Alle afleveringen
218 afleveringen, van nieuw naar oud
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Seinfeld
19 oktober 2026 · 3 uur 50 min
Seinfeld, which ended three decades ago, has been watched by 72 million Americans so far THIS YEAR. Behind that incredible stat is an equally incredible business story: obsessive creators, perfect market timing, an ownership structure that aligned incentives for the long term…all of which created a sitcom that became number one by breaking all the rules. Lees meer
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The Acquired Seinfeld Companion PDF
Top of the Rock: Inside the Rise and Fall of Must See TV by Warren Littlefield
Comedian
The Seinfeld Chronicles: An Unnecessary Data Exploration by Andy Kirk
Worldly Partners' Seinfeld Study by Arvind Navaratnam
Jerry Seinfeld's 2017 Harvard Business Review Interview
All episode sources
Carve Outs:
Seinfeld - "The Marine Biologist"
Seinfeld - "The Jacket"
Seinfeld - "The Dinner Party"
The Seinfeld Chronicles: An Unnecessary Data Exploration by Andy Kirk
Buck's of Woodside
Tin Can
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00:00:00 Start
00:00:55 Intro
00:04:52 Jerry Seinfeld's Stand-Up Origins (1954-1988)
00:16:16 NBC Pitches a Late-Night Special (1988)
00:21:35 Enter Larry David (1988)
00:35:04 Fin-Syn Rules & The Castle Rock Deal
00:52:45 Making the Pilot & Test Screening Disaster (1989)
01:04:24 Rick Ludwin Saves the Show (1989-1990)
01:10:17 Adding Elaine & "No Hugging, No Learning"
01:28:41 Season 2 & Defying Network Notes (1991)
01:35:56 The Structural Mechanics of Seinfeld
01:45:11 Season 4 & "The Contest" (1992)
01:57:09 Moving to Must See TV Thursdays (1993)
02:07:28 Anatomy of a Production Week & The Harvard Lampoon Writers
02:15:44 The Syndication Cash Cow (1995)
02:28:36 Larry Leaves, Cast Salaries & Season 9 (1996-1997)
02:42:13 Jack Welch's Brunch… -
The Home Depot
14 september 2026 · 3 uur 35 min
The Home Depot's founding story is like an Avengers movie… if the Avengers got fired, went broke, and stacked empty paint cans ten feet high to look legitimate. After being unceremoniously fired from their previous hardware chain at ages 48 and 35, Bernie Marcus and Arthur Blank took the words of their New York banker Ken Langone (who had also just accidentally caused their firings) to heart: they'd just been "kicked in the ass with a golden horseshoe.” They proceeded to author the greatest compounding story in American retail history, helped by some legendary cameos along the way from Sol Price, Jamie Dimon, and Ross Perot (to name a few). And the ending is as good as any superhero film: from its 1981 IPO to today, The Home Depot has been the single highest-returning equity in the entire US stock market — higher than Apple, Microsoft, Berkshire Hathaway, and everything else! Lees meer
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WorkOS
Anthropic
Sentry
Links:
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The Official Acquired Meetup on Sept 17th with our friends at Sentry. Join us!
The Acquired Home Depot Companion PDF
Our Visual Artifacts page for Home Depot
Built from Scratch by Bernie Marcus and Arthur Blank
Kick Up Some Dust by Bernie Marcus
The Board Wore Chicken Suits by Joe Nocera, The New York Times
Frank Blake on Invest Like the Best
Ken Langone's interview with Arvind Navaratnam
Worldly Partners' Multi-Decade Home Depot Study
All episode sources
Carve Outs:
Silo Season 3
Tires Season 3
Ratio 8 Coffee Maker
Trade Coffee
Quarterback
Comedian
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00:00:00 Start
00:00:43 Intro
00:05:32 Bernie Marcus's Early Career and meeting Arthur Blank (1972)
00:15:58 Ken Langone & Handy Dan (1970s)
00:33:08 Ken Buys Handy Dan, Bernie & Arth… -
Disney: The Renaissance and the Empire
10 augustus 2026 · 4 uur 33 min
In 1984, the Walt Disney Company was worth more dead than alive. Disney Animation — the heart of Walt's famous flywheel — had stagnated for years, bleeding away talent while corporate raiders circled, salivating over offers to sell off the film library to MGM and offload the parks to hotel operators. But what followed instead was the greatest turnaround in media history under Michael Eisner and Frank Wells. Beauty and the Beast. The Lion King. Broadway. Bringing the Disney Vault home on VHS and DVD. And the greatest media acquisition of all time — ESPN. Lees meer
And then... it all almost fell apart. Again. Euro Disney turned into a money pit. Boardroom and executive infighting ran rampant. Animation descended into a dumpster fire. (Remember Chicken Little? Us neither.) Comcast — Comcast!! — tried to steal the company via a hostile takeover. Out of the chaos, a new generation of Disney management emerged under Bob Iger to stage yet another epic comeback with Pixar, Marvel and Lucasfilm, creating the defining media empire of the 21st century…until the tech companies came along. Tune in for the ultimate Acquired thrill ride: Disney, Part II.
Sponsors:
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Sentry
WorkOS
Anthropic
Links:
Sign up for email updates, get our takeaways and research photos from each episode, and vote on future topics!
The Official Acquired Meetup on Sept 17th with our friends at Sentry. Join us!
The Acquired Disney Part II Companion PDF
The Acquired Disney Part II Artifacts visual hub
Our Disney Part II column in WSJ
Worldly Partners' Multi-Decade Disney Study
All episode sources
Carve Outs:
Warby Parker Transitions Extra Active
Michael Arndt's Toy Story 3 Story Presentation
The Golden State Valkyries
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00:00:00 Start
00:00:50 Intro
00:05:07 Disney in Chaos (1984)
00:11:33 Eisner, Wells, Katzenber… -
The Walt Disney Company
22 juni 2026 · 4 uur 31 min
The Walt Disney Company is the most successful enterprise ever created for monetizing human nostalgia. Today it’s the king of global entertainment, holding the intellectual property rights to the childhood memories of billions of people (including, likely, all of you) and is a reliable, predictable profitable business. But it didn’t start that way. Lees meer
During Walt’s era, Disney operated like an unhinged moonshot factory, blowing its finances on one seemingly crazy project after another, like the very first feature-length animated film or a theme park inspired by Walt's fascination with model trains (spoiler: Disneyland). Walt’s relentless ambition to bet the company over and over again not only created some of the most monumental artistic achievements of the 20th century (Snow White, Fantasia, Disney Imagineering), but also resulted in the accidental invention of the modern “flywheel” business model. In this episode, we tell the story of the ultimate marriage of art, commerce, and engineering — The Walt Disney Company: Walt's Era.
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Vercel
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The Acquired Disney Companion PDF
Our Disney column in WSJ
The original 1958 WSJ “Flywheel” article
Walt Disney: The Triumph of the American Imagination by Neal Gabler
The Animated Man by Michael Barrier
Walt Disney: An American Original by Bob Thomas
Building a Company: Roy O. Disney and the Creation of an Entertainment Empires by Bob Thomas
The Disney Version by Richard Schickel
PBS American Experience: Walt Disney
Disneyland Handcrafted
Walt's 1966 EPCOT pitch video
Worldly Partners' Multi-Decade Disney Study
The Walt Disney Family Museum
All episode sources
Carve Outs:
Brooks Vanguard sneakers
Defunctland YouTube Channel
Animagraffs YouTube Channel
Volvo EX30
The San F…
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Vanguard
18 mei 2026 · 3 uur 48 min
Vanguard is the most effective vehicle ever created for participating in the fruits of American capitalism. Today it’s the single largest equity owner of the majority of corporations in the S&P 500, on behalf of 50 million clients (including, likely, many of you). And yet Vanguard itself is essentially a communist organization — it has no shareholders, makes no profits, and operates more like REI than Fidelity. If you own a Vanguard fund, you own a piece of the firm itself. Any excess margin instead gets returned to clients in the form of lower fees, which since 1975 have added up to roughly five hundred billion dollars transferred out of Wall Street managers’ pockets and into retail investors’ savings accounts. And oh yeah, it all started as a cockamamie revenge plot by a guy who’d just been fired by his partners. Today we tell the story of communist capitalism at its finest — Vanguard. Lees meer
Sponsors:
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J.P. Morgan
WeAreDevelopers event
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Vercel
Statsig
Links:
This episode's PDF companion
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Our Vanguard "episode preview" in WSJ
Stay the Course: The Story of Vanguard and the Index Revolution by John C. Bogle
The Bogle Effect by Eric Balchunas
Worldly Partners' Multi-Decade Vanguard Study
Worldly Partners' Article Generational Investing: The Discipline Behind 100+x Outcomes
All episode sources
Carve Outs:
Our WSJ pieces on Ferrari and Vanguard
MacBook Pro M5 Max
Michael MacKelvie on YouTube
The Super Mario Galaxy Movie
Brooks Vanguard sneakers
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00:00:00 Start
00:00:41 Intro
00:05:30 Jack Bogle's Early Life & Family Ruin (1929)
00:12:34 Princeton Thesis & Mutual Funds Emerge (1949-1951)
00:27:20 Joining Wellington Management (1951)
00:30:38 The Go-Go Y… -
Rolex
3 mei 2026 · 4 uur 51 min
Rolex is a series of paradoxes. They sell obsolete and objectively inferior mechanical devices for 10-1000x the price of their superior digital successors… and demand is stronger than ever in history! Their products are comparable to a Hermès Birkin bag in price, luxury status and waitlist times… yet they produce over 1m units / year (roughly 10x annual Birkin production). They make the most universally recognized and desired Swiss watches… yet their founder wasn’t Swiss and didn’t start the company in Switzerland! If Rolex were publicly traded, they’d almost certainly be among the top 50 market cap companies in the world… yet they’re 100% owned by a charitable foundation in Geneva that (among other things) literally just gives away money to local people in the city. Lees meer
Tune in for one of the most fascinating and admirable companies we’ve ever covered on Acquired. We had an absolute blast making the episode, and hope you enjoy it as much as we did!
This episode was released on February 23, 2025.
Sponsors:
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ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
The Renaissance of the Swiss Watch Industry - Marc Bridge
HODINKEE - Inside All Four Rolex Manufacturing Facilities
“If you were…” campaign
Worldly Partners’ Multi-Decade Rolex Study
Episode sources
Carve Outs:
Bluey
Acquired on Armchair Expert
Eleven Reader
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Costco
2 mei 2026 · 2 uur 53 min
Costco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals — yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco’s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world’s most iconic — and iconically unique — companies. Lees meer
This episode was released on August 20, 2023.
Links:
The Science of Hitting
Warren Buffett’s Costco joke
Episode sources
Carve Outs:
Tifosi sunglasses
Dwells “take off everything”
Jeremy Giffon on Invest Like the Best
Dogpatch
David Lidsky’s great piece on Acquired in Fast Company
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Ferrari
13 april 2026 · 3 uur 52 min
Ferrari is the pinnacle of luxury scarcity — across its entire 79-year history, the company has sold just 330,000 cars at an average price today of $500,000. For context, Hermès sells that many Birkins and Kellys roughly every 2 years, and Rolex moves that many watches every 3 months. And yet this ultimate luxury product also lives under the same roof with a widely beloved professional sports team… one with 400 million rabid fans from all walks of life who live and die by the Scuderia’s performance every F1 race weekend! How is it possible that these two seemingly contradictory customer bases can coexist within the same company? And far from destroying each other’s value, only reinforce it? The answer, it turns out, is a beautiful, bloody, tragic and romantic opera that spans two families and three generations — and just might be one of the best tales we’ve ever told on Acquired. Buckle up for the story of Ferrari. Lees meer
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Links:
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Our Ferrari "episode preview" in WSJ
Enzo Ferrari by Luca Dal Monte
Seeing Red on IMDb
Go Like Hell by A.J. Baime
Stephen Wilmot's great WSJ piece on Ferrari
Ferrari factory tour
Worldly Partners' Multi-Decade Ferrari Study
All episode sources
Carve Outs:
Ford v Ferrari
Maison Wheat sweaters
Craighill scissors
Amazon grocery service
Travelpro Altitude backpack
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00:00:00 Start
00:01:07 Intro
00:05:57 Enzo Ferrari's Early Life & Tragedies (1898-1919)
00:12:25 Scuderia Ferrari: Enzo's Racing Dream (1920-1933)
00:22:58 The Prancing Horse & Ferrari's Branding
00:33:30 First Fe… -
Formula 1
2 maart 2026 · 4 uur 19 min
Formula 1 is three competitions in one: a 200mph battle of the world's best race car drivers, the world cup of engineering where thousand-person teams spend hundreds of millions designing cars from scratch, and — as one of our listeners perfectly put it — the “Real Housewives of the Garage”, a soap opera of billionaire egos, team politics, and paddock drama that makes for incredible reality television. It's also the world's most popular annual sporting series with over 827 million fans globally — a fact that would shock most Americans, who until a recent viral Netflix series had barely heard of it. Lees meer
Today we tell the story of how a chaotic, deadly, and gloriously dysfunctional European racing series became one of the greatest business stories in sports. For decades, brilliant engineers and daredevil drivers dedicated their lives (and too often lost them) to a league controlled for 45 years by a single man: a former London car dealer named Bernie Ecclestone, who centralized power and extracted billions, while also undeniably single-handedly making the sport successful. Then, in a move no one saw coming, the American company Liberty Media bought the whole thing in 2017, installed a team of Fox Sports and ESPN veterans, and did what Bernie never would — professionalized it. All of a sudden famously money-losing F1 teams turned into real businesses, with the average team valuation today clocking in at an astounding $3.6 billion. Buckle up for one of our most-requested episodes: the wild story of Formula 1.
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The Formula by Joshua Robinson and Jonathan Clegg
Drive to Survive on Netflix
F1 The Movie on Apple TV
Adrian Newey, How to Build a Car
Senna documentary
Worldly Partners' Multi-Decade Formula One Study
All episode source…
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The NFL
27 januari 2026 · 4 uur 8 min
The NFL is nearly synonymous with America today. Practically nothing is more quintessentially and universally American than tuning in every Sunday (and Monday, and Thursday… and sometimes Saturdays and holidays too) to watch the world’s most beautiful ballet of violence. It generates the most revenue of any sports league globally and sets new records for team valuations each year. But it wasn’t always this way. Lees meer
The history of the NFL mirrors America’s own development: scrappy small-town teams rode the successive growth waves of the automobile, TV, the Internet and social media to grow larger than the even the founders’ wildest dreams. Whether you watch football or not, the NFL is one incredible business story, and one that we’ve taken more lessons from over the years for Acquired itself than perhaps any other episode we’ve made.
Note: This is a remastered release of our original January 2023 episode, updated to today's Acquired production standards. It also features a full hour+ followup section at the end covering the seismic shifts in the NFL’s business since the original episode’s release. Much has happened in those three years: Taylor Swift entered the league (via merger 🙂), streaming went mainstream (and took over Thanksgiving and Christmas), sports gambling exploded from 46 million to 76 million bettors, and — in perhaps the most surprising development — private equity finally stormed the gates of the NFL. Oh, and average franchise valuations grew by 60% from $4.5 billion to over $7 billion. Communist capitalism is alive and well!
Sponsors:
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ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Innovation Summit details and all Super Bowl LX Week events in San Francisco (note content from the Innovation Summit will be posted publicly the week after the Super Bowl — we’ll update this page with links when available)
America’s Game
Sport…
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10 Years of Acquired (with Michael Lewis)
15 december 2025 · 2 uur 38 min
Why has Acquired — seemingly against all odds — “worked”? It's a puzzling question: episodes are four hours long, they come out infrequently, and they usually don’t have guests or video. Hardly the standard-issue playbook for podcasting success! And yet well over a million smart, curious and exceedingly busy humans share their (your!) valuable time with us every month. Why? This is the exact paradox that has been rolling around in the head of Michael Lewis (yes, that Michael Lewis) since he found the show earlier this year. Lees meer
So we asked Michael to be our guest "interlocutor" and share what he thinks is going on here, while we share ten lessons we've stolen (graciously) from companies we've studied and brought into Acquired itself. He takes us through the entire Acquired journey: how we started, why we've never hired anyone or raised money, how we pick episodes, what our business model actually is, why we focus on quality and enjoyment over maximizing enterprise value, and ultimately why we’re all — you, him, us — kindred spirits together. Oh, and just for fun, we recorded this episode where another special journey began — the garage where Google was founded.
Thank you for an incredible decade together… here's to the next one!
Sponsors:
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Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Thank-yous:
First, to Google for loaning us the garage. The sawhorse table desk, PC and CRT monitor on display in the background were all Google originals courtesy of the Google Founders Collection at the Computer History Museum. So cool!
Second, to our friends at Shep Films for helping us seriously up our game on production quality this episode!
Our Favorite Michael Lewis Books:
Home Game
Moneyball
Liar’s Poker
The Blind Side
The Undoing Project (as referenced by Michael in the beginning, about Daniel Kahneman and Amos Tversky)
Carve Outs:
Books:
The Nam…
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Coca-Cola
24 november 2025 · 3 uur 54 min
Coca-Cola is… sugar water. And somehow it’s also America, Christmas, summertime, friendship and happiness. Today we tell the story of how The Coca-Cola Company amazingly transmogrified a beverage into emotion in all of our collective psyches, and ALSO built one of the most incredible scale economy businesses of all-time. And oh yeah, there’s also cocaine, WW2, Mad Men, Warren Buffett, James Dean, Bill Cosby, Michael Jackson, Michael Ovitz, Steve Jobs, Bill Gates, McDonald’s and Monsanto. So cozy up to the fire with your favorite images of Santa Claus and Polar Bears and enjoy an ice-cold episode of Acquired — always delicious, always refreshing. Lees meer
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The Hilltop ad / Mad Men finale
Pepsi Challenge commercials
Pepsi’s Michael Jackson commercials
Coke’s Bill Cosby commercials
Two liter bottles inflating
Worldly Partners’ Multi-Decade Coca-Cola Study
For God, Country, and Coca-Cola
Secret Formula
All episode sources
Carve Outs:
SkiErg
Super Smash Bros. Ultimate
Claude
Nike Vomero Plus
Hermanos Gutiérrez
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© Copyright 2015-2026 ACQ, LLC
(00:00) - Start
(00:41) - Intro
(05:52) - Patent Medicines & the Birth of an Industry
(12:13) - Dr. John Pemberton & the "Miracle Drug" Cocaine
(16:40) - Creating the Secret Formula (1886)
(22:14) - Frank Robinson's Genius & the First Coupon
(30:39) - Asa Candler & Building a National Brand (1890s)
(39:49) - The $1 Bottling Deal: A Fortuitous Mistake
(52:21) - Protecting the "Real Thing": Lawsuits & the Contour Bottle
(01:03:24) - Robert Woodruff: The Boss Takes Over (1923)
(01:12:06) - Creating Lifestyle Advertising & Santa Claus
(0…
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Trader Joe’s
27 oktober 2025 · 3 uur 18 min
Trader Joe's breaks every rule of modern retail. They don't do e-commerce. They don't do delivery. No sales, coupons, or loyalty programs. They only stock 4,000 SKUs versus 50,000+ at normal supermarkets. Their parking lots are famously terrible and they're constantly out of your favorite items. Shoppers brave long lines and cramped aisles while overly-friendly employees in Hawaiian shirts try to chat them up. Everything about the Trader Joe's experience seems designed to drive modern consumers away. And yet they generate $2,000+ per square foot in sales — double their nearest competitor in Whole Foods and nearly 4x the industry average — and Americans are obsessed with them. How on earth did a company that so steadfastly refuses to participate in the 21st century build the most beloved grocery chain in America? Lees meer
Today we tell the full story: how “Trader” Joe Coulombe started out cloning 7-Elevens in 1960s Los Angeles, pivoted to slinging hard liquor, discovered the enormous market opportunities for California wine and health food before anyone else, and ultimately built perhaps the most counter-positioned business we’ve ever studied on Acquired by doing almost everything differently than the supermarket-CPG industrial complex. Tune in for a wild voyage on the high seas of grocery retail!
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Worldly Partners’ Multi-Decade Trader Joe’s Study
Becoming Trader Joe
The Secret Life of Groceries
Build a Brand Like Trader Joe's
All episode sources
Carve Outs:
AirPods Pro 3
Mario Kart 8
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this e…
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Google Part III: The AI Company
6 oktober 2025 · 3 uur 56 min
Google faces the greatest innovator's dilemma in history. They invented the Transformer — the breakthrough technology powering every modern AI system from ChatGPT to Claude (and, of course, Gemini). They employed nearly all the top AI talent: Ilya Sutskever, Geoff Hinton, Demis Hassabis, Dario Amodei — more or less everyone who leads modern AI worked at Google circa 2014. They built the best dedicated AI infrastructure (TPUs!) and deployed AI at massive scale years before anyone else. And yet... the launch of ChatGPT in November 2022 caught them completely flat-footed. How on earth did the greatest business in history wind up playing catch-up to a nonprofit-turned-startup? Lees meer
Today we tell the complete story of Google's 20+ year AI journey: from their first tiny language model in 2001 through the creation Google Brain, the birth of the transformer, the talent exodus to OpenAI (sparked by Elon Musk's fury over Google’s DeepMind acquisition), and their current all-hands-on-deck response with Gemini. And oh yeah — a little business called Waymo that went from crazy moonshot idea to doing more rides than Lyft in San Francisco, potentially building another Google-sized business within Google. This is the story of how the world's greatest business faces its greatest test: can they disrupt themselves without losing their $140B annual profit-generating machine in Search?
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Legora: https://bit.ly/acquiredlegora
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Geoff Hinton’s 2007 Tech Talk at Google
Our recent ACQ2 episode with Tobi Lutke
Worldly Partners’ Multi-Decade Alphabet Study
In the Plex
Supremecy
Genius Makers
All episode sources
Carve Outs:
We’re hosting the Super Bowl Innovation Summit!
F1: The Movie
Travelpro suitcases
Glue Guys Podcast
Sea of Stars
Stepchange Podcast
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Acquired Live at Radio City Music Hall (Presented by J.P. Morgan)
1 oktober 2025 · 1 min
It’s finally here! Today we are releasing Acquired’s first “concert film” — the full video recording of our Radio City live show from this summer with Jamie Dimon, Andrew Ross Sorkin, New York Times CEO Meredith Kopit Levien, Barry Diller, and cameos from around the Acquired Cinematic Universe including Christina Cacioppo, Ben Clymer, and Howard Schultz. Lees meer
To watch the full production on any device, please head over to Spotify where you’ll find it available for free in the Acquired feed right alongside all our other episodes: https://open.spotify.com/episode/77Kl3BsiEQLpli2Q2ozZuf?si=4f4609e343504fd0
Sponsors:
Live Show Presented By: J.P. Morgan
Shopify
ServiceNow
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Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Google Part II: Alphabet
26 augustus 2025 · 4 uur 2 min
In its first six years from 1998 to 2004, Google built one of the greatest products of all time (and certainly the greatest business of all time) with Search. Then in its next six years from 2005 to 2011, Google built seven (!) more billion+ user products: Gmail, Maps, Drive and Docs, YouTube, Chrome, Android, and Photos — all either started from scratch internally or acquired as startups that were still in their infancy. This six-year period of wild innovation STILL stands unmatched in technology history… no other tech company counts more than four billion+ user products in its portfolio total. And of course, this “Google 2.0” era culminated in the transformation of the very company itself into Alphabet. Lees meer
So the question we answer today is… how did they do it?? And why? What was the strategy that led a once “pure play” search company into such far flung fields as email, mapping, funny cat videos and operating systems? We unpack the brilliant (and sometimes accidental) strategies behind each product, the simultaneous three-front war Google fought against Microsoft, Apple, and Facebook, and the spectacular failure of Google Plus that nearly destroyed the company's culture — before ultimately setting the stage for both Alphabet and the AI revolution to come.
Update: when you finish, check out our Google Part III episode, "The AI Company"!
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
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Jeff Dean and Sanjay Ghemawat New Yorker article
Eric Schmidt on stage at the iPhone keynote (!)
Bill Gurley’s classic “Less than Free” Android post
Our recent ACQ2 episode with Bret Taylor and Clay Bavor
Worldly Partners’ Multi-Decade Alphabet Study
Episode sources
Carve Outs:
Bluey x Camp in NYC
Steam Deck vs Switch 2 (Part 2)
Claude
Sony RX100 VII
Carissimi clothing
More A…
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The Jamie Dimon Interview
16 juli 2025 · 1 uur
We sit down with Jamie Dimon for a live conversation at Radio City Music Hall, covering the incredible journey from his 1998 firing at Citgroup (where he was widely expected to become CEO) to building the most powerful bank in the world. Today JPMorgan Chase is a juggernaut — the most systemically important non-governmental financial institution in the world, with over twice the market capitalization of its nearest competitor. But it certainly wasn’t always this way! Jamie takes us from his career restart at the struggling Chicago-based Bank One through how he transformed that platform into the foundation for the modern JPMorgan Chase. We dive into the “fortress balance sheet” strategy that has defined his tenure, and cover blow-by-blow Jamie’s approach to the Great Financial Crisis, Bear Stearns, WaMu, First Republic and more. Tune in for an incredible conversation, live from New York City’s most iconic venue! Lees meer
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Episode image photo credit: Rockefeller Center
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Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Google Part I: Origins of Search
30 juni 2025 · 3 uur 29 min
We tell the story of the single greatest business ever created: Google search. From its origins as a Stanford research project called BackRub, Google became the front door to the internet. Today it’s an essential service for over half the world, and one that generates more profit than ANY other US company — more than Apple, Microsoft, or Berkshire Hathaway. Lees meer
But it wasn’t always so obvious. When Larry and Sergey began working on BackRub in 1996, search was a backwater industry in silicon valley. Existing search companies were eking out a living as vendors to the then-dominant “portals” like AOL and Yahoo. Google’s come-from-behind success was the result of three massive step-function leaps forward in algorithms, infrastructure and business model… some invented by Google and some borrowed (and perfected!) by them.
Today, things are not so obvious once again for Google. Despite earning more profits than all of its big tech peers, its stock trades at significantly lower multiples — a $1 trillion or more discount to Apple, Microsoft and Nvidia. Investors are concerned that AI will render Google’s beautiful business model obsolete, even though Google also basically invented modern AI and continues to lead on many dimensions. This episode begins a multi-part series where we dive into the full history that led us to this point. Tune in and enjoy!
Update: when you finish, check out our Google Part II episode, "Alphabet, Inc."!
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
BackRub recreation
Original Google logo
Jeff Dean’s resume
Worldly Partners’ Multi-Decade Alphabet Study
Episode sources
Carve Outs:
The Rehearsal with Nathan Fielder (Season 2)
Your Friends and Neighbors
Andor Season 2
Gamecraft Season 3
Steam Deck vs Switch 2 dilemma
More Acquired!
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The Steve Ballmer Interview
2 juni 2025 · 2 uur 49 min
We sit down with Steve Ballmer, the legendary former Microsoft CEO and owner of the LA Clippers, for an epic conversation covering his 34 years at Microsoft. Steve listened to our Microsoft episodes and had some thoughts to share — and boy, did he deliver. Steve takes us point-by-point through the original IBM DOS deal that started everything, how he built Microsoft's enterprise business from scratch, and offers his candid reflections on missing mobile and search. We also cover the story behind “developers, developers, developers”, the complexities of his relationship with Bill Gates (including a year where they didn't speak), and why he ultimately decided to step down as CEO. Plus, we learn why Steve has held onto his Microsoft stock through it all — giving him arguably the best investment track record in the world over the last 10 years with his net worth growing from $20B to $130B since leaving. And of course, we couldn't resist also talking about his other passion: the Clippers and Intuit Dome. Hit play and get ready to experience the patented Steve Ballmer energy and fun on full display! Lees meer
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Steve's PowerPoint Slides
Join us July 15 at Radio City!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Epic Systems (MyChart)
21 april 2025 · 3 uur 47 min
What if we told you that the most important company in US healthcare was run from a farm in rural Wisconsin? And that farm contained the world’s largest subterranean auditorium, as well as Disneyland—style replicas of Hogwarts and the Emerald City? What if we told you that the person who started, runs and owns this establishment has legally ensured that it will never be sold, never go public and never acquire another company? And that this person, Judy Faulkner, is also likely the wealthiest and most successful self-made woman in history? Lees meer
Welcome to the story of Epic Systems, the software company that underpins the majority of the American healthcare system today. Epic isn’t “just” an electronic medical record (the category it’s usually lumped into), or an online patient portal (which is how most of the US population interacts with it via its MyChart application). It’s more akin to a central nervous system for hospitals and health clinics. Almost everything in a hospital — from patient interactions to billing, staffing, scheduling, prescriptions and even research — happens on Epic’s platform, and over 90% of American medical schools’ graduating doctors, nurses and health administrative staff are trained on it during their educations. Tune in as we dive into the almost-unbelievable story of how this epic company came to be!
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Save the date, July 15 in NYC!
Epic’s Verona campus
Worldly Partners’ Multi-Decade Epic Systems Study
Episode sources
Carve Outs:
Ken Block in San Francisco
Nintendo Switch 2
Knives Out
Brat by Charli xcx
Music To Refine To: A Remix Companion to Severance by ODESZA
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© Copyright 2015-2026 ACQ, LLC
Note: Acq…
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Indian Premier League Cricket
24 maart 2025 · 4 uur 18 min
When you saw this episode pop up in your feed, you either jumped for joy and hit play immediately (in which case you’re not reading this), or you said “Huh. That’s a surprising episode.” Well, if you’re in group two, boy do we have a treat for you! Lees meer
IPL is the fastest-growing, most dynamic and most disruptive force in the sports industry today… and this may come as a shock to many Americans, but it might just be on track to surpass the NFL as the world’s most valuable sports league. The IPL is currently valued at $16B, with a TV rights deal that’s higher in per-match dollars than the NBA and the English Premier League. And all this for a league that’s right now just 10 teams who collectively only play 74 total games per season… and oh yeah, the whole thing is only 17 years old! Tune in for an absolutely amazing story, filled with genius, drama (Rupert Murdoch! Disney! Bollywood!) and a perfect encapsulation of the rise of modern India.
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Save the date, July 15 in NYC!
Ed Cowan’s Business Breakdowns of IPL
Worldly Partners’ Multi-Decade IPL Study
Episode sources
Carve Outs:
Severance
Stratechery
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© Copyright 2015-2026 ACQ, LLC
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TSMC Founder Morris Chang
27 januari 2025 · 2 uur 48 min
We flew to Taiwan to interview TSMC Founder Morris Chang in a rare English interview. In fact, the last long-form video interview we could find was 17 years ago at the Computer History Museum… conducted by the one-and-only Jensen Huang! This episode came about after asking ourselves a version of the Jeff Bezos “regret minimization” question: what conversations would we most regret not having if the chance passed Acquired by? Dr. Chang was number one on our list, and thanks to a little help from Jensen himself, we’re so happy to make it happen. Lees meer
Dr. Chang shares the stories of a few crucial moments from TSMC’s history which have only been written about in his (currently Chinese-only) memoirs, including how TSMC won Apple’s iPhone and Mac chip business and a 2009 discrepancy with NVIDIA that almost jeopardized their relationship, and the lessons he took from them. We can’t think of a better way to kick off 2025. Please enjoy!
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Worldly Partners’ Multi-Decade TSMC Study
Karina Bao’s writing
Carve Outs:
AAA
Defunctland
Everything Everywhere all at Once
Asianometry
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© Copyright 2015-2026 ACQ, LLC
Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Mars Inc. (the chocolate story)
16 december 2024 · 3 uur 44 min
M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield… all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known! Lees meer
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Hershey’s M&M response: Hershey-ets
Our past episodes on Berkshire Hathaway, LVMH, and Novo Nordisk
Worldly Partners Multi-Decade Mars Study
Episode sources
Carve Outs:
Dandelion Chocolate and the Dandelion Advent Calendar
Tesla Model Y + repair service
Silo
Home Alone
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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IKEA
18 november 2024 · 3 uur 13 min
IKEA may be the most singular company we’ve ever studied on Acquired. They’re a globally scaled, $50B annual revenue company with no direct competitors — yet have only ~5% market share. They’re one of the largest retailers in the world — yet sell only their own products. They generate a few billion in free cash flow every year — yet have no shareholders. And oh yeah, they also sell hot dogs cheaper than Costco! (Sort of.) Lees meer
Tune in for an episode flat-packed with counterintuitive lessons about how this folksy mail order business from the Swedish countryside came into your living rooms (and bedrooms and dining rooms and kitchens and bathrooms and patios and garages and backyards) all over the globe!
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us!
The Testament of a Furniture Dealer
Our past episodes on Costco, Walmart, Amazon, LVMH and Hermès
Worldly Partners Multi-Decade IKEA Study
Episode sources
Carve Outs:
Detroiters
The 11-inch iPad Pro
The QB School
Ice Cube at the World Series
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Meta
28 oktober 2024 · 6 uur 11 min
Meta is a company everyone knows (literally, everyone). But, somehow, it’s also a company that few people feel they actually understand. Their products are used by more humans than any other’s in history — almost half of the entire world’s population daily. But… what is Meta? Why do they do what they do? How do they do what they do? Ask ten people and you’ll likely get ten very different sets of answers. Lees meer
Today, we dive deeper than we’ve ever gone trying to find Acquired’s answers to those questions. And after months of research and 6+ hours of incredible stories about how they (and really “they” being Mark himself) bet it all and win time and time again in the face of overwhelming odds, we arrive at our answers. Facebook, Instagram, WhatsApp, Threads, AI, Oculus, Orion, it’s all here. Tune in for one of the greatest corporate stories of all time: Meta, a Mark Zuckerberg Production.
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us! https://acquired.fm/survey
Our past episodes on Instagram, WhatsApp, Oculus, Snapchat, the Snap IPO, TikTok, NVIDIA, Microsoft, and the Mark Zuckerberg Interview
Worldly Partners: Meta multi-decade study
Episode sources
Carve Outs:
Ben Cohen’s piece on NotebookLM
Mr. McMahon
The Dwarkesh Podcast
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Acquired LIVE from Chase Center (with Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg)
30 september 2024 · 2 uur 17 min
Here it is: the complete video of the most unbelievable night of Acquired’s nine-year life… our sold out live show at the Chase Center in San Francisco. We joked during the months (months!) of preparation leading up to this event that it was like planning a wedding for 6,000 Acquired fans, and the guest list included Jamie Dimon, Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg… no pressure! But thanks to our amazing partnership with J.P. Morgan Payments, together we were able to make something incredible. Tune in and enjoy the celebration! Lees meer
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Mike Taylor, the truly incomparable performer of Who Got the Truth?
Mike Amiri (who designed Mark’s shirt)
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© Copyright 2015-2026 ACQ, LLC
Photo Credit: Mark Zuckerberg by Jeff Sainlar / Meta
© Copyright 2024 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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The Mark Zuckerberg Interview
18 september 2024 · 1 uur 21 min
Mark is the iconic founder CEO of our time. At Chase Center on September 10, 2024, he did an unprecedented thing: a live conversation in front of 6,000 people on Meta’s company strategy, sharing stories from early Facebook history, and his thoughts on the future of AI, VR, and AR. Mark was remarkably candid in our discussion, and gave us a window into his real and intense daily demeanor leading Meta. (And his other life endeavors!) Lees meer
We can't wait to release the complete video of the whole night, including our surprise conversations with Daniel Ek, Emily Chang, and cameo appearances from Jensen Huang and Mike Taylor (the incredible singer of “Who Got the Truth?”). That’s coming in a couple weeks, but for now: enjoy this conversation with Mark Zuckerberg.
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Mike Amiri (who designed Mark’s shirt!)
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Photo Credit: Mark Zuckerberg by Jeff Sainlar / Meta
© Copyright 2024 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Chase Center + Summer Update
8 augustus 2024 · 22 min
Summer greetings from Acquired! Two items for this “mini-episode”: Lees meer
Tickets are now available for our live show at Chase Center in San Francisco, with special guests including Mark Zuckerberg (!). The show is Tuesday, September 10th, with doors opening at 5 PM for an hour of mingling with other listeners before the show starts at 6 PM. Huge thank you to the J.P. Morgan Payments team for being our incredible partner in making this happen. Tickets are almost gone so make sure you grab one ASAP — you don’t want to miss this night! https://acquired.fm/sf
We also figured this is a good excuse to update you all on the state of Acquired — after an incredible first half of the year (including WSJ’s profile of the show) we are taking the rest of the summer off to recharge, parent our young children, and prepare for the big night in September. We hope you’re having a great summer, and we’ll see you live in the fall!
Carve Outs:
Thule Urban Glide 3
Disney’s Aulani Resort
Meller sunglasses
Quarterback and Receiver on Netflix
More Acquired:
Subscribe to ACQ2
Join the Slack: https://acquired.fm/slack
© Copyright 2024 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Microsoft Volume II
22 juli 2024 · 4 uur 42 min
In 1999, Microsoft became the most valuable company in the world. And in 2019, Microsoft became the most valuable company in the world, again. But… what happened in the twenty years in between? The answer, as we discovered in our research, is probably not what you think. Lees meer
In this episode we explore and analyze the browser wars and the DOJ case, Windows XP through 8, Surface, Xbox, search, Yahoo!, Bing, the iPhone, Nokia, mobile, social, Facebook… and oh yeah, a little thing called Azure and the enterprise — which ended up becoming so big that no failures mattered. Tune in for Microsoft, Volume II.
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Bill Gurley on Android’s “Less Than Free” business model
All episode sources
Carve Outs:
Meta Ray-Bans
Ozlo Sleepbuds
M3 Macbook Air
Model Y
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Starbucks (with Howard Schultz)
4 juni 2024 · 3 uur 7 min
Starbucks. You’d be hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :) Lees meer
But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide.
Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy.
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
The Biggest Thing We’ve Ever Done:
San Francisco. September 10, 2024. Mark your calendars.
Links:
Howard’s letter “The Soul of a Brand”
Worldly Partners’ multi-decade Starbucks analysis
Starbucks S-1
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© Copyright 2015-2026 ACQ, LLC
© Copyright 2024 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purpos…
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Microsoft Volume I
22 april 2024 · 4 uur 16 min
Microsoft. After nearly a decade of Acquired episodes, we are finally ready to tackle the most valuable company ever created. The company that put a computer on every desk and in every home. The company that invented the software business model. The company that so thoroughly and completely dominated every conceivable competitor that the United States government intervened and kneecapped it… yet it’s STILL the most valuable company in the world today. Lees meer
This episode tells the story of Microsoft in its heyday, the PC Era. We cover its rise from a teenage dream to the most powerful business and technology force in history — the 20-year period from 1975 to 1995 that took Bill and Paul from the Lakeside high school computer room to launching Windows 95 alongside Jay Leno and the Rolling Stones. From BASIC to DOS, Windows, Office, Intel, IBM, Xerox PARC, Apple, Steve Jobs, Steve Ballmer… it’s all here, and it’s all amazing. Tune in and enjoy… Microsoft.
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
Congress changing copyright law in 1980 to include “computer programs”
Acquired “classic” on Microsoft’s 1987 acquisition of Forethought / PowerPoint
Quartr's charts on Microsoft's revenues, market cap, IBM comparison, and more
All episode sources
Carve Outs:
LGR
André 3000’s new album + GQ Interview
Meta Ray-Bans
Visual Designer Julia Rundberg
Summer Health
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Renaissance Technologies
18 maart 2024 · 3 uur
Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an “investor”, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists — scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen. And boy does it work: RenTec’s alchemic colossus has posted annual returns in the firm’s flagship Medallion Fund of 68% gross and 40% net over the past 34 years, while never once losing money. (For those keeping track at home, $1,000 invested in Medallion in 1988 would have compounded to $46.5B today… if you’d been allowed to keep it in.) Tune in for an incredible story of the small group of rebel mathematicians who didn’t just beat the market, but in the words of author Greg Zuckerman “solved it.” Lees meer
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
Links:
The Man Who Solved the Market
The Quants
Bloomberg’s 2016 RenTec profile
Quartr's visualization of RenTec's returns
All episode sources
Carve Outs:
Modern Treasury’s Transfer Conference Registration
The New Look
Cole Haan x Acquired!
Class of Palm Beach (and the Mini Kelly inside the Birkin!!)
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Hermès
20 februari 2024 · 4 uur 1 min
In luxury, there’s Hermès… and there’s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait years simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès: Lees meer
Doesn’t increase supply to meet demand (hence the waitlists)
Doesn’t loudly brand their products (IYKYK)
Doesn’t do celebrity endorsements (stars buy their bags just like everyone else)
Doesn’t even have a marketing department! (they barely advertise at all)
And yet everyone knows who they are and what they represent. But, despite all their iconoclasm, this is not a company that’s stood still for six generations. Unbeknownst to most, Hermès has completely reinvented itself at least three times in its 187-year history. Including most recently (and most dramatically) by the family’s current leaders, who responded to LVMH and Bernard Arnault’s 2010 takeover attempt by pursuing a radical strategy — scaling hand craftsmanship. And in the process they turned the company from a sleepy, ~$10B family enterprise into a $200B market cap European giant. Tune in for one incredible story!
Sponsors:
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ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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Links:
See our episode page for visuals!
The saddle stitch (video)
Inside the Saddlery at the Faubourg
Hermès 2022 Annual Report
Axel Dumas Interview
All episode sources
Carve Outs:
Anker GaN Prime 100W charger
Matter
Perplexity
The Score Takes Care of Itself
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational…
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Novo Nordisk (Ozempic)
22 januari 2024 · 3 uur 36 min
Last year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe’s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn’t know much about Novo Nordisk before diving in, our first thought was, “wow, seems like these new diabetes and obesity drugs mean serious trouble for big insulin companies.” Lees meer
And then… we realized that Novo Nordisk IS the big insulin company. And in a story befitting of Steve Jobs and Apple, they’d just disrupted themselves with the drug equivalent of an iPhone moment. Once we dug further, we quickly realized this company has it all: an incredible 100+ year history filled with Nobel Prizes, bitter personal rivalries, board room dramas, a generation-defining silicon valley innovation, lone voices persevering against all odds — and oh yeah, the world’s largest charitable foundation at its helm. Tune in for one incredible story!
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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Links:
Chart: US Healthcare Spend by Category
Chart: US Distribution and Reimbursement System (for pharmaceutical drugs)
Chart: Insulin Supply Chain
YouTube Talk: What People Get Wrong about the Finances of the Drug Industry
Alex Telford: The pharma industry from Paul Janssen to today: why drugs got harder to develop and what we can do about it
Out-of-Pocket Health: Obesity Drugs
Out-of-Pocket Health: US Healthcare System Problems
All episode sources
Carve Outs:
Noxgear Tracer 2 running vest
Drops of God
Wool by Hugh Howey
Mere Mortals at San Francisco Ballet
Blackberry
Note: Acquired hosts and guests may hold assets…
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Holiday Special 2023
18 december 2023 · 2 uur 10 min
Ben has some big news. Actually, double big news! On what has become a holiday tradition here at Acquired, we cozy up to the fire to do our annual review of the show “in public”. We reflect on what can only be described as an absolutely mind-blowing 2023 (LVMH! Jensen! Costco! Charlie! Half a million plus listeners!) and look ahead to some big things cooking for 2024. Plus as always, we wrap with extended carve outs (joined this year by some surprise guests) for anyone still shopping for those holiday perfect gifts. Lees meer
Huge thank you to everyone for making 2023 an amazing year again here in Acquired-land, and cheers to even greater things to come in 2023!
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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Links / Extended Carve Outs!
The Psychology of Money
The Artist’s Way
Transitions
Thinking, Fast and Slow
Zojirushi hot water heater
Nike Pegasus Trail 4 GORE-TEX
Mill
June Oven
Silo
Alias
Warby Parker Amari glasses
Hoka Ora recovery shoes
Adobe Light Room
The Eureka Theory of Everything is Wrong by Derek Thompson
The Luxury Strategy
Candide
The QB School
MNF ManningCast
The Eras Tour
Uppababy Vista
The Joolz Aer Plus
Coco
At Present
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Visa
27 november 2023 · 3 uur 36 min
To paraphrase Visa founder Dee Hock, how many of you know Visa? Great, all of you. Now, how many of you know how it started? Or, for that matter, who started it? Who runs and governs it? Where is it headquartered? What’s its business model? Lees meer
For the 11th largest market cap company in the world, Visa’s history and strategy is almost shockingly unknown. A huge portion of the world’s population uses their products on a daily basis (you might say Visa is… everywhere people want to be), but very few know the amazing story behind how that came to be. Or why Visa continues to be one of the most incredible and incredibly durable business franchises of all-time. (50%+ net income margins!! On $30B of revenue!) Today we do our part to change that. Tune in for one heck of a journey.
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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© Copyright 2015-2026 ACQ, LLC
Links:
Burger King rolling out credit cards in 1993
Get your BankAmericard MasterCard today! (!?)
Episode sources
Carve Outs:
I Think You Should Leave
Mistborn
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Charlie Munger
30 oktober 2023 · 1 uur 7 min
We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We’re so glad that we got the opportunity to record and share this with you all — break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger. Lees meer
A transcript is available here.
Sponsor:
Special thanks to Tiny for being the exclusive sponsor of this episode. You can get in touch with them here (just tell them Ben & David sent you), and order your very own bronze Charlie bust here.
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Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
-
NVIDIA CEO Jensen Huang
16 oktober 2023 · 1 uur 23 min
We finally sit down with the man himself: Nvidia Cofounder & CEO Jensen Huang. After three parts and seven+ hours of covering the company, we thought we knew everything but — unsurprisingly — Jensen knows more. A couple teasers: we learned that the company’s initial motivation to enter the datacenter business came from perhaps not where you’d think, and the roots of Nvidia’s platform strategy stretch back beyond CUDA all the way to the origin of the company. Lees meer
We also got a peek into Jensen’s mindset and calculus behind “betting the company” multiple times, and his surprising feelings about whether he’d go on the founder journey again if he could rewind time. We can’t think of any better way to tie a bow on our Nvidia series (for now). Tune in!
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
-
Nvidia Part III: The Dawn of the AI Era (2022-2023)
6 september 2023 · 2 uur 47 min
It’s a(nother) new era for Nvidia. Lees meer
We thought we’d closed the Acquired book on Nvidia back in April 2022. The story was all wrapped up: Jensen & crew had set out on an amazing journey to accelerate the world’s computing workloads. Along the way they’d discovered a wondrous opportunity (machine learning powered social media feed recommendations). They forged incredible Power in the CUDA platform, and used it to triumph over seemingly insurmountable adversity — the stock market penalty-box.
But, it turned out that was only the precursor to an even wilder journey. Over the past 18 months Nvidia has weathered one of the steepest stock crashes in history ($500B+ market cap wiped away peak-to-trough!). And, it has of course also experienced an even more fantastical rise — becoming the platform that’s powering the emergence of perhaps a new form of intelligence itself… and in the process becoming a trillion-dollar company.
Today we tell another chapter in the amazing Nvidia saga: the dawn of the AI era. Tune in!
Links:
Asianometry on AI Hardware
Episode sources
Carve Outs:
Alias
Moana
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Nike
25 juli 2023 · 3 uur 54 min
Nike — it’s perhaps the most iconic and most prolific brand of the modern era. On any given day, swooshes adorn the feet of more people on earth than any other footwear company — by a long shot. Lees meer
If you read Shoe Dog or watched Air, you may think you know its history. But Shoe Dog ends in 1980, and Air… well let’s just say it’s an enjoyable piece of fiction. And it turns out (as always) that the real story is filled with far more drama, twists and business lessons than either of those works.
We’ve been wanting to cover Nike for a long time, and thanks to our LPs who voted to choose this episode it’s finally here. So lace up your Vaporflys, Air Maxes, Dunks or Jordans (or your Monarchs, hey we don’t judge), head out for a long run or walk and enjoy!
Links:
Episode sources
Carve Outs:
Marc Andreessen on Lex Fridman and on Ben Thompson
Speak Now (Taylor’s Version)
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Porsche (with Doug DeMuro)
27 juni 2023 · 3 uur 15 min
Nobody’s perfect — including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it’s packed with enough juicy family drama and creeping takeovers to fill a Netflix series. Lees meer
Yet, behind it all lies perhaps the darkest origin story we’ve ever told on Acquired. Not only was Porsche was started by Nazis, Adolf Hitler himself was deeply involved in its early fortunes. And, following WWII, the Allies simply looked past these facts and essentially bestowed a license to generate wealth on Porsche and its owners — setting the stage for them to become one of the top ~15 wealthiest families in the world today.
Joining us to explore it all is perhaps the very most-qualified person in the person in the world: the one & only Doug DeMuro. Not only is Doug the largest independent car reviewer on YouTube with millions of subscribers (we’re HUGE fans), he previously worked at Porsche corporate and owns a legendary Porsche Carrera GT — which served as the recording backdrop for this episode. Make sure you tune in to watch the video version! :)
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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Links:
Doug’s YouTube channel (which we HIGHLY recommend)
Cars & Bids
Episode sources
Carve Outs:
ResortPass
Seinfeld Cast Charlie Rose Interview Compilation
WhistlinDiesel
Note: Acquired hosts and guests may hold assets discussed in…
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Uber CEO Dara Khosrowshahi
13 juni 2023 · 1 uur 30 min
Uber CEO Dara Khosrowshahi dropped by the Acquired studio for an Eats delivery, so we broke out the cameras and asked him to hang out for a wide-ranging conversation. :) We talk about his 20 years working with Barry Diller, starting his career at Allen & Company, how the Uber CEO search process ACTUALLY went down… and oh yeah, the massive transformation that’s happened at Uber over the past few years. When Dara took over the company it was bleeding huge sums of cash, losing share to competitors and embroiled in one of the biggest corporate controversies in recent memory. Fast forward to today and it’s turned cashflow positive while also having tripled revenue to over $30B (on $120B in GMV) and solidified its rideshare dominance in the US. And in perhaps the biggest change, it’s done it all while staying out of the headlines. Tune in! Lees meer
Links
Ben & David on My First Million
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Lockheed Martin
30 mei 2023 · 3 uur 31 min
Today we bring you two absolutely incredible stories. The first is Lockheed’s legendary Skunk Works division — the elite team of aviation geniuses who produced some of the greatest airplanes in history: the U-2, the Stealth Fighter, and the incomparable SR-71 Blackbird. The second story is arguably even more important, but not widely known! It's the secret and true origins of Silicon Valley — and Lockheed’s primary role in it. We take you from WWII to the Cold War, all the way to today to unpack and analyze the industry dynamics of defense contractors in the modern era. Tune in and prepare to be blown away by what you’ll learn about the history of our industry! Lees meer
Links:
Ben Rich’s Skunk Works
Kelly’s 14 Rules of Skunk Works
LMSC’s “Seven Tenets”
Steve Blank’s Secret History of Silicon Valley
Episode sources
Carve Outs:
Nier: Automata
The Blackbird speed check story
EGO Lawn Tools (just in time for Fathers’ Day!)
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
-
Spotify CEO Daniel Ek
18 mei 2023 · 1 uur 31 min
We sit down with Spotify CEO Daniel Ek live in Stockholm at Spotify’s amazing HQ studio (check out the video version of this episode — which plays natively on Spotify!). This was an incredibly special and timely conversation: for those who haven’t been paying attention over the past few years, after revolutionizing music Spotify has now ALSO completely transformed our own industry in podcasting. Starting from way behind with ~zero market share in 2018, Spotify has now aggregated the listener market and amazingly surpassed Apple as the world’s largest podcast platform — including close to home with the Acquired audience, where it has 60%+ market share among you all! Lees meer
We discuss the origins of this “second act” strategy with Daniel, the vision to move from a music company to an audio company, and what’s coming next with Spotify’s entry into Audiobooks. And of course we relive some key moments from the Acquired canon that Daniel was involved in, including his pivotal conversations with Taylor Swift and her team convincing her to come back to streaming following the release of 1984. Tune in!
Links
Follow Daniel on Twitter
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Benchmark’s Mitch Lasky and Blake Robbins on The Art of Business in Gaming
26 april 2023 · 2 uur 9 min
We sit down Benchmark’s legendary gaming investors Mitch Lasky and Blake Robbins (now also of the excellent Gamecraft podcast fame) to discuss the history and future of gaming business models. This episode is the perfect bookend to our Nintendo/Sega gaming series this season on Acquired — no one is more qualified than Mitch and Blake to breakdown how the business side of the industry has evolved so radically from the Periscope quarter-drop days to the forever games and platform based publishers of today. Lees meer
Regardless if you’re a gamer, understanding the incredible innovation that’s taken place over the past two decades in gaming and what it portends for other industries is critical for any founder and investor to understand. Tune in!
Links
The Gamecraft Podcast
Mitch and Blake on Twitter
The Genius of the System
Mitch’s old “Investing in Content” blog post
That Game Company and Sky
Riot and the League of Legends dota-allstars.com growth hack
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Short: The Death of Sega
18 april 2023 · 1 uur 1 min
Sega and the Genesis was THE underdog story of the early 90’s. In a single console generation, Sega went from ~zero to 50% US market share and dethroned Nintendo’s seemingly invincible global monopoly. But — somehow — it all then died. Two console generations later Sega was out of the hardware game entirely, and the company was sold off for pieces to a pachinko manufacturer. How on earth did this happen?? Lees meer
Today we’re launching Acquired Shorts in order to tell this story and others like it: side tales from the “Acquired Cinematic Universe” that are too brief for a full episode, but too good to leave in the vault. We’d love to hear your thoughts on the format (and this episode). Please send us your feedback in Slack, email or Twitter!
Links:
The shortest and most famous speech in video game industry history
Episode sources
Carve Outs:
Daryl Morey on Invest Like the Best
Succession
Starship
6 Days to Air
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Nintendo: The Console Wars
11 april 2023 · 3 uur 11 min
In the 1980’s Nintendo was on top of the world, with the NES achieving over 90% market share of home video games globally. So how did they fall ALL the way down to ~10% in just a few short console generations? And how did they then build themselves back up (and down and up again) to the top of the world again? Spoiler: it all hinged on one very small, yet very large and durable platform… the Game Boy. Fire up your favorite portable entertainment device and tune in for the epic story of Nintendo’s fall from grace and journey back to the top — capped off by our robust discussion of where they go from here, and whether this 130+ year old company may still (!) be misunderstood and mis-valued. Lees meer
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC
Links:
Our EA episode with Trip Hawkins
Matthew Ball on why “Nintendo as Disney” is a flawed analogy
Crossroads Capital’s investor letters outlining their Nintendo thesis
Episode sources
Carve Outs:
Kara Swisher in Vanity Fair (and our old episode with her!)
Hardcore History (finally!)
The Tetris movie
Daryl Morey on Invest Like the Best
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Hamilton Helmer & Chenyi Shi on How to Build an AWS-Like Second Business
4 april 2023 · 1 uur 23 min
7 Powers author Hamilton Helmer and his Strategy Capital colleague Chenyi Shi join us again to discuss their latest research on a topic that’s highly relevant to the recent Acquired canon: how to build a second business line. This incredibly important “transforming” question faces every great company who has achieved initial product success (as well as their investors). Do we continue solely along the established path, or do we attempt to grow new branches on the tree? Some companies grow new businesses with tremendous success — Amazon and AWS, Nintendo and video games, Nvidia and CUDA — yet many others fail miserably. For the first time Hamilton and Chenyi share their research-based playbook on how companies should approach this decision and choose wisely. Tune in! Lees meer
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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Link to Hamilton's 2-Axis Chart
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
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Sessions: David Senra (Founders Podcast)
29 maart 2023 · 3 uur 12 min
ACQ Sessions returns with David Senra of the Founders Podcast. David is one of our very favorite people in the world — it’s impossible to spend an hour (or 3!) with him and not come away inspired to go take over the world. This conversation is an “extended, IRL version” of monthly calls that we do together where we share stories, swap life and podcast advice, and just genuinely enjoy sharing time with someone who shares our outlook and enthusiasm for the history of entrepreneurship. Pull up a chair, grab a beverage (or energy drink in David’s case) and join us! Lees meer
Links:
Go subscribe to Founders! Some of our favorite episodes: Bernard Arnault, Brunello Cucinelli, Edwin Land, Kobe Bryant
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
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© Copyright 2015-2026 ACQ, LLC
Topics:
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. -
Nintendo's Origins
16 maart 2023 · 3 uur 19 min
You may think you know the Nintendo story: a plumber named Mario, a princess named Zelda… and didn’t they buy the Seattle Mariners at some point? We thought we knew it too. And then we started researching and were blown away. Lees meer
The lovable Disney-like Nintendo that we know today is a 130 year-old a playing card company (i.e. gambling), forged in the shadowy world of the Yakuza and shaped by a four-generation cycle of bitter family betrayal. And its unlikely transformation into a global multi-billion dollar media monopoly was led by an iron-fisted patriarch who — amazingly — never played a video game in his life! Get ready for one of our favorite stories Acquired has ever told — we couldn’t make this one up if we tried!
Links:
Our Atari episode with Nolan Bushnell
Video of id Software’s legendary PC “port” of Super Mario Brothers 3
Episode sources
Carve Outs:
Everything Everywhere All At Once
Michael Lewis on Tim Ferriss and on CSPAN
Sponsors:
Vanta: https://bit.ly/acquiredvanta
ServiceNow: https://bit.ly/acquiredservicenow26
Legora: https://bit.ly/acquiredlegora
Statsig: https://bit.ly/acquiredstatsig26
More Acquired!
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© Copyright 2015-2026 ACQ, LLC