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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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Now displaying: March, 2022
Mar 29, 2022

My guest today is David Rubenstein, co-founder of The Carlyle Group - one of the largest private equity firms in the world. David has worked in the White House, built a $300 billion investment institution, become a prominent philanthropist, published books, and even hosts his own TV show. It was a thrill to sit down with him and cover the whole spectrum of his experience as a father, investor, historian, and titan of American business. Please enjoy this great conversation with David Rubenstein.

 

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 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.

 

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This episode is brought to you by Vanta. Vanta has built software that makes it easier to get and maintain your SOC 2, HIPAA or ISO 27001 reports at a fraction of the typical cost. Listeners can redeem a $1k off coupon at vanta.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

[00:03:02] - [First question] - What his perspective on the world today is compared to the last forty years

[00:05:35] - The long term implications of the Ukraine war on a global scale

[00:07:54] - Concerns and thoughts on the US’s role in a radically different world

[00:10:07] - How inflation and reduced globalization impacts business behavior in the US

[00:12:58] - Why he chooses to learn by listening to people who are incredibly versed in their respective fields and what started it

[00:14:11] - His method when interviewing people and how it’s changed over time

[00:15:03] - How his interest in leadership as a topic began; How to Lead

[00:17:55] - The time he was the most personally in awe of a leader

[00:19:05] - The most basic ingredients for strong leadership

[00:21:34] - Learning from Oprah and developing his own interviewing style

[00:24:25] - His leadership style while running Carlyle and key variables that drove Carlyle’s success

[00:28:41] - The ways that were most effective in terms of investment for Carlyle’s brand

[00:29:50] - How should a new investor think about the relationship between government and business

[00:31:25] - Best ways for a business to interact with the government and common traits of those who do it well

[00:32:17] - What he’s learned about leadership that he thinks is the most portable for other people

[00:34:04] - His interest in masters of leadership and what he has learned from them

[00:35:08] - How Carlyle retained their talent and building relationships with LP investors

[00:37:20] - Lessons from working in media with what worked and what didn’t; How to Invest

[00:38:55] - How he approached writing How to Invest

[00:41:13] - The importance of intuition when evaluating backers and why geniuses aren’t always chosen

[00:43:04] - Big aspects of American history and why he finds it so interesting; The American Story

[00:44:17] - Key drivers of American outcomes and biggest areas for improvement

[00:47:00] - Lessons he learned going from humble beginnings to amassing wealth and how he’s teaching his children about it

[00:49:20] - The state of private equity and what are its best and highest functions today

[00:51:03] - Experience and impressions on the emerging cryptosphere

[00:52:25] - What makes for a good chairman and why he is always drawn to that role

[00:53:42] - The most interesting system outside of the US that he’s observed

[00:55:33] - What he has learned about being a giving pledge signer and philanthropy

[00:57:02] - His interest in Monticello and the Magna Carta

[00:59:13] - View on how speeches from leaders have changed over the years; Citizenship in a Republic

[01:01:24] - What subject he would write his next book on

[01:03:58] - Thoughts on the line between giving your life for your country versus your state

[01:05:17] - The American Experiment

[01:06:10] - Looking back on his career at a time where he felt the most alive

[01:08:07] - The kindest thing anyone has ever done for him

Mar 22, 2022

My guest today is Gaurav Kapadia, founder of investment firm XN. Gaurav is a veteran of the investing arena. We cover his lessons while rising to partner at TPG Axon, co-founding Soroban Capital, and his decision to launch XN in 2020. We then discuss his approach to building XN around a culture of rigor and kindness, the importance of relationships in investing, and finding investments that are obvious in retrospect. Please enjoy my great conversation with Gaurav Kapadia.

 

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 Vanta. Vanta has built software that makes it easier to get and maintain your SOC 2, HIPAA or ISO 27001 reports at a fraction of the typical cost. Invest Like the Best listeners can redeem a $1k off coupon at vanta.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

[00:03:05] - [First question] - What lead to kindness and rigor becoming pillars in XN’s company culture

[00:05:30] - The types of situations where it’s hardest to be kind or rigorous 

[00:07:58] - Asking one question that can stump a founder can be a display of rigor

[00:08:58] - An example of looking at a situation and reducing the problem to a single variable

[00:12:51] - How he trains investors and team members to consider outcomes that would be obvious in hindsight

[00:14:28] - Developing the art of interacting with company management

[00:17:54] - Dimensions that typically find their way into his presentations and what tends to create complexity 

[00:21:13] - Whether or not rigor has declined in public markets over the years

[00:21:55] - Why fewer talented people are going into public markets

[00:23:01] - What it felt like when he first started XN and being successful at a young age 

[00:28:58] - Being impressed with his peers and rooting for each other

[00:30:33] - The nature of public versus private investing today writ large 

[00:32:32] - How he gets to know a company when he’s never heard of them before

[00:35:20] - Reasons he won’t invest from a personal policy standpoint

[00:36:01] - Common problems he encounters that companies are dealing with

[00:37:32] - Defining the strike zone of companies to invest in where he can be best-in-class

[00:39:10] - The insane valuations of public markets in recent years especially in tech

[00:40:42] - Why there are so few great businesses and common attributes of the great ones

[00:44:12] - Biggest problems in the investment industry writ large  

[00:45:48] - The most remarkable business he’s ever seen  

[00:49:22] - How he would teach investors to deploy XN’s operating partner model

[00:51:32] - His perspective and thoughts on diversity in the investing industry

[00:56:58] - A business or institution he would own outright personally 

[00:57:37] - What outside of investing most has his attention lately

[00:59:50] - Key touchpoints of coming from Queens and going to Hunter

[01:02:15] - What stands out looking back on his relationship with his parents and how hard they worked to build a better life for their family

[01:04:10] - Two things that manifest in a system that is seemingly rigged towards the wealthy and the problem with generational wealth

[01:05:29] - What has him most excited and optimistic about the future in the investing landscape today

[01:08:16] - Investing mentors deserve gratitude for believing in their pupils

[01:09:12] - The kindest thing anyone has ever done for him  

Mar 15, 2022

My guest today is Marko Papic, partner and chief strategist at Clocktower Group, where he leads the firm’s research on macroeconomics and markets. Marko has spent his career at the intersection of finance and geopolitics, making him a perfect person to speak to about current events in Ukraine and their potential impact further afield. Along with Russia and Ukraine, we discuss the Fed, inflation, China, the green energy transition, and the US’s position in the global order. Please enjoy this discussion with Marko Papic.

 

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

[00:02:48] - [First question] - His thoughts on what’s happened so far between Russia and Ukraine

[00:06:18] - The geopolitical motivations for Russia and what they can gain from the conflict 

[00:10:52] - How his impressions of warfare have evolved watching this play out

[00:13:45] - What to consider about nuclear war and different types of nuclear weapons

[00:16:31] - The economic warfare from the West against Russia and its implications

[00:21:06] - Whether or not the world is de-globalizing and how interconnected we all are

[00:24:45] - How we should view post-covid inflation, specifically in the US

[00:30:34] - The ways the Fed’s role has evolved 

[00:33:25] - Impacts of liquidity on asset prices and why it’s such a key factor in markets

[00:34:16] - China’s positioning and how the Ukraine conflict could alter their plans

[00:40:58] - Thoughts on Taiwan and how global supply chains might change

[00:44:47] - Why so few people believe that China has peaked; Young China 

[00:48:52] - His take on income equality in the US and why it’s the number one issue

[00:53:03] - What the US could do to improve itself as a country most going forward

[00:55:35] - Having a green energy transition view is crucial and the surrounding politics

[00:59:22] - The preconditions for doing well in atoms-based innovation

[01:01:13] - What he’s watching most carefully about the conflict in Ukraine

[01:02:51] - The kindest thing anyone has ever done for him

Mar 8, 2022

My guest today is Garry Tan, founder and managing partner of early-stage venture firm, Initialized Capital. Before starting Initialized, Garry was a partner at Y Combinator, employee number 10 at Palantir, and co-founder of YC backed blog platform Posterous. Our discussion covers what’s missing in the investment world, how to best systematize venture investments, and what he learned from Paul Graham. Please enjoy my conversation with Garry Tan.

 

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

[00:02:45] - [First question] - Why he’s interested by software and the global brain

[00:06:23] - How the shift from global to local manifests in his investing and company activities

[00:11:42] - Ways to increase throughput that would benefit everybody in the investing world 

[00:17:13] - What software he would build if there were no limitations and what happens at the systems level of securing deals at Initialize 

[00:23:33] - Why there is no objective application process for early-stage capital and how much human judgment we can remove from approving funding

[00:26:49] - Shared characteristics amongst new inventions he finds favorable 

[00:31:49] - Whether he’s able to evaluate an idea without a prototype

[00:33:33] - Why travel planning software was the worst idea of 2012 and what he sees as the bad idea of today

[00:36:06] - The most common reasons for failure in these types of businesses

[00:39:07] - Is big enabling technology shifts what manifests in successful outcomes?

[00:40:37] - The role of media and how it intersects with investing

[00:44:29] - What he attributes to the success of his firm and thriving in chaos

[00:48:11] - Would he press a button that would have made his childhood easy, and whether he’s met founders who haven’t come across adversity in their lives 

[00:50:00] - His thoughts on the world today via the lens of his portfolio

[00:53:12] - The kindest thing anyone has ever done for him 

 

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

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