Acquired

Follow Acquired
Share on
Copy link to clipboard

Every company has a story. Acquired goes behind the scenes of the biggest tech IPOs and acquisitions of all time.

Ben Gilbert and David Rosenthal


    • Jun 20, 2022 LATEST EPISODE
    • every other week NEW EPISODES
    • 1h 25m AVG DURATION
    • 168 EPISODES

    Listeners of Acquired that love the show mention: david and ben, acquisitions, ben and david, ipo, acquired, favorite segments, tech and finance, tech entrepreneur, transactions, venture capital, manda, sometimes it s hard, great pace, vc, lp, put into each episode, business strategy, tech industry, pixar, slack.



    Search for episodes from Acquired with a specific topic:

    Latest episodes from Acquired

    The Playbook: Lessons from 200+ Company Stories

    Play Episode Listen Later Jun 20, 2022 67:49

    When Patrick O'Shaughnessy and Brent Beshore asked us to give a talk at their incredible Capital Camp conference, we knew we had to bring something special. So we spent months combing through the Acquired back catalog and cataloged our 12 favorite lessons from the 200+ stories we've told over the past 7 years. From Sequoia through Sony, TSMC, Nvidia, The New York Times, the NBA and Oprah — we revisited all the classics and pulled out the common threads that weave the tapestry of great companies we've covered on Acquired. This episode was truly a joy to put together… huge thank you to Patrick and Brent for giving us the perfect stage on which to present it! This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. Sponsors: Thanks to the Solana Foundation for being our presenting sponsor for this special episode. Solana is the world's most performant blockchain, the BEST place for developers to build Web3 applications, and of course very near & dear to the Acquired community's heart. You get in touch with them here. Just tell them them Ben and David sent you! Thank you as well to Modern Treasury and to Mystery. Register here for the Acquired Mystery on July 7th 2022 at 3pm PT! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    American Dynamism (with Katherine Boyle)

    Play Episode Listen Later Jun 6, 2022 81:50

    We sit down with a16z General Partner Katherine Boyle to discuss investing in “American Dynamism”, why it's so important and why now is the right time to pursue it. Katherine has a fascinating background, beginning her career as a reporter at The Washington Post before entering the VC world first at Founders Fund, then General Catalyst and now a16z. Her perspectives don't fit neatly in any box — political, economic or otherwise — and we have a great conversation exploring them. Tune in! This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. Links: Katherine's post on Building American Dynamism Marc Andreessen's It's Time to Build Katherine's Substack Sponsors: Thanks to the Solana Foundation for being our presenting sponsor for this special episode. Solana is the world's most performant blockchain, the BEST place for developers to build Web3 applications, and of course very near & dear to the Acquired community's heart. You get in touch with them here, and learn more about Metaplex here. Just tell them them at Ben and David sent you! Thank you as well to Modern Treasury and to Mystery. ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner)

    Play Episode Listen Later May 19, 2022 71:09

    We sit down with the CEO founders of two of the most capital efficient success stories of all time — Zoom and Veeva Systems — to understand how they grew to billions of dollars in revenue (and tens of billions in market cap) on very, very little capital invested. With the fundraising environment changing rapidly, we couldn't think of a better topic to discuss or better sources of wisdom for founders, operators and investors all to learn from. Very special thanks to Jake Saper and our friends at Emergence Capital for inviting us and putting this conversation together at their 2022 CEO Summit! This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. Links: Peter's great Medium blog Sponsors: Thanks to the Solana Foundation for being our presenting sponsor for this special episode. Solana is the world's most performant blockchain, the BEST place for developers to build Web3 applications, and of course very near & dear to the Acquired community's heart. You get in touch with them here, and learn more about GenesysGo here. Just tell them them at Ben and David sent you! Thank you as well to Modern Treasury and to Mystery. ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Arena Show Part II: Brooks Running (with CEO Jim Weber)

    Play Episode Listen Later May 16, 2022 70:46

    For the final act of the Arena Show, we're joined by Brooks CEO Jim Weber to tell the amazing story of how he transformed the company from a 3rd tier, deeply cashflow negative “also-ran” into one of the world's premiere fitness brands and a crown jewel of the Berkshire Hathaway empire — with compounding revenue and cashflow growth that rivals even the legendary Mrs. See's Candies! If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the “AWS of security and compliance”. Everyone in the Acquired community can get 10% off using this link. Thank you as well to Vouch and to SoftBank Latin America! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Arena Show Part I: Idea Dinner + YC Continuity

    Play Episode Listen Later May 12, 2022 93:25

    We did an Arena Show!! This evening was so big and so special, we had to split it into two episodes for the podcast feed. First up is the Idea Dinner with our best internet buddies, Packy McCormick and Mario Gabriele (and special guest judge Shu Nyatta), followed by the story of YC Continuity with managing partner Anu Hariharan. Huge, huge thank you to PitchBook for making this night possible. Stay tuned for Part II! If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the “AWS of security and compliance”. Everyone in the Acquired community can get 10% off using this link. Thank you as well to Vouch and to SoftBank Latin America! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Y Combinator with Anu Hariharan... at the Arena Show!

    Play Episode Listen Later Apr 27, 2022 5:14

    Announcing our final guest for the Arena Show… YC's Anu Hariharan! Amazingly, we've never covered Y Combinator itself before on Acquired. That's about to change. :) We'll tell the story of YC Continuity, and how they've quietly become one of the biggest growth investors in the Valley over the past few years.  Link to register: https://acquired.fm/arenashow  Date / Time: May 4, 2022, doors open at 5pm Venue: Climate Pledge Arena, Seattle WA Cost: $20, and all proceeds will be donated to Climate Pledge Arena's One Roof Foundation Link for the Brooks Run Wednesday morning (at 9:45am): https://acquired.fm/brooksrun Thanks again to our friends at PitchBook Data for making this amazing evening possible!

    Packy + Mario @ Acquired Arena Show!

    Play Episode Listen Later Apr 21, 2022 2:20

    For our next Arena Show guest announcement... we have not one, but TWO heavyweights of internet business culture. That's right, live and for one night only, the supergroup of liquid super teams is getting back together. Packy McCormick, Mario Gabriele, Ben and David - reunited in person at last!! We'll be kicking off the evening together with a live Idea Dinner recording, discussing each of our favorite stocks (of course for entertainment purposes, not investment advice!). Packy and Mario are both be flying in from NYC, and we're so excited to host our best internet buds IRL. You won't want to miss this!! Thanks again to our friends at PitchBook Data for making this amazing evening possible. Stay tuned for even more info to come... Link to register: https://acquired.fm/arenashow Date / Time: May 4, 2022, doors open at 5pm Venue: Climate Pledge Arena, Seattle WA Cost: $20, and all proceeds will be donated to Climate Pledge Arena's One Roof Foundation

    Nvidia: The Machine Learning Company (2006-2022)

    Play Episode Listen Later Apr 20, 2022 135:02

    By 2012, NVIDIA was on a decade-long road to nowhere. Or so most rational observers of the company thought. CEO Jensen Huang was plowing all the cash from the company's gaming business into building a highly speculative platform with few clear use cases and no obviously large market opportunity. And then... a miracle happened. A miracle that led not only to Nvidia becoming the 8th largest market cap company in the world, but also nearly every internet and technology innovation that's happened in the decade since. Machines learned how to learn. And they learned it... on Nvidia. PSA: We're doing an ARENA SHOW!! May 4th, 2022 in Seattle (Star Wars day). All proceeds go to charity. We'd love to see you there! If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the “AWS of security and compliance”. Everyone in the Acquired community can get 10% off using this link. Thank you as well to Vouch and to SoftBank Latin America! Links: Ben Thompson's great Stratechery interview with Jensen Linus Tech Tips tests an Nvidia A100 Episode sources Carve Outs: The Expanse short story collection, Memory's Legion Sony RX100 point-and-shoot camera ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Platforms and Power (with Hamilton Helmer and Chenyi Shi)

    Play Episode Listen Later Apr 6, 2022 85:52

    We sit down once again with one of the world's very best strategy thinkers, 7 Powers author Hamilton Helmer — this time joined by his impressive Strategy Capital colleague Chenyi Shi — to discuss platform businesses, and how the Power framework applies to them. If you're building, investing in, or just curious about the dynamics of platforms, this episode is a must-listen. We owe a huge thanks to Hamilton and Chenyi for sharing their work-in-progress insights on this very special category of companies. Tune in! This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. Sponsors: Thanks to the Solana Foundation for being our presenting sponsor for this special episode. Solana is the world's most performant blockchain, the BEST place for developers to build Web3 applications, and of course very near & dear to the Acquired community's heart. You get in touch with them here, and learn more about Stake Pools here , and just tell them them at Ben and David sent you! Thank you as well to Modern Treasury and to Mystery. ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Arena Show Announcement (!!) Seattle, May 4th 2022

    Play Episode Listen Later Apr 4, 2022 2:13

    Yes, you heard that right — we are doing a live show, IN AN ARENA!! Thanks to our friends at PitchBook Data, we have Seattle's brand new Climate Pledge Arena the evening of May 4th, 2022. We are so, so excited for this, and can't wait to see you all there! Details below: Link to register: https://acquired.fm/arenashow Date / Time: May 4, 2022, doors open at 5pm Venue: Climate Pledge Arena, Seattle WA

    Nvidia: The GPU Company (1993-2006)

    Play Episode Listen Later Mar 28, 2022 123:51

    He wears signature leather jackets. He can bench press more than you. He makes cars that drive themselves. He's cheated death — both corporate and personal — too many times to count, and he runs the 8th most valuable company in the world. Nope, he's not Elon Musk, he's Jensen Huang — the most badass CEO in semiconductor history. Today we tell the first chapter of his and Nvidia's incredible story. You'll want to buckle up for this one! This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the “AWS of security and compliance”. ️ Everyone in the Acquired community can get 10% off using this link: https://bit.ly/acquiredvanta Thank you as well to Vouch and to SoftBank Latin America. You can learn more about them at: https://bit.ly/acquired-vouch https://bit.ly/acquiredsoftbanklatam Links: Shoot to Kill: https://www.forbes.com/global/2008/0107/070.html?sh=261e2068d077 Episode sources: https://docs.google.com/document/d/1wt5jSpqjsRuYU00pq_ABWTM0iJ68hjMceF9XrreYPko/edit?usp=sharing Carve Outs: Starting Strength: https://startingstrength.com Elden Ring: https://en.bandainamcoent.eu/elden-ring/elden-ring ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Altimeter (with Brad Gerstner)

    Play Episode Listen Later Mar 15, 2022 112:55

    We hear a lot these days about hedge funds becoming venture firms, and venture firms becoming hedge funds. But a decade before either of those approaches became mainstream, a tiny $3m fund in Boston named Altimeter Capital set out simply to invest in a concentrated portfolio of America's very best technology companies, regardless if they were public or private. Today that tiny firm has grown to nearly $15B under management and become a premier “capital partner” to founders at all but the very earliest stages — companies like Snowflake, Facebook, Roblox, Plaid, Grab and Acquired fan-favorite Modern Treasury. We sit down with founder & CEO Brad Gerstner to dive into the story behind Altimeter's meteoric rise. This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the “AWS of security and compliance”. Everyone in the Acquired community can get 10% off using this link: https://bit.ly/acquiredvanta Thank you as well to Vouch and to SoftBank Latin America. You can learn more about them at: https://bit.ly/acquired-vouch https://bit.ly/acquiredsoftbanklatam Carve Outs: Brad's Twitter thread on Invest America: https://twitter.com/altcap/status/1347454947583950849?s=20&t=gM5zJMcq9p96GcjEHZw56w ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    SONY

    Play Episode Listen Later Mar 7, 2022 183:41

    Born in the unlikeliest of places — the terrible, wasteland-like aftermath of post WWII Japan — Sony rose to capture the imaginations (and wallets) of consumers and engineers around the world. The company produced hit after hit after hit: portable transistor radios, CDs, the Walkman, the PlayStation, DVDs, life insurance(!!)... and yet ultimately fell behind its greatest American admirer, Steve Jobs and Apple. This is the incredible story of Sony's human and technological optimism in the face of overwhelming odds — a story that, given recent world events, remains as relevant today as ever. This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the “AWS of security and compliance”. ️ Everyone in the Acquired community can get 10% off using this link: https://bit.ly/acquiredvanta Thank you as well to Vouch and to SoftBank Latin America. You can learn more about them at: https://bit.ly/acquired-vouch https://bit.ly/acquiredsoftbanklatam Links: Steve Jobs' Tribute to Akio Morita: https://youtu.be/Drwkvf76Cls Planet Money on Sony and Spider-Man: https://www.npr.org/2022/01/28/1076531156/the-spider-man-problem Episode sources: https://docs.google.com/document/d/1LpnPSju5xSPcuaRVd1TYXnL1oGBr4Qs5bRS7owbxoEc/edit?usp=sharing Carve Outs: How This All Happened by Morgan Housel: https://www.collaborativefund.com/blog/how-this-all-happened/ The Model 3 is AWESOME: https://www.tesla.com/model3 ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Aid for Ukraine (with Anatoly from Solana and Sergey from Everstake)

    Play Episode Listen Later Feb 28, 2022 11:29

    Like so many, we've been both heartbroken and inspired by what's happening Ukraine. Our friends at Solana and FTX are announcing today that they've helped Everstake — a Ukrainian company and the largest Solana validator in the world — set up a DAO called Aid for Ukraine that can 1) accept crypto donations, and 2) directly offramp them into the Ukrainian central bank (in fiat currency) via FTX's rails. This is — as far as we know — the first project of its kind anywhere in the world, and an incredibly ambitious response to a terrible human crisis. We recorded a brief conversation with Solana Labs CEO Anatoly Yakavenko and Everstake CEO Sergey Vasylchuk, who has spearheaded this project and who as you'll hear is currently on the ground in Ukraine amidst fighting and bombing. You can follow and donate to Aid for Ukraine, and/or other non-cypto projects via the links below: Links: Aid for Ukraine: https://nation.io/dao/ukraine Aid for Ukraine's Twitter: https://twitter.com/_AidForUkraine Sergey's Twitter: https://twitter.com/sergattic Packy's piece and resources: https://www.notboring.co/p/ukraine-fc5? Come Back Alive: https://savelife.in.ua/en/donate/ Direct link to the Ukrainian Central Bank (in Ukrainian): https://bank.gov.ua/ua/news/all/natsionalniy-bank-vidkriv-spetsrahunok-dlya-zboru-koshtiv-na-potrebi-armiyi

    Super Pumped (with Brian Koppelman and Joseph Gordon-Levitt)

    Play Episode Listen Later Feb 22, 2022 64:45

    We sit down with two of the most talented and respected people in Hollywood — Brian Koppelman and Joseph Gordon-Levitt — to talk about the process of adapting Mike Issac's story of Uber, “Super Pumped”, into their new Showtime series. To say this was a thrill for us is a MASSIVE understatement. Huge thank yous to Brian, Joe and Showtime for making it happen! This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice. Sponsors: Thanks to the Solana Foundation for being our presenting sponsor for this special episode. Solana is the world's most performant blockchain, the BEST place for developers to build Web3 applications, and of course very near & dear to the Acquired community's heart. You get in touch with them at https://bit.ly/acquiredsolana , and with Phantom at https://phantom.app , and just tell them that Ben and David sent you! Thank you as well to Modern Treasury and to Mystery. You can learn more about them at: https://bit.ly/acquiredmoderntreasury https://bit.ly/acquiredmystery Links: Super Pumped (the series): https://www.sho.com/super-pumped Super Pumped (the book): https://www.amazon.com/dp/B07PZ2B85Y/ Carve Outs: Joe performing Katy Perry in the style of The Cure on Jimmy Fallon: https://www.youtube.com/watch?v=H2lGEZOOHwI Michael Lewis's Liar's Poker companion podcast: https://www.pushkin.fm/show/against-the-rules-with-michael-lewis/ Stevie Van Zandt's Unrequited Infatuations: https://www.amazon.com/dp/B08R56XNMQ/ Your Undivided Attention: https://www.humanetech.com/podcast/a-problem-well-stated-is-half-solved Jakob Dylan on The Moment: https://open.spotify.com/episode/5xNbG6XBjoVLDvpOUbZSIr?si=engSyJ9IQlePpqDOw7rSjw Joe's Don Jon: https://www.imdb.com/title/tt2229499/ HitRecord: https://hitrecord.org ‍ Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    The Browser (with Brendan Eich, Chief Architect of Netscape + Mozilla and CEO of Brave)

    Play Episode Listen Later Feb 15, 2022 103:26

    We sit down with perhaps the only person besides Marc Andreessen who's had a major influence on each of the Web 1, 2 and 3 eras: Brave Browser CEO (and former Netscape + Mozilla Chief Architect) Brendan Eich. In true Acquired fashion we cover both a huge amount of both internet history AND internet future in one awesome conversation. Big thank you to Brendan for making this so special — tune in! This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thanks to the Solana Foundation for being our presenting sponsor for this special episode. Solana is the world's most performant blockchain, the BEST place for developers to build Web3 applications, and of course very near & dear to the Acquired community's heart. You get in touch with Solana at https://bit.ly/acquiredsolana, and with Project Serum at https://www.projectserum.com, and just tell them that Ben and David sent you! Thank you as well to Modern Treasury and to Mystery. You can learn more about them at: https://bit.ly/acquiredmoderntreasury https://bit.ly/acquiredmystery Links: Brave: https://brave.com Carve Outs: Project Hail Mary: https://www.amazon.com/Project-Hail-Mary-Andy-Weir-ebook/dp/B08FHBV4ZX Open: https://www.amazon.com/Open-Andre-Agassi-ebook/dp/B003062GEE/ San Fransicko: https://www.amazon.com/dp/B08SMFSL5M/ Dynamic Economics: ****https://www.amazon.com/Dynamic-Economics-Burton-H-Klein/dp/0674218663 ‍ Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Peloton

    Play Episode Listen Later Feb 10, 2022 141:44

    The Peloton journey has been one seriously wild ride. From can't raise money to one of Tiger Global's first venture investments, to pandemic darling to the stock being down 85% in 6 months... there's never a dull moment in this company's history. And guess who's leading the pack for its next chapter: that's right, THREE-TIME ACQUIRED SUPERHERO, the one and only Barry McCarthy. We had to tell this story. This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the “AWS of security and compliance”. Everyone in the Acquired community can get 10% off using this link: https://bit.ly/acquiredvanta Thank you as well to Vouch and to SoftBank Latin America. You can learn more about them at: https://bit.ly/acquired-vouch https://bit.ly/acquiredsoftbanklatam Links: Barry's Hill School interview on YouTube: https://www.youtube.com/watch?v=9uwcSbe6YoE Episode sources: https://docs.google.com/document/d/1Qs4DwVFBTMCyEt7Xxlby6iRCpOs0aRTOWPLjrbFQO8Q/edit?usp=sharing Carve Outs: Barry's planning framework from the Hill School interview: https://www.youtube.com/watch?v=9uwcSbe6YoE Switched On Pop on James Bond's Spycraft Sound: https://switchedonpop.com/episodes/james-bond-spycraft-sound-billie-eilish-hans-zimmer-daniel-craig ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Taylor Swift (Acquired's Version)

    Play Episode Listen Later Jan 23, 2022 158:57

    Not only is Taylor Swift the biggest music artist of our generation by nearly every metric (it's not even close!), with the re-recording of her original albums she's in the process of reshaping the entire music industry in a way no band or artist ever has before. And oh yeah — she's still only thirty-two. We dive into the incredible business story behind perhaps the new "last great American dynasty"... the TSwift empire. PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the "AWS of security and compliance". Everyone in the Acquired community can get 10% off using this link: https://bit.ly/acquiredvanta Thank you as well to Vouch and to SoftBank Latin America. You can learn more about them at: https://bit.ly/acquired-vouch https://bit.ly/acquiredsoftbanklatam Links: Taylor Swift The Brightest Star: https://www.amazon.com/Taylor-Swift-Loves-Global-Sensation/dp/1912587556/ All You Need to Know About the Music Business: https://www.amazon.com/Need-Know-About-Music-Business/dp/1501122185/ Switched On Pop: https://switchedonpop.com/episodes/deja-vu-olivia-rodrigo-copyright-decoder-good-4-u-paramore Joni (Blue) vs. Taylor (Red) Album Art: https://gaylorlyrics.tumblr.com/post/624477640229863424/we-3-some-joni-mitchell-parallels Kelly Clarkson's suggestion to re-record Taylor's Big Machine albums: https://twitter.com/kellyclarkson/status/1150168164853882880?s=20 Episode sources: https://docs.google.com/document/d/1YKvfZuBrMB_BawZzt5c6ap8b2KdNg7n5Ko2tqF5AkCE/edit?usp=sharing Carve Outs: The Beatles: Get Back: https://www.disneyplus.com/en-gb/series/the-beatles-get-back/7DcWEeWVqrkE Italic: https://italic.com ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    CAA (with Michael Ovitz)

    Play Episode Listen Later Dec 21, 2021 108:19

    Season 9 ends at the beginning — with the man who changed Hollywood forever and wrote the blueprint for A16Z's upending of Silicon Valley a generation later, Michael Ovitz and his “Dream Factory”, Creative Artists Agency. From Jurassic Park to Ghostbusters, Back to the Future, Goodfellas, Rain Man, ER, and even the Coca-Cola polar bears... almost nothing in 80s and 90s pop culture didn't have CAA's stamp on it. Speaking of dreams, this episode was totally one for us, and we hope you enjoy listening to it as much as we did making it!! Big news!! All back catalog LP Show episodes are now free and available to anyone! You can follow our new public LP Show feed here. It's already chock-full of 60+ great episodes like our VC Fundamentals series, interviews with founders of top early-stage startups, and master classes on pricing, marketplaces, SaaS investing and many more topics. Happy listening and happy holidays to everyone!! Sponsors: Thank you to our presenting sponsor for all of Season 9, Pilot.com! Pilot takes care of startups' bookkeeping, tax and CFO services so busy founders can focus on what matters. To paraphrase Jeff Bezos's AWS analogy: bookkeeping and tax don't make your product any better — so you should let Pilot handle them for you. Pilot is in fact backed by Bezos himself, along with other all-star investors including Sequoia, Index, and Stripe. They are truly the gold standard for startup bookkeeping, and many of the companies we work with run on them. You can get in touch with Pilot here: https://bit.ly/acquiredfmpilot , and Acquired listeners get 20% off their first 6 months! (use the link above) Thank you as well to PitchBook and to Nord Security. You can learn more about them at: https://bit.ly/acquiredpitchbook https://bit.ly/acquirednord Links: Michael's (truly excellent) book, Who Is Michael Ovitz?: https://www.amazon.com/dp/B07B2HS77M/ ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    FTX (with Sam Bankman-Fried & Mario Gabriele)

    Play Episode Listen Later Dec 15, 2021 92:00

    We tell the definitive (audio!) story behind FTX's "speed run" — how this upstart crypto exchange became the fastest company in history to reach a $25B valuation, just two years after founding. And to do so we're joined by not one but TWO of the very best people in the world to help: FTX's wunderkind CEO Sam Bankman-Fried, and special guest host Mario Gabriele from The Generalist, who Sam gave extensive access to FTX's internal data, employees, and investors for his canonical 36,000 word trilogy on the company this past summer. We cover it all — from the "$20m/day" trade that started everything, to Tom Brady & Gisele, to Sam testifying last week in front of Congress. Don't blink or you might miss it! Big news!! All back catalog LP Show episodes are now free and available to anyone!! You can follow our new public LP Show feed here in the podcast player of your choice. It's already chock-full of 60+ great episodes like our VC Fundamentals series, interviews with founders of top early-stage startups, and master classes on pricing, marketplaces, SaaS investing and many more topics. Happy listening and happy holidays to everyone!! Sponsors: Thank you to our presenting sponsor for all of Season 9, Pilot.com! Pilot takes care of startups' bookkeeping, tax and CFO services so busy founders can focus on what matters. To paraphrase Jeff Bezos's AWS analogy: bookkeeping and tax don't make your product any better — so you should let Pilot handle them for you. Pilot is in fact backed by Bezos himself, along with other all-star investors including Sequoia, Index, and Stripe. They are truly the gold standard for startup bookkeeping, and many of the companies we work with run on them. You can get in touch with Pilot here: https://bit.ly/acquiredfmpilot , and Acquired listeners get 20% off their first 6 months! (use the link above) Thank you as well to PitchBook and to Nord Security. You can learn more about them at: https://bit.ly/acquiredpitchbook https://bit.ly/acquirednord Links: The Generalist's FTX Trilogy: https://www.readthegeneralist.com/briefing/ftx-1 FTX: https://ftx.com FTX US: https://ftx.us Sam's Twitter: https://twitter.com/SBF_FTX ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    7 Powers with Hamilton Helmer

    Play Episode Listen Later Dec 8, 2021 62:20

    You've heard us talk about him every episode for the past two years... but until now most of you have never actually heard us talk to him! To celebrate the LP Show going public, we've remastered our first, canonical interview with Hamilton Helmer, originally released as an LP episode in March 2020. Hamilton's 7 Powers framework gives a deep, academic investigation to the question, “what creates an enduring company?” This episode is an absolute must-listen for anyone working or investing in tech (and beyond), and we're so excited to finally make it available to everyone. And if you want more episodes like this, we have good news... all back catalog LP Show episodes are now free and available to anyone! You can follow our new public LP Show feed here in the podcast player of your choice. It's already chock-full of 60+ great episodes like our VC Fundamentals series, interviews with founders of top early-stage startups, and master classes on pricing, marketplaces, SaaS investing and many more topics. Happy listening and happy holidays to everyone! Sponsors: Thanks to SoftBank Latin America for being our presenting sponsor for this special episode. If you are an entrepreneur, employee, other investor or simply someone who's interested in learning about the best young companies in LatAm right now, get in touch with them at: https://bit.ly/acquiredsoftbanklatam , and tell them that Ben and David sent you! You can find career opportunities at the portfolio companies here: https://www.latinamericafund.com/careers Thank you as well to Modern Treasury and to Fundrise. You can learn more about them at: https://bit.ly/acquiredmoderntreasury (and you can find our reverse interview with them at https://www.moderntreasury.com/acquired ) https://bit.ly/acquiredfundrise ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Not Boring (with Packy McCormick)

    Play Episode Listen Later Dec 3, 2021 164:48

    When does a creator become a company? Who says that media companies — or venture firms — have to be organizations? How high is the ceiling on one person + the internet? Acquired has the answers and they are... Not Boring.

    Complexity Investing & Semiconductors (with NZS Capital)

    Play Episode Listen Later Nov 3, 2021 104:01

    Of our 65+ sources for the TSMC episode, one stood above the rest: a wonderful Knowledge Project episode with Brinton Johns and Jon Bathgate of NZS Capital laying out the state of the semiconductor market. When coincidentally we met Brinton a week later, we knew fate was telling us we had to dig deeper. It turns out NZS has a lot more to teach Acquired than just about semis! Here we dive into their fascinating philosophy of "complexity investing", which was born out of their interactions with the world-famous Santa Fe Institute (of W. Brian Arthur and Increasing Returns fame!)... and of course we also throw in some semiconductor shop-talk for good measure. :) If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to SoftBank Latin America for being our presenting sponsor for this special episode. If you are an entrepreneur, employee, other investor or simply someone who's interested in learning about the best young companies in LatAm right now, get in touch with them at: https://bit.ly/acquiredsoftbanklatam , and tell them that Ben and David sent you! You can get in touch with their portfolio company Banco Inter and their CEO João Vitor Menin at https://www.linkedin.com/in/joãovitormenin/ Thank you as well to Modern Treasury and to Fundrise. You can learn more about them at: https://bit.ly/acquiredmoderntreasury (and you can find our reverse interview with them at https://www.moderntreasury.com/acquired ) https://bit.ly/acquiredfundrise Links: NZS Capital: https://www.nzscapital.com The Santa Fe Institute: https://www.santafe.edu NZS's white paper on Complexity Investing: https://static1.squarespace.com/static/5ca38f3216b6405d11e3d4b4/t/60131df6a8d27d63432ea5ff/1611865607574/Complexity_2021update-v9pt2.pdf Brinton & Jon on The Knowledge Project: https://www.youtube.com/watch?v=r6NUO_bymuA Twitter: Brinton: https://twitter.com/bjohns3 Jon: https://twitter.com/jbathgate Brad: https://twitter.com/bradsling ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Standard Oil Part II

    Play Episode Listen Later Oct 18, 2021 140:22

    We bring the epic saga of Standard Oil and John D. Rockefeller to a close (for now) with two of history's greatest second acts: Rockefeller's pioneering of modern philanthropy (and really modern life itself), and perhaps the single greatest shareholder value "unlock" of all-time in the breakup of Standard Oil. And like any great American saga, of course the good guys win in the end. The only question is... just who were the good guys?? If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and access for live events and discussions with episode guests. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thank you to Pilot for being our presenting sponsor for all of Acquired Season 9! Pilot takes care of startups' bookkeeping, tax and CFO services so busy founders can focus on what matters. To paraphrase Jeff Bezos's AWS analogy: bookkeeping and tax don't make your product any better — so you should let Pilot handle them for you. Pilot is in fact backed by Bezos himself, along with other all-star investors including Sequoia, Index, and Stripe. They are truly the gold standard for startup bookkeeping, and many of the companies we work with run on them. You can get in touch with Pilot here: https://bit.ly/acquiredfmpilot , and Acquired listeners get 20% off their first 6 months! (use the link above) Thank you as well to PitchBook and to Nord Security. You can learn more about them at: https://bit.ly/acquiredpitchbook https://bit.ly/acquirednord Links: Titan by Ron Chernow: https://www.amazon.com/gp/product/1400077303/ Episode sources: https://docs.google.com/document/d/1PzIts5VVgKhE70sAeHnLKcmDktTkXRgEVtuHDktfNCw/edit?usp=sharing Carve Outs: The to-be-announced (as of recording) M1X MacBook Pro... Starfish Space: https://www.starfishspace.com/ Peloton: https://www.onepeloton.com ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More

    Play Episode Listen Later Oct 5, 2021 84:45

    We sit down with the one & only Michael Mauboussin to dive deep into his incredible body of work: untangling skill and luck, measuring moats, persistence of returns in venture capital, decision making and — particularly timely — expectations investing and how to think about valuations in the current 2021 market environment. (!!) Michael's work is maybe our most frequent carve out on Acquired, so we're pumped to finally have a chance to interview the man himself. Big thank you to Patrick O'Shaughnessy and Brent Beshore for introducing us all at Capital Camp this year! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to SoftBank Latin America for being our presenting sponsor for this special episode. If you are an entrepreneur, employee, other investor or simply someone who's interested in learning about the best young companies in LatAm right now, get in touch with them at: https://bit.ly/acquiredsoftbanklatam , and tell them that Ben and David sent you! You can get learn more about careers at their portfolio company QuintoAndar at https://carreiras.quintoandar.com.br Thank you as well to Modern Treasury and to Fundrise. You can learn more about them at: https://bit.ly/acquiredmoderntreasury (and you can find our reverse interview with them at https://www.moderntreasury.com/acquired ) https://bit.ly/acquiredfundrise Jobs! Big news — we now have a full Acquired Job Board! It's a one-stop-shop with all the very best opportunities from the amazing companies in the Acquired community, including folks like Solana, Italic, Pilot, RabbitHole, Modern Treasury, Vouch, Zapier, Levels and more. AND, if you're more casually open to opportunities, we have a form you can fill out and we'll handpick the best ones and personally send to you as they come up. Check it out at https://www.acquired.fm/jobs Links: Michael's wonderful talk at Google: https://youtu.be/1JLfqBsX5Lc The new revised edition of Expectations Investing: https://www.amazon.com/Expectations-Investing-Reading-Returns-Heilbrunn/dp/0231203047/ The Success Equation: https://www.amazon.com/The-Success-Equation-Untangling-Investing/dp/1422184234/ Measuring the Moat: https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1066439791&serialid=4uA2wHojCvFKzqWfwIyDvkSN1pkXRpb43LvyclLcJsk%3D&cspId=null Public to Private Equity: https://www.morganstanley.com/im/publication/insights/articles/articles_publictoprivateequityintheusalongtermlook_us.pdf ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Standard Oil Part I

    Play Episode Listen Later Sep 22, 2021 132:23

    It's time. We dive into original American capitalist mega winner, Standard Oil, and its legendary founder John D. Rockefeller. This company and man almost defy characterization — Elon, Bezos, Gates, Buffett... they've got nothing on old John D. Not only was Rockefeller the wealthiest person in modern human history, his company wrote the blueprint for today's corporations and everything we now know about business and capitalism. Pull up a chair and get ready to hear how this hillbilly, nobody kid from the sticks grew up to became the richest person in the world, creating a legend along the way that would become the American Dream... If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and access for live events and discussions with episode guests. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thank you to Pilot for being our presenting sponsor for all of Acquired Season 9! Pilot takes care of startups' bookkeeping, tax and CFO services so busy founders can focus on what matters. To paraphrase Jeff Bezos's AWS analogy: bookkeeping and tax don't make your product any better — so you should let Pilot handle them for you. Pilot is in fact backed by Bezos himself, along with other all-star investors including Sequoia, Index, and Stripe. They are truly the gold standard for startup bookkeeping, and many of the companies we work with run on them. You can get in touch with Pilot here: https://bit.ly/acquiredfmpilot , and Acquired listeners get 20% off their first 6 months! (use the link above) Thank you as well to PitchBook and to Nord Security. You can learn more about them at: https://bit.ly/acquiredpitchbook https://bit.ly/acquirednord Links: Episode sources: https://docs.google.com/document/d/1X7oskTGkPX_rIKqZFlN49USR20Ii6C9p2SJCGzEXHLU/edit?usp=sharing Carve Outs: There Will Be Blood: https://www.imdb.com/title/tt0469494/ Deadwood: https://www.imdb.com/title/tt0348914/ SB Nation's Secret Base Atlanta Falcons series: https://youtu.be/Lx_ORMhpmoU ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    TSMC

    Play Episode Listen Later Sep 7, 2021 153:44

    It's time. We dive into the unbelievable history behind the quietest technology giant of them all — and as of recording the world's 9th (!) most valuable company — the Taiwan Semiconductor Manufacturing Company. This story checks every box in the Acquired pantheon of greatness: China, America, MIT, Don Valentine, Silicon Valley, "real men" looking silly, and... moats literally built by lasers. We're not kidding. Pull up a seat and settle in for a great one! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thank you to Pilot for being our presenting sponsor for all of Acquired Season 9! Pilot takes care of startups' bookkeeping, tax and CFO services so busy founders can focus on what matters. To paraphrase Jeff Bezos's AWS analogy: bookkeeping and tax don't make your product any better — so you should let Pilot handle them for you. Pilot is in fact backed by Bezos himself, along with other all-star investors including Sequoia, Index, and Stripe. They are truly the gold standard for startup bookkeeping, and many of the companies we work with run on them. You can get in touch with Pilot here: https://bit.ly/acquiredfmpilot , and Acquired listeners get 20% off their first 6 months! (use the link above) Thank you as well to PitchBook and to Nord Security. You can learn more about them at: https://bit.ly/acquiredpitchbook https://bit.ly/acquirednord Links: Episode Sources: https://docs.google.com/document/d/1rQMgQDY5c3Fs5DsjB4cZHVZGdhN4kK-6HapO_r7pjyQ/edit?usp=sharing Carve Outs: Ted Lasso (Season 1): https://tv.apple.com/us/show/ted-lasso/umc.cmc.vtoh0mn0xn7t3c643xqonfzy Greek: https://www.imdb.com/title/tt0976014/ Who is Michael Ovitz?: https://www.amazon.com/dp/B07B2HS77M/

    Kevin Rose from Web 2.0 to Web3

    Play Episode Listen Later Aug 30, 2021 100:06

    We sit down with the one & only Kevin Rose to talk about his journey from pioneering Web 2.0 with Digg to leading the charge on Web3 and NFT + DeFi investing as a partner at True Ventures and his new show Modern Finance. We cover it all — TechTV, Digg's true origin story, Milk, Hodinkee, interviewing Beeple and where MoFi goes from here. This was an episode we've been wanting to do forever, and Kevin was truly a blast to hang out with. Tune in and then go check out everything he's building now over at Modern Finance! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to SoftBank Latin America for being our presenting sponsor for this special episode. If you are an entrepreneur, employee, other investor or simply someone who's interested in learning about the best young companies in LatAm right now, get in touch with them at: https://bit.ly/acquiredsoftbanklatam , and tell them that Ben and David sent you! You can get in touch Rappi's Sebastian Mejia at sebastian@rappi.com or @mejiasebas on Twitter Thank you as well to Modern Treasury and to Fundrise. You can learn more about them at: https://bit.ly/acquiredmoderntreasury (and you can find our reverse interview with them at https://www.moderntreasury.com/acquired ) https://bit.ly/acquiredfundrise Links: Modern Finance: https://modern.finance Especially the Beeple episode: https://modern.finance/episode/beeple-his-story-the-future-of-nfts-his-favorite-digital-artist-and-more/ Proof: https://www.proof.xyz Kevin on Twitter: https://twitter.com/kevinrose

    Andreessen Horowitz Part II

    Play Episode Listen Later Aug 10, 2021 172:05

    Alright, backstory's out of the way, and Acquired is rolling three hours deep on the venture firm that changed the game for everyone — a16z. VC marketing? Check. "Founder-friendly?" Check. Platform services? Check. Huge valuations and massive fund sizes? Check and check. We dissect it all in glorious detail, right down to the famous office library (located next to the Rosewood on Sand Hill, natch). The story of modern venture capital starts here. Let's Go!!! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and access for live events and discussions with episode guests. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thank you to Pilot for being our presenting sponsor for all of Acquired Season 9! Pilot takes care of startups' bookkeeping, tax and CFO services so busy founders can focus on what matters. To paraphrase Jeff Bezos's AWS analogy: bookkeeping and tax don't make your product any better — so you should let Pilot handle them for you. Pilot is in fact backed by Bezos himself, along with other all-star investors including Sequoia, Index, and Stripe. They are truly the gold standard for startup bookkeeping, and many of the companies we work with run on them. You can get in touch with Pilot here: https://bit.ly/acquiredfmpilot , and Acquired listeners get 20% off their first 6 months! (use the link above) Thank you as well to Pitchbook and to Nord Security. You can learn more about them at: https://bit.ly/acquiredpitchbook https://bit.ly/acquirednord Links: Michael Mauboussin on persistence of returns across asset classes: https://www.morganstanley.com/im/publication/insights/articles/articles_publictoprivateequityintheusalongtermlook_us.pdf Tomorrow's Advance Man: https://www.newyorker.com/magazine/2015/05/18/tomorrows-advance-man Episode sources: https://docs.google.com/document/d/12jf9pwTdEuANtdOffUzSzvE0xEJptT0Or-gBSJgk8mg/edit?usp=sharing Carve Outs: Childhood's End: https://www.amazon.com/Childhoods-End-Arthur-C-Clarke/dp/110196703X MKBHD's Studio channel and tour: https://www.youtube.com/watch?v=pkuxIy3kFZM The Godfather: https://www.imdb.com/title/tt0068646/ Who Got the Truth on Spotify!! https://open.spotify.com/track/03X7SwpsCjZIofK8RFPwch?si=649d93b2be7743d5

    Andreessen Horowitz Part I

    Play Episode Listen Later Jul 27, 2021 125:47

    We kick off Season 9 with a classic: Part I of the a16z story. How did this brand new venture firm charge out of the gates in 2009, going from zero to disrupting the entire venture industry overnight? You probably know Marc & Ben's history with Netscape and Loudcloud/Opsware... but what about the Black Panthers, Nintendo 64, Al Gore, Doug Leone, Masayoshi Son, and an epic feud with Benchmark Capital that became Silicon Valley's version of the Hatfields and the McCoys? Buckle up, Acquired's got the truth. If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thank you to Pilot for being our presenting sponsor for all of Acquired Season 9! Pilot takes care of startups' bookkeeping, tax and CFO services so busy founders can focus on what matters, which is building the company. To paraphrase Jeff Bezos's famous AWS analogy: bookkeeping and tax don't make your product any better — so you should let Pilot handle them for you. In fact Pilot is backed by Bezos himself via Bezos Expeditions, along with an all-star roster of other investors including Sequoia, Index, and Stripe. They are truly the gold standard for startup bookkeeping, and many of the companies we work with run on them. You can get in touch with Pilot here: https://bit.ly/acquiredfmpilot , and Acquired listeners get 20% off their first 6 months! (use the link above) Thank you as well to Pitchbook and to Nord Security. You can learn more about them at: https://bit.ly/acquiredpitchbook https://bit.ly/acquirednord Links: David Streitfeld's great NYT piece on the Horowitz family: https://www.nytimes.com/2017/07/22/technology/one-family-many-revolutions-from-black-panthers-to-silicon-valley-to-trump.html Marc on the Tim Ferriss Show: https://tim.blog/2018/01/01/the-tim-ferriss-show-transcripts-marc-andreessen/ 2003 Marc in SF Gate: https://www.sfgate.com/business/ontherecord/article/OPSWARE-INC-On-the-record-Marc-Andreessen-2525822.php#photo-2684736 Carve Outs: Ben: The Elephant in the Brain: Hidden Motives in Everyday Life: https://www.amazon.com/Elephant-Brain-Hidden-Motives-Everyday/dp/0190495995 David: Resonant Arc Podcast / YouTube Channel: https://www.youtube.com/channel/UCFzWAEPDGiY34bGpwM_DWmA Episode Sources: [Google Doc link: https://docs.google.com/document/d/1DDb2nGfvnQ_XV4qs6qoHE084eS0J8cP74gTfdr736GE/edit# ] http://1997.webhistory.org/www.lists/www-talk.1993q1/0099.html http://allthingsd.com/20130125/go-west-young-geek-chris-dixon-on-why-he-became-a-silicon-valley-vc-at-andreessen-horowitz-and-more-video/ http://www.computinghistory.org.uk/det/1789/Marc-Andreessen/ http://www.internethistorypodcast.com/2015/08/20-years-on-why-netscapes-ipo-was-the-big-bang-of-the-internet-era/ https://a16z.com/2011/05/09/microsoft-buys-skype/ https://a16z.com/2011/06/30/meet-our-new-general-partner-jeff-jordan/ https://a16z.com/2017/04/07/todd-and-freddy-okta/ https://a16z.com/2018/09/25/michael-ovitz-entertainment-culture-negotiation-talent/ https://a16z.com/2019/06/20/slack/ https://a16z.com/2019/11/20/brand-building-a16z-ideas-people-marketing/ https://a16z.com/2019/11/26/a16z-podcast-how-what-why-500th-episode-behind-the-scenes/ https://bits.blogs.nytimes.com/2010/06/15/andreessen-horowitz-hires-a-female-partner-from-outcast-communications/ https://bits.blogs.nytimes.com/2010/11/03/andreessen-horowitz-starts-second-fund/ https://books.google.com/books?id=zyIvOn7sKCsC&pg=PA15#v=onepage&q&f=false https://charlierose.com/videos/12907 https://en.wikipedia.org/wiki/Andreessen_Horowitz https://en.wikipedia.org/wiki/Ben_Horowitz https://en.wikipedia.org/wiki/Black_Panther_Party https://en.wikipedia.org/wiki/Browser_wars https://en.wikipedia.org/wiki/David_Horowitz https://en.wikipedia.org/wiki/James_H._Clark https://en.wikipedia.org/wiki/Jeff_Jordan_(venture_capitalist) https://en.wikipedia.org/wiki/Marc_Andreessen https://en.wikipedia.org/wiki/Michael_Ovitz https://en.wikipedia.org/wiki/Mosaic_(web_browser) https://en.wikipedia.org/wiki/Murder_of_Betty_Van_Patter https://en.wikipedia.org/wiki/Netscape https://en.wikipedia.org/wiki/Ning_(website) https://en.wikipedia.org/wiki/Spyglass,_Inc. https://fortune.com/2011/07/12/skype-the-inside-story-of-the-boffo-8-5-billion-deal/ https://fortune.com/2021/01/20/tech-and-crypto-funder-andreessen-horowitz-wants-to-replace-the-media-that-might-be-bad-news-for-investors/ https://fortune.com/longform/jeff-jordan-vc/ https://greatness.floodgate.com/episodes/marc-andreessen-was-netscape-an-overnight-success https://money.cnn.com/2009/07/02/technology/marc_andreessen_venture_fund.fortune/index.htm https://money.cnn.com/magazines/fortune/fortune_archive/2005/07/25/8266639/ https://newrepublic.com/article/162227/david-horowitz-profile-trump-propagandist-radical-leftist https://podcasts.apple.com/us/podcast/ben-horowitz-02-25-20/id814550071?i=1000466601994 https://techcrunch.com/2009/02/20/andreessen-on-charlie-rose-i-am-creating-a-fund-full-video/ https://techcrunch.com/2010/06/20/andreessen-horowitz-celebrates-first-year-with-new-general-partner-john-ofarrell/ https://techcrunch.com/2014/03/27/andreessen-horowitz-raises-massive-new-1-5-billion-fund/ https://techcrunch.com/2018/06/25/andreessen-horowitz-has-a-new-crypto-fund-and-its-first-female-general-partner-is-running-it-with-chris-dixon/ https://techcrunch.com/2019/05/01/a16z-ushers-in-new-fund-strategy-with-2-75b/ https://techcrunch.com/2021/06/24/andreessen-horowitz-triples-down-on-blockchain-startups-with-massive-2-2-billion-crypto-fund-iii/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADZwBJIiwmoiePFPnoZk3s1WbLc0aUfwh4wj_nMnhEi5nYQ0Q1xfZfmYDhSbKEsY22uz29mILPEgwMe6RNf3pL8Jmpa6t8I3D19mTdP2c5zWv5jnGf2VNMFgB6UcS4o_5nTs2ymb7QON0OtJ4X4aiHWgNAW5auKjI6Hq65Unz0x8 https://thehistoryoftheweb.com/browser-wars/ https://tim.blog/2018/01/01/the-tim-ferriss-show-transcripts-marc-andreessen/ https://venturebeat.com/2009/08/19/first-andreessen-horowitz-investment-apptio-raises-14m/ https://web.archive.org/web/20110407235346/http://bhorowitz.com/2011/04/06/andreessen-horowitz-has-a-new-200mm-co-investment-fund/ https://web.archive.org/web/20120212181829/http://www.engineer.ucla.edu/visitor-links/alumni/alumni-profiles-1/ben-horowitz-ms-201990 https://www.acquired.fm/episodes/episode-42-opsware-with-special-guest-michel-feaster https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205 https://www.businessinsider.com/benchmark-website-2012-11 https://www.coindesk.com/andreessen-horowitz-doubles-down-on-crypto-investments-with-new-515m-fund https://www.coindesk.com/andreessen-horowitz-rakes-in-2-2b-for-third-crypto-venture-fund https://www.economist.com/technology-quarterly/2011/09/03/disrupting-the-disrupters https://www.forbes.com/sites/alexkonrad/2019/04/02/andreessen-horowitz-is-blowing-up-the-venture-capital-model-again/?sh=6f3cdbfc7d9f https://www.justice.gov/sites/default/files/atr/legacy/2006/03/03/20.pdf https://www.jwz.org/blog/2019/03/brand-necrophilia-part-7/ https://www.linkedin.com/in/jeffjordan1/ https://www.linkedin.com/in/mcopeland/ https://www.newcomer.co/p/the-unauthorized-story-of-andreessen https://www.newyorker.com/magazine/2015/05/18/tomorrows-advance-man https://www.nytimes.com/1995/08/10/us/with-internet-cachet-not-profit-a-new-stock-is-wall-st-s-darling.html https://www.nytimes.com/1995/08/10/us/with-internet-cachet-not-profit-a-new-stock-is-wall-st-s-darling.html https://www.nytimes.com/2017/07/22/technology/one-family-many-revolutions-from-black-panthers-to-silicon-valley-to-trump.html https://www.quora.com/How-did-Netscape-Navigator-make-money https://www.sec.gov/Archives/edgar/data/1660134/000119312517080301/d289173ds1.htm https://www.sfgate.com/business/ontherecord/article/OPSWARE-INC-On-the-record-Marc-Andreessen-2525822.php#photo-2684736 https://www.statista.com/statistics/203734/global-smartphone-penetration-per-capita-since-2005/ https://www.theinformation.com/articles/these-guys-are-very-different-inside-andreessen-horowitzs-rise https://www.theringer.com/2017/6/8/16045766/jeff-jordan-andreessen-horowitz-vc-pickup-basketball-ab4e54928186 https://www.wired.com/1999/02/aol-names-andreessen-cto/ https://www.wired.com/story/andreessen-horowitz-new-crypto-fund-iii/ https://www.worth.com/a-decade-later-how-has-andreessen-horowitz-changed-silicon-valley/ https://www.wsj.com/articles/andreessen-horowitzs-returns-trail-venture-capital-elite-1472722381 https://www.wsj.com/articles/SB10001424053111903480904576512250915629460 https://www.wsj.com/articles/SB984080550858322401 https://youtu.be/PbW-1k3ZOA4 https://youtu.be/k5pbximmZdI http://cseweb.ucsd.edu/~little/OldSites/CSE_Uptime/v4.7-8/xmosaic.html https://www.baltimoresun.com/news/bs-xpm-1999-09-11-9909110235-story.html https://www.wikiwand.com/en/List_of_web_browsers http://www.internethistorypodcast.com/2014/01/mosaic/ http://www.internethistorypodcast.com/2014/01/chapter-1-part-2-netscape-the-big-bang/ http://www.internethistorypodcast.com/2014/02/chapter-1-part-3-netscape-the-big-bang/  

    Special: Solana (with CEO Anatoly Yakovenko)

    Play Episode Listen Later Jul 19, 2021 74:44

    We sit down with the hottest new protocol layer in crypto today: Solana, and its cofounder Anatoly Yakovenko, who is the CEO of Solana Labs. If you listened to our Ethereum episode or follow crypto even at a cursory level, you've likely heard of Solana and its ability to scale transactions thousands of times higher than Ethereum. And, unlike other so-called "ETH killers", Solana is doing so in production today with large and real applications. We dive into the project's history coming out of the 2017-18 crypto winter, how it works and what's ahead now that they've recently raised $314m (yes that is Pi $million) from a16z and Polychain Capital, with their native SOL tokens currently trading at a market cap around $10B (!). If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like our Book Clubs. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to SoftBank Latin America for being our presenting sponsor for this special episode. SoftBank has truly been the first and best large capital allocator in the Latin American startup ecosystem, and we are very excited to work with and learn from them over the rest of 2021. If you are an entrepreneur, employee, other investor or simply someone who's interested in learning about the best young companies in LatAm right now, get in touch with them at: https://bit.ly/acquiredsoftbanklatam and tell them that you heard about them on Acquired. Shu's Twitter (which we highly recommend following!): https://twitter.com/snyatta Paulo's LinkedIn: https://www.linkedin.com/in/paulo-passoni-67195/ Thank you as well to Modern Treasury and to Fundrise. You can learn more about them at: https://bit.ly/acquiredmoderntreasury (and you can find our reverse interview with them at https://www.moderntreasury.com/acquired ) https://bit.ly/acquiredfundrise Topics covered: Anatoly's background as a wireless engineer at Qualcomm, and how it led to a fundamental discovery of how to improve crypto system scalability Solana's role in the crypto protocol ecosystem and why there's a need for it (and why it can and will exist) alongside Ethereum versus "killing" it Starting Solana during the 2017-18 crypto winter, and how it forced them to focus just on building and shipping versus raising and posturing Bootstrapping adoption with the mining community (Solana's "true believers") and the early and ardent support they provided Where Solana falls on the Vitalik "Scalability - Security - Decentralization" trilemma, and why Solana's superpower of maintaining composability is so attractive Links: Solana: https://solana.com Solana on Twitter: https://twitter.com/solana Solana Hackathon submissions: https://airtable.com/shriNT26cAZeDJagn/tbl5fZ4E1BBbVAttW FTX: https://ftx.us Audius: https://audius.co Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Ethereum

    Play Episode Listen Later Jul 6, 2021 181:08

    We close out Season 8 with the most ambitious organization we've ever covered on Acquired: Ethereum, and it's celebrity wunderkind founder Vitalik Buterin. If you thought Mark Zuckerberg IPO-ing Facebook at $100B by age 27 was something, just wait until you hear the story of this high school junior creating $500B (!!) of market cap by the same age — and oh yeah, maybe seeding the future dethroning of Facebook, Google, Amazon and all of big tech in the process. Regardless whether you're a crypto neophyte, a die-hard bull, or a skeptical bear, this is a story you need to hear, and Ethereum is an innovation you need to understand. Buckle in for a wild ride... and some special surprises from a few Acquired friends. :) If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors:  Thanks to Tiny for being our presenting sponsor for all of Acquired Season 8. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://bit.ly/acquiredtiny Thank you as well to Vouch and to Capchase. You can learn more about them at: https://bit.ly/acquired-vouch http://bit.ly/acquiredcapchase Links: The Ethereum Whitepaper: https://ethereum.org/en/whitepaper/ Yung Spielburg https://open.spotify.com/artist/273so0X2Yuo93vfeX2nLDI and Mike Taylor https://open.spotify.com/artist/30ejUciK31BCg0IVCbt1dW on Spotify Carve Outs: Arthur C. Clarke: https://www.amazon.com/Arthur-C-Clarke/e/B000APF21M? (especially Rendezvous with Rama and The City & The Stars) Disney-Marvel's Loki: https://www.disneyplus.com/series/loki/6pARMvILBGzF The Diamond Age by Neal Stephenson: https://www.amazon.com/Diamond-Age-Illustrated-Primer-Spectra/dp/0553380966 Nier Automata: https://en.wikipedia.org/wiki/Nier:_Automata Magic the Gathering IRL: https://magic.wizards.com/en/events/event-types/friday-night-magic Episode Sources: https://www.amazon.com/Infinite-Machine-Crypto-hackers-Building-Internet/dp/0062886142/ http://www.gjermundbjaanes.com/understanding-ethereum-smart-contracts/ https://bitcoinmagazine.com/technical/bootstrapping-a-decentralized-autonomous-corporation-part-i-1379644274 https://bitcointalk.org/index.php?topic=4916.msg72174#msg72174 https://bitinfocharts.com/comparison/ethereum-transactionfees.html#6m https://blog.ethereum.org/2015/07/30/ethereum-launches/ https://coinmarketcap.com https://cointelegraph.com/news/ico-market-2018-vs-2017-trends-capitalization-localization-industries-success-rate https://consensys.net/about/ https://decrypt.co/36641/who-are-ethereums-co-founders-and-where-are-they-now https://defipulse.com https://en.wikipedia.org/wiki/Aether_(classical_element) https://en.wikipedia.org/wiki/Bitcoin_Magazine https://en.wikipedia.org/wiki/Bitcointalk https://en.wikipedia.org/wiki/Charles_Hoskinson https://en.wikipedia.org/wiki/Cynthia_Dwork https://en.wikipedia.org/wiki/Dai_(cryptocurrency) https://en.wikipedia.org/wiki/Decentralized_autonomous_organization https://en.wikipedia.org/wiki/Decentralized_finance https://en.wikipedia.org/wiki/Emin_Gün_Sirer https://en.wikipedia.org/wiki/EOS.IO https://en.wikipedia.org/wiki/Ethereum https://en.wikipedia.org/wiki/Ethereum https://en.wikipedia.org/wiki/Gavin_Wood https://en.wikipedia.org/wiki/History_of_Russia_(1991–present) https://en.wikipedia.org/wiki/Ian_Goldberg https://en.wikipedia.org/wiki/Jed_McCaleb https://en.wikipedia.org/wiki/Joseph_Lubin_(entrepreneur) https://en.wikipedia.org/wiki/MetaMask https://en.wikipedia.org/wiki/Proof_of_work https://en.wikipedia.org/wiki/Smart_contract https://en.wikipedia.org/wiki/The_DAO_(organization) https://en.wikipedia.org/wiki/Vitalik_Buterin https://ethereum.org/en/developers/docs/gas/ https://ethereum.org/en/whitepaper/ https://finance.yahoo.com/news/eip-1559-nears-ethereum-upgrade-070058011.html https://info.etherscan.com/understanding-an-ethereum-transaction/ https://joincolossus.com/episodes/14242194/drake-ethereum-into-the-ether?tab=transcript https://media.consensys.net/ethereum-gas-fuel-and-fees-3333e17fe1dc https://medium.com/@ConsenSys/a-101-noob-intro-to-programming-smart-contracts-on-ethereum-695d15c1dab4 https://medium.com/the-capital/layer-1-vs-layer-2-what-you-need-to-know-about-different-blockchain-layer-solutions-69f91904ce40 https://novicedock.com/learn/cryptocurrency/ethereum https://open.spotify.com/episode/0I8O5IW4lDaFdUNrhXJZ6k?si=tt199jqFThKyk__DSgb08w&context=spotify%3Ashow%3A41TNnXSv5ExcQSzEGLlGhy&dl_branch=1 https://uniswap.org/blog/uniswap-history/ https://vessenes.com/more-ethereum-attacks-race-to-empty-is-the-real-deal/ https://www.bloomberg.com/news/articles/2021-03-07/crypto-coin-outperforming-bitcoin-is-about-to-see-supply-reduced https://www.coindesk.com/2016-ico-blockchain-replace-traditional-vc https://www.entrepreneur.com/article/358661 https://www.fool.com/investing/2021/05/27/what-is-ethereum-20-and-when-will-it-happen/ https://www.investopedia.com/articles/investing/031416/bitcoin-vs-ethereum-driven-different-purposes.asp https://www.reddit.com/r/ethereum/comments/4oi2ta/i_think_thedao_is_getting_drained_right_now/ https://www.reddit.com/r/ethereum/comments/m07kof/ethereum_to_become_a_deflationary_asset_eip1559/ https://www.reddit.com/r/MakerDAO/comments/as40d0/why_would_someone_choose_dai_over_tether/ https://www.statista.com/statistics/807195/ethereum-market-capitalization-quarterly/ https://www.youtube.com/watch?v=3x1b_S6Qp2Q https://www.youtube.com/watch?v=K4UNOv6SUcQ&t=2354s https://www.youtube.com/watch?v=WSN5BaCzsbo

    Special: Ho Nam from Altos Ventures — A Different Approach to VC

    Play Episode Listen Later Jun 21, 2021 109:45

    What do you get when you combine Berkshire Hathaway's approach with early-stage venture capital? Altos Ventures. We're joined by Altos's wonderful Ho Nam to discuss their highly unusual approach to VC, which has resulted in them becoming significant shareholders in great companies like Roblox, Coupang, Woowa Brothers and Krafton (makers of PUBG). This episode is an absolute must-listen for anyone in our industry — Ho is one of the best and most under-the-radar thinkers in Silicon Valley, and has many lessons to offer us all! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like our Book Clubs. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to MITIMCo for being our presenting sponsor for this special episode. They are truly some of the best and most well-known investors in the LP community, and their investment performance supports MIT's cutting-edge research, and world-class education. If you or someone you know is starting a fund or recently launched, or if you are interested in learning about the MITIMCo team, get in touch with them at: http://bit.ly/acquiredmitimco , and tell them that you heard about MITIMCo on Acquired. Thank you as well to Masterworks and to Perkins Coie. You can learn more about them at: http://bit.ly/acquiredmasterworks (use code “Acquired” to skip the waitlist) http://bit.ly/acquiredperkins Topics covered: Altos's 13-year+ journey with Roblox, and how they deployed over $400m into the company out of an $86m fund Altos's heritage in Jack McDonald's Investments class at Stanford GSB, and the influence of Jack, Phil Fisher and Warren & Charlie How Altos successfully "value invests" in venture capital, and reconciling cashflow potential with growth "Good fundraisers" vs. "bad fundraisers" and correlation with returns Altos's unique fund structure and how they're architected to stay with companies longer than a typical venture capital firm Ho's Twitter presence and how (and why) he went from de minimus followers to one of the top FinTwit accounts in a few months Links: Ho's amazing Twitter presence: https://twitter.com/honam Ho's "Foxes and Hedgehogs" post: https://altos.vc/blog/foxes-and-hedgehogs Ho's "How do you know?" post: https://altos.vc/blog/howdoyouknow Ho's "Venture Lotto" post: https://www.altos.vc/blog/venture-lotto Sam Walton's Made in America: https://www.amazon.com/Sam-Walton-Made-America/dp/0553562835

    Berkshire Hathaway Part III

    Play Episode Listen Later Jun 7, 2021 174:59

    It's time. We wrap our Berkshire Hathaway trilogy with Warren and Charlie entering a new era: the age of the internet. Can they and Berkshire adapt to this brave new world? We find out. And, after 9+ hours, we render our final judgments on Berkshire and Warren's career. Is "Never bet against America" still the right longterm approach? Or is there another, even bigger Snowball out there that Warren may be missing? If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like our recent Book Club event with Brad Stone. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors:  Thanks to Tiny for being our presenting sponsor for all of Acquired Season 8. Tiny is building the "Berkshire Hathaway of the internet" — something they're so dedicated to, they even make and sell bronze busts of Warren & Charlie online! if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Just like Berkshire, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://bit.ly/acquiredtiny and find their Berkshire Nerds store here: http://bit.ly/acquiredbrknerds Thank you as well to Vouch and to Capchase. You can learn more about them at: https://bit.ly/acquired-vouch http://bit.ly/acquiredcapchase The Berkshire Hathaway Playbook: (also available on our website at https://www.acquired.fm/episodes/berkshire-hathaway-part-iii ) 1. The Berkshire Hathaway "Culture" Berkshire Hathaway really only has three key cultural tenants that stretch across its huge array of operating businesses and investments: Don't put Berkshire's reputation at risk (i.e., don't be Salomon Brothers). Don't take money out of the business (i.e., re-invest and avoid or defer paying tax whenever possible). Funnel all excess cash back to Omaha for re-allocation (i.e., if you can't find a good use for excess cash, give it back to Warren). 2. You need different strategies at different company scales and points in time. Berkshire's greatest longterm strength has been its ability to adapt and employ different strategies as it and the world has changed. From the transition from cigar butts to wonderful businesses as we saw in our last episode, to diluting the equity portfolio with fixed income assets from Gen Re before the internet bubble crash, to focusing on preferred equity during the financial crisis and ultimately making a non-controlling stake Apple the largest asset in the whole Berkshire portfolio, Warren and Charlie have demonstrated remarkable flexibility during their investing careers. 3. There are huge advantages to a company structure where one person makes all decisions. Warren's ability to make $10 billion+ decisions on his own and within an hour (usually with input from Charlie) is truly unique in the global history of business, and allows Berkshire the flexibility to capitalize on opportunities that no one else can act upon, like the financial crisis. At the same time this setup obviously carries risk — not so much in Warren making bad decisions (cough, airlines), but in missing other opportunities simply due to lack of diversity in thought. Which leads us to our last playbook theme... 4. Never Bet Against The Internet. (aka the "Rosenthal doctrine") Andrew Marks of TQ Ventures perhaps sums up Warren's career best: he's the greatest "status quo investor" that's ever lived, as embodied in his "never bet against America" philosophy. As long as the future looks mostly like the present, nobody is better than Warren at handicapping probabilities and picking winners. But that's no longer the world we live in today. As Doug Leone laid out in our Sequoia Part II episode, we now live in a world of accelerating change: what works today is unlikely to keep working tomorrow. And where is that dynamic baked into the very fabric of existence? The Internet. Never bet against it. Links: Bill Gates 1996 Wired interview: https://youtu.be/VFFlO7yBIBM?t=1056 Jeff Bezos's 2008 AWS == electricity talk at YC Startup School: https://www.youtube.com/watch?v=6nKfFHuouzA Charlie's 2021 Shareholder Meeting "slip-up": https://www.youtube.com/watch?v=6gyqElEG6Uo Carve Outs: Common Stocks and Uncommon Profits: https://www.amazon.com/Common-Stocks-Uncommon-Profits-Writings/dp/0471445509 Xbox Game Pass: http://xbox.com/gamepass Goodfellas: https://www.imdb.com/title/tt0099685/ The Goodfellas soundtrack: https://open.spotify.com/playlist/0xVpgEngjrg6FOw5vEFHRp Episode Sources: https://archive.fortune.com/magazines/fortune/fortune_archive/1999/11/22/269071/index.htm https://berkshirehathaway.com/2020ar/2020ar.pdf https://companiesmarketcap.com/berkshire-hathaway/marketcap/ https://cunninghamjeff.medium.com/don-keough-mel-gibson-and-the-buffett-gang-abcb8b06e9b3 https://en.wikipedia.org/wiki/Ajit_Jain https://en.wikipedia.org/wiki/Bear_Stearns https://en.wikipedia.org/wiki/Berkshire_Hathaway https://en.wikipedia.org/wiki/Donald_Keough https://en.wikipedia.org/wiki/Howard_Graham_Buffett https://en.wikipedia.org/wiki/List_of_assets_owned_by_Berkshire_Hathaway https://en.wikipedia.org/wiki/Marmon_Group https://en.wikipedia.org/wiki/New_Coke https://en.wikipedia.org/wiki/Roberto_Goizueta https://en.wikipedia.org/wiki/Ted_Weschler https://en.wikipedia.org/wiki/The_Giving_Pledge https://en.wikipedia.org/wiki/Todd_Combs https://finance.yahoo.com/news/bank-america-become-one-warren-141016560.html https://fortune.com/2011/09/12/meet-ted-weschler-buffett-auction-winner-berkshires-new-hire/ https://fs.blog/2009/11/the-crisis-the-decline-of-berkshire-hathaways-stock-from-triple-a-status/ https://givingpledge.org/About.aspx https://markets.businessinsider.com/news/stocks/warren-buffett-invested-3-billion-general-electric-ge-2008-crisis-2020-6-1029327040 https://omaha.com/business/ajit-jain-s-role-at-berkshire-expands-new-ceo-at-reinsurer-gen-re-will-report/article_e2c6283e-d64a-57aa-85bf-c6f540f41231.html https://omaha.com/business/berkshire-hathaways-bnsf-railway-seems-to-pull-its-own-weight/article_59b29e97-aa57-5826-9c1f-8e2cf85180cd.html https://rationalwalk.com/revisiting-berkshire-hathaways-acquisition-of-bnsf/ https://rationalwalk.com/revisiting-berkshires-wrigley-investments-brka-brkb/ https://realmoney.thestreet.com/investing/kass-apple-is-the-most-consequential-investment-that-warren-buffett-ever-made-15220462 https://sabercapitalmgt.com/warren-buffett-1997-email-exchange-on-microsoft/ https://sabercapitalmgt.com/wp-content/uploads/2019/12/BuffettRaikesemails.pdf https://seekingalpha.com/article/4175060-time-for-berkshire-and-mclane-to-part-ways https://static.fmgsuite.com/media/documents/1bae1ba7-c2f2-4af5-ac1f-c0429dc7e5f0.pdf https://theoraclesclassroom.com/blog/berkshire-hathaway-intrinsic-value-calculation-q3-2020/ https://waitbutwhy.com/2015/01/artificial-intelligence-revolution-1.html https://www.ajc.com/business/keough-affable-but-tough-coke-leader/3mJH6FkDAXijjEscdeEQMK/ https://www.amazon.com/Complete-Financial-History-Berkshire-Hathaway/dp/0857199129 https://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018 https://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/0553805096 https://www.berkshirehathaway.com/2008ar/2008ar.pdf https://www.berkshirehathaway.com/2020ar/2020ar.pdf https://www.bostonglobe.com/business/2017/02/27/buffett-apple-airline-wagers-highlight-emergence-deputies/nV0z0YHUmR8SjYi1XZ6eLK/story.html https://www.cnbc.com/2019/12/31/this-decade-saw-warren-buffett-finally-exit-ibm-jump-big-into-apple.html https://www.cnbc.com/2019/12/31/this-decade-saw-warren-buffett-finally-exit-ibm-jump-big-into-apple.html https://www.cnbc.com/2020/02/24/warren-buffett-says-apple-is-probably-the-best-business-i-know-in-the-world.html https://www.economist.com/leaders/2021/05/08/warren-buffett-should-step-aside-for-his-chosen-successor https://www.einpresswire.com/article/251597070/donald-r-keough-1926-2015 https://www.fool.com/investing/2018/02/18/the-3-biggest-mistakes-warren-buffett-made-with-ib.aspx https://www.fool.com/investing/2019/11/19/heres-how-much-warren-buffett-has-made-on-coca-col.aspx https://www.fool.com/investing/2019/12/29/heres-how-much-money-warren-buffett-has-made-in-ge.aspx https://www.forbes.com/sites/joewalsh/2021/05/01/buffett-doesnt-regret-selling-airline-stocks-last-year---and-he-still-doesnt-want-to-invest-in-them/?sh=48cbba1e6dfa https://www.goldmansachs.com/our-firm/history/moments/2008-buffett-investment.html https://www.himcap.com/#Management https://www.investopedia.com/ask/answers/021615/what-difference-between-berkshire-hathaways-class-and-class-b-shares.asp https://www.macrotrends.net/stocks/charts/BRK.A/berkshire-hathaway/stock-price-historyhttps://www.cnbc.com/2019/02/25/warren-buffett-says-berkshire-stock-managers-weschler-and-combs-have-trailed-the-sp-500.html https://www.nytimes.com/1995/02/15/business/worldbusiness/IHT-buffett-quietly-amasses-10-stake-in-amex.html https://www.nytimes.com/2008/04/28/business/28gum-web.html https://www.reuters.com/article/us-berkshire-buffett-precisioncastparts/warren-buffetts-10-billion-mistake-precision-castparts-idUSKCN2AR0MZ https://www.theguardian.com/business/2011/apr/30/warren-buffett-big-mistake-david-sokol-lubrizol https://www.wsj.com/articles/BL-DLB-32821 https://www.wsj.com/articles/SB10001424052702303341904575576373008860754 https://www.wsj.com/articles/SB10001424052702303467004575574630162624198 https://www.wsj.com/articles/SB10001424052748703740004574513191915147218 https://www.wsj.com/articles/SB10001424052748703977004575393180048272028 https://www.wsj.com/articles/SB10001424053111904353504576569102534356770 https://www.wsj.com/articles/warren-buffett-recounts-his-role-in-2008-financial-crisis-1536314400 https://www.youtube.com/watch?v=6gyqElEG6Uo https://www.youtube.com/watch?v=6nKfFHuouzA https://youtu.be/QSGz4Y8CP2I https://youtu.be/VFFlO7yBIBM?t=1056 https://youtu.be/VFFlO7yBIBM?t=1056 https://www.sec.gov/Archives/edgar/data/109694/0000898430-96-001695.txt  

    Special: Amazon Unbound (with Brad Stone)

    Play Episode Listen Later May 27, 2021 76:42

    Brad Stone joins us to discuss the making of the modern Amazon, and how it's morphed from the "flywheel company" of The Everything Store into a set of interlocking and self-reinforcing businesses that extended both wider and deeper into the global economy than anyone ever imagined. (except perhaps Jeff Bezos) Is Amazon the Standard Oil of our time, or maybe something much, much bigger? Tune in as we dive in! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events including upcoming Book Clubs like these! We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to Kevel for being our presenting sponsor for this special episode. Kevel provides API infrastructure to quickly build custom ad platforms for sponsored listings, internal promotions, native ads, and more — customers include Yelp, Rappi, OfferUp, Mozilla, Strava, and many other large apps and platforms. In true Acquired fashion, Kevel and CEO James Avery have put together a fun page showcasing the company's "history & facts", which you can find here: http://bit.ly/acquiredkevel ! Thank you as well to Masterworks and to Perkins Coie. You can learn more about them at: http://bit.ly/acquiredmasterworks (use code “Acquired” to skip the waitlist) http://bit.ly/acquiredperkins Topics covered: When and why Brad decided The Everything Store needed a sequel The process of writing the book and access he got at Amazon, including S-Team executives like Dave Clark The evolution of Amazon's core strategy from the flywheel into a set of "interlocking and self-reinforcing businesses", and how Brad landed on that as the key theme for the book Amazon's culture and the evolution from "Jeff-bots", and its embodiment in S-team members and company leaders beyond Amazon's investments in Video and why Bezos was ahead of the pack in realizing its strategic importance (including the rumored as-of-recording MGM deal) Amazon's secretive "Campfire" event and why Amazon does it despite its very un-Amazon price tag Brad's take on the future of three major Amazon business lines: Video, International and Marketplace / 3rd Party Sellers Amazon and Bezos's intense focus on competitors, despite the "theater" of their mantra to only focus on customers The Bezos "lapses of judgment" in 2018-19 and what it was like reporting on all the craziness around it Tracking down the "voice of Alexa" Nina Rolle, and Bezos's relationship with Elon! Links: Amazon Unbound (on Amazon, natch): https://www.amazon.com/Amazon-Unbound-Invention-Global-Empire/dp/1982132612/

    Berkshire Hathaway Part II

    Play Episode Listen Later May 12, 2021 179:37

    In Part II of our Berkshire Hathaway Trilogy (!), we pick up the story with Warren wandering in the woods of Omaha, searching for his life's next chapter after retiring from the professional investing business at the top of his game at age 39. How does he emerge from those woods anew, transforming from Ben Graham's cigar-butt cocoon into the butterfly collector of Berkshire's wonderful businesses? (Spoiler: Charlie Munger.) And how did one rotten-to-the-core business nearly bring it all down — everything he'd ever worked for — in the span of one terrible week? Tune in! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like our upcoming Book Club event with Brad Stone. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to Tiny for being our presenting sponsor for all of Acquired Season 8. Tiny is building the "Berkshire Hathaway of the internet" — something they're so dedicated to, they even make and sell bronze busts of Warren & Charlie online! if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Just like Berkshire, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://bit.ly/acquiredtiny and find their Berkshire Nerds store here: http://bit.ly/acquiredbrknerds Thank you as well to Vouch and to Capchase. You can learn more about them at: https://bit.ly/acquired-vouch http://bit.ly/acquiredcapchase The Charlie Munger Playbook: (also available on our website at https://www.acquired.fm/episodes/berkshire-hathaway-part-ii ) 1. Change your mind. Evolve. Reinvent. Without Charlie's influence, Warren may have stuck to chasing cigar butts his entire career, and missed out on wonderful businesses like See's Candy, The Washington Post, Capital Cities, Geico (for the longterm) and Coca-Cola. Charlie's life experience taught him that the world can change on a dime, and what worked in the past won't necessarily work in the future. To succeed over the longterm you have to be a constant learning machine — which sounds obvious, but the difficult part is being willing to question your own deeply held assumptions and beliefs, and then discard them when they no longer fit reality. 2. Focus on getting a few simple things right — and the rest takes care of itself. Adapting his beloved grandfather's motto ("Concentrate on the task immediately in front of you, and control your spending."), Charlie learned early on that there are only a few bedrock sort of things in life that never change — and that if you just focus on getting those right, you'll do well. Find a great spouse who makes you better in life; buy wonderful businesses at fair prices; never get into a position where you're over-extended; be philanthropic when you can; have fun along the way. It's hard to argue much else matters. Reflecting back on his and Warren's success, Charlie says, "It isn't that we were so good at doing things that were difficult. We were good at avoiding things that were difficult — finding things that are easy." 3. Risk ≠ volatility. Risk = chance of going out of business. The Efficient Market Hypothesists of the 1970s-80s proposed that all investing risk could be reduced to "beta", or volatility relative to the market. This led to the 1980s' explosion of debt, derivatives and other "weapons of mass financial destruction" which people believed "riskless" because their volatility was hedged. Charlie and Warren recognized before anyone else that to the contrary, these instruments greatly ratcheted risk in the system! Operating with so much leverage, a single small but unexpected event could topple the whole house of cards. Unfortunately Warren and Charlie didn't listen to their own advice when entering the Salomon Brothers saga... 4. Never wrestle with a pig. You both get dirty and the pig likes it. Some people (and companies or even whole industries) are addicted to "getting dirty" — deceiving, betraying, evading, cheating, belittling, and generally pursuing their own self-interest above all else. It can be tempting to engage with such people, because they often have or promise great financial rewards. But you can't win in the long run. As the saying goes — you'll both get dirty, and the pig will like it. Unfortunately again, Warren and Charlie didn't always listen to their own advice... Links: Chuck Rickershauser's corporate flow chart: (left half) (right half) Carve Outs: The Sopranos: https://www.hbo.com/the-sopranos Macklemore on Armchair Expert: https://armchairexpertpod.com/pods/macklemore Episode Sources: http://www.studioz7.com/stamps.html https://cmqinvesting.substack.com/p/damn-right-behind-the-scenes-with https://cmqinvesting.substack.com/p/damn-right-behind-the-scenes-with https://dealbook.nytimes.com/2014/03/12/with-deal-for-tv-station-buffett-shrinks-ties-to-graham-family/ https://en.wikipedia.org/wiki/Ajit_Jain https://en.wikipedia.org/wiki/Berkshire_Hathaway https://en.wikipedia.org/wiki/Black_Monday_(1987) https://en.wikipedia.org/wiki/Blue_Chip_Stamps https://en.wikipedia.org/wiki/Charlie_Munger https://en.wikipedia.org/wiki/Eugene_Meyer_(financier) https://en.wikipedia.org/wiki/Fritz_Beebe https://en.wikipedia.org/wiki/Harvey_Seeley_Mudd https://en.wikipedia.org/wiki/John_Gutfreund https://en.wikipedia.org/wiki/John_J._Byrne https://en.wikipedia.org/wiki/John_Meriwether https://en.wikipedia.org/wiki/Katharine_Graham https://en.wikipedia.org/wiki/Liar's_Poker https://en.wikipedia.org/wiki/Michael_Lewis https://en.wikipedia.org/wiki/Nebraska_Furniture_Mart https://en.wikipedia.org/wiki/Phil_Graham https://en.wikipedia.org/wiki/Salomon_Brothers https://en.wikipedia.org/wiki/See's_Candies https://en.wikipedia.org/wiki/Thomas_Charles_Munger https://fortune.com/1997/10/27/warren-buffett-salomon/ https://fundooprofessor.wordpress.com/2012/12/06/httpsdl-dropbox-comu28494399bloglinksfloats_and_moats-pdf/ https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-dream-business-is-sees-candies-2019-7-1029916323 https://moiglobal.com/tom-murphy-2018/ https://moneyisboring.com/2019/10/03/a-case-study-of-why-warren-buffett-bought-disney-in-1966/ https://seekingalpha.com/article/4175060-time-for-berkshire-and-mclane-to-part-ways https://static.fmgsuite.com/media/documents/1bae1ba7-c2f2-4af5-ac1f-c0429dc7e5f0.pdf https://www.amazon.com/gp/product/0471446912/ https://www.amazon.com/Liars-Poker-Norton-Paperback-Michael-ebook/dp/B003E20ZRY https://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018 https://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/0553805096 https://www.berkshirehathaway.com/1999ar/FortuneMagazine.pdf https://www.fool.com/investing/2019/12/29/heres-how-much-money-warren-buffett-has-made-in-ge.aspx https://www.fool.com/investing/best-warren-buffett-quotes.aspx https://www.gurufocus.com/news/1344156/why-warren-buffetts-blue-chip-stamps-deal-was-so-revolutionary- https://www.multpl.com/s-p-500-pe-ratio/table/by-month https://www.sees.com/timeline/ https://www.washingtonpost.com/business/warren-buffett-to-step-down-from-washington-post-co-board/2011/01/20/ABWJ9NR_story.html https://www.youtube.com/watch?v=jMuX_-hE7SQ https://youtu.be/QSGz4Y8CP2I

    Special: 2021 China Tech Trends (with Tech Buzz China)

    Play Episode Listen Later May 5, 2021 77:57

    We team up with two of the very best English-language analysts covering China tech today, Rui Ma and Ying Lu from the Tech Buzz China podcast, to talk about the big trends happening on the ground in China right now. We've had Rui and Ying's episodes on repeat in our own podcast players for many years as we researched our Meituan, PDD, Tencent and Alibaba episodes, and we're so excited to have them finally join us live. We had a blast and learned much more about what's actually happening in the world's largest market than the relative trickle of news Western audiences normally receive. Tune in! LP Book Club Announcement! The Acquired LP Book Club is officially returning! We are super excited to have Brad Stone join us on May 21st to discuss his sequel to the Everything Store, Amazon Unbound. We'll be interviewing Brad on Zoom with Acquired LPs “live in the audience”, and Q+A to follow. You can join and become an LP here: https://acquired.fm/lp/ Sponsors: Thanks to Kevel for being our presenting sponsor for this special episode. Kevel provides API infrastructure to quickly build custom ad platforms for sponsored listings, internal promotions, native ads, and more — customers include Yelp, Rappi, OfferUp, Mozilla, Strava, and many other large apps and platforms. In true Acquired fashion, Kevel and CEO James Avery have put together a fun page showcasing the company's "history & facts", which you can find here: http://bit.ly/acquiredkevel ! Thank you as well to Masterworks and to Perkins Coie. You can learn more about them at: http://bit.ly/acquiredmasterworks (use code “Acquired” to skip the waitlist) http://bit.ly/acquiredperkins Topics and trends covered: How Rui and Ying stay on top of trends in China tech remotely from the US The rise of “tech company like” CPG and other consumer brands in China and extremely fast product development and iteration: e.g., Genki Forest, Perfect Diary and Shein Community group buying and the reinvention of commerce in rural China (along with an eye-opening discussion of what qualifies as “rural” in China... which is very different from the West!) Autonomous and electric vehicle design and production in China (which is the world's largest car market), and the government's push for China to become a global leader in both The current state of anti-trust in China and why investors and operators on the ground in China are optimistic about recent developments Links: Tech Buzz China: https://www.techbuzzchina.com TBC's fantastic Insider community for investors and operators: https://www.techbuzzchina.com/insider

    Berkshire Hathaway Part I

    Play Episode Listen Later Apr 21, 2021 191:10

    It's time. After 150+ episodes on great companies, we tackle the granddaddy of them all — Berkshire Hathaway. One episode alone isn't nearly enough to do Warren and Poor Charlie justice, so today we present Part I: Warren's story. How did a folksy, middle-class kid from Omaha become the single greatest capitalist of all-time? Why, like Jordan, did he retire (twice!) at the top of his game, only to reinvent himself and come back stronger than ever? As always, we dive in. Let's dance. If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors:  Thanks to Tiny for being our presenting sponsor for all of Acquired Season 8. Tiny is building the "Berkshire Hathaway of the internet" — something they're so dedicated to, they even make and sell bronze busts of Warren & Charlie online! if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Just like Berkshire, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://bit.ly/acquiredtiny and find their Berkshire Nerds store here: http://bit.ly/acquiredbrknerds Thank you as well to Vouch and to Capchase. You can learn more about them at: https://bit.ly/acquired-vouch http://bit.ly/acquiredcapchase The Warren Buffett Playbook: (also available on our website at https://www.acquired.fm/episodes/berkshire-hathaway-part-i ) 1. Money can create more money. (aka "Compounding") Very early in life, Warren figured out something most people never truly grasp: money can be used to generate more money. It's sounds simple, but once you fully internalize this concept, you'll never see the world the same again. A given sum no longer represents what you could buy with it — a coffee, a phone, a car, a house, etc — but rather what it could grow to become over time. At the extreme, people like Warren are "cursed", seeing prices for goods not as whatever the sticker says, but 5x, 10x, 20x higher — because that's what the opportunity cost of parting with the capital represents. If you own an asset that's compounding at a high rate with no obvious reason it will stop... dear lord do not interrupt it!! Most people are tempted to meddle: lock in gains, cover other losses, actively trade, or otherwise "manage" their investments. In the long run these actions are almost assuredly all value-destructive behaviors if you own truly great businesses. 2. Align incentives: be a doctor, not a prescriptionist. Warren likened stockbrokers — who got paid based on volume of trades placed, not investment performance — to "prescriptionist" doctors who were paid by their number and type of pills prescribed, versus actual patient outcomes. Once Warren created his investment partnerships (and then later transformed Berkshire Hathaway into something similar), he not only unlocked hugely better outcomes for his"patients", but allowed created a path to pursue his own dream and become fabulously wealthy in the process. 3. You can't expect to control other people's emotions around money (or anything else). However with the right "ground rules", you can mitigate the impact of others on your business and decision making — and even use them to your advantage. Warren's early partnerships had a few ground rules and norms: partners will not know what securities are held, trading in/out is allowed only 1 day / year, and Warren will consistently set low expectations (leaving himself ample room to over-deliver). These set the stage for nearly complete freedom for Warren to operate as he saw fit — to the immense gain of his limited partners. 4. Sins of omission (selling or passing) nearly always cost more than sins of commission (buying). Warren is almost without doubt the greatest investor of all time. However even he made three incredibly stupid "unforced errors" early in his career that cost hundreds of billions in future gains: selling GEICO, selling American Express, and passing on the opportunity to invest in Intel with Arthur Rock. That said, Warren's fourth great mistake (and in his estimation his greatest) was certainly a sin of commission: buying Berkshire Hathaway itself. Warren estimates this single blunder totaled $200B+ in opportunity cost over his lifetime. Carve Outs: Ben: Year One of Not Boring: https://www.notboring.co/p/a-not-boring-adventure-one-year-in David: Balaji Srinivasan on The Tim Ferriss Show: https://tim.blog/2021/03/24/balaji-srinivasan/ Episode Sources: https://berkshirehathaway.com/reports.html https://einvestingforbeginners.com/warren-buffetts-ground-rules/ https://en.wikipedia.org/wiki/Alice_Schroeder https://en.wikipedia.org/wiki/Benjamin_Graham https://en.wikipedia.org/wiki/Berkshire_Hathaway https://en.wikipedia.org/wiki/Howard_Buffett https://en.wikipedia.org/wiki/List_of_public_corporations_by_market_capitalization#2021 https://en.wikipedia.org/wiki/Oliver_Chace https://en.wikipedia.org/wiki/Robert_Noyce https://en.wikipedia.org/wiki/Salad_Oil_scandal https://en.wikipedia.org/wiki/Samuel_Slater https://en.wikipedia.org/wiki/Seabury_Stanton https://en.wikipedia.org/wiki/Union_Pacific_Railroad https://en.wikipedia.org/wiki/Valley_Falls_Company https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929 https://en.wikipedia.org/wiki/William_J._Ruane https://fundooprofessor.wordpress.com/2012/07/09/flirting-with-floats-part-i/ https://fundooprofessor.wordpress.com/2012/07/16/flirting-with-floats-part-ii/ https://fundooprofessor.wordpress.com/2012/12/06/httpsdl-dropbox-comu28494399bloglinksfloats_and_moats-pdf/ https://medium.com/@madmedic11671/how-salad-oil-almost-crashed-the-u-s-economy-c3ed3c2cb797 https://minesafetydisclosures.com/blog/2017/4/16/berkshire-hathaway-brkb https://novelinvestor.com/happy-hour-wild-ride-geico/ https://qz.com/emails/quartz-obsession/1269094/ https://static.fmgsuite.com/media/documents/1bae1ba7-c2f2-4af5-ac1f-c0429dc7e5f0.pdf https://www.amazon.com/Buffett-American-Capitalist-Roger-Lowenstein/dp/0812979273 https://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018 https://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/0553805096 https://www.berkshirehathaway.com/letters/1995.html https://www.cnbc.com/2019/01/31/warren-buffett-on-his-successful-relationship-with-charlie-munger.html https://www.hbomax.com/feature/urn:hbo:feature:GWEW13AjEq0vCwwEAAAAH https://www.nationalindemnity.com/About_History.aspx https://www.nytimes.com/2009/02/04/business/04buffett.html https://www.tilsonfunds.com/BRK.pdf https://www.youtube.com/watch?v=fjXZbW8ALRA&t=463s https://www.youtube.com/watch?v=FsDYatBvwYI&t=127s https://www.youtube.com/watch?v=oFEwN7j0IWw https://www.youtube.com/watch?v=UZNqLWe5o2Q&t=171s https://www.youtube.com/watch?v=ZJzu_xItNkY https://www2.census.gov/prod2/popscan/p60-001.pdf https://yale.app.box.com/s/8lb7yqca5tmfcjbjhhuw5xft7i1ddttj

    Special: "Why Now" for Digital Health (with Levels founder Josh Clemente)

    Play Episode Listen Later Apr 6, 2021 85:27

    We dive into the fast-changing world of direct-to-consumer digital health, with perhaps the best person in the world: Levels founder Josh Clemente. (Shoutout to Ben Grynol and Michael Mizrahi from our LP community for introducing us!) Levels is on a mission to make consumers everywhere aware of their metabolic health by enabling anyone to track blood glucose levels with a continuous glucose monitor. Josh has had an incredible career, working as an early engineer at SpaceX and later at Hyperloop One before founding Levels out of a very real personal need. Join our conversation as we cover everything from Josh's time at SpaceX to why the market has changed for consumer digital health, and what the future holds for Levels. If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thanks to Kevel for being our presenting sponsor for this special episode. Kevel provides API infrastructure to quickly build custom ad platforms for sponsored listings, internal promotions, native ads, and more — customers include Yelp, Rappi, OfferUp, Mozilla, Strava, and many other large apps and platforms. In true Acquired fashion, Kevel and CEO James Avery have put together a fun page showcasing the company's "history & facts", which you can find here: http://bit.ly/acquiredkevel ! Thank you as well to Masterworks and to Perkins Coie. You can learn more about them at: http://bit.ly/acquiredmasterworks (use code “Acquired” to skip the waitlist) http://bit.ly/acquiredperkins The Levels / Digital Health Playbook: (also available on our website at https://www.acquired.fm/episodes/special-why-now-for-digital-health-with-levels-founder-josh-clemente ) High risk, high return - having a mentality of "we have nothing to lose" can create the high risk tolerance necessary to achieving high returns. SpaceX had a "we have nothing to lose" mentality for all of its early days. Elon always reminded SpaceX employees that everyone had to personally have to succeed, or "2,000 people including you will lose their jobs." Internet-based prescription workflows have unlocked a key business model innovation for direct-to-consumer digital health. The unlocking of therapeutic devices and drugs for direct to consumer cases, as pioneered by Hims/Hers, Roman, etc, has created a new age for digital health. This paradigm has shift has allowed businesses to reach patients directly without spending years (and millions of dollars) negotiating agreements with payers to get a coveted "billing code" from insurance. Often the best startup opportunities come from personal experience. The story of how Josh came to found Levels illustrates the power of being patient zero of the problem you want to solve. Josh didn't start out looking for a company to start, but by self-experiments simply because he had a problem and was curious. In new categories, starting as a premium product and moving down market as costs come down is often the best strategy. Tesla's "master plan" illustrates this perfectly: start absurdly expensive & impractical (Roadster), then still expensive but more practical (Model S/X), then mass-market viability (Model 3/Y). Data, data, data. If you listened to our Meituan episode, you'll remember us discussing the power of Meituan's review data. Similarly, Levels moat lies in its data. Amazingly Levels already owns the world's largest collective dataset of non-diabetic glucose monitoring data, and the company is still in beta! As they amass more and more data, they'll be able to generate more personalized insights and health/lifestyle recommendations for customers. Links: Levels: https://www.levelshealth.com

    Rec Room Part II (with CEO Nick Fajt)

    Play Episode Listen Later