52:19] - Lessons learned about producing great media [00:53:43] - What he can teach us about deep research on companies with analysts [00:55:10] - Adjusting his thinking and investing in a high variance world
02/08/22·59m 4s

Alok Vasudev - Searching for White Space - [Invest Like the Best, EP.287]

My guest today is Alok Vasudev. Alok is an early-stage investor who has been in the crypto space for a very long time. Before co-founding Standard Crypto, he was an investor at Benchmark and S28 Capital. Given Alok's experience and the prevailing mood right now in crypto, this is a particularly interesting discussion on the ecosystem writ large. We discuss whether the bubble can be thought of as productive speculation, his views on skeptics in the space, and look at some big, potentially, underestimated ideas. Please enjoy my conversation with Alok Vasudev.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:31] - [First question] - His history in venture and thoughts on the crypto ecosystem [00:06:06] - What it means to be great at searching for white space as a venture capitalist [00:08:00] - Things his original venture peers would say he was best and worst at [00:09:24] - How he would address crypto skeptics broadly given today’s market [00:13:35] - Whether or not it’s appropriate to look at each crypto token as a stock  [00:15:32] - The pool of demand for Dai and the end use-case itself for the stablecoin  [00:17:01] - What matters to him the most in the world of stablecoins  [00:19:59] - Defining sound and unsound collateral  [00:21:02] - Why the US doesn’t digitize the dollar and how being a government entity would impede some of their capabilities  [00:23:21] - What a community operated computer unlocks compared to a standalone one [00:27:09] - What persistence and resilience from community computers open up   [00:29:30] - Something going on that people aren’t talking about yet in regards to blockchains [00:33:54] - The notion of productive speculation and what it means  [00:36:03] - One of the best historical examples of productive speculation [00:42:29] - How things outside of the blockchain become integrated and connected to it [00:45:43] - Ways crypto will impact the gaming world over the coming years [00:49:10] - Handicapping a potential future where NFTs work and blockchains don’t benefit [00:51:42] - Thoughts on the world of art, IP, NFTs, and its changing landscape [00:54:43] - Whether or not there are companies being built that can streamline and facilitate this form of connection between artists and their fanbases [00:58:13] - Other controversial opinions he holds in the crypto community  [01:03:13] - What he’s most bullish and bearish on right now [01:07:29] - The kindest thing anyone has ever done for him
26/07/22·1h 11m

Matthew Ball - A Manual to The Metaverse - [Invest Like the Best, EP.286]

My guest today is Matthew Ball. Matt is an investor, the former head of strategy at Amazon studios, and one of the brightest minds in the media industry. Through his essays and now his book, which launches today, Matt has established himself as the foremost authority on the Metaverse, which has stormed into the public eye since I first had him on the show two years ago. The Metaverse is the focus of our discussion and I hope you enjoy this encyclopedic tour through all of its details as much as I did.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:37] - [First question] - Which most represents the Metaverse: Minecraft, Ready Player One, Fortnite, or Facebook’s Horizon [00:05:58] - Facebook trying to own the concept of the Metaverse by changing their name  [00:09:22] - Defining what the Metaverse is and a good working definition of it [00:11:33] - The state of the engines behind 3D output and the history of them  [00:16:32] - The role IP played in bootstrapping the first Metaverses  [00:18:32] - Where the ability to create digital environments will lead, and what Unreal 7 could look like compared to Unreal 5 today [00:21:03] - Natural limits of the Metaverse compared to real-world experiences [00:24:16] - Other sensory inputs that will need to be improved for digital immersion [00:26:59] - Why the initial excitement of trying something like Oculus wears off over time, both for casual gamers and those excited about this new frontier [00:31:40] - Changes in technology and new projects that have him most excited that will empower the digital infrastructure for Metaverses [00:37:14] - What interoperability means and why it has its own chapter in his book [00:31:52] - How Roblox connects with Fortnite and how far down we need to go to build a bridge between digital worlds [00:46:13] - What will drive commerce in the Metaverse and the possibility for a singular currency standard [00:51:35] - Considering the demand for the Metaverse and whether or not it will be a constraint on adoption and success [00:57:37] - What the modern equivalent of a lemonade stand will be in the Metaverse [00:59:58] - The lower adoption rates for more participatory media consumption[01:03:19] - Potential pitfalls and the dark side of the metaverse [01:06:14] - Who the categorical winners of the Metaverse might be    [01:14:15] - The top things he would suggest exploring to best understand the Metaverse
19/07/22·1h 20m

TransDigm: Foundations with Nick Howley [50X, EP.1]

Today we are dropping a special episode in the Invest Like the Best feed. You will hear the first episode of 50X – a new series from Will Thorndike and the team at Compounding Labs, in partnership with Colossus. Will’s book, The Outsiders, is one of the best business and investing books you will find. Now you will hear him continuing his work in the hosting chair as he looks in detail at investments that have appreciated at least 50-fold. First up is TransDigm, an aerospace components manufacturer that has returned over 1,750X since its inception nearly three decades earlier. In this episode, Will is joined by Nick Howley, TransDigm’s long-time CEO and Chairman. Make sure to subscribe to 50X in your preferred podcast player.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. The team at Tegus has built a full company intelligence platform aimed at streamlining the investment research process. In preparation for the 50X series, we actively used Tegus to gain qualitative insights beyond traditional reported data. To learn more and enjoy a free trial, visit tegus.co/50x.    -----   50X is a podcast that dissects the anatomy of extraordinary long-term investments. The show is hosted by Will Thorndike and the team at Compounding Labs, and brought to you in partnership with Colossus.   In each episode of 50X, we look in detail at an investment that has appreciated at least 50-fold. From the seat of the professional investor and occasionally the CEO, we explore its origins, evolution, and eventual outcome, studying key themes around long-term value creation ranging from operations, capital allocation, and culture to pivotal buy and sell decisions. To enhance the quality and depth of our interviews, we rigorously study each asset in advance, diving into all available public and private resources.   Learn more and dive into our research at 50xpodcast.com   Follow us on Twitter: @50Xpodcast and @joincolossus   Show Notes [00:00:00] – 50X Introduction  [00:02:00] – Sponsorship: Tegus [00:07:04] – Episode Introduction  [00:09:05] – Nick’s Background pre-TransDigm [00:11:56] – Original Acquisition from Imo Industries in 1993 [00:15:33] – Thesis and Performance under Kelso & Co.’s Ownership [00:18:42] – Genesis of Three Key Value Drivers: Price, Productivity, and New Business [00:21:07] – Building the Management Team [00:24:05] – Early Lessons on Value Drivers [00:27:53] – Capital Allocation under Kelso & Co. [00:28:51] – Sale to Odyssey Investment Partners in 1998 [00:30:26] – Strategy under Odyssey’s Ownership [00:31:51] – Early Acquisitions and Integration Playbook [00:37:26] – Early External Crises [00:41:13] – Snapshot at Conclusion of Odyssey’s Ownership in 2003 [00:43:19] – Building a Decentralized Culture   [00:46:23] – Differentiated Approach to Compensation [00:52:12] – Sale to Warburg Pincus in 2003 [00:55:51] – Shift to Inorganic Growth under Warburg’s Ownership [00:58:08] – Evolution of M&A Process [01:05:37] – Post-Acquisition Expectations and Post-Mortem Process [01:09:48] – Divesting Acquired Assets to Maintain Focus [01:11:29] – Embedding Value-Generative Culture via Hiring and Training [01:13:54] – Quarterly Product Line Reviews [01:20:43] – Recap of Private Investment Returns and Snapshot pre-IPO
14/07/22·1h 24m

Alice Bentinck - Building a Start-Up Machine - [Invest Like the Best, EP.285]

My guest today is Alice Bentinck, co-founder of Entrepreneur First. Entrepreneur First, or EF, invests pre-company by systematizing the way that talented individuals find co-founders, develop ideas, and scale into companies. They’re an incubator of teams and ideas on a mission to create impactful companies that, without their help, wouldn’t exist. I first spoke with Alice’s co-founder, Matt Clifford, over two years ago and have been fascinated with EF’s model of investing ever since. Please enjoy my conversation with Alice Bentinck.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:33] - [First question] - Overview of what Entrepreneur First is today [00:05:57] - How she identifies the people to bring into each cohort and convince them to quit their job to join EF for eight weeks [00:10:10] - Categories of the main types of people who join the EF program [00:12:32] - What she’s learned about negative screening at the first stage of recruits  [00:14:07] - Positive signals she looks for in early admissions  [00:17:46] - What the program itself feels like as a participant [00:21:29] - Reasons partners tend to fail and whether or not EF advises equity splits between founders [00:24:49] - How important the idea is that the team will be working on  [00:28:04] - Exercises she enjoys doing with the new cohorts around social norms [00:30:38] - How the experience looks physically in each city  [00:32:57] - Categories of data collected as the cohorts unfold and making investment decisions [00:36:46] - Ways the companies mature after EF and what kinds of investors fund the next stage of their startups [00:40:55] - Why aren’t there ten EF style initiatives or organizations [00:44:26] - Motivations for the change in their holding company structure [00:46:48] - The love of product and ideas she’s playing with right now [00:51:49] - Cities she has her eye on that EF is not a participant in today and criteria that makes a city desirable for EF [00:54:03] - A piece of software that EF could benefit from that doesn’t exist yet [00:55:30] - The keys to her harmonious relationship with her co-founder Matt  [00:59:01] - National and international impediments that directly impact company building [01:01:36] - The kindest thing anyone has ever done for her
12/07/22·1h 3m

Jess Lee - Designing Investment Products - [Invest Like the Best, EP.284]

My guest today is Jess Lee. Jess is a partner at Sequoia Capital as well as their Chief Product Officer. Before becoming an investor, Jess co-founded fashion app, Polyvore, and was an early product manager for Google Maps. Most recently, she founded All Raise, a non-profit that is changing the gender balance in tech. Our discussion ranges from Burning Man to Marvel to Sequoia’s mobile app and I hope that Jess’s passion for delighting users rubs off on you. Please enjoy my conversation with Jess Lee.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:35] - [First question] - Why more investment firms don’t have a product mindset [00:05:22] - How to approach building a productized version of capital  [00:08:00] - Ways Ampersand measures success and judging their own performance  [00:08:49] - Driving reasons that Sequoia wins deals beyond their brand name [00:10:28] - How her work as CPO at Sequoia has changed her investing approach [00:12:28] - Everything she’s learned about community and its relevance to business  [00:17:48] - What the gold standards are for studying strongly built communities  [00:19:42] - What it is about Comic-Con that works so well from a community standard   [00:21:18] - The role that scarcity plays in communities writ large [00:23:10] - Product mindset and customer obsession  [00:24:33] - Knowing when it’s okay to begin expanding  [00:28:12] - Rates of change in her investment progress and dollars going to female founders [00:29:36] - Systemic bias and what’s driving a lack of funds towards female founders  [00:32:26] - How she applies community building lessons to All Raise [00:33:20] - The internal learning culture in Sequoia that others could adopt and benefit from [00:37:01] - Which Marvel superheroes her Sequoia partners would be   [00:39:05] - Seeds of motivation for Arc and what it is [00:44:31] - The best ways she’s seen companies manage and support human capital [00:45:36] - Biggest mistakes made when managing human capital  [00:46:42] - What working on Google Maps taught her about product development  [00:48:42] - Someone she admires and has learned the most from in All Raise   [00:50:02] - Measuring success at Sequoia over the next ten years   [00:52:20] - The kindest thing anyone has ever done for her [00:53:42] - What it was that made the people who believed in her take a chance on her  [00:55:03] - Things in pop culture today that most has her attention
05/07/22·58m 9s

Kenneth Stanley - Greatness Without Goals - [Invest Like the Best, EP.283]

My guest today is Ken Stanley. Ken is a Professor in Computer Science and a pioneer in the field of neuroevolution. He is also the co-author of a book called, Why Greatness Cannot Be Planned, which details a provocative idea that setting big, audacious goals can reduce the odds of achieving something great. We discuss that revelation in detail and how to apply it in our day-to-day lives. Please enjoy this great discussion with Ken Stanley.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex, the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:36] - [First question] - The best way to change the world is to stop trying to change it [00:06:26] - The kinds of goals his work addresses and the ones it doesn’t [00:08:46] - Almost no prerequisite to any major invention was invented with that major invention in mind [00:14:04] - Picbreeder [00:17:21] - How looking for specific results often makes arriving at them a longer process [00:24:00] - The importance of the individual in a web of invention and disruption [00:28:30] - How generations progressed in Picbreeder when consensus mechanisms were inserted into the process  [00:31:24] - Examples of stepping stones that were invented that became something even greater [00:36:02] - What his research means for how we should conduct ourselves writ large [00:44:17] - Thoughts on necessity being the mother of all invention [00:50:08] - The ways that society is arranged is psychologically toxic [00:55:14] - The role that constraints play in creative output and outcomes in general; Brett Victor - Inventing on Principle [01:01:10] - What the constraints are that he sets for himself in AI development [01:04:44] - To know what’s new you need to know what’s not new [01:06:47] - The kindest thing anyone has ever done for him [01:08:28] - How he would allocate resources to create more innovation in the world
28/06/22·1h 13m

Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282]

My guest today is Lydia Jett, Managing Partner of SoftBank Investment Advisers. Lydia leads the team’s consumer, internet, and e-commerce investments and has worked with many of the most significant consumer platforms in the world, including as a board member of Coupang and Flipkart. We cover all aspects of e-commerce and explore Lydia’s evolution as an investor alongside Masa Son at SoftBank. Please enjoy my conversation with Lydia Jett.    For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex, the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:34] - [First question] - What curiosity thread she’s been pulling on thus far in her career [00:05:17] - The biggest felt differences doing things one way for a decade and changing now [00:07:08] - Learning about tailwinds and what the predominant ones are that exist today [00:10:44] - Competitive frontiers that exist today in e-commerce [00:12:14] - What drives companies that grow faster than their competitors [00:13:15] - What areas the world’s most innovative e-commerce companies are focused on [00:16:38] - Unique characteristics that they select for in ecommerce CEOs and founders [00:19:03] - Upside down approaches to e-commerce that aren’t common in America yet [00:23:05] - Lessons learned about business models that don’t work in e-commerce [00:27:47] - What western investors should know about Coupang  [00:30:12] - Everything she’s learned about vertical integration [00:33:01] - Everything she’s learned and cares about in regards to margins [00:37:17] - The most extreme version of efficiency gain she’s seen deployed [00:41:27] - The role the size of assets plays at SoftBank [00:47:42] - Focusing on efficiency and smart allocation first before trying to scale  [00:50:33] - Companies as products that investors buy and defining what great looks like [00:53:16] - The danger of premature optimization around a set of KPIs  [00:55:46] - How important the specific founder is for their given e-commerce company [00:58:18] - Why e-commerce companies tend to start from a worse place than offline ones [00:59:45] - Ways that she’s changed from working alongside Masayoshi Son for a year [01:03:31] - Who comes most to mind as a great investor     [01:05:23] - The kindest thing that anyone has ever done for her
21/06/22·1h 7m

Josh Wolfe & Chris Power - Factories of the Future - [Invest Like the Best, EP.281]

My guests today are Josh Wolfe and Chris Power. Josh will be a familiar voice to many of you and is the co-founder and General Partner of Lux Capital. Chris is the founder and CEO of advanced manufacturing start-up, Hadrian. Most of our discussion centers on the need to modernize the factories that supply our space and defense industries. But given the current market environment, we also talk about capital conditions and the responsibility to build products that really matter. Please enjoy this conversation with Josh Wolfe and Chris Power.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex, the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:40] - [First question] - An overview of the precision manufacturing industry writ large [00:08:28] - Why the manufacturing sector has so many great investment opportunities [00:12:58] - Anduril Breakdown; What Hadrian in its final form will unlock for manufacturing [00:16:08] - What the demand side looks like for manufacturers in its current state today  [00:18:29] - How the nature of demand will shift for this style of manufacturing in the future [00:22:51] - Important rare earth materials, supply chain constraints, and the revival of commodities  [00:27:55] - The key set of jobs being done by mom and pop shops that could be innovated on and done within a Hadrian factory  [00:30:35] - What is going on inside of a Hadrian factory and how they will evolve over time  [00:32:10] - Prosecuting diligence on someone's ability to execute on their behalf [00:37:14] - The PhD arrogance trap and how a Hadrian machine will be better in five years from now [00:48:08] - Breadth of ability versus focus and selling parts to buyers early on [00:50:42] - Lessons learned and advice for understanding the focus problem  [00:56:39] - Fat startup vs. lean startups and making the hardest irreversible decision during Hadrian’s early days [00:58:31] - Enduring more schlep work than less being a good signal [00:59:06] - Chris’ thoughts on the future of Hadrian and defining the exciting and scary edges of the spectrum of outcomes [01:03:36] - Josh’s thoughts on the future of Hadrian and defining the exciting and scary edges of the spectrum of outcomes [01:07:22] - The kindest thing anyone has ever done for Chris
14/06/22·1h 9m

Martin Casado - The Past, Present, and Future of Digital Infrastructure - [Invest Like the Best, EP.280]

My guest today is Martin Casado. Martin is a general partner at Andreessen Horowitz where he focuses on digital infrastructure. Before joining a16z, Martin pioneered software-defined networking and co-founded Nicira, which was bought by VMware for $1.3 billion in 2012. Martin has studied, built, and invested in digital infrastructure his whole career and is the perfect person to discuss the most interesting aspects of the industry. Please enjoy this great conversation with Martin Casado.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.   -----   Today's episode is brought to you by Brex, the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:43] - [First question] - The state of the digital infrastructure industry today  [00:04:02] - The major stages and eras of cloud technology  [00:06:30] - Overview of Dropbox’s story and the two major trends at the time of its emergence [00:10:12] - Lost margin and lost market cap from big users of the public cloud  [00:12:14] - Whether or not there is a headwind coming for public cloud providers [00:17:33] - How entrepreneurs might go after the biggest public cloud providers [00:19:37] - His view on API first companies and granular monetizable units in growing markets [00:23:20] - Developer facing tools and what works well when going to market  [00:27:12] - The difference between a front-end and back-end developer and what is changing in their responsibilities  [00:28:45] - What he looks for as an investor when he’s processing a new API first company [00:30:31] - Common redflags and disqualifying observations for an API first company  [00:36:35] - Frank Slootman Episode; Snowflake’s offering for their users, their explosive growth, and primitives in their sector [00:39:06] - The history of digital security and potential opportunities as an investor [00:40:19] - How digital infrastructure intersects with the real world and hardware world [00:43:33] - How to screen out people for their potential to deliver transformative technology [00:47:45] - Things he’s most intrigued about by cryptocurrencies as an infrastructure person [00:52:49] - The kindest thing anyone has ever done for him
07/06/22·54m 14s

Aswath Damodaran - Making Sense of the Market - [Invest Like the Best, EP. 279]

My guest today is Aswath Damodaran, a Professor of Finance at NYU’s Stern School of Business. Aswath is one of the clearest teachers of investing and finance in our industry and through his blog, books, and YouTube has open-sourced his wisdom for decades. This conversation is a masterclass of key investing concepts. We discuss inflation, narratives, disruption, the evolution of alpha and edge, and his thoughts on ESG. Please enjoy this great conversation with Aswath Damodaran.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:43] - [First question] - How he thinks about inflation as a now dominant force [00:04:33] - Why inflation is so important across the spectrum [00:09:02] - Big lessons from other periods of historically high inflation writ large [00:10:45] - Reasons why equities as an asset class struggle in high inflation environments [00:15:21] - The relationship betweens goods versus services in times of high inflation [00:16:59] - Broader economic implications especially for income inequality [00:19:03] - The Fed taking inflation seriously now when they didn’t and thoughts on the policy response to today’s situation [00:21:05] - How smart companies are defensively adjusting to inflation [00:27:46] - The importance of a capital allocation skill-set for executive team members [00:29:32] - Further historic lessons and how he’s being defensive against inflation [00:33:09] - Lessons learned about Amazon valuing them every year since their inception [00:42:25] - Whenever he sees Thanos in the Avengers he thinks of Amazon [00:44:51] - Thoughts on Facebook, Apple and Microsoft [00:48:26] - The evolution of edge and the search for alpha [00:54:37] - Whether or not there’s utility in studying other investors  [00:57:16] - Skill versus luck and the most common valuation mistakes he’s made [00:59:09] - Assuming long-term growth rates and changing company life cycles [01:02:02] - Momentum and Value investing in today’s market [01:07:24] - Differences between interest rates and discount rates in regards to inflation [01:12:00] - How today’s market affects early stage equity investment [01:14:36] - The growing popularity of ESG and his seemingly contrarian view on it [01:24:03] - Nature of disruption as a force and companies that are protected from it [01:28:24] - Assigning a disruption risk premium when valuing companies [01:32:52] - What he makes of Elon Musk buying Twitter [01:34:24] - Other major topics he has a divergent view on  [01:38:37] - Narrative And Numbers; The kindest thing anyone has ever done for him [01:38:55] - Teaching with a goal of changing mindsets
31/05/22·1h 55m

Anduril: Building the Future of Defense - [Business Breakdowns, EP. 59]

Today, we are running a special episode of Business Breakdowns. With geopolitics playing an increasingly important role in society again, this episode with Anduril’s CEO offers an inside look at the state of the defense industry and how it is changing. If you enjoy this episode, subscribe to Business Breakdowns on your preferred podcast player, where you’ll find past episodes on Block, Goldman Sachs, AutoZone and many others.   Today, we are breaking down Anduril. Anduril builds high tech defense systems for the US Department of Defense and its allies. Crucially, it does so with speed that emanates from Silicon Valley. Founded in 2017 by Palmer Luckey, who previously built and sold Oculus to Facebook, Anduril has achieved the rare feat of challenging the established order in the defense industry.   To break down Anduril, I’m joined by the company’s CEO and co-founder, Brian Schimpf. We discuss the history of the defense industry, how Anduril’s business is counter positioned against the legacy cost-plus model, and what Brian has learned about selling to the DoD. Please enjoy this breakdown of Anduril.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.   -----   This episode is brought to you by Daloopa. Daloopa streamlines a major pain point for investors. By capturing all of a company's KPIs and adjusted financials into their database - Daloopa makes it easy to quickly update your models for what matters. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. Test Daloopa for free at daloopa.com/Patrick.   -----   Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss   Show Notes [00:02:52] - [First question] - The history of defense technology and the technological and competitive landscape when he set out to build Anduril [00:08:22] - What the early experience was like when approaching the government and finding an early adopter [00:12:44] - Necessity being the mother of invention when it came to developing drones [00:16:37] - What it’s like to develop hardware and software products at the same time  [00:24:44] - The state of military technology and military conflict today writ large [00:31:10] - Are we heading to a future where warfare is mostly machine against machine?  [00:33:34] - Comparing the ghost drone system to predator drones [00:38:40] - Guiding principles as a firm and deciding on their product roadmap [00:43:25] - An overview of their product lineup and what they’ve built so far  [00:51:56] - Most difficult decisions he’s had to make through Anduril’s history  [00:53:51] - How he overcame Anduril’s lowest points and biggest challenges  [00:58:38] - Thoughts on effectively compounding hardware innovation  [01:02:23] - A moment he’s most proud of and regrets most in Anduril’s history [01:04:20] - Lessons learned from observing Palantir and SpaceX  [01:08:37] - The kindest thing anyone has ever done for him
26/05/22·1h 10m

Tobi Lütke - Embrace the Unexpected - [Invest Like the Best, EP. 278]

My guest today is Tobi Lütke, co-founder and CEO of Shopify. Having first spoken to Tobi at the beginning of the pandemic, just two months into it, this felt an opportune moment to revisit Shopify and the world through Tobi’s eyes. Among many things, we discuss Shopify’s evolution into the world of atoms-based building through Shopify’s fulfillment network, the value of infrastructure writ large, and the impact of market volatility on day-to-day business building. Please enjoy my conversation with Tobi Lütke.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:44] - [First question] - His interest in infrastructure as a whole and why it’s underrated [00:07:18] - Whether or not we’re currently building enough digital infrastructure  [00:09:45] - Base level principles for decision making around building infrastructure  [00:13:17] - How much room is left for innovation and whether or not we’ll just reinvent basic human instincts [00:15:22] - Ways new ideas are fed into a product funnel at Shopify and greenlit [00:19:34] - Solving eCommerce infrastructure and what he attributes to Shopify’s success [00:24:23] - Overview of the Shopify Network and how it’s evolved over time  [00:31:04] - Lessons learned in an atom-driven world in regards to fulfillment and logistics [00:34:37] - Common ways bits thinkers are often wrong when solving atom problems [00:35:50] - Spreadsheets tend to win meetings and how the ROI on a fulfillment network impacts its ecosystem [00:40:26] - Navigating becoming an aggregator that sits on top of their merchants and whether or not there are plans to participate as a distributor [00:45:45] - Fair market value, what it’s been like managing through such a volatile market, and important takeaways [00:50:54] - Thoughts on capital allocation decisions as Shopify continues to grow [00:53:25] - Advice for company leaders effectively communicating with their teams about stock-based compensation  [00:59:04] - How much COVID altered their trajectory and what he’s most interested in as he looks out to the future [01:03:45] - What he’s learned about blockchains and the crypto space given recent events [01:08:45] - A new idea he’s encountered recently that he’s fallen in love with
24/05/22·1h 25m

Tyler Cowen & Daniel Gross - Identifying Talent - [Invest Like the Best, EP. 277]

My guests today are Tyler Cowen and Daniel Gross. Tyler is an economics professor and creator of one of the most popular economics blogs on the internet. Daniel is the founder of start-up accelerator Pioneer, having previously been a director at Apple and a partner at Y Combinator. Both Daniel and Tyler are prolific talent spotters and that is the focus of our discussion and their new book, which is called Talent. Please enjoy this conversation with Tyler Cowen and Daniel Gross.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:38] - [First question] - Defining what talent is to them writ large [00:03:34] - The differences between means and ends in regards to talent [00:04:14] - What the Diet Coke idea is and why it’s relevant [00:06:32] - Types of energy that are valuable and the subtle differences between them  [00:07:40] - Thoughts on using a moneyball-like approach to acquiring and evaluating talent  [00:11:49] - The talent market and thinking about pricing talent specifically [00:13:14] - What is seemingly overpriced in today’s talent landscape [00:15:50] - Relationship between experience and/or age when it comes to talent [00:20:34] - Lessons about the utility of intelligence and where they’ve lead them wrong [00:23:35] - What’s beneath being an outsider and why it’s important [00:24:46] - Why what people do in their downtime is worth considering   [00:31:41] - Things to try and get out of a reference call as an objective [00:32:40] - Disabilities and what lead them write that chapter specifically [00:35:01] - Whether or not talented people are happier   [00:38:40] - Lack of contentment and it’s dynamic influence over individuals [00:41:01] - Where they think the other is most talented [00:43:33] - Thinking about the physical side of mental performance [00:45:49] - What was frustrating about writing the book [00:48:25] - How they evaluate talent most differently now after having finished the book [00:50:41] - What makes for a good bat signal and how to cast one well  [00:53:27] - Personality inventories and what they would and wouldn’t recommend   [00:54:15] - Geographical frictions and their role in high success rates [00:56:08] - Antonio Gracias; Existing supply constraints on talent development [01:00:01] - How they would redesign the current attractors of talent that we rely on today [01:01:18] - Assembly line development and how we can improve and scale talent filters [01:02:29] - The biggest open questions for talent today writ large [01:05:16] - The kindest thing anyone has ever done for Tyler
17/05/22·1h 19m

Jeff Jordan - Building & Investing in Marketplaces - [Invest Like the Best, EP. 276]

My guest today is Jeff Jordan, General Partner at Andreessen Horowitz. Jeff has one of the most interesting set of experiences of guests that I’ve had on the show. As an operator, he has been the General Manager of eBay.com, President of PayPal, and CEO of OpenTable. As an investor, he was one of the first General Partners at a16z and sits on the board of Airbnb, Instacart, Pinterest, and other notable firms. Given his vast experience, he is the firm’s go-to-expert on all things marketplaces, which is the common thread in our conversation. Please enjoy this great discussion with Jeff Jordan.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:48] - The notion of perfect competition in marketplaces [00:04:31] - How to build a marketplace while thinking about perfect competition [00:05:32] - Promoting price discovery at eBay [00:06:52] - Features of a marketplace he focuses on  [00:08:38] - Best way to do lead generation  [00:10:20] - Red flags for marketplace businesses  [00:11:00] - Major business lessons learned while at Disney  [00:12:10] - Learning to be an operator while at eBay; Leaving It All on the Field [00:14:45] - How he got hired at OpenTable [00:16:22] - Taking OpenTable public and being its first public company CEO [00:17:44] - What they did well in financing OpenTable [00:18:54] - Communications between company leaders and its investors  [00:19:45] - Going from operator to investor [00:22:08] - Lessons from the early years of becoming an investor and pricing companies [00:24:12] - Power of network effects on a startup [00:26:56] - Healthy tensions inside of a network [00:29:23] - When the supply side is the more difficult part of the equation [00:33:30] - The importance of being a perpetual learner as a founder [00:35:36] - When he starts focusing on unit economics and margin profile in a new marketplace [00:37:45] - Increasing convenience for a buyer as a business strategy  [00:42:14] - Categories that could use better marketplace solutions [00:44:36] - Layers of growth inside a business [00:50:26] - Lessons with the unique business model of Pinterest [00:52:03] - Unique aspects of the Andreessen Horowitz business model [00:55:54] - Finding and recruiting talented general partner investors  [00:57:37] - The morning basketball game and community strengthening [01:01:36] - Defining great mentor relationships [01:04:54] - Kindest thing anyone has done for him [01:06:05] - Lessons from his parents
10/05/22·1h 20m

Eric Glyman - Reimagining Corporate Finance - [Invest Like the Best, EP. 275]

My guest today is Eric Glyman, co-founder and CEO of Ramp. Ramp is best known for its corporate cards but it has a range of software products to help finance teams save money and time. Since its founding in 2019, the business has grown rapidly and was last valued at $8 billion. Eric and I discuss Ramp’s initial marketing wedge, how the business has dealt with such fast growth, and why they hold stablecoins on their balance sheet. Please enjoy my conversation with Eric Glyman.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:41] - [First question] - What was most notably awry about the industry before Ramp [00:04:45] - Breakdown of Visa; The business model of the Black Card compared to the business card offering of Ramp [00:08:40] - Causes and what he attributes their early success to [00:11:30] - Description of Ramp’s software in the beginning and the evolution of co-building it [00:16:34] - How he’s gone about building the company and team fast enough to handle their explosive growth curve [00:19:47] - Approaching all aspects of recruiting and acquiring such great talent [00:21:39] - Thoughts on the biggest mistake he’s made while building Ramp [00:24:05] - Lessons learned about marketing that this journey has taught him [00:26:13] - Learning to manage a senior team and advice for managing rapid growth [00:28:58] - Unique aspects of Ramp’s approach to the financing side  [00:32:56] - Why they are storing some of their balance sheet in stablecoins  [00:34:47] - What the idealized end state of Ramp looks like [00:37:26] - How the data and information he sees indicates trends in the economy writ large [00:39:33] - Providing secondary liquidity to employees in a world where companies stay private for longer periods of time [00:43:03] - Aspects of company building that are still unnecessarily hard [00:44:55] - What has him most excited about Ramp in the next 12-18 months [00:46:42] - The kindest thing anyone has ever done for him
03/05/22·1h 1m

Dmitry Balyasny - Building a Better Model - [Invest Like the Best, EP. 274]

My guest today is Dmitry Balyasny. Dmitry is the Managing Partner and CIO of Balyasny Asset Management, otherwise known as BAM. BAM runs a multi-strategy, multi-PM model that aims to produce consistent absolute returns. Since its founding in 2001, it has produced only one negative year and become one of the largest firms of its kind. Please enjoy my conversation with Dmitry Balyasny.    For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Vanta. Vanta has built software that makes it easier to get and maintain your SOC 2, HIPAA or ISO 27001 reports at a fraction of the typical cost. Listeners can redeem a $1k off coupon at vanta.com/patrick.    -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:53] - [First question] - The origin story of his firm and the key stages of evolution [00:06:43] - Describing the difference between good and great in platform hedge funds  [00:10:25] - How a multi-strategy, multi-investor group works and managing capital allocation [00:13:58] - What he’s trying to solve at the end of the day as their CIO [00:16:21] - How close they are to their idealized end-state  [00:18:26] - Typical amounts of leverage associated with these types of models [00:20:22] - Lessons learned about incentivizing talented investors [00:22:39] - Ways he tends to attract risk takers and their levels of variance [00:28:15] - Other characteristics that are common amongst great PMs [00:30:42] - The nature and source of edge and how it’s changed most over time [00:33:19] - Some of the hardest portfolio and business decisions he’s had to make  [00:37:59] - One of his most important business decisions on the firm side [00:40:09] - How they’ve thought about shorting as a firm in general and more recently [00:43:52] - How interest rates affect this style of investing [00:45:29] - His view on the opportunity set in private markets and what does and doesn’t excite him about it [00:49:42] - How reading Ayn Rand most shaped his thinking [00:50:36] - Things Ayn most got right and most got wrong in his mind [00:51:24] - What the war in Ukraine has felt like for him as a Ukrainian-American [00:52:08] - Ways the future still has him excited as he continues to build his firm [00:53:53] - Where his trading instincts draw him today and areas of interest [00:55:11] - His most memorable trade of all time [00:56:37] - In which order the major asset classes will be affected by digital innovation [00:58:13] - The kindest thing anyone has ever done for him
26/04/22·1h 12m

Henry Ward - Transforming Private Markets - [Invest Like the Best, EP. 273]

My guest today is Henry Ward, co-founder and CEO of Carta. Started in 2012, Carta helps companies and investors manage their cap tables, equity plans, and ownership. Last year, they launched CartaX, a platform for private companies and their employees to access secondary market liquidity. Our discussion is a detailed exploration of private market infrastructure and Henry’s views on building an enduring business. Please enjoy my conversation with Henry Ward.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Vanta. Vanta has built software that makes it easier to get and maintain your SOC 2, HIPAA or ISO 27001 reports at a fraction of the typical cost. Listeners can redeem a $1k off coupon at vanta.com/patrick.    -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:57] - [First question] - The first key mental moment of how Carta came to him [00:05:30] - Initial thoughts on how to position Carta as a business model [00:06:47] - Historical divergence between private and public market infrastructure [00:08:33] - What a price discovery process for primary shares could look like in the future [00:11:09] - The end state Carta is trying to effect in their perfect state [00:13:29] - Why it’s so hard for private company staff to manage their illiquid wealth [00:15:45] - Lessons and challenges in the new market creation business [00:17:57] - The nature and dynamics of supply and demand in this space [00:22:45] - How Carta is mapped onto the success of its customers [00:25:27] - Deciding on what is a good idea and what isn’t when it comes to focus [00:28:07] - Describing the One of N versus N of One market frameworks and principles of this philosophy that manifests in how he runs Carta [00:32:11] - How working at Carta would differ from a payroll-type company [00:35:37] - Characterizing his leadership and management styles [00:37:57] - The types of circumstances that bring out his tough side [00:39:33] - Making hard decisions in a bottom up management model  [00:44:05] - How he spends his time while building Carta [00:45:02] - What a great product looks like to him [00:47:10] - The Systems Bible; Defining what a great team looks like [00:49:13] - What he’s learned about being great at Go-To-Market [00:51:26] - Effective ways to beat competitors and build relationship pipelines [00:53:49] - Things he likes the least about leading a company of this size  [00:55:13] - What he fears most as he thinks about the future of Carta [00:55:45] - Advice for entrepreneurs when thinking about data in modern businesses [00:58:26] - The biggest missing pieces in capital market structure writ large [01:00:17] - What’s next for CartaX and what he’ll be pushing to make it work  [01:02:10] - Lessons learned from serving venture investors  [01:04:25] - Whether or not investment banks are their competitors [01:05:18] - Public market dislocation and how long it will last [01:06:58] - The kindest thing anyone has ever done for him
21/04/22·1h 21m

Alexandr Wang - A Primer on AI - [Invest Like the Best, EP. 272]

My guest today is Alexandr Wang, the CEO and founder of Scale AI. Alexandr founded Scale in 2016, having been inspired to accelerate the development of AI through his work at Quora and his studies at MIT. Specifically, Alexandr realized there was a lack of infrastructure solutions for producing high quality data, the lifeblood for AI models. Today, Scale provides data solutions to leading AI teams at Meta, Microsoft, OpenAI, Flexport, the US Air Force, and many others. This time last year, the business was valued at over $7 billion.    Our conversation is a primer on AI. We discuss the building blocks beneath successful artificial intelligence, AI’s role in both the public and private sector, and why data is the new code. We also cover the similarities and differences between AI and software from an investing perspective and what inspiration Scale takes from AWS. Please enjoy my great discussion with Alexandr Wang. For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:04] - [First question] - The role that AI and data play in geopolitics and foreign policy [00:07:21] - The end state of a digital arms race akin to nuclear weapons [00:08:53] - Current state of things writ large and how the public and private sectors differ [00:11:33] - The flow and importance of talent when scaling AI and whether it’s more important than software  [00:14:29] - His thoughts on how to communicate categories of what AI can do well and what is still a ways out [00:20:18] - The process of creating an AI model and the stages of development [00:27:16] - Principles of building a great engine for gathering data [00:29:04] - The state of technology around annotating data writ large [00:31:31] - What Scale does as a business and their product lineup [00:35:08] - The Storage and Compute equivalents in the AI space [00:37:08] - How Scale fills the gap in producing better and cleaner data [00:39:52] - What Scale will look like in 10 years if their vision is fully realized [00:41:11] - Where AI is in the S curve of acceleration and where AI and software intersect [00:44:32] - Questions to ask about how to incorporate AI and data sets in your business [00:46:23] - What worries him about the proliferation of technology that makes AI more accessible to the masses [00:48:27] - The most interesting AI model he’s ever come across and collapsing the friction between human intent and programmable outcomes [00:51:51] - The kindest thing anyone has ever done for him
12/04/22·1h 12m

Antonio Gracias - Pro-Entropic Investing - [Invest Like the Best, EP. 271]

My guest today is Antonio Gracias, founder, CIO, and CEO of Valor Equity Partners. Antonio is perhaps best known for his role at Tesla, as the earliest institutional investor and Director from 2007 to 2021. But he has deep operating and investing experience, having first acquired and managed a number of manufacturing and technology companies during his 20s. And it was during those formative years that Antonio and his team developed the skills that led to Valor, which provides operational expertise to the high growth private companies they invest in.   Our conversation is a deep exploration of the drivers behind Antonio and Valor’s success. We dive into his concept of pro-entropic investing, what he learned as a 25-year-old running a manufacturing business, and trust me when I say, you don't want to miss his answer to the kindest thing ever. Please enjoy this great conversation with Antonio Gracias.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.    -----   This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:51] - [First question] - Defining what a pro-entropic company is [00:07:26] - Understanding external forces of chaos and why they’ll continue to increase [00:11:32] - What he’s learned about identifying and investing in pro-entropic companies [00:13:43] - Investing with entropy in mind can be a bet on unchanging aspects of human nature [00:15:08] - Defining durability in contrast with resiliency and entropy [00:18:53] - Coming from a traditional background and the origin of Valor [00:22:05] - The theory of constraints and why it’s so powerful; The Goal [00:26:32] - Transitioning into a private equity structure and Valor’s 2001-2005 era [00:42:02] - Decision making bias and combating bias effectively in practice  [00:44:30] - Where security and control figures into his thinking [00:45:45] - Identity in relation to ego; the tools he uses to combat identity related decisions [00:49:04] - Lessons learned from the Japanese language versus Western languages [00:53:07] - Questions he returns to when he’s getting to know a company [00:56:16] - An episode of operational deployment that most stands out in memory [00:58:54] - Key concepts that most stick with him from working alongside Elon Musk [01:01:32] - Why there aren’t more Musk’s or Bezos’ in the world [01:04:20] - Ensuring Valor invests in the best companies going forward [01:06:06] - How to pass the torch of what Valor is to others when his time is done [01:08:25] - The kindest thing anyone has ever done for him
05/04/22·1h 11m

David Rubenstein - Life, Leadership, and LBOs - [Invest Like the Best, EP. 270]

My guest today is David Rubenstein, co-founder of The Carlyle Group - one of the largest private equity firms in the world. David has worked in the White House, built a $300 billion investment institution, become a prominent philanthropist, published books, and even hosts his own TV show. It was a thrill to sit down with him and cover the whole spectrum of his experience as a father, investor, historian, and titan of American business. Please enjoy this great conversation with David Rubenstein.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:02] - [First question] - What his perspective on the world today is compared to the last forty years [00:05:35] - The long term implications of the Ukraine war on a global scale [00:07:54] - Concerns and thoughts on the US’s role in a radically different world [00:10:07] - How inflation and reduced globalization impacts business behavior in the US [00:14:11] - His method when interviewing people and how it’s changed over time [00:15:03] - How his interest in leadership as a topic began; How to Lead [00:17:55] - The time he was the most personally in awe of a leader [00:19:05] - The most basic ingredients for strong leadership [00:21:34] - Learning from Oprah and developing his own interviewing style [00:24:25] - His leadership style while running Carlyle and key variables that drove Carlyle’s success [00:28:41] - The ways that were most effective in terms of investment for Carlyle’s brand [00:29:50] - How should a new investor think about the relationship between government and business [00:32:17] - What he’s learned about leadership that he thinks is the most portable for other people [00:34:04] - His interest in masters of leadership and what he has learned from them [00:35:08] - How Carlyle retained their talent and building relationships with LP investors [00:37:20] - Lessons from working in media with what worked and what didn’t; How to Invest [00:38:55] - How he approached writing How to Invest [00:41:13] - The importance of intuition when evaluating backers and why geniuses aren’t always chosen [00:43:04] - Big aspects of American history and why he finds it so interesting; The American Story [00:44:17] - Key drivers of American outcomes and biggest areas for improvement [00:47:00] - Lessons he learned going from humble beginnings to amassing wealth and how he’s teaching his children about it [00:49:20] - The state of private equity and what are its best and highest functions today [00:51:03] - Experience and impressions on the emerging cryptosphere [00:52:25] - What makes for a good chairman and why he is always drawn to that role [00:53:42] - The most interesting system outside of the US that he’s observed [00:55:33] - What he has learned about being a giving pledge signer and philanthropy [00:57:02] - His interest in Monticello and the Magna Carta [00:59:13] - View on how speeches from leaders have changed over the years; Citizenship in a Republic [01:01:24] - What subject he would write his next book on [01:03:58] - Thoughts on the line between giving your life for your country versus your state [01:05:17] - The American Experiment [01:06:10] - Looking back on his career at a time where he felt the most alive [01:08:07] - The kindest thing anyone has ever done for him
29/03/22·1h 15m

Gaurav Kapadia - Everything Compounds - [Invest Like the Best, EP. 269]

My guest today is Gaurav Kapadia, founder of investment firm XN. Gaurav is a veteran of the investing arena. We cover his lessons while rising to partner at TPG Axon, co-founding Soroban Capital, and his decision to launch XN in 2020. We then discuss his approach to building XN around a culture of rigor and kindness, the importance of relationships in investing, and finding investments that are obvious in retrospect. Please enjoy my great conversation with Gaurav Kapadia.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:05] - [First question] - What lead to kindness and rigor becoming pillars in XN’s company culture [00:05:30] - The types of situations where it’s hardest to be kind or rigorous  [00:07:58] - Asking one question that can stump a founder can be a display of rigor [00:08:58] - An example of looking at a situation and reducing the problem to a single variable [00:12:51] - How he trains investors and team members to consider outcomes that would be obvious in hindsight [00:14:28] - Developing the art of interacting with company management [00:17:54] - Dimensions that typically find their way into his presentations and what tends to create complexity  [00:21:13] - Whether or not rigor has declined in public markets over the years [00:21:55] - Why fewer talented people are going into public markets [00:23:01] - What it felt like when he first started XN and being successful at a young age  [00:28:58] - Being impressed with his peers and rooting for each other [00:30:33] - The nature of public versus private investing today writ large  [00:32:32] - How he gets to know a company when he’s never heard of them before [00:35:20] - Reasons he won’t invest from a personal policy standpoint [00:36:01] - Common problems he encounters that companies are dealing with [00:37:32] - Defining the strike zone of companies to invest in where he can be best-in-class [00:39:10] - The insane valuations of public markets in recent years especially in tech [00:40:42] - Why there are so few great businesses and common attributes of the great ones [00:44:12] - Biggest problems in the investment industry writ large   [00:45:48] - The most remarkable business he’s ever seen   [00:49:22] - How he would teach investors to deploy XN’s operating partner model [00:51:32] - His perspective and thoughts on diversity in the investing industry [00:56:58] - A business or institution he would own outright personally  [00:57:37] - What outside of investing most has his attention lately [00:59:50] - Key touchpoints of coming from Queens and going to Hunter [01:02:15] - What stands out looking back on his relationship with his parents and how hard they worked to build a better life for their family [01:04:10] - Two things that manifest in a system that is seemingly rigged towards the wealthy and the problem with generational wealth [01:05:29] - What has him most excited and optimistic about the future in the investing landscape today [01:08:16] - Investing mentors deserve gratitude for believing in their pupils [01:09:12] - The kindest thing anyone has ever done for him
22/03/22·1h 17m

Marko Papic - A Multi-Polar World - [Invest Like the Best, EP. 268]

My guest today is Marko Papic, partner and chief strategist at Clocktower Group, where he leads the firm’s research on macroeconomics and markets. Marko has spent his career at the intersection of finance and geopolitics, making him a perfect person to speak to about current events in Ukraine and their potential impact further afield. Along with Russia and Ukraine, we discuss the Fed, inflation, China, the green energy transition, and the US’s position in the global order. Please enjoy this discussion with Marko Papic.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. Head to tegus.co/patrick for your free trial.   -----   This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:48] - [First question] - His thoughts on what’s happened so far between Russia and Ukraine [00:06:18] - The geopolitical motivations for Russia and what they can gain from the conflict  [00:10:52] - How his impressions of warfare have evolved watching this play out [00:13:45] - What to consider about nuclear war and different types of nuclear weapons [00:16:31] - The economic warfare from the West against Russia and its implications [00:21:06] - Whether or not the world is de-globalizing and how interconnected we all are [00:24:45] - How we should view post-covid inflation, specifically in the US [00:30:34] - The ways the Fed’s role has evolved  [00:33:25] - Impacts of liquidity on asset prices and why it’s such a key factor in markets [00:34:16] - China’s positioning and how the Ukraine conflict could alter their plans [00:40:58] - Thoughts on Taiwan and how global supply chains might change [00:44:47] - Why so few people believe that China has peaked; Young China  [00:48:52] - His take on income equality in the US and why it’s the number one issue [00:53:03] - What the US could do to improve itself as a country most going forward [00:55:35] - Having a green energy transition view is crucial and the surrounding politics [00:59:22] - The preconditions for doing well in atoms-based innovation [01:01:13] - What he’s watching most carefully about the conflict in Ukraine [01:02:51] - The kindest thing anyone has ever done for him
15/03/22·1h 9m

Garry Tan - Unwrapping the Gift - [Invest Like the Best, EP. 267]

My guest today is Garry Tan, founder and managing partner of early-stage venture firm, Initialized Capital. Before starting Initialized, Garry was a partner at Y Combinator, employee number 10 at Palantir, and co-founder of YC backed blog platform Posterous. Our discussion covers what’s missing in the investment world, how to best systematize venture investments, and what he learned from Paul Graham. Please enjoy my conversation with Garry Tan.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. Head to tegus.co/patrick for your free trial.   -----   This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:45] - [First question] - Why he’s interested by software and the global brain [00:06:23] - How the shift from global to local manifests in his investing and company activities [00:11:42] - Ways to increase throughput that would benefit everybody in the investing world  [00:17:13] - What software he would build if there were no limitations and what happens at the systems level of securing deals at Initialize  [00:23:33] - Why there is no objective application process for early-stage capital and how much human judgment we can remove from approving funding [00:26:49] - Shared characteristics amongst new inventions he finds favorable  [00:31:49] - Whether he’s able to evaluate an idea without a prototype [00:33:33] - Why travel planning software was the worst idea of 2012 and what he sees as the bad idea of today [00:36:06] - The most common reasons for failure in these types of businesses [00:39:07] - Is big enabling technology shifts what manifests in successful outcomes? [00:40:37] - The role of media and how it intersects with investing [00:44:29] - What he attributes to the success of his firm and thriving in chaos [00:48:11] - Would he press a button that would have made his childhood easy, and whether he’s met founders who haven’t come across adversity in their lives  [00:50:00] - His thoughts on the world today via the lens of his portfolio [00:53:12] - The kindest thing anyone has ever done for him
08/03/22·1h

Eric Mandelblatt - Investing in the Industrial Economy - [Invest Like the Best, EP. 266]

My guest today is Eric Mandelblatt, founder and CIO of Soroban Capital, a $10 billion investment firm. While many of my conversations focus on technology and emerging industries, Eric has deep roots investing in the industrial economy, which made this conversation a fun change of pace. We discuss why energy and materials represent such a small share of the market today, how the global push towards decarbonization could have massive impacts on the industrial economy moving forward, and how Eric evaluates this dynamic opportunity set. Please enjoy this deep-dive discussion with Eric Mandelblatt.   Editor’s note: This conversation was recorded on February 15, before last week's invasion of Ukraine.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:01] - [First question] - Soroban’s history and why Eric is qualified to discuss industrial and commodity sectors [00:04:37] - Overview of what their portfolio looks like today [00:05:49] - How much of the commodity exposed equity sectors are owned by hedge funds [00:08:03] - The key history points that makes industrials more interesting today [00:11:17] - Commodity cycles, what drives them, the role CAPEX plays and how this world works [00:17:38] - Thoughts on natural demand and the societal push towards decarbonization [00:22:32] - How deeply one needs to know commodities in order to hold them [00:23:57] - Big categories to explore as decarbonization becomes more accessible to consumers and the lack of nuclear investing [00:28:50] - The resurgence of industrial production in the US [00:32:21] - Rail networks writ large and if we can expect new ones in the future [00:36:17] - The market gap between rail and technology businesses [00:41:38] - Commodities and the ways they differ from railroads  [00:43:47] - Comparing the differences between businesses within the commodity industry [00:46:52] - Walkthrough of Alcoa’s business and how things like a carbon tax might affect an individual business [00:52:55] - What is the portfolio manifestation of the fact it's impossible to forecast commodities historically [00:56:08] - His view of the world in its current state and big things that matter [01:00:25] - Thoughts on inflation as an investor in the commodity space [01:01:42] - Utopian to dystopian takes on what growth looks like for the world [01:04:28] - Juxtaposed positions in big tech against the industrial story [01:08:45] - The kindest thing someone has ever done for him
01/03/22·1h 18m

Sebastian Kanovich - Powering Emerging Markets Payments - [Founder’s Field Guide, EP. 56]

My guest today is Sebastian Kanovich, CEO of payments company dLocal. Sebastian founded dLocal in 2016 to bridge the infrastructure gap between payments in developed and emerging markets. Since then, the initially bootstrapped start-up has enabled global merchants like Uber, Spotify, and Google to service billions of emerging market users. And in doing so, dLocal has created $10bn of equity market value, having IPOd last year. Our discussion covers dLocal’s playbook for facilitating payments in emerging countries, what Sebastian has learned about great API building, and how he challenges himself to improve personally. Please enjoy my conversation with Sebastian Kanovich.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Pilot. Pilot handles your startup’s finance, accounting, and tax prep needs, so you can focus on what matters most—building your business. Join over 1,000 startups that rely on Pilot to help them scale. Founder’s Field Guide listeners get 20% off their first six months. Get in touch with Pilot at https://pilot.com/founders.    -----   Founder's Field Guide is a property of Colossus, LLC. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:13] - [First question] - His take on global payments, what is interesting about this system today, and dLocal’s role within it [00:04:06] - Approaching a country that could benefit from low-friction payments and the playbook for helping them improve their system [00:06:10] - Differences between being an API business versus a protocol one [00:07:13] - What companies handle these systems outside of emerging markets and why they haven’t entered the emerging market space [00:08:59] - A specific example of the steps involved in getting a country integrated into global payments for an app or service provider [00:11:22] - Whether or not they interact with consumers [00:12:09] - The trading and foreign exchange component of global transactions [00:13:16] - Country specific product teams and consolidating their process [00:14:52] - What he would look for in early-stage payment companies to invest in [00:16:23] - Defining excellent when it comes to working with regulators and regulatory environments [00:17:53] - Their role in digital globalization and trends that might arise in the future [00:19:52] - Ways that low-friction payments have helped accelerate regional innovation [00:21:31] - The unit economics and costs of a single payment  [00:24:05] - What the source of cost is to process a payment or transaction [00:25:10] - Variables in currencies that make them desirable to work with [00:26:38] - Lessons learned from distribution and customer acquisition of their service [00:29:23] - Advice he would give to developers building API products [00:31:16] - An example of wanting to build a function into an API that was never built [00:32:40] - How they’ve been able to move and scale so fast [00:34:23] - Ways their business could most improve [00:35:14] - The operating system he uses to run the company [00:36:38] - Ways he’s most improved or gotten better as a CEO over the years [00:37:58] - Why deep humility is such an integral part of his character  [00:38:30] - The biggest mistake they’ve ever made as a business and what they learned  [00:39:20] - The kindest thing anyone has ever done for him
24/02/22·41m 12s

Frank Slootman - Narrow the Focus, Increase the Quality - [Invest Like the Best, EP. 265]

My guest today is Frank Slootman, Chairman and CEO of cloud platform Snowflake. Frank has become one of the most revered CEOs in business. Over the past twenty years, he has three times taken over emerging enterprise software businesses – first Data Domain, then ServiceNow, and most recently Snowflake - and led them across the chasm into large, billion-dollar businesses. Please enjoy this great discussion with Frank Slootman.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best in class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. Head to tegus.co/patrick for your free trial.   -----   This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more. -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:33] - [First question] - How he evaluates the team of a company he’s working with [00:04:48] - The pace of decisions made around changing team members  [00:06:10] - Understanding the potential quality of outside leaders being brought into the company [00:08:13] - How he characterizes great and constructive confrontation [00:09:53] - What he’s found to be most effective in convincing senior talent to join a team [00:11:36] - Ways he personally generates energy to sustain himself in this pace of business [00:14:17] - How he fosters and nurtures healthy communication pathways [00:15:36] - Narrowing the focus when evaluating a new product [00:17:58] - Is it possible for a focus to be too narrow? [00:19:31] - An example of a dazzling customer that he’s worked with  [00:21:04] - Working backwards from a problem and building something that solves it [00:23:03] - Building trust between a company and its customers over time [00:25:37] - Overview of the base layer ingredients of trust [00:28:12] - Sequential versus parallel processing and how they affect building trust [00:30:22] - Lessons in successfully translating between engineers and business people [00:32:58] - Crossing the chasm and effective sales organizations [00:35:17] - Working compensation into getting more out of an organization [00:38:45] - How much a sales organization needs to work backwards to serve their product [00:41:40] - Great questions for board members to ask their executive team [00:46:07] - Where the analogy of ‘business as war’ falls down and defining the highlander concept  [00:48:01] - What he feels he could still hone in his skillset  [00:49:16] - The kindest thing anyone has ever done for him
22/02/22·51m 21s

Tim Flannery - Simplifying Fund Closing - [Founder’s Field Guide, EP. 55]

My guest today is Tim Flannery, co-founder of venture fund administrator Passthrough. Passthrough is removing friction from the manual, time-consuming fundraising process by making investor onboarding as simple and automatic as possible. Their software helps investors fill out subscription documents in minutes rather than hours and allows GPs to easily track LP subscriptions during a fundraise.   In our conversation, we discuss the power of identity as a feature to build products around, the double-edged sword of solving an unsexy problem, and how Passthrough has thought about pricing their software. Please enjoy my conversation with Tim Flannery.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Pilot. Pilot handles your startup’s finance, accounting, and tax prep needs so you can focus on what matters most — building your business. Join over 1,000 startups that rely on Pilot to help them scale. Founder’s Field Guide listeners get 20% off their first six months. Get in touch with Pilot at https://pilot.com/founders.    -----   Founder's Field Guide is a property of Colossus, LLC. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:08] - [First question] - The push and pull nature of what Passthrough is trying to solve [00:04:17] - What the idealized end state 10 years from now looks like [00:07:33] - A history of friction in investing and what barriers still remain today [00:12:35] - The spark of insight that led to starting this new venture [00:17:45] - Lessons learned from Okta and why identity is so powerful [00:19:39] - Plans to expand this concept deeper into the tech stack [00:22:24] - Adjacent problems that they plan to tackle as they continue to scale [00:24:30] - What it feels like to use their product as an LP today [00:26:10] - Working with service providers without becoming one [00:28:06] - What great sales and distribution looks like to him at the infrastructure level  [00:31:50] - Defining what “bring your collaborators” means  [00:33:19] - His secret to recruiting talent to help solve an unsexy problem [00:37:46] - His love for the intersection between process, pipelines, and efficiency  [00:40:12] - Having a process for designing processes [00:42:11] - How they arrived at their pricing and thoughtful pricing in software [00:45:08] - Lessons from building Passthrough that o