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Invest Like the Best with Patrick O'Shaughnessy

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 https://joincolossus.com/
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Invest Like the Best with Patrick O'Shaughnessy
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Mar 1, 2022

My guest today is Eric Mandelblatt, founder and CIO of Soroban Capital, a $10 billion investment firm. While many of my conversations focus on technology and emerging industries, Eric has deep roots investing in the industrial economy, which made this conversation a fun change of pace. We discuss why energy and materials represent such a small share of the market today, how the global push towards decarbonization could have massive impacts on the industrial economy moving forward, and how Eric evaluates this dynamic opportunity set. Please enjoy this deep-dive discussion with Eric Mandelblatt.

 

Editor’s note: This conversation was recorded on February 15, before last week's invasion of Ukraine.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

-----

 

This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best in class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. Head to tegus.co/patrick for your free trial.

 

-----

 

This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.

 

-----

 

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:01] - [First question] - Soroban’s history and why Eric is qualified to discuss industrial and commodity sectors

[00:04:37] - Overview of what their portfolio looks like today

[00:05:49] - How much of the commodity exposed equity sectors are owned by hedge funds

[00:08:03] - The key history points that makes industrials more interesting today

[00:11:17] - Commodity cycles, what drives them, the role CAPEX plays and how this world works

[00:17:38] - Thoughts on natural demand and the societal push towards decarbonization

[00:22:32] - How deeply one needs to know commodities in order to hold them

[00:23:57] - Big categories to explore as decarbonization becomes more accessible to consumers and the lack of nuclear investing

[00:28:50] - The resurgence of industrial production in the US

[00:32:21] - Rail networks writ large and if we can expect new ones in the future

[00:36:17] - The market gap between rail and technology businesses

[00:41:38] - Commodities and the ways they differ from railroads 

[00:43:47] - Comparing the differences between businesses within the commodity industry

[00:46:52] - Walkthrough of Alcoa’s business and how things like a carbon tax might affect an individual business

[00:52:55] - What is the portfolio manifestation of the fact it's impossible to forecast commodities historically

[00:56:08] - His view of the world in its current state and big things that matter

[01:00:25] - Thoughts on inflation as an investor in the commodity space

[01:01:42] - Utopian to dystopian takes on what growth looks like for the world

[01:04:28] - Juxtaposed positions in big tech against the industrial story

[01:08:45] - The kindest thing someone has ever done for him

Feb 24, 2022

My guest today is Sebastian Kanovich, CEO of payments company dLocal. Sebastian founded dLocal in 2016 to bridge the infrastructure gap between payments in developed and emerging markets. Since then, the initially bootstrapped start-up has enabled global merchants like Uber, Spotify, and Google to service billions of emerging market users. And in doing so, dLocal has created $10bn of equity market value, having IPOd last year. Our discussion covers dLocal’s playbook for facilitating payments in emerging countries, what Sebastian has learned about great API building, and how he challenges himself to improve personally. Please enjoy my conversation with Sebastian Kanovich.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

-----

 

This episode is brought to you by Pilot. Pilot handles your startup’s finance, accounting, and tax prep needs, so you can focus on what matters most—building your business. Join over 1,000 startups that rely on Pilot to help them scale. Founder’s Field Guide listeners get 20% off their first six months. Get in touch with Pilot at https://pilot.com/founders

 

-----

 

Founder's Field Guide is a property of Colossus, LLC. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:13] - [First question] - His take on global payments, what is interesting about this system today, and dLocal’s role within it

[00:04:06] - Approaching a country that could benefit from low-friction payments and the playbook for helping them improve their system

[00:06:10] - Differences between being an API business versus a protocol one

[00:07:13] - What companies handle these systems outside of emerging markets and why they haven’t entered the emerging market space

[00:08:59] - A specific example of the steps involved in getting a country integrated into global payments for an app or service provider

[00:11:22] - Whether or not they interact with consumers

[00:12:09] - The trading and foreign exchange component of global transactions

[00:13:16] - Country specific product teams and consolidating their process

[00:14:52] - What he would look for in early-stage payment companies to invest in

[00:16:23] - Defining excellent when it comes to working with regulators and regulatory environments

[00:17:53] - Their role in digital globalization and trends that might arise in the future

[00:19:52] - Ways that low-friction payments have helped accelerate regional innovation

[00:21:31] - The unit economics and costs of a single payment 

[00:24:05] - What the source of cost is to process a payment or transaction

[00:25:10] - Variables in currencies that make them desirable to work with

[00:26:38] - Lessons learned from distribution and customer acquisition of their service

[00:29:23] - Advice he would give to developers building API products

[00:31:16] - An example of wanting to build a function into an API that was never built

[00:32:40] - How they’ve been able to move and scale so fast

[00:34:23] - Ways their business could most improve

[00:35:14] - The operating system he uses to run the company

[00:36:38] - Ways he’s most improved or gotten better as a CEO over the years

[00:37:58] - Why deep humility is such an integral part of his character 

[00:38:30] - The biggest mistake they’ve ever made as a business and what they learned 

[00:39:20] - The kindest thing anyone has ever done for him

Feb 22, 2022

My guest today is Frank Slootman, Chairman and CEO of cloud platform Snowflake. Frank has become one of the most revered CEOs in business. Over the past twenty years, he has three times taken over emerging enterprise software businesses – first Data Domain, then ServiceNow, and most recently Snowflake - and led them across the chasm into large, billion-dollar businesses. Please enjoy this great discussion with Frank Slootman.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

-----

 

This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best in class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. Head to tegus.co/patrick for your free trial.

 

-----

 

This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.



-----

 

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:33] - [First question] - How he evaluates the team of a company he’s working with

[00:04:48] - The pace of decisions made around changing team members 

[00:06:10] - Understanding the potential quality of outside leaders being brought into the company

[00:08:13] - How he characterizes great and constructive confrontation

[00:09:53] - What he’s found to be most effective in convincing senior talent to join a team

[00:11:36] - Ways he personally generates energy to sustain himself in this pace of business

[00:14:17] - How he fosters and nurtures healthy communication pathways

[00:15:36] - Narrowing the focus when evaluating a new product

[00:17:58] - Is it possible for a focus to be too narrow?

[00:19:31] - An example of a dazzling customer that he’s worked with 

[00:21:04] - Working backwards from a problem and building something that solves it

[00:23:03] - Building trust between a company and its customers over time

[00:25:37] - Overview of the base layer ingredients of trust

[00:28:12] - Sequential versus parallel processing and how they affect building trust

[00:30:22] - Lessons in successfully translating between engineers and business people

[00:32:58] - Crossing the chasm and effective sales organizations

[00:35:17] - Working compensation into getting more out of an organization

[00:38:45] - How much a sales organization needs to work backwards to serve their product

[00:41:40] - Great questions for board members to ask their executive team

[00:46:07] - Where the analogy of ‘business as war’ falls down and defining the highlander concept 

[00:48:01] - What he feels he could still hone in his skillset 

[00:49:16] - The kindest thing anyone has ever done for him 

Feb 17, 2022

My guest today is Tim Flannery, co-founder of venture fund administrator Passthrough. Passthrough is removing friction from the manual, time-consuming fundraising process by making investor onboarding as simple and automatic as possible. Their software helps investors fill out subscription documents in minutes rather than hours and allows GPs to easily track LP subscriptions during a fundraise.

 

In our conversation, we discuss the power of identity as a feature to build products around, the double-edged sword of solving an unsexy problem, and how Passthrough has thought about pricing their software. Please enjoy my conversation with Tim Flannery.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

-----

 

This episode is brought to you by Pilot. Pilot handles your startup’s finance, accounting, and tax prep needs so you can focus on what matters most — building your business. Join over 1,000 startups that rely on Pilot to help them scale. Founder’s Field Guide listeners get 20% off their first six months. Get in touch with Pilot at https://pilot.com/founders

 

-----

 

Founder's Field Guide is a property of Colossus, LLC. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:08] - [First question] - The push and pull nature of what Passthrough is trying to solve

[00:04:17] - What the idealized end state 10 years from now looks like

[00:07:33] - A history of friction in investing and what barriers still remain today

[00:12:35] - The spark of insight that led to starting this new venture

[00:17:45] - Lessons learned from Okta and why identity is so powerful

[00:19:39] - Plans to expand this concept deeper into the tech stack

[00:22:24] - Adjacent problems that they plan to tackle as they continue to scale

[00:24:30] - What it feels like to use their product as an LP today

[00:26:10] - Working with service providers without becoming one

[00:28:06] - What great sales and distribution looks like to him at the infrastructure level 

[00:31:50] - Defining what “bring your collaborators” means 

[00:33:19] - His secret to recruiting talent to help solve an unsexy problem

[00:37:46] - His love for the intersection between process, pipelines, and efficiency 

[00:40:12] - Having a process for designing processes

[00:42:11] - How they arrived at their pricing and thoughtful pricing in software

[00:45:08] - Lessons from building Passthrough that other builders could benefit from 

[00:47:16] - The kindest thing anyone has ever done for him

Feb 15, 2022

My guest today is IAC’s CEO, Joey Levin. IAC is a unique business in that it’s a holding company which builds world-class digital businesses. Since Barry Diller created IAC over two decades ago, it has produced 11 public companies, including Match Group, Expedia, and Live Nation. Today, the business is comprised of category-leaders like Angi, Dotdash Meredith, and Care.com.

 

Joey joined IAC in 2003 and became CEO in 2015. We talk about why he tries to avoid centralization between businesses, what he's learned from Barry Diller, how he approaches capital allocation, and so much more. This conversation serves as an excellent reminder that there’s no formula to company building. Everything is idiosyncratic and requires its own best decisions. Please enjoy this great discussion with Joey Levin.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

-----

 

This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best in class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. Head to tegus.co/patrick for your free trial.

 

-----

 

This episode is brought to you by Levels. As one of their early access members, Levels was one of the most interesting products I've used. Levels is attempting to make continuous glucose monitoring mainstream by using real-time biosensors to see how food affects your health. Using Levels made me realize how little we understand about what's happening inside our bodies. And it was the only product that has ever made me willing to log food. If you want early access to become a Member of their private Beta, (the waitlist is currently 150K+ people), use this link – levels.link/PATRICK

 

-----

 

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:05] - [First question] - The unique nature of IAC; the business of building businesses

[00:05:27] - The first business spun out of IAC and its bottom-up philosophy

[00:06:41] - The differences of IAC and how they manifest 

[00:09:39] - Agility and history of respecting the core functions of the internet

[00:12:36] - Simplified, faster, and larger choice digital experiences

[00:15:57] - His thoughts on the shared characteristics amongst their winners 

[00:18:26] - Lessons from building competitive products in online dating simultaneously

[00:21:37] - Navigating customer acquisition cost and embracing change

[00:24:04] - What makes someone great at customer acquisition 

[00:26:26] - Fostering a unique approach compared to typical customer funnels

[00:27:48] - What most explains his move from a pip-squeak to CEO

[00:29:44] - The process he uses to get to know the critical aspects of a new business

[00:31:59] - Indications that a leader may no longer be suited to run a business

[00:33:13] - Characteristics of vertical markets that he finds attractive to get involved in

[00:34:08] - The early stages of incubating a new business and an overview of their process

[00:38:10] - Enabling new consumer experiences and infrastructure fading away

[00:40:17] - Distilling big ideas down to streamlined approachable consumer products 

[00:42:22] - High-level internal conversations around capital allocation

[00:45:06] - Quantitative versus qualitative analysis in their decision-making process

[00:46:50] - What idea felt the most right but turned out to be a disaster

[00:51:26] - Brand rollup versus brand consolidation and when either strategy is appropriate

[00:54:03] - Having a good sense of identifying, defining, and positioning categories

[00:56:23] - Which aspects of his perspectives have shifted since becoming CEO

[00:57:59] - Thoughts on the toolkit available for sourcing and the cost of capital

[01:01:08] - What personally brings him the most joy in what he does

[01:02:37] - Working with Barry Diller and what it taught him

[01:06:39] - The kindest thing anyone has ever done for him

Feb 8, 2022

My guest today is Peter Chernin, who’s had a Hall of Fame career in the entertainment business. Peter ran News Corp and Fox for fifteen years between 1996 and 2009 before co-founding The Chernin Group, which has become one of the leading investment firms in the consumer space. Along the way, he has also produced a number of blockbuster films, including Titanic, Avatar, The Greatest Showman, and The Planet of the Apes Trilogy. Please enjoy this wonderful discussion with Peter Chernin.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

-----

 

This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

 

-----

 

This episode is brought to you by Levels. As one of their early access members, Levels was one of the most interesting products I've ever used. Levels is attempting to make continuous glucose monitoring mainstream by using real-time biosensors to see how food affects your health. Using Levels made me realize how little we understand about what's happening in our bodies. And it was the only product that ever made me willing to log food. If you want early access to become a Member of their private Beta, (the waitlist is currently at 150K+ people), use this link – levels.link/PATRICK

 

-----

 

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:06] - [First question] - Business and investing lessons from producing Titanic and Avatar

[00:06:44] - Defining great content and why James Cameron’s franchises have done so well

[00:10:26] - Contributing factors to box-office domination of pre-existing franchises

[00:12:56] - Tailwinds in his earlier career and identifying them in time to get behind change

[00:16:07] - Identifying Showcase was a subscription business early on, unlike broadcast businesses

[00:19:40] - Signals of passion and how powerful niche audiences can be 

[00:23:24] - What a phony aggregator is and the slow dissolution of the middle market

[00:27:01] - The era of unbundling and direct relationships with superfans

[00:30:27] - Lessons learned from building Hulu

[00:34:29] - Working with Rupert Murdoch and qualities that separate him from the crowd

[00:37:07] - Defining what bravery means in a businesses sense

[00:39:22] - A movie he’s made in the past decade that he’s most proud of

[00:43:27] - The keys to being an effective partner to creative individuals

[00:49:53] - What exists today that may change the future landscape of media writ large

[00:52:19] - The kindest thing anyone has ever done for him

Feb 1, 2022

My guest today is entrepreneur and investor, John Pfeffer. John was a partner at private equity firm KKR in the 2000s, Chairman of leading French IT company Groupe Allium in the 90s, and now invests his own money through his private family office, Pfeffer Capital.

John is one of the smartest investors I know, and our conversation spans all of John’s experience and investment ideas. We discuss the difference between value creation and wealth creation, why John has made such a big bet on one asset, and why adaptation is more important than ever. I hope you enjoy this conversation as much as I did.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

-----

 

This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

 

-----

 

This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.

 

-----

 

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:08] - [First question] - John’s background and the experiences that shaped his worldview and sparked his curiosity

[00:07:34] - Aspiring to grow with a lack of inertia 

[00:10:31] - Why he invests primarily in technology and technology dependant businesses [00:15:22] - What it’s felt like being a tech investor from 2011 leading up to today

[00:19:26] - How he defines good and bad business

[00:21:24] - Why good businesses don’t often have technology disruption risks

[00:22:26] - An (Institutional) Investor’s Take on Cryptoassets; key points from his paper

[00:35:28] - What else is interesting in the crypto space and potentially strong business models that exist outside of Bitcoin 

[00:48:46] - How capital has changed over time and what makes capital efficiency or formation superior

[00:51:51] - Value creation and why a shift in value can affect your returns

[01:01:12] - Whether or not crypto and the founding protocols will fade out of the public eye

[01:11:52] - A consensus on store of value in crypto and how it could change

[01:18:03] - Why he is so heavily allocated to Bitcoin compared to other tokens

[01:25:19] - General take on the nature of buying and selling capital and European markets

[01:35:28] - The interconnectedness of the globe and the future of globalism

[01:39:46] - Why he doesn’t ask people where they’re from and how he prefers to get to know people that can sometimes be unorthodox

[01:41:59] - Market index investing and why it may not be the best strategy going forward

[01:47:36] - The kindest thing anyone has ever done for him



Jan 27, 2022

My guest today is the renowned tech author, consultant, and venture partner at Wildcat Ventures, Geoffrey Moore. Geoffrey has spent his career focused on the dynamics surrounding disruptive innovations and his book, Crossing the Chasm, has become a canonical work for young businesses trying to unlock mainstream markets.

 

This discussion is a masterclass on business strategy. We start with Geoffrey’s more recent work on category-defining businesses, break down his life cycle of adoption framework, and close with the ways messaging should change as a company evolves. Please enjoy this great discussion with Geoffrey Moore.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick



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This episode is brought to you by Hall Capital Partners. Hall Capital is always looking for exceptional investment talent at any stage and size, so if you are raising capital or looking for a career change in the San Francisco or New York areas, you should check them out at hallcapital.com or e-mail at invest@hallcapital.com. 

 

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:08] - [First question] - What he means by a gorilla business

[00:07:10] - An example of how companies self-organize into gorillas, chimps, and monkeys

[00:09:41] - Why architecture is so important and how it applies to company building 

[00:13:11] - How and when businesses should think about open and closed systems

[00:14:50] - Ways in which enabling tech companies are superior to application ones

[00:16:39] - Thoughts on approaching and hiring a singular use case company 

[00:18:23] - Markets underestimate competitive advantage periods for technological gorillas

[00:20:38] - The inertia and duration of being the creator of a space’s architecture

[00:23:28] - Advice for early-stage companies when creating or dominating categories 

[00:25:16] - What he’s learned about identifying trapped value 

[00:26:49] - Questions that can identify trapped value, factoring for time, and horizontal uses

[00:41:49] - Problems with risk exposure in B2B and applying this model for value creation

[00:33:37] - His initial discovery of the life cycles of adoption and its five categories

[00:39:29] - Perspective on venture capital funding and going from idea to the chasm

[00:44:10] - What good pragmatists in pain look like 

[00:47:29] - Successful vertical uses-case sales motions

[00:50:03] - Guarding from becoming over-specialized in a singular focused effort

[00:50:52] - The Diffusion of Innovations; Ways messages work their way through a company to keep up with category evolution 

[00:55:00] - How extensible these ideas are to non-technology businesses

[00:56:04] - The race between innovation and distribution 

[00:56:44] - What about the world today has changed or influenced his thinking

[00:59:17] - Ways big companies can stay competitive in emerging categories

[01:02:23] - The company he’s most enjoyed studying over his career 

[01:05:25] - Shared characteristics of exceptional leaders he’s met and talked to

[01:07:48] - The Gorilla Game, Crossing the Chasm

[01:08:14] - The kindest thing that anyone has ever done for him

Jan 25, 2022

My guest today is past guest Gavin Baker, managing partner and CIO of Atreides Management. Gavin’s focus is on consumer and tech growth investing, which makes him the perfect person to discuss the bloodbath we’ve seen in many growth equities over the past few months. We also cover inflation, semiconductors, and the disconnect between private and public markets. Please enjoy this conversation with the always great Gavin Baker.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.

 

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This episode is brought to you by Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.

 

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:30] - [First question] - What it’s been like investing over the pandemic 

[00:06:14] - The way he thinks about multiples, how they’ve done, and where they’re going

[00:09:14] - Themes that most have his attention in our current economic landscape

[00:19:25] - The ways in which wage inflation negatively impacts the market

[00:25:39] - How semiconductors have evolved and what matters in that subsector

[00:32:47] - Software volatility and the roller coaster it's been on lately

[00:35:52] - A future state where infrastructure overtakes apps 

[00:41:03] - Key differences between internet and software and how they behave

[00:43:44] - The coming trend of the metaverse and his reaction to public adoption

[00:49:26] - Investor and business opportunities in adopting tech trends

[00:53:54] - An unfolding mismatch between private and public market multiples

[00:57:17] - How the competitive landscape of venture capital might evolve

[01:05:54] - Differences in recruiting and training talent in private and public markets

[01:10:20] - Sci-Fi novels that he’s read recently; Dune, A Wizard of Earthsea, Culture, Hyperion 

Jan 20, 2022

Today, my guests are Sam Englebardt and Richard Kim, general partners at venture fund, Galaxy Interactive. Having come from the media and finance sectors, respectively, Sam and Richard joined forces in 2018 to invest in their shared thesis that immersive digital experiences would become the dominant way people engage with each other in the future.

 

Our conversation centers around the evolution of art, finance, and gaming as they proliferate in Web3. Please enjoy my conversation with Sam and Richard.  

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.

 

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This episode is brought to you by Levels. As one of their early access members, Levels was one of the most interesting products I've ever used. Levels is attempting to make continuous glucose monitoring mainstream by using real-time biosensors to see how food affects your health. If you want early access to become a Member of their private Beta, (the waitlist is currently at 150K+ people), use this link – levels.link/PATRICK

 

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:50] - [First question] - Their thoughts on the digital art market

[00:11:33] - What motivates traditional art collectors and what has been carried over into digital art

[00:17:27] - Is there an attractive beta opportunity in the digital art space?

[00:24:32] - Why investors should do more work understanding NFTs and ways to consider incorporating them into your portfolio

[00:27:55] - The history of Galaxy and their thesis writ large 

[00:33:09] - Exciting and terrifying aspects of the financialization of everything

[00:37:27] - Places where inserting markets could be beneficial with Web3

[00:45:27] - Their perspectives on gaming as a subcategory of Web3

[00:51:38] - Tokenomics and the importance of building great game communities

[00:59:18] - What we can learn from successful gaming companies and in-game monetization

[01:04:19] - How Diablo 3’s auction house detracted from the core player experience

[01:06:36] - Where they disagree with the Web3 investing community

[01:10:37] - The kindest things anyone has ever done for them

Jan 18, 2022

My guest today is Ricky Sandler, founder of Eminence Capital. Ricky is a hedge fund veteran managing over $8bn of assets across Eminence's strategies. We cover Ricky's evolution as an active investor, why he thinks this is a stock-picker's environment, and what keeps him competitive after a long and successful career. Please enjoy my conversation with Ricky Sandler.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by: Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.

 

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This episode is brought to you by Levels. As one of their early access members, Levels was one of the most interesting products I've used. Levels is attempting to make continuous glucose monitoring mainstream by using real-time biosensors to see how food affects your health. Using Levels made me realize how little we understand about what's happening in our bodies - and it was the only product that has ever made me willing to log food. If you want early access to become a member of their private beta, (the waitlist is currently at 150K+ people), use this link – levels.link/PATRICK

 

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:42] - [First question] Whether or not great investment firms should be led by a single investor

[00:03:25] - Episodes where singular investment power has proven effective and powerful

[00:05:06] - Where he finds joy in the investing process on a regular basis

[00:06:19] - Ways he’s learned to become better at guiding and helping teams he works with

[00:08:14] - The most common types of fool's gold he comes across

[00:11:00] - Evolution of the pricing mechanisms in ever-evolving markets

[00:16:14] - Common features of a good mispricing opportunity

[00:18:42] - How he interacts with other hedge funds and long-only investors

[00:21:14] - An investor he often disagrees with but loves talking to 

[00:22:13] - The investment he’s most proud of historically

[00:25:11] - What the healthy draw that keeps him coming back to investing is

[00:28:31] - His opinion on crossover funds and their growing popularity

[00:32:09] - What the world in 2022 looks like to him and what both excites and worries him

[00:38:19] - Key contributors that influence liquidity and how it flows into equity prices

[00:41:26] - A macro view of the healthcare sector and why it’s so interesting today

[00:42:59] - Lessons from the Titans

[00:43:52] - Advice he’d give to younger investors for stepping into the space 

[00:46:45] - The kindest thing anyone has ever done for him

Dec 28, 2021

My guest today is Orlando Bravo, co-founder and Managing Partner of leading private equity firm, Thoma Bravo. Thoma Bravo manages over $90bn of assets and is best known for investing in software and technology businesses. It was Orlando who led the firm’s early entry into software buyouts some twenty years ago, and he has overseen more than 350 software acquisitions since. There are few, if any, people better placed to discuss private equity and software investing. Please enjoy this excellent discussion with Orlando Bravo.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

 

-----



Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:36] - [First question] - His belief about an opportunity/capital mismatch in private equity

[00:04:26] - Adjusting his own approach to take advantage of seemingly niche opportunities

[00:06:13] - Differences between software businesses they invest in versus traditional ones

[00:08:25] - Outline of how he runs their four-hour portfolio meetings

[00:09:53] - Overview of the very first deal he ever made in the software sector

[00:14:01] - The dissonance between the average SaaS company and the ones they try to manage

[00:18:22] - Major contributors that allow for their higher margins

[00:20:16] - Common mistakes of companies that mis-invest capital for growth only

[00:22:28] - Defining what market leader means writ large

[00:23:45] - Why the subsector of cyber security is such a good opportunity set

[00:26:25] - The evolving nature of the private equity world in general

[00:28:41] - Where returns will come from going forward

[00:31:47] - How good the opportunity for returns in this style of investing today is

[00:35:32] - Lessons learned on knowing when to exit or sell a position

[00:37:59] - How short their holding periods can be and how much influence they can have in such a short time

[00:40:04] - Surprising things about deal-making that he’s learned over his career

[00:41:20] - Difficulties and points of frictions in deals that still exist for him today

[00:43:11] - What part of the deal-making process he loves the most

[00:44:30] - If your job title has a C in it you’re not allowed to complain about it

[00:46:27] - Deeply held beliefs about operating excellence

[00:47:33] - What the word service means to him given everything we’ve talked about 

[00:50:27] - How we do a better job of inviting talent into this space

[00:52:51] - How decentralization will define the 2020s and beyond

[00:55:48] - What is most interesting about Web3 that might affect cyber security

[00:57:42] - Where there is a lack in innovation in private equity today

[01:00:45] - Advice for young talent for building their careers

[01:03:16] - The kindest thing that anyone has ever done for him

Dec 23, 2021

My guest today is Nick Saltarelli, co-founder of the functional chocolate bar business, Mid-Day Squares. Nick started the company with his wife and brother-in-law a few years ago to build on a simple idea: if the big chocolate bar brands were to start today, what would they look like?

 

In our conversation, we discuss the importance of Mid-Day Squares’ $100 million revenue target, what’s wrong with the CPG industry today, and how to keep a long-term mindset while making the most of every day. Please enjoy this unique conversation with Nick Saltarelli.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

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This episode is brought to you by Pilot. Pilot handles your startup’s finance, accounting, and tax prep needs, so you can focus on what matters most—building your business. Join over 1,000 startups that rely on Pilot to help them scale. Founder’s Field Guide listeners get 20% off their first six months. Get in touch with Pilot at https://pilot.com/founders

 

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Founder's Field Guide is a property of Colossus, LLC. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:01] - [First question] - What Mid-Day Squares is and how he started the business

[00:04:48] - Why they’re so publicly open about their company’s goals

[00:09:05] - Major lessons he learned from his father’s early passing and being around very successful entrepreneurs at a young age 

[00:16:51] - What long term thinking unlocks for him in short term progress

[00:21:05] - Becoming unexpectedly close and learning from Rory Olson 

[00:25:44] - What Rory taught him about deal-making

[00:28:35] - Lessons from Rory about raising capital

[00:33:25] - Opportunities in a seemingly oversaturated market like chocolate

[00:42:46] - An example of doing something contrarian that worked out

[00:47:11] - Their unique approach to marketing Mid-Day Squares

[00:57:33] - Lessons learned about building a manufacturing operation after years in China

[01:02:35] - What we can expect from Mid-Day Squares in the near future

[01:06:59] - The kindest thing anyone has ever done for him

[01:08:05] - Mid-Day Squares Uncensored Podcast

Dec 21, 2021

My guest today is Jenny Johnson, President and CEO of one of the world’s largest asset managers, Franklin Templeton. Jenny joined the business in 1988 and has worked in the organization ever since. In early 2020 she became CEO of Franklin, which now manages some $1.5 trillion. I should, of course, note that I met Jenny as our two firms explored a partnership, which we cemented 3 months ago when we announced that Franklin Templeton would be acquiring O'Shaughnessy Asset Management.

 

During our conversation, we discuss Jenny’s thoughts on leadership, how she manages the needle-moving problem that afflicts many large companies, and the ways in which she sees private markets becoming more accessible to retail investors in the future. Please enjoy this great conversation with Jenny Johnson.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.



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At WatchBox, the world’s finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox’s global team of expert client advisors is ready to help you find the watch you’ve always wanted. Step into the collector’s circle at thewatchbox.com/patrick

 

-----



Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:19] - [First question] - The four P’s of leadership and what she thinks are the most important roles of a CEO 

[00:06:00] - The difficulty of finding and recruiting great people and keeping them invested 

[00:07:18] - Things she looks for in her senior leadership team

[00:07:59] - Knowing when to be more or less involved as a leader

[00:09:30] - Her takeaways from working in a family-owned business

[00:11:20] - Advice she’d give to families who are building businesses together

[00:12:06] - Thoughts on the role technology will play in the asset management industry

[00:16:13] - Costs and frictions that blockchains could alleviate

[00:18:17] - General views on disruption and considering ones position when thinking about the future

[00:20:09] - Knowing when to start a project internally or acquire an existing project

[00:23:10] - The hardest things about effective M&A decisions

[00:23:42] - Overseeing a hybrid model of singular focus between multiple investment groups

[00:28:26] - The pros and cons of active management against passive adoption

[00:31:15] - Costs and fees in the industry and how they might change in the future 

[00:33:04] - Talking to clients when they don’t have one specific view on strategy

[00:34:57] - When consensus is helpful and appropriate for making important decisions

[00:36:10] - Formative experiences in her career that has shaped her worldview

[00:38:34] - Managing emotions through seemingly chaotic situations

[00:39:13] - The impacts on psychology when being a top performer and an average one

[00:41:15] - Managing and adapting strategy when faced with highs and lows 

[00:42:55] - Acquiring alternative managers and defining what alternative assets are

[00:46:26] - Relevant trends on how capital is pooled and their client base over time

[00:47:52] - What is under-discussed in the world of asset management today writ large

[00:49:01] - Other leaders she’s met or knows that have had her in awe

[00:50:30] - What about Cathie Wood has made her story and approach so successful

[00:51:38] - How she runs a great board meeting and ways to improve meetings themselves 

[00:53:34] - Lessons learned about time management as the leader of a public company

[00:54:52] - What purpose means to her 

[00:56:18] - Ways we can incentivize young and new people to start investing

[00:59:10] - Her favorite things that her dad has taught her and how she’d describe him 

[01:00:57] - What has her most excited about the future  

[01:01:34] - The kindest thing that anyone has ever done for her

Dec 14, 2021

My guest today is Doug Colkitt. Doug has spent his career searching for and trading inefficient markets, first at Citadel’s high-frequency trading group, then for himself, and then as an operator building CrocSwap - a decentralized exchange or DEX designed to bring modern functionality to crypto markets, which is closer to what large traders have come to expect from a modern electronic market like the NASDAQ. 

 

My interest in market infrastructure has continued to grow since my great conversation with FTX founder Sam Bankman-Fried. So my conversation with Doug covers the evolution of market and trading infrastructure. We unpack the trading stack as it exists today, dive into DeFi’s innovations, and explore the new category of single contract DEXs that Doug is creating. After learning so much from Doug about how markets function and how crypto markets should function, I became an investor in his new business via my venture capital firm Positive Sum. Please enjoy this great conversation with Doug Colkitt.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.



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At WatchBox, the world’s finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox’s global team of expert client advisors is ready to help you find the watch you’ve always wanted. Step into the collector’s circle at thewatchbox.com/patrick

 

-----



Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:31] - [First question] - Doug’s career and history working with markets

[00:08:55] - Defining what a trading stack is 

[00:13:41] - How HFT firms are such reliable money-making models

[00:16:27] - What’s at the cutting edge of traditional markets that provides an edge

[00:18:45] - The mechanical parts of infrastructure involved in building an exchange

[00:21:00] - Classes of data that matter for operating an exchange

[00:22:11] - Capacity and what good returns are as an HFT firm

[00:28:45] - Overview of the mechanics of an AMM

[00:31:53] - Earning a yield as a liquidity provider

[00:33:59] - Other ways to think about AMMs and liquidity providers

[00:36:42] - Key players in the AMM space and the evolution of them

[00:41:20] - How asset holders can approach DEX tools and be liquidity providers

[00:42:55] - The function of an exchange’s native token

[00:45:25] - Token distribution and how to earn them without buying them

[00:48:31] - How you receive payment for providing liquidity

[00:51:31] - What CrocSwap will do and what a single contract DEX unlocks

[00:57:36] - How CrocSwap is able to do this when other exchanges can’t

[00:59:27] - What single contracts will improve for users 

[01:00:43] - The impact CrocSwap will have for all participants writ large

[01:02:28] - Whether or not CrocSwap will cultivate an ecosystem

[01:03:30] - What’s next for CrocSwap in the near future

[01:04:58] - The promise of DeFi and the future of blockchain technology

[01:07:04] - Whether or not DeFi is a threat to centralized exchanges

[01:09:52] - Defining what MEV is and why it’s important for DeFi

[01:13:04] - Missing pieces in the DeFi world and how we can address them

[01:15:24] - The kindest thing anyone has ever done for him

Dec 7, 2021

My guests today are Philip Rosedale and Bill Gurley. Philip created Second Life in the early 2000s and helped build it into the largest virtual 3D world ever created at the time. Frequent listeners will recognize Bill, who was an investor in Second Life via Benchmark Capital. During the conversation, we cover the fascinating story of Second Life and the billion-dollar economy that persists through to this day. Bill and Phillip share their key learnings from the experience, including the importance of usability, their views of the current metaverse opportunity, and what excites them most about the current focus on virtual realities. If you’re curious about what the metaverse might become, these two experts have seen much of this already and are kind to share their lessons with us. Please enjoy my conversation with Phillip and Bill.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

 

-----

 

At WatchBox, the world’s finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox’s global team of expert client advisors is ready to help you find the watch you’ve always wanted. Step into the collector’s circle at thewatchbox.com/patrick

 

-----



Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:22] - [First question] - The origin story of Second Life and why they created it

[00:05:38] - How many people were playing Second Life at its peak, the in-game economy and its growth trajectory

[00:06:49] - The interface between the in-game currency and its function for players

[00:10:53] - An example of early entrepreneurship and user-created IP in Second Life

[00:12:13] - Was technology a rate limiter to success in such an early version of the metaverse?

[00:14:35] - What was most exciting about creating it and it’s early-stage potential

[00:18:23] - Why Unity isn’t more adopted by creators and players like Minecraft

[00:24:42] - Defining what the metaverse means to each of them today 

[00:28:50] - What Discord has taught them about aggregating people digitally

[00:33:02] - Simultaneously crossing the digital chasm and the uncanny valley 

[00:38:16] - Key differences between games and platforms and the role of purpose

[00:42:04] - Why cryptocurrencies and blockchains haven’t produced experiences akin to the virtual Travis Scott concert

[00:47:13] - Why removing friction and centralizing financial structures can help growth and thoughts on play to earn gaming and user spending

[00:53:27] - Digital asset ownership and digital trustless exchanges in the metaverse

[00:57:30] - Pros and cons of today’s speculative digital asset valuations

[01:01:05] - Interesting pockets of opportunity that could benefit the metaverse ecosystem

[01:04:28] - How they’d build and construct an ETF with metaverse exposure

[01:07:18] - Thoughts on AR and VR and which holds more promise for public adoption 

[01:08:02] - Surprising findings about the role audio plays in digital worlds  

[01:10:23] - What they’re watching most closely in this emergent sector

[01:11:29] - Limitations of visual and sonic barriers when recreating real-world interactions 

[01:12:42] - The kindest things anyone has ever done for them 

Nov 30, 2021

My guest today is Francis Davidson, founder and CEO of the hospitality brand Sonder. Francis launched Sonder in 2013 as an alternative to traditional hotels and rentals with a specific focus on technology and design. During our conversation, we discuss where Sonder fits into the hospitality ecosystem and why design is so key to their offering. We also touch on Francis’s unique views around customer-centric focus, the nuances of hiring a team, and how they approach decision-making. Please enjoy my conversation with Francis Davidson.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.

 

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At WatchBox, the world’s finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox’s global team of expert client advisors is ready to help you find the watch you’ve always wanted. Step into the collector’s circle at thewatchbox.com/patrick

 

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:38] - [First question] - Thoughts on the obligation of a business to deliver the best possible customer experience

[00:03:43] - Making a decision that actively went against improving the customer experience

[00:06:00] - What Sonder is and the key insight that led to building the business

[00:08:43] - Ways they cut down costs by leveraging technology available today

[00:10:44] - The economic model of the business and where it differs most from other hotels

[00:12:15] - The journey of $100 coming in to Sonder and working through the company

[00:13:20] - How the building or asset owner is integrated into the business model

[00:14:18] - Network density and how he thinks about it when it comes to scaling Sonder

[00:16:18] - His philosophy on design and why he thinks it matters in hospitality

[00:18:05] - What you can overspend on and underspend on to keep a guest happy

[00:21:05] - Making decisions on building in house or partnering to provide a new solution

[00:22:29] - Do property owners dress up their own hotels or are there guidelines and retailers

[00:23:51] - Lessons learned from working with overseas manufacturers

[00:24:44] - The key levers that will drive the growth of Sonder

[00:26:59] - What a typical occupancy rate is for them versus other hospitality options

[00:28:23] - Category creation and design that influence and change how people behave

[00:29:45] - Qualities of a new market and what drives success in attacking it

[00:31:15] - His contrarian viewpoint on building a business and talent density

[00:33:40] - The features of his job’s product and the interview process

[00:36:21] - Does everyone at a company need to be an A player?

[00:38:00] - His philosophy on team culture and developing synchronicity

[00:41:01] - Ways to build strategic competitive advantage inside of Sonder

[00:43:22] - What the most successful version of Sonder will look like ten years from now

[00:45:16] - New features and tech improvements that are coming soon he’s excited about

[00:46:48] - Trends in hospitality that have been accelerated and changed by COVID

[00:48:36] - Growing changes in the glamping and nature-forward guest experiences

[00:51:04] - The kindest thing that anyone has ever done for him 

Nov 23, 2021

My guest today is Niraj Shah, the CEO and co-founder of Wayfair. Wayfair started life in 2002 as a collection of independent websites selling category-specific home furniture but became a one-stop-shop for the home category in 2011 when, at $500 million in sales, the team consolidated their 240 websites into Wayfair.com. Today, the business offers 22 million products from 16 thousand suppliers to more than 30 million customers.

 

During our conversation, we discuss how the competitive frontiers in e-commerce have changed, what it was like to build out a proprietary logistics operation, and what makes the home goods market more attractive than other physical goods markets. Please enjoy this great conversation with Niraj Shah.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.

 

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At WatchBox, the world’s finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox’s global team of expert client advisors is ready to help you find the watch you’ve always wanted. Step into the collector’s circle at thewatchbox.com/patrick

 

-----

 

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:50] - [First question] - The global supply chain and its issues today in 2021

[00:05:13] - Why he finds the ocean leg such a problematic area and how to resolve it

[00:07:04] - Overview of the physical goods market around the world

[00:10:50] - The role of magazines and devout subscribers in certain sectors 

[00:11:50] - Are physical goods trends in flux or fairly steady and less geared to change

[00:13:06] - From 240 separate websites into what became Wayfair as we know it today

[00:16:36] - The competitive frontier of eCommerce in its early days and why they won 

[00:18:29] - Expanded logistics control, developing their brand, and becoming Wayfair

[00:21:40] - Aggressively building for the future as a public company with investors involved

[00:27:23] - Key differences between Wayfair, IKEA, Restoration Hardware and others

[00:34:22] - Other areas of interest and drivers of future investment opportunities for Wayfair

[00:38:39] - What excellent marketing means to him and why Netflix does it so well

[00:42:02] - The margin profile of Wayfair and all of its major components 

[00:47:13] - Lessons learned from major mistakes while building the business

[00:49:54] - Company culture and deliberately investing time and money into it

[00:51:50] - Evaluating the importance and success of their adapt and grow philosophy

[00:53:18] - How he would measure his own improvement as a CEO over time

[00:55:17] - Thoughts on the dimension of competition as they scaled

[00:56:57] - The most stressful episode of growing the business and what he learned 

[01:00:16] - What the best outcome for Wayfair would look like in the future

[01:01:38] - The kindest thing anyone has ever done for him

Nov 18, 2021

Today, I am excited to share our newest show, Web3 Breakdowns. Similar to our Business Breakdowns series, Web3 will have it's own dedicated feed so make sure to hit this subscribe link or find it on your preferred podcast player. The first episode of Web3 Breakdowns covers Bored Ape Yacht Club. You will hear from guest, Eric Golden, who will also be coming back to host his own Web3 Breakdowns moving forward. We are sharing this first episode to make sure no one misses this launch. 

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Welcome to our new show, Web3 Breakdowns. We want to be your on ramp into this new decentralized world, and through conversations with builders, creators, and investors, we will do our best to help you understand and navigate this emerging ecosystem.

First up, we are breaking down the NFT project and cultural phenomenon, Bored Ape Yacht Club. To help break down Bored Apes, I am joined by Eric Golden, former Portfolio Manager at Fidelity and current Bored Ape owner. Eric and I start with an overview of the Bored Ape Yacht Club and his path to owning an NFT in the collection. We then use Bored Apes as a lens to understand how NFT projects are not just creating rare art but strong membership communities too. Beyond the cultural differences between NFT communities, it was fascinating to hear how projects are differentiating themselves with IP ownership, roadmaps, and DAOs. Please enjoy this breakdown of the Bored Ape Yacht Club.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Coinbase Prime, an integrated solution that provides an advanced trading platform, secure custody, and prime services so you can manage all your crypto assets in one place.

 

Coinbase Prime fully integrates crypto trading and custody on a single platform while giving clients the market's best all-in pricing through their proprietary Smart Order Router and algorithmic execution. Coinbase Prime extends beyond individuals - with companies like Tesla and Microstrategy using the investing platform to execute some of the largest trades in the industry. 

 

Coinbase is the only publicly-traded company with experience trading and custodying crypto assets at scale - build a unified investment portfolio with the most trusted name in crypto. Learn more by visiting coinbase.com/prime to get started.

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

Show Notes

 

[00:02:30] - [First question] - What the Bored Ape Yacht Club is

[00:03:39] - Motivations for owning a Bored Ape compared to traditional art 

[00:07:46] - The scope of prices, hierarchy, turnover, and trading overview of these NFTs

[00:09:51] - Distribution of rarity and why it matters 

[00:11:29] - How the project roadmap is managed by the member community

[00:16:23] - Who are the members and the key stewards of steering the ship

[00:18:08] - An example of a project where the owners don’t own the IP of their NFT

[00:20:56] - Underlying fundamentals and utility behind owning a Bored Ape 

[00:26:36] - Thoughts on fungible tokens inside of non-fungible projects

[00:29:06] - Ways to think about the value proposition of owning an Ape and an Ape token 

[00:30:36] - Different options for minting NFTs and their pros and cons

[00:34:36] - Literal mechanics of the minting process

[00:36:59] - Smart contract mediating of combining NFTs to generate rare ones

[00:39:20] - Building a bottom up brand and other examples of this trend

[00:41:50] - Are NFTs just gambling, or will they become investable assets like physical art

[00:46:09] - Blockchain infrastructure of the NFT space and whether it’ll stay on Ethereum

[00:48:48] - What makes the Bored Ape Yacht Club so innovative compared to other projects

Nov 16, 2021

My guest today is Will Marshall, the co-founder and CEO of Planet. Will founded Planet in 2010 with a small team of NASA scientists to build a constellation of satellites that would image the entire Earth every day. Since then, Planet has successfully built and deployed 450 satellites into space, which the company is using to create a time series of images for every place on Earth.

 

Our conversation covers the untold space story. How space is going through an internet moment where cost reductions and performance enhancements have led to a seismic shift in what’s possible above our atmosphere, and how that can drastically improve life on Earth through unique datasets like the one Planet is piecing together.

 

Once you listen to Will speak about Planet’s progress and mission, it’s hard to think of a more underappreciated company in business today.

 

Please enjoy this great conversation with Will Marshall.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.

 

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At WatchBox, the world’s finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox’s global team of expert client advisors is ready to help you find the watch you’ve always wanted. Step into the collector’s circle at thewatchbox.com/patrick

 

------

 

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:57] - [First question] - His thoughts on the renaissance of the space industry

[00:05:09] - The earliest days of Planet and why he started the business

[00:09:22] - Unique data units captured by their satellites

[00:11:21] - What might we know in fifteen years using satellite data that we don’t today

[00:13:35] - The real estate of space and interesting angles to consider 

[00:15:59] - How customers interface with Planet and their early use cases

[00:20:57] - Thoughts on the sovereignty of space and the laws that exist currently  

[00:23:43] - Figuring out the dynamics and pricing of Planet’s business model

[00:27:34] - Examples of stress and tensions when working in space

[00:29:08] - The future of privacy and concerns we should have there collectively

[00:30:29] - Five different types of satellites and their functions

[00:31:39] - The most sci-fi potential futures that Planet may unlock someday

[00:32:54] - Indexing the Earth and using data to train machine learning algorithms

[00:34:02] - What he’s learned about Earth that is most surprising

[00:37:12] - Contributing factors to a 70% decline in life on the planet in 40 years

[00:38:35] - Ways that going public might impact Planet’s long term goals

[00:40:23] - The hardware story of building various prototypes of satellites

[00:42:18] - How much is built in house versus outsourced to fabricate their satellites

[00:43:48] - Complimentary space trends that are compounding beyond imagery

[00:45:32] - Whether or not they plan on making their data open-source

[00:47:15] - Democratizing their data and allowing other companies to build on top of it

[00:48:30] - The kindest thing anyone has ever done for him

Nov 5, 2021

My guest today is Roelof Botha, a partner at one of the world’s oldest and most successful venture firms, Sequoia Capital. A few days ago before I sat down with Roelof, he announced Sequoia’s boldest innovation since the firm was founded by Don Valentine in the early 1970s. Going forward, the firm will break from the traditional VC mould of fund cycles and instead restructure around a single, open-ended, permanent structure named The Sequoia Fund.

 

In our conversation, we first discuss the details of this change from all different angles and then dive into Roelof’s career. We talk about what’s changed over the past twenty years, his days at PayPal, what legendary investors he’s worked with have had in common, and what he’s learned from being involved in businesses like Square, YouTube, and Unity.

 

Please enjoy this great conversation with Roelof Botha.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.

 

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At WatchBox, the world’s finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox’s global team of expert client advisors is ready to help you find the watch you’ve always wanted. Step into the collector’s circle at thewatchbox.com/patrick

 

------

 

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:53] - [First question] - What led Sequoia to change their structure

[00:05:53] - Parallels between their approach and the problem Square set out to solve

[00:07:36] - The mechanics of the new fund and how it’ll affect their clients

[00:10:42] - How much discretion LPs will have when choosing to participate in sub-funds

[00:13:11] - What the future looks like and how public securities could be a dominant force

[00:15:02] - Benefits and value-unlocks that the new fund offers that weren’t available before

[00:16:55] - Comparing their structure to the current crossover funds we see emerging

[00:18:21] - What alignment looks like in this new structure for LPs

[00:22:02] - Cost of capital, interest rates, and their impacts on rates of return

[00:25:39] - Changes in the industry and founders that he’s noticed

[00:28:56] - What matters to him when meeting with young companies for the first time

[00:31:47] - The importance placed on value creation over value capture in the early days

[00:33:09] - Things that would dissuade him from partnering with a company

[00:34:18] - What the growth and leadership at Square has taught him over the years

[00:35:44] - Things he’s most excited about for payments looking forward

[00:37:34] - How often a company lowering friction with technology appeals to him 

[00:38:38] - Thoughts on Unity and its role in the growing trend of the metaverse

[00:40:28] - Why the open and decentralized nature of the future is so beneficial

[00:42:05] - Lessons learned about content and internet from working with YouTube

[00:44:08] - The landscape of developers today and MongoDB's role in it 

[00:45:24] - Commonalities between companies who have a successful second act

[00:48:16] - Good board members support founders during their pivotal moments

[00:49:26] - Learning to identify and hunt for crucible moments

[00:50:50] - Curiosity is the key ingredient of a great investor

[00:52:05] - What makes for a fantastic investment memo

[00:53:20] - The most memorable investment memo he’s ever read

[00:54:07] - Honing his leadership as his role has changed at Sequoia these past years

[00:55:51] - Thoughts on Sequoia’s brand and the scope of his ambition

[00:58:05] - What he’s most curious about in the world today

[00:58:46] - What technology wants most from people today

[01:01:13] - The difference between an accountant and an actuary's mindset and when each one is appropriate to inhabit

[01:02:38] - Differences between talent and genius 

[01:04:12] - Closing principals about business building he finds important to consider

[01:06:17] - The kindest thing anyone has ever done for him

Nov 2, 2021

My guest today is Sarah Friar, the CEO of Nextdoor, which connects people in local neighborhoods together. Sarah’s CV sparkles with impressive achievements at interesting businesses, and we spend a lot of time in this conversation thinking through what excellence looks like as a CEO, CFO, equity analyst, and board member. The rest of our discussion is focused on Nextdoor and how the soon-to-be public business is fostering connections between people and businesses in their local areas.

 

I do this podcast so I get to meet and learn from people like Sarah. I could have talked to her for hours. I hope you enjoy this great conversation with Sarah Friar as much as I did.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.



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At WatchBox, the world’s finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox’s global team of expert client advisors is ready to help you find the watch you’ve always wanted. Step into the collector’s circle at thewatchbox.com/patrick

 

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:03] - [First question] - What makes an excellent equity analyst

[00:05:51] - Things Sarah does differently as an operator because she was an investor

[00:08:29] - Key factors that make a great CFO

[00:09:31] - The role of the CFO in regards to capital allocation as a company grows

[00:11:50] - What convinced her to join Salesforce and Square

[00:14:45] - The initial spark and appeal that led her to join Nextdoor

[00:17:35] - Existing problems with ‘community’ and how they approach fixing them

[00:21:36] - Interesting and compelling data points about in-person interactions

[00:23:54] - Network density as a driving factor of product quality

[00:26:43] - What gives Nextdoor a unique angle against some of its existing competitors 

[00:28:51] - Thoughts on platform leakage and user retention

[00:30:57] - Successful strategies for deploying Nextdoor in a new country

[00:35:32] - Having a feed and trying to avoid creating echo chambers

[00:37:04] - Some of the biggest mistakes they’ve made while trying to grow

[00:38:49] - Options for a business model and thoughts on advertising 

[00:43:25] - The importance of scale, advertising, and their relationship dynamic

[00:45:55] - Ways she’s learned to effectively steer the businesses strategy

[00:49:48] - Why she doesn’t like titles 

[00:51:07] - Key levers that will allow Nextdoor to succeed in the future

[00:53:35] - How advertisers evaluate platforms like Nextdoor compared to Google or Facebook

[00:57:19] - What a successful board member looks like and how she’s learned to be one

[00:59:34] - Leading with transparency and empathy

[01:02:00] - An overview of what Ladies Who Launch is and what they do

[01:03:57] - Way to educate our children about finance and encourage financial literacy

[01:07:51] - Making your platforms welcoming and guiding users away from conflict

[01:10:30] - The kindest thing anyone has ever done for her 

Oct 28, 2021

Today, we are running a special episode of Business Breakdowns on our Invest Like the Best feed. When we launched Breakdowns, we hoped to cover industries and businesses that we were “well known but poorly understood.” This deep-dive on UMG and the music industry is just that - you will walk away with a whole new appreciation for artists, labels, and what streaming technology has done for a historic industry. If you enjoy this episode, please be sure to subscribe on your preferred podcast player and check out our growing catalog of episodes.

 

Today we’re breaking down Universal Music Group. As one of the largest music businesses in the world, UMG is home to many of the world’s greatest artists, including Taylor Swift, U2, and The Beatles catalog. A discussion on UMG requires a deep dive into the history of music itself, how it was historically monetized, the shift from physical to digital, and what streaming has meant for the various pieces of the ecosystem. Our guest, Arman Gokgol-Kline, a partner and investor at Ruane, Cunniff & Goldfarb, walks us through that evolution of the music industry before we dive in on UMG.

 

In our discussion, we first break down the industry pre and post Napster, looking at the ways music was sold historically, and how that led to both record profits and a consumer revolution. We then assess streaming’s impact on the industry and how, contrary to what you might think, labels may be more important in a marketplace where it’s easier than ever for creators to record and release music. Finally, we finish with UMG’s place in the ecosystem. The primary drivers of the business, how they’re able to attract the world’s superstars, and how they think about deploying dollars to acquire new artists and timeless catalogs.

 

Please enjoy this fantastic breakdown of Universal Music Group.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Quartr. With Quartr, you can access conference calls, investor presentations, transcripts, and earnings reports – straight from your pocket. Quartr is 100% free and includes companies from 12 markets including the US, the UK, Canada, India, and all the Scandinavian countries. Quartr is available for both iOS and Android, so check out the app today.

 

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This episode is brought to you by Brex. Brex began as the first corporate card for startups and now offers a full financial stack built for scale. Get 10-20x higher credit limits, uncapped rewards, easy deposits and payments, and expense management all in one. Grow your business faster with Brex.

 

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss

 

Show Notes

[00:04:01] - [First question] - How technology disrupted the music business and it’s evolving history

[00:12:44] - What the industry of music labels looks like from the 90s to today

[00:21:19] - How it feels as a high-tier artist to engage with a label directly today

[00:28:20] - The revenue and business model of an artist akin to Taylor Swift

[00:30:44] - The differences between UMG's main sources of revenue; music publishing and recording

[00:35:08] - General margins and trends for music publishing

[00:36:22] - Ownership and mechanics of monetizing an artist’s Intellectual Property 

[00:40:57] - How streaming revenues are divided among stakeholders

[00:46:23] - History of the bargaining power of labels and streaming platforms

[00:51:25] - Capital allocation, ROI, and acquiring IP and catalogs

[00:57:39] - Thoughts on the growth profile of the industry as an investor

[01:02:23] - Potential risks to UMG in emerging technology and new creator trends 

[01:08:50] - Reasons why an artist would pick UMG over other major labels

[01:12:42] - Diversity and how artists are sometimes treated by labels

[01:14:02] - A growing increase in music consumption across the world

Oct 26, 2021

My guest today is Alex Rampell, General Partner at Andreessen Horowitz. Alex has a long history in fintech, having co-founded six companies in his career, including Affirm and TrialPay. During our conversation, we cover Alex’s framework for positive selection in investing, why the best investments are often operating systems or systems of record, and Alex’s views on the future of fintech. For those that have listened to our Business Breakdown on Visa with Alex - you know the intellectual horsepower he brings to every discussion. This conversation is no exception. 

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

 

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This episode is brought to you by Hall Capital Partners. Hall Capital is always looking for exceptional investment talent at any stage and size, so if you are raising capital or looking for a career change in the San Francisco or New York areas, you should check them out at hallcapital.com or e-mail at invest@hallcapital.com. 

 

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:32] - [First question] - Lean into positive selection and avoid adverse selection

[00:07:48] - Thoughts on growing capital formation in private markets

[00:14:01] - Why it’s useful for investors to think in terms of bonds and call options instead of equity

[00:18:39] - Doing more with less and hunting for operating systems to invest in

[00:28:08] - His views on infrastructure and the presentation layer conundrum

[00:33:32] - The sequencing involved in building an operating system over time

[00:40:11] - Rise of the creator class and the coming tailwind post-cloud technology; the rise of the solopreneur 

[00:43:32] - The pig joke and his thoughts on the FinTech space

[00:47:47] - Big financial services functions that will be embedded in non-financial businesses

[00:51:07] - Deciding which functions and financial services models are most attractive

[00:57:01] - What a shift towards data and FinTech might unlock for the world writ large

[01:02:40] - How to improve payment profits by reducing credit rates

[01:04:12] - The threat that Buy-Now-Pay-Later companies pose to Visa and Mastercard

[01:12:17] - How the struggle between distribution and innovation continues to change

[01:15:04] - The kindest thing that anyone has ever done for him 

Oct 19, 2021

My guest today is Sam Bankman-Fried, founder and CEO of leading cryptocurrency exchange, FTX. In a little over two years, FTX has registered 1.2 million users, grown to facilitate $10.9 billion of daily trading volume, and reached an $18 billion valuation. Prior to FTX, Sam worked at Jane Street Capital before founding a quant trading firm of his own, Alameda Research. At just 29, Sam has packed a lot into a short period of time, and as I’m sure you’ll hear, he has a special ability to harness uncertainty and think deeply across a range of topics.

 

In our discussion, we cover the building blocks of a perfect market, the key areas of inefficiency in today’s exchanges, and Sam’s north stars of product design and effective altruism. We also talk about fairness in crypto markets, how FTX thinks about user acquisition, and derivatives as key enablers of properly functioning markets.

 

Please enjoy my great conversation with Sam Bankman-Fried.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

 

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This episode is brought to you by Hall Capital Partners. Hall Capital is always looking for exceptional investment talent at any stage and size, so if you are raising capital or looking for a career change in the San Francisco or New York areas, you should check them out at hallcapital.com or e-mail at invest@hallcapital.com. 



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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:57] - [First question] - What motivates him and what the true north of his vision is

[00:07:12] - Evaluating the impact of well-functioning markets and philanthropic spending

[00:11:55] - The key functions and building blocks of a perfect market

[00:14:59] - Who pays $50 million to access fiat market order books

[00:21:49] - What is valuable about having access to order book data

[00:25:41] - Assessing and understanding the state of fairness in crypto markets today

[00:31:51] - Can crypto only move as fast as the fiat system keeps up

[00:32:43] - The advantages and disadvantages of stablecoins and USDT

[00:34:46] - How much fiat inflow there is into crypto markets and exchanges today 

[00:37:36] - What it is about cryptocurrency exchanges that are so appealing to him 

[00:42:21] - Building in a dynamic world and deciding the sequence of problems to solve

[00:45:12] - Whether or not the US is on the wrong side of crypto and countries competing for healthy regulatory environments in this emerging asset class

[00:47:25] - Thoughts on centralization and what being decentralized unlocks

[00:50:22] - Why derivatives are such a key function of properly functioning markets

[00:52:38] - The competitive landscape between derivatives and exchanges

[00:54:35] - Spending marketing dollars and paid acquisitions for FTX

[00:57:30] - The growing trend of user-generated content becoming user-generated assets 

[01:02:24] - How many layer one blockchains we’ll need and the competition for dominance

[01:05:18] - Thoughts on Bitcoin as the pioneer of the space and how relevant it still is

[01:06:26] - Possibly reaching a state where everything happens on-chain

[01:08:23] - What he means when he says he has more RAM than hard drive space

[01:09:39] - Amassing wealth insanely fast and whether or not it affects him

[01:10:26] - Important things to consider in this rapidly growing space

[01:12:02] - A decision he made while respecting the power laws that govern us

[01:13:10] - The kindest thing anyone has ever done for him

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