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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: November, 2019
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

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