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Colossus (Invest Like the Best / Business Breakdowns) Letters & Research Archive

793 pieces · 2016–2026 · updated every Monday

2026

09-28Noah Shinn - Building Instinct: The Personal Agent - [Invest Like the Best, EP.493]This is about Instinct, a personal AI assistant that works via text, phone, or email like a human. Founder Noah Shinn believes all software will collapse into one simple interface, and Instinct is at…→09-22Gabe Stengel - Building Investing Superintelligence - [Invest Like the Best, EP.492]This is about how AI is transforming investing. Gabe Stengel, CEO of Rogo, says the best investors will rebuild themselves around AI in 2-5 years, and Rogo builds the infrastructure for that. He stres…→09-16Michael Moritz - Lessons From 40 Years of Investing and Writing - [Invest Like the Best, EP.491]This interview covers Michael Moritz's 40-year investing career and his view that the best founders are often 'outsiders' due to childhood experiences, giving them unique resilience. He's more optimis…→09-08Walter Russell Mead - How America Keeps Winning - [Invest Like the Best, EP.490]This interview features historian Walter Mead arguing that despite internal chaos, America keeps winning through information revolution and maritime trade advantages. He says Trump turns lying and dra…→09-01Sarah Guo - Funding the Frontier - [Invest Like the Best, EP.489]This covers AI investor Sarah Guo's view that no single company will dominate AI. She sees computing power as the biggest bottleneck, with physical supply chain issues unlikely to resolve before 2030.…→08-25Neil Movva - Making AI 10x Cheaper - [Invest Like the Best, EP.488]This interview argues that the future of AI isn't chatbots but background 'agents' that run for hours, making cost more important than speed. Guest Neil Movva thinks the premium charged by labs like O…→08-18Ben Thompson on Big Tech, China, and the AI Boom Running Out of Money - [Invest Like the Best, EP.487]This interview argues that capital, not computing power, may be the real bottleneck in the AI race. Ben Thompson says the US winning AI completely would be dangerous, and the current 6-9 month gap wit…→08-11Eric Vishria - A Decade of Lessons Investing in Software & Hardware - [Invest Like the Best, EP.486]This piece covers investor Eric Vishria's decade of lessons in software and hardware. His main point: AI is adopting faster than cloud computing, but the market is so big that no single company will d…→08-04Gavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]This interview says the July 2026 AI stock sell-off (NVIDIA down 40-60%) was overblown—actual demand in Silicon Valley is accelerating. Gavin Baker sees this as a buying opportunity. Key holdings: NVI…→08-04Gavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]This piece says AI stocks crashed 40-60% in July 2026, but Gavin Baker thinks the market is too pessimistic because real demand (GPU prices, token usage) is accelerating. He likes NVIDIA (cheapest for…→07-28Sam Altman - How to Make an Abundant Future - [Invest Like the Best, EP.484]This piece covers OpenAI CEO Sam Altman's view on AI's future. He says computing power is the biggest bottleneck now but could be oversupplied in two years as AI becomes too efficient for human demand…→07-27Applied Intuition: A Billion Intelligent Machines - [Business Breakdowns, EP.248]This is about Applied Intuition, a company that sells the 'brains' and development tools for physical machines like cars, drones, and robots, rather than making the machines themselves. The founders b…→07-21Matthew Smith — Natural Gas: The Next Bottleneck - [Invest Like the Best, EP.483]This interview warns that US natural gas faces a severe shortage starting in 2028, as AI data centers and LNG exports will outpace supply and pipeline capacity, potentially draining storage by 2030 an…→07-14John Kim - How to Raise a Few Billion Dollars - [Invest Like the Best, EP.482]This episode features John Kim, a top fundraiser, explaining that raising money isn't about selling logic—it's about building trust. He says money moves at the speed of trust. His persuasion formula i…→07-07Jeremy Giffon - The Billion Dollar PDF - [Invest Like the Best, EP.481]This interview argues that attention is now more valuable than money, so content creators (the 'poster class') have more power than billionaires. Jeremy Giffon says a confident narrative can move bill…→06-30Etched - Building AI Hardware to Make Inference Faster and Cheaper - [Invest Like the Best, EP.480]This interview covers AI chip startup Etched, which builds specialized hardware to make AI inference (the actual answering/generating part) faster and cheaper than NVIDIA's GPUs. The founders bet that…→06-23Vlad Barbalat - Investing $120 Billion in Permanent Capital - [Invest Like the Best, EP.479]This episode features Vlad Barbalat, CIO of Liberty Mutual Investments managing $120B in permanent capital (money that doesn't need to be returned to investors). He says the real advantage isn't patie…→06-16Kareem Amin - The Unusual Approach to Company Building - [Invest Like the Best, EP.478]This piece features Clay CEO Kareem Amin sharing his unusual philosophy on building a company. He argues capitalism rewards risk above all else, but true risk means not knowing the outcome and facing…→06-09Alex Sacerdote - How to Invest Through Technology Cycles - [Invest Like the Best, EP.477]This piece explains how investor Alex Sacerdote uses a 'technology S-curve' framework to find AI opportunities. He argues AI is turning hardware from a commodity into a premium product—each server com…→06-03Dara Khosrowshahi - Uber's Bet on AVs, AI, and Building a Super-App - [Invest Like the Best, EP.476]Uber CEO Dara Khosrowshahi explains that Uber won't build its own self-driving cars but will act as a service provider for all autonomous vehicle (AV) companies—handling charging stations, insurance,…→05-29Toast: Sticky SaaS - [Business Breakdowns, EP.247]This is about Toast, a company that evolved from a restaurant POS system into an operating system for restaurants, handling orders, inventory, and marketing. The guest, Sean Barrett, is very bullish o…→05-28Dan Loeb - Lessons from 30 Years of Investing - [Invest Like the Best, EP.475]Dan Loeb, a top hedge fund manager, shares 30 years of lessons. He says the old way of profiting from corporate events is fading; the real edge now is buying when quant funds are forced to sell. He's…→05-26Darren Farber on Iran, China, and the Rise of Neoprimes - [Invest Like the Best, EP.474]This interview features Darren Farber, a former Pentagon advisor, discussing global military and geopolitical trends. He argues the US needs massive production of conventional weapons (like Tomahawk m…→05-20Gavin Baker - Watts and Wafers - [Invest Like the Best, EP.473]This interview says AI growth is limited by two physical things: electricity and chips. Manager Gavin Baker thinks power shortages ease by 2027-2028, with long-term solution being orbital compute (put…→05-15Auto1: EU-sed Car Marketplace - [Business Breakdowns, EP.246]This episode breaks down Auto1, Europe's largest used-car marketplace. Unlike a typical dealer, it's more like a pan-European clearinghouse for used cars. The key insight: Auto1 spent nearly a decade…→05-13Krishna Rao - Anthropic's CFO on Compute, Scaling to $30B ARR, and the Returns to Frontier Intelligence - [Invest Like the Best, EP.472]This is about Anthropic's CFO explaining how they manage computing power (the supercomputers used to train AI). He believes returns on frontier AI are still rising, especially for businesses—revenue j…→05-08Opendoor: Q1 2026 Earnings - [Business Breakdowns, EP.245]This is an interview with Opendoor's CEO after its Q1 2026 earnings. He argues Opendoor is a 'market maker' (like a stock exchange middleman), not a 'prop desk' that bets on home prices. By buying and…→05-05Brian Chesky - AI Founder Mode - [Invest Like the Best, EP.471]This interview features Airbnb CEO Brian Chesky arguing that in the AI era, founders must dive deep into product details rather than relying on managers. He predicts a consumer AI renaissance in 12-24…→05-01PriceSmart: Central America’s Costco - [Business Breakdowns, EP.244]This covers PriceSmart, a membership warehouse club operating in Central America and South America, similar to Costco. Fund manager Markus Hansen is bullish, noting 40% of operating profit comes from…→04-28Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470]Legendary trader Paul Tudor Jones shares 50 years of market lessons. He calls AI the biggest risk management failure ever, citing an industry consensus that action won't come until 50-100 million deat…→04-24Altius Minerals: Royalty Check - [Business Breakdowns, EP.243]This piece breaks down Altius Minerals, a 17-person firm managing $2 billion through 'royalties'—paying miners upfront for a share of future revenue, not profit, which is safer. Author Luke Bridgeman…→04-23Dylan Patel - The Infinite Demand for Tokens, Claude Mythos, and Supply Constraints - [Invest Like the Best, EP.469]This interview says AI token demand is exploding, and only the most advanced models are wanted, with people willing to pay almost anything. Dylan Patel thinks supply bottlenecks (like memory and chip…→04-21Alex Karnal - The Trillion-Dollar Health Revolution - [Invest Like the Best, EP.468]This interview says many deadly diseases already have treatments, but people need to use them proactively. Guest Alex Karnal argues GLP-1 drugs (like Novo Nordisk and Eli Lilly's) first proved people…→04-17Givaudan: The Magic Ingredients - [Business Breakdowns, EP.242]This piece covers Givaudan, a Swiss company that makes the scents and flavors in everyday products like toothpaste, shampoo, laundry detergent, burger sauce, and yogurt. The author says Givaudan's bus…→04-14Scott Nolan - SpaceX, Founders Fund, and Rebuilding American Uranium Enrichment - [Invest Like the Best, EP.467]This interview features investor Scott Nolan, who realized the US has no domestic uranium enrichment capacity and relies on Russia for fuel for advanced nuclear reactors. He founded General Matter to…→04-08Alan Waxman - Private Credit and the Modern Financial System - [Invest Like the Best, EP.466]This interview explains why private credit markets face risks. Alan Waxman, CEO of Sixth Street, says the real problem isn't the market itself but the 'factory model' that took off after 2018: firms r…→03-31Sergey Levine - Building LLMs for the Physical World - [Invest Like the Best, EP.465]This interview is about the future of robots. UC Berkeley professor Sergey Levine argues that building a general-purpose robot brain (a foundation model) that can control any machine is better than ma…→03-24Mitchell Green - Lessons from Cold Calling 10,000 Companies - [Invest Like the Best, EP.464]This interview breaks down how top investor Mitchell Green cold-calls nearly 10,000 companies a year and uses 8 strict filters (like revenue over $10M, 25%+ growth) to pick only the best. He warns tha…→03-17William Hockey - Building the Operating System for the Dollar and Silicon Valley Heresy - [Invest Like the Best, EP.463]This interview features Plaid co-founder William Hockey, who started Column, a bank-tech company, without venture capital by pledging his Plaid shares for loans. He argues Silicon Valley has become to…→03-10Shyam Sankar - Celebrating Heretics - [Invest Like the Best, EP.462]Shyam Sankar, CTO of Palantir, argues the US must reindustrialize after decades of moving production overseas. He sees the US in an 'undeclared state of emergency' and believes AI can make American wo…→03-04John Arnold - China, Energy Markets and Fixing America's Systems - [Invest Like the Best, EP.461]In this interview, ex-energy trader John Arnold shares his observations on China: it builds things incredibly fast—NIO's factory went from first shovel to production in 17 months, while similar US pro…→02-24Dan Sundheim - The Art of Public and Private Market Investing - [Invest Like the Best, EP.460]This interview covers Dan Sundheim's investment philosophy. He believes short-term traders dominate markets, creating opportunities for long-term investors. He's bullish on Anthropic, arguing it's not…→02-18Josh Kushner - Concentration and Conviction - [Invest Like the Best, EP.459]This is about investor Josh Kushner's philosophy: manage $50 billion but only bet on a few companies to go all-in and help founders. He thinks markets overreact to short-term noise—like when Stripe's…→02-11Cloudflare: Leading Cybersecurity - [Business Breakdowns, EP.241]This analysis explains why Cloudflare leads in cybersecurity. The guest argues its edge comes from a self-reinforcing cycle: more traffic leads to more data, better service, more paying customers, low…→02-10Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458]This podcast is about 3G Capital's investment approach. 3G thinks the market is expensive now, making deals harder, but they stick to long-term ownership of quality businesses. They highlight three ho…→02-05How Investors are using AI - [Business Breakdowns, EP.240]This episode is about how AI helps investors work faster without replacing them. David Plon says AI's main value is filtering information and killing bad ideas early, not making final decisions. For e…→02-03Ben Horowitz - Backing America’s Future - [Invest Like the Best, EP.457]Ben Horowitz, co-founder of a16z, says AI is rewriting the rules of building a tech company—money couldn't buy success before, but now with data and GPUs you can catch up fast, like Elon Musk did with…→01-30Games Workshop: The World of Warhammer - [Business Breakdowns, EP.239]This is about Games Workshop, the company behind Warhammer miniatures and games. Todd Wenning is bullish, highlighting a hidden network effect: one player pulls in friends, strengthening the whole eco…→01-29Gokul Rajaram - Lessons from Investing in 700 Companies - [Invest Like the Best, EP.456]This interview explores how AI is reshaping software. Guest Gokul Rajaram argues that human judgment—deciding what to build and what matters—will be the only durable skill. He favors companies with ne…→01-20Patrick O’Shaughnessy - Creating on Principle - [Invest Like the Best, EP.455]This interview features investor Patrick O’Shaughnessy explaining his life principle: finding undiscovered talent and helping it grow. He believes the reward for great work is more work, not money or…→01-13Tom Digan & Greg Stewart - Building the World’s Best Fitness App - [Invest Like the Best, EP.454]This is about Ladder, a fitness app that went from near-bankruptcy to #1 by revenue on the App Store. The founders say success comes from making workouts 'thoughtless' via software, not from more cont…→01-08Databricks: From Data to Decisions - [Business Breakdowns, EP.238]This episode covers Databricks, a private data and AI company valued at $130 billion, which evolved from an open-source project (Apache Spark, a free tool for processing large datasets). Guest Alan Tu…→01-06Reed Hastings - Building Netflix - [Invest Like the Best, EP.453]This is a conversation with Reed Hastings, Netflix co-founder, about building company culture. He says a company should be like a pro sports team, not a family—you swap players to win—and uses a 'Keep…→

2025

12-16Henry Ellenbogen - Man Versus Machine - [Invest Like the Best, EP.452]This piece explains how investor Henry Ellenbogen finds the 1% of stocks that compound for decades. He says 80-90% of market money is short-term, creating mispriced opportunities. He likes Duolingo (A…→12-12Amadeus: The IT Backbone of Travel - [Business Breakdowns, EP.237]This piece explains Amadeus, the hidden IT backbone of global travel bookings, like a Visa for travel. Fund manager Ben Needham says the market undervalues its pricing power and growth options, as its…→12-09Gavin Baker - Nvidia v. Google, Scaling Laws, and the Economics of AI - [Invest Like the Best, EP.451]This podcast features fund manager Gavin Baker discussing AI chip competition and investment. He argues Google's TPU was the cheapest AI compute, but Nvidia's new Blackwell chip will shift that advant…→12-05Doximity: The Hub of Healthcare - [Business Breakdowns, EP.236]This piece breaks down Doximity, a platform often called 'LinkedIn for doctors.' It gives doctors free tools like news, e-signatures, and telehealth to keep them coming back, then makes money by selli…→12-02David George - Building a16z Growth, Investing Across the AI Stack, and Why Markets Misprice Growth - [Invest Like the Best, EP.450]This interview covers how a16z's David George picks AI investments. He believes markets systematically undervalue companies growing over 30% because it's hard to model sustained high growth. He prefer…→11-25Martín Escobari - Inside General Atlantic - [Invest Like the Best, EP.449]This interview reveals how General Atlantic invests using permanent capital and a partnership culture. They think US stocks are at a 25-year high (26x earnings), while Europe (14x), Brazil (9x), and M…→11-19Ari Emanuel - The Anti-AI Bet - [Invest Like the Best, EP.448]This episode features Ari Emanuel, who runs TKO (UFC and WWE) and a new company called MARI focused on live events. His big idea: as AI makes digital content nearly free, people will pay more for real…→11-14GE Aerospace: Full Throttle - [Business Breakdowns, EP.235]This piece explains why GE Aerospace's jet engine business is a good investment. The author says GE uses a 'razor-blade' model: it loses money selling engines but makes big profits from maintenance, w…→11-11Wolfgang Hammer - The Power of Story - [Invest Like the Best, EP.447]This piece says that, according to film producer Wolfgang Hammer, a great story and a great company both need three layers: what you do (product), why you do it (personal emotion), and your belief abo…→11-07Alternative Investing: Alts For All - [Business Breakdowns, EP.234]This piece says alternative investments (like private loans and real estate funds) are moving from institutions to regular people. The author sees a $4 trillion opportunity because individuals current…→11-04Luca Ferrari - Building Bending Spoons - [Invest Like the Best, EP.446]This piece is about Bending Spoons, a company that buys and runs other businesses. Founder Luca Ferrari says their edge isn't predicting the future but being the best at operations, so they can pay hi…→10-31Robinhood: Mobile First, Margins Later - [Business Breakdowns, EP.233]This analysis explains how Robinhood grew from a zero-commission startup to the third-largest U.S. brokerage by focusing on a mobile-first app experience. The guest argues Robinhood users aren't gambl…→10-24CompoSecure: Heavy Metal - [Business Breakdowns, EP.232]This is about CompoSecure, a company that makes high-end metal credit cards with about 80% market share. The guest argues each card costs banks ~$12 but generates $1,200-$1,600 in annual profit per ca…→10-21Karim Atiyeh - Building Ramp - [Invest Like the Best, EP.445]This interview covers how Ramp uses AI to automate corporate finance, aiming for a 'self-driving' expense system. Founder Karim Atiyeh believes technical founders have an edge in the AI era because th…→10-16Dan Wang - The US vs China In The 21st Century - [Invest Like the Best, EP.444]This episode argues the US-China rivalry boils down to a core asymmetry: America invents (solar cells, iPhone) but China scales (makes 90% of solar panels, most iPhones). Dan Wang calls China an 'engi…→10-15Amphenol: The Nervous System for Electronics - [Business Breakdowns, EP.231]This episode explains why connector giant Amphenol keeps winning. Fund manager Andy Gardner sees it as the 'nervous system' of electronics, thanks to a decentralized structure (140 general managers ru…→10-09Media M&A - [Business Breakdowns, EP.230]This episode breaks down how media M&A is fundamentally changing: fewer buyers (3-5 instead of 20), more customized deals, and value shifting to platforms like Google/Facebook/Amazon and independent c…→10-06Jesse Zhang - Building Decagon - [Invest Like the Best, EP.443]This interview is about how Jesse Zhang, founder of AI customer service company Decagon, systematically found product-market fit. He believes AI will first replace the most expensive (engineers) and c…→10-01Exor: Fiat Crisis to Ferrari Glory - [Business Breakdowns, EP.229]This episode breaks down Exor, the Agnelli family's holding company that transformed from a near-bankrupt Fiat into an investment firm centered on Ferrari, healthcare, and luxury. Manager Krishna Moha…→09-30Dylan Patel - Inside the Trillion-Dollar AI Buildout - [Invest Like the Best, EP.442]This piece breaks down the trillion-dollar AI buildout: money, power, and chips are reshaping the industry. Dylan Patel says the AI race is just in its first inning, with post-training and reinforceme…→09-24WaterBridge: Oil and Water - [Business Breakdowns, EP.228]This is about WaterBridge, a company that handles the massive amounts of salty wastewater from US shale oil drilling. For every barrel of oil, about 4 barrels of wastewater come up, and disposal space…→09-23Barry Diller - Building An Entertainment Empire - [Invest Like the Best, EP.441]This piece covers media mogul Barry Diller's philosophy of 'creative conflict' (pushing smart people to their limits) and his current investment thinking. He's cautious about the AI boom, warning that…→09-16Jeff Horing - Building Insight Partners - [Invest Like the Best, EP.440]This piece unpacks how Jeff Horing runs Insight Partners, a $100B+ VC firm. Its key edge is a single $12B fund that can write both small and huge checks, letting it seamlessly 'double down' on winners…→09-05Mercado Libre: E-commerce Empire - [Business Breakdowns, EP.227]This piece breaks down Mercado Libre (MELI), Latin America's e-commerce and fintech giant, calling it a mix of Amazon and PayPal for the region. The author argues MELI wins not by inventing new things…→08-26Joe Liemandt  - Building Alpha School, and The Future of Education - [Invest Like the Best, EP.439]This interview is about Joe Liemandt using AI to transform education. His Alpha School has students study just 2 hours a day, achieving twice the learning of traditional classrooms, because AI customi…→08-19Mark Bertolini - Performance During Pain - [Invest Like the Best, EP.438]This interview features Mark Bertolini, CEO of Oscar Health, who uses his personal pain to reform US healthcare. He argues employer-based insurance is too costly and inefficient, advocating for a 'def…→08-13Compass: Real Estate Revolution - [Business Breakdowns, EP.226]This analysis explains how Compass transformed from a controversial startup into the largest US real estate brokerage, with its stock up 4x from lows. Author Geoff Collette is bullish, arguing that Co…→08-12Peter Lacaillade - Backing The Best Managers In Private Markets - [Invest Like the Best, EP.437]This podcast features Peter Lacaillade of SCS Financial, who manages over $50 billion for wealthy families. He explains how they avoid the 'reverse selection' problem in wealth management—where top fu…→08-07PE Perspective on Insurance Brokers - [Business Breakdowns, EP.225]This piece explains why private equity (PE) loves insurance brokers. Brokers earn commissions without taking on insurance risk, have strong cash flow, and the industry is fragmented, making it ideal f…→08-05Andrew Milgram - Full-Contact Capitalism - [Invest Like the Best, EP.436]This is about investor Andrew Milgram's 'full-contact' approach, targeting distressed debt in the US middle market. He sees a 'K-shaped economy' where big tech thrives but the middle market struggles—…→07-29Ramtin Naimi - Building Abstract - [Invest Like the Best, EP.435]This is about venture capitalist Ramtin Naimi, who picks startups like art masterpieces. He runs $2 billion, sees 30 pitches a week, and after enough exposure spots the outliers. Instead of fighting f…→07-23CME Group: The House Always Wins - [Business Breakdowns, EP.224]This piece breaks down CME Group, the world's biggest derivatives exchange, which profits from market volatility. Guest Adam Chandler sees a strong moat: network effects from deep liquidity and a lega…→07-22Zach Dell - Powering the Future - [Invest Like the Best, EP.434]Zach Dell says the US grid is old and electricity demand will surge from 2% annual growth to 10% due to EVs, AI data centers, and factories. But building new power plants takes 5-10 years to get appro…→07-16Agilent: Back To The Lab - [Business Breakdowns, EP.223]This piece is about Agilent, a lab instrument company that makes most of its money from consumables and services, not equipment sales (only 1/3 of revenue). The guest sees it as an undervalued 'boring…→07-15Alan Waxman - Building Sixth Street - [Invest Like the Best, EP.433]This interview explains how Alan Waxman runs Sixth Street: instead of predicting markets, he uses a framework to compare risk and reward across different investments, then moves to the best opportunit…→07-08Caryn Seidman-Becker: Rebuilding CLEAR - [Invest Like the Best, EP.432]CLEAR's CEO Caryn Seidman-Becker explains how she rebuilt the bankrupt airport security company into an identity platform. She says biometrics are just a feature, not the product—the real product is t…→07-02Alpha In Podcasts? - [Business Breakdowns, EP.222]This article analyzes whether the Business Breakdowns podcast can generate investment alpha (extra returns). It finds that as a whole, the podcast's picks underperformed the S&P 500 (30% vs 45%), so i…→07-01Jens Grede - Building SKIMS - [Invest Like the Best, EP.431]This is about SKIMS co-founder Jens Grede on building brands through pop culture. He says pop culture is the only way to break through fragmented media. He senses a cultural shift from futurism to nos…→06-25Nexstar Media: Broadcasting's Biggest Bet - [Business Breakdowns, EP.221]This piece explains why Nexstar, the largest U.S. local TV station owner, is a 'value trap'—cheap but getting worse. The industry is melting as cable TV subscriptions keep dropping, and Nexstar's grow…→06-24The Chainsmokers - Music & Markets - [Invest Like the Best, EP.430]This episode features The Chainsmokers (Alex and Drew), who went from world-famous DJs to venture capitalists running Mantis fund. They invest in founders who 'would do this no matter what,' then supp…→06-18EQT: Returns at Scale - [Business Breakdowns, EP.220]This piece breaks down how Swedish investment firm EQT consistently delivers strong returns. The guest argues the market is underpricing EQT's future carry (profit share from funds), which could be wo…→06-17Jay Hoag - Keys to Successful Growth Investing - [Invest Like the Best, EP.429]In this interview, investing legend Jay Hoag argues that everyone is chasing SaaS and AI, leaving consumer internet (like mobile entertainment, music, gaming) overlooked—and that's exactly where the o…→06-15Dinakar Singh - A Father’s Call To Action - [Invest Like the Best, EP.428]A hedge fund manager, Dinakar Singh, spent $150 million of his own money to develop three drugs for his daughter's rare disease (spinal muscular atrophy) after his diagnosis. He used a 'parallel proce…→06-10Bill Gurley - The Gift and The Curse of Staying Private - [Invest Like the Best, EP.427]VC legend Bill Gurley says companies staying private longer (5-7 years → 10-15) breaks VC math. No one—GP, LP, founder—has incentive to mark assets down, creating systemic mispricing. He warns of 'zom…→06-06Asurion: 50X Season Two - (50X, S2)This is the story of Asurion, a tiny roadside-assistance company bought for $8.5 million in 1995 that turned into a global phone-insurance giant, giving investors a 5,275x return over 30 years. The ke…→06-04UnitedHealth Group: Beyond The Premium - [Business Breakdowns, EP.219]This analysis argues that UnitedHealth (UNH) is facing temporary headwinds, not a broken business model. Its 'insurance + services' flywheel (data helps pricing, pricing attracts members) remains stro…→06-03John Zito - Inside Apollo - [Invest Like the Best, EP.426]This podcast covers John Zito, co-president of Apollo Global Management, explaining their shift from a traditional private equity firm to a giant that aligns interests with clients. He believes privat…→05-30Moncler: The Après Playbook - [Business Breakdowns, EP.218]This episode breaks down how Moncler turned from a 1952 French mountain-gear maker into a luxury outerwear giant (€3.6B revenue) after owner Ruffini bought it for ~$1M in 2003, by blending technical h…→05-27Graham Weaver - Building Alpine - [Invest Like the Best, EP.425]Alpine Investors buys small family-owned businesses (around $20M revenue) and installs 28-year-old CEOs. Founder Graham Weaver says traditional private equity is a losing game, so they target B+ indus…→05-20Gustav Söderström - How Spotify Thinks - [Invest Like the Best, EP.424]Spotify sees itself as the music industry's R&D department, losing money for 15 years to build a super-app with 650M+ users. It believes AI will turn products from services into conversations, using A…→05-13Royce Yudkoff & Rick Ruback - Entrepreneurship Through Acquisition - [Invest Like the Best, EP.423]Two Harvard professors compare two ways to buy small businesses: funded search (using investor money) and self-funded search (using your own money). They favor self-funded: buy at 4x earnings, use 80%…→05-13monday.com⁠: Work Management Software - [Business Breakdowns, EP.217]This is about monday.com, whose software works like Lego blocks—users can build any workflow, not just project management. The guest thinks its flexibility lets it thrive despite competition, and it c…→05-09Interactive Brokers: Margin Masters - [Business Breakdowns, EP.216]This piece breaks down Interactive Brokers (IBKR), a low-cost, highly automated broker that grew from 1 million accounts five years ago to 3.5 million. The hosts argue the market overestimates IBKR's…→05-06David Senra - The Focused Few - [Invest Like the Best, EP.422]This episode is all about focus. David Senra, after reading 400 founder biographies, argues that greatness comes from doing one thing for decades. Time is the ultimate filter: FTX’s Sam Bankman-Fried…→05-01Chemed: Empire of Care - [Business Breakdowns, EP.215]This article breaks down Chemed (NYSE: CHE), which owns hospice provider VITAS and plumbing service Roto-Rooter. The key idea: Chemed's management focuses solely on growing per-share free cash flow, s…→04-29Cliff Sosin - Investing in Carvana - [Invest Like the Best, EP.421]This piece covers how investor Cliff Sosin bet big on Carvana, a used-car online retailer, and held on as its stock fell 99% before rebounding. He argues Carvana's logistics network and reconditioning…→04-23Ecolab: Clean Machine - [Business Breakdowns, EP.214]This piece looks at Ecolab, a company that started with hotel cleaning chemicals and later bought Nalco to enter water treatment—now 70% of sales are water-related. Analyst Todd Wenning says its key a…→04-22Matt Huang - Investing At The Frontier - [Invest Like the Best, EP.420]This piece features Matt Huang, co-founder of Paradigm ($12B AUM), sharing his crypto investing framework. He sees crypto as a fundamental shift in human coordination, moving through three phases: mon…→04-15Neil Mehta - Finding Future S&P 500 Companies - [Invest Like the Best, EP.419]This interview features Neil Mehta of Greenoaks Capital, who explains how he picks future S&P 500 companies. His core idea is finding firms that create "jaw-dropping customer experience" (JDCE), like…→04-09Goosehead: Insuring Coverage - [Business Breakdowns, EP.212]This episode explains Goosehead Insurance's business model: it uses independent agents (who shop multiple insurers) to sell home insurance, getting most customers via mortgage lenders or real estate a…→04-08Michael Ovitz - Turning Potential into Prominence - [Invest Like the Best, EP.418]This is about legendary agent Michael Ovitz explaining how he spots talent, builds organizations, and values time. He says investing and talent management are the same: find a good idea or person, dev…→04-02Compass: Meals for the Masses - [Business Breakdowns, EP.211]This episode breaks down Compass Group, the world's largest contract caterer. Its edge: 96% customer retention (industry best), a strategy of keeping acquired local brands (e.g., Morrison for hospital…→04-01Darren Farber - The Business of Defense - [Invest Like the Best, EP.417]Darren Farber argues defense investing should focus on irreplaceable suppliers—like the only US missile fuel maker, bought for a fraction of its $2-2.5B replacement cost. He targets “one-of-one” asset…→03-26EssilorLuxottica: Sight To Behold - [Business Breakdowns, EP.210]This piece breaks down EssilorLuxottica, the eyewear giant behind Ray-Ban and Oakley. The investor argues its real moat isn't brand pricing power (gross margin 63%, not high) but vertical integration…→03-25Gili Raanan - Cybersecurity Investment Playbook - [Invest Like the Best, EP416]This piece covers cybersecurity investor Gili Raanan's playbook. He believes AI and global conflicts are creating a perfect storm, making old defenses obsolete. Instead of funding the smartest founder…→03-19Watsco: Air Apparent - [Business Breakdowns, EP.209]This deep dive explains why Watsco, an HVAC distributor, is a long-term winner. The key insight is its unique stock incentive: shares only vest at retirement (62+), and leaving early means forfeiting…→03-18Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]This is about Osmo, an AI company that gives computers a sense of smell and uses it to make perfumes. The founder thinks smell is the last sense to digitize, and AI is just starting to crack it, threa…→03-14Apollo: Connoisseurs of Complexity - [Business Breakdowns, EP.208]Apollo is a special investment firm that loves messy, complex deals. It was born in 1990 after the junk-bond market crash, filling a gap left by Drexel. Now Apollo creates its own loans (like aircraft…→03-11Kelly Granat - Investing At Lone Pine - [Invest Like the Best, EP.414]This episode features Kelly Granat, co-CIO of hedge fund Lone Pine Capital. She argues that the market's shift to short-term trading has made long-term holding a rare edge, so the fund deliberately lo…→03-04Devon Zuegel: How To Create A New Town - [Invest Like the Best, EP.413]This episode is about Devon Zuegel building a new town called Esmeralda in California's wine country. She argues the main financial hurdle isn't low returns, but a mismatch in timelines: traditional r…→02-26Cognex: Vision Quest - [Business Breakdowns, EP.207]This podcast breaks down Cognex, a machine vision company. The guest thinks it's at a turning point: using deep learning to make its products easier to use, and training a new sales team to reach smal…→02-25Chris Pedregal - Building Granola - [Invest Like the Best, EP.412]This article argues AI is the next cognitive tool, like writing or math, that expands human thinking. Chris Pedregal, founder of Granola, says AI's value is not replacing humans but pulling relevant c…→02-18Ravi Gupta - AI or Die - [Invest Like the Best, EP.411]This article says AI is changing the game: small teams can now create huge value, and having lots of employees can be a liability. Author Ravi Gupta argues that the new success metric is “magic per em…→02-11Marc Andreessen - The Battle For Tech Supremacy - [Invest Like the Best, EP.410]Marc Andreessen says China's DeepSeek open-sourced an AI model that costs 30x less but rivals top systems, a wake-up call for closed US AI firms like OpenAI. He sees AI costs dropping, triggering huge…→02-05Jack Henry: VMS King - [Business Breakdowns, EP.206]This piece explains that Jack Henry's real edge isn't technology but a 'customer-obsessed' culture; it provides core banking systems for small banks, and clients rarely switch. Bob Desmond thinks the…→02-04Graham Duncan - Talent Whisperer - [Invest Like the Best, EP.409]This is about finding and backing top investment talent. Guest Graham Duncan says talent is the best asset class. He looks for who first takes risk (the 'source'). Key holdings: Lennar (homebuilder, s…→01-29APi Group: Safety Services at Scale - [Business Breakdowns, EP.205]This piece is about APi Group, a company that makes money by doing mandatory safety inspections and then fixing the problems found. That gives it steady, high-profit revenue. The podcast guests think…→01-28Blake Hall - Combat, Service, and Innovation - [Invest Like the Best, EP.408]This piece covers Blake Hall's leadership lessons from military service and his company ID.me, a digital identity network. He argues that identity verification should rely on government-issued IDs, no…→01-22Kaspi.kz: The Kazakh Super-App - [Business Breakdowns, EP.204]This piece is about Kaspi.kz, a Kazakh super-app that combines payments, shopping, and finance. Its founder says success comes from product quality, not user count—if the app is bad, users leave every…→01-21Dylan Field - Designing The Future - [Invest Like the Best, EP.407]Figma CEO Dylan Field argues that AI reasoning (like OpenAI's O1 Pro Mode) is underhyped and already near functional AGI, but great design still needs human craft. AI lowers the floor and raises the c…→01-17Gaming Consoles Part 3: Nintendo - [Business Breakdowns, EP.203]This piece explains how Nintendo transformed from a hit-driven console cycle into a stable growth platform like Apple, thanks to the Switch ecosystem. The guest is bullish, seeing digital sales and IP…→01-15Gaming Consoles Part 2: Sony - [Business Breakdowns, EP.202]This analysis says Sony is no longer just a hardware company—it's becoming a digital entertainment platform. The author is bullish: PlayStation's profit could grow from $2B to $8B in five years as mor…→01-15Gaming Consoles Part 1: The Thesis - [Business Breakdowns, EP.201]This article says the gaming console market is shifting from selling hardware to making money from software and services, like Apple's App Store. The author is bullish, arguing the market is undervalu…→01-14Tal Zaks - Bridging Science, Medicine, and Returns - [Invest Like the Best, EP.406]Tal Zaks, ex-Moderna CMO, explains biotech investing: science is unpredictable, but mRNA is like 'information software' – change the sequence, get a new drug. Moderna's platform scored 8 wins in a row…→01-08Arm: The Silicon Blueprint - [Business Breakdowns, EP.200]This episode is about Arm, a company that designs chip blueprints (instruction set architecture) and licenses them, earning royalties per chip. The guest says Arm's $150B valuation is reasonable becau…→01-07Gaurav Misra & Dwight Churchill - Building Captions - [Invest Like the Best, EP.405]This piece is about the founders of Captions, an AI video generation company. They argue that making videos is a 'bounded problem' (with a clear end goal) compared to general AI, which is an endless r…→01-01Kering: It’s Gucci - [Business Breakdowns, EP.199]This episode covers luxury group Kering and its main brand Gucci, which is in a cyclical downturn. Fund manager Jonathan Eng sees a potential buying opportunity. Gucci's revenue has fallen from €10B t…→

2024

12-31Jack Kokko - Building AlphaSense - [Invest Like the Best, EP.404]This interview covers how AlphaSense CEO Jack Kokko uses AI to boost investment research efficiency by 5-10x. He sees AI as an accelerator, not a disruptor, making search smarter. He's bullish on expe…→12-272024 Anecdotes to Remember - [Business Breakdowns, EP.198]This podcast recap highlights the best business stories of 2024. The key takeaway: when shopping online, consumers value reliability and trust over price or speed. Coupang builds its own logistics and…→12-23FilterBuy: Fresh Air - [Business Breakdowns, EP.197]This is about FilterBuy founder David Heacock building a low-cost advantage in the fragmented air filter industry by vertically integrating manufacturing and logistics. He says most online filter sell…→12-20Jared Kushner - The Mechanic - [Invest Like the Best, EP.403]This piece covers how Jared Kushner applies business thinking to government and investing. He argues that bringing commercial incentives into government, like Operation Warp Speed (where the governmen…→12-18Inditex: Fast Fashion - [Business Breakdowns, EP.196]This episode breaks down why Inditex (owner of Zara) dominates fast fashion. The guest says its edge isn't design genius but a business model that waits for customer feedback before making clothes, ge…→12-17Scott Wu - Building Cognition - [Invest Like the Best, EP.402]This interview covers the current state and future of AI coding assistant Devin. Scott Wu, CEO of Cognition, believes AI won't replace programmers but will free them from tedious coding to focus on cr…→12-11Alternative Lending in Real Estate - [Business Breakdowns, EP.195]This episode covers the alternative lending market in real estate, where private lenders fill gaps banks left. The guest, Josh Zegen, says the biggest opportunity now is providing leverage to other pr…→12-10Micky Malka - Building Ribbit - [Invest Like the Best, EP.401]This piece covers Micky Malka, founder of Ribbit Capital. He says the first phase of fintech (using tech for finance) is over (2012-2023), and now you must actively change the game by focusing on AI,…→12-06Chetan Puttagunta and Modest Proposal - Capital, Compute & AI Scaling - [Invest Like the Best, EP.400]This podcast discusses a major shift in AI: pre-training scaling is hitting limits, so the industry is moving to 'test-time compute' (models think on the fly). This democratizes AI, letting small team…→12-04SpaceX: Rocket Ship - [Business Breakdowns, EP.194]This piece explains how SpaceX is slashing rocket launch costs from $1 million per kilogram to $10, aiming to create a whole new space economy. Analyst Luke Ward is bullish, seeing SpaceX not just as…→12-03Ronnie Fieg - Building Kith - [Invest Like the Best, EP.399]This is about how Ronnie Fieg built Kith by understanding what people want before they know it themselves, using 29 years of retail experience. He sells everything from $10 ice cream to $130,000 BMWs.…→11-27Investing in Venture Secondaries - [Business Breakdowns, EP.193]This piece explains venture secondaries—buying and selling stakes in private startups. Ravi Viswanathan of NewView Capital sees this market growing from $200B to $1T over a decade, driven by longer IP…→11-26Gabe Whaley - Building MSCHF - [Invest Like the Best, EP.398]This is about Gabe Whaley, founder of MSCHF, who turned internet pranks into a business. He says MSCHF's core is 'manufacturing cultural output'—releasing a disruptive new item every two weeks, like '…→11-20Informa: Where Industries Meet - [Business Breakdowns, EP.192]This episode breaks down Informa, a UK B2B events giant running nearly 1,000 trade shows. The guest argues live events are a 'winner-take-all' business—people go to the best party, not the second best…→11-13Fastenal: A Nuts & Bolts Success Story - [Business Breakdowns, EP.191]This analysis covers Fastenal, which isn't just a bolt seller but acts as an outsourced procurement department for big clients like Amazon warehouses. Fund manager Delian Entchev is bullish, citing it…→11-12Ernie Garcia - Leading Through Crisis - [Invest Like the Best, EP.397]This is about Carvana CEO Ernie Garcia leading through a 99% stock crash. He says it wasn't one disaster but 20 separate 20% drops, each a blow to the team. He kept focus on the real story: building s…→11-06Demographics Driving Real Estate - [Business Breakdowns, EP.190]This piece explains how demographics drive real estate investing. Fernando De Leon says the US is the best place to invest globally due to strong property rights, mature capital markets, and better po…→11-05Andrew Homan & Chris Miller - Redefining Semiconductor Progress - [Invest Like the Best, EP.396]This podcast discusses how AI is reshaping the semiconductor industry. The guests believe AI is a major shift, but Nvidia's dominance isn't unbreakable; future investment opportunities may lie around…→10-30Merck & Co: Blockbuster Drugs - [Business Breakdowns, EP.189]This episode breaks down Merck, a $300B pharma giant whose engine is Keytruda, a cancer drug that brings in $25B a year. The guest argues Keytruda's real moat isn't its patent but clinical data coveri…→10-29Boyd Varty - Becoming A Meaning Maker - [Invest Like the Best, EP.395]This episode features Boyd Varty, a South African lion tracker and life coach, on how to become a 'meaning maker' through 'story hunting'—consciously turning experiences into powerful narratives. He a…→10-25American Tower: Signals and Stability - [Business Breakdowns, EP.188]This podcast explains why American Tower (AMT) is a solid long-term investment. The guest argues cell towers are irreplaceable physical infrastructure with long-term leases (20-30 years) and stable ca…→10-22Tobi Lütke - Building Islands of Innovation - [Invest Like the Best, EP.394]This is Shopify founder Tobi Lütke on using AI and unique thinking to build innovative companies. He sees AI as an instrument, not a tool—different users get vastly different results, and it won't rep…→10-16AIG: Rise, Fall, and Rebirth - [Business Breakdowns, EP.187]This is about AIG, the insurance giant that nearly collapsed in the financial crisis and is now rebuilding. Fund manager Austin Hawley thinks AIG's new management is disciplined, fixing its old habit…→10-15Matt Perelman & Alex Sloane - The Art of Franchise Investing - [Invest Like the Best, EP.393]This is about how two investors make money by investing in franchise businesses like Burger King. They believe quality matters more than price—better to pay up for a great franchise than to buy a chea…→10-09Gregorys Coffee: From Bean to Dream - [Business Breakdowns, EP.186]This piece covers how Gregorys Coffee grew from one shop to 47 stores in New York and beyond. Founder Gregory Zamfotis positions the brand between mass chains (fast but average quality) and specialty…→10-08Kareem Zaki - Small Ideas Attract Competition - [Invest Like the Best, EP.392]This interview is about how venture firm Thrive Capital picks category-defining companies. Guest Kareem Zaki says small ideas attract lots of competition, but truly great companies solve big problems…→10-02Going Activist in Japan - [Business Breakdowns, EP.185]This piece explains activist investing in Japan—buying stakes in companies and pushing management to boost shareholder value. The author sees Japan in the 'second inning' of this trend: valuations hav…→10-01Ray Ozzie - The Future of Intelligent Machines - [Invest Like the Best, EP.391]This piece covers tech legend Ray Ozzie (Lotus Notes founder) on the future of intelligent machines. He argues true intelligence comes from blending cloud computing with edge devices like sensors, not…→09-27RTW: Investing across Healthcare - [Business Breakdowns, EP.184]This piece explains healthcare investing's unique logic: drugs have long, costly development phases, then a profitable period, followed by a sharp revenue drop from patent expirations. RTW fund sees a…→09-26Ted Seides - Investment Industry Paradigms - [Invest Like the Best, EP.390]This conversation is about how the relationship between investors (LPs) and fund managers (GPs) is changing. Ted Seides says GPs overestimate their importance—90% of rejections come from the LP's own…→09-24Lulu Meservey - Transforming Company Narrative - [Invest Like the Best, EP.389]This episode is about why founders should tell their own story instead of relying on PR middlemen. Lulu Meservey says founders have 'secret knowledge' only they know, so they must communicate directly…→09-18Sherwin-Williams: Brushstrokes of Success - [Business Breakdowns, EP.183]This episode explains why Sherwin-Williams, the world's largest paint company, keeps winning. The guest says its secret is a 'controlled distribution model'—it makes its own paint, sells it in its own…→09-17Ric Elias - The Art of Living Well - [Invest Like the Best, EP.388]This interview is about Ric Elias, who survived a plane crash and realized that 'living good' is not the same as 'living well.' He believes society tricks us into always wanting more, which steals inn…→09-11Rakuten: Rewiring Japan's Digital Economy - [Business Breakdowns, EP.182]This episode breaks down Rakuten, a Japanese internet giant. Fund manager Matt Brett says the biggest debate is its money-losing mobile network, but he thinks it could become an 'ecosystem accelerator…→09-10Alex Smith, Shane Battier, & Ravi Gupta - What Makes A Glue Guy? - [Invest Like the Best, EP.387]This episode talks about 'glue guys'—people who help teams win without seeking the spotlight. Former NBA star Shane Battier, NFL #1 pick Alex Smith, and Sequoia partner Ravi Gupta argue that talent is…→09-04Renishaw: The Precision Pioneers - [Business Breakdowns, EP.181]This is about Renishaw, a UK company making high-precision measurement tools for chips, planes, and medical devices—like selling shovels to gold miners. Fund manager Matt Tonge thinks the firm has lon…→09-03Bret Taylor - The Agent Era - [Invest Like the Best, EP.386]Bret Taylor (OpenAI chair, Sierra founder) says AI agents will be as essential as websites were in 1995. By 2025, you'll interact with brands mainly through their agents, not websites. He's bullish on…→08-283i Group: Capital in Action - [Business Breakdowns, EP.180]This is about 3i Group, a UK-listed investment company founded before WWII. After the 2008 financial crisis, it stopped managing outside money and only invests its own balance sheet. This lets it hold…→08-27Gavin Baker - AI, Semiconductors, and the Robotic Frontier - [Invest Like the Best, EP.385]This piece argues the biggest AI investment opportunity lies in the efficiency gap: GPU performance has improved 50x in 5 years, but supporting systems only 4-5x. Gavin Baker is bullish on NVIDIA (tra…→08-215 Handpicked Highlights - [Business Breakdowns, EP.179]This episode picks 5 standout companies from nearly 200 past shows. The big idea: many industries have low entry barriers but extremely high scaling barriers. L'Oreal, for example, can be challenged b…→08-14Graco: Mastering The Flow - [Business Breakdowns, EP.178]This piece is about Graco, a company that makes equipment to handle liquids like paint and oil, from cheap sprayers to expensive industrial systems. The author thinks Graco is strong because after sel…→08-13Vlad Tenev - Navigating Robinhood's Evolution - [Invest Like the Best, EP.384]This interview covers Robinhood CEO Vlad Tenev on the company's evolution from zero-commission trading to a financial ecosystem. Tenev is cautiously optimistic, seeing Robinhood recovering from its 20…→08-07Siemens Energy: Winds of Change - [Business Breakdowns, EP.177]This analysis of Siemens Energy says its gas and grid businesses are booming due to decades of underinvestment and rising power demand, but its wind unit Siemens Gamesa is a disaster losing about €2 b…→08-06Sarah Guo - The Power of Conviction - [Invest Like the Best, EP.383]This interview argues that the real value in AI isn't in the underlying models but in the applications built on top of them. Investor Sarah Guo says the 'GPT wrapper' narrative is dangerously wrong. S…→07-31Hemant Taneja - Engineering Global Resilience - [Invest Like the Best, EP.382]This is about Hemant Taneja, CEO of venture firm General Catalyst (GC), explaining how they shifted from software investing to reshaping industries like healthcare, energy, and defense. He sees the ma…→07-31Olympic Games: The Price of Glory - [Business Breakdowns, EP.176]This piece explains why hosting the Olympics is usually a money-losing deal for cities. Expert Andrew Zimbalist says every Summer Games since 1960 has gone over budget, by an average of 250%. He blame…→07-24Axon: Stunning The Competition - [Business Breakdowns, EP.175]This piece is about Axon, a company that started with stun guns (Tasers) and is now a public safety tech platform. The author is bullish, seeing Axon as a strong AI play: its DraftOne tool saves each…→07-17Rolls-Royce: Turbines and Tribulations - [Business Breakdowns, EP.174]This analysis covers Rolls-Royce, a maker of jet engines for wide-body planes, in a duopoly with GE Aerospace. Graeme Forster argues Rolls-Royce has great engineering but historically weak business se…→07-10Cintas: Rags to Riches - [Business Breakdowns, EP.173]This piece breaks down Cintas, a company that started collecting rags during the Great Depression and now dominates uniform rental and facility services in the US. Fund manager Delian Entchev is bulli…→07-09Martin Casado - Entering Uncharted AI Territory - [Invest Like the Best, EP.381]This episode explains the economics of AI: making content is now nearly free (e.g., turning a photo into a Pixar-style character costs $0.0001 vs. $200), but physical-world AI like self-driving is sti…→07-03Mineral Resources: Unearthing Value - [Business Breakdowns, EP.172]This breakdown explains how Australian miner Mineral Resources (MinRes) uses its own infrastructure (ports, airports) and founder Chris Ellison's smart capital moves to avoid the typical boom-bust cyc…→07-02Modest Proposal - AI Commoditization and Capital Dynamics - [Invest Like the Best, EP.380]This piece features investor Modest Proposal, who warns that the current AI infrastructure boom (chips, data centers) mirrors the 2000s commodity cycle: a shortage leads to overinvestment, then a glut…→06-26Motorola Solutions: From Zero to Hero - [Business Breakdowns, EP.171]This piece breaks down how Motorola Solutions (MSI) transformed from a failed phone maker into the dominant supplier of mission-critical radios for police and firefighters. Manager Joseph Shaposhnik a…→06-25Robert Greene - Optimizing Your Reality - [Invest Like the Best, EP.379]This interview is about how most of us live behind 'social masks,' and real power comes from realizing you're playing a role and choosing when to switch. Author Robert Greene says social interaction i…→06-19The Marina Industry: Building Moats, Storing Boats - [Business Breakdowns, EP.170]This episode breaks down the U.S. marina industry, where demand far outstrips supply (12 boats per 1 slip) and the number of marinas is shrinking 1-2% annually. The guests see it as a long-term bet on…→06-18Pat Grady - Relentless Application of Force - [Invest Like the Best, EP.378]This piece covers Sequoia investor Pat Grady's philosophy. He says a company's long-term edge isn't tech or market share but its team's DNA—Amazon beat eBay because of Jeff Bezos, not its business mod…→06-12Coupang: Korean E-Commerce Craze - [Business Breakdowns, EP.169]This episode breaks down Coupang, the Korean e-commerce giant that shifted from a Groupon-like model to building its own logistics, offering 'order by 11pm, deliver by 7am.' The guest, Drew Cohen, is…→06-11Frank Blake - Leading By Example - [Invest Like the Best, EP.377]This is about former Home Depot CEO Frank Blake's leadership philosophy: an inverted pyramid where leaders support frontline staff and customers. He warns CEOs get isolated and must actively seek trut…→06-05Lifco: Dentistry, Demolition, and Decentralization - [Business Breakdowns, EP.168]This piece breaks down Lifco, a Swedish company that buys small, niche family businesses and lets them run themselves—its HQ has just 3 people, and the CEO makes his own coffee. The author is bullish,…→06-04Adam Sandow - The Power of Print Media - [Invest Like the Best, EP.376]This is about Adam Sandow using magazines (like New Beauty) to build trust, then creating a much bigger business (Material Bank, a logistics platform for design samples). He avoids pure digital busine…→05-31CHIPS Act: Securing Semiconductor Supply - [Business Breakdowns, EP.167]The US CHIPS Act provides about $53 billion in subsidies to bring semiconductor manufacturing back from Taiwan and South Korea, aiming for 0% to 20% of leading-edge chips made in the US by 2030. Todd…→05-29InterDigital: Setting Wireless Standards - [Business Breakdowns, EP.166]This is about InterDigital, a company with 30,000 wireless patents that makes money by licensing them to phone makers. The guest thinks the market undervalues it by 50-75%: its core business alone is…→05-28Howie Liu - Building Airtable - [Invest Like the Best, EP.375]Howie Liu argues that the real bottleneck for AI is not model capability but embedding existing LLMs like GPT-4 into real business workflows, which could unlock trillions in GDP. He is optimistic abou…→05-22Bajaj Finance: Strategies of a Lending Giant - [Business Breakdowns, EP.165]This piece explains how Bajaj Finance (BFL), India's biggest non-bank lender, grew 1000x in 16 years by offering zero-interest installment plans, using data on 200 million Indians to price risk, and p…→05-21Mark Groden - The Future of Flying - [Invest Like the Best, EP.374]This interview features Skyryse founder Mark Groden, who argues that general aviation's 'quiet crisis'—300-400 deaths per year—can be eliminated by SkyOS, an operating system using deterministic AI to…→05-15The Evolution of Private Credit - [Business Breakdowns, EP.163]This piece explains how private credit (lending outside banks) grew from niche to $1.5 trillion. Oaktree's co-CEO says it's a structural trend: every time regulators force banks to pull back, private…→05-15The Evolution of Private Credit: Part 2 - [Business Breakdowns, EP.164]This piece explains that private credit (direct lending to companies) actually complements banks rather than competing with them. The author argues systemic risks are overstated—BDCs (business develop…→05-14Dev Ittycheria - The Database Evolution - [Invest Like the Best, EP.373]This interview is about MongoDB CEO Dev Ittycheria's view on the database opportunity in the AI era. He compares AI's impact to the iPhone App Store evolving from silly apps to Uber—AI today is basic…→05-08British American Tobacco: Clearing the Air - [Business Breakdowns, EP.162]This breakdown explains how British American Tobacco (BAT) is shifting from declining traditional cigarettes to growing next-gen products like nicotine pouches and heated tobacco. The author, Evan Tin…→05-07Nico Wittenborn - Finding the Adjacent Possible - [Invest Like the Best, EP.372]This is about venture investor Nico Wittenborn's strategy: he focuses on consumer subscription products (annual fees) because upfront cash lets companies reinvest in growth immediately. He's bullish o…→05-02Mitch Rales: The Art of Compounding - [Art of Investing, Forever Episode]This episode explores Mitch Rales' philosophy of long-termism as a structural advantage. He argues markets are hijacked by short-term reporting cycles, while Danaher thinks in 20-30 year horizons, com…→05-01AMETEK: Industrial Excellence - [Business Breakdowns, EP.161]This piece breaks down AMETEK, an industrial firm that makes small but critical parts for planes, medical devices, etc. Because failure would be catastrophic, customers rarely switch, giving AMETEK pr…→04-30Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371]Marc Lasry, who made a fortune buying distressed debt (debt of troubled companies), now sees sports investing as the next big opportunity. He believes media rights will surge, so he bought a bull ridi…→04-24Gartner: Compound Insights - [Business Breakdowns, EP.160]This piece explains why Gartner is a strong business. It provides research and expert access to executives, saving them time and covering their backs. The fund manager Alvise Peggion is bullish on Gar…→04-23Bill Gurley & Michael Mauboussin - Putting Theory into Practice - [Invest Like the Best, EP.370]This conversation between investors Bill Gurley and Michael Mauboussin is about spotting companies that get better as more people use them (network effects), and why this AI boom may be less disruptiv…→04-17Winmark: Resale at Scale - [Business Breakdowns, EP.159]This piece explains how Winmark runs a franchise model for secondhand goods – it doesn't own inventory, just collects royalties. CEO Brett Heffes says Winmark is the only company that profitably buys…→04-16Tim Ferriss - Curating Curiosities - [Invest Like the Best, EP.369]This piece shares Tim Ferriss's approach to podcasting and investing: using constraints (like avoiding video) to spark creativity, and a rapid learning framework. He's cautious about hype, having earl…→04-10Embraer: Defying Gravity - [Business Breakdowns, EP.158]This piece looks at Embraer, a Brazilian planemaker that found success in regional jets, business jets, and military planes. The analyst says its success is a rare fluke that others can't copy. With B…→04-09Ken Langone - The American Dream - [Invest Like the Best, EP.368]This is about Home Depot co-founder Ken Langone's business and investment philosophy. He says trust and honesty are everything, and the best negotiation is when the other person feels they got more th…→04-03Duolingo: Free Speech - [Business Breakdowns, EP.157]This analysis covers Duolingo’s success: using a free-to-start model (freemium) to attract millions, then converting some to paid subscriptions. The company turned profitable in 2023, with a free cash…→04-02Robin Dunbar - Optimizing Human Connection (Dunbar's Number) - [Invest Like the Best, EP.367]This episode explains Dunbar's number (150) and the layered structure of human social circles (1.5, 5, 15, 50, 150, 500, 1500). These numbers aren't arbitrary—they're mathematically optimal for inform…→03-27Mitsubishi Corporation: A Japanese Trading Company - [Business Breakdowns, EP.156]This is about Mitsubishi Corporation, a Japanese trading giant shifting from growth-at-all-costs to capital efficiency. The analyst says the market undervalues it and sees a decent long-term return. H…→03-26Sean Feeney - Reinventing the Restaurant Business - [Invest Like the Best, EP.366]This is about ex-trader Sean Feeney who reinvented the restaurant business by questioning industry norms. His key insight: scarcity is a brand asset—Lilia has 5,000 people on its waitlist every night,…→03-20Intuitive Surgical: Robotic Precision - [Business Breakdowns, EP.155]This piece explains how Intuitive Surgical makes money from its da Vinci surgical robots. Its real moat isn't the technology—it's 25 years of surgery data, FDA approvals, and a surgeon training networ…→03-19Dave Fontenot - The Monastery of Code - [Invest Like the Best, EP.365]Dave Fontenot's HF0 is a 12-week coding retreat that removes all distractions so founders can enter a state of flow. The real value is not what you build, but the permanent shift in knowing what's pos…→03-13D.R. Horton: Building a New Model - [Business Breakdowns, EP.154]This piece argues that D.R. Horton, the largest US homebuilder, has transformed from a land-heavy, low-return real estate company into a capital-light, high-ROE home manufacturer (ROE jumped from 10%…→03-12Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364]This piece covers investor Anne-Marie Peterson's philosophy. She says top retailers are like 'cults'—Costco's $1.50 hot dog and Home Depot's 'bleed orange' culture create fierce loyalty. She's cautiou…→03-11FTX: Inside the Restructuring - [Business Breakdowns, EP.153]This piece explains how FTX customers can recover money after the bankruptcy. The law requires claims to be valued at the dollar amount on the filing date, but the customer committee is pushing for cr…→03-06CNX Resources: Hit the Gas - [Business Breakdowns, EP.152]This podcast examines CNX Resources, a century-old company that pivoted from coal to natural gas. It has the lowest full-cycle cost ($1.40/MCF) in the U.S., allowing profits even at $2.50/MCF. Guest J…→03-05Aravind Srinivas - Building An Answer Engine - [Invest Like the Best, EP.363]This interview features Perplexity CEO Aravind Srinivas, who argues that search should evolve from ten blue links to direct answers, and eventually to an AI that proactively asks you questions. He see…→02-28Vulcan Materials: Rock On - [Business Breakdowns, EP.151]This is about Vulcan Materials, the largest US producer of crushed stone and sand. It's a local near-monopoly: in 90%+ of its markets, it's #1 or #2, because trucking costs make it hard to bring in co…→02-27Ali Hamed - Building an Investment Firm - [Invest Like the Best, EP.362]This interview is about investor Ali Hamed finding hidden money in overlooked assets. He thinks YouTube content rights are the most undervalued billion-dollar asset class, steady like music royalties…→02-21HEICO: Parts for Planes - [Business Breakdowns, EP.150]This piece covers HEICO, a company that makes cheaper FAA-approved replacement parts for planes (like generic drugs), with 8 billion parts and zero safety incidents. The author sees HEICO as a compoun…→02-20Cyan Banister - Investing for a Higher Purpose - [Invest Like the Best, EP.361]This piece is about investor Cyan Banister, who relies on gut 'lightning bolts' and a higher purpose, not data. She believes market consensus against you is a sign you're right. She's bullish on compa…→02-14Intel: Cyclical Recovery or Secular Demise? - [Business Breakdowns, EP.149]This piece asks whether Intel is due for a cyclical recovery or facing a long-term decline. The guest, Todd Ahlsten, thinks the market is too pessimistic, which gives Intel a low bar to clear. If CEO…→02-07Arthur J. Gallagher: Insurance Broking - [Business Breakdowns, EP.148]This episode breaks down Arthur J. Gallagher (AJG), the third-largest insurance broker. The guest argues its edge comes from sticky clients (95% retention), systematic acquisitions, and a unique cultu…→01-31Samsung: Semiconductors over Smartphones - [Business Breakdowns, EP.147]This piece explains that Samsung is really a semiconductor giant in disguise—its profits come mostly from memory chips, not smartphones or TVs. The guest is bullish on Samsung, noting its low valuatio…→01-30Alex Telford - Unlocking Innovation in Pharma - [Invest Like the Best, EP.360]This piece says pharma's R&D returns are near zero—most drugs never recoup costs, and the industry relies on a few blockbusters like Humira ($20B/year). New therapies (CAR-T, gene therapy) are so comp…→01-24Patek Philippe: Watch Perfection - [Business Breakdowns, EP.146]This piece explains why Patek Philippe is the king of watches: its biggest competitor is its own past—buyers choose between pre-owned and new models, not against other brands. The key turning point wa…→01-17Visma: Mission Critical European Software - [Business Breakdowns, EP.145]This piece explains how Visma, a European software company, grew from a small Norwegian firm to a €210+ billion giant. Its secret: investing in cloud migration early, which boosted its organic growth…→01-10Trane Technologies: Hot and Cold - [Business Breakdowns, EP.144]This episode breaks down Trane Technologies, a $500B HVAC giant. The key insight: in commercial HVAC, the competition is about energy efficiency, not upfront price, because electricity costs 70-80% of…→01-09Michael Ovitz - Knowledge Is Power - [Invest Like the Best, EP.359]Michael Ovitz, co-founder of CAA, says success comes from using scale to gain information advantage, like CAA’s daily morning meetings where all agents share intelligence. He invests in people, not id…→01-03Live Oak: The Small Business Bank - [Business Breakdowns, EP.143]Live Oak Bank is a branchless bank that specializes in government-guaranteed small business loans. It focuses on industries with the best repayment records, such as vet clinics, achieving a bad debt r…→01-02Erik Serrano - Investing in Investment Firms - [Invest Like the Best, EP.358]Erik Serrano invests in investment firms themselves, not just their funds. He says most fund managers are great at picking stocks but terrible at running a business, which creates a big opportunity. H…→

2023

12-27Moody’s: Aaa Business Model - [Business Breakdowns, EP.142]This podcast breaks down Moody's as a tollbooth for global bond markets because its ratings have become a universal language. Manager Brian Yacktman is bullish on Moody's, citing huge pricing power (c…→12-20Pernod Ricard: Luxury Liquor - [Business Breakdowns, EP.141]This episode breaks down Pernod Ricard, the world's second-largest spirits company. Its real moat is legally protected origins—Cognac can only come from Cognac, Scotch from Scotland. The Ricard family…→12-19Justin Ishbia - Lessons from Acquiring 586 Companies - [Invest Like the Best, EP.357]Shore Capital uses a highly standardized process to buy tiny companies (EBITDA under $10M). Its edge is volume: nearly 600 deals in 3 years. Founder Justin Ishbia sees micro-cap as the last inefficien…→12-13Ferrari: Magic from Maranello - [Business Breakdowns, EP.140]This piece explains that Ferrari is not a car company but a luxury brand like Hermès. It sells only 13,000 cars a year yet earns 25-28% profit margins (EBIT), higher than Porsche. The author is bullis…→12-12Gavin Uberti - Real-Time AI & The Future of AI Hardware - [Invest Like the Best, EP.356]This podcast features Gavin Uberti, a 21-year-old Harvard dropout who founded Etched. He argues that the future of AI hardware isn't Nvidia's general-purpose GPUs but specialized chips (ASICs, chips d…→12-06Charter Communications: Cable Cash Flows - [Business Breakdowns, EP. 139]This podcast re-evaluates Charter Communications as a broadband infrastructure company, arguing that cord-cutting has little economic impact and that fixed wireless access (FWA) is limited by physics.…→12-05A Conversation with Charlie Munger & John Collison - [Invest Like the Best, EP.355]Charlie Munger (98-year-old investing legend) says investing has become extremely hard – most people will only get 4 big opportunities in a lifetime. He criticizes wealth managers promising 8% returns…→11-29Vistra Corp: Full Stack Energy Provider - [Business Breakdowns, EP.138]This is about Vistra, a power company that both generates electricity (nuclear, gas, coal) and sells it directly to homes. This “generate + retail” model naturally hedges against price swings. Guest J…→11-28Peter Fenton & Victor Lazarte - Purpose and Partnership - [Invest Like the Best, EP.354]This interview covers Benchmark's unique investment philosophy and AI opportunities. They believe smaller funds force real partnerships, not just capital. They see AI as a distribution shift (selling…→11-22Entegris: Solutions for Semiconductors - [Business Breakdowns, EP.137]This is about Entegris, a company that supplies filters and chemicals for making chips. The guest thinks the semiconductor industry has concentrated supply and growing demand, which is good for upstre…→11-21Lior Susan - Leave the World Better than You Found It - [Invest Like the Best, EP.353]Lior Susan, a former Israeli special forces soldier turned investor, says the West is losing an 'information war' fueled by TikTok and petrodollars. After the Oct 7 attack, he believes rebuilding phys…→11-15The Coca-Cola Company - [Business Breakdowns, EP.136]This report argues that Coca-Cola's financials over the past 20 years (slow revenue growth, high restructuring costs) greatly understate its true value creation because the company refranchised its bo…→11-14Brad Jacobs - Think Big and Move Fast - [Invest Like the Best, EP.352]Brad Jacobs, a serial entrepreneur, explains his strategy: buy big, messy companies that others avoid, fix them, and profit. He says markets undervalue these 'big hairy deals.' He highlights XPO: afte…→11-08FedEx: Anytime, Anywhere - [Business Breakdowns, EP.135]This analysis says FedEx is no longer the famous air-express company most people think of—it has become a U.S. trucking company, and the market hasn't caught on. The most profitable parts are Ground (…→11-07Elizabeth Zalman & Jerry Neumann - Founder vs Investor - [Invest Like the Best, EP.351]This podcast explores the hidden tensions between startup founders and investors. The key insight: investors invest in the company, not the founder, so they'll replace a founder if needed. 'Founder-fr…→11-01Databricks: Data Based Decisions - [Business Breakdowns, EP.134]This is about Databricks, a private data platform valued at $430 billion with 50% growth. The author says its real edge is an 'open platform' that lets customers use any analytics tool or AI model wit…→10-31Palmer Luckey - Inventing the Future of Defense - [Invest Like the Best, EP.350]This interview covers how Palmer Luckey, founder of Oculus, is disrupting the US defense industry with his new company Anduril. He argues that defense contractors use "cost-plus" contracts (the more t…→10-25Match Group: The Business Behind Tinder - [Business Breakdowns, EP.133]This piece breaks down Match Group, the company behind Tinder and Hinge. George Hadjia argues Tinder has evolved from a novelty into a 'dating utility' with strong network effects and pricing power, t…→10-24Aswath Damodaran - Making Sense of the Market Pt. 2 - [Invest Like the Best, EP.349]Valuation expert Damodaran says today's 4.5% interest rate is normal—the last decade's near-zero rates were the real anomaly. He thinks AI is overpriced: even Nvidia, which dominates AI chips, is 40%…→10-18Olin: Chemistry and Cash Flows - [Business Breakdowns, EP.132]This is about Olin Corporation, a chemical company that makes chlorine and caustic soda (two products made together). Fund manager Yinan Zhao says Olin's new CEO changed strategy in 2020: instead of p…→10-17Patrick Collison & John Collison - A Business State of Mind - [Invest Like the Best, EP.348]This interview covers how Stripe's founders grow the company by reducing friction in payments and compliance to unlock new online business. They favor long-term value over short-term competition. Key…→10-13WEX: Fleet Cards - [Business Breakdowns, EP.131]This piece breaks down WEX, a company that issues fleet cards for company vehicles. The author is bullish on WEX because it signs big oil companies (like Getty Petroleum) instead of individual gas sta…→10-10Strauss Zelnick - Playing to Your Strengths - [Invest Like the Best, EP.347]This is about Take-Two CEO Strauss Zelnick's playbook. He says a CEO's job isn't to create content but to find geniuses, give them a safe space, and get out of the way. He's bullish on gaming but warn…→10-04Equifax: Your Score & More - [Business Breakdowns, EP.130]This breakdown explains Equifax's two main businesses: its traditional credit bureau and its hidden gem, The Work Number, which holds exclusive income and employment data on 120 million Americans. Ana…→10-03Rick Buhrman & Paul Buser - Find Your X, Nurture Your N - [Invest Like the Best, EP.346]This episode argues that investing success isn't about finding high-growth stocks (X), but about building a system that lets you hold them long enough for compounding to work (N). The two former Notre…→09-27Boeing: Turbulent Times - [Business Breakdowns, EP.129]This piece explains why Boeing is in trouble. The author says Boeing's 1997 merger with McDonnell Douglas shifted its culture from engineering to finance, causing the 737 MAX crisis and supply chain i…→09-26Jack Altman & Miles Grimshaw - Building and Investing in Lattice - [Invest Like the Best, EP.345]This is the story of Lattice, an HR software company. Founder Jack Altman and investor Miles Grimshaw explain how it grew from 2015 to serving 5,000+ companies. Their key insight: Lattice succeeded by…→09-19Michael Simanovsky - A Platform Approach to Real Estate - [Invest Like the Best, EP.344]This interview is about a flexible approach to real estate investing: instead of just buying buildings or making loans, you build a platform that moves capital across stocks, private deals, and debt t…→09-13Kingspan: Influential Irish Insulation - [Business Breakdowns, EP.128]This is about Kingspan, an Irish company that makes insulation panels that double as walls and roofs, not just filler. Fund manager Nick Griffin is bullish, saying the US market is only 20% penetrated…→09-12David Senra - In Service of Founders - [Invest Like the Best, EP.343]This episode features David Senra, host of Founders Podcast, who studies biographies of history's greatest achievers. He argues they all share the same personality type: high agency (seeing rejection…→09-06Padel: Causing a Racket - [Business Breakdowns, EP.127]This episode says Padel (a racket sport with glass walls, like tennis meets squash) is about to boom in the US. Guest Alan Flatt thinks investing in Padel clubs is the best bet now because demand far…→09-05Will England - A Primer on Multi-Strategy Hedge Funds - [Invest Like the Best, EP.342]This interview explains how multi-strategy hedge funds work. Guest Will England says their success isn't about a single genius investor but about systematizing risk and people management to generate s…→08-30The Business of Football - [Business Breakdowns, EP.126]This piece asks whether football clubs are good investments. The expert says buyers often pay for prestige or politics, not profit, so valuations can be high. He thinks Manchester United is undervalue…→08-29James Cameron - The Futurist - [Founders, Forever Episode]This episode breaks down James Cameron's success philosophy. Key takeaway: he deliberately chooses the hardest path because most talented people avoid it, giving him a tactical edge. For 'The Abyss,'…→08-23Casey’s General Stores: Fueling Convenience - [Business Breakdowns, EP.125]This analysis covers Casey's General Stores, a Midwest convenience chain that uses gas sales to draw customers and makes most profit from high-margin fresh food like pizza. The guest is bullish, seein…→08-22Lee Ainslie - Hedge Fund Maverick - [Invest Like the Best, EP. 341]This interview covers how hedge fund legend Lee Ainslie built Maverick Capital to last. He argues that when interest rates are above 2.5%, long-short strategies perform better (outperforming the marke…→08-16Take-Two Interactive: GTA and NBA 2K - [Business Breakdowns, EP.124]This analysis breaks down Take-Two Interactive, which relies almost entirely on two games—GTA and NBA 2K—for profits. Analyst Eric Kress warns that expectations for the next GTA may be too high: it li…→08-09Nubank: David vs Goliaths - [Business Breakdowns, EP.123]This piece breaks down how Brazilian digital bank Nubank (ticker NU) grew from zero to a $37 billion market cap, like David vs Goliath. Author Daniel Bakalarz is bullish, highlighting its ultra-low cu…→08-08Des Traynor - Real Talk about AI and Software - [Invest Like the Best, EP.340]This interview is about how AI really changes software. Des Traynor (Intercom co-founder) argues incumbents benefit more from AI than startups, because AI is just an add-on for them while startups mus…→08-02Argenx: Changing Lives with Llamas - [Business Breakdowns, EP.122]This is about Argenx, a company that uses llama antibodies to treat autoimmune diseases (where the body attacks itself). Fund manager Julia Angeles is bullish, saying its drug could become one of the…→08-01Samo Burja - The Great Founder Theory of History - [Invest Like the Best, EP.339]This interview is about the 'Great Founder Theory'—history is driven by a few people who create lasting institutions, not by trends or technology. Samo Burja argues that social technology is more fund…→07-26Copart: The Car Undertaker - [Business Breakdowns, EP.121]This is about Copart, a company that handles end-of-life cars like an 'undertaker.' Adam Mead is bullish, saying its moat comes from owning land and connecting insurers with global buyers. Key holding…→07-25Chris Paik - Venture Investing Frameworks - [Invest Like the Best, EP.338]This is about venture capitalist Chris Paik's investment framework. He focuses on how tech enables more efficient value swaps, like VTubing (streaming with virtual avatars) letting less attractive but…→07-19Lululemon Athletica: The Athleisure Leader - [Business Breakdowns, EP.120]This breakdown explains why Lululemon became a sportswear giant that avoids the boom-and-bust cycle of most fashion brands. The author says Lululemon sells functional products (like comfy yoga pants),…→07-18Josh Kushner - Building Thrive Capital - [Invest Like the Best, EP.337]This interview is about how Josh Kushner built Thrive Capital. He thinks the biggest trap in investing is chasing the 'inner circle' and losing sight of what matters. Thrive stays an outsider on purpo…→07-12Toast: The Restaurant Operating System - [Business Breakdowns, EP.119]This piece is about Toast, a restaurant software company. The guest argues Toast succeeded by focusing only on restaurants with kitchens, solving owners' fear of old systems crashing. But he warns tha…→07-11Jeremy Giffon - Special Situations in Private Markets - [Invest Like the Best, EP.336]This interview is about finding overlooked money-making opportunities in private markets. Guest Jeremy Giffon says many companies are neglected because founders are old or venture capital (VC) messed…→07-05Applied Materials: Sanding Atoms - [Business Breakdowns, EP.118]This piece breaks down Applied Materials, the world's largest chip-making equipment maker. The author argues it may be more undervalued than ASML because it has several 'mini-monopolies'—like CMP (che…→07-04Dave Yuan - A Primer on Vertical Market Software - [Invest Like the Best, EP.335]This piece is about investing in vertical market software (VMS)—software built for one specific industry, like restaurants or auto repair. Guest Dave Yuan says the moat comes from being the "last syst…→06-28ASML: Competing with Moore’s Law - [Business Breakdowns, EP.117]This piece explains how ASML went from a near-bankrupt Philips spin-off to the sole maker of the most advanced chip-making machines (EUV lithography). The author (Baillie Gifford fund) is bullish, arg…→06-27Kevin Kelly - Be Generous and Unique - [Invest Like the Best, EP.334]This interview with tech thinker Kevin Kelly is about being your unique self instead of chasing society's idea of success. He sees money as just a tool—billionaires are actually trapped. Imagination c…→06-21Roku: One Stop Streaming Shop - [Business Breakdowns, EP.116]This piece breaks down Roku, which started as a Netflix side project and is now the biggest TV operating system in the US. The author, Joe Frankenfield, sees Roku repeating the Windows/Android playboo…→06-20Justin Mares - The US Health Crisis - [Invest Like the Best, EP.333]This interview argues that the US health crisis stems from a broken incentive system: everyone in food and healthcare makes more money when you're sick, so 97% of spending goes to treating disease and…→06-14Mobile Gaming: A Freemium Economy - [Business Breakdowns, EP.115]This breaks down how mobile gaming became half the global game market with a 'free-to-play, pay-for-extras' model. The key insight: 95% of users pay nothing, while a few whales drive revenue—this mini…→06-13Scott Goodwin - Know The Names - [Invest Like the Best, EP.332]This interview features credit investor Scott Goodwin, who argues that the 2020s are shifting returns from shareholders to bondholders due to higher interest rates. His key principle: 'Know the Names'…→06-07First Citizens Bank: The Bank Buyers - [Business Breakdowns, EP.114]This is about First Citizens Bank, a 125-year-old family-run bank that never holds earnings calls but makes money by buying failed banks (including Silicon Valley Bank) and relationship lending. The g…→05-31PayPal: A Digital Money Marketplace - [Business Breakdowns, EP.113]This breakdown analyzes PayPal. Host Elliot Turner says PayPal's biggest advantage is having direct relationships with 435 million users and 35 million merchants while staying neutral (works on any de…→05-30Kieran Goodwin - Imagination, Volatility, and the Pursuit of Alpha - [Invest Like the Best, EP.331]This interview warns that private credit funds hide risk by not marking loans to market (a practice called 'ball washing'), creating a systemic danger if banks call in loans. Kieran Goodwin likes Blac…→05-24Restoration Hardware: Climbing the Luxury Mountain - [Business Breakdowns, EP.112]This piece explains how Restoration Hardware (RH) went from near-bankruptcy to a luxury brand. The author credits CEO Gary Friedman for transforming it with immersive stores, restaurants, and a member…→05-23Henry Schuck - Building ZoomInfo - [Invest Like the Best, EP.330]This interview covers how ZoomInfo founder Henry Schuck built a sales-data giant worth $8.5B. He says most B2B companies score only 4 out of 10 on sales maturity—they don't even know who to sell to. K…→05-17FICO: A High Score Business - [Business Breakdowns, EP.111]This piece breaks down FICO, the company behind the credit score used in most US loans. The author, Dev Kantesaria, sees FICO's scoring business as a near-perfect monopoly that's hard to copy. He thin…→05-16Karen Karniol-Tambour - Macro Headwinds vs. Tech Tailwinds - [Invest Like the Best, EP.329]This interview says investing is tough because markets are too optimistic. The co-CIO of Bridgewater thinks US stocks are overpriced, and the market hasn't realized central banks can't easily cut rate…→05-10FC Bayern Munich: The Best Run Club in Football - [Business Breakdowns, EP. 110]This piece explains how FC Bayern Munich became the best-run football club in the world. The author credits its success to strict financial discipline: no billionaire or state investors, just steady,…→05-09Fidji Simo - Creating Delightful Consumer Experiences - [Invest Like the Best, EP.328]This is about Instacart CEO Fidji Simo discussing the company's business model and future. She says Instacart's core isn't delivery but a 'digital-physical translation layer' connecting consumers, ret…→05-03MTN Group: Connecting Africa - [Business Breakdowns, EP.109]This piece breaks down MTN Group, Africa's largest mobile operator. It's not just a telecom—its mobile money service processed $220 billion in transactions in 2022, more than Square's Cash App, and is…→05-02Bessemer Venture Partners - Building a VC Firm that Lasts Centuries - [Invest Like the Best, EP.327]This piece explains how century-old VC firm Bessemer thrives with a 'no boss' model where partners vote on deals independently. They believe vertical market software (like restaurant or legal software…→04-26Roper Technologies: Industrial Titan to Software Giant - [Business Breakdowns, EP. 108]This piece explains how Roper Technologies transformed from an old industrial company into the 7th largest software firm in the US. The former CEO used a simple rule: borrow to accelerate cash flow, s…→04-25Alexis Rivas - A New Blueprint for Homebuilding - [Invest Like the Best, EP.326]This is about Alexis Rivas, founder of Cover, who wants to build homes like cars: using factory-made wall and floor panels that snap together on-site like Lego. He says the US has a 5-million-home sho…→04-19Dolby Laboratories: The Sound Standard - [Business Breakdowns, EP. 107]This piece breaks down Dolby Laboratories, a company that licenses its audio and video tech to device makers for tiny royalties per unit. The hosts argue Dolby's real moat isn't its 17,000 patents but…→04-18Dr. Peter Attia - The Portfolio to Live Longer - [Invest Like the Best, EP.325]This interview is about Dr. Peter Attia's new approach to longevity: prevent diseases before they start instead of waiting to treat them. He says exercise is the most powerful 'drug'—people with poor…→04-12Electronic Arts: FIFA, The Sims, Madden and More - [Business Breakdowns, EP. 106]This analysis breaks down how Electronic Arts (EA) built its moat through exclusive sports licenses (Madden, FIFA) and its Ultimate Team mode, where players buy random player packs (like blind boxes).…→04-11Scott Davis & Rob Wertheimer - Lessons from the Industrial Titans - [Invest Like the Best, EP.324]This episode covers lessons from industrial giants on survival and capital allocation, relevant for tech. The authors warn that failure starts with top-down arrogance and bad capital allocation. They…→04-05Titan: A Golden Case in Indian Retail - [Business Breakdowns, EP. 105]This piece explains why Titan, India's biggest jeweler, is so profitable. The author says Titan uses a 'gold leasing' model (borrowing gold from banks at 3% interest, while rivals borrow at 12% to buy…→04-04Sam Hinkie, Boyd Varty, Charlie Songhurst - Trail Magic - [Invest Like the Best, EP.323]This podcast features three experts on people, life, and investing. Sam Hinkie (ex-NBA exec) says to judge someone by their 'digital breadcrumbs'—old blogs, papers, GitHub—not just interviews. Boyd Va…→03-31The National Basketball Association - [Business Breakdowns, EP. 104]This piece breaks down the NBA's hidden crisis: viewership has halved since 2016, yet media rights fees could double or triple by 2025 because live sports are a rare anchor for cable TV. The author wa…→03-29Jim Chanos: A Short Thesis on Data Centers - [Business Breakdowns, EP. 103]This is about legendary short-seller Jim Chanos betting against data center REITs (real estate companies that own data centers). He argues that companies like Digital Realty (DLR) and Equinix (EQIX) a…→03-28David Einhorn - The Long and Short of Investing - [Invest Like the Best, EP.322]This interview covers David Einhorn's 30-year investing career. He says the market has shifted from valuing companies to momentum trading, making value investing harder. He likes Greenbrick Partners (…→03-22Markel: Playing The Long Game - [Business Breakdowns, EP. 102]This episode breaks down Markel, a company that uses insurance profits to fund investments, like a mini-Berkshire but built on a system of values rather than a single genius. The guests see Markel's i…→03-21Avi Goldfarb - The Economic Impact of AI - [Invest Like the Best, EP.321]This podcast discusses AI's economic impact. The key idea: AI is a prediction technology whose falling cost will first replace old processes (e.g., using AI to replace bank fraud detection) and then c…→03-15The Walt Disney Company: An Entertainment Empire - [Business Breakdowns, EP. 101]This piece breaks down Disney's century-old business model: it creates emotional connections through stories (like Cars), then makes money from movies, DVDs, theme parks, and merchandise—one film can…→03-14Auren Hoffman - A Deep Dive on Data - [Invest Like the Best, EP.320]This episode explains why data businesses are slow to grow but highly profitable once established. Auren Hoffman categorizes data companies into four types and argues that pure data businesses are lik…→03-08IPL: The World’s Fastest Growing Sports League - [Business Breakdowns, EP. 100]This piece explains why the Indian Premier League (IPL) is the world's fastest-growing sports league. Investor Ed Cowan says its secret weapon is a player auction every three years, which keeps teams…→03-07Trae Stephens - Find Good Quests - [Invest Like the Best, EP.319]This interview is about Trae Stephens' investing philosophy: stop chasing high-profit software that distracts society, and instead back tech companies solving big government problems like defense. He…→03-01Wise: Moving Money Around the World - [Business Breakdowns, EP. 99]This podcast explains how Wise disrupts cross-border payments with a closed-loop system that makes transfers fast and cheap. Guest James Revell is bullish on Wise, saying its real edge is extreme focu…→02-28Doug Leone - Lessons from a Titan - [Invest Like the Best, EP.318]This piece covers Doug Leone, who ran Sequoia for 25 years. His main point: tough markets (like early 2023) actually create the best companies—Cisco, Google, Stripe were all born in downturns. Key hol…→02-22Ryanair: Low Cost Obsessed - [Business Breakdowns, EP. 98]This piece explains why Ryanair, Europe's biggest airline, is actually a low-cost machine like Costco or Amazon, not a typical airline. CEO Michael O'Leary's extreme cost obsession—even proposing toil…→02-21Tim Urban - Idea Labs and High-Rung Thinking - [Invest Like the Best, EP.317]This episode discusses a crisis of societal thinking. Blogger Tim Urban argues the real problem isn't left vs. right, but a shift from 'high-rung thinking' (seeking truth) to 'low-rung thinking' (defe…→02-16Constellation Software: Principled, Profitable, Permanent - [Business Breakdowns, EP. 97]This piece breaks down Constellation Software, a company that buys niche business software firms and holds them forever. The key insight: its edge isn't just buying, but buying well at 20-30% returns—…→02-14Dan Rose - How Stunning Founders Operate - [Invest Like the Best, EP.316]This podcast features Dan Rose, who worked closely with Jeff Bezos and Mark Zuckerberg in the early days of Amazon and Facebook. He says top founders use their product to drive strategy. For example,…→02-08The Business of Sport: NFL, F1, PGA Tour - [Business Breakdowns, EP. 96]This breaks down the business of three sports leagues: NFL dominates with $15B revenue from scarce games and huge media deals; F1 has 400M global fans and is growing via Netflix's 'Drive to Survive' a…→02-07Jeff Green - Modernizing Advertising - [Invest Like the Best, EP.315]This interview covers how The Trade Desk positions itself as the 'stock exchange' of advertising, exclusively serving ad buyers (like P&G) to pick the best ad spots, unlike Google which serves both bu…→02-01Qualcomm: Making Smartphones Smart - [Business Breakdowns, EP. 95]This piece breaks down Qualcomm, a company that makes money more from patent licensing than selling chips. The author says Qualcomm's real moat is that any phone connecting to a network must pay it ro…→01-31Carl Kawaja - Dealing with Regime Change - [Invest Like the Best, EP.314]Investor Carl Kawaja says the market has permanently shifted: the era of rewarding unprofitable hype is over, and companies must now focus on cash flow. He likes Apple for its sticky iPhone ecosystem,…→01-27Orangetheory Fitness: A Franchise HIIT - [Business Breakdowns, EP. 94]This breaks down Orangetheory Fitness's franchise model. The guest says its early tech edge (heart-rate monitors) faded but scale helps. Early franchisees acted as 'co-founders' to refine the business…→01-24Daryl Morey - Systems Thinking in Sports - [Invest Like the Best, EP.313]This piece covers how NBA exec Daryl Morey uses data and systems thinking. He believes superstars are so valuable in basketball that you should trade anything for them, citing Joel Embiid (top center,…→01-18WeChat: China’s Operating System - [Business Breakdowns, EP. 93]This piece explains why WeChat became China's 'super app' with no Western equivalent. Its philosophy treats users as friends, avoids ads, and makes money through WeChat Pay and mini-programs. For exam…→01-17Miles Grimshaw - The DNA of Software Companies - [Invest Like the Best, EP.312]This interview argues that investing in software companies requires a biologist's curiosity, not a physicist's formulas. Benchmark's Miles Grimshaw says the best companies don't want to be copies of e…→01-11Hermès: The Luxury Icon - [Business Breakdowns, EP. 92]This piece explains why Hermès is the ultimate luxury icon. Fund manager Mark Urquhart says its moat is nearly impossible to copy—it deliberately limits supply, avoids online sales, and even destroyed…→01-10John Fio - Creating Magic for Consumers - [Invest Like the Best, EP.311]This is about inventor John Fiorentino, who built hit brands like Gravity Blanket and Moon Pod by creating 'magic' experiences. He argues that ideas and positioning matter more than execution—for exam…→01-04L’Oreal: Because You’re Worth It - [Business Breakdowns, EP. 91]This episode breaks down L'Oreal, the 100-year-old beauty giant. The guest argues its real edge isn't just having many brands, but its ability to scale local brands globally through massive ad spendin…→01-03Amjad Masad - The Future of Software Creation - [Invest Like the Best, EP.310]This is about Replit CEO Amjad Masad's vision for the future of software creation. He thinks coding, writing, and using ChatGPT will eventually merge into one thing. Masad says Google isn't doomed—it…→

2022

12-28Carbon Reduction: Changing Business Practices - [Business Breakdowns, EP. 90]This podcast explains how companies cut carbon emissions. The key idea: decarbonization isn't driven by consumer awareness but by banks lending money to replace old equipment (e.g., swapping coal plan…→12-27Rebecca Lynn - Finding Your Customers - [Invest Like the Best, EP.309]This interview covers how venture capitalist Rebecca Lynn applies Procter & Gamble's marketing discipline to startups. She argues founders often overestimate their customer knowledge and should rely o…→12-21Carbon Removal: A Primer - [Business Breakdowns, EP. 89]This episode explains carbon removal—how to capture CO₂ from the air and store it permanently. Nan Ransohoff says the world needs to remove 5 billion tons of CO₂ per year but has only done 10,000 tons…→12-20Michael Mauboussin - Sharpening Investor & Executive Toolkits - [Invest Like the Best, EP.308]This interview covers Michael Mauboussin's view that traditional metrics like profit margins can mislead because they ignore intangible investments (e.g., R&D, brand). He argues that high profits at f…→12-18Shiprocket - Enabling Ecommerce in India - [Return on India, EP.03]This is about Shiprocket, an Indian e-commerce logistics startup. It started as a Shopify copycat but failed because Indian merchants don't pay for software. The founder realized the real problem is s…→12-14DoorDash: Looking for Profitable Routes - [Business Breakdowns, EP. 88]This analysis looks at whether DoorDash's business is actually profitable. The guest argues it only makes about 3% per order on average and sees little room for improvement due to rising labor costs a…→12-13Jeremiah Lowin: Explaining the New AI Paradigm - [Invest Like the Best, EP.307]This interview explains the new AI paradigm, focusing on how Transformer models and 'latent space' make it easier to go from idea to output. Jeremiah Lowin says latent space is the most underrated AI…→12-07Floor & Decor: Raising the Floor - [Business Breakdowns, EP. 87]This breakdown explains why Floor & Decor, a specialty flooring retailer, is winning. The key insight: its advantage isn't any single feature, but a tightly interlocked system of warehouse stores, dir…→12-06Bill Lenehan: Investing in Commercial Real Estate - [Invest Like the Best, EP.306]This piece covers Bill Lenehan's view on commercial real estate: higher rates and inflation hurt borrowing costs (first-order effect) but make tenants more likely to renew leases because new construct…→11-30Netflix: The Original - [Business Breakdowns, EP. 86]This piece says Netflix is shifting from heavy content spending to a cash machine. Guest Ben Weiss thinks its culture (like a pro sports team, not a family) and self-built server network (Open Connect…→11-29Ron Howard and Brian Grazer - Box Office Business - [Invest Like the Best, EP.305]This is about Hollywood duo Ron Howard and Brian Grazer, who've partnered for 37 years to make hits like Apollo 13. They don't predict trends—Grazer instead has weekly chats with scientists and doctor…→11-25Brookfield Asset Management: Alternative Cash Flows - [Business Breakdowns, EP. 85]This piece breaks down Brookfield Asset Management, a firm managing $750 billion. It makes money from its own investments and annual fee income of ~$2 billion. The guest argues that if the firm can re…→11-22Shane Battier - The No-Stats All-Star - [Invest Like the Best, EP.304]This is about former NBA player Shane Battier, who became a championship difference-maker by focusing on 'non-obvious' actions that stats don't capture. He argues that basketball's edge comes from rep…→11-16Harvard Business Publishing: A Case Study - [Business Breakdowns, EP. 84]This is about Harvard Business Publishing (HBP), a $270M revenue 'secret giant' under Harvard Business School. It makes money by selling case studies—professors write them for free to get tenure, scho…→11-15Parker Conrad - Building a Compound Company - [Invest Like the Best, EP.303]This interview features Rippling CEO Parker Conrad on the 'compound company' idea—building multiple products (HR, IT, finance) together instead of focusing on one. He argues the old SaaS rule of 'focu…→11-09Vanguard: The Alpha Disrupter - [Business Breakdowns, EP. 83]This piece explains how Vanguard, the second-largest fund company, is sucking up industry money with ultra-low fees. The author says Vanguard's growth is unstoppable; the only real threat is regulatio…→11-08Bob Elliott - A Macro Tour - [Invest Like the Best, EP.302]This interview says we're in a 'boring but long' inflation cycle, not a V-shaped recovery like 2008 or 2020. Bob Elliott argues asset prices will fall in two stages: first from higher interest rates,…→11-02The Home Depot: The Pro Builder’s Choice - [Business Breakdowns, EP. 81]This analysis explains how Home Depot focuses on professional contractors (Pro) rather than opening new stores. The author sees Pro as a 'mission-critical' B2B supplier—contractors can't operate witho…→11-01Kirsten Green - Investing in Consumer Change - [Invest Like the Best, EP.301]This interview explores how consumer behavior is undergoing deep structural shifts, similar to the mobile internet revolution but more fragmented—health, community, and seller empowerment are each cha…→10-26Cameo: Monetizing Fame - [Business Breakdowns, EP. 80]This episode breaks down Cameo, a platform where fans pay celebrities to record personalized video messages. Founder Steven Galanis says the main challenge isn't getting people to try it—it's getting…→10-25Jason Droege - Building Uber Eats - [Invest Like the Best, EP.300]This interview features Jason Droege, the founder of Uber Eats, on how he built the business from scratch inside Uber. His key insight: internal startups succeed not because of bonuses or KPIs, but be…→10-19Archaea Energy: Turning Pollution into Profit - [Business Breakdowns, EP. 79]This piece explains how Archaea Energy turns landfill methane into valuable renewable natural gas, making money while helping the environment. Fund manager Garcia is bullish, citing modular design (pr…→10-18Paul Orfalea - It’s About the Money - [Invest Like the Best, EP.299]This interview features Kinkos founder Paul Orfalea, who says business is art, not science. He warns founders not to 'love' their business—he saw laser printers coming to kill copy shops and sold Kink…→10-12Spotter: Funding YouTube Creators - [Business Breakdowns, EP. 78]This is about Spotter, a company that gives YouTube creators cash upfront by buying the rights to their old videos' ad revenue—not a loan, but a cash-for-future-revenue deal. The author argues YouTube…→10-11Madhavan Ramanujam - How to Price Products - [Invest Like the Best, EP.298]This episode says pricing isn't an afterthought—it's where product strategy starts. Madhavan Ramanujam argues 72% of innovations fail because they can't monetize, while successful firms 'price first,…→10-05Intuit: An Operating System for Small Businesses - [Business Breakdowns, EP. 77]This piece breaks down Intuit, the software company behind QuickBooks and TurboTax. The author argues its real edge isn't tech but culture—founder Scott Cook's P&G-style obsession with user feedback a…→10-04Scott Wilson - Non-Traditional Endowment Investing - [Invest Like the Best, EP.297]This piece covers how the University of Washington endowment invests differently. Instead of just picking fund managers, they prefer to directly own assets for better returns. They see China as simila…→09-28Trader Joe’s: Grocer to the Overeducated and Underpaid - [Business Breakdowns, EP. 76]This piece breaks down how Trader Joe's thrives by doing the opposite of conventional grocery stores. It sells only private-label products, stocks just 4,000 items (vs. 30,000+ at a typical supermarke…→09-27Julio Vasconcellos & Mate Pencz - Investing in Latin America - [Invest Like the Best, EP.296]This episode discusses Latin America's tech investment opportunity. The hosts argue tech penetration is only 1.5% vs 50%+ in the US and 20% in China, potentially rising to 15% over a decade, creating…→09-21Polaroid: The Genius of Edwin Land - [Business Breakdowns, EP. 75]This episode breaks down Polaroid founder Edwin Land, Steve Jobs' hero. Land's philosophy was "don't do anything somebody else can do." He built a 40-year monopoly with 535 patents, so when Kodak trie…→09-20Trina Spear - Billion Dollar Scrubs - [Invest Like the Best, EP.295]This interview tells how Trina Spear, founder of FIGS, turned scrub suits (the uniforms doctors and nurses wear) into a multi-billion-dollar brand. She says lazy companies sell into an existing market…→09-15Gabriel Leydon - How Web3 Onboards a Billion Users - [Web3 Breakdowns, EP.37]This interview says Web3 games need to give away NFTs for free to attract a billion users, not sell them. Gabe Leydon thinks the current market is tiny, with only 60,000 daily wallets. He's bullish on…→09-15General Electric: Lessons from the Rise and Fall - [Business Breakdowns, EP. 74]This episode breaks down GE's fall from the world's most valuable company. Analyst Josh Aguilar blames a short-term culture and terrible capital allocation—GE Capital used cheap borrowed money to boos…→09-13Harley Finkelstein - Building the Entrepreneurship Company - [Invest Like the Best, EP.294]This interview is about Shopify president Harley Finkelstein building the company as an 'entrepreneurship company,' not just an e-commerce platform. He believes entrepreneurship is a learnable tool an…→09-07AMD: How Chips Are Changing - [Business Breakdowns, EP. 73]This piece explains how the chip industry is shifting from general-purpose chips to custom chips for specific tasks, driven by slower performance gains (Moore's Law slowing down). Author Jay Goldberg…→09-06Mitch Lasky - The Business of Gaming - [Invest Like the Best, EP.293]This interview breaks down how the gaming industry makes money today. Veteran investor Mitch Lasky explains that games have shifted from selling $60 discs to free-to-play with in-game purchases, where…→09-01CrowdStrike: Cyber SaaS - [Business Breakdowns, EP. 72]This piece explains how CrowdStrike grew from a latecomer into a cybersecurity platform. The guest believes CrowdStrike is transforming from endpoint security to a next-gen cloud security platform, wi…→08-30David Senra - Passion & Pain - [Invest Like the Best, EP.292]This interview says great entrepreneurs are driven by childhood trauma or a strong sense of what they don't want to become. Their obsession lets them endure pain others can't. David Senra believes exc…→08-24Atlas Copco: Sweden’s Best Kept Secret - [Business Breakdowns, EP. 71]This episode covers Atlas Copco, a Swedish industrial giant that makes air compressors and vacuum pumps—essential gear found in almost every factory. Fund manager Stephen Paice is bullish, arguing the…→08-23Robert Smith - Investing in Enterprise Software - [Invest Like the Best, EP.291]This interview covers Robert Smith's view that enterprise software is still in its early days, driven by digital transformation and small-to-medium business adoption. His firm Vista focuses on avoidin…→08-19ChargePoint: Leading the EV Charge - [Business Breakdowns, EP. 70]This episode covers ChargePoint, the leading EV charging station company in the US. The guest, Mark Tomasovic, believes the US EV market has passed a tipping point (7% of new car sales are EVs) and th…→08-16Katherine Boyle - Investing for America - [Invest Like the Best, EP.290]This interview covers venture capitalist Katherine Boyle's strategy: she believes America's biggest problems in defense, education, and housing will be solved by technology, not policy. She backs star…→08-10Union Pacific: Long Train Runnin’ - [Business Breakdowns, EP. 69]This piece breaks down Union Pacific (UNP), a $140B US railroad that achieved profit margins above Microsoft's by ditching low-profit freight and squeezing pricing power from captive customers. The au…→08-09Ravi Gupta - Focus - [Invest Like the Best, EP.289]This interview is about the philosophy of 'keeping the main thing the main thing'—true focus hurts, but it's the only path to success. Ravi Gupta sees the current market as a 'correction, not a crash,…→08-03LVMH: The Wolf in Cashmere’s Conglomerate - [Business Breakdowns, EP. 68]This piece explains how LVMH, the world's largest luxury group, succeeds through founder Bernard Arnault's investment skills and management, likened to Warren Buffett. The author sees LVMH balancing s…→08-02Will Thorndike - The Power of Long Holding Periods - [Invest Like the Best, EP.288]This interview is about finding companies you can hold for decades. Guest Will Thorndike says revenue quality (very low customer churn) matters more than growth. His "Rule of 10": churn rate plus acqu…→07-27DuPont: Two Centuries of Chemistry - [Business Breakdowns, EP. 67]This episode breaks down DuPont, a 220-year-old chemical company that started making gunpowder and later invented Nylon, Teflon, and Kevlar. The analyst gives it a 'narrow moat' rating (competitive ad…→07-26Alok Vasudev - Searching for White Space - [Invest Like the Best, EP.287]This interview features crypto investor Alok Vasudev, who argues that tokens like Bitcoin and Ethereum shouldn't be seen as competing currencies but as independent entities with their own fundamentals…→07-20Charles Schwab: The 8 Trillion Dollar Gorilla - [Business Breakdowns, EP. 66]This episode explains how Charles Schwab transformed from an online broker into a bank, making money from interest on customer cash. Guest Andrew Hollingworth calls Schwab the 'Amazon of finance'—grea…→07-19Matthew Ball - A Manual to The Metaverse - [Invest Like the Best, EP.286]This episode explains what the Metaverse really is—a connected 3D internet, not a single virtual world—and how far we are from it. Matthew Ball sees Roblox (55 million daily users, mostly kids) and Ep…→07-15Rolex: Timeless Excellence - [Business Breakdowns, EP. 65]This episode explains why Rolex is the king of watches. Guest Ben Clymer (founder of HODINKEE) says Rolex's secret is it doesn't sell watches—it only makes them, leaving 20-50% retail profit to dealer…→07-14TransDigm: Foundations with Nick Howley [50X, EP.1]This article explains how TransDigm CEO Nick Howley used a simple system—raising prices, cutting costs, and pursuing new business—to grow the company 1,750 times in 28 years. He's bullish on aerospace…→07-12Alice Bentinck - Building a Start-Up Machine - [Invest Like the Best, EP.285]This episode covers Entrepreneur First (EF), which systematically matches strangers into startup co-founders. Founder Alice Bentinck argues that team breakups, not bad ideas, cause most failures. EF r…→07-06Dino Polska: Serving Small-Town Poland - [Business Breakdowns, EP. 64]This breaks down Dino Polska, a Polish grocery chain focused on small towns. It uses standardized stores, owns its land, and has a vertical fresh-meat supply chain, achieving 30% annual store growth a…→07-05Jess Lee - Designing Investment Products - [Invest Like the Best, EP.284]This interview covers how Sequoia Capital partner Jess Lee treats investing like building a tech product. Her core idea: a VC's real product is service, not capital. Sequoia helps founders through ARC…→06-29Berkshire Hathaway: The Incomparable Compounder - [Business Breakdowns, EP. 63]This piece explains why Berkshire Hathaway is so successful. Guest Chris Bloomstran says it's mainly due to insurance float (money from premiums that can be invested before claims are paid) giving che…→06-28Kenneth Stanley - Greatness Without Goals - [Invest Like the Best, EP.283]This interview argues that setting big goals can actually prevent great discoveries, because the stepping stones to breakthroughs rarely look like the final destination. Computer scientist Ken Stanley…→06-27Shopify: Tokengated Commerce - [Web3 Breakdowns, EP.28]This piece explains Shopify's 'tokengated commerce' concept: buyers show a token (like an NFT) from their crypto wallet to unlock special products or discounts. The author argues blockchain's value is…→06-22Gogo: Internet for Private Jets - [Business Breakdowns, EP. 62]This is about Gogo, a company that provides Wi-Fi for private jets. The CEO says Gogo's key advantage is owning the only US air-to-ground spectrum license for planes, which is hard to copy, and the ma…→06-21Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282]This interview features SoftBank's Lydia Jett sharing lessons from investing in e-commerce. Her main point: companies should prove their business model works on a small scale before chasing growth. Sh…→06-15Diploma: Specialized Distribution - [Business Breakdowns, EP. 61]This podcast breaks down Diploma, a UK company that distributes low-cost but critical industrial parts like seals, cables, and medical supplies. If a $600,000 machine breaks because a seal is missing,…→06-14Josh Wolfe & Chris Power - Factories of the Future - [Invest Like the Best, EP.281]This piece warns that 80% of US precision defense and space parts come from 3,000-4,000 small machine shops, whose owners average 60 years old and 90% won't pass on the business when they retire—causi…→06-08PGA Tour: Playing Under Pressure - [Business Breakdowns, EP. 60]This episode breaks down how the PGA Tour, a $1.5B nonprofit member organization, is under threat from Saudi-backed LIV Golf. The guest argues the Tour's business model is like turning a giant ship, w…→06-07Martin Casado - The Past, Present, and Future of Digital Infrastructure - [Invest Like the Best, EP.280]Martin Casado from a16z argues that cloud computing has entered an 'operational phase' where companies are cutting costs because cloud bills are eating their profits. He estimates that if SaaS firms h…→05-26Anduril: Building the Future of Defense - [Business Breakdowns, EP. 59]This episode explains how Anduril is disrupting the defense industry with a Silicon Valley approach. The founder argues that traditional contractors are stuck in a 'cost-plus' model (government pays a…→05-25Anduril: Building the Future of Defense - [Business Breakdowns, EP. 59]This piece explains how defense startup Anduril is challenging traditional giants like Lockheed Martin by using Silicon Valley's fast-iteration approach. CEO Brian Schimpf argues the old 'cost-plus' m…→05-24Tobi Lütke - Embrace the Unexpected - [Invest Like the Best, EP. 278]Shopify CEO Tobi Lütke argues that digital infrastructure (the underlying tech enabling software and hardware to work together) is vastly undervalued, with returns far beyond what models capture. He's…→05-19Goldman Sachs: Fortune Favors the Old - [Business Breakdowns, EP. 58]This episode breaks down Goldman Sachs, a 150-year-old investment bank. Analyst Marc Rubinstein says Goldman isn't a 'vampire squid' or a miracle—it's a complex risk intermediary (helping clients mana…→05-17Tyler Cowen & Daniel Gross - Identifying Talent - [Invest Like the Best, EP. 277]This episode is about how to spot talented people, like founders or employees. Tyler Cowen and Daniel Gross argue that the most overrated trait in hiring is 'conscientiousness' (being reliable and org…→05-10Jeff Jordan - Building & Investing in Marketplaces - [Invest Like the Best, EP. 276]This episode breaks down how to build and invest in marketplace businesses (like Airbnb or eBay). Jeff Jordan from a16z says the key is network effects—the more users, the harder to beat. He likes Air…→05-04Baytex Energy: The Business of Oil & Gas - [Business Breakdowns, EP. 57]This episode breaks down Baytex Energy, a Canadian oil and gas producer with ~85,000 barrels/day and a ~$3B market cap. Guest Josh Young says Baytex is a 'perfect lens' for the whole industry because…→05-03Eric Glyman - Reimagining Corporate Finance - [Invest Like the Best, EP. 275]This interview covers how Ramp, a corporate card startup, is disrupting traditional credit cards. Founder Eric Glyman argues that not spending a dollar is 50-100x more powerful than getting 1-2% cashb…→04-29DigitalBridge: Pioneering Digital Infrastructure - [Business Breakdowns, EP. 56]This is about DigitalBridge, a company that grew from a small team into a global digital infrastructure investment giant. CEO Mark Ganzi believes digital infrastructure (like 5G towers, data centers,…→04-26Dmitry Balyasny - Building a Better Model - [Invest Like the Best, EP. 274]This piece explains how hedge fund boss Dmitry Balyasny runs BAM: not by betting on one star trader, but by building a system where many teams work together while controlling risk. He sees high intere…→04-21Henry Ward - Transforming Private Markets - [Invest Like the Best, EP. 273]This interview is about how Carta is transforming private markets. CEO Henry Ward believes private markets are undergoing an infrastructure upgrade similar to what public markets got after the 1933 Se…→04-20AppLovin: Monetizing & Marketing Mobile Apps - [Business Breakdowns, EP. 55]This piece breaks down how AppLovin grew from a small ad startup into a $2B+ software platform. The CEO says its edge isn't tech but owning games to get deep user data (like playtime and spending), wh…→04-13Afterpay: Buy Now, Pay Later - [Business Breakdowns, EP. 54]This episode breaks down Afterpay, a buy-now-pay-later firm. Investor Joe Magyer argues it's the opposite of credit cards: cards profit from you carrying debt, while Afterpay wants you to pay back in…→04-12Alexandr Wang - A Primer on AI - [Invest Like the Best, EP. 272]This interview argues that data, not algorithms, is the new code for AI. The CEO of Scale AI says AI will first replace white-collar desk jobs, not blue-collar physical work. Key holdings: Scale AI (h…→04-06Block: Square, Cash App, and Economic Access - [Business Breakdowns, EP. 53]This episode breaks down Block (formerly Square), the payments company behind Square and Cash App. The guest argues Block's real edge isn't tech but a 'trust first, verify second' approach that lets m…→04-05Antonio Gracias - Pro-Entropic Investing - [Invest Like the Best, EP. 271]This piece explains Antonio Gracias' 'pro-entropic investing' idea: invest in companies that benefit from chaos (wars, pandemics) rather than just surviving it. He thinks the world will get messier, s…→03-30McKinsey & Company: The First Management Consultants - [Business Breakdowns, EP. 52]This episode breaks down McKinsey's century-long success. Its secret is a 'talent honeypot': it hires top graduates, works them hard for 2-3 years, then they leave to become CEOs who later hire McKins…→03-29David Rubenstein - Life, Leadership, and LBOs - [Invest Like the Best, EP. 270]This interview features Carlyle Group co-founder David Rubenstein sharing his investment and leadership insights. He believes the Ukraine war will permanently change the world, most deeply by shaking…→03-22Gaurav Kapadia - Everything Compounds - [Invest Like the Best, EP. 269]This interview covers Gaurav Kapadia's investment philosophy. He looks for opportunities that seem 'obvious in hindsight' but are controversial at the time—like cable TV in 2011, when everyone feared…→03-16Anchorage Digital: Serving Institutional Crypto Needs - [Web3 Breakdowns, EP. 12]This piece covers Anchorage Digital, a crypto custodian that uses robots instead of humans to secure digital assets like Bitcoin. The founder argues custody is the starting point for crypto finance—wi…→03-15Marko Papic - A Multi-Polar World - [Invest Like the Best, EP. 268]This interview explains that the world has entered a multi-polar era, where globalization is less efficient, inflation is higher, and geopolitical risks are more frequent. Marko Papic believes Russia…→03-09Adyen: A First Principles Payment Platform - [Business Breakdowns, EP. 50]This is about Adyen, a payment company. The author says payments aren't a winner-take-all market. Over the next 5-10 years, legacy processors (like Worldpay) could see their 70% market share flip to 3…→03-08Garry Tan - Unwrapping the Gift - [Invest Like the Best, EP. 267]This interview covers how venture capitalist Garry Tan picks startups. He believes capital is abundant but trust is scarce—founders need to trust investors. On markets, he favors companies using softw…→03-02Cadence: Software Behind Semiconductor Design - [Business Breakdowns, EP. 49]This piece breaks down Cadence Design Systems, a software company for chip design. The hosts argue Cadence transformed from a cyclical toolmaker into a stable 'tax on chip industry growth' by switchin…→03-01Eric Mandelblatt - Investing in the Industrial Economy - [Invest Like the Best, EP. 266]This interview features Eric Mandelblatt, a fund manager overseeing $100 billion, who argues that industrial sectors like energy and materials are deeply undervalued and poised for a decade-long boom…→02-24Sebastian Kanovich - Powering Emerging Markets Payments - [Founder’s Field Guide, EP. 56]This is about dLocal, a company that helps global firms like Uber and Google accept payments in emerging markets (Brazil, India, etc.). Founder Kanovich says the problem isn't tech but broken local in…→02-23The New York Times: The Empire Strikes Back - [Business Breakdowns, EP. 48]This episode breaks down how The New York Times went from near-bankruptcy to a digital subscription powerhouse. The host argues it has successfully navigated the 'innovator's dilemma' (the challenge b…→02-22Frank Slootman - Narrow the Focus, Increase the Quality - [Invest Like the Best, EP. 265]This piece covers legendary CEO Frank Slootman's philosophy: 'narrow the focus, increase the quality'—spreading resources thin is death. He sees growth as mechanical and quantifiable, urging companies…→02-17Tim Flannery - Simplifying Fund Closing - [Founder’s Field Guide, EP. 55]This is about Passthrough, a company that automates the painful subscription document process for fundraisings, aiming to make private investing as easy as clicking 'buy now'. Founder Tim Flannery is…→02-16Basic-Fit: Increasing Returns to Scale - [Business Breakdowns, EP. 47]This analysis looks at Basic-Fit, a European low-cost gym chain. Its secret: dense store clusters (e.g., 13 stores in Bordeaux capturing 70% of members) and scale economies that make it nearly impossi…→02-15Joey Levin - Building an Anti-Conglomerate - [Invest Like the Best, EP. 264]This interview explains IAC's unusual approach: it's an 'anti-conglomerate' that holds businesses long-term and spins them off to shareholders when mature, instead of forcing them to cooperate. CEO Jo…→02-09UPS: Leaders of the Package - [Business Breakdowns, EP. 46]This analysis says UPS is shifting from chasing volume to chasing quality because e-commerce has squeezed per-package profits. The author is optimistic about UPS's new CEO (from Home Depot) who brings…→02-08Peter Chernin - Betting on Passion - [Invest Like the Best, EP. 263]Peter Chernin says the middle market is dying, splitting into global mega-events and deep vertical fan communities. He backs the “passion economy” through TCG. His picks: Crunchyroll (anime streaming,…→02-02Twitter: Towing the Clown Car Out of the Goldmine - [Business Breakdowns, EP. 45]This analysis explains that Twitter has huge cultural influence but makes far less money than Meta (Facebook) — $17.50 per US user per year vs Meta's $70. After a major tech overhaul, Twitter is launc…→02-01John Pfeffer - Adapt and Evolve - [Invest Like the Best, EP. 262]This piece explains investor John Pfeffer's view that most cryptocurrencies like Ethereum are "circulation currencies" rather than equity, making it hard to capture value, while Bitcoin is the only tr…→01-27Geoffrey Moore - Building Gorilla Businesses - [Invest Like the Best, EP. 261]This article explains how tech companies become "gorillas" (dominant leaders) like Oracle and Cisco. Author Geoffrey Moore argues that tech markets naturally sort into leaders, challengers, and follow…→01-26ViacomCBS: A Content King in the Streaming War - [Business Breakdowns, EP. 44]This episode explains how ViacomCBS (now Paramount Global) is pivoting from traditional TV to streaming. The author thinks the market is too pessimistic—the company's linear business is still profitab…→01-25Gavin Baker - The Cyclone Under the Surface - [Invest Like the Best, EP. 260]This interview dives into why growth stocks crashed in early 2022 and why fund manager Gavin Baker sees opportunity. He splits inflation into two types: supply-chain driven (good, likely to fade) and…→01-20Sam Englebardt and Richard Kim - Investing in Immersive Worlds - [Invest Like the Best, EP. 259]Sam Englebardt and Richard Kim discuss how Web3, digital art, and gaming are merging. They are cautiously optimistic: focus on building real communities and stories, not just trading tokens. Key picks…→01-19Peloton: Reinventing the Wheel - [Business Breakdowns, EP. 43]This is about Peloton, a company that combines exercise bikes with online classes. The guest says Peloton's real value is its subscription (about $500/year, over 90% renewal), not the hardware. But ri…→01-12Cannabis: Legalizing the Leaf - [Business Breakdowns, EP. 42]This podcast breaks down why US cannabis companies (MSOs) are undervalued due to federal illegality, which limits funding and keeps big investors away. Manager Jeff Hoffman sees a huge opportunity: if…→

2021

12-29Finch Therapeutics: Empowering Immune Systems - [Business Breakdowns, EP. 41]This episode explains how gut bacteria (the microbiome) control our immune system, and how Finch Therapeutics turns fecal transplants (FMT) into a standardized drug. The CEO argues that 70 years of an…→12-28Orlando Bravo - The Art of Software Buyouts - [Invest Like the Best, EP. 257]Orlando Bravo argues that profitable software companies grow faster, not slower—profit is the engine of growth, not a trade-off. He sees public enterprise software as a big opportunity now, especially…→12-23Nick Saltarelli - One Foot in Front of the Other - [Founder’s Field Guide, EP. 54]This is about Nick Saltarelli, founder of Mid-Day Squares chocolate bars. He says the biggest opportunity in packaged food is hidden beneath a crowded surface—most brands use co-packers (outside facto…→12-22London Stock Exchange Group - [Business Breakdowns, EP. 40]This podcast shows LSEG is not just a stock exchange but a data-and-analytics giant with high margins. Guest Nick Shenton is bullish, citing its strong moat (hard to replicate) and growth from tech tr…→12-21Jenny Johnson - Seven Decades of Investing Expertise - [Invest Like the Best, EP. 256]In this interview, Franklin Templeton CEO Jenny Johnson says the market is shifting from a 'straight, flat road' where passive investing thrived to a 'mountain road in a blizzard' where active managem…→12-15The National Football League - [Business Breakdowns, EP. 39]The NFL is a $15B sports empire that works more like an entertainment company. It shares most revenue among all 32 teams and has a hard salary cap (limit on player pay), so small-market teams can comp…→12-14Doug Colkitt - The Evolution of Markets - [Invest Like the Best, EP. 255]A former high-frequency trader (HFT) turned DeFi builder argues that decentralized exchanges (DEXs) need to evolve like stock markets. He sees concentrated liquidity as the future but says high gas fe…→12-08NextEra Energy: The Renewable Leader - [Business Breakdowns, EP. 38]This piece breaks down NextEra Energy, the largest US utility. The guest says its edge is a "regulated cash cow (FPL) + renewable growth engine (NEER)" structure, giving it super-low capital costs riv…→12-07Bill Gurley and Philip Rosedale - Back to the Future - [Invest Like the Best, EP. 254]This episode argues that the current hype around 'the metaverse' confuses two different things: upgrading from 2D to 3D graphics, and connecting people in real time. The hosts believe the latter (thin…→12-01Novocure: Using Physics to Fight Cancer - [Business Breakdowns, EP. 37]This article explains how Novocure uses electric fields (tumor-treating fields, like tuning a radio frequency) to disrupt cancer cell division—a new pillar of cancer treatment. The author believes cur…→11-30Francis Davidson - Design-led Hospitality - [Invest Like the Best, EP.253]This episode explains how Sonder uses technology to cut operating costs by about 50% while offering design-driven rooms at ~$150/night, matching traditional hotel margins without owning property. The…→11-24AutoZone: Exemplary Capital Allocation - [Business Breakdowns, EP. 36]This piece highlights AutoZone as a masterclass in capital allocation. Despite its boring retail business, the company boasts a 40% return on invested capital, comparable to Walmart and Costco. Its ke…→11-23Niraj Shah - Developing Every Skill - [Invest Like the Best, EP. 252]This is about Wayfair's CEO explaining why home goods are a goldmine—products are unique and hard to compare, so retailers can charge more. Wayfair builds its own logistics (warehouses and delivery) t…→11-18Bored Ape Yacht Club -  [Web3 Breakdowns, EP. 1]This is about Bored Ape Yacht Club (BAYC), which isn't just digital art — it's a membership card that gives owners IP rights, community access, and profits. Guest Eric Golden (ex-Fidelity manager, BAY…→11-17Amazon Aggregators: Buying Third-Party Sellers - [Business Breakdowns, EP. 35]This piece explains Amazon aggregators—companies that buy third-party seller stores on Amazon. The guest argues the market is undervalued: ~$300B revenue with high margins, but only ~$8B capital has e…→11-16Will Marshall - Indexing the Earth - [Invest Like the Best, EP. 251]Will Marshall, CEO of Planet, says space is having an 'internet moment' as costs drop and performance soars. His company uses 450 satellites to image every spot on Earth daily, aiming to make the plan…→11-10HelloFresh: Delivering on Process Power - [Business Breakdowns, EP. 34]This piece explains why HelloFresh, the world's largest meal-kit company, wins: not by one big advantage, but by being 2%-5% better than rivals in every step—procurement, production, customer acquisit…→11-05Roelof Botha - Sequoia’s Crucible Moment - [Invest Like the Best, EP. 250]Sequoia partner Roelof Botha announces a radical change: replacing the traditional 10-year fund with a permanent fund, because great companies create most of their value after going public. Example: S…→11-03MongoDB: The Database Platform - [Business Breakdowns, EP. 33]This analysis explains how MongoDB is winning against Oracle, Amazon, and Microsoft in the database market. The guest believes MongoDB captures about 30 out of every 100 new cloud-native apps, and its…→11-02Sarah Friar - Building the Local Graph - [Invest Like the Best, EP. 249]This interview covers how Nextdoor CEO Sarah Friar sees the 'local graph' as the last unclaimed social graph, after Facebook (friends/family) and LinkedIn (professional). Nextdoor's neighborhood focus…→10-28Universal Music Group: The Gatekeepers of Music - [Business Breakdowns, EP. 32]This piece explains why big record labels (like Universal Music Group) are actually more important in the streaming age, because they own vast catalogs of old songs, and people spend over half their l…→10-27Universal Music Group: The Gatekeepers of Music - [Business Breakdowns, EP. 32]This article explains why Universal Music Group (UMG), the world's biggest record label, is more important than ever in the streaming era. Even though anyone can release music online, 22 million new s…→10-26Alex Rampell - Investing in Operating Systems - [Invest Like the Best, EP. 248]This interview is about investing in companies that act like 'operating systems'—products that become the user's daily 'system of record,' controlling data and distribution to endlessly add new servic…→10-20Uber: The Undeletable App - [Business Breakdowns, EP. 31]Two fund managers who own Uber say its ride-hailing business alone is worth the current stock price, even if delivery and freight make zero profit. They see Uber's market position as stable, with a co…→10-19Sam Bankman-Fried - Creating a Perfect Market - [Invest Like the Best, EP. 247]FTX founder Sam Bankman-Fried talks about building a fairer market: exchanges should be open 24/7 and share order book data for free, not just for high-frequency traders paying millions. He says tradi…→10-13John Deere: Centuries of Farming Innovation [Business Breakdowns, EP. 30]This episode explains how John Deere transformed from a tractor maker into an ag-tech platform, copying Apple's hardware+OS+app store model to lock in farmers. The guest sees Deere's moat widening and…→10-12Nick Neuman - Becoming Your Own Bank - [Invest Like the Best, EP. 246]This episode argues that Bitcoin holders should manage their own private keys (the unique code to access your coins) instead of leaving them on exchanges. Nick Neuman sees private keys as the future o…→10-07Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53]OpenSea CEO Devin Finzer explains how the platform started during the 2017 CryptoKitties craze by staying broad and not betting on one type of NFT, becoming the go-to marketplace. He sees NFTs expandi…→10-06Salesforce: The Cloud & SaaS Pioneer [Business Breakdowns, EP. 29]This breaks down Salesforce's rise from 1999 to a cloud giant. The guest says its success wasn't tech but the 'No Software' message that clicked with customers tired of expensive on-premise software,…→10-05Jenny Lefcourt - The Go-to-Market Motion - [Invest Like the Best, EP. 245]This episode covers Jenny Lefcourt's investment philosophy. She says founders often focus on what they sell instead of what customers buy. She sees big opportunities in aging tech: children, not elder…→09-30Dave Girouard - Making Better Loans - [Founder’s Field Guide, EP. 52]This is about Upstart founder Dave Girouard on using AI to make loans fairer. He says the old FICO credit score (a 3-digit number) is outdated; AI can use more data to predict risk better, helping mor…→09-29Solana: Faster, Cheaper, More Scalable [Business Breakdowns, EP. 28]This podcast breakdown explains why Solana is designed for decentralized finance (DeFi) rather than just being a digital currency. It can process 50,000 transactions per second using parallel processi…→09-28Jay Hoag - Calibrating Market Adoption - [Invest Like the Best, EP. 244]This interview covers Jay Hoag's growth-stage investing philosophy: swing less, pick better, and bet after tech risk is gone. He thinks the biggest mistake is believing big tech's best days are over—i…→09-23Gina Bianchini - Helping Creators Build Communities - [Founder’s Field Guide, EP. 51]This is about Gina Bianchini, founder of Mighty Networks, on how creators can build their own paid communities. She argues successful communities aren't about 'belonging' but about 'movement'—helping…→09-22Taboola: The Open Web’s Suggestion Engine - [Business Breakdowns, EP. 27]This piece is about Taboola, a company that recommends 'you may also like' content at the bottom of news websites, helping them make money. The founder says Taboola's value isn't being first but execu…→09-21David Fialkow - Paint Outside the Lines - [Invest Like the Best, EP. 243]This piece is about investor David Fialkow's approach to picking founders: he cares more about whether they truly love their product than the business model. He believes great founders love their prod…→09-16Justin Waldron - The Future of Social Gaming - [Founder’s Field Guide, EP. 50]This podcast discusses the future of social gaming. Guest Justin Waldron argues that games are evolving from standalone products into social tools, like 'pizza' that gives people a reason to hang out.…→09-15Sky Mavis: The Builders Behind Axie Infinity - [Business Breakdowns, EP. 26]This episode covers Sky Mavis, the company behind Axie Infinity, a 'play-to-earn' game where players earn tokens (SLP) by playing, not just spending. The founder says Axie competes with 'work' for the…→09-14Daniel Ek - Enabling Creators Everywhere - [Invest Like the Best, EP. 242]Spotify founder Daniel Ek argues that while most attention is on software (bits), the biggest opportunities are in hardware and physical industries (atoms), like green steel and healthcare, which are…→09-08Datadog: The Realtime Data Monitor - [Business Breakdowns, EP. 25]This piece breaks down Datadog, a SaaS platform that monitors software performance. The author is bullish because Datadog uniquely combines three monitoring functions (infrastructure, app performance,…→09-02Gabby Dizon - Mapping the Metaverse Economy - [Founder’s Field Guide, EP. 49]This is about making money by playing blockchain games, like working in a virtual world. Gabby Dizon sees each game as a 'digital nation' where players earn income and send it back to the real world.…→09-01Wyndham Hotels: Loyalty Matters - [Business Breakdowns, EP. 24]This is about Wyndham Hotels, the world's biggest hotel franchisor. It doesn't own hotels; franchisees use its brands and pay fees. The author, a shareholder, is bullish, noting economy hotels break e…→08-31Scott Malpass - Building a Great Endowment - [Invest Like the Best, EP. 241]This is about Scott Malpass, who grew Notre Dame's endowment from $400M to $12B over 32 years. He says only 40-50 institutions globally can successfully use the 'endowment model' (diversifying into st…→08-26Mike Maples, Jr. - A Playbook for Startups - [Founder’s Field Guide, EP. 48]This piece shares startup wisdom from venture capitalist Mike Maples. He says great startups don't make a '10x better banana' but create the 'world's first apple'—forcing customers to choose. He bets…→08-25Dexcom: Digitizing Diabetes Management - [Business Breakdowns, EP. 23]This is about Dexcom, a company making continuous glucose monitors (CGMs) that track blood sugar in real time, helping diabetics change behavior. The guest says Dexcom's real edge isn't hardware but t…→08-24Renata Quintini and Roseanne Wincek - Investing at the Supercritical Stage - [Invest Like the Best, EP. 240]This interview is about how VCs invest in startups that grow revenue fast but have messy internal management (the 'supercritical stage'). The investors say capital is now a commodity, so the edge come…→08-19Max Simkoff - Redesigning the Home Buying Experience - [Founder’s Field Guide, EP. 47]This interview covers how Doma uses AI to transform the ancient title insurance industry. Founder Max Simkoff says the traditional process is nearly unchanged from 150 years ago, with each deal requir…→08-18SmileDirectClub: Closing the Gap with Affordability - [Business Breakdowns, EP. 22]This podcast covers how SmileDirectClub (SDC) slashed teeth-straightening costs from $5,000-$8,000 to $1,950. The CFO says 500 million people globally can afford $89/month for treatment, but very few…→08-12Sameer Shariff - Breaking Language Barriers - [Founder’s Field Guide, EP. 46 ]This is about how Cambly founder Sameer Shariff built a platform that connects English learners worldwide with native speakers for one-on-one video chats. He believes the English learning market is hu…→08-11ZoomInfo: The Go-To-Market Platform - [Business Breakdowns, EP. 21]This is about ZoomInfo, a company that helps salespeople quickly find leads and company data. Founder/CEO Henry Schuck is bullish, saying the market is huge. Key holdings: ZoomInfo (ZI) has 89% gross…→08-10Sridhar Ramaswamy - The Past, Present, and Future of Search - [Invest Like the Best, EP. 238]This interview is about how search engines are shifting from Google's ad-driven model to a subscription one. Former Google exec Ramaswamy says Google's ad growth is nearly maxed out—the only way to ma…→08-05Ernie Garcia - Disrupting the Auto Buying Experience - [Founder’s Field Guide, EP. 45]This interview covers how Carvana founder Ernie Garcia disrupts used car sales. He argues success comes from 'average decision quality'—the sum of many small choices—not a single advantage. He sees op…→08-04Blackstone: Beyond Buyouts - [Business Breakdowns, EP. 20]This episode breaks down Blackstone, the world's largest alternative asset manager with $600+ billion in assets. The key insight: Blackstone's revenue has shifted from mostly performance fees (earned…→08-03Karen Karniol-Tambour - All Things Macro - [Invest Like the Best, EP. 237]Bridgewater's Karen Karniol-Tambour argues the classic 60/40 stock-bond portfolio is 'kind of dead' due to near-zero rates and rising inflation risk. She recommends a new mix: stocks, leveraged inflat…→07-29Sebastian Mejia - Mastering On-Demand Convenience - [Founder’s Field Guide, EP. 44]This interview covers how Latin American delivery platform Rappi succeeds through deep local focus. Rappi says high city density and short delivery distances make unit economics healthy—users pay $1-$…→07-28A Primer on Space: The Final Frontier - [Business Breakdowns, EP. 19]This piece says the real money in space isn't launching rockets—it's the ground services like satellite broadband. Tren Griffin argues SpaceX's key innovation is slashing launch costs from $30,000/kg…→07-27Carl Kawaja - Wisdom from Decades of Investing - [Invest Like the Best, EP. 236]This is about investor Carl Kawaja's decades of wisdom. He says long-term holding is harder than buying, but more profitable. He likes TSMC and Vale, both up ~18.5% annually for 22.5 years. He also se…→07-22Stewart Butterfield - We Don’t Sell Saddles Here - [Founder’s Field Guide, EP. 43]Slack founder Stewart Butterfield talks about a key trap for founders: they overestimate how much users care (he calls it 'owner's delusion'). Instead of just selling the product, he says, help users…→07-21Petco: Capturing the Pet Economy - [Business Breakdowns, EP. 18]This episode breaks down Petco, the pet retail giant. The guest argues the pet economy is a long-term structural bull market (US pet market grew from $1B in 1965 to $120B today), but Petco itself is m…→07-20Steve Mandel - Investing Behind Change - [Invest Like the Best, EP. 235]This interview covers investing legend Steve Mandel's key lessons. He says the golden age of shorting (betting on stocks to fall) is over due to intense competition and high costs. His core strategy r…→07-15Spenser Skates - Challenging Big Ideas - [Founder’s Field Guide, EP. 42]This interview features Amplitude CEO Spenser Skates challenging Silicon Valley norms. He calls traditional IPOs "the worst kind of crony capitalism," arguing that investment banks deliberately underp…→07-14Cardlytics: The Ad Platform with Purchasing Power - [Business Breakdowns, EP. 17]This piece breaks down Cardlytics, a platform that uses bank transaction data to help advertisers target customers precisely—like finding people who buy at a rival but not at your store. Author Cliff…→07-13David Sacks - How to Operate a SaaS Startup - [Invest Like the Best, EP. 234]This episode explains how to run a SaaS startup. David Sacks says B2B SaaS is better than consumer subscriptions because team products create recurring revenue, while personal products lose half their…→07-08David Vélez - Building the Branchless Bank - [Founder’s Field Guide, EP. 41]This is about David Vélez, founder of Nubank, the world's largest digital bank. He built it from scratch in Brazil, where five big banks dominated with high fees and bad service. Nubank has no branche…→07-07Exxon Mobil: An Aging Energy Empire - [Business Breakdowns, EP. 16]This analysis looks at Exxon Mobil, a century-old oil giant, and why it has fallen from industry top to mediocre over the past decade. The author argues the problem isn't oil prices but bad capital al…→07-06Balaji Srinivasan - Optimizing Your Inputs - [Invest Like the Best, EP. 233]The core idea: everyone will soon earn money by investing, not by working a job. Guest Balaji says today's media and social networks are like junk food—they profit from anger and are bad for you. He a…→07-01Michael Mayer - Business Boss Battles - [Founder’s Field Guide, EP. 40]This podcast features Michael Mayer, founder of Bottomless, a coffee auto-refill company. His key insight: founders should only solve the most urgent bottleneck, not future problems that may never hap…→06-30Facebook: The Trillion Dollar Listing - [Business Breakdowns, EP. 15]This episode breaks down Facebook (now Meta) and its core ad business, which makes up 98% of revenue. The guests argue Facebook's ad system is powerful because it uniquely combines scale, low cost, an…→06-29Marc Andreessen - Making the Future - [Invest Like the Best, EP. 232]Marc Andreessen argues that the U.S. economy is actually slowing down because 'slow sectors' like housing, education, and healthcare are eating it up. Government limits supply and subsidizes demand, m…→06-24Will Ahmed - Optimizing Human Performance – [Founder’s Field Guide, EP. 39]This is about WHOOP founder Will Ahmed on building a wearable that focuses on recovery, not just activity. He believes wearables should shift from monitoring to preventing disease, turning treatment c…→06-23Formula One: The Iconic Motor Sport - [Business Breakdowns, EP. 14]This piece breaks down F1's business model. The guest argues F1 has 400 million fans but only monetizes about $5 per fan, versus $150+ for the NFL—a huge gap that signals growth potential. Revenue com…→06-22Howard Marks - Embracing the Psychology of Investing - [Invest Like the Best, EP. 231]Howard Marks talks about the psychology of investing. He thinks the market may be too optimistic, like the third stage of a bull market where everyone believes things will stay great forever. He menti…→06-17Christina Cacioppo - Building the New Standard in Security – [Founder’s Field Guide, EP. 38]This is about how Vanta founder Christina Cacioppo turned manual, static security audits into automated, continuous monitoring. She argues most security breaches aren't from state-level attacks but fr…→06-16Moderna: The Software of Life - [Business Breakdowns, EP. 13]This piece explains Moderna's mRNA tech as 'software for cells'—COVID vaccine was just the first big test. The guest sees it as a revolutionary start for drugs, like insulin in 1978 for protein drugs.…→06-15John Harris - Resilience and Imagination - [Invest Like the Best, EP. 230]This is about investor John Harris's view that markets underestimate high-quality, long-growth companies, and imagination beats discipline in making money. He says people use linear thinking, but grea…→06-10Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37]This podcast discusses how Latin American real estate platform Loft is bringing home buying online. The founders see huge opportunity in the region's fragmented, low-trust market. They're bullish on L…→06-09Pinduoduo: Rise of Social Commerce - [Business Breakdowns, EP. 12]This piece explains how Pinduoduo used 'social group buying' to grow to nearly 800 million users in 6 years in China's crowded e-commerce market. The key isn't just low prices—it's getting users to in…→06-08Gabriel Leydon - Designing Digital Economies - [Invest Like the Best, EP. 229]In this interview, game veteran Gabe Leydon argues that when an industry obsesses over 'design' and 'user experience,' it signals innovation is dead—like polishing a teleporter you can't build. He loo…→06-03Assaf Wand - Innovation in Static Industries – [Founder’s Field Guide, EP. 36]This is about Hippo founder Assaf Wand innovating in the stodgy insurance industry. He says insurance is one of the most static industries, but that's exactly why there's opportunity—the US home insur…→06-02Invisalign: Patents, Patients, and Profits - [Business Breakdowns, EP. 11]This podcast breaks down why Invisalign (Align Technology) dominates the clear aligner market. The guest, a competitor CEO, explains its moat: patents (95% share until 2017) and vertical integration (…→06-01Dennis Lynch - Delivering Alpha in Adapting Markets - [Invest Like the Best, EP. 228]This podcast features investor Dennis Lynch, who explains how he beats the market by holding stocks long-term and spotting companies that are misclassified by analysts. He believes markets are efficie…→05-27Henrique Dubugras - Building the Financial Center of Gravity – [Founder’s Field Guide, EP. 35]This is about Brex co-founder Henrique Dubugras turning a startup credit card into a 'financial center account.' He says big banks lump startups with small businesses and use static risk models (set a…→05-26Wix: The Internet Storefront - [Business Breakdowns, EP. 10]This piece is about Wix, a company that helps small businesses build websites easily without coding. The author compares Wix to Priceline (a site that aggregates hotels and flights) because Wix covers…→05-25Justin Fishner-Wolfson - Secondary Investing in Private Markets - [Invest Like the Best, EP. 227]This is about buying private-company shares from founders or employees (secondary investing). The founder of 137 Ventures argues private markets actually offer more data than public ones—investors get…→05-20Peter Reinhardt - Learning How to Sell – [Founder’s Field Guide, EP. 34]This piece shares Segment founder Peter Reinhardt's insights on selling and building a B2B company. He argues success comes from serving existing demand, not forcing a vision. He sees data privacy tre…→05-19Ethereum: Into the Ether - [Business Breakdowns, EP. 09]This piece explains how Ethereum is evolving from 'digital gold' like Bitcoin into an 'economic engine' that can run any app. Researcher Justin Drake believes an upcoming upgrade (EIP-1559) will burn…→05-18Brent Beshore - Learnings from a Year of Unexpected Events - [Invest Like the Best, EP. 226]This interview covers how the small-business M&A market is booming post-COVID, but labor shortages are the real bottleneck. Brent Beshore says government stimulus made markets risk-insensitive again,…→05-13Jeremy Cai - Manufacturer to Customer – [Founder’s Field Guide, EP. 33]This episode features Jeremy Cai, founder of Italic, a subscription marketplace that connects manufacturers directly to consumers. He argues traditional brands mark up products 5-15x over manufacturin…→05-12Calm: The Sleeping Giant - [Business Breakdowns, EP. 08]This analysis breaks down how Calm, a meditation app, used data to pivot from teaching meditation to helping people sleep, becoming the market leader. Vinny Pujji sees Calm as a cash machine: it found…→05-11Eli Dourado - Frontiers for Productivity - [Invest Like the Best, EP. 225]This interview is about why US productivity growth has slowed and which new technologies could speed it up again. Economist Eli Dourado argues the problem isn't a lack of inventions but society's comp…→05-05James Reinhart – Lessons in Process Power – [Founder’s Field Guide, EP. 32]This episode features James Reinhart, founder of thredUP, explaining how the company turned a money-losing business into a profitable one by choosing the hard path: handling every item of clothing its…→05-04Visa: The Original Protocol Business - [Business Breakdowns, EP. 07]This breaks down how Visa makes money as a middleman between banks, not consumers. The key insight: Visa's real moat is using high interchange fees (what merchants pay card-issuing banks) to fund cons…→05-03Andrew Sugrue - Investing in Paradigm Shifts - [Invest Like the Best, EP. 224]This piece covers investor Andrew Sugrue's strategy of finding hidden gems in industries everyone hates, like underwear and hardware. He likes SavageXFenty (Rihanna's brand) because data and a communi…→04-29Alyssa Ravasio - Supply, Demand, and the Outdoors - [Founder’s Field Guide, EP. 31]This interview covers the story of Hipcamp, an outdoor accommodation platform. Founder Alyssa Ravasio sees the US outdoor industry as an undervalued $887 billion market, but supply (private land) is h…→04-28Twilio: Messaging, Margins, and Markets - [Business Breakdowns, EP. 06]This piece breaks down Twilio, a company that lets businesses send texts and calls via simple code. The guest argues Twilio's 55% gross margin, lower than typical software firms, is actually a moat be…→04-27Josh Buckley - Identifying Legendary Start-ups - [Invest Like the Best, EP. 223]This interview is about how investor Josh Buckley finds startups that can become giants. He believes the gaming industry is two years ahead of others in marketing and operations, with innovations flow…→04-22Thomas Tull - New Physics of Business - [Founder’s Field Guide, EP. 30]This interview is about how Thomas Tull, founder of Legendary Entertainment, uses data and speed to transform movies and business. He says the 'new physics of business' is velocity—companies can't ign…→04-21Cinnabon: The Omnichannel Approach to Indulgence - [Business Breakdowns, EP. 05]This piece breaks down how Cinnabon grew from a single Seattle shop into a global brand. Former president Kat Cole says brand health depends on 'relevance' (do people still want it?) and 'differentiat…→04-20Paul Enright - The Buy Side Primer - [Invest Like the Best, EP. 222]This interview breaks down how hedge fund manager Paul Enright picks stocks. He says the edge today isn't inside info but deep analysis of public data. He likes T-Mobile for gaining market share and l…→04-15Trevor McFedries - Building Web 3.0 - [Founder’s Field Guide, EP. 29]This interview is about how Web 3.0 is changing the creator economy. Trevor McFedries, creator of virtual influencer Miquela, says the internet has already made fame less dependent on record labels, a…→04-14Costco: Relentless Focus on the One Thing - [Business Breakdowns, EP. 04]This piece explains why Costco is so successful. The key insight: Costco deliberately keeps prices ultra-low (11% gross margin vs. 25%-35% for typical retailers) and makes 75% of its operating profit…→04-13Chris Dixon - The Potential of Blockchain Technology - [Invest Like the Best, EP. 221]This interview explains why blockchain is the next computing platform, like the internet or mobile. Chris Dixon from a16z says blockchain is a 'computer that can make promises'—code enforces rules lik…→04-09Shopify: The E-commerce On-Ramp - [Business Breakdowns, EP. 01]This piece breaks down Shopify's four product pillars (Core, Merchant Services, Ecosystem, Shop) that help merchants sell online. The author argues Shopify deliberately avoids being an 'aggregator' li…→04-09Alibaba: A Giant Among Giants - [Business Breakdowns, EP. 03]This piece breaks down Alibaba, arguing it's more like China's Google than Amazon—it makes money from ads, not selling goods. Investor Ram Parameswaran (who backed Pinduoduo) sees Alibaba as a giant w…→04-08Tony Xu - A Human and Math Problem - [Founder’s Field Guide, EP. 28]This interview covers DoorDash CEO Tony Xu's view that food delivery is both a math problem (route optimization) and a human problem (coordinating restaurants, drivers, and customers). He argues that…→04-07Chipotle: Simplicity as the Recipe for Success - [Business Breakdowns, EP. 02]This piece explains why Chipotle succeeds. The guest argues its core advantage is operational simplicity—only 53 ingredients, no limited-time offers, and an assembly-line service that makes each store…→04-06Mike Kerns and Jesse Jacobs - Content to Commerce - [Invest Like the Best, EP. 220]This episode covers how TCG invests in media brands with die-hard fans (anime, sports, hunting) and turns them into businesses. They love 'accidental companies' started by passion, not profit—like Bar…→04-01Jesse Pujji - A Primer on Performance Marketing - [Founder’s Field Guide, EP. 27]This is about performance marketing (pay-per-result ads). Jesse Pujji says long sales funnels (like online education, where it takes 90 days to pay) can be 100%-200% better than short ones (like games…→03-30Kanyi Maqubela - Dawn of the 21st Century - [Invest Like the Best, EP. 219]This interview covers investor Kanyi Maqubela's fresh take on early-stage investing. He says seed-stage risk doesn't decrease gradually but jumps suddenly, like Clubhouse booming during lockdowns. He…→03-23Jesse Walden - A Primer on NFTs - [Invest Like the Best, EP. 218]This interview explains NFTs (digital ownership certificates on a blockchain, like a unique stamp for a digital file). Jesse Walden believes NFTs can revolutionize how creators like musicians get paid…→03-18Jonathan Goldberg - Capturing Carbon - [Founder’s Field Guide, EP. 25]This piece says the carbon problem is worse than most think: there are already 1.6 trillion tons of CO₂ in the air, and we add 400 billion tons each year. Cutting emissions alone isn't enough—we need…→03-16Marissa King - The Science of Social Networks - [Invest Like the Best, EP. 217]Yale professor Marissa King breaks social networks into three types: Expansionists (many contacts but lonely), Brokers (connect different groups but face trust issues), and Conveners (tight-knit circl…→03-11Jonathan Neman - Building the Modern Restaurant - [Founder’s Field Guide, EP. 24]This is about Sweetgreen CEO Jonathan Neman's vision for tech-driven restaurants. He argues restaurants must own customer relationships via apps, not rely on delivery platforms like DoorDash (which ch…→03-09Josh Wolfe and Tony Thomas - The Past, Present, and Future of Defense – [Invest Like the Best, EP. 216]This interview discusses US defense tech gaps and geopolitical threats. The guests argue the US is losing information warfare and autonomous weapons, with AI beating human fighter pilots 5:0. They hig…→03-04Matteo Franceschetti – Modernizing Sleep – [Founder’s Field Guide, EP. 23]This is about Eight Sleep founder Matteo Franceschetti turning sleep into an active health tool with a smart mattress. He argues that about 50% of sleep is inefficient light sleep, and by compressing…→03-02Jack Clark - Grateful for Everything, Entitled to Nothing – [Invest Like the Best, EP. 215]This is about how legendary rugby coach Jack Clark builds high-performance teams. His core idea: values must be your daily decision-making system, not just posters on the wall. He emphasizes a mindset…→02-25Ryan Petersen - Where There Is Mystery, There Is Margin – [Founder’s Field Guide, EP. 22]This is about how the global shipping industry is opaque and inefficient, letting middlemen profit from information gaps. Flexport CEO Ryan Petersen says 'where there is mystery, there is margin' and…→02-23Jeremy Grantham - A Historic Market Bubble – [Invest Like the Best, EP.214]This piece features investor Jeremy Grantham arguing that today's market bubble is even bigger than the dot-com bubble of 2000, driven mainly by retail investors. He warns against SPACs (a way to go p…→02-18Carlos Brito – Creating an Ownership Culture – [Founder’s Field Guide, EP. 21]This interview features Carlos Brito, CEO of Anheuser-Busch InBev, the world's largest brewer, discussing how to build an 'ownership culture.' He argues that ownership is a mindset, not created by equ…→02-16Scott Belsky - Focus on the First Mile – [Invest Like the Best, EP. 213]This interview is about why the first few seconds of a product experience decide if users stay. Investor Scott Belsky says every new user is lazy, vain, and selfish, so a product must offer an instant…→02-11Matt Mullenweg – The Past, Present, and Future of the Internet – [Founder’s Field Guide, EP.20]This interview is about the cycle of the internet going from open to closed and back again. Matt Mullenweg, founder of Automattic, believes successful platforms should capture only about 5% of the eco…→02-09Michael Dempsey – Investing in Bleeding Edge Technology – [Invest Like the Best, EP.212]This interview is about spotting real tech turning points and investing in them. Guest Michael Dempsey says GANs (AI that generates images) are making animation explode, and digital celebrities like H…→02-04Dustin Moskovitz – Eliminating Work About Work – [Founder’s Field Guide, EP. 19]Dustin Moskovitz, co-founder of Facebook and CEO of Asana, says knowledge workers waste 60% of their time on 'work about work'—status meetings, emails, finding info—instead of doing actual work. He ar…→02-02Chamath Palihapitiya – The Major Problems Facing the World – [Invest Like the Best, EP.211]Investor Chamath Palihapitiya says the world's biggest problem is that most people earn money by working, while the rich earn by owning assets. His solution: give every newborn $2,000 to invest in the…→01-28Ali Ghodsi – The Past, Present, and Future of Big Data – [Founder’s Field Guide, EP.18]This piece covers the evolution of big data and AI infrastructure. The key takeaway: the biggest barrier to using data for AI isn't technology but organizational silos between IT and business teams. A…→01-26Joost van Dreunen – Unlocking Value in Gaming – [Invest Like the Best, EP.210]This piece says the gaming industry's real edge isn't tech but business model innovation—like Nintendo's strict platform rules or Apple's free-to-play with in-app purchases. Author Joost van Dreunen i…→01-19Claire Cormier Thielke – The Future of Cities and Real Estate – [Invest Like the Best, EP.209]This interview discusses the future of real estate investing. Guest Claire Cormier Thielke believes cities follow predictable patterns—follow tattooed young people to find the next hot area. She sees…→01-14Oliver Hughes – The Secret FinTech Giant – [Founder’s Field Guide, EP.16]This interview features Oliver Hughes, CEO of Tinkoff, a Russian online bank. He explains how Tinkoff grew from a credit card business to a platform with 12 million customers by sticking to a strict r…→01-12Zack Fuss – Breaking Down the Food Ecosystem – [Invest Like the Best, EP.208]This article explains how profit in the food industry concentrates in the most differentiated parts—like brands, tech, or infrastructure. Zack Fuss is bullish on Domino's Pizza, which he calls a tech…→01-07Carlos Cashman – Lessons from the Amazon Ecosystems – [Founder’s Field Guide, EP.15]This episode talks about how Amazon's third-party seller ecosystem works and how Thrasio makes money by buying and improving those sellers. Carlos Cashman says brands matter less on Amazon; ratings an…→01-05Ram Parameswaran - Internet Scale Businesses – [Invest Like the Best, EP.207]The interview says the internet is still early, with only 10% penetration, and will create $100 trillion in value over 20 years. Ram Parameswaran is bullish, focusing on companies that 'reduce frictio…→

2020

12-31Dylan Field - The Growing Importance of Design – [Founder’s Field Guide, EP.14]Figma's CEO Dylan Field argues design is becoming a core business skill, not just aesthetics. He believes design tools will spread like word processors. Figma runs in a browser and lets multiple peopl…→12-29Tracy Graham - Investing in Overlooked Businesses – [Invest Like the Best, EP.206]This episode explains why Tracy Graham invests in small, traditional businesses in overlooked U.S. regions. His core idea: these companies are cheap (bought at ~8x profit) and have valuable customer d…→12-24Zach Perret – The Future of Financial Services – [Founder’s Field Guide, EP.13]Plaid's founder shares how a failed consumer app turned into the hidden plumbing connecting banks and apps. He says finance looks digital but runs on old systems (like servers that shut down at 5pm).…→12-22Mario Cibelli - Cornerstone Investing Insights - [Invest Like the Best, EP.205]Mario Cibelli says he finds hidden opportunities by visiting company warehouses. He thinks Stitch Fix (a clothing subscription service) has a crazy complex operation that rivals can't copy—that's its…→12-17Bob Pittman - Lessons from Building Media Empires – [Founder’s Field Guide, EP.12]This podcast covers media mogul Bob Pittman's philosophy: convenience beats quality for 90% of people (microwave, cellphone, AOL). He runs iHeartMedia, focusing on radio and podcast hosts who connect…→12-15Sam Hinkie – Find Your People - [Invest Like the Best, EP.204]This episode features Sam Hinkie, a former NBA executive turned VC. He explains that the best way to judge a person or investment is by looking at their 'digital breadcrumbs'—old blog posts, GitHub co…→12-10Michelle Zatlyn – Protecting the Internet – [Founder’s Field Guide, EP.11]This article covers how Cloudflare built a distributed network across 200 cities to become a cybersecurity giant. Co-founder Zatlyn sees the network as a hard-to-replicate moat, and the company is now…→12-08Danny Meyer – The Power of Hospitality - [Invest Like the Best, EP.203]Danny Meyer, founder of Shake Shack and USHG, says great hospitality—making customers feel welcome—is key to business success and can be scaled. His recipe: 80% standard menu + 20% local touches, and…→12-03Zac Bookman – How Government Works – [Founder’s Field Guide, EP.10]Zac Bookman, founder of OpenGov, explains how his company provides budgeting and financial software for US local governments. He says government tech lags behind enterprises by 10-15 years, but COVID…→12-01Daniel Gross – Finding Undiscovered Talent - [Invest Like the Best, EP.202]Daniel Gross says traditional personality tests like MBTI are unreliable because they lack market validation. He built Pioneer, a platform that uses a real-time scoring system (like a 'PageRank for pe…→11-26Emmett Shear - The New Language of the Internet – [Founder’s Field Guide, EP.9]This article features Emmett Shear, co-founder of Twitch, explaining how a failed livestream experiment (Justin.TV) became the top gaming platform. His key insight: startups should pick one narrow cus…→11-24RRE Ventures - RRE Ventures - Raju Rishi, Nikita Singareddy, Jason Black - [Invest Like the Best, EP.201]RRE Ventures partners discuss why healthcare is a huge investment opportunity: the system is broken with opaque pricing, data silos, and massive waste. COVID and new regulations are unlocking change,…→11-19Nick Kokonas - Know What You Are Selling – [Founder’s Field Guide, EP.8]This features Nick Kokonas, a former trader turned restaurateur and software CEO. His main point: restaurants and publishing aren't bad businesses if you know what you're really selling. For example,…→11-17Niki Scevak - Wild Hearts and Wild Ideas - [Invest Like the Best, EP.200]This interview discusses investor Niki Scevak's approach: he backs founders with "wild hearts" and "wild ideas" — people who treat their startup as a lifelong mission. He believes in investing in comp…→11-12Todd McKinnon - Creating and Defining a New Market Category - [Founder’s Field Guide, EP.7]This is a story about how Okta founder Todd McKinnon created a new market called enterprise identity management. He saw that as companies moved to cloud apps, logging in became a mess. Early on, sales…→11-10Jason Karp and Rohan Oza – The Power of Brand - [Invest Like the Best, EP.199]This episode explains why brands matter: they give you pricing power because people love the feeling. Investors say a great brand is like a steak (good product) plus sizzle (emotional appeal). Apple i…→11-05John Chambers - Pattern Matching, Playbooks, and Winning Product Categories - [Founder’s Field Guide, EP.6]This interview with former Cisco CEO John Chambers explains how he grew the company from $70M to $40B in revenue. His key insight: great companies must go through a "near-death experience" like Cisco'…→11-03Anu Hariharan – Lessons in Growth Investing - [Invest Like the Best, EP.198]Anu Hariharan, a top growth investor, says digital transformation is only 20% done, with huge opportunities in B2B e-commerce (only 8% online) and fintech. Key examples: DoorDash showed local delivery…→10-29Laura Behrens Wu - When Digital and Physical Worlds Converge - [Founder’s Field Guide, EP.5]This episode covers how Shippo simplifies shipping for e-commerce sellers. Founder Laura believes shipping's complexity—mixing digital orders with real-world hiccups like a driver hitting a deer—is it…→10-27Brad Gerstner and Rich Barton – Thriving in Changing Markets - [Invest Like the Best, EP.197]This interview features two experts on thriving in changing markets. The key idea: the internet gives users power to break information barriers, disrupting industries like travel (Expedia) and real es…→10-22Jason Citron - Building the Third Place - [Founder’s Field Guide, EP.4]This is about Discord founder Jason Citron turning a gaming voice tool into a digital 'third place' for over 100 million users—a space where people feel belonging. He says Discord's moat isn't any sin…→10-20Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196]This interview covers lessons on early-stage investing and acquisitions. The guests argue that acquisition value comes from network effects (more users increase value) and zero marginal cost (serving…→10-15Leore Avidar - Creating and Selling Superpowers - [Founder’s Field Guide, EP.3]This interview covers how serial entrepreneur Leore Avidar uses APIs (tools that let software talk to each other) to turn physical mail into something as easy as email, and how he's turning collectibl…→10-13Jacqueline Novogratz – Investing in Dignity and Character  - [Invest Like the Best, EP.195]This episode is about investing in poor communities profitably, but only if you focus on founders' character. Acumen's Novogratz says in poor markets, a founder's integrity matters more than their bus…→10-08Justin Singer - How Regulation Unlocks Opportunity - [Founder’s Field Guide, EP.2]This interview argues that regulatory changes create huge investment opportunities. Guest Justin Singer believes the best bets are where 'huge known demand' meets a 'regulatory unlock'—like the cannab…→10-06Jesse Livermore - Upside Down Markets - Understanding Fiscal and Monetary Policy - [Invest Like the Best, EP.194]This interview explains why stocks keep rising despite a bad economy. Guest Jesse Livermore says the key is direct government spending (fiscal policy), not just rate cuts. Giving people cash directly…→10-01Rahul Vohra - Using Emotion to Design Great Products - [Founder’s Field Guide, EP.1]This piece explains how Rahul Vohra, founder of Superhuman, applies game-design thinking to 'boring' software like email, making users love it rather than just use it. He argues most software cares ab…→09-29Modest Proposal – Better, Cheaper, Faster: Why Companies that Reduce Friction Win - [Invest Like the Best, EP.193]This podcast features an anonymous analyst arguing that the best investments are companies that reduce friction for users, like Uber or instant home-buying. He says old-school value investing is outda…→09-22Lauren Taylor Wolfe – The Modern Activist Toolkit - [Invest Like the Best, EP.192]This interview explains how modern activist investors make money differently: instead of fighting companies short-term, they partner long-term and use ESG (environmental, social, governance factors) a…→09-15Rory Sutherland – Moonshots and Marketing - [Invest Like the Best, EP.191]This piece argues that business success often comes from changing how people feel, not from making things faster or stronger. The author says counterintuitive ideas (like Red Bull—more expensive and w…→09-08Michael Seibel – Lessons from Thousands of Startups - [Invest Like the Best, EP.190]This piece covers YC partner Michael Seibel's framework for evaluating founders and startups. He says don't obsess over the 'big idea'—most successful companies end up doing something else. Instead, f…→09-01Michael Mauboussin – Great Migration Public to Private Equity - [Invest Like the Best, EP.189]This piece explains why fewer US companies are going public. Mauboussin argues it's not a market decline but a shift: companies stay private longer, get acquired more, and invest heavily in intangible…→08-25Chetan Puttagunta and Jeremiah Lowin – Open Source Crash Course - [Invest Like the Best, EP.188]This podcast explains how open-source companies make money: give away code for free, then sell services or insurance. Guest Chetan (Benchmark partner, invested in MongoDB) and Jeremiah (Prefect founde…→08-18Katrina Lake – The Next Wave of E-Commerce - [Invest Like the Best, EP.187]This interview covers how Stitch Fix founder Katrina Lake uses a mix of data science and human stylists to solve the problem of ill-fitting clothes online. She believes the future of e-commerce is not…→08-11Brian Armstrong – The Future of Crypto - [Invest Like the Best, EP.186]In this podcast, Coinbase CEO Brian Armstrong says crypto infrastructure has matured since the 2017 bubble, and DeFi (decentralized finance, where lending and trading run on code without banks) is the…→07-28Kat Cole – How to Operate: Lessons in Brand, Distribution, and Leadership - [Invest Like the Best, EP.184]This interview is about practical brand and leadership lessons. Kat Cole says a brand needs both 'relevance' (people want it) and 'differentiation' (it's unique). She's bullish on Cinnabon, which revi…→07-21Eric Vishria – The Past, Present, and Future of SaaS and Software - [Invest Like the Best, EP.183]In this podcast, venture capitalist Eric Vishria explains the evolution of SaaS (software you pay for monthly, not buy once). He says high SaaS valuations come from multiple expansion, not profit upgr…→07-14Turner Novak – The Past, Present, and Future of Consumer Social Companies - [Invest Like the Best, EP.182]This interview breaks down the history and future of social media companies. Turner Novak says the key isn't fast growth but quality growth—Facebook built a moat by using real identities and user-prov…→06-30Blake Robbins – Investing in Gaming - [Invest Like the Best, EP.180]This interview explains how gaming is shifting from $60-per-game sales to free-to-play platforms that make money from in-game cosmetic items. Guest Blake Robbins prefers investing in infrastructure (l…→06-23Brad Gerstner – Public and Private Investing - [Invest Like the Best, EP.179]This interview features Brad Gerstner, a tech investor who believes big money is moving from public stocks to private companies. He's especially bullish on ByteDance (TikTok's parent), saying it could…→06-16John Collison – Growing the Internet Economy - [Invest Like the Best, EP.178]This conversation features Stripe co-founder John Collison on the internet economy. He believes it's still early, only 5%-6% of the total economy, with huge growth ahead. He's optimistic about globali…→06-09Jeremy Grantham – An Uncertain Crisis - [Invest Like the Best, EP.177]Jeremy Grantham says this crisis is different from the three big ones he's seen (Japan 1989, tech 2000, housing 2008) because it's totally new and uncertain. The market is expensive (top 10% historica…→06-02Ben Thompson – Platforms, Ecosystems, and Aggregators - [Invest Like the Best, EP.176]This piece argues that tech may not be as special as it thinks—smartphones and cloud computing have hit their natural limits, and giants like Apple, Google, Amazon, Microsoft, and Facebook could becom…→05-26Shishir Mehrotra – The Art and Science of the Bundle - [Invest Like the Best, EP.175]This piece explains that bundling (selling things together as a package) isn't a rip-off—it creates value by reaching casual fans who wouldn't buy items individually. The author sees fixed pricing as…→05-19Hamilton Helmer – Power + Business - [Invest Like the Best, EP.174]This interview is about how companies build lasting competitive advantages. Helmer says you need both 'benefit' (doing something better) and 'barrier' (stopping others from copying you), like scale ec…→05-12Tobi Lutke – Building a Modern Business - [Invest Like the Best, EP.173]This interview covers Shopify founder Tobi Lutke's business philosophy: he focuses on helping merchants succeed instead of building a marketplace like Amazon, which he says profits by squeezing mercha…→05-05Ali Hamed – An Update on Private Credit - [Invest Like the Best, EP.172]This piece covers how COVID-19 froze private credit markets and where opportunities lie. Ali Hamed argues the definition of 'small business' has permanently shifted from dry cleaners to Amazon sellers…→04-30Chris Bloomstran - An Update on Public Markets - [Invest Like the Best, EP.171]In this interview, investor Chris Bloomstran says stock market returns will be low for the next decade. Big tech stocks like Apple and Microsoft have risen too much to repeat their past 10-year gains.…→04-28Josh Kopelman - The Past, Present, And Future Of Seed Investing - [Invest Like the Best, EP.170]This interview is about seed investing expert Josh Kopelman's take on early-stage startups. He believes the current economic downturn will flush out 'tourist' founders, leaving only true believers. He…→04-21Manny Stotz - Frontier Markets Investing - [Invest Like the Best, EP.169]This interview is about investing in frontier markets (like Bangladesh and Pakistan). Fund manager Manny Stotz says these markets haven't recovered since 2008, but company profits keep growing, so val…→04-07Sarah Tavel - Consumer & Marketplace Investing - [Invest Like the Best, EP.168]This piece covers investor Sarah Tavel's framework for marketplace and consumer social investing. She argues success isn't about GMV but finding a 'core action' that makes the product better with use…→04-02Gavin Baker – Investing Through a Bear Market - [Invest Like the Best, EP.167]This piece covers investor Gavin Baker's bear-market playbook. He says the easy trades are done, so you now need to take uncomfortable risks. He warns that software's 'recurring revenue' is fragile—a…→03-31D.A. Wallach – Investing in Healthcare - [Invest Like the Best, EP.166]This interview covers healthcare investing shifting from treating symptoms to curing and preventing disease, driven by gene editing and wearables. D.A. Wallach says big pharma has moved from internal…→03-25Chad Cascarilla – Update on Tail Risk - [Invest Like the Best, EP.165]This is about investor Chad Cascarilla's take on tail risk during the 2020 pandemic. He sees two extreme outcomes: a deflationary depression (banks failing, economy freezing) or runaway inflation (fro…→03-20Brent Beshore – Update on Small Business and Private Equity - [Invest Like the Best, EP.164]This piece covers how small businesses face a cash crunch during COVID-19: revenue drops 80-100%, and even debt-free firms can only survive 4-6 months. Brent Beshore argues restarting a shuttered busi…→03-16Dan Rasmussen – Investing Through a Crisis - [Invest Like the Best, EP.163]This piece covers Dan Rasmussen's research on investing during crises. He finds markets are more predictable in panics, with value stocks and high-yield bonds (now yielding ~6%) rebounding strongly. H…→03-13Bill Gurley and Chetan Puttagunta – An Update on Consumer & Enterprise Venture Capital - [Invest Like the Best, EP.162]This piece shares insights from two venture capital experts on how startups can survive a crisis like COVID-19. They argue small companies have an edge because they're flexible and have low fixed cost…→03-12Bryan Krug – An Update on Corporate Credit - [Invest Like the Best, EP.161]This piece explains how the corporate bond market is reacting to the COVID-19 pandemic and the oil price war. Bryan Krug says the panic is real but different from 2008—companies have less debt and bet…→03-11Deep Basin – Oil Price War and Its Implications - [Invest Like the Best, EP.160]This piece breaks down the 2020 Russia-Saudi oil price war, arguing the real fight is about who can survive low prices longer, not the price itself. Deep Basin analysts say Russia aims to force a shak…→03-10Peter Zeihan - Dis-United Nations - [Invest Like the Best, EP.159]This piece covers geopolitical strategist Peter Zeihan's view that the US is retreating from global leadership, leaving only a few self-sufficient nations to dominate. He argues the US can cripple Ira…→03-03Jeff Lawson – How to Build a Platform - [Invest Like the Best, EP.158]This piece features Twilio founder Jeff Lawson on building a platform company. He argues that in the digital age, companies must build their own software or die. He favors the platform model because i…→02-25Niko Canner – Become a Perfect Instrument - [Invest Like the Best, EP.157]This episode is about becoming a 'perfect instrument'—asking what you serve and how to bring your best self now. Niko Canner says the single best test of a company's management is whether it openly di…→01-28Chetan Puttagunta – Go Slow to Go Fast: Software Building and Investing - [Invest Like the Best, EP.156]This podcast covers how enterprise software companies should build products and scale. Guest Chetan Puttagunta warns against using formulas like LTV/CAC (customer lifetime value vs. cost to acquire) t…→01-21Rebecca Kaden – Thesis Driven Investing - [Invest Like the Best, EP.155]This interview explains USV's third investment thesis: instead of betting on social networks or tech infrastructure, they now use existing internet platforms to lower barriers in education, healthcare…→01-14Matt Clifford – Investing Pre-Company - [Invest Like the Best, EP.154]This is about Matt Clifford investing in founders before they even start a company. He thinks talent is the world's most underrated resource, and tech entrepreneurship is today's biggest lever. He's b…→01-07Peter Buffett – Finding Your Note - [Invest Like the Best, EP.153]In this interview, musician and philanthropist Peter Buffett (Warren Buffett's son) argues that modern society's core problem is 'species out of context'—humans, a 200,000-year-old species, are trappe…→

2019

12-17Ben Savage – All Things Fintech Investing - [Invest Like the Best, EP.152]This interview is about the big trends in fintech investing. Guest Ben Savage thinks that over the next 20-50 years, investing will shift from public markets (like stocks) to private markets (like ven…→12-10Jeff Ma – Making Decisions with Data - [Invest Like the Best, EP.151]Jeff Ma, a former MIT blackjack team member and data scientist, discusses using data for decisions in sports betting, hiring, and social media. He says less than 1% of sports bettors consistently prof…→12-03Vaughn Tan – Quality and Innovation - [Invest Like the Best, EP.150]This piece argues that real innovation and quality come from embracing uncertainty, not avoiding risk. Vaughn Tan says our fundamental approach to goals might be wrong. Key examples: Google's 20% time…→11-26Gavin Baker – Tech and Consumer Growth Investing - [Invest Like the Best, EP.149]This interview argues that we're in a tech revolution as big as the Industrial Revolution, and investors should focus on companies at the edge of disruption with lasting advantages. Fund manager Gavin…→11-19Kevin Systrom and Mike Krieger – How to Build a Great ProductThis interview features Instagram's founders sharing product-building lessons. They say great products solve real user needs, not just add features. They advise focusing on growth before monetization.…→11-12Daniel Ek – The Future of Audio - [Invest Like the Best, EP.147]This piece covers Spotify founder Daniel Ek's view on the future of audio. He believes the audio market is undervalued, with 2-3 billion potential users, and Spotify has 10-15x growth ahead. He highli…→11-05George Rzepecki – Investing in Africa - [Invest Like the Best, EP.146This piece is about early-stage investing in Africa. George Rzepecki sees a structural shift driven by tech adoption, Chinese investment, and talent returning home, but warns investors must accept uni…→10-29Chad Cascarilla – The Future of Blockchain and Financial Services - [Invest Like the Best, EP.145]This interview is about how blockchain can fix the financial system. Paxos founder Cascarilla thinks the current system is unsustainable due to high debt and low population growth, and open money (blo…→09-24Bill Gurley – Direct Listing vs. IPO - [Invest Like the Best, EP.144]This episode explains why traditional IPOs are unfair to regular investors and how direct listings are better. Bill Gurley argues that the first-day price jump in an IPO isn't a success—it's a $171 bi…→09-11[REPLAY] Deep Basin – Earning Alpha in Energy - [Invest Like the Best, EP.81]This interview explains how Deep Basin Capital finds investment opportunities in energy stocks by analyzing oil well data. They don't bet on oil prices but look for companies the market misprices. The…→08-20Joe McLean – How to be a Pro’s Pro - [Invest Like the Best, EP.143]This interview is about managing money for pro athletes like a coach. Joe McLean says a good advisor must have 'low self-orientation'—putting the client first, even if it means saying 'no' and risking…→08-13Zack Kanter – All Things Business - [Invest Like the Best, EP.142]This interview is about the deep logic behind business success. Guest Zack Kanter argues Amazon's greatness isn't any single move but its 'constitutional' system that makes it faster as it grows, defy…→08-06Chris Bloomstran – What Makes a Quality Company - [Invest Like the Best, EP.141]This interview is about what makes a truly great company. Investor Chris Bloomstran says the key is 'incremental return on capital'—how much profit a company earns when it reinvests its earnings. He u…→07-30Brian Christian – How to Live with Computers - [Invest Like the Best, EP.140]This episode explores how humans and computers interact, and how close we are to AGI (Artificial General Intelligence, a machine that thinks like a human). Author Brian Christian says we might be just…→07-23Eric Sorensen - How Quant Evolves - [Invest Like the Best, EP.139]This interview covers the evolution of quantitative investing (using computer models to pick stocks). Eric Sorensen, who manages $46 billion, says quant strategies must constantly adapt. He's bullish…→07-16Jane McGonigal – How Games Make Life Better - [Invest Like the Best, EP.138]This piece features game designer Jane McGonigal, who argues that games aren't about escaping reality but about building mental resilience through 'unnecessary obstacles.' She says games can induce fl…→07-02Bill Gurley – All Things Business and Investing - [Invest Like the Best, EP.137]This interview is about how venture capitalist Bill Gurley judges whether a company has a real "network effect" (more users = more valuable product). He says most companies just use it as a buzzword.…→06-25Jesse Livermore – The Search for the Truth with the Anonymous Master - [Invest Like the Best, EP.136]This interview explores investment research methods and future market risks. Guest Jesse Livermore argues that due to Fed intervention and low inflation, future markets may see fewer crashes, threaten…→06-18Chuck Akre – The Three-Legged Stool - [Invest Like the Best, EP.135]This is about Chuck Akre's 'three-legged stool' investing method: a great business, great management, and the ability to reinvest profits at high returns. He's optimistic about companies with 'pricing…→06-11Jerry Neumann – Why Venture is Hard - [Invest Like the Best, EP.134]This piece argues venture capital can't rely on gut feelings—it needs a repeatable framework. Jerry Neumann thinks too much money has flooded VC, pushing new funds to chase short-term traction. He see…→05-28David Epstein – Wide or Deep? - [Invest Like the Best, EP.133]This episode argues that in a complex world, being a generalist (knowing a bit about many things) beats being a specialist (focusing on one area). The host says we overvalue early specialization and t…→05-21Priya Parker – The Art of Gathering - [Invest Like the Best, EP.132]This episode covers how to design gatherings that truly connect people. Author Priya Parker argues most gatherings fail because people follow scripts (birthday parties, board meetings) without asking…→05-07Stephanie Cohen – The Evolution of M&A and Corporate Strategy - [Invest Like the Best, EP.131]This is about how big companies balance old business with new ideas. Goldman Sachs' chief strategy officer Stephanie Cohen says M&A isn't zero-sum—both sides can win. She sees opportunity in partnersh…→04-23Josh Wolfe – The Tech Imperative - [Invest Like the Best, EP.130]This conversation is about the core logic of frontier tech investing. Josh Wolfe says the biggest risk today isn't valuation bubbles but 'ill-liquidity'—many companies have high paper valuations but i…→04-16Katherine Collins – Impact and ESG Investing - [Invest Like the Best, EP.129]This interview explains how to use ESG (Environmental, Social, Governance) data to find good investments, not just as a moral checklist. The author argues markets overlook 'social' factors like employ…→04-09Geoffrey Batt – The Nature of Transformational Returns - [Invest Like the Best, EP.128]This is about how to get 25-50x returns in a place like Iraq, where everyone thinks it's a disaster. Manager Batt says you need 10-15 years of patience, and most funds can't handle that because invest…→04-02Brian Singerman – Investing in the Best Founders - [Invest Like the Best, EP.127]This episode covers Brian Singerman's investing philosophy. He looks for three things: an existing moat (hard-to-copy advantage), a big market, and strong execution. He invests purely on gut, never lo…→03-26Michael Mauboussin – The Four Sources of Alpha - [Invest Like the Best, EP.126]This episode breaks down alpha into four sources: behavioral, analytical, technical, and information (BATE). Mauboussin says markets aren't inefficient just because individuals are irrational; real al…→03-19Annie Duke – Wanna Bet? - [Invest Like the Best, EP.125]This interview is about making decisions like a pro poker player. Annie Duke says the biggest mistake is 'resulting'—judging a decision by its outcome, ignoring luck. For example, a pass interception…→03-12Michael Mayer – Pseudonymous Social Capital and Bottomless Coffee - [Invest Like the Best, EP.124]This interview covers how anonymous accounts build unique influence and a startup that uses smart scales to auto-restock coffee. The author says truly contrarian ideas get ignored, while 'feels contra…→03-05Peter Zeihan – The Future of Geopolitics - [Invest Like the Best, EP.123]This piece covers geopolitical strategist Peter Zeihan's view: the US, thanks to its shale oil revolution, is retreating from its role as global trade's 'sea police,' causing the collapse of globaliza…→02-26Michael Kitces – The Past, Present & Future of Financial Advice - [Invest Like the Best, EP.122]This interview is about how financial advisors make money, why it's changing, and what's next. Kitces says the current model of charging 1% of assets under management won't disappear but will become f…→02-12Alex Danco – Scarcity, Abundance and Bubbles - [Invest Like the Best, EP.121]This interview explains how technology turns scarcity into abundance, then creates new scarcity. Alex Danco argues bubbles aren't all bad—they use FOMO to push resources into building the future. He l…→02-05Keith Wasserman – Real Estate Investing - [Invest Like the Best, EP.120]This piece is about real estate investing. The key takeaway: manufactured housing (where you rent the land, residents own the homes) is the best risk-adjusted return asset, with cash flow like a parki…→01-29Alex Mittal – Early Stage Investing - [Invest Like the Best, EP.119]This episode features Alex Mittal, an early-stage investor who explains how to spot investments that look bad but are actually great. He says the best opportunities are both 'crazy' and 'boring,' and…→01-22Eugene Wei – Tech, Media, and Culture - [Invest Like the Best, EP.118]This interview focuses on Eugene Wei's concept of 'invisible asymptotes'—the real reason growth slows isn't competition but that a product's design naturally excludes some users (e.g., Twitter's style…→01-15Michael Duda – Investing In Brands - [Invest Like the Best, EP.117]This interview argues that a brand isn't just marketing spending—it's an investable asset. Investor Michael Duda says the market's mistake of treating brands as expenses creates opportunities. He look…→01-08Abby Johnson – Future of Finance - [Invest Like the Best, EP.116]This interview features Fidelity CEO Abby Johnson on the future of finance. She says the industry has become incredibly complex, but technology can't replace human advisors—people want to talk about t…→

2018

12-18Keith Rabois - If You Can’t Sell Them, Compete with Them - [Invest Like the Best, EP.115]This interview features Silicon Valley investor Keith Rabois sharing his investment and startup philosophy. He believes great companies build 'accumulating advantage'—business gets easier over time, n…→12-11Bryan Krug – High Yield Credit Investing - [Invest Like the Best, EP.114]This is about investing in high-yield bonds (risky corporate debt). Fund manager Bryan Krug says the key is whether a company can pay off debt with its cash flow, not its assets. He likes bonds of Bea…→12-04Maureen Chiquet – Leadership Through Hard Conversations - [Invest Like the Best, EP.113]This is about leadership lessons from Maureen Chiquet, former global CEO of Chanel. She says the leader's main job isn't strategy but creating a culture where people feel safe to have tough conversati…→11-27Hunter Walk – Building Picks and Shovels - [Invest Like the Best, EP.112]Hunter Walk, a venture capitalist, says early-stage investors should focus on 'picks and shovels'—companies that provide tools for creators or businesses, not the final product. He thinks attention fl…→11-13Cliff Asness – The Past, The Present & Future of Quant [Invest Like the Best, EP.111]This interview covers the past, present, and future of quant investing (using computer models to pick stocks). Cliff Asness of AQR says once-secret quant strategies are now public knowledge, so the re…→10-30Ryan Caldbeck – Quant in Private Markets - [Invest Like the Best, EP.110]This episode explains how Ryan Caldbeck uses algorithms to invest in consumer brands. He says the traditional metric 'velocity' (how fast products sell) has no proven link to success. Instead, he focu…→10-23Howard Lindzon – Fintech and Trend Following - [Invest Like the Best, EP.109]This is about following trends instead of guessing. Howard Lindzon says FinTech is getting weird, but people love it—they know they should save but still trade on Robinhood and buy car shares. He like…→10-16CoVenture Credit - Esoteric Credit with Ail Hamed, Brian Harwitt, and Marc Porzecanski - [Invest Like the Best, EP.108]This episode covers how CoVenture Credit invests in unusual, high-yield loans like e-commerce return financing, payroll deduction lending, and Bitcoin-backed loans. They believe the real opportunity l…→10-09Saifedean Ammous – The Bitcoin Standard - [Invest Like the Best, EP.107]This interview argues that Bitcoin is the only real cryptocurrency, and all other coins (like Ethereum) are worthless. Author Saifedean Ammous sees Bitcoin as digital gold because it's controlled by n…→09-25Jeremiah Lowin – Machine Learning in Investing – [Invest Like the Best, EP.105]This interview is about how to actually use machine learning in investing. The author says ML is just a fancy version of linear regression that finds complex patterns, but financial data changes over…→09-11Kathryn Minshew - How Employers and Employees Should Build Careers - [Invest Like the Best, EP.103]This interview is about how employers and employees can build better careers together. The founder of The Muse says job seekers should look beyond salary and focus on three things: people, purpose, an…→09-04Richard Craib - Crowdsourcing Predictive Algorithms - [Invest Like the Best, EP.102]This interview covers Numerai, a company using blockchain and crowdsourcing for quantitative investing. Founder Richard Craib argues that letting data scientists model on blind data (stock info hidden…→08-28Elad Gil – How to Identify Interesting Markets - [Invest Like the Best, EP.101]This interview covers how early-stage investor Elad Gil spots promising markets. He believes market matters more than team—a great team in a bad market will lose. He's bullish on machine learning chip…→08-21What You Learn About Business Deals After: 12,000 Deals Reviewed, 1,500 Deep Dives, 125 Site Visits, and 7 Portfolio Companies with Brent Beshore - [Invest Like the Best, EP.100]This piece breaks down how investor Brent Beshore picks small businesses after reviewing over 12,000 deals. His key insight: high-cyclical industries (like construction) aren't dangerous by themselves…→08-07Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98]This piece says crypto investing should be like a barbell: one end for real money (Bitcoin, Monero), the other for securities with cash flows, while most utility tokens in the middle are overvalued. S…→07-31Cathie Wood – Investing in Innovation - [Invest Like the Best, EP.97]This interview covers Cathie Wood's investment philosophy. She argues that mainstream money is either chasing past winners or investing in private companies, leaving disruptive innovation stocks (like…→07-24Bethany McLean - Business Gone Bad and the Art of Persistence - [Invest Like the Best, EP.96]This interview explores business fraud and investigative journalism. Bethany McLean argues that the line between a visionary and a fraudster often comes down to whether they succeed—success means they…→07-17Modest Proposal – Value is Dead, Long Live Value - [Invest Like the Best, EP.95]This interview argues that traditional value investing (buying statistically cheap stocks) is dead, but the core principle of buying good businesses below their future cash flow value is eternal. The…→07-03Niel Robertson – The Future of Media - [Invest Like the Best, EP.94]This podcast says media is shifting from big platforms to individual creators, and Amazon is the most underrated player. The guest thinks Amazon has Twitch, Prime members, and e-commerce integration t…→06-26Eric Balchunas – The Past, Present & Future of ETFs - [Invest Like the Best, EP.93]This piece breaks down ETFs (exchange-traded funds, like stocks that hold a basket of investments). Eric Balchunas says the market is split: dirt-cheap index funds (e.g., VTI at 0.04% fees) and flashy…→06-19New Angles on Crypto - Kyle Samani and Tushar Jain - [Invest Like the Best, EP.92]This interview debates whether crypto's value comes from being a store of value (like gold) or from being useful (used by people daily). Multicoin Capital's Kyle Samani and Tushar Jain disagree. Kyle…→06-12Michael Recce – Tim Cook’s Dashboard - [Invest Like the Best, EP.91]This piece explains how to use machine learning and alternative data to rebuild a company's business dashboard for an information edge. The author says ML is useless for predicting stock prices but ve…→06-05Ash Fontana – Investing in Artificial Intelligence - [Invest Like the Best, EP.90]This piece explains a new way to invest in AI: a company's edge comes from a 'data feedback loop'—more users generate more data, which improves the model, which attracts more users—not from traditiona…→05-29Mike Zapata – The Darkest Night: Lessons from Battle and Value Investing - [Invest Like the Best, EP.89]This piece is about ex-Navy SEAL Mike Zapata applying military discipline to small-cap value investing. He thinks value investing isn't dead—there are still blind spots in small stocks, like low analy…→05-22Sam Hinkie – Data, Decisions, and Basketball - [Invest Like the Best, EP.88]This is about ex-NBA exec Sam Hinkie's approach to decisions: think long-term, go against the crowd, and be patient. He says patience is the biggest edge—like Amazon using long-term plans to feed our…→05-15Tren Griffin – Pulling the Thread - [Invest Like the Best, EP.87]This interview is about how to tell if a company can really make money. Tren Griffin says many startups focus on making good products but forget to capture value—the key is pricing power. He admires C…→05-08Jason Karp – Opportunities in Public and Private Markets - [Invest Like the Best, EP.86]This interview covers how investor Jason Karp shifted from deep value to 'reasonable price plus growth' stocks. He says fundamental investors now make up less than 10% of trading, creating years-long…→05-01Chris Douvos – A Value Investor Lost in the Valley - [Invest Like the Best, EP.85]This interview analyzes structural changes in venture capital and how to pick winning funds. Guest Chris Douvos argues that 550 micro VC funds have pushed the industry into a 'fool stage' where prices…→04-24Arianna Simpson – The Crypto Landscape - [Invest Like the Best, EP.84]This interview is about crypto investing. Investor Arianna Simpson thinks Bitcoin and other 'currency-like' cryptos are undervalued in the current bear market, while many ICO projects are very risky.…→04-17Shark Tank with Thatcher Bell and Taylor Greene - [Invest Like the Best, EP.83]This episode breaks down a startup called Ladder, which connects users with personal trainers. The VCs think Ladder's real strength is giving trainers a great software tool (like scheduling and messag…→04-10Nikhil Kalghatgi – Moonshot Investing - [Invest Like the Best, EP.82]This episode covers Nikhil Kalghatgi's 'moonshot investing' strategy—finding opportunities others avoid, like asteroid mining (Planetary Resources, which he invested in, valuing water on one asteroid…→03-13Albert Wenger - World After Capital - [Invest Like the Best, EP.80]This interview argues that technology is moving the world from the industrial age to the knowledge age, and crypto is key to a decentralized future. Guest Albert Wenger thinks Bitcoin and Ethereum eac…→03-06Savneet Singh - The Berkshire of Software - [Invest Like the Best, EP.79]This interview explains how investor Savneet Singh is building a 'forever hold' software company modeled after Berkshire Hathaway and Constellation Software. He believes 'boring' but mission-critical…→02-27Dan Rasmussen - Private Equity Returns in Public Markets - [Invest Like the Best, EP.78]This interview argues that private equity's high returns come not from improving companies, but from buying small, cheap firms with lots of debt (leverage). Since private equity is now overpriced, Dan…→02-20Pat Dorsey Returns - The Moat Portfolio - [Invest Like the Best, EP.77]This interview explains how investing expert Pat Dorsey finds opportunities by analyzing a company's 'moat' (its long-term competitive advantage, like brand or user loyalty). He believes the market al…→02-13Josh Wolfe - This is Who You Are Up Against - [Invest Like the Best, EP.76]This is about venture capitalist Josh Wolfe's approach to investing in hard science, like nuclear waste cleanup and satellites. He believes the best future investments are in overlooked, complex areas…→02-06Harvey Sawikin - Emerging Market Opportunities - [Invest Like the Best, EP.75]This piece is about emerging market investing. The key idea: making money now isn't about buying cheap stocks, but finding companies that generate cash and return it to shareholders. Harvey Sawikin th…→01-30Anthony Pompliano - Full Tilt Investing- [Invest Like the Best, EP.74]This interview covers investor Pomp's framework for picking founders and his market views. He says persistence matters more than intelligence in a founder. He's bullish on tokenized securities (using…→01-23Dr. Ben Hunt - The Three-Body Portfolio - [Invest Like the Best, EP.73]This interview argues that central banks have made markets unpredictable, like the 'three-body problem' in physics, breaking old value-investing rules. Ben Hunt suggests investors adopt 'dynamic risk…→01-16Preston Byrne - Crypto-pocalypse - [Invest Like the Best, EP.72]In this interview, crypto critic Preston Byrne argues that Bitcoin and many tokens are like 'headless Ponzi schemes'—they have no real value and only work if new buyers keep joining. He warns that reg…→01-09Ali Hamed – Creative Investing - [Invest Like the Best, EP.71]This episode features investor Ali Hamed, who argues that real investment edge comes from 'earning' returns by creating new asset classes, not just 'finding' good deals. He builds funds around things…→01-02Sheel Tyle - The Future of Venture Capital - [Invest Like the Best, EP.70]This interview features 26-year-old investor Sheel Tyle on venture capital's future. He thinks the market is overheated—some startups with no product get $20-30 million valuations. He's bullish on Afr…→

2017

12-26Chris Dixon – The Future of Tech - [Invest Like the Best, EP.69]This episode discusses how to spot future tech trends. Chris Dixon (a16z partner) says to watch what smart engineers do on weekends — they're now studying crypto while working at Google/Facebook. He f…→12-19Sorin Capital – Retail Contrarians - [Invest Like the Best, EP.68]This episode argues that retail real estate is mispriced: it's not all retail dying, just apparel retail. Sorin Capital sees opportunity in community shopping centers (anchored by grocery stores) that…→12-12Franklin Foer – World Without Mind - [Invest Like the Best, EP.67]This interview says big tech companies like Facebook, Amazon, and Google have become too powerful by fighting for our attention and data, threatening the open internet. Author Franklin Foer argues the…→12-05Adam Ludwin - A Sober View on Crypto - [Invest Like the Best, EP.66]This interview argues that crypto apps are worse than traditional ones in almost every way, except for being 'uncensorable'—no one can stop you from using them. Guest Adam Ludwin thinks the market is…→11-28Joanne Wilson - Angel Investing and Trend Spotting - [Invest Like the Best, EP.65]This is about angel investor Joanne Wilson's approach. She says the next decade isn't about chasing billion-dollar companies but 'small and beautiful' ones with around $100 million in revenue serving…→11-21Connor Leonard - Capital Light Compounders & Reinvestment Moats - [Invest Like the Best, EP.64]This podcast features investor Connor Leonard, who applies a private-equity mindset to public stocks. His favorite type is 'capital-light compounders'—businesses like Rightmove, a classified ads site…→11-14Dhani Jones - Adventures in Sports, Business, and Investing - [Invest Like the Best, EP.63]This is about ex-NFL player Dhani Jones applying 'contrarian thinking' from sports to investing and business. He says the key is going where others won't, but warns that if you're early and right, the…→11-07Chris Burniske - How to Value a Cryptoasset - [Invest Like the Best, EP.62]This episode explains how to value cryptoassets using the equation MV=PQ, treating each network like a mini-economy. Chris Burniske says the key is to estimate the network's total economic output (lik…→10-31Brad Katsuyama - What Happens When You Hit “Buy” - [Invest Like the Best, EP.61]This interview reveals how stock exchanges really make money. Brad Katsuyama, founder of IEX, argues that traditional exchanges like NYSE and NASDAQ profit by selling speed advantages (faster data fee…→10-24Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60]This piece covers Brett Maloley's Ladder, a platform aiming to fix the fitness industry with a hybrid online/offline coaching model. He argues traditional gyms rely on members not showing up (e.g., $1…→10-17Tim Urban - Grand Theft Life - [Invest Like the Best, EP.59]Tim Urban says humans progress through collective knowledge, and AI will go from narrow to superintelligence, bringing huge changes. He believes 'not caring what others think' is the ultimate superpow…→10-10Hash Power – Ep. 3 - Funding, Forking, and a Creative FutureThis episode explores how crypto is changing fundraising, governance, and wealth creation. The guests see the market moving from wild growth toward regulation, but warn regulators not to overdo it or…→09-19David Tisch - Tech Investing Outside of Silicon Valley - [Invest Like the Best, EP.55]This interview argues that great tech companies can be built outside Silicon Valley. Investor David Tisch says the focus has shifted from hard tech to consumer experience, making New York a new hub. H…→09-12David Gardner - Finding Companies That Break the Rules - [Invest Like the Best, EP.54]This is about David Gardner's 'Rule Breaker' strategy—finding companies that break the rules and reshape industries, like early Netflix and Tesla. He says when the market calls these stocks 'too expen…→09-07Meb Faber - Factors, Dividends, and Angel Investing - [Invest Like the Best, EP.53]This piece covers Meb Faber's views on investing. He says dividend stocks are bad because you pay taxes on dividends, and suggests using value stocks (cheap relative to company worth) instead. He like…→08-29Team Ritholtz - The Wu Tang Clan of Finance - [Invest Like the Best, EP.52]This piece explains how Ritholtz Wealth Management builds a brand through authentic content, like the Wu-Tang Clan—each member unique but stronger together. They criticize big asset managers for produ…→08-22Pat Dorsey - Buying Companies With Economic Moats - [Invest Like the Best, EP.51]This is about Pat Dorsey's 'economic moat' theory—finding companies with lasting competitive advantages. He says the best buys aren't firms with static moats (like Coca-Cola), but those whose moats ge…→08-15Jason Zweig and Morgan Housel - Business vs. Investing - [Invest Like the Best, EP.50]This conversation explores whether investing in public stocks and private startups is really that different. The guests argue the core logic is the same: change drives competition, stability drives co…→08-08Brad Stulberg - Just Manageable Challenges - [Invest Like the Best, EP.49]This episode says growth comes from stress plus rest, like muscles getting stronger during sleep, not at the gym. The author argues fatigue is your brain lying to protect you, and a purpose bigger tha…→08-01Leigh Drogen - Sink or Swim--How to Combine Quant and Traditional Asset Management Techniques - Invest Like the Best, EP.48]This interview argues that traditional asset managers must rebuild their investment process from scratch, not just add quant tools on top. The key idea: portfolio managers should shift from being a 'q…→07-25Wes Gray - Compound Your Face Off - [Invest Like the Best, EP.47]This interview features quant investor Wes Gray, who argues that real investment edge comes from pairing a long-term strategy with patient capital, not from building smarter models. He says momentum (…→07-18Rishi Ganti - Esoteric Assets - [Invest Like the Best, EP.46]This is about investor Rishi Ganti, who buys 'esoteric assets'—things nobody wants, with no market or bidding. His idea: if even two buyers compete, the price gets too close to fair value, killing ext…→07-11Jerry Neumann - The Deployment Age, Power Laws, and Venture Capital - [Invest Like the Best, EP.45]This interview argues we're in a 'Deployment Age' where technology is being widely adopted, similar to the 1950s—big companies dominate and innovation slows. Venture capitalist Jerry Neumann says VC r…→07-05Top Ten Lessons After Almost a Year - [Invest Like the Best, EP.44]This is a summary of 10 lessons from podcast host Patrick O'Shaughnessy after nearly a year of running his show. He believes conversation is the best way to learn—better than books or lectures. He fin…→06-27Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]This is about Scott Norton, co-founder of Sir Kensington's, sharing startup lessons. He says real opportunities are in overlooked categories like condiments, not crowded trends. Sales must build trust…→06-20Andy Rachleff - Building Something People Want to Buy - [Invest Like the Best, EP.42]This interview is about venture capitalist Andy Rachleff's approach to finding products people truly want. He argues that to make money in investing, you need to be right when everyone else is wrong (…→06-13Leigh Drogen - Quant vs Traditional Investors and How Alphas Become Betas - [Invest Like the Best, EP.41]This interview says making money in investing is getting harder because too many quant traders turn profitable strategies (Alpha) into common knowledge (Beta). Guest Leigh Drogen argues that human sto…→06-06Ira Judelson - Bail Street, with NYC's Leading Bail Bondsman - [Invest Like the Best, EP.40]This is about Ira Judelson, a top NYC bail bondsman, who says bail is about judging character, not credit. His skip rate (clients who flee) dropped from 10-12% to under 2% because he reads people well…→05-30David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39]This piece covers David Chilton's 'human blitzkrieg' approach: he spends hundreds of hours on phone research before betting big on a few stocks. He says the best investment is a small business you can…→05-23David Salem - The Art of Asset Allocation - [Invest Like the Best, EP.38]This piece is about the 'art' of asset allocation. The key idea: Yale's investing success isn't about its asset buckets, but the mindset of its leader David Swensen—willing to be wrong and different.…→05-16Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]This interview features investor Michael Mauboussin. He says the biggest drag on returns isn't picking active vs. index funds, but your own behavior—chasing highs and panic selling costs you 1.2% a ye…→05-09Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]This episode argues that the best CEOs aren't visionaries but savvy capital allocators who treat their company like an investment portfolio. They buy back stock only when it's cheap, avoid dividends (…→05-02Ted Seides - The Bet with Buffett – Hedge Funds vs. The S&P 500 - [Invest Like the Best, EP.35]This episode revisits Ted Seides' famous 10-year bet with Warren Buffett. Seides argues the bet was unfair because the hedge fund portfolio had only half the market exposure of the S&P 500, and he bet…→04-25Danny Moses - The Big Short and Beyond - [Invest Like the Best, EP.34]This interview features Danny Moses, a key figure from 'The Big Short'. He argues the market is now driven by ETFs (funds that track an index) and algorithms, making company fundamentals nearly irrele…→04-18Royce Yudkoff and Rick Ruback – REALLY Private Equity - [Invest Like the Best, EP.33]This episode explores a niche investment called 'REALLY private equity'—buying and holding small, boring businesses like a window-washing company or a billing service for ambulances. The professors ar…→04-11Boyd Varty – The Art of Tracking - [Invest Like the Best, EP.32]This episode features Boyd Varty, a South African wildlife tracker, who applies the philosophy of tracking to life and investing. He argues modern society traps us with false goals like wealth and sta…→04-04Khe Hy – Quant Hedge Funds and the Fear of Death - [Invest Like the Best, EP.31]This is about Khe Hy, a former BlackRock executive, sharing his view on the hedge fund industry. He says after 2008, the industry shifted from easy profits to tough competition and lower returns, and…→03-28Ted Seides and Brent Beshore – The Future of Asset Management - [Invest Like the Best, EP.30]This podcast discusses the future of asset management. The guests argue that hedge funds' high fee model is outdated. The winners will be those with 'long-term capital'—money locked up for 3-5 years—a…→03-21Jim O’Shaughnessy - Premeditated Success - [Invest Like the Best, EP.29]This is about quant investing pioneer Jim O’Shaughnessy’s career and philosophy. He says the key to investing success isn’t a magic factor but the discipline to stick with your strategy—most people pa…→03-14Trish and James Higgins of Chenmark Capital - Permanent Equity - [Invest Like the Best, EP.28]This episode features Trish and James Higgins of Chenmark Capital, who invest in small businesses for their ongoing cash flow rather than reselling them. They believe the real edge comes from hands-on…→03-07Peter Attia, M.D. - How to Live a Longer, Higher Quality Life - [Invest Like the Best, EP.27]This episode is about how health works like compound interest—small daily habits add up over decades to determine how long and how well you live. Dr. Peter Attia argues that heart attacks and cancer a…→02-28John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26]This piece explains how investor John Rogers uses discipline and a long-term view, like in basketball, to find bargains. He believes passive investing (like index funds) creates mispriced stocks, bene…→02-21Alex Moazed – Building Modern Monopolies - [Invest Like the Best, EP.25]This piece explains how platform companies like Uber and Airbnb become 'modern monopolies' by connecting buyers and sellers directly, cutting out middlemen. The author, Moazed, sees Apple, Google, and…→02-14Ian Cassel – Investing In Tiny Stocks - [Invest Like the Best, EP.24]This is about investing in microcap stocks (very small companies). Ian Cassel argues that the real edge comes from illiquidity (low trading volume), not small size, which creates opportunities for dee…→02-07Joe Mansueto – Lessons From the Founder of Morningstar - [Invest Like the Best, EP.23]This piece covers Morningstar founder Joe Mansueto's lessons on business and investing. He says Morningstar's real edge isn't data but its culture of honest, critical analysis that builds trust. On ma…→01-31Brent Beshore Returns – Private Equity, Venture Capital, and the Future of Money Management - [Invest Like the Best, EP.22]This interview digs into the inner workings of private equity and venture capital. Brent Beshore argues that buying small companies at a cheap 7x earnings is a trap—keeping them profitable is so hard…→01-24Brian Koppelman – Chasing Curiosity - [Invest Like the Best, EP.21]This episode features screenwriter Brian Koppelman, who argues that following your curiosity is the key to creativity and happiness. He recommends two practices: Transcendental Meditation (a type of s…→01-17Jeremiah Lowin – Machine Intelligence and Risk Management - [Invest Like the Best, EP.20]This interview features risk manager Jeremiah Lowin, who says today's AI is just a powerful pattern-recognition tool, not true intelligence. He argues risk management isn't about eliminating risk (imp…→01-10Lauren Loktev, Kanyi Maqubela, & Craig Shapiro - Watching a Venture Fund at Work - [Invest Like the Best, EP.19]This podcast features Collaborative Fund, a VC firm that picks startups by spotting big global trends first. They say the best founders aren't those with perfect plans, but those who run fast experime…→01-03Dan Egan – Designing Better Decisions - [Invest Like the Best, EP.18]This podcast features Dan Egan from Betterment, who explains how to design decision environments (like default options and instant feedback) to help investors avoid emotional mistakes. He believes mar…→

2016

12-27Shane Parrish – Mastering Mental Models - [Invest Like the Best, EP.17]This interview features Shane Parrish (Farnam Street founder) on using mental models to think better. He warns that automation creates a false sense of security—people rely on simplified metrics (like…→12-20Jeff Ptak – The Prospects for Active Management - [Invest Like the Best, EP.16]This piece explores whether active fund managers can beat the market. Jeff Ptak of Morningstar says only about 8% succeed long-term, and key predictors are low fees, high manager ownership, and low tu…→12-13Eric Maddox – The Ace of Spades - [Invest Like the Best, EP.15]This is about former US Army interrogator Eric Maddox, who used listening instead of intimidation to raise success rates from 4% to 65% and helped capture Saddam Hussein. He says most people only hear…→12-06Josh Brown – The Reformation - [Invest Like the Best, EP.14]This interview is about a 'reformation' in investing: stop chasing legendary stock-pickers like David Tepper or Carl Icahn, because their talent can't be copied. Josh Brown, a former retail broker, lo…→11-29Christopher Cole – Small Bets, Huge Payoffs - [Invest Like the Best, EP.13]This interview features Christopher Cole, who explains how to make huge payoffs from small bets. He argues central banks haven't eliminated risk but pushed it into the future, creating a false calm th…→11-22Kevin Simler – Exploring the Frontier - [Invest Like the Best, EP.12]This interview features Kevin Simler, an early Palantir employee, discussing startup culture, social status, and meaning. He says startup culture is like a 'frontier' where growth hides problems, but…→11-14Craig Shapiro – Better for You, Better for the World - [Invest Like the Best, EP.11]This is about investor Craig Shapiro, who looks for companies that are 'better for you and better for the world'—like Tesla, which is both cool and eco-friendly. He thinks these will make the most mon…→11-08Brent Beshore – Cultivating a Disaster Resistant, Compound Interest Machine - [Invest Like the Best, EP.10]This interview features investor Brent Beshore, who buys boring but profitable small companies, then improves them to earn more. He believes in finding undervalued, disaster-resistant businesses rathe…→11-01Jon Stein – The State of Automated Investing - [Invest Like the Best, EP.09]This interview covers the state of automated investing with Betterment founder Jon Stein. He says the biggest competitor isn't another platform but inertia — people know they should invest but don't s…→10-25Ted Seides – A Deep Dive into Hedge Funds - [Invest Like the Best, EP.07]This interview covers hedge fund industry trends and investing. Ted Seides says fees are market-driven, not exploitative; low rates make them seem high. He likes seed investing—it's like a free option…→10-18Humble Giants – Vanguard’s Gerry O’Reilly and Jim Rowley - [Invest Like the Best, EP.06]This interview with two Vanguard experts explains why index investing works: it's not about market efficiency but the zero-sum game where half of money beats the average, and index funds win by captur…→10-11Christian Rudder – The Quantified Self - [Invest Like the Best, EP.05]Christian Rudder, co-founder of OK Cupid, explains how dating data reveals people say one thing but do another—e.g., men claim they want partners their age but actually chase younger women. He says th…→10-04Morgan Housel – Walking and Thinking - [Invest Like the Best, EP.04]This interview argues that empathy—understanding why others think differently—is more valuable than technical analysis in investing. Morgan Housel says wealth depends on spending less than you earn, n…→09-27Jason Zweig – The Power of Serendipity - [Invest Like the Best, EP.03]This interview says investing success comes from critical thinking and self-control, not technical analysis. Zweig warns that most people praise investments without checking them—like a textbook commi…→09-20Michael Mauboussin – Active Asset Management - [Invest Like the Best, EP.02]This piece explains why active fund managers are finding it harder to beat the market. Mauboussin argues that as weak players leave, only skilled ones remain, making luck matter more—a 'paradox of ski…→09-11Jeff Gramm – Activist Investing - [Invest Like the Best, EP.01]This is about activist investing, where big shareholders push companies to change. Jeff Gramm thinks the market is expensive now, so opportunities are fewer. His top pick is Star Gas (SGU), his larges…→