Invest Like the Best with Patrick O'Shaughnessy
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602 afleveringen, van nieuw naar oud
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Michael Mauboussin – Great Migration Public to Private Equity - [Invest Like the Best, EP.189]
1 september 2020 · 1 uur 2 min
My guest this week is Michael Mauboussin, the head of consilient research at Counterpoint Global. Michael is an all-time favorite guest here on the show, and this is his fourth appearance. We discuss one of the biggest topics in the world of investing: the shift from public to private markets that has taken place over the last several decades. We explore the reasons for this shift, the biggest overall changes in capital markets, and what the future may hold. Along the way we explore other fascinating topics like the rise of intangible asset investments, employee-based compensation as a form of financing, and more. If you enjoy this conversation I urge you to read Michael’s paper on the topic which will be linked in the shownotes. Please enjoy this conversation with Michael Mauboussin. Lees meer
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:27) – (First question) – Motivation for writing the book from public to private equity
(2:28) – Public to Private Equity in the US: A Long-Term Look
(3:02) – The Incredible Shrinking Universe of Stocks
(4:48) – Size of the public vs private markets
(7:20) – History and changes in the public to private markets
(12:00) – Public market vs venture capital returns
(16:48) – Persistence of returns
(20:01) – Role of price and EBIDTA on the returns of a buyout
(23:31) – How buyout forms are sourcing the debt
(29:31) – Transition to businesses relying on intangibles
(29:42) – Capitalism without Capital: The Rise of the Intangible Economy
(30:13) – Endogenou… -
Chetan Puttagunta and Jeremiah Lowin – Open Source Crash Course - [Invest Like the Best, EP.188]
25 augustus 2020 · 1 uur 3 min
My guests this week are Jeremiah Lowin and Chetan Puttagunta. Jeremiah is the founder of Prefect.io, an open-source software company where my family and I are investors, and Chetan is a partner at Benchmark Capital. Both are past guests and good friends. I asked them on to help the audience understand the open source software business model. I’ve been fascinated with this model in which companies give a huge chunk of their work and value away for free to a community of developers, and then make money by building additional tools, functionality, and services on top of their free and open platform. While this may strike you as a wonky discussion on a niche software topic, I think it is valuable for everyone because the ideas can be applied to more than just code. I view much of my own activity as open-sourcing investment research and knowledge. It is also important because much of the world’s technology is built on top of open source projects. I hope you learn something new about this emerging category. Please enjoy. Lees meer
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:40) – (First question) – Originator business in open source software; Redhat
(5:51) – Why open source is valuable in building a business
(7:40) – Examples of the benefits of open source projects
(10:27) – Open source business models that produce the best results
(17:04) – Defensibility of open source companies
(25:02) – Mentoring younger founders on using open-source
(30:54) – The benefits of launching open-source
(36… -
Katrina Lake – The Next Wave of E-Commerce - [Invest Like the Best, EP.187]
18 augustus 2020 · 1 uur 1 min
My guest today is Katrina Lake, the co-founder and CEO of Stitch Fix. Stitch Fix is a multi-billion-dollar public company which has brought an entirely new model to retail apparel by combining data science, technology, and personal stylists to create a unique shopping experience tailored to the individual consumer. I first met Katrina through past guest Bill Gurley and have been excited to host her since that first meeting. In our conversation, Katrina and I discuss all aspects of Stich Fix—its history, business model, innovations, and its future. Please enjoy this great and thought-provoking conversation with Katrina Lake. Lees meer
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:19) – (First question) – Where E-Commerce stands and what the future might hold
(4:37) – Why personalization makes Stitch Fix stand out from the others
(9:34) – Why data science is foundational to their business
(12:15) – What makes for a good augmented human and hiring stylists
(14:34) – Stakeholder value and creating a great partnership with suppliers
(18:10) – Their emphasis on stakeholder focus and social justice
(19:28) – The capital efficiency of their business in the early days
(24:46) – Her superpower of recruiting
(29:46) – Her strengths in building Stitch Fix
(31:56) – Transparency vs authenticity
(32:59) – Big break for the business
(37:15) – Exclusive brands to Stitch Fix
(39:01) – The next act for Stitch Fix
(41:43) – Lessons learned in pricing services
(44:24) – Future trends in retail apparel
(48:02) – Hardest thing to copy about Stitch Fix… -
Brian Armstrong – The Future of Crypto - [Invest Like the Best, EP.186]
11 augustus 2020 · 1 uur 7 min
My guest this week is Brian Armstrong, the co-founder and CEO of Coinbase. The topic of our conversation is the future of cryptocurrency and decentralized finance. Its been a while since I checked in on the world of crypto and while prices are still below the 2017 highs, there’s been a ton of additional work and infrastructure laid. We discuss the major events of the past decade and what might happen in the 2020s. Perhaps most interesting, we cover the potential benefits of a modernized financial system, which Coinbase hopes to help usher in. As I’m trying to do more in conversation with CEOs, we also discuss the lessons he’s learned building a business. Please enjoy my conversation with Brian Armstrong. Lees meer
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:23) – (First question) – Most important developments in cryptocurrencies
(3:00) - What happened in crypto over the last decade
(3:01) – What will happen to cryptocurrency in the 2020s
(4:01) – Long term vision for Coinbase
(6:57) – Why should we be aiming towards an open financial system
(11:41) – How crypto improves the movement of money
(14:22) – Creating sound money and currencies
(16:21) – Why economic freedom is an important variable in what he’s trying to do
(19:44) - How economic freedom can happen with various regulators around the world and in different countries
(22:49) – How Coinbase attracted its first users
(26:33) – The December 2017 madness of cryptocurrencies
(29:50) – How he thinks about recruiting teams and motivating them to be productive
(33:40) – Mistak… -
Matt Ball - The Future of Media: Movies, the Metaverse, and More - [Invest Like the Best, EP.185]
4 augustus 2020 · 1 uur 49 min
My guest today, Matthew Ball, is a long time coming. He’s the former head of strategy at Amazon Studios, an investor, and probably my favorite business essayist writing today. In fact, I can’t think of another author whose work I read as quickly once a new essay drops. Read his latest on the past and future of Nintendo and you’ll see why. Our conversation is all about the past and future of media. We discuss movies, music, television, video games, and the metaverse. When I re-listened to this episode I couldn’t believe how much information was in Matthew's head and how easily he covered so many topics in depth. Please enjoy this great conversation. Lees meer
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:20) – (First question) – Compulsive interest of how people entertain themselves
(4:19) – Changes of intellectual property and trademark in media
(9:12) – Cross media world building and Netflix’s strategy
(11:47) – Competing with the major power players at the top
(16:54) – Fate of movies in the new media landscape
(20:38) – Fate of music in the new media landscape
(25:40) – Age and gaming in this media transition
(26:20) – Gavin Baker Podcast Episode
(29:50) – Legacy of the Marvel Cinematic Universe
(34:48) – How he defines the notion of a metaverse
(39:53) – Creating a more interoperable version of our digital world
(47:37) – What is not included in the metaverse and investing in one
(52:14) – Tim Sweeney’s role in Epic Gaming
(58:12) – The unreal engine
(1:07:46) – What should investors be thinking about when it comes to gaming… -
Kat Cole – How to Operate: Lessons in Brand, Distribution, and Leadership - [Invest Like the Best, EP.184]
28 juli 2020 · 1 uur 20 min
My guest today is Kat Cole, the COO and president of North America for Focus Brands, which owns famous companies like Cinnabon, Carvel, Jamba, and more. Kat’s story and career trajectory are remarkable, as are the lessons she’s picked up along the way which she shares with us all in this conversation. We discuss negotiation, distribution, brand building, brand extension strategies, and leadership. I always enjoy having a true operator on the show, so I was very excited to discover Kat and her thinking. Please enjoy this great conversation. Lees meer
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:13) – (First question) – Her call to prayer
(2:16) – Kat Cole on Pomp’s podcast
(5:20) – Her positivity lens
(7:59) – Applying that positivity lens in business
(13:34) – How to show positivity in early interactions with someone
(17:37) – Overview of Kat’s career
(21:03) – Lessons learned building brands
(27:11) – Changing relevance or differentiation within a brand
(32:34) – Keeping a brands dominant position in people’s minds
(36:00) – The power of franchising and shared commitment
(40:50) – How her experience makes her a better investor
(42:55) – Lessons around distribution
(46:24) – Effectively negotiating and getting your fair share in a partnership
(52:49) – Attributes of a brand that get Kat most excited
(56:34) – Transferring her brand lessons to software and tech companies
(59:09) – Biggest lessons in leadership she’s learned
(1:04:13) – Checking In: the power of intention, reflection, and action to be your best and help others do … -
Eric Vishria – The Past, Present, and Future of SaaS and Software - [Invest Like the Best, EP.183]
21 juli 2020 · 1 uur 8 min
My guest this week is Eric Vishria, a general partner at Benchmark Capital. Eric joined Benchmark after spending the first part of his career as an operator and CEO. The topic of our conversation is the past, present, and future of software businesses. We begin by explaining why public software companies trade at such incredibly high multiples today. We then explore the several different generations of these businesses and why the future remains so bright for companies building software as their primary product. I’d go one step further and suggest that the information in this episode is even more valuable for non-software businesses and investors, because its crucial to understand the impact that these products will have on the overall business landscape. COVID has accelerated the long-running transition to digital across the corporate world, and Eric serves as the perfect guide. Let’s dive in. Lees meer
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:29) – (First question) – His take on public markets, and specifically as it relates to SaaS businesses
(4:04) – Why these companies trade so high
(7:53) – Peter Zeihan Podcast Episode
(11:19) – The competitive frontier in the digital markets
(14:02) – The API competitive frontier
(14:22) – Chetan Puttagunta Podcast Episode
(18:36) – Every Company is Becoming a Software Company
(20:10) – John Collison Podcast Episode
(22:54) – Charging in an API business model
(24:09) – Describing the different generations of SaaS, starting with Gen 1
(28:15) – Gen 2 SaaS businesses
(31:52) – Being an … -
Turner Novak – The Past, Present, and Future of Consumer Social Companies - [Invest Like the Best, EP.182]
14 juli 2020 · 1 uur 3 min
My guest this week is Turner Novak, a partner at Gelt VC. Many of the largest companies in the world today are consumer social companies, so Turner and I discuss the past, present, and future of those businesses. When executed right, they are often the fastest-growing companies in history, and the rise of TikTok and some other companies we discuss makes it clear that there may always be more room at the top. The network effects that support these companies make them unique beasts to analyze, and Turner’s writing has been among my favorite content on the topic. Please enjoy our detailed conversation on this important are of public and private markets. Lees meer
This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits.
Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:18) – (First question) – History of consumer social companies
(3:28 – The importance of quality growth over rate of growth
(4:43) – Importance of friends and identity in a social network
(6:21) – Major markers he analyzes in new social networks
(7:59) – The meteoric rise of TikTok and how it compares to other social networks
(8:08) – The Rise of TikTok and Understanding Its Parent Company, ByteDance
(13:38) – How TikTok deals with user friction
(17:28) – Why TikTok copies is a waste
(21:08) – Advising companies to build a media arm in this environment
(24:18) – Business models beyond advertising for social networks
(30:44) – His thoughts on Pinduoduo and the opportunity for a similar company in the US
(37:36) – What Snapchat is doing
(43:51) – How social eCommerce could be a competitor to an Amazon
(46:31) – His review of Zynn
(… -
Charlie Songhurst – Lessons from Investing in 483 Companies - [Invest Like the Best, EP.181]
7 juli 2020 · 1 uur 10 min
My guest this week is Charlie Songhurst, the former head of strategy at Microsoft and a prolific investor, having personally invested in nearly 500 companies throughout his career. I met Charlie at an event hosted in New York and you can tell within one minute of meeting him that his mind is sparkling with ideas and curiosity. Its no wonder he’s been among the most commonly requested guests when I asked several top investors and CEOs who I should have on the show. We discuss the lessons he’s learned about business, investing, and people from such a large sample size of companies. I won’t reveal any more here, I highly recommend you just listen to Charlie and learn. Let’s dive in.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(1:25) – (First question) – Stack ranking the vices of power, money and fame
(2:41) – Memorable response to the stack ranking question
(3:13) – Best scenario to explore this stack ranking concept
(3:55) – Other ways to rank founders
(4:44) – Quick look at this career
(5:16) – Time at Microsoft
(6:03) – Features he looks for in startups
(10:55) – Managing the declining curve of productivity
(14:55) – Why founders are often unique people
(14:57) – Jeff Gramm Podcast Episode
(15:04) – Aliens, Jedi & Cults
(19;43) – How early entrepreneurs need to make recruitment a serious part of their work
(23:06) – How successful founders win the best candidates
(25:27) – The East Coast vs. West Coast investment strategies
(30:40) – When it’s time to bring in quantitative factors into early stage investing
(34:36) – The markers that pop up in companies that hit
(37:22) – Boring but successful investments
(39:28) – Investor aesthetics
(41:29) – Characteristics of investors that he believes are important to success
(42:57) – Impacts of Covid and some of the permanent changes that have … -
Blake Robbins – Investing in Gaming - [Invest Like the Best, EP.180]
30 juni 2020 · 59 min
My guest today is Blake Robbins, a partner at Ludlow Ventures. We talk about all things video games, including the major companies in the industry, how games monetize, how in-game economies work, how e-sports has evolved, and much more. This is a fast-growing segment of consumer attention and interest, I believe we are in the very early days of gaming going mainstream.
I also have a favor to ask. My team and I have built a small survey for Invest Like the Best listeners and if you’ve enjoyed the podcast, I’d deeply appreciate it if you took 5 minutes to fill it out at investorfieldguide.com/survey. It will help shape the future direction of the show, which I intend to keep improving in the years to come. Thank you, and now please enjoy my conversation with Blake Robbins.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(1:35) – (First question) – Overview of the gaming industry and how folks may get involved as an investor
(3:46) – Some of the biggest players in the space
(5:30) – The monetization methods of these gams
(9:22) – How do these games respond to real currencies
(14:49) – The landscape of e-sports/e-gaming as a whole
(19:57) – His involvement with 100 Thieves
(25:52) – The media landscape and the role of influencers
(29:05) – When he invests and what the opportunities are out there
(33:07) – The engines behind a lot of this; Unity and Unreal
(34:58) – Other investors that get this trend
(37:43) – Other interesting areas of investment for him, including the creator economy
(41:25) – Opportunities to build out and invest in the infrastructure of the creator economy
(45:37) – Infrastructure opportunities that need to be built
(48:08) – Advice for younger professionals
(49:04) – Investment allocation he is most proud of
(50:08) – A unique skill he couldn’t teach or train in others
(5… -
Brad Gerstner – Public and Private Investing - [Invest Like the Best, EP.179]
23 juni 2020 · 1 uur 12 min
My guest today is Brad Gerstner, the founder and CIO of Altimeter Capital, a multi-billion dollar technology-focused investment firm. Brad and his team are known for a deep expertise in internet-enabled businesses, including Expedia, Facebook, Uber, and many more. We discuss the evolution of opportunity in this style of investing, including the important shift to private investing, where so much of the value creation now happens. I won’t soon forget our discussion of consumer intent on the internet and how it has shifted, the role that essentialism plays in Brad’s business and life, and the rise of the Chinese internet giants like Bytedance. Please enjoy this great conversation with Brad Gerstner. Lees meer
This episode is brought to you by the MIT investment management company (MITIMCO)
Reach out or learn more:
Email: partner@mitimco.orgWebsite: https://mitimco.org/partner/
MITIMCo 10 year Letter: https://mitimco.org/wp-content/uploads/2017/03/MITIMCo-Alumni-Letter.pdf
MITIMCo brochure: https://mitimco.org/wp-content/uploads/2019/01/MITIMCo-Brochure_web_2018-12-05.pdf
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
(2:32) – (First question) – Overall investment philosophy at Altimeter
(5:12) – Most interesting thing in the landscape today
(11:16) – Disrupting the tech giants moving forward
(13:56) – The investing opportunity in the backend of the internet
(16:42) – His take on old line businesses and how technology could shift his view on them
(18:56) – Lessons from company founders whose platforms rely on consumer discovery
(21:32) – Running his business on essentialism
(21:40) – Essentialism: The Disciplined Pursuit of Less
(26:11) – Tactical applications of essentialism
(29:46) – Applying essentialism outside of business
(31:16) – What travel has taught him abo… -
John Collison – Growing the Internet Economy - [Invest Like the Best, EP.178]
16 juni 2020 · 1 uur 24 min
My guest today is John Collison, the Co-Founder of the digital payments company Stripe. Stripe’s mission is to increase the GDP of the internet, a lofty and deeply interesting pursuit. John is clearly a voracious learner across business and investing, which you’ll hear instantly. He started Stripe with his brother Patrick when he was just 19 years old, and has grown it to, at last valuation, a $36B business. In our conversation, we discuss conglomerates, the internet economy, the power of writing, and why board members are like Pokémon characters, each with different powers. It’s a lively and wide-ranging conversation with one of the entrepreneurs I’ve most enjoyed speaking with. Please enjoy. 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_oshagShow Notes
(1:30) – (First question) – Interest in industrial conglomerates
(9:10) – Their thinking on acquisitions vs starting new companies
(11:42) – How the payment landscape looked when Stripe was started
(15:55) – View on the internet economy
(20:09) – Exciting possibilities for the future of the internet economy
(22:11) – The forces of size vs speed among startups
(26:53) – Driving reasons why employees choose Stripe starting with clear communication
(28:55) – Tips for better internal communications
(30:09) – The importance of rigor in Stripe’s corporate culture
(32:15) – Investors and investing styles that are most intriguing to him
(36:02) – Teaching vs experiencing business lessons
(37:56) – Lessons from going to market with new ideas
(50:58) – Allowing teams to explore new ideas at Stripe
(44:11) – Best startup companies to study to understand the history of this space
(44:52) – Softwar: An Intimate Portrait of Larry Ellison and Oracle
(48:18) – Cable Cowboy: John Malone and the Rise of the Modern Cable Business
(48:43) – In… -
Jeremy Grantham – An Uncertain Crisis - [Invest Like the Best, EP.177]
9 juni 2020 · 1 uur 11 min
My guest today is Jeremy Grantham. Jeremy is the co-founder and chief investment strategist of Grantham, Mayo, & van Otterloo (aka GMO). GMO, which manages more than $60B for clients, was a firm that helped educate me early in my investing career. They’ve long published thought-provoking research, most of which came from Grantham himself. He is regarded as a highly knowledgeable investor in various stock, bond, and commodity markets, but is particularly noted for his prediction of various bubbles. In this conversation we discuss the current crisis, which he calls the fourth major event of his long and storied career as an investor. As he says, this one is the most uncertain. We also discuss unique topics like commodity-based companies, and how opportunity often lies between fields of expertise. Please enjoy our conversation.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(1:37) – (First question) – What keeps him going in investing
(2:54) – Changing approaches to managing money over the decades
(7:27) – Their investment forecast for major allocations and how that has evolved
(10:06) – How to markets compete with FAANG stocks
(16:06) – More opportunity for active investors and where
(30:55) – How he talks to clients about major stock market events
(34:09) – His interest in natural resources/commodities
(47:07) – Long term argument for the three natural resources: oil, metals, and food
(47:10) – An Investment Only A Mother Could Love: The Tactical Case
(52:01) – Specific case for particular metals
(56:46) – Areas in the future that excite him or that he wants to learn more about
(1:03:42) – Advice for people interested in investing
(1:05:15) – Kindest thing anyone has done for JeremyLearn More
For more episodes go to InvestorFieldGuide.com/podcast.
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Ben Thompson – Platforms, Ecosystems, and Aggregators - [Invest Like the Best, EP.176]
2 juni 2020 · 1 uur 20 min
My guest today is Ben Thompson. Ben is the author of my favorite business strategy newsletter called Stratechery. He’s also the host of the exponent podcast, and now the Dithering, a podcast he recently launched with John Gruber. I think Ben is among the most interesting business analysts in the world, and I’ve learned from and directly applied many of his ideas. We cover many of the major concepts he’s introduced over the years, including his well know aggregation theory. I think that to understand how the internet has changed the business world for good, you must read Ben and follow his thinking. I’m excited to finally have him as a guest on the show. Please enjoy our conversation.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(01:26) – (First question) – Companies that are built for the next disruption
(1:32) – The End of the Beginning
(9:58) – Aggregation Theory and the Smiling Curve
(13:18) – Steps to creating an aggregator
(19:46) – Pattern of successful aggregators or luck?
(24:34) – How aggregators interact with suppliers and consumers
(30:49) – Taking on other aggregators
(34:09) – Platform vs aggregator in the scope of Shopify vs Amazon/Walmart
(40:55) – The Moat Map
(46:16) – Value chain thinking and profitable business models
(51:58) – Future of media and independent content creator’s vs bundles
(56:07) – Bundling independent creators
(1:00:37) – The infrastructure layer of technology and software companies
(1:02:35) – His thoughts on gaming platforms
(1:06:13) – The atoms vs the bits in the tech world
(1:12:18) – What he’s learned from covering Netflix
(1:13:46) – Kindest thing anyone has done for Ben
(1:15:56) – Stratechery PodcastLearn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a f… -
Shishir Mehrotra – The Art and Science of the Bundle - [Invest Like the Best, EP.175]
26 mei 2020 · 1 uur 14 min
My guest today is Shishir Mehrotra and the topic of our conversation is the bundle: offering access to multiple products, services, or providers for a single bundled price. This topic is full of incorrect pre-conceived notions, and as it turns out, the bundle is one of the most powerful ideas in business. Properly harnessed it is good for everyone involved. Shishir explains the ins and outs of bundles in this conversation.
Shishir ran product at YouTube for years and sits on the Spotify board of directors. He founded and now leads Coda (which is “A Doc” spelled backwards) in 2014, to bundle together productivity apps like docs, spreadsheets, databases, and applications. I love this wonky, detailed conversation which has me thinking differently about many businesses and business strategy. Please enjoy. Lees meerThis episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:08) – (First question) – The arc of his career
(3:32) – Why he has an interest in bundling
(7:45) – The concepts of superfan, casualfan, and nonfan businesses
(11:05) – Using Spotify as an example of bundles
(13:24) – The first myth of bundling: Bundling is bad for consumers
(17:53) – The second myth of bundling: 1st vs 3rd party providers and the bundlers
(23:03) – Low usage but high Marginal Churn Contribution (MCC) business
(24:26) – How insurance fits into these models
(26:37) – Myth 3 of bundling: How this impacts consumers
(32:12) – How marginal costs play into the thinking of bundling
(34:54) – Myth 4: Bundling things that have nothing to do with each other
(39:51) – How bundling companies can apply this into their product development
(43:21) – Strategic advice to companies building bundles
(49:01) – How price and pricing power play into advantages for certain bundler… -
Hamilton Helmer – Power + Business - [Invest Like the Best, EP.174]
19 mei 2020 · 1 uur 1 min
My guest today is Hamilton Helmer, the Co-Founder and Chief Investment Officer of Strategy Capital and the author of one of the best business books in history called 7 Powers, which is the topic of much of our conversation. He has spent his career as a practicing business strategist: advising companies, investing based on strategic insights and teaching strategy. In the last three decades, he has also utilized his strategy concepts as a public equity investor. In this conversation we cover all seven business powers, from counter-positioning to scale economies, and how companies earn and keep those powers. Any investor or businessperson should understand these concepts, and 7 Powers is the best work I’ve seen that explains them in depth. Please enjoy our conversation. 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_oshagShow Notes
(1:31) – (First question) - What power means to him
(5:05) – Benefits being more common than barriers in the power equation
(6:28) – How early-stage companies develop their barriers
(11:23) – The power of counter positioning and how he’s seen it applied
(14:47) – The product side of counter positioning
(16:39) – Daniel Ek Podcast episode
(17:27) – Applying the idea of counter positioning to yourself
(20:40) – A cornered resource
(23:49) – A look at google as a cornered resource
(27:12) – Unique power of network economies
(31:18) – What subtleties disqualify network effects
(32:54) – Nuances of scale economies
(35:56) – Learning economies and who can scale it better
(37:07) – Building a switching cost and barrier into your business
(40:10) – Branding as power
(44:27) – Defining process power and how it differs from scale economies
(46:40) – The notion of the time lag and cash flow
(50:42) – Why is so much power concentrated in technology businesses
(5… -
Tobi Lutke – Building a Modern Business - [Invest Like the Best, EP.173]
12 mei 2020 · 1 uur 8 min
My guest today is Tobi Lutke, the co-founder, and CEO of Shopify. This is both a timely and evergreen conversation. Timely, as the world as moved aggressively digital in the past two months, and Shopify powers so much of digital commerce. Evergreen, because while we touch on Covid and the Shopify business, this is much more a conversation on business and personal principles, learning, design, and growth. Tobi is one of the CEO’s I look up to most for the type of company he is building and for the way he conducts himself. We discuss business focus, why video games help you learn the power of attention, what design means for products and organizations, and much more. Please enjoy my conversation with Tobi Lutke. Lees meer
This episode is brought to you by the MIT investment management company (MITIMCO)
Reach out or learn more:
Email: partner@mitimco.orgWebsite: https://mitimco.org/partner/
MITIMCo 10 year Letter: https://mitimco.org/wp-content/uploads/2017/03/MITIMCo-Alumni-Letter.pdf
MITIMCo brochure: https://mitimco.org/wp-content/uploads/2019/01/MITIMCo-Brochure_web_2018-12-05.pdf
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
(2:35) – (First question) – The launch of the new Shopify shop app
(2:44) – Daniel Ek Podcast Episode
(2:45) – Jeff Lawson Podcast Episode
(4:56) – Having the right focus and growing a good business
(9:06) – Marketplace business model vs the merchant driven business model
9:16 – Bill Gurley Podcast Appearances - 162 | 144 | 137
(11:47) – His role as a decisionmaker as CEO of the company
(14:07) – What does he mean when he talks about quality
(18:28) – His thinking on design and quality
(18:32) – Zen And The Art Of Motorcycle Maintenance
(19:59) – The Design of Everyday Things
(21:06) – Friction as a force in business and manufacturing
(26:0… -
Ali Hamed – An Update on Private Credit - [Invest Like the Best, EP.172]
5 mei 2020 · 47 min
My guest today is popular past guest Ali Hamed, who joins us for an update on private credit. We discuss what has happened so far, what parts of the market are frozen, and where opportunities may lie. We also talk about how the world has shifted digitally since the beginning of the COVID pandemic. Please enjoy my conversation with my friend Ali Hamed.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(1:41) – (First question) – World of private credit in the pandemic age
(4:50) – Bag of uncertainty
(6:27) – Important levers in private credit
(9:15) – Scary scenarios and systemic risks in this world
(13:21) – General trends in the credit data
(15:30) – Are investors factoring government response properly
(17:02) – Defining advanced rates
(20:18) – Focus on quality vs rate of return now
(22:26) – Pockets of opportunity as uncertainty declines
(26:06) – Online ecommerce platforms, like the YouTube economy
(29:40) – Non advertising driven ecommerce platforms
(31:54) – How venture capital is responding
(38:19) – How junior debt could be am opportunity
(40:17) – Trends he’s thinking about; redefining small businesses
(43:07) – Ali Hamed Podcast EpisodeLearn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag -
Chris Bloomstran - An Update on Public Markets - [Invest Like the Best, EP.171]
30 april 2020 · 1 uur 1 min
My guest today for a flash update is Chris Bloomstran, the founder and CIO of Semper Augustus and a popular past guest on the show. We talk about his view on the state of the public equity market, why it will be hard for the market to deliver great returns for the next decade relative to the last, and where opportunities may lie. Please enjoy.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(1:42) – (First question) – Adjustments to his portfolio in the age of a pandemic
(6:41) – Chris Bloomstran Podcast Episode
(9:36) – The Federal Reserve Act
(12:32) – Surprising action in the markets during the crisis
(13:08) – 2020 Investment Letter
(15:02) – Why we won’t see the same performance in tech over the future as we’ve seen the last decade
(21:00) – The carnage in energy sector and return potential
(30:06) – Berkshires activity since the crisis started
(35:48) – Where sectors are valued in the current market
(41:12) – Expectation for deflation over inflation
(48:54) – Characteristics to look for in businesses to own over the next 10 years
(52:05) – Economic factors they are focusing onLearn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag -
Josh Kopelman - The Past, Present, And Future Of Seed Investing - [Invest Like the Best, EP.170]
28 april 2020 · 58 min
My guest today is Josh Kopelman, the founder of famed venture capital firm First Round Capital. Prior to starting First Round, which has invested at the earliest stages in companies like Square, Uber, and Roblox, Josh was a three-time entrepreneur, so our conversation spans early-stage investing, business building, and entrepreneurship. I’ll not sure forget his analogy distinguishing between navigators and cartographers, nor the rest of the interesting ideas he shared after seeing and investing in so many great businesses. We also discuss how First Round has bucked the trend to build what I’d call a platform adjacent to the core investing business which does a lot for their entrepreneurs and is a model for other professional investing firms, both in venture and elsewhere. Please enjoy my conversation with Josh Kopelman.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(2:05) – (First question) – How pandemic has impacted their investing strategies
(3:54) – How this stressful environment impacts founders
(6:23) – His early career as a founder and how startup culture has changed
(10:15) – Most important lessons from his entrepreneurial career and building from just an idea
(11:50) – How to analyze a founder
(14:05) – Common disagreements when it comes to deciding on an investment
(15:33) – How many opportunities they evaluate in a meeting
(16:16) – The curvy road to their investment in Roadblox
(17:52) – Whether the concept for a platform is overused
(19:36) – Founders asking what google search they should build on
(20:46) – Solving existing or forecasted problems
(25:39) – How the startup scene is impacted by the huge legacy tech companies
(30:28) – What makes a great early stage investor
(32:19) – Do they focus on founders o… -
Manny Stotz - Frontier Markets Investing - [Invest Like the Best, EP.169]
21 april 2020 · 1 uur 3 min
My guest today is Manny Stotz, the founder of Kingsway Capital. Manny is one of the leading investors in Frontier Markets, investing in equities in countries like Egypt, Bangladesh, and Pakistan. We discuss the opportunity in these markets from all angles: demographics, valuations, sectors and beyond. It is important to note that we recorded this conversation before COVID, and these markets have fallen 30% without a similar rebound in prices that we’ve seen in the U.S. As you listen you’ll hear why this may be relevant for the companies Manny focuses on and may accentuate the opportunity in Frontier Markets even relative to the numbers quoted in this conversation. Listeners will know my interest in Frontier Markets runs deep, so I was excited to have one of the categories leading investors join me.
Please enjoy my conversation with Manny Stotz.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
2:07 – (First question) – How Kingsway was conceived, their focus on frontier emerging markets, and his career path
11:57 – What are the best company builders good at when it comes to fostering a brand
18:30 – How country-specific factors impact the tailwind
25:43 – How markets are faring in these special circumstances
32:09 – Building a book in many of the markets they trade-in
37:10 – Understanding your edge in frontier markets, showing up
39:59 – Importance of solid distribution for the companies he invests in
42:12 – Concentration in various markets
44:10 – Moving beyond consumer brands in these markets
47:14 – Some of the most interesting countries they are looking into and the country business model
47:42 – Guns, Germs, and Steel: The Fates of Human Societies
47:44 – Civilization: The West and the Rest
47:46 – Why Nations Fail: Th… -
Sarah Tavel - Consumer & Marketplace Investing - [Invest Like the Best, EP.168]
7 april 2020 · 1 uur 3 min
My guest this week is Sarah Tavel, a general partner at Benchmark, working alongside past guests Bill Gurley and Chetan Puttagunta. Sarah has a long history as both an investor and as an operator. She was an early product leader at Pinterest before joining Benchmark. Sarah has become one of my go-to resources for topics like networks, consumer technology, and marketplaces among many other topics. I’ve used her framework for how to think about client engagement, company data, and marketplace liquidity and quality over and over again in my business life. I’m so excited to finally have her on the show. Please enjoy our conversation.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
1:24 – (First question) - Lessons learned from watching the food delivery space
5:44 – Hip camp and how they are thinking about the space rental sector
5:45 - The a16z Marketplace 100
7:47 – Valuing private companies vs public companies
9:37 – Building marketplaces
14:24 – Tipping a market
14:30 – Bill Gurley Podcast Episode
18:09 – How to incorporate reputation scores into a network
19:55 – Search ranking as a tool for marketplaces
21:00 – Size of marketplaces vs their competitors
22:15 – Niching of marketplaces
22:21 - Chetan Puttagunta Podcast Episode
23:26 – State of the consumer social sector
27:50 – The LinkedIn problem and how she would build a social platform
30:42 – Things that are piquing her interest in the consumer space
32:20 – Lessons learned about scaling while working at Pinterest
38:42 – Pricing and the marketplace
41:25 – Identifying and optimizing a Core Action in a digital business
44:18 – Accruing benefits and mounting losses as part of the product design
47:48 – Her investment in Reci
52:18 – How should companies gather the best data from their business
56:03 – Lesso… -
[BONUS] Boyd Varty - 40 Days and 40 Nights
5 april 2020 · 27 min
In the midst of the worldwide quarantine, my friend Boyd Varty decided to begin an adventure he has been considering for a long time: a 40 day and 40 night stay in the African wilderness. I’m releasing this short conversation with Boyd to pique your interest in his daily dispatches. He will be taking short audio journal-like recordings and sharing them with the world as he goes. As of today they are several that you can listen to by subscribing to the Track Your Life podcast on Spotify or wherever you get your podcasts. Please enjoy this short chat with my good friend Boyd Varty.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(0:31) – The start of his 40-day trip
(1:42) – Origin of the word quarantine and how it led to this journey
(3:07) – History of this idea
(6:14) – The logistics of this 40-day venture
(9:59) – His experience doing this before and how it changed his psyche
(12:07) – What is he most fearful of
(13:22) – How he feels about sharing this experience when he returns
(15:47) – The mental preparation to this journey
(15:48) – Priya Parker Podcast Episode
(15:49) – The Art of Gathering: How We Meet and Why It Matters
(17:33) – How can outsiders make a connection to Boyd while he’s in this isolation
(19:55) – How can people actually follow him on this journey
(20:23) – Track Your Life with Boyd Varty Podcast – Apple Podcasts | Spotify
(20:33) – Instagram - @boyd_varty
(20:36) – boydvarty.com
(20:43) – 40daysand40nights.com
(21:05) – The story of the 17 lions
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
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 -
Gavin Baker – Investing Through a Bear Market - [Invest Like the Best, EP.167]
2 april 2020 · 56 min
My guest today is with past guest Gavin Baker, the founder and CIO of Atreides Management, LP. We discuss investing during a bear market and the major ways in which the COVID19 outbreak has dramatically altered the investment landscape. Please enjoy my second conversation with Gavin Baker.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
(1:40) – How he sees the markets right now
(3:06) – How he handles information uncertainty and the value spreads
(5:53) – Trading in today’s market and the volatility
(9:45) – How the economic activity squares with the amount of stimulus being pumped into the market
(13:11) – Market Wizards: Interviews with Top Traders
(13:56) – Asset tests for individual companies in this environment
(19:09) – This Time Is Different: Eight Centuries of Financial Folly
(20:45) – His take on software companies during the crisis
(28:57) – Fast pace of change during extreme times of duress
(35:14) – Space as a service
(39:52) – Attention and time inside digital universes and how investors can take advantage
(46:17) – Why chaos is a ladder
(50:42) – It Was a Very Good Year: Extraordinary Moments in Stock Market HistoryLearn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag -
D.A. Wallach – Investing in Healthcare - [Invest Like the Best, EP.166]
31 maart 2020 · 1 uur 18 min
My guest today is D.A. Wallach, one of the more interesting investors I’ve come across. He is the former lead singer of the group Chester French and the former artist-in-residence at Spotify, where he was also an early investor. While he’s also an early investor in companies like SpaceX, his focus the last 5 years has been on early stage health care investing, which is the topic of this conversation. We discuss the entire life sciences and heath care investing ecosystem. This was recorded in the very early days of the Coronavirus outbreak so while we touch on it briefly it isn’t the primary focus, and I intend on returning to more traditional episodes like this one in the coming weeks, meant to be evergreen conversations. Please enjoy my conversation with D.A. Wallach.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
1:31 – (First question) – Where is interest in healthcare started
4:04 – How to categorize health services
5:13 – The product of medicine
6:56 – How medicine is changing in 2020
10:17 – What is enabling innovation in medicine
12:41 – Manufacturing of solutions, gene therapy example
17:16 – Using CRISPR
19:47 – Pros and cons, and the morality of gene intervention
23:44 – How progress is being made in medical breakthroughs
26:51 – What is the business and investment world seeing on the longevity side
30:15 – What is next in the wearable medical tracking trend
33:04 – The personalization of medical treatments
34:31 – How he thinks about all of this from an investing standpoint
36:37 – Exiting these companies
39:41 – How he thinks about founders in this space
42:35 – Drug prices
42:46 – The Paradox of Pricing
46:45 – What will lead to a change in the pricing of drugs
49:05 – The delivery side of healthcare
51:09 – Investments that could improve the deli… -
Chad Cascarilla – Update on Tail Risk - [Invest Like the Best, EP.165]
25 maart 2020 · 47 min
My guest today is Chad Cascarilla, here to discuss some of the tail risks in the economy and markets as of March 24th in the midst of the Coronavirus pandemic. Chad was one of the most successful investors during the global financial crisis with a specialty in the banking and finance systems. He now runs Paxos, a trust company which trades and custodies unique products like pax gold, bitcoin, and other tokenized assets including simple pax dollars. I feel it is important to avoid confirmation bias in times like this and not just talk to people are optimistic or long, and while I still believe this is ultimately a positive and optimistic conversation, Chad acknowledges and outlines scenarios that few are talking about yet in the markets. Lees meer
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
(2:04) – (First question) – Today’s market and the porridge scenario
(7:38) – Risks to the market that people aren’t focused on
(10:54) – What lessons from 2008 do we need to heed this time
(13:07) – How does he think about inflation on the other side of this crisis
(16:02) – What does a too cold recovery look like
(20:35) – Benefits of nationalizing the banks vs pumping liquidity
(24:13) – What does the just right recovery look like
(25:24) – Assets that might be ideal to hold in a too hot or too cold scenario
(29:00) – His take on how Bitcoin has performed during this crisis
(31:53) – The US’s inherent strengths compared to the rest of the global economy
(34:50) – Advice for people
(38:59) – Paxos.com
(39:48) – What is he monitoring to see which way things shake outLearn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month a… -
Brent Beshore – Update on Small Business and Private Equity - [Invest Like the Best, EP.164]
20 maart 2020 · 41 min
My conversation today is with my close friend Brent Beshore. Brent is a private equity investor who owns and interacts with many small businesses, which have been hit especially hard by COVID. We discuss the various impacts that COVID has had and may have on both small business and the private equity investing community. Brent also proposes some policy actions which he thinks may help those most in need. Please enjoy.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
1:13 – (First question) – What Brent sees as the current landscape for small businesses
3:25 – The real problem for small businesses right now
6:02 – How long can small businesses survive these freezes
9:14 – Ideas to help businesses stay afloat during a global shutdown
11:01 – The cost of restarting businesses on the other side of this
13:41 – Policies that could help
14:30 – government co-paying some business expenses
16:05 – Suspending payroll taxes
16:17 – The small business bond
18:00 – Wider latitude for banks
20:03 – How effective would Brent’s ideas actually be at lessening the pain
22:41 – A look at how things look in the private equity complex
25:39 – What are the potential opportunities out there
29:24 – What is a balance sheet product
32:00 – How this is personally impacting Brent
34:20 – How this is personally impacting Patrick
35:45 – Importance of relationships for personal health
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag -
Dan Rasmussen – Investing Through a Crisis - [Invest Like the Best, EP.163]
16 maart 2020 · 46 min
My guest this morning is Dan Rasmussen of Verdad Capital. Like me, Dan and his firm focus on quantitative research. Just a month before the COVID crisis hit markets, they completely and published a study on investing during periods of market crisis, which is the topic of this conversation. We discuss what works and what doesn’t during and after acute periods of panic in markets. I think you’ll find it extremely informative. Because Dan’s firm and my own share many beliefs about investing and conduct similar flavors of research, I try to offer devil’s advocate questions throughout. Please enjoy.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
1:54 – (First question) – What he sees in the markets today given the atmosphere right now
4:26 – An overview of their study: Crisis Investing: How to Maximize Return During Market Panics
8:38 – How things get more predictable during crisis
11:15 – The length of these crises and assets they focused on
12:40 – What happens to bonds and credit during these times
15:50 – Geography of crises
18:14 – How does this impact the philosophy of just index investing
20:40 – Positioning of value in this market
27:50 – Lessons from other crises
32:21 – Importance of a blended factor approach
35:44 – Role of momentum
38:10 – What else he is paying attention to during this crisis
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag Lees meer -
Bill Gurley and Chetan Puttagunta – An Update on Consumer & Enterprise Venture Capital - [Invest Like the Best, EP.162]
13 maart 2020 · 41 min
My guests today are Bill Gurley and Chetan Puttagunta, both partners at benchmark capital. We review the early stage investing world in the face of coronavirus in a very timely conversation, which is one that will remain valuable once this crisis is done. We discuss enterprise and consumer, funding and growth, and the entrepreneurial spirit in the face of a crisis. Please enjoy.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
1:44 – (First question) – Landscape for venture capital ecosystem
6:47 – The experience in 2009 and the entrepreneurs that tend to rise to the top
8:24 – The relationship between early stage companies and public investors
10:45 – How this crisis impacts enterprise businesses vs the broader corporate sector
14:46 – Advice for early stage companies in a period like this
18:23 – What Chetan was doing during the last downturn and what he learned during it
20:27 – Early stage vs late stage companies in this environment
22:57 – On the Road to Recap
23:00 – Benefits of being small in a period like this
25:22 – How portfolio companies are responding and pivoting during this period
29:33 – Best practices for remote companies
31:39 – Themes that stand out during this period
34:51 – Closing thoughts
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag -
Bryan Krug – An Update on Corporate Credit - [Invest Like the Best, EP.161]
13 maart 2020 · 30 min
My guest in this flash podcast is Bryan Krug of Artisan partners. We discuss what has happened so far in the corporate high yield and investment-grade credit markets, and the loan market. We compare today’s environment to the financial crisis and other past crises with lots of nuances that I hope will be helpful to bond and equity investors. Please enjoy.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
1:08 – (First question) – An overview of what he covers in the corporate credit markets
1:52 – How things have changed in the last couple of weeks
3:56 – Composition of the high yield market
7:07 – Major sectors of the high yield market outside of energy
8:39 – How do they price the risk in securities right now
11:21 – How do they handicap a great unknown
13:00 – Risk for broader contagion in the overall credit markets
14:49 – What’s the downside potential here
16:31 – Potential for upside
18:33 – How does he view companies that are drawing down on their entire line of credit
19:44 – An overview of the loan market
20:42 – What warning signs equity investors should be watching for in the bond markets
21:57 – What do credit spreads look like today compared to before this crisis
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag Lees meer -
Deep Basin – Oil Price War and Its Implications - [Invest Like the Best, EP.160]
11 maart 2020 · 53 min
This week, I’ll be recording and immediately releasing a series of conversations on business and market reactions to the spread of coronavirus. The conversations will be on oil and gas, corporate credit, and the reaction within the venture capital community. Today’s conversation is with Matt Smith, Ian Singer, and Kobi Platt of Deep Basin Capital. We are investors in Deep Basin, and they were past guests on the podcast. We discuss the new price war in the oil markets and the impact it might have on equities and especially on U.S. oil producers. Please enjoy.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
1:59 – (First question) – An overview of the global oil market and demand
3:37 – Supply and demand shocks we’ve seen lately
6:22 – What happened this weekend with Russia and Saudi Arabia and why the outcome was so shocking
9:45 – The knock-on effects of this activity on equities
14:24 – Impact on US energy production
18:29 – What other industries will feel the effect of reduced production in the US
20:35 – Defining a price war and how victory is defined
27:53 – Saudi Arabia’s calculus in this energy fight.
31:11 – How does all of this change what factors they use to analyze companies
35:43 – What it actually looks like within the commodities markets to trade energy
40:01 – What uncertainty is most intriguing to each of them
43:00 – The long-term interest in investing in the energy sector
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag Lees meer -
Peter Zeihan - Dis-United Nations - [Invest Like the Best, EP.159]
10 maart 2020 · 1 uur 6 min
My guest this week is Peter Zeihan, the author of a new book, the Disunited Nations. Peter was an extremely popular guest on the show last year and after reading his new book, I knew we had a lot to discuss in round 2. In this conversation, we discuss two ways of ruling the world, the coming American disinterest in global affairs, and which country are poised to do well int eh future. We explore military and non-military technologies, political changes, and up and coming alliances like that between the United States and Mexico. As with last time, peter packs more information into an hour than just about anybody. Please enjoy our conversation.
This episode is brought to by Koyfin.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
1:57 – (First question) – What makes for a successful country
6:02 – Five first-tier countries that are well positioned
7:14 – Ruling the world, US carrot model vs British stick model
9:39 – How other countries will use these models in the future
12:59 – The surprising reliance of Iran and Russia on the US
15:24– Key points of his research on the Middle East
18:36 – Advice for how those operating in the US should think about future business investments
23:05 – The future of manufacturing partnerships with the US and the focus on Mexico
27:30 – What Coronavirus has taught us about the world economy
30:01 – What the primaries and election are teaching us
35:09 – What role does Africa play in the future
38:36 – Strong and weak players in Europe and how Brexit has impacted things
44:41 – The future for nuclear power
46:27 – The outlook for South America
50:42 – The trends and future in military technology
55:03 – Non-military technology that will have a major impact
58:26 – Skills young people should focus on for the future
1:00:07 – Coronavir… Lees meer -
Jeff Lawson – How to Build a Platform - [Invest Like the Best, EP.158]
3 maart 2020 · 55 min
My guest this week is Jeff Lawson, the Founder, and CEO of Twilio. Twilio is a 15-billion-dollar company offering a cloud communications platform to its customers. Twilio is used by customers like Lyft, Twitch, and Yelp to make communications in their products easy. Jeff and I talk about why it pays to be a platform, how to be a platform, and how to sculpt a company culture. This is a must-listen for anyone building a business whether it’s a tech business or not.
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
1:18 – (First Question) – Company vowels and draw the owl
5:26 – Significance of API’s
12:14 – How non-software businesses can transition into the space
17:50 - Agile way of working at ING Belgium (video)
18:38 – How they strategize their product build
23:27 – The idea of asking your developer and why it’s so important to them
33:02 – How they codified their business culture
45:12 – Parting advice for people building platforms
48:13 – Kindest thing anyone has done for Jeff
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag -
Niko Canner – Become a Perfect Instrument - [Invest Like the Best, EP.157]
25 februari 2020 · 55 min
Niko Canner is the founder of Incandescent where he and his team help the leaders of large companies in the areas of strategy and innovation. He was also the founder of Katzenbach Partners and a member of Bridgewater’s management committee. Niko is a fantastic writer, and I highly recommend you check out his blog “On Human Enterprise,” which has posts on many of the most interesting aspects of business and personal purpose. This conversation was inspired by many of those posts. Please enjoy. 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_oshagShow Notes
1:17 – (First Question) – The story of Doctor V
3:24 – Aravind and the Choice of Great Achievement
4:00 – Becoming the perfect instrument
6:05 – What is Niko planning to be the perfect instrument of
8:18 – How should individuals think about finding what they can be the perfect instrument of
8:59 – Brett Victor – Inventing on Principle
10:59 – How do businesses apply this principle
13:20 – Making choices easier
16:43 – Era’s to a company and when it’s time to start a new one
19:52 – How can business culture be cultivated and useful
22:53 – Cultures at the tail end of a distribution
24:33 – Can hierarchy be fluid, or does it need to be a dedicated corporate structure
27:47 – My Unlikeliest Favorite Business Book
28:03 – The Millionaire Real Estate Agent: It's Not About the Money...It's About Being the Best You Can Be!
30:46 – The Red Test and how it can be used by businesses
36:54 - Ten Principles for How to Run a Company
42:25 – Dealing with the sponsor owner brief in the software world
45:24 – How does one choose customers
46:32 – Bill Hubbard passage – A Theory for Practice: Architecture in Three Discourses
49:09 – Kindest thing anyone has done for Niko
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign … -
[REPLAY] What You Learn About Business Deals After: 12,000 Deals Reviewed, 1,500 Deep Dives, 125 Site Visits, and 7 Portfolio Companies with Brent Beshore - [Invest Like the Best, EP.100]
4 februari 2020 · 54 min
For the 100th episode, I’ve brought back my good friend Brent Beshore. Brent was the 10th guest on the podcast, after we met because of a mutual interest in capital allocation. I quickly learned that Brent was one of the most unique and thoughtful investors around. He was an entrepreneur from the moment he left school, trying many different things before finding a fit buying smaller business with the intention of owning them forever. What amazes me about Brent is his encyclopedic understanding of business and the nuances of different business models and deal structures. This comes from reps. He and his team have looked at about 12,000 deals over the years, at every kind of business that you could imagine. I’ve been with him when he goes through this process and it’s fun to hear what makes certain businesses stand out from others, which is largely the topic of this conversation. You all know transparency is key for me, so it’s important to know that my family and I are investors in a fund called permanent equity, run by Brent and his firm Adventure.es. To commemorate this milestone episode, I can think of no one better than Brent, because he exemplifies what has made this podcast so fun for me: learning from other people who are willing to share what they themselves have learned through fun, blood, sweat, and tears. Please enjoy our conversation, and thank you so much for coming along on this journey. I can’t tell you how much it means to me.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
2:02 - (First Question) – How does he think about optimizing risk in terms of the capital stack when looking at deals
5:27 – What conditions would they add debt down the road after investing in a company
6:52 – What business sectors are most intriguing for Morgan to invest in r… Lees meer -
Chetan Puttagunta – Go Slow to Go Fast: Software Building and Investing - [Invest Like the Best, EP.156]
28 januari 2020 · 1 uur 23 min
My guest this week is a good friend and a business mentor of mine. Chetan Puttagunta is a general partner at Benchmark Capital and has a remarkable track record of investing in early-stage software businesses, including several like Mulesoft, MongoDB, and Elastic that went on to be public companies.
Chetan has been my key guide for understanding the world of enterprise software as we at O’Shaughnessy Asset Management have built an investing platform called Canvas. His advice has been critical to our early success. In this episode, we explore the history of software and software investing, and go into the details on how to build and grow new software businesses. We discuss product, sales and marketing, recruiting, scaling, and everything in between.
Please enjoy this great conversation with one of my favorite business and investing thinkers.
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
1:34 – (First Question) – How Chetan found MongoDB and decided to invest in it
8:01 – The evolution of databases in the growth of technology
16:19 – Market penetration of this space and what investors should be thinking about
21:46 – Advice how companies can build software effectively
25:12 – Tactics to effectively implement empathy led product building
30:33 – Companies asking users what to build vs telling users what they want
34:26 – The need for the right capital, and patient capital in particular
37:55 – Creating the perfect customer experience
44:37 – Common reasons they don’t invest in a company
48:48 – Lessons on scaling, especially in sales and marketing
52:47 – Best recruiting pipeline strategies
59:56 – Pitfalls of unit economic traps
1:00:23 – The Dangerous Seduction of the Lifetime Value (LTV) Formula
1:01:34– The Hierarchy of Engagement
1:02:18 – What has changed … -
Rebecca Kaden – Thesis Driven Investing - [Invest Like the Best, EP.155]
21 januari 2020 · 57 min
My guest today is Rebecca Kaden, a partner at famed venture firm union square ventures. USV is known for thesis-driven investing, which is the topic of our conversation. Rebecca walks us through the evolution of USV’s thesis into its third generation, and from there we explore many of the most interesting and exciting areas of business, technology, and learning. Please enjoy our conversation
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
1:11 – (First Question) – An overview of Union Square Ventures Thesis 3.0
7:49 – Core changes that can help any community
9:59 – Ways to fix the broken education system
13:41 – Gap between job preparedness and the education system
14:44 – Companies creating education systems to prepare people for careers in their field
18:49 – Most unique technological solution for people to educate themselves
22:00 – Ways to improve access to capital
26:49 – The distribution problem in capital markets
28:19 – How does she assess an early-stage company and its team’s ability to assess their ability to maximize distribution
30:56 – Digital marketing and why it could be broken
34:22 – Examples of masterful marketing
36:07 – How they are focused on improving wellbeing, their first focus on healthcare
39:35 – Wellbeing on their focus on community
41:29– The Art of Community: Seven Principles for Belonging
45:30 – Her thoughts on mentorship
48:23 – What she has learned in her time at USV
51:50 – Kindest thing anyone has done for Rebecca
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on Twitter at @patrick_oshag Lees meer -
Matt Clifford – Investing Pre-Company - [Invest Like the Best, EP.154]
14 januari 2020 · 1 uur 17 min
My guest today is Matt Clifford. He’s the co-founder of Entrepreneur First, the world’s leading talent investor. They invest “pre-company” by helping the best people in cities around the world find a co-founder, develop an idea, and start a company. So far, they’ve helped 1000 people start 200 companies worth a combined $1.5B. This conversation covers their entire ecosystem and holds lessons for anyone building a business. I especially loved Matt’s ideas on the history of ambition. Lees meer
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_oshagShow Notes
1:20 – (First Question) – An overview on talent investing
4:37 – The history of ambition
10:08 – How do they search for ambitious people
12:21 – What happens early on for these formed teams
17:43 – Assigning an idea to a talented team
20:52 – Opportunities in deep technology
27:16 – A closer look at the hardware and machinery of the deep technology changes
30:54 – The geographical focus of venture capital investments
37:16 – Problems with the way early-stage investment world works
41:22 – People who are creating value in a management company and how they manage their investments
55:12 – Advice to people creating investment companies and pricing power
1:00:31 – The power of cities
1:02:46 – Topics they cover in their newsletter; technological sovereignty as one example
1:04:11 – Experience and thoughts on China
1:06:51 – A.I. Nationalism
1:12:03 – Kindest thing anyone has done for MattLearn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Peter Buffett – Finding Your Note - [Invest Like the Best, EP.153]
7 januari 2020 · 1 uur 12 min
My guest today is Peter Buffett. Peter is a musician, composer, author, and philanthropist. Peter is an Emmy Award winner, New York Times best-selling author and co-chair of the NoVo Foundation. We discuss music, community, philanthropy, and finding one's note in life. This is a very different episode much more about life in general, with no business or investing discussed. Like his father Warren, Peter has the gene for phrasing ideas in memorable ways, and I think you’ll find many great phrases in this chat that will stick with you. I’ve been thinking about Peter's idea making sure those in your life are safe, seen, and celebrated ever since our chat.
Please enjoy.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
1:27 - (First Question) – Welcome and small talk
1:35 – Why Peter is in Kingston and how it plays into his foundation work
4:01 – How moving from the city to the country changed Peter
6:27 – Seeing connections vs living abstractions
7:30 – What is the Nova Foundation
11:03 – Historical points that inform his views
13:51 – Identifying qualitative negative side effects and which ones they are attacking
17:51 – What makes for effective community
20:22 – Linkage between consumption and individualism
23:55 – The cultivation of work ethic, curiosity, and education
23:57 – Life Is What You Make It: Find Your Own Path to Fulfillment
27:22 – Early exploration of his curiosity
32:26 – What has music taught Peter about music that is unique to that experience
34:26 – Most memorable question a person has asked Peter at his concert and conversation series
36:46 – What makes for good relationships, in particular marriage
42:03 – What keeps people from putting in the work into a relationship
45:11 – What he has learned about being a good friend
46:29 – How does one per… Lees meer -
Ben Savage – All Things Fintech Investing - [Invest Like the Best, EP.152]
17 december 2019 · 1 uur 8 min
My guest today is Ben Savage, a partner at Clocktower ventures. Ben is focused on financial technology, fintech, investing which is the topic of our conversation. I’ve been making the fintech is rounds of late, and plan on making a few of these conversations public. Ben is the first in what may be a mini-series because of the sheer amount I learned in our discussion. We cover all aspects of the fintech ecosystem. I hope you enjoy.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
1:15 (First Question) – The market portfolio and how technology will move us away from liquid markets
7:24 – Businesses that are making assets that weren’t investable, investable
9:11 – Ryan Caldbeck Podcast Episode
12:03 – Most interesting places where technology is creating investment opportunities
18:33 – Assets that are likely to tap into new sources of beta
23:46 – How well are investors prepared for the changes that are coming
28:35 – Trends in asset management with technology
33:05 – View on cryptocurrency and blockchain
36:45 – Places where startups can reduce costs/fees and create efficiencies
40:17 – Views on private equity markets and their future
45:40 – Privilege of access problem
48:50 – Verticals in fintech that are interesting to him
59:53 – The importance of focus and niche
1:02:26 – Kindest thing anyone has done for Ben Lees meerLearn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Jeff Ma – Making Decisions with Data - [Invest Like the Best, EP.151]
10 december 2019 · 56 min
My guest this week is Jeff Ma. Jeff was on the famous MIT Blackjack team from the book Bringing Down the House but has spent his career in an around fields of analytics and data science. He’s studied sports betting and analytics, built companies for analyzing human capital, and ran the data science and analytics group at Twitter. Here are links to his book, blog, and podcast. Our discussion is about a number of fascinating ways data is being used to make decisions in the worlds of sports and business. Please enjoy!
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
1:20 - (First Question) – How quantitative analytics have evolved in sports and how they’re being used
4:26 – Best role of humans in the analysis process
8:38 – Sports that are most interesting to observe through analytics
10:26 – How does luck play into sports analysis
11:54 – Team analytics vs better analytics
12:38 – Concentration of success among sports betters and their moats
14:58 – Favorite lessons learned from professional gamblers
16:45 – How analytics got introduced into gambling
19:21 – Understanding one’s own biases
24:04 – How he became VP of analytics at Twitter
28:37 – Primary lessons from the work evaluating human capital and talent with analytics
28:59 – Niel Roberson Podcast Episode
31:40 – How to model people for success when hiring
33:29 – How to hire the right data scientists’ team
37:54 – Most interesting problems they tackled at twitter
42:31 – Responsibility of social platforms to police itself
45:34 – Areas that would interest him in the future as an investor
49:24 – Kindest thing anyone has done for Jeff
51:50 – Values instilled in him by his parents.Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor … -
Vaughn Tan – Quality and Innovation - [Invest Like the Best, EP.150]
3 december 2019 · 1 uur 24 min
My guest today is Vaughn Tan, who studies quality, innovation, and organizational behavior. His resume is bonkers. He’s a PhD from Harvard, Was an infantry signals logistician in the Republic of Singapore Army, then worked at Google on advertising, Earth, Maps, spaceflight, and Fusion Tables. He’s also been a wood sculptor. But the topic of our conversation is how to foster quality and innovation in ourselves and inside of companies—lessons he learned in part by studying inside some of the world’s best restaurants. If you enjoy this conversation, I recommend you also check out his new book, The Uncertainty Mindset Innovation Insights from the Frontiers of Food. Please enjoy my conversation with Vaughn Tan. 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_oshagShow Notes
1:33 - (First Question) – Interesting ways to identify high quality
5:06 – The current problem with the way we think about the world
8:56 – How people think about their careers and college
11:21 – Uncertainty vs risk, and productive discomfort
19:08 – Cultivation of discomfort for an individual
24:05 – Successful innovation cultures
32:25 – Analyzing quality and restaurant bread
37:43 – The Slug idea
40:43 – His research project where he observed restaurants
45:44 – How do people mandate their own structure in the face of uncertainty
53:46 – How employees should approach this rent-to-buy hiring structure
57:17 – Example of someone who took advantage of uncertainty time
1:00:05 – Playful adults
1:00:07 – Jerry Neumann Podcast Episode
1:03:10 – Other changes companies can make to their culture to be more innovative
1:08:19 – The difference between simplicity and complexity
1:11:12 – How he applies his thinking into several different ideas, like Cannabis
1:16:17 – Asking the right question
1:19:05 – Andy Rachleff … -
Gavin Baker – Tech and Consumer Growth Investing - [Invest Like the Best, EP.149]
26 november 2019 · 1 uur 7 min
My guest this week is Gavin Baker, the founder, and manager of Atreides Management. I met Gavin in the same way I meet many of the most interesting people, on twitter. His focus is on consumer and technology growth investing, which is the topic of our conversation. We discuss many of the largest trends in these sectors, several fascinating investment cases, and also explore the videogame industry in detail—which I found especially interesting. Please enjoy my conversation with Gavin Baker.
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
1:16 – (first question) – His unique view on the markets
4:00 – Distilling Apple as a growth investment
6:44 – What is the most important lever for Apple looking forward
9:01 – His view on Intel
11:03 – Most important technological changes that may dictate his investing strategy
16:20 – How do you look at a big idea, like AR, and then apply to an individual business
18:21 – Fortnite isn't a game, it's a place
18:26– Fortnite Is the Future, but Probably Not for the Reasons You Think
18:56 – His insight into video games and their ability to control attention
28:36 – How do you invest in the gaming sector
40:06 – Favorite video games
32:07 – Why gaming and customer sector allows him to find Alpha richness
34:17 – Being in the top 1% of knowledge before investing in a company
36:24 – His view on value investing today and, in the future,
41:15 – Increase of regulatory capture
42:01 – Headwinds to the tech companies today
43:50 – Thoughts on the Chinese internet market and how it impacts US markets
45:36 – How often companies look at China for ideas
46:21 – Role of alternative data in his process
49:36 – Big trends today we should be paying attention to
54:20 – the most interesting company he does not own
58:48 – Advice for new invest… -
Kevin Systrom and Mike Krieger – How to Build a Great Product
19 november 2019 · 1 uur 36 min
My guests this week are Kevin Systrom and Mike Krieger, the co-founders of Instagram. I met Kevin and Mike a few months ago over a shared interest in business and investing. I have found them both to be extremely good people who have a rare talent for finding and solving interesting problems. Indeed, problem-solving and jobs-to-be-done is a big part of our conversation. I realized walking into the podcast that Kevin and Mike have a rare set of experiences: having both built and sold an extremely successful product from scratch, but then also operated and scaled inside one of the largest businesses in the world. This means they have unique knowledge to offer just about anyone interested in business and products. We dig into all those lessons here. I am working on hosting more founders and CEOs on the podcast, and can’t think of a better pair to show you why I want to do so. Please enjoy my conversation with Kevin and Mike.
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
1:38 – (first question) – Projects they’ve been working on since leaving Instagram
5:22 – How they can apply what they are learning in machine learning
7:18 – Most interesting experience diving back into data and machine learning
8:42 – How startups compare today to when they founded Instagram
13:23 – Judging founders and whether they know how to use their data effectively
14:26 – The jobs-to-be-done framework
19:14 – Laying out a vision vs solving problems that pop up
25:20 – Developing and sharing the principles of the company with the team
30:48 – Creating a community when it includes almost the entire world
39:03 – The most popular ways people used the platform
41:24 – What was the jobs-to-be-done rational behind the stories feature
44:15 – Interesting things that they saw as Instagram entere… -
Daniel Ek – The Future of Audio - [Invest Like the Best, EP.147]
12 november 2019 · 59 min
My guest this week is Daniel Ek, the founder and CEO of Spotify.
In my conversations with Daniel, I’ve found him to be one of the most interesting and thoughtful business leaders in the world. You’ll see what I mean as you listen to our conversation.
We talk about Spotify plenty, but what I so enjoy about Daniel is his way of thinking in systems and frameworks. He is committed to evolution, innovation, and growth for both himself and for Spotify and is on my shortlist of CEOs to emulate.
This was one of my favorite conversations on the podcast, I hope you enjoy it. 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
1:21 – (first question) – Management lessons from a Dubai chocolate maker
4:54 – Trends shaping the business landscape today: globalization, automation, and digitation
7:51 – How he thinks about the vertical integration of his business and scale
10:37 – Are companies doing a good job adjusting to the changes in the global business landscape
14:44 – How does Spotify view scale moving forward
17:59 – What trends has he seen among creators as a result of the Spotify platform
20:32 – The community benefit that has been created by the platform
23:47 – Intimacy of audio
25:31 – Creating an environment that continues to spur innovation
29:12 – Star vs constellation business strategy
32:21 – Measuring network health
35:12 – Spotify Originals and what his competition in the video market is doing
39:36 – How podcasts play into the growth strategy
43:04 – How did he solve the problem of competing with free
47:21 – Is their strategy repeatable, going after fractured suppliers
49:02 – Role of the CEO in a startup
51:22 – Others who have taught him great business lessons
53:18 – Kindest thing anyone has done for DanielLearn More
For more episodes go to InvestorFie… -
George Rzepecki – Investing in Africa - [Invest Like the Best, EP.146
5 november 2019 · 49 min
My guest this week is George Rzepecki, the found and managing partner Raba, an Africa focused investment firm. George is making investments across Africa in early-stage companies. Africa represents a fascinating opportunity: a huge and diverse population and enormous room for per capita GDP growth. We cover all aspects of investing in the continent, including unique potential rewards and risks.
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
1:18 – (first question) – Interest in emerging markets and the tech landscape in Africa
4:57 – Similarities across all of the different metro markets across Africa
8:05 – Why has the continent lagged behind the rest of the world
10:49 – What is the history and landscape of capital in the African continent
13:32 – The market opportunity given the demographics
15:44 – US investment/involvement in Africa
18:06 – Kinds of companies that he likes to invest in
23:26 – Initiatives and investments that could help lift the population out of poverty: finance
29:33 – The public marketplace landscape in Africa
31:49 – Capacity on the private side
34:24 – How the valuation of deals compares to other markets
36:13 – Unique risks in the investments they are making
38:28 – Most exciting trends or changes he is seeing
40:22 – The professional investor environment
43:25 – How to learn more and get involved
43:49 – China Africa Research Initiative
44:17 – China Africa Project
44:38 – Factfulness: Ten Reasons We're Wrong About the World--and Why Things Are Better Than You ThinkLearn More
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Chad Cascarilla – The Future of Blockchain and Financial Services - [Invest Like the Best, EP.145]
29 oktober 2019 · 1 uur 10 min
My guest today is Chad Cascarilla, the CEO and co-founder of Paxos, which describes itself as a financial technology company “mobilizing assets at the speed of the internet.“ Thanks to more than 20 years of investing and financial services experience, Chad has a unique perspective on integrating blockchain technology with traditional systems. He also has one of my favorite bitcoin origin stories, which we explore. Before Paxos, Charles co-founded institutional asset management complex Cedar Hill Capital Partners in 2005 and its blockchain-focused venture capital subsidiary, Liberty City Ventures (LCV). Our conversation is less about cryptocurrencies and more about the history, current state, and potential future states of our financial system. Please enjoy.
For more episodes go to InvestorFieldGuide.com/podcast.
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Follow Patrick on Twitter at @patrick_oshag Lees meerShow Notes
1:32 - (First Question) – His work in the finance world before crypto’s
5:12 – Experience navigating the subprime mortgage trend and what it taught him about blockchain
9:59 – The levers that matter in the financial services industry today vs when he first started
14:07 – Open vs closed money in financial services
19:16 – How slowdowns are different in the modern era
23:06 – What would lead to a major winding down of global debt
27:09 – What would be his focus as a traditional investor
29:21 – How he first got involved with bitcoin
29:47 – Elliott Wave Newsletter
31:53 – His measured view of Bitcoin and living through the volatility of it
32:03 – Bitcoin: A Peer-to-Peer Electronic Cash System
35:57 – Allocation of a portfolio which includes crypto
36:54 – His involvement and feelings on gold
37:56 – The formation of Paxos and the problem it exists to solve
41:34 – How Paxos is impacting the space
44:12 – Advantages of a private blockchain
43:59 – What is Pax Go… -
Bill Gurley – Direct Listing vs. IPO - [Invest Like the Best, EP.144]
24 september 2019 · 50 min
My guest this week is Bill Gurley, general partner at Benchmark Capital. Our conversation is about one specific issue that has popped up as a topic of interest in the investing community in recent months: the comparison between bringing a company public through a traditional IPO vs. what’s known as a direct listing.
As a third party observer with no real dog in the hunt (as we don’t buy IPOs at O’Shaughnessy Asset Management), I thought this was a small and nuanced issue. I’ve therefore been surprised by the strength of opinions on both sides of this issue as I’ve explored it behind the scenes this past week. It feels almost like I’ve encountered a political third rail, where one side throws a lot of vitriol towards the other.
To be clear, this episode is very much in favor of direct listings instead of traditional IPOs. For those that want a good discussion of the IPO process and its upsides, check out episode 173 of the Exponent podcast with Ben Thompson.
Now please enjoy my very interesting conversation with Bill Gurley 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
1:22 - (First Question) – His view on the IPO process
5:42 – Will now be the turning point for IPO’s
6:40 – The engagement between a new company going public and their counterparty and the IPO process
13:38 – The math of capital costs
18:18 – Banks that underprice the IPO’s
20:45 – The psychology of IPO’s
23:14 – The pop in the IPO and the media
24:54 – The value that shareholders give vs VC’s
25:37 – The Green Shoots
28:17 – The lock-up
31:40 – Direct listings vs IPO’s
36:07 – Spotify’s CEO Reveals Why He’s Not Doing a Traditional IPO
38:23 – The capital raised in an IPO and diluting the company
40:18 – Privilege access and buy-side firms
43:33 – What will actually lead to changes in the IPO s… -
[REPLAY] Albert Wenger - World After Capital - [Invest Like the Best, EP.80]
17 september 2019 · 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.
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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… -
[REPLAY] Deep Basin – Earning Alpha in Energy - [Invest Like the Best, EP.81]
11 september 2019 · 57 min
My guest this week are Matt Smith and Ian singer of Deep Basin Capital, a hedge fund specializing in the energy sector.
I first met Matt almost 10 years and, in that time, I’ve grown to respect him as much as any investor that I’ve ever met. Now having spent time with Ian, who specializes in oil and gas field exploration companies and the rest of the Deep Basin team, I have similar respect and admiration for all of them.
Deep Basin does almost the exact opposite of what us quants do. In fact, their entire goal is to build a portfolio of mostly idiosyncratic or stock specific risk, the very thing us quants mostly remove from portfolios. Deep Basin positions the portfolio to make a series of carefully constructed bets, long and short, without taking market risk, style-factor risk, or even commodity risk. They use a hybrid fundamental and quantitative process which we explore in detail. This is definitely another good example of who we are all up against in public markets.
What makes this story unique is that we are investors in Deep Basin’s management company and so have a clear interest in their ongoing success. Listeners know that I want to be as transparent as possible on this podcast so we event spend a little time telling the story about how it all came together a few years ago.
I have learned a ton about investing from my countless hours with this team and hope that this conversation gives you a glimpse into what is happening at the cutting edge of investing in the world of hedge funds.
Please enjoy my conversation with Deep Basin
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Expectations Investing: Reading Stock Prices for Better ReturnsShow Notes
2:47 – (First Question) – Looking at the universe of the energy space that they are focusing on
7:48…