Invest Like the Best with Patrick O'Shaughnessy

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My guest this week is Jonathan Neman, the co-founder and CEO of Sweetgreen. Sweetgreen is a fast-casual restaurant chain that Jonathan co-founded in 2007 during their senior year at Georgetown when he realized they couldn't find a healthy, affordable, and convenient place to eat. Today, Sweetgreen operates in 11 markets and will have about 160 restaurants across the US by the end of 2021. In our conversation, we cover the origins of Sweetgreen and how it builds a direct relationship with its customers, how Jonathan thinks restaurants should work with marketplaces like DoorDash, and the economics of operating restaurants. While Sweetgreen is primarily a restaurant concept, Jonathan brings a tech-first mindset to the food industry, focusing less on single-store economics and more about customer lifetime value and the importance of owning the relationship with the customer. I hope you enjoy my conversation with Jonathan Neman.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Klaviyo. Klaviyo is the ultimate marketing platform for e-commerce. With targeted segmentation, email automation, SMS marketing, and more, Klaviyo helps you create your ideal customer experience.    See why Klaviyo is trusted by more than 50,000 brands, like Living Proof, Solo Stove, and Nomad to help them grow their business. For a free trial, check out klaviyo.com/founders.  ----- This episode is brought to you by LinkedIn Jobs. With LinkedIn, you get access to an active community of professionals with more than 722 million members worldwide. LinkedIn is the easiest place in the world to post a job and message qualified candidates. Getting started is easier than ever, and now you can do this all from your mobile device.    When your business is ready to make that next hire, find the right person with LinkedIn Jobs. And now, you can post a job for free. Just visit linkedin.com/fieldguide to post a job for free. Terms and conditions apply.  ----- Founder's Field Guide is a property of Colossus, Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:04] - [First question] - The origins of Sweetgreen [00:05:47] - Something they did from a position of naivete, working their supply chain [00:07:18] - Most common reason restaurants go wrong [00:08:35] - Building the first restaurant and lessons along the way  [00:12:22] - Effective menu building [00:14:36] - The Sweetgreen network and how they view the restaurant as a network [00:21:05] - What their digital business means compared to other restaurant businesses [00:23:55] - How they have improved at converting people into their ecosystem [00:27:40] - Creating win-win partnerships [00:29:12] - The pros/cons of the marketplaces in the food industry [00:32:58] - The general economics of a restaurant [00:36:58] - Allocating capital differently when the focus is the customer and not the store [00:39:36] - How tech trends aimed at improving personal health plays into Sweetgreen’s plans [00:45:11] - Their focus on sustainability for the business [00:47:56] - The core values of ‘Add the Sweet Touch’ and ‘Live the Sweet Life’ [00:50:18] - Kindest thing anyone has done for him [00:51:38] - Never Eat Alone: And Other Secrets to Success, One Relationship at a Time
My guest today is Emmett Shear, founder and CEO of Twitch. Twitch is the world's leading live streaming platform for gamers, which was acquired by Amazon in 2014. We talk about how Twitch empowers streamers to monetize their audience, the necessity of picking a customer early in a business, and the lessons Emmett learned scaling Twitch from an online reality TV show to a global brand inside Amazon. We also discuss how Twitch has helped create a new language in the internet age with emotes, a topic I am fascinated by. I hope you enjoy this conversation with Emmett Shear.   This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out.    This episode is also brought to you by Solo Stove. There's simply no better way to create good moments this holiday season than around a fire with a Solo Stove Bonfire.  Complete with 30-day return policy and a lifetime warranty, the unit is made entirely of stainless steel, and at just 20 pounds, the Solo Stove Bonfire is easy to transport for a perfect evening in the backyard, at the campground, or on the beach. Get $5 off with code Patrick5 before December 31st 2020.     For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:52) – (First question) – History of interactive entertainment (4:10) – Interactivity from the clubs in Vienna and what he learned from that (5:16) – Origins of Justin.TV and when gaming became the focus for Twitch (8:59) – What he enjoyed about video streaming games early on (10:21) – Interactive experience between creators and community (12:28) – Emotes on twitch and how they came to be (14:45) – Business of emotes and the affiliates (16:27) – How these features are proliferating out on the internet and changing it (17:21) – How far we are in the streamer-influencer phenomenon (20:00) – Building an effective platform for fans (23:07) – Evolution of the just chatting piece of Twitch (24:58) – Favorite parts of Twitch from followers: Chess (26:45) – Running a business within a larger business (28:09) – Most interesting trend in the market today (30:40) – Effective ways for recruiting the team (31:35) – Most curious about what is happening on the internet today (33:06) – Advice from the early days of Twitch             (35:55) – Ira Glass video taste and making things (36:34) – Focus on strategic mission (38:06) – Identifying the customer (40:40) – Starting small (41:45) – Investors focus on potential market size (43:00) – Most common reasons talented people fail (43:47) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  
Before getting to this week’s guest, an announcement: starting Thursday we will be introducing a new series of interviews. Be sure to check this same podcast feed in two days to learn more. My guest this week goes by the pseudonym Modest Proposal. He’s both a close friend, and one of the most respected thinkers on financial twitter. I field more inbound questions about him than just about anyone, and you’ll see why in this episode. We discuss many of the biggest themes in today’s stock market, from consumer to technology to marketplace and local home services. As always, Modest brings specific insight and general frameworks to the discussion. I talk to him as often as I can because I learn something new every time, and this discussion was no exception. Please enjoy my conversation with Modest Proposal.   This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.  If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.     For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:37) – (First question) – How investing is about underwriting the future (5:42) – Essential tools to underwrite the future             (7:59) – Michael Mauboussin base rate book (9:02) – Increasing returns to scale as the most important tool (11:36) – Example of silly investments (14:00) – Ideas of consumer signal and non-linear beahvior (16:30) – Why he was blown away by ibuyer.com (19:08) – How businesses are targeting facilitating transactions (23:11) – Ecommerce and digital penetration in business             (25:42) – Gavin Baker podcast episode             (26:00) – Modest proposal last podcast appearance (27:56) – His thoughts on the extinction of so many businesses as a result of the pandemic (32:26) – Chart tracking Product to service against homogeneous to heterogenous             (33:41) – The Perfect Store             (33:49) – eBoys (43:51) – Other features of business that fascinate him (46:29) – Ideas that pique his interest right now (51:20) – Case study: IAC/InterActiveCorp (59:36) – Barry Diller’s superpowers (1:01:17) – Why he’s spent so much time exploring IAC/InterActiveCorp (1:02:56) – Related companies to explore Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  
This week’s episode is the most unique to date. My guest is Boyd Varty, who grew up in the South African Bush, living among and tracking wild leopards. The main theme of our conversation is tracking, and how the same strategy for pursuing animals in the wild can be applied to all aspects of our lives. Boyd’s family has been tracking animals for four generations, and he is bringing what they have learned to a larger audience around the world.   The episode includes the best answer I’ve ever heard (which comes when I ask Boyd to describe his most memorable experience). We also discuss the dangers of an achievement or goal oriented mindset, and what he learned from spending time with Nelson Mandela as a boy.   This episode is one I hope you share with those you love, because I think Boyd’s ideas will have a profound impact on many who are thinking about what to do with their lives—whether they are young or old.   Please enjoy.   For comprehensive show notes on this episode go to http://investorfieldguide.com/boyd For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag
My guest this week is Peter Attia, M.D., whose mission is to understand and improve human lifespan and healthspan (or quality of life).  Reading Peter’s research, you find that there are many similarities between health and investing—ideas like compounding—which we explore in detail. We spend a lot of time on mind, body, spirit and performance as it relates to living a better life. Of particular interest is the strategic problem that we face when studying longevity. As Peter puts it in our conversation: we are the species of interest, but we can’t conduct the kinds of experiments on humans—randomized trials, with control groups—that we apply to solve other big problems. So we have to back our way into a better understanding of longevity and quality of life. To that end, we discuss what we can learn from studying centenarians, the problem of progress in science, a drug called Rapamycin (which Peter believes could be revolutionary), eating, the importance of muscle mass, and the idea of distressed tolerance.  We emerge with a framework for thinking about health and well-being which can hopefully help us all live longer, better lives. Please enjoy!   For comprehensive show notes on this episode go to http://investorfieldguide.com/attia For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag
This week’s episode is very unique. It is the first episode devoted to bonds, just not the kind of bonds you are used to. My guest is Ira Judelson, who is the leading bail bondsman in New York City. I met Ira through my friend and former podcast guest Danny Moses, who is also a part of this conversation. I have always had a passion for understanding how different businesses work. In this case, this week we are exploring a different business, but also a different world. Ira’s story is larger than life. He is as authentic and hard working as they come. In both his book and this conversation, there is a lot about family, loyalty, and hard work—principles which really resonate with me. You’ll emerge from this hour with an appreciation of hustle and what it takes to get ahead. I can’t stop thinking about our discussion on how sources of power in any career morph through time, a framework that can help anyone think about their work and where to apply effort. The conversation goes all over the place, but suffice it to say we discuss bond collateral, Dominique Strauss-Kahn, and DMX—and that is but one small fraction. Please enjoy my conversation with Ira Judelson and Danny Moses.   For comprehensive show notes on this episode go to http://investorfieldguide.com/ira For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced The Fixer: The Notorious Life of a Front-Page Bail Bondsman   Links Referenced Rao’s Restaurant   Show Notes 1:55 – (First question) – The role that Rao’s restaurant has meant to Ira’s business and career   6:11 – A look at Ira’s bail bonds business and how that industry works             6:22 – The Fixer: The Notorious Life of a Front-Page Bail Bondsman   8:31 – The story of how a pizzeria was a bad piece of collateral   11:10 – How often does Ira deal with bail jumpers   12:10 – What is the size of the open liabilities   13:14 – How long will the open liabilities last   14:55 – Ira’s relationship with his clients and the importance of character in this business   17:46 – the amazing story of how Ira got started in this business   31:05 – His early years of being a bail bondsman and how important his wife was to his success   29:52 – How Ira balances family with this kind of work   32:22 – Ira’s ability to be amazingly efficient on the phone when in social settings and a work call comes in   33:14 – Ira is the fixer   36:40 – Exploring the “Sources of Power” and where the balance for Ira of who he knows vs who he has shifted in this line of work.      38:29 – The importance of intense reliability, consistency and empathy, and why Ira can trust his clients may be considered bad people   30:19 – Two cases where Ira got emotionally involved   47:26 – Why Ira is not worried about people coming after him   48:57 – When a bunch of detainees were wailing to wait an extra day in jail for Ira because his wife was pregnant with their first daughter   54:06 – Ira’s relationships with Ja Rule and DMX   58:32 – What does Ira enjoy most about the business still   1:01:51 – Will Ira ever stop?   1:04:02 – What advice would Ira give to someone early in their career just getting started   1:08:42 – The importance in having a willingness to fail mixed with the passion for what you are doing   1:10:11 – Ira’s health scare and what it taught him about appreciating life
My guest today is Andrew Sugrue, co-founder, and partner at Avenir Growth Capital. Avenir is a growth equity firm focused on backing category-defining businesses. In our conversation, we cover Andrew’s investing career, what he learned from Julian Robertson, how counter-positioning could drive unique distribution, and the difference between good and bad growth. We also spend time examining the business model of two of Andrew’s portfolio businesses, SavageXFenty and Latch. There are so many great lessons for investors and operators to take away from Andrew. Please enjoy my conversation with Andrew Sugrue.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. ------ This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Coinbase, Roblox, Qualtrics, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick. ------ This episode is brought to you by MIT Investment Management Company – MITIMCo, the endowment office of MIT. MITIMCo seeks to find people who are focused on achieving exceptional long-term investment returns, partner with these firms early, and stick around for the very long term.    MITIMCo is also searching for an exceptional new teammate to join their internal investment team. Visit mitimco.org to learn more – click “Join” to learn more about the Global Investor Role on MITIMCo’s team or and click “Emerging Managers” to learn more about their emerging manager activities. ------ Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:31] - [First question] - His journey leading up to his current firm [00:05:55] - Lessons learned from time spent with Julian Robinson [00:07:54] - The chip on his shoulder that helped keep him driven [00:08:40] - Transforming his early motivators into a sustainable career-long fuel [00:10:46] - The first things in mind when approaching a new business or person [00:14:00] - Analysis of Savage Lingerie and learning about how that sector operates  [00:20:27] - Amazon producing a one-hour special Savage infomercial  [00:23:16] - Lessons learned from Savage that can be applied to other direct to consumer brands [00:25:04] - Having a celebrity at the forefront of your brand [00:26:41] - Levers and overview of apparel company income statements and how they can shape the way you grow and operate the business [00:30:08] - Apparel companies always being tied to identity [00:31:03] - Analysis of Latch and learning about the relationship between hardware and software [00:33:40] - How Latch works and why you might need it [00:38:56] - Other businesses that may benefit from understanding the events that drive demand and using it as an opportunity for customer acquisition [00:40:12] - The concept of density of demand and the power behind it [00:41:33] - Other areas of operations density of demand could be applied  [00:44:11] - Shared components that unite Avenir’s portfolio companies  [00:46:14] - How he thinks about the world of private investment, having lived such a diverse career  [00:50:22] - Developing relationships growing such a concentrated portfolio [00:51:35] - Macro thoughts on the state of investing today [00:52:59] - Defining and identifying characteristics of bad growth [00:54:05] - The kindest thing anyone has ever done for him
My guest today is Kanyi Maqubela, co-founder of seed-stage VC firm Kindred Ventures, which he started with his partner Steven Jang in 2019. Before founding Kindred Ventures, Kanyi was a general partner at Collaborative Fund. In our conversation, we discuss the parallels between today and the Roaring ’20s of the last century, the misunderstood risk curve of seed investing, and dive deep into how Kanyi evaluates founders and businesses at the earliest stage of company formation. We also discuss Kanyi’s experience teaching the Design Your Life class at Stanford and how some of those principles convinced him to take the leap to start his own fund. I hope you enjoy my conversation with Kanyi Maqubela.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. ------ This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more. ------ This episode is brought to you by NordVPN. NordVPN is the best VPN to keep your internet experience private.   It has over 5,500 servers in 60 countries to ensure super-fast internet while protecting your information no matter where you are. As working from home and remote work become more prevalent, now is the time to protect your personal and business information without any data logging.   NordVPN works on all popular platforms, including Windows, macOS, Android, and iOS, and supports up to 6 simultaneous connections across your devices.   To get started, go to nordvpn.com/patrick or use code PATRICK to get a 2-year plan plus 1 additional month with a huge discount and a 30-day money-back guarantee. ------ Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:04:11] - [First question] - Understanding the roaring 20s and their potential resurgence [00:06:14] - Seed-stage investing today compared to a few years ago [00:09:02] - Lessons learned from studying the 1920s  [00:11:52] - Supply chain infrastructure in the 21st century [00:14:49] - His investment philosophy and what influenced it [00:17:47] - Defining the risk curve and early-stage divergence [00:21:31] - Assessing risk in seed-stage investing [00:23:32] - Other moments that influenced Kanyi’s investment philosophy [00:26:50] - Assisting early-stage companies as a VC  [00:29:31] - How he approaches VC differently than traditional US VCs [00:31:55] - Non-consensus ways and unique views when evaluating founders [00:35:19] - Domain insight and its importance [00:36:53] - What he looks for in a company when considering investing in them [00:38:17] - Assessing a team in whether or not they have characteristics of longevity [00:40:59] - Questions he most enjoys asking people [00:42:24] - What makes for a good problem space [00:44:26] - Early-stage crypto investing [00:47:27] - How the crypto space and NFTs will change and influence other sectors [00:50:37] - Emerging trends that are catching his attention [00:54:20] - The potential for upward mobility in the coming decade [00:56:30] - Teaching the Design Your Life course [01:01:21] - Advice for modern investor-operators [01:03:26] - If he could change one major thing in the industry [01:06:57] - The biggest lesson learned from Obama’s campaign [01:07:44] - The kindest thing anyone has ever done for him
My guest today is Jesse Walden, the founder of Variant, an early-stage venture firm investing in crypto networks and platforms building the ownership economy.   With all the hype surrounding NFTs, I wanted to talk to Jesse about them, given his background in the music industry and his focus on the creator and ownership economy. The conversation did not disappoint. We discuss the basics of what an NFT is, what new creative paradigms they might unlock, and where we are in the NFT hype cycle.   This episode is the first in what will likely become its own show we are calling Primers. Our goal for primers is to bring investors and operators from a zero to a seven understanding of a topic, concept, or industry. The goal here is for the education around these topics to be fast and entertaining. I hope you enjoy this discussion with Jesse Walden and hopefully the first of many Primers to come.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. ------ This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more. ------ This episode is brought to you by NordVPN. NordVPN is the best VPN to keep your internet experience private.   It has over 5,500 servers in 60 countries to ensure super-fast internet while protecting your information no matter where you are. As working from home and remote work become more prevalent, now is the time to protect your personal and business information without any data logging.   NordVPN works on all popular platforms, including Windows, macOS, Android, and iOS, and supports up to 6 simultaneous connections across your devices.   To get started, go to nordvpn.com/patrick or use code PATRICK to get a 2-year plan plus 1 additional month with a huge discount and a 30-day money-back guarantee. ------ Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:04:19] - [First question] - Simple definition of an NFT [00:05:22] - What distinguishes NFTs from each other  [00:06:24] - The value chain of a song, and who owns it [00:12:07] - Monetization and royalties on traded tokens [00:15:02] - Consumer incentives for purchasing NFTs [00:19:19] - Long-term passive income and media legos [00:22:23] - Technical breakdown of minting, hosting, and storing tokens [00:24:28] - Verification of token ownership on the blockchain [00:25:58] - NFT marketplaces and aggregators [00:27:06] - Opensea.io  [00:27:21] - Foundation.app  [00:29:46] - Innovations inspired by the NFT explosion [00:31:01] - Mirror.xyz  [00:32:26] - NBA Topshot [00:32:57] - Crypto Punks [00:23:24] - Nifty Gateway [00:34:30] - Physical cultural assets in the digital landscape [00:36:02] - Legacy brands exploring digital goods and tokenized ownership [00:38:37] - NFTs becoming the port of entry of all media [00:39:39] - An ownership economy in second generation internet platforms [00:41:02] - Uniswap[00:42:41] - The “hype cycle” of NFTs and incoming market correction[00:44:18] - Lessons for investors in the NFT space [00:45:15] - Lessons for buildings in the NFT space [00:45:54] - Resources to continue learning about NFTs[00:45:54] - NFTs make the internet ownable by Jesse Walden[00:46:20] - NFTs and a thousand true fans by Chris Dixon[00:46:13] - A beginner’s guide to NFTs by Linda Xie
My guest this week is Marissa King, a professor of organizational behavior at the Yale School of Management. I was fascinated by Marissa's work after coming across her book, Social Chemistry: Decoding the Elements of Human Connection, earlier this year. Our conversation covers the three types of social networking styles, the surprising impact of COVID on social networks, and what her research tells us about building high-performing teams. This episode covers many topics I haven't explored before that I find fascinating. I hope you enjoy my conversation with Marissa King.      For the full show notes, transcript, and links to mentioned content, check out the episode page here. ------ This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.   ------ This episode is brought to you by NordVPN. NordVPN is the best VPN to keep your internet experience private.   It has over 5,500 servers in 60 countries to ensure super-fast internet while protecting your information no matter where you are. As working from home and remote work become more prevalent, now is the time to protect your personal and business information without any data logging.   NordVPN works on all popular platforms, including Windows, macOS, Android, and iOS, and supports up to 6 simultaneous connections across your devices.   To get started, go to nordvpn.com/patrick or use code PATRICK to get a 2-year plan plus 1 additional month with a huge discount and a 30-day money-back guarantee. ------ Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:04:04] - [First question] - Origin of her career and topics she is focused on [00:04:06] - Social Chemistry: Decoding the Patterns of Human Connection [00:04:09] - Priya Parker Podcast Episode [00:05:41] - Why the focus on Autism and some of the trends around it [00:08:07] - Prevalence of mental health and substance abuse vs. raised awareness [00:09:16] - The eureka moment for her in this research [00:10:16] -  Pattern in growing large social movements [00:11:43] - The Expansionists group and their role in large social movements [00:14:31] - Acid test for the Brokers group [00:15:35] - How she developed the categories of people that drive social movements [00:17:35] - Most memorable moments of discovery in the development of these categories [00:18:58] - Important categories for overall network science [00:20:20] - Behavioral changes we can make to improve the nature of our social connections [00:23:21] - The pitfalls for each group and how they can invest in their own network [00:25:29] - Conveners and what they need to improve  [00:26:34] - Downside of being a broker [00:27:58] - The attachments styles of secure, anxious, or avoidant [00:30:07] - Velocity of interactions possible today and what it means for research [00:32:02] - How men and women develop networks differently [00:33:55] - What is unique in organizational behavior through the lens of her research [00:36:19] - Best practice for creating high output interactions [00:37:33] - Putting together the perfect team [00:38:42] - Largest pitfalls in putting together a good team [00:40:00] - Role of conversation in effective network building [00:41:15] - Being a great listeners and distractions [00:42:47] - Eric Maddox Podcast Episode [00:43:41] - Good policy for running a network, being attentive to the network [00:46:40] - The power of touch [00:48:39] - How movements become societal and what role technology has played [00:52:46] - How this applies to a business [00:53:34] - Biological underpinnings of Dunbar’s number [00:57:13] - Kindest thing anyone has done for her  
My guest today is Jeremy Grantham. Jeremy is the Long-Term Investment Strategist and Co-Founder at GMO. Jeremy has an encyclopedic knowledge of the history of markets, which made it such a pleasure to have him back on the show. In this conversation, we discuss the three key signs of a bubble, why Jeremy believes we are in a bubble right now and how it’s being led by retail rather than institutional investors. We close with the important role that demographics and productivity will play over the next few decades across the world. Please enjoy my conversation with Jeremy Grantham.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Koyfin, one of the fastest-growing fintech startups. I discovered Koyfin earlier this year when I asked Twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin.  Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com.  ------ This episode is brought to you by MIT Investment Management Company. MITIMCO is the endowment office of MIT. New and small investment funds listen up. MITIMCO is looking to find investors starting funds today.   MITIMCO is partnership-driven, long-term focused, and has an extensive history of backing investors early in their careers. These partners are key in delivering the outstanding investment returns required to support MIT's pursuit of world-class education, cutting-edge research, and groundbreaking innovation. MITIMCO is focused on finding and partnering with the best investors across the globe, no matter the market environment. No firm is too small, too young, or too non-institutional.   If you or someone you know is currently in the process of starting a fund or recently launched, please email partner@mitimco.org or discover more on their website at mitimco.org/partner. ------ Invest Like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:03] - [First question] - His view on the markets today  [00:03:07] - Jeremy Grantham’s Podcast Episode [00:08:00] - Proliferation of SPAC’s and how he views them as a potential bubble [00:10:20] - Could SPAC’s help to improve the IPO process [00:14:30] - How he viewed the Gamestop story through his historical context  [00:18:24] - Is investor education possible  [00:19:50] - How the increasing role of retail investors impacts bubbles [00:24:15] - Attitudes towards market bears in bubbles [00:28:52] - Long term view on the economy and the forces pushing it higher [00:41:50] - Returning to a hard money standard for the US economy [00:49:39] - Would a finite supply of money change market trajectory [00:51:02] - Best ways to improve the infrastructure of the economy and people’s willingness to work [00:53:52] - What should one do if they believe we are in a bubble [00:58:14] - What he is excited about in his green investments [01:02:28] - Advice to young investors  
My guest today is Scott Belsky. Scott was the co-founder and CEO of Behance, the world's largest creative network, and a prolific angel investor, having made early-stage investments in Pinterest, Uber, Carta, and Airtable. His company was acquired by Adobe in 2012, where he is currently the chief product officer. In this conversation, we cover the importance of focusing on the first mile of a customer's experience with your product, why every user is (at first) either lazy, vain or selfish, and what the rise of creativity tools means for creators and investors in the future.  We also cover the major trends that Scott thinks will dominate for the next decade. This was one of those conversations where I was left with 10 great lessons that will stick with me for a long time. Please enjoy my conversation with Scott Belsky.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Koyfin, one of the fastest-growing fintech startups. I discovered Koyfin earlier this year when I asked Twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin.  Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com. ------ This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more. ------ Invest Like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:24] - [First question] - Philosophy for building great products [00:04:52] - Starting the journey of building a great product  [00:06:08] - Making the first mile better [00:08:12] - Understanding user progress in product building  [00:10:25]  - Getting to awareness and attention and interest in a product  [00:12:41] - The concept of window dressing [00:14:24] - Taking an idea and turning it into a high-value product  [00:14:42] - The Messy Middle: Finding Your Way Through the Hardest and Most Crucial Part of Any Bold Venture and Making Ideas Happen: Overcoming the Obstacles Between Vision and Reality [00:16:49] - Keeping rewards structure in place for teams to stay engaged [00:19:56] - Using his knowledge in product building to invest in other companies [00:24:00] - The concept of object model [00:25:52] - User psychology concepts they keep in mind when designing a product [00:27:51] - Implementing all of these strategies into a product [00:29:25] - The era of eduployment [00:31:05] - How this will impact colleges [00:33:27] - The evolution of the talent/audience relationship [00:35:32] - Decentralization and the companies of 1 [00:37:44] - How that decentralization will impact his investment thesis [00:39:21] - How increased productivity tools could help with more creativity in the workplace [00:42:04] - Training people to be more creative in the workplace [00:44:33] - Future of user interfaces [00:44:58] - The Interface Layer: Where Design Commoditizes Tech [00:48:10] - Good design principles [00:49:51] - The future coming out of Covid [00:52:09] - Kindest thing anyone has done for him
My guest today is Michael Dempsey, General Partner at Compound. Michael invests in a broad range of areas but has a unique talent for combining brand building and direct customer relationships with technically demanding sectors. Our conversation covers the rise of virtual influencers, robotics, and how to best identify key inflection points in the evolution of new technologies. I hope you enjoy my conversation with Michael Dempsey.  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Koyfin, one of the fastest-growing fintech startups. I discovered Koyfin earlier this year when I asked Twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin.  Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com. ------ This episode is brought to you by MIT Investment Management Company. MITIMCO is the endowment office of MIT. New and small investment funds listen up. MITIMCO is looking to find investors starting funds today. MITIMCO is partnership-driven, long-term focused and has an extensive history of backing investors early in their careers. These partners are key in delivering the outstanding investment returns required to support MIT's pursuit of world-class education, cutting-edge research, and groundbreaking innovation. MITIMCO is focused on finding and partnering with the best investors across the globe no matter the market environment. No firm is too small, too young, or too non-institutional. If you or someone you know is currently in the process of starting a fund or recently launched, please email partner@mitimco.org or discover more on their website at mitimco.org/partner. ------ Invest Like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:54] – [First question] – Early stages of his career [00:05:13] - What are inflection points and how he views them as a source of opportunity  [00:07:40] - Real vs fake inflection points  [00:12:19] - Creativity as a key component of inflection points  [00:12:33] - On Inflection Points [00:15:01] - Generative Adversarial Networks [00:18:02] - History of animation and the innovation we are seeing there today  [00:20:12] - Animation is Eating the World [00:24:11] - The concept of a digital celebrity and their scale [00:29:17] - Characteristics of digital celebrity creators [00:31:12] - Longevity and consistency of these personalities [00:33:11] - Future of gaming and potential for investments in the space  [00:37:49] - The landscape for robotics and what has him excited [00:41:07] - The exploration of space and the opportunities there. [00:44:35] - Computational biology and the investment potentials. [00:48:11] - How 2020 has changed the ability to solve scientific problems [00:51:32] - The idea that Cyberpunk is now [00:53:32] - Sam Hinkie podcast episode [00:53:51] - Kindest thing anyone has done for him
My guest today is Joost van Dreunen, an investor in the gaming space, professor at NYU's Stern School of Business, and former CEO and co-founder of SuperData Research, a data-driven gaming firm that was acquired by Nielsen. He also recently authored One Up: Creativity, Competition, and the Global Business of Video Games, a great book on the business game industry and why I reached out to speak with him in the first place. Our conversation covers the rise and decline of GameStop, what parts of the value chain actually make money in video games, the evolution of video game business models from Nintendo to Fortnite, and what other industries can learn by studying the video game industry. I hope you enjoy my conversation with Joost van Dreunen.    For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/14574831/van-unlocking-value-in-gaming   This episode of Invest Like the Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.  If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.     Invest like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best go to https://www.joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter. Follow Patrick on Twitter at @patrick_oshag Follow Colossus on Twitter at @JoinColossus   Show Notes [00:02:38] – [First question] – First chapter of the modern gaming business [00:06:28] – The product era of video games [00:10:11] – The different pieces that take place in creating and selling a game [00:12:25] – The story of GameStop [00:18:45] – The transition to digital platform-based gaming [00:22:55] – How the breakdown of platforms has changed [00:27:35] – Free-to-play vs free-to-win in digital gaming [00:31:27] – How the revenue models are changing the type of games that are made [00:35:07] – Socializing games and the future there [00:38:14] – Who is making money in the modern gaming world [00:43:33] – The zones of opportunity to invest in within gaming [00:47:12] – Why the business models can be more powerful than new tech [00:53:52] – Strategies from gaming that the non-gaming industries can learn from [00:57:05] – Kindest thing anyone has done for him
My guest today is Oliver Hughes, the CEO of Tinkoff, the leading online commercial bank based in Russia. I found this conversation fascinating and think it will be essential for anyone who wants to understand online financial services or the next generation of fintech. Our conversation touches on how Tinkoff used direct mail campaigns to become the largest online banking provider in Russia, their last-mile delivery platform that combines couriers with door-to-door salesmen, and how they build profitability into every aspect of the business. I hope you enjoy my conversation with Oliver Hughes.   For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/72486324/hughes-the-secret-fintech-giant   This episode of Founder's Field Guide is sponsored by Klaviyo.  Klaviyo is the ultimate marketing platform for ecommerce. With targeted segmentation, email automation, SMS marketing, and more, Klaviyo helps you create your ideal customer experience. See why Klaviyo's trusted by more than 50,000 brands, like Living Proof, Solo Stove, and Nomad to help them grow their business. For a free trial check out https://www.klaviyo.com/founders.    This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick.    Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go to https://www.joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.   Follow Patrick on Twitter at @patrick_oshag Follow Colossus on Twitter at @JoinColossus   Show Notes [00:02:44] – [First question] – The origins of Tinkoff [00:06:18] – How they started and stayed profitable, and lessons learned [00:08:18] – Bringing Visa to Russia and what he took with him to Tinkoff [00:10:02] – Overall Credit card and Tinkoff's specifically business model [00:12:35] – Running an effective direct mail acquisition campaign [00:15:45] – Branching off from the original core credit card business into other spaces [00:18:45] – How he thinks about when to make competing investments [00:21:00] – Embedding into new businesses and how it goes wrong [00:24:50] – How they became a large door-to-door business in Russia [00:27:55] – Why that door-to-door business makes it hard to compete with them [00:29:38] – Challenges in the payments business [00:32:25] – Using content to help them grow their business [00:35:29] – Competitive frontiers for Tinkoff and how often they shift [00:38:45] – What the future of Tinkoff might look like and the Russian business environment [00:41:55] – State of the market in Russia today [00:45:27] – Recruiting talent and building culture [00:47:55] – What he enjoys most about his job [00:49:14] – Failures and lessons from them [00:52:00] – Kindest thing anyone has done for him    
My guest today is Zach Fuss, an investor at Continental Grain, a 200-year-old family owned business that is focused on investing and operating businesses throughout the food and agriculture ecosystem with assets across the US, Latin America, and Asia. Prior to his work at Continental, Zack was an analyst at Tiger and Citadel. This is a must listen for those interested in any aspect of the food ecosystem but also understanding value chains more generally. In our conversation we cover where profits tend to sit in a specific value chain, how legacy food businesses are creating their 2nd acts as digital businesses and explore what makes Domino's Pizza so interesting and special. I hope you enjoy my conversation with Zach Fuss.    For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/93129089/fuss-breaking-down-the-food-ecosystem This episode of Invest Like the Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.  If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.     This episode is brought to you by the MIT Investment Management Company (MITIMCO). MITIMCO is always on the looking for promising investment managers with the potential to compound our capital for a decade or more. If you think your firm is too small, too young, or too non-institutional, you might just be exactly what we are looking for. Check us out at https://mitimco.org/partner/ or e-mail us at  partner@mitimco.org. Please also see our new page for emerging managers https://mitimco.org/emerging-managers/.    Invest like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best go to https://www.joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.   Follow Patrick on Twitter at @patrick_oshag Follow Colossus on Twitter at @JoinColossus   Show Notes [00:03:42] – [First question] – Key components of the food management business [00:05:12] – The most defensible businesses in the food chain [00:07:51] – Law of conservation of attractive profits in the food business and food delivery [00:11:05] – Legacy food businesses and ones that have adapted well to changes today [00:15:42] – Dark stores and cloud kitchens [00:17:11] – Breaking down the Domino's Pizza business [00:19:45] – Being a Domino's Pizza franchise owner [00:21:03] – Why they offer such high returns to franchise owners [00:23:22] – The tech company aspect of Domino's Pizza [00:25:25] – Same store economics for an owner [00:28:15] – When Domino's Pizza realized their food was not great [00:29:45] – Why Domino's Pizza owns the delivery and won’t go on other platforms [00:32:47] – Most portable pieces of Domino's Pizza business [00:34:03] – Parts of Domino's Pizza history that are intriguing [00:35:51] – Build once, sell many times [00:40:09] – Lessons from the best retail businesses [00:43:26] – Has it become harder for smaller companies to win with larger ones being more nimble [00:46:39] – Watching the alternative meat companies flourish [00:49:49] – Interesting trends in the food space [00:51:22] – Global trends in food that we can learn from [00:54:04] – Impact of Covid on the food industry [00:57:44] – Businesses outside of stores that he finds fascinating [01:00:08] – Why he’s impressed by Chipotle [01:01:48] – Approaching buying a franchise [01:05:30] – Creating a new QSR business and differentiating from the pack [01:07:58] – Frontiers that he’s interested in today [01:10:17] – What he is saying in the competitiveness in public equities [01:13:48] – Kindest thing anyone has done for him    
My guest today is Carlos Cashman,  co-founder and co-CEO of Thrasio an acquirer of third-party Amazon sellers. In a surprising departure for a high growth company, Thrasio has been profitable since its founding in 2018 and was most recently valued at $1 billion. In our conversation we discuss the full spectrum of the Amazon third party seller ecosystem, the effects of globally commoditized manufacturing, and the terms of Thrasio's acquisitions of Amazon businesses. I hope you enjoy this great conversation with Carlos Cashman.     For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/28372673/cashman-lessons-from-the-amazon-ecosystem   This episode of Founder's Field Guide is sponsored by Klaviyo.  Klaviyo is the ultimate marketing platform for ecommerce. With targeted segmentation, email automation, SMS marketing, and more, Klaviyo helps you create your ideal customer experience. See why Klaviyo's trusted by more than 50,000 brands, like Living Proof, Solo Stove, and Nomad to help them grow their business.   For a free trial check out https://www.klaviyo.com/founders.      This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick.    Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go to https://www.joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.   Follow Patrick on Twitter at @patrick_oshag Follow Colossus on Twitter at @JoinColossus   Show Notes [00:02:44] – [First question] – Origin of Thrasio [00:07:27] – The types of business they work with [00:11:19] – Challenges for smaller businesses selling on Amazon and when they need a Thrasio [00:15:31] – How the Amazon ecosystem has changed since they started [00:18:14] – The capital sourcing side of their business [00:19:49] – Future of the ecommerce space that has them excited [00:27:20] – What makes the major online powerful so powerful for DTC companies [00:32:18] – How edge erodes on spend when people crowd into a platform [00:34:46] – Building the recognition of the Thrasio brand [00:44:06] – His history as an entrepreneur and what was the common thread in these businesses [00:45:47] – Getting customers early on [00:46:47] – Knowing when something will fail [00:48:48] – Downside of MBA’s [00:50:07] – The importance of people in building a company [00:51:01] – Effectively hiring people [00:52:37] – What has to remain with the founder             [00:52:50] – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success [00:53:53] – Other places in ecommerce that fascinate him [00:56:36] – What are the risk factors that he worries about [00:59:12] – Kindest thing anyone has done for him
My guest today is Mario Cibelli. Mario is the managing partner of Marathon Partners Equity Management, a long-biased, concentrated investment firm that he's run for over 20 years. In our conversation, we discuss how his firm figured out Blockbuster's DVD volume and told Reed Hastings and Netflix about their numbers, why visiting a company's distribution center can be an edge for investors, Mario's interesting foray into the world of tequila, and how a few "cornerstone" investing insights have led to many of Marathon's long positions. I hope you enjoy my conversation with Mario.   This episode of Invest like the Best is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake, or almost any company of interest. All you have to do is log in. Visit https://www.tegus.co/patrick to learn more.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:34) – (First question) – Doing a deep dive into the early days of Netflix             (2:43) – Netflixed: The Epic Battle for America's Eyeballs (6:50) – What was impressive about Reed (7:34) – Visiting Netflix’s distribution centers early on and the lessons of those visits (10:44) – Lessons learned from other distribution centers (17:52) – What helps create good luck for a company (19:17) – Why tequila was fun to investigate (25:09) – Why tequila is different from other hard liquors (27:40) – Finding the cornerstone insight in a company (29:20) – What he’s learned about media-driven personalities and WWE (34:30) – Lessons in starting a media company and developing IP (39:00) – Having to battle activist shareholders in business (42:43) – How the rate of return in deep investigations has changed over his time (45:08) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag
My guest today, Bob Pittman, has had one of the most interesting careers I’ve ever come across. Today, he’s the CEO of iHeartMedia, the country’s largest operator of radio stations and podcasts. Bob also created MTV, was the CEO of Six Flags and 21 Century Real Estate, and the COO of AOL and AOL Time Warner. He’s the Dos Equis man of business. In our conversation we discuss why convenience is king for consumers, his lessons from building MTV into one of the most iconic brands and media properties in the world, the rise of user-generated content platforms, and the future of media. We also discuss what qualities make for a great host, a topic that given my current position, is always fascinating. Please enjoy my great conversation with Bob Pittman.   DocSend is a document sharing platform that enables companies to share business-critical documents with ease and get real-time actionable analytics. With DocSend’s security and control, startup founders, investors, business development executives, and financial professionals can drive business outcomes that have a lasting impact. Start for free at www.docsend.com.   This episode of Founder’s Field Guide is also brought to you by NetSuite. Netsuite allows founders to centralize their payment systems, ditch old spreadsheets and Quickbook tools, and finally gain visibility and control over their financials, HR, inventory, eCommerce - all in one place, instantly. Whether you are doing a million in revenue or hundreds of millions in revenue - see why over 22,000 companies are using NetSuite today. Schedule your free product tour at https://www.netsuite.com/invest.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:56) – (First question) – His personal interest that unites all of his business ventures (4:09) – His philosophy on the consumer (7:43) – Biggest quality mistakes business leaders make (9:31) – Respecting convenience in consumer preferences (11:08) – Founding insight to build MTV             (16:23) – Fred Seibert on Math in Magic Podcast (17:14) – How the music video concept evolved with MTV (22:37) – Role of hosts vs guests in the media world (25:13) – Quality that increases the odds a host works (30:15) – Why everyone needs to know how to tell a good story (31:53) – Peak of his time at MTV (37:51) – Lessons for new media from his experience (43:46 – The largest uncertainty in the media landscape amid the rise of user generated content platforms (49:27) – Where he finds inspiration outside of business             (55:40) – What Other People Say May Change What You See (56:16) – Different ownership structures and how they changed his behavior (59:09) – Finding and respecting your audience (1:02:11) – Lessons from time at Six Flags (1:02:24) – Most interesting thing about podcasting (102:52) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  
My guest today is Sam Hinkie. Sam worked for more than a decade in the NBA with the Houston Rockets and then as the President and GM of the Philadelphia 76ers. And now, after years of personal investing, he has launched his own venture capital firm, Eighty-Seven Capital. Every conversation I have with Sam is alive with insight, and this one is no different. We explore the idea of studying the "breadcrumbs" that someone leaves behind as a way to track their progress and trajectory, finding and attracting the right people into one’s orbit, and the lessons from the NBA that most shape his investing career. Sam has taught me the most about the topic of building trust, which we cover here as well. I am excited to share my conversation with Sam with all of you. Please enjoy!   This episode of Invest like the Best is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake, or almost any company of interest. All you have to do is log in. Visit https://www.tegus.co/patrick to learn more.   This episode is brought to you by the MIT Investment Management Company (MITIMCO). MITIMCO is always on the looking for promising investment managers with the potential to compound our capital for a decade or more. If you think your firm is too small, too young, or too non-institutional, you might just be exactly what we are looking for. Check us out at https://mitimco.org/partner/ or e-mail us at  partner@mitimco.org. Please also see our new page for emerging managers https://mitimco.org/emerging-managers/.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (3:48) – (First question) – Conducting a good interview (5:58) – Drilling into topics to learn more about people (7:49 – What percentage of people are actually worth spending time with for Sam (9:29) – People who think in a strange way that intrigues him (10:36) – Interest in digital breadcrumbs and how to follow them (14:02) – Building context around founders vs analyzing their pitch decks (17:20) – A real world example of the bread crumb strategy, Houston Rockets GM (21:25) – How successful people evolve with the erosion of their pre-established edge (23:07) – Shifting to a people-first focus (24:50) – Creating an atmosphere that attracts the best talent (26:50) – Tailoring things to someone else’s incentive structure (28:24) – Most amazing thing someone did in early days of working with Sam (30:18) – Lessons from sports that he carries with him (32:31) – Exceptions to relationships being a key to success (33:03) – Have people gone soft? (34:58) – Knowing whether founders are on the right path (36:07) – Avoiding transactional type people (37:04) – Most effective lessons he brought to sports from the investing world (40:01) – Ideas from the sports world he is bringing to the investing world (44:11) – How the size of the team can impact the success of the team (45:48) – Designing the game for himself (50:33) – Lessons learned from watching them build trust (52:26) – Market areas that have his attention (54:13) – Fascination into API’s (58:05) – Keeping your focus on your expertise (59:45) – Strangest things he’s seen in early stage investing (1:01:26) – Playing the long game (1:04:29) – Calling it Eighty-Seven Capital.             (1:04:42) – Means of Ascent (The Years of Lyndon Johnson) (1:05:49) – Increasing his chance at a GM job (1:06:52) – What can Caro teach us about the long game (1:08:26) – Lessons of power (1:10:39) – Quality in leaders he respects most             (1:11:17) – The Passage of Power: The Years of Lyndon Johnson (1:12:58) – The power of breadcrumbs and how people can start to lay them out   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  
My guest today is Michelle Zatlyn. Michelle is the co-founder and COO of Cloudflare, a now $25 billion dollar business which she helped take public last year. Cloudflare helps businesses make their websites faster and more secure, and over 25 million websites are running Cloudflare today. In our conversation, we discuss the catalyst for starting CloudFlare, explore the layers of the internet and the future of distributed storage and computing power, and discuss how and why Cloudflare operates its network across 200 cities globally. We close with the importance of finding and working with great co-founders and partners as you build a business. I hope you enjoy our conversation.   DocSend is a document sharing platform that enables companies to share business-critical documents with ease and get real-time actionable analytics. With DocSend’s security and control, startup founders, investors, business development executives, and financial professionals can drive business outcomes that have a lasting impact. Start for free at www.docsend.com.    This episode of Founder’s Field Guide is also brought to you by NetSuite. Netsuite allows founders to centralize their payment systems, ditch old spreadsheets and Quickbook tools, and finally gain visibility and control over their financials, HR, inventory, eCommerce - all in one place, instantly. Whether you are doing a million in revenue or hundreds of millions in revenue - see why over 22,000 companies are using NetSuite today. Schedule your free product tour at https://www.netsuite.com/invest.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:52) – (First question) – Project Honeypot and how it started (3:39) – What question was Honeypot solving (4:59) – Working through the idea maze of Cloudflare (7:30) – The first iteration of Cloudflare (8:15) – An overview of the cybersecurity market and why more leaders need to pay attention (10:33) – First big break for the company (12:50) – Risks they help mitigate (16:42) – Cyber weapons that Cloudflare protects against (20:14) – Hardest part of the building process (24:06) – Effective marketing lessons (25:41) – The sharks vs mosquitoes concept (27:53) – How do decide where to focus next (31:34) – The Cloudflare workers program (36:33) – Their scale vs other cloud providers (42:21) – The finance side of Cloudflare and their relationship vs Wall Street             (42:40) – John Collison Podcast Episode (44:47) – Relationship with their founding partners (50:46) – What about the future is most excites them (52:32) – Kindest thing anyone has done for her   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  
My guest today is Justin Singer, the founder and CEO of Caliper Foods and Stillwater Brands, two leading companies in the cannabis industry. We start our conversation with a fascinating discussion on how regulation creates or destroys business and investing opportunities, and then go on to discuss the ins and outs of the cannabis industry in detail. You’ll be able to tell quickly how high-quality Justin is as a thinker and operator, and you’ll learn a ton about this nascent business. Please enjoy our conversation.   This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out.    This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick.    For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  Show Notes (2:51) – (First question) – How changes in regulation create market opportunities (5:38) – Why VC’s need to pay attention to regulatory changes (6:50) – Story of Section 230 of the communication decency act (8:54) – Relationships between rules, laws, and free markets (11:56) – How regulatory changes impacted recent business ventures (13:30) – His initial interest in the cannabis space (17:28) – How the industry participants have changed over time (21:04) – An overview of the cannabis industry and different pieces of the chain (25:51) – What has led to delays in the legalization of the marijuana industry (28:52) – How the dosage of the product impacts the business (31:34) – CBD vs THC industry differences (32:53) – How much of this industry is left to be unlocked and potential timing (35:55) – Business and investing opportunities in the space (38:16) – Competitive frontier in cannabis (40:37) – The timeline and pending changes coming (43:03) – Margins and business factors of his business (45:51) – First big break for the business (49:47) – What he learned working under Tim Wu (50:34) – Why we are in the golden error for fraud (52:11) – Avoiding fraud (55:12) – What he wants to learn more about in the cannabis space (56:50) – Kindest thing anyone has done for him Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  
My guest this week is Michael Mauboussin, the head of consilient research at Counterpoint Global. Michael is an all-time favorite guest here on the show, and this is his fourth appearance. We discuss one of the biggest topics in the world of investing: the shift from public to private markets that has taken place over the last several decades. We explore the reasons for this shift, the biggest overall changes in capital markets, and what the future may hold. Along the way we explore other fascinating topics like the rise of intangible asset investments, employee-based compensation as a form of financing, and more. If you enjoy this conversation I urge you to read Michael’s paper on the topic which will be linked in the shownotes. Please enjoy this conversation with Michael Mauboussin.   This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.  If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.     For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:27) – (First question) – Motivation for writing the book from public to private equity             (2:28) – Public to Private Equity in the US: A Long-Term Look             (3:02) – The Incredible Shrinking Universe of Stocks (4:48) – Size of the public vs private markets (7:20) – History and changes in the public to private markets (12:00) – Public market vs venture capital returns (16:48) – Persistence of returns (20:01) – Role of price and EBIDTA on the returns of a buyout (23:31) – How buyout forms are sourcing the debt (29:31) – Transition to businesses relying on intangibles             (29:42) – Capitalism without Capital: The Rise of the Intangible Economy             (30:13) – Endogenous Technological Change             (30:36) – Should Intangible Investments Be Reported Separately or Commingled with Operating Expenses? New Evidence             (34:18) – Explaining the Recent Failure of Value Investing (36:21) – Superstar firms and increasing returns (42:38) – Role on monopolies in creating network effects (4:52) – The allocators perspective in these investments (49:16) – How does this all impact public market active management (51:54) – Advice to young people getting into the investment industry             (52:30) – Jeremy Grantham Podcast Episode (53:30) – Other areas he is researching/looking into (55:44) – How investment work and Santa Fe research influence eachother (56:54) – Investors to learn from             (57:15) – John Collison Podcast Episode  Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag
My guest this week is Turner Novak, a partner at Gelt VC. Many of the largest companies in the world today are consumer social companies, so Turner and I discuss the past, present, and future of those businesses. When executed right, they are often the fastest-growing companies in history, and the rise of TikTok and some other companies we discuss makes it clear that there may always be more room at the top. The network effects that support these companies make them unique beasts to analyze, and Turner’s writing has been among my favorite content on the topic. Please enjoy our detailed conversation on this important are of public and private markets.   This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.  Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:18) – (First question) – History of consumer social companies (3:28 – The importance of quality growth over rate of growth (4:43) – Importance of friends and identity in a social network (6:21) – Major markers he analyzes in new social networks (7:59) – The meteoric rise of TikTok and how it compares to other social networks             (8:08) – The Rise of TikTok and Understanding Its Parent Company, ByteDance (13:38) – How TikTok deals with user friction (17:28) – Why TikTok copies is a waste (21:08) – Advising companies to build a media arm in this environment (24:18) – Business models beyond advertising for social networks (30:44) – His thoughts on Pinduoduo and the opportunity for a similar company in the US (37:36) – What Snapchat is doing (43:51) – How social eCommerce could be a competitor to an Amazon (46:31) – His review of Zynn             (46:36) - Attack of the Clones: TikTok’s Rival Kuaishou Lands in the US (52:22) – The geopolitical battle of social networks (53:36) – Creating social commerce companies (54:27) – Fantasy draft portfolio (59:18) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag
My guest this week is Charlie Songhurst, the former head of strategy at Microsoft and a prolific investor, having personally invested in nearly 500 companies throughout his career. I met Charlie at an event hosted in New York and you can tell within one minute of meeting him that his mind is sparkling with ideas and curiosity. Its no wonder he’s been among the most commonly requested guests when I asked several top investors and CEOs who I should have on the show. We discuss the lessons he’s learned about business, investing, and people from such a large sample size of companies. I won’t reveal any more here, I highly recommend you just listen to Charlie and learn. Let’s dive in. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (1:25) – (First question) –  Stack ranking the vices of power, money and fame (2:41) – Memorable response to the stack ranking question (3:13) – Best scenario to explore this stack ranking concept (3:55) – Other ways to rank founders (4:44) – Quick look at this career (5:16) – Time at Microsoft (6:03) – Features he looks for in startups (10:55) – Managing the declining curve of productivity (14:55) – Why founders are often unique people             (14:57) – Jeff Gramm Podcast Episode             (15:04) – Aliens, Jedi & Cults (19;43) – How early entrepreneurs need to make recruitment a serious part of their work (23:06) – How successful founders win the best candidates (25:27) – The East Coast vs. West Coast investment strategies (30:40) – When it’s time to bring in quantitative factors into early stage investing (34:36) – The markers that pop up in companies that hit (37:22) – Boring but successful investments (39:28) – Investor aesthetics (41:29) – Characteristics of investors that he believes are important to success (42:57) – Impacts of Covid and some of the permanent changes that have happened as a result (47:49) – Investing opportunities in the local community (49:13) – His take on cryptocurrencies (53:47) – Most mis valued asset in the world (55:16) – Investing opportunities in Europe (57:34) – Make up of his 483 investments             (57:58) – Matt Clifford Podcast Episode (59:17) – Curation as a skill (1:01:54) – Timing and startup success (1:05:11) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag
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Podcast Details

Created by
Patrick O'Shaughnessy
Podcast Status
Active
Started
Sep 12th, 2016
Latest Episode
May 6th, 2021
Release Period
Weekly
Episodes
277
Avg. Episode Length
About 1 hour
Explicit
No
Order
Episodic
Language
English

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