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Invest Like the Best

Exploring the ideas, methods, and stories of people that will help you better invest your time and money. Learn more and stay-up-to-date at InvestorFieldGuide.com
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Now displaying: July, 2019
Jul 30, 2019

My guest this week is Brian Christian, the author of two of my favorite recent books: Algorithms to Live By and The Most Human Human. Our conversation covers the present and future of how humans interact with and use computers. Brian’s thoughts on the nature of intelligence and what it means to be human continue to make me think about what works, and life, will be like in the future. I hope you enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:11 - (First Question) – Summarizing his collection of interests that led to his three books

2:59 – Biggest questions in AI

3:43 – Defining AGI (Artificial General Intelligence) and its history

            5:18 – Computing Machinery and Intelligence

7:54 – The idea of the most human human

9:59 – Tactics that have changed the most in learning to be the most human human

16:10 –Tests for measuring AGI and updates made to them

20:12 – Concerns for once we have AGI

26:06 – Self-awareness as a threshold for AGI

31:58 – Skeptics’ take on AGI

37:14 – Advice for people building careers and how AGI will impact work

38:16 – Explore/Exploit trade-off

44:57 – How to explore/exploit applies to business concepts

49:16 – Impacts of AGI on the economy

52:40 – Highlights from his second book

57:39 – Kindest thing anyone has done for Brian

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jul 23, 2019

My guest this week is Eric Sorensen, the CEO of Panagora asset management, which manages more than $46B for clients across a variety of strategies.

Eric began his career serving in the Air Force as both a pilot and instructor in high-performance jet aircraft. He then accumulated 40 years of quantitative research and investment experience, with a Ph.D. along the way.

Please enjoy our conversation on the changing landscape of quantitative investment strategies.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:15 - (First Question) – His background in the Air Force

            1:23 – Boyd: The Fighter Pilot Who Changed the Art of War

3:18 – Training people on high-performance machines

4:47 – Traits that made for better pilots

5:51 – The evolution of quantitative equity research and its stages

7:56 – How his research led to becoming a practitioner

9:10 - The early feature sets in his research

10:44 – Tradeoffs in the spectrum of interpretability

12:08 – Early days of his practitioner career

13:24 – Risk Premia and the 5 C’s

14:28 – Quantitative Equity Portfolio Management: Modern Techniques and Applications

17:13 – Applying the 5 C’s to value investing

18:38 – Knowing when a strategy/signal is broken

21:24 – What does this strategy plan mean for his firm today

24:56 – Mixing expert systems and portfolio construction

30:07 – Natural language processing

32:00 – The cultivating the power and creativity to ask good questions

35:13 – The concept of a research graveyard

37:45 – State of risk premia today

40:04 – Active equity process

46:37 – Frontiers of research that he’s excited about

48:53 – Safe havens for non-quantitative investors

52:16– Advice for young quants

54:36 – Quants on the buy-side that he admires

55:41 – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on Twitter at @patrick_oshag

Jul 16, 2019

Jane McGonigal, PhD is a world-renowned designer of alternate reality games — or, games that are designed to improve real lives and solve real problems.

She is the Author of Reality is Broken: Why Games Make Us Better and How They Can Change the World and is the inventor and co-founder of SuperBetter, a game that has helped nearly a million players tackle real-life health challenges such as depression, anxiety, chronic pain, and traumatic brain injury.

Our conversation is about how to design useful games, how games effect us and our kids, and what the future might hold. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:22 - (First Question) – Her take on the history of gaming and studying the players themselves

3:44 – Where her passion for gaming really started

4:55 – Her take on flow states

7:47 – Kids and gaming

10:32 – Advice for parents when it comes to the role of games

            11:06 – SuperBetter: A Revolutionary Approach to Getting Stronger, Happier, Braver and More Resilient--Powered by the Science of Games

13:53 – Types of games that develop the right skills for kids

16:20 – Four things all games share in common

            16:23 – Reality Is Broken: Why Games Make Us Better and How They Can Change the World   

20:50 – Her take on Carse’s theory about infinite gaming

            21:04 – Finite and Infinite Games

26:28 – How to understand gaming culture if you’ve never played a game before

28:28 – Amazon and gaming

31:18 – How fun makes anything more enjoyable

34:55 – How game designers calibrate feedback loops

39:14 – The good and bad of gamifying life

45:01 – What is the superbetter app

52:43 - Why powerups and bad guys are so important in games

57:03 – Secret identity

59:04 – Playing with boundaries

1:00:36 – Most worried about in the gaming world, and most exited about

1:07:32 – Kindest thing anyone has done for Jane

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jul 2, 2019

My guest this week is Bill Gurley, a general partner at Benchmark Capital and one my favorite investment thinkers. As you’ll hear, despite enormous success through his career, Bill is clearly still in love with business and investing. Where many might discuss past glories, I’ve been incredibly impressed with how both Bill and his partners emphasize the current portfolio and market landscape. I’m thankful to have had the chance to speak with him in this format. I hope you enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:13 - (First Question) – The idea of increasing returns

            1:21 – Competiting Technologies, Increasing Returns, and Lock-in By Historical Events

            2:07 – Complex Systems Theory – Santa Fe Institute

4:35 – Markers that could be a sign of network effect in a company

6:27 – The opportunities for companies to capture network effect

8:46 – Are there certain teams/leaders that are more conducive to leading a network effect company

11:55 – Liquidity quality

13:35 – How important is the revenue model at the beginning

15:59 – Fascination with Nextdoor

            17:56 – Paradox of Choice

18:39 – Finding opportunities

20:17 – Potential marketplaces and assets that could be commoditized

            20:20 – All Markets Are Not Created Equal: 10 Factors To Consider When Evaluating Digital Marketplaces

21:39 – Usage yield on the world’s assets

23:50 – Has technology changed the world of value investing

26:28 – Hyper niche marketplaces

27:52 – Challenges of labor marketplaces

30:12 – User generated content businesses

32:44 – People who are capable of building UGC businesses

33:16 – His interest in Discord

34:31 – Factors of a healthy marketplace

37:57 – Fools’ gold in marketplace businesses

39:04 – How influx of cash is impacting the marketplace business landscape

            40:43 – All Revenue is Not Created Equal: The Keys to the 10X Revenue Club

43:20 – How does the influx of money into the space impact him

46:44 – Spending money to attack top brands

50:32 – Regulatory capture

53:36 – His thoughts on the IPO market

57:49 – How did he realize this was his passion

1:00:42 – Qualifying his passion

1:01:52 – Favorite thing about working with entrepreneurs

102:48 – Honing your craft

1:04:33 – Making yourself a good mentor

1:05:56 – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

 

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