My guests this week are Jeremiah Lowin and Chetan Puttagunta. Jeremiah is the founder of Prefect.io, an open-source software company where my family and I are investors, and Chetan is a partner at Benchmark Capital. Both are past guests and good friends. I asked them on to help the audience understand the open source software business model. I’ve been fascinated with this model in which companies give a huge chunk of their work and value away for free to a community of developers, and then make money by building additional tools, functionality, and services on top of their free and open platform. While this may strike you as a wonky discussion on a niche software topic, I think it is valuable for everyone because the ideas can be applied to more than just code. I view much of my own activity as open-sourcing investment research and knowledge. It is also important because much of the world’s technology is built on top of open source projects. I hope you learn something new about this emerging category. Please enjoy.
This episode of Invest Like The Best is sponsored 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.
For more episodes go to InvestorFieldGuide.com/podcast.
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Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:40) – (First question) – Originator business in open source software; Redhat
(5:51) – Why open source is valuable in building a business
(7:40) – Examples of the benefits of open source projects
(10:27) – Open source business models that produce the best results
(17:04) – Defensibility of open source companies
(25:02) – Mentoring younger founders on using open-source
(30:54) – The benefits of launching open-source
(36:41) – Building a digital community
(41:31) – Lessons from Open Source that can be applied to other businesses
(50:04) – The opportunity sets available in the open source space
(53:33) – Future of open source
(56:31) – Tobi Lutke Podcast Episode
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
My guest today is Katrina Lake, the co-founder and CEO of Stitch Fix. Stitch Fix is a multi-billion-dollar public company which has brought an entirely new model to retail apparel by combining data science, technology, and personal stylists to create a unique shopping experience tailored to the individual consumer. I first met Katrina through past guest Bill Gurley and have been excited to host her since that first meeting. In our conversation, Katrina and I discuss all aspects of Stich Fix—its history, business model, innovations, and its future. Please enjoy this great and thought-provoking conversation with Katrina Lake.
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:19) – (First question) – Where E-Commerce stands and what the future might hold
(4:37) – Why personalization makes Stitch Fix stand out from the others
(9:34) – Why data science is foundational to their business
(12:15) – What makes for a good augmented human and hiring stylists
(14:34) – Stakeholder value and creating a great partnership with suppliers
(18:10) – Their emphasis on stakeholder focus and social justice
(19:28) – The capital efficiency of their business in the early days
(24:46) – Her superpower of recruiting
(29:46) – Her strengths in building Stitch Fix
(31:56) – Transparency vs authenticity
(32:59) – Big break for the business
(37:15) – Exclusive brands to Stitch Fix
(39:01) – The next act for Stitch Fix
(41:43) – Lessons learned in pricing services
(44:24) – Future trends in retail apparel
(48:02) – Hardest thing to copy about Stitch Fix
(49:59) – Lessons for putting data science at the center of your business
(53:37) – Moments during her journey she’s felt most alive
(55:23) – Kindest thing anyone has done for her
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
My guest this week is Brian Armstrong, the co-founder and CEO of Coinbase. The topic of our conversation is the future of cryptocurrency and decentralized finance. Its been a while since I checked in on the world of crypto and while prices are still below the 2017 highs, there’s been a ton of additional work and infrastructure laid. We discuss the major events of the past decade and what might happen in the 2020s. Perhaps most interesting, we cover the potential benefits of a modernized financial system, which Coinbase hopes to help usher in. As I’m trying to do more in conversation with CEOs, we also discuss the lessons he’s learned building a business. Please enjoy my conversation with Brian Armstrong.
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:23) – (First question) – Most important developments in cryptocurrencies
(3:00) - What happened in crypto over the last decade
(3:01) – What will happen to cryptocurrency in the 2020s
(4:01) – Long term vision for Coinbase
(6:57) – Why should we be aiming towards an open financial system
(11:41) – How crypto improves the movement of money
(14:22) – Creating sound money and currencies
(16:21) – Why economic freedom is an important variable in what he’s trying to do
(19:44) - How economic freedom can happen with various regulators around the world and in different countries
(22:49) – How Coinbase attracted its first users
(26:33) – The December 2017 madness of cryptocurrencies
(29:50) – How he thinks about recruiting teams and motivating them to be productive
(33:40) – Mistakes with people he’s learned from
(34:56) – Steering a product roadmap and creating a successful business
(37:17) – What do the non-Bitcoin currencies offer that Bitcoin doesn’t
(41:19) – Innovation in cryptocurrency that excites him: DeFi
(43:40) – Interesting geographic locations and their impact on crypto
(45:29) – How his thoughts on company building has changed over the years
(46:47) – Battling any loss of confidence as a founder
(51:01) – Improving decision making as a leader
(53:54) – Aspects of the job that he loves the most today
(56:25) – Largest impediments to mass adoption of crypto
(58:25) – His curiosity for scientific research and bioengineering
(59:19) – Advice that helped him that he would offer others
(1:01:38) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today, Matthew Ball, is a long time coming. He’s the former head of strategy at Amazon Studios, an investor, and probably my favorite business essayist writing today. In fact, I can’t think of another author whose work I read as quickly once a new essay drops. Read his latest on the past and future of Nintendo and you’ll see why. Our conversation is all about the past and future of media. We discuss movies, music, television, video games, and the metaverse. When I re-listened to this episode I couldn’t believe how much information was in Matthew's head and how easily he covered so many topics in depth. Please enjoy this great conversation.
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:20) – (First question) – Compulsive interest of how people entertain themselves
(4:19) – Changes of intellectual property and trademark in media
(9:12) – Cross media world building and Netflix’s strategy
(11:47) – Competing with the major power players at the top
(16:54) – Fate of movies in the new media landscape
(20:38) – Fate of music in the new media landscape
(25:40) – Age and gaming in this media transition
(26:20) – Gavin Baker Podcast Episode
(29:50) – Legacy of the Marvel Cinematic Universe
(34:48) – How he defines the notion of a metaverse
(39:53) – Creating a more interoperable version of our digital world
(47:37) – What is not included in the metaverse and investing in one
(52:14) – Tim Sweeney’s role in Epic Gaming
(58:12) – The unreal engine
(1:07:46) – What should investors be thinking about when it comes to gaming worlds
(1:12:43) – Opportunities in the gaming space for investors
(1:19:59) – Cloud gaming’s impact on the space
(1:26:54) – Will other media platforms have to copy the gaming industry
(1:30:51) – How interactivity and feedback loops plays into his investment decisions
(1:33:07) – Ease of creating a new media business today
(1:35:20) – Trends media storytelling
(1:38:50) – What makes for good IP in media content
(1:42;14) – Why he wants to explore payment platforms and block chain
(1:44:56) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
My guest today is Kat Cole, the COO and president of North America for Focus Brands, which owns famous companies like Cinnabon, Carvel, Jamba, and more. Kat’s story and career trajectory are remarkable, as are the lessons she’s picked up along the way which she shares with us all in this conversation. We discuss negotiation, distribution, brand building, brand extension strategies, and leadership. I always enjoy having a true operator on the show, so I was very excited to discover Kat and her thinking. Please enjoy this great conversation.
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:13) – (First question) – Her call to prayer
(2:16) – Kat Cole on Pomp’s podcast
(5:20) – Her positivity lens
(7:59) – Applying that positivity lens in business
(13:34) – How to show positivity in early interactions with someone
(17:37) – Overview of Kat’s career
(21:03) – Lessons learned building brands
(27:11) – Changing relevance or differentiation within a brand
(32:34) – Keeping a brands dominant position in people’s minds
(36:00) – The power of franchising and shared commitment
(40:50) – How her experience makes her a better investor
(42:55) – Lessons around distribution
(46:24) – Effectively negotiating and getting your fair share in a partnership
(52:49) – Attributes of a brand that get Kat most excited
(56:34) – Transferring her brand lessons to software and tech companies
(59:09) – Biggest lessons in leadership she’s learned
(1:04:13) – Checking In: the power of intention, reflection, and action to be your best and help others do the same
(1:05:18) – Most effective questions in her check-ins
(1:06:29) – Personal check-ins vs professional check-ins
(1:10:44) – Balancing gratitude and ambition
(1:14:37) – The kindest thing anyone has done for Kat
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
My guest this week is Eric Vishria, a general partner at Benchmark Capital. Eric joined Benchmark after spending the first part of his career as an operator and CEO. The topic of our conversation is the past, present, and future of software businesses. We begin by explaining why public software companies trade at such incredibly high multiples today. We then explore the several different generations of these businesses and why the future remains so bright for companies building software as their primary product. I’d go one step further and suggest that the information in this episode is even more valuable for non-software businesses and investors, because its crucial to understand the impact that these products will have on the overall business landscape. COVID has accelerated the long-running transition to digital across the corporate world, and Eric serves as the perfect guide. Let’s dive in.
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:29) – (First question) – His take on public markets, and specifically as it relates to SaaS businesses
(4:04) – Why these companies trade so high
(7:53) – Peter Zeihan Podcast Episode
(11:19) – The competitive frontier in the digital markets
(14:02) – The API competitive frontier
(14:22) – Chetan Puttagunta Podcast Episode
(18:36) – Every Company is Becoming a Software Company
(20:10) – John Collison Podcast Episode
(22:54) – Charging in an API business model
(24:09) – Describing the different generations of SaaS, starting with Gen 1
(28:15) – Gen 2 SaaS businesses
(31:52) – Being an investor in SaaS
(36:55) – Gen 3 and importance of traditional SaaS companies to get into API
(38:06) – Other problems software can solve
(44:19) – Why more money isn’t going into SaaS
(46:48) – Lessons from the investment universe and how it could apply to SaaS
(47:26) – The Hierarchy of Marketplaces — Introduction and Level 1 - Sarah Taval
(51:49) – Lessons about scaling
(57:51) – Cross customer strategy
(1:00:01) – Energy and Civilization: A History
(1:01:28) – Qualities of an interesting investor
(1:03:52) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
My guest this week is Turner Novak, a partner at Gelt VC. Many of the largest companies in the world today are consumer social companies, so Turner and I discuss the past, present, and future of those businesses. When executed right, they are often the fastest-growing companies in history, and the rise of TikTok and some other companies we discuss makes it clear that there may always be more room at the top. The network effects that support these companies make them unique beasts to analyze, and Turner’s writing has been among my favorite content on the topic. Please enjoy our detailed conversation on this important are of public and private markets.
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:18) – (First question) – History of consumer social companies
(3:28 – The importance of quality growth over rate of growth
(4:43) – Importance of friends and identity in a social network
(6:21) – Major markers he analyzes in new social networks
(7:59) – The meteoric rise of TikTok and how it compares to other social networks
(8:08) – The Rise of TikTok and Understanding Its Parent Company, ByteDance
(13:38) – How TikTok deals with user friction
(17:28) – Why TikTok copies is a waste
(21:08) – Advising companies to build a media arm in this environment
(24:18) – Business models beyond advertising for social networks
(30:44) – His thoughts on Pinduoduo and the opportunity for a similar company in the US
(37:36) – What Snapchat is doing
(43:51) – How social eCommerce could be a competitor to an Amazon
(46:31) – His review of Zynn
(46:36) - Attack of the Clones: TikTok’s Rival Kuaishou Lands in the US
(52:22) – The geopolitical battle of social networks
(53:36) – Creating social commerce companies
(54:27) – Fantasy draft portfolio
(59:18) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
My guest this week is Charlie Songhurst, the former head of strategy at Microsoft and a prolific investor, having personally invested in nearly 500 companies throughout his career. I met Charlie at an event hosted in New York and you can tell within one minute of meeting him that his mind is sparkling with ideas and curiosity. Its no wonder he’s been among the most commonly requested guests when I asked several top investors and CEOs who I should have on the show. We discuss the lessons he’s learned about business, investing, and people from such a large sample size of companies. I won’t reveal any more here, I highly recommend you just listen to Charlie and learn. Let’s dive in.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(1:25) – (First question) – Stack ranking the vices of power, money and fame
(2:41) – Memorable response to the stack ranking question
(3:13) – Best scenario to explore this stack ranking concept
(3:55) – Other ways to rank founders
(4:44) – Quick look at this career
(5:16) – Time at Microsoft
(6:03) – Features he looks for in startups
(10:55) – Managing the declining curve of productivity
(14:55) – Why founders are often unique people
(14:57) – Jeff Gramm Podcast Episode
(15:04) – Aliens, Jedi & Cults
(19;43) – How early entrepreneurs need to make recruitment a serious part of their work
(23:06) – How successful founders win the best candidates
(25:27) – The East Coast vs. West Coast investment strategies
(30:40) – When it’s time to bring in quantitative factors into early stage investing
(34:36) – The markers that pop up in companies that hit
(37:22) – Boring but successful investments
(39:28) – Investor aesthetics
(41:29) – Characteristics of investors that he believes are important to success
(42:57) – Impacts of Covid and some of the permanent changes that have happened as a result
(47:49) – Investing opportunities in the local community
(49:13) – His take on cryptocurrencies
(53:47) – Most mis valued asset in the world
(55:16) – Investing opportunities in Europe
(57:34) – Make up of his 483 investments
(57:58) – Matt Clifford Podcast Episode
(59:17) – Curation as a skill
(1:01:54) – Timing and startup success
(1:05:11) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
My guest today is Blake Robbins, a partner at Ludlow Ventures. We talk about all things video games, including the major companies in the industry, how games monetize, how in-game economies work, how e-sports has evolved, and much more. This is a fast-growing segment of consumer attention and interest, I believe we are in the very early days of gaming going mainstream.
I also have a favor to ask. My team and I have built a small survey for Invest Like the Best listeners and if you’ve enjoyed the podcast, I’d deeply appreciate it if you took 5 minutes to fill it out at investorfieldguide.com/survey. It will help shape the future direction of the show, which I intend to keep improving in the years to come. Thank you, and now please enjoy my conversation with Blake Robbins.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(1:35) – (First question) – Overview of the gaming industry and how folks may get involved as an investor
(3:46) – Some of the biggest players in the space
(5:30) – The monetization methods of these gams
(9:22) – How do these games respond to real currencies
(14:49) – The landscape of e-sports/e-gaming as a whole
(19:57) – His involvement with 100 Thieves
(25:52) – The media landscape and the role of influencers
(29:05) – When he invests and what the opportunities are out there
(33:07) – The engines behind a lot of this; Unity and Unreal
(34:58) – Other investors that get this trend
(37:43) – Other interesting areas of investment for him, including the creator economy
(41:25) – Opportunities to build out and invest in the infrastructure of the creator economy
(45:37) – Infrastructure opportunities that need to be built
(48:08) – Advice for younger professionals
(49:04) – Investment allocation he is most proud of
(50:08) – A unique skill he couldn’t teach or train in others
(52:27) – Something in gaming he doesn’t understand or wants to learn more about
(54:08) – The kindest thing anyone has done for Blake
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
My guest today is Brad Gerstner, the founder and CIO of Altimeter Capital, a multi-billion dollar technology-focused investment firm. Brad and his team are known for a deep expertise in internet-enabled businesses, including Expedia, Facebook, Uber, and many more. We discuss the evolution of opportunity in this style of investing, including the important shift to private investing, where so much of the value creation now happens. I won’t soon forget our discussion of consumer intent on the internet and how it has shifted, the role that essentialism plays in Brad’s business and life, and the rise of the Chinese internet giants like Bytedance. Please enjoy this great conversation with Brad Gerstner.
This episode is brought to you by the MIT investment management company (MITIMCO)
Reach out or learn more:
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(2:32) – (First question) – Overall investment philosophy at Altimeter
(5:12) – Most interesting thing in the landscape today
(11:16) – Disrupting the tech giants moving forward
(13:56) – The investing opportunity in the backend of the internet
(16:42) – His take on old line businesses and how technology could shift his view on them
(18:56) – Lessons from company founders whose platforms rely on consumer discovery
(21:32) – Running his business on essentialism
(21:40) – Essentialism: The Disciplined Pursuit of Less
(26:11) – Tactical applications of essentialism
(29:46) – Applying essentialism outside of business
(31:16) – What travel has taught him about business
(33:43) – What we should know about the Chinese internet market
(37:11) – The emergence of bite sized transactions across the web
(39:22) – Bite sized work
(42:43) – How early on can you figure out what company would win a vertical
(45:36) – What problem space would he tackle today
(48:49) – Collaborating in the private markets
(57:27) – Pricing businesses as a key component of his investment choices
(1:02:47) – Fascination with life sciences and software
(1:04:12) – What about the future excites him
(1:06:48) – Kindest thing anyone has done for Brad
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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My guest today is John Collison, the Co-Founder of the digital payments company Stripe. Stripe’s mission is to increase the GDP of the internet, a lofty and deeply interesting pursuit. John is clearly a voracious learner across business and investing, which you’ll hear instantly. He started Stripe with his brother Patrick when he was just 19 years old, and has grown it to, at last valuation, a $36B business. In our conversation, we discuss conglomerates, the internet economy, the power of writing, and why board members are like Pokémon characters, each with different powers. It’s a lively and wide-ranging conversation with one of the entrepreneurs I’ve most enjoyed speaking with. Please enjoy.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(1:30) – (First question) – Interest in industrial conglomerates
(9:10) – Their thinking on acquisitions vs starting new companies
(11:42) – How the payment landscape looked when Stripe was started
(15:55) – View on the internet economy
(20:09) – Exciting possibilities for the future of the internet economy
(22:11) – The forces of size vs speed among startups
(26:53) – Driving reasons why employees choose Stripe starting with clear communication
(28:55) – Tips for better internal communications
(30:09) – The importance of rigor in Stripe’s corporate culture
(32:15) – Investors and investing styles that are most intriguing to him
(36:02) – Teaching vs experiencing business lessons
(37:56) – Lessons from going to market with new ideas
(50:58) – Allowing teams to explore new ideas at Stripe
(44:11) – Best startup companies to study to understand the history of this space
(44:52) – Softwar: An Intimate Portrait of Larry Ellison and Oracle
(48:18) – Cable Cowboy: John Malone and the Rise of the Modern Cable Business
(48:43) – Infrastructures of internet businesses that are missing
(52:03) – Does general accounting practices need to change to capture the true value of a company like Stripe
(1:01:53) – Shared playbooks in Silicon Valley
(1:02:02) – The transition to the no code movement
(1:08:22) – Other businesses that pique his interest outside of software
(1:10:21) – Future trends that excite him
(1:11:10) – First memory when he felt like he was participating in the tech economy
(1:12:46 – The role of board members
(1:15:48) – Kindest thing anyone has done for him
(1:18:49) – Advice for young people
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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My guest today is Jeremy Grantham. Jeremy is the co-founder and chief investment strategist of Grantham, Mayo, & van Otterloo (aka GMO). GMO, which manages more than $60B for clients, was a firm that helped educate me early in my investing career. They’ve long published thought-provoking research, most of which came from Grantham himself. He is regarded as a highly knowledgeable investor in various stock, bond, and commodity markets, but is particularly noted for his prediction of various bubbles. In this conversation we discuss the current crisis, which he calls the fourth major event of his long and storied career as an investor. As he says, this one is the most uncertain. We also discuss unique topics like commodity-based companies, and how opportunity often lies between fields of expertise. Please enjoy our conversation.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(1:37) – (First question) – What keeps him going in investing
(2:54) – Changing approaches to managing money over the decades
(7:27) – Their investment forecast for major allocations and how that has evolved
(10:06) – How to markets compete with FAANG stocks
(16:06) – More opportunity for active investors and where
(30:55) – How he talks to clients about major stock market events
(34:09) – His interest in natural resources/commodities
(47:07) – Long term argument for the three natural resources: oil, metals, and food
(47:10) – An Investment Only A Mother Could Love: The Tactical Case
(52:01) – Specific case for particular metals
(56:46) – Areas in the future that excite him or that he wants to learn more about
(1:03:42) – Advice for people interested in investing
(1:05:15) – Kindest thing anyone has done for Jeremy
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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My guest today is Ben Thompson. Ben is the author of my favorite business strategy newsletter called Stratechery. He’s also the host of the exponent podcast, and now the Dithering, a podcast he recently launched with John Gruber. I think Ben is among the most interesting business analysts in the world, and I’ve learned from and directly applied many of his ideas. We cover many of the major concepts he’s introduced over the years, including his well know aggregation theory. I think that to understand how the internet has changed the business world for good, you must read Ben and follow his thinking. I’m excited to finally have him as a guest on the show. Please enjoy our conversation.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(01:26) – (First question) – Companies that are built for the next disruption
(1:32) – The End of the Beginning
(9:58) – Aggregation Theory and the Smiling Curve
(13:18) – Steps to creating an aggregator
(19:46) – Pattern of successful aggregators or luck?
(24:34) – How aggregators interact with suppliers and consumers
(30:49) – Taking on other aggregators
(34:09) – Platform vs aggregator in the scope of Shopify vs Amazon/Walmart
(40:55) – The Moat Map
(46:16) – Value chain thinking and profitable business models
(51:58) – Future of media and independent content creator’s vs bundles
(56:07) – Bundling independent creators
(1:00:37) – The infrastructure layer of technology and software companies
(1:02:35) – His thoughts on gaming platforms
(1:06:13) – The atoms vs the bits in the tech world
(1:12:18) – What he’s learned from covering Netflix
(1:13:46) – Kindest thing anyone has done for Ben
(1:15:56) – Stratechery Podcast
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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My guest today is Shishir Mehrotra and the topic of our conversation is the bundle: offering access to multiple products, services, or providers for a single bundled price. This topic is full of incorrect pre-conceived notions, and as it turns out, the bundle is one of the most powerful ideas in business. Properly harnessed it is good for everyone involved. Shishir explains the ins and outs of bundles in this conversation.
Shishir ran product at YouTube for years and sits on the Spotify board of directors. He founded and now leads Coda (which is “A Doc” spelled backwards) in 2014, to bundle together productivity apps like docs, spreadsheets, databases, and applications. I love this wonky, detailed conversation which has me thinking differently about many businesses and business strategy. Please enjoy.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(2:08) – (First question) – The arc of his career
(3:32) – Why he has an interest in bundling
(7:45) – The concepts of superfan, casualfan, and nonfan businesses
(11:05) – Using Spotify as an example of bundles
(13:24) – The first myth of bundling: Bundling is bad for consumers
(17:53) – The second myth of bundling: 1st vs 3rd party providers and the bundlers
(23:03) – Low usage but high Marginal Churn Contribution (MCC) business
(24:26) – How insurance fits into these models
(26:37) – Myth 3 of bundling: How this impacts consumers
(32:12) – How marginal costs play into the thinking of bundling
(34:54) – Myth 4: Bundling things that have nothing to do with each other
(39:51) – How bundling companies can apply this into their product development
(43:21) – Strategic advice to companies building bundles
(49:01) – How price and pricing power play into advantages for certain bundlers
(54:16) – How does bundling play into his investing thesis
(56:47) – Most interesting bundles he’s observed
(58:44) – Eigenquestions: The Art of Framing Problems
(59:14) – What the future of this trend is
(1:02:24) – What is an eigenquestion
(1:06:29) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today is Hamilton Helmer, the Co-Founder and Chief Investment Officer of Strategy Capital and the author of one of the best business books in history called 7 Powers, which is the topic of much of our conversation. He has spent his career as a practicing business strategist: advising companies, investing based on strategic insights and teaching strategy. In the last three decades, he has also utilized his strategy concepts as a public equity investor. In this conversation we cover all seven business powers, from counter-positioning to scale economies, and how companies earn and keep those powers. Any investor or businessperson should understand these concepts, and 7 Powers is the best work I’ve seen that explains them in depth. Please enjoy our conversation.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(1:31) – (First question) - What power means to him
(5:05) – Benefits being more common than barriers in the power equation
(6:28) – How early-stage companies develop their barriers
(11:23) – The power of counter positioning and how he’s seen it applied
(14:47) – The product side of counter positioning
(16:39) – Daniel Ek Podcast episode
(17:27) – Applying the idea of counter positioning to yourself
(20:40) – A cornered resource
(23:49) – A look at google as a cornered resource
(27:12) – Unique power of network economies
(31:18) – What subtleties disqualify network effects
(32:54) – Nuances of scale economies
(35:56) – Learning economies and who can scale it better
(37:07) – Building a switching cost and barrier into your business
(40:10) – Branding as power
(44:27) – Defining process power and how it differs from scale economies
(46:40) – The notion of the time lag and cash flow
(50:42) – Why is so much power concentrated in technology businesses
(52:07) – What does power mean for customers
(53:43) – Developing power as an art vs science, and the best power artists
(55:08) – The kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today is Tobi Lutke, the co-founder, and CEO of Shopify. This is both a timely and evergreen conversation. Timely, as the world as moved aggressively digital in the past two months, and Shopify powers so much of digital commerce. Evergreen, because while we touch on Covid and the Shopify business, this is much more a conversation on business and personal principles, learning, design, and growth. Tobi is one of the CEO’s I look up to most for the type of company he is building and for the way he conducts himself. We discuss business focus, why video games help you learn the power of attention, what design means for products and organizations, and much more. Please enjoy my conversation with Tobi Lutke.
This episode is brought to you by the MIT investment management company (MITIMCO)
Reach out or learn more:
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(2:35) – (First question) – The launch of the new Shopify shop app
(2:44) – Daniel Ek Podcast Episode
(2:45) – Jeff Lawson Podcast Episode
(4:56) – Having the right focus and growing a good business
(9:06) – Marketplace business model vs the merchant driven business model
9:16 – Bill Gurley Podcast Appearances - 162 | 144 | 137
(11:47) – His role as a decisionmaker as CEO of the company
(14:07) – What does he mean when he talks about quality
(18:28) – His thinking on design and quality
(18:32) – Zen And The Art Of Motorcycle Maintenance
(19:59) – The Design of Everyday Things
(21:06) – Friction as a force in business and manufacturing
(26:04) – His thoughts on systems and being free of process
(26:08) – The Systems Bible
(30:01) – The game of Factoria and how it relates to systems
(32:16) – Transfer Learning
(34:33) – What Real-Time Strategy games have taught Tobi
(38:30) – Building context inside of a company and making it scale
(41:17) – Personality typing
(46:22) – The Tobi Blueprint
(46:04) – Why he likes The Guide to the Good Life and stoicism
(55:38) – Raising kids and the impact of Covid
(1:03:16) – The kindest thing anyone has done for Tobi
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today is popular past guest Ali Hamed, who joins us for an update on private credit. We discuss what has happened so far, what parts of the market are frozen, and where opportunities may lie. We also talk about how the world has shifted digitally since the beginning of the COVID pandemic. Please enjoy my conversation with my friend Ali Hamed.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(1:41) – (First question) – World of private credit in the pandemic age
(4:50) – Bag of uncertainty
(6:27) – Important levers in private credit
(9:15) – Scary scenarios and systemic risks in this world
(13:21) – General trends in the credit data
(15:30) – Are investors factoring government response properly
(17:02) – Defining advanced rates
(20:18) – Focus on quality vs rate of return now
(22:26) – Pockets of opportunity as uncertainty declines
(26:06) – Online ecommerce platforms, like the YouTube economy
(29:40) – Non advertising driven ecommerce platforms
(31:54) – How venture capital is responding
(38:19) – How junior debt could be am opportunity
(40:17) – Trends he’s thinking about; redefining small businesses
(43:07) – Ali Hamed Podcast Episode
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today for a flash update is Chris Bloomstran, the founder and CIO of Semper Augustus and a popular past guest on the show. We talk about his view on the state of the public equity market, why it will be hard for the market to deliver great returns for the next decade relative to the last, and where opportunities may lie. Please enjoy.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(1:42) – (First question) – Adjustments to his portfolio in the age of a pandemic
(6:41) – Chris Bloomstran Podcast Episode
(9:36) – The Federal Reserve Act
(12:32) – Surprising action in the markets during the crisis
(13:08) – 2020 Investment Letter
(15:02) – Why we won’t see the same performance in tech over the future as we’ve seen the last decade
(21:00) – The carnage in energy sector and return potential
(30:06) – Berkshires activity since the crisis started
(35:48) – Where sectors are valued in the current market
(41:12) – Expectation for deflation over inflation
(48:54) – Characteristics to look for in businesses to own over the next 10 years
(52:05) – Economic factors they are focusing on
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today is Josh Kopelman, the founder of famed venture capital firm First Round Capital. Prior to starting First Round, which has invested at the earliest stages in companies like Square, Uber, and Roblox, Josh was a three-time entrepreneur, so our conversation spans early-stage investing, business building, and entrepreneurship. I’ll not sure forget his analogy distinguishing between navigators and cartographers, nor the rest of the interesting ideas he shared after seeing and investing in so many great businesses. We also discuss how First Round has bucked the trend to build what I’d call a platform adjacent to the core investing business which does a lot for their entrepreneurs and is a model for other professional investing firms, both in venture and elsewhere. Please enjoy my conversation with Josh Kopelman.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:05) – (First question) – How pandemic has impacted their investing strategies
(3:54) – How this stressful environment impacts founders
(6:23) – His early career as a founder and how startup culture has changed
(10:15) – Most important lessons from his entrepreneurial career and building from just an idea
(11:50) – How to analyze a founder
(14:05) – Common disagreements when it comes to deciding on an investment
(15:33) – How many opportunities they evaluate in a meeting
(16:16) – The curvy road to their investment in Roadblox
(17:52) – Whether the concept for a platform is overused
(19:36) – Founders asking what google search they should build on
(20:46) – Solving existing or forecasted problems
(25:39) – How the startup scene is impacted by the huge legacy tech companies
(30:28) – What makes a great early stage investor
(32:19) – Do they focus on founders or themes
(33:19) – Where will valuations and returns come back to after the pandemic
(36:30) – How are business models evolving in technology entrepreneurship
(36:31) – Matt Clifford Podcast Episode
(39:40) – The Dorm Room Fund
(43:02) – Whether investment funds should have their own platform
(47:31) – Product mistakes in software building
(51:52) – What he’s most excited about for the future
(54:05) – The kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today is Manny Stotz, the founder of Kingsway Capital. Manny is one of the leading investors in Frontier Markets, investing in equities in countries like Egypt, Bangladesh, and Pakistan. We discuss the opportunity in these markets from all angles: demographics, valuations, sectors and beyond. It is important to note that we recorded this conversation before COVID, and these markets have fallen 30% without a similar rebound in prices that we’ve seen in the U.S. As you listen you’ll hear why this may be relevant for the companies Manny focuses on and may accentuate the opportunity in Frontier Markets even relative to the numbers quoted in this conversation. Listeners will know my interest in Frontier Markets runs deep, so I was excited to have one of the categories leading investors join me.
Please enjoy my conversation with Manny Stotz.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
2:07 – (First question) – How Kingsway was conceived, their focus on frontier emerging markets, and his career path
11:57 – What are the best company builders good at when it comes to fostering a brand
18:30 – How country-specific factors impact the tailwind
25:43 – How markets are faring in these special circumstances
32:09 – Building a book in many of the markets they trade-in
37:10 – Understanding your edge in frontier markets, showing up
39:59 – Importance of solid distribution for the companies he invests in
42:12 – Concentration in various markets
44:10 – Moving beyond consumer brands in these markets
47:14 – Some of the most interesting countries they are looking into and the country business model
47:42 – Guns, Germs, and Steel: The Fates of Human Societies
47:44 – Civilization: The West and the Rest
47:46 – Why Nations Fail: The Origins of Power, Prosperity, and Poverty
53:21 – New topics he’s excited to learn about that will impact his business over the next 10-20 years
55:37 – Best way for people to get involved and invest in these markets
58:17 – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest this week is Sarah Tavel, a general partner at Benchmark, working alongside past guests Bill Gurley and Chetan Puttagunta. Sarah has a long history as both an investor and as an operator. She was an early product leader at Pinterest before joining Benchmark. Sarah has become one of my go-to resources for topics like networks, consumer technology, and marketplaces among many other topics. I’ve used her framework for how to think about client engagement, company data, and marketplace liquidity and quality over and over again in my business life. I’m so excited to finally have her on the show. Please enjoy our conversation.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
1:24 – (First question) - Lessons learned from watching the food delivery space
5:44 – Hip camp and how they are thinking about the space rental sector
5:45 - The a16z Marketplace 100
7:47 – Valuing private companies vs public companies
9:37 – Building marketplaces
14:24 – Tipping a market
14:30 – Bill Gurley Podcast Episode
18:09 – How to incorporate reputation scores into a network
19:55 – Search ranking as a tool for marketplaces
21:00 – Size of marketplaces vs their competitors
22:15 – Niching of marketplaces
22:21 - Chetan Puttagunta Podcast Episode
23:26 – State of the consumer social sector
27:50 – The LinkedIn problem and how she would build a social platform
30:42 – Things that are piquing her interest in the consumer space
32:20 – Lessons learned about scaling while working at Pinterest
38:42 – Pricing and the marketplace
41:25 – Identifying and optimizing a Core Action in a digital business
44:18 – Accruing benefits and mounting losses as part of the product design
47:48 – Her investment in Reci
52:18 – How should companies gather the best data from their business
56:03 – Lessons to SaaS investing
56:29 – Kindest thing anyone has done for Sarah
57:45 – Most interesting philosophy lesson
58:09 – Creating a Kingdom of Ends
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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In the midst of the worldwide quarantine, my friend Boyd Varty decided to begin an adventure he has been considering for a long time: a 40 day and 40 night stay in the African wilderness. I’m releasing this short conversation with Boyd to pique your interest in his daily dispatches. He will be taking short audio journal-like recordings and sharing them with the world as he goes. As of today they are several that you can listen to by subscribing to the Track Your Life podcast on Spotify or wherever you get your podcasts. Please enjoy this short chat with my good friend Boyd Varty.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(0:31) – The start of his 40-day trip
(1:42) – Origin of the word quarantine and how it led to this journey
(3:07) – History of this idea
(6:14) – The logistics of this 40-day venture
(9:59) – His experience doing this before and how it changed his psyche
(12:07) – What is he most fearful of
(13:22) – How he feels about sharing this experience when he returns
(15:47) – The mental preparation to this journey
(15:48) – Priya Parker Podcast Episode
(15:49) – The Art of Gathering: How We Meet and Why It Matters
(17:33) – How can outsiders make a connection to Boyd while he’s in this isolation
(19:55) – How can people actually follow him on this journey
(20:23) – Track Your Life with Boyd Varty Podcast – Apple Podcasts | Spotify
(20:33) – Instagram - @boyd_varty
(20:36) – boydvarty.com
(20:43) – 40daysand40nights.com
(21:05) – The story of the 17 lions
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today is with past guest Gavin Baker, the founder and CIO of Atreides Management, LP. We discuss investing during a bear market and the major ways in which the COVID19 outbreak has dramatically altered the investment landscape. Please enjoy my second conversation with Gavin Baker.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(1:40) – How he sees the markets right now
(3:06) – How he handles information uncertainty and the value spreads
(5:53) – Trading in today’s market and the volatility
(9:45) – How the economic activity squares with the amount of stimulus being pumped into the market
(13:11) – Market Wizards: Interviews with Top Traders
(13:56) – Asset tests for individual companies in this environment
(19:09) – This Time Is Different: Eight Centuries of Financial Folly
(20:45) – His take on software companies during the crisis
(28:57) – Fast pace of change during extreme times of duress
(35:14) – Space as a service
(39:52) – Attention and time inside digital universes and how investors can take advantage
(46:17) – Why chaos is a ladder
(50:42) – It Was a Very Good Year: Extraordinary Moments in Stock Market History
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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My guest today is D.A. Wallach, one of the more interesting investors I’ve come across. He is the former lead singer of the group Chester French and the former artist-in-residence at Spotify, where he was also an early investor. While he’s also an early investor in companies like SpaceX, his focus the last 5 years has been on early stage health care investing, which is the topic of this conversation. We discuss the entire life sciences and heath care investing ecosystem. This was recorded in the very early days of the Coronavirus outbreak so while we touch on it briefly it isn’t the primary focus, and I intend on returning to more traditional episodes like this one in the coming weeks, meant to be evergreen conversations. Please enjoy my conversation with D.A. Wallach.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
1:31 – (First question) – Where is interest in healthcare started
4:04 – How to categorize health services
5:13 – The product of medicine
6:56 – How medicine is changing in 2020
10:17 – What is enabling innovation in medicine
12:41 – Manufacturing of solutions, gene therapy example
17:16 – Using CRISPR
19:47 – Pros and cons, and the morality of gene intervention
23:44 – How progress is being made in medical breakthroughs
26:51 – What is the business and investment world seeing on the longevity side
30:15 – What is next in the wearable medical tracking trend
33:04 – The personalization of medical treatments
34:31 – How he thinks about all of this from an investing standpoint
36:37 – Exiting these companies
39:41 – How he thinks about founders in this space
42:35 – Drug prices
42:46 – The Paradox of Pricing
46:45 – What will lead to a change in the pricing of drugs
49:05 – The delivery side of healthcare
51:09 – Investments that could improve the delivery side of healthcare
53:33 – Thoughts on the anti-interventionist line of thinking in the medical world
57:50 – Lessons from his health portfolio
1:02:33 – Other frontiers that pique his interest, including gut biome
1:06:46 – His career in music
1:08:20 – Lessons he learned during his time in the music industry
1:10:19 – Opportunities in the music industry as an investor
1:12:29 – Kindest thing anyone has done for DA
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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My guest today is Chad Cascarilla, here to discuss some of the tail risks in the economy and markets as of March 24th in the midst of the Coronavirus pandemic. Chad was one of the most successful investors during the global financial crisis with a specialty in the banking and finance systems. He now runs Paxos, a trust company which trades and custodies unique products like pax gold, bitcoin, and other tokenized assets including simple pax dollars. I feel it is important to avoid confirmation bias in times like this and not just talk to people are optimistic or long, and while I still believe this is ultimately a positive and optimistic conversation, Chad acknowledges and outlines scenarios that few are talking about yet in the markets.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Show Notes
(2:04) – (First question) – Today’s market and the porridge scenario
(7:38) – Risks to the market that people aren’t focused on
(10:54) – What lessons from 2008 do we need to heed this time
(13:07) – How does he think about inflation on the other side of this crisis
(16:02) – What does a too cold recovery look like
(20:35) – Benefits of nationalizing the banks vs pumping liquidity
(24:13) – What does the just right recovery look like
(25:24) – Assets that might be ideal to hold in a too hot or too cold scenario
(29:00) – His take on how Bitcoin has performed during this crisis
(31:53) – The US’s inherent strengths compared to the rest of the global economy
(34:50) – Advice for people
(38:59) – Paxos.com
(39:48) – What is he monitoring to see which way things shake out
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag