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My guest today is Graham Weaver. My guest today is Graham Weaver. Graham is the founder of Alpine Investors, a large private equity firm targeting an interesting market inefficiency. Alpine focuses on the thousands of $20 million revenue businesses whose baby boomer owners want to retire, but lack succession plans. Alpine buys companies and installs 28-year-old military veterans and top MBA graduates as CEOs, leveraging 25 years of intellectual property on how young executives can successfully run established businesses. Alpine's CEO-in-training program is now the most applied-to job at Harvard, Stanford, and Kellogg business schools. We discuss the past, present and future of their unique approach. Please enjoy my conversation with Graham Weaver. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:13) The Journey to Private Equity (00:06:59) Early Influences and Personal Growth (00:09:54) The Power of Wrestling and Rowing (00:11:45) Choosing Your Path and Making Decisions (00:14:48) College Goals and Rowing Success (00:18:05) Lessons from Early Business Ventures (00:26:24) Founding Alpine and Early Challenges (00:34:46) Core Beliefs and Talent Development (00:39:07) Fun Board Meetings and Team Dynamics (00:40:42) Platform Building 101 (00:44:08) Talent and Training Programs (00:49:12) Employee and Customer Engagement (00:52:27) Financial Outcomes and Asymmetric Returns (00:55:52) Incentivizing Young CEOs (01:00:26) The Role of Emotional Intelligence (01:02:45) The Alpine CEO in Training Program (01:03:40) Teaching at Stanford and Influential Mentors (01:07:58) Helping Students Find Their Passion (01:10:22) Visualizing Your Future Self (01:11:19) Scalability of Coaching (01:12:15) Personal Growth Through Teaching (01:16:16) The Role of Executive Coaching (01:24:45) Lessons from a Bad Deal (01:31:50) Daily Routines and Success (01:36:13) The Future of Private Equity (01:35:24) Unleashing Heroes at Alpine (01:38:09) The Journey of Building Alpine (01:41:31) The Kindest Thing Anyone Has Ever Done For Graham
My guest today is Gustav Söderström. Gustav is the Co-President, Chief Product Officer & Chief Technology Officer at Spotify. Gustav lets us behind the scenes on how Spotify thinks about the future of audio and video, and what leadership lessons he's learned from making mistakes and taking risks in a rapidly changing technological landscape. He shares fascinating insights on their synchronized team structure and how they have positioned themselves as "the R&D department" for the entire music industry. We discuss their integration of AI, their unique "bets board" process for allocating resources, and how they've evolved from a music service into a multimedia platform with over 650 million users. Please enjoy my conversation with Gustav Söderström. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:27) Spotify's Journey Through Technological Shifts (00:06:28) The Impact of Generative AI on Consumer Products (00:09:36) AI in Coding and Productivity (00:11:11) Consumer Engagement and AI Playlisting (00:14:43) Strategic Frameworks and Decision-Making at Spotify (00:19:39) The Bets Process: Structured Innovation (00:31:11) The Future of AI and Business Models (00:44:31) The Future of AI and Inference Costs (00:46:21) The Concept of Computronium and Infinite Computing (00:47:02) David Deutsch and the Beginning of Infinity (00:48:55) The Power of Explanations and Human Understanding (00:54:03) Spotify's Free Tier and Consumer Needs (00:56:45) Spotify's Relationship with the Music Industry (01:03:03) The Rise of Podcasting and Audiobooks (01:15:45) Personal Interests and Continuous Learning (01:20:32) The Kindest Thing Anyone Has Ever Done For Gustav
SoftBank's Vision Fund made history with its $100 billion war chest, backing game changing companies from Uber to TikTok. But Masa's ambition doesn't stop there. SoftBank is already looking ahead, aiming to shape the future of generative AI and its infrastructure.In this special bonus episode, we dive into the next decade of SoftBank's strategy. Specifically, how they're positioning themselves to dominate AI infrastructure, from massive data centers to edge computing. We break down the role of ARM, the rise of AI processing on the edge, and how AlphaSense insights can deepen your understanding of SoftBank's daring strategies.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
My guests today are Rick Ruback and Royce Yudkoff. Rick and Royce are Harvard Business School professors who teach their students how to search for, acquire, and run small business directly after graduation. It has been almost a decade since our first conversation, and unlike many past interviews that have become outdated due to technology or market changes, the core principles they shared about entrepreneurship through acquisition remain remarkably relevant today. They explore fascinating developments in the search-fund ecosystem, including the bifurcation between funded searchers targeting larger companies and self-funded entrepreneurs finding success with smaller businesses. Rick and Royce share their accumulated wisdom on what makes a company worth buying, why the "magic is in the multiples," and how their students consistently achieve impressive returns through patient, value-oriented business acquisition. Please enjoy my conversation with Rick Ruback and Royce Yudkoff. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:23) Changes in the Small Firm Acquisition Space (00:06:52) The Impact of SBA Loans on Acquisition Entrepreneurship (00:08:55) The Evolution of Entrepreneurship Through Acquisition (00:10:09) Risk and Return in the Search Fund Model (00:13:38) The Role of Investors in Funded and Unfunded Searches (00:19:33) Criteria for a Good Acquisition Target (00:28:36) The Growing Popularity of Self-Funded Searches (00:43:21) Challenges and Red Flags in Small Firm Acquisitions (00:49:47) Exploring Margin Expansion and Growth (00:51:02) The Impact of Practical Teaching in Business Education (00:52:12) Keys to a Successful Business Class (00:53:30) The Role of Theory in Practical Business Education (00:55:29) Challenges and Rewards of Teaching Business (00:57:46) Capital Allocation in Small Businesses (01:00:50) Advice for Aspiring Business Searchers (01:03:45) Value Creation and Business Lifecycle (01:08:20) Deciding to Leave Private Equity (01:11:20) The Future of Higher Education in Business (01:16:06) Ongoing Relationships with Former Students (01:18:45) Favorite Business Cases to Teach (01:24:46) Encouraging More People to Pursue Business Ownership
SoftBank has backed some of the most game-changing startups of our time — Uber, Grab, TikTok — companies that reshaped how we move, eat, and connect.The man behind it is Masayoshi Son — a founder unlike any other. Bold, fearless, and sometimes reckless, Masa didn't just invest in companies, he devoured them. His empire stretched from Tokyo to Silicon Valley, built on billion-dollar bets, wild risk-taking, and the unshakeable belief that he could see the future before anyone else.But every empire comes at a price.This is the story of SoftBank — how one man from Japan took on the world's biggest tech giants, gambled billions, lost it all… and came back for more.Episode 1: Impress, Charm and DeceiveA young Masayoshi Son hustles his way through Silicon Valley — using every trick in the book...and outside it.Episode 2: The SoftBank MiracleBack in Japan, Masa builds SoftBank from nothing — surviving betrayal, bankruptcy, and even a terminal illness to become the king of Japan's software industry.Episode 3: Every Piece of ThemMasa goes global — buying tech magazines, trade fairs, Yahoo shares, and placing a life-changing bet on a then-unknown Chinese startup: Alibaba.Episode 4: Widening the NetAfter the Dot-Com Crash wipes out 96% of his wealth, Masa bets everything on broadband and mobile — taking on Japan's telecom giants and winning control of Vodafone Japan.Episode 5: WarchestDetermined to rule the future, Masa creates the $100 billion Vision Fund — a war chest so powerful it could turn founders into billionaires overnight — even if their companies were never built to last — all while setting his sights on Artificial Intelligence.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
Invest Like the Best: Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- My guest today is David Senra. David is the host of Founders podcast and a dear friend. This is our third time doing Invest Like the Best together and we have conversations like this one all the time. In today's episode, David distills wisdom from 400 entrepreneur biographies into a single word: focus. He reveals why exceptional builders like Todd Graves and James Dyson create billion-dollar empires through obsessive dedication to simple ideas—whether perfecting chicken fingers or designing vacuum cleaners—while rejecting conventional growth timelines and investor pressure. David challenges us all to find the one thing we'd pursue even without recognition or reward, or what I like to call your life's work. We discuss the concept of “anti-business,” raising capital as a founder, and decades-long commitment. Please enjoy this discussion with David Senra. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:43) The Essence of Focus in Entrepreneurship (00:09:20) The Value of Long-Term Commitment (00:17:41) The Importance of Simplicity and Mastery (00:37:11) The Miracle of Entrepreneurship (00:44:56) James Dyson's Journey to Success (00:47:03) The Importance of Passion in Business (00:49:12) Critique of Modern Consumerism (00:52:18) The Value of Craftsmanship (00:56:36) The Drive for Excellence (01:04:06) The Importance of Hiring Top Talent (01:09:54) Creative Financing Strategies (01:19:35) Defining a Founder
Australia's ETF industry is booming - up $53 billion in the past year alone - and a new player is stepping into the ring. David Tuckwell, son of ETF pioneer Graeme Tuckwell, has launched ETF Shares to challenge the giants like Vanguard and Betashares. His weapon of choice? Low fees and ultra-focused US tech exposure. One fund holds just the top 10 Nasdaq stocks - an audacious bet on concentration over diversification. Is there room for another player in an increasingly crowded market? We explore the strategy, the story, and the stakes behind ETF Shares' bold launch. _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.
Invest Like the Best Key Takeaways Time is the best filter: History's top entrepreneurs were completely focused over a long periodThe essential maxims from the episodeIt does not matter the pursuit; what matters is having a missionA great business takes time Find a simple idea and take it seriously – Charlie Munger Do one thing, and do it better than anyone else – Todd Graves Learning is not memorizing information; learning is changing your behavior The reward for great work is more work – Kevin Kelly The hard way is the right way – Jerry Seinfeld Be less interested in timely and more interested in timeless Overpay for talent because you really cannot overpay for talent Limit the amount of details, then make every detail perfect Pay attention to the nickels because the nickels turn into quarters Mediocrity is invisible until passion shows up and exposes it – Michael Ovitz The most successful businesses go ridiculously far in maximizing or minimizing one or a few variables Great entrepreneurs find opportunity in catastrophe Learning about history's most ambitious people stretches your imagination for what is possible in life “You think what you want is money, but what you really want is meaning.” – David SenraJust keep going; you will figure it out – have the self-belief and keep going Read the full notes @ podcastnotes.orgMy guest today is David Senra. David is the host of Founders podcast and a dear friend. This is our third time doing Invest Like the Best together and we have conversations like this one all the time. In today's episode, David distills wisdom from 400 entrepreneur biographies into a single word: focus. He reveals why exceptional builders like Todd Graves and James Dyson create billion-dollar empires through obsessive dedication to simple ideas—whether perfecting chicken fingers or designing vacuum cleaners—while rejecting conventional growth timelines and investor pressure. David challenges us all to find the one thing we'd pursue even without recognition or reward, or what I like to call your life's work. We discuss the concept of “anti-business,” raising capital as a founder, and decades-long commitment. Please enjoy this discussion with David Senra. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:43) The Essence of Focus in Entrepreneurship (00:09:20) The Value of Long-Term Commitment (00:17:41) The Importance of Simplicity and Mastery (00:37:11) The Miracle of Entrepreneurship (00:44:56) James Dyson's Journey to Success (00:47:03) The Importance of Passion in Business (00:49:12) Critique of Modern Consumerism (00:52:18) The Value of Craftsmanship (00:56:36) The Drive for Excellence (01:04:06) The Importance of Hiring Top Talent (01:09:54) Creative Financing Strategies (01:19:35) Defining a Founder
Invest Like the Best Key Takeaways Time is the best filter: History's top entrepreneurs were completely focused over a long periodThe essential maxims from the episodeIt does not matter the pursuit; what matters is having a missionA great business takes time Find a simple idea and take it seriously – Charlie Munger Do one thing, and do it better than anyone else – Todd Graves Learning is not memorizing information; learning is changing your behavior The reward for great work is more work – Kevin Kelly The hard way is the right way – Jerry Seinfeld Be less interested in timely and more interested in timeless Overpay for talent because you really cannot overpay for talent Limit the amount of details, then make every detail perfect Pay attention to the nickels because the nickels turn into quarters Mediocrity is invisible until passion shows up and exposes it – Michael Ovitz The most successful businesses go ridiculously far in maximizing or minimizing one or a few variables Great entrepreneurs find opportunity in catastrophe Learning about history's most ambitious people stretches your imagination for what is possible in life “You think what you want is money, but what you really want is meaning.” – David SenraJust keep going; you will figure it out – have the self-belief and keep going Read the full notes @ podcastnotes.orgMy guest today is David Senra. David is the host of Founders podcast and a dear friend. This is our third time doing Invest Like the Best together and we have conversations like this one all the time. In today's episode, David distills wisdom from 400 entrepreneur biographies into a single word: focus. He reveals why exceptional builders like Todd Graves and James Dyson create billion-dollar empires through obsessive dedication to simple ideas—whether perfecting chicken fingers or designing vacuum cleaners—while rejecting conventional growth timelines and investor pressure. David challenges us all to find the one thing we'd pursue even without recognition or reward, or what I like to call your life's work. We discuss the concept of “anti-business,” raising capital as a founder, and decades-long commitment. Please enjoy this discussion with David Senra. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:43) The Essence of Focus in Entrepreneurship (00:09:20) The Value of Long-Term Commitment (00:17:41) The Importance of Simplicity and Mastery (00:37:11) The Miracle of Entrepreneurship (00:44:56) James Dyson's Journey to Success (00:47:03) The Importance of Passion in Business (00:49:12) Critique of Modern Consumerism (00:52:18) The Value of Craftsmanship (00:56:36) The Drive for Excellence (01:04:06) The Importance of Hiring Top Talent (01:09:54) Creative Financing Strategies (01:19:35) Defining a Founder
My guest today is David Senra. David is the host of Founders podcast and a dear friend. This is our third time doing Invest Like the Best together and we have conversations like this one all the time. In today's episode, David distills wisdom from 400 entrepreneur biographies into a single word: focus. He reveals why exceptional builders like Todd Graves and James Dyson create billion-dollar empires through obsessive dedication to simple ideas—whether perfecting chicken fingers or designing vacuum cleaners—while rejecting conventional growth timelines and investor pressure. David challenges us all to find the one thing we'd pursue even without recognition or reward, or what I like to call your life's work. We discuss the concept of “anti-business,” raising capital as a founder, and decades-long commitment. Please enjoy this discussion with David Senra. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:43) The Essence of Focus in Entrepreneurship (00:09:20) The Value of Long-Term Commitment (00:17:41) The Importance of Simplicity and Mastery (00:37:11) The Miracle of Entrepreneurship (00:44:56) James Dyson's Journey to Success (00:47:03) The Importance of Passion in Business (00:49:12) Critique of Modern Consumerism (00:52:18) The Value of Craftsmanship (00:56:36) The Drive for Excellence (01:04:06) The Importance of Hiring Top Talent (01:09:54) Creative Financing Strategies (01:19:35) Defining a Founder
SoftBank has backed some of the most game-changing startups of our time — Uber, Grab, TikTok — companies that reshaped how we move, eat, and connect.The man behind it is Masayoshi Son — a founder unlike any other. Bold, fearless, and sometimes reckless, Masa didn't just invest in companies, he devoured them. His empire stretched from Tokyo to Silicon Valley, built on billion-dollar bets, wild risk-taking, and the unshakeable belief that he could see the future before anyone else.But every empire comes at a price.This is the story of SoftBank — how one man from Japan took on the world's biggest tech giants, gambled billions, lost it all… and came back for more.Episode 1: Impress, Charm and DeceiveA young Masayoshi Son hustles his way through Silicon Valley — using every trick in the book...and outside it.Episode 2: The SoftBank MiracleBack in Japan, Masa builds SoftBank from nothing — surviving betrayal, bankruptcy, and even a terminal illness to become the king of Japan's software industry.Episode 3: Every Piece of ThemMasa goes global — buying tech magazines, trade fairs, Yahoo shares, and placing a life-changing bet on a then-unknown Chinese startup: Alibaba.Episode 4: Widening the NetAfter the Dot-Com Crash wipes out 96% of his wealth, Masa bets everything on broadband and mobile — taking on Japan's telecom giants and winning control of Vodafone Japan.Episode 5: WarchestDetermined to rule the future, Masa creates the $100 billion Vision Fund — a war chest so powerful it could turn founders into billionaires overnight — even if their companies were never built to last — all while setting his sights on Artificial Intelligence.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
My guest today is Cliff Sosin. Cliff is the founder of CAS Investment Partners, a fund he started with $5 million in 2012 and has grown to $1.7 billion as of the last reported numbers at the end of 2024. At the time, CAS had only four positions. This conversation is different to our typical episodes. We start by talking about Cliff's investing philosophy but the bulk of this long discussion is a case study into his remarkable investment in Carvana. Cliff is one of the biggest investors in the business, which had a market cap over $60 billion in 2021, then fell 99%, survived, and now has a market cap approaching $50 billion again. While I hosted Carvana's CEO, Ernie Garcia, last year to get the inside perspective on managing through such turbulence, today we hear the investor's side of this extraordinary story. It is a singular episode and there are so many lessons in this rare opportunity to hear a major investor describe his decision-making process at every stage of the journey. Please enjoy my great conversation with Cliff Sosin. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:00:32) Early Career and Discovering Investing (00:01:18) Journey Through Financial Firms (00:01:49) Starting the Firm and Initial Challenges (00:03:41) Investment Philosophy and Market Realities (00:05:07) Building the Firm and Investor Relations (00:07:23) Defining a Good Business (00:12:31) Contained vs. Uncontained Businesses (00:15:30) Mental Models and Market Insights (00:30:13) The Role of ESG in Investing (00:34:26) The Carvana Investment Story (00:41:01) The Complexity of Car Transactions (00:41:43) Carvana's Real Estate and Logistics Network (00:44:12) Reconditioning and Selling Cars (00:45:16) Carvana's Financing and Customer Service (00:46:43) Economies of Scale and Trust (00:49:40) Challenges and Management Insights (00:59:07) Operational Issues and Market Challenges (01:18:56) Questioning Carvana's Sales Strategy (01:19:17) The Role of Word of Mouth in Carvana's Growth (01:20:28) Identifying Early Adopters (01:21:00) The Impact of Market Conditions on Carvana (01:22:10) Carvana's Operational Challenges (01:23:10) Cutting Costs and Organizational Efficiency (01:27:19) The Apollo Deal and Debt Restructuring (01:28:23) Personal Reflections on Investment Decisions (01:34:21) The Psychological Toll of Investment (01:45:16) Future Investment Strategies and AI (01:49:48)The US Market and Investment Opportunities (01:54:51) The Kindest Thing Anyone Has Ever Done For Cliff
SoftBank has backed some of the most game-changing startups of our time — Uber, Grab, TikTok — companies that reshaped how we move, eat, and connect.The man behind it is Masayoshi Son — a founder unlike any other. Bold, fearless, and sometimes reckless, Masa didn't just invest in companies, he devoured them. His empire stretched from Tokyo to Silicon Valley, built on billion-dollar bets, wild risk-taking, and the unshakeable belief that he could see the future before anyone else.But every empire comes at a price.This is the story of SoftBank — how one man from Japan took on the world's biggest tech giants, gambled billions, lost it all… and came back for more.Episode 1: Impress, Charm and DeceiveA young Masayoshi Son hustles his way through Silicon Valley — using every trick in the book...and outside it.Episode 2: The SoftBank MiracleBack in Japan, Masa builds SoftBank from nothing — surviving betrayal, bankruptcy, and even a terminal illness to become the king of Japan's software industry.Episode 3: Every Piece of ThemMasa goes global — buying tech magazines, trade fairs, Yahoo shares, and placing a life-changing bet on a then-unknown Chinese startup: Alibaba.Episode 4: Widening the NetAfter the Dot-Com Crash wipes out 96% of his wealth, Masa bets everything on broadband and mobile — taking on Japan's telecom giants and winning control of Vodafone Japan.Episode 5: WarchestDetermined to rule the future, Masa creates the $100 billion Vision Fund — a war chest so powerful it could turn founders into billionaires overnight — even if their companies were never built to last — all while setting his sights on Artificial Intelligence.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
My guest today is Matt Huang, co-founder of Paradigm, a leading crypto investment firm with over $12 billion in assets under management. Before launching Paradigm in 2018 with Coinbase co-founder Fred Ehrsam, Matt was a partner at Sequoia Capital, where he led many of the firm's crypto investments. It's widely reported that Michael Moritz called Matt “the only regrettable loss in Sequoia's history.” In our conversation, Matt shares his framework for navigating the often illegible frontier of crypto, how his early investment in ByteDance (now worth 10,000x his initial capital) shaped his approach to identifying exceptional founders, and why he believes so deeply in crypto's long-term potential. His firm, Paradigm, not only invests in many of the leading companies in the industry, it also builds open-source tools used by most of crypto. Matt has a rare blend of IQ and EQ that allows him to understand technical complexity, bring together unique talents, and ride out crypto's notorious volatility. Whether you're crypto-curious or crypto-skeptical, I think you'll find his perspective valuable. Please enjoy my great conversation with Matt Huang. Matt Huang's Profile in Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:15) Matt Huang's Early Life and Career (00:08:13) College Years and Early Career (00:12:27) The Failed Startup and Lessons Learned (00:25:58) The Journey to Sequoia Capital (00:32:51) Discovering Bitcoin and Crypto (00:39:33) Founding Paradigm (00:45:40) Building a Unique Investment Team (00:46:37) The Role of Engineers and Researchers (00:48:03) Challenges and Volatility in Crypto (00:52:11) The FTX Investment and Its Aftermath (00:58:40) Crypto as a New Financial System (01:05:19) The Importance of Stablecoins (01:09:54) AI and Crypto: The Next Frontier (01:16:19) Personal Motivations and Mission (01:29:23) The Role of Regulation in Crypto (01:32:27) The Kindest Thing Anyone Has Ever Done for Matt
SoftBank has backed some of the most game-changing startups of our time — Uber, Grab, TikTok — companies that reshaped how we move, eat, and connect.The man behind it is Masayoshi Son — a founder unlike any other. Bold, fearless, and sometimes reckless, Masa didn't just invest in companies, he devoured them. His empire stretched from Tokyo to Silicon Valley, built on billion-dollar bets, wild risk-taking, and the unshakeable belief that he could see the future before anyone else.But every empire comes at a price.This is the story of SoftBank — how one man from Japan took on the world's biggest tech giants, gambled billions, lost it all… and came back for more.Episode 1: Impress, Charm and DeceiveA young Masayoshi Son hustles his way through Silicon Valley — using every trick in the book...and outside it.Episode 2: The SoftBank MiracleBack in Japan, Masa builds SoftBank from nothing — surviving betrayal, bankruptcy, and even a terminal illness to become the king of Japan's software industry.Episode 3: Every Piece of ThemMasa goes global — buying tech magazines, trade fairs, Yahoo shares, and placing a life-changing bet on a then-unknown Chinese startup: Alibaba.Episode 4: Widening the NetAfter the Dot-Com Crash wipes out 96% of his wealth, Masa bets everything on broadband and mobile — taking on Japan's telecom giants and winning control of Vodafone Japan.Episode 5: WarchestDetermined to rule the future, Masa creates the $100 billion Vision Fund — a war chest so powerful it could turn founders into billionaires overnight — even if their companies were never built to last — all while setting his sights on Artificial Intelligence.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
Investors hoping for a swift ‘V-shaped' recovery from the recent market sell-off are likely to be disappointed. Instead, they face a slow, grinding path forward. That's the base case from Koda Capital's Chief Economist, Brigette Leckie, who says the tariff-led policies of Trump 2.0 represent a structural break for economies and markets. _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.
Today's guest is Neil Mehta, founder of Greenoaks Capital. In 2012, aged 27, Neil left D.E. Shaw to start Greenoaks with his friend Benny Peretz. One of their first investments was in Coupang, a South Korean e-commerce company led by founder Bom Kim. Neil was so convinced of Coupang's potential that he invested 40% of their initial $50 million fund into the company—a bet that eventually returned about $8 billion. Over its first 13 years, Greenoaks has backed legendary companies like Figma, Wiz, Carvana, Stripe, Discord, Rippling, and Toast—generating over $13 billion in gross profits with a 33% net IRR. Henry Kravis, one of Neil's early investors, describes him as "extremely disciplined" with "exceptional timing" who has "gone against the tide many times." Greenoaks operates with remarkable concentration: just 55 core companies across nearly $15 billion in assets, managed by only nine investment professionals. Their approach reflects their singular pursuit: finding companies that will become a meaningful part of the S&P 500. In our wide-ranging conversation, Neil shares this mission along with his framework for identifying exceptional founders, his concept of "jaw-dropping customer experiences," and how his grandfather's gun shop in India shaped his appreciation for builders of all kinds. Please enjoy my excellent conversation with Neil Mehta. Neil Mehta's Profile in Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:32) Connecting Craftsmanship to Career (00:07:45) The Concept of Jaw Dropping Customer Experience (JDCE) (00:09:48) Building a Successful Business: The Coupang Case Study (00:17:26) The Importance of Founders & Business Models (00:30:05) Greenoaks' Unique Approach to Venture Capital (00:37:54) A Memorable Encounter with Henry Kravis (00:40:52) Early Career and Lessons from Hong Kong (00:44:53) The Partnership with Benny (00:50:28) Navigating the Competitive Landscape (00:59:14) High Conviction Investments: TripActions, Rippling, and Carvana (01:07:00) Investment Strategy and Company Evaluation (01:13:23) Adventures in Emerging Markets (01:17:09) Challenges and Lessons Learned (01:26:16) Personal Values and Community Impact (01:32:16) The Kindest Thing Anyone Has Ever Done For Neil
At 83 years old, Martha Stewart is still as relevant as ever, and she just released a new documentary to prove it. Martha takes us through the highs, lows, and reinventions of her iconic career.In this episode, we're diving into the world of Martha and the power of documentaries with our special guest, Amy Holtzman, Chief Marketing Officer at CHEQ. Together, we're exploring what B2B marketers can learn from bringing documentary-style storytelling into their marketing and the legacy Martha Stewart built. We're talking about how to build an authentic brand, own your unique style, and stay top of mind for decades.Because let's be real: who wouldn't want their brand to have Martha Stewart-level resilience?About our guest, Amy HoltzmanAmy Holtzman is Chief Marketing Officer at CHEQ. Amy brings 20 years of marketing experience to CHEQ, including tenure as CMO and head of marketing at Spring Health, AlphaSense, and Splash. She is also a founding member of Chief, a private network that connects and supports female leaders, and co-founder of NYC-based Women in Revenue Marketing. What B2B Companies Can Learn From Martha:Resilience builds a legacy. Martha Stewart's documentary doesn't shy away from the tough moments, and that's part of what makes her story so powerful. In business, as in life, setbacks are inevitable. Amy Holtzman puts it simply: “You gotta show up the next day… roll with the punches and figure out how you get through it.” Resilience and conviction aren't just admirable traits, they're essential for building a brand that lasts for decades.Own your style. Martha's perfectionism is part of her brand. She's unapologetically herself, and it's helped her stand out for decades. Amy encourages marketers to take a page from that approach. She explains, “ Martha's an unapologetic perfectionist… Martha owns it, and it's what made her successful. And I think you have to not necessarily own Martha's style, but you have to own your own style.” In B2B marketing, embracing your quirks and leaning into what makes you different is more powerful than playing it safe.Build trust through authenticity. Martha's documentary reminds us that connection comes from honesty. Her brand works because it's consistent and deeply personal. Amy says the same holds true in marketing, “As humans, we crave connection…I think people shy away from it and B2B a lot of times because they're worried… I think that's what we want. And we can also kind of sniff bulls*** a mile away.” Don't hide behind jargon or trends. The more human your brand feels, the more trust you'll build.Quotes*“ You're gonna get knocked down…But you gotta show up the next day. You have to kind of do it all in stride. If you wanna make it right and make a name for yourself and for your business, you have to just like roll with the punches and figure out how you get through it.”*“ You gotta own what makes you special and unique, right? Martha's an unapologetic perfectionist. She insists on things being her way. A lot of times like women can get negative feedback about that and Martha owns it, and it's what made her successful. And I think you have to not necessarily own Martha's style, but you have to own your own style. It's hard to change. You can adapt in certain situations, but you're not gonna change who you are. And I do think you've gotta own it. You gotta own your own unique style. And sometimes that's not what everybody loves, but it's also what makes you and also your brand special and unique.”*“ I feel like as humans we crave connection and look for commonalities, right? And I think people shy away from it, and B2B a lot of times, because they're worried. What if somebody doesn't like that thing or doesn't have the same values that I have? We need to think about what those things are that we share, but also, there's room to be ourselves and be authentic, like Martha, a bit more too. Because, as humans, I think that's what we want, right? And we can also kind of sniff bullsh** a mile away, right? When somebody's not who they say they are. So I think there's room for a bit more.”*“ I know we're probably all sick of like everything AI, but I actually think it's incredibly important to stay really up to speed and think about it beyond productivity.”Time Stamps[0:55] Amy Holtzman, Chief Marketing Officer at CHEQ[02:07] Why Martha, the Martha Stewart Documentary[02:40] The Role of CMO at CHEQ[05:09] Breaking Down Martha[14:22] B2B Marketing Takeaways from Martha[19:57] The Importance of Authentic Storytelling[25:27] Why You Should Be Documenting Brand Moments[32:36] CHEQ's Marketing Strategy[36:14] The Power in Reinventing and Not Replicating[42:22] The Future of AI in MarketingLinksConnect with Amy on LinkedInLearn more about CHEQAbout Remarkable!Remarkable! is created by the team at Caspian Studios, the premier B2B Podcast-as-a-Service company. Caspian creates both nonfiction and fiction series for B2B companies. If you want a fiction series check out our new offering - The Business Thriller - Hollywood style storytelling for B2B. Learn more at CaspianStudios.com. In today's episode, you heard from Ian Faison (CEO of Caspian Studios) and Meredith Gooderham (Head of Production). Remarkable was produced this week by Jess Avellino, mixed by Scott Goodrich, and our theme song is “Solomon” by FALAK. Create something remarkable. Rise above the noise.
SoftBank has backed some of the most game-changing startups of our time — Uber, Grab, TikTok — companies that reshaped how we move, eat, and connect.The man behind it is Masayoshi Son — a founder unlike any other. Bold, fearless, and sometimes reckless, Masa didn't just invest in companies, he devoured them. His empire stretched from Tokyo to Silicon Valley, built on billion-dollar bets, wild risk-taking, and the unshakeable belief that he could see the future before anyone else.But every empire comes at a price.This is the story of SoftBank — how one man from Japan took on the world's biggest tech giants, gambled billions, lost it all… and came back for more.Episode 1: Impress, Charm and DeceiveA young Masayoshi Son hustles his way through Silicon Valley — using every trick in the book...and outside it.Episode 2: The SoftBank MiracleBack in Japan, Masa builds SoftBank from nothing — surviving betrayal, bankruptcy, and even a terminal illness to become the king of Japan's software industry.Episode 3: Every Piece of ThemMasa goes global — buying tech magazines, trade fairs, Yahoo shares, and placing a life-changing bet on a then-unknown Chinese startup: Alibaba.Episode 4: Widening the NetAfter the Dot-Com Crash wipes out 96% of his wealth, Masa bets everything on broadband and mobile — taking on Japan's telecom giants and winning control of Vodafone Japan.Episode 5: WarchestDetermined to rule the future, Masa creates the $100 billion Vision Fund — a war chest so powerful it could turn founders into billionaires overnight — even if their companies were never built to last — all while setting his sights on Artificial Intelligence.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
“Are you okay?” That was the question Emma Fisher got from her mum after the ASX plunged more than 6% in a single day. For Fisher, it was a soft signal that the worst of the panic may be behind us. In this episode of The Rules of Investing, Emma shares why sharp sell-offs are the new normal, the two market “buckets” she's buying from, and how she's funding new ideas. Last time she was on the podcast, Emma tipped ResMed at $22. This time, she's back with a fresh idea she's backing for the next 5 years. _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.
My guest today is Michael Ovitz. Michael is the legendary talent agent and Co-Founder of CAA or Creative Artists Agency and he is joining me on Invest Like the Best for a second time. Michael started CAA in 1975 and over the next 20 years, he built it into the world's most formidable talent agency, changing Hollywood forever. He shares insights into how he identifies exceptional people across diverse fields - from Hollywood directors like Steven Spielberg to tech founders like Alex Karp of Palantir and venture capitalists like Marc Andreessen. Michael is a force whose expertise extends beyond just people, as he has also become a master in creating institutional momentum, which you'll hear in his involvement with the MoMA, Gulfstream, and more. We discuss his "pilot's checklist" for evaluating talent, the importance of time as his most valuable resource, and why he believes maintaining excellence is critical in any field. Please enjoy my conversation with Michael Ovitz. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:56) Spotting Talent and Building Institutions (00:08:01) The MoMA Story: Transforming an Art Institution (00:19:35) The Importance of Relationships and Time (00:24:32) Building Successful Boards and Teams (00:34:02) Insights on Leadership and Momentum (00:44:49) Building Blackstone and CAA (00:56:32) The Power of Momentum (00:57:25) Overcoming Fear of Failure (01:01:52) Strategic Partnerships and Global Influence (01:17:32) The Importance of Excellence (01:18:22) Mentorship and Legacy (01:34:00) The Future of Media and Technology (01:41:36) Pursuit of Happiness and Lifelong Learning
My guest today is Darren Farber. Darren is a Managing Partner of Albion River, a private direct investment firm focused on acquiring companies that produce highly technical Defense Products & Services. He is a Former special advisor to the Deputy Under Secretary of Defense, a Former member of U.S. Department of Defense Task Force for Business and Stability Operations, and the list goes on and on. Darren is a wealth of knowledge in this space and someone I am grateful to have in the US corner. He shares his perspective on the changing role of the U.S. in global defense and how recent conflicts have shaped military technology and strategy. Darren explains his investment approach at Albion, focused on finding "one-of-one" suppliers and getting as close to the fundamental "molecules" as possible in defense technology. We discuss insights on evaluating the Taiwan situation, the lessons from Ukraine, how the defense budget is allocated, what investors can learn from defense primes, and why technological superiority remains America's greatest advantage. Please enjoy this discussion with Darren Farber. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Introduction and Show Overview (00:06:23) The Changing Role of the US in Global Defense (00:09:23) Evaluating Defense Budgets and Spending (00:11:41) Commercial Technology in Defense (00:15:37) Challenges and Innovations in Defense Procurement (00:22:36) US Defense Strategy and Global Order (00:37:34) The Future of Warfare (00:42:13) Lessons from the Gaza Contingency (00:44:44) Challenges in Defense Venture Capital (00:47:36) The Importance of Responsible Parties in Defense (00:51:06) Industrial Capacity and Defense Investments (00:53:49) Lessons from US Defense Primes (00:59:48) Supply and Demand in Defense Markets (01:07:34) The Role of Net-Centric Warfare (01:10:33) Hopes and Fears for the Future of Kinetic Warfare (01:14:42) The Kindest Thing Anyone Ever Did For Darren
In this episode of the Yet Another Value Podcast Monthly Book Club, host Andrew Walker is joined by Byrne Hobart, author of The Diff newsletter, to discuss Diary of a Very Bad Year: Confessions of an Anonymous Hedge Fund Manager. The conversation explores the book's candid insights from a hedge fund manager navigating the 2008 financial crisis. Andrew and Byrne dig into the accuracy of predictions made in real time, the psychology of uncertainty, and the relevance of past financial mistakes to today's AI boom and private credit landscape. This is a thoughtful discussion on expertise, misallocation, and financial memory—both personal and systemic.This month's book on amazon: https://amzn.to/4hUNk8sChapters:[0:00] Introduction + Episode sponsor: AlphaSense[2:00] Overview of Diary of a Very Bad Year: Confessions of an Anonymous Hedge Fund Manager[12:00] Bubbles through a misallocation of resources lens[22:35] History rhymes / Predictions in the book[35:45] Tariffs today versus housing in 2005[45:00] Misallocation of resources if AI is a bubble[56:00] Druckenmiller's Argentinean betToday's sponsor: AlphaSense; Try it free today at alpha-sense.com/YAVPThis episode is brought to you by AlphaSense—the market intelligence platform I rely on for faster, deeper insight.If you've used platforms like Tegus, you'll feel right at home—but AlphaSense takes it further. With over 150,000 expert call transcripts and 450 million+ premium documents, it's become my go-to resource for both qualitative and competitive research.And now, with Generative AI tools like Gen Search and Gen Grid, AlphaSense makes it easier than ever to accelerate your workflow. Gen Search lets you ask natural-language questions—like “What's driving margin pressure in semis?”—and instantly surfaces answers pulled from expert calls, earnings transcripts, filings, and more.Gen Grid takes it a step further—automating repeatable workflows by applying multiple prompts across dozens of documents at once. It delivers clean, table-format answers like sales trends, macro commentary, or pricing signals—all with clickable citations so you can trace insights directly to the source.Whether you're digging into a company, comparing peers, or parsing 10-Ks at scale, AlphaSense gives you a speed and depth advantage. Try it free today at alpha-sense.com/YAVP and experience the future of research.See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
STAR TV has 800 million monthly viewers in India, but it was never meant to.When media tycoon Richard Li launched the STAR TV network in 1991, his eyes were set on China, with India barely an afterthought. But one unexpected partnership changed everything. Over the decades, STAR would battle rivals, reinvent Indian television, and ultimately become a Disney portfolio company.This is the story of STAR TV - its meteoric rise, bitter betrayals, and ultimate transformation into a media empire commanding over 800 million viewers.Episode 1: The Beginning of the EndRichard Li dismisses India, but a rice farmer-turned-businessman, Subhash Chandra, forces STAR TV to take a second look, setting off a chain of events that will upend the country's media landscape.Episode 2: The Star That Burned Too BrightRupert Murdoch takes over STAR TV and wages war on Zee. Desperate to localize, STAR launches its own Hindi programming, igniting a fierce battle.Episode 3: Who Wants to Be a Deca-millionaireWith Zee dominating prime time, STAR takes its biggest gamble yet—adapting Who Wants to Be a Millionaire for Indian audiences. The stakes? 10 million rupees per episode. (USD$114,450)Episode 4: Black HoleSuccess breeds chaos. As STAR dominates television, internal conflicts and power struggles threaten to consume the empire from within.Episode 5: Darkest Skies, Brightest StarsWith STAR on the brink, a former journalist named Uday Shankar steps in. His unconventional approach will not only save the company, but turn it into a billion-dollar powerhouse.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
No matter how long you've been in markets, we're all guilty, at one point or another, of operating at a headline level. When markets are moving violently - like they are now - and we're all trying to keep up, operating at a summary level can become even more pronounced. But looking beyond the headlines, challenging what you think you know, and diving deeper into complex issues, will almost certainly always yield a better result. For example, one of the dominant narratives right now is that Trump's tariffs will lead to higher inflation. Logically, it makes sense. But the reality could look quite different according to Charlie Jamieson, Co-Founder of Jamieson Coote Bonds. “Everybody just jumps to ‘tariffs mean higher prices, that means inflation'. Well, it's not quite that simple. It definitely means higher prices, but that does potentially mean demand destruction in some things. It really matters how elastic the thing that is being tariffed actually is", says Jamieson. He goes on to provide the example of a 100% tariff on a luxury handbag: “you probably won't sell too many.” Conversely, a tariff on the one little part you need for a broken-down heating or air conditioning unit: " You're probably going to pay it because you're really, really need it - it's very inelastic.” Jamieson also points out that inflation is “a continual and sustained increase in pricing”. “If prices go up 10% that's terrible, obviously demand will be affected, but if they don't change thereafter, it's not inflationary. It just means that yes, of course it is in the very first reading of, but it's not a continued and sustained price increase”. The final piece to this puzzle is what happened last time. “As we saw in Trump 1.0, despite his tariffs at that time, inflation continually fell through that period”, notes Jamieson. “Trump's thinking is that if he can bring that budgetary deficit down considerably, it will also help take out excess demand, it'll bring more efficiency to government and in doing so, he will lower inflation”. This is just one of the many narratives that Jamieson unpacks in the following Rules of Investing podcast, which covers a lot of ground about the global economy, central bank policy, interest rates, inflation, and why investors have a great opportunity right now to rethink and reposition their portfolios. Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.
My guest today is Gili Raanan. Gili is the founder of Cyberstarts, a VC firm focused on cybersecurity and the world's first VC that is majorly backed by cyber entrepreneurs. Cyberstarts' $50 million dollar first fund exploded to close to $2 billion in just three years. Gili describes cybersecurity today as "the perfect storm" where global conflicts and AI advancements are creating unprecedented threats. He talks about Cyberstarts' "Sunrise" methodology, which uniquely identifies customer pain points before building solutions. We discuss a focus on finding resilient talent, overcoming personal adversity, the evolution of the cybersecurity landscape, and Google's recent acquisition of Wiz, as Cyberstarts was one of Wiz's earliest investors. Please enjoy my discussion with Gili Raanan. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:06:52) AI's Impact on Cybersecurity (00:07:51) Offensive and Defensive Tactics (00:09:32) The Future of Cybersecurity (00:15:42) The First Fund: A Legendary Success (00:17:36) Building a Successful Cybersecurity Company (00:28:24) The Sunrise Methodology (00:31:58) Reversing the Startup Process (00:32:53) The Sunrise Methodology (00:33:17) Identifying Market Pain Points (00:34:57) The Importance of Customer Actions (00:36:58) From Conversations to Software Development (00:38:57) The Role of Simulations in Startup Success (00:40:12) Fundraising and Valuation Strategies (00:42:08) Pricing and Market Dynamics (00:46:16) The Value of Superpowers in Founders (00:50:10) Google's Acquisition of Wiz (01:07:24) Personal Resilience and Tragedy (01:10:30) Future of Cybersecurity and AI (01:12:25) The Kindest Thing Anyone Has Done For Gili
STAR TV has 800 million monthly viewers in India, but it was never meant to.When media tycoon Richard Li launched the STAR TV network in 1991, his eyes were set on China, with India barely an afterthought. But one unexpected partnership changed everything. Over the decades, STAR would battle rivals, reinvent Indian television, and ultimately become a Disney portfolio company.This is the story of STAR TV - its meteoric rise, bitter betrayals, and ultimate transformation into a media empire commanding over 800 million viewers.Episode 1: The Beginning of the EndRichard Li dismisses India, but a rice farmer-turned-businessman, Subhash Chandra, forces STAR TV to take a second look, setting off a chain of events that will upend the country's media landscape.Episode 2: The Star That Burned Too BrightRupert Murdoch takes over STAR TV and wages war on Zee. Desperate to localize, STAR launches its own Hindi programming, igniting a fierce battle.Episode 3: Who Wants to Be a Deca-millionaireWith Zee dominating prime time, STAR takes its biggest gamble yet—adapting Who Wants to Be a Millionaire for Indian audiences. The stakes? 10 million rupees per episode. (USD$114,450)Episode 4: Black HoleSuccess breeds chaos. As STAR dominates television, internal conflicts and power struggles threaten to consume the empire from within.Episode 5: Darkest Skies, Brightest StarsWith STAR on the brink, a former journalist named Uday Shankar steps in. His unconventional approach will not only save the company, but turn it into a billion-dollar powerhouse.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
My guest today is Alex Wiltschko. Alex is the founder and CEO of Osmo, a science and technology company giving computers a sense of smell. He set out on a mission to digitize our sense of smell and he describes how Osmo is teaching computers to both read and write scent. Alex was kind enough to walk me through the laboratory which you can watch in the video version of this interview on Youtube and Spotify, where he demonstrates their method to the madness. We discuss their first commercial application, Generation, which is revolutionizing the fragrance industry by dramatically accelerating the typically years-long process of custom scent creation. We discuss all of the potential business implications this technology unlocks, applications ranging from counterfeit detection to health monitoring, and creating a cutting-edge proprietary platform in a historically routine industry. Please enjoy my conversation with Alex Wiltschko. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:25) Introduction to Plum 1.0 (00:06:20) Synthetic Chemistry & OI (00:07:09) Perfumer's Organ & Fragrance Creation (00:08:03) Launching Generation Fragrance House (00:09:15) The Fragrance Design Process (00:12:04) AI and Olfactory Intelligence (00:14:59) The GCMS Machine (00:22:08) The Scent Printer (00:26:47) The Journey of a Fragrance Enthusiast (00:30:47) The Unsolved Problem of Scent (00:32:45) Applying AI to the World of Scent (00:33:17) Validating AI Predictions with Double-Blind Trials (00:39:42) The Emotional Power of Scent (00:49:01) Challenges & Future Prospects (00:59:08) The Defining Moment: Digitizing Smell (01:00:41) The Kindest Thing Anyone Has Ever Done For Alex
Invest Like the Best: Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- My guest today is Kelly Granat. Kelly is the Co-Chief Investment Officer and Managing Director at Lone Pine Capital, one of the most storied and successful hedge fund and investment firms of the last several decades. We explore how investing has evolved since Kelly joined the industry and she shares insights into Lone Pine maintaining its edge through deep fundamental research and a collaborative culture. We discuss what makes great businesses and great investments, how leadership can transform companies, and Kelly's perspective on evaluating management teams and identifying opportunities around corporate change that the market often misprices. Please enjoy my conversation with Kelly Granat. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Alphasense, & Ridgeline (00:06:09) Market Structure Evolution (00:08:39)The Impact of Passive Investing (00:10:21) Collaboration & Team Dynamics (00:13:48) Excitement in Periods of Extreme Change (00:14:21) The Role of Competition & Curiosity (00:22:00) Fundamental Research & Data Integration (00:27:34) Investment Philosophy (00:35:31) People-Centric Investing (00:42:24) Succession Planning (00:49:32) Facing the Pressure of Early Success (00:50:31) Burnout & Rediscovery (00:57:08) Learning from Industry Leaders (00:58:04) Evaluating Talent and Competition (01:11:29) Lessons in Investment (01:27:27) The Kindest Thing Anyone Has Ever Done For Kelly
Invest Like the Best Key Takeaways The best investors get excited during periods of extreme change Key traits for being a successful investor: Be (1) wildly competitive and (2) incredibly curiousCollaboration is key: Once an investment research team grows beyond 20 people, silos form and collaboration decreases Design your organization in a way that encourages dialogue, debate, information sharing, and people to push one another Traits of a Perfect Business1. Incredible leadership 2. Really strong unit economics 3. A solid moat around the business 4. Excellent value proposition to the customer 5. The ability to grow organically without investing meaningful capital 6. A huge runway for growth that can last for many years without being disrupted The optimal portfolio should consist of several things that you are excited about and that have idiosyncratic drivers Certain market backdrops are conducive for different investing styles: Certain investors play a different game from everyone else and there are certain investors who play the popular game bestHire self-aware and curious people who love to learnBonus points if they competed in sports at a high level; these people understand hard work, failure, disappointment, and achievement Do not fall victim to paralysis by analysis: Recognize that there is always the opportunity to learn more, but know when you have enough information to make a decision Investing is a pattern-matching business and the gap between winners and losers is widening How to live a rewarding life: Figure out who in your life matters to you, figure out what matters to them, and then show up for them in all the ways that matter to them Read the full notes @ podcastnotes.orgMy guest today is Kelly Granat. Kelly is the Co-Chief Investment Officer and Managing Director at Lone Pine Capital, one of the most storied and successful hedge fund and investment firms of the last several decades. We explore how investing has evolved since Kelly joined the industry and she shares insights into Lone Pine maintaining its edge through deep fundamental research and a collaborative culture. We discuss what makes great businesses and great investments, how leadership can transform companies, and Kelly's perspective on evaluating management teams and identifying opportunities around corporate change that the market often misprices. Please enjoy my conversation with Kelly Granat. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Alphasense, & Ridgeline (00:06:09) Market Structure Evolution (00:08:39)The Impact of Passive Investing (00:10:21) Collaboration & Team Dynamics (00:13:48) Excitement in Periods of Extreme Change (00:14:21) The Role of Competition & Curiosity (00:22:00) Fundamental Research & Data Integration (00:27:34) Investment Philosophy (00:35:31) People-Centric Investing (00:42:24) Succession Planning (00:49:32) Facing the Pressure of Early Success (00:50:31) Burnout & Rediscovery (00:57:08) Learning from Industry Leaders (00:58:04) Evaluating Talent and Competition (01:11:29) Lessons in Investment (01:27:27) The Kindest Thing Anyone Has Ever Done For Kelly
STAR TV has 800 million monthly viewers in India, but it was never meant to.When media tycoon Richard Li launched the STAR TV network in 1991, his eyes were set on China, with India barely an afterthought. But one unexpected partnership changed everything. Over the decades, STAR would battle rivals, reinvent Indian television, and ultimately become a Disney portfolio company.This is the story of STAR TV - its meteoric rise, bitter betrayals, and ultimate transformation into a media empire commanding over 800 million viewers.Episode 1: The Beginning of the EndRichard Li dismisses India, but a rice farmer-turned-businessman, Subhash Chandra, forces STAR TV to take a second look, setting off a chain of events that will upend the country's media landscape.Episode 2: The Star That Burned Too BrightRupert Murdoch takes over STAR TV and wages war on Zee. Desperate to localize, STAR launches its own Hindi programming, igniting a fierce battle.Episode 3: Who Wants to Be a Deca-millionaireWith Zee dominating prime time, STAR takes its biggest gamble yet—adapting Who Wants to Be a Millionaire for Indian audiences. The stakes? 10 million rupees per episode. (USD$114,450)Episode 4: Black HoleSuccess breeds chaos. As STAR dominates television, internal conflicts and power struggles threaten to consume the empire from within.Episode 5: Darkest Skies, Brightest StarsWith STAR on the brink, a former journalist named Uday Shankar steps in. His unconventional approach will not only save the company, but turn it into a billion-dollar powerhouse.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
At the start of 2025, there were three big-picture scenarios facing investors: a hard landing, a soft landing, or no landing at all. Just two of those scenarios remain, with a hard landing now off the table, according to Ten Cap's Jun Bei Liu. That view might seem a touch ambitious in light of the market rout that kicked off in mid-February and gathered steam as sticky inflation and a tariff war put equity valuations under pressure. The ASX 200 has fallen 8.5% in a month and is down over 4.5% for 2025. The picture is worse for US equities, where, after back-to-back years of +20% gains, the S&P 500 has shed over 10% in a month and is down over 5% from the start of the year. The headlines and moves are unnerving, but the backdrop for equities remains favourable, and the volatility is creating opportunities to buy businesses at better valuations, according to Jun Bei Liu. Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.
Executive orders are starting to show up in 10-K filings, says Nick Mazing of AlphaSense. Hear how, as Steve and Catherine also ask Nick about what companies are saying on generative artificial intelligence, tariffs, inflation, and more: Find past episodes at workiva.com/off-the-books-podcast. We want to hear from you! Email us at offthebooks@workiva.com with your thoughts and feedback. For more from our sponsor, Workiva, visit workiva.com.
My guest today is Kelly Granat. Kelly is the Co-Chief Investment Officer and Managing Director at Lone Pine Capital, one of the most storied and successful hedge fund and investment firms of the last several decades. We explore how investing has evolved since Kelly joined the industry and she shares insights into Lone Pine maintaining its edge through deep fundamental research and a collaborative culture. We discuss what makes great businesses and great investments, how leadership can transform companies, and Kelly's perspective on evaluating management teams and identifying opportunities around corporate change that the market often misprices. Please enjoy my conversation with Kelly Granat. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Alphasense, & Ridgeline (00:06:09) Market Structure Evolution (00:08:39)The Impact of Passive Investing (00:10:21) Collaboration & Team Dynamics (00:13:48) Excitement in Periods of Extreme Change (00:14:21) The Role of Competition & Curiosity (00:22:00) Fundamental Research & Data Integration (00:27:34) Investment Philosophy (00:35:31) People-Centric Investing (00:42:24) Succession Planning (00:49:32) Facing the Pressure of Early Success (00:50:31) Burnout & Rediscovery (00:57:08) Learning from Industry Leaders (00:58:04) Evaluating Talent and Competition (01:11:29) Lessons in Investment (01:27:27) The Kindest Thing Anyone Has Ever Done For Kelly
STAR TV has 800 million monthly viewers in India, but it was never meant to.When media tycoon Richard Li launched the STAR TV network in 1991, his eyes were set on China, with India barely an afterthought. But one unexpected partnership changed everything. Over the decades, STAR would battle rivals, reinvent Indian television, and ultimately become a Disney portfolio company.This is the story of STAR TV - its meteoric rise, bitter betrayals, and ultimate transformation into a media empire commanding over 800 million viewers.Episode 1: The Beginning of the EndRichard Li dismisses India, but a rice farmer-turned-businessman, Subhash Chandra, forces STAR TV to take a second look, setting off a chain of events that will upend the country's media landscape.Episode 2: The Star That Burned Too BrightRupert Murdoch takes over STAR TV and wages war on Zee. Desperate to localize, STAR launches its own Hindi programming, igniting a fierce battle.Episode 3: Who Wants to Be a Deca-millionaireWith Zee dominating prime time, STAR takes its biggest gamble yet—adapting Who Wants to Be a Millionaire for Indian audiences. The stakes? 10 million rupees per episode. (USD$114,450)Episode 4: Black HoleSuccess breeds chaos. As STAR dominates television, internal conflicts and power struggles threaten to consume the empire from within.Episode 5: Darkest Skies, Brightest StarsWith STAR on the brink, a former journalist named Uday Shankar steps in. His unconventional approach will not only save the company, but turn it into a billion-dollar powerhouse.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
Devon Zuegel: How To Create A New Town - [Invest Like the Best, EP.413] My guest today is Devon Zuegel. Devon is the founder and president of the Esmerelda Institute, and she is creating a new town called Esmerelda in California wine country. Learning of Devon and her plan, I couldn't help but wonder why there aren't more people building new towns. She shares the origin story of her project Esmeralda, a modern reinvention of the Chautauqua community she cherished growing up, and we explore her fascinating work building communities and reimaging how we live together. We discuss how environments fundamentally shape human behavior, how cost of space impacts creativity, the financial challenges of town-building despite their potential for strong returns, and the plans in place for Esmerelda. Please enjoy this fascinating conversation with Devon Zuegel. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Ridgeline, & Alphasense (00:06:00) The Origin of Devon's Obsession with Places (00:08:07) Proximity and Cost of Space (00:10:02) The Chautauqua Inspiration (00:11:31) Building a New Town: Esmeralda (00:13:23) Urban Design and Street Importance (00:15:44) Community Values and Peer-to-Peer Learning (00:18:15) Edge Esmeralda: A Prototype Community (00:21:38) Challenges and Trust Building in Development (00:26:45) The Role of Cars in Urban Planning (00:31:10) Mortgages and Taxes: Shaping Communities (00:42:11) Devon's Journey: From Stanford Review to Esmeralda (00:43:41) Tools for Thought and Feedback Loops (00:46:33) Urban Design and Pop-Up Villages (00:50:06) Exploring Las Catalinas and Car-Free Living (00:52:31) Placemaking and Organic City Development (00:56:25) Frontier Camp and Creating Collaborative Spaces (01:02:39) Building New Towns: Financial and Infrastructure Challenges (01:12:05) The Kindest Thing Anyone Has Done For Devon
STAR TV has 800 million monthly viewers in India, but it was never meant to.When media tycoon Richard Li launched the STAR TV network in 1991, his eyes were set on China, with India barely an afterthought. But one unexpected partnership changed everything. Over the decades, STAR would battle rivals, reinvent Indian television, and ultimately become a Disney portfolio company.This is the story of STAR TV - its meteoric rise, bitter betrayals, and ultimate transformation into a media empire commanding over 800 million viewers.Episode 1: The Beginning of the EndRichard Li dismisses India, but a rice farmer-turned-businessman, Subhash Chandra, forces STAR TV to take a second look, setting off a chain of events that will upend the country's media landscape.Episode 2: The Star That Burned Too BrightRupert Murdoch takes over STAR TV and wages war on Zee. Desperate to localize, STAR launches its own Hindi programming, igniting a fierce battle. Episode 3: Who Wants to Be a Deca-millionaireWith Zee dominating prime time, STAR takes its biggest gamble yet—adapting Who Wants to Be a Millionaire for Indian audiences. The stakes? 10 million rupees per episode. (USD$114,450)Episode 4: Black HoleSuccess breeds chaos. As STAR dominates television, internal conflicts and power struggles threaten to consume the empire from within.Episode 5: Darkest Skies, Brightest StarsWith STAR on the brink, a former journalist named Uday Shankar steps in. His unconventional approach will not only save the company, but turn it into a billion-dollar powerhouse.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarised by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
Welcome to the February 2025 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: Libra and Argentina, some things you've learned that changed your mind recently, lucky or unlucky stocks and doing hands-on research and personal experience.Chapters:[0:00] Introduction + Episode sponsor: Alphasense[2:45] Libra and Argentina[7:38] Changing your mind[16:32] Lucky or unlucky stocks[18:46] Hands-on research and personal experienceToday's sponsor: AlphasenseIf you're unfamiliar with AlphaSense, it's a market intelligence platform with the world's premier library of proprietary expert insight. For years now, I've used Tegus for their expert call transcript library, and with AlphaSense's acquisition, the depth and breadth of market research content available has expanded significantly.Why I chose AlphaSense?Unparalleled expert insights—access 150,000+ proprietary expert transcripts, growing by 6,000 per month, covering 24,000+ public and private companies.Comprehensive market intelligence—search 450M+ documents, including company filings, analyst research, expert interviews, and more, all connected for deeper analysis.AI-powered research at scale—complete qualitative research 5-10x faster with advanced generative AI, delivering instant, high-confidence insights.Start your free trial now at: https://www.alpha-sense.com/yavp/
Sahm Adrangi, Chief Investment Officer at Kerrisdale Capital, joins the podcast to share his thesis on ACM Research, Inc. (NASDAQ: ACMR), develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing.Kerrisdale Capital's $ACMR write-up: https://www.kerrisdalecap.com/investments/acm-research-acmr/For more information about Kerrisdale Capital, please visit: https://www.kerrisdalecap.com/Chapters:[0:00] Introduction + Episode sponsor: Alphasense[3:28] What is ACM Research and why are they so interesting to Sahm[7:27] Chinese competitors[10:24] What is Sahm seeing with $ACMR that the market is missing[12:54] Discounts[15:34] $ACMR business vs. politics/regulatory risks[22:48] China risk / listing in Asian market / US-listed company with operations in China, CEO being US citizen[29:54] Is there a lack of urgency from management? (Capital Allocation strategy)[33:54] $ACMR valuation[37:33] Technical sophistication of the cleaning tools[41:19] How exposed to slow down in AI spending and business growth prospects[48:10] $ACMR final thoughts[50:39] What could go wrong / what could break $ACMR thesis for SahmToday's sponsor: AlphasenseIf you're unfamiliar with AlphaSense, it's a market intelligence platform with the world's premier library of proprietary expert insight. For years now, I've used Tegus for their expert call transcript library, and with AlphaSense's acquisition, the depth and breadth of market research content available has expanded significantly.Why I chose AlphaSense?Unparalleled expert insights—access 150,000+ proprietary expert transcripts, growing by 6,000 per month, covering 24,000+ public and private companies.Comprehensive market intelligence—search 450M+ documents, including company filings, analyst research, expert interviews, and more, all connected for deeper analysis.AI-powered research at scale—complete qualitative research 5-10x faster with advanced generative AI, delivering instant, high-confidence insights.Start your free trial now at: https://www.alpha-sense.com/yavp/
My guest today is Chris Pedregal. Chris is the founder and CEO of Granola, an AI-powered notepad that transcribes your meetings and enhances your meeting notes. Chris shares fascinating insights on how humans have historically developed tools to extend our cognitive capabilities - from writing and mathematical notation to data visualization - and how AI represents the next frontier in this evolution. We explore competitive dynamics between model providers and application builders, and Chris shares his vision for AI tools that make us "more human and better humans" rather than replacing human altogether. Our conversation covers the product philosophy behind Granola, the challenges of building in the fast-moving AI space, and how small teams are creating outsized impact in this new paradigm. Please enjoy my conversation with Chris Pedregal. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Ridgeline, & AlphaSense (00:05:41) Historical Examples of Tools for Thought (00:06:55) The Impact of AI on Tools for Thought (00:09:08) Introducing Granola: AI-Powered Notetaking (00:10:10) Granola's Unique Approach to AI Notetaking (00:13:33) User Experiences and Future Vision (00:15:40) Privacy and Social Norms in AI Recording (00:20:47) Building Granola: Challenges and Innovations (00:34:55) AI Startups and Granola's Early Adoption (00:35:40) Unexpected Feedback from High-Profile CEOs (00:39:53) Building Better and Faster in a Competitive Space (00:42:09) The Future of AI-Powered Workspaces (00:54:00) Challenges and Opportunities in AI and Education (00:56:03) The Evolution of App Development (00:58:01) The Potential of Small Teams in Big Businesses
In today's episode of the Yet Another Value Podcast, Host, Andrew Walker, shares his thesis and presentation on Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical company committed to pioneering solutions to deliver life-changing brain health medicines, so every person can thrive.For more information and to subscribe to the Yet Another Value Substack, please visit: https://www.yetanothervalueblog.com/Disclosure: long SAGEChapters:[0:00] Episode sponsor: Alphasense[3:21] Introduction - passive vs. active investing[7:32] Overview of $SAGE and why its interesting to Andrew: passive owners in the company, shareholder engagement[13:40] Biogen offer (rejected by Sage) - what happened[17:34] Expert call with OBGYN (thank you, Alphasense!)[21:38] Board needs to weigh opportunity cost of cash burn and options[25:49] Shareholder engagement and IRWD cautionary tale / SAGE board and management compensation[30:54] Biogen / Sage merger - why it makes sense and final thoughtsToday's sponsor: AlphasenseIf you're unfamiliar with AlphaSense, it's a market intelligence platform with the world's premier library of proprietary expert insight. For years now, I've used Tegus for their expert call transcript library, and with AlphaSense's acquisition, the depth and breadth of market research content available has expanded significantly.Why I chose AlphaSense? Unparalleled expert insights—access 150,000+ proprietary expert transcripts, growing by 6,000 per month, covering 24,000+ public and private companies. Comprehensive market intelligence—search 450M+ documents, including company filings, analyst research, expert interviews, and more, all connected for deeper analysis.AI-powered research at scale—complete qualitative research 5-10x faster with advanced generative AI, delivering instant, high-confidence insights. Start your free trial now at: https://www.alpha-sense.com/yavp/
My guest today is Ravi Gupta. Ravi is a Partner at Sequoia Capital and a host on Glue Guys, a podcast on the Colossus network that intersects business and sports. I wanted to have him back on Invest Like the Best to discuss his recent most recent blog post titled “AI or Die.” As both an investor and former Instacart operator and CFO, Ravi believes we're entering an era where the constraints that historically limited small teams are dissolving, creating unprecedented opportunities for those willing to embrace change aggressively. We discuss why traditional metrics of corporate success like headcount and process adherence may become liabilities, what it means to be a world-class reactor vs predictor, and how "magic per employee" and organizational agility will emerge as crucial measures of value creation. Please enjoy my conversation with Ravi Gupta. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Ridgeline, & Alphasense (00:06:00) Introduction to 'AI or Die' Essay (00:06:29) Initial Reactions to AI Advancements (00:08:24) The Concept of 'AI or Die' (00:10:40) Adapting to Rapid Technological Change (00:12:02) Using AI for Real Work (00:13:58) Evaluating Company Agility and AI Integration (00:18:58) The Cost of Employees in the AI Era (00:25:36) AI's Impact on Business Strategy (00:36:55) Changing Perspectives on AI Models (00:37:50) The Importance of Context in AI (00:39:09) Optimism in the Age of AI (00:40:22) Predictors vs. Reactors (00:42:54) AI Tools in Business Operations (00:46:07) The Future of Small Teams and Efficiency (00:49:01) Investing in the AI Era (00:55:11) The Role of Board Members in AI Adoption (00:57:22) Embracing Change with Humility (00:59:17) The Ghost of Competition (01:05:04) Seizing the AI Opportunity
Tiktok's parent company Bytedance, is the world's most valuable Startup.With an ecosystem spanning short-form video, news aggregation, and artificial intelligence, ByteDance's influence stretches far beyond its roots in China. Today, the company's flagship app TikTok stands as a cultural phenomenon, captivating billions of users across continents and redefining how content is created, shared, and consumed. This is the story of ByteDance, driven by the relentless vision of Zhang Yiming. From its humble beginnings as an app factory producing memes and news aggregators, ByteDance would go on to challenge titans like Tencent and Facebook, navigating fierce competition, regulatory hurdles, and cultural resistance to become a global empire. Episode 1: Clickbait and AddictionZhang Yiming discovers that the secret to building fast-growing apps lies in mastering the science of clickbait and addiction. Episode 2: Today's Headlines ByteDance hit it's first major success with Toutiao, the news app that redefined personalisation and propelled the company into the spotlight. Episode 3: Earthquake and ShockwaveByteDance shakes up China's tech scene with Douyin (China's version of TikTok), spearheading the short-form video revolution before Tencent joins the battle. Episode 4: Sayonara and Ni HaoByteDance perfects its strategy in Japan, then Asia, laying the groundwork for global domination. Episode 5: Gold RushByteDance storms into the U.S. by acquiring Musical.ly, rebranding it as TikTok. Leveraging its proven strategies, TikTok quickly becomes America's top app.-Our series is proudly sponsored by AlphaSense.-Access expert analyst reports, perfectly summarized by Gen-AI with precision and no hallucinations. Support our productions by booking your free trial today.-Want to showcase your brand to listeners with a combined net worth of over $1 billion and a network of 100,000+ employees and industry contacts? Drop us an email: sales@1upmediapodcast.com-We're looking to grow our team! Support our productions by buying us a coffee.-Want to meet the team? Follow me here!-If you love the style of Empires, and want similar content, check out:
My guest today is Marc Andreessen. Marc is a co-founder of Andreessen Horowitz and one of Silicon Valley's most influential figures. He combines deep technical knowledge from his engineering background with broad historical understanding and strategic thinking about societal patterns. He last joined me on Invest Like the Best in 2021, and the playing field looks a lot different today. Marc goes deep on the seismic shifts reshaping technology and geopolitics. We discuss DeepSeek's open-source AI and what it means for the technological rivalry between America and China, his perspective on the evolution of power structures, and the transformation of the venture capital industry as a whole. Please enjoy my conversation with Marc Andreessen. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn about Ramp, Ridgeline, & Alphasense (00:06:00) Introduction to DeepSeek's R1 (00:07:24) DeepSeek's Global Impact (00:09:25) AI's Ubiquity and Future (00:10:36) Winners and Losers in the AI Race (00:14:22) The New AI Cold War (00:16:34) China's Technological Ambitions (00:21:31) Open Source and Intellectual Property (00:27:48) The Role of Open Source in AI Development (00:30:02) National Interests vs. Global Competition (00:37:25) The Future of Capital Allocation (00:45:41) Challenges of Sustaining Private Partnerships (00:46:34) Building a Franchise Business (00:48:27) The Role of Political Operations (00:50:51) The Dynamics of Power and Elites (01:01:44) Technological Change and Its Implications (01:13:37) The Future of Robotics and Supply Chains (01:21:09) American Dynamism and Defense Technology
My guest today is Graham Duncan. This conversation will make you think about your life in new ways. This is a two-hour segment of a 4.5-hour interview I did with Graham last year. It stands alone as remarkable, but those who subscribe to Colossus Review will gain access to the full conversation. This will be true in future issues, too. In 2006, in his early 30s, Graham convinced Stuart Miller, CEO of home construction company Lennar, to let him manage $50 million of his family's wealth. A year later, Miller gave him the rest of his capital outside of Lennar. That investment turned into East Rock, where Graham built an incredible investing track record managing billions for a select group of families by focusing on people. Our conversation explores a wide range of topics—from what makes a great investment partnership to the power of positive feedback loops to starting a restaurant. I'm thankful to Graham for showing me the way so many times and for being willing to be so incredibly open in this conversation. Please enjoy this discussion with Graham Duncan. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn about Ramp, Ridgeline, & Alphasense (00:05:12) Intro to Graham (00:05:54) Launching Colossus Review (00:08:05) The Principal-Agent Dynamic (00:10:47) Navigating Financial Crises (00:13:22) The Right Grip in Investing (00:17:32) Seeding and Investment Strategies (00:21:37) Defining 'Commercial' and Its Implications (00:26:31) The Role of Laziness and Prolific Output (00:28:20) Finding the Right People and Positive Feedback Loops (00:37:21) Navigating Career Transitions and Motivations (00:43:05) Understanding Source Dynamics (00:50:07) Key Criteria for a Great CIO (00:59:43) Structuring Relationships with CIOs (01:03:40) Managing Ambiguity and Protecting Mental Clarity (01:15:09) The Importance of Source in Business (01:17:49) Designing Physical Spaces for Success (01:22:46) Launching a Restaurant: A Casting Exercise (01:30:17) Taking Over and Transforming Existing Ventures (01:33:08) Macro Investing and Adaptability (01:36:06) Hierarchy of Investment Mastery (01:44:10) The Art of Referencing (01:52:08) Formative Experiences and Personal Growth (02:00:12) Building a Business and Taking Risks (02:07:46) The Origin of East Rock
My guest today is Blake Hall. Blake is the co-founder and CEO of ID.me, a secure digital identity network with over 100 million members. He was an officer in the United States Army and served our country for four years as a a rifle platoon leader, the battalion reconnaissance platoon leader, and as the battalion logistics officer. We explore his formative years in the military and transition into entrepreneurship. Blake shares powerful stories from his time leading scout sniper missions in Iraq, including how his unit achieved a 90% success rate in high-stakes operations through relentless preparation and learning. He shares the origin and evolution of ID.me, a company dedicated to verifying digital identities to combat fraud and simplify login experiences. We also discuss the role of identity in the modern economy, frameworks for building company culture, and evaluation of executive talent. I am ridiculously inspired by Blake, and I am so grateful for him and all of the Americans who serve our country. Please enjoy this discussion with the brave and courageous Blake Hall. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learna bout Ramp, Alphasense, and Ridgeline (00:07:48) First Combat Experiences (00:09:30) Leadership and Responsibility in Combat (00:13:28) Lessons in Leadership and Grit (00:18:32) The Importance of Credibility and Skill (00:22:05) A Defining Moment of Leadership (00:28:52) Transition to Civilian Life and Founding ID.me (00:50:27) Understanding Identity Through Time (00:51:08) Telecom Networks and Bad Actors (00:52:38) Moving Away from Passwords (00:54:13) The Trust Graph and Source of Truth (00:57:25) Digital Wallets and Government IDs (01:07:11) Challenges and Security in Digital Identity (01:21:36) Leadership and Company Culture (01:33:53) The Kindest Thing Anyone Has Ever Done for Blake
My guest today is Dylan Field. Dylan is the co-founder and CEO of Figma and last joined me on Invest Like the Best in 2020. A lot has changed since then and we explore the evolving landscape of design and how Figma has been navigating AI while staying true to its founding vision of eliminating the gap between imagination and reality. Despite Figma's incredible success in becoming the default design platform, Dylan remains deeply motivated by helping users achieve their goals. He shares fascinating insights about the underhyped aspects of AI reasoning capabilities, the future of design literacy, and why he believes truly great design will always require human craft and creativity. Please enjoy my discussion with Dylan Field. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn about Ramp, AlphaSense, and Ridgeline (00:07:11) Current State of Technology and Optimism (00:09:21) Entrepreneurial Mindset and Long-term Thinking (00:10:23) Challenges of Building in Stealth Mode (00:12:44) AI and the Future of Design (00:14:07) Navigating AI Opportunities and Risks (00:17:05) Design Principles and User Experience (00:29:55) Future of Interfaces and Interaction (00:31:45) Dark Patterns and Ethical Concerns (00:33:42) Personal Motivations and Company Vision (00:40:04) Balancing Responsibilities as a CEO (00:41:54) The Future of Design and AI Integration (00:44:48) Speculating on AI's Impact on Design (00:46:26) Encouragement to Experiment and Innovate
My guest today is Tal Zaks. Tal is a physician-scientist turned biotech executive and investor who served as Moderna's Chief Medical Officer during their COVID-19 vaccine development, giving him an extraordinary perspective on one of modern medicine's pivotal moments. His combination of medical expertise, platform innovation experience, and investing acumen allows us to explore the interconnected challenges of turning scientific breakthroughs into viable medicines while generating venture-scale returns. We dive deep into lessons from Moderna's mRNA platform, examine how emerging technologies might reshape drug development, and the fundamental question of what it means to make people healthier. For investors, entrepreneurs, and anyone interested in the future of medicine, this discussion provides a window into both the immense potential and profound challenges of advancing human health. Please enjoy my conversation with Tal Zaks. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:08:37) State of Medicine Today (00:09:44) Investment and Innovation in Medicine (00:13:14) Challenges in Biotech Investment (00:17:18) Personalized Cancer Vaccines (00:22:58) Investing in Biotech: Process and Considerations (00:28:38) Multidisciplinary Approach in Pharma (00:41:35) COVID-19 Vaccine Development (00:46:27) Funding and Manufacturing Challenges (00:48:01) Unprecedented Vaccine Safety Measures (00:50:38) Public Perception and Trust Issues (00:53:54) Future of mRNA and Nucleic Acid Medicines (00:58:04) Personalized Medicine and Data Collection (01:04:48) AI's Role in Healthcare (01:08:34) Investment Strategies in Therapeutics (01:14:57) The Human Element in Medical Innovation (01:21:58) The Kindest Thing Anyone Has Ever Done for Tal
My guests today are Dwight Churchill and Gaurav Misra, co-founders of Captions, which uses AI to generate and edit talking videos and has grown to significant scale at remarkable speed. We explore a key distinction in AI: tackling bounded problems like video generation versus unbounded problems like general intelligence and what this means for building sustainable businesses. We also explore their unique data flywheel, why video generation could reach Hollywood quality within 18 months, and why building advanced AI products doesn't require huge teams. Please enjoy this discussion with Dwight and Gaurav. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it's backed by more of my favorite past guests (at least 16 of them!) than probably any other company I'm aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:07:49) The Evolution and Impact of AI (00:09:14) Challenges in Video Data and AI (00:10:36) AI in Media Generation (00:12:07) Building a Sustainable AI Business (00:14:56) The Journey of a Video AI Company (00:25:41) AI Video Editing and Creation Tools (00:29:58) Future of AI in Video and Business (00:37:51) The Future of Likeness in Video (00:39:25) Training Models on Human Data (00:41:15) Competitive Landscape and Copycats (00:44:01) The Role of Research Talent (00:46:25) Pricing AI Software (00:51:51) Investor Perspectives on AI (01:02:44) Lessons from Snap (01:07:04) The Kindest Thing Anyone Has Done for Dwight & Gaurav
My guest today is Jack Kokko. Jack is the CEO and Founder of AlphaSense, an AI-powered search engine for market intelligence. He shares how AlphaSense began by aggregating fragmented financial data sources and evolved with the advent of large language models to change the research experience completely. He speaks to their recent acquisition of Tegus earlier this year, reshaping the business and further supporting their expansion to serve all types of companies instead of exclusively investment firms. Jack has been navigating the AI revolution from its earliest days and you can feel his excitement when he talks about the future. We discuss building an agile platform, the importance of managing cultural integration, balancing AI capabilities with user trust, and the frontier for this technology. Please enjoy my conversation with Jack Kokko. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:08:32) The Evolution of AlphaSense and AI Integration (00:10:24) Impact of Large Language Models (00:19:24) User Behavior and Trust in AI (00:26:24) Future of AI in Investment Research (00:28:41) The Value of Proprietary Data (00:31:24) M&A Insights and Lessons Learned (00:32:59) The Tegus Opportunity and Investor Insights (00:34:41) Building Trust and Cultural Compatibility in M&A (00:37:33) Selling to Investors vs. Corporations (00:40:46) Personal Motivation and Entrepreneurial Journey (00:47:24) Breaking into the Corporate Market (00:49:28) Future of AI and Foundational Models (00:52:04) The Kindest Thing Anyone Has Ever Done For Jack
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