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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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Feb 4, 2020

For the 100th episode, I’ve brought back my good friend Brent Beshore. Brent was the 10th guest on the podcast, after we met because of a mutual interest in capital allocation. I quickly learned that Brent was one of the most unique and thoughtful investors around. He was an entrepreneur from the moment he left school, trying many different things before finding a fit buying smaller business with the intention of owning them forever.

What amazes me about Brent is his encyclopedic understanding of business and the nuances of different business models and deal structures. This comes from reps. He and his team have looked at about 12,000 deals over the years, at every kind of business that you could imagine. I’ve been with him when he goes through this process and it’s fun to hear what makes certain businesses stand out from others, which is largely the topic of this conversation.

You all know transparency is key for me, so it’s important to know that my family and I are investors in a fund called permanent equity, run by Brent and his firm Adventure.es.

To commemorate this milestone episode, I can think of no one better than Brent, because he exemplifies what has made this podcast so fun for me: learning from other people who are willing to share what they themselves have learned through fun, blood, sweat, and tears. Please enjoy our conversation, and thank you so much for coming along on this journey. I can’t tell you how much it means to me.

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

2:02 - (First Question) – How does he think about optimizing risk in terms of the capital stack when looking at deals

5:27 – What conditions would they add debt down the road after investing in a company

6:52 – What business sectors are most intriguing for Morgan to invest in right now

            6:57 – Trent Griffin Podcast

9:34 – Why no HVAC businesses if it’s such an attractive sector

13:56 – thoughts on rolling up similar businesses and horizontal scale

16:04 – Another industry Brent would focus on

18:02 – Difference between property management in larger cities vs smaller metro areas

18:51 – What role does profit margin play when Brent is evaluating a business

22:46 – The appeal of a hyper cyclical business

            22:52 – Brent Beshore Podcast Episode

27:27 – Favorite counter cyclical business

28:14 – How they judge assets, tangible vs intangible assets

33:58 – How does he think about wage inflation when considering the cost of a business

37:21 – His fascination with pet crematoriums

38:57 – History of the permanent equity fund and the changes by having a larger pool of capital

43:48 – Pitching investors on a new structure for the business

46:14 – How will this business model scale

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

Jan 28, 2020

My guest this week is a good friend and a business mentor of mine. Chetan Puttagunta is a general partner at Benchmark Capital and has a remarkable track record of investing in early-stage software businesses, including several like Mulesoft, MongoDB, and Elastic that went on to be public companies.

Chetan has been my key guide for understanding the world of enterprise software as we at O’Shaughnessy Asset Management have built an investing platform called Canvas. His advice has been critical to our early success. In this episode, we explore the history of software and software investing, and go into the details on how to build and grow new software businesses. We discuss product, sales and marketing, recruiting, scaling, and everything in between.

Please enjoy this great conversation with one of my favorite business and investing thinkers.

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

1:34 – (First Question) – How Chetan found MongoDB and decided to invest in it

8:01 – The evolution of databases in the growth of technology

16:19 – Market penetration of this space and what investors should be thinking about

21:46 – Advice how companies can build software effectively

25:12 – Tactics to effectively implement empathy led product building

30:33 – Companies asking users what to build vs telling users what they want

34:26 – The need for the right capital, and patient capital in particular

37:55 – Creating the perfect customer experience

44:37 – Common reasons they don’t invest in a company

48:48 – Lessons on scaling, especially in sales and marketing

52:47 – Best recruiting pipeline strategies

59:56 – Pitfalls of unit economic traps

            1:00:23 – The Dangerous Seduction of the Lifetime Value (LTV) Formula

            1:01:34– The Hierarchy of Engagement

1:02:18 – What has changed for Chetan in his time working with the team at Benchmark

1:06:009 – Later stage life cycle business considerations and Amazon’s AWS

1:13:29 – The business model of open-source software

1:15:54 – Being default open

1:17:53 – Kindest thing anyone has done for Chetan

 

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

Jan 21, 2020

My guest today is Rebecca Kaden, a partner at famed venture firm union square ventures. USV is known for thesis-driven investing, which is the topic of our conversation. Rebecca walks us through the evolution of USV’s thesis into its third generation, and from there we explore many of the most interesting and exciting areas of business, technology, and learning. Please 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) – An overview of Union Square Ventures Thesis 3.0

7:49 – Core changes that can help any community

9:59 – Ways to fix the broken education system

13:41 – Gap between job preparedness and the education system

14:44 – Companies creating education systems to prepare people for careers in their field

18:49 – Most unique technological solution for people to educate themselves

22:00 – Ways to improve access to capital

26:49 – The distribution problem in capital markets

28:19 – How does she assess an early-stage company and its team’s ability to assess their ability to maximize distribution

30:56 – Digital marketing and why it could be broken

34:22 – Examples of masterful marketing

36:07 – How they are focused on improving wellbeing, their first focus on healthcare

39:35 – Wellbeing on their focus on community

            41:29– The Art of Community: Seven Principles for Belonging

45:30 – Her thoughts on mentorship

48:23 – What she has learned in her time at USV

51:50 – Kindest thing anyone has done for Rebecca

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

Jan 14, 2020

My guest today is Matt Clifford. He’s the co-founder of Entrepreneur First, the world’s leading talent investor. They invest “pre-company” by helping the best people in cities around the world find a co-founder, develop an idea, and start a company. So far, they’ve helped 1000 people start 200 companies worth a combined $1.5B. This conversation covers their entire ecosystem and holds lessons for anyone building a business. I especially loved Matt’s ideas on the history of ambition.

 

Please 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

1:20 – (First Question) – An overview on talent investing

4:37 – The history of ambition

10:08 – How do they search for ambitious people

12:21 – What happens early on for these formed teams

17:43 – Assigning an idea to a talented team

20:52 – Opportunities in deep technology

27:16 – A closer look at the hardware and machinery of the deep technology changes

30:54 – The geographical focus of venture capital investments

37:16 – Problems with the way early-stage investment world works

41:22 – People who are creating value in a management company and how they manage their investments

55:12 – Advice to people creating investment companies and pricing power

1:00:31 – The power of cities

1:02:46 – Topics they cover in their newsletter; technological sovereignty as one example

1:04:11 – Experience and thoughts on China

            1:06:51 – A.I. Nationalism

1:12:03 – Kindest thing anyone has done for Matt

 

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

Jan 7, 2020

My guest today is Peter Buffett. Peter is a musician, composer, author, and philanthropist. Peter is an Emmy Award winner, New York Times best-selling author and co-chair of the NoVo Foundation. We discuss music, community, philanthropy, and finding one's note in life. This is a very different episode much more about life in general, with no business or investing discussed. Like his father Warren, Peter has the gene for phrasing ideas in memorable ways, and I think you’ll find many great phrases in this chat that will stick with you. I’ve been thinking about Peter's idea making sure those in your life are safe, seen, and celebrated ever since our chat.

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

1:27 - (First Question) – Welcome and small talk

1:35 – Why Peter is in Kingston and how it plays into his foundation work

4:01 – How moving from the city to the country changed Peter

6:27 – Seeing connections vs living abstractions

7:30 – What is the Nova Foundation

11:03 – Historical points that inform his views

13:51 – Identifying qualitative negative side effects and which ones they are attacking

17:51 – What makes for effective community 

20:22 – Linkage between consumption and individualism

23:55 – The cultivation of work ethic, curiosity, and education

            23:57 – Life Is What You Make It: Find Your Own Path to Fulfillment

27:22 – Early exploration of his curiosity

32:26 – What has music taught Peter about music that is unique to that experience

34:26 – Most memorable question a person has asked Peter at his concert and conversation series

36:46 – What makes for good relationships, in particular marriage

42:03 – What keeps people from putting in the work into a relationship

45:11 – What he has learned about being a good friend

46:29 – How does one person have a relationship with a large community

49:21 – Dark sides of the philanthropic world

            49:54 – The Charitable-Industrial Complex

53:21 – Dignity: Seeking Respect in Back Row America

55:55 – What one spot would he send everyone to learn

57:48 – Traumas and helping people find their note

            57:49 – The Body Keeps the Score: Brain, Mind, and Body in the Healing of Trauma

            1:00:38 – How to Change Your Mind: What the New Science of Psychedelics Teaches Us About Consciousness, Dying, Addiction, Depression, and Transcendence

1:02:24 – What is he most interested in right now: how to best use Nova’s funds

1:04:45 – Lessons from family

1:07:22 – Kindest thing anyone has done for Peter

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

Dec 17, 2019

My guest today is Ben Savage, a partner at Clocktower ventures. Ben is focused on financial technology, fintech, investing which is the topic of our conversation.

I’ve been making the fintech is rounds of late, and plan on making a few of these conversations public. Ben is the first in what may be a mini-series because of the sheer amount I learned in our discussion.

We cover all aspects of the fintech ecosystem. I hope you 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

1:15 (First Question) – The market portfolio and how technology will move us away from liquid markets

7:24 – Businesses that are making assets that weren’t investable, investable

            9:11 – Ryan Caldbeck Podcast Episode

12:03 – Most interesting places where technology is creating investment opportunities

18:33 – Assets that are likely to tap into new sources of beta

23:46 – How well are investors prepared for the changes that are coming

28:35 – Trends in asset management with technology

33:05 – View on cryptocurrency and blockchain

36:45 – Places where startups can reduce costs/fees and create efficiencies

40:17 – Views on private equity markets and their future

45:40 – Privilege of access problem

48:50 – Verticals in fintech that are interesting to him

59:53 – The importance of focus and niche

1:02:26 – Kindest thing anyone has done for Ben

 

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

Dec 10, 2019

My guest this week is Jeff Ma. Jeff was on the famous MIT Blackjack team from the book Bringing Down the House but has spent his career in an around fields of analytics and data science. He’s studied sports betting and analytics, built companies for analyzing human capital, and ran the data science and analytics group at Twitter. Here are links to his book, blog, and podcast.

Our discussion is about a number of fascinating ways data is being used to make decisions in the worlds of sports and business. 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

1:20 - (First Question) – How quantitative analytics have evolved in sports and how they’re being used

4:26 – Best role of humans in the analysis process

8:38 – Sports that are most interesting to observe through analytics

10:26 – How does luck play into sports analysis

11:54 – Team analytics vs better analytics

12:38 – Concentration of success among sports betters and their moats

14:58 – Favorite lessons learned from professional gamblers

16:45 – How analytics got introduced into gambling

19:21 – Understanding one’s own biases

24:04 – How he became VP of analytics at Twitter

28:37 – Primary lessons from the work evaluating human capital and talent with analytics

            28:59 – Niel Roberson Podcast Episode

31:40 – How to model people for success when hiring

33:29 – How to hire the right data scientists’ team

37:54 – Most interesting problems they tackled at twitter

42:31 – Responsibility of social platforms to police itself

45:34 – Areas that would interest him in the future as an investor

49:24 – Kindest thing anyone has done for Jeff

51:50 – Values instilled in him by his parents.

 

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

Dec 3, 2019

My guest today is Vaughn Tan, who studies quality, innovation, and organizational behavior. His resume is bonkers. He’s a PhD from Harvard, Was an infantry signals logistician in the Republic of Singapore Army, then worked at Google on advertising, EarthMapsspaceflight, and Fusion Tables. He’s also been a wood sculptor.

But the topic of our conversation is how to foster quality and innovation in ourselves and inside of companies—lessons he learned in part by studying inside some of the world’s best restaurants.

If you enjoy this conversation, I recommend you also check out his new book, The Uncertainty Mindset Innovation Insights from the Frontiers of Food. Please enjoy my conversation with Vaughn Tan.

 

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

1:33 - (First Question) – Interesting ways to identify high quality

5:06 – The current problem with the way we think about the world

8:56 – How people think about their careers and college

11:21 – Uncertainty vs risk, and productive discomfort

19:08 – Cultivation of discomfort for an individual

24:05 – Successful innovation cultures

32:25 – Analyzing quality and restaurant bread

37:43 – The Slug idea

40:43 – His research project where he observed restaurants

45:44 – How do people mandate their own structure in the face of uncertainty

53:46 – How employees should approach this rent-to-buy hiring structure

57:17 – Example of someone who took advantage of uncertainty time

1:00:05 – Playful adults

            1:00:07 – Jerry Neumann Podcast Episode

1:03:10 – Other changes companies can make to their culture to be more innovative

1:08:19 – The difference between simplicity and complexity

1:11:12 – How he applies his thinking into several different ideas, like Cannabis

1:16:17 – Asking the right question

            1:19:05 – Andy Rachleff Podcast Episode

1:20:19 – Kindest thing anyone has done for Vaughn

 

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

Nov 26, 2019

My guest this week is Gavin Baker, the founder, and manager of Atreides Management. I met Gavin in the same way I meet many of the most interesting people, on twitter. His focus is on consumer and technology growth investing, which is the topic of our conversation. We discuss many of the largest trends in these sectors, several fascinating investment cases, and also explore the videogame industry in detail—which I found especially interesting. Please enjoy my conversation with Gavin Baker.

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

1:16 – (first question) – His unique view on the markets

4:00 – Distilling Apple as a growth investment

6:44 – What is the most important lever for Apple looking forward

9:01 – His view on Intel

11:03 – Most important technological changes that may dictate his investing strategy

16:20 – How do you look at a big idea, like AR, and then apply to an individual business

            18:21 – Fortnite isn't a game, it's a place

            18:26– Fortnite Is the Future, but Probably Not for the Reasons You Think

18:56 – His insight into video games and their ability to control attention

28:36 – How do you invest in the gaming sector

40:06 – Favorite video games

32:07 – Why gaming and customer sector allows him to find Alpha richness

34:17 – Being in the top 1% of knowledge before investing in a company

36:24 – His view on value investing today and, in the future,

41:15 – Increase of regulatory capture 

42:01 – Headwinds to the tech companies today

43:50 – Thoughts on the Chinese internet market and how it impacts US markets

45:36 – How often companies look at China for ideas

46:21 – Role of alternative data in his process

49:36 – Big trends today we should be paying attention to

54:20 – the most interesting company he does not own

58:48 – Advice for new investors

1:00:17 – Non-obvious tech resources - TechMeme

1:00:50 – Favorite sci-fi character

1:01:19 – 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

 

All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'shaughnessy asset management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of O'shaughnessy asset management may maintain positions in the securities discussed in this podcast. Clients of the podcast guest’s firm may also maintain positions in the securities discussed in this podcast.

Nov 19, 2019

My guests this week are Kevin Systrom and Mike Krieger, the co-founders of Instagram.

I met Kevin and Mike a few months ago over a shared interest in business and investing. I have found them both to be extremely good people who have a rare talent for finding and solving interesting problems. Indeed, problem-solving and jobs-to-be-done is a big part of our conversation.

I realized walking into the podcast that Kevin and Mike have a rare set of experiences: having both built and sold an extremely successful product from scratch, but then also operated and scaled inside one of the largest businesses in the world. This means they have unique knowledge to offer just about anyone interested in business and products. We dig into all those lessons here.

I am working on hosting more founders and CEOs on the podcast, and can’t think of a better pair to show you why I want to do so. Please enjoy my conversation with Kevin and Mike. 

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

1:38 – (first question) – Projects they’ve been working on since leaving Instagram

5:22 – How they can apply what they are learning in machine learning

7:18 – Most interesting experience diving back into data and machine learning

8:42 – How startups compare today to when they founded Instagram

13:23 – Judging founders and whether they know how to use their data effectively

14:26 – The jobs-to-be-done framework

19:14 – Laying out a vision vs solving problems that pop up

25:20 – Developing and sharing the principles of the company with the team

30:48 – Creating a community when it includes almost the entire world

39:03 – The most popular ways people used the platform

41:24 – What was the jobs-to-be-done rational behind the stories feature

44:15 – Interesting things that they saw as Instagram entered the developing world

46:40 – Their thoughts on how Instagram shaped culture and if they focused on those

52:58 – The new waves that they are observing right now

55:11 – How their thinking on leadership and teams changed during their time at Instagram and Facebook

1:03:23 – The pillars of a good business, including humility and confidence

1:06:06 – Focus on growth and distribution in a startup

1:10:01 – How early were they thinking about monetization on this free platform

1:13:43 – How do they think about how they invest their money and allocate resources

1:17:36 – Mentors for Kevin and Mike

1:20:30 – Their passion for learning to fly and the someday/maybe list

1:23:01 – Their interest in coffee

1:26:24 – Advice for everyone else

1:30:00 – Kindest thing anyone has done for them

 

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

Nov 12, 2019

My guest this week is Daniel Ek, the founder and CEO of Spotify.

In my conversations with Daniel, I’ve found him to be one of the most interesting and thoughtful business leaders in the world. You’ll see what I mean as you listen to our conversation.

We talk about Spotify plenty, but what I so enjoy about Daniel is his way of thinking in systems and frameworks. He is committed to evolution, innovation, and growth for both himself and for Spotify and is on my shortlist of CEOs to emulate.

This was one of my favorite conversations on the podcast, I hope you enjoy it.

 

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

1:21 – (first question) – Management lessons from a Dubai chocolate maker

4:54 – Trends shaping the business landscape today: globalization, automation, and digitation

7:51 – How he thinks about the vertical integration of his business and scale

10:37 – Are companies doing a good job adjusting to the changes in the global business landscape

14:44 – How does Spotify view scale moving forward

17:59 – What trends has he seen among creators as a result of the Spotify platform

20:32 – The community benefit that has been created by the platform

23:47 – Intimacy of audio

25:31 – Creating an environment that continues to spur innovation

29:12 – Star vs constellation business strategy

32:21 – Measuring network health

35:12 – Spotify Originals and what his competition in the video market is doing

39:36 – How podcasts play into the growth strategy

43:04 – How did he solve the problem of competing with free

47:21 – Is their strategy repeatable, going after fractured suppliers

49:02 – Role of the CEO in a startup

51:22 – Others who have taught him great business lessons

53:18 – Kindest thing anyone has done for Daniel

 

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

Nov 5, 2019

My guest this week is George Rzepecki, the found and managing partner Raba, an Africa focused investment firm. George is making investments across Africa in early-stage companies. Africa represents a fascinating opportunity: a huge and diverse population and enormous room for per capita GDP growth. We cover all aspects of investing in the continent, including unique potential rewards and risks.

Please 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

1:18 – (first question) – Interest in emerging markets and the tech landscape in Africa

4:57 – Similarities across all of the different metro markets across Africa

8:05 – Why has the continent lagged behind the rest of the world

10:49 – What is the history and landscape of capital in the African continent

13:32 – The market opportunity given the demographics

15:44 – US investment/involvement in Africa

18:06 – Kinds of companies that he likes to invest in

23:26 – Initiatives and investments that could help lift the population out of poverty: finance

29:33 – The public marketplace landscape in Africa

31:49 – Capacity on the private side

34:24 – How the valuation of deals compares to other markets

36:13 – Unique risks in the investments they are making

38:28 – Most exciting trends or changes he is seeing

40:22 – The professional investor environment

43:25 – How to learn more and get involved

            43:49 – China Africa Research Initiative

            44:17 – China Africa Project

            44:38 – Factfulness: Ten Reasons We're Wrong About the World--and Why Things Are Better Than You Think

 

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

Oct 29, 2019

My guest today is Chad Cascarilla, the CEO and co-founder of Paxos, which describes itself as a financial technology company “mobilizing assets at the speed of the internet.“ Thanks to more than 20 years of investing and financial services experience, Chad has a unique perspective on integrating blockchain technology with traditional systems. He also has one of my favorite bitcoin origin stories, which we explore.

Before Paxos, Charles co-founded institutional asset management complex Cedar Hill Capital Partners in 2005 and its blockchain-focused venture capital subsidiary, Liberty City Ventures (LCV).

Our conversation is less about cryptocurrencies and more about the history, current state, and potential future states of our financial system. 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

1:32 - (First Question) – His work in the finance world before crypto’s

5:12 – Experience navigating the subprime mortgage trend and what it taught him about blockchain

9:59 – The levers that matter in the financial services industry today vs when he first started

14:07 – Open vs closed money in financial services

19:16 – How slowdowns are different in the modern era

23:06 – What would lead to a major winding down of global debt

27:09 – What would be his focus as a traditional investor

29:21 – How he first got involved with bitcoin

            29:47 – Elliott Wave Newsletter

31:53 – His measured view of Bitcoin and living through the volatility of it

            32:03 – Bitcoin: A Peer-to-Peer Electronic Cash System

35:57 – Allocation of a portfolio which includes crypto

36:54 – His involvement and feelings on gold

37:56 – The formation of Paxos and the problem it exists to solve

41:34 – How Paxos is impacting the space

44:12 – Advantages of a private blockchain

43:59 – What is Pax Gold and how does it work

48:53 – Bad ways and situations to own gold

52:12 – Using a stable coin

56:00 – Biggest problem they are working on now

57:23 – What should people be paying attention to in the crypto currency space

            59:23 – Coindesk Research Archive

59:39 – Has the influx of interest in crypto helped in other spaces

1:02:11 – Other lessons people should learn from his career

1:04:53 – Kindest thing anyone has done for Chad

 

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

Sep 24, 2019

My guest this week is Bill Gurley, general partner at Benchmark Capital. Our conversation is about one specific issue that has popped up as a topic of interest in the investing community in recent months: the comparison between bringing a company public through a traditional IPO vs. what’s known as a direct listing.

As a third party observer with no real dog in the hunt (as we don’t buy IPOs at O’Shaughnessy Asset Management), I thought this was a small and nuanced issue. I’ve therefore been surprised by the strength of opinions on both sides of this issue as I’ve explored it behind the scenes this past week. It feels almost like I’ve encountered a political third rail, where one side throws a lot of vitriol towards the other. 

To be clear, this episode is very much in favor of direct listings instead of traditional IPOs. For those that want a good discussion of the IPO process and its upsides, check out episode 173 of the Exponent podcast with Ben Thompson

Now please enjoy my very interesting conversation with Bill Gurley

 

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) – His view on the IPO process

5:42 – Will now be the turning point for IPO’s

6:40 – The engagement between a new company going public and their counterparty and the IPO process

13:38 – The math of capital costs

18:18 – Banks that underprice the IPO’s

20:45 – The psychology of IPO’s

23:14 – The pop in the IPO and the media

24:54 – The value that shareholders give vs VC’s

25:37 – The Green Shoots

28:17 – The lock-up

31:40 – Direct listings vs IPO’s

            36:07 – Spotify’s CEO Reveals Why He’s Not Doing a Traditional IPO

38:23 – The capital raised in an IPO and diluting the company

40:18 – Privilege access and buy-side firms

43:33 – What will actually lead to changes in the IPO space

44:48 – Why he became so interested in the IPO space

 

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

Sep 17, 2019

My guest this week is Albert Wenger, a managing partner at Union Square Ventures and the author of the book World After Capital.

Albert studied economics at Harvard and earned a PhD in information from technology, but if you’d asked me to guess before looking those up, I’d have guessed that he studied philosophy because of how widely he has thought about the world and the impact of technology.

Our conversation is about how technology is changing the world from an Industrial Age to a knowledge age. We explore how cryptocurrencies, low cost computing, and regulation will impact our future and why the transition may require delicate care.

I loved this conversation because of my obsession with the concept of scarcity. We explore what has been scarce through time and what may be scarce in the future. Albert is one of the most interesting thinkers I’ve come across and was a pleasure to speak with. I hope you enjoy our conversation.

Hash Power is presented by Fidelity Investments

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

 

Links Referenced

World After Capital

Show Notes

2:16 – (First Question) –  Defining what it means to be human

            2:58 – World After Capital

3:56 – Trans-humans vs neo-humans

4:37 – The concept of Qualia

5:25 – Albert’s investment philosophy=

8:27 – How Albert began his exploration into cryptocurrencies

12:59 – Most exciting things blockchains could enable

14:27 – How does Albert view blockchain technology from the view of an venture capital investor

17:00 -  Why Albert thinks that the dominate cryptocurrency of our time may not exist just yet and what he is looking for in protocols that will become the leader in the space

20:16 – What are the central functions that will be important in cryptocurrencies

21:22 -   The state of regulation in the cryptocurrency space

27:37 – What has Albert most excited for the future of blockchain

29:10 – The idea of universal basic income

32:26 – How do you solve the problem of giving money value in a world of universal basic income

35:00 – How scarcity has changed over time

39:01 – Role of financial capital in the last 200 years of civilization

42:39 – Are we as a society only capable of solving problems once they become an immediate threat

44:15 – Explaining the idea of attention as a scarce resource

47:56 – The two key drivers of change; zero marginal cost distribution and universality of computational power

53:13 -  What should we as investors and inventors be focusing on as the new objective function

57:24 – Scariest aspect of this transition into the knowledge age

59:45 – Three basic freedoms we all seek; informational, economic, psychological

1:02:13 – Fermi’s paradox and the scarcity of attention

1:02:56 – How Albert thinks about his own day and wellbeing given all of this information

1:05:01 – Kindest thing anyone has done for Albert

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

Sep 11, 2019

My guest this week are Matt Smith and Ian singer of Deep Basin Capital, a hedge fund specializing in the energy sector.

I first met Matt almost 10 years and, in that time, I’ve grown to respect him as much as any investor that I’ve ever met. Now having spent time with Ian, who specializes in oil and gas field exploration companies and the rest of the Deep Basin team, I have similar respect and admiration for all of them.

Deep Basin does almost the exact opposite of what us quants do. In fact, their entire goal is to build a portfolio of mostly idiosyncratic or stock specific risk, the very thing us quants mostly remove from portfolios. Deep Basin positions the portfolio to make a series of carefully constructed bets, long and short, without taking market risk, style-factor risk, or even commodity risk. They use a hybrid fundamental and quantitative process which we explore in detail.  This is definitely another good example of who we are all up against in public markets.

What makes this story unique is that we are investors in Deep Basin’s management company and so have a clear interest in their ongoing success. Listeners know that I want to be as transparent as possible on this podcast so we event spend a little time telling the story about how it all came together a few years ago.

I have learned a ton about investing from my countless hours with this team and hope that this conversation gives you a glimpse into what is happening at the cutting edge of investing in the world of hedge funds.

Please enjoy my conversation with Deep Basin

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

 

Books Referenced

Expectations Investing: Reading Stock Prices for Better Returns

 

Show Notes

2:47 – (First Question) –  Looking at the universe of the energy space that they are focusing on

7:48 – Breaking down the important components and their labels in this space

10:27 – What makes energy companies distinct from the broader market.

12:52 – How the isolate unique value creation

14:58 – Ian’s take on the upstream part of the business where he has spent a lot of time

18:35 – How does Deep Basin use data and what edge do they derive from it.

21:31 – What insight are they looking for from updated well data

23:59 – How do they use combine the business value that they measure with the market price that is being forecasted

            24:40 – Expectations Investing: Reading Stock Prices for Better Returns

29:34 – How do they build an actual portfolio

31:51 – Their systematic approach to energy investing

37:53 – What are their thoughts about using leverage when making investments in the energy space

40:53 – A look at the changes to the hedge fund industry over the entirety of their careers

45:46 – Defining the culture of Deep Basin

49:15 – The story of how OSAM and the O’Shaughnessy’s came to be investors in the Deep Basin

54:13 – Kindest thing anyone has done for each of them

 

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

Aug 27, 2019

My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated--or made possible--by the existence of the moat.  

A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike--an earlier guest on the show. In the vast majority of conversations you hear on this show, I'm meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.  

Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation. 

 

For comprehensive show notes on this episode go to http://investorfieldguide.com/dorsey

For more episodes go to InvestorFieldGuide.com/podcast.

To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.

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

2:23 – (First question) – Transition from the sell side to the buy side and the biggest surprise 

3:40 – What is a moat 

5:16 – What part of the stock market universe has a moat 

6:57 – Pat’s framework for identifying moat, starting with intangibles 

8:32 – The power of brands 

9:44 – what chance does an upstart have to come in and usurp a well-established brand   

12:24 – Switching costs as part of the framework for identifying a moat 

14:55 – The third component of identifying a moat, network effects, and what businesses should do to effectively build one 

17:29 – Last component, cost advantages/economies of scale 

19:29 – How do you analyze these four components into an investing framework that can be built into an actual strategy 

21:13 – How does Pat think about this from a mis-pricing standpoint 

23:37  – How does Pat incorporate current price of a company in consideration for future returns when pricing a moat 

25:39 – How should a company with a moat operate to protect that characteristic, especially when it comes to their capital allocation 

26:51 – Which characteristic of a moat does Pat find most intriguing 

30:35 – What makes for good and smart capital allocation 

35:58 – What is Pat’s process for identifying the best investment opportunities 

38:38 – What are good economics when looking at a company 

41:03 – If Pat could take any business, but have to swap leadership, what would he choose. 

44:13 – Back to his process of finding investment opportunities 

46:05 – Kindest thing anyone has ever done for Pat

 

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


Read more at https://investlikethebest.libsyn.com/pat-dorsey-buying-companies-with-economic-moats-invest-like-the-best-ep51#oBGdOp1br4EMtORd.99

Aug 20, 2019

My guest this week is Joe McLean, the founder of Intersect Capital, which provides financial advisory services to a variety of clients, including a number of NBA players and other professional athletes. 

What I loved about this conversation was the weaving of sport, coaching, and finance into a cohesive whole. There’s so much to take from this discussion—from the importance of service and low self-orientation to the impact of strict standards for who you work with, to common mistakes we all tend to make with money.

Please enjoy my conversation with Joe McLean.

 

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

1:18 - (First Question) – His backstory and the combination of athleticism and finance

2:43 – His time in Ireland

3:29 – Moving away from basketball and into finance

6:08 – What the Intersect business is today and his early lessons

7:55 – Most important coach/mentor

8:59 – Where the name Intersect came from

10:22 – Setting high standards early on

12:35 – Biggest mistakes he saw in his early clients

14:04 – Developing his value proposition to clients

14:24 – Michael Kitces Podcast Episode

16:57 – Process when he’s working with a client signing a new athletic contract

19:53 – The concept of a Pro’s Pro and Top 50 Reasons Professional Athletes Remain Wealthy

22:40 – Managing clients’ interest in creating businesses off their brand

24:20 – The role media plays in athletes’ long-term strategies

25:40 – Getting early clients into compliance with his strategy

28:24 – Daily maintenance role he plays with clients

32:24 – What has impressed him most from his young clients

33:36 – What makes for a great coach

34:50 – The meaning of “all in” to Joe

35:54 – His assessment of the financial services industry today

37:32 – Where his value in service came from

39:05 – Longer term vision for his business

40:33 – Unique ways he finds himself helping his clients

43:49 – Watching his client’s mentor the next generation

45:10 – Historical players and teams he personally admires

46:22 – Athletes and venture capital investing

47:38 – Who makes up his trust network

49:09 – What he’s most excited about for the future of the business

49:46 – Kindest thing anyone has done for Joe

50:24 – Biggest impact a coach had on his life

 

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

Aug 13, 2019

This week’s guest is, Zack Kanter, the founder and CEO of the Stedi.  Zack and I decided not to talk much about his business on this podcast and opted instead to explore more generally, so a bit of an introduction to what they do may be helpful here for some extra context. Stedi is a platform for exchanging and automating 300+ types of business-to-business transactions - transactions like purchase orders, invoices, etc. It’s a modern take on an archaic protocol called EDI - electronic data interchange, something I’d never even heard of until several months ago. Learning about EDI is a bit like finding out about the Matrix - every physical object you come across, from the food you ate for breakfast to the clothes you’re wearing and consumer electronics you use - anything with a barcode on it - was likely touched by EDI, often dozens of times before making it into your hands. Stedi is the first update to this messaging later in decades.

Our conversation in this podcast is about business in general, starting with Zack’s fascination with Walmart and Amazon. I should also not that my family is a recent investor in Stedi, and I’m thankful to have learned a great deal from him over the past few months. Please 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

1:52 - (First Question) – Interest in Walmart and Amazon

            4:02 – Sam Walton: Made In America

4:49 – What from their success can be applied elsewhere

11:07– The idea of tempo with a business

17:17 – Ability for a business to expand laterally

24:33 - Magic of Amazon as a constitution

26:24 – The concept of the OODA loop

            26:40 – Boyd: The Fighter Pilot Who Changed the Art of War

31:51 – Orientation within software businesses

            32:24 – The Systems Bible: The Beginner's Guide to Systems Large and Small

38:03 – Lessons in building software

            38:37– Certain to Win: The Strategy of John Boyd, Applied to Business

41:51 – Setting a common vision for a company

44:14 – Changing the dynamic of teams and how different size teams can accomplish different things

48:00 – How leaders should think about build vs buy

51:07 – The different types of value propositions

53:07 – Utility for companies

57:31 – Concept of network health and the best question from VCs

1:04:04 – Massive projects are less frequent in a world where we can do a lot quickly

            1:04:08 – Wait but Why

1:09:37 – Just in time vs just in case learning framework

1:11:55 – His favorite question

1:13:39 – Why is most commonly heard advice wrong

1:18:06 – Kindest thing anyone has done for Zack

 

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

Aug 6, 2019

My guest this week is Chris Bloomstran, the president and chief investment officer of Semper Augustus Investments Group. He became famous in investing circles a few years back for his incredibly detailed investigations of Berkshire Hathaway. While we do cover Berkshire towards the end of the conversation, we spend most of our time talking about what makes for a quality business. I loved some of his angles on the current landscape, including our discussion of companies like Richemont and Disney which are actively taking distribution back in house. Please 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

1:18 - (First Question) – Largest investing error

4:52 – Defining quality investor and their investment strategy

11:48 – Incremental return on capital and other themes that they focus on with investments

15:33 – Importance of unique business models

22:58 – Ownership of the customer relationship

28:06 – Bringing distribution back in house

29:55 – Doing something unique with owned distribution

32:40 – His thoughts on growth and value

            32:42 – Chuck Akre podcast episode

37:12 – History of his interest in Berkshire Hathaway and he characterizes the business

53:29 – How is Berkshire protected into the future

59:17 – Most important trends in adjustments

1:08:00 – Which sectors or industries would he focus on

1:10:02 – Most intriguing business he’s unlikely to own

1:11:44 – 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 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

 

Jun 25, 2019

This week I have a very special guest years in the making. Like another favorite episode, with anonymous guest Modest Proposal, this conversation is with one of the stars of the financial twitter universe who writes anonymously and goes by the pseudonym Jesse Livermore. I met Jesse 6 years ago after reading his unbelievably unique investing research, which tackled all the big and interesting issues in markets. He now also works with me as a research partner at OSAM, where’s he’s used our data to continue to his search for truth in markets. Despite being one of the brightest minds I’ve encountered he is also as humble and unassuming as they come. I’m at least a slightly better person because of trying to emulate how he conducts himself. I get to have many conversations with him that go from 0-100 fast, and I’m thrilled to be able to share one of those with you.

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

1:33 - (First Question) – Jesse’s origin story for investing

4:37 – Exploring his ways of problem solving starting with intuitive

            7:53 – David Epstein Podcast Episode

11:46 – Looking at the analytical way of problem solving

15:42 – Statistical inference

24:45 – Should we opt for simplicity in the investment process

25:26 – Does his own investing include all three, intuition, analysis, and statistics

26:09 – The evolution of his research, process, and thinking on various investment factors.

31:38 – Thoughts on inflation and its impact on market valuation

40:05 – The Earnings Mirage

46:25 – Free Cash flow and valuations

50:51 – What should investors take away from this research

53:01 – Thoughts on trend as an interesting market signal

59:00 – The problems with trend

1:00:34 – Post on “The Single Greatest Predictor of Future Stock Market Returns

1:11:15 – His work into understanding factors

1:15:36 – Looking at momentum

1:18:16 – His curiosity into the current market cycle

1:20:04 – Lessons learned from his time in the military, an effective way to create an environment where people can safely disagree with their co-workers

1:30:10 – The concept of progress in meaningful work

1:33:08 – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

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Follow Patrick on twitter at @patrick_oshag

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