Podcast appearances and mentions of Henry Kravis

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

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

Chris breaks down Wall Street's dirty tricks with a hilarious cow analogy. From leveraged buyouts (think Henry Kravis and Eddie Lampert draining Kmart) to hedge funds promising filet mignon while leaving you with sour milk, learn how financial “vampires” and “Masters of the Universe” profit off your losses. www.watchdogonwallstreet.com

Arijit Barman is joined by Adar Poonawalla, CEO, Serum Institute of India, at the World Economic Forum 2025 where he sheds light on concerns around Trump’s pullout from the WHO, progress in achieving vaccine equity, status of key projects like the HPV vaccine to combat cervical cancer, and upcoming vaccines for malaria, dengue, and chikungunya. He also discusses the institute’s $2 billion investment in cutting-edge research and facilities, the use of AI to aid clinical trials, and the development of needle-free vaccine delivery methods. Beyond healthcare, Poonawalla highlights his strategic diversification from financial services and insurance to films and music labels. Tune in:.If you like this episode, check out more Corner Office Conversations from the podcast: S. Jaishankar, Ravi Kant Jaipuria,Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris,Nithin Kamath, Corner Office Conversation With Monika Shergill, VP, Content, Netflix India and more!You can follow our host Arijit Barman on his social media: Twitter and Linkedin Catch the latest episode of ‘The Morning Brief’ on ET Play, The Economic Times Online, Spotify, Apple Podcasts,JioSaavn, Amazon Music and Google Podcasts.See omnystudio.com/listener for privacy information.

IntroductionLIVE from your ESG Hanukkah Jesus Bush, it's a Business Pants Friday Show here at December 20th Studios, featuring AnalystHole Matt Moscardi. On today's YEARLY wrap up: Everything.Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.Story of the Year (DR):Exxon Sues Two ESG Investors [Follow This, Arjuna Capital] MMJudge voids Elon Musk's "unfathomable" $56 billion Tesla pay packageBoeingBoeing CEO says it was 100% his own decision to resignBoeing CEO's tearful apologyBoeing pleads guilty to fraud in fatal 737 Max crashes, fined $243.6 millionBoeing names Robert ‘Kelly' Ortberg as new president and CEOBoeing factory workers strike for first time since 2008 after overwhelmingly rejecting contractTrump's victory adds record $64bn to wealth of richest top 10The Murder of Brian Thompson, UnitedHealthcare C.E.O. DRGoodliest of the Year (MM/DR):DR: 2,000 senior women win “biggest victory possible” in landmark climate caseMore than 2,000 older Swiss women have won a landmark European case proving that government climate inaction violates human rights.The European Court of Human Rights (ECHR) ruled Tuesday that Switzerland had not acted urgently to achieve climate targets, leading victims, who are mostly in their 70s, to suffer physically and emotionally while potentially placed at risk of dying.The women, part of a group called KlimaSeniorinnen (Senior Women for Climate Protection), filed the lawsuit nine years ago. DR: Minnesota capital St. Paul makes history as first large U.S. city with all-female councilDR: Delta paying $1.4 billion in profit sharing payments to employeesDR: 42% of shareholders vote against BlackRock CEO Larry Fink's payMM: Stakeholders rule: U.S. bans noncompete agreements for nearly all jobs: MM“30 million people, or one in five American workers are bound by noncompetes. It will take effect later this year, except for existing noncompetes that companies have with senior executives ‘on the grounds that these agreements are more likely to have been negotiated.'”MM: Women > men: First NCAA women's basketball championship surpasses men's viewership: DR“Iowa-South Carolina game averaged 19 million viewers, 24M in the final 15 minutes. Men's averaged 15 million. Year of renegotiating for women's basketball.”MM: Porn figures it out: A Pornhub Chatbot Stopped Millions From Searching for Child Abuse VideosMeanwhile… “Google's Search AI Recommends Changing Your Car's Blinker Fluid, Which Is a Made Up Thing That Does Not Exist.”Researchers Call for "Child-Safe AI" After Alexa Tells Little Girl to Stick Penny in Wall SocketGoogle's Gemini Chatbot Explodes at User, Calling Them "Stain on the Universe" and Begging Them To "Please Die"Meta's AI Refuses to Show Asian Men With White WomenMM: Study: Playing Dungeons & Dragons helps autistic players in social interactions Assholiest of the YEAR (MM):Sam AltmanSam Altman will return to OpenAI's board with three new directors“Our primary fiduciary duty is to humanity.” - So let's summarize - we have a board with Bret Taylor (ex Twitter chair, Salesforce founder, worked at Google, worked at Facebook and created the like button), Larry Summers (grumpy grandpa Harvard who thinks women are unable to compete with men and was master of Harvard when Zuck founded Facebook), Adam D'Angelo (founder of Quora, former CTO of Facebook), Sue DH (who was on board of Facebook), Fidji Simo (who lead monetization at Facebook), and the only NON FB alums Sam Altman (the master and founder) and Nicole Seligman (who oversaw one of the largest hacks in history and has a history on boards of CBS/Viacom under dictators)...Proxy voters DRDisney Shareholders Are Selling Their Proxy Votes Online - IndieWireA share of Disney is currently hovering at $118.Buying the vote is currently valued at $0.20.The current economic value to shareholder right value multiple is 590:1McDonald's CEO Kempczinski to assume role of board chairmanMiles White named Lead Independent DirectorDirector since 2009 (15 years)Connected to 58% of the CURRENT boardHas nearly 40 loops back to board members in the last 7 years aloneWas on the board for the disaster that was Steve EasterbrookMiles is part of the Boeing American Board Other board history:LIDsThere are 284 US large caps out of just over 600 with CEO/Chair combo, founder, or executive chair and a Lead Independent Director on the board - that's 47% of US large cap boardsAt 59% the LID has 10+ years of tenureAt 29% BOTH the executive AND the LID have more than 10 years of tenure - as in they worked together for a decadeAppointments, not electionsNumber of new directors appointed from 6/1/23 to 6/1/24: 1,875Average time between appointment and election: ~4 monthsThomas Gayner was added to the Coca Cola board and served 10 full months before he got a vote from investors - and they voted 39.1% AGAINST SEC charge hinges on director's lack of ‘social independence'20% of every US large cap board is connected inside two degrees JUST FROM OTHER BOARDSWe just covered Parker Hannifin on our show Proxy Countdown and found that 100% of the board worked within 250 miles of one another, and 40% of them were from Ohio!Boeing InvestorsLawsuit Against Boeing's Board Seeks Accountability for Safety FailuresBill AckmanAfter his wife is outed as having plagiarized (lightly?) in her dissertation, he posted on Wednesday a 4,200 word post defending his wife, detailing his personal trauma…And now, the part that only billionaires can do because the rest of us asshole poorsies don't rate…I reached out to a board member I knew at BI, and to its controlling shareholders, the co-ceos of KKR, and to Mathias Döpfner, the Chairman and CEO of Axel SpringerI reached out to Joe Bae because he is Co-CEO of KKRI reached out to Henry Kravis because he is KKR's representative on the board of Axel SpringerI called a board member of BI that I knew, but not well, on Saturday“After spending a lot of time over the past few weeks looking at and thinking about the definition of “plagiarism” (and some cited examples), I agree with you about it. Academia needs to narrow the definition.I made one request. I asked him to publicly disclose that Axel Springer had launched an investigation of the story, and he said he would have to get back to me on that request.Billionaire Bill Ackman Accuses The Walt Disney Company Of Leaking Shareholder Votes Amidst Nelson Peltz Proxy ... - That Park PlaceMeritocracyJ.M. Smucker's CEO says the family-run business is a 'meritocracy'Alex Edmans The anti-ESG, racist-veiled-as-meritocracy crowd noticed an ESG prof keeps saying “DEI” and “lies” in the same postsStrive puts him on a webinar called “DEI May Contain Lies” - Edmans seems to not know or acknowledge the fact that Strive votes explicitly against women on boards at a 2:1 rate versus average REGARDLESS OF PERFORMANCE (we have the data to show it)Elon Musk is lashing out at MacKenzie Scott, Jeff Bezos' ex, for donating billions to charities for women and minorities“Super rich ex-wives who hate their former spouse' should filed be listed among 'Reasons that Western Civilization died'”Texas is using Boeing's troubles to expand its war on DEI“Documents that Spirit relies on to substantiate its claim that a diverse workplace improves product quality.”“Produce all meeting minutes of Spirit's Global Diversity & Inclusion Council(s). Meeting minutes is defined to include any document that memorializes the agenda or discussion of any meetings held by these groups.Target to pull LGBTQ-themed items from some stores during Pride Month, Bloomberg News reportsMeta created an AI advisory council that's composed entirely of White menPat Collison, cofounder of StripeNat Friedman, ex GitHub CEOTobi Lutke, CEO of ShopifyCharlie Songhurst, angel investor and ex-MSFTTractor Supply's Customers Cheer as It Dumps ESG, Says Survey, Microsoft reportedly fires DEI team — becoming latest company to ditch ‘woke' policy, John Deere Cuts 'Woke' Programs, Moves Jobs to Mexico, Harley-Davidson Sparks Boycott Call for Going 'Totally Woke'Larry Ellison Will Control Paramount After Deal, Filing ShowsDavid Ellison looked like he was buying it, but filing shows Daddy Larry will actually control 77% of National Amusements, the controlling shareholder of Paramount, when the deal is completedTyson's finance chief is out of the job. The Tyson heir got the gig at 32, making him the youngest Fortune 500 CFOThe interim CFO Curt Calaway will now be the ACTUAL CFO, but I'm not sure he's the right fit because he only had 11 years experience as an auditor followed by 18 years experience in finance at Tyson.Matt Gaetz, Vivek, Elon, Tulsi Gabbard, cabinet appointmentsWhite menThe value of male influence on boards in the US:Small cap, a man's influence is worth 1.7x a woman (women occupy 28% boards)Mid cap, a man's influence is worth 1.7x a woman (women occupy 31% boards)Large cap, a man's influence is worth 1.6x a woman (women occupy 33% boards)Mega cap, a man's influence is worth 1.8x a woman (women occupy 36% boards)Bumble and Hinge Let Creeps See Your Exact Locationmen can now make the first move, and the company is now run by a man - men coming out on top at last!White men who are mistreated at work are more likely to notice and report harassment against coworkersAirline says it's testing a booking tool that lets women select seats away from menA Brief List of People Elon Musk Has Challenged to Combat and Then Chickened Out of Actually FightingWhy men get more credit than women for doing the same work, according to a business school professorAs a case in point, consider the experience of Joan Roughgarden. Joan transitioned from male to female during her tenure as a biology professor at Stanford University. When Roughgarden's colleagues perceived her as a man, they took her competence as a given. After her transition, though, Joan found she had “to establish competence to an extent that men never have to. [Men are] assumed to be competent until proven otherwise, whereas a woman is assumed to be incompetent until she proves otherwise,” she recalled. “I remember going on a drive with a man. He assumed I couldn't read a map.”Elon Musk Suggests That Government Should Be Replaced by Dudes With High TestosteroneProblems associated with artificially high testosterone levels in men include:low sperm counts, shrinking of the testicles and impotenceheart muscle damage and increased risk of heart attackprostate enlargement with difficulty urinatingliver diseaseacnefluid retention with swelling of the legs and feetweight gain, perhaps related in part to increased appetitehigh blood pressure and cholesterolinsomniaheadachesincreased muscle massincreased risk of blood clotsstunted growth in adolescentsuncharacteristically aggressive behavior (although not well studied or clearly proven)mood swings, euphoria, irritability, impaired judgment, delusions.MEN AS AN INVESTABLE ASSET CLASS?This isn't a joke - there are 69… yes, 69… US companies with zero women on the board and another 10 that have women with 0% influenceNathan's Famous hot dog board - 10 directors, 1 woman, 9 men… female influence on the board = 0% according to FFA dataZERO people of colorInsiders own 30% of the company (all white dudes), but the largest external manager GAMCO/Gabelli (14% of shares) PMs are all men that hold Nathan's - men holding men!Oglethorpe Power is my new favorite MANCOMPANY - the board:Airbnb CEO Brian Chesky says women founders say they can't go 'founder mode' like men and that it needs to changeHeadliniest of the YearDR: Elon Musk's $46 billion payday is 'not about the money,' Tesla chair saysDR: Google Helpless to Stop Its AI From Recommending Glue on PizzaDR: Jamie Dimon saysDR: ESG is Coming For Your Toilet Paper DRDR: X global affairs head Nick Pickles resignsMM: Anti-woke: A definitive list of woke and non-woke foods - New Zealand HeraldBeans = wokeBaked Beans = not wokePotato chips (salted, salt and vinegar) = not wokePotato chips (any other flavor) = wokeSpaghetti = wokeCanned spaghetti = wokeQuinoa (pronounced keen-wah) = wokeQuinoa (pronounced quin-oh-ah) = slightly less woke but still wokeMM: Cybertruck: Maine Man Alarmed When Everybody Mocks His Cybertruck, Flips Him Off MMThe Cybertruck faces another setback as it recalls more than 11,000 vehicles over its giant wiperMM: MeritocracyNASA Praises Boeing's Stranded Starliner for Managing Not to Explode While Docked to Space StationMM: Awesome:Police Warn Residents to Lock Down Houses as Dozens of Monkeys Escape Research FacilityWho Won the Year?DR:Claudia Sheinbaum Elected as Mexico's First Female Presidente.l.f. BeautyThe Shareholder Primacy podcast with Mike Levin and Ann LiptonShitheads (re: Robby Starbuck, et al)Chancellor Kathaleen McCormick, the first woman to lead Delaware's Court of ChanceryWOMEN'S BASKETBALL!!!!!!Anyone who wants free director data - we lifted the paywalls on freefloatanalytics.com, so you get 80,000 active directors globally, influence metrics, and four performance metrics for every single one. Suck it ISS.MM: Proxy votersFREE FLOAT ANALYTICS IS FREE for 80,000 current directors with some performance metricsOur clientsFrom the Gates' Foundation's asset manager to Fidelity, Free Float's clients get it ALL - historical data, knowledge maps, connectivity data that includes now non profit boards, we're working on lobbying data, diversity data, and all packaged with expert findings and ad hoc research directly from usDamionNever has he been more credibleCapitalismKnowing WHO runs the world is much more important than knowing WHAT runs the worldNon profits moving companiesWe worked with a half dozen non profits this year who needed data to influence companies - and we gave it to them, so much so we're starting a non profit of our own to donate data to and throughPredictionsWe'll start 2025 with a Predictions show and look back at lost year's predictions

In this episode we are tracing the journey of Vishal Retail, from surplus apparel exhibitions to a business that brought global fashion to the masses at unbeatable prices, this narrative explores the challenges of rapid expansion, the risks of short-term debt, and the disruptions that reshaped the market. Host Arijit Barman engages with Gunender Kapur of Vishal Mega Mart, Manas Tandon of Partners Group, and Nishant Sharma of Kedaara Capital to uncover a compelling story of ambition, resilience, and the transformative evolution of affordable retail.If you like this episode, check out more Corner Office Conversations from the podcast: S. Jaishankar, Ravi Kant Jaipuria,Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris,Nithin Kamath, Corner Office Conversation With Monika Shergill, VP, Content, Netflix India and more! You can follow our host Arijit Barman on his social media: Twitter and Linkedin Catch the latest episode of ‘The Morning Brief’ on ET Play, The Economic Times Online, Spotify, Apple Podcasts,JioSaavn, Amazon Music and Google Podcasts.See omnystudio.com/listener for privacy information.

Payments giant Visa is bullish about India's fast evolving digital payments landscape, the growth of small and medium enterprises and its fiercely independent women customers and stakeholders. In a riveting conversation at the ET World Leaders Forum, vice chair Kelly MahonTullier talks to ET's associate editor Arijit Barman about Visa's new vistas. You can follow our host Arijit Barman on his social media: Twitter and Linkedin You can follow Anirban Chowdhury on his social media: Twitter and LinkedinIf you like this episode, check out more Corner Office Conversations from the podcast: S. Jaishankar, Ravi Kant Jaipuria,Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris,Nithin Kamath, Corner Office Conversation With Monika Shergill, VP, Content, Netflix India and more! ET Podcasts now has a new show. 7@7 is your quick daily roundup of financial news from India and the world. Tune in to Apple Podcasts, Spotify, Amazon Prime Music, Jio Saavn, Youtube or wherever you get your podcasts from!Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts,JioSaavn, Amazon Music and Youtube.  See omnystudio.com/listener for privacy information.

Mahindra & Mahindra is on top the SUV game. It's the market leader by revenue and no. 2 by volumes. The company is on a launch spree. And is heavily invested in the EV story. But with heavy competition in the SUV space, a global slowdown in EVs and sporadic demand in India's automotibe industry, how will it stay ahead of the game. Hosts Anirban Chowdhury and Shally Seth talk to M&M's ED and CEO of auto and farm sector in this Corner Office Conversation. Listen in. Credits: Mahindra AutomotiveYou can follow Anirban Chowdhury on his social media: Twitter and LinkedinYou can follow Shally Seth on her social media:Twitter and LinkedinIf you like this episode, check out more Corner Office Conversations from the podcast: S. Jaishankar, Ravi Kant Jaipuria,Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris,Nithin Kamath, Corner Office Conversation With Monika Shergill, VP, Content, Netflix India and more! ET Podcasts now has a new show. 7@7 is your quick daily roundup of financial news from India and the world. Tune in to Apple Podcasts, Spotify, Amazon Prime Music, Jio Saavn, Youtube or wherever you get your podcasts from!Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts,JioSaavn, Amazon Music and Youtube.  See omnystudio.com/listener for privacy information.

Fractal, India's first AI analytics unicorn, is poised for an IPO at a reported valuation of $3 billion. From being founded 24 years ago long before AI became a buzzword every business wanted to log on to by five IIM batchmates, the company quickly gained traction amongst Indian and international clients. Within a few years however, it faced a leadership crisis with two of its founders exiting Srikant Vellamakani, whose CEO ship was the centre of a raging debate among the founder group, however, took the setback as not a “Why me?” lament but a “Why not me?” lesson instead. Soon enough he made a comeback as the CEO and 2022, the company entered the unicorn club with a $360 million investment from TPG. Along the way it came up with some ground breaking solutions for clients spread across more than 10 industries and 170 plus enterprises-including a solution that reduced railway track crossing accidents in Mumbai by a whooping 75%. In this corner officer conversation, host Arijit Barman talks to Srikanth Velamakanni about AI of today, tomorrow and the future. Will it be responsible or regulated? From maths to machine and the mind here is a freewheeling conversation, up, close & personal. You can follow our host Arijit Barman on his social media: Twitter and Linkedin If you like this episode, check out more Corner Office Conversations from the podcast: S. Jaishankar, Ravi Kant Jaipuria, Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris, Nithin Kamath, Corner Office Conversation With Monika Shergill, VP, Content, Netflix India and more!   ET Podcasts now has a new show. 7@7 is your quick, sharp sub 5 minute daily roundup of financial news from India and the world. Tune in to Apple Podcasts, Spotify, Amazon Prime Music, Jio Saavn, Youtube or wherever you get your podcasts from!Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Youtube.See omnystudio.com/listener for privacy information.

“Tectonic shifts” are reshaping the private markets and spurring consolidation among alternative asset managers, explains TPG CEO Jon Winkelried on Goldman Sachs Exchanges: Great Investors. Winkelried, who also served as the former president and co-chief operating officer at Goldman Sachs, shares his perspectives on investment opportunities, leading teams, and managing companies through crises. For more insights from great investors, listen to previous episodes from our Great Investors series: KKR's Henry Kravis on private equity, culture, and global markets. 

Did you know Siemens is the world's largest industrial software company? The Morning Brief podcast explores how this German giant, known for smart cities, cutting-edge green factories, and innovative energy solutions, is transforming to meet today's challenges. Host Arijit Barman sits down with Siemens' Global CEO Roland Busch as they discuss industry, innovation, and the future of industrial software, with a special focus on India. Dr. Busch discusses Siemens' journey, the mega trends on every global CEO's mind, and the company's strategies. Tune in for this enlightening conversation to uncover the truth behind Siemens' transformation and what lies ahead in the industrial landscape!If you like this episode, check out more Corner Office Conversations from the podcast: S. Jaishankar, Ravi Kant Jaipuria, Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris, Nithin Kamath, and more! You can follow our host Arijit Barman on his social media: Twitter and Linkedin Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn,  Amazon Music and Google Podcasts.See omnystudio.com/listener for privacy information.

PVR Inox, India's largest multiplex chain, is at a critical juncture amid a challenging year for the film industry. Despite a sluggish start to 2024, impacted by weak content, heatwaves, elections, and the IPL T20 tournament, analysts are optimistic. A Nuvama Equities report forecasts improved ad revenues and margins for FY25, potentially benefiting PVR Inox, which secures 30-35% of its ad revenues from long-term deals. PVR Inox is actively focusing on debt reduction, capex-light models, real estate monetization, and exploring alternative business models. Innovative partnerships, like those with KFC and Pizza Hut operator Devyani International, are also in the works.Tune in to The Morning Brief with Ratna Bhushan from The Economic Times, as she chats with Sanjeev Kumar Bijli, Executive Director at PVR Inox, about the future of India's largest multiplex chain! If you like this episode, check out more Corner Office Conversations from the podcast: S. Jaishankar, Ravi Kant Jaipuria, Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris, Nithin Kamath, and more! You can follow Ratna Bhushan on her social media: Twitter and Linkedin. Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn,  Amazon Music and Google Podcasts. See omnystudio.com/listener for privacy information.

Long-time large-cap growth manager Kathleen McCarragher of Jennison Associates speaks with Goldman Sachs' Betsy Gorton about investing through multiple economic cycles, her perspectives on AI and growth opportunities, and her advice on building and leading teams. To hear from more Great Investors, check out: Capital Group's Rob Lovelace on long-term investing, succession planning, and leadership lessons; Dimensional's Founder and Chairman David Booth on being an index pioneer, working with Nobel laureates, and investing through uncertainty; KKR's Henry Kravis on private equity, culture, and global markets. And for more on large-cap stocks, listen to: Goldman Sachs Exchanges: Are the largest US stocks too dominant? 

Macrotech Developers, led by MD Abhishek Lodha, is aiming to be more than just a sales-topping builder. Lodha wants the company to be a consumer goods firm, focusing on accessibility and desired locations for homebuyers. This comes with a boom in India's luxury housing market and a predicted threefold growth in the realty sector by 2034. Listen to Hosts Anirban Chowdhury and Kailash Babar on The Morning Brief podcast for the full interview where Lodha discusses the potential of India's real estate market, challenges of urbanisation, and sustainability in the sector. Tune in! If you like this episode, check out more Corner Office Conversations from the podcast: S. Jaishankar, Ravi Kant Jaipuria, Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris, Nithin Kamath, and more! You can follow our host Anirban Chowdhury on his social media: Twitter & Linkedin Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn,  Amazon Music and Google Podcasts. See omnystudio.com/listener for privacy information.

In this episode of The Morning Brief podcast, external affairs minister S. Jaishankar talks about his role in the elections, Biden's “xenophobic” remark, terror elements in Canada, problems in Pakistan and Myanmar, his critique of Nehru's foreign policy and what OTT series he is currently watching with ET.  Tune in now!  If you like this episode, check out more Corner Office Conversations from the podcast: Ravi Kant Jaipuria, Arjun Nohwar, Manoj Chacko, G.V. Prasad, Dara Khosrowshahi, Henry Kravis, Campbell Wilson, Warren K. Harris, Nithin Kamath, and more! You can follow our host Anirban Chowdhury on his social media: Twitter & Linkedin Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn,  Amazon Music and Google Podcasts. See omnystudio.com/listener for privacy information.

Celebrating 40 years, Dr Reddy's Laboratories stands out in the Indian pharma industry for its focus on governance and innovation. Founded in 1984 by scientist Dr Anji Reddy, the company has had a history of bold moves like early public listing, investing in drug discovery or hiring an expat CEO. Little wonder that the company has ended up being a CEO factory for the Indian pharma industry. The company has also been open about its mistakes and challenges like a large acquisition that fell short of expectations. Join hosts Kiran Somvanshi and Arijit Barman in a candid conversation with G.V. Prasad, Co-Chairman and Managing Director on Dr. Reddy's journey and future on The Morning Brief podcast! If you like this episode, check out more Corner Office Conversations from the podcast: Henry Kravis, Campbell Wilson, Warren K. Harris, Nithin Kamath, CaratLane, Adam Selipsky, Suresh Narayanan and more! You can follow our host Kiran Somvanshi on her social media: Twitter & Linkedin You can follow our host Arijit Barman on his social media: Twitter and Linkedin Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, Amazon Music and Google Podcasts.See omnystudio.com/listener for privacy information.

Dara Khosrowshahi, Uber's CEO, is steering the company towards profitability, a feat many doubted possible. In an exclusive interview with ET, he dives deep into Uber's India strategy. He stated that one of the complications in India is that regulations often change locally from one locality to the other and how unlike competition, Uber continues its sharp focus on its ride hailing business. What will it take for Uber to crack the India market? What are the strategies and policy framework? We get to know all in this exclusive conversation. Uber CEO Dara Khosrowshahi talks to ET's Executive Editor Sruthijith KK, Assistant Executive Editor Vinay Pandey, Editor of Emerging Markets Samidha Sharma, Tech Editor Surabhi Aggarwal and Senior Assistant Editor Pranav Mukul. If you like this episode, check out more Corner Office Conversations from the podcast: Henry Kravis, Campbell Wilson, Warren K. Harris, Nithin Kamath, CaratLane, Adam Selipsky, Suresh Narayanan and more! You can follow Anirban Chowdhury on his social media: Twitter and Linkedin  Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, Amazon Music and Google Podcasts.See omnystudio.com/listener for privacy information.

In today's episode, I wanted to take a 1-week break from the interview model to talk about some investors and strategies that I admire and that have (or are in the process of) changing the industry. These are some important figures and strategies to study and understand on the road to becoming a better investor. Key Highlights: Robert Smith and Vista Equity Partners: Recognized for his pioneering insight into software companies' valuation, Smith's approach to leveraging these high-gross-margin businesses has positioned Vista as a leader in software investment Seth Klarman and Baupost Group: Klarman's philosophy of being able to price anything, regardless of the asset type, showcases the depth of value investing and the principle of margin of safety. His influential work, "Margin of Safety," is a must-read for aspiring investors Nelson Peltz and Trian: Through Trian, Peltz exemplifies how activist investors can drive significant changes within companies by advocating for more efficient operations and shareholder value maximization Pete Stavros and KKR: 50 years after Henry Kravis, George Roberts and their mentor Jerome Kohlberg started pursuing the first leveraged buyouts, KKR continues to innovate with strategies like Stavros' decision to offer shadow equity to employees. This action has shown in several pilot investments to lead to substantial operational improvements and value creation

What is the conflict between Burmans and the board of Religare that took just one knight to push through an open offer to get a seat at the table? Why did the board, amid questions of compensations and ESOP, back the CEO and sideline the single largest shareholder? Tune in as Arijit Barman and Kiran Somvanshi break down a corporate takeover that has become a full-blown, all-out war between a doctor and the Daburs.  Throw in the board, a betting scam, ED sleuths, and SEBI in the mix, and you have a blockbuster battle. What can the board do, and whose court does the ball move to next? Shriram Subramanian, Founder & MD of InGovern, and ET's Reena Zachariah and Rashmi Rajput break it down with the TMB hosts. If you like this episode from Arijit Barman, check out his other interesting episodes on Corner Office Conversation with Henry Kravis, KKR, Bitcoin Bites Into Wall Street, Fossil Fuel To Finance: COP28, A Success Or A Smokescreen, JLR Turning the Corner With Full Throttle, Kotak Succession: A Big Transition & The Challenges Ahead and more! You can follow our host Kiran Somvanshi on her social media: Twitter & Linkedin You can follow our host Arijit Barman on his social media: Twitter and Linkedin Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Google Podcasts Credits: CNBC-TV18 1, CNBC-TV18 2See omnystudio.com/listener for privacy information.

An Indophile who doesn't hesitate to speak his mind, Henry Kravis, 80, is astounded by India's economic development, making him want to know more about the economy, meet young entrepreneurs, and mingle with policymakers every time he visits. One of the three founders of KKR & Co., Kravis was on a whirlwind tour of the country, meeting over 50 founders and CEOs in five days. In this exclusive podcast, Henry Kravis speaks to Economic Times' Arijit Barman and discusses KKR's big bet on India and how the mood of the money is changing. Do check out the article by Arijit Barman: KKR will deploy its next $10 billion in India faster than before, says founder Henry Kravis  If you like this episode from Arijit Barman, check out his other interesting episodes on Bitcoin Bites Into Wall Street, Fossil Fuel To Finance: COP28, A Success Or A Smokescreen, JLR Turning the Corner With Full Throttle, Kotak Succession: A Big Transition & The Challenges Ahead and more! You can follow our host Arijit Barman on his social media: Twitter and Linkedin Catch the latest episode of ‘The Morning Brief' on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Google Podcasts.See omnystudio.com/listener for privacy information.

In this episode of Goldman Sachs Exchanges: Great Investors, Henry Kravis, co-founder and co-executive chairman of KKR, discusses the evolution of the private equity industry and KKR's journey through that transition, the lessons he's learned from leading the firm, and his views on the economy and markets. 

In this episode, our Deputy CEO and Board Member for News Media USA, Jan Bayer, provides us with an overview of Axel Springer's U.S. expansion. He explains where we currently stand in this endeavor and the significance of opening the New York office in this context. However, he also delves into the challenging market conditions and explains why Henry Kravis's quote, "Never waste a good crisis," is apt. Tune in to learn how the crisis was leveraged.

Nearly a hundred climate activists rallied at the Museum Of Modern Art in NYC on September 15 to call for the removal of board chair Marie-Josée Kravis because of her and her husband's Henry Kravis's ties to the fossil fuel industry. The protest comes before the major September 17 march to End Fossil Fuels in NYC prior to the UN climate summit. Henry Kravis, whose net worth is around $7.8bn, is a co-chief executive of KKR, one of the world's five largest private equity firms. It is heavily invested in fossil fuels in the US, Canada, the UK, Europe and the Middle East. KKR is behind the Coastal GasLink Pipeline being built through Wet'suwet'en territory in Canada. We start off by hearing from some of the Hereditary chiefs from Canada. We later hear among others from Roni Zahavi-Brunner of Planet over Profits and Michael Kink of Strong Economy for all. We then here again from Roni after several dozen activists occupied and shut down MOMA. By Mark Dunlea for Hudson Mohawk Magazine.

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

Ralph welcomes Pulitzer Prize winning reporter, Gretchen Morgenson, co-author of “These Are the Plunderers: How Private Equity Runs – And Wrecks – America,” where they name names in this “heads we win, tails you lose” system of predatory capitalism.Gretchen Morgenson is the senior financial reporter for the NBC News Investigative Unit. A former stockbroker, she won the Pulitzer Prize in 2002 for her “trenchant and incisive” reporting on Wall Street. Previously at the New York Times and the Wall Street Journal,” she and coauthor Joshua Rosner wrote the bestseller Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon about the mortgage crisis. Their latest book is These Are the Plunderers: How Private Equity Runs—and Wrecks—America.The way corporate criminals get their way is by trying to make things too complex and too abstract for your daily lives. But when Gretchen [Morgenson] talks about these plunderers, and let's call them “predatory capitalists”, don't think that you're not being affected— whether your loved ones are patients in nursing homes, whether you're workers being laid off, whether you're consumers being gouged for drug or healthcare prices, whether your community's going to be hollowed out because the company that was doing okay was taken over by these vultures and closed down after they extracted the wealth.Ralph NaderIt's interesting now that David Rubenstein is retired [from the Carlyle Group], he's a philanthropist. This is what these wealthy people do once they've finished their careers and made so much money. They become philanthropists… We've all read about David Rubenstein and Steve Schwarzman and Leon Black and Henry Kravis. We read about them constantly. They are always lauded for their brilliance and their billionaire status. What we just don't hear about are the people on the other side of their transactions.Gretchen Morgenson, co-author of “These Are The Plunderers.”The disappointing thing about the Justice Department is that when they bring these cases against the companies that are doing Medicare fraud (like in the Manor Care situation), they don't move up the corporate ladder to the owner of the company. The Justice Department does the work on the particular company that is owned by private equity, but they don't go up the ladder. And that has a way of allowing the firms—like Carlyle in the Manor Care case— to escape scrutiny and to escape accountability. So that would be an ideal thing to change.Gretchen Morgenson co-author of “These Are The Plunderers.”In Case You Haven't Heard 1. Amid the debt limit fight, progressives are calling for President Biden to invoke the 14th amendment, which they believe would allow Biden to bypass the Republican House and raise the debt limit without concessions like adding further work requirements to public benefits. In a press conference by the Senate progressives, John Fetterman of Pennsylvania said "This is the whole reason why the 14th Amendment exists, & we need to be prepared to use it. And, if our unelected Supreme Court Justices try to block the use of the 14th amendment and blow up our economy, that's on them.” However, POLITICO reports that the administration is privately telling progressives to stand down. Instead, the White House seems more interested in negotiating with Speaker McCarthy, even if that means caving to outrageous Republican demands.2. As the Writers Guild strike grinds on – at a cost of $30 million per day according to Deadline – the  Screen Actors Guild is now on the verge of their own strike. Last week, SAG-AFTRA's National Board voted unanimously to ask members for strike authorization, and the Daily Beast reported that SAG-AFTRA president Fran Drescher urged members to “make three a charm with an emphatic ‘yes' for a strike authorization vote!” adding that to do so would be “an unprecedented show of solidarity.” An actor's strike against the studios has not happened since 1980.3. Last week, Senator Bernie Sanders introduced the Healthy Families Act of 2023, which would guarantee 12 weeks of paid family and medical leave. This bill features a companion in the House, led by Rep. Rosa DeLauro, and carries the support of 122 members of the House and Senate. Sanders is quoted saying “It is time to end this absurdity...It is time Congress passed this legislation to ensure workers receive the basic dignity and benefits that they deserve.” The introduction of this legislation comes on the heels of the reintroduction of a Medicare for All bill in this Congress.4. A damning new report in the Wall Street Journal indicates that “Jeffrey Epstein discovered that Bill Gates had an affair with a Russian bridge player” and later used this knowledge to attempt to threaten the Microsoft co-founder. The report goes on to say that “at the time, Epstein was trying to set up a multibillion-dollar charitable fund with JPMorgan...[which] hinged on securing support from Gates.” When this money was not forthcoming, Epstein resorted to blackmail. This gives the public our clearest idea yet as to the nuts and bolts of the Epstein criminal enterprise.5. POLITICO is reporting on a rumor concerning Senator Dianne Feinstein, Representative Adam Schiff, and the Pelosi family. The former Speaker herself has endorsed Schiff in the upcoming California Senate primary and has long groomed him as a political protege. He currently holds a $15 million advantage over his nearest opponent. Yet, if Feinstein – who has appeared deeply addled in recent public appearances – were to resign, Governor Newsom would have the opportunity to appoint a Senator to the vacant seat, and has pledged to appoint a Black woman. Rep. Barbara Lee, a progressive Black congresswoman representing the Bay Area, is among the candidates to replace Feinstein, and would therefore have a strong chance of being appointed. Per the report, Nancy Corinne Prowda, Pelosi's eldest child, is a top aide to Senator Feinstien, and a “Pelosi family confidant” insinuated that she is angling to keep Feinstein in her seat, not for the benefit of Californians, but for the benefit of Adam Schiff.  6. The LA Times reports that “Nearly three dozen deputies have been ordered to come in for questioning, show their tattoos and give up the names of any other deputies similarly sporting ink connecting them to…the Los Angeles County Sheriff Department's…deputy gangs.” This demand came in a letter from county Inspector General Max Huntsman to 35 deputies suspected of being members of either the Executioners or the Banditos, two of the most notorious among these police gangs. Huntsman is quoted saying “The Los Angeles Sheriff's Department conducted incomplete internal affairs investigations into the Banditos and Executioners, failing to identify all members…California's new gang law addresses discrimination based on race and gender and gives inspectors general enhanced authority to collect evidence. We're using that authority to complete the investigations by directing deputies to show their tattoos and tell us who else has them.”7. The Sierra Club is currently in the midst of a labor battle. The New Republic reports that, in an attempt to resolve their budget shortfall, the group has announced “massive layoffs,” the scale of which still remains unclear.  This announcement set off a “fractious battle” between the top leadership and the Progressive Workers Union, which has two bargaining units representing nearly 400 Sierra Club employees around the country. Thus far union has filed two unfair labor practice charges with the National Labor Relations Board; the first “accuses the Club of failing to provide necessary information for bargaining,” and another alleging that “management is violating its collective bargaining agreement and is bargaining in bad faith.”8. Democracy Now! reports that conservative, US-backed Ecuadoran president Guillermo Lasso has “dissolved the opposition-led National Assembly in a move widely seen as an effort to block efforts to impeach him.” Lasso dissolved the assembly as it held its first hearing on corruption and embezzlement allegations against Lasso. Lasso invoked a never-before-used constitutional power allowing him to “rule by decree” until new elections are held.9. In an almost unbelievable story, Live Science is reporting that Orcas have “sunk 3 boats in Europe and appear to be teaching others to do the same.” The piece goes on to say that scientists believe the attacks are coordinated, and began following an orca experiencing a "critical moment of agony." Further, they believe “the behavior is spreading among the population through social learning.” This is a stark reminder that we as a species impact our environment and that, sometimes, there are consequences. Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe

This episode is also available as a blog post: https://thecitylife.org/2023/01/14/moma-announces-the-2023-program-for-the-marie-josee-and-henry-kravis-studio-with-a-focus-on-sound-and-auditory-art-forms/ --- Send in a voice message: https://podcasters.spotify.com/pod/show/citylifeorg/message Support this podcast: https://podcasters.spotify.com/pod/show/citylifeorg/support

The following is a bonus replay of one of 2022's popular episodes. When Herald Chen was growing up in a town not far from Pittsburg, he dreamed of someday running the small town's steel mill. Years later when he was graduating from the University of Pennsylvania, the steel mill no longer occupied Chen's maturing career aspirations. “My two job offers were to either go make soap for Procter & Gamble at a manufacturing plant in Baltimore or go to Wall Street,“ remembers Chen, who adds that the offers for the seemingly different jobs came as a result of having graduated from UPenn's Management and Technology program—a curriculum that offered a dual degree in engineering and finance. Chen chose Wall Street and in 1995 landed at KKR, the private equity firm that had feasted on leveraged buyouts in 1970s and 1980s. Recalls Chen: “I had a front row seat for meeting many CEOs and CFOs and invested behind a couple dozen of them, so I learned a lot about what the good, the bad, and the ugly look like in these companies.”   Twenty-seven years later, KKR can arguably be seen to have been the mother ship of Chen's finance career, a place that over time he would leave and then return to as the investment house provided him with the wherewithal to open new professional chapters—the longest being from 2007 to 2019, when he headed KKR's Technology, Media, and Telecom practice. Along the way, Chen demonstrated a rapport with C-suite members and company boards that distinguished him from other investors, a trait that led to a growing number of invitations to sit on different company boards. “I had figured out that I wanted to be building businesses, but I also knew that I wasn't the smartest or brightest or most charismatic person in the room, so maybe the best way for me wasn't actually sitting in the CEO seat but instead was investing and sitting on boards and helping CEOs,” comments Chen, who has held a number of board seats, as well as served as board chair for such companies as Internet Brands/WebMD, Optiv, Epicor, BMC Software, and Mitchell International.  With a boardroom track record that few of his CFO peers can match, Chen attributes his success in part to being a good listener.  “I would invest behind CEOs and CFOs whom others just didn't understand—they just didn't comprehend what these people were trying to do—because I would find that I could create a lot of value with them just by taking a little extra time to hear them through,” remarks Chen. When asked to offer advice for CFOs seeking to lower the temperature of certain boardroom discussions, Chen shares a story involving notable KKR financier Henry Kravis: “When I was at KKR, I made a mistake in some of the numbers one time. It was late in the transaction, at the point where on Wall Street you'd expect to get yelled at and there would be this big blowup—but I remember Henry Kravis just getting very calm and saying, ‘Hey, we'll get through this and come out the other side.'” –Jack Sweeney

Billionaire investor and tech entrepreneur Steve Case, the co-founder of AOL and now the CEO and Revolution, joins Julia La Roche on episode 29 to discuss his newest book, "The Rise Of The Rest: How Entrepreneurs in Surprising Places are Building the New American Dream." In 2014, Case launched Revolution's "Rise of the Rest," an initiative to accelerate the growth of startups based outside of Silicon Valley. Rise of the Rest is based on a simple idea: talent is equally distributed, but opportunity is not. Historically, 75% of venture capital money has flown to three states — California, New York, and Massachusetts, resulting in a "brain drain," where people who grew up in Middle America move to Silicon Valley for opportunities. Since 2014, Case and the Revolution team have traveled more than 11,000 miles to 43 cities on the Rise of the Rest bus to visit entrepreneurial ecosystems and highlight great companies and entrepreneurs. On each tour, they hit five cities in five days, meeting with startups and elected officials. Rise of the Rest hosts a pitch competition and invests $100,000 in a local startup. As a result of our tours, Revolution launched two $150 million Rise of the Rest Seed Funds to invest in seed stage companies between the coasts. Rise of The Rest has attracted big-name backers, including John Doerr, Jim Breyer, Henry Kravis, David Rubenstein, Eric Schmidt, Tory Burch, Jeff Bezos, Ray Dalio, Howard Schultz, and many more. 0:00 Intro 0:35 Traveling the U.S. by bus 2:00 American cities on the rise 3:25 Top-tier returns outside of Silicon Valley 8:35 75% of venture capital goes to 3 states 11:46 Peak Silicon Valley? 15:10 The Third Wave of the Internet 17:30 Something is brewing out there 19:30 Dealing with the skepticism 21:28 200 investments in 100 cities 23:05 New venture firms launched outside CA, NY, MA 24:20 Evaluating entrepreneurs 26:30 Startups fuel job growth 29:15 Seeing America by road 30:22 Why is America divided? 33:50 Slowing the brain drain 36:15 The boomerang effect 39:09 America's success is not guaranteed 41:45 Need for immigration reform 43:11 Early days of the internet 47:47 Director of New Pizza Development 49:24 Advice for the next-gen entrepreneur

Say It Skillfully® is a show that helps you to benefit from Molly Tschang's expert guidance on the best possible ways to speak your mind at work in a positive and productive manner. In Episode 154, Dr. Steffen Pauls tells his story of ups and downs, from attending summer school in the U.S.—barely knowing English—to working his way up in the world of fintech and private investing. Steffen grew up in a strict and disciplined home in Wiesbaden, Germany. Expectations were high; he was told he must go to university AND get his PhD. Hear memorable stories from his childhood that shaped who he is today, including his dad opening his eyes to the realism of playing piano professionally. Hear about Steffen's time at Harvard summer school. He started at age 19, barely knowing any English, and ended up staying for over a year and writing his master's thesis (you won't believe what he did to overcome his lack of English… talk about grit). With great gratitude, Steffen talks about how this fueled his dreams of working internationally and enabled him to pursue roles in consulting and investment banking that laid the foundation for him as an entrepreneur. Don't miss lessons learned from his journey that included leaving roles without knowing what was next, doing a start-up alongside his wife, the loss of their 1st child, and priceless experiences with KKR in the early days of the firm. Hear how Henry Kravis himself imparted how powerful it is to know: you are important. And Steffen shares how it was essential for him to believe in himself while starting Moonfare. Don't miss this captivating account of what it takes to find your true north and have the courage to find success on your terms. Molly's thought for the week: When you see something others don't, that's an opportunity. Do something about it.

Say It Skillfully® is a show that helps you to benefit from Molly Tschang's expert guidance on the best possible ways to speak your mind at work in a positive and productive manner. In Episode 154, Dr. Steffen Pauls tells his story of ups and downs, from attending summer school in the U.S.—barely knowing English—to working his way up in the world of fintech and private investing. Steffen grew up in a strict and disciplined home in Wiesbaden, Germany. Expectations were high; he was told he must go to university AND get his PhD. Hear memorable stories from his childhood that shaped who he is today, including his dad opening his eyes to the realism of playing piano professionally. Hear about Steffen's time at Harvard summer school. He started at age 19, barely knowing any English, and ended up staying for over a year and writing his master's thesis (you won't believe what he did to overcome his lack of English… talk about grit). With great gratitude, Steffen talks about how this fueled his dreams of working internationally and enabled him to pursue roles in consulting and investment banking that laid the foundation for him as an entrepreneur. Don't miss lessons learned from his journey that included leaving roles without knowing what was next, doing a start-up alongside his wife, the loss of their 1st child, and priceless experiences with KKR in the early days of the firm. Hear how Henry Kravis himself imparted how powerful it is to know: you are important. And Steffen shares how it was essential for him to believe in himself while starting Moonfare. Don't miss this captivating account of what it takes to find your true north and have the courage to find success on your terms. Molly's thought for the week: When you see something others don't, that's an opportunity. Do something about it.

Tarek Mansour is the Founder and CEO @ Kalshi, the first regulated exchange where you can trade directly on the outcome of events. Tarek has raised funding from some of the best including Alfred Lin @ Sequoia, Ali Partovi @ Neo, Ron Conway, Charles Schwab and Henry Kravis. Before founding Kalshi, Tarek worked at the likes of Citadel, Palantir and Goldman Sachs, in various different roles. In Today's Episode with Tarek Mansour We Discuss: 1.) Entry into Startups: How did Tarek make his way from a nerdy kid in Lebanon to having his first startup funded by Sequoia and billionaires likes Charles Schwab and Henry Kravis? How did his mother's continuous desire for excellence change Tarek's mindset? What are the biggest lessons that Tarek took from his mother's strict parenting and how did he apply them to how he manages the team at Kalshi today? 2.) What it Takes to Succeed: Why does Tarek believe that the world does not want your startup to exist? In that case, what are the core traits that founders need to fight this headwind? Does Tarek believe in work-life balance? What are some of the struggles of this? Does Tarek believe you should work on your weaknesses or double down on your strengths? 3.) Building the Team: Does Tarek believe that naivete is a strength or a weakness? At what point does it change between being a strength to being a weakness? Does Tarek prefer to hire more senior experienced people or younger hustlers with more energy? What have been the single biggest hiring mistakes that Tarek has made? How has it changed his approach to team building? What is the one single trait that if Tarek sees, he will not hire? How does Tarek make the interview process both fun but different and challenging? Where do so many founders make mistakes in how they construct the hiring process? 4.) Tarek Mansour: AMA: What have been the single biggest lessons from working with Ron Conway and Alfred Lin? What are some of Tarek's biggest insecurities in leadership today? What does Tarek know now that he wishes he had known at the beginning of his time with Kalshi? What would Tarek most like to change about the world of startups? Items Mentioned in Today's Show: Tarek's Favourite Book: Never Split the Difference: Negotiating as If Your Life Depended on It 

A conversation with Ann Temkin, the Marie-Josée and Henry Kravis Chief Curator of Painting and Sculpture at the Museum of Modern Art in New York. Our conversation focuses on MoMA's current exhibit “Matisse: The Red Studio” which revolves around the iconic painting of the same name that has been an integral part of MoMA's collection since 1949. Ann spent more than four years researching, writing about and compiling the exhibit which features the Matisse artworks seen on the walls and tabletops of the studio in the painting. We discuss the work's historical context, its significance, the secrets it holds and the hunt for all of the works in the scene.

Marty Fischer grew up in southeast Georgia near Savannah and is a 1974 graduate of Georgia Southern College with a BS Degree in Speech-Public Relations.  Marty got his start in the hunting and shooting industry when he served as the Vice President and General Manager of Cherokee Rose Shooting Resort in Griffin, Georgia from April 1990 through December 1992.  In January 1993 Marty founded SportShooting Consultants, Ltd, a company that specializes in gun club design, event target setting and management as well as business consulting for the hunting and clay target industries.  To date Fischer has designed and/or set competition targets on more than 175 sporting courses throughout North America. He has done design work for the likes of the Ted Turner family (Kinloch Plantation on the Santee River in SC), Henry Kravis, (7 Lakes Lodge in Meeker, CO, now owned by golfer Greg Norman) managing partner of Kohlberg, Kravis and Roberts in New York, Los Angeles Dodgers owner Mark Walters, noted hotelier Richard Kessler and his Kessler Canyon Ranch in DeBeque, CO.  He recently did an initial private design and clay target installation for Gaylon Lawrence, Jr. in Wilson, Arkansas.  Additional public facility phases are being planned and priced at this time.     Recent courses of note include a redesign of the Brays Island Sporting Clays course in South Carolina and two 15 station championship layouts for the Clark County Shooting Park in Las Vegas, Nevada; sporting clays, 5-Stand, shooting school venues for The Orvis Shooting Grounds at Pursell Farms in Alabama; two 14 station layouts for the Garland Mountain Sporting Clays facility in north metro Atlanta, GA and a 5-Stand, Wobble Trap, 10 station corporate courses at The Kiawah Sporting Club in SC and at historic Millpond Plantation in Thomasville, GA as well as two 15 station sporting clays courses for Dead Zero Shooting Park in Spencer, TN.   He recently finished a project called The Clays at Lone Oaks Farm, a $2.3 million clay target project for the University of Tennessee.  His next full-service design for completion is a sporting clays facility in Weirton, WV.  At any given time, he has three to five different design jobs underway.  Fischer became one of the first National Sporting Clays Association (NSCA) Level III Shooting Instructors.  This level of coaching expertise represents the highest instructor level awarded by the NSCA.  Marty is also the Head Coach of the Georgia Southern University Clay Target Team, which competes for Regional and National Collegiate Clay Target Championships.  Under his guidance, Georgia Southern won back-to-back ACUI divisional national championships in 2021 and 2022.

Foi a bordo de sua bicicleta nas estradas da Argentina e do Brasil que o nosso convidado de hoje teve seu primeiro contato com o universo caminhoneiro e o transporte de cargas. Logo ele percebeu que burocracias, roubo de carga e infraestrutura ruim são alguns dos problemas que dificultam a vida de caminhoneiros de diversos países. Assim surge a frete.com e sua missão de simplificar o transporte de carga, ajudar transportadoras a aumentar a segurança e a produtividade na contratação de caminhoneiros e melhorar esse ecossistema a partir de tecnologia. Além de contar sua jornada empreendedora com mais detalhe, Federico proporcionou uma verdadeira aula sobre soluções inovadoras dentro de um mercado gigantesco. Ele também se orgulha de como é possível impactar positivamente a indústria; com economia de até 25% no custo dos transportes para as transportadoras, 50% mais rentabilidade para os caminhoneiros e redução de até 20% de CO2. Mas nem tudo sempre foi um mar de rosas, a falta de dinheiro e dificuldades também fazem parte de caminhada. Federico continuou a aprimorar sua negócio e logo sua resiliência foi compensada; O Frete.com conta com o apoio de investidores de renome como Henry Kravis, fundador do KKR, Jeb Bush, 43º Governador da Flórida-EUA, Oscar Salazar, co-fundador do Uber, Tarek Sultan, fundador da Agility, Paulo Veras, fundador da 99, Michael Thompson fundador da Reinvent Capital e os veteranos da logística americana Paul Loeb e Eddie Leshin e em 2021 se tornou o novo unicórnio brasileiro, recebendo um aporte de 1,14 bilhões de reais. Impossível não ficar curioso pra ouvir esse mestre, não é? Crescimento, gestão, tecnologia, histórias de vida e muito mais. Um prato cheio para empreendedores com fome. Vem conhecer esse gigante!

When Herald Chen was growing up in a town not far from Pittsburg, he dreamed of someday running the small town's steel mill. Years later when he was graduating from the University of Pennsylvania, the steel mill no longer occupied Chen's maturing career aspirations. “My two job offers were to either go make soap for Procter & Gamble at a manufacturing plant in Baltimore or go to Wall Street,“ remembers Chen, who adds that the offers for the seemingly different jobs came as a result of having graduated from UPenn's Management and Technology program—a curriculum that offered a dual degree in engineering and finance. Chen chose Wall Street and in 1995 landed at KKR, the private equity firm that had feasted on leveraged buyouts in 1970s and 1980s. Recalls Chen: “I had a front row seat for meeting many CEOs and CFOs and invested behind a couple dozen of them, so I learned a lot about what the good, the bad, and the ugly look like in these companies.”   Twenty-seven years later, KKR can arguably be seen to have been the mother ship of Chen's finance career, a place that over time he would leave and then return to as the investment house provided him with the wherewithal to open new professional chapters—the longest being from 2007 to 2019, when he headed KKR's Technology, Media, and Telecom practice. Along the way, Chen demonstrated a rapport with C-suite members and company boards that distinguished him from other investors, a trait that led to a growing number of invitations to sit on different company boards. “I had figured out that I wanted to be building businesses, but I also knew that I wasn't the smartest or brightest or most charismatic person in the room, so maybe the best way for me wasn't actually sitting in the CEO seat but instead was investing and sitting on boards and helping CEOs,” comments Chen, who has held a number of board seats, as well as served as board chair for such companies as Internet Brands/WebMD, Optiv, Epicor, BMC Software, and Mitchell International.  With a boardroom track record that few of his CFO peers can match, Chen attributes his success in part to being a good listener.  “I would invest behind CEOs and CFOs whom others just didn't understand—they just didn't comprehend what these people were trying to do—because I would find that I could create a lot of value with them just by taking a little extra time to hear them through,” remarks Chen. When asked to offer advice for CFOs seeking to lower the temperature of certain boardroom discussions, Chen shares a story involving notable KKR financier Henry Kravis: “When I was at KKR, I made a mistake in some of the numbers one time. It was late in the transaction, at the point where on Wall Street you'd expect to get yelled at and there would be this big blowup—but I remember Henry Kravis just getting very calm and saying, ‘Hey, we'll get through this and come out the other side.'” –Jack Sweeney

This episode is also available as a blog post: https://thecitylife.org/2021/12/12/moma-announces-the-marie-josee-and-henry-kravis-studio-program-through-summer-2022/ --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/citylifeorg/message Support this podcast: https://anchor.fm/citylifeorg/support

The Interview Discusses: How their cannabis division Hawthorne has grown over 100% over the past two years.Why he decided to enter the cannabis business.His thoughts on the current regulatory environment for cannabis and what he believes needs to change.Where the biggest money will be made in a post cannabis prohibition world and where they are investing.The logic of potentially spinning out the Hawthorne business.The demographic shift that is greatly helping their traditional consumer business.A meeting he had with Henry Kravis in ~2007 and what he did in response to that meeting.Why Scotts has been a “pandemic beneficiary.” His thoughts on inflation.How they have changed their marketing to target millennials Their innovative weather partnership with IBM that could greatly enhance their marketing.Why he believes private label is not a threat to his consumer business.How they incentivized employees during the pandemic 

Jim Cramer and David Faber led off the show with a look at what investors should do in wake of the recent rally in energy prices: WTI crude surging to a seven-year high and natural gas up 50% over the past three months. The anchors highlighted Goldman Sachs lowering its U.S. growth forecasts for 2021 and 2022 as the firm expects a "delayed recovery in consumer spending" and no improvement in the global chip supply until next year. Jim and David also discussed a rough start for Southwest: Shares under pressure after the airline announced hundreds of additional flight cancellations on top of the 1,800 that took place over the weekend, citing bad weather, air traffic control issues and staff shortages. Southwest also disputes speculation that its high level of cancellations compared to other airlines were due to employee protests of a COVID-19 vaccine mandate. Speaking of the pandemic, Merck and Ridgeback Biotherapeutics announced submission of an emergency use authorization application to the FDA for their oral COVID-19 treatment. The anchors reacted to what former FDA Commissioner Dr. Scott Gottlieb told CNBC about when he believes Merck's COVID pill will hit the markets. Changes at the top of KKR: Co-founders Henry Kravis and George Roberts stepped down as Co-CEOs of the private equity firm. The anchors explored what this means for KKR and the world of P.E. Also in focus: Big banks kicking off earnings season later this week, Chinese stocks continue to rebound, Emerson Electric's $11-billion merger deal with Aspen Technology, and as movie theaters look to rebound from the pandemic -- the new James Bond film "No Time To Die" debuts by grossing $56-million at the box office domestically. It was the weekend's top performer but just shy of consensus estimates.

Pump and Dump OrganizationThis is not legal advice or anything, but one good rule of thumb is that if you are on an internet message board looking to ... an undercover police officera good story from Australia talked at some lengthsays its white paperAnd pretending to be upstarts Ben Scent and Crystal Kimthe Wall Street Journal interviewed by BloombergHenry Kravis and George RobertsChina’s Property Market Save His EmpireEvergrande Economistsettles investor complaintVolatility Fundsreportclothes that don't existno championship teamsbat’s wingfake tiger fursubscribe at this linkherepost by Steve Randy Waldman

Bitwise, the $1 billion-plus crypto asset management firm, announced a Series B funding round to further advance its index and fund products on Wall Street. With the raise, Bitwise became the latest startup in the digital asset industry to raise fresh capital amid a period of heightened interest from institutions and their clients. In this episode of The Scoop, Bitwise co-founder and CEO Hunter Horsley explained how the industry is creating access for new classes of investors. In Horsley's view, traditional portfolio managers and financial advisors remain an untapped market for the nascent crypto asset management industry.  In terms of the volatility, Hunter sees this as a positive. For Bitwise, volatility means the opportunity for financial advisors to enter the cryptocurrency market by adopting crypto as another asset class in a client or portfolio's diversification strategy. “The volatility of crypto is a magical gift for a financial advisor. What do I mean by that? If you're an individual who downloads one of the incredible apps that you have today, you see this jagged price chart, this twenty-four-hour price chart. Right. It's very scary, prone to emotional trading. And that's the scary version of volatility. If you're a financial advisor constructing a portfolio that you want to have certain low correlations, you want to have a certain Sharpe ratio, you want to balance across different asset classes. Well, in that case, crypto volatility is actually very useful.” Looking back to Bitwise's latest round, the startup managed to attract notable backers. Indeed, some of the investors involved in raising the Series B round were industry heavy-hitters.As Horsley put it: “[The Series B Funding was] collected by Elad Gil, one of the most accomplished technology investors, Electric Capital, one of the leading crypto venture capital firms and some renowned Wall Street investors; Dan Loeb's Third Point, Daniel Ochs Willoughby, Louis Bacon's Moore Strategic Ventures, Henry Kravis, Stanley Druckenmiller and [Bridgewater CEO] Dave McCormick.” This episode is brought to you by our sponsors Eventus, Kraken, and Exodus Eventus is the leading global provider of multi-asset class trade surveillance, transaction monitoring and market risk solutions. Eventus offers a powerful, award-winning trade surveillance platform that is easy to deploy, customize and operate. Eventus is proven in the most complex, high-volume and real-time environments and supports many of the industry's leading crypto exchanges including Coinbase, Gemini, ErisX and OSL. The company's rapidly growing client base relies on Eventus' responsive support and product development teams to overcome its most pressing regulatory challenges. About Kraken Whether you're an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today. About Exodus Exodus is leading the world out of traditional finance by building beautiful and user-friendly crypto products. Forget having to learn the nuances of different cryptocurrencies. Exodus is designed for everyone and hides the complex details behind a beautiful and intuitive interface. Buy and sell one cryptocurrency for another from the comfort of your wallet, in seconds. Funds remain under your full control.  Secure, manage, stake, and exchange all of your favorite cryptocurrencies from one wallet. No account registration is required. Download Exodus at Exodus.com or directly from Google Play and the iOS App Store and you're ready to go. 

https://astralcodexten.substack.com/p/highlights-from-the-comments-on-class   To my surprise, we have some genuine upper-class people reading this blog. Here’s what they thought, starting with Cabayun: While I hardly grew up in the upper-upper world Fussell is describing (though my grandparents and to a lesser extend parents surely did), a lot of the particulars stood out to me as right on the money (the food, names, boring social scene almost by design, locations, house/furniture descriptions). However, in my life I've seen less of the "nothing to prove" attitude, as even the upper class scene I'm a part of is full of social jockeying (particularly around marriage) among people who don't have to ever think about money. I'd also anecdotally report sky-high high rates of alcoholism and depression that I vaguely theorize stem from most people being poorly equipped to handle a completely vacuum of purpose or financial drive to succeed. And Crotchety Crank: I'm likely in Fussell's upper upper [and] both generations above mine have already read [Fussell’s book]! One referred affectionately to "old fussy Fussell." They read it as somewhat satirical, and certainly inaccurate/unfair in places (for example, one person specifically objected to the "bland food" quip), but unfair in the same way that the Onion is unfair to the targets of its satire: even when it's exaggerated, it's exaggerated in a revealing direction. Could say much more, but maybe I'll save it for an open thread. And Arrow63: Upper class here, which is definitely middle class to say but I think it's ok since I'm anonymous. I would say that the one big change to the class system he outlined is that new money can definitely buy its way to the upper class. This was unthinkable for centuries but in the money obsessed current age is quite doable. Of course there is a world of difference between the my pillow guy and Henry Kravis so it's far from axiomatic that great wealth equals great class prestige. But where you used to see museum, presitigious university and music hall boards stuffed with Cabots and Astors those seats have been completely occupied by billionaires with maybe one or two exceptions for old times' sake. Get on a couple of those and you have risen to the top of the class hierarchy.

Keynote Ben Forman: Managing Partner of ParaFi Capital, an investment firm focused on blockchain and decentralized finance with $100mm+ AUM backed by Galaxy Digital, Bain Capital Ventures and Henry Kravis, Co-CEO and Co-Founder of KKR. Ben was previously an executive at private equity firms KKR and TPG, and holds a B.A. in Philosophy, Politics and Economics from the University of Pennsylvania. ParaFi began investing in DeFi in 2018, deploying capital behind leading protocols such as Compound (lending and interest accrual), Aave (asset borrowing), Uniswap (automated liquidity provision), and Synthetix (synthetic asset trading). In addition to investing in DeFi protocols, ParaFi actively supports its portfolio as a power user, liquidity provider, and governance participant.Keynote Hamlet Yousef: Managing Partner of Irongate Capital, which invests in early-stage companies and venture funds focused on defense, national security, and dual-use applications of advanced technologies. IronGate is composed of a multidisciplinary team with decades of experience in national security, defense, technology and finance. Hamlet has 10+ years of intelligence community service, 10+ years of vetting and analysis of disruptive technologies and trends, 20+ years of government Fortune 100 sales, marketing, and management. He earned his MBA at Pepperdine.

Ben Forman is the Founder and Managing Partner at DeFi focused fund ParaFi, backed by billionaire Henry Kravis among other well known investors. Ben makes his podcast debut and joins us in discussing: Is DeFi in a bubble? How can we tell? What areas of DeFi are under-invested? What's overhyped? Specific projects and verticals Ben is tracking Thoughts on yield mining Are institutions looking at DeFi? Host: Jason Choi (@MrJasonChoi). If you enjoyed the show, consider tipping! This show is not financial advice; show host and guest may hold some of the assets discussed. BTC: 3EFSLnPpme6Lo6DynN1bVV9owooueFvEmJ ETH: 0xdec40AA30B9C562aB4b839529BfC290C1B5Da61E  ****** Resources: Borrow and lend crypto at market-beating rates: Nexo.io Subscribe to my essays here: jasonchoi.substack.com  ****** Musical credits: Transition track: "BHANGER" by Phortissimo. Used with permission Outro track: "LEMMiNO - Infinity [Chill]" is released under a Creative Commons license (BY-SA) 4.0 Music provided by BreakingCopyright: https://youtu.be/uweorwa3q34 Disclaimer: Jason Choi is an investor at Spartan Capital, the hedge fund arm of The Spartan Group. All opinions expressed by Jason and podcast guests are solely their own opinions and do not reflect the opinion of The Spartan Group and any of its subsidiaries and personnel. This podcast is for information purposes only and should not be relied upon as a basis for investment decisions. 

BGBS 029: Geoff Smart | Part 1: Yes, You Can Have It All Geoff Smart, founder and chairman of ghSMART & Co is sharing how his dream of having a fulfilling job and great life turned into one of the most successful hiring firms in the world. Geoff routinely advises Fortune 500 CEOs, billionaire entrepreneurs, and heads of states and discusses the importance of being a servant leader along with the companies he has looked up to over the years. Geoff shares how failure led to his own business launch and how you can sustain job satisfaction within your company. This conversation was so great and informative, that this is only part 1 of 2. Prepare to be inspired by one man who took his dream and made it a reality. What we're talking about Geoff Smart's Story: From Young Interests to a World-Renowned Leadership Company The Story of How ghSMART & Co Got Its Name Keeping It Fresh, Sustaining High Job Satisfaction, and the Definition of Leadership Geoff Smart's Story: From Young Interests to a World-Renowned Leadership Company Living in Chicago, at the age of 8, George wanted to be either a CIA agent or newscaster, but as he grew, his dreams changed. In high school, Geoff was already interested in leadership. He was reading books by Tom Peters, Peter Drucker, and Milton Friedman. As a leader in sports and his school paper, his interest in leadership took hold and grew to a passion. With a father as an industrial psychologist, Geoff had a wonderful mentor right at home. He studied Economics at Northwestern when his mother scored him an internship at a venture capital firm where he learned that it's not what you invest in, but who you invest in. Following college, Geoff was lucky enough to get to study under Peter Drucker, the “Founder of Modern Management”. After Geoff failed to get an internship at McKinsey & Co Consulting, he founded his own company. Geoff also shares that he decided to develop his own business because of his desire to help others with a more methodical approach to leadership, as well as his belief that “those that want to work hard and have an impact can also have a life”. It was at this time that ghSMART & Co was born. The Story Of How ghSMART & Co Got Its Name The story of how ghSMART & Co got its name is interesting, but a story that Geoff is proud of. The “gh” are his first two initials, but he decided to make them lower case because he wanted to be sure others knew he was a servant leader. The last part, SMART, is all capitals because Geoff says it's his colleagues that put the SMART in ghSMART. It also emulates one of the companies Smart looked up to while doing his doctoral dissertation, McKinsey & Co. It's these small details and practices that Geoff uses which has helped foster a positive culture and skyrocketed his retention rate to over 90%! Keeping It Fresh, Sustaining High Job Satisfaction, and the Definition of Leadership Put innovation to work. Listen to thoughts and ideas from clients & colleagues. If there's some part of your work description that you no longer like or others can do better, delegate it or give it to someone who is better at it. Geoff's definition of leadership is “helping a group of people figure out what it wants, and then formulate & execute a plan to get it”. When Geoff was talking about their brandstory, he said they have three ideas that intersect. 1) Maximize the positive impact you're making. 2) Do work that really matters. 3) Get paid for it so you can have a life outside of work! Are you living your brand story? LINKS MENTIONED Who: The A Method for Hiring by Geoff Smart Leadocracy: Hiring More Great Leaders (Like You) into Government by Geoff Smart Power Score: Your Formula for Leadership Success by Geoff Smart SPONSOR Wildstory TIMESTAMPS 32:40 - 33:23 (43 sec GS) - Guarantee the thing that's hardest, but most important to your customer...if we are not successful, you don't pay. 37:50 - 38:32 (42 sec GS) - I had learned from an early age...that's how you grow a professional services business. 46:07 - 46:40 (33 sec GS) - At its core, I think leadership is about helping improve people's lives and...for the people that you're serving. QUOTES Who you hire can make, or break, a company. - GS It's not what you do, but who you do it with. - GS Those that want to work hard and have an impact can also have a life. - GS I had learned from an early age by watching other successful entrepreneurs, that the more you can hire great folks & let them have the spotlight, the better if you want to scale a top tier business. - GS Podcast Transcript Geoff Smart 0:02 And he pulls me aside like forcefully grabs my shoulder like almost in cotton comfortably so like a real rough shoulder graph and he leans in to whisper in my ear. He said, You know I like the vision for for your business, but it's too ambitious and nobody likes a know it all. And he said it in a whisper at about 100 decibel because his mic picked it up and like that 50 people behind me to start laughing because I just basically got schooled by Peter Drucker on the value of humility when you know when creating a business plan. Marc Gutman 0:39 podcasting from Boulder, Colorado, this is the baby got backstory podcast, we dive into the story behind the story of today's most inspiring storytellers, creators and entrepreneurs. I like big backstories and I cannot lie. I am your host Marc Gutman. Marc Gutman, and on today's episode of Baby Got Back story. How a dream to have a fulfilling job in a great life turned into one of the most successful hiring firms in the world. I don't know about you, but I hate hiring. I hate everything about it. I hate that I don't know what I'm doing. Or if I'm doing it right, or if the person I'm about to bring on the team will be awesome, or a complete disaster. Or at least that's how I used to feel about hiring. Until a few years back, I had the privilege of hearing Geoff Smart of gh smart speak. I remember looking at his name on the agenda in thinking, Oh, no, hiring yuck. But it's in these moments when we think we know our perspective on a topic that we are usually totally surprised. I was captivated by Geoff's story and his methodologies. And after I saw him speak, I read his book and then implemented his process. I read a ton of business books. And I would have to say that who Geoff's book on hiring is in my all time top five. Because as Geoff shares with us who you hire, will make or break a company, and it's totally actionable, I was able to implement what Geoff teaches immediately and see the results. Geoff knew from an early age that he wanted to help people and quickly saw that it wasn't what you did, but who you did it with. And this is his story. Geoff, let's talk about how your story starts. I mean, let's go back to the beginning. Did you dream of all this? Did you dream of an existence to help leaders amplify their positive impact on the world and when you were a kid, like what was life like for eight year old Geoff, what was your credo back then? Geoff Smart 2:57 Thanks, Mark. It's a pleasure to be on your show. I always thought I wanted to be an entrepreneur. There's just something exciting about the idea of you know, inventing something, or or creating a business from nothing in the let's see here, winding the clock back to the the eight year old me wanted to be an a CIA agent or or a newscaster. I did like the idea of analytics and doing impactful things. I was a CIA draw. And then the idea of using verbal or written communication to tell stories and to help people was the job of becoming a newscaster. So that was the the early roots around age eight the idea for gh smart came to me as a college freshman. I was studying economics. My mom actually had scored me an internship working at a venture capital firm. And what I was struck by was, how the name of the game for succeeding and that field was I kept hearing all about not what you invest in, but who you invest in. And yet all these investors were spending all their time, you know, looking at products and looking, you know, forecasting financials and doing all this, all this what stuff when it seems like the key to success, lay more in the who, so that the kernel of the idea for the firm was born in '91. And then I actually ended up founding our firm, June 16 1995. Marc Gutman 4:28 Nice. Where'd you grow up? Where did you you spend your formative years? Geoff Smart 4:31 Yeah, I grew up in the Chicagoland area. Some I'm from Chicago. And those are my formative years, and I've lived in Los Angeles. And now for the last dozen years or so. I've lived in Colorado. Marc Gutman 4:45 Yeah. And you mentioned your mother. What did your parents do for a living? What was what was the upbringing the influence like there? Geoff Smart 4:51 Yeah, my mom was a speech therapist. So she she got a master's degree in, in speech therapy. So we all my sister Kate, and I had to have Be very articulate growing up, mark two, because my mom would help us with our Annunciation, my father was a had a PhD in industrial psychology, which he would tell you, he, he kind of like, took a class and college, loved it and gotten to that field, which is basically like the, the formal process of, of studying human behavior as it relates to work. So he was obviously a big mentor in the early days hearing stories of, of helping advise companies on their people problems. So those are, those were my two parental influences. And I have a younger sister Kate, who is more socially skilled than I was always more popular and as a as a great person. She lives in the Chicagoland area today. Marc Gutman 5:49 That's always the younger sister Kate, who's more socially aware and more popular. It's just the way it goes. Geoff Smart 5:53 Yes. embarrassingly So, for me as I'm slightly more introverted And focus on my studies that my sister seemed like she always had, you know, 10 to 20 friends over at the house at any given time. Marc Gutman 6:06 So when you you know, heard your dad come home from work and talk about his day and talk about the importance of of leadership and dynamics in the workplace. I mean, was that something that was interesting to you at the time? Or were you kind of not interested in where you are, like thinking of other things like what were you into in like high school? Geoff Smart 6:22 Yeah, the topic of leadership always was very, very interesting to me. So, as a big bookworm, so Tom Peters, Peter Drucker, Milton Friedman, the economist who is all about freedom. These were early books I read that really, really resonated so yeah, through through leadership, I guess in sports and leadership and you know, like running this high school newspaper and, you know, little things like that early on, and then reading these you know, books about how to effectively lead your team. You know, it really was a passion area. I always felt like the difference between elevating the quality of human life or having human life, life be harmed is, you know, comes down to leadership, whether it's governments, military businesses, etc. So yeah, I've always been a big fan of the topic of leadership and always curious and interested in, in what other people think, are the keys to success. So that was a real interest early on. And so there's fun. This is let's see, the 90s private equity was kind of becoming a big deal as a career strategy consulting and investment banking were still very popular. So but I coming out of college didn't go right to work. Instead, I went and got a masters and a PhD in psychology, focused on business as you know, in business, they call it organizational behavior. in psychology, they call it you know, organizational psychology, but I got to go study with Peter Drucker out in Clermont in California, he was about 80 years old at the time and had long been concerned. The father of management so is it's kind of like Sitting at the feet of Socrates and learning from the master. And it was good fun and surfing on the weekends. So it was really the best of both worlds. Marc Gutman 8:12 Drucker in surfing, it sounds like a documentary that Yeah. Geoff Smart 8:16 It was really great fun as seriously good times. Marc Gutman 8:20 Yeah. For our listeners who don't know, can you give a 32nd primer on who Peter Drucker is and why he's relevant. Geoff Smart 8:27 Yeah, you bet. So the study of leadership and management really became formalized about, I don't know, 70 years ago or so. Peter Drucker was a Austrian journalist. And he was just fascinated with with the success or failure of organizations. So he could have made, you know, millions or billions, but instead decided to stay academic. So he taught at Claremont for decades and decades, just outside of Los Angeles. And I remember, you know, for example, here's how big a deal he was. When he was just sort of in his free time, advising CEOs, like ag lafley, the CEO of Procter and Gamble, would fly in. And, you know, take a limo out to Peter's house and they would just sort of like float in. And Peter Drucker's pool it a little pool in his backyard. And, and I asked, Well, you know, how much do you charge for that? Just out of curiosity? I remember Peter he said $50,000. I said, $50,000 to flow into your pool. And he said, Yeah, you got to charge something otherwise people don't take the advice seriously. And so that was kind of in a you know, it was fascinating studying with me. I think he's written more Harvard Business Review articles, and more top selling books on on management than anybody. That's why if you like Wikipedia, Peter Drucker, they refer to him as the father of the field of management. Marc Gutman 9:52 Yeah, and he really mean at that time, and even before it was like the movie stars business still is I mean, I'm looking around and I'm like, surrounded by Peter Drucker books, and Yeah, and things like that. I mean, if you know, those are the first things you know, when you get mentored, someone says, You know what, go read this book, the five most important questions, you know, you need to, you need to you need to learn some Peter Drucker. So thank you for sharing that. I think it's important to give context. And so you're there, you're in Claremont, you're, you're doing your thing you went and you found a mentor, and Peter. And now Do you know what you're gonna do after? Do you have a sense? Are you just collecting the knowledge are you just, you know, because that's the way I approached my university study, I just I kind of went, I was going to use that to figure out what I wanted to do, but I didn't really know what I wanted to do. Geoff Smart 10:33 So in contrast to going to college, I was at Northwestern studied economics. I didn't know what I wanted to do. At that point, I had had that internship with a venture capital firm, but by the time I graduated, I made a very conscious choice, to study with Peter Drucker to go do a PhD. And and to really like double click on this area of hiring leaders, either from the perspective of a venture capitalist, how do you bet on the right people or that that perspective of You know, a CEO or a board, you know, how do you pick the right leader? So I was actually very focused and on wanting to get, you know, deep and experienced and an expert on that, that specific leadership question. So, I grad schools for years. The PhD dissertation that I did was specifically on studying how venture capitalists evaluate and then choose to who to invest in. And it was fun. There's a famous venture capitalist private equity investor named Henry Kravis, you know, from KKR. Marc Gutman 11:32 Yep. Geoff Smart 11:33 He went to he went to the school, he went to Claremont or grad school, so I called him up to be in my study. And his assistant told me No, thank you. And I called her a second time. She said, No, I called her a third time begging her. I'm like, Hey, I'm a PhD student. I'm doing a topic that I think is going to be of interest to to Mr. Travis, you know, he's sure he you know, he won't be in my study. I'd really love to get us participation. So she Basically just told me to stop calling. But I didn't mark as we were entrepreneurs or are persistent. So I called her a fourth time. And I told her that I would stop calling and bugging her. If she would please just show him this, like one paragraph description of the study that I was working on. And if he said No, I wouldn't call back again. But if he said yes, then you know we would do. So she said, All right, hold please if she walked in his office, and came back about 30 seconds later and she said, Mr. Kravis, has agreed to be in your class project. I said, Oh, great. So once I got in a billionaire private equity tycoon, a Henry Kravis, in my study, I rapidly got over 50 private equity firms to jump in and be in it. And what I did basically was study how they evaluate management teams. And I looked at half a century of research on what you know what should be the best practices, and then I tested them and I found that investors who followed century of the best practices of of hiring and picking teams Ended up being successful and making more money than those who didn't. And so then that became the colonel for gh smart. And I kind of took that show on the road, told the story. And so our early clients were, were these investor types. And then later we branched out and served, you know, CEOs more broadly. Marc Gutman 13:19 Yeah. And you you've kind of alluded to, you know, when you had that first job of studying economics, or not, so you were studying economics, we had the first job that your mom got you at the Yes, it was, I think it was a venture PE firm. And then you had the kernel, you're like, Oh, my gosh, like, you know, everyone's saying, like, we got to invest in people. And now you have this, you know, where did that interest really blossom between there and deciding to dedicate a good chunk of your life because as you just outlined, when you go to get a doctorate and other things like that, that's a commitment. That's not Yeah, that's it. Like, that's a bigger commitment to tattoo in my mind. So like, you know, like, where what kind of happened in between there to say, you know, what, like, I really want to I think there's something here. Geoff Smart 13:58 Yeah, okay. So if we're being candid and revealing are vulnerable parts of our past mark, I'll share with you that I tried and failed to get an internship at McKinsey during college, I was fascinated by that brand story. You know, these folks who, McKinsey, a great strategy consulting firm advise their CEOs and government leaders on their most important decisions around products and operations and strategies that are so they don't, I mean, technically, they don't really do undergrad internships anyway. So I didn't take it too, personally. But I remember thinking I'd love to work there. It seems like strategy consulting, though, carries at great sacrifice on your lifestyle, also investment banking and investment banks. The idea is that, you know, go there, it's a great way to, you know, have a successful career but, you know, boy, it's kind of rough on on your ability to have a life and have time outside of work. So I'll tell you the, so the two reasons I found a gh smart, you know, one was that earlier reason I was telling you this fascination with the leadership and the idea Bringing a more methodical approach to leadership to help investors and people who run companies be successful. But the second reason I found a gh smart was was basically just this idea of Surely, there's a type of company that should exist where people who want to work hard and have an impact can also have a life. And so it's kind of the cultural story of how do you build a culture? How do you build a firm that has a better culture than what I was seeing in strategy consulting and investment banking, and what would it take to pull that off? So that was I say, equal importance to the client focused reasons for starting gh smart and so I was just so passionate about it, I saw you know, an unmet need in the market. And then I saw an unmet need in the talent market to which is, you know, how do you go do something meaningful and fulfilling and, and not sacrifice your life in the process? So that combo of the two was was so inspiring to me that I just felt weirdly confident and, and focused from eternity. The age that I wanted to go build that business. So at age 23, after opening the back of a ink magazine, you know, where they have all those like classified ads in the background or that ink magazine. One of them said, like, incorporate your business, I think it costs like 300 bucks or something. So like fill this thing out as a second year PhD students, I was still in grad school, filled out this thing. And on March 16 1995, I remember I got the articles of incorporation back for gh smart, and the original vision and purpose for founding the firm really has played out to a great extent you asked me a few minutes ago, you know, if I would have dreamed, you know, gf smart, would have turned out the way it did. And the answer's yes, not to be like arrogant about it. But that was kind of the reason I started to begin with was both on the client side to have an impact and also to create this employment brand, for a place where wildly talented people could go work and still have a life outside of work. Marc Gutman 16:58 And that's really interesting. To me, because going back into that time period, you know, early to mid 90s, I mean, this concept of having a job that you effectively love that gives you fulfillment it gives you meaning. You know, it's financially rewarding and allows you to have a life was not really common have an idea. Geoff Smart 17:19 Yeah, like name one. Yeah. But it wasn't as common places as today and there, you know, there weren't clear examples around. Marc Gutman 17:27 No, not at all. I mean, I remember sitting, you know, having, you know, kind of fights with my own parents, like at the holiday table as I was getting ready to leave college and they're like, Look, you just go get a job. It doesn't matter where you go, it doesn't matter where you have to move. It doesn't matter if you hate it. Just go and get this job. And, you know, even when I'm out talking a little bit, this is a big part of my origin story that really motivated me was this idea that like, I was really in search of finding a job that I love. My dad even at one point when I was really young said to me, I asked him if he liked this job, and we kind of go back and forth and he finally reveals his philosophy and that, you know, they wouldn't call it work. If it was supposed to be a whole lot of fun and so you know I really am resonating with this idea that like and I really want to just nail this idea home to people listening that yeah today everyone is very talking about fulfillment and employers are receptive to that and yeah it's just it's a whole different light kind of market today but back then not so much Geoff Smart 18:20 yeah that's true I appreciate your saying that it did. It did seem like you had to make a trade off right either you go join like a top tier brand and you know, work work your butt off and and maybe not worry about not even think about having life balance or having you know, either having a life outside of work or having the work itself be that fulfilling or you join the Peace Corps. Yeah, and you're become a teacher something where you have this like wonderful mission, but you know, there are other other sacrifices you have to make financially etc. Um, so yeah, that that really was a gaping hole I thought in the employment market. back then. It's still hard today even though so many firms You know, try to give people a great fulfilling work experience, and the chance to have a life outside of work. That's, that's an area that we really focus on. And I feel probably most proud of even more proud than the climate impact we have is the degree to which people really seem to love to work here and and how, you know, it's like gh smart was sort of born in a laboratory. And I did this like, four year long dissertation study on the market. So that's where the client facing part came from. And then just, you know, being mentored by Peter Drucker and others and just trying to really think of what makes an organization truly excellent. Peter Drucker, three listeners is the one credited with saying, culture eats strategy for breakfast. So, you know, focusing on what kind of cultural DNA that we want to bake in the GH smart that you know is even Peter Drucker approved. I wrote a paper mark on the gh smart business plan and gave it to Peter Drucker and I was so excited to try to hear his feedback and be all Inspired by his his loving division, he actually marked me down on the paper because he said he thought it was a little bit unrealistic and ambitious. And so and then this next is really embarrassing. It was you know, older by the time I got to work with him and and learn from him and so he wore a lavalier microphone when he was giving talks at during his classes and he had his his lavalier mic switch hot it was on was before class and we were supposed to all come up and like grab our our papers and so I might go up to get my gh smart business plan paper and he pulls me aside like forcefully grabs my shoulder, like almost uncomfortably so like a real gruff, you know, shoulder grab, and and he leans in to whisper in my ear. He said, You know, I like the vision for for your business, but it's too ambitious and nobody likes a know it all. And he said it in a whisper at about 100 decibels because it's Mike picked it up, and like, you know, that 50 people behind me to start laughing because I just basically, you know, got schooled by Peter Drucker on on the the value of humility when you know, when creating a business plan. So is that that was formative and helps, you know, sort of fuel the fire to make the thing successful. Marc Gutman 21:17 Yeah. So that's funny today, I can only imagine how you must have felt in that moment when you're idle and effectively God in the entrepreneur business world tells you, your business plan. Isn't that good? Geoff Smart 21:32 It's not that good. And all my 50 closest friends are in the background. They hear it Marc Gutman 21:38 Oh, yeah. Even though Yeah, if it's in private, you go back and you say, Yeah, he had some notes for me, but you can't even do that. You can't even like kind of tell your friends you know, you can't smooth it over. Geoff Smart 21:48 And everybody you know, sought the approval of Peter Drucker and so it was as funny as it was a pretty cringe moment, and then mark he died like three or four years after I finished my program. So that was, I was like 20 years ago. So he doesn't know that we kind of nailed it like I, I, in your intro, you're very generous. And you point out some things I'm like really proud of but like, we have 120 colleagues today, we have a 92% retention rate. So people come here, they stay. In other consulting firms, they have more like a 60 70% retention rate. We don't have like a couple hundred clients that are super happy. Harvard Business School wrote a couple and they teach two cases about innovation. Using gh smart as a as an example. It's been really fun being able to go sit there and have people in business school debate, you know, what you did well, and what you could have done better. And that kind of thing. On the books that you mentioned that we've each one of them took about three years plus to research and publish. And we've got like the whole book, you mentioned, stills number one, globally in sales and reviews on the topic of hiring that feels really good lead autocracies. CEO next door power score these all these books have done really great in their categories. And then onto the culture thing this is the thing that I really wish Peter Drucker could know today that you know that that ended up being successful. Glassdoor, you know rates your company anonymously by your own employees. And so at the moment, knock on wood Fingers crossed, you know, we have a 4.9 out of five, rating on glass doors first, like overall, employee satisfaction, which is feels really good. And then there's this like industry rating organization called vault that rates you know, all the big consulting firms and some small ones. And just for 2020, we got rated number one best company to work for in our industry, pushing McKinsey to number two, and Bay into number three for overall employee satisfaction, which is mind blowingly. Cool. And as an entrepreneur who's You know, we've only been around for 25 years and these other firms have been around for nearly 100 years. That that feels very satisfying. On the promise of Yes, like, create some value for clients through helping them hire and develop talented teams, but just as equally important, you know, building this culture where people really want to come here and work and they find the work fulfilling, they find the culture supportive, that that part's extra satisfying. It's hard, and it's weird, and it's, you know, vague, how do you build a culture? How do you, you know, maintain a nourish and that kind of thing. And we're constantly learning and we don't think we've solved, you know, for every problem by any means, but it is. It is super exciting to, you know, see people who have the choice to work anywhere. Choose to join this brand. Marc Gutman 24:38 Yeah, I have to think that when you saw that list, you just couldn't help but think to yourself, take that McKinsey. Geoff Smart 24:44 Yeah. Well, no, no, of course not. McKinsey is great for Bain, great firm and what they're what they do for clients is amazing and the culture they have is different. And if you're up for that, it's a great place to go. If you want to work on who stuff rather than what stuff and you want to Be able to, you know go to your kids channel recital on a Thursday at lunchtime to get smart is is the place you should be. So yeah I have great respect for for other firms and other niches around this world of you know management consulting for sure. But it is fun just to be this you know, super small fry kind of newer, newer firm that has unseated the the classic Titans in this field for best company to work for. Yeah, and in overall satisfaction to sleaze like they're a bunch of categories that give you these ratings for and that one was the one you know, we really wanted to win. And we're surprised and happy that for 2020 we got that one. This episode brought to you by wild story. Wait, isn't that your company? It is and without the generous support of wild story, this show would not be possible. A brand isn't a logo or a tagline or In your product, a brand is a person's gut feeling about a product service or company. It's what people say about you when you're not in the room. Wild story helps progressive founders and savvy marketers build purpose driven brands that connect their business goals with the customers they want to serve. So that both the business and the customer needs are met. This results in crazy, happy, loyal customers that purchase again and again. And this is great for business. If that sounds like something you and your team might want to learn more about, reach out @ www.wildstory.com and we'd be happy to tell you more. Now back to our show. Marc Gutman 26:46 It's interesting to think how far you've come I mean, when you left you know your studies with Peter and you said you were doing a little bit of this work with investment firms and things like that. Did you have clients day one was this business? Yes, day one or juror think like I kind of put a lot of eggs in the wrong basket. Geoff Smart 27:03 You know why it was funny? My Plan B was always to go just join a consulting firm. I had a runway, which is, you know, grad school and PhD programs in the torturously take a long time. I think my program averaged 10 years from start to finish folks getting done with it. So I figured out right, well, I'll try this j smart thing. And if it doesn't work out, I'll you know, I'll, you know, try to join a regular firm. So I it's weird, it never felt stressful. The early days. We did have I did have clients because I instantly took my PhD dissertation, which was a, which was the largest study ever done that looked at the relationship between how venture investors bet on management teams and the returns they made on deals. And I was getting like tons of keynote opportunities as flying all over the country, telling investors what they need to do to improve their bets on people. And so instantly these these same folks that I was studying just weeks or months prior, you know, we're or pay me to do training and consult with their investment teams on how to improve the way that they invest in people. And then once we start working on the private equity, they're co invested with other, you know, big companies. And so our our brand started to grow beyond the entrepreneurial into more established companies. So yeah, from I'd say the early phase was, you know, still PhD students, tell them the world a bit about our story of how you can improve your success by improving the rigor of your, you know, hiring and evaluation process of people, and how to, you know, build talented teams. And then we had contractors, so I had no money. I had no clients. And I really didn't know anything when I started the company. But it was like this vision of Hey, let's do something cool for people who run our own companies to build valuable ones through people and then must build this this cool culture. And so after the kind of very initial stage Money revenue was coming in from, from companies that want to get better at this, I started hiring contractors, which you don't have to pay full time salaries to. And so that allowed us to grow a bit in scale without taking on risk. So I made an important decision, I guess, because I wasn't confident in myself, or in the concept to raise venture money like so ironically, even though I was serving these investors. I didn't raise any venture money to begin with, because frankly, I just wasn't that sure that, that this culture or this, this firm, was going to be successful, but then through contractors, growing it growing and growing, it was working, and then at some point, I made the decision to switch over to just full time people. So like today, that hundred and 20 of us are all full time, full time with no contractors. And that happened about 10 years after I founded the company. So it's like a slow growth story, testing the market, testing the culture, and then then growth actually really started picking up one size stops managing the business day to day and one of my most talented youngest partners Randy street in 2010. Following the last recession we went through, I appointed him with a great support of my colleagues to be the managing partner. So here, I really gave him the keys to run it day to day in 2010. And he's done a fabulous job of building out everything that we have today. And under his tenure, we've had 90% client satisfaction rates completed every year 90% retention rates of our colleagues exceeded every year and over 20% growth and pre tax profit every year for 10 years. So Randy is really the like key to success of our growth and scaling over the last decade. But I like to think that the the original blueprint of you know, on the strategy side and on the culture side, we're still we're still playing that playbook today. Marc Gutman 30:54 Yeah. And did you ever like come up against in those early days Did anyone say to you like Geoff like It's all great that you want to like, advise on leadership and building great businesses, but like, Hey, man, like, you've not ever done that, Geoff Smart 31:08 right? Yeah. What do you know? You haven't even had a job? Yes, yes, people did say that. I'll tell you though, that the veil of the PhD student thing kind of work. They viewed me as this, like, you know, white lab coat scientist who's here to both study them, as well as to share some best practices. And I think I was pretty despite Peter Drucker's assertion that, that nobody likes to know it all. I was very humble in my posture in the early days, you know, I'm here, oh, you know, you want to improve your hiring success rate from 30% to 60% Plus, Great, well, let's see here. So you know, need to study how you're doing it and talk to a bunch of people. And, you know, share it, we'll share some best practices and we'll help implement these methods that are proven to help you improve how you hire and develop your talent. Oh, here's something that's born out of humility. Do you remember how Domino's had a 30 minute guarantee or your pizzas free? Yeah, of course. So that was huge, right? They took the number one thing in there, and they're, you know, market the brand story of like a pizza. If it's late, you know, that stinks. But if it's early, that's great. And they said, Hey, we're gonna guarantee your pizza in 30 minutes is gonna be hot, it's gonna be there in 30 minutes or you don't pay now later they they massage that commitment because people were the drivers were getting in accidents left and right, trying to rush to deliver pizzas but I took that lesson and I read it and I can't remember what you know, management book way back when but the principle was guarantee the thing that's hardest but most important to your customer. So just like Domino's guaranteed 30 minute pizzas, I guaranteed accurate hiring. And no, none of the other competitors would kind of go so far as to say hey, look, if we do our work, and you're still having hiring mistakes, we'll give you your feedback. So Even to this day, to this day, we're, you know, pitching huge projects these days. I was at a large railroad a couple of weeks ago, you know, we're talking about 10s of millions of dollars of fees for them to improve their hiring and development of senior people, and do some culture change work. And I look, you know, these five board members in the eyes, I said, if we are not successful, you don't pay. And it's funny as that was born from the early days of insecurity, and just not really not knowing anything when I started our business, but wanting to deliver good value to clients and wanting to have it be a great work experience. For our colleagues. This is like money back guarantee concept was a key early answer to the question, Oh, you've never really led anything. And by the way, how Why are you so young, I remember locked into a partner at Bain Capital, one of the most successful private equity firms. And we had been doing a bunch of work for them. And I met one of their senior most partners and he he looked at me and he said, he actually started talking To my colleague, one, someone who worked at my company, and was calling him Geoff, I said, Now I'm Geoff. He said, geez, you're a lot younger than I thought you'd be. I looked him in the eye. And I said, you are to add, having humility and humor, confidence, but also say, hey, yeah, no, that's right. I haven't been a fortune 500 CEO, and literally, I, I don't, I've never had a full time regular job. I did internships and college and grad school, but I started the company when it's 23. So yeah, making fun of myself as just some, you know, egghead, a PhD, but who has a method that does seem to work and by the way, here are the happy other clients, you're in good company. And if you don't feel like you get full value for the dollars you spend, we'll refund your feedback. That was sort of my way of countering the, you know, you seem young and experienced, understandable concern that early clients and colleagues had. Marc Gutman 34:51 So in the early days were the name come from him and I can guess it seems like it might, it might not be that not obvious, but I'd like to ask Geoff Smart 35:00 Yeah, so gh is smart. And company Inc is the official name and th smart. I had, you know, just say a huge industry crush on McKinsey and Company for being a, you know a very respected, impactful firm, a tons of talented people in it. So McKinsey and Company, gh smart and company. So that's where the company came from the gh smart. So my first name is spelled with a G. So Geoff, my middle name is Hudson, and smart as my last name and the brand for gh smart. The way we write it is kind of weird, and I'm proud of this. So gh is lowercase. And then all caps is s ma RT. And I tell people, whether it's colleagues or clients that as the founder and chairman, you know, I'm the GH but I'm lowercase. I'm a servant leader. I'm in service of colleagues and clients. But then it's my my colleagues who put the smart in gh smart and that's why the smart parts all caps, so anyway, super cheesy and hokey but, but true. And that's, that's where our brand story comes from on the little g little H and all caps smart Marc Gutman 36:04 down. I love it. And you know a shout out to your parents because as someone who was bestowed with the last name of Gutman going through, you know, the Geoff Hudson smart might be like a coolest name ever, right? Like it's like a big movie star. And then all of a sudden, like, Hey, I have a consultancy that it you know, deals with thinking and being smart. Wait a second. That's also my name. Like it's great. And so I want to give a shout out to your parents for a shout out for that grant. Great brand name. Yeah, Geoff Smart 36:32 that was lovely. It's hard spelling Geoff with a G on the phone when you know, in my early years whenever I was ordering something from a catalog or whatever, but so I hate it then. But I do like it now. And I appreciate appreciate that. My folks had a marketable last name. Marc Gutman 36:49 Yeah, and I mean, and you're probably gonna deny this because you're humble, but we all know that just with a G are also smarter than just with a J. So that helps to Geoff Smart 36:57 I'm not about to alienate any of your your listeners, Marc Gutman 37:01 all the Geoff's out there. Listeners Geoff Smart 37:04 just as Exactly. We don't want to. We don't want to upset that segment. But yeah, you know, it's I okay, so servant leadership is a theme is something that approached I have great respect for that almost prevented me from naming the firm after myself. But there was something about just like, yes, you're like signing your name and being like, I am putting my full self into this firm that sort of counteracted that hesitation, I had to call it th smart. So, yeah, it was kinda like 70 7030 I was like, I think I'm gonna name it smart, I guess because I appreciate my parents giving me a good name for name and business. But that hesitation was on I never did wanted to be like the Geoff show and have it just be a spotlight on me because I had learned from an early age by watching others, you know, successful entrepreneurs, that the more you can hire great folks, and then let them have this spotlight, the better if you want to scale a Top Tier Business? Unknown Speaker 38:04 Yeah, because scaling a services business isn't that easy. It's not like you can just start to, you know, dial up certain efficiencies and add, you know, more bandwidth in terms of like technology bandwidth or more factory space. I mean, it's people and it's hard. It's not easy. Unknown Speaker 38:19 Yes. So true. I appreciate your saying that, that it really is. It really is about adding and taking care of one colleague at a time. That's how you grow a professional services business. Yeah, I do enviously. Look at some of my technology products, peers who can you know, as you say, you know, put a curve in the growth rate by replicating digital technologies like super scalable fast, but I and the professional services business it really is about adding great people adding great clients adding great people adding great clients and it's more of a linear growth path. It's a lot, it's a marathon. It really feels like you have to sustain a high level of focus and discipline and reliability for yourself. years and years and years, it's not like a, you know, overnight kind of thing. Marc Gutman 39:03 No, not at all. And you know, thinking just about, you know, my own experience and kind of drawing on that. And knowing over the years, it ebbs and flows, and it takes different things to get you excited and keep you coming back. And so for you right now, like what, what's exciting you and keeping you excited in the business? Geoff Smart 39:21 Yeah. Let's see here. So, I have, I love my job. And I, I've done something that I don't see a lot of entrepreneurs do and I spend, you know, through the books and speakings I spent a bunch of time with YPO type folks and entrepreneur, organization type folks, like you great, you know, entrepreneurs around the world, and just kind of comparing notes on successes and failures and that kind of thing. I shrank and narrowed my role significantly. So I get to do just the things that I'm pretty good at that I like to do a lot. So So what keeps it fresh? For me is right if I was like, you know, managing the day to day and I had a whole lot of like, duties on my plate that I didn't love to do, but I sort of had to do because I was the only leader around that would be not fun. But instead I get to do the things that that I love that I'm pretty good at. And those things are honing the vision. And you know, getting my colleagues and clients excited about it is super fun. I still feel like ghsmart's is kind of a leadership laboratory where we're creating our own culture, we're creating our own everything, you know, processes, the way that we tell our story to clients, etc. So honing the vision. That's super fun. We want to see what are the things on recruiting and telling our brand story as an employment brand is one of my favorite things. I talked to the sky yesterday, or Friday who is thinking about joining our firm, and he's just like, he's so talented and so good hearted, has done amazing things in his career and listening to what he really wants. To do in the future stages of his career, and the knowing that he can accomplish that here is exciting to me. It's like, it's not like handing out people's dream jobs to them. I mean, they earned it. But it's the idea of, you know, through our own recruiting process and selection process, being able to talk with these really amazing people and then convince them to come join gh smart, I have a chairman's q&a at the tail end of all the hiring of all of our consultants still, and I love that if I didn't love it, I probably wouldn't do it, but I really, I really enjoy it. I really love like personally welcoming people into the firm and making sure they join business development like so I've had the same email address for 25 years and you know, with the books and other other things, you know, CEOs, investors, etc, will contact me and then and then, you know, sitting with someone who maybe as a new CEO of a huge resort and hotel company worldwide or sitting with the CEOs doing nanotechnology research or sitting with Someone who runs a children's hospital. I mean, it's so cool. Sitting with a new client, with my colleagues, I try not to do all the talking or even hardly any of the talking, but meeting new leaders, and then supporting my colleagues as we, you know, turn them into clients. I think a lot of fun, I still sort of thrill of the chase. And it's, you know, and I know these clients are going to be happy with the work because we measure everything we measure their satisfaction. So to be able to confidently hear them out, help them envision what they're trying to do to succeed, and then offer what we can do to help them and then have them become a client and be really happy is super fulfilling. So I think I think that's a lot of fun. And then I love working with Randy and my firm's leadership team. Randy is a super smart, like, steady decision maker. He's everything. I'm not around, having like the breadth and depth to be a great leader and manager of this firm. It's just a pleasure kicking ideas around together, and then we're super decisive. So it's fun, you know, we'll have different committees and different governance and everything, but our ability to listen to good ideas, either from our colleagues or from our clients, and then take action experiment, you know, kind of in the Agile style of try it and test and learn. That's a lot of fun. So that I don't know what you call that, like innovation, I guess. It's a lot of fun in a firm full of like, good hearted, talented people is a lot of fun. So yeah, it's, although my, my focus areas have abdun flowed and I've been different things over the years, by enthusiasts some level for what we're doing, and the impact has always been high. And then, if there's some part of my, like, personal entrepreneur work portfolio, that I don't really like or that others can do better, I just clean it off, and I give it to someone else who's better at it. So that's sort of advice for how to keep the work fresh and how to keep your own job satisfaction high as you know, if you're on one of these, like multi decade journeys to build a great firm. Marc Gutman 43:59 Well, thank you for sharing that. you'd mentioned Randy street a couple times. How did you get to meet? Geoff Smart 44:04 So we met. Last year, I personally didn't recruit him. One of my colleagues had known a Bain partner and Atlanta, Randy had. He gone to Harvard Business School and Bain and was really successful at Bain. And then he was like number two or number three at the fastest growth company in Georgia at the time. But he wanted to get back to professional services. And he also just sort of loved the topic of leadership. He was a Sunday school teacher, like really good, great speaker. And it was a good match. So we just, you know, we, we got to him through a referral, and then hired him. And then there's about two years after he started at our firm. I think that's right. No, not true. Five years after he started, he was one of the youngest, most talented partners, as a manager and a leader, and we're all Granny, can you please run the firm also, I was getting super burned out on crisis management, and the oh nine recession. And I was kind of like, Oh my gosh, someone else helped me, you know, with the goal setting and the process design and process management and dashboards and just all that. It's the scaffolding you need to build and manage in order to grow the firm. And Randy is so much better at that, than I. So it's been a really special working relationship. We thought originally, you know, every, I don't know, three or four years, we'd rotate the managing partner role. But he's so good, that we're all in agreement. You know, let's just like let him keep running the firm because he's great at it. So I think he's like, not quite 50. So he's young enough, I am hopeful and expect that he'll continue to run the firm for years to come Marc Gutman 45:42 Wow, And during that that segment, you talked in the segment before that, you talked a lot about leadership. I mean, what does leadership mean to you? Like, how do you define that? Geoff Smart 45:49 Yeah, it's funny. I like the simplest definition of leadership. I really like is helping a group of people. Figure out what it wants and then to formulate and execute a plan to get it. So, the LM like, at its core, I think leadership's about helping improve people's lives. And if you as a leader can help facilitate the process of figuring out, you know, what, what are the priorities? What are the what's the goal here, like, what are we trying to do, and then hire and delegate to great people, and then you know, build relationships that are respectful and focused on results, then, you know, you can create great results for for the, for the people that you're serving. So I think I don't know leadership at its core of its health care workers or military or government or for profit or not for profit, is basically about helping focus, human capital to improve the quality of life of other people. And I'm a huge fan of Leadership only counts. If you're helping the customer base however you define customer, and if you're really making a positive impact in the lives of the employee base. So that's, in fact, we're almost we don't say this out loud, I'll share with you mark, because this top secret sort of values assumption, but we actually prioritize our colleagues over customers and shareholders. And it's controversial because this is this age old question of, you know, good leadership, you know, who, who gets priority? And I think most companies are very shareholder focused. And then there's sort of customer focused, and then maybe a distant third, there's Oh, yeah, the employees at th smart right from the beginning. Again, I was like, one of the two equal reasons I started the company was I really wanted to have this be a great place for, for people to build their careers. And so our opinion or the way that we actualize what great leadership is all about, is you Providing just like an amazing work experience for people and then making a positive impact in the lives of customers. And then if you do that really well, yeah, the shareholders will be happy over the long haul. But I think it's kind of fun and slightly controversial that we, we do prioritize our colleagues over, over all other priorities Marc Gutman 48:18 Yeah when you say that with like, what's that look like? Like? How does someone prioritize colleagues over shareholders and customers? Geoff Smart 48:25 Sure, so a pandemic 2020 on our priority list, protecting jobs comes several clicks higher on the priority list than maximizing profits. And that's not easy to say or do lots of companies don't want to do that. They they, you know, when push comes to shove or when challenges arise, they clearly go to kind of propping up short term economic performance at the expense of people's jobs, but we just made it we put a line in the sand and said we're going to protect people's jobs. We're not Anybody off even though you know demand and profitability might be negatively impacted. So that's, that's an example of that as far as like prioritizing people over customers, or this one evil client once, who was doing some saying some hashtag me to stuff to one of my female colleagues. And you know, she called it out. She's like, yeah, here's what this guy's saying. And we were like, Well, yeah, dump the client. And she's like, really? Like, it was like a profitable It was like a profitable prestigious client. We're like, absolutely. Like, like, get rid of that client, like, forget it. And so backing your people and being like, No, no, we're not going to work with bad clients is a fabulous statement of loyalty to your colleagues. When another there's a client prospect were considering taking on who during the initial meeting revealed that, that they write legal contracts that are really advantageous for the CEOs They have the companies they own. And it was kind of like weird ethics stuff. And I am, I'm pretty sure many other consulting firms would still work with, with that client. And I know that because I, after I told the guy that I wouldn't work with him, because I didn't think he was honest, which was not a pleasant conversation. But I told him, I didn't think that we'd be helpful. And given his methods and his way of how he invested and built businesses. You know, it's like inconsistent with our values and our methods. But did he want me? Do you want me to find another firm to serve him? And I asked another firm and I said, this guy's dishonest. And he writes legal contracts that CEOs later regret having signed in order to be in order to make more money. Do you want to work with them? And I, in two seconds, I found another consulting firm in our industry that was willing to work with us, but I didn't want to have my colleagues working with a dishonest client. So that's how, you know, that's how putting colleagues ahead of clients That's what that looks like. Marc Gutman 51:01 Yeah, thank you for sharing that. And previous to you had mentioned that, you know, a big part of your job is sharing the brand story. I mean, what does? What does that mean? Like, how do you define brand story? And how do you go about doing it? You know, what I find is just that, you know, when I use those words, brand story, that means a lot of different things to a lot of different people. And I'd love to hear your take on how you share how you define it, and how you actually go out and share that that story with the world. Geoff Smart 51:25 Sure, well, I appreciate the question. And I think about it in two buckets. The brand story for employees for my colleagues is one message and then one brand and then the brand that that we the brand story we tell for clients is a second one in the brand story for colleagues. I do this kind of like, Do you ever wonder type approach or like, you know as a as a you think about your work, you know, do you ever wonder how you can maximize the positive impact or making you to do work that are really matters and get paid for it and have a life outside of work. Like put those three circles together in a Venn diagram, and name me one firm that allows you to do all three, you know, it's just like really meaningful, fulfilling work, to be able to make money and pay the bills. And then to have a life outside of work. And I, this came this this moment of clarity I had when Randy street my colleague, and I were teaching at Harvard Business School, the GH smart case, where, you know, they, the kids read the, like, the 12 page case, and they talk about what we did wrong and what we could do better, and that kind of thing. And this woman raised her hand is and she said, You know, I used to work for the Peace Corps. And we were really big on on mission and values and really the sort of, you know, why do we exist, and I would bet gh smart hasn't even taken the time to write down why it exists or what it believes And for that reason, I wouldn't I wouldn't want to work there. So she actually, to my face during the class hundred people in the room professor had asked the question like, would you know, would would everyone here work for gh smart or Not? And, and, and why? And so she basically schooled us on you know, hey do you have you have you thought about and written down what your you know your firm sort of credo is and we hadn't we had a you know I think high vision for what what we wanted to do and we had a sensor or values but we actually hadn't taken the time to write out like a credo like the Johnson and Johnson credo or, you know, the and so we walked away from that experience going, Alright, fine. You know, I think we need to now like clearly articulate why we exist. And then make sure the values that we that we identify are the most important ones, that that make up our, the sort of DNA of our culture. So that that brand story of, you know, impactful Work, make money and have a life outside of work. Sora was born, it was an initial vision for why I wanted to join or start the company but it like we really improved that brand story after that kind of embarrassing class period that was like, like 10 years ago or something. And then what we did was we got our entire team together for a year and worked on about 100 drafts of who we are, why we existed, and it ended up being that credo that whose first line that you read at the beginning here, but it starts We exist to help leaders amplify their positive impact on the world. And I felt really good about this because it was a complete team effort to to really like articulate this credo. Yes, we have it in writing. Yes, it's different from other companies. credos are values and, and I think it's really helpful, so I'm thankful for that. calling us out and saying, hey, Peace Corps is pretty good at articulating it's, it's why, you know, I wouldn't work for you guys because I bet you haven't even written it down yet. Well, now we've written it down and we use it for hiring, we use it for performance management and coaching. We use it, you know, to as a, as a benchmark for checking our culture, making sure we're living up to you know, what the brand promise of that employment brand story is. So the employment brand story is like kind of you can have it all, and you can't get that anywhere else. You can, you know, work on Wall Street, make money, but occasionally have existential questions of purpose, and allows the lifestyle, you can work in the Peace Corps, and have a great impact. But, you know, maybe not be able to be pumping your kids 529 College Savings money as much faster as you'd like. And then they're just like a lot of jobs that are just sort of nit you know, as far as the impact you have, as far as the wealth creation opportunities, and as far as your ability to really affect ability and freedom and have a life and enjoy life as as you go. So I don't know, it's not it seems like super obvious, like, why wouldn't a firm like that exist? But that's we've been very conscious of wanting to make sure that Brian's story comes through loud and clear. And that's those are was what I feel good about is behind closed doors and you know, and anonymous environments like last door, our colleagues, you know, point point out that Brian story very uniformly and you know, candidly and, and with honesty like yeah, this is what we get working here, impact money, the ability to have a life. So that brand story was like those three planks. And, and it's, it's a story of, of having it all, and it's hard to pull off in there. It's harder to run a firm that gives people all three of those things than it is to run a firm that maybe takes one for three or two for three. Marc Gutman 56:53 Yeah, and you mentioned that you know, it took you about 100 drafts like what's hard about distilling all that down into a one Page credo or into a vision statement or, you know, these different ways that we articulate our brand story like, what Why 100? drafts? What's hard about that? Geoff Smart 57:09 Yeah, you know, it's a feeling of two thoughts. One is, you don't want it to sound generic, like other companies, because then it's not. It's not really inspiring. And it's not, it's not that helpful. And two is the process of writing your credo of writing the document that says why your firm exists. The process is super important. I don't want to say it's more important than the outcome but you know, really getting input from everybody, you know, administrative assistance, finance people, it people, consultants, senior people, Junior people, that was made clear to us because we we kind of benchmarked other great organizations that created a credo and how they do it, and they all told us, you got to get everybody's input, otherwise, it doesn't feel like it came from everybody, because it didn't. And so we were doing some pro bono work. Around that time with, with the US Navy with their, with the navy seals, and they are known for publicly, I'm not going to share anything private. But they're publicly known for having a really great credo. They call it their ethos, and you can look it up. And it's really compelling. Because it's it's very, it's unique to their organization. So we talked with, with one Navy SEAL commander who had participated in the writing of their credo, you know, a while ago, and I asked him, Well, how did you do it? And he said, Well, the key part was really getting the voice from from everyone, you know, from all the different parts of an organization. And then I said, well, Why'd you do that? And he said, Well, we we had three helicopters that we packed full of people who had, you know, their peers had sort of nominated them to be on this team. And then we stuffed it full of red meat and beer and flew them over to San Clemente Island, which is off because this cornado of San Diego, and we told them, they can't come back until they've written the document that says why we're special and why we exist. I thought, well, that's kind of cool. So we followed suit in that we got, we just got just tons and tons and tons of input from people and then so not wanting it to be generic is one reason to get the 100 drafts. The second reason to do 100 drafts is to have it be like sort of creative and inspiring, in a way that, you know, lives on kind of like the Declaration of Independence or the Constitution. You know, we the people, like you know, this, you realize, like, sort of how long this documents gonna live. And you really just want it to be inspiring and cool. And that takes drafts versus just saying stuff plainly. And I try to say stuff that calls to a higher purpose and, and is, the third thing is specificity. So there are elements of our DNA that we think are really important. And I wanted to make sure that they all showed up in the credo and in the values and so that took a number of drafts because we'd be like yeah wait a second you know something about we are really talking about sharing our knowledge with the world like isn't you know writing books and sharing our knowledge about leadership with the world part of something that's important to us and then we go yeah and then you know, we wrote in you know, b

Henry Kravis of the world’s greatest business leaders and philanthropists. He co-founded one of the most renown global investment companies, Kohlberg Kravis Roberts & Company (KKR) in 1976 and currently serves as KKR’s Co-Chairman and Co-Chief Executive Officer. Mr. Kravis has been referred to as the father of private equity, an industry that he helped pioneer. Under the leadership of Henry Kravis, KKR has grown to a $200B private equity giant with substantial investment interest in over 100 companies and nearly a million employees around the world. Mr. Kravis currently serves on the boards of First Data Corporation and ICONIQ Capital, LLC. He also serves as a director, chairman emeritus, or trustee of several other cultural, professional, and educational institutions, including the Business Council, Claremont McKenna College, Columbia Business School (co-chairman), Mount Sinai Hospital, the Partnership for New York City (former chairman), the Partnership Fund for New York City (founder), Rockefeller University (vice chairman), Sponsors for Educational Opportunity (chairman), and the Tsinghua School of Economics and Management in China. Listen to other leaders sharing their insights at: davidnovakleadership.com/podcast Follow David on Twitter at twitter.com/DavidNovakOGO Take our FREE Leadership Assessment at: davidnovakleadership.com/survey

Henry Kravis of the world’s greatest business leaders and philanthropists. He co-founded one of the most renown global investment companies, Kohlberg Kravis Roberts & Company (KKR) in 1976 and currently serves as KKR’s Co-Chairman and Co-Chief Executive Officer. Mr. Kravis has been referred to as the father of private equity, an industry that he helped pioneer. Under the leadership of Henry Kravis, KKR has grown to a $200B private equity giant with substantial investment interest in over 100 companies and nearly a million employees around the world. Mr. Kravis currently serves on the boards of First Data Corporation and ICONIQ Capital, LLC. He also serves as a director, chairman emeritus, or trustee of several other cultural, professional, and educational institutions, including the Business Council, Claremont McKenna College, Columbia Business School (co-chairman), Mount Sinai Hospital, the Partnership for New York City (former chairman), the Partnership Fund for New York City (founder), Rockefeller University (vice chairman), Sponsors for Educational Opportunity (chairman), and the Tsinghua School of Economics and Management in China. Listen to other leaders sharing their insights at: davidnovakleadership.com/podcast Follow David on Twitter at twitter.com/DavidNovakOGO Take our FREE Leadership Assessment at: davidnovakleadership.com/survey

Tulsa native Henry R. Kravis co-founded the global investment firm Kohlberg Kravis Roberts and is the Co-Chairman and Co-Chief Executive Officer. The firm pioneered the development of the management buyout. The Kravis name is embedded in Tulsa, Oklahoma history. Philbrook Museum of Art’s Kravis Wing was named in honor of Henry’s father, Raymond F. Kravis, and Gilcrease Museum houses the Kravis Discovery Center. Henry’s mother, Bessie Roberts Kravis, was founder of the Tulsa Urban League, a member of the Tulsa Jewish Federation, and a promoter of the arts. Raymond F. Kravis was an oil and gas consultant and philanthropist. He was a board member of the St. John Medical Center foundation and was on the executive committee of the Boy Scouts of America. Radio station KRAV FM was founded by his brother George Kravis, who died in February 2018. Drawing on the example of his parents, Henry Kravis is known as a major New York City philanthropist for several cultural and educational institutions.

I detta avsnitt pratar vi som vanligt om allt som är en del av Det Goda Livet. Alltifrån Pengar, Investeringar, Ekonomi och Lyx till Resor, Relationer, Karriär och Hälsa. I det här avsnittet fokuserar vi på investerarprofilen Henry Kravis samt vad man skall tänka på när man startar och driver eget företag. Vi passar även på att svara på en lyssnarfråga från Mulle: Vad rekommenderar ni för en 18-åring som vill försöka skaffa pengar? Trevlig lyssning önskar Daniel & Robin. Vår hashtag är #aldrigmerekorrhjulet och du hittar oss på både Facebook och Instagram. Vill du ställa en fråga till oss kan du mejla oss på info@poddendetgodalivet.se och www.poddendetgodalivet.se.

Today's blockchain and cryptocurrency news Bitcoin is up 1% at $11,950 XRP is up 2% at 41 cents and Ethereum is up 1% at $307 Top gainers in the last 24 hours: Chainlink up 51% Hydro up 20% Hxro up 20% Viberate up 20% Binance may be looking to list Facebook’s Libra. Henry Kravis, a co-founder of KKR & Co has invested in the crypto-oriented fund ParaFi capital. Goldman Sachs still believe they can play a role in crypto disruption. Iranian authorities have blamed an unusual rise in electricity consumption in the country on cryptocurrency miners.

Maria Gotsch. She’s the president and CEO at the Partnership Fund for New York City, which is the investment arm of the Partnership for New York City. In addition to leading the funds operations, Maria has spearheaded the creation and operation of a number of fund strategic initiatives including The Fintech Innovation Lab. Prior to joining the fund in 1999, Maria was a managing director at a company that is now part of Deutsche Bank, providing strategic and financial advice related to mergers, acquisitions, dispositions, joint ventures and the development of business strategies. Maria worked for LaSalle Partners in the New York area and Merrill Lynch Capital Markets, in both New York and London. She graduated with an MBA from Harvard Business School and a BA from Wellesley College. Famous Five: Favorite Book? – “A book on the Iranian negotiations with the US around the treaty” What CEO do you follow? – Henry Kravis Favorite online tool? — MyCity Bike app How many hours of sleep do you get?— 7 and a half If you could let your 20-year old self, know one thing, what would it be? – “Be bold, be bold, be bold!”   Time Stamped Show Notes: 01:11 – Nathan introduces Maria to the show 02:15 – Partnership Fund is the corporate sector at the table that is trying to grow the NYC economy 02:21 – Henry Kravis of KKR has raised funds in the late 90s and raised from major corporations and individuals, in NYC 02:32 – The investor list is the “who’s who" of the private equity 02:36 – Partnership Fund was structured as an evergreen fund 02:48 – “We can do things that are a little bit riskier and take a little bit longer than a traditional private sector investor” 03:02 – “We often work with government, but we’re privately funded” 03:13 – Partnership Fund is like an interest-free loan for 45 years 03:33 – All of Partnership Fund’s gains just go back to their funds and they reinvest it 03:41 – “We have the investors’ money for 45 years and if we make returns, it comes back to us to fund new projects” 03:58 – The Fintech Lab is currently in their 7th year and has 75 graduates 04:08 – It is an elite program and takes 68 companies a year 04:18 – It is structured as a civic program 04:32 – The goal of the program is to help reduce the pain and agony of a small emerging company trying to get into and get attention from large financial institutions 05:06 – “Because it is competitive to get in, it’s a shark tank to get in, but once you’re in, it’s a dolphin tank” 05:18 – They get 150-160 applications a year 05:28 – Companies are selected by their financial institution partners 05:34 – A company’s technology has to rise to the level of addressing a major pain point for major financial institutions 06:10 – In some cases, it’s not about an acquisition, it’s about using 06:15 – The fact that they are a non-profit civic organization is important 06:29 – CTOs and CIOs will come to the table as a civic program, partly to help grow the fintech community in NYC, to create jobs 07:23 – They invest in some of the graduates’ post programs 07:30 – The lab is laser-focused in solving problems 07:41 – They are not doing any direct-to-consumer programs 08:20 – The big 3: data, security and risk management have been on the top of the CIOs list from the beginning 08:43 – However, new things are coming 08:47 – Disruptive talent management has been added as a new category 08:58 – Blockchain has gone through an interesting cycle 09:14 – This year, there’s much less interest in blockchain and distributed ledger 09:52 – Maria predicts that in 2 years, there will be an increase of interest in enabling technologies that fit around the distributed ledger 10:31 – In data, Digital Reasoning came into the program with an interesting technology that is able to read unstructured data, and they’re working for the government 11:03 – They were advised to focus on compliance 12:04 – In security, Centripetal Networks has a perimeter defense technology and they’re gaining traction from people who have a lot of retail locations 12:34 – In risk management, Quarule automates some of the processing of regulatory tracking and flagging operations against the regulations 13:23 – In blockchain, Digital Asset Holdings has raised a significant amount of money and has been involved in some major projects 13:50 – Maria shares how they are telling companies to create more jobs in NYC 14:02 – The companies will also realize that they need to have people on the ground in NYC 14:20 – Some have moved to their headquarters in NYC 14:46 – “We’ve not raised money since the late 90s” 14:50 – The initial fund size was $120M 15:46 – New York is starting to be seen as a center for fintech 16:34 – There are some smaller companies that are trying to go after pieces and as they scale, the acquisition cost is increasingly expensive 17:05 – LearnVest is a good example 17:40 – The small business lenders come to a market that the banks aren’t servicing 18:00 – There are companies who are an exception to the rule 18:17 – Most of the companies end up partnering with large institutions 18:54 – What the large financial institutions have is expertise and compliance 20:10 – The Famous Five   3 Key Points: The trend in the fintech space is constantly changing. Creating more jobs in New York City means more opportunities for companies and for the people of New York. Be BOLD—don’t shrink, don’t hesitate—just go for it.   Resources Mentioned: The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences Organifi – The juice was Nathan’s life saver during his trip in Southeast Asia Klipfolio – Track your business performance across all departments for FREE Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books Freshbooks – Nathan doesn’t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW Show Notes provided by Mallard Creatives

The 10th Annual Burton Kossoff Business Leadership Lecture features Henry Kravis of Kohlberg Kravis Roberts & Company.

The 10th Annual Burton Kossoff Business Leadership Lecture features Henry Kravis of Kohlberg Kravis Roberts & Company.

The 10th Annual Burton Kossoff Business Leadership Lecture features Henry Kravis of Kohlberg Kravis Roberts & Company.

The 10th Annual Burton Kossoff Business Leadership Lecture features Henry Kravis of Kohlberg Kravis Roberts & Company.

Earlier this year, the Metropolitan Museum of Art said it will name its newly remodeled plaza and fountains for David H. Koch, the billionaire conservative activist who gave $65 million towards the renovation. Koch has his name on a few prominent buildings around town, including the former New York State Theater at Lincoln Center and the American Museum of Natural History's dinosaur wing. Koch presents one of the most visible examples of naming rights, a trend that some say is a necessary part of philanthropy. Yet others argue that giving should be a selfless, anonymous act. In this podcast, we consider what's driving the trend and what it signifies. "With the fall-off in giving from the government, corporations and foundations, the private sector is even more essential than it was in the past," said Robin Pogrebin, a culture reporter at the New York Times. "In the past there was perhaps a nobility in giving anonymously. But now if donors are interested in seeing their names on things then organizations do need to make the tradeoffs involved in making that available to them." Naming rights for major buildings generally go for about $100 million in New York, as seen in recent gifts by Stephen Schwarzman (to the New York Public Library), Koch (to the New York State Theater), Henry Kravis and Ronald Perelman (both to the Columbia University Business School). Smaller gifts may fund a hallway, a lobby or even a toilet. Joan Desens is the director of institutional advancement at the Glimmerglass Festival, a summer opera festival in Cooperstown, NY. She says that patrons were once reluctant to have their name associated with a gift, but society has become more open. "People are very blatant with Facebook exposure," she said. "We’re all out there. So I think that people are more comfortable with having their name out there. It’s increasingly becoming an attraction." Patricia Illingworth, an editor of Giving Well: The Ethics of Philanthropy, believes that naming rights are a mixed blessing from an ethical standpoint. To some degree, "the arts seem to be a place where people from all walks of life and all social classes can gather together in solidarity," she noted. "So if billionaires are branding institutions and organizations with their names," that can alienate some people. Nevertheless, Illingworth believes that named buildings can serve as an example and encourage increased giving from others. Does an arts institution risk alienating patrons by associating with a major donor who holds a controversial personal agenda? "The point is, [patrons] are going to walk in anyway," said Pogrebin. "They may object but it’s not going to keep them away. Time passes and people get used to things." A more complex picture emerges if a donor feels at liberty to dictate programming. According to a recent New Yorker piece, a documentary film was halted because of pressure applied on PBS from David H. Koch. Opinions differ as to whether this occurs within performing arts organizations. "We like to think that the democratic process is what determines the social agenda," said Illingworth. "And yet when philanthropists start acting like governments, in a sense they can determine the social agenda. Naming rights can exacerbate that."  But according to Pogrebin, "there is a pretty bright line when it comes to cultural organizations and artistic interference. That's the real cardinal sin. A donor cannot meddle in artistic choices and once you go down that road it's a slippery slope." Weigh in: How do you feel about naming rights in the arts?