Invest Like the Best with Patrick O'Shaughnessy
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602 afleveringen, van nieuw naar oud
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Boyd Varty – Live Like a Tracker - [Invest Like the Best, EP.99a]
14 augustus 2018 · 1 uur 10 min
An interesting question that I think about a lot: how do you balance exploring the new with savoring what you already know and love? Most of the time I prefer to explore, but the best part of this podcast experience for me has been meeting people who become close friends. For episodes 99 and 100, I’m bringing back two of the most popular past guest who are both now dear friends.
This week’s episode is split into two parts, today and tomorrow. Today’s episode is with Boyd Varty and tomorrow is with both Boyd and his sister Bronwyn. The incredible Varty family hosted me in South Africa, so you’ll hear birds and elephants in the background as we talk.
This conversation with Boyd is about our shared experience called “track your life” which I couldn’t recommend more highly. We tracked animals on foot for five days, and learned a lot from the environment itself. While we discuss our time together, this is much more about how to live. My original conversation with Boyd had a huge impact on me, and this continues the exploration of Boyd’s idea that we should all be going our own way, in the right way, instead of simply following well trodden paths.
I hope you enjoy this conversation with Boyd and check back tomorrow for another conversation with the Vartys.
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 Lees meerShow Notes
1:55 - (First Question) – Encounter with five wild dogs
10:19 – The idea of a perfect day on the track
15:59 – The importance of silence
19:42 – Why we could all benefit from the power of silence
21:37 – Side effects of being on the track
23:49 – Following the smaller paths
25:20 – How culture can keep us from forging our own path
29:34 – The stress he puts on the watch at night
33:34 – The power of going from alert to rest and back again
35:11 – Why Zebras Don't Get … -
Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98]
7 augustus 2018 · 59 min
Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98]
This week’s conversation is for those interested in the nitty gritty of cryptocurrencies and for those who, like me, are fascinated by that world but more than a bit skeptical of the investing prospects for the many cryptocurrencies now in existence. My guest is Ryan Selkis, who I met at an event hosted by Union Square Ventures and Blocktower Capital. At that event, in a crowd of many brilliant people, Ryan was consistently asking hard questions and raising counterpoints. I love his perspective because he is both passionate, but realistic, excited about crypto, but worried about many aspects of the ecosystem. We discuss many new topics like his barbell analogy for thinking about different kinds of coins, token curated registries, and the need to better transparency around decentralized projects.
Hash Power is presented by Fidelity Investments
Please enjoy our conversation. Lees meerMarch for the Fallen
Want to meet other curious investors, get in good shape, and support a fantastic cause? Consider joining a great group to hike 28 miles in honor of those who have fallen in defense of our nation.
Learn more and sign up at alphaarchitect.com/mftf.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_oshagShow Notes
2:55 - (First Question) – how he best explains blockchain technology
4:12 – How does he categorize each cryptocurrency
9:11 – How Numeraii is valued
10:04 – Explaining token curated registries (TCR)
12:58 – How Token Curated Registries are being applied
15:05 – Innovations that will protect against nefarious actors in the crypto space
16:37 – How do you convince investors to commit to TCR’s
18:40 – Biggest headwinds to this industry
22:12 – What are the quality filters to root out the bad… -
Cathie Wood – Investing in Innovation - [Invest Like the Best, EP.97]
31 juli 2018 · 1 uur 15 min
My guest this week is Cathie Wood, the founder of ARK invest. Cathie and her team believe that disruptive innovation is the key to long-term growth and, therefore, alpha in the public markets.
Because their style of investing is entirely contingent on what will happen and change in the future, it is about as different a style as exists from the quantitative approach to investing, which relies on what is currently knowable about stocks and businesses.
The future is notoriously hard to predict, so I am always interested to hear about investing approaches which try to model or handicap the future and build portfolios against that work.
In this conversation, we explore all the most interesting and exciting technology trends at play in the world today—and how those trends may play out for investors. We discuss genome sequencing, blockchain, software 2.0, mobility as a service, automation, and more.
We also discuss Cathie’s take on building a bridge between the worlds of finance and Silicon Valley, and why starting with a benchmark is anathema to their process.
It is hard to deny Cathie’s passion and enthusiasm, and I credit her for building a unique firm culture that emphasizes openness and collaboration. Please enjoy our conversation on investing in innovation.
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 Lees meerShow Notes
2:30 - (First Question) – Cathie’s idea of bringing open source to Wall Street
4:47 – Deep dive into the platform
6:09 – White Paper on Bitcoin – Could Bitoin serve as the role of money
7:43 – Why disruptive innovation is so inefficiently priced
10:04 – How well does the market discount cash flow of disruptive businesses
14:09 – A look at their investing strategies, starting with top-down.
16:10 – How they picked their 5 categories of technological change, star… -
Bethany McLean - Business Gone Bad and the Art of Persistence - [Invest Like the Best, EP.96]
24 juli 2018 · 1 uur
I’ve often heard that good investors are a bit like journalists: doggedly collecting evidence and building an understanding of how all the pieces of a company or investment fit together. My guest this week is one of my favorite writers and journalists, Bethany McLean. Across her career, Bethany has covered many of the most interesting stories in business and investing, including Enron (which became the famous book and documentary, the Smartest Guys in the Room), Valeant, Wells Fargo, SAC Capital, Fannie Mae and Freddie Mac, the great financial crisis, and most recently, fracking and the energy revolution.
Given how deeply she has investigated all of these topics-- and thought about the common threads across them all--this was an amazing conversation. When talking to her, you can feel how much she cares and how diligent and fair she is when analyzing a topic. In addition to all of the great stories already listed, we discuss the art of persistence and other lessons she has learned about businesses and people gone bad. I especially loved her evolving take on housing in America.
Please enjoy my conversation with Bethany McLean Lees meerFor 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_oshagLinks Referenced
The Hunt for Steve CohenBooks Referenced
Free Radicals: The Secret Anarchy of Science
Saudi America: The Truth About Fracking and How It's Changing the World
Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy
All the Devils Are Here: The Hidden History of the Financial CrisisShow Notes
2:22 - (First Question) – Differences and similarities between investors and journalists
3:19 – What has more of an impact on business practices, exposing negatives or reporting positive
4:57 – first story that got Bethany intrigued with finding bad behaviors
6:19 – The process of… -
Modest Proposal – Value is Dead, Long Live Value - [Invest Like the Best, EP.95]
17 juli 2018 · 1 uur 41 min
A very short introduction today because my guest is anonymous. Suffice it to say he manages a large pool of private capital.
He goes by the pseudonym “modest proposal” and his twitter presence is one of the reasons I first got on and now stay on the platform.
He is level headed, smart, and skeptical by nature, all of which made for a great conversation. We discuss how difficult the market has become for active investors, thematic investment opportunities, and the potential sources of market mispricings.
Please enjoy our conversation, and let me know which other anonymous accounts you’d like to hear from.
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 Lees meerLinks Referenced
Factors from Scratch: A look back, and forward, at how, when, and why factors work
Josh Wolf Podcast Episode
Mike Zapata Podcast Episode
Michael Mauboussin Podcast EpisodeShow Notes
1:55 - (First Question) - How value investing has changed
5:45 – How does he apply the lens of market over-reaction to the current market today
5:47 – Factors from Scratch: A look back, and forward, at how, when, and why factors work
7:06 – Josh Wolf Podcast Episode
8:35 – Areas where he prepares most
8:36 – Mike Zapata Podcast Episode
12:18 – Where markets may be over reacting in media
20:10 – How does he invest on this thinking
20:44 – Michael Mauboussin Podcast Episode
22:35 – Other parts of media that he finds interesting
27:35 – Aggregation theory and how it plays into his investment philosophy
31:06 – Structuring a long-short portfolio in today’s media market
35:59 – Customer acquisition costs and how it’s impacting retailers
40:51 – The role of physical locations in a world that was upended by virtual retailers
49:41 – Consumer Internet Story thesis and what he’s seen during his career
58:11 – Why the FANG stocks can’t w… -
[REPLAY] Eric Maddox – The Ace of Spades - [Invest Like the Best, EP.15]
10 juli 2018 · 1 uur 1 min
With Patrick out of the country this week, we thought we'd play an old favorite that many of you have not heard.
Please Enjoy! Lees meerThis week we explore a rare and underappreciated skill through the lens of an incredible story. My guest is Eric Maddox, whose name you probably don’t know but won’t soon forget. Just trust me that you need to listen to this entire episode, and listen carefully—because that is what the episode is ultimately all about: how to listen to others, with care and empathy, in the age of distraction.
Sometimes it’s fun not to know what’s coming and be surprised, so I won’t say anymore. After the episode, you can learn more about Eric at Ericmaddox.com.
On his wall, Eric has a framed Cuban cigar, he starts his story by explaining the significance of that cigar. Enjoy this episode, and try Eric’s method. It has worked wonders for me.
Please enjoy!For comprehensive show notes on this episode go to investorfieldguide.com/maddox/
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 -
Niel Robertson – The Future of Media - [Invest Like the Best, EP.94]
3 juli 2018 · 1 uur 2 min
This week’s episode covers a new set of topics. The conversation, with Niel Robertson, covers media, e-sports, content distribution, marketing, and a lot more. Niel started a software company out of his bedroom when he was 14, and sold his first company in 1999 for $280 million, when he was 24 years old. He has started and sold other companies to Twitter and Cisco. He started another large business that ultimately failed. He’s been an investor, venture partner, and serial entrepreneur. You can find more in the shownotes.
As I often do, I cut the long background section from the interview so we can get right to the meat of things, but Niel concluded that section saying: “I think that could be all summed up by I just liked building things and I can't stop doing it.”
In addition to the overall media landscape, we discuss the role that the biggest media platforms will play, and where other opportunities may exist. We cover digital collectibles stored on blockchain, and what type of digital assets may be leased to others. We close with a discussion of leadership, company structure, content creation, and something you should do each year.
Please enjoy this unique conversation with Niel Robertson. Lees meerFor 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_oshagBooks Referenced
The Start-up of You: Adapt to the Future, Invest in Yourself, and Transform Your CareerShow Notes
2:30 - (First Question) – Overview of the media landscape as it relates to influencer marketing
6:42 – How does he think about this space as an investor
12:21 – What is the future of distribution of products
17:01 - An overview of the e-sports ecosystem
18:20 – The shift of people watching others play video games
20:06 – Will we see power shift from the platform to the influencer
27:03 – Why Amazon is the sleeper in this g… -
Eric Balchunas – The Past, Present & Future of ETFs - [Invest Like the Best, EP.93]
26 juni 2018 · 1 uur 1 min
My guest this week is Eric Balchunas, the senior ETF analyst for Bloomberg and the author of the Institutional ETF toolbox. This episode is intended for those in the asset or wealth management industry who have considered using ETFs in their portfolios, or for the individual investor who likes to stay up to date on trends in the market for asset management products. We cover all aspects of ETFs in some detail, and luckily in ways that have little overlap with a few other recent ETF-centric episodes on two of my favorite podcasts: the Meb Faber Show and Capital Allocators with Ted Seides with Matt Hougan and Tom Lydon respectively.
We open with Eric’s favorite ETF tickers, discuss the pros and cons of ETFs versus other investment vehicles, and explore the largest areas of opportunities for new ETFs coming to market in the years to come. ETFs have become the vehicle of choice for many investors, so it was about time we covered them in depth in this forum. As you’ll hear, Eric is the right person to teach the world about ETFs, thanks to deep domain knowledge and unflagging enthusiasm. Please enjoy my conversation with Eric Balchunas on the past, present, and future of ETFs.
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
Quantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System
Links Referenced
Chart – There Are Now More Indexes Than Stocks
Show Notes
2:32 - (First Question) – Eric’s favorite ETF tickers
4:07 – How Eric got started into his career and how it led him into the ETF world
8:04 – An overview of the ETF landscape
10:10 – Active managed ETFs
12:17 – Chart – There Are Now More Indexes Than Stocks
13:32 – Key variables he thinks about when assessing a new ETF
15:18 – Evaluating shiny object ETFs
17:30 – The appe… Lees meer -
New Angles on Crypto - Kyle Samani and Tushar Jain - [Invest Like the Best, EP.92]
19 juni 2018 · 1 uur
My guests this week are Kyle Samani and Tushar Jain, both managing partners at Multicoin Capital. I’ve taken a bit of a break from crypto because I hadn’t sensed many new angles to explore in this forum, from an investor’s point of view. I felt that while things keep evolving, the major investment theses have been established and explored. Kyle and Tushar are interesting because of their often divergent views. For example, Kyle has been an outspoken supporter of Ethereum relative to bitcoin. This conversation, which is meant for those still curious about crypto, offers lots of new food for thought. We discuss smart contract platforms, network effects, the coming platform wars, and why blockchains may not matter in ten years. Please enjoy my conversation with the partners of Multicoin Capital.
Hash Power is presented by Fidelity Investments
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 Lees meerLinks Referenced
Paths to Tens of Trillions
An (Institutional) Investor’s Take on Cryptoassets
On the Network Effects of Store Value
If SaaS Products Sell Themselves, Why Do We Need Sales?
Money, blockchains, and social scalability
Nakamoto Institute
Token Economy
Multicoin.capital
Crypto CannonShow Notes
2:11 - (First Question) – What would get the entire cryptocurrencies ecosphere to 5-10 trillion dollars
2:53 – Paths to Tens of Trillions
4:37 – What will be the effective uses for crypto currencies, store value vs utility value
4:38 – An (Institutional) Investor’s Take on Cryptoassets
8:48 – Why they are negative on bitcoin and more positive on Ethereum
10:07 – Where will start to see widespread adaption of the utility value of cryptocurrencies
14:44 – What is the major breakthrough that cryptocurrencies create
21:21 – How do we gain confidence that a utility token will become a sound … -
Michael Recce – Tim Cook’s Dashboard - [Invest Like the Best, EP.91]
12 juni 2018 · 1 uur 4 min
My guest this week is Michael Recce, the chief data scientist for Neuberger Berman. The topic of our conversation is the use of data in the investment process, to help cultivate what is commonly referred to as an information edge.
I call the episode “Tim Cook’s Dashboard” because of an interesting question that Michael poses: if you armed the best apple analyst in the world with Tim Cook’s private business dashboard, what might that be worth? Effectively Michael’s goal is to recreate the equivalent of a company dashboard for many businesses, helping analysts understand the fundamental health and direction of companies a bit better than the market does, and in so doing create an actionable edge.
This is a daunting task, and you will hear why. It requires both a fundamental understanding of business and of data, statistics, and methods like machine learning. In our own work, we’ve found machine learning to be useless for predicting future stock prices, but extremely useful for other things, like extracting and classifying data.
This conversation can get wonky at times, but as listeners know that is the best kind of conversation, even if it requires a second, slower listen. I hope you enjoy this talk with Michael Reece. Afterwards, I highly recommend you invest the time to read a series of posts called Machine Learning for Humans, which I will link to in the show notes. It helps demystify the buzz words and explain how these new technologies are being used. Lees meerFor 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_oshagBooks Referenced
Crossing the Chasm
One Two Three InfinityLinks Referenced
Sam Hinkie Podcast EpisodeShow Notes
2:44 - (First Question) – Changes in data science through the lens of Michael’s career
5:17 – The basic overview of using data and machine learning to create … -
Ash Fontana – Investing in Artificial Intelligence - [Invest Like the Best, EP.90]
5 juni 2018 · 1 uur 18 min
My guest this week is Ash Fontana, a managing partner at venture capital firm Zetta, who invests in companies which build software that uses artificial intelligence methods like machine learning to predict and prescribe outcomes. Ash’s combined experience as a founder, entrepreneur, and investor give him the perfect background to discuss with us one of the hottest topics in business and investing.
This conversation is useful for anyone trying to evolve their own way of dealing with data. Of particular interest are the ways that Ash and his team evaluate data sets and how they think about competitive advantage in this new world—where he advocates a new term to replace the concept of moat: loops.
If we can use data to do things better than humans, or if we can supercharge our intuitions with predictive models, we can harness the power of this new technology. What Ash has taught me is that data itself is dumb. But great data sets can represent the fuel for incredible companies. Let’s dive into how that may be. Please enjoy this conversation on how AI is changing business, and how we might profit from that change. Lees meerFor 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_oshagBooks Referenced
The Most Important Thing: Uncommon Sense for The Thoughtful InvestorLinks Referenced
Jerry Neumann Podcast Episode
Ali Hamed Podcast EpisodeShow Notes
2:25 - (First Question) – A look at their very specific investment strategy
3:35 – Future of competitive advantage in the SaaS industry
6:45 – How startups and new companies can compete against software giants that are pretty well entrenched in the market
8:38 – How do copies with narrow focuses attract VC money which is looking for massive returns
12:28 – The stages in which AI will be enabled
15:55 – Framework of an AI company
18:49 – Importance o… -
Mike Zapata – The Darkest Night: Lessons from Battle and Value Investing - [Invest Like the Best, EP.89]
29 mei 2018 · 1 uur
My guest this week is remarkable. He now applies his talents on Wall Street, searching for smaller cap companies trading at huge discounts in an effort to compound wealth for his investors. He is classically trained, having earned his graduate degree from Colombia, a school known for producing value investors. But his method also reflects what he learned across more than a decade of active duty in the U.S. military.
Mike Zapata served us all as a Navy SEAL in the aftermath of 9/11 and ultimately as a member of the SEAL’s “Development Group,” commonly known as SEAL team 6. I think everyone listening strives for excellence in what they do. This week we get to hear from someone who has pursued excellence on our behalf.
I’ll let him explain the meaning of his firm’s name, Sententia, but for now suffice to say we are lucky to have quiet professionals like Mike. If you are interested in supporting the families of soldiers who fought with Mike and lost their lives, I encourage you to check out the Tip of the Spear foundation and make a donation along with me, small or large.
Please enjoy my conversation with Mike Zapata.
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 Lees meerBooks Referenced
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel
Fearless: The Undaunted Courage and Ultimate Sacrifice of Navy SEAL Team SIX Operator Adam Brown
Boyd: The Fighter Pilot Who Changed the Art of WarShow Notes
2:232:23 – (First Question) – A quick overview of Mike’s career leading up to his time at Columbia
3:43 – What led him down the path of value investing at Columbia
3:51 – The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel
5:57 – The focus and goal of the firm
7:12 – Where the name of the firm, Sententia c… -
Sam Hinkie – Data, Decisions, and Basketball - [Invest Like the Best, EP.88]
22 mei 2018 · 1 uur 9 min
I came across this week’s guest thanks to the overlap of three passions of mine: data informed investing, value creation, and basketball. Sam Hinkie worked for more than a decade in the NBA with the Houston Rockets, and then most recently as the President and GM of the Philadelphia 76ers. He helped launch basketball's analytics movement when he joined the Houston Rockets in 2005, and is known for unique trade structuring and a keen focus on acquiring undervalued players. Today, he is also an investor and advisor to a limited number of young companies in which he feels his experience can improve outcomes.
Please enjoy this unique episode with Sam Hinkie. Lees meerShow Notes
3:24 – (First Question) Advantages of having a long view and how to structurally harness one
6:08 – Using technology to foster an innovative culture
6:18– Empire of the Summer Moon: Quanah Parker and the Rise and Fall of the Comanches, the Most Powerful Indian Tribe in American History
10:16 – Favorite example of applied innovation from Sam’s career
11:34 - Most fun aspect of doing data analytics early on the Houston Rockets
13:38 - Is there anything more important than courage in asymmetric outcomes
14:29 – How does Sam know when to let the art of decision making finish where the data started
16:29 - Pros and cons of a contrarian mindset
17:26 – Where he wanted to apply his knowledge in sports when first getting out of school and how his thinking is best applied in the current sports landscape
21:39 – How does he think about trying to find the equivalent of mispriced assets in the NBA
23:12 – Where tradition can be an impediment to innovation
25:07 – What did the team and workflow of the team look like in the front office
27:03 - The measure of truth in a sports complex
29:10 – What were the early factors coming out of the data that helped to shape NBA teams
30:42 – Best tactics for hiring
33:59 – Process of recruiting spectacular people
35:39 – Thoughts on fostering a good marriage
37:57 – Picking your… -
Tren Griffin – Pulling the Thread - [Invest Like the Best, EP.87]
15 mei 2018 · 1 uur 16 min
My guest this week is a bundle of curiosity, and that is one of the nicest things I could say about someone. For several years, Tren Griffin has been writing a weekly blog post that highlights things he has learned from various investors, businesspeople, musicians, comedians, and more. Lately, he has also been tackling individual businesses, and broad topics like scaling, competitive forces, and product market fit.
Tren’s full time job is serving as a director at Microsoft. He’s also worked with or for several well know businesspeople and investors like Craig McCaw, and written several books including one on lessons for entrepreneurs, one on Charlie Munger, and another on negotiation.
We discuss value creation vs. value capture, alpha in investing, sales, hip hop, and why he’d teach high school students about convexity through a drunk driving analogy. I could have talked to Tren for much longer than I did, but sadly, we both had flights to catch.
If you take anything away from this, I hope its just how much fun it is to just be curious about business, and how you can learn a tremendous amount if you just keep reading about the things that interest you and talking to others. Please enjoy my conversation with Tren Griffin.
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 Lees meerShow Notes
2:26 – (First question) – key levers of the universal business model
4:26 – How do you know when you’ve achieved real value creation
6:24 – Importance of value capture and how they enhance value creation
6:31 – Zero to One: Notes on Startups, or How to Build the Future
9:08 – Price power
10:28 – Are discussions of moats more useful to businesses than to investors
13:12 - What Tren learned during his early years working with Craig McCaw
16:28 – The Outsiders: Eight Unconventional CEOs and Their Rad… -
Jason Karp – Opportunities in Public and Private Markets - [Invest Like the Best, EP.86]
8 mei 2018 · 1 uur 16 min
I believe that any investment strategy that will deliver strong returns in the future must evolve. Any strategy should rest on rock solid foundational principles, which change rarely if ever—things like price discipline, or business growth. But the features of the strategy must keep getting better, because the marketplace is incredibly competitive.
That evolution is the topic of today’s conversation with Jason Karp. Jason is the founder and CIO of Tourbillon Capital Partners, a multi-billion dollar asset manager based in New York City.
We cover a ton of interesting ground. We start with what has happened in public and private markets, discussing the role of quants, passive indexes, and value vs. deep value investing. We compare the relative merits of investing in private equities, and where and how opportunities arise.
We then focus in on two interesting private investing trends: the health and wellness sector and the cannabis industry. First, we discuss Hu kitchen and Hu Products, the food business that Jason started with his family several years ago in response to personal health challenges. Second, we discuss his evolved views on Cannabis as an investment space and why it may also represent a massive growth opportunity.
You all know I value transparency, so it is important to note that since I recorded the conversation, my family became an investor in Hu Products. It has been a fascinating means to learn about the food, health, and wellness industry which has grown rapidly in recent years. We were customers of Hu in New York City long before I even knew Jason, which made that part of the conversation especially interesting for me.
This episode re-enforced my believe in pushing one’s investing strategy to adapt to change market conditions and competitive pressures. If we have any hope of beating Vanguard, we can’t ever rest on our laurels.
This was an especially eclectic and fun conversation, I hope you enjoy my chat with Jason Karp.
For more episodes go to Inves… Lees meer -
Chris Douvos – A Value Investor Lost in the Valley - [Invest Like the Best, EP.85]
1 mei 2018 · 1 uur 9 min
My guest this week is Chris Douvos, a managing partner at Venture Investment Associates, which allocates 1.6B in behalf of investors.
Chris is the first professional allocator I’ve spoken with who focuses specifically on venture capital funds, so I had a ton of questions for him on how to build a portfolio in an asset class known for uncertain, but often enormous, outcomes.
We discuss the major recent changes in the asset class and where things might be going.
I sought Chris out because while this is an investment style that is full of creativity and hope, I’ve always felt it could use a healthy dose of skepticism and a value investor’s mindset. He delivers in spades as we try to separate the real from the ideal.
We didn’t record it, but Chris’s tour of Palo Alto was one of the most interesting and entertaining hours I’ve spent. He is a student of history and markets, and I look forward to learning more from him in the future.
Please enjoy our conversation Lees meerFor 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_oshagBooks Referenced
Pioneering Portfolio Management: An Unconventional Approach to Institutional InvestmentLinks Referenced
Domino Rally Business Models
All About the Benjamins
Speak Like the Locals
David Salem podcast episode
CurveballShow Notes
2:18 – (First question) – Four factors that Chris thinks are important for future success of venture firms; portfolio concentration; repeatability; being early; size discipline
7:40 – What the venture landscape looks like today from Chris’s viewpoint
8:32 – Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
14:07 – Is there a glut of startups making it difficult for investors
17:33 – How does Chris think about the investments that are a bit different from what everyone else is investing in in… -
Arianna Simpson – The Crypto Landscape - [Invest Like the Best, EP.84]
24 april 2018 · 54 min
My guest today is Arianna Simpson, who has spent her career in an around the world of technology working at startups, Facebook, and now in venture capital as an investor focused on the world of cryptocurrencies.
I met Arianna when I hosted a panel at a big investing conference in New York City and she was one of the panelists. On the panel, I found her style to be very straightforward and compelling. It is clear that she loves to learn and that the best manifestation of her style of learning is investing in technology.
In our conversation we discuss broad trends in crypto that we haven’t spent much time on before: decentralized versus centralized exchanges, privacy coins, and evaluating a found or early team. We build a framework for learning about this new asset class, discuss the importance of travel, and the value of pushing oneself outside of comfort zones.
Hash Power is presented by Fidelity Investments
Please enjoy our conversation
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
2:12 – (First question) – How to teach someone else to build an investing philosophy around crypto
4:00 – The major risk factors to investing in crypto
6:28 – best practices for mitigating risk
7:39 – What factors to think about when it comes to whether a token will lose all value or not
8:39 - Taking a pulse of the investment community on crypto
11:36 – How she heard about and became interested in crypto currencies
12:34 – Are people really using crypto currency as a hedge against rampant inflation
13:52 – Investing thesis in the space
14:07 – Arianna’s systems for learning about cryptocurrencies and staying up to date on them
15:19 – Arianna’s take on the issue of increasing transactional through put
16:49 – Layer 1 solutions and making it all scalable on a blockchain
17:56 – he… -
Shark Tank with Thatcher Bell and Taylor Greene - [Invest Like the Best, EP.83]
17 april 2018 · 1 uur 33 min
We’ve always found that even in public equities, you learn more once you have a live portfolio. One of the best ways to learn is to put some capital at risk. For this episode, I asked two VCs to sit down with me and Brett and treat the conversation as they would a normal pitch meeting, so that we, the audience, can get a peek into their world and the types of questions they ask. The venture capitalists in question are Thatcher Bell, of CoVenture, and Taylor Greene, of Collaborative Fund. The first voice that you’ll hear is Thatcher, and the next person asking questions is Taylor. I began by asking Thatcher to give us a bit of background on how he approaches young companies before diving in with questions of his own. Lees meer
Show Notes
3:12 – (First Question) – getting a flywheel business going
4:49 – Brett’s background and how that led to the formation of Ladder
7:58 – Breakdown of the product
9:29 – The sign-up process
10:29 – Key problem for each party of the ladder transaction
12:34 – Diving deeper into the problem of being a health coach
14:29 – How does Ladder differentiate itself from other apps that help people locate a trainer
17:01 – A deeper dive into the consumer using this product
20:28 – The accountability factor being the moat for Ladder
24:12 - How successful is the product right now in terms of recruiting new customers and trainers
28:38 – Their pre-launch interview and research process
31:49 – Going from hypothesis to product development
35:25 – What should founders think about when doing customer discovery, even after they have a product in the market
39:22 – Optimizing in the early stage of a business
43:24 – The defensive moat of a startup
46:20 – Their take on their ability to corner the coaches in this market
49:57 – Is there a side of the producer/consumer side of the equation that is more important.
55:42 – Getting and giving value to your supply, in this case the coaches
58:22 – How to view different phases of a business
1:00:43 – Growing the supp… -
Nikhil Kalghatgi – Moonshot Investing - [Invest Like the Best, EP.82]
10 april 2018 · 1 uur 25 min
My guest this week helps me complete the first trilogy of guests on the podcast. His name is Nikhil Kalghatgi. Along with past guests Ali Hamed and Savneet Singh, Nikhil is a partner at the asset management firm CoVenture. If you liked those two conversations, you will love this one—it is somehow even more wide-ranging than the first two. Nikhil is the CEO of CoVenture Crypto, but he ended up there because of an overarching investing style that he calls moonshot investing, which we explore right from the start and in great detail. He is obsessed with productivity and happiness, and we spend a long time on those topics. One of the most interesting experiments I’ve heard about on the podcast is his Happiness project, for which he interviewed more than 100 of the wealthiest people in the world. The lessons he gleaned from those conversations are very helpful, and I won’t soon forget the lesson related to sacrifice. We also discuss asteroid mining, networking, shared experience, and philosophy. Oh and crypto currencies. Nikhil’s take on crypto has always been refreshing to me. In fact the first time I met him he was throwing cold water on a room full of enthusiastic crypto investors. Within crypto we discuss business opportunities, mining, and how new retail and institutional capital will affect the asset class.
Hash Power is presented by Fidelity Investments.
Please enjoy this sparkling conversation with Nikhil Kalghatgi. Lees meerFor 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_oshagShow Notes
2:42 – (First Question) – What moonshot investing is
4:41 – Creating sustainable differential investment advantage
9:30 – Assessing the market for moonshots
12:15 – Types of people suited for moonshots
13:42 – The Happiness Project
17:45 – Commonalities among successful people
25:15 – The importanc… -
Live EP.01 – Peter Attia, M.D. [Invest Like the Best]
27 maart 2018 · 1 uur 2 min
This week’s episode was the first one that I’ve recorded live. It was the second dinner in what I expect to be a long series where I bring together 30 people from a variety of backgrounds to discuss an interesting and emerging topic, whether that be cryptocurrencies, health, cannabis investing, or some other compelling, emergent thing.
My guest, for the second time on the podcast, is Peter Attia, who has lead one of the more interesting careers I’ve ever come across and who is focused on understanding longevity, health span, and quality of life. We dive into many dimensions of health, scientific research, what we can and cannot learn from evolution and our ancestors, and the 7 primary modalities we should focus on when it comes to our health and well-being.
Excuse the lack of clear audio quality on some of the audience questions—the ones that are a little difficult to hear are fairly short and I felt it was better to include them for some context.
As have all of my conversations with Peter, this one has sparked countless subsequent conversations with my wife, my friends, and my colleagues on what is important and how we can change out behavior to improve our quality of life. My partner and sponsor at these events is Peter Tiboris of Strongpoint Wealth Advisors, who with me loves exploring these topics and understanding how they might affect our lives and out portfolios. Thanks to Peter for helping me realize this series in New York City. Now, please enjoy my live conversation with Peter 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 Lees meerLinks Referenced
Marvin HAGLER vs Tommy HEARNS: FULL FIGHT
longevity chart
Senescence
Skin in the Game: Hidden Asymmetries in Daily LifeShow Notes
2:07 – (First Question) – Peter’s career journey that led him to where he is today
2:3… -
[REPLAY] Boyd Varty – The Art of Tracking - [Invest Like the Best, EP.32]
20 maart 2018 · 1 uur 25 min
[After talking to the brilliant string of guests the past several weeks, Patrick’s brain needed a rest—oh and a concussion didn’t help matters. To hold you over until next week, here is one of the most interesting but less well known conversations from the invest like the best archives.]
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. Lees meerFor 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_oshag0:00 – Exploring Boyd’s childhood through a story about a black mamba
3:13 – Looking at the early history of Boyd’s family and their foundation in the bush of South Africa
7:00 – The launch of their safari business
8:06 – How they connected with an ecologist that encouraged them to “partner” with the land and how that led to the leopards of Londolozi
14:25 – Expanding their model to other areas and creating an economy of wildlife.
15:12 – How Boyd discovered what he wanted to do with his life in healing
15:20 – Cathedral of th… -
Albert Wenger - World After Capital - [Invest Like the Best, EP.80]
13 maart 2018 · 1 uur 9 min
My guest this week is Albert Wenger, a managing partner at Union Square Ventures and the author of the book World After Capital.
Albert studied economics at Harvard and earned a PhD in information from technology, but if you’d asked me to guess before looking those up, I’d have guessed that he studied philosophy because of how widely he has thought about the world and the impact of technology.
Our conversation is about how technology is changing the world from an Industrial Age to a knowledge age. We explore how cryptocurrencies, low cost computing, and regulation will impact our future and why the transition may require delicate care.
I loved this conversation because of my obsession with the concept of scarcity. We explore what has been scarce through time and what may be scarce in the future. Albert is one of the most interesting thinkers I’ve come across and was a pleasure to speak with. I hope you enjoy our conversation.
Hash Power is presented by Fidelity Investments
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 Lees meerLinks Referenced
World After Capital
Show Notes
2:16 – (First Question) – Defining what it means to be human
2:58 – World After Capital
3:56 – Trans-humans vs neo-humans
4:37 – The concept of Qualia
5:25 – Albert’s investment philosophy=
8:27 – How Albert began his exploration into cryptocurrencies
12:59 – Most exciting things blockchains could enable
14:27 – How does Albert view blockchain technology from the view of an venture capital investor
17:00 - Why Albert thinks that the dominate cryptocurrency of our time may not exist just yet and what he is looking for in protocols that will become the leader in the space
20:16 – What are the central functions that will be important in cryptocurrencies
21:22 - The state of regulation in the cryptocurrency space… -
Savneet Singh - The Berkshire of Software - [Invest Like the Best, EP.79]
6 maart 2018 · 1 uur 22 min
My guest this week is another in a recent series of people that makes me want to work harder, learn more, and do more for others. His name is Savneet Singh, and he has already accomplished a remarkable amount in the worlds of business and investing. He’s preferred to keep a bit of a low profile, but I’m hoping, for everyone’s sake, to change that a little bit.
Savneet has invested in unique things like Spanish real estate, famous startups like Uber, cryptocurrencies before they were cool, and even websites. He founded and built a fintech company. And now, he both a partner at the wide-ranging investment firm CoVenture, with my previous guest Ali Hamed, and the co-founder of Tera Holdings, which is trying to become the Berkshire Hathaway of software companies.
To say this conversation is wide-ranging is an understatement. What’s neat is that my favorite parts aren’t even on investing, but are instead on principles for living.
Savneet is one of the best people I’ve met in this journey. I’ve had several other conversations with him with shockingly low overlap with the one you are about to hear—a testament to his active and curious mind. I hope you enjoy learning from him as much as I have.
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 Lees meerLinks Referenced
Ali Hamed podcast episolde
The VERY simple bear case for bitcoin
Owl Mountain
Books Referenced
Buffett: The Making of an American Capitalist
The Gorilla Game: Picking Winners in High TechnologyShow Notes
2:30 – (First Question) – How Savneet started thinking about Spanish real estate.
4:29 – Why Airbnb could be the most impactful and interesting of the companies like this
5:25 – Savneet’s early entrepreneurial ventures
6:42 – His big investing influences
7:02 – Buffett: The Making of an American Capitalist
7:40 – What did S… -
Dan Rasmussen - Private Equity Returns in Public Markets - [Invest Like the Best, EP.78]
27 februari 2018 · 1 uur 24 min
It has been a while since we discussed private equity on the show, so I was excited for this week’s conversation. My guest is Dan Rasmussen, the founder of Verdad advisers. Dan worked in private equity and has spent years studying the entire field.
Dan identified several key drivers of private equity’s outsized returns: size, value, and leverage. His firm uses these factors as a starting point to build a portfolio of public equities that behave like their private brethren.
We cover a ton of ground, discussing the prospective returns for equities, forecasting, and tons of investing strategies.
Please enjoy this conversation with Dan Rasmussen. Lees meerFor 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_oshagLinks Referenced
Subscribe to Dan
The Gospel According to Michael Porter
Tobias Carlisle
Steven Pinker
E.O. WilsonBooks Referenced
What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time
Quantitative Value, + Web Site: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors
Expert Political Judgment: How Good Is It? How Can We Know?
Superforecasting: The Art and Science of PredictionShow Notes
2:03 – (First Question) – The current state of private equity investing
4:09 – The three myths of private equity
6:51 – Taking a deeper dive into the myth of growth through operational improvements
9:29 – What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time
11:25 – Valuations for private market investment and where they’re going
14:03 – Private equity companies that have a higher chance of delivering results that exceed expectation
16:39 – Other observations on the private equity space that would be interesting to investors consid… -
Pat Dorsey Returns - The Moat Portfolio - [Invest Like the Best, EP.77]
20 februari 2018 · 1 uur 5 min
My guest this week, back for a second conversation, is Pat Dorsey. Pat ran equity research at Morningstar before leaving to start his own asset management company: Dorsey Asset Management. His areas of deep interest are competitive advantage and capital allocation. He believes that capital allocation should be in service of competitive advantage and invests in a concentrated portfolio that he and his team feel embody these ideas.
If you have not already, I strongly recommend listening to our first conversation, which is a sort of crash course on moats. In this conversation, we cover different ground. We spend much more time on individual stocks like Facebook, Google, and Chegg, using them as examples to explore Pat’s investment philosophy and strategy.
Across a few conversations with Pat, I can tell he is in love with this stuff, and I always enjoy talking to investors like him who so passionately pursue and edge. Please enjoy round two with Pat Dorsey.
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 Lees meerLinks Referenced
Pat Dorsey's first appearance on the podcast
HQ - Live Trivia Game ShowBooks Referenced
World After Capital
Principles: Life and WorkShow Notes
2:15 – (First Question) – Pat’s methods for valuing a business
4:17 – Is this process done after they would first identify potential targets for investment
5:11 – Pat’s take on how the market classifies stocks as growth vs value
6:40 – Qualitative insights and why the market can’t price them very accurately
9:57 – The business model behind zero marginal cost distribution business model
12:00 – Network effects and the potential downside to them down the road
13:54 – Valuing Facebook as a business heavily reliant on network effects
16:45 – What would have to change for Pat’s position on Facebook to radically change
… -
Josh Wolfe - This is Who You Are Up Against - [Invest Like the Best, EP.76]
13 februari 2018 · 1 uur 18 min
Long-time listeners will have heard me joke before that this podcast should really be called “this is who are you up against.” I’ve been waiting for the right episode to deploy the joke as a title, and this week we have it.
The joke is meant to convey how incredibly impressive these people are who we get to hear from every week. My guest this week is Josh Wolfe, a founding and managing partner at Lux Capital in New York City. Lux is a venture capital firm, but a highly unique one. They’ve spent more time in hard sciences and interesting nooks and crannies of the market than the typical VC firm.
Some of investing is zero sum: my outperformance is someone else’s underperformance. Sometimes, though, investing is positive sum. The combination of capital, ideas, people, drive, and raw energy leads to amazing new things.
I think the best investing and best investors of the future will be more collaborative than competitive. After finishing with Josh, I couldn’t stop thinking “god, do I want to be involved with whatever he’s doing, if only just to learn.”
This conversation made me rethink my joke “this is who are you up against.” Now I won’t think of it as a zero-sum joke, but instead as a reminder: this is the kind of person who is out there. You better find your niche, and still be the absolute best you can within that niche.
Please enjoy this killer conversation with Josh Wolfe. We cover just about everything.
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 Lees meerLinks Referenced
Investing in Biofuels or Biofools?
Ali Hamed podcast
Alex Moazed podcast
Andy Rachleff podcast
Popplet
@wolfejoshBooks Referenced
Modern Monopolies: What It Takes to Dominate the 21st Century EconomyWorld After Capital
Show Notes
2:35 – (First Question) – Lux Capital and the kind of investments they h… -
Harvey Sawikin - Emerging Market Opportunities - [Invest Like the Best, EP.75]
6 februari 2018 · 1 uur 2 min
My guest this week is Harvey Sawikin, a co-founder and lead portfolio manager at Firebird Management, which manages funds dedicated to investing in emerging market equities. Emerging markets are often a blind spot for investors of all types: most of us have never traveled to the far east or eastern Europe, where many of the thousands of emerging market public equities operate.
I’ve been very lucky to travel quite a bit in Asia and the Middle East, but never to eastern Europe, which where Firebird focuses its investments. Harvey and I discuss his 24 years of experience evaluating emerging and frontier market countries, industries, and individual stocks. We discuss his experience buying privatization vouchers in Russia, banks in the Baltics, and how today’s emerging market opportunity set compares to the past.
Like so many of these conversations with investors who have earned significant excess returns, its clear investing opportunities in emerging markets are often disguised. Finding them requires risk, hard work, discipline, and a dose of luck and timing. Please enjoy my conversation with Harvey on Emerging Market Opportunities.
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 Lees meerLinks Referenced
Via
Books Referenced
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel
Education of Rick Green, EsquireShow Notes
2:26 – (First Question) – Most memorable travel experience since the beginning of Firebird
5:41 - How Harvey got interested in emerging markets investing, specifically, Eastern Europe and Russia
10:00 – How does the landscape for emerging markets today compare to when he first started
12:30 – What are the factors of an emerging market to look at and why do some not pan out
15:04 – Do countries have to meet minimum criteria bef… -
Anthony Pompliano - Full Tilt Investing- [Invest Like the Best, EP.74]
30 januari 2018 · 46 min
My guest this week is Anthony Pompliano. Pomp began his career in the military, and has since been a successful entrepreneur, worked as a head of growth at Facebook, and started Full Tilt Capital, an early stage investing firm in North Carolina.
This conversation has three memorable sections. Early on, we discuss the four traits Pomp looks for in founders, which we cover in detail. These double as traits that are important when hiring anyone. Next, we discuss his unique take on cryptocurrencies, where he is excited about the prospects for tokenized securities. Finally, we explore a unique media company, Bar Stool Sports, and what makes it such a powerful brand.
Please enjoy our somewhat abbreviated discussion and know we will continue the conversation soon.
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 Lees meerLinks Referenced
Dave Portnoy and Barstool Sports’ Secret Billion Dollar Plan
Books Referenced
Win Bigly: Persuasion in a World Where Facts Don't MatterShow Notes
2:06 - (First Question) – Recap of Anthony’s military career
4:07 – Most memorable experience while deployed
5:27 – Transition out of the military and how it shaped his investing philosophy
11:19 – investing philosophy of Full Tilt, starting with deal economics
10:00 – Attributes of an ideal founder
13:50 - Where you actual learn the attributes that make you a good founder
14:40 – Time that Anthony has taken the biggest risk in life
16:45 – What is the viewpoint that Full Tilt has today that gives it Alpha in the market
18:47 – Why tokenized securities could be advantageous for investors in a company
19:51 – Anthony’s explanation of a tokenized security and what needs to happen for this idea to be fully realized in the market
22:22 – What could be the impact on the markets of making liquidity in venture so rea… -
Dr. Ben Hunt - The Three-Body Portfolio - [Invest Like the Best, EP.73]
23 januari 2018 · 1 uur 10 min
My guest this week is Dr. Ben Hunt, the chief investment strategist at Salient and the author of the extremely popular epsilon theory. I’ve always enjoyed Ben’s writing style, particularly his use of farm and animal based analogies to describe market phenomenon. In this conversation, we discuss his recent post the three body problem, why growth has been beating value, and why a strategy that he calls profound agnosticism—a take on risk parity—may be the most appropriate investing strategy in what he views as a very uncertain world. We also discuss some of his favorite lessons from the farm. Please enjoy our conversation! Lees meer
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_oshagLinks Referenced
The Three-Body ProblemShow Notes
1:54 - (First Question) – Applying the three-body problem to investing
7:24 – Fundamental view of investing, Profound Agnosticism
8:24 – Why has value done so poorly relative to growth in this framework
11:01 - Ben’s thoughts on why value has been underperforming for so long
13:52 – Investors should be able to adapt
17:49 – Thoughts on the risk parity approach
23:23 – Ben’s strategy for working with several teams
26:48 – What’s the best way to gain an edge, top down factors vs company/bond individual analysis
28:29 – How do you measure risk amid the large amount of uncertainty that exists in markets
32:40 – How does Ben personally think about investing
34:41 – Ben’s farm and the investing lessons learned by some of the animals
39:55 – How bees can plan out their entire work structure by the angle of the sun
42:58 – Defining basis risk
44:59 – Personal risk vs portfolio risk
49:30 – The concept of fingernail clean and our perception of what eggs are
53:57 – How ETFs are like mass produced eggs
54:56 – Exploring the idea of quality vs scaling
58:39 – What is… -
Preston Byrne - Crypto-pocalypse - [Invest Like the Best, EP.72]
16 januari 2018 · 1 uur 14 min
My guest this week is Preston Byrne. Preston is vocal critic of crazy prices and projects in the world cryptocurrencies. His background is in the legal world and also as a founder and former COO of Monax, which made the first open-source permissioned blockchain client.
As Preston says, he is a “blockchain without bitcoin” guy, who believes that this crypto mania will end in some sort of apocalypse for token holders and ICO issuers .
We tackle several issues, from his broad skepticism of crypto assets, to the potential regulatory reaction from major governments, to types of coins like stable coins, which Preston views as analogous to perpetual motion machines.
Please enjoy our conversation and for any crypto investors out there, let me know if this conversation affects your opinion of the investing prospects for cryptocurrencies.
Hash Power is presented by Fidelity Investments Lees meerFor 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_oshagLinks Referenced
Bitcoin white paper
The Bear Case for Crypto
Hash Power series
Zero Hedge
Preston tweet on Reverse network effectShow Notes
2:12 - (First Question) –Ponzi scheme vs pyramid scheme vs Nakimoto scheme
5:29 – Why there are regulatory challenges to cryptocurrency
5:33 – The Bear Case for Crypto
9:59 – Who are the most influential people supporting this and how are they swaying the regulatory minefield on this issue
10:28 – Hash Power series
13:23 – Looking into the idea of a digital asset and the difference between blockchain and the token itself
16:09 – What about the idea that cryptocurrency’s only feature is that it’s censorship resistant
18:39 – Why cryptocurrencies become less usable the more successful they are
18:59 – Zero Hedge
21:04 – Why can’t we rely on offchain solutions to solve the scaling issue
22:29 – The idea of bubbles … -
Ali Hamed – Creative Investing - [Invest Like the Best, EP.71]
9 januari 2018 · 1 uur 19 min
I have a special request this week: share this episode with every curious person in your life.
The conversation, with a 26-year old investor named Ali Hamed, serves as an example of what’s possible when you think creatively.
Ali views the world with a fresh set of eyes, and has already become an expert at identifying new investment opportunities where others have not. As the second prodigy 26 year old in as many weeks on the podcast, these young guns are making me feel like an ancient 32 year old.
We talk a lot about “alpha” in our world, earning returns better than the market. But the key word in that last sentence isn’t alpha, it’s earning. Hopefully you, like me, will use this conversation as a reminder of what it takes to earn differentiated returns. It’s not just the hard work, but also the mindset. We explore many examples of how to create new investment opportunities, from rolling up Instagram accounts, to financing perishable fruit like watermelons, to heavy machinery software.
Please enjoy this special conversation with Ali Hamed. Follow him and his partners. And then go figure out how to earn success yourself in whatever it is you do by helping other people solve problems with empathy.
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 Lees meerBooks Referenced
The Big Short: Inside the Doomsday MachineLinks Referenced
Sheel Tyle Podcast
Seed Investing is a B2C Business, While Growth Stage investing is a B2B Business
Ira Judelson podcast
Free Content and Digital Media Are Increasing Socio-Economic DisparityShow Notes
2:24 - (First Question) Ali’s investment philosophy
3:33 – History of Coventure and its unique structure
6:30 – The story of how Coventure was seeded
12:29 – What makes cost of capital such an interesting topic for Ali
14:13 – Exploring fee structures and t… -
Sheel Tyle - The Future of Venture Capital - [Invest Like the Best, EP.70]
2 januari 2018 · 56 min
My guest this week is Sheel Tyle, who at just 26 years old has already had a successful career in venture capital. His most recent stint was as the co-head of the seed investing business at NEA, the largest venture capital firm in the world, where Sheel was also a partner. Now, Sheel has set off on his own, setting up his own firm called Amplo and having recently raised a $100M venture fund where he is the sole general partner. He aims to invest with young, mission driven entrepreneurs with a global focus. As you can tell from this resume, which also includes a degree from Stanford and a law degree from Harvard, this is one ambitious guy.
There are several aspects of this conversation that will really stick with me, specifically his points on networking and the smartest decision that he’s seen entrepreneurs make. I also loved our discussion of some of the same trends we explored last week with Chris Dixon—topics like drones, automated cars, and blockchain, where Sheel often has a different take than the consensus.
Please enjoy my conversation on Africa, entrepreneurship, venture capital trends, technology, and more with Sheel Tyle. Lees meerFor 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_oshagBooks Referenced
Originals: How Non-Conformists Move the WorldLinks Referenced
Andela
OneConcern
Andy Rachleff Podcast Episode
Mark43
TechCrunch
VentureBeat
Bill Draper (author)Show Notes
2:20 - (First Question) Sheel’s upbringing and how it shaped his interest in Africa
4:43 – The outlook for Africa
6:10 – Primary differences in valuations and momentum in Africa vs opportunities in other places which Sheel conveys through the story of Andela
10:45 – The perspective returns of venture capital investments
15:16 – Does the hyperfroth in ICO’s serve as a threat to traditional venture capital
17:… -
Chris Dixon – The Future of Tech - [Invest Like the Best, EP.69]
26 december 2017 · 1 uur 1 min
My guest this week is Chris Dixon, who has written some of my favorite essays on technology and venture investing. Chris is a prolific investor and thinker, having been an entrepreneur, angel investor, and now partner at the well-known venture capital firm Andreessen Horowitz. Our conversation focuses on major trends in technology, including cryptocurrencies and the future of autonomous vehicles and drones. Chris has a rule of thumb for technology trends: find out what smart people are working on during the weekend, and you’ll know what other will be doing years in the future. After surveying his old essays, it’s clear you use Chris’s writings as a similar litmus test.
Hash Power is presented by Fidelity Investments Please enjoy this great conversation with Chris Dixon on the future of tech.
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 Lees meerBooks Referenced
Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages
Who Controls the Internet?: Illusions of a Borderless WorldLinks Referenced
Douglas Hofstadter
Daniel Dennett
How Aristotle Created the Computer
New Yorker Cover on automation
The World of Numbers website
Jerry Neumann podcast episode
David Tisch podcast
ERC-20 Token Standard
Eleven Reasons To Be Excited About The Future of TechnologyShow Notes
2:04 (First Question) – Why did Chris choose to study philosophy
2:23 – Douglas Hofstadter
2:24 – Daniel Dennett
3:20 – How Aristotle Created the Computer
3:35 – Where has his thinking and viewpoints changed the most having been in the real world
4:42 – What is the real driving force behind all of the technology that we are creating and will automation kill all of the jobs
6:16 – New Yorker Cover on automation
6:57 – The World of Numbers website
8:36 – A look at his history in networks and… -
Sorin Capital – Retail Contrarians - [Invest Like the Best, EP.68]
19 december 2017 · 1 uur 29 min
So far I’ve spent no time in the podcast discussing real estate, so I was excited to get the chance to talk to the team at Sorin Capital, a billion dollar hedge fund which specializes in commercial real estate, REITs, and commercial mortgage backed securities. Sorin is lead by Jim Higgins, who founded the firm, and Tom Digan, who coincidentally was a college classmate of mine at Notre Dame. You’ve probably heard me joke that this podcast should be called “This is who you are up against,” and this episode is a good example. I always enjoy exploring a niche part of the market, and this conversation on real estate is a perfect example of the type of work that firms do on behalf of their clients. Please enjoy my conversation with the team from Sorin Capital. Lees meer
Show Notes
2:43 - (First Question) –Outline the Real Estate Investment Trust world and what the assets and total value look like
6:10 – What does the profile of investors in the space look like compared to investors in the broader debt markets
9:43 – What are the characteristics of a liquid real estate portfolio that make them so attractive to investors
10:54 – Looking at the history of Sorin Capital and how the business has evolved to where it is today
12:35 – Understanding the idea of securitization of commercial mortgages
17:01 – What really led to the formation of Sorin after working for Bear Stearns
20:19 – Looking at the retail sector in real estate in the scope of actual trades that are being made
25:08 – From an investing standpoint, how do you craft a portfolio that takes advantage of the real estate space as retail appears to be suffering on the surface
30:09 – The different type of real estate investments in the retail sectors and what piece of the pie do they make up
32:43 – How does the business model of the mall work and why is it so connected to the department stores
34:08 – What is the future of malls itself with the big changes happening to the legacy stores that helped them proliferate
37:44 – Wh… -
Franklin Foer – World Without Mind - [Invest Like the Best, EP.67]
12 december 2017 · 1 uur
My guest this week is Franklin Foer, the author the recently published book “World Without Mind.” The topic of our conversation is one that I’ve been thinking through often this past year: the impact that large technology companies have on our minds and behavior. This conversation is only indirectly related to markets, but given that the companies we discuss are now several of the largest by market cap in the global stock market, what happens to them likely impacts all of our portfolios whether we own them or not. Given that these companies compete for our attention and dollars, they also affect our businesses.
As an example, My friend Brent Beshore and his team at Adventures wrote a long and incredibly thoughtful piece on how they think about Amazon as a force in the market, and how they plan on navigating around such a fierce competitor.
Franklin’s book, especially the early history, is very thought-provoking, so it was no surprise that our conversation was too. Please enjoy our talk on the tech giants.
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 Lees meerLinks Referenced
Free PDF of The Whole Earth Catalog
Amazon Must Be Stopped (New Republic)
Hannah Arendt Philosophy
Time Well SpentBooks Referenced
World Without Mind: The Existential Threat of Big Tech
The Whole Earth Catalog
The Lessons of HistoryShow Notes
1:40 - (First Question) – As part of Jonathan’s new book, World Without Mind: The Existential Threat of Big Tech, exploring the idea of the whole earth catalogue.
4:09 – The Whole Earth Catalog
4:36 – Free PDF of The Whole Earth Catalog
4:49 – What happened next for Brand and how he laid the early groundwork for today’s modern Silicon Valley
7:43 – Franklin’s personal journey into writing this book
10:00 – Amazon Must Be Stopped (New Republic)
11:48 – Thoughts on t… -
Adam Ludwin - A Sober View on Crypto - [Invest Like the Best, EP.66]
5 december 2017 · 1 uur 10 min
My guest this week is Adam Ludwin, the founder and CEO of Chain, a blockchain technology company targeted at large enterprises. Before shifting his career to focus solely on crypto, Adam was a venture capitalist focused on FinTech, which is how he came across the Bitcoin whitepaper earlier than most. I called this episode “a Sober View on Crypto” because Adam’s take is so balanced. He is certainly long crypto, both in his portfolio and career, but he is very skeptical of much of what is happening in the ecosystem today. For example, he offers the best reason I’ve heard for not launching an ICO or investing in them.
If you haven’t read Adam’s widely shared open letter to Jamie Dimon, it has become a must-read piece for crypto-enthusiasts. Read it as soon as you can.
I edited out an earlier chunk of our conversation as it was largely introductory. If you need a broader introduction to cryptocurrencies, I suggest starting with episode one of Hash Power and working your way forward. One key insight from Adam in our offline discussion what how cryptocurrencies function very much like equities or bonds. Just as equity financing enables the activity of joint stock corporations, cryptocurrencies enable activity in decentralized applications. We pick up our discussion with Adam discussing whether anyone really uses these decentralized apps today.
Hash Power is presented by Fidelity Investments Lees meerFor 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_oshagShow Notes
2:35 - (First Question) – Will anyone use cryptocurrency in the real world at a large scale
3:43 – The idea of censorship resistance
12:29 – Will society be accepting of this technology
14:39 – Why decentralized apps can’t be acquired
18:24 – The idea of exponential vs linear improvements on a trend and if there are limits to the gr… -
Joanne Wilson - Angel Investing and Trend Spotting - [Invest Like the Best, EP.65]
28 november 2017 · 1 uur
My guest today is Joanne Wilson, a New York City based angel investor, writer, podcaster, trend spotter, and self-described “woman around town.” Joanne has had a multifaceted and winding career, and began angel investing a decade ago when she put money into NYC-based media company Curbed media which we discuss in detail. Since then, she’s invested in more than 90 companies and been pitched by countless more. She is an instantly likeable person, you can literally tell in 10 seconds you are going to have a great conversation, so it’s no surprise that part of what makes her unique among angels is a very close relationship with many of the founders she backs.
We cover a lot of ground. We talk about the personality traits of entrepreneurs, Joanne’s evolving investment style, her focus on female founders, fashion, business models, restaurants and a lot more. Please my conversation with the Gotham Gal, Joanne Wilson. Lees meerFor more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagShow Notes
2:12 - (First Question) – How does Joanne orient herself towards what’s new, in the context of food in New York city
4:10 – Can that mindset of forward thinking be cultivated
5:18 – Latest thing that got Joanne excited before everyone else
6:57 – Why the new frontier is going niche and local
10:23 – Joanne’s first investment
11:48 – Why do VC’s typically stay away from media
12:55 – How Joanne got into her first investment as a customer
14:11 – What is the skillset of making money that Joanne as
14:45 – Can you sense if a founder has that innate ability to just make money
17:04 – Are there common traits in founders
18:07 – Joanne’s progression into angel investing after her first investment
19:58 – Red flags when looking at inve… -
Connor Leonard - Capital Light Compounders & Reinvestment Moats - [Invest Like the Best, EP.64]
21 november 2017 · 1 uur 9 min
This week’s conversation is an ode to old school, fundamental public market investing. My conversation is with IMC’s Connor Leonard, who spends most waking hours thinking and reading about markets. His mandate is to invest purely as if it was his own money, with no pressure to hug a benchmark, and no pressure to do much of anything other than earn strong long-term returns.
The portfolio that results from this approach is highly concentrated and unique. Connor’s strategy is to sort companies into four categories based on their type of sustainable competitive advantage. As you’ll hear, the vast majority fall into the first category, which means they don’t have such an advantage and therefore should be largely set aside.
We spend the majority of our conversation talking about the other three categories: 1) companies with a legacy moat, 2) companies with a re-investment moat, and 3) an interesting category Connor calls “capital light compounders,” which we explore in detail.
When you step back and think about public markets, you realize how amazing it is that we can, from afar, buy an interest in so many companies around the world. A select few go on to deliver outstanding returns. This conversation highlights how hard that can be, but also how fun and ultimately rewarding. Please enjoy my talk with Connor Leonard. Lees meerFor more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagBooks Referenced
Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for SuccessLinks Referenced
Pat Dorsey Podcast Episode
David Tisch podcast
Will Thorndike Podcast episodeShow Notes
2:31 - (First Question) – Trends in va… -
Dhani Jones - Adventures in Sports, Business, and Investing - [Invest Like the Best, EP.63]
14 november 2017 · 1 uur
My guest this week is unique. As you will hear early and often, he is programmed to go his own way, to, as he says, go one way when everyone else is going another. His name is Dhani Jones, a name I knew as a Notre Dame football fan, because he won a championship with our arch-rivals, the University of Michigan, in the late 90’s. Dhani went on to a long and successful career in the NFL, but even more interesting has been his many pursuits in business and investing outside of football. Like my conversation with Tim Urban, I’ll remember this conversation as a reminder to use a first principles mindset. Dhani seems to have this fresh mindset baked into his character, and as you’ll hear this has led to many a great adventure. Please enjoy my conversation with athlete, businessman, investor, philanthropist, movie buff, and bowtie wearer, Dhani Jones. Lees meer
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagShow Notes
1:30 - (First Question) – A introduction into Dhani Jones and everything he’s done
5:35 – How did Dhani change throughout his football career
9:55 – The power of your mind in every aspect of life
10:34 – Most memorable experience in the NFL
13:10 – Making the transition from the NFL to the business world
18:20 – Looking at Bowtie Cause
22:40 – The role of creative agencies in Dhani’s ventures and why story telling is so important for him
26:48 – Looking at some of the TV stuff that Dhani has done, particularly around travel
28:21 – Dhani’s favorite movie
30:35 – Back to the joy of travel and “Dhani Tackles the Globe.”
36:54 – How does Dhani think about risk
38:56 – Some of the other sports and activities Dhani did while filming his show
41:45 – The psychological benefit of travel in your person… -
Chris Burniske - How to Value a Cryptoasset - [Invest Like the Best, EP.62]
7 november 2017 · 1 uur 2 min
This episode is a continuation of the Hash Power series. It is the first of what we will call a Hash Power single—a series of conversations each with a single guest on a specific topic. In this case my guest is Chris Burniske, and the topic is cryptoasset valuation. This conversation is loaded with information, I think you are going to love it.
Chris recently released book called Cryptoassets, which is a must read for those interested in this field. Chris was at one point the only tradintional buy side analyst covering bitcoin, and is now a partner at a new crypto firm called Placeholder. Chris has developed new frameworks for evaluating and valuing cryptocurrencies, marrying techniques and ways of thinking for several different asset classes to assess the newest asset class. Chris prefers the term cryptoassets because as you’ll hear, several of these tokens aren’t really currencies at all. We discuss the differences between cryptocurrencies, cryptocommodities, and cryptotokens. We begin our conversation with a deep dive into the equation of exchange, which Chris has been using as a starting point for understanding utility value.
You can see all crypto related conversations at investorfieldguide.com/Hashpower. Please enjoy this conversation with Chris Burniske.
Hash Power is presented by Fidelity Investments Lees meerFor more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagBooks Referenced
Cryptoassets: The Innovative Investor's Guide to Bitcoin and BeyondLinks Referenced
Hash Power Podcast Documentary
Nic Carter (twitter)
Cryptoasset Valuations (Medium)Show Notes
4:58 - (First Question) – Chris’s overall method for evaluating cryptocurrencies
5:14– Cryptoassets: The Innovative Investor's Guide to Bitcoin … -
Brad Katsuyama - What Happens When You Hit “Buy” - [Invest Like the Best, EP.61]
31 oktober 2017 · 1 uur 8 min
My guest this week is Brad Katsuyama, the founder of the IEX exchange and protagonist of Michael Lewis’s famous book Flash Boys, which chronicled the role of high frequency trading in markets.
This conversation was yet another reminder of how complicated markets can be, and that very few participants know all aspects of the process well. Brad and I get deep into the history behind his company, and the ways in which markets and exchanges have evolved, better or worse.
One of my favorite parts of this conversation was our exploration of entrepreneurship. Brad’s whole story is one that entrepreneurs will appreciate, and is full of lessons for those aspiring to start their own business.
Please enjoy my conversation with Brad Katsuyama Lees meerFor more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagBooks Referenced
Flash Boys: A Wall Street RevoltShow Notes
2:10 – (First Question) Brad’s original discovery of a latency problem in trading stocks
12:51 – how the business model of the NASDAQ and exchanges and how it may surprise people
14:16 – The edge that exchanges are now monetizing
16:46 – How Brad went from finding a solution to his current firm
20:18 – Types of high frequency traders that there are
24:33 – The formation of IEX
27:56 – Funding IEX
30:48 – What happens to the initial funding
32:30 – Describe what IEX is as it was sold to early buy side investors
34:31 – Explaining the concept of a speedbump
38:18 – Pitching companies so they will be listed on their index
40:37 – Explains maker-taker fees
44:47 – The sources of revenue for IEX vs traditional exchanges
46:53 – Most memorable meeting Brad has had in establishing IEX
49:39 – How did he do this with young kids?
52:38 – Has the pool of potential pro… -
Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60]
24 oktober 2017 · 1 uur 12 min
This week’s episode is part of an experiment and so requires a longer than normal introduction. I’ve come to view this podcast as a learning tool, a means to understand a new topic in a short window of time. One of those areas is venture capital and startups—an area that one year ago was completely foreign to me. I think the best way to learn is aggressive immersion in a topic along with some consequences, what we often call some skin in the game. Accordingly, this is a conversation with the founder of a startup in which I am an investor.
The founder is Brett Maloley and his company is called Ladder. Ladder represents an overlap of many topics we’ve explore together over the last year. We’ve talked about venture capital, health and wellbeing, the difficultly of fundraising and power law outcomes in startups. We also spent an entire episode, with Alex Moazed, talking about the business model that Ladder is pursing: what Alex calls platform business model and what my favorite technology writer Ben Thompson calls the Aggregator model.
I hope you enjoy this collective experiment, which is largely the result of what I’ve learned from past guests and from all of your support which helps me meet those great people in the first place. Let’s dive in to my conversation with the founder of Ladder, Brett Maloley, who starts by describing how he got his start in the fitness world. Lees meerShow Notes
5:25 – (First question) – Brett describes his history in the fitness industry
10:04 – Realized he could fix the commercial fitness industry by changing it
12:46 – Explain how Ladder works
14:14 – What does the ratio of digital to in-person coaching need to be in order to be effective coaching
17:12 – Explaining the platform business model as a whole and how to scale these types of business
22:15 – Origin of health clubs
24:01 – Current state of the health fitness space through some key stats
26:44 – What happened where gyms were able to start charging a lot less for memberships
30:20 – How… -
Tim Urban - Grand Theft Life - [Invest Like the Best, EP.59]
17 oktober 2017 · 1 uur 23 min
This week’s conversation is about artificial intelligence and interplanetary travel. Its about content creation, thinking from first principles, and death progress units. Its about brain machine interfaces and why it is crucial that you be a chef and not a cook.
My guest is Tim Urban, along with his business partner Andrew Finn. Tim is the most entertaining writer I’ve come across in years, who explains complicated and interesting topics to his millions of dedicated readers on the website “Wait, But Why.” As an example, Tim’s last post on Elon Musk’s neurlink venture is 40,000 words long, roughly the length of a short book. It explains almost all of human progress and our potential future using drawings and cartoons. Its impossible to stop reading.
While this conversation is wildly entertaining, it is also chock full of metaphors and lessons that will be useful to anyone doing creative work or building a company. I hope this leaves you as energized as it left me. I called this episode Grand Theft Life because that is the name that Tim and Andrew give to their worldview, which I think will change the way you behave, too. Please enjoy my conversation with Tim Urban. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/urban
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagBooks Referenced
Superintelligence: Paths, Dangers, StrategiesLinks Referenced
The Cook and the Chef: Musk’s Secret Sauce
Wait But Why
Neuralink and the Brain’s Magical Future
Wait But Hi
YouTube Channel Kurzgesagt – In a NutshellShow Notes
1:50 – (First question) – Explaining his concept of planets 1, 2, 3 and 4 and understanding the human colossus
5:46 – Tim’s favorite idea of the human knowled… -
Hash Power – Ep. 3 - Funding, Forking, and a Creative Future
10 oktober 2017 · 1 uur 2 min
In episodes one and two of Hash Power, we explored blockchain technology and cryptocurrency investing. In this episode, we discuss the current and potential future states of the crypto world. We cover new forms of cooperation, regulation, security and storage, and why blockchains allow systems to evolve at such a rapid pace.
Be sure to listen until the end, where we close with some advice about conducting ourselves in a new world where creativity reigns and repetitive jobs disappear—a trend that may only accelerate thanks to blockchain technology and cryptocurrencies.
Hash Power is presented by Fidelity Investments Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagShow Notes
0:05 – Intro to episode 3 and what to expect
4:00 - Olaf Carlson-Wee, founder of Polychain, on how the funding and investing in cryptocurrencies could easily get out of hand
5:00 – How people are creating holding companies to fund cryptocurrencies protocols
6:45 – Decentralized Autonomous Organization (DAO) and how they will replace the aforementioned holding companies
8:32 – Could fully decentralized organizations replace other more traditional organizational structures, even outside of crypto currency
9:59 – How can DAO’s impact everyday lives
12:39 – Why your skills and accomplishments will become more important than who you are or where you are from
15:38 – Ready Player One: A Novel
16:09 - Naval Ravikant, CEO of Angellist, on the way humans cooperate and build new entities
17:51 – When people will demand oversight and regulation over crypto currency
20:42 - Peter Van Valkenburg, Director of Research at Coincenter on the current s… -
Hash Power – Ep. 2 - Investing in Cryptocurrencies
3 oktober 2017 · 1 uur 18 min
In episode 1 of Hash Power, we explored blockchains as a technology—how they work, why tokens (also known as cryptocurrencies) are an integral part of any blockchain, and how these new networks might change the world. In episode two, we spend time with the leading investors in the field. Like any frenzied asset class, there are countless cryptocurrency hedge funds popping up everywhere. But founders from three of the original firms—Polychain, Metastable, and Blocktower Capital—are our primary guides this week.
As I speak, the total market cap of cryptocurrencies is $136B. There are hundreds of tokens currently available, but bitcoin and Ethereum represent 75% of the total market cap. $136B sounds like a big number, but its tiny relative to any other asset class—and I use that term with hesitation. To put it in perspective, that’s exactly the same size as the market cap of IBM. But IBM had more than $10B of earnings in 2016. Tokens have none. As you will hear, valuing tokens is a very hard exercise.
In such a nascent world, we are seeing investing strategies take hold. Olaf Carlson-Wee, Josh Seims, and Ari Paul walk us through different takes on cryptocurrency investing, be it early stage, long term buy and hold, or more hedge fund style strategies.
Hash Power is presented by Fidelity Investments
For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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 Lees meerLinks Referenced
Fat Protocols (Joel Monegro)Show Notes
0:05 – Recap of part 1 and introduction to part 2 of Hash Power
2:58 – Ari Paul, CIO of Blocktower explains how he got involved in cryptocurrencies
5:23 – Why do we need bitcoin
7:23 – Polychain Capital found… -
Hash Power – Ep. 1 - Understanding Blockchains
26 september 2017 · 1 uur 12 min
Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field like Naval Ravikant, Olaf Carlson-Wee, Fred Ehrsam, & Ari Paul. Hash Power is meant to be an introduction, but really, it is an invitation to explore this emerging world on your own.
In the coming weeks, we will cover the technology, the power of decentralization, bitcoin, Ethereum, ICOs, cryptography and hashing. We will spend time with the leading active hedge fund managers in the field, and with outside investors who are both optimistic and skeptical. Episode one covers the big picture, and answers the question: what is blockchain and why might it significantly affect our world?
If you enjoy what follows, you’ll still be very early in understanding this field. Most don’t. So help me spread it like wildfire, because the more people that understand blockchain, the better its impact might become. Please enjoy episode one, and stay tuned next week for episode 2, which explores investing in cryptocurrencies.
Hash Power is presented by Fidelity Investments Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagBooks Referenced
The Sovereign Individual: Mastering the Transition to the Information Age
Nostalgia for the AbsoluteLinks Referenced
Bitcoin: A Peer-to-Peer Electronic Cash System
Reddit User jav_rddt
SHA-256 Calculator
The BitCoin Model for Crowdfunding
Fat Protocols
#cryptotwitterShow Notes
CHAPTER 1 – Understanding the Concept of Blockchain (3:25)
4:30 – Jeremiah Lowin explains how blockchain is like a database
5:14 – Bitcoin: A Peer-to-Peer Electronic… -
David Tisch - Tech Investing Outside of Silicon Valley - [Invest Like the Best, EP.55]
19 september 2017 · 1 uur 11 min
My guest this week is David Tisch, who was instrumental in building and fostering venture capital investing in New York City. If you liked my conversation with Jerry Neumann--who, incidentally, introduced me to David--you are going to love this one.
David was a co-founder at tech stars, New York's answer to Silicon Valley’s famous tech incubator Y Combinator. He now runs the Box Group, a prominent seed stage venture capital firm, which has looked at thousands of startups and invested in more than 200.
We explore tech investing outside of Silicon Valley, the tech accelerator model, the evolution of early stage investing, and why the best companies may start coming out of non-traditional venture hubs.
David does a great job of explaining how things have changed for technology startups and why certain strategies--especially those for acquiring customers--won't work nearly as well in the future.
I learned a lot during this hour, and I think you will too. Please enjoy. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/tisch
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagShow Notes
2:16 – (First question) – Looking at David’s motivation and role in building up the venture capital tech investment scene in New York
6:14 – What David did to further the mission of fostering tech startups in New York, namely his work with TechStars
10:11 – What is Y Combinator and how does that differ from Tech Stars
13:02 – What is the procedure for getting into a startup incubator
17:08 – Most memorable applications
19:12 – What is the boot camp/incubator experience like
20:34 – What should future incubators be focused on to help develop the right ideas
23:46 – What aspects of the busin… -
David Gardner - Finding Companies That Break the Rules - [Invest Like the Best, EP.54]
12 september 2017 · 1 uur 20 min
The investment strategy discussed in this week's episode is diametrically opposed to my own value tendencies, but it still one that has done exceptionally well.
My guest is David Gardner, co-founder of the Motley Fool. He is unique in that he is both a pure investor--a true stock junkie--and an entrepreneur. His energy is remarkable. His positive vibes are something to behold. You'll hear it over audio, but it's ever more palpable in person.
Our conversation is about finding companies which are breaking rules in the right way and reshaping industries. David's goal is to find these companies early in and hold them forever.
If you love investing, you are going to love this regardless of your prior beliefs. Please enjoy my conversation with David Gardner on rule breakers.
For comprehensive show notes on this episode go to http://investorfieldguide.com/gardner
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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 Lees meerBooks Referenced
The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail (Management of Innovation and Change)
The New Penguin Dictionary of Modern Quotations
Moneyball: The Art of Winning an Unfair Game
The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too
The Wisdom of Crowds
The Motley Fools Rule Breakers Rule Makers : The Foolish Guide To Picking StocksLinks Referenced
Totally Absorbed
FANG stocks
Henry Cloud (author)
“I had a lover’s quarrel with the world” by Robert Frost
As You Like it (Shakespeare)
Invest Like the Best episod with Morgan Housel
Don't Be a Dip: The 1 Thing You Need to Know About Buying on Dips
Board Game Agricola
Boardgamegeek.comShow Notes
2:03 – (First question) – Among the experiments that David has run in… -
Meb Faber - Factors, Dividends, and Angel Investing - [Invest Like the Best, EP.53]
7 september 2017 · 54 min
My guest this week is Meb Faber, who started a podcast similar to this one right before mine and was a big reason I was open to the idea in the first place. Meb is a quantitative researcher whose firm Cambria has been behind many interesting investment strategies that break the Wall Street mold. We talk investing factors, dividends, angel investing, podcasts and more. This was a fun catch up with a close friend in the industry who has been in a leader in using data to explore the best active strategies in a variety of asset classes. Please enjoy our conversation, which begins with a factor draft. Lees meer
For comprehensive show notes on this episode go to http://investorfieldguide.com/meb
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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_oshagBooks Referenced
Dr. Tatiana's Sex Advice to All Creation: The Definitive Guide to the Evolutionary Biology of SexLinks Referenced
Update on the Valuation Metric Horserace: 2011-2015
Jason Calacanis on Meb Faber Show
Brent BeShore episode of Invest Like the Best
Team Ritholtz episode of Invest Like the BestShow Notes
1:55 – (First question) – Drafting quant factors
4:10 – Update on the Valuation Metric Horserace: 2011-2015
10:25 – Most interesting thing Meb’s learned over the past year
14:05 – Jason Calacanis on Meb Faber Show
14:49 – Brent BeShore episode of Invest Like the Best
16:10 – What is Meb’s process for investing in private companies
18:35 – What part of the fintech landscape would Meb be most excited about
26:50 – What has been working well on the business front for Meb
30:34 – Looking at investor behavior and changing fee structures
35:54 – What has Meb enjoyed most about doing a podcast
36:26 – Team Ritholtz episode of Invest Like the Best
40:55 – A lis… -
Team Ritholtz - The Wu Tang Clan of Finance - [Invest Like the Best, EP.52]
29 augustus 2017 · 1 uur 11 min
My guests this week don't need to be introduced. In celebration of the one year anniversary of invest like the best, I asked Josh Brown, Mike Batnick, and Barry Ritholtz to join me for a hour, during which I spent more time laughing than asking questions.
I chose this team because they are the pioneers of mold breaking honesty and personality in our industry. They all figured out that just being themselves yields incredible results. This is a strategy that everyone should try, but very few do. Honesty and transparency require vulnerability, which is hard for most of us. I still struggle with it. But the evidence is in. The Ritholtz team has grown as fast as almost any RIA. Listen to this and tell me you wouldn't want to spend your career working with people this friendly, funny and open. Hell, I want to give them some money just so I have an excuse to drop by more often.
Thanks to everyone who has listened in the past year. We are past 1.25mm listens, and growing fast. You own this thing as much as I do, because the size helps me penetrate deeper and get the best people, which begets more listeners. This podcast is one hell of a discovery machine, and the first year was our warm up. We have a ton of new angles, formats, and events coming in year two. Stay tuned. But first, time to laugh in celebration of year one. Please enjoy my conversation with team Ritholtz
For comprehensive show notes on this episode go to http://investorfieldguide.com/ritholtz
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
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 Lees meerLinks Referenced
Barry @ritholtz on twitter
a16z Podcast
Scott Galloway and Aswath Damodaran on Bitcoin vs Gold
Latest 'These Are the Goods' postShow Notes
2:35 – (First question) – What stock best …