Invest Like the Best with Patrick O'Shaughnessy

My guest today is David Senra. David is the host of Founders podcast and a dear friend. This is our third time doing Invest Like the Best together and we have conversations like this one all the time. In today's episode, David distills wisdom from 400 entrepreneur biographies into a single word: focus. He reveals why exceptional builders like Todd Graves and James Dyson create billion-dollar empires through obsessive dedication to simple ideas—whether perfecting chicken fingers or designing vacuum cleaners—while rejecting conventional growth timelines and investor pressure. David challenges us all to find the one thing we'd pursue even without recognition or reward, or what I like to call your life's work. We discuss the concept of “anti-business,” raising capital as a founder, and decades-long commitment. Please enjoy this discussion with David Senra.  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. –  This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:43) The Essence of Focus in Entrepreneurship (00:09:20) The Value of Long-Term Commitment (00:17:41) The Importance of Simplicity and Mastery (00:37:11) The Miracle of Entrepreneurship (00:44:56) James Dyson's Journey to Success (00:47:03) The Importance of Passion in Business (00:49:12) Critique of Modern Consumerism (00:52:18) The Value of Craftsmanship (00:56:36) The Drive for Excellence (01:04:06) The Importance of Hiring Top Talent (01:09:54) Creative Financing Strategies (01:19:35) Defining a Founder

My guest today is Cliff Sosin. Cliff is the founder of CAS Investment Partners, a fund he started with $5 million in 2012 and has grown to $1.7 billion as of the last reported numbers at the end of 2024. At the time, CAS had only four positions. This conversation is different to our typical episodes. We start by talking about Cliff's investing philosophy but the bulk of this long discussion is a case study into his remarkable investment in Carvana. Cliff is one of the biggest investors in the business, which had a market cap over $60 billion in 2021, then fell 99%, survived, and now has a market cap approaching $50 billion again. While I hosted Carvana's CEO, Ernie Garcia, last year to get the inside perspective on managing through such turbulence, today we hear the investor's side of this extraordinary story. It is a singular episode and there are so many lessons in this rare opportunity to hear a major investor describe his decision-making process at every stage of the journey. Please enjoy my great conversation with Cliff Sosin. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. –  This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:00:32) Early Career and Discovering Investing (00:01:18) Journey Through Financial Firms (00:01:49) Starting the Firm and Initial Challenges (00:03:41) Investment Philosophy and Market Realities (00:05:07) Building the Firm and Investor Relations (00:07:23) Defining a Good Business (00:12:31) Contained vs. Uncontained Businesses (00:15:30) Mental Models and Market Insights (00:30:13) The Role of ESG in Investing (00:34:26) The Carvana Investment Story (00:41:01) The Complexity of Car Transactions (00:41:43) Carvana's Real Estate and Logistics Network (00:44:12) Reconditioning and Selling Cars (00:45:16) Carvana's Financing and Customer Service (00:46:43) Economies of Scale and Trust (00:49:40) Challenges and Management Insights (00:59:07) Operational Issues and Market Challenges (01:18:56) Questioning Carvana's Sales Strategy (01:19:17) The Role of Word of Mouth in Carvana's Growth (01:20:28) Identifying Early Adopters (01:21:00) The Impact of Market Conditions on Carvana (01:22:10) Carvana's Operational Challenges (01:23:10) Cutting Costs and Organizational Efficiency (01:27:19) The Apollo Deal and Debt Restructuring (01:28:23) Personal Reflections on Investment Decisions (01:34:21) The Psychological Toll of Investment (01:45:16) Future Investment Strategies and AI (01:49:48)The US Market and Investment Opportunities (01:54:51) The Kindest Thing Anyone Has Ever Done For Cliff

Welcome to this classic episode. Classics are my favorite episodes from the past 10 years, published once a month. These are N of 1 conversations with N of 1 people. There aren't many people like Cyan Banister. Her life story is remarkable. She was homeless at a young age, dropped out of high school, and five years ago she suffered an extremely rare stroke. Yet, in spite of everything, she is one of the most optimistic and curious people you can hope to meet. Cyan is also one of the great angel investors of this era, having invested early in SpaceX, Uber, Postmates, and Deepmind to name a few winners. She became the first female investing partner at Peter Thiel's Founders Fund and now invests at Long Journey Ventures. Our conversation is as much about investing as it is about the essence of life and how connecting with that will help us in our professional pursuits. It is also full of awesome stories about people and companies like SpaceX and Bill Murray. Please enjoy this great conversation with Cyan Banister. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: [00:00:00] Welcome to Invest Like the Best [00:04:06] Contrarian Thinking in Investing [00:05:30] Joining Founders Fund and Learning from Peter Thiel [00:11:15] Investing in Companies that Change Lives [00:14:00] The Importance of Overcoming Adversity for Founders [00:16:02] Personal Journey and Choosing Hope [00:20:56] Embracing Curiosity and Wonder in the Face of Adversity [00:21:20] Reconnecting with Our Inner Child [00:24:46] The Interruption and Resumption of the Conversation [00:27:20] The Power of Intuition in Business Decisions [00:32:28] The Story Behind the Investment in Uber [00:38:46] Conclusion: Following the White Rabbit of Curiosity [00:39:08] Investing in Uber: The Beginning [00:41:50] The Impact of Success: Personal Wealth and Privacy [00:50:22] The Intersection of Spirituality and Investing [00:59:34] The Bill Murray Experience: A Lesson in Presence [01:09:54] The Violin Kid: A Tale of Curiosity and Generosity [01:12:43] The Evolution of Investing: A Personal Journey [01:16:34] The Philosophy of Giving: The Universe's Return [01:17:36] The Spirit of a Venture Firm: Founders Fund [01:23:09] The Power of Integral Family Systems [01:28:41] The Trillion Dollar Question: Disrupting Hollywood [01:36:05] The Future of Artistry: AI and Creativity [01:41:39] The Power of Kindness

My guest today is Matt Huang, co-founder of Paradigm, a leading crypto investment firm with over $12 billion in assets under management. Before launching Paradigm in 2018 with Coinbase co-founder Fred Ehrsam, Matt was a partner at Sequoia Capital, where he led many of the firm's crypto investments. It's widely reported that Michael Moritz called Matt “the only regrettable loss in Sequoia's history.” In our conversation, Matt shares his framework for navigating the often illegible frontier of crypto, how his early investment in ByteDance (now worth 10,000x his initial capital) shaped his approach to identifying exceptional founders, and why he believes so deeply in crypto's long-term potential. His firm, Paradigm, not only invests in many of the leading companies in the industry, it also builds open-source tools used by most of crypto. Matt has a rare blend of IQ and EQ that allows him to understand technical complexity, bring together unique talents, and ride out crypto's notorious volatility. Whether you're crypto-curious or crypto-skeptical, I think you'll find his perspective valuable. Please enjoy my great conversation with Matt Huang. Matt Huang's Profile in Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. –  This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:15) Matt Huang's Early Life and Career (00:08:13) College Years and Early Career (00:12:27) The Failed Startup and Lessons Learned (00:25:58) The Journey to Sequoia Capital (00:32:51) Discovering Bitcoin and Crypto (00:39:33) Founding Paradigm (00:45:40) Building a Unique Investment Team (00:46:37) The Role of Engineers and Researchers (00:48:03) Challenges and Volatility in Crypto (00:52:11) The FTX Investment and Its Aftermath (00:58:40) Crypto as a New Financial System (01:05:19) The Importance of Stablecoins (01:09:54) AI and Crypto: The Next Frontier (01:16:19) Personal Motivations and Mission (01:29:23) The Role of Regulation in Crypto (01:32:27) The Kindest Thing Anyone Has Ever Done for Matt

Today's guest is Neil Mehta, founder of Greenoaks Capital. In 2012, aged 27, Neil left D.E. Shaw to start Greenoaks with his friend Benny Peretz. One of their first investments was in Coupang, a South Korean e-commerce company led by founder Bom Kim. Neil was so convinced of Coupang's potential that he invested 40% of their initial $50 million fund into the company—a bet that eventually returned about $8 billion. Over its first 13 years, Greenoaks has backed legendary companies like Figma, Wiz, Carvana, Stripe, Discord, Rippling, and Toast—generating over $13 billion in gross profits with a 33% net IRR. Henry Kravis, one of Neil's early investors, describes him as "extremely disciplined" with "exceptional timing" who has "gone against the tide many times." Greenoaks operates with remarkable concentration: just 55 core companies across nearly $15 billion in assets, managed by only nine investment professionals. Their approach reflects their singular pursuit: finding companies that will become a meaningful part of the S&P 500. In our wide-ranging conversation, Neil shares this mission along with his framework for identifying exceptional founders, his concept of "jaw-dropping customer experiences," and how his grandfather's gun shop in India shaped his appreciation for builders of all kinds. Please enjoy my excellent conversation with Neil Mehta. Neil Mehta's Profile in Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. –  This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:32) Connecting Craftsmanship to Career (00:07:45) The Concept of Jaw Dropping Customer Experience (JDCE) (00:09:48) Building a Successful Business: The Coupang Case Study (00:17:26) The Importance of Founders & Business Models (00:30:05) Greenoaks' Unique Approach to Venture Capital (00:37:54) A Memorable Encounter with Henry Kravis (00:40:52) Early Career and Lessons from Hong Kong (00:44:53) The Partnership with Benny (00:50:28) Navigating the Competitive Landscape (00:59:14) High Conviction Investments: TripActions, Rippling, and Carvana (01:07:00) Investment Strategy and Company Evaluation (01:13:23) Adventures in Emerging Markets (01:17:09) Challenges and Lessons Learned (01:26:16) Personal Values and Community Impact (01:32:16) The Kindest Thing Anyone Has Ever Done For Neil

My guest today is Michael Ovitz. Michael is the legendary talent agent and Co-Founder of CAA or Creative Artists Agency and he is joining me on Invest Like the Best for a second time. Michael started CAA in 1975 and over the next 20 years, he built it into the world's most formidable talent agency, changing Hollywood forever. He shares insights into how he identifies exceptional people across diverse fields - from Hollywood directors like Steven Spielberg to tech founders like Alex Karp of Palantir and venture capitalists like Marc Andreessen. Michael is a force whose expertise extends beyond just people, as he has also become a master in creating institutional momentum, which you'll hear in his involvement with the MoMA, Gulfstream, and more. We discuss his "pilot's checklist" for evaluating talent, the importance of time as his most valuable resource, and why he believes maintaining excellence is critical in any field. Please enjoy my conversation with Michael Ovitz. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. –  This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:56) Spotting Talent and Building Institutions (00:08:01) The MoMA Story: Transforming an Art Institution (00:19:35) The Importance of Relationships and Time (00:24:32) Building Successful Boards and Teams (00:34:02) Insights on Leadership and Momentum (00:44:49) Building Blackstone and CAA (00:56:32) The Power of Momentum (00:57:25) Overcoming Fear of Failure (01:01:52) Strategic Partnerships and Global Influence (01:17:32) The Importance of Excellence (01:18:22) Mentorship and Legacy (01:34:00) The Future of Media and Technology (01:41:36) Pursuit of Happiness and Lifelong Learning

My guest today is Darren Farber. Darren is a Managing Partner of Albion River, a private direct investment firm focused on acquiring companies that produce highly technical Defense Products & Services. He is a Former special advisor to the Deputy Under Secretary of Defense, a Former member of U.S. Department of Defense Task Force for Business and Stability Operations, and the list goes on and on. Darren is a wealth of knowledge in this space and someone I am grateful to have in the US corner. He shares his perspective on the changing role of the U.S. in global defense and how recent conflicts have shaped military technology and strategy. Darren explains his investment approach at Albion, focused on finding "one-of-one" suppliers and getting as close to the fundamental "molecules" as possible in defense technology. We discuss insights on evaluating the Taiwan situation, the lessons from Ukraine, how the defense budget is allocated, what investors can learn from defense primes, and why technological superiority remains America's greatest advantage. Please enjoy this discussion with Darren Farber.  Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. –  This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Introduction and Show Overview (00:06:23) The Changing Role of the US in Global Defense (00:09:23) Evaluating Defense Budgets and Spending (00:11:41) Commercial Technology in Defense (00:15:37) Challenges and Innovations in Defense Procurement (00:22:36) US Defense Strategy and Global Order (00:37:34) The Future of Warfare (00:42:13) Lessons from the Gaza Contingency (00:44:44) Challenges in Defense Venture Capital (00:47:36) The Importance of Responsible Parties in Defense (00:51:06) Industrial Capacity and Defense Investments (00:53:49) Lessons from US Defense Primes (00:59:48) Supply and Demand in Defense Markets (01:07:34) The Role of Net-Centric Warfare (01:10:33) Hopes and Fears for the Future of Kinetic Warfare (01:14:42) The Kindest Thing Anyone Ever Did For Darren

Welcome to this classic episode. Classics are my favorite episodes from the past 10 years published once a month. These are N of one conversations with N of one people. This is a rare opportunity to hear from one of the best investors of the past decade—Josh Kushner, founder and managing partner of venture firm, Thrive Capital. Josh started Thrive in 2010 and launched its first institutional fund in 2011. That first institutional fund was $40 million and, in it, Thrive led Warby Parker's Series A, invested in Instagram, and incubated a business, which Josh co-founded, called Oscar. Their portfolio is stage agnostic and their track record includes many of the best known businesses from the past decade, including Spotify, Unity, Stripe, and Twitch among many more. Please enjoy my great conversation with Josh Kushner. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by WorkOS. WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. With a single API, developers can implement essential enterprise capabilities that typically require months of engineering work. By handling the complex infrastructure of enterprise features, WorkOS allows developers to focus on their core product while meeting the security and compliance requirements of Fortune 500 companies. Visit WorkOS.com to Transform your application into an enterprise-ready solution in minutes, not months. ----- This episode is brought to you by Passthrough. Passthrough streamlines subscription documents, KYC, and AML compliance, so you can focus on running your fund, not managing paperwork. New SEC Update 31 CFR hits investment firms in under a year, and managers are getting ready for it now. If you think basic OFAC screening is enough, think again. You'll need continuous monitoring of your investors and all their beneficial owners across multiple watchlists, plus a comprehensive anti money laundering program. Passthrough has already processed 50,000 LPs and built the complete solution. Don't risk SEC deficiency letters, fines, or regulatory enforcement. Visit passthrough.com to get compliant now. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:00:00) Welcome to Invest Like the Best (00:05:14) Why do this podcast (00:08:14) The development of taste and quality  (00:12:20) CS Lewis tweet; The Inner Ring (00:18:14) Overview the founding story of Oscar Health (00:25:18) Learning to identify good problems and creating a business to solve it (00:27:43) The birth story of Thrive Capital (00:32:14) Lessons learned from creating the first three Thrive funds (00:39:44) Talent, recruiting and seeing potential in younger generations of people (00:47:40) Investments he made during the early foundation of Thrive that had significant impact (00:51:12) His analogy for investing in early versus late stage and styles of real estate investing (00:56:22) The current macro environment (01:00:57) Why he sold small stakes of Thrive (01:05:10) His philosophy on what makes a good product (01:10:10) His absence from crypto and why he refrained during the boom in 2021 (01:12:33) Thoughts about the opportunity set in FinTech today writ large (01:15:39) Lessons learned from his time spent with Marc Andreessen (01:17:43) Lessons learned from Stan Druckenmiller, Henry Kravis, and David Geffen (01:22:09) Firm values he thinks are very important (01:31:15) Vision as a key ingredient for founders (01:34:19) His view of the investment industry in the world today writ large  (01:44:48) The kindest thing anyone has ever done for him

My guest today is Gili Raanan. Gili is the founder of Cyberstarts, a VC firm focused on cybersecurity and the world's first VC that is majorly backed by cyber entrepreneurs. Cyberstarts' $50 million dollar first fund exploded to close to $2 billion in just three years. Gili describes cybersecurity today as "the perfect storm" where global conflicts and AI advancements are creating unprecedented threats. He talks about Cyberstarts' "Sunrise" methodology, which uniquely identifies customer pain points before building solutions. We discuss a focus on finding resilient talent, overcoming personal adversity, the evolution of the cybersecurity landscape, and Google's recent acquisition of Wiz, as Cyberstarts was one of Wiz's earliest investors. Please enjoy my discussion with Gili Raanan. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:52) AI's Impact on Cybersecurity (00:07:51) Offensive and Defensive Tactics (00:09:32) The Future of Cybersecurity (00:15:42) The First Fund: A Legendary Success (00:17:36) Building a Successful Cybersecurity Company (00:28:24) The Sunrise Methodology (00:31:58) Reversing the Startup Process (00:32:53) The Sunrise Methodology (00:33:17) Identifying Market Pain Points (00:34:57) The Importance of Customer Actions (00:36:58) From Conversations to Software Development (00:38:57) The Role of Simulations in Startup Success (00:40:12) Fundraising and Valuation Strategies (00:42:08) Pricing and Market Dynamics (00:46:16) The Value of Superpowers in Founders (00:50:10) Google's Acquisition of Wiz (01:07:24) Personal Resilience and Tragedy (01:10:30) Future of Cybersecurity and AI (01:12:25) The Kindest Thing Anyone Has Done For Gili

My guest today is Alex Wiltschko. Alex is the founder and CEO of Osmo, a science and technology company giving computers a sense of smell. He set out on a mission to digitize our sense of smell and he describes how Osmo is teaching computers to both read and write scent. Alex was kind enough to walk me through the laboratory which you can watch in the video version of this interview on Youtube and Spotify, where he demonstrates their method to the madness. We discuss their first commercial application, Generation, which is revolutionizing the fragrance industry by dramatically accelerating the typically years-long process of custom scent creation. We discuss all of the potential business implications this technology unlocks, applications ranging from counterfeit detection to health monitoring, and creating a cutting-edge proprietary platform in a historically routine industry. Please enjoy my conversation with Alex Wiltschko. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:25) Introduction to Plum 1.0 (00:06:20) Synthetic Chemistry & OI (00:07:09) Perfumer's Organ & Fragrance Creation (00:08:03) Launching Generation Fragrance House (00:09:15) The Fragrance Design Process (00:12:04) AI and Olfactory Intelligence (00:14:59) The GCMS Machine (00:22:08) The Scent Printer (00:26:47) The Journey of a Fragrance Enthusiast (00:30:47) The Unsolved Problem of Scent (00:32:45) Applying AI to the World of Scent (00:33:17) Validating AI Predictions with Double-Blind Trials (00:39:42) The Emotional Power of Scent (00:49:01) Challenges & Future Prospects (00:59:08) The Defining Moment: Digitizing Smell (01:00:41) The Kindest Thing Anyone Has Ever Done For Alex

My guest today is Kelly Granat. Kelly is the Co-Chief Investment Officer and Managing Director at Lone Pine Capital, one of the most storied and successful hedge fund and investment firms of the last several decades. We explore how investing has evolved since Kelly joined the industry and she shares insights into Lone Pine maintaining its edge through deep fundamental research and a collaborative culture. We discuss what makes great businesses and great investments, how leadership can transform companies, and Kelly's perspective on evaluating management teams and identifying opportunities around corporate change that the market often misprices. Please enjoy my conversation with Kelly Granat. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Alphasense, & Ridgeline (00:06:09) Market Structure Evolution (00:08:39)The Impact of Passive Investing (00:10:21) Collaboration & Team Dynamics (00:13:48) Excitement in Periods of Extreme Change (00:14:21) The Role of Competition & Curiosity (00:22:00) Fundamental Research & Data Integration (00:27:34) Investment Philosophy (00:35:31) People-Centric Investing (00:42:24) Succession Planning (00:49:32) Facing the Pressure of Early Success (00:50:31) Burnout & Rediscovery (00:57:08) Learning from Industry Leaders (00:58:04) Evaluating Talent and Competition (01:11:29) Lessons in Investment (01:27:27) The Kindest Thing Anyone Has Ever Done For Kelly 

Devon Zuegel: How To Create A New Town - [Invest Like the Best, EP.413] My guest today is Devon Zuegel. Devon is the founder and president of the Esmerelda Institute, and she is creating a new town called Esmerelda in California wine country. Learning of Devon and her plan, I couldn't help but wonder why there aren't more people building new towns. She shares the origin story of her project Esmeralda, a modern reinvention of the Chautauqua community she cherished growing up, and we explore her fascinating work building communities and reimaging how we live together. We discuss how environments fundamentally shape human behavior, how cost of space impacts creativity, the financial challenges of town-building despite their potential for strong returns, and the plans in place for Esmerelda. Please enjoy this fascinating conversation with Devon Zuegel.  Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Ridgeline, & Alphasense (00:06:00) The Origin of Devon's Obsession with Places (00:08:07) Proximity and Cost of Space (00:10:02) The Chautauqua Inspiration (00:11:31) Building a New Town: Esmeralda (00:13:23) Urban Design and Street Importance (00:15:44) Community Values and Peer-to-Peer Learning (00:18:15) Edge Esmeralda: A Prototype Community (00:21:38) Challenges and Trust Building in Development (00:26:45) The Role of Cars in Urban Planning (00:31:10) Mortgages and Taxes: Shaping Communities (00:42:11) Devon's Journey: From Stanford Review to Esmeralda (00:43:41) Tools for Thought and Feedback Loops (00:46:33) Urban Design and Pop-Up Villages (00:50:06) Exploring Las Catalinas and Car-Free Living (00:52:31) Placemaking and Organic City Development (00:56:25) Frontier Camp and Creating Collaborative Spaces (01:02:39) Building New Towns: Financial and Infrastructure Challenges (01:12:05) The Kindest Thing Anyone Has Done For Devon

Welcome to this classic episode. Classics are my favorite episodes from the past 10 years published once a month. These are N of one conversations with N of one people. There's nobody I've met quite like Doug Leone. Doug led one of the world's most successful venture firms, Sequoia, for over 25 years after he was given responsibility for the firm by its founder, Don Valentine, in 1996. Alongside Mike Moritz, the pair managed its expansion from a single $150m early-stage fund into an $85 billion global powerhouse. It was a privilege to sit down with Doug and learn from him. We talk about his tough start at Sequoia, get into the technicalities of great go-to-market motions, and survey his advice for other investors in the industry. A key theme that will stick with me from this conversation is Doug's insistence on keeping things simple and clear. I listen to this at least once a year. I hope you enjoy it. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Passthrough. Passthrough streamlines subscription documents, KYC, and AML compliance, so you can focus on running your fund, not managing paperwork. New SEC Update 31 CFR hits investment firms in under a year, and managers are getting ready for it now. If you think basic OFAC screening is enough, think again. You'll need continuous monitoring of your investors and all their beneficial owners across multiple watchlists, plus a comprehensive anti money laundering program. Passthrough has already processed 50,000 LPs and built the complete solution. Don't risk SEC deficiency letters, fines, or regulatory enforcement. Visit passthrough.com to get compliant now. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:00:00] Welcome to Invest Like the Best [00:05:21] What Don Valentine's heart was like [00:08:30] The most productive and unproductive parts of Don's toughness  [00:12:55] Why it's so important to understand someone's core motivations [00:18:44] The most formative experiences he had prior to becoming an investor that impacted his investing the most  [00:22:37] What venture looks like to him today relative to his prior career [00:28:37] Whether or not he'd go into venture today if he was in his late 20s  [00:34:10] Helping companies circumnavigate mediocre positioning  [00:39:15] How interacting with companies early on has changed over the ears [00:43:12] Whether or not new entrants into venture should build firms with enterprise value  [00:48:14] Sussing out the killer gene in somebody  [00:51:04] How successful people can instill the lessons learned from hardship into their children  [00:54:30] Whether or not competitive advantage can be architected ahead of time when building a company   [00:57:21] The early 2000s clawback at Sequoia and what navigating that period was like  [01:01:06] What he's learned about picking the right LPs and partnering with them [01:04:18] Making sure that performance is on everyone's minds all the time  [01:09:59] The kindest thing anyone has ever done for him

My guest today is Chris Pedregal. Chris is the founder and CEO of Granola, an AI-powered notepad that transcribes your meetings and enhances your meeting notes. Chris shares fascinating insights on how humans have historically developed tools to extend our cognitive capabilities - from writing and mathematical notation to data visualization - and how AI represents the next frontier in this evolution. We explore competitive dynamics between model providers and application builders, and Chris shares his vision for AI tools that make us "more human and better humans" rather than replacing human altogether. Our conversation covers the product philosophy behind Granola, the challenges of building in the fast-moving AI space, and how small teams are creating outsized impact in this new paradigm. Please enjoy my conversation with Chris Pedregal. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Ridgeline, & AlphaSense (00:05:41) Historical Examples of Tools for Thought (00:06:55) The Impact of AI on Tools for Thought (00:09:08) Introducing Granola: AI-Powered Notetaking (00:10:10) Granola's Unique Approach to AI Notetaking (00:13:33) User Experiences and Future Vision (00:15:40) Privacy and Social Norms in AI Recording (00:20:47) Building Granola: Challenges and Innovations (00:34:55) AI Startups and Granola's Early Adoption (00:35:40) Unexpected Feedback from High-Profile CEOs (00:39:53) Building Better and Faster in a Competitive Space (00:42:09) The Future of AI-Powered Workspaces (00:54:00) Challenges and Opportunities in AI and Education (00:56:03) The Evolution of App Development (00:58:01) The Potential of Small Teams in Big Businesses

My guest today is Ravi Gupta. Ravi is a Partner at Sequoia Capital and a host on Glue Guys, a podcast on the Colossus network that intersects business and sports. I wanted to have him back on Invest Like the Best to discuss his recent most recent blog post titled “AI or Die.” As both an investor and former Instacart operator and CFO, Ravi believes we're entering an era where the constraints that historically limited small teams are dissolving, creating unprecedented opportunities for those willing to embrace change aggressively. We discuss why traditional metrics of corporate success like headcount and process adherence may become liabilities, what it means to be a world-class reactor vs predictor, and how "magic per employee" and organizational agility will emerge as crucial measures of value creation. Please enjoy my conversation with Ravi Gupta. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).  Show Notes: (00:00:00) Learn About Ramp, Ridgeline, & Alphasense (00:06:00) Introduction to 'AI or Die' Essay (00:06:29) Initial Reactions to AI Advancements (00:08:24) The Concept of 'AI or Die' (00:10:40) Adapting to Rapid Technological Change (00:12:02) Using AI for Real Work (00:13:58) Evaluating Company Agility and AI Integration (00:18:58) The Cost of Employees in the AI Era (00:25:36) AI's Impact on Business Strategy (00:36:55) Changing Perspectives on AI Models (00:37:50) The Importance of Context in AI (00:39:09) Optimism in the Age of AI (00:40:22) Predictors vs. Reactors (00:42:54) AI Tools in Business Operations (00:46:07) The Future of Small Teams and Efficiency (00:49:01) Investing in the AI Era (00:55:11) The Role of Board Members in AI Adoption (00:57:22) Embracing Change with Humility (00:59:17) The Ghost of Competition (01:05:04) Seizing the AI Opportunity

My guest today is Marc Andreessen. Marc is a co-founder of Andreessen Horowitz and one of Silicon Valley's most influential figures. He combines deep technical knowledge from his engineering background with broad historical understanding and strategic thinking about societal patterns. He last joined me on Invest Like the Best in 2021, and the playing field looks a lot different today. Marc goes deep on the seismic shifts reshaping technology and geopolitics. We discuss DeepSeek's open-source AI and what it means for the technological rivalry between America and China, his perspective on the evolution of power structures, and the transformation of the venture capital industry as a whole. Please enjoy my conversation with Marc Andreessen. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn about Ramp, Ridgeline, & Alphasense (00:06:00) Introduction to DeepSeek's R1 (00:07:24) DeepSeek's Global Impact (00:09:25) AI's Ubiquity and Future (00:10:36) Winners and Losers in the AI Race (00:14:22) The New AI Cold War (00:16:34) China's Technological Ambitions (00:21:31) Open Source and Intellectual Property (00:27:48) The Role of Open Source in AI Development (00:30:02) National Interests vs. Global Competition (00:37:25) The Future of Capital Allocation (00:45:41) Challenges of Sustaining Private Partnerships (00:46:34) Building a Franchise Business (00:48:27) The Role of Political Operations (00:50:51) The Dynamics of Power and Elites (01:01:44) Technological Change and Its Implications (01:13:37) The Future of Robotics and Supply Chains (01:21:09) American Dynamism and Defense Technology

My guest today is Graham Duncan. This conversation will make you think about your life in new ways. This is a two-hour segment of a 4.5-hour interview I did with Graham last year. It stands alone as remarkable, but those who subscribe to Colossus Review will gain access to the full conversation. This will be true in future issues, too. In 2006, in his early 30s, Graham convinced Stuart Miller, CEO of home construction company Lennar, to let him manage $50 million of his family's wealth. A year later, Miller gave him the rest of his capital outside of Lennar. That investment turned into East Rock, where Graham built an incredible investing track record managing billions for a select group of families by focusing on people. Our conversation explores a wide range of topics—from what makes a great investment partnership to the power of positive feedback loops to starting a restaurant. I'm thankful to Graham for showing me the way so many times and for being willing to be so incredibly open in this conversation. Please enjoy this discussion with Graham Duncan.  Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn about Ramp, Ridgeline, & Alphasense (00:05:12) Intro to Graham (00:05:54) Launching Colossus Review (00:08:05) The Principal-Agent Dynamic (00:10:47) Navigating Financial Crises (00:13:22) The Right Grip in Investing (00:17:32) Seeding and Investment Strategies (00:21:37) Defining 'Commercial' and Its Implications (00:26:31) The Role of Laziness and Prolific Output (00:28:20) Finding the Right People and Positive Feedback Loops (00:37:21) Navigating Career Transitions and Motivations (00:43:05) Understanding Source Dynamics (00:50:07) Key Criteria for a Great CIO (00:59:43) Structuring Relationships with CIOs (01:03:40) Managing Ambiguity and Protecting Mental Clarity (01:15:09) The Importance of Source in Business (01:17:49) Designing Physical Spaces for Success (01:22:46) Launching a Restaurant: A Casting Exercise (01:30:17) Taking Over and Transforming Existing Ventures (01:33:08) Macro Investing and Adaptability (01:36:06) Hierarchy of Investment Mastery (01:44:10) The Art of Referencing (01:52:08) Formative Experiences and Personal Growth (02:00:12) Building a Business and Taking Risks (02:07:46) The Origin of East Rock

My guest today is Blake Hall. Blake is the co-founder and CEO of ID.me, a secure digital identity network with over 100 million members. He was an officer in the United States Army and served our country for four years as a a rifle platoon leader, the battalion reconnaissance platoon leader, and as the battalion logistics officer. We explore his formative years in the military and transition into entrepreneurship. Blake shares powerful stories from his time leading scout sniper missions in Iraq, including how his unit achieved a 90% success rate in high-stakes operations through relentless preparation and learning. He shares the origin and evolution of ID.me, a company dedicated to verifying digital identities to combat fraud and simplify login experiences. We also discuss the role of identity in the modern economy, frameworks for building company culture, and evaluation of executive talent. I am ridiculously inspired by Blake, and I am so grateful for him and all of the Americans who serve our country. Please enjoy this discussion with the brave and courageous Blake Hall.  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. –  This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learna bout Ramp, Alphasense, and Ridgeline (00:07:48) First Combat Experiences (00:09:30) Leadership and Responsibility in Combat (00:13:28) Lessons in Leadership and Grit (00:18:32) The Importance of Credibility and Skill (00:22:05) A Defining Moment of Leadership (00:28:52) Transition to Civilian Life and Founding ID.me (00:50:27) Understanding Identity Through Time (00:51:08) Telecom Networks and Bad Actors (00:52:38) Moving Away from Passwords (00:54:13) The Trust Graph and Source of Truth (00:57:25) Digital Wallets and Government IDs (01:07:11) Challenges and Security in Digital Identity (01:21:36) Leadership and Company Culture (01:33:53) The Kindest Thing Anyone Has Ever Done for Blake

My guest today is Dylan Field. Dylan is the co-founder and CEO of Figma and last joined me on Invest Like the Best in 2020. A lot has changed since then and we explore the evolving landscape of design and how Figma has been navigating AI while staying true to its founding vision of eliminating the gap between imagination and reality. Despite Figma's incredible success in becoming the default design platform, Dylan remains deeply motivated by helping users achieve their goals. He shares fascinating insights about the underhyped aspects of AI reasoning capabilities, the future of design literacy, and why he believes truly great design will always require human craft and creativity. Please enjoy my discussion with Dylan Field.  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. –  This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn about Ramp, AlphaSense, and Ridgeline (00:07:11) Current State of Technology and Optimism (00:09:21) Entrepreneurial Mindset and Long-term Thinking (00:10:23) Challenges of Building in Stealth Mode (00:12:44) AI and the Future of Design (00:14:07) Navigating AI Opportunities and Risks (00:17:05) Design Principles and User Experience (00:29:55) Future of Interfaces and Interaction (00:31:45) Dark Patterns and Ethical Concerns (00:33:42) Personal Motivations and Company Vision (00:40:04) Balancing Responsibilities as a CEO (00:41:54) The Future of Design and AI Integration (00:44:48) Speculating on AI's Impact on Design (00:46:26) Encouragement to Experiment and Innovate

My guest today is Tal Zaks. Tal is a physician-scientist turned biotech executive and investor who served as Moderna's Chief Medical Officer during their COVID-19 vaccine development, giving him an extraordinary perspective on one of modern medicine's pivotal moments. His combination of medical expertise, platform innovation experience, and investing acumen allows us to explore the interconnected challenges of turning scientific breakthroughs into viable medicines while generating venture-scale returns. We dive deep into lessons from Moderna's mRNA platform, examine how emerging technologies might reshape drug development, and the fundamental question of what it means to make people healthier. For investors, entrepreneurs, and anyone interested in the future of medicine, this discussion provides a window into both the immense potential and profound challenges of advancing human health. Please enjoy my conversation with Tal Zaks.  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. –  This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:08:37) State of Medicine Today (00:09:44) Investment and Innovation in Medicine (00:13:14) Challenges in Biotech Investment (00:17:18) Personalized Cancer Vaccines (00:22:58) Investing in Biotech: Process and Considerations (00:28:38) Multidisciplinary Approach in Pharma (00:41:35) COVID-19 Vaccine Development (00:46:27) Funding and Manufacturing Challenges (00:48:01) Unprecedented Vaccine Safety Measures (00:50:38) Public Perception and Trust Issues (00:53:54) Future of mRNA and Nucleic Acid Medicines (00:58:04) Personalized Medicine and Data Collection (01:04:48) AI's Role in Healthcare (01:08:34) Investment Strategies in Therapeutics (01:14:57) The Human Element in Medical Innovation (01:21:58) The Kindest Thing Anyone Has Ever Done for Tal

My guests today are Dwight Churchill and Gaurav Misra, co-founders of Captions, which uses AI to generate and edit talking videos and has grown to significant scale at remarkable speed. We explore a key distinction in AI: tackling bounded problems like video generation versus unbounded problems like general intelligence and what this means for building sustainable businesses. We also explore their unique data flywheel, why video generation could reach Hollywood quality within 18 months, and why building advanced AI products doesn't require huge teams. Please enjoy this discussion with Dwight and Gaurav. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. –  This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:07:49) The Evolution and Impact of AI (00:09:14) Challenges in Video Data and AI (00:10:36) AI in Media Generation (00:12:07) Building a Sustainable AI Business (00:14:56) The Journey of a Video AI Company (00:25:41) AI Video Editing and Creation Tools (00:29:58) Future of AI in Video and Business (00:37:51) The Future of Likeness in Video (00:39:25) Training Models on Human Data (00:41:15) Competitive Landscape and Copycats (00:44:01) The Role of Research Talent (00:46:25) Pricing AI Software (00:51:51) Investor Perspectives on AI (01:02:44) Lessons from Snap (01:07:04) The Kindest Thing Anyone Has Done for Dwight & Gaurav

My guest today is Jack Kokko. Jack is the CEO and Founder of AlphaSense, an AI-powered search engine for market intelligence. He shares how AlphaSense began by aggregating fragmented financial data sources and evolved with the advent of large language models to change the research experience completely. He speaks to their recent acquisition of Tegus earlier this year, reshaping the business and further supporting their expansion to serve all types of companies instead of exclusively investment firms. Jack has been navigating the AI revolution from its earliest days and you can feel his excitement when he talks about the future. We discuss building an agile platform, the importance of managing cultural integration, balancing AI capabilities with user trust, and the frontier for this technology. Please enjoy my conversation with Jack Kokko. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. –  This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:08:32) The Evolution of AlphaSense and AI Integration (00:10:24) Impact of Large Language Models (00:19:24) User Behavior and Trust in AI (00:26:24) Future of AI in Investment Research (00:28:41) The Value of Proprietary Data (00:31:24) M&A Insights and Lessons Learned (00:32:59) The Tegus Opportunity and Investor Insights (00:34:41) Building Trust and Cultural Compatibility in M&A (00:37:33) Selling to Investors vs. Corporations (00:40:46) Personal Motivation and Entrepreneurial Journey (00:47:24) Breaking into the Corporate Market (00:49:28) Future of AI and Foundational Models (00:52:04) The Kindest Thing Anyone Has Ever Done For Jack

My guest today is Jared Kushner. Jared has lived more lives than just about anyone I know his age. He ran Kushner companies for years, investing in real estate in and around New York City. He owned the New York Observer. He was a senior advisor to President Trump in his first term. He now runs Affinity Partners, which we discuss in detail, a private equity firm built to find and execute unique investments around the world that stem from Jared's unique set of experiences in business and government. This is one of our longest episodes ever because there was so much to discuss. We cover real estate, negotiation, geopolitics, his work in prison reform, Operation Warp Speed, and the Abraham Accords in the Middle East, business, investing, his family, and everything in between. Jared told me I could ask him about anything--and I really enjoyed doing so. Please enjoy my conversation with Jared Kushner. My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. –- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. –- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:08:45) Jared's Philosophy on Challenges and Success (00:13:38) Real Estate Ventures: The 666 Fifth Avenue Story (00:20:31) Lessons from New York Real Estate (00:30:04) Diplomacy and the Middle East (00:37:03) Leadership and Change (00:41:14) Geopolitical Landscape and Future Prospects (00:47:53) Affinity Partners: Vision and Strategy (00:52:42) Navigating Market Shifts (00:54:39) Case Study: Mexico Investment (00:58:34) Global Investment Strategies (01:02:42) Investment Philosophy and Principles (01:07:04) Challenges and Problem-Solving (01:23:14) Government Efficiency and Bureaucracy (01:34:57) Stepping into the Spotlight (01:37:19) Manifesting Success with Partners (01:38:05) Learning from Brad Jacobs (01:42:09) Middle East Economic Development (01:46:08) The Qatar-Saudi Reconciliation (01:52:25) Perceptions of Key Middle Eastern Countries (02:07:34) Preparing for Trump's Return (02:14:36) Early Days of Thrive Capital (02:16:56) Helping Entrepreneurs and Building Thrive (02:24:51) Lessons from My Father (02:37:47) Future Vision and AI (02:48:45) The Kindest Thing Anyone Has Ever Done For Jared

My guest today is Scott Wu. Scott is the co-founder and CEO of Cognition, which is an applied AI lab that has created the first AI software engineer, which they call Devin. In just a year since founding Cognition, Devin functions at the level of a junior software engineer, capable of handling complete engineering workflows from bug fixing to submitting pull requests. He is a former competitive programming champion and describes the field as simply “the art of telling the computer what you want it to do." Scott predicts AI will surpass the world's best competitive programmer within 1-2 years and sees this technology not as replacing programmers, but as democratizing software creation. We discuss the bottleneck in software development, the future of AI in various industries, and the challenges of leveling up Devin. Towards the end, you'll also hear Scott do an insane card trick on me. You can find the video on our X and YouTube to grasp the madness fully. Please enjoy my conversation with Scott Wu. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. — This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:07:00) Discussion of Devin's current capabilities as a junior engineer  (00:09:00) Early use cases and customer adoption  (00:11:00) Comparison between IDE assistants and Devin's autonomous approach (00:14:00) History of computer programming and its evolution  (00:17:00) Scott's background in competitive programming  (00:20:00) Future predictions for AI in software engineering  (00:26:00) Explanation of AI agents and their significance  (00:29:00) Technical details of how Devin is built  (00:40:00) Impact on software engineering jobs and industry  (00:47:00) Discussion of business model and pricing  (00:52:00) Thoughts on AGI and its practical implications  (00:59:00) Commentary on the competitive landscape  (01:24:00) Future of AI adoption across industries  (01:25:00) Card trick demonstration (01:29:00) The Kindest Thing Anyone Has Done For Scott

My guest today is Micky Malka. Micky is the founder of Ribbit Capital, a global venture capital firm that focuses exclusively on financial technology investments. He is a renowned investor for his adaptability and visionary approach and a believer in killing the thing that got you to where you are in pursuit of what's next. We discuss his perspective on fintech's evolution and why his firm boldly declares that “fintech is dead.” We dive into his theory of the "grid," which examines how knowledge, wealth, and power are being transformed by technological changes, particularly through the rise of AI, cryptocurrency, and network states. And we also explore Micky's deep interest in digital art and NFTs, which he sees as early indicators of broader cultural and technological shifts. You'll soon hear how he is truly taking a generative approach on all fronts. Please enjoy this in-depth conversation with Micky Malka.  My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. — This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:37) The Rebel Spirit of Ribbit (00:07:36) Ribbit's Unique Structure and Philosophy (00:08:07) The First Fund and Institutional Partners (00:09:03) Founding Principles and No Labels Approach (00:13:44) Early Investments and the Crypto Angle (00:16:42) The FinTech Evolution and Market Dynamics (00:22:30) Navigating Challenges: The Robinhood Story (00:28:57) The Global Digital Grid Concept (00:36:09) The Future of Digital Identity and Tokenization (00:41:00) The Role of Stablecoins in the Modern Economy (00:50:16) The Challenge of Adaptability (00:53:05) The Role of Heart in Business (00:55:19) The Walmart Partnership Story (01:00:07) Lessons from NuBank (01:02:49) Building a Strong Team (01:09:28) The Importance of Brand (01:11:52) Art and Its Future (01:17:20) The Impact of Better Money (01:19:27) Reflections and Future Plans (01:28:03) Handling Crises and Embracing Movement (01:31:40) The Kindest Thing Anyone Has Done For Micky

My guests today are Chetan Puttagunta and Modest Proposal. Chetan is a General Partner at venture firm Benchmark, while Modest Proposal is an anonymous guest who manages a large pool of capital in the public markets. Both are good friends and frequent guests on the show, but this is the first time they have appeared together. And the timing couldn't be better - we might be witnessing a pivotal shift in AI development as leading labs hit scaling limits and transition from pre-training to test-time compute. Together, we explore how this change could democratize AI development while reshaping the investment landscape across both public and private markets. Please enjoy this discussion with Chetan Puttagunta and Modest Proposal. My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:30) Introduction to LLM Scaling Challenges (00:07:25) Synthetic Data and Test Time Compute (00:08:53) Implications of Test Time Compute (00:11:19) Public Tech Companies and AI Investments (00:16:58) Small Teams and Open Source Models (00:29:02) Strategic Positioning of Major AI Players (00:35:49) AGI and Future Prospects (00:46:50) AI Application Layer and Investment Opportunities (00:54:18) The Paradigm Shift in AI Reasoning (00:55:34) Investing in AI-Powered Solutions (00:58:46) Economic Impacts of AI Advancements (01:00:19) The Future of AI and Model Stability (01:02:52) Private Market Valuations and Compute Costs (01:05:05) Infrastructure and Utilization in AI (01:12:50) The Role of Hyperscalers and GPUs (01:18:02) The Evolution of AI Applications (01:27:56) Philosophical Questions on AGI and ASI (01:34:31) The Importance of Innovation Hubs

My guest today is Ronnie Fieg, founder and CEO of Kith. At age 13, Ronnie started working at David Z., an iconic New York shoe store, where he sold Timberland boots to Jay-Z and Wallabies to Wu-Tang Clan. He worked his way up from the stockroom and earned his first collaboration in 2007, when he worked with ASICS on new Gel-Lyte 3s. That collection sold out in a day after being featured in The Wall Street Journal, catching the attention of Adidas's president and launching his reputation as a cultural icon. In 2011, he founded Kith, which has become one of the most influential brands in footwear, fashion, and culture. The business sells a unique curation of products that includes exclusive Nike sneakers, Armani suits, Versace robes, watches, cars, and even $10 ice creams. Our conversation is one of the best examples of life's work I've ever recorded - it explores how Ronnie's pure love of product has shaped everything from a campaign with Jerry Seinfeld to his creative direction for the New York Knicks. Please enjoy this excellent conversation with Ronnie Fieg. Sign up for the Alphasense panel discussion hosted by Patrick. My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. – This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:10) The Journey to Shoot Jerry Seinfeld (00:09:44) Understanding Consumer Desires (00:12:04) The Queens College Project (00:15:51) The Evolution of Kith Stores (00:18:03) Ronnie's Early Passion for Collecting (00:21:56) From David Z to Kith: The Retail Journey (00:41:36) The Birth of Kith: Friends and Family (00:46:40) Origins of Kith: From Concept to Brand (00:47:18) Building Community and Relationships (00:47:51) The Birth of Kith Stores (00:48:43) Footwear Passion and Store Design (00:49:59) The Evolution of Kith Products (00:50:52) Storytelling Through Film (00:57:01) Collaborations and Iconic Partnerships (01:03:38) The Influence of Travel on Design (01:09:15) Balancing Business and Creativity (01:16:06) Reflections and Future Aspirations

My guest today is Gabe Whaley, the founder and CEO of MSCHF. What began with viral internet pranks in 2014 has evolved into one of the most singular creative companies in modern culture. MSCHF's work ranges from microscopic handbags—the size of a grain of salt—to tax software that helps you file your returns by going on virtual dates with anime characters. Every two weeks, they release something new that challenges our assumptions about art, commerce, and culture. MSCHF is hard to define but Gabe says their goal is to “monopolize a feeling” and subversion is the rare constant. Their most viral creation, the Big Red Boot, took over the internet in 2023. Our conversation explores how a West Point dropout built a company that thrives on breaking rules, but it's also about something bigger - the power of unbridled creative expression and what happens when you build a business around it. I hope it inspires you to think about what your version of mischief could be. Please enjoy this fascinating discussion with Gabe Whaley. Sign up for the Alphasense panel discussion hosted by Patrick. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:50) Defining Mischief's Unique Creativity (00:11:09) The Origin Story of Mischief (00:12:53) Early Digital Projects and Virality (00:20:33) Transition to Physical Products (00:33:07) Navigating the Art World with Mischief (00:39:52) Entering the Fashion World (00:42:37) Mischief's Creative Process (00:44:51) Structured Brainstorming and Idea Vetting Process (00:46:38) The Role of Rules and Boundaries in Creativity (00:48:39) Interacting with Venture Investors (00:51:07) The Big Red Boots Phenomenon (00:54:48) Supply and Demand in Creative Projects (00:58:08) Protecting Creativity and Overcoming Challenges (01:00:11) Lessons from West Point (01:05:25) Fashion as Utility and Fantasy (01:09:47) Recruiting and Team Dynamics (01:11:56) Navigating Crossroads and Future Goals

Today, we are replaying my conversation with Brad Jacobs. Brad's resumé is remarkable. He has founded seven companies, all of which are billion-dollar or multibillion-dollar businesses. He has done 500 M&A transactions and raised $30 billion dollars of debt and equity capital. Currently, he is the Executive Chairman of XPO, a commercial trucking company that he started in 2011 and has grown into one of the largest logistics businesses in the world. He has also written a book that will be out in January, titled “How to Make a Few Billion Dollars”. Brad's energy is infectious and our conversation unpacks his strategies for M&A, his propensity for speed, and methods for earning team buy-in. Please enjoy my great conversation with Brad Jacobs. Sign up for the Alphasense panel discussion hosted by Patrick. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:00:00) Welcome to Invest Like the Best (00:07:11) Identifying key factors in a market before investing (00:10:07) Gleaning insights from early acquisition experiences (00:13:43) Delving into the seller's mindset during a business sale (00:17:51) Weighing pre-built against organic growth strategies in acquisitions (00:27:49) Engaging constructively with Wall Street (00:29:36) Discussing the substantial buyback of XPO shares (00:33:16) Ambition as a recurring theme in entrepreneurial success (00:35:17) Emphasizing the need to facilitate team agility (00:37:35) Highlighting the joys of post-acquisition integration (00:41:09) Drawing lessons from Ludwig Jesselson's principles (00:45:34) Comparing the risks and rewards of early versus late adoption (00:49:09) Reflecting on errors made in trend analysis (00:53:59) Strategies for implementing new technologies in enterprises (00:56:59) The significance of thought experiments in strategic decision-making (01:01:00) Recalling transformative events from his early years (01: 02:22) Outlining what makes a meeting 'electric' (01: 06:53) Sharing experiences with exemplary leadership (01:12:37) Deciding the right time to step away from a business (01:23:45) Philosophies for leading a fulfilling life (01:27:53) The kindest thing anyone has ever done for Brad

My guest today is Ernie Garcia. Ernie is the co-founder and CEO of Carvana. Ernie joined me on Founder's Field Guide in 2021 and despite all that the business has gone through since that conversation, you'll hear how he has the exact same demeanor and crystal clear vision for the business and its operations today. Carvana is one of the most remarkable business turnaround stories in recent history, and Ernie gives us a raw and candid explanation of navigating through a 99% stock price decline and ultimately emerging stronger on the other side. I don't know many leaders who could survive this. He credits his team of A players again and again for successfully weathering the storm and maintaining morale. We discuss leading through crisis, building for the long term, and a focus on ruthless prioritization and efficiency gains. Please enjoy my conversation with Ernie Garcia.  Check out our new print publication Colossus Review. My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. — This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:00) Carvana's Journey (00:07:38) Facing the COVID-19 Challenge (00:08:12) The Rise and Fall: Carvana's Rollercoaster (00:10:05) Leadership and Resilience in Tough Times (00:14:32) Handling Drawdowns and Communication (00:16:58) Maintaining Calm and Leadership (00:18:19) The True Story of Carvana's Journey (00:20:36) Navigating Market Challenges (00:23:40) Learning to Say No (00:30:35) Project Management and Accountability (00:34:22) The Importance of Player-Coach Leadership (00:35:53) The Importance of Vertical Integration (00:40:43) Customer Experience and Vertical Integration (00:41:41) Navigating Economic Variables (00:43:52) Building Resilience in Business (00:45:27) Balancing Personal and Professional Life (00:48:57) Efficiency and Growth in Carvana (00:59:02) Insights on Investors and Entrepreneurship (01:02:42) Lessons from Family and Origins of Carvana (01:11:22) The Kindest Thing Anyone Has Done For Ernie

My guests today are Andrew Homan and Chris Miller. Andrew has spent two decades at Maverick Capital and is a managing partner at Maverick Silicon, where he leads the firm's technology investments. Chris is a professor at Tufts and the author of the New York Times best-selling book “Chip War,” which details the geopolitical battle to control the semiconductor industry. Together we get into a comprehensive discussion on the semiconductor ecosystem and the silicon backbone of our digital age. Andrew and Chris share insights on how venture capital is navigating this complex industry and what it means for the future of computing. We discuss the AI-driven revolution in chip demand, the geopolitics of semi-manufacturing, and the next wave of innovation beyond NVIDIA. Please enjoy my conversation with Andrew Homan and Chris Miller. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. — This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:28) Intel's Historical Success and Current Challenges (00:08:22) The Paradigm Shift in Technology (00:11:44) AI and the Future of Semiconductors (00:19:02) Political and Economic Considerations in Chip Manufacturing (00:29:28) Investment Perspectives and Market Dynamics (00:45:46) The Mobile Paradigm Shift: Apple vs. AT&T (00:46:49) Corporate Strategies in the AI Transition (00:48:02) NVIDIA's Dominance and Potential Vulnerabilities (00:51:27) The Future of Edge AI (00:57:02) Powering the Data Centers of Tomorrow (00:59:42) The Semiconductor Startup Ecosystem (01:05:08) The Role of Government and Global Dynamics (01:07:28) Investment Strategies and Market Dynamics (01:10:57) The Future of the Semiconductor Industry (01:25:52) The Kindest Thing Anyone Has Ever Done For Chris And Andrew

My guest today is Boyd Varty. Boyd is a lion tracker, life coach, and storyteller who grew up in the South African wilderness, living amongst and tracking wild leopards. This is his fourth time on Invest Like the Best but the first in six years. Boyd is a perfect follow-up to my episode with Lulu Meservey unpacking the intricacies of storytelling and why it's such an essential for founders. Boyd walks us through different mechanisms of cultivating storytelling and becoming a meaning-maker. He encourages everyone to become somebody who stories happen around and be a character who finds characters. We discuss his concept of “story hunting,” leveraging stories in business, and continuously finding new meaning in life. Please enjoy my discussion with Boyd Varty. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. — This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:27) The Power of Storytelling (00:06:08) Lessons from Safari Stories (00:08:37) Finding Meaning and Purpose (00:09:18) Becoming a Story Hunter (00:13:27) The Role of Fear in Storytelling (00:15:31) Crafting and Sharing Your Narrative (00:17:04) Building a Strong Culture Through Stories (00:23:42) The Importance of Storytelling in Business (00:32:41) Meeting Chris Bacchus (00:34:14) Living Authentically: Following Your Internal Pulls (00:35:34) The Tension of Reinvention: Beyond Your Greatest Hits (00:36:46) The Art of Self Reinvention (00:39:49) Crafting a Great Story: Key Components (00:41:45) Solitude and Self-Knowledge: The Path to Originality (00:45:00) The Role of High Stakes in Finding Meaning (00:47:49) The Endurance Hunt: A Journey with the Kalahari Bushmen (00:52:56) Simplicity and Abundance: Lessons from the Bushmen (00:54:37) Becoming a Character: Traits of Remarkable People (00:59:35) Life's Work: Expressing Yourself in Service of Others

My guest today is Tobi Lutke, the co-founder and CEO of Shopify. I have spoken to Tobi on this podcast twice before, first in 2020 and then again in 2022. Needless to say, a lot has changed since we last spoke, and we start by talking about the biggest change of all: AI. But I'll remember this conversation for the next set of ideas we discuss: Founder mode, raising the temperature of an organization, and the importance of building on an island that's distinct from the mainstream. Tobi embodies the concept of Life's Work that I believe so much in, and this episode is a shining example of it. He, along with nine other leaders we believe are doing their life's work, will also be featured in the first issue of an upcoming print publication we've been working on. If you're interested in hearing first when pre-orders go on sale, head to joincolossus.com/print. For now, please enjoy this great conversation with Tobi Lutke. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. — This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best  (00:05:38) Technological Innovations and AI (00:07:13) Experimenting with AI in Real-World Scenarios (00:15:04) The Role of Founders and Company Culture (00:24:24) Navigating Business Changes and Strategic Decisions (00:31:15) The Concept of Islands in Innovation (00:36:38) The Essence of Open Source Marketplaces (00:37:10) Building Shopify: From Personal Project to Public Company (00:38:42) Philosophy of Product Development (00:42:38) Marketing and Mainstream vs. Island Approach (00:46:52) The Glory of Entrepreneurship (00:54:17) AI and the Future of Human-Computer Interaction (01:00:30) Trust and Principles in Organizational Culture (01:04:31) Investor Insights and Long-Term Vision

My guests today are Matt Perelman and Alex Sloane, Co-founders and Managing Partners of Garnett Station Partners. GSP invests in the trillion-dollar franchise and consumer services industries. Matt and Alex started the firm in 2014 as MBA students when they bought 23 Burger King restaurants. Since then, they've invested in 26 other multi-unit businesses, from gyms to car washes to funeral homes. GSP is now a leader in its field. This discussion is a masterclass in franchise investing. We explore GSP's playbook for creating value, the power of Matt and Alex's partnership, and their approach to scaling businesses for successful exits. This conversation is special for another reason. For the last year, we've been working on a print publication that will share the very best of what we've encountered and learned every quarter. GSP, along with many others, are profiled in our first issue to be revealed next month. We are going to print a limited edition of them to start, so if you are interested in hearing first when pre-sale launches, go to joincolossus.com/print.  Please enjoy this excellent and incredibly fun discussion with Matt Perelman and Alex Sloane.  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. — This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:07:02) The KFC Rejection and Burger King Opportunity (00:08:36) Living with Ray Meeks and Business Growth (00:12:08) Understanding Franchise Economics (00:16:12) Challenges and Lessons Learned (00:38:37) Navigating COVID-19 (00:54:37) Challenges of Rollups and Integration (00:56:01) The Importance of Culture in Business Consolidations (00:58:01) Strategies for Successful Exits (01:01:49) The Fun and Challenges of Partnership (01:09:53) Innovation in Business Operations (01:13:44) Real Estate and Financial Engineering (01:16:34) Managing Labor and Turnover (01:19:36) Investment Themes and Criteria (01:23:36) Selling to Larger Private Equity Firms (01:27:11) Maintaining Culture and Sourcing Deals (01:33:41) The Importance of Cycles and Capital Structure (01:37:18) Partnership Dynamics and LP Relationships (01:40:26) The Kindest Thing Anyone Has Ever Done For Matt & Alex

My guest today is Kareem Zaki. Kareem is a General Partner at Thrive Capital and has been at the firm for a decade. In an episode last year, Thrive's founder, Josh Kushner, told me he is the best healthcare investor in the world. Kareem has co-founded three healthcare businesses worth over one billion dollars. He also has expertise in financial services, where he's led the firm's investments in companies like Ramp and Robinhood. It's a timely moment to have this discussion, with Thrive announcing a new $5 billion fund in August. We talk about how Thrive identifies category-defining companies, what concentration means to them, and how startups should approach the healthcare industry. Please enjoy this great discussion with Kareem Zaki. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. — This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:02) Early Days and Consistent Strategy (00:07:10) Personal Journey and Reconnecting with Josh (00:08:36) Investing Philosophy and Strategy (00:11:04) Building a Supportive Structure (00:12:10) Generalist Approach and Market Trends (00:13:45) Life Cycle Investing and Concentration (00:16:16) The Builders Mentality (00:17:52) Raising a Huge Fund and Its Implications (00:20:40) Understanding Category Defining Companies (00:37:48) The Changing Nature of Investment Categories (00:49:03) Evaluating Business Durability and Market Quality (00:51:30) Understanding Healthcare Challenges (00:53:46) Approaching Healthcare Innovation (00:59:18) The Role of Competition in Healthcare (01:04:17) AI's Transformative Potential (01:07:35) Advice for Aspiring Entrepreneurs (01:09:46) Thrive's Investment Philosophy (01:22:55) The Kindest Thing Anyone Has Ever Done For Kareem

My guest today is Ray Ozzie, one of the great technologists, software developers, and entrepreneurs of our time. Ray is perhaps best known as the creator of Lotus Notes, a collaboration tool that revolutionized business communication in the 1990s. He later succeeded Bill Gates as Chief Software Architect at Microsoft, where he played a key part in the development of Azure, Microsoft's cloud computing platform. Ray's work has earned him numerous accolades, including induction into the Computer History Museum Hall of Fellows and the National Academy of Engineering. Throughout his career, Ray has been at the forefront of technology innovation and paradigm shifts, founding multiple companies, including Iris Associates, Groove Networks, and most recently, Blues Wireless, which focuses on connectivity in the physical world. His insights on cloud computing, collaboration tools, and the future of technology have shaped the industry for decades. In our conversation, we explore Ray's journey through the evolving landscape of software development, his perspectives on the current state of technology, and his vision for the future of connectivity and collaboration. Please enjoy this fascinating discussion with Ray Ozzie. Subscribe to Glue Guys! For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. — This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Introduction to Ray's Story (00:06:44) The Role of Technology in Modern Warfare (00:10:26) The RadNote Device Explained (00:15:32) The Origin of SafeCast (00:22:26) Challenges in Building Intelligent Machines (00:32:23) The Evolution of IoT and Blues (00:39:01) The Future of Connected Machines (00:46:03) Technology Paradigm Shifts and Azure (00:50:56) The Birth of Azure (00:52:08) The Unique Dynamics of Bill and Steve (00:56:54) AI and the Future of Use Cases (00:59:00) Real-world Applications of IoT (01:05:31) The Evolution of AI and IoT (01:20:03) The Importance of Systems Thinking (01:28:52) Advice for Young Entrepreneurs (01:32:55) The Kindest Thing Anyone Has Ever Done For Ray

My guest today is Ted Seides. Ted is the host of the Capital Allocators podcast and an investment industry expert. It'd been seven years since Ted and I last talked on the record, as he was one of my very first guests on Invest Like the Best. Now that Ted has a full-time focus on all things Capital Allocators and has stepped away from traditional investing roles, he shares with us the wisdom he has gained from being a neutral third party with in conversations with countless industry experts. We discuss the evolution of the LP and GP relationship, the scale of institutional investing, and the nuance of asset allocation, and much more. Please enjoy my conversation with Ted Seides. I'm excited to announce that we are hiring an Editor in Chief at Colossus. This will be a critical and central role in our growing media platform and in our quest to find and showcase the best people, businesses, and ideas in the world. This person will work on existing shows like Invest Like the Best and Founders, our soon-to-be-announced print publication, and more. We aim to be the dominant media company exploring business and investing frontiers, so this person needs to be obsessed with these topics and bring serious operational chops. I firmly believe this role can help define someone's career. Go to joincolossus.com/eic to apply. Subscribe to Glue Guys! For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. — This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:08:21) Innovative Approaches in Portfolio Management (00:10:29) Challenges in the LP-GP Relationship (00:16:58) Categorizing and Understanding LPs (00:21:12) Pros and Cons of Different Capital Pools (00:28:44) Trends and Future of Asset Management (00:35:14) The Sensational Economy (00:37:37) Competitive Frontiers in Private Equity (00:39:44) The Yellowstone Club Deal (00:42:19) The Burger King Success Story (00:46:49) Collaborative Deals in Private Equity (00:51:27) The Importance of Communication (00:56:14) Capital Allocator Summits (01:00:31) The Kindest Thing Anyone Has Done For Ted

My guest today is Lulu Meservey. Lulu is the Founder and CEO of Rostra, a company that partners with founders to level up their communications around all strategic initiatives, from hiring to fundraising. She is also on the board at Shopify. I have been recently fascinated by the challenge of founders telling their story and Lulu is an expert in comms and a believer in creative problem-solving through effective communication and compelling storytelling. We discuss the evolution of media and its pitfalls, innovative methods for managing crises, and the power of going direct with your communication. Please enjoy my conversation with Lulu Meservey. I'm excited to announce that we are hiring an Editor in Chief at Colossus. This will be a critical and central role in our growing media platform and in our quest to find and showcase the best people, businesses, and ideas in the world. This person will work on existing shows like Invest Like the Best and Founders, our soon-to-be-announced print publication, and more. We aim to be the dominant media company exploring business and investing frontiers, so this person needs to be obsessed with these topics and bring serious operational chops. I firmly believe this role can help define someone's career. Go to joincolossus.com/eic to apply. Subscribe to Glue Guys! For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. — This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:48) The Evolution of Media and Communication (00:11:25) The Importance of Direct Communication for Founders (00:20:20) Choosing the Right Partners and Clients (00:25:20) The Art of Launching a Product (00:34:01) Fundraising Tips for Entrepreneurs and Investors (00:35:32) The Pitfalls of Inauthentic Fundraising (00:36:05) Crafting a Compelling Macro Narrative (00:37:54) Crisis Management Strategies for Founders (00:42:41) Lessons from Counterinsurgency (00:44:24) The Rugby Analogy for Founders (00:49:34) The Power of K-Pop Marketing (00:56:30) Vision and Future of Rostra (01:01:17) The Importance of Direct Communication (01:10:36) The Kindest Thing Anyone Has Done For Lulu

My guest today is Ric Elias. Ric is the CEO and co-founder of Red Ventures, which has a portfolio of fast-growing digital businesses like Lonely Planet, The Points Guy, Bankrate, and large investments in a variety of other businesses across industries. He began the business in 2000 and has grown it to now a global company with thousands of employees. Ric walks us through the early struggles that have led to what is now a flourishing investing platform, but mostly this episode is a masterclass on cultural values and philosophies that transcend mere financial gain. We discuss the difference between living good and well, the power of forgiveness, and compounding more than just your capital. Ric's story is one of resilience, humility, and grace. His story about being in the front row of the plane that Captain Sully landed in the Hudson is singular and very moving. Please enjoy my conversation with Ric Elias. Subscribe to Glue Guys! For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. — This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:29) Understanding Red Ventures: Origin and Evolution (00:06:44) Early Challenges and Turning Points (00:10:15) Operational Success and Company Culture (00:16:10) Insights on Motivation and Growth (00:25:35) Reflections on Money and Personal Well-being (00:32:39) The Hudson River Plane Crash Experience (00:42:25) Reconnecting with Puerto Rico and New Ventures (00:47:10) Underdogs to Champions (00:49:56) Building Trust and Team Dynamics (00:52:19) Balancing Speed and Sustainability (00:56:05) The Role of Confidence and Courage (01:00:49) The Pursuit of Purpose Over Profit (01:06:39) Recruitment and Company Culture (01:11:20) Future of Business and AI (01:23:20) The Kindest Thing Anyone Has Ever Done For Ric

This week's episode is special because it marks the launch of a new Colossus show: Glue Guys. My guests this week are the hosts of the new show, Shane Battier, Alex Smith, and Ravi Gupta. Shane, Ravi, and Alex's stories are remarkable. Each has been at the very top of their profession. Shane as an NCAA and NBA champion. Alex as the first pick in the NFL draft, 3 time-pro bowler, and 16-year NFL veteran. Ravi as a leader at KKR, and then as a critical leader turning around & building Instacart, and now as a partner at Sequoia. But those parts of their stories pale in comparison to the stories you'll hear on Glue Guys.  Glue Guys is an unfolding manual for HOW to be a professional, a teammate, a leader, and even a friend and family member. In this episode of ILtB, we explore the general concept of glue guys—the people who are obsessed with helping the team win, whether they are the leader or newest member of the team. Please enjoy this conversation with Shane, Alex, and Ravi. Subscribe to Glue Guys! For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. — This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:06) Talent vs. Teamwork: A Business Perspective (00:06:56) Talent vs. Teamwork: A Sports Perspective (00:09:40) Personal Stories of Overcoming Adversity (00:12:50) The Importance of Trust and Mission Focus (00:21:09) Facing Rock Bottom and Rising Again (00:34:59) The Hardest Moments and Lessons Learned (00:42:39) Unsung Heroes of Special Teams (00:45:01) Mentorship and Team Dynamics (00:46:49) Lessons from Duke Basketball (00:49:25) Instacart and the All-In Mentality (00:51:52) Building Successful Teams (00:55:42) Family Legacy and Personal Sacrifice (01:05:02) Strength and Vulnerability in Leadership (01:10:36) The Urge to Dominate and Winning (01:14:41) The Kindest Thing Anyone Has Ever Done For Alex

My guest today is Bret Taylor. His resume is absurd. He built google maps--famously rewriting the whole thing in a weekend. He was the CTO of Facebook in critical years. He founded Quip. He was the chair of the board at Twitter. He was the co-CEO of Salesforce...the incredible list goes on. Now, Bret is the co-founder of Sierra, a conversational AI platform for businesses, and he is the chairman of the board at OpenAI. We discuss the past, present, and future of AI agents: new programs that will begin doing incredible amounts of work for us humans in astonishing ways that are a thrill to talk about. Bret believes agents will become a meaningful part of the future and transform the ways in which we interact with technology. We discuss a strategic approach to AI integration, the different categories of agents and their scopes, and the essentials of craftsmanship. Please enjoy this discussion with Bret Taylor. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. — This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:27) The Dynamics of Small Teams in Software Development (00:05:46) Challenges of Large Teams and Bureaucracy (00:06:27) The Google Maps Legendary Rewrite Story (00:13:59) Introduction to AI Agents (00:16:48) Types of AI Agents and Their Applications (00:22:15) Building Robust AI Agents for Customer Experience (00:33:28) The Future of AI Agents and Customer Interaction (00:45:12) Impact of AI on Productivity and Inequality (00:51:05) Technological Evolution and Societal Changes (00:56:25) The Role of Multimodal Models in AI (00:57:19) The Future of Human-Computer Interaction (01:00:15) Building Companies in the AI Era (01:05:36) OpenAI's Unique Structure and Mission (01:11:22) Insights on Sales and Customer Success (01:20:06) Balancing Ambition and Personal Life (01:21:35) Preparing for the Agent Era (01:26:20) The Kindest Thing Anyone Has Ever Done for Bret

My guest this week is Gavin Baker. Gavin is the managing partner and CIO of Atreides Management, and he has been on the show many times before. He is one of my favorite investors to talk to and this may be my favorite conversation with him. Gavin first started covering Nvidia as an investor at the turn of the millennium, making him the perfect guest to discuss all things AI and investing. There is so much detail in this discussion and I'm incredibly grateful to Gavin for sharing his wisdom with us again. Please enjoy this fantastic conversation with Gavin Baker. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:42) The Magnificent Seven and Tech Competition (00:06:29) Generative AI and Scaling Laws (00:08:36) Challenges in AI Infrastructure (00:15:02) The Future of AI and Data Centers (00:17:51) Efficiency in AI Models (00:35:14) Synthetic Data and AI Training (00:42:37) Inference and the Role of Smartphones (00:48:35) Investment Implications in AI (00:49:09) Opportunities for New Companies (00:51:20) Challenges at the Application Layer (00:52:25) AI's Impact on Advertising (00:53:40) AI ROI Debate (00:54:39) SaaS Metrics and AI Disruption (00:55:59) AI-First Application Companies (01:00:50) The Future of Robotics (01:14:01) Leadership in Tech Giants (01:24:05) The Evolution of Investing

Today, we're replaying a conversation between John Collison and Charlie Munger that we first aired on 5 December 2023. Charlie said, “The best thing a human being can do is to help another human being know more.” He does just that in this interview. Please enjoy, and may Charlie Rest in Peace. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. — This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:00:00) Welcome to Invest Like the Best (00:03:52) The fixation on evaluating business quality (00:05:58) Learning the big ideas across various disciplines (00:10:03) The issue of adverse selection in legal services (00:11:42) Societal solutions for the opioid crisis (00:17:34) Reasons for not investing in Amazon (00:20:38) Explaining Costco's model (00:29:08) Discussing the increasing challenges in investing (00:32:08) Ingredients for long-term success in business (00:33:18) Debating cryptocurrency (00:37:37) Offering guidance for navigating a potential recession (00:38:56) Reflecting on the state of American society (00:45:20) Sharing a passion for architecture (00:54:13) “Win-win” business (00:57:53) Countering arguments against capitalism (00:60:42) The origins of Poor Charlie's Almanack (01:05:14) Building a productive partnership (01:08:55) Opining on the SEC (01:12:22) Highlighting investment concerns (01:16:31) Reasons for optimism about China (01:32:14) The unique aspects of Berkshire Hathaway

My guest today is Vlad Tenev. Vlad is the CEO and co-founder of Robinhood. It was such a treat to sit down with him and discuss the behind-the-scenes of a revolutionary business we all know well. He details Robinhood's journey to zero-cost trading and what it means to build a consumer-centric financial product. Vlad believes in finding the harmonies across mathematics and art and applies this lens to everything he builds. We discuss Robinhood's new credit card and more products on the horizon, the company's toughest moments, including the Gamestop episode, and the compelling future of AI in financial services. Please enjoy this conversation with Vlad Tenev. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:03:56) The Next Frontier in AI: Reasoning and Logical Deductions (00:06:19) Challenges and Approaches in AI Development (00:09:08) Formal Mathematics and AI Integration (00:11:23) Practical Applications of Mathematical Superintelligence (00:17:30) Robinhood's Journey to Zero-Cost Trading (00:24:38) Building a Consumer-Friendly Trading Platform (00:28:52) Robinhood Gold and the Future of Financial Services (00:35:51) Understanding Robinhood's Business Model (00:42:34) Navigating the GameStop Crisis (00:49:17) Improving Customer Satisfaction (00:52:43) Reputation Repair (00:54:52) The Future of Financial Services (00:59:06) Crypto and AI in Finance (01:08:09) Building a High-Performance Culture (01:11:42) The Kindest Thing Anyone Has Ever Done for Vlad

My guest today is Sarah Guo. Sarah is the founder and CEO of Conviction, an early-stage venture capital firm built to serve AI companies. She started Conviction in 2022 after 9 years at Greylock because she believes AI is the most important technological advancement of our lifetime. In our conversation, Sarah discusses the challenges and rewards of leaving an established investing firm to start her own venture. She shares her unique perspective on the AI landscape and reveals her predictions for what we should expect on the AI frontier. Please enjoy this great conversation with the very impressive Sarah Guo.  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Our Partners: Ridgeline and Tegus (00:03:30) Welcome to Invest Like the Best (00:04:30) Introduction & Recruiting in Venture Capital (00:05:06) Key Traits for Early-Stage Venture Capitalists (00:06:57) Lessons from Early Investments (00:07:47) The Journey of Building a Company (00:09:01) The Decision to Start Conviction (00:11:36) Launching Conviction and Initial Steps (00:13:43) First Investment at Conviction (00:14:00) Evaluating AI Application Companies (00:16:29) Challenges and Opportunities in AI Applications (00:23:57) Minimum Viable Quality in AI Products (00:33:19) Future of AI and Frontier Models (00:38:56) The Unpredictable Future of AI (00:40:16) The Importance of Efficiency in AI Models (00:44:28) The Business of AI: Costs and Margins (00:45:47) Infrastructure and Hardware Challenges (00:48:54) The Competitive Landscape of AI Chips (00:54:24) The Future of AI and Society (00:56:34) Opportunities and Innovations in AI (01:02:09) Concerns and Ethical Considerations (01:03:36) Debates and Research in AI (01:09:01) Personal Reflections and Closing Thoughts

My guest today is Hemant Taneja. Hemant is the CEO and Managing Director of General Catalyst, the global venture capital firm you'll hear us refer to as GC. GC has set out to build resiliency across critical industries worldwide. The firm leverages technology to retool sectors such as healthcare, energy, defense, and manufacturing and explores innovative capital structures to support founders and businesses. Hemant discusses how the firm is positioned to respond to the aftermath of crises, including the pandemic, wars, energy issues, and beyond. We also discuss the building of a category-defining healthcare company, Livongo and much more. Please enjoy this conversation with Hemant Taneja.  Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. It's also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Our Partners: Ramp and Tegus (00:03:00) Welcome to Invest Like the Best (00:03:57) Introducing Hemant Taneja and General Catalyst (00:04:17) Global Resilience and Innovation Post-Pandemic  (00:05:56) Re-Globalization and Manufacturing  (00:07:03) Building Livongo: A 20-Year Overnight Success  (00:13:23) Aligning Incentives in Healthcare  (00:15:40) Re-imagining the Investment Business  (00:20:54) Evolution of General Catalyst (00:27:04) Succession and Trust in Asset Management  (00:35:00) Founder-Centric Capital Goals  (00:36:32) Balancing Growth and Liquidity  (00:41:39) AI and Onshoring Productivity  (00:47:10) Defense Investments and Ethics  (00:50:11) Geopolitics and Regulation  (00:53:16) Reflections on Leadership and Strategy  (01:01:14) Hemant's Future Plans  (01:02:55) The Kindest Thing Anyone Has Ever Done for Him

Today we are replaying one of our most popular episodes from last year with Jeremy Giffon. I spend all my time trying to find people who have some “singularity” to them. People who seem like they can do an N of 1 something. Having spent many days with Jeremy, he strikes me as one of those people. He was the first employee and general partner at private equity firm/holding company Tiny, which buys and holds internet and technology-focused businesses. Prior to that, he was on the founding team of MediaCore, which was acquired by Workday. The focus of our discussion is on esoteric opportunities that exist in private markets and how misaligned incentives and coordination problems create special situations for people like Jeremy to invest in. The rest of the conversation is wide-ranging and covers everything from compensation advice to meeting your heroes. Please enjoy my discussion with Jeremy Giffon. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Invest Like the Best (00:03:15) What defines the nature of a perfect business in his mind (00:05:21) Key characteristics he'd look for in a perfect investment (00:09:58) Coordination problems that excite him (00:14:02) Raising funds and ghostship companies  (00:16:17) Examples of a special situations transaction in private markets  (00:18:55) Building up a sourcing mechanism (00:22:18) The biggest mistakes he's seen in buying and selling companies  (00:25:42) Refining the underwriting process (00:28:57) Thoughts about minimum rates of return and multiples on capital for the investments he makes  (00:30:44) Being lazy enough to wait for good deals on enduring businesses  (00:33:32) Why people do things they don't like  (00:35:47) Whether or not he feels like he knows what he wants in life (00:42:58) Hiring CEOs (00:44:54) Really good respective returns in low risk companies and why those opportunities continue to persist    (00:47:05) Tactics for negotiating with and sourcing CEOs   (00:50:37) Binaries - pre and post fall (00:55:58) Being hard to kill (00:59:15) His favorite interview question  (01:06:07) Having an audience is incredibly underpriced  (01:10:13) What else is significantly underpriced (01:12:14) Things he feels are overpriced today writ large (01:15:54) Criticisms of the cult of learning (01:20:21) The one call that everyone needs to make  (01:27:18) Meeting your heroes and having mentors  (01:30:48) Notable differences between the business environments of Canada and the US (01:33:13) Lessons learned from people he admires and models for seeing the world  (01:35:35) Views he holds that would make people scratch their heads (01:40:02) The kindest thing anyone has ever done for Jeremy 

Today, we are replaying what we call a forever episode, which are the few episodes of our show that we think will be as popular a decade from now as they are today. Every time I re-listen to this episode with David Senra, I leave wildly energized and wanting to share that feeling. So we are re-releasing it today for anyone who missed it the first time or hadn't yet discovered Invest Like the Best. David Senra has studied history's great founders and entrepreneurs in more depth than anyone I've ever met, and I'd wager more than anyone else alive. In this conversation, we cover many of the most common themes he's discovered studying hundreds of entrepreneurs like Estée Lauder, John Rockefeller, Enzo Ferrari, and Edwin Land. Please enjoy this great conversation with David Senra. Listen to Founders Podcast  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).  Show Notes [00:00:00] Welcome to Invest Like the Best [00:03:01] First question - When he first fell in love with reading [00:07:01] What's rooted in his own history that's made him obsessive about studying history's great entrepreneurs and founders - Founders Podcast [00:10:34] The first time he connected with someone as a positive role model that he was reading about  [00:13:45] How often obsession is apparent in the founders he's studied across hundreds of biographies  [00:18:08] What is often behind obsession and how people listening can apply the lessons to their own lives [00:22:45] The dynamic and relationship between inspiration and perspiration  [00:27:11] Commonalities between the layers of leadership and support underneath founders [00:31:52] Where else he's seen ego rear its head in good and bad ways  [00:38:34] How often do great founders break the law or enter gray areas of it  [00:41:22] The role constant learning and listening plays in success [00:45:12] Talking about how anything worth doing is worth doing to excess  [00:52:18] Describing the soul of founders and businesses [00:58:39] What he's learned about all of these founders as it relates to marketing  [01:04:38] A common story that process is often art  [01:08:10] Who David's idols are in podcasting [01:14:55] Major aspects of people he's studied that haven't been discussed yet [01:19:55] The kindest thing anyone has ever done for David

My guest today is Martin Casado. Martin is a partner at Andreessen Horowitz and first joined me on Invest Like the Best in 2022. So much has changed since then, and it was awesome to have Martin back to discuss all of the different implications of this AI revolution. Before joining a16z, Martin pioneered software-defined networking and co-founded Nicira, which was bought by VMware for $1.3 billion in 2012. He has studied, built, and invested in digital infrastructure his whole career which has primed him to go in-depth in this interview on the immense opportunities and challenges AI presents among creativity, policy-making, agentic systems, real-world data structures, and beyond. Please enjoy this conversation with Martin Casado.  Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:01:48) The Future of AI and Creativity (00:03:11) Economic Implications of AI (00:04:33) AI's Impact on Content Creation (00:08:21) Challenges in AI and Robotics (00:12:16) Human Data and AI Training (00:20:30) Investing in AI and Robotics (00:26:00) Defensibility and Competition in AI (00:33:22) Regulatory Considerations (00:35:26) Internet Era Parallels and Security Concerns (00:40:25) Open Source vs. Closed Source in Tech (00:43:45) Market Annealing and Category Creation (00:46:13) Data and Hardware Innovations in AI (00:55:55) Agents and the Future of AI

My guest today is Modest Proposal, joining me for our third conversation and the first in a few years. Modest is anonymous online, but one of the more thoughtful investors I know, overseeing a large pool of capital in public and private markets. He offers insight into many different corners of today's landscape, covering AI's frontier models versus open-source models, overcapacity issues in transportation in our post-COVID world, the potential economic impact of GLP-1 drugs, and more. Please enjoy my conversation with Modest Proposal. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:00) Comparison to Mid-2000s Commodity Markets (00:07:18) The Role of AI and Power Consumption (00:09:29) NVIDIA and the Future of AI Investment (00:13:10) Commercialization of AI and Market Dynamics (00:23:14) Public vs. Private Market Performance (00:28:03) Post-COVID Capital Cycles (00:30:32) Capital Expenditures and Post-COVID Market Distortions (00:31:47) Amazon's Capacity Expansion and Market Inflections (00:33:45) Challenges in Displacing Market Leaders (00:37:50) Behavioral Barriers in GLP-1 Adherence (00:39:58) Public vs. Private Market Allocations (00:45:08) International Equities and Japanese Market Potential (00:47:35) Market Structure and Trading Dynamics (00:53:22) AI Models and Future Market Implications

My guest today is Robert Greene, author of many books but perhaps most famous for his books "48 Laws of Power" and "Mastery." He has spent his life studying why people behave like they do and why some go on to build great things. I love his idea of finding your life's purpose, which we explore in detail. Please enjoy my conversation with Robert Greene. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:03:17) First Question - Exploring Reality and Human Behavior (00:07:41) The Concept of Masks and Social Roles (00:10:47) The Sublime and Social Conventions (00:13:48) Writing 'The 48 Laws of Power' (00:16:38) Defining and Understanding Power (00:18:01) Historical Figures and Adaptation (00:23:59) Modern Applications of Power Laws (00:31:57) The Boldness of Deception (00:32:54) Exploring Good and Evil (00:35:56) The Art of Seduction and AI (00:38:31) Defining Mastery (00:42:44) Discovering Your Life's Task (00:51:53) The Power of Observation (00:59:56) The Kindest Thing Anyone Has Ever Done for Robert