Podcasts about moats

What if the strongest moats in the AI era aren't algorithms, but the data those algorithms depend on?In the second episode of the Consumer Tech Napkin series, Andreas Munk Holm speakes with Renato Circi and Rafaël Michali, Co-Founders at Sava, and Joe Seager-Dupuy, Director, Investment at True, to discuss how founders should think about defensibility when technology is becoming easier to build.SAVA is developing advanced biosensing technology designed to access bodily information in a painless, real-time and affordable way. Their core belief is that while AI may accelerate software development, the hardest problems and the most valuable companies will be built around scarce data, difficult infrastructure and bottlenecks that cannot easily be replicated.Together, they explore what separates static moats from dynamic ones, why patents and regulatory approvals are often just the starting point and how the best companies create advantages that strengthen as they scale.Topics coveredWhy the best moats are often non-consensusStatic versus dynamic moatsWhy patents and regulation are not enoughIdentifying bottlenecks that create lasting valueAI, proprietary data and defensibilityBuilding platforms instead of productsWhy user experience can be a moatEurope's advantage in deep techTimestamps(00:00) Why moats matter in consumer technology(02:00) Introducing Sava and the future of health monitoring(06:00) What a moat actually is(09:00) The Apple Watch question and non-invasive sensing(12:00) Consumer experience versus incumbent medical devices(15:00) How great companies sequence moats(18:00) From patents to platforms(22:00) Bundling, ecosystems and long-term defensibility(24:00) Static versus dynamic moats(27:00) Why patents only buy time(29:00) Owning bottlenecks in health data(31:00) Why AI increases the value of proprietary data(36:00) Europe's deep tech advantage(40:00) The biggest misconceptions about moats(43:00) Why the best moats are often non-consensusConsumer Tech Napkin is brought to you in partnership with True.Subscribe to EUVC, the home of European tech, for more insights.

Send us Fan MailHalo!In todays lesson, Uncle Mike & Tony D go over some key vocabulary if you plan on ordering off of a Croatian Menu.The Super Slatko Report takes us to the 7 defensive castles along the Dalmatian Coast.See you there! Pod cast links -Let's Learn Croatian the App!https://studio.com/lets-learn-croatianVisit our LLC website: https://www.letslearncroatian.com/NEW BOOK ALERT- Croatia Explained by DJ MOE!This is an affiliate link, if you buy, we may earn a small commission.https://amzn.to/4svEhjHCheck out our LLC Link Tree, lots of amazing ways to support the LLC Pod via our handpicked affiliate links! https://linktr.ee/MaliMomentoLLC?utm_source=linktree_profile_share<sid=830b9f1d-ec9d-483b-bf35-25d070ee2600We have a YouTube channel: https://youtube.com/c/LetsLearnCroatianLLC Merch Store: https://www.letslearncroatian.com/llc-storeKeep the content flowing, donate to the LLC: https://www.letslearncroatian.com/llc-supporters-pageBuy the LLC a Cup of Coffee: https://www.buymeacoffee.com/infoKX Collaborate with LLC: https://www.letslearncroatian.com/become-a-sponsorDo you FaceBook, we do: https://www.facebook.com/llcpod/?__tn__=-UC*FWe even do Instagram: https://www.instagram.com/llcpod/?hl=enTeeDee's Soaps!https://www.teedeessoaps.comLLC APPThe wait is over, the Let's Learn Croatian App is finally here! All our content now at your finger tips. This is a 100% personalized, Ai immersive language experience to get you speaking Croatian quickly and confidently. Sign up today and see where the journey takes you.https://studio.com/lets-learn-croatian BOOK!Check out my book, Croatia, Explained, for travelers who want more than just nice views and a few good meals. So before you take off this summer, make sure you're not just showing up… you're showing up prepared.Croatia, Explained. Available now on Amazon—link in the description.This is an affiliate link, if you buy, we may earn a small commission.https://amzn.to/4svEhjH BUY ME A COFFEEWe launched a Buy Me a Coffee supporters page. Here's your opportunity to become an LLC Members. Lots of incentives, including: an LLC Members Only Magnet, automatic entrance to any LLC Member Only raffles & prizes and access to the LLC Members Only page on our website, where we upload new content monthly.Click on the link below.https://www.buymeacoffee.com/infoKXHvala, Support the show

Jake and Michael discuss all the latest Laravel releases, tutorials, and happenings in the community.Show linksGenerate HTML Password Rules Attribute in Laravel 13.9.0Storage Cache Store in Laravel 13.10.0Scrollbar Styling and Container Size Utilities in Tailwind CSS v4.3.0Laravel Introduces First-Party Passkey Authentication SupportLaravel's AI SDK adds sub-agentsDHH Joins Laravel Live Denmark 2026 for Fireside Chat with Taylor OtwellManage Laravel Cloud Deployments Inside PhpStormMoat: A Security Review for Your GitHub AccountModel-Based Scheduling for Laravel with CadenceLarapanda: A Type-Safe Lightpanda Browser SDK for LaravelUse a Google Sheet as Your Laravel Database with the Google Sheets Database DriverDrag-and-Drop Sorting for Eloquent Models with Reorderable for LaravelPiper: Laravel-Style Array and String Helpers for PHP's Pipe OperatorSimple Feature Flags for Laravel with Laravel ToggleLaravel Paper: A Flat-File Eloquent DriverTutorialsLaravel MongoDB Full-Text Search tutorial: The Art of the RelevancyShip AI with Laravel: Real-Time Streaming Chat UI with Livewire

Send us Fan MailThis episode is brought to you by QuickPatents LLC. Looking for the IWM trusted patent solution? Look no further! https://www.quickpatents.com/Access the exclusive Discord through the Patreon below for just $6/Month! ⬇️https://patreon.com/InventWithMe?utm_...  IWM Engineer; Lance at https://www.freelancedesigns.ca/Try TorkStrap at 15% off with exclusive code: IWMhttps://torkstrap.com/The Invent With Me Podcast⬇️Spotifyhttps://open.spotify.com/show/2YAZqvv...⬇️Applehttps://podcasts.apple.com/us/podcast...The Invent With Me Podcast, where each week we help aspiring inventors and product creators to turn their innovative ideas into reality.  Join us on youtube to have the ultimate show experience!  www.youtube.com/@inventwithme

This week's podcast is about consumer electronics. And lessons I learned from Huawei's recent product event.You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts.Here is the link to the TechMoat Consulting.Here is the link to our Tech Tours.4 dimensions for consumer electronics.Ecosystem building.Software and AI.Emotional impact and resonance.Tech leadership.Cheers, JeffHuawei Breaks into High Fashion with a Luxury, Jeweled Smartwatch (2 of 3) (Tech Strategy)———I am a consultant and keynote speaker on how to increase digital growth and strengthen digital AI moats.I am the founder of TechMoat Consulting, a consulting firm specialized in how to increase digital growth and strengthen digital AI moats. Get in touch here.I write about digital growth and digital AI strategy. With 3 best selling books and +2.9M followers on LinkedIn. You can read my writing at the free email below.Or read my Moats and Marathons book series, a framework for building and measuring competitive advantages in digital businesses.This content (articles, podcasts, website info) is not investment, legal or tax advice. The information and opinions from me and any guests may be incorrect. The numbers and information may be wrong. The views expressed may no longer be relevant or accurate. This is not investment advice. Investing is risky. Do your own research.Support the show

Vi träffar John Hedberg på Creades och pratar om mjukvarubolag, AI, Avanzas utlandsexpansion, den otroliga Silex-noteringen, Creades substansrabatt, compounder-bolagens affärsmodell och långsiktigt ägande. I veckans avsnitt medverkar: Lars Jörnow, medgrundare EQT Ventures. Hampus Brodén, medgrundare och vd för Stabelo. Johan Isaksson, privatinvesterare. John Hedberg, vd på Creades. TIDSSTÄMPLAR 00:00:00 Introduktion – Lars som moderator och varför Jacob är petad. 00:02:00 Silex-noteringen – Creades historia med bolaget och SPAC:en som inte blev av. 00:06:00 AI som creative destruction – är det här internet-momentet igen? 00:08:00 Moats i AI-eran – vad händer med SaaS-bolag när kod blir lättare att skriva? 00:10:00 Vitec som contrarian bet – är AI-pessimismen för Constellation-typen av bolag överdrivet? 00:12:00 AI i portföljbolagen – Mentimeter-grundarens demo som satte igång tankar. 00:16:00 E-handel och konsumenten som fortfarande inte tagit fart. 00:18:00 Lumene och Nordic Knots – starka varumärken redo att bryta ut ur Skandinavien. 00:20:00 Klarna – hur Creades fick 0,14% via Pricerunner-affären och vad de tänker nu. 00:22:00 Creades tre investeringsteman – trender, vägskäl och otydliga ägare. 00:26:00 Substansrabatt eller premie – hur Creades resonerar kring sin egen värdering. 00:30:00 AI och den amerikanska plattformskoncentrationen – klokt att oroa sig? 00:32:00 Indexförvaltningens frammarsch – blir det lättare eller svårare att vara aktiv ägare? 00:38:00 Avanza och utlandsexpansionen – varför Danmark och inte Norge? 00:40:00 Revolut och Trade Republic – varför Avanza inte blev lika globala som sina europeiska kopior. 00:44:00 Småbolagsdöden på börsen – en motvind Creades känt av. 00:46:00 Compounder-bolagen idag – fortfarande ett tema? 00:50:00 Att vara vd i ett familjeföretag – fördelarna med en tydlig långsiktig ägare 00:54:00 Råd till grundare: hundra möten och hemligheten med komplementära medgrundare. OM PODDEN Marknaden är en podd om börs, ekonomi och finans. Vi som gör den är Hampus Brodén, Johan Isaksson, Petter Hjerstedt, Viktor Fritzén, Lars Jörnow och Jacob Bursell. Följ oss på X: https://x.com/marknadspodden Hör av er till oss på jacob@monopolmedia.se #marknaden #Creades #investmentbolag #AI #Avanza #Silex #venture #börsen

On this episode, Jim Ferry, Partner at Volition Capital, shares how AI is reshaping the growth-stage investment landscape and what it means for the companies they back.Jim covers why employee count is no longer a reliable signal of company maturity, where real defensibility comes from when code itself is becoming a commodity, and what moats still hold up — from first-party data and proprietary integrations to network effects and systems of record. He also covers how founders can demonstrate AI fluency to investors and when to expect margin expansion from AI adoption.The information contained in this podcast is not intended to constitute, and should not be construed as, investment advice.

Many AI startups funded in the last 18 months won't last three years - so what makes a business durable today?Yaniv Bernstein is joined by Marlon Nichols, co-founder and managing general partner of MaC Venture Capital - one of the most active seed-stage AI investors in the market, having scaled MaC to over $600M AUM across three funds in just four years. Marlon's portfolio includes Pipe, Stoke Space, Thrive Market, Chef Robotics, and exits like Wonder Dynamics to Autodesk and Gimlet Media to Spotify.In this conversation, Marlon uses his industry experience to explain the biggest threats to new AI startups, and what the key components of successful startups in the industry will be.In this episode, you will:Hear why Marlon thinks niche or mid-size foundational models are now prime acquisition targets for OpenAIDiscover why misreading traction is the #1 mistake VCs are making right nowLearn why Marlon is more excited about manufacturing-line prediction and grid-scale batteries than humanoid robotsExplore why founder unit economics need a complete rewrite when token costs replace SaaS-style marginal costUnderstand why software is no longer a moat — and why data access, deep customer integration, and speed are the only three durable advantages left at the application layerLearn the difference between AI-native companies and AI-bolted-on companies, and what a 5-year-old startup should do if it's on the wrong side of that lineTimestamps00:00 Coming Up01:07 On Today's Show: Durable Tech02:33 Meet Marlon Nichols03:25 Defining 'Durable' AI Startups05:23 Moats for Foundation Models07:15 Chef Robotics and AI Native vs AI Enabled09:24 Upgrading Legacy Startups10:55 Pipe's AI Pivot Case Study13:19 Winning at the App Layer15:56 Speed and Workflow Stickiness17:51 Investment Checklist and Team20:30 Automotive Digital Twins and Regulatory Testing24:27 Why Physical AI?26:09 Robotics In Manufacturing26:55 Energy Storage And Batteries28:30 Why Cheaper Builds Still Need Talent30:19 Where Traction Can Be Misleading33:41 Token Costs And Unit Economics36:46 Closing ThoughtsMentioned in this episodeMaC Venture Capital: https://macventurecapital.com/Marlon Nichols on LinkedIn: https://www.linkedin.com/in/marloncnichols/'The Bitter Lesson' by Rich Sutton: http://www.incompleteideas.net/IncIdeas/BitterLesson.htmlVera (Yaniv's startup, AI-supported guidance for people caring for ageing parents): https://vera.guide/The PactHonor the Startup Podcast Pact! If you have listened to TSP and gotten value from it, please:Follow, rate, and review us in your listening appSecure your official TSP merchandise at https://shop.tsp.show/Follow us here on YouTube: https://www.youtube.com/channel/UCNjm1MTdjysRRV07fSf0yGgGive us a public shout-out on LinkedIn or anywhere you have a social media followingKey linksThis episode of the Startup Podcast is sponsored by .tech domains. Forget weird prefixes and creative misspellings; the availability for .tech domains is simply way better than .com. For a clean name that highlights your tech credentials, get a .tech domain at your favorite registrar.This episode of the Startup Podcast is sponsored by Vanta. Vanta helps businesses get and stay compliant by automating up to 90% of the work for the most in demand compliance frameworks. With over 200 integrations, you can easily monitor and secure the tools your business relies on. For a limited time offer of US$1,000 off, go to ⁠⁠⁠⁠https://⁠www.vanta.com/tsp⁠⁠⁠⁠⁠The Startup Podcast website: https://www.tsp.show/episodes/Learn more about Chris and YanivWork 1:1 with Chris: http://chrissaad.com/advisory/Follow Chris on Linkedin: https://www.linkedin.com/in/chrissaad/Follow Yaniv on Linkedin: https://www.linkedin.com/in/ybernstein/Producer: Justin McArthur https://www.linkedin.com/in/justin-mcarthurAssistant Producer: Steph Hefferan https://www.linkedin.com/in/steph-heff/Intro Voice: Jeremiah Owyang https://web-strategist.com/

Stage 2 Capital General Partner Liz Christo joins the show to discuss the disconnect between venture expectations and reality in the software market. The conversation covers the hidden costs of the new build versus buy debate, the structural changes happening within modern sales organizations, and whether traditional B2B SaaS go-to-market strategies and moats still matter when AI coding tools make software replication cheaper than ever. Key Takeaways: -The shift toward building internal AI tools instead of buying SaaS products overlooks long-term technical debt, as Liz Christo points out that "there's like a huge amount of cost buried behind the scenes that we're not really talking about today because it's still like sexy and fun." -Founders are artificially inflating their Total Addressable Market to meet new venture capital baseline expectations, with Liz Christo noting that "pitch decks read like really ridiculous right now where everybody wants to tell the story of like a $10 billion outcome because that's the new milestone that got set." -Revenue Operations is becoming the most direct path to the Chief Revenue Officer seat in AI-first organizations, which Sam Jacobs explains is "because as we use fewer humans and more agents, the sort of the half technical, the semi-technical capabilities of most RevOps people will translate into orchestrating armies of agents." -Delegating analysis and writing to AI risks destroying strategic judgment across go-to-market teams, a trend Liz Christo summarizes by stating, "I think we are producing an incredible amount of content that's not getting consumed... I just think we're like losing the ability to think and we're not teaching junior employees how to do it." Connect with the Hosts & Guests: Host: Sam Jacobs - https://www.linkedin.com/in/samfjacobs/  Host: AJ Bruno - https://www.linkedin.com/in/ajbruno3/  Host: Asad Zaman - https://www.linkedin.com/in/azaman1/  Guest: Liz Christo - https://www.linkedin.com/in/lizchristo/   Topline is more than a YouTube Channel: Subscribe to Topline Newsletter: https://toplinemedia.substack.com/ Tune into Topline Podcast, the #1 podcast for founders, operators, and investors in B2B tech: https://www.joinpavilion.com/topline-podcast Join the free Topline Slack channel to connect with 600+ revenue leaders to keep the conversation going beyond the podcast: https://www.joinpavilion.com/topline-slack   Chapters:  00:00 Intro and Cold Open 02:41 The New Build vs Buy Debate 06:10 Engineers in Every Department 10:48 Pitch Decks and 10B Dollar TAMs 17:53 Venture Capital Funding Quiz 23:43 AI Memos and Critical Thinking 42:41 Software Moats and Switching Costs 47:46 Bulls vs Bears Segment 48:23 RevOps as a Path to CRO 51:25 The Future of SDR Managers 55:14 Is Clay Actually Undervalued 59:12 Odds of Hitting 50M ARR  

This week's podcast is about 5 big, recent events in China tech.You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts.Here is the link to the TechMoat Consulting.Here is the link to our Tech Tours.The five topics are:New operating model: “Humans agents robots”China semiconductor bizFoundation modelsIt's all about agentsRobots and embodied AI ---------------I am a consultant and keynote speaker on how to increase digital growth and strengthen digital AI moats.I am the founder of TechMoat Consulting, a consulting firm specialized in how to increase digital growth and strengthen digital AI moats. Get in touch here.I write about digital growth and digital AI strategy. With 3 best selling books and +2.9M followers on LinkedIn. You can read my writing at the free email below.Or read my Moats and Marathons book series, a framework for building and measuring competitive advantages in digital businesses.This content (articles, podcasts, website info) is not investment, legal or tax advice. The information and opinions from me and any guests may be incorrect. The numbers and information may be wrong. The views expressed may no longer be relevant or accurate. This is not investment advice. Investing is risky. Do your own research.Support the show

On this episode, Joe Mancini, Co-Founder and Partner at Front Porch Venture Partners, explains how a hybrid fund-of-funds model works in practice—deploying capital both into early-stage venture funds as an LP and directly into seed and Series A companies, with a deliberate focus on the Southeast.Learn why the most defensible moats in software today are being built around go-to-market and purpose-built vertical features rather than technology alone, and how the falling cost of code is compressing roadmap timelines from quarters to weeks. Plus, get a practical framework for deciding where to deploy human capital versus AI agents.The information contained in this podcast is not intended to constitute, and should not be construed as, investment advice.

In this episode, host Kalie Moore sits down with Terry Lee, CEO of Fusebox Games, to unpack one of the most overlooked but powerful business models in mobile gaming: interactive fiction built on licensed IP. While much of the industry chases scale through mechanics or ads, Fusebox has quietly built a $30M+ business by turning hit TV shows like Love Island into living, evolving games with some of the highest payer conversion rates in mobile. Terry shares how the studio transformed from a one-season-per-year content cycle into a high-frequency content machine, why writing (not tech), is their true competitive moat, and how they've engineered a system where narrative, data, and monetization continuously inform each other in real time.They also explore what makes fandoms move seamlessly between TV and games, how Fusebox approaches community (including its complicated relationship with Reddit), and why the team is expanding beyond romance-driven gameplay into broader storytelling formats with IP like Big Brother and The Traitors. Along the way, Terry offers candid insights on leadership, scaling under pressure, and navigating the role of AI in creative industries - arguing that the real advantage won't come from replacing talent, but from amplifying it.We'd also like to thank modl.ai for making this episode possible! Using a combination of computer vision, reasoning models, and feedback loops, modl:QA+ autonomously explores builds, detects bugs, and generates actionable reports that sync directly with your existing workflows. To learn more, visit modl.ai.If you like the episode, please help others find us by leaving a 5-star rating or review! And if you have any comments, requests, or feedback shoot us a note at podcast@naavik.co.Who's On:Guest - Terry Lee: https://www.linkedin.com/in/terry-lee-296a089/Host - Kalie Moore: https://www.linkedin.com/in/kaliemoore/ Watch the episode: YouTube ChannelFor more episodes and details: Podcast WebsiteFree newsletter: Naavik DigestFollow us: Twitter | LinkedIn | WebsiteSound design by Gavin Mc Cabe.Links Mentioned:https://www.amazon.com/CEO-Sixteen-Lessons-Career-Level/dp/B0G49VV3R8

Has Bitcoin already bottomed, or are investors still looking at the wrong signals? Jordi Visser joins Bankless to argue that AI is destroying software moats, reshaping inflation, and pushing capital toward scarce assets, with Bitcoin at the center of that shift. We get into his “AI is the new QE” thesis, the scarcity-versus-abundance portfolio, why the S&P may struggle in an AI regime, what a more muted Bitcoin cycle looks like, and where he still sees upside across the rest of crypto. ---

Scot Wingo has built, scaled, taken public, and sold companies through multiple waves of ecommerce and software disruption. Now he's building again, this time around agentic commerce.In this episode of In/organic, Christian Hassold sits down with Scot Wingo at Shoptalk to talk about ReFiBuy, AI agents, ecommerce infrastructure, SaaS moats, founder survival, and what early-stage companies should do as AI reshapes software and go-to-market.Scot is best known as the founder and former CEO of ChannelAdvisor, which went public in 2013 and was later acquired by private equity. He is also an active investor and mentor in the North Carolina startup ecosystem, with exposure to hundreds of early-stage companies.The conversation covers:- Why Scot started ReFiBuy after reading about agentic AI- How AI agents could create the next generation of ecommerce marketplaces- Why “research, find, buy” may become a new commerce workflow- What ChannelAdvisor taught Scot about marketplaces, infrastructure, and exits- Why going public is exciting, but running a public company may not be for every founder- How founders should think about defensibility and moats in the AI era- Why proprietary data, workflow depth, and customer feedback matter more than ever- What early-stage SaaS companies should do when capital is harder to raise- Why go-to-market is breaking for many traditional software companies- How founders should evaluate M&A, acquihires, mergers, and strategic exits- What Scot expects from agentic commerce over the next 12 months- This episode is for SaaS founders, ecommerce operators, investors, corporate development leaders, and anyone trying to understand how AI agents will change software, marketplaces, and M&A.Chapters00:00 Intro from Shoptalk00:45 Meet Scot Wingo02:00 From ChannelAdvisor to ReFiBuy04:00 Why public-company life was not the right fit06:00 Investing in the North Carolina startup ecosystem09:00 What ReFiBuy is building12:00 Agentic commerce and the next marketplace shift16:00 Why content and thought leadership still matter20:00 Learning from customers and following the thread24:00 Startup survival in a tougher funding market28:00 Why SaaS go-to-market is breaking32:00 Defensibility and moats in the AI era37:00 Proprietary data and workflow depth42:00 M&A options for early-stage startups47:00 Mergers, acquihires, and strategic exits52:00 AI valuations and changing SaaS multiples56:00 Scot's predictions for agentic commerce01:00:00 Final thoughtsSubscribe to In/organic for conversations on SaaS M&A, AI disruption, strategic acquisitions, agency M&A, and lower-middle-market dealmaking.Connect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coConnect with Scot Wingohttps://www.linkedin.com/in/thescotwingo/Learn More about Refibuyhttps://www.linkedin.com/company/refibuy/ Hosted on Acast. See acast.com/privacy for more information.

Description: This week, we're joined by TikTok & Youtube sensations - the hosts of The Useless Hotline podcast - George Clarke and Max Balegde!So listen in as the duo dives into all the wildly unhinged ways they'd spend a £200,000,000 EuroMillions jackpot. From a time-traveling mukbang to cancel Henry VIII, to a spiteful loft conversion built solely to annoy Max with loud Pasodoble dancing, to the ultimate morning routine on the 10-minute “cleaner coaster”Subscribe and follow for new episodes every Friday!!!Apple Podcasts: https://tinyurl.com/ycyfv2fcOn Spotify: https://tinyurl.com/4ths7nedOn TikTok: https://tinyurl.com/4d9k5457On Instagram: https://tinyurl.com/ykumd329On YouTube: https://tinyurl.com/yxyruujdBrought to you by EuroMillions from The National Lottery and Acast Creative ✨ Hosted on Acast. See acast.com/privacy for more information.

Data Business Moats Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In building a startup, the founder should consider monetizing the data. Data can provide an additional range of moats for the business. Here is a list of data moats that are ineffective: Openly available and easily accessible data sets General analytics on the data Dashboards and reporting tools. Here's a list of the data moats can bring to the company: Turning your data into a standard data set used by the industry. This is called data currency, which the industry players use for data exchange. Extensive use of the data by many companies creates a de facto standard. Proprietary data. This data comes from a unique source that no other company has access to. Exclusive access to data In this case, the company has developed an exclusive arrangement for the use of data. Proprietary data exhaust This is the use of data from another source for a different purpose. For example, Whole Foods captures consumer product good sales data and then sells access to CPG companies that want to know how much is sold in each category. Consider these options for building a moat into your startup using data. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact info@tencapital.group Please follow, share, and leave a review. Music courtesy of Bensound.

Greg Brockman is the president and co-founder of OpenAI. Brockman joins Big Technology to discuss GPT-5.5, also known as Spud, and what it means for OpenAI's next phase of AI development. Tune in to hear Brockman explain how the model gets better at coding, computer use, slides, spreadsheets, and agentic work across everyday applications. We also cover OpenAI's competitiveness, model economics, distillation, cybersecurity risk, trust in agents, and the compute-powered economy. Hit play for a timely look at OpenAI's newest model and where the AI race goes next. ---- Enjoying Big Technology Podcast? Please rate us five stars ⭐⭐⭐⭐⭐ in your podcast app of choice. Want a discount for Big Technology on Substack + Discord? Here's 25% off for the first year: https://www.bigtechnology.com/subscribe?coupon=0843016b Chapters: 00:00 Intro: GPT-5.5 “Spud” 00:57 What GPT-5.5 Can Do 02:56 OpenAI's Agent Roadmap 05:49 Training and Real-World Tasks 09:55 Model Moats and Distillation 15:55 Cybersecurity Risks 21:01 Trusting Agents 23:36 The Compute Economy Learn more about your ad choices. Visit megaphone.fm/adchoices

Tune in to the wildest late-night talk show where nostalgia meets the unexplained. Host Walter Sterling and his callers share hilarious childhood memories of the ultimate status symbols—from color TVs and car phones to front-yard moats and a "fruit-only" second refrigerator. Along the way, hear Walter's terrifying teenage date with a doctor's daughter, the latest true-crime update on a Walmart meat heist, and an unbelievable caller confession about running a sham church on Catalina Island for tax-free rent. To top it off, alternative historian Michelle Gibson drops in to discuss the "mud flood" conspiracy and lost global civilizations. It's a hilarious, weird, and entirely unpredictable ride!  Learn more about your ad choices. Visit megaphone.fm/adchoices

This week's podcast is about quality datasets and the context layer. Both are needed to scale agentic AI operating systems.You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts.Here is the link to the TechMoat Consulting.Here is the link to our Tech Tours.Here are my past articles on data operations:Data Network Effects and Data Scale Aren't Moats (1 of 2) (Tech Strategy)My Playbook for Data-Empowered Operations (2 of 2) (Tech Strategy)The GenAI / Agentic Operating Basics (Tech Strategy)Here is the mentioned McKinsey & Co and a16z articles.Building the foundations for agentic AI at scaleYour Data Agents Need Context--------I am a consultant and keynote speaker on how to increase digital growth and strengthen digital AI moats.I am the founder of TechMoat Consulting, a consulting firm specialized in how to increase digital growth and strengthen digital AI moats. Get in touch here.I write about digital growth and digital AI strategy. With 3 best selling books and +2.9M followers on LinkedIn. You can read my writing at the free email below.Or read my Moats and Marathons book series, a framework for building and measuring competitive advantages in digital businesses.This content (articles, podcasts, website info) is not investment, legal or tax advice. The information and opinions from me and any guests may be incorrect. The numbers and information may be wrong. The views expressed may no longer be relevant or accurate. This is not investment advice. Investing is risky. Do your own research.Support the show

Nikki Barua — immigrant, serial entrepreneur, and CEO of Flip Work — joins Jeff Mains for a conversation on what it truly takes to build something outsized in the AI age. Drawing on two decades of experience in M&A, corporate strategy, and scaling tech businesses, Nikki shares why reinvention isn't a one-time event but a survival skill. The conversation digs into the mindset required to make bold decisions under uncertainty, the triple leverage behind billion-dollar companies (ideas, talent, and operating agility), and why mid-market SaaS companies are facing a binary outcome — perish or thrive — depending on how fast they move. Nikki also unpacks how the new competitive moats are shifting to proprietary data, distribution, and trust, and why the AI era is actually the golden age of entrepreneurship for those willing to step into the arena.Key Takeaways3:33 — Nikki's immigration story as a foundational lesson in reinvention: "Adapt or die."5:45 — What boardroom access in M&A taught her about high-stakes decision making and the courage required.7:43 — The three types of leverage that separate billion-dollar companies from million-dollar ones: exponential idea, exceptional talent, and operating agility.8:48 — Why big ideas attract great talent — and why that's a compounding advantage.10:43 — What Flip Work does: closing the divide between AI technology and human workforce readiness in 90-day sprints.14:00 — The hiring mistake founders repeat at every stage: hiring for tomorrow without considering whether that person has lived through where you are today.16:10 — The #1 limiting belief of founders: not dreaming big enough. Your business will never exceed the size of your own vision.19:06 — Why "family culture" is a trap and "sports team" is a better mental model for scaling.20:19 — Mid-market's binary moment with AI: too big to do nothing, but not big enough to transform alone.21:20 — The scary truth: mid-market SaaS companies could be one AI model feature away from being replaced.22:25 — The binary outcome: perish by inaction or capture massive market share through speed and new AI-resilient moats.27:19 — The new competitive moats: proprietary data, distribution, and trust — and why public data is no longer an advantage.30:14 — Why the founder's personal brand is becoming the most important trust signal in the AI age.32:06 — We're in the golden age of entrepreneurship — AI makes big ideas achievable with minimal capital and headcount.33:14 — How to build a genuinely high-agency culture: information symmetry, clear guardrails, and fail-safe zones.40:03 — The one mindset shift for overwhelmed founders: "Don't be a bystander. Step into the arena."42:16 — The rallying cry for the AI age: go from "people scared" to "people squared."Tweetable Quotes"Adapt or die. When you show up with nothing, the only thing you can count on is: who do I need to become to thrive in this new environment?" — Nikki Barua"Building a billion-dollar company isn't just harder — it's different. It requires exponentially better ideas, not incrementally better ones." — Nikki Barua"Big ideas attract great talent. People that are phenomenal at what they do like hard problems — they want to prove themselves doing something no one has ever done." — Nikki Barua"You cannot build a business beyond the size of your own dreams. Your lid is the ceiling of what you believe is possible." — Nikki Barua"Mid-market companies could be one AI model feature away from being completely replaced. That's a dangerous place to stand still." — Nikki Barua"Don't look in the rear-view mirror. Let go of sunk costs and step into what's possible instead of focusing on what was." — Nikki Barua"Don't be a bystander. Do it scared — but just do it." — Nikki Barua"Go from people scared to people squared. That's the real shift you have to make." — Nikki Barua"The founder's personal brand is going to be one of the biggest trust signals in the AI age — because software is no longer a moat." — Nikki Barua"Family culture means you just tolerate dysfunction. A sports team? You want the best players in all the right roles — and results decide who stays." — Nikki BaruaSaaS Leadership Lessons1. Reinvention Is a Survival Skill, Not a Strategy Nikki's immigration story set the tone: the willingness to shed old identities and step into new ones isn't optional — it's what separates those who thrive from those who get left behind. For SaaS leaders, this means actively interrogating who you need to become, not just what you need to build.2. Hire for the Stage You're In, Not Just the Stage You're Heading To One of the most costly and repeated mistakes founders make is bringing on "tomorrow" talent without considering whether they've survived "today." The person who's scaled a $100M company may be an anchor at the $5M stage. Match talent to the current phase, then plan thoughtful transitions as you grow.3. The Lid on Your Business Is the Size of Your Dream If you can't see a billion, you'll never build one. Your belief in what's possible is the actual ceiling on your company's growth. This isn't about fantasy — it's about radically expanding what you genuinely believe you can achieve and recruiting your whole organization into that expanded vision.4. Build AI-Resilient Moats Before You Need Them Proprietary data, deep distribution, and earned trust are the new defensible positions. Software alone is not a moat. Distribution (like Microsoft or Salesforce) and the personal brand trust of the founder are increasingly the differentiators that survive AI commoditization. Evaluate your moat honestly — and rebuild it now, not later.5. High-Agency Culture Requires Architecture, Not Announcements Saying "we empower our people" means nothing without the structures to support it. Real high-agency cultures are built on: (1) information symmetry — share what's happening at the top, (2) clear decision guardrails — define where authority lies at each level, and (3) fail-safe zones — explicit permission to experiment and fail within defined boundaries.6. The Cost of Indecision Is Falling Behind Whether in a boardroom M&A decision or an AI transformation moment, the founders and leaders who win are those who make bold calls under uncertainty and trust they can course-correct. Waiting for perfect information isn't a risk management strategy — it's how you become obsolete. Every week of inertia compounds the gap between you and those who are moving.Guest Resourcesnikki@fts-ai.comhttps://www.flipwork.ai/https://www.linkedin.com/in/nikkibarua/https://www.instagram.com/thenikkibaruaEpisode SponsorThe Futureproof Series - https://www.youtube.com/playlist?list=PLfkXKUPZ5xuOqMPR7_gzGybncTtavyR1NThe Captain's KeysSmall Fish, Big Pond – https://smallfishbigpond.com/ Use the promo code ‘SaaSFuel'Champion Leadership Group – https://championleadership.com/SaaS Fuel ResourcesWebsite - https://championleadership.com/Jeff Mains on LinkedIn - https://www.linkedin.com/in/jeffkmains/Twitter - https://twitter.com/jeffkmainsFacebook - https://www.facebook.com/thesaasguy/Instagram - https://instagram.com/jeffkmains

This week's blogpost - https://bahnsen.co/4crfdEr David Bahnsen hosts Dividend Cafe focusing on AI's disruptive impact on software and investing, postponing further Iran/market commentary until Monday despite positive Strait of Hormuz news. He outlines three AI company categories: hyperscalers (Google, Microsoft, Meta), “pick-and-shovel” providers (e.g., Nvidia, Broadcom), and AI labs/LLM makers, noting competitive tensions within and across these groups. He argues AI's technological progress is real, especially agentic AI and coding automation, but commercial outcomes are complex and not “doom” for all enterprise software; markets adapt as with past internet, social media, and e-commerce disruptions. AI can lower switching costs and pressure code-only business models, yet adoption is constrained by integration speed, energy/compute costs, and need for human validation. He favors software firms with moats beyond code—data, brand, and service/solution models—positioning AI as opportunity. He also highlights rising tech exposure across IG, HY, and loan markets, implying credit risk debates extend beyond private credit. 00:00 Welcome and Context 01:14 AI Disruption Takes Center Stage 02:04 Three Types of AI Players 03:48 Hype Meets Market Reality 07:49 Agentic AI and Real Limits 10:50 Switching Costs and Early Adoption 16:34 Jobs Data and Diffusion Constraints 21:47 Moats and Anti Fragile SaaS 24:41 Investment Takeaways on Winners 26:33 Chart of the Week Credit Exposure 28:02 Closing and Next Episode Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

This week's podcast is about MEDVi, the world's first +1B revenue company with only one employee. It was founded in 2024 by Michael Gallagher.You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts.Here is the link to the TechMoat Consulting.Here is the link to our Tech Tours.Here are the 5 lessons:GenAI and agents are creating powerful new position as the primary user interfaceABCs (assistants, brokers, concierges) are going to cut off a lot of merchants and brands from buyers.Human users are going to become much hard to reach. You need their eyeballs.MEDVi is a good examples of the ability of GenAI to enable new types of ecommerce coordination.Agent workers are a powerful organizational structure. It is going to disrupt human heavy businesses. ------I am a consultant and keynote speaker on how to increase digital growth and strengthen digital AI moats.I am the founder of TechMoat Consulting, a consulting firm specialized in how to increase digital growth and strengthen digital AI moats. Get in touch here.I write about digital growth and digital AI strategy. With 3 best selling books and +2.9M followers on LinkedIn. You can read my writing at the free email below.Or read my Moats and Marathons book series, a framework for building and measuring competitive advantages in digital businesses.This content (articles, podcasts, website info) is not investment, legal or tax advice. The information and opinions from me and any guests may be incorrect. The numbers and information may be wrong. The views expressed may no longer be relevant or accurate. This is not investment advice. Investing is risky. Do your own research.Support the show

In this episode of the ProductLed Podcast, Wes Bush and Esben Friis-Jensen sit down with Nick Franklin, founder and CEO of ChartMogul, to talk about what is really happening in SaaS right now. Nick shares what he is seeing across 3,000+ subscription businesses and why the last three years have been the most disruptive period in SaaS history. He explains why AI startups are still buying traditional SaaS tools, why subscription pricing is far from dead, and how customer expectations have changed fast. Faster time to value, more functionality, and lower prices are now the baseline. The conversation also gets into how ChartMogul is adapting. Nick talks about their move into CRM, why combining revenue analytics with customer context creates new opportunities, and how AI can unlock deeper insights from complex subscription data. He also responds to the big question facing analytics companies today: if LLMs can query data directly, what role does a platform like ChartMogul play? Beyond strategy, Nick shares a grounded view on moats, competition, and what actually matters most in building a durable SaaS company. His answer is refreshingly simple: build a great product, charge fairly, support customers well, and keep improving every day. It is a thoughtful conversation on SaaS survival, product strategy, and what it takes to stay relevant in an AI-first world. Key Highlights: 02:43 - AI Startups Are Still Buying SaaS Nick shares one of the more surprising trends from ChartMogul's customer base. A big share of new customers are AI startups, and many of them are still using classic subscription pricing. 03:53 - Why SaaS Has Had Its Hardest 3 Years Nick explains why the last few years have been so tough for SaaS, from the post-COVID reset to higher interest rates and tighter funding. 08:03 - More Value, Less Money, Faster Delivery Wes and Nick unpack how buyer expectations have changed. SaaS products now need to deliver more value, reduce friction, and help customers get results much faster. 10:45 - Why ChartMogul Went Multi-Product Nick breaks down the move into CRM and why bringing together revenue analytics, customer history, and interactions creates a much stronger product. 12:35 - How AI Can Unlock Deeper Analytics Rather than replacing analytics tools, Nick sees AI as a way to help customers get more value from complex data through more natural questions and faster insight discovery. 15:25 - Can LLMs Replace Subscription Analytics Tools? Wes pushes on the biggest threat facing analytics platforms, and Nick explains why clean data, normalized metrics, domain expertise, and strong tooling still matter. 21:25 - Why Vibe Coding Won't Replace SaaS The team talks about why most founders should use AI to speed up their own roadmap instead of trying to rebuild products like Slack, Notion, or HubSpot internally. 26:28 - Moats, Benchmarks, and the Bloomberg of SaaS Nick shares how ChartMogul thinks about defensibility through benchmarking data, expert-led content, partner networks, and long-term trust. 33:39 - The New “Wow” for Analytics Products Nick talks about why basic metrics are no longer enough, what customers expect now, and how ChartMogul is thinking about creating more signal and insight. 46:16 - What Keeps Nick Building After 10+ Years To close, Nick reflects on why he is still building, what gives the work meaning, and why creating something lasting matters more than chasing an exit. Resources:

On this episode of Investor Connect, Hall welcomes Sue Xu, Managing Partner at Amino Capital. Located in Palo Alto, California, Amino Capital is a global venture capital firm investing from seed through growth stage, with over $1 billion in assets under management and a track record that includes backing companies such as Chime, Webflow, Rippling, and Grail. Sue shares how the firm's name—drawn from "amino acids," the building blocks of life—reflects its mission to invest early, often at the pre-seed and seed stage, in founders within their trusted ecosystem. With a background as a Stanford-trained scientist, she brings a deeply technical lens to venture investing, focusing on AI, data infrastructure, and frontier technologies where long-term defensibility matters more than short-term hype. As Hall likes to say, it's not just about seeing deals—it's about knowing how to underwrite them. Amino Capital differentiates itself by emphasizing data moats, network effects, and true workflow ownership in an era where many AI startups are simply "wrappers" around large language models. Sue breaks down how to distinguish sustainable businesses from impressive demos, noting that the real winners are those that integrate deeply into user workflows and replace meaningful labor. The conversation also explores the evolution of AI investing—from infrastructure to copilots to today's agentic systems—and why durability comes from strong first principles rather than broad diversification. Along the way, Hall and Sue touch on global innovation ecosystems, the importance of resilience in founders, and why small, disciplined teams with high agency continue to outperform. Sue also shares how Amino Capital is leveraging AI internally, building its own data-driven investment systems to evaluate deals, support portfolio companies, and provide real-time insights to LPs. She emphasizes the importance of developing a clear investment thesis, staying humble yet decisive, and building systems that improve decision-making over time. Visit Amino Capital at www.aminocapital.com/ Reach out to at sue@aminocapital.com , and on www.linkedin.com/in/suexu/ _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https:/_/tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact info@tencapital.group Please follow, share, and leave a review. Music courtesy of Bensound.

This week's podcast is a summary of Chapter 1 (Introduction) of my updated Moats and Marathons books.You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts.Here is the link to the TechMoat Consulting.Here is the link to our Tech Tours.--------I am a consultant and keynote speaker on how to increase digital growth and strengthen digital AI moats.I am the founder of TechMoat Consulting, a consulting firm specialized in how to increase digital growth and strengthen digital AI moats. Get in touch here.I write about digital growth and digital AI strategy. With 3 best selling books and +2.9M followers on LinkedIn. You can read my writing at the free email below.Or read my Moats and Marathons book series, a framework for building and measuring competitive advantages in digital businesses.This content (articles, podcasts, website info) is not investment, legal or tax advice. The information and opinions from me and any guests may be incorrect. The numbers and information may be wrong. The views expressed may no longer be relevant or accurate. This is not investment advice. Investing is risky. Do your own research.Support the show

Today's guest on The Long View is Pat Dorsey. Pat is the founder of Dorsey Asset Management, a boutique asset manager serving institutional clients. From 2000 to 2011, Pat was the director of equity research for Morningstar, where he led the growth of Morningstar's equity research group from 20 to 90 analysts. Pat was instrumental in the development of Morningstar's economic moat ratings, as well as the methodology behind Morningstar's framework for analyzing competitive advantage. Pat is also the author of two books, The Five Rules for Successful Stock Investing, and The Little Book That Builds Wealth. Pat holds a master's degree in political science from Northwestern University and a bachelor's degree in government from Wesleyan University. Pat is a CFA charterholder. Episode Highlights 00:00:00 Defining Economic Moats and Moat Source Mistakes 00:05:34 Shifting Landscape for Returns on Invested Capital as a Metric 00:07:52 Inevitable vs. Noninevitable Moats 00:09:36 Moat Durability, Network Effects, and Lessons From PayPal 00:13:46 Management Quality, Founders, and Pricing Discipline 00:24:02 High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty 00:29:29 Premortem, Behavioral Edge, and Opportunity Cost More From Morningstar AI Isn't an Economic Moat Killer, but It Will Disrupt Industries Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable' How to Measure a Company's Competitive Advantage If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

– Where to go for good, unconflicted advice? – What to do with businesses whose share prices have tanked? – What moats are defensible in an AI world? – What about Credit Corp?See omnystudio.com/listener for privacy information.

(0:00) Bestie intros!: Friedberg for Governor of California? (2:25) Anthropic's generational run (15:45) OpenAI: getting focused or panic mode? (36:56) AI valuation impacts, moats, and disruption (43:58) Liquidity speaker announcements, the 100x AI moment (50:35) Two landmark social media verdicts against Meta (1:12:46) Sacks and Friedberg join PCAST! Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://polymarket.com/event/which-company-has-the-best-ai-model-end-of-march-751 https://www.wsj.com/tech/ai/openai-chatgpt-side-projects-16b3a825 https://www.reuters.com/business/openai-sweetens-private-equity-pitch-amid-enterprise-turf-war-with-anthropic-2026-03-23 https://www.levernews.com/the-pentagons-ai-gatekeeper-holds-stock-in-anthropics-rival https://x.com/LauraLoomer/status/2037111057701818519 https://x.com/chamath/status/2033385903520129161 https://x.com/TheIcahnist/status/2036902492080837015 https://www.google.com/finance/quote/GOOG:NASDAQ https://www.google.com/finance/quote/LVMUY:OTCMKTS https://x.com/cryptopunk7213/status/2023572182090109380 https://www.google.com/finance/quote/RACE:NYSE?comparison=OTCMKTS https://x.com/Vjay031/status/1985631799448662441 https://www.latimes.com/california/story/2026-03-25/social-media-lawsuit-trial-meta-google-verdict

Subscribe to the 100 Year Thinkers of Spotify⁠⁠Subscribe to the 100 Year Thinkers of AppleIn this episode of our new show, 100 Year Thinkers, Robert Hagstrom and Chris Mayer explore how investors should think about base rates, extreme outcomes, and the realities of long-term wealth creation in markets. Applying the work of Michael Mauboussin, the conversation challenges conventional ideas like mean reversion and highlights why a small number of companies drive most stock market returns—and what that means for portfolio construction.This episode brings together Robert Hagstrom and Chris Mayer to explore how investors should think about base rates, extreme outcomes, and the realities of long-term wealth creation in markets. The conversation challenges conventional ideas like mean reversion and highlights why a small number of companies drive most stock market returns—and what that means for portfolio construction.Topics covered• Why markets are driven by extreme outcomes and power laws, not averages• The Best & Bessembinder research showing a handful of stocks create most wealth• Base rates vs outliers and when to trust historical probabilities• Why the 100 bagger framework focuses on studying winners, not predicting them• Portfolio construction as a way to capture asymmetric upside• Buffett's approach to consistency, durability, and long-term operating history• Inside view vs outside view and how narratives distort investing decisions• Why AI may be breaking traditional base rate assumptions in software and tech• The limits of mean reversion and why it can lead investors astray• Return on invested capital and how competition erodes excess returns over time• Identifying durable moats and why most advantages eventually get attacked• Winner-take-all dynamics and how they shape long-term investing outcomes• The twin engines of returns: earnings growth and multiple expansion• Return on incremental capital as a key driver of long-term compounding• Intangible assets and why accounting understates true business value• Amazon as a case study in misunderstood profitability and reinvestment• AI CapEx cycle and why current spending may not be sustainable long term• Why great businesses matter more than great management in long-term investingTimestamps00:00 Why extreme outcomes drive stock market returns01:00 Base rates vs studying 100 baggers03:00 Power laws and why markets are a game of outliers05:00 Just 46 companies created half of all market wealth07:00 Buffett on consistency and long-term operating history10:00 How to think about base rates in AI, energy, and macro cycles12:00 Does AI invalidate historical base rates?15:00 Inside view vs outside view in investment decision making19:00 Buffett's “certainty at a discount” framework23:00 How often investors should evaluate businesses vs prices29:00 Mean reversion myths and where it breaks down33:00 Return on invested capital and competitive pressure36:00 Moats, winner-take-all markets, and long-term dominance41:00 Twin engines of compounding: growth plus multiple expansion43:00 Return on incremental capital and forecasting future returns47:00 Intangibles and why accounting distorts real business value50:00 Amazon, CapEx cycles, and hidden profitability53:00 AI infrastructure buildout and the future of returns

Peter Gustafson is a Danish investor, former business journalist, founder of Prospect Family Office, and author of The Business Investor: The Warren Buffett Path to Your Financial Freedom—a book born from 2,200 hours of writing, 15 years of market-beating returns, and annual lectures at the Genius of Warren Buffett seminar in Omaha, where several Berkshire directors and members of the Buffett family also participate.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.https://www.tenzingmemo.com/[3:00] Peter shares how growing up in a family of Danish business owners and a house full of books shaped his love of numbers and business thinking.[5:00] Discovering Buffett: Peter read Buffett and The Intelligent Investor in 2007 and "clicked right away"—leading him to close his 15-year consultancy and become a full-time co-owner of businesses through the stock market.[6:30] The speculation trap: "The desire to get rich has nothing to do with intelligence." Peter explains why the stock market is presented as entertainment and why even smart people blow up.[10:00] Private vs. public ownership: When Peter ran his consultancy, he never had a stock price. He argues many investors would be more profitable owning non-listed companies—free from the distraction of daily prices.[14:00] Return on capital as the true north: "All the company will produce for the owners is the discounted cash flow of the earnings." Peter introduces return on unlevered net tangible assets as the key metric.[21:00] The six-category framework: Peter maps businesses from bad to great using two metrics—return on operating capital and growth rate—highlighting compounding machines vs. value destroyers.[27:00] Moats and the share of mind: Consumer moats live in the customer's mind; B2B moats are embedded in operational systems. Both require circle-of-competence understanding.[32:00] Founder-led companies: A founder's baby vs. a hired CEO's career stepping stone. Culture survives transitions when the successor is raised inside it—relevant now as Berkshire transitions to Greg Abel.[38:00] Capital allocation pitfalls: The five uses of capital, why M&A adrenaline is dangerous, and why dividends should always be a residual decision.[45:00] Buffett's 10% hurdle rate: Peter used his journalist training to piece together Buffett's personal hurdle—"10% before tax real return"—from annual letters and meeting transcripts.[50:00] Margin of safety reframed: Buffett's margin of safety isn't just buying at a discount—it's ensuring a higher-than-average return. For high-growth companies, the growth itself becomes the margin.[54:00] The 6-bagger that should have been 46x: Peter shares his biggest blunder—selling a Norwegian insurance company during an operational (not systemic) problem, and the psychological barrier of re-entering.[59:00] Stoic philosophy for investors: "You have to spend a lot of time alone." Peter's daily two-hour forest walk replaces market-watching, drawing on Roman Stoic lessons about controlling what's inside.[1:04:00] Success...Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

The stock market has cooled on stocks caught up in the whirlwind of artificial intelligence. Fears over whether AI will disrupt a variety of sectors have triggered big sell-offs. Morningstar equity analysts have investigated 132 companies to determine whether that's the case. They have concluded that AI is not a universal destroyer. The team thinks investors should sort through the wreckage and find newly cheap companies with enduring competitive advantages. Eric Compton, director of equity research for the technology sector at Morningstar, tells you where to look. Moat Ratings Guidebook Amid AI Disruption  On this episode: 00:00:00 Welcome 00:01:28 What are Moats, and How Does Morningstar Use Them? 00:04:11 In-Depth Analyst Review of 132 Companies 00:06:27 Why Cybersecurity Holds Up 00:10:02 Why Design Software Looks Resilient 00:13:10 How Financial Data Benefits From AI 00:15:32 Finding Opportunity After AI Selloffs     Watch more from Morningstar: 2 Cautionary Tales from Private Equity and Private Credit Markets Are You Ready for Tax Day? Here's What You Need to Know Before You File Avoid This IRA Distribution Error to Protect Your Retirement Cash   Follow Morningstar on social: Facebook https://www.facebook.com/MorningstarInc/ X https://x.com/MorningstarInc Instagram https://www.instagram.com/morningstarinc/?hl=en LinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Fresh off a mastermind event with Charley Mann, Jay and Seth go head-to-head in the ultimate debate: Analog vs. Digital Marketing. Jay argues that high-touch community relationships—from sponsoring Little League teams to hitting the local barbershop—create a "moat" that digital algorithms can't touch. Seth counters with a reality check on scalability, arguing that while analog is great for "boutique" comfort, it can't sustain a multi-million dollar firm without a massive digital footprint.#LawFirmBlueprint #LegalMarketing #CommunityOutreach #DigitalSEO #LawFirmScaling #LegalEntrepreneur

In banking, the AI question isn't “Can you build it?” — it's “Can you explain it, monitor it, and shut it off when required?” As the hype cycle moves past chatbots, a real competitive divide is emerging: institutions that can operationalize AI with auditability and control versus those layering copilots onto legacy workflows and hoping for the best. In this episode of Bloomberg Intelligence's Tech Disruptors podcast, Capital One's Chief Scientist and Head of Enterprise AI Prem Natarajan joins BI fintech and payments analyst Diksha Gera to discuss why the bank is building — not just buying — its AI stack, and what gives Capital One a technology edge over competitors. Listen in to hear more about the bank's expansive approach to AI as a capacity multiplier rather than a means to cut costs.

Gokul Rajaram is one of the greatest operators turned investors of the last 2 decades. He is trusted as the go to advisor for the greatest founders in the world. Today he serves as a Board Director at three public companies: Coinbase, Pinterest and The Trade Desk. Prior to Marathon (his firm), Gokul served on the executive team at DoorDash and Block. Before Block, he served as Product Director of Ads at Facebook. Earlier in his career, Gokul served as a Product Management Director for Google AdSense. Gokul is also a prolific angel investor, having invested in 700+ companies, including Airtable, Figma, Groq, Runway, Supabase, and Vercel.  AGENDA: 03:53 — Investing Lessons from Google, Doordash and Facebook 05:32 — Why Mark Zuckerberg is the Greatest Distribution Genius Alive 07:23 — Why Every Company Today Needs to be Multi-Product 09:16 — Negative Gross Margins: Are the Best Companies Actually Built on "Shit" Economics? 10:50 — The SaaS Apocalypse: Is the Entire Sector Going to Zero? 12:15 — The 8 Moats of Enduring Software Companies: How to Analyse Companies 14:50 — Why Brand is No Longer a Strong Moat (And What Replaced It) 16:13 — Salesforce vs. Atlassian: Which Systems of Record are Dying? 18:13 — Outcome-Based Pricing: Is This the Total Death of Seat Pricing? 20:16 — The Bolt-On AI Trap: Why Rebuilding Your Entire UX is Non-Negotiable 23:44 — Are the Outcome Sizes of Vertical SaaS Large Enough for VC Today? 28:16 — The Zombie Cohort: What Happens to Private Companies with High Valuations? 32:44 — Is "King Making" Complete Bullshit? 34:21 — Durability Over Margins: What Really Matters in a 100x Growth World 35:36 — The Non-Consumption Miracle: Why Granola and Gamma are Crushing It 38:50 — The PayPal Rule: Can You Raise Prices 5 Times in 3 Years? 42:47 — My Biggest Miss: How I Misread the Shopify Billion-Dollar Mark 45:18 — The Courage to Bet: Why Instacart is the Best VC Deal Ever 46:33 — Seed vs. Growth Pricing: When Does Price Actually Destroy Returns? 50:53 — Does "Proprietary Founder Access" Even Exist? 54:33 — Double Down or Diversify? The Truth About Fund Reserves 59:44 — The Vanta Anti-Portfolio: A Mistake I'll Never Forget 01:01:21 — When to Sell: The "Sell a Third, Hold a Third, Trade a Third" Rule 01:04:12 — Why Remote Early-Stage Companies are Dying 01:07:33 — Why Mid-Level Partners are Fleeing Mega Funds 01:09:47 — The Best CEO Superpowers: Larry, Mark, Jack, and Tony 01:12:33 — The Next 10 Years: Why Dropouts are "AI Maxing" the World    

Join Brandon Beaver and David Underwood as they navigate the shifting tides of the stock market. In this episode, we dive deep into the world of tech giants and emerging energy plays, exploring:The Magnificent Seven's New Moat: Discover why Amazon and Microsoft are stronger than ever, even in the face of a "software apocalypse."The AI Infrastructure Boom: Learn why custom chips from NVIDIA and Tesla are the backbone of the next industrial revolution.Nuclear Energy's Unlikely Hero: A look at Oklo Energy and its potential to power the AI-driven future through a landmark deal with Meta.Global Economic Shifts: What the Swiss government's crackdown on UBS means for the future of global banking.Market Predictions and Pitfalls: From Bitcoin's rise to oil's volatility, get the insights you need to make money in a rapidly changing economy.Whether you're a seasoned investor or just starting out, this episode is packed with the actionable advice and witty banter you've come to expect from the Chinchilla Picking Podcast. Don't miss out on the insights that could define your portfolio for years to come.

2. Philps highlights Alice Moats, a socialite turned war correspondent. Defying British embassy orders to evacuate, "Mozy" stayed in Moscow and connected with Polish General Anders. Her story exposes the Soviet betrayal of Polish officers while providing a lighter, yet insightful, perspective on the grand tragedies of Moscow. (19)1942

This week's podcast is about Mobile World Congress 2026. And my main takeaways.You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts.Here is the link to the TechMoat Consulting.Here is the link to our Tech Tours.Here are my 5 takeaways.Huawei's Atlas 950 SuperPOD is a Shift to Massively Integrated AI ComputeThe UnifiedBus. This is How Huawei Solves the 8,192 NPU Connection ProblemBuilding Ecosystems is the Key to US vs. China AI CloudGet Ready for Agent-Native NetworksAI Data Platforms are really important. It's hard to separate KVCache / memory, data and knowledge.--------------I am a consultant and keynote speaker on how to increase digital growth and strengthen digital AI moats.I am the founder of TechMoat Consulting, a consulting firm specialized in how to increase digital growth and strengthen digital AI moats. Get in touch here.I write about digital growth and digital AI strategy. With 3 best selling books and +2.9M followers on LinkedIn. You can read my writing at the free email below.Or read my Moats and Marathons book series, a framework for building and measuring competitive advantages in digital businesses.This content (articles, podcasts, website info) is not investment, legal or tax advice. The information and opinions from me and any guests may be incorrect. The numbers and information may be wrong. The views expressed may no longer be relevant or accurate. This is not investment advice. Investing is risky. Do your own research.Support the show

Today, we're joined by Pete Hunt, CEO at Dagster Labs, building out Dagster, the data orchestration platform built for productivity. We talk about:Challenges of determining software pricing with AI workers using appsHow barriers to AI adoption are similar to what we've known in SaaS for a million yearsAI-driven shifts in the workplace [Many disciplines will look a lot more like engineering]How outside sales is among the most durable job functions in the AI eraAdvice for new college grads

In this conversation, Minter Dial sits down with entrepreneur and growth expert Cody Schneider, who brings years of hands-on experience from building early-stage startups, scaling teams, and innovating at the cutting edge of AI-powered growth tools. In this wide-ranging exchange, Cody Schneider shares the lessons he's learned from helping companies embrace digital transformation, with a special focus on fostering individual agency and unlocking the power of in-house champions. The discussion dives into the realities of AI adoption in organizations—why simply mandating usage rarely works, and how empowering team members to automate their own workflows can supercharge productivity and satisfaction. The pair also explores the evolving media landscape, with Cody Schneider emphasizing why distribution and owned media are quickly eclipsing product as key competitive moats in a world where creating features is easier and cheaper than ever. He introduces listeners to his compelling concept of “digital gravity,” revealing how brands can build a defensible presence and lasting influence online. Whether you're navigating AI implementation, wrestling with brand-building in a crowded space, or searching for the right approach to content creation in an AI-driven world, this episode is packed with actionable insights and fresh perspectives. Tune in as Minter Dial and Cody Schneider challenge conventional wisdom and offer new frameworks for thriving in today's fast-evolving business environment.

Is your white-collar career about to be automated out of existence? We dive into the chilling 2028 forecast that sent the markets into a tailspin and reveal the "Barbell Strategy" for surviving the coming deflationary crisis.Welcome to the Alfalfa Podcast

Send a textSkyrunning on American granite hits different. We sat down with race director Tom Hooper of 603 Endurance to unpack why the Kismet Cliff Run belongs at the center of a revitalized Skyrunner USA—and how the Northeast became a proving ground for steep, technical racing that rewards guts as much as VO2.We get specific about Kismet's design: fast beachside start at Echo Lake, a brutal haul to Cathedral and Whitehorse, slick slabs, exposed ridgelines across the Moats, and a descent that taxes every ankle. Tom traces the race's locals‑only roots to its current moment, backed by a $20,000 prize purse from Merrell and serious media ambitions. We talk travel and logistics—why North Conway works with multiple nearby airports, abundant lodging, and a new trail hub from Marathon Sports—and how that infrastructure invites bigger fields, deeper competition, and better storytelling.From there, we zoom out. With Golden Trail stepping away from U.S. dates, can Skyrunner USA claim the space without overcomplicating points or definitions? Tom shares candid thoughts on course certification, simple rankings, and the kind of coverage that keeps fans engaged. We challenge the status quo on athlete pay, agents, and NDAs, arguing for transparency and consistent prize structures that elevate short‑trail specialists. We also spotlight a rising pipeline in the Northeast—names you know and names you will—plus the realistic path to a multi‑race festival weekend that feels like Broken Arrow on the other coast.If you care about where American short trail is headed—athlete opportunities, prize money, media quality, and the races worth traveling for—this conversation maps the terrain. Listen, share with a friend who loves steep miles, and leave a review with your take: Should Kismet be the Skyrunner USA championship, and what would you change to grow the sport? Subscribe for more sharp, on‑the‑ground stories all season.Follow Tom Hooper - @tomhooper603Follow Six03 Endurance - @six03enduranceRegister for the Sunapee Scramble - SUNAPEERegister for the Loon Mountain Race - LOONRegister for the Ragged 75 Stage Race & 50K - RAGGEDFollow James on IG - @jameslaurielloFollow the Steep Stuff Podcast on IG - @steepstuff_podFollow James on IG - @jameslauriello Follow the Steep Stuff Podcast on IG - @steepstuff_pod

Alexander Embiricos is the Head of Codex at OpenAI, leading the development of the company's flagship AI coding systems that power automated software generation, debugging and developer workflows. Under his leadership, Codex has become one of the most widely adopted AI developer platforms.  AGENDA: 05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer 07:17 Do We Need PMs? The "Undefined" Product Role and When It Matters 08:06 The Real AGI Bottleneck: Human Prompting, Validation, and "Too Much Effort" 13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows 13:52 Enterprise Reality Check: Security, Permissions, and Safe Agentic Browsing 17:57 Is Inference the New Sales and Marketing?  18:49 What % of Codex Was Written by AI? 21:33 Do OpenAI Use AI for Code Review? 23:31 Is there any stickiness to AI coding tools? 28:22 What Does "Winning" Mean at OpenAI? Mission, Competition, and Moats 32:04 The Future UI: Chat or Voice 34:10 Agent-to-Agent Workflows: Designing for Approvals, Compliance, and Automation 35:39 Do Coding Models Have a Data Moat? 36:50 How does Codex View Data: Will They Build Their Own Mercor and Turing? 37:27 How Does Codex View Consumer: Will They Compete with Lovable? 41:56 Benchmarks vs "Vibes": How People Actually Judge Models 42:43 Cursor's Edge and the Case for Building Your Own Models 47:37 Is SaaS Dead? What Still Defends Value (Humans + Systems of Record) 51:28 Talent Wars and Career Advice for New Engineers in the AI Era 01:01:03 Guardrails, the Fully AI-Managed Stack, and a 10-Year Vision for Everyone      

The title “The Sculptor” is a play on a quote “every man can be the sculptor of his own mind”, as Jonathan Tepper is uniquely self-educated. Brought up in the slums of San Blas in Madrid, partly home-schooled, he made it to Oxford as a Rhodes scholar. Tepper is a relentless learner, endlessly curious and in love with investing – as he sees it, you never stop learning and every day is an opportunity to learn. In this episode we discuss his childhood, as recounted in his new book Shooting Up; how curiosity and a desire to learn can transform your opportunity set; and we trace his investment journey, from a start as a junior analyst at Steve Cohen's firm, through building a highly successful sellside research company to setting up his investment firm Prevatt Capital. He explains why he holds just 16 idiosyncratic stocks and what he looks for in a successful investment. Tepper has had a fascinating journey and has achieved more in just over 40 years than many do in a life of investing – his is a wonderful story.Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios. You'll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠. If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Retired Steelers Linebacker, Arthur Moats, starts the show being joined by Steelers alumni, Terence Garvin, to discuss the Super Bowl 60 matchup, the NFL Honors winners plus more! Moats, then finishes the show opening the phone lines to Steelers Nation to hear their thoughts on the Super Bowl 60 matchup!

This week's podcast is my watch list for what Alibaba is doing in AI Apps.You can listen to this podcast here, which has the slides and graphics mentioned. Also available at iTunes and Google Podcasts.Here is the link to the TechMoat Consulting.Here is the link to our Tech Tours.I am watching:QwenDingTalkAmapQuarkPlus,Accio and AidgeTmall and TaobaoFliggyYouku and Wan--------I am a consultant and keynote speaker on how to increase digital growth and strengthen digital AI moats.I am the founder of TechMoat Consulting, a consulting firm specialized in how to increase digital growth and strengthen digital AI moats. Get in touch here.I write about digital growth and digital AI strategy. With 3 best selling books and +2.9M followers on LinkedIn. You can read my writing at the free email below.Or read my Moats and Marathons book series, a framework for building and measuring competitive advantages in digital businesses.This content (articles, podcasts, website info) is not investment, legal or tax advice. The information and opinions from me and any guests may be incorrect. The numbers and information may be wrong. The views expressed may no longer be relevant or accurate. This is not investment advice. Investing is risky. Do your own research.Support the show

Retired Steelers Linebacker, Arthur Moats, starts the show talking about the NFL expanding to play a regular season game in Paris in 2026! Moats is then joined by Steelers alumni, Terence Garvin, to discuss the Steelers hiring Patrick Graham as Defensive Coordinator, how he ranks the current coaches in the AFC North, Super Bowl 60 preview plus more!

Retired Steelers Linebacker, Arthur Moats, starts the show opening the phone lines to Steelers Nation to hear their thoughts on Mike McCarthy being named as Head Coach of the Steelers! Moats is then joined by Steelers alumni, Terence Garvin, to discuss the Steelers hiring Mike McCarthy as Head Coach, recap the NFL Championship playoff round plus more!

Retired Steelers Linebacker, Arthur Moats, starts the show opening the phone lines to Steelers Nation to hear their thoughts on Mike Tomlin stepping away as Head Coach of the Steelers! Moats is then joined by Steelers alumni, Terence Garvin, to discuss the Steelers Head Coaching search, the headlines from the NFL's Divisional playoff round plus more!

Retired Steelers Linebacker, Arthur Moats, starts the show opening the phone lines to Steelers Nation to hear their thoughts on Mike Tomlin stepping away as Head Coach of the Steelers! Moats is then joined by Steelers alumni, Terence Garvin, to discuss Mike Tomlin stepping away, recap the Steelers vs Texans matchup, the headlines from the NFL's Wildcard playoff round plus more!

A Note from James:One of my favorite conversations on this show was with Peter Thiel. Yes—PayPal, Facebook, Palantir, and a dozen other hits. I first ran this episode years ago, and the advice still holds up. The same stories, the same frameworks—and the same challenge to think from first principles. Here's Peter Thiel, one of the most influential entrepreneurs of our time. Episode Description:In this redux, James pressure-tests the core ideas from Peter Thiel's Zero to One—why competition is for losers, how real monopolies are built, and why starting “narrow” is often the only path to something huge. They cover Facebook's early moat (real identity), PayPal's network-effect wedge on eBay, and the “10x or nothing” bar for proprietary technology. Peter shares a contrarian read on bubbles, why biotech's slump may be opportunity, and how to hire, divide roles, and keep teams from fighting. The through-line: seek secrets, combine disciplines, and make something so different that it becomes its own category. What You'll Learn:How to pick markets the Zero to One way: start with a “small, winnable monopoly,” then expand in concentric circles. The four classic moats—and which to favor first: proprietary tech, network effects, economies of scale, and brand (with a bias toward real tech). A practical rule for virality vs. network effects: growth is a tactic; enduring value comes from the network that forms once users arrive. Team design that prevents internal warfare: make roles uniquely owned; if two people own the same thing, you're paying for a fight. How to hunt “secrets”: believe they exist, look where consensus is stale, and borrow from adjacent fields to see what specialists miss. Timestamped Chapters:[02:00] A Note from James — Why this conversation still ranks among the best. [03:00] Zero to One, in one line — “Do something new, different, fresh, strange.” [05:17] Competition vs. Capitalism — Why perfect competition kills profits; aim for uniqueness. [07:28] Facebook's original edge — Real identity as the breakthrough vs. MySpace's alt-persona culture. [09:14] Bits vs. Atoms — Stagnation outside software and how biology could become an information science. [12:05] Personality and perseverance — Why mild contrarian wiring helps founders ignore status games. [15:21] “10x or nothing” — The technology and/or experience must be an order of magnitude better. [17:00] Monopoly thinking, ethically done — Create abundance by creating something truly new. [23:30] The PayPal pre-history — Why long-running trust among teammates births more companies. [30:10] Early Facebook investment logic — College-only looked “small,” which was exactly the point. [32:03] Turning down $1B — The boardroom debate, optionality, and founder conviction. [36:23] Moats in practice — Picking the right advantage (and why brand alone is shaky). [37:06] Network effects ≠ virality — How value compounds after growth. [39:54] PayPal's wedge — eBay power-sellers and the $10 incentive as a growth accelerant. [41:22] Beware the “Chinese refrigerator” TAM slide — Start small, win big. [42:01] Uber vs. Airbnb — Investor bias and why some models get over- or undervalued. [44:18] Bubbles and the public — What changes across tech, housing, and today's “government bubble.” [48:00] War on cash & credit — Why Peter favors unlevered, opaque innovation over fixed income. [51:10] Biotech headwinds (and upside) — Regulation, Eroom's Law, and why sentiment can misprice breakthroughs. [53:50] Secrets — If you assume they exist, you'll be the one to find them. [57:56] Interdisciplinary bets — CS × biology; CS × transportation; why university silos miss the action. [59:51] Silicon Valley on HBO — The “Peter Gregory” caricature and what the show gets right. Additional Resources:Zero to One: Notes on Startups, or How to Build the Future (book) — Amazon hardcover. AmazonFounders Fund — Peter Thiel profile (bio & portfolio highlights). Founders Fund“PayPal Mafia” overview (alumni companies: YouTube, Yelp, LinkedIn, Tesla, SpaceX, Palantir, Yammer). WikipediaYahoo's 2006 $1B offer for Facebook (background reporting). Business InsiderEroom's Law (pharma R&D productivity; Nature Reviews Drug Discovery). NatureSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.