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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: 2020
Jun 30, 2020

My guest today is Blake Robbins, a partner at Ludlow Ventures. We talk about all things video games, including the major companies in the industry, how games monetize, how in-game economies work, how e-sports has evolved, and much more. This is a fast-growing segment of consumer attention and interest, I believe we are in the very early days of gaming going mainstream.

I also have a favor to ask. My team and I have built a small survey for Invest Like the Best listeners and if you’ve enjoyed the podcast, I’d deeply appreciate it if you took 5 minutes to fill it out at investorfieldguide.com/survey. It will help shape the future direction of the show, which I intend to keep improving in the years to come. Thank you, and now please enjoy my conversation with Blake Robbins.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(1:35) – (First question) –  Overview of the gaming industry and how folks may get involved as an investor

(3:46) – Some of the biggest players in the space

(5:30) – The monetization methods of these gams

(9:22) – How do these games respond to real currencies

(14:49) – The landscape of e-sports/e-gaming as a whole

(19:57) – His involvement with 100 Thieves

(25:52) – The media landscape and the role of influencers

(29:05) – When he invests and what the opportunities are out there

(33:07) – The engines behind a lot of this; Unity and Unreal

(34:58) – Other investors that get this trend

(37:43) – Other interesting areas of investment for him, including the creator economy

(41:25) – Opportunities to build out and invest in the infrastructure of the creator economy

(45:37) – Infrastructure opportunities that need to be built

(48:08) – Advice for younger professionals

(49:04) – Investment allocation he is most proud of

(50:08) – A unique skill he couldn’t teach or train in others

(52:27) – Something in gaming he doesn’t understand or wants to learn more about

(54:08) – The kindest thing anyone has done for Blake

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Jun 23, 2020

My guest today is Brad Gerstner, the founder and CIO of Altimeter Capital, a multi-billion dollar technology-focused investment firm. Brad and his team are known for a deep expertise in internet-enabled businesses, including Expedia, Facebook, Uber, and many more. We discuss the evolution of opportunity in this style of investing, including the important shift to private investing, where so much of the value creation now happens. I won’t soon forget our discussion of consumer intent on the internet and how it has shifted, the role that essentialism plays in Brad’s business and life, and the rise of the Chinese internet giants like Bytedance. Please enjoy this great conversation with Brad Gerstner.

 

This episode is brought to you by the MIT investment management company (MITIMCO)

Reach out or 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

 

Show Notes

(2:32) – (First question) – Overall investment philosophy at Altimeter

(5:12) – Most interesting thing in the landscape today

(11:16) – Disrupting the tech giants moving forward

(13:56) – The investing opportunity in the backend of the internet

(16:42) – His take on old line businesses and how technology could shift his view on them

(18:56) – Lessons from company founders whose platforms rely on consumer discovery

(21:32) – Running his business on essentialism

            (21:40) – Essentialism: The Disciplined Pursuit of Less

(26:11) – Tactical applications of essentialism

(29:46) – Applying essentialism outside of business

(31:16) – What travel has taught him about business

(33:43) – What we should know about the Chinese internet market

(37:11) – The emergence of bite sized transactions across the web

(39:22) – Bite sized work

(42:43) – How early on can you figure out what company would win a vertical

(45:36) – What problem space would he tackle today

(48:49) – Collaborating in the private markets

(57:27) – Pricing businesses as a key component of his investment choices

(1:02:47) – Fascination with life sciences and software

(1:04:12) – What about the future excites him

(1:06:48) – Kindest thing anyone has done for Brad

 

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 16, 2020

My guest today is John Collison, the Co-Founder of the digital payments company Stripe. Stripe’s mission is to increase the GDP of the internet, a lofty and deeply interesting pursuit. John is clearly a voracious learner across business and investing, which you’ll hear instantly. He started Stripe with his brother Patrick when he was just 19 years old, and has grown it to, at last valuation, a $36B business. In our conversation, we discuss conglomerates, the internet economy, the power of writing, and why board members are like Pokémon characters, each with different powers. It’s a lively and wide-ranging conversation with one of the entrepreneurs I’ve most enjoyed speaking with. 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

(1:30) – (First question) – Interest in industrial conglomerates

(9:10) – Their thinking on acquisitions vs starting new companies

(11:42) – How the payment landscape looked when Stripe was started

(15:55) – View on the internet economy

(20:09) – Exciting possibilities for the future of the internet economy

(22:11) – The forces of size vs speed among startups

(26:53) – Driving reasons why employees choose Stripe starting with clear communication

(28:55) – Tips for better internal communications

(30:09) – The importance of rigor in Stripe’s corporate culture

(32:15) – Investors and investing styles that are most intriguing to him

(36:02) – Teaching vs experiencing business lessons

(37:56) – Lessons from going to market with new ideas

(50:58) – Allowing teams to explore new ideas at Stripe

(44:11) – Best startup companies to study to understand the history of this space

            (44:52) – Softwar: An Intimate Portrait of Larry Ellison and Oracle

            (48:18) – Cable Cowboy: John Malone and the Rise of the Modern Cable Business

(48:43) – Infrastructures of internet businesses that are missing

(52:03) – Does general accounting practices need to change to capture the true value of a company like Stripe

(1:01:53) – Shared playbooks in Silicon Valley

(1:02:02) – The transition to the no code movement

(1:08:22) – Other businesses that pique his interest outside of software

(1:10:21) – Future trends that excite him

(1:11:10) – First memory when he felt like he was participating in the tech economy

(1:12:46 – The role of board members

(1:15:48) – Kindest thing anyone has done for him

(1:18:49) – Advice for young people

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 9, 2020

My guest today is Jeremy Grantham. Jeremy is the co-founder and chief investment strategist of Grantham, Mayo, & van Otterloo (aka GMO). GMO, which manages more than $60B for clients, was a firm that helped educate me early in my investing career. They’ve long published thought-provoking research, most of which came from Grantham himself. He is regarded as a highly knowledgeable investor in various stock, bond, and commodity markets, but is particularly noted for his prediction of various bubbles. In this conversation we discuss the current crisis, which he calls the fourth major event of his long and storied career as an investor. As he says, this one is the most uncertain. We also discuss unique topics like commodity-based companies, and how opportunity often lies between fields of expertise. 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

(1:37) – (First question) – What keeps him going in investing

(2:54) – Changing approaches to managing money over the decades

(7:27) – Their investment forecast for major allocations and how that has evolved

(10:06) – How to markets compete with FAANG stocks

(16:06) – More opportunity for active investors and where

(30:55) – How he talks to clients about major stock market events

(34:09) – His interest in natural resources/commodities

(47:07) – Long term argument for the three natural resources: oil, metals, and food

            (47:10) – An Investment Only A Mother Could Love: The Tactical Case

(52:01) – Specific case for particular metals

(56:46) – Areas in the future that excite him or that he wants to learn more about

(1:03:42) – Advice for people interested in investing

(1:05:15) – Kindest thing anyone has done for Jeremy

 

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 2, 2020

My guest today is Ben Thompson. Ben is the author of my favorite business strategy newsletter called Stratechery. He’s also the host of the exponent podcast, and now the Dithering, a podcast he recently launched with John Gruber. I think Ben is among the most interesting business analysts in the world, and I’ve learned from and directly applied many of his ideas. We cover many of the major concepts he’s introduced over the years, including his well know aggregation theory. I think that to understand how the internet has changed the business world for good, you must read Ben and follow his thinking. I’m excited to finally have him as a guest on the show. 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

(01:26) – (First question) – Companies that are built for the next disruption

            (1:32) – The End of the Beginning

(9:58) – Aggregation Theory and the Smiling Curve

(13:18) – Steps to creating an aggregator

(19:46) – Pattern of successful aggregators or luck?

(24:34) – How aggregators interact with suppliers and consumers

(30:49) – Taking on other aggregators

(34:09) – Platform vs aggregator in the scope of Shopify vs Amazon/Walmart

(40:55) – The Moat Map

(46:16) – Value chain thinking and profitable business models

(51:58) – Future of media and independent content creator’s vs bundles

(56:07) – Bundling independent creators

(1:00:37) – The infrastructure layer of technology and software companies

(1:02:35) – His thoughts on gaming platforms

(1:06:13) – The atoms vs the bits in the tech world

(1:12:18) – What he’s learned from covering Netflix

(1:13:46) – Kindest thing anyone has done for Ben

            (1:15:56) – Stratechery Podcast

 

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

May 26, 2020

My guest today is Shishir Mehrotra and the topic of our conversation is the bundle: offering access to multiple products, services, or providers for a single bundled price. This topic is full of incorrect pre-conceived notions, and as it turns out, the bundle is one of the most powerful ideas in business. Properly harnessed it is good for everyone involved. Shishir explains the ins and outs of bundles in this conversation.

Shishir ran product at YouTube for years and sits on the Spotify board of directors. He founded and now leads Coda (which is “A Doc” spelled backwards) in 2014, to bundle together productivity apps like docs, spreadsheets, databases, and applications. I love this wonky, detailed conversation which has me thinking differently about many businesses and business strategy. Please enjoy.

 

This episode is brought to by Koyfin.

 

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

(2:08) – (First question) – The arc of his career

(3:32) – Why he has an interest in bundling

(7:45) – The concepts of superfan, casualfan, and nonfan businesses

(11:05) – Using Spotify as an example of bundles

(13:24) – The first myth of bundling: Bundling is bad for consumers

(17:53) – The second myth of bundling: 1st vs 3rd party providers and the bundlers

(23:03) – Low usage but high Marginal Churn Contribution (MCC) business

(24:26) – How insurance fits into these models  

(26:37) – Myth 3 of bundling: How this impacts consumers

(32:12) – How marginal costs play into the thinking of bundling

(34:54) – Myth 4: Bundling things that have nothing to do with each other

(39:51) – How bundling companies can apply this into their product development

(43:21) – Strategic advice to companies building bundles

(49:01) – How price and pricing power play into advantages for certain bundlers

(54:16) – How does bundling play into his investing thesis

(56:47) – Most interesting bundles he’s observed

            (58:44) – Eigenquestions: The Art of Framing Problems

(59:14) – What the future of this trend is

(1:02:24) – What is an eigenquestion

(1:06:29) – 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

May 19, 2020

My guest today is Hamilton Helmer, the Co-Founder and Chief Investment Officer of Strategy Capital and the author of one of the best business books in history called 7 Powers, which is the topic of much of our conversation. He has spent his career as a practicing business strategist: advising companies, investing based on strategic insights and teaching strategy.  In the last three decades, he has also utilized his strategy concepts as a public equity investor. In this conversation we cover all seven business powers, from counter-positioning to scale economies, and how companies earn and keep those powers. Any investor or businessperson should understand these concepts, and 7 Powers is the best work I’ve seen that explains them in depth. 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

(1:31) – (First question)  - What power means to him

(5:05) – Benefits being more common than barriers in the power equation

(6:28) – How early-stage companies develop their barriers

(11:23) – The power of counter positioning and how he’s seen it applied

(14:47) – The product side of counter positioning

            (16:39) – Daniel Ek Podcast episode

(17:27) – Applying the idea of counter positioning to yourself

(20:40) – A cornered resource

(23:49) – A look at google as a cornered resource

(27:12) – Unique power of network economies

(31:18) – What subtleties disqualify network effects

(32:54) – Nuances of scale economies

(35:56) – Learning economies and who can scale it better

(37:07) – Building a switching cost and barrier into your business

(40:10) – Branding as power

(44:27) – Defining process power and how it differs from scale economies

(46:40) – The notion of the time lag and cash flow

(50:42) – Why is so much power concentrated in technology businesses

(52:07) – What does power mean for customers

(53:43) – Developing power as an art vs science, and the best power artists

(55:08) – The 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

May 12, 2020

My guest today is Tobi Lutke, the co-founder, and CEO of Shopify.  This is both a timely and evergreen conversation.  Timely, as the world as moved aggressively digital in the past two months, and Shopify powers so much of digital commerce.  Evergreen, because while we touch on Covid and the Shopify business, this is much more a conversation on business and personal principles, learning, design, and growth. Tobi is one of the CEO’s I look up to most for the type of company he is building and for the way he conducts himself.  We discuss business focus, why video games help you learn the power of attention, what design means for products and organizations, and much more. Please enjoy my conversation with Tobi Lutke.

 

This episode is brought to you by the MIT investment management company (MITIMCO)

Reach out or 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

 

Show Notes

(2:35) – (First question) – The launch of the new Shopify shop app

            (2:44) – Deniel Ek Podcast Episode

            (2:45) – Jeff Lawson Podcast Episode

(4:56) – Having the right focus and growing a good business

(9:06) – Marketplace business model vs the merchant driven business model

            9:16 – Bill Gurley Podcast Appearances - 162 | 144 | 137

(11:47) – His role as a decisionmaker as CEO of the company

(14:07) – What does he mean when he talks about quality

(18:28) – His thinking on design and quality

            (18:32) – Zen And The Art Of Motorcycle Maintenance

            (19:59) – The Design of Everyday Things

(21:06) – Friction as a force in business and manufacturing

(26:04) – His thoughts on systems and being free of process           

(26:08) – The Systems Bible

 (30:01) – The game of Factoria and how it relates to systems

            (32:16) – Transfer Learning

(34:33) – What Real-Time Strategy games have taught Tobi

(38:30) – Building context inside of a company and making it scale

(41:17) – Personality typing

(46:22) – The Tobi Blueprint

(46:04) – Why he likes The Guide to the Good Life and stoicism

(55:38) – Raising kids and the impact of Covid

(1:03:16) – The kindest thing anyone has done for Tobi

 

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

May 5, 2020

My guest today is popular past guest Ali Hamed, who joins us for an update on private credit. We discuss what has happened so far, what parts of the market are frozen, and where opportunities may lie. We also talk about how the world has shifted digitally since the beginning of the COVID pandemic. Please enjoy my conversation with my friend Ali Hamed.

This episode is brought to by Koyfin.

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

(1:41) – (First question) – World of private credit in the pandemic age

(4:50) – Bag of uncertainty

(6:27) – Important levers in private credit

(9:15) – Scary scenarios and systemic risks in this world

(13:21) – General trends in the credit data

(15:30) – Are investors factoring government response properly

(17:02) – Defining advanced rates

(20:18) – Focus on quality vs rate of return now

(22:26) – Pockets of opportunity as uncertainty declines

(26:06) – Online ecommerce platforms, like the YouTube economy

(29:40) – Non advertising driven ecommerce platforms

(31:54) – How venture capital is responding

(38:19) – How junior debt could be am opportunity

(40:17) – Trends he’s thinking about; redefining small businesses

(43:07) – Ali Hamed Podcast Episode

 

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

Apr 30, 2020

My guest today for a flash update is Chris Bloomstran, the founder and CIO of Semper Augustus and a popular past guest on the show. We talk about his view on the state of the public equity market, why it will be hard for the market to deliver great returns for the next decade relative to the last, and where opportunities may lie. Please enjoy.

This episode is brought to by Koyfin.

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

(1:42) – (First question) – Adjustments to his portfolio in the age of a pandemic

            (6:41) – Chris Bloomstran Podcast Episode

            (9:36) – The Federal Reserve Act

(12:32) – Surprising action in the markets during the crisis

            (13:08) – 2020 Investment Letter

(15:02) – Why we won’t see the same performance in tech over the future as we’ve seen the last decade

(21:00) – The carnage in energy sector and return potential

(30:06) – Berkshires activity since the crisis started

(35:48) – Where sectors are valued in the current market

(41:12) – Expectation for deflation over inflation 

(48:54) – Characteristics to look for in businesses to own over the next 10 years

(52:05) – Economic factors they are focusing on

 

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

Apr 28, 2020

My guest today is Josh Kopelman, the founder of famed venture capital firm First Round Capital. Prior to starting First Round, which has invested at the earliest stages in companies like Square, Uber, and Roblox, Josh was a three-time entrepreneur, so our conversation spans early-stage investing, business building, and entrepreneurship. I’ll not sure forget his analogy distinguishing between navigators and cartographers, nor the rest of the interesting ideas he shared after seeing and investing in so many great businesses. We also discuss how First Round has bucked the trend to build what I’d call a platform adjacent to the core investing business which does a lot for their entrepreneurs and is a model for other professional investing firms, both in venture and elsewhere. Please enjoy my conversation with Josh Kopelman. 

This episode is brought to by Koyfin.

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

(2:05) – (First question) – How pandemic has impacted their investing strategies

(3:54) – How this stressful environment impacts founders

(6:23) – His early career as a founder and how startup culture has changed

(10:15) – Most important lessons from his entrepreneurial career and building from just an idea

(11:50) – How to analyze a founder

(14:05) – Common disagreements when it comes to deciding on an investment

(15:33) – How many opportunities they evaluate in a meeting

(16:16) – The curvy road to their investment in Roadblox

(17:52) – Whether the concept for a platform is overused

(19:36) – Founders asking what google search they should build on

(20:46) – Solving existing or forecasted problems

(25:39) – How the startup scene is impacted by the huge legacy tech companies

(30:28) – What makes a great early stage investor

(32:19) – Do they focus on founders or themes

(33:19) – Where will valuations and returns come back to after the pandemic

(36:30) – How are business models evolving in technology entrepreneurship

            (36:31) – Matt Clifford Podcast Episode

(39:40) – The Dorm Room Fund

(43:02) – Whether investment funds should have their own platform

(47:31) – Product mistakes in software building

(51:52) – What he’s most excited about for the future

(54:05) – The 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

Apr 21, 2020

My guest today is Manny Stotz, the founder of Kingsway Capital. Manny is one of the leading investors in Frontier Markets, investing in equities in countries like Egypt, Bangladesh, and Pakistan. We discuss the opportunity in these markets from all angles: demographics, valuations, sectors and beyond. It is important to note that we recorded this conversation before COVID, and these markets have fallen 30% without a similar rebound in prices that we’ve seen in the U.S. As you listen you’ll hear why this may be relevant for the companies Manny focuses on and may accentuate the opportunity in Frontier Markets even relative to the numbers quoted in this conversation. Listeners will know my interest in Frontier Markets runs deep, so I was excited to have one of the categories leading investors join me.

Please enjoy my conversation with Manny Stotz.

This episode is brought to by Koyfin.

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

2:07 – (First question) – How Kingsway was conceived, their focus on frontier emerging markets, and his career path

11:57 – What are the best company builders good at when it comes to fostering a brand

18:30 – How country-specific factors impact the tailwind

25:43 – How markets are faring in these special circumstances

32:09 – Building a book in many of the markets they trade-in

37:10 – Understanding your edge in frontier markets, showing up

39:59 – Importance of solid distribution for the companies he invests in

42:12 – Concentration in various markets

44:10 – Moving beyond consumer brands in these markets

47:14 – Some of the most interesting countries they are looking into and the country business model

            47:42 – Guns, Germs, and Steel: The Fates of Human Societies

            47:44 – Civilization: The West and the Rest

            47:46 – Why Nations Fail: The Origins of Power, Prosperity, and Poverty

53:21 – New topics he’s excited to learn about that will impact his business over the next 10-20 years

55:37 – Best way for people to get involved and invest in these markets

58:17 – 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

Apr 7, 2020

My guest this week is Sarah Tavel, a general partner at Benchmark, working alongside past guests Bill Gurley and Chetan Puttagunta. Sarah has a long history as both an investor and as an operator.  She was an early product leader at Pinterest before joining Benchmark. Sarah has become one of my go-to resources for topics like networks, consumer technology, and marketplaces among many other topics. I’ve used her framework for how to think about client engagement, company data, and marketplace liquidity and quality over and over again in my business life. I’m so excited to finally have her on the show.  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

1:24 – (First question) - Lessons learned from watching the food delivery space

5:44 – Hip camp and how they are thinking about the space rental sector

            5:45 - The a16z Marketplace 100

7:47 – Valuing private companies vs public companies

9:37 – Building marketplaces

14:24 – Tipping a market

            14:30 – Bill Gurley Podcast Episode

18:09 – How to incorporate reputation scores into a network

19:55 – Search ranking as a tool for marketplaces

21:00 – Size of marketplaces vs their competitors

22:15 – Niching of marketplaces

            22:21 - Chetan Puttagunta Podcast Episode

23:26 – State of the consumer social sector

27:50 – The LinkedIn problem and how she would build a social platform

30:42 – Things that are piquing her interest in the consumer space

32:20 – Lessons learned about scaling while working at Pinterest

38:42 – Pricing and the marketplace

41:25 – Identifying and optimizing a Core Action in a digital business

44:18 – Accruing benefits and mounting losses as part of the product design

47:48 – Her investment in Reci

52:18 – How should companies gather the best data from their business

56:03 – Lessons to SaaS investing

56:29 – Kindest thing anyone has done for Sarah

57:45 – Most interesting philosophy lesson

            58:09 – Creating a Kingdom of Ends

 

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

Apr 5, 2020

In the midst of the worldwide quarantine, my friend Boyd Varty decided to begin an adventure he has been considering for a long time: a 40 day and 40 night stay in the African wilderness. I’m releasing this short conversation with Boyd to pique your interest in his daily dispatches. He will be taking short audio journal-like recordings and sharing them with the world as he goes. As of today they are several that you can listen to by subscribing to the Track Your Life podcast on Spotify or wherever you get your podcasts. Please enjoy this short chat with my good friend Boyd Varty.

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

(0:31) – The start of his 40-day trip

(1:42) – Origin of the word quarantine and how it led to this journey

(3:07) – History of this idea

(6:14) – The logistics of this 40-day venture

(9:59) – His experience doing this before and how it changed his psyche

(12:07) – What is he most fearful of

(13:22) – How he feels about sharing this experience when he returns

(15:47) – The mental preparation to this journey

            (15:48) – Priya Parker Podcast Episode

            (15:49) – The Art of Gathering: How We Meet and Why It Matters

(17:33) – How can outsiders make a connection to Boyd while he’s in this isolation

(19:55) – How can people actually follow him on this journey

            (20:23) – Track Your Life with Boyd Varty Podcast Apple Podcasts | Spotify

            (20:33) – Instagram - @boyd_varty

            (20:36) – boydvarty.com

            (20:43) – 40daysand40nights.com

(21:05) – The story of the 17 lions

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

Apr 2, 2020

My guest today is with past guest Gavin Baker, the founder and CIO of Atreides Management, LP. We discuss investing during a bear market and the major ways in which the COVID19 outbreak has dramatically altered the investment landscape. Please enjoy my second conversation with Gavin Baker.

This episode is brought to by Koyfin.

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

(1:40) – How he sees the markets right now

(3:06) – How he handles information uncertainty and the value spreads

(5:53) – Trading in today’s market and the volatility

(9:45) – How the economic activity squares with the amount of stimulus being pumped into the market

            (13:11) – Market Wizards: Interviews with Top Traders

(13:56) – Asset tests for individual companies in this environment

            (19:09) – This Time Is Different: Eight Centuries of Financial Folly

(20:45) – His take on software companies during the crisis

(28:57) – Fast pace of change during extreme times of duress

(35:14) – Space as a service

(39:52) – Attention and time inside digital universes and how investors can take advantage

(46:17) – Why chaos is a ladder

            (50:42) – It Was a Very Good Year: Extraordinary Moments in Stock Market History

 

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

Mar 31, 2020

My guest today is D.A. Wallach, one of the more interesting investors I’ve come across. He is the former lead singer of the group Chester French and the former artist-in-residence at Spotify, where he was also an early investor. While he’s also an early investor in companies like SpaceX, his focus the last 5 years has been on early stage health care investing, which is the topic of this conversation. We discuss the entire life sciences and heath care investing ecosystem. This was recorded in the very early days of the Coronavirus outbreak so while we touch on it briefly it isn’t the primary focus, and I intend on returning to more traditional episodes like this one in the coming weeks, meant to be evergreen conversations. Please enjoy my conversation with D.A. Wallach.

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

1:31 – (First question) – Where is interest in healthcare started

4:04 – How to categorize health services

5:13 – The product of medicine

6:56 – How medicine is changing in 2020

10:17 – What is enabling innovation in medicine

12:41 – Manufacturing of solutions, gene therapy example

17:16 – Using CRISPR

19:47 – Pros and cons, and the morality of gene intervention

23:44 – How progress is being made in medical breakthroughs

26:51 – What is the business and investment world seeing on the longevity side

30:15 – What is next in the wearable medical tracking trend

33:04 – The personalization of medical treatments

34:31 – How he thinks about all of this from an investing standpoint

36:37 – Exiting these companies

39:41 – How he thinks about founders in this space

42:35 – Drug prices

            42:46 – The Paradox of Pricing

46:45 – What will lead to a change in the pricing of drugs

49:05 – The delivery side of healthcare

51:09 – Investments that could improve the delivery side of healthcare

53:33 – Thoughts on the anti-interventionist line of thinking in the medical world

57:50 – Lessons from his health portfolio

1:02:33 – Other frontiers that pique his interest, including gut biome

1:06:46 – His career in music

1:08:20 – Lessons he learned during his time in the music industry

1:10:19 – Opportunities in the music industry as an investor

1:12:29 – Kindest thing anyone has done for DA

 

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

Mar 25, 2020

My guest today is Chad Cascarilla, here to discuss some of the tail risks in the economy and markets as of March 24th in the midst of the Coronavirus pandemic. Chad was one of the most successful investors during the global financial crisis with a specialty in the banking and finance systems. He now runs Paxos, a trust company which trades and custodies unique products like pax gold, bitcoin, and other tokenized assets including simple pax dollars. I feel it is important to avoid confirmation bias in times like this and not just talk to people are optimistic or long, and while I still believe this is ultimately a positive and optimistic conversation, Chad acknowledges and outlines scenarios that few are talking about yet in the markets.

 

This episode is brought to by Koyfin.

 

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

(2:04) – (First question) – Today’s market and the porridge scenario

(7:38) – Risks to the market that people aren’t focused on

(10:54) – What lessons from 2008 do we need to heed this time

(13:07) – How does he think about inflation on the other side of this crisis

(16:02) – What does a too cold recovery look like

(20:35) – Benefits of nationalizing the banks vs pumping liquidity

(24:13) – What does the just right recovery look like

(25:24) – Assets that might be ideal to hold in a too hot or too cold scenario

(29:00) – His take on how Bitcoin has performed during this crisis

(31:53) – The US’s inherent strengths compared to the rest of the global economy

(34:50) – Advice for people

            (38:59) – Paxos.com

(39:48) – What is he monitoring to see which way things shake out

 

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

Mar 20, 2020

My conversation today is with my close friend Brent Beshore. Brent is a private equity investor who owns and interacts with many small businesses, which have been hit especially hard by COVID. We discuss the various impacts that COVID has had and may have on both small business and the private equity investing community. Brent also proposes some policy actions which he thinks may help those most in need. 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

1:13 – (First question) – What Brent sees as the current landscape for small businesses

3:25 – The real problem for small businesses right now

6:02 – How long can small businesses survive these freezes

9:14 – Ideas to help businesses stay afloat during a global shutdown

11:01 – The cost of restarting businesses on the other side of this  

13:41 – Policies that could help

            14:30 – government co-paying some business expenses

            16:05 – Suspending payroll taxes

            16:17 – The small business bond

            18:00 – Wider latitude for banks

20:03 – How effective would Brent’s ideas actually be at lessening the pain

22:41 – A look at how things look in the private equity complex

25:39 – What are the potential opportunities out there

29:24 – What is a balance sheet product

32:00 – How this is personally impacting Brent

34:20 – How this is personally impacting Patrick

35:45 – Importance of relationships for personal health

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

Mar 16, 2020

My guest this morning is Dan Rasmussen of Verdad Capital. Like me, Dan and his firm focus on quantitative research. Just a month before the COVID crisis hit markets, they completely and published a study on investing during periods of market crisis, which is the topic of this conversation. We discuss what works and what doesn’t during and after acute periods of panic in markets. I think you’ll find it extremely informative. Because Dan’s firm and my own share many beliefs about investing and conduct similar flavors of research, I try to offer devil’s advocate questions throughout. Please enjoy.

This episode is brought to by Koyfin.

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

1:54 – (First question) – What he sees in the markets today given the atmosphere right now

4:26 – An overview of their study: Crisis Investing: How to Maximize Return During Market Panics

8:38 – How things get more predictable during crisis

11:15 – The length of these crises and assets they focused on

12:40 – What happens to bonds and credit during these times

15:50 – Geography of crises

18:14 – How does this impact the philosophy of just index investing

20:40 – Positioning of value in this market

27:50 – Lessons from other crises

32:21 – Importance of a blended factor approach

35:44 – Role of momentum

38:10 – What else he is paying attention to during this crisis

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

Mar 13, 2020

My guests today are Bill Gurley and Chetan Puttagunta, both partners at benchmark capital. We review the early stage investing world in the face of coronavirus in a very timely conversation, which is one that will remain valuable once this crisis is done. We discuss enterprise and consumer, funding and growth, and the entrepreneurial spirit in the face of a crisis. Please enjoy.

This episode is brought to by Koyfin.

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

1:44 – (First question) – Landscape for venture capital ecosystem

6:47 – The experience in 2009 and the entrepreneurs that tend to rise to the top

8:24 – The relationship between early stage companies and public investors

10:45 – How this crisis impacts enterprise businesses vs the broader corporate sector

14:46 – Advice for early stage companies in a period like this

18:23 – What Chetan was doing during the last downturn and what he learned during it

20:27 – Early stage vs late stage companies in this environment

            22:57 – On the Road to Recap

23:00 – Benefits of being small in a period like this

25:22 – How portfolio companies are responding and pivoting during this period

29:33 – Best practices for remote companies

31:39 – Themes that stand out during this period

34:51 – Closing thoughts 

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

Mar 13, 2020

My guest in this flash podcast is Bryan Krug of Artisan partners. We discuss what has happened so far in the corporate high yield and investment-grade credit markets, and the loan market. We compare today’s environment to the financial crisis and other past crises with lots of nuances that I hope will be helpful to bond and equity investors. 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

1:08 – (First question) – An overview of what he covers in the corporate credit markets

1:52 – How things have changed in the last couple of weeks

3:56 – Composition of the high yield market

7:07 – Major sectors of the high yield market outside of energy

8:39 – How do they price the risk in securities right now

11:21 – How do they handicap a great unknown

13:00 – Risk for broader contagion in the overall credit markets

14:49 – What’s the downside potential here

16:31 – Potential for upside

18:33 – How does he view companies that are drawing down on their entire line of credit

19:44 – An overview of the loan market

20:42 – What warning signs equity investors should be watching for in the bond markets

21:57 – What do credit spreads look like today compared to before this crisis

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

Mar 11, 2020

This week, I’ll be recording and immediately releasing a series of conversations on business and market reactions to the spread of coronavirus. The conversations will be on oil and gas, corporate credit, and the reaction within the venture capital community. Today’s conversation is with Matt Smith, Ian Singer, and Kobi Platt of Deep Basin Capital. We are investors in Deep Basin, and they were past guests on the podcast. We discuss the new price war in the oil markets and the impact it might have on equities and especially on U.S. oil producers. Please enjoy.

This episode is brought to by Koyfin.

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

1:59 – (First question) – An overview of the global oil market and demand

3:37 – Supply and demand shocks we’ve seen lately

6:22 – What happened this weekend with Russia and Saudi Arabia and why the outcome was so shocking

9:45 – The knock-on effects of this activity on equities

14:24 – Impact on US energy production

18:29 – What other industries will feel the effect of reduced production in the US

20:35 – Defining a price war and how victory is defined

27:53 – Saudi Arabia’s calculus in this energy fight.

31:11 – How does all of this change what factors they use to analyze companies

35:43 – What it actually looks like within the commodities markets to trade energy

40:01 – What uncertainty is most intriguing to each of them

43:00 – The long-term interest in investing in the energy sector

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

Mar 10, 2020

My guest this week is Peter Zeihan, the author of a new book, the Disunited Nations.  Peter was an extremely popular guest on the show last year and after reading his new book, I knew we had a lot to discuss in round 2.  In this conversation, we discuss two ways of ruling the world, the coming American disinterest in global affairs, and which country are poised to do well int eh future.  We explore military and non-military technologies, political changes, and up and coming alliances like that between the United States and Mexico.  As with last time, peter packs more information into an hour than just about anybody.  Please enjoy our conversation.

This episode is brought to by Koyfin.

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

1:57 – (First question) – What makes for a successful country

6:02 – Five first-tier countries that are well positioned

7:14 – Ruling the world, US carrot model vs British stick model

9:39 – How other countries will use these models in the future

12:59 – The surprising reliance of Iran and Russia on the US

15:24– Key points of his research on the Middle East

18:36 – Advice for how those operating in the US should think about future business investments

23:05 – The future of manufacturing partnerships with the US and the focus on Mexico

27:30 – What Coronavirus has taught us about the world economy

30:01 – What the primaries and election are teaching us

35:09 – What role does Africa play in the future

38:36 – Strong and weak players in Europe and how Brexit has impacted things

44:41 – The future for nuclear power

46:27 – The outlook for South America

50:42 – The trends and future in military technology

55:03 – Non-military technology that will have a major impact

58:26 – Skills young people should focus on for the future

1:00:07 – Coronavirus as a dress rehearsal for large scale disruptions to the world

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

Mar 3, 2020

My guest this week is Jeff Lawson, the Founder, and CEO of Twilio. Twilio is a 15-billion-dollar company offering a cloud communications platform to its customers.  Twilio is used by customers like Lyft, Twitch, and Yelp to make communications in their products easy.  Jeff and I talk about why it pays to be a platform, how to be a platform, and how to sculpt a company culture. This is a must-listen for anyone building a business whether it’s a tech business or not.

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) –  Company vowels and draw the owl

5:26 – Significance of API’s

12:14 – How non-software businesses can transition into the space

         17:50 - Agile way of working at ING Belgium (video)

18:38 – How they strategize their product build

23:27 – The idea of asking your developer and why it’s so important to them

33:02 – How they codified their business culture

45:12 – Parting advice for people building platforms

48:13 – Kindest thing anyone has done for Jeff 

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

Feb 25, 2020

Niko Canner is the founder of Incandescent where he and his team help the leaders of large companies in the areas of strategy and innovation. He was also the founder of Katzenbach Partners and a member of Bridgewater’s management committee. Niko is a fantastic writer, and I highly recommend you check out his blog “On Human Enterprise,” which has posts on many of the most interesting aspects of business and personal purpose. This conversation was inspired by many of those posts. 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

1:17 – (First Question) – The story of Doctor V

            3:24 – Aravind and the Choice of Great Achievement

4:00 – Becoming the perfect instrument

6:05 – What is Niko planning to be the perfect instrument of

8:18 – How should individuals think about finding what they can be the perfect instrument of

            8:59 – Brett Victor – Inventing on Principle

10:59 – How do businesses apply this principle

13:20 – Making choices easier

16:43 – Era’s to a company and when it’s time to start a new one

19:52 – How can business culture be cultivated and useful

22:53 – Cultures at the tail end of a distribution

24:33 – Can hierarchy be fluid, or does it need to be a dedicated corporate structure

27:47 – My Unlikeliest Favorite Business Book

            28:03 – The Millionaire Real Estate Agent: It's Not About the Money...It's About Being the Best You Can Be!

30:46 – The Red Test and how it can be used by businesses

36:54 - Ten Principles for How to Run a Company

42:25 – Dealing with the sponsor owner brief in the software world

45:24 – How does one choose customers

46:32 – Bill Hubbard passage – A Theory for Practice: Architecture in Three Discourses

49:09 – Kindest thing anyone has done for Niko

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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