Podcasts about 6bn

Explore the dramatic fall of 23andMe, a genetic testing pioneer from $6Bn to bankruptcy.We analyze the flawed revenue model, data breach, leadership crisis to its path to bankruptcy!

Yamini Rangan is the CEO at HubSpot. The $32BN juggernaut that has revenues of $2.6BN, over 247,000 customers and 8,200 employees. Prior to Hubspot, Yamini served as Chief Customer Officer at Dropbox, and before Dropbox, she was VP of Sales Strategy and Operations at Workday.  In Today's Episode We Discuss: 04:16 Taking Over the CEO Role from the Founders 07:58 Wartime vs Peacetime CEOship 11:18 How to Scale Into Enterprise: What Everyone Gets Wrong 22:20 Why is B2B Not Winner Take All 29:33 How Does Hubspot Compete Against Salesforce 33:26 Where Does Value Accrue in a World of AI 37:40 How Does Yamini Use AI Everyday 41:17 What Does Hubspot Do When It's Core SEO Channel Dies 44:10 Quickfire Round: Satya Nadella, Parenting Advice, Biggest Concern 51:35 Closing Thoughts and Reflections  

Eiso Kant is the Co-Founder and CTO of Poolside.ai, building next-generation AI for software engineering. Just last week, Poolside announced their $500M Series B valuing the company at $3BN. Prior to Poolside, Eiso founded Athenian, a data-enabled engineering platform. Before that, he built source{d} - the world's first company dedicated to applying AI to code and software. 1. Raising $600M to Compete in the AGI Race: What is Poolside? How does Poolside differentiate from other general-purpose LLMs? How much of Poolside's latest raise will be spent on compute? How does Eiso feel about large corporates being a large part of startup LLM provider's funding rounds?  Why did Poolside choose to only accept investment from Nvidia? Is $600M really enough to compete with the mega war chests of other LLMs? 2. The Big Questions in AI: Will scaling laws continue? Have we reached a stage of diminishing returns in model performance for LLMs? What is the biggest barrier to the continued improvement in model performance; data, algorithms or compute? To what extent will Nvidia's Blackwell chip create a step function improvement in performance? What will OpenAI's GPT5 need to have to be a gamechanger once again? 3. Compute, Chips and Cash: Does Eiso agree with Larry Ellison; “you need $100BN to play the foundation model game”? What does Eiso believe is the minimum entry price? Will we see the continuing monopoly of Nvidia? How does Eiso expect the compute landscape to evolve? Why are Amazon and Google best placed when it comes to reducing cost through their own chip manufacturing?  Does Eiso agree with David Cahn @ Sequoia, “you will never train a frontier model on the same data centre twice”?  Can the speed of data centre establishment and development keep up with the speed of foundation model development? 4. WTF Happens to The Model Layer: OpenAI and Anthropic… Does Eiso agree we are seeing foundation models become commoditised? What would Eiso do if he were Sam Altman today? Is $6.6BN really enough for OpenAI to compete against Google, Meta etc…? OpenAI at $150BN, Anthropic at $40BN and X.ai at $24BN. Which would Eiso choose to buy and why?  

Send us a textMiguel Armaza interviews Diya Jolly, Chief Product and Technology Officer at Xero (XRO.AX), a $22Bn tech giant that offers accounting and CFO management services for small businesses worldwide.Xero is one of the largest fintechs in the world. Their latest total annual revenue was $1.6Bn and they've doubled in size over the last three years.Prior to Xero, Diya was the Chief Product Officer at Okta and before that she held multiple leadership product roles at Google. She's extremely thoughtful and this conversation is a delightful masterclass on building a tech and software business.We discuss:The tensions of product managers and how to navigate themIs cannibalizing your own product ever a good idea?How AI is revolutionizing accounting.Frameworks to make good decisions with incomplete information… and a lot more!Want more podcast episodes? Join me and follow Fintech Leaders today on Apple, Spotify, or your favorite podcast app for weekly conversations with today's global leaders that will dominate the 21st century in fintech, business, and beyond.Do you prefer a written summary? Check out the Fintech Leaders newsletter and join ~70,000+ readers and listeners worldwide!Miguel Armaza is Co-Founder and General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.Miguel on LinkedIn: https://bit.ly/3nKha4ZMiguel on Twitter: https://bit.ly/2Jb5oBcFintech Leaders Newsletter: bit.ly/3jWIp

Dax Dasilva is the Founder & CEO Lightspeed Commerce, one of the most incredible stories in startups. For 7 years they did not raise outside funding and ran a very profitable business. Ultimately they partnered with Accel and Innovia before going public on the Canadian Stock Exchange with just $70M in ARR. Lightspeed also undertook 9 acquisitions over the course of a four year period to consolidate the global market. Today they have a whopping $900M in ARR but are only valued at $2.6BN. Today we ask the question, is Lightspeed one of the public market's most misunderstood companies? In Today's Episode with Dax Dasilva We Discuss: 1. VC Funding is Distorting SaaS: Why did Dax decide not to raise money for Lightspeed in the early days? Does Dax believe Lightspeed would have been successful had they have raised a seed round like many do today in SaaS? Why does Dax believe venture funding is distorting a generation of SaaS companies today? How does Dax advise founders scaling their business today from $0-$1M in ARR? 2. What Went Wrong: The Founder Returns: Why did Dax feel he had to come back to the role of CEO in 2024? What was not working? What was the single biggest problem that the public markets had with Lightspeed? What were some of the biggest challenges that came with the intense amount of M&A? What would Dax most like to do that the public market will not allow? 3. What Makes a Great Leader: How it Changes: What required skills in leadership change with the changing scale of the company? What skill does Dax have that he is slightly ashamed of but has most contributed to his success? What did Dax not know when he founded Lightspeed that he wishes he had known? What question is Dax never asked that he should be asked more?

Alex Wang is the Founder and CEO @ Scale.ai, the company that allows you to make the best models with the best data. To date, Alex has raised $1.6BN for the company with a last reported valuation of $14BN earlier this year. Scale tripled their ARR in 2023 and is expected to hit $1.4BN in ARR by the end of 2024. Their investors include Accel, Index, Thrive, Founders Fund, Meta and Nvidia to name a few. In Today's Show with Alex Wang We Discuss: 1. Foundation Models: Diminishing Returns: What are the three core pillars that can meaningfully improve foundation models performance? Why is data the single largest bottleneck to the performance of models today? What data do we need to capture that we do not currently, that will have the biggest impact on model performance moving forward? Will we see the largest companies in the world revert back to on-prem with the increasing security challenges of migrating all customer data to foundation models? 2. AI: A Military Asset in Global Conflict: China + Russia Why does Alex believe that AI has the potential to be an even more powerful military asset than nuclear weapons? If this is the case, should we have open systems? Do we not have to have closed systems? Why does Alex believe that the CCP's approach to industrial policy is better than anyone else's? How does Alex evaluate the rise of Chinese EV car manufacturers in the last few years? Does Alex really believe that China is two years behind the US in the AI race? 3. "I Get Fairer Treatment in Congress than in the Press": Why does Alex believe that the best PR is no PR? Why does Alex believe that he got fairer treatment in congress than he does in the media? Why does Alex believe that all founders should look to own their own distribution channels today? 4. Alex Wang: AMA: What are some of Alex's biggest lessons from Patrick Collison on the impact that a hot company brand has on the ability for that company to hire the best? Does Alex think Trump is going to win? What would be the impact if he were to? Why does Alex believe that enterprise software will be changed forever in the next few years? What question is Alex never asked that he thinks he should be asked?  

In this episode, we talk with Noah Shepherd about leading change in a foreign country. We tap into his 30+ years of experience as a leader and executive in Asia.Our conversation covers three key success factors for leading change:It's not a raceInvolve everyoneTailor your communication to each audienceWhile this certainly can be seen as common knowledge, there is a lot to learn from Noah's deep experience and the stories he is sharing. He provides practical examples and insights, leading to significant improvements in people turnover, accident rates, product quality, and customer service. The episode also highlights challenges like resistance from middle management and how to overcome them by empowering staff at all levels.Key moments01:01 Introducing Noah Shepherd and his Leadership Journey02:47 The Thrills and Challenges of Leading Change06:59 Key Success Factors in Leading Change07:58 “It's not a race”14:45 “Involve everyone”27:31 “Tailor your communication”35:15 Closing Thoughts and Reflection QuestionsReflection QuestionsAs change is not a race, reflect on: What motivates you to participate and lead a particular change journey? It might be the sense of achievement from driving results, it might be in terms of developing people or developing yourself, or it might be for the money.In the context of involving everyone, ask yourself: do you understand the people you work with enough? Different people have different reasons for coming to work and  are motivated by various factors. What are their needs? And what's in it for them if they can achieve this change?About Noah Shepherd, Managing PartnerNoah has been turning around, leading and starting businesses since the day he moved to Thailand in 1993. He has held country, regional and global responsibilities from SMEs to large multinational companies across a range of industries. Before establishing the Shepherd Partnership, Noah led operations transformation in Asia-Pacific for Stanley Black&Decker – Leading Advanced Manufacturing, Lean Transformation, Industry 4.0 and Automation across 26 facilities in seven countries in the Indo-Pacific, covering $US2.6Bn of manufacturing cost.Find out more at shepherd-partnership.com and connect with Noah on LinkedIn. About Second CrackMore info about us and our work is also on our website: secondcrackleadership.comDo you have any questions, feedback, or suggestions for us? Would you like to explore how we can help you drive results in your organisations through a company-wide initiative or individual executive coaching? Then email us at: hello at secondcrackleadership.com.To connect with us on LinkedIn:Martin Aldergård Gerrit Pelzer

In this episode, we speak to Arjun Sethi - the Chief Investment Officer and Co-Founder of Tribe Capital. He has led Tribe to scale to $1.6Bn+ in AUM and has most recently launched an India focused fund to do Series A investments across the geography. Tribe is one of the most successful funds of this generation and they have invested in 13+ Unicorns across the globe with a very differentiated way of investing - quant based Venture Investing. They have a proprietary product Termina, which they use to release their famous 8-Ball reports and share with founders. Through this conversation I understand how Arjun thinks about Venture Capital and how they look at India. This is a great deep dive into one of the most prolific Venture minds of our time. Hope you have a great time listening! 00:00 - Trailer 01:05 - Introduction 03:00 - Data Fascination 05:57 - How to find your North Star? 08:00 - Role of data in Venture Capital 15:03 - Early Stage Investing 19:45 - The value of Tribe 22:35 - Scalability in Venture Capital 28:10 - Qualities of a Great VC Fund Manager 31:18 - How have startups in Emerging Markets evolved? 37:34 - What works in India? 42:07 - How is Tribe building in India? 45:55 - How to back great companies in India? 49:15 - Incubation in Venture Capital 53:18 - Best Investments for Arjun 56:48 - Process of Investing 59:05 - Benefit of Writing in Venture 1:00:34 - How do Founders & Friends define Arjun? 1:02:20 - How to identify great folks? 1:05:05 - Strong Opinions 1:07:25 - What matters to Arjun and Why? 1:08:57 - What works in the US that we can learn from? 1:11:26 - Always forward!

Heading into year's end, a number of interesting stories caught my attention. Energy Transfer (ET) rarely avoids conflict and is embroiled in a dispute with three pipeline developers in Louisiana who sought crossings over Gulf Run Pipeline, owned by ET. Momentum Midstream, one of the developers with a $1.6BN project, accused ET of unfair trade […]

Earlier this month, the Biden administration reached a deal with Iran, a totalitarian Islamic regime, to release five American hostages in exchange for several jailed Iranians and the unfreezing of $6BN. Team Biden claims that this is not a ransom payment, and that Iran cannot use the funds to enable its militant ambitions. What does this deal — and Biden's approach to Iran — reflect about American foreign policy? Join Onkar Ghate and Elan Journo as they discuss the meaning of this deal and the philosophic ideas shaping U.S. policy.

Fitzrovia is the largest developer of class A rental in Canada with a pipeline of 6,000 units and $6Bn in AUM. Founder and CEO Adrian Rocca joins us to share his journey, how he's looking at the market today, and where the industry is headed. SECURE COMMERCIAL FINANCING: http://greenfoxcapital.com PROPERTY MANAGEMENT: https://portsmouth.ca SUBSCRIBE TO OUR YOUTUBE: https://www.youtube.com/channel/UCyQ3EDKZqW2t62aq5Q0cRBw SPOTIFY | https://open.spotify.com/show/54qf2EJwnrsYn0EC2TnJo3 APPLE | https://podcasts.apple.com/ca/podcast/commercial-real-estate-library/id1437946062 INSTAGRAM | https://instagram.com/commercialrealestaelibrary TIKTOK | https://www.tiktok.com/@crelibrary?_t=8XZSNgigk9m&_r=1 Podcast Clips on YouTube: https://youtube.com/@crelibraryclips Timestamps: 03:10 Fitzrovia at 10,000 feet 03:50 New Amenity: Schools! 09:00 Working to constantly improve 09:50 Adrian's backstory, investment banking with Credit Suisse in London, England 13:50 Joined Apollo - experience from 2007 onward 15:30 What debates did you have in 2008 - 2009? Lessons learned. 20:00 Joined Tricon Capital, raised $170M on TSX 22:10 First deal with Steve Diamond 22:40 Manufactured housing 24:30 Founding Fitzrovia 29:00 Critical hires and building infrastructure 35:50 What do you believe that other people don't that lead you to success?? 41:24 MARKET UPDATE - how are you dealing with the current environment? Current cap rates. 46:30 Political risks 47:30 New legislation, Doug Ford's proposal 48:00 Outlook over 12 - 18 months. Where are you seeing opportunities? 51:00 How can the city promote more rental housing development? 53:00 What's Fitzrovia's 3-year plan? 55:15 Advice to people who want to start their own venture

MSP Dispatch is your source for news, community events, and commentary in the MSP channel.  Hosted by: Tony Francisco and Ray Orsini Give us your feedback by emailing news@mspmedia.tv   In today's MSP Dispatch we cover Beta Passkey Support in Chrome and Android, Microsoft Rebranding Office, KnowBe4 to be Acquired for $4.6Bn and much more! Register for Huntress's hack_it 22 at https://www.huntress.com/hack-it-2022 Apply for a chance to win one of five free 0-day sessions courtesy of MMN at https://go.oit.co/hackit2022 Check out the 2022 Tech Tailgate at IT Nation Connect! https://techtailgate2022.com/ Story Links: Beta Passkey Support in Chrome and Androidhttps://arstechnica.com/gadgets/2022/10/google-rolls-out-beta-passkey-support-for-chrome-and-android/?utm_source=tldrnewsletterMicrosoft Rebranding Officehttps://arstechnica.com/gadgets/2022/10/rip-to-microsoft-office-henceforth-to-be-known-as-microsoft-365/ KnowBe4 to be Acquired for $4.6Bnhttps://www.darkreading.com/endpoint/knowbe4-to-be-acquired-for-4-6b-by-private-equity-firm-vistaLab-grown Brain Cells Play Ponghttps://www.bbc.com/news/science-environment-63195653MS Exchange Exploits Remain Unpatchedhttps://www.darkreading.com/vulnerabilities-threats/microsoft-zero-days-exchange-server-exploit-chain-remains-unpatched Android Leaks Wi-Fi Traffic Even On VPNhttps://www.darkreading.com/cloud/android-leaks-wi-fi-traffic-vpn-protection-features-onWindows 10 21H1 Support Ending Decemberhttps://www.bleepingcomputer.com/news/microsoft/microsoft-support-for-windows-10-21h1-ending-in-december/ Community Events: 10/18 - 10/19 In Person Event | Pax8 Security Bootcamp: Denver, CO10/19 - 10/20 In Person Event | SMB TechFest: Irvine, CA10/19 @ 1:00 pm ET | Partner First: RPA for MSPs: Automating Your Manual and Time-Consuming Processes with Rewst10/21 @ 10:00 am ET | MSP Dispatch Week Wrap Up Presented by The MSP Media Network Connect with our hosts:  - Tony Francisco: https://www.linkedin.com/in/tonyjfrancisco/ - Ray Orsini: https://www.linkedin.com/in/rayorsini/ Be sure to follow us on social media:  Facebook: https://www.facebook.com/mspmediatv/ Twitter: https://twitter.com/mspmediatv LinkedIn: https://www.linkedin.com/company/mspmediatv/ Instagram: https://www.instagram.com/mspmediatv   Reddit: https://www.reddit.com/r/mspmedia Discord: https://discord.gg/Hc7b55cJPF 0:00 Intro 3:03 Beta Passkey Support in Chrome and Android 8:36 Microsoft Rebranding Office 13:59 KnowBe4 to be Acquired for $4.6Bn 19:30 Notable Mentions 22:39 Community Events 24:09 Sign-off 25:54 Outtakes

MSP Dispatch is your source for news, community events, and commentary in the MSP channel.  Hosted by: Tony Francisco and Ray Orsini Give us your feedback by emailing news@mspmedia.tv   In today's MSP Dispatch we cover Beta Passkey Support in Chrome and Android, Microsoft Rebranding Office, KnowBe4 to be Acquired for $4.6Bn and much more! Register for Huntress's hack_it 22 at https://www.huntress.com/hack-it-2022 Apply for a chance to win one of five free 0-day sessions courtesy of MMN at https://go.oit.co/hackit2022 Check out the 2022 Tech Tailgate at IT Nation Connect! https://techtailgate2022.com/ Story Links: Beta Passkey Support in Chrome and Androidhttps://arstechnica.com/gadgets/2022/10/google-rolls-out-beta-passkey-support-for-chrome-and-android/?utm_source=tldrnewsletterMicrosoft Rebranding Officehttps://arstechnica.com/gadgets/2022/10/rip-to-microsoft-office-henceforth-to-be-known-as-microsoft-365/ KnowBe4 to be Acquired for $4.6Bnhttps://www.darkreading.com/endpoint/knowbe4-to-be-acquired-for-4-6b-by-private-equity-firm-vistaLab-grown Brain Cells Play Ponghttps://www.bbc.com/news/science-environment-63195653MS Exchange Exploits Remain Unpatchedhttps://www.darkreading.com/vulnerabilities-threats/microsoft-zero-days-exchange-server-exploit-chain-remains-unpatched Android Leaks Wi-Fi Traffic Even On VPNhttps://www.darkreading.com/cloud/android-leaks-wi-fi-traffic-vpn-protection-features-onWindows 10 21H1 Support Ending Decemberhttps://www.bleepingcomputer.com/news/microsoft/microsoft-support-for-windows-10-21h1-ending-in-december/ Community Events: 10/18 - 10/19 In Person Event | Pax8 Security Bootcamp: Denver, CO10/19 - 10/20 In Person Event | SMB TechFest: Irvine, CA10/19 @ 1:00 pm ET | Partner First: RPA for MSPs: Automating Your Manual and Time-Consuming Processes with Rewst10/21 @ 10:00 am ET | MSP Dispatch Week Wrap Up Presented by The MSP Media Network Connect with our hosts:  - Tony Francisco: https://www.linkedin.com/in/tonyjfrancisco/ - Ray Orsini: https://www.linkedin.com/in/rayorsini/ Be sure to follow us on social media:  Facebook: https://www.facebook.com/mspmediatv/ Twitter: https://twitter.com/mspmediatv LinkedIn: https://www.linkedin.com/company/mspmediatv/ Instagram: https://www.instagram.com/mspmediatv   Reddit: https://www.reddit.com/r/mspmedia Discord: https://discord.gg/Hc7b55cJPF 0:00 Intro 3:03 Beta Passkey Support in Chrome and Android 8:36 Microsoft Rebranding Office 13:59 KnowBe4 to be Acquired for $4.6Bn 19:30 Notable Mentions 22:39 Community Events 24:09 Sign-off 25:54 Outtakes

On Monday evening Cheniere provided their third revised EBITDA guidance of the year. It's good that they're not based in the EU where they would be a target of the planned windfall profits tax. Cheniere has raised guidance by $1.2BN (after 1Q earnings), $1.6BN (after 2Q earnings) and now another $1.2BN pointing to a range […]

While some startups experiment and pivot their way into product-market fit, others have founders with a unique insight that needs persistence. After a rough  6 year start as a company between 2012-2018, Arctic Wolf hit a tipping point driven by market awareness. In the past 4 years, the growth rate of the business has been phenomenal. Founder Brian NeSmith joins us to discuss his conviction to keep going and how he kept his talented team together even when results weren't what they expected. Brian NeSmith is a cybersecurity industry veteran, having led three successful companies - the latest of which is Arctic Wolf Networks. Last valued at over $6BN, Arctic Wolf is the leader in the cybersecurity category known as MDR - Managed Detection and Response, provided as a service. In this episode, Sandhya is joined by co-host John Vrionis, her partner and founder of Unusual Ventures. John led the first venture investment in Arctic Wolf, a $7.5M round by Lightspeed when Brian first started the company. Join us as we discuss: The origin story of Arctic Wolf and why John backed Brian Brian's framework for evaluating market demand and product-market fit Brian's approach to fundraising in 2017-18, when the 150+ investorshe pitched were concerned by AWN's story as well as a market crash, and how John supported Brian during this time How Brian handled tough board conversations when times were hard, and what John saw Brian do well as a CEO managing the board Brian's advice for founders on quitting or pivoting away from an idea   To learn some of the skills Brian and John discussed, explore the Field Guide modules on: Raising a Seed or Series A round Managing a Series A board meeting CEO/Founder prioritization Leading through uncertainty   About Unusual Ventures — Unusual Ventures is a seed-stage venture capital firm designed from the ground up to give a distinct advantage to founders building infrastructure software and application-level companies. Unusual was founded in 2018 with the mission to reinvent the venture capital engagement model by serving entrepreneurs with an unprecedented level of hands-on services. Described as a partner versus a top-down stakeholder by its portfolio companies, Unusual is laser-focused on serving exceptional founders and teams building innovative products. With offices in Menlo Park, San Francisco, and Boston, Unusual has invested in category-defining companies like Arctic Wolf Networks, Carta, Robinhood, Harness, 
and Vivun. About Sandhya Hegde — Sandhya is a General Partner at Unusual Ventures, leading investments in enterprise SaaS companies. Previously an early employee and executive at Amplitude, Sandhya is a product-led growth (PLG) coach and mentor. She can be reached at sandhya@unusual.vc and on Twitter (https://twitter.com/sandhya) and LinkedIn (https://www.linkedin.com/in/sandhyahegde/).

Happy Labor Day Weekend for our American listeners! We hope you have a long and restful weekend!We're revisiting some of our episode favorites - and for this week - we're doing the gaming industry!In the last decade, the gaming industry has been smashing Hollywood's earnings out of the park! Just in 2021, the Global “Games Market” had a whopping $180BN in revenue. In fact, Gaming is bigger than Hollywood and the music industry combined.Top games are earning more than the big blockbusters. The top sellers include Grand Theft Auto V, Red Dead Redemption Two, Fall Out 4 and the Call of Duty franchise. Looking into the numbers... The Grand Theft Auto V game has raked in more than $6BN, according to Marketwatch. Compare that to Avatar, the highest grossing movie ever at $2.8BN.As a result, Video game companies have become hot commodities and @thingshavechangedpod we break down the feeding frenzy that has taken over the gaming industry!Links:Gaming Makes More Money than Movies!Gaming is the new Big Tech battlegroundMicrosoft, Sony acquisitions are just the start of massive video game industry consolidationSupport the show

In Episode 22 of The Dirt Logistician, LTC Stacy Moore (Goldminer 07, Senior Sustainment Trainer) discusses Rotation 22-04 with LTC Chris McLean (Commander of 6BN, 3SFAB).   Key topics include:   The differences of Rotation 22-04 from a standard NTC Rotation The Role of 3SFAB as advisors to 2/1 ID during Rotation 22-04 Advisory mechanisms used by 3SFAB during Rotation 22-04 Balancing internal and external requirements Training progression for Rotation 22-04

Welcome to The Nonlinear Library, where we use Text-to-Speech software to convert the best writing from the Rationalist and EA communities into audio. This is: Historical EA funding data, published by TylerMaule on August 14, 2022 on The Effective Altruism Forum. Summary I have consolidated publicly available grants data from EA organizations into a spreadsheet, which I intend to update periodically. Totals pictured below. Observations $2.6Bn in grants on record since 2012, about 63% of which went to Global Health. With the addition of FTX and impressive fundraising by GiveWell, Animal Welfare looks even more neglected in relative terms—effective animal charities will likely receive something like 5% of EA funding in 2022, the smallest figure since 2015 by a wide margin. Notes on the data NB: This is just one observer's tally of public data. Sources are cited in the spreadsheet; I am happy to correct any errors as they are pointed out. GiveWell: GiveWell uses a 'metrics year' starting 1 Feb (all other sources were tabulated by calendar year). GiveWell started breaking out 'funds directed' vs 'funds raised' for metrics year 2021. Previous years refer to 'money moved', which is close but not exactly the same. I have excluded funds directed through GiveWell by Open Phil and EA Funds, as those are already included in this data set. Open Phil Open Phil labels their grants using 25 'focus areas'. My subjective mapping to broader cause area is laid out in the spreadsheet. Note that about 20% of funds granted by Open Phil have gone to 'other' areas such as Criminal Justice Reform; these are omitted from the summary figures but still tabulated elsewhere in the spreadsheet. General 2022 estimates are a bit speculative, but a reasonable guess as to how funding will look with the addition of the Future Fund. The total Global Health figure for 2021 (~$400M) looks surprisingly low considering e.g. that GiveWell just reported over $500M funds directed for 2021 (including Open Phil and EA Funds). I think that this is accounted for by (a) GiveWell's metrics year extending through Jan '22, (Open Phil reported $26M of Global Health grants that month), and (b) the possibility that some of this was 'directed' i.e. 'firm commitment of $X to org Y' by Open Phil in 2021, but paid out or recorded to the grants database months later; still seeking explicit confirmation here. Future work If there is any presently available data that seems worth adding, let me know and I may consider it. I may be interested in a more comprehensive analysis on this topic, e.g. using the full budget of every GiveWell-recommended charity. I'd be interested to hear if anyone has access to this type of data, or if this type of project seems particularly valuable. Thanks to Niel Bowerman for helpful comments Currently the bottleneck to synchronizing data is the GiveWell annual metrics report, which is typically published in the second half of the following year. I may update more often if that is useful. Thanks for listening. To help us out with The Nonlinear Library or to learn more, please visit nonlinear.org.

Twenty Minute VC Podcast Notes Key Takeaways Don't shield your kids from the world. Kids understand fairness and inequity; they will be better off having exposure to varying perspectives and experiences.Due to overexposure to monoculture and struggle-free lifestyle, “we have a surplus of assholes coming down the pike right now” – Chris SaccaParenting forces work/life balance and efficiency on youIt taught Ann Wojcicki how to delegate; she realized she didn't need to be a part of every meetingIn the words of Deena Shakir, kids give you “ruthless prioritization”Kids value presence over everything.Presence isn't physical, it's mental. Presence is your attention.“Once you have children, the art of being a good parent and the art of being a good leader are the same”– Ian SiegelPatience & Listening: You must be able to suppress your first reaction and think about the outcome you want to createYou can learn a lot about negotiation by becoming a parentDeena Shakir actually recommendsHow to Talk So Little Kids Will Listen by Joanna Faber and Julie King as a business book more so than a parenting bookMicromanagement is a poor strategy in both leadership and parenting. You want to model behaviors rather than enforce behaviors.Read the full notes @ podcastnotes.org Chris Sacca is the Founder and Chairman @ Lowercase Capital, one of the best performing funds in the history of venture capital with a portfolio including Uber, Stripe, Twitter, Instagram, Twilio, Docker and many more. Why does Chris believe we have bred a generation of asshole kids? What is the right way to negotiate with children? How has that impacted how he manages his team? Anne Wojcicki is the Founder & CEO @ 23andMe, offering DNA testing with the most comprehensive ancestry breakdown, personalized health insights, and more. How did having kids change Anne's approach to time allocation and risk? Harley Finkelstein is the President of Shopify. Over the last 12 years, Harley has partnered with Tobi to the tune of building Shopify's revenue to over $4.6BN in 2021 and the team to over 10,000 employees.  Does Harley believe he has always been a good father? What changes has Harley made to be more present and there for his children? Why does Harley advise couples therapy as early in a relationship as possible? Deena Shakir is a Partner at Lux Capital, one of the leading firms investing in emerging science and technology ventures at the outermost edges of what is possible. What specific negotiation tactics from parenting can be applied to business? How can a parent show their children they listen, they understand and are there for them? Why does Deena believe children make you more productive and more efficient? Eric Liaw is a General Partner @ IVP, one of the leading later-stage venture capital and growth equity firms of the last decade with $8.7 billion of committed capital and a 40-year IRR of 43.1%. What have been the biggest challenges for Eric of managing family and work? What have been some of Eric's biggest lessons in terms of how he communicates about his work to his family? Scott Dietzen is Vice Chairman of the Board of Pure Storage and served as the Company's CEO from 2010 to 2017. Under his leadership, Pure grew to thousands of employees and completed an IPO in 2015. What can parents learn from nature programs? What core elements of parenting are directly transferrable to management?

Chris Sacca is the Founder and Chairman @ Lowercase Capital, one of the best performing funds in the history of venture capital with a portfolio including Uber, Stripe, Twitter, Instagram, Twilio, Docker and many more. Why does Chris believe we have bred a generation of asshole kids? What is the right way to negotiate with children? How has that impacted how he manages his team? Anne Wojcicki is the Founder & CEO @ 23andMe, offering DNA testing with the most comprehensive ancestry breakdown, personalized health insights, and more. How did having kids change Anne's approach to time allocation and risk? Harley Finkelstein is the President of Shopify. Over the last 12 years, Harley has partnered with Tobi to the tune of building Shopify's revenue to over $4.6BN in 2021 and the team to over 10,000 employees.  Does Harley believe he has always been a good father? What changes has Harley made to be more present and there for his children? Why does Harley advise couples therapy as early in a relationship as possible? Deena Shakir is a Partner at Lux Capital, one of the leading firms investing in emerging science and technology ventures at the outermost edges of what is possible. What specific negotiation tactics from parenting can be applied to business? How can a parent show their children they listen, they understand and are there for them? Why does Deena believe children make you more productive and more efficient? Eric Liaw is a General Partner @ IVP, one of the leading later-stage venture capital and growth equity firms of the last decade with $8.7 billion of committed capital and a 40-year IRR of 43.1%. What have been the biggest challenges for Eric of managing family and work? What have been some of Eric's biggest lessons in terms of how he communicates about his work to his family? Scott Dietzen is Vice Chairman of the Board of Pure Storage and served as the Company's CEO from 2010 to 2017. Under his leadership, Pure grew to thousands of employees and completed an IPO in 2015. What can parents learn from nature programs? What core elements of parenting are directly transferrable to management?

With over 9 funds, $6BN of capital and 180+ investments, ARC Financial knows plenty about investing in the energy sector. Brian recognizes that what has historically worked needs to be tweaked to greet the new future of energy. Get up to speed on where Alberta can create significant change (hint: carbon capture and low carbon are going to be huge), Brian's take on deal flow, and how traditional oil and gas businesses will be the backbone of our energy transition plans now and in the future.

The Billionaire who said he would solve world hunger if he was presented with a plan on how to spend 6BN$, has just spent 44BN$ to add an Edit button on twitter! Join us as we take you through the story that had more twists than a Bollywood movie! https://linktr.ee/takingitslowpodcast --- Send in a voice message: https://anchor.fm/dwijendra-parashar/message Support this podcast: https://anchor.fm/dwijendra-parashar/support

European equities (Eurostoxx 50 -0.3%) have faded gains seen at the open on the final trading session of the month. Futures in the US are modestly firmer as the NQ (+0.5%) marginally outpaces the ES (+0.1%)In FX, DXY has regained 98.00 status, EUR/USD eyes 1.11 to the downside and USD/JPY oscillates near the 122 markCrude benchmarks are suffering in the wake of reports suggesting that the Biden administration is considering a 'massive' SPR release.Looking ahead, highlights include US IJC, PCE Price Index, OPEC+ Meeting, Speeches from Fed's Williams.GEOPOLITICSRUSSIA-UKRAINENEGOTIATIONS/TALKSUkrainian negotiator said peace talks between Russia and Ukraine will resume online on April 1st and Ukraine requested the countries' two leaders should meet in the latest round of talks, but Russia argued that additional work on a draft treaty was needed, according to Reuters.Russia announced a ceasefire to evacuate residents of Mariupol in which a humanitarian corridor from Mariupol to Zaporizhzhia, via the Russian-controlled port of Berdiansk, will begin at 10:00 am local time today.Russian Foreign Ministry says it would not rebuff a meeting between Foreign Minister Lavrov and his Ukraine counterpart but discussions would need to be substantive, according to Ria.DEFENCE/MILITARYUkrainian President Zelensky said they will not make any concessions and will fight for every part of their land and all their people, while a presidential adviser noted that guarantor states include the provision of military and humanitarian assistance within three days of any aggression, according to AJABreaking.UK GCHQ Director Fleming is to say that it looks like Russian President Putin hugely misjudged the situation in Ukraine and that "Demoralised Russian soldiers in Ukraine have accidentally shot down their own aircraft, sabotaged their kit and refused to carry out orders". Furthermore, the GCHQ chief said some Russian soldiers in Ukraine have been short of weapons and morale is low, while Russia's choice to align with China after invading Ukraine has made Beijing more powerful and Russia could ultimately be squeezed out of the equation by China in the long-term on the global stage, according to Reuters.ENERGY/ECONOMIC SANCTIONS & UPDATESReported by Twitter sources including ET NOW that Russia is offering oil to India at a discount of around USD 35/bbl.Russia's Gazprom is studying options of halting gas supplies to Europe amid issues of payments in roubles, according to the Kommersant newspaper, which cites sources.Australia is to apply a 35% tariff on all imports from Russia and Belarus, according to 10 News First.Russia and Belarus bonds are to be excluded from 11 S&P Dow Jones Indexes.OTHERRussian Foreign Minister Lavrov said Russia considers the presence of US and NATO military infrastructure in countries bordering Afghanistan as unacceptable, according to Tass.EUROPEAN TRADEEQUITIESEuropean equities (Eurostoxx 50 -0.3%) kicked the final trading session of the month off on the front foot before drifting towards the unchanged mark.Sectors in Europe exhibit a mostly positive tilt with airline names cheering the declines in the energy space as the Energy sector suffers. The biggest laggard in the region is the retail section following a disappointing Q1 update from H&M (-8%).Futures in the US are modestly firmer as the NQ (+0.5%) marginally outpaces the ES (+0.1%) with inflation set to continue to remain in focus today, with the release of US PCE metrics for March; core PCE is seen rising to 5.5% Y/Y.Click here for more detail.FXDollar finds its feet as month, quarter and fiscal year end approach, albeit with a helping hand from others - DXY back on the 98.000 handle, narrowly.Commodity currencies reverse course alongside underlying prices, with crude crushed on reports of US SPR and IEA opening reserve taps - Usd/Cad rebounds through 1.2500 after sliding to new y-t-d low sub-1.2450 only yesterday.Yen choppy amidst residual repatriation flows and more BoJ action to cap JGB yields - Usd/Jpy circa 122.00 within a 122.45-121.35 range.Euro fades into 1.1200 vs Buck again as option expiries and tech resistance impinge, but Aussie may derive traction from expiry interest at 0.7500 - Eur/Usd now eyeing support at 1.1100 after tripping stopsClick here for more detail.Notable FX Expiries, NY Cut:EUR/USD: 1.1000 (3.15BN), 1.1050-60 (634M), 1.1070-80 (1.19BN), 1.1100-05 (1.67BN), 1.1110-15 (658M), 1.1120-25 (880M), 1.1130-35 (453M), 1.1150-60 (896M), 1.1175 (501M), 1.1195-05 (2.6BN), 1.1230 (337M)AUD/USD: 0.7400 (500M), 0.7500 (1.73BN), 0.7550 (579M), 0.7600 (445M)FIXED INCOMEBonds on track to see out extremely bearish month, quarter and end to FY on a firmer noteCurves more even after wild swings between flattening, inversion and steepeningBoJ ramps efforts to maintain YCC via a mostly larger JGB buying remit for Q2Click here for more detail.COMMODITIESWTI and Brent remain firmly on the backfoot in the wake of reports suggesting that the Biden administration is considering a 'massive' SPR release.The news has sent May'22 WTI and Jun'22 Brent to respective lows of USD 100.53/bbl and USD 107.39/bbl to leave them a few dollars above their weekly lows of USD 98.44/bbl and USD 102.19/bbl respectively.US President Biden's administration is considering a 'massive' release of oil to combat inflation and may release up to 1mln bpd for months from the strategic reserve in which the total release could be 180mln bbls, according to Bloomberg.Goldman Sachs says a potentially large SPR release would ease the situation but wouldn't resolve the structural deficit in the oil market. Says adjustments for SPR release, Iran supply delays would lower H2 22 Brent forecast by USD 15, to USD 120/bbl - still above market forwards.US President Biden will deliver remarks today at 13:30EDT/18:30BST regarding the administration's actions to reduce gas prices in the US, according to the White House. It was also reported that the US mulls permitting summertime sales of higher ethanol blends of gasoline to ease pump prices, according to Reuters sources.IEA called an emergency ministerial meeting for Friday, according to the Australian Energy Minister's office. It was later reported that IEA countries are to decide on a collective oil release, according to New Zealand's Energy Minister's officeOPEC+ JTC replaced IEA reports with Wood Mackenzie and Rystad Energy as secondary sources to assess crude oil output and conformity, according to sources cited by Reuters.In the metals space, spot gold is contained well within recent ranges whilst copper remains subdued following disappointing Chinese PMI metrics overnight. Finally, Reuters notes that Dalian iron ore saw its best quarterly performance for five quarters amid Chinese policy support.Click here for more detail.NOTABLE EUROPEAN HEADLINESECB's Lane says it is important to remain data-dependent and for optionality in both directions. Should ensure that policy settings are adjusted if inflation expectations are de-anchored. Should also be fully prepared to appropriately revise monetary policy settings if the energy price shock and the Russia-Ukraine war were to result in a significant deterioration in macroeconomic prospects and thereby weaken the medium-term inflation outlook.DATA RECAPGerman Retail Sales YY Real (Feb) 7.0% vs. Exp. 6.1% (Prev. 10.3%); MM Real (Feb) 0.3% vs. Exp. 0.5% (Prev. 2.0%)German Unemployment Chg SA (Mar) -18k vs. Exp. -20.0k (Prev. -33.0k)French CPI (EU Norm) Prelim YY (Mar) 5.1% vs. Exp. 4.8% (Prev. 4.2%)NOTABLE US HEADLINES:CRYPTOBTC is relatively flat on a USD 47k handle with price action in the crypto space contained.APAC TRADEEQUITIESAPAC stocks traded cautiously at month-end following the weak lead from the US due to increased Russia-Ukraine scepticism and as the region digested disappointing Chinese PMI data.ASX 200 was kept afloat by outperformance in the mining and materials industries although upside was capped as the tech sector suffered from profit-taking and with energy hit by a drop in oil prices.Nikkei 225 traded indecisively amid a choppy currency and after Industrial Production data missed forecasts.Hang Seng and Shanghai Comp. were subdued following the weak Chinese PMI data and with the mood in stocks not helped by the US SEC chief casting doubt regarding an imminent deal to avert a delisting of Chinese stocks.NOTABLE APAC HEADLINESPBoC injected CNY 150bln via 7-day reverse repos with the rate at 2.10% for a CNY 130bln net injection.PBoC set USD/CNY mid-point at 6.3482 vs exp. 6.3467 (prev. 6.3566)US SEC chief cast doubt regarding an imminent deal to avert delisting of Chinese stocks from US exchanges, according to Bloomberg. However, CSRC said it is continuing its discussions with US SEC on the Holding Foreign Companies Accountable Act and that both sides are willing to solve the audit dispute in which the outcome depends on the wisdom of both parties.Japanese Chief Cabinet Secretary Matsuno said sharp FX moves are not desirable, while they are closely watching how FX moves and recent JPY weakening could impact Japan's economy with a sense of urgency. Matsuno added the government will take appropriate steps on FX policies in close communication with the US and other currency authorities based on international agreements.BoJ Apr-Jun bond buying schedule: Raises purchases amounts. Full release hereDATA RECAPChinese NBS Manufacturing PMI (Mar) 49.5 vs. Exp. 49.9 (Prev. 50.2)Chinese NBS Non-Mfg PMI (Mar) 48.4 (Prev. 51.6)Chinese Composite PMI (Mar) 48.8 (Prev. 51.2)Japanese Industrial Production MM SA (Feb) 0.1% vs. Exp. 0.5% (Prev. -0.8%)Australian Building Approvals (Feb) 43.5% vs. Exp. 10.0% (Prev. -27.9%, Rev. -27.1%)

Akon was once known for being one of the biggest pop stars and producers in the world, and he may have even been the one to discover Lady Gaga.  After a good run in the music industry, Akon shifted his sights over to business, including plans to build a $6BN city in Senegal called “Akon City”, meant to be a real life “Wakanda” - an oasis for the Senegalese (except the buildings are pretty phallic-shaped if you ask us). But after years of planning, no city has been built and many question his intentions. Now, his former business partner and best friend is suing him for millions and calling “Akon City” a Ponzi scheme. Oh and the IRS is after him too. Tune in as we break it all down! Patreon: https://www.patreon.com/legallyjudgyLinkTree: https://linktr.ee/legallyjudgyInstagram: https://www.instagram.com/legallyjudgy/?hl=enTwitter: https://twitter.com/LegallyJudgyIntro Song:Trick or Treat (instrumental) by RYYZN https://soundcloud.com/ryyznCreative Commons — Attribution 3.0 Unported — CC BY 3.0Free Download / Stream: https://bit.ly/l_trick-or-treatMusic promoted by Audio Library https://youtu.be/uNPXJ9CDzbcOutro Song:Sundown Drive by Ghostrifter Officialhttps://soundcloud.com/ghostrifter-officialCreative Commons — Attribution-ShareAlike 3.0 Unported — CC BY-SA 3.0Free Download / Stream: https://bit.ly/-sundown-driveMusic promoted by Audio Library https://youtu.be/2H-uKkyJzSs

Harley Finkelstein is the President of Shopify, the platform modern commerce is built on. Over the last 12 years, Harley has partnered with Tobi to the tune of building Shopify's revenue to over $4.6BN in 2021 and the team to over 10,000 employees. On the side, Harley is an Advisor to Felicis Ventures and in the past has held board seats at CBC, Omers Ventures and The C100. If that was not enough, you can see Harley on a screen near you as one of the “Dragons” on CBC's Next Gen Den. In Today's Episode with Harley Finkelstein You Will Learn: 1.) The Founding Story: What was Harley's first entrepreneurial endeavour? How did seeing his family lose everything impact Harley's mindset and ambition? How did Harley first meet Tobi @ Shopify? How did the Shopify journey begin? 2.) Leadership Lessons: How has Harley changed as a leader over the 13 years with Shopify? How does Harley embrace vulnerability and authenticity in his communication with the team? What is Harley most insecure about when he looks at leadership today? What have been some of the biggest lessons Harley has learned from his board on what great leadership is? 3.) The Art of Marriage: What does Harley believe makes the most successful marriage? Why have Harley and his wife been seeing a marriage therapist from the early days? What is the biggest mistake people make when communicating with partners? How has Harley changed as a husband over the years? 4.) The Joy of Fatherhood: Does Harley always believe he has been a good father? What was his realisation moment that he was not being the father he wanted to be? What core elements of his behaviour did he change? How did that impact his relationship with his kids? How does Harley ensure he performs at the highest level while also being there and being present for his family? Item's Mentioned In Today's Episode with Harley Finkelstein Harley's Favourite Book: The Book of Ichigo Ichie: The Art of Making the Most of Every Moment, the Japanese Way

Gaming makes a lot of money. Now, Tech wants a piece of it

Will Ahmed is the Founder and CEO @ Whoop, the company on a mission to unlock human performance with their wearable device that is your digital fitness and health coach. To date, Will has raised over $400M for the company with the last round valuing Whoop at $3.6BN and with a cap table including the likes of Softbank, Accomplice, Founder Collective, Foundry Group, IVP and more. In Today's Episode with Will Ahmed You Will Learn: 1.) How Will went from being a professional athlete and college student to founding one of the hottest startups in fitness and healthcare? What are the similarities and differences of being an athlete and being a CEO? 2.) What does Will mean when he says, "there is value in the struggle early on"? How does Will advise founders on when to give up vs when to stay the course? If Will had not struggled with funding in the early days, would the Whoop journey be different? How does Will advise founders when it comes to taking funding when it is on the table? What are the nuances to this? 3.) In what way does Will believe "realism is overrated"? When does Will believe it is good to be realistic? In what ways can it be good to be idealistic? How did Will get some of the largest sports stars on the planet to use Whoop in the early days? Why did Will always refuse to pay sports stars to use Whoop? What were the benefits of doing this? 4.) How does Will define high performance? Why does Will believe it is crucial for leaders to disassociate their own personal feelings from the progress of their company? What advice does Will give to leaders in an attempt to do this? What has Will done to be a better CEO in the last year? What does Will believe are his biggest weaknesses as a CEO?  Item's Mentioned In Today's Episode with Will Ahmed Will's Favourite Book: Shoe Dog: A Memoir by the Creator of NIKE

Henrique Dubugras taught himself how to code as a teenager. He met his co-founder, Pedro Franceschi, over an argument on Twitter, which ended up turning them into best friends. The Brazilian tech duo went on to join teams at different startups and even start a few business projects. In 2013, they founded payments company Pagar.me — the Stripe of Brazil — when he was only sixteen years old.Pagar.me was sold in 2016, and Henrique enrolled at Stanford University. But he left after just a few months to follow his entrepreneurial instincts. In YC, him and Pedro started Brex, a B2B fintech that is an all-in-one finance for business, disrupting the century-old industry of banking small companies.Brex became a unicorn in record time. One year after its first product was released, it was valued at US$2.6Bn. Today, it's worth US$7Bn.In this episode, learn more about:Henrique's thoughts on fundraising and super high valuationsHow Henrique and Pedro make it work as co-CEOsAnd what is harder and easier about founding a company in the US vs in BrazilStarting something new?Visit latitud.com to learn about the Latitud Fellowship program.

Janet Matricciani is a seasoned business woman, leader, and adventurer. In her decades of experience, she's served as a CEO and COO of both public and private equity-backed companies. Her track record includes quadrupling a public company's market value to over $1 billion, growing Capital One's installment loans business to $8BN from $6BN in three years, and more. She's recognized by her peers for her out-of-box thinking, focus on transforming businesses, and laser-like focus on both revenue growth and cost reduction. She began her career as a McKinsey consultant, where she used her Cambridge engineering and Wharton finance education to drill deeply into every process and activity, improving them by focusing on the end-user and profit maximization. Currently, she serves as an interim COO at JLM Consultants, where she advises independent fintech and edtech companies on operational processes, data use and customer experience. Follow Bryan Wish on Linkedin: www.linkedin.com/in/bryanwish/ Follow Bryan Wish on Twitter: twitter.com/bryanwish_?s=11 Follow Bryan Wish on Instagram: www.instagram.com/bryanwish_/ Join our Mission: bwmissions.com/join/ Join our Community: my.community.com/bwmissions

Vlad Tenev is the Founder & CEO @ Robinhood, the company that provides commission-free investing, plus the tools you need to put your money in motion. To date, Vlad has raised over $5.6BN with Robinhood including a $2.4Bn raise this month and some of their investors include the very best in the business; Ribbit, Sequoia, Greenoaks, Index, IVP, Thrive, GV and more incredible names. Before Robinhood, Vlad started two finance companies in New York City. In Today’s Episode You Will Learn: 1.) How Vlad made his way into the world of startups and how the "Occupy Wall St" movement spurned much of the inspiration for the founding moment of Robinhood? 2.) Looking back over the last month, does Vlad believe Robinhood is a victim or an enabler of the crisis? What does Vlad believe upset customers the most? With the benefit of hindsight, what would Vlad have done differently? What does Vlad believe are some of the biggest misconceptions about how the last few weeks played out? 3.) Funding: Why did Robinhood need the scale of funding that it took, so fast? What are the capital requirements for a business like Robinhood? Who regulates their compliance? Was Robinhood forced to put the interests of the business ahead of the interests of their customers? Why does VAR need to be changed as a risk estimation mechanism? 4.) What has Vlad learned as CEO about managing through a crisis? What did Vlad do to ensure morale remained high internally, despite the external events? What works? What does not work? What did Vlad learn about himself through the experience of the congressional committee and testifying before them? As always you can follow Harry and The Twenty Minute VC on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Nate Bosshard is an entrepreneur, investor and brand builder of iconic, category-defining, multi-billion-dollar consumer brands. He has managed and re-positioned heritage brands through changing market dynamics, been on IPO rocketships, experienced being inside of company acquisitions and integrations. Nate has had an incredible and diverse career working as brand manager for Burton Snowboards, The North Face and GoPro. He was the co-founder of Tonal, the world’s most intelligent fitness system. Currently, he is the Founder and Managing Partner of Offline Ventures which has invested in companies like Clubhouse, Notion, and Hims & Hers which in 2019 was the second-fastest startup to become a unicorn after Bird. The company went from founding to an IPO in 4 years at a $1.6Bn valuation. Nate and I talk about anticipating cultural trends before they happen, the recent explosion of digital art and NFTs, The North Face/SUPREME collaborations that he helped build, his philosophy and methods for marketing major brands, venture capital and stealth projects that will help define new categories. Nate is very bright and has a gift for seeing opportunities and growth before others. He holds an MBA from Babson College and shares his thoughts and advice for students contemplating an MBA.Nate has some really cutting-edge insights that you are not going to want to miss.Discussion Topics:(1:55) The future of digital art and NFTs.(9:42) The North Face/SUPREME collaboration.(12:40) Staying true to oneself while transitioning to different industries and roles.(15:37) The intense curiosity needed to identify culture trends and VC opportunities.(17:58) Hims and Hers explosive growth through data analytics, regulatory change and market tests.(24:00) Qualities of that make a good founder from an investor standpoint.(27:03) Managing the GoPro, The North Face and Burton Snowboard’s brands.(30:15) Launching Tonal and the future of gym equipment post-COVID.(35:37) What the next big thing will be.(39:28) Why pursue an MBA?(44:21) Rapid fire questions mostly focused on snowboarding.

www.fragmentradio.com // On this episode of FRAGMENT RADIO, Ahadu, Ahmed, and Bhaven share some of the songs they've been listening to over the last little bit. Not a lot of new music has come out, but they still discuss LOONY's new single "raw", DVSN's deluxe album "Amusing Her Feelings", and Da Baby's new single "Masterpiece". _____ Intro: (0:00) Bhaven’s Picks: (0:35) https://open.spotify.com/playlist/6bN... https://open.spotify.com/playlist/7F5...Ahmed’s Picks: (7:57) https://open.spotify.com/playlist/1Jm...Ahadu’s Picks: (12:42) https://open.spotify.com/playlist/5AW..._____ RIP MF DOOM: (19:06) Skore Beezy - Big Upti: (26:40) DVSN “Amusing Her Feelings” Deluxe Album: (29:56) Da Baby “Masterpiece” Single: (34:15)

MLOps community meetup #42! Last Wednesday, we talked to Mark Craddock, Co-Founder & CTO, Global Certification and Training Ltd (GCATI), about UN Global Platform. // Abstract: Building a global big data platform for the UN. Streaming 600,000,000+ records / day into the platform. The strategy developed using Wardley Maps and the Platform Design Toolkit. // Bio: Mark contributed to the Cloud First policy for the UK Public sector and was one of the founding architects for the UK Governments G-Cloud programme. Mark developed the initial CloudStore which enabled the UK Public Sector to procure cloud services from over 2,500 suppliers. The UK Public Sector has now purchased over £6.3Bn of cloud services, with £3.6Bn from Small to Medium Enterprises in the UK. Mark lead the development of the United Nations Global Platform. A multi-cloud platform for capacity building within the national statistics offices in the use of Big Data and its integration with administrative sources, geospatial information, traditional survey and census data. Mark is now building a non-profit training and certification organization. // Final thoughts Please feel free to drop some questions you may have beforehand into our slack channel (https://go.mlops.community/slack) Watch some old meetups on our youtube channel: https://www.youtube.com/channel/UCG6qpjVnBTTT8wLGBygANOQ ----------- Connect With Us ✌️------------- Join our Slack community: https://go.mlops.community/slack Follow us on Twitter: @mlopscommunity Sign up for the next meetup: https://go.mlops.community/register Connect with Demetrios on LinkedIn: https://www.linkedin.com/in/dpbrinkm/ Connect with Mark on LinkedIn: https://www.linkedin.com/in/markcraddock/

This is a special edition of the podcast, where I get to speak to the Finance Minister, in the N Ireland Executive.  In what is a wide ranging and very interesting conversation, I speak to Conor about the role of his department, it's responsibilities to the executive, and what is expected of him in terms of his own skills and characteristics, to fulfil the job to the best of his ability.  We then discuss what it costs to run N Ireland, what we collect in taxes and also what the subvention is from Westminster, according to the office of National Statistics.   Conor goes into some detail around this, and highlights the fact that it's now accepted amongst many in political life here, that it is actually very difficult to find our what exactly is the cost to run N Ireland, as the exercise is carried out for accounting purposes only, by London. The vagueness around this cost, be it £6BN and £10BN is something that will require further investigation and need solving, particularly when most people accept we are a few years away from a border poll on the island, which may change the constitutional position of N Ireland.  We then lift the bonnet on the funding provided by the British government to deal with the cost of Covid to our economy,   The Finance minister again, is very open with the figures, and sets out we have received £2.2BN to date from London, and that this money has to last to the end of our financial year, which is March 2021.   I put it to the Finance Minister that this sum of support falls way short of what other countries have access to, namely Republic of Ireland and Austria, which he agrees with me on, airing his frustrations around same.  One of the most concerning take aways for me, at this point of the conversation, was the fact that the British government are simply not investing or putting in place the right level of support for our economy and country to survive and thrive over the next few years. I was alarmed to find out that the Stormont executive had agreed a new level of funding in January 2020 with the British Government in the "New Decade New Approach agreement", given the previous nine years of austerity, only for the British government to reneg on those commitments within a few days.  These kinds of moves and the lack of financial support is deeply concerning and should be for all of us.  We wrap up the conversation by Conor telling us that it is the "deficit of the lack of determination, which is the main reason why he is in politics." A keen cook, a passion for exercise and the outdoors, Conor finishes up our conversation telling me that its his family life, that makes all of this worthwhile. I really enjoyed this conversation, and I hope you do to. If you want to contact me, you can get me on conor@conordevine.com  Thanks to CLEARPATH FINANCE - the sponsors of this episode www.clearpathfinance.co.uk Look after yourself, and each other CD 

An I.T. entrepreneur, Ray has been instrumental in the success of a number of technology companies. Ray built Raven Computing – a bespoke software house - in the early 1990's. He then graduated into time and billing software with Coretime.com in the 1990's before selling out to Sage plc. Ray founded Hostelworld.com, his third company, in 1999. Hostelworld plc remains the go to site for booking hostels across the globe, generating billions in booking value for hostels in 150 countries. Ray sold the business in 2009, generating $500MM return for shareholders on just $150K invested. Ray has also made a number of diverse investments in technology companies such as Storyful, Openback, Asavie and Whatclinic, acting as non-exec board member in each case. As non-exec chairman of Skyscanner from 2010 – 2013, Ray was instrumental in that company's growth from 60 person startup to world leader in price comparison for flights. Skyscanner was subsequently sold for $1.6BN. He founded leading eCommerce company, xSellco in 2012. xSellco's software suite helps online sellers deliver premium customer support across a diverse range of outlets including marketplaces like Amazon and eBay, social channels like Facebook and twitter, and from their own websites. Ray acted as CEO from 2017 – 2020 and is now non-exec chairman. A keen sports fan, Ray also founded Ultimate Rugby, the world's most popular rugby app with Irish rugby international Brian O'Driscoll. ***** ♥ ---- Thank you for watching this video—Please SHARE IT and leave a comment! I LOVE to personally read & reply to all comments.---- ♥ ►► Christine and her team are the creators of Kndrd.io: The comprehensive software solution that uses technology to put the LIVING in CoLIVING. ◄ ◄ *Register for a FREE account at https://kndrd.io/register

Gabriel Weinberg is the Founder & CEO @ DuckDuckGo, the Internet privacy company that empowers you to seamlessly take control of your personal information online, without any tradeoffs. Over the last 12 years, Gabe has scaled DuckDuckGo to doing 1.6Bn private searches every month, a team of 83 full time fully remote employees, raising funding from some of the best in the business; USV and most importantly, being a profitable company. If that was not enough, Gabe has also written two phenomenal books, Traction and Super Thinking.  CLICK TO PLAY CLICK TO LISTEN ON ITUNES In Today’s Episode You Will Learn: 1.) How Gabriel made his way into the world of startups and came to found one of today's leading search engines and privacy companies in DuckDuckGo? 2.) Gabriel decided to raise $13M from USV 4 years into the life of DDG, why did he believe that was the right time? Why does Gabe believe that DDG never needed any primary capital? How does Gabe advise founders to think when it comes to chasing profitability early? How does Gabe view the relationship between growth and capital? Are they in conflict or aligned? What does Gabe make of the many $100M rounds getting done today? 3.) How does Gabe feel about the lack of free and open distribution today? How does Gabe strategise when it comes to channel diversification? What is the right level of marketing channel diversification to have? How do you know when to really double down on one that is working? How should founders be thinking about channel saturation rates? What have been Gabes biggest lessons on payback period over the last 12 years with DDG? 4.) How does Gabe feel about the digital advertising duopoly on the internet between Facebook and Google? Why does Gabe argue that this duo of incumbents are so much more powerful than any other prior generation of incumbents? How does Gabe think about strategies to reduce their data monopolies? 5.) DDG is 83 people and fully remote, what have been Gabe's biggest lessons on what it takes to run a fully-remote team from Day 1? What mistakes did they make? WHat would Gabe advise founders contemplating the fully remote strategy? Why does Gabe have nor formal hierarchy or org chart internally at DDG? Why is this so important for culture and employee morale? Items Mentioned In Today’s Show: Gabe’s Fave Book: The Advantage: Why Organizational Health Trumps Everything Else In Business As always you can follow Harry, The Twenty Minute VC and Gabe on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Keith Rozelle has 30-year career in corporate sales with many blue-chip brands, such as HP, EDS, BT and a host of SMEs. He's lived and worked all over the world including New York, Zurich, Tokyo, London and Singapore and has managed sales teams numbering 3 to 350. His two career high-points are winning a $1.6Bn outsourcing deal with Vodafone (showcased in The Sunday Times) and turning around a small donated-furniture charity, which was 30-days from having to be wound-up. Steve launched Sales Marvel to offer affordable sales expertise to professional firms and the clients they serve. He specialises in helping those who find it difficult to pitch and differentiate their businesses. Shownotes: How hard is it for an accounting firm to articulate any kind of difference with the competitors? The big four accounting firms dominate two thirds of the market and compete for the most exclusive clients How the Zyman Pyramid helps accounting firms develop a strong and differentiated value proposition Accountants need to analyse 'me too' and 'points of preference' when going against competitors The bad things that happen when accounting firms don't differentiate themselves If you can't articulate your difference as an accounting firm, then you risk your proposition coming down to price The crucial reason why accounting firms find it difficult to differentiate from their competitors The mistake accounting firms make in appointing someone to head up business development How sector expertise and deep knowledge of a particular niche helps differentiate your firm's pitch for business What speed networking can tell you about how irrelevant most elevator pitches are Value propositions are meant to be both read and said - when aligned, they should be everywhere in your marketing The significance of price in a bid or pitch if there is no other elements of differentiation Price is never totally irrelevant in pitching situations Our attention deficient society means words and impact are at a premium when delivering pitches and marketing messages Sales is not a resected word in the UK, but it should be as respected as accountancy and law The lack of any formal sales or BD training means that the majority of accountants struggle with bringing in new business The message 'everyone is in sales' is difficult to hear for fee-earning accountants When accountancy firms put the effort into their value proposition, it makes it easier for clients to buy How accountancy firms make a mistake with their values, and how critical reputation is in living up to them Why it's impossible for an accounting firm to have a truly 100% baked in value proposition. (https://bdacademy.pro/wp-content/uploads/2020/01/keith_rozzelle.png) Steve's mission is to provide high quality sales-learning experiences for SMEs and Not for Profits. he offers' deal coaching' for companies aiming to win larger contracts. His first ever job was a DJ and in his free time he is a Trustee of his regional Citizens Advice Bureau. You can reach Keith here... Keith on LinkedIn (https://www.linkedin.com/in/keithrozelle/) Keith's YouTube Channel (https://www.youtube.com/channel/UCaYgFGxyZn8A2YVVT8hi14g) Call him on (UK) 07473 760627 Check out his website and workshops here (http://www.salesmarvel.co.uk) (https://bdacademy.pro/captivate-podcast/podcast-keith-rozelle-accounting-value-proposition/) Full shownotes here>> (https://bdacademy.pro/captivate-podcast/podcast-keith-rozelle-accounting-value-proposition/)  

Ever wanted to invest alongside Peter Thiel, Mark Zuckerberg or even Elon Musk? Ever wanted to invest in the next Facebook, Oracle, Tesla, Cisco but though they were out of reach? Dan Bennett, Managing Partner of Our Crowd Australia joins me and he gets down and dirty explaining both crowd and equity funding. Dan is helping to democratise an asset class and making it easy for investors to put small amounts of money into high-potential tech start-ups all around the world. OurCrowd has raised over $1.6BN from investors globally and they have had numerous exits of gigantic scale. Dan explains this kind of investing, and asset class, and what your investment portfolio could look like if you wanted to back deep, game changing, technology. Enjoy our interview.

Interview with Stephen Roman, Chairman, President and CEO of Global Atomic Corp. (TSE:GLO).Global Atomic started in 2005 and focused on Niger. One the best performing regions for uranium outside Kazakhstan and Canada. By 2007 they had tied up 6 assets and have developed 4 of them before settling on their main asset. The uranium development has been supported by their share of a zinc producer in Turkey. Global Atomic has a 49% share of the c.$26M EBITDA business . Last year they rebuilt the plant to almost double the production. This has been highly attractive and has allowed Global Atomic to grow the uranium business whilst others struggled.Global Atomic is a highly experienced uranium management team who has produced uranium, and sold uranium in to the market. We think this is critical to the success of any junior uranium company. Not many uranium juniors companies can claim to be end to end and that is why so many fell over in the last cycle.Stephen Roman tells us about doing business in Niger. The area that they operate in has been a producing uranium for over 50yrs. They have done 140,000m of drilling so have good picture of what the deposit looks like. Stephens talks about the grades and size of deposit. It is the largest high-grade sandstone deposit in the world. 250Mlbs @ today's price of $25 is c.$6Bn. But it's under the ground. Stephen talks about the economics of how much it will cost to get it out of the ground. What do you think of what he says?Company page: https://www.globalatomiccorp.com/Make smarter investment decisions, subscribe here: https://www.cruxinvestor.comFor FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestorTake advantage, hear it here first: https://www.youtube.com/CRUXinvestor

4 stabbings in London over the weekend, Jeremy Hunt pledges £6BN to handle no-deal Brexit, and Labour's plans to change inheritance tax

Download Episode! The Discussion: The privations of a PhD student, listeners’ comments sparking a couple of corrections from the last episode, another bout of potaytoes/potartoes and we hear that new revelations about space mirrors cult sci-fi. The News: Rounding up the space exploration news this month we have: Damage to cartilage from microgravity The big debate in space exploration appears to be ‘is Daniella Westbrook the ideal astronaut experiment’? ESA’s Trace Gas Orbiter kills the excitement over methane on Mars. NASA asks for an additional $1.6Bn for getting astronauts to Mars by 2024 NASA will be sending a woman to the moon in the Project Artemis crew A look at the return to the moon blueprint Main news story: The Lunar Gateway, an orbiting platform around the moon. The Debate: Court is in session for the first round of advocacy for to find the winner in your top ten historic space missions. Which will make it through and which will consigned to the dustbin of history – Cassini Huygens or New Horizons? Q&A: At 6 million kelvin, is the plasma around the M87 supermassive black hole still a plasma? Andy Burns from the UK

Cody is a Partner at Techstars – the worldwide network that helps entrepreneurs succeed – and works as steward of Techstars’ equity investments and venture capital funds for one of the most active early stage venture investors in the world. As of October 2018, Techstars is investing in 460 companies per year and the Techstars portfolio has gone on to raise nearly $6Bn in follow-on capital. Techstars Accelerator programs are the first investor in 5% of all Series A financings in the USA. Cody works at the board level with companies including Two Bit Circus, StatMuse, WELL Health, Tasso, WeBuyGold, and GameWisp. Previously, Cody was Executive Director at Techstars and head of Techstars accelerator investments and operations in North America, which roughly doubled in size to over 20 locations across the region and ~200 investments per year during his tenure. Cody joined Techstars in 2013 to launch and serve as Managing Director for the Disney Accelerator, powered by Techstars, co-investing in 20 startups alongside The Walt Disney Company in 2014 and 2015. Earlier in his career, Cody held roles including Chief Product Officer at StumbleUpon, Vice President of Product Management at Yahoo, and Product Manager at The New York Times, Sprint, and NBC Internet. Cody holds an M.A. in Transnational Communication and Global Media from Goldsmiths College, University of London, and is a Phi Beta Kappa and Summa Cum Laude graduate of the University of Kansas with a B.A. in History and East Asian Languages and Cultures with emphasis on Mandarin Chinese.

"What's your motivation? What's great? What's missing? What's preventing this?"   He's one of the top business coaches in the world worth over $6Bn who left an abusive home, to work as a janitor on $40 a week. What was the one thing which changed his life, and what can we learn from the way that he communicates to over 200,000 people every year?   In this episode I try to steer clear on the self-help bumper sticker quotes, and look more deeply at what drives the most successful people (including how they break up each day into 100 x 10 minute chunks). Digging back into the 20 years that I have followed Tony, and sharing some of my experiences from working alongside him in 2015, whatever your opinions are of Tony Robbins, I think there's something in here for you. Because one thing's for sure - he's NOT (just) a motivational speaker...   Show Notes Tony Robbins facts and here Follow Tony on Twitter Watch 'I Am Not Your Guru' on Netflix 10 minute morning ritual 

EP138 - Amazon Q2 2018 Earnings Hot Take  This episode is a hot take on Amazon Q2 2018 earnings Amazon Q2 Earnings Highlights $52.9B, which is a 39% y/y increase $2.98B in operating income $21.8B in Free cash flow, less $11.4B in capex, $6.2B in lease repayments = Net $4.1B Free Cash Flow AWS had a material acceleration up 48% y/y constant currency and profits were $1.4b Amazon Web Services – came in at $6.1b – 49% y/y growth (an acceleration from last quarters 48% growth) North America – $32.2B up 44% Y/Y, operating income of $1.84B International  – Revenue increased to $14.6B (+21% Y/Y) for a $0.494B loss Marketplace 53% 3P by Unit sales 3P Growing at 55% (constant currency) Wingo GMV estimate -> 1p – $37.6b/ 3p – $71b = $108.6b GMV Amazon Ad Business – grew 129% y/y  to $2.19B Cowen estimates $8.6BN in 2018  rising to ~$37BN in 2023 Amazon increasingly bypassing agencies to go directly to advertisers Increasing likely Amazon becomes first $1 trillion dollar company Jason & Scot will at eTail East in Boston next week. Don’t forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 138 of the Jason & Scot show was recorded on Monday, July 30th 2018. Join your hosts Jason “Retailgeek” Goldberg, SVP Commerce & Content at SapientRazorfish, and Scot Wingo, Founder and Executive Chairman of Channel Advisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. New beta feature – Google Automated Transcription of the show: Transcript Jason: [0:25] Welcome to the Jason and Scott show this is episode 138 being recorded on Monday July 30th 2018 I’m your host Jason retailgeek Goldberg and as usual I’m here with your Tahoe Scot Wingo. Scot: [0:40] Hey Jason are welcome back Jason Scott show listeners well last week the big news in e-commerce was Amazon 2nd quarter results but we didn’t get a chance to cover it live because you were down under. Jason: [0:55] That I was I was in the future in Australia. Scot: [0:58] I know he’s not wild you you cross the time zone when you go there and then you lose a day when you come back so yeah it’s very strange. Jason: [1:07] I assume I’m now even. Scot: [1:09] Yeah if you if you keep going though One Direction you’ll either turn time backwards like Superman to or I don’t know if you’ll arrive younger than when you left. Jason: [1:21] Yeah I can certainly use that but I’m not currently that’s not a nephew and I’m currently experiencing. Scot: [1:27] Cool before we jumped into Amazon’s second quarter deep dive give us some highlights of what you saw in Australia and you know since we’re theming on Amazon here let’s start there Amazon has launched in Australia and I imagine that the Aussies are really fired up about that. Jason: [1:44] Should I feel like that is the big change last disruption in the local retail Market I would also I also feel like the. The sort of recovery from the global financial crisis has changed circumstances in Australia a little bit but it said it’s an interesting Market. [2:04] For me it felt a little bit like a Time Warp like I was going back in time a couple years in retail. They’re they’re not as over stored as we are so malls are still like a pretty popular concept like they don’t have too many into the overwhelming majority of malls or sort of the equivalent of what we call in a mall here. And that’s a a growing in popularity shopping concept there in fact like there’s a premise that the. Traditional department stores in in Australia are suffering a little bit because people are choosing. Two shot multiple manufacturer stores in the mall versus going to a department store but overall. It’s a timer for two reasons number one is Scott and I think you already know it’s an odd Market in that a lot of international retailers. [2:57] Didn’t protect their IP rights in the early days until entrepreneurs from Australia would travel abroad they would see some interesting retail concept. And they would bring it an unlicensed version of it tossed really on their own so you’ll see lots of familiar brands for North American Choppers like Target and Kmart. Woolworths but they’re they’re not and The Branding may even feel very similar to what you would expect in the US. But they’re not in any way related to or associated with the North American companies and in some ways it’s a Bizarro world so. Like you know Kmart is probably more vibrant in Australia than Target for example. [3:40] Which feels a little bizarre for anyone that you used to North America where that’s that’s definitively not the case so to the retail Brands it takes a little bit of time to get your head around because they’re familiar and yet for him and then you know I think it’s dorkly the market just hasn’t had a lot of competition like most of the Australian retailers have had to compete with each other but there’s not a huge number of them so they. They don’t have direct overlap like you don’t tend to have two or three brands with the same product assortment in the same price point so i q no U tend to have. [4:13] A retailer in every price point or a category killer in the in the category so you have like an office works. As the category killer for Office Products but they don’t have. A direct competitor like like Office Depot OfficeMax have a Staples here for example and then until recently the the currency exchange rate really sucked in so you didn’t you also didn’t have Australian consumers. Shopping internationally via e-commerce and so really those consumers were kind of locked in the to the local choice there’s no they’re not a lot of international retailers in Market there’s a lot of international Brands and Market but not a lot of. Wholesalers of other people stuff inside so I would argue that the market just didn’t involve really fast and now you got Amazon coming in there I’m which is a big disruption and you have much more favorable exchange rate so you have. Australian consumer shopping tomorrow in Hong Kong and and shopping pesos in in the UK and doing cross-border Commerce and things like that so suddenly there’s a lot of competition suddenly they’re all getting much more heavily disrupted and they’re all trying to figure out a lot of the digital things and Omni Channel things that retard you know we’re more likely to be struggling with you know 2 to 5 years ago here in North America so it’s it’s it’s going to be interesting. Scot: [5:36] Yeah so Channel advisor full disclosure we have an office in Melbourne and it’s a good region for us Amazon coming has been great for us the one thing we’ve seen a ton of is there’s a lot of Chinese Imports and Australia and it frustrates Australians because they have this weird kind of this is kind of topical because the news did this weird thing where you can sell anything and Australia for $1,000 and under and there’s no tariff but then Aussies can’t sell the China without Tara so there’s like this huge disadvantage and it really always frustrates the third-party sellers I know they’re that anything can come into the country for under $1,000 without any kind of a there’s just some guy text benefit almost like they don’t pay Australian tax on it or something and but then they always had a hard time exporting out of Australia so did you hear anything about that or. Jason: [6:29] Yeah so I feel like there’s a number of those sorts of things and and you know I was really really is part of Asia is it is you know there’s it’s very International population and so there there’s a lot of Asian expats in Australia and said there’s there’s it you know it’s it’s not just proximity to the good deals like there’s a lot of Asian brands did it appeal to a big chunk to the local market in Australia, alright are multi-generations in Australia there is this strong sort of national pride thing so I always feel like. They’re they’re very there they’re more opposed to Outsourcing jobs and their there more favorable to. Meeting RC Brands and products then some other markets in all markets we see. That that does kind of stated preferences you no go away when. When there’s economic pressure so I’m not saying Australians won’t buy cheap goods from China but I’m just saying, they maybe put a little more weight on the local stuff then do Americans for exam. Scot: [7:44] Call the other thing I’ve noticed in Australia is pretty much everything will kill you did you run into that at all. Jason: [7:49] I was aware of that but I did not run into that I did not see any vocals boxing with kangaroos. They’re made they’re probably were venomous spiders but I’m happy to report I didn’t see them which is all I care about like I just want to die in my sleep and not be scared the bejesus beforehand. And I was I was mostly in Melbourne and Sydney which are you know big Metropolitan City so I I imagine the density of things that can kill you is more skewed towards public transportation in Alaska Critters. Scot: [8:23] House on the Gold Coast in like a I thought I’ll go to the beach for half an hour or something and it like every other sign was like no warning Riptides warning sharks warning life threatening jellyfish poison manowar’s warning piranhas like ever in Australia. Jason: [8:43] No I think it I think it was Jim that fact that there are there are like more deadly species in Australia than anywhere else and I think that’s particularly like the snakes in the venomous spiders and then is you mentioned a lot of the The Aquatic Life. Scot: [8:56] Yeah they couldn’t tell hundred percent if they’re yanking my chain but the folks in the office for telling me there’s a venomous spider that hangs out in toilets and like all Australians when they go to the toilet they will actually do a visual inspection for this spider because it will actually bite you in the bum and it can kill you if which is like a terrible way to got. Jason: [9:14] That’s why I don’t know the weather know this but either they were totally yanking your chain or my house were much more happy for me to die. I was not worried about that although I did Quinton Henley I did look in every toilet because I was I was constantly making videos trying to get some that were flush and counterclockwise in it yeah. Scot: [9:33] Nice but still have to put those on the action. Jason: [9:38] Exactly yeah the toilet videos yeah I’m pretty sure it’s like cow tipping. Scot: [9:43] Cool any other exciting Australia highlights. Jason: [9:48] Nope I mean people are super nice I had a ton of great conversations with retailers and I do think they care a lot about the customer experience and they care about winning in this certavite in competitive market that there now in butt you know just circumstances they they haven’t had the impetus to change quite as quickly as as some other market so. Scot: [10:11] Well let’s jump right into the big amazon news with the Q2 Deep dive. Amazon news your margin is there. [10:34] Also serves a lot to go through so we’re going to contact what I call a peel the onion approach and start at the macro-level and then look at the different lines of business with an Amazon we’re going to look at the cloud segment the add business and then the US and international retail businesses as well as the third party Marketplace that’s a lot to cover so let’s jump in from a macro standpoint the big story of Q2 was the bottom line. And in fact the top line was a little bit below and the analyst estimates and part of that was due to there’s a lot of rule changes going on in the world of accounting. Which is causing every company a lot of Heartache intimate with this unfortunately there’s this new accounting principles 606 which is making a. We visit how they look at their different things so Amazon had to move some stuff from 1 P to 3 p which creates a revenue headwind because in 3p they only count about 10% of the revenue because it’s their Commission CNN 1p the count a hundred percent so in fact Amazon actually missed the top line so usually if that happens you see this whole you know crater going to stock but then that didn’t happen here because what happened is operating income blueway expectations so it came in at. [11:52] 2.98 billion so that’s the third quarter that operating income was over 2 billion and it was just too shy close at 3 billion you know what would that be 2 million short short of that. That’s a 375% year-over-year increase in operating income and then every segment Amazon reports on improved their profitability as well and will cover that as we get in that represents a 5.6% margin and expectations was for 1.7 billion so this was 77% above expectations which of these numbers is you know 1.2 billion dollars more than while she was expecting in his truck that is meant. Amazon is I kind of caught this stair step effect so Amazon will. [12:39] You know don’t don’t climb the stair and profits will go down and what they’re doing is this business is very capital expenditure heavy right so you have the big capex is fulfillment centers which are not cheap and data centers which are also not cheap so Amazon and Fortune asked both because derp derp those are the two core pieces of what they’re building so you can imagine the phase where they’ll build like 24 filament centers in 20 distribution centers and the look massively unprofitable but then as those come online and they optimize them and they get capacity then Revenue starts to kind of the the capex stair goes sideways and profit starts to climb and then Amazon will kind of go through another phase of of harvesting. [13:28] Prophets and then after that they’ll say oh we need more data centers and fulfillment centers and I’ll have to kind of keep chewing away at it so we’re one of those Cycles now I’m that that we’re kind of harvesting investment and what’s interesting is as they’re climbing the stairs every time they take a breather the possibility is going up pretty materially and they’re doing it again such a big number you had so you normally people would scoff at a 5.6% total margin but they’re doing it against a top-line that. [13:56] Massively large so 3 billion dollars works out of the bottom of that equation which is which is pretty incredible so so that was kind of everyone was pretty kitty about that to see if they know they haven’t level in a very long time. And then there was there’s a nursing backdrop that happened you were not show you sounded like you picked up on this but there’s this this whole kind of thing that’s been out there called Fame search Facebook Amazon Netflix and Google and Google had pretty good results obviously Amazon did and then Netflix kind of had a little bit of a bad results at there they miss their subscriber growth number and then Facebook had a really really really bad week last week so they they had that kind of guy on their conference call so their revenue and profits missed an egg on a conference call and it essentially said look we’re going to reset expectations of Skyway on Washington caught kitchen sink order the stock was immediately down 20% and unfortunate that kind of held there so there was this whole thing coming in so it’s kind of interesting to see Amazon really kind of printer. A quarter and blow errands expectations. Jason: [15:11] Boxer to put the F into Fang if you will. Scot: [15:14] Absolutely yes Google kind of mess it up cuz they change their name to alphabet but everyone still calls it thing but it’s it should be either fan or whatever. Santa hat the another kind of interesting tidbit here subscription Services which is where Prime lives are there’s a couple other subscriptions on there that you can buy but that is primarily Prime Revenue. That accelerated to 55% year-over-year growth which was good and then longtime listeners the show will no operating income and revenue are the measuring sticks that most other companies use but Amazon really uses. Cancel that is a lagging indicator and what they really focus on is as more of a Ford indicator and it kind of has to do with the stair step. I love you and I’ll G I introduced that’s free cash flow and what free cash flow does is it it kind of is an earlier way. To the counting rules to kind of predict where. [16:12] Profitability is going to come in so let’s let me kind of walk you through that I’m going to try that this always gets a little confusing so I think I’ve tried to boil it down here so when you when you just take what I would call. [16:23] You got to go to this waterfall right so the top of the waterfall you have just pure free cash flow and that was about 22 billion dollars massive amounts free cash flow. Then they go and they invest more Catholics right because Amazon is Never Off This treadmill of investing in capax just the. So this quarter they invested only 11.4 billion and capex just hilarious because that’s probably more than. People are spending in like last 10 years for like most retailers but that’s that’s so is a light investment quarter. Do only 11.4 billion that leaves you with kind of 10.4 billion in free cash flow after the capex Investments then they’ve gone out and they have you know some of these things that they buy they buy outright and other ones they leased land and what not to try to smooth out. Cash outlay for data centers in fulfillment centers along with more with Revenue comes in so they have 6.3 billion of that they paid back in the quarter so really when you get all that out the cord which is free cash flow without lease. When you take out least principal repayments was 4.1 billion so those are kind of the end of the metrics Amazon spends a lot of time thinking about what you could argue is. That biggest number I gave you that 21 billion is really what Amazon focuses on because you know if you kind of go to this. [17:45] Take a region like the United States there there’s they’re getting to the point where they really don’t have to go that many more fulfillment centers in it and in fact the profitability of the North America really kind of pop this quarter will talk about it because of this they’re essentially it saturation so when you get saturation with some of these things that free cash phone number. The top of that waterfall becomes the number because you pay off the cappex pay off at Lisa’s now you’ve got all these fulfillment centers they’re producing Pan the free cash flow flows all the way to the bottom line so over the long-term you should see that gap between about the three billion dollar operating income in the $22 free cash. 12 close as a market matures that’s what gets Wall Street so. [18:28] Not terribly excited about Amazon is these free cash flow numbers are are pretty amazing and Amazon while they’re investing yeah I started that 21.8 billion + free cash flow and ended up with 4 there’s a lot of investment in there like 17 billion dollars with an investment when there’s a day where they’re not making those Investments this is just going to eat a massively kind of cash generating business which was funny we talked about it a lot on the show there still this overwhelming belief out there. That either a olive Amazon is a profitable or that be the retail business is sustained just by the cloud business none of that’s true the retail business on its own as profitable. Especially in North America and international it’s still losing money but that’s because certain markets specifically India Scot amount but I think it’s pretty safe to assume there’s markets like the UK and Europe for their probably look a lot like the US they’re pretty mature but then there’s a lot of markets and I including Australia even yeah I bet Amazon isn’t profitable in Australia so. Just want to make sure we just spelled the you know that that whole incorrect urban legend at Amazon or its retail business are not profit. Jason: [19:40] Yeah for sure and Scott correct me if I’m wrong in this but. Even if they wanted to keep investing at this same Pace like they’re there is a scale problem right like it is you keep growing that Top Line cash flow that fast like there comes a point when you just can’t make. The capex Investments at that same. At that same growth scale if you well some people would even say like the stair-step isn’t necessarily intentionally that they’re taking profits but just that it it takes them more time to retool and and scale the Investments at the same Pace that they’re there their top line revenue is scaling. Scot: [20:19] Absolutely let me have some you know so the most exciting line-of-business we’ll talk about is ads and you and I both there are in this world the nice thing about ads is it it doesn’t require any cat that’s right so it’s. It actually possibly could be the most profit line of business that Amazon has and I I think. Even though Amazon is closing are showing Dollar business I think there’s probably the could be a joined our business there that a lot of people haven’t woken up to because unlike all the Amazon other businesses it doesn’t need data centers that doesn’t need for Film It Centers and it rides on top of those so it gets this kind of triple flywheel effect. I’m from those Investments That Amazon’s making. Jason: [21:04] Death of though this last reporting. You probably didn’t want ads to be the the dominant source of income you had cuz that that probably dancer Facebook Super Bowl. Scot: [21:14] Yen one one sidebar is a kind of thinking there’s been a lot of interesting writing about this if your Facebook and Twitter is also in the same bucket Netflix will go in and it sits on it stop living subscribers I don’t think those big deal but but the Twitter and Facebook their core bottle is under attack right because you have this whole attention to swinging very far away very far towards privacy with gdpr the whole Cambridge analytica and you know so they’re core model is kind of under attack were there since Lee saying give us your data for free and we’ll monetize it by selling it to other people which which sounds weird when I say it like that that’s perfect what you been doing all this time and you know so you have to I have to imagine somewhere in those boardrooms people like we really need to find an e-commerce leg you know kind of a of Revenue here so I wouldn’t be surprised if we saw Facebooking and Twitter got a lot more serious about e-commerce Revenue because transactional review is way cleaner from political economy misgivings than than address. Jason: [22:22] Yeah for sure and I mean a ton was written about Facebook but I don’t know if you follow John Oliver he has the Last Week Tonight Show on HBO and he did a hysterical honest version of the Facebook app. That. Can’t completely describe an RPG rated podcast but you can find it all over the internet and it’s it’s definitely worth the watch is pretty funny. But the punchline of the lad is Facebook we own Who You Are. [23:02] So at the very top line for Amazon the growth was pretty big RightSource 37% year-over-year growth. On the revenue and you don’t remember remedy for for for Amazon doesn’t exactly equate to e-commerce DMV because they they do have some other businesses and in the revenues a mix of one p m 3 p but 37% growth. You know for a company they’re sized you know we always highlight on the show that that the Department of Commerce in comscore sort of estimate all e-commerce growth in North America at about. A 15% growth rate so you you have the the biggest company in the space that represents more than half of all the activity in the space and they’re still growing at more than twice the the average growth rate which is pretty scary. Scot: [23:57] Yeah a lot of people are starting to kind of wake up to this and you you pricing all the headlines that you know Amazon what’s half of e-commerce and that kind of thing would which is true but if he Commerce is growing it fit. 15% and Amazon phone at 37% then you know next stop 65% $0.75 85% 95% so we will later we’ll see you know eBay group pretty decently like eight 9% but then we’ll always here from Walmart and Target those kind of guys that they’re growing 30% shopify’s gmv is going 30% and it always becomes this kind of question of who is who is growing at negative. And e-commerce to kind of generate this 15% I always come back to that when I when I when I start to hear all these things come out of the quarterly reports I don’t have a great answer for that we’ve talked to folks. Animal I believe the numbers are wrong out there and they don’t trust at 15% so we’ll leave that two listeners kind of decide. [25:03] The glass little thing on the top level here is at Wall Street. [25:11] You’re very quickly says wow that was great cue to tell me about Q3 so it’s very much a show me show me kind of a world there I am the do that through guidance so Amazon’s guidance for Q3 was a little light on revenue and I think that this again was due to this kind of Optical news from stuff from 1 P to 3 p but then the prophet guy that gave to Wall Street was wildly ahead of their estimates and this is why you see that world of Wall Street you called us a beat and raised quarter that’s essentially what Amazon did is they not only did they being cute too but they all the analysts had to scramble and go out and say the whole world of profitability Amazon has changed what does that do for our bottles and minute is models are built off of operating income and free cash flow so you know I saw I saw price targets out there 2020 120 200 I think the highest I saw was 2300 I remember right around 2000 is when Amazon it’s $10 so yeah this is the kind of momentum here that that’s pretty interesting to see if this is what catapults Amazon there I don’t think I quite get there but you know when Q3 comes out I think Amazon all indications are from third parties out there that they had a Blow Away Prime day. [26:33] That could be if they were kind of being raised and 2/3 on top of this and especially on the bottom line then we could get that $20 by Lucy will have to July. So probably be. August 28th 23 or October 22-23 is probably when they’ll announce Q3 and I bet that maybe when we kind of see the first trying to our company. Jason: [27:01] Yeah and that’s a great reminder to me that we need to get started on the trillion-dollar sound effect that will need for the podcast from them. Scot: [27:08] Yeah yeah I’ll have Jeff on he’ll be a big celebration party. Jason: [27:12] Exactly I know he keeps asking but that maybe would be the occasion to finally let him on the show. So one of the businesses in this number is of course the Amazon web services and you know if e-commerce is doing pretty well against its competition amazon-web-services is doing even better right and is you is you mentioned you know one of the two common myths is that this is the only profitable part of Amazon that’s her to carries the retail part as a reminder like this service want and really had like a 7-year Head Start before they developed any serious competition and today you have. Microsoft and Google in particular you know fighting hard to catch up. Spencer literally 7 years behind and I think there’s a Warren Buffett quote you know something to the effect of you really don’t want to spot Jeff Bezos so 7 years head start on anything. Scot: [28:06] Yes all that was great. Jason: [28:07] Which is a pretty good quote so you know again the circumstance going into this is. [28:14] That Amazon web services is way larger than all of their competition combined and so normally you’d expect. That’s great but it should probably be harder for them to keep growing at this pace and the bad news for the competitors is they did keep growing at that pace and in fact there their rate of growth is still slightly accelerating so so they had like 6.1 billion in in revenue for AWS that’s a 49% year-over-year growth. Which is an acceleration of of 100 basis points from q1 and you know that puts them at like at 24 billion dollar. [28:55] Run rate. And the operating margins are getting better so so operating margins for the quarter went up like a hundred 20 basis points you know so you got margins improving on a big growth when you’re already like the. The huge market leader in so that’s that’s you know pretty impressive and for sure those profit margins. Are much higher than you typically see you in any kind of retail and certainly higher than we see an e-commerce or or Amazon so you know they’ve there pretty consistently in the 20 to 25% operating margins for the for the last three years on on Amazon web services which is much more healthy Marge and then you’re going to see you in a in a retail bit. Scot: [29:45] Yeah as a is a super geeky a fellow Super Geek guy I saw one analyst it did this kind of cool kind of. Thinking on this Amazon discloses some of the work load data so work load and growing at 49% workloads I think we’re going at like 60 70% so what’s happening is they are getting better at optimizing the data centers and handling those workloads with less capex imagine some that’s Morris law that kind of kicks in their butt yeah I’m sure there’s some technology to I’m sure they’re getting good at your how do you spread these things across the field data centers you know how do you buy more commodity Hardware there’s a lot of rumors that they were going to compete with Cisco because they build your own network they do software kind of networking Stratus infrastructure instead of Hardware so they were so they they were able to handle a tremendous amount of workload growth convert that into Revenue but then increase margins more efficient inside of the data center layer there in end of cloud services they’re providing they’re also seeing really good you know there’s this whole family of things people can use an and you know on the conference call they talked about they don’t get specifics but they said they were very pleased which means. [31:08] Yeah it kind of Amazon body language must have been more than 10% kind of a thing you know of cloud customers expanding into some of these new Services they have so they have a lot of new scheme was database Technologies bi. Call center Technologies and machine learning and Ai and they still seeing a lot of customers expand into those things which is which is new needs more Revenue per customer as well. I bet they don’t really totally disclose that. On your Warren Buffett quote one analyst had a clever thing it’s not funny they run out of superlatives here so he essentially kind of said I mean dang they they added an Azure I would just Microsoft clouds and a Google Cloud platform just in the last year so they you know they’re just like every quarter they had like four or five JCPenney’s on on the GMC side there they’re laughing those guys so bad that they’re yep there you go over your number added kind of just you know the year of your growth exceeded the two top competitors which is crazy. Jason: [32:12] Yeah yes it it’s pretty scary. And I hesitate to even call it a stumble the one slight bit of negative PR I’ve seen lately has to do with one of those AI Services they have a facial recognition service and there was a little bit of a stir somebody use the Amazon facial recognition search service and ran it against Congress and it said Miss identified like a hundred and fifty of the congressman as. Criminals and like I’m not sure anyone did the fact-checking like it’s possible that that just true it sounds like to me but. [32:49] I’m assuming from the articles that that was a mistake like that really has nothing to do with Amazon web services it’s kind of the state of the. The technology in the databases that all these guys used to train facial recognition. But I did see them get some slightly negative Buzz there and then of course it is interesting retailers the one segment where you would expect. Ews to have a little bit of head winds because Amazon is such a successful retailer if you are another big retailer that’s fine cloud services. It wouldn’t be surprising to see them you know Skip Amazon even though they are the dominant player and we are starting to see that a little bit like it was more of a press release than. Then any actual activity but on Friday this year Walmart announced a big partnership with Microsoft Azure for data services and I you know I presume that was designed to. Somehow take some of the steam out of prime day which. Unite I would argue wasn’t wasn’t very successful and then I know Google Cloud platform Services just had their annual conference and one of the big announcement today or was that that apparently for some time Target has been. One of the main tenants on Google Cloud platform services so so it is too we’re starting to see some of the big retailers adopt some of the other class but your point like. And not in the overall economic picture it’s it’s not making you in that tiny little dent. [34:18] So moving on to another business that’s not as big as Amazon web services but pretty interesting is the emerging advertising business on Amazon and so you know what is regular listener I don’t know there’s a bunch of different formats of of marketing opportunities that sellers can buy on the Amazon platform to improve visibility for their product in so that that generates advertising revenue for Amazon in Scot keep me honest here but they they want that Revenue into a kind of miscellaneous bucket they call other revenue and I I think we’re all. Largely assuming that the bulk of of quote-unquote other revenue is this ad business but it but there are some other pieces of. Of Revenue in that bucket as well do I have that right. Scot: [35:09] You do and it’s kind of confusing so they they give you some tidbits on revenue and break out ads inside of other and then like I mentioned subscription services but because those things aren’t going quote material part of Amazon’s business the SEC doesn’t require to break him out and that in their entirety so ads end up being in North American International but AWS is all the way out because it’s pulled out as its own kind of operating its own p&l if you also unlike line business ads we only know the Top Line we don’t know the profitability I think we all assume it’s probably. Jason: [35:43] It’s hard for it not to be very profitable yeah. Scot: [35:46] What is the extent there is no expenses psych are there are you at the traffic in the it just kind of like almost pure profit I would imagine so so yeah you’re right. Jason: [35:56] So that so the number for that other Revenue grew a hundred and 29% so so she use year-over-year growth and I think cow and came out and said that their estimate for the annual revenue from this advertising service is now 8.6 billion in for 2018 and you know when they start a forecast that out there there forecast says forecasting that that could be a 37 billion dollar business by 2023 which is the acceleration over. Over their previous estimate from just a couple months ago. Scot: [36:35] Yeah that’s a Facebook so this business will grow to be a Facebook by 2023 in 5 years and he had to nudge their numbers up because it’s outperforming what what they’re saying they’re so. Jason: [36:46] Now we used to say. Scot: [36:48] An Amazon fashion day could pull that in a year you know someone for years they could have added a Facebook. Jason: [36:52] Yeah now generally when people tell that story they remind you that that that’s a 2017 or 2018 Facebook and the 2023 Facebook will probably also be a lot larger but that’s may be less obvious this this week than it was last week so that is certainly interesting not really related to their their announcement that there is other data out there to just sort of highlight. What at what an interesting business this is you know if you’re doing a search on Amazon platform. By definition you have really high purchase intent so the ads on that platform. Are are likely to have a directors are much more likely to have a direct response then adds on almost any other other advertising vehicle. And so you know Merkel consolidate the data from other clients. Every quarter and they publish this this great compendium of a marketing stats and they would they were talking a little bit about the efficacy of like one of those signature ad formats on Amazon which is the Amazon headline search ads there’s an ad. It shows up at the top of a search and they’re saying that like comparing that to a Google pla which is one of the the most Commerce friendly. Appointments on Google that Amazon headline search get 42% more clicks and convert 3 1/2 times better than Google play so that’s. [38:18] You know partly a definition of the of the shopping traffic than Amazon gets versus the more you know browsing and in general information traffic that the Google gets butt. You know if if their revenue gets anywhere like Amazon or Facebook’s advertising Revenue it’s. Its Revenue that has a much clearer Roi for the ad purchaser. Then some of that that the ads that are purchased on the other platforms where you have to believe that influences eventually going to translate to purchases. So I think that’s that’s super interesting, and then you know somewhat in line with the other digital ad platforms like Google and Facebook is becoming increasingly clear that Amazon’s very interested in fostering a direct relationship with the big ass fenders and they’re really trying to bypass the traditional agencies so you know I work for one of those agencies like that’s you know definitely not good news for that sort of old app Revenue stream for the big big digital agencies as it increasingly seems obvious that you know if there’s only a handful of these big digital advertising platforms they make themselves really friendly today advertisers that you know they can make it difficult for the for middleman to add much value. Scot: [39:38] Free Colts those are the that’s the cloud in the ad highlights Witcher are in a driving substantial beats here and then let’s dig in the retail side 2 on the third-party side revenue from third-party seller Services grew 36% year-over-year which is down slightly from which it was about 40% of year ago so you know just kind of scale kind of slowing down I think but again you have third parties are growing 36% year-over-year is not too shabby in a world of 15% and in fact when you think about it if third prettiest girl. [40:15] That fast then overall online sales for Amazon were about 18% first party is growing for a bit slower so the third party part of Amazon is growing substantially Amazon does report the unit volume mix and the unit volume mix hit a new high water mark and Q2 of 53% it was interesting it it kind of when you look at it overtime at q117 and it kind of this equilibrium of 50% and it stayed in that range all the way through 2017 and then here and 2018 it’s really kind of started to ramp up I think some of that was a couple things so I think Amazon always loves for 3p to go through FBA if possible cuz that’s the best user experience and it so I think Amazon and in 17 had vastly underestimated the the popularity of FBA with third parties so they built a lot of fulfillment centers globally in Parsippany us to kind of catch up so it feels to me it didn’t seem time they had some policies to kind of help drain some of the slower moving stuff out of a PA so I feel like the kind of used 2017 as a catch-up to get. [41:27] APA right sized again counties in that stair step method ology profits took a hit from that and now we’re really seeing creepy ramp up because I think there’s a lot more room in that PA to drive things I do my own proprietary analysis of this and one I kind of peel apart the quarter I end up with first party at 37.6 billion 71 billion for third-party so third-party is getting to be almost as twice as big as first party so it’s your time looking at. 6030 Castle Cliff there I mean 6535 and I have three pgmp growing at 27% and 1p growing at 12% so this move between one p3p delete this a little bit but adding those together to get 108 billion dollars of gmv for the quarter which I think is the right way to think of Amazon and that puts them at a you know north of a 400 billion gmv run rate. Which is essentially the size of Walmart we can compare Amazon’s GMB to Walmart retail sales which I think is the right comparison there. On the US side to side Jason or you want me to jump into that. Jason: [42:43] Sure I’ll hit the top on and you can add any any color but North American revenues continue to be really strong so that there were 32.2 billion for the quarter that’s a 44% year-over-year increase and I I think that basically hit the Wall Street expectation but they you know again you don’t improve the operating margin I think they beat their. Their consensus estimates for the operating margin so again fast expected grossing growth in North America and North America has been properly 17 consecutive quarters or. Scot: [43:31] Yeah but I’ve lost track to being sweet. Jason: [43:34] Yes but so it’s something something in that range. Where you at we’re going to call it a 12 consecutive quarters of profitable growth in North America so going back to positive profit in North America so that’s you know going back to the the sort of old wives tale that they’re not profitable the retail business in North America on its own is a profitable business it’s growing robustly it’s not super high margin as. You know most most retail is not super high margin but there’s not very many retards in North America that it wouldn’t take the last the last 11 quarters for for Amazon’s business so North America is a very robust retail business. Scot: [44:28] Yeah and if you look at the operating margin for that segment again operating margin is really a trailing indicator free free cash flow would be better but they don’t break it out by a segment cuz you’re not required to file SEC but it improved from 3.7% bottom line profitability 5.7 in Washi parlance that’s a 200 basis point increase which is pretty material on a quarter to quarter so you’re really starting to see them. Squeeze some some benefit there. Some of that is coming from the ad Revenue so that again the ad revenue does getting mixed into this North America piano AWS isn’t cuz it said separate Simon so it is in their hind it’s helping but it’s maybe a third of the profit comes from that business. But I don’t think it’s fair to separate that because those two things are very much more intimately connected than AWS is essentially. Jason: [45:24] Yeah and that I mean reminder that the ad business wouldn’t exist if they weren’t retailer driving a bunch of traffic to that site to shop for Stuff. Scot: [45:35] You want to do International. Jason: [45:37] No I’m going to toss it to you for the cool accent. Scot: [45:41] Yeah yeah thanks crikey so. On the international side if there’s any kind of blemish on this quarter it was International and then maybe the Top Line kind of being a little light but I think people kind of get the Top Line being of 1 Peter 3 p move and it is. Truck drives Rockville police they’re okay with it so he International Group 21% year-over-year was largely due. [46:08] A launch last year sometime that there anyways I’m so they had a tough comp in in a Wall Street. ABS line but so is a little bit of white on the top line from what people were expecting it again on the bottom line it was good it was pretty strong so International has a loss so it is she won the last was 4.2% and then this quarter it was 3.4% so again kind of a really nice quarter-on-quarter Improvement but this is clearly a part of Amazon that’s losing money and yeah for those folks that really want to find a piece of you found it so the international business of Amazon’s losing money right now it is improving its profitability pretty dramatically quarter-on-quarter so and Q4 it was down 5% in a lost 5% and then yeah back in the 2017 it lost as much as 7% so it’s really kind of cut the losses and half in less than a year and you know I think we’ll see this at this kind of pace you could see International get profitable. If you stretch get there in 18 but maybe by mid 1990 you know if Amazon opens up Brazil in a more serious way there’s a lot of countries that are not in and or they do some Acquisitions so they’ve added some things like sukur that. Could make it kind of go negative again they they will do that because I see it is as such a big opportunity. Jason: [47:30] Yeah and I would just remind people of your thinking about this in terms of a traditional retailer very few retailers that are wholesalers of other people’s stuff that sell third-party product had been very successful at expanding internationally so lots of retailers have success in their home Market they say hey what time you getting getting saturation here we should expand in some other markets to grow our our total addressable market and they start opening stores in other markets and more often than not they fail utterly or at the very least aren’t profitable and so like I would argue if you pull Brandon manufactures out that sell their own stuff the the majority of retailers International operations are unprofitable and some much more wildly so than Amazon right I think an Amazon case what we’re still seeing is is an investment that hasn’t paid off yet but there’s you know every reason to believe that it could just be early in the investment cycle and I I think that compares favorably to a lot of traditional retail competitors. Scot: [48:35] Yeah and the last thing here you know what Amazon is really good at is seeing something work in one market and rolling it out rap play the others I don’t know I haven’t tracked person where they are on the ad but I’m sure like in Australia they don’t have the ad platform active yet because they’re trying to get third parties ramped up but you know what you can Dad is there seeing the ad platform work really well in North America I’m pretty sure it’s it’s. Parody Future parody in England but I don’t think the rest of Europe is really been aggressively sold that and then countries like India you know where the the type of a model this kind of hybrid ad and Marketplace model is is much more prevalent in Asian Alibaba really kind of I read this whole concept you can see you know you can see International almost getting prop on the back of rolling that ad platform out in a in an aggressive way and getting it into all these countries where it’s not and then getting it penetrated more intended the countries where it already is an English and whatnot so that’ll be interesting to watch. It could even further because they don’t kind of tell us the breakdown of of that other line you’re my bet be it’s probably 80 or 90% North America and very small International and I would imagine the international side to be as big as a North America side just kind of just naturally so that ad business we could be vastly under sizing that add business even that kind of like that’s Facebook scale that the people are saying. Jason: [50:04] Yeah and I I mean I would argue that the ad business is as robust as it’s getting it’s still pretty immature even in North America so there’s there’s certainly lots of room there but you know this this whole metaphor of a flywheel like the one downside of a flywheel is it’s hard to start pedaling in the beginning until you get the momentum right and. Why can’t a lot of these markets they’re still doing that initial pedaling like in Australia they really just want Prime so you know a lot of the synergies that that all of these different systems than Amazon launches that ultimately turn into this you know Juggernaut platform ekosistem. You know aren’t in play as much in some of these new international countries as have already played out in North America and so like overtime. [50:50] They look those things could get fired up you know they can pour gas on Prime sign ups and in Australia for example. And Scot it’s going to shock you but it does happen again and we have used up all of our allotted time we are at minute 50 of our 30-minute highlight show if you want to continue but it was all valuable stuff and I know all the Whismur stuck with us so if you want to continue the conversation or do you want to know what Scott would have talked about it I gave him 10 more minutes you can jump over to Facebook and drop us a question and we’re happy to have a dialogue there as always Aviv that this episode was helpful to you we sure would appreciate it if you jump on iTunes and give us that 5-star review. Scot: [51:35] Next to join us are one we are going to be at Etail and Boston ETL East sews drop us a message to Vitas Facebook as whatever your preferred method of communioncation isn’t would love to meet up with some are there. Jason: [51:49] That would be awesome and until next time happy commercing.

In this episode: Simon and Colin break down: high profile bankers leaving for cryptocurrency startups, The Chicago Board of Exchange announces that it will launch Bitcoin Futures, and ICO funding tops half a billion dollars in the month of July and 1.6Bn this year. Zeth Couceiro, expert recruiter in the blockchain space, makes his debut on the show giving his top tips on how to get a job in blockchain. They also look back at the first week of Bitcoin Cash since the bitcoin fork and discuss the impact on the price and the network with Chris Burniske. Special Guests: Chris Burniske and Zeth Couceiro.

Roger Ehrenberg is the Founder and Managing Partner @ IA Ventures, one of New York’s leading early stage funds with investments in the likes of TransferWise and The Trade Desk. Prior to IA, Roger was a prolific angel investor making investments in over 40 companies including BuddyMedia and previous guest, Howard Lindzon’s StockTwits. Before that, Roger served as President and CEO @ DB Advisors, Deutsche Bank’s internal hedge fund trading platform which managed $6Bn in capital across multiple geographies. In Today’s Episode with Roger You Will Learn: How Roger made his way into VC from the world of Wall St? How does Roger view the diversification model of 50+ in a portfolio in micro VC? What levels of ownership does that require? With regards to small and honed portfolios Roger has previously said that ‘small is beautiful’. How does Roger approach this with IA and what capital pools does this allow his partners? Roger has also said that ‘VC platforms are not a panacea’. What does he mean by this? What do founders really want from an investment partner today? What is the effect of Roger and IA being outside the traditional echo chambers of Silicon Valley? How does this affect Roger’s dealflow? Hiring ability? Partnership opportunities? Items Mentioned In Today’s Show: Roger’s Fave Blog and Newsletter: Maria Popova: BrainPickings Roger’s Fave Book: Out Of The Crisis Roger’s Most Recent Investment: Octane Lending As always you can follow Harry, The Twenty Minute VC and Roger on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. X.ai is AI-powered personal assistant for scheduling meetings bringing you Amy or Andrew. The assistant you interact with like you would to any other person and it allows you to avoid the tedious hours of email ping pong in order to schedule one meeting. Even better, there is no sign in, no password, no download, all you do is cc amy@x.ai beautiful! And you can check it out now on x.ai it really is a must! Workable is the all-in-one recruiting software for ambitious companies. From posting a job to tracking and managing candidates, Workable provides everything you need to hire better. Transparent communication, organized candidate profiles, structured interviews and a full reporting suite gives hiring teams the information they need to make the best choice. Workable is available for desktop and mobile and you can find out more on workable.com where you can try it for free.