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Invest Like the Best

Invest Like the Best

Exploring the ideas, methods, and stories of people that will help you better invest your time and money. Learn more and stay-up-to-date at InvestorFieldGuide.com

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Ryan Petersen - Where There Is Mystery, There Is Margin ? [Founder?s Field Guide, EP. 22]

My guest today is Ryan Petersen, founder and CEO of Flexport. Flexport is a technology platform for global trade. In this conversation, Ryan takes us through the fragmented world of international freight shipping, and we dive deep into the history and inefficiencies of the system. We also cover how shipping containers were standardized, how new protocols get adopted internationally, and the challenges of doing business in the ?no man's land? of international waters. Ryan is the type of entrepreneur I enjoy talking to most: he has incredible domain knowledge, high energy and is tackling an enormous global problem. I hope you enjoy my conversation with Ryan Petersen.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

-----

This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

 

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

-----

This episode is brought to you by DigitalOcean. DigitalOcean provides founders and creators with the platform they need to get their website and apps off the ground, all with low-bandwidth pricing to save them money over other cloud providers. 

 

If you are looking for the best place to build web apps or API backends on robust infrastructure, DigitalOcean is the place for you. They provide a fully managed solution that handles your infrastructure, operating systems, databases, and other dependencies, on their new App Platform product. App Platform makes it easy to build, deploy, and scale apps. Get started for free at do.co/founders.

-----

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:24] - [First question] - Overview of what Flexport does

[00:04:49] - His introduction into the world of shipping

[00:06:49] - Difference between parcel and freight

[00:08:53] - Market cap of the overall shipping industry

[00:09:24] - Fragmentation of shipping and what Flexport is solving for

[00:12:52] - Worst parts of the shipping world

[00:15:34] - Improving the tech behind the shipping container

[00:19:06] - Why the shipping container changed the world

[00:19:07] - The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger

[00:21:27] - Teams and outsider perspectives in solving problems

[00:22:34] - How their business could make shipping more efficient and reduce costs

[00:25:24] - Where the margins and profits are made in shipping

[00:25:49] - Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

[00:27:11] - The finance side of shipping

[00:28:56] - Maritime law and the ocean

[00:30:57] - How much is left in the digitization of shipping

[00:32:48] - The perfect state of shipping using Flexport

[00:38:19] - Investing in hard assets to expand the business

[00:41:03] - Lessons about building a business and global coordination

[00:43:15] - Multidisciplinary thinking among their team

[00:44:04] - Global supply chain issues in light of Covid and ocean policing 

[00:44:15] - Peter Zeihan Podcast Episode

[00:47:59] - Testing out demand in the beginning

[00:50:28] - The process of testing out new ideas and killing off losers

[00:52:33] - Important lessons/themes for founders

[00:54:51] - Hardest learned lesson, fundraising

[00:58:06] - Other opportunities in shipping

[00:59:47] - Lessons for creating a new standard

[01:02:22] - Using their standardization to improve global relief work

[01:04:40] - Creating synchronicity in a company

[01:07:09] - What he?s excited about for the future

[01:07:53] - Kindest thing anyone has done for him

2021-02-25
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Jeremy Grantham - A Historic Market Bubble ? [Invest Like the Best, EP.214]

My guest today is Jeremy Grantham. Jeremy is the Long-Term Investment Strategist and Co-Founder at GMO. Jeremy has an encyclopedic knowledge of the history of markets, which made it such a pleasure to have him back on the show. In this conversation, we discuss the three key signs of a bubble, why Jeremy believes we are in a bubble right now and how it?s being led by retail rather than institutional investors. We close with the important role that demographics and productivity will play over the next few decades across the world. Please enjoy my conversation with Jeremy Grantham.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

-----

This episode is brought to you by Koyfin, one of the fastest-growing fintech startups. I discovered Koyfin earlier this year when I asked Twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 


Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com

------

This episode is brought to you by MIT Investment Management Company. MITIMCO is the endowment office of MIT. New and small investment funds listen up. MITIMCO is looking to find investors starting funds today.

 

MITIMCO is partnership-driven, long-term focused, and has an extensive history of backing investors early in their careers. These partners are key in delivering the outstanding investment returns required to support MIT's pursuit of world-class education, cutting-edge research, and groundbreaking innovation. MITIMCO is focused on finding and partnering with the best investors across the globe, no matter the market environment. No firm is too small, too young, or too non-institutional.

 

If you or someone you know is currently in the process of starting a fund or recently launched, please email [email protected] or discover more on their website at mitimco.org/partner.

------

Invest Like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:03] - [First question] - His view on the markets today 

[00:03:07] - Jeremy Grantham?s Podcast Episode

[00:08:00] - Proliferation of SPAC?s and how he views them as a potential bubble

[00:10:20] - Could SPAC?s help to improve the IPO process

[00:14:30] - How he viewed the Gamestop story through his historical context 

[00:18:24] - Is investor education possible 

[00:19:50] - How the increasing role of retail investors impacts bubbles

[00:24:15] - Attitudes towards market bears in bubbles

[00:28:52] - Long term view on the economy and the forces pushing it higher

[00:41:50] - Returning to a hard money standard for the US economy

[00:49:39] - Would a finite supply of money change market trajectory

[00:51:02] - Best ways to improve the infrastructure of the economy and people?s willingness to work

[00:53:52] - What should one do if they believe we are in a bubble

[00:58:14] - What he is excited about in his green investments

[01:02:28] - Advice to young investors  

2021-02-23
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Carlos Brito ? Creating an Ownership Culture ? [Founder?s Field Guide, EP. 21]

My guest today is Carlos Brito, CEO of Anheuser-Busch InBev. AB InBev is the world?s largest brewer of beer and maintains a portfolio of hundreds of beer brands across the globe. Our conversation focuses on AB InBev?s culture of ownership, how Carlos balances organic growth with acquisitions and managing disruption as an industry incumbent. I loved hearing about Carlos? story from growing up in Brazil to now running one of the largest businesses in the world. I hope you enjoy my conversation with Carlos Brito.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

-----

This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

-----

This episode is brought to you by NetSuite. NetSuite allows founders to centralize their payment systems, ditch old spreadsheets and Quickbook tools, and finally gain visibility and control over their financials, HR, inventory, eCommerce - all in one place, instantly.

Whether you are doing a million in revenue or hundreds of millions in revenue - see why over 22,000 companies are using NetSuite today. Schedule your free product tour at netsuite.com/invest.

-----

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:12] - [First question] - His career path and how he got to where he is today

[00:11:02] - Culture building lessons throughout his career

[00:14:52] - Maintaining ownership of company culture as businesses grow 

[00:16:47] - How and why they avoid wasted resources

[00:18:49] - Why conserving resources is so beneficial for a company

[00:21:18] - Spreading culture into new members of a team

[00:25:26] - Lessons from managing a large portfolio of different brands

[00:27:58] - Biggest mistakes he has seen within brands

[00:29:38] - Navigating changes/threats in the beer industry, starting with craft beers

[00:32:56] - Lessons from the production and distribution side of the business 

[00:36:02] - How to assess and decide to move into a new market

[00:37:12] - Role of data in deciding how to allocate resources and capital

[00:40:34] - The evolution of marketing over his career

[00:44:32] - Implementing the meritocracy to keep the right people in the company and move them around

[00:47:59] - Feedback he needed to hear

[00:49:16] - How other leaders can decide on whether to focus on inorganic or organic growth

[00:51:41] - What he?s most proud of from his career

[00:53:13] - Passion for the product

[00:54:12] - Most memorable beer in his life

[00:54:56] - Kindest thing anyone has done for him

2021-02-18
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Scott Belsky - Focus on the First Mile ? [Invest Like the Best, EP. 213]

My guest today is Scott Belsky. Scott was the co-founder and CEO of Behance, the world's largest creative network, and a prolific angel investor, having made early-stage investments in Pinterest, Uber, Carta, and Airtable. His company was acquired by Adobe in 2012, where he is currently the chief product officer. In this conversation, we cover the importance of focusing on the first mile of a customer's experience with your product, why every user is (at first) either lazy, vain or selfish, and what the rise of creativity tools means for creators and investors in the future.  We also cover the major trends that Scott thinks will dominate for the next decade. This was one of those conversations where I was left with 10 great lessons that will stick with me for a long time. Please enjoy my conversation with Scott Belsky.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

-----

This episode is brought to you by Koyfin, one of the fastest-growing fintech startups. I discovered Koyfin earlier this year when I asked Twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 

Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com.

------

This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

------

Invest Like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:24] - [First question] - Philosophy for building great products

[00:04:52] - Starting the journey of building a great product 

[00:06:08] - Making the first mile better

[00:08:12] - Understanding user progress in product building 

[00:10:25]  - Getting to awareness and attention and interest in a product 

[00:12:41] - The concept of window dressing

[00:14:24] - Taking an idea and turning it into a high-value product 

[00:14:42] - The Messy Middle: Finding Your Way Through the Hardest and Most Crucial Part of Any Bold Venture and Making Ideas Happen: Overcoming the Obstacles Between Vision and Reality

[00:16:49] - Keeping rewards structure in place for teams to stay engaged

[00:19:56] - Using his knowledge in product building to invest in other companies

[00:24:00] - The concept of object model

[00:25:52] - User psychology concepts they keep in mind when designing a product

[00:27:51] - Implementing all of these strategies into a product

[00:29:25] - The era of eduployment

[00:31:05] - How this will impact colleges

[00:33:27] - The evolution of the talent/audience relationship

[00:35:32] - Decentralization and the companies of 1

[00:37:44] - How that decentralization will impact his investment thesis

[00:39:21] - How increased productivity tools could help with more creativity in the workplace

[00:42:04] - Training people to be more creative in the workplace

[00:44:33] - Future of user interfaces

[00:44:58] - The Interface Layer: Where Design Commoditizes Tech

[00:48:10] - Good design principles

[00:49:51] - The future coming out of Covid

[00:52:09] - Kindest thing anyone has done for him

2021-02-16
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Matt Mullenweg ? The Past, Present, and Future of the Internet ? [Founder?s Field Guide, EP.20]

My guest today is Matt Mullenweg, co-founder and CEO of Automattic, the company on top of the open-source project WordPress that Matt helped start. Today, WordPress powers 40% of all the websites in the world. Our wide-ranging conversation covers the state of the internet when Matt first started WordPress, the symbiotic relationship between open source and proprietary projects, and how the most successful companies are really master world builders. I hope you enjoy this great conversation with Matt Mullenweg.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

-----

This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

-----

This episode is brought to you by Vanta. Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founder?s Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

-----

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:03:15] ? [First question] ? What the internet felt like when he first started building Wordpress

[00:05:11] ? What was wrong with his impression of the internet then

[00:06:50] ? Being a connoisseur of things overlooked 

[00:08:34] ? How permission less publishing and open source software shaped the internet

[00:12:30] ? Balance between centralization and decentralization and where we are in the cycle

[00:14:08] ? The cycle between direct-to-consumer and having intermediary

[00:16:32] ? New opportunities and challenges of the internet today

[00:18:49] ? Potential of cryptocurrency to enable big changes on the internet

[00:21:22] ? The idea of distributed work via the internet and the utopia of it

[00:21:38] - Sam Harris podcast with Matt Mullenweg

[00:24:31] ? Advantage of having a team distributed across geographies and timezones

[00:26:46] ? What he learned from the Amazon?s API mandate

[00:29:12] ? Landmines of distributed work

[00:31:13] ? Interesting lessons learned building Wordpress

[00:34:55] ? Company building as world building

[00:35:52] ? Lessons from Microsoft on platform building

[00:38:53] ? Key ingredient to world building within your company

[00:41:09] ? Lessons from Wix and Shopify 

[00:42:23] ? How to decide what to do next in resource and capital allocation

[00:47:00] ? How to engage with other stakeholders in a platform business

[00:50:06] ? The continued connectivity created by the internet

[00:53:14] ? Kindest thing anyone has done for him

2021-02-11
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Michael Dempsey ? Investing in Bleeding Edge Technology ? [Invest Like the Best, EP.212]

My guest today is Michael Dempsey, General Partner at Compound. Michael invests in a broad range of areas but has a unique talent for combining brand building and direct customer relationships with technically demanding sectors. Our conversation covers the rise of virtual influencers, robotics, and how to best identify key inflection points in the evolution of new technologies. I hope you enjoy my conversation with Michael Dempsey. 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

-----

This episode is brought to you by Koyfin, one of the fastest-growing fintech startups. I discovered Koyfin earlier this year when I asked Twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 

Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com.

------

This episode is brought to you by MIT Investment Management Company. MITIMCO is the endowment office of MIT. New and small investment funds listen up. MITIMCO is looking to find investors starting funds today.

MITIMCO is partnership-driven, long-term focused and has an extensive history of backing investors early in their careers. These partners are key in delivering the outstanding investment returns required to support MIT's pursuit of world-class education, cutting-edge research, and groundbreaking innovation. MITIMCO is focused on finding and partnering with the best investors across the globe no matter the market environment. No firm is too small, too young, or too non-institutional.

If you or someone you know is currently in the process of starting a fund or recently launched, please email [email protected] or discover more on their website at mitimco.org/partner.

------

Invest Like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:54] ? [First question] ? Early stages of his career

[00:05:13] - What are inflection points and how he views them as a source of opportunity 

[00:07:40] - Real vs fake inflection points 

[00:12:19] - Creativity as a key component of inflection points 

[00:12:33] - On Inflection Points

[00:15:01] - Generative Adversarial Networks

[00:18:02] - History of animation and the innovation we are seeing there today 

[00:20:12] - Animation is Eating the World

[00:24:11] - The concept of a digital celebrity and their scale

[00:29:17] - Characteristics of digital celebrity creators

[00:31:12] - Longevity and consistency of these personalities

[00:33:11] - Future of gaming and potential for investments in the space 

[00:37:49] - The landscape for robotics and what has him excited

[00:41:07] - The exploration of space and the opportunities there.

[00:44:35] - Computational biology and the investment potentials.

[00:48:11] - How 2020 has changed the ability to solve scientific problems

[00:51:32] - The idea that Cyberpunk is now

[00:53:32] - Sam Hinkie podcast episode

[00:53:51] - Kindest thing anyone has done for him

2021-02-09
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Dustin Moskovitz ? Eliminating Work About Work ? [Founder?s Field Guide, EP. 19]

My guest today is Dustin Moskovitz, co-founder and CEO of Asana, a team-centric product management tool used by over 1.3 million users around the world. Dustin started Asana in 2008, 4 years after co-founding Facebook. In this conversation, we dive into Dustin's belief about the diminishing returns of hard work, the shocking amount of productivity lost in doing "work about work", and Dustin's philanthropic investment strategy around leverage and maximizing ROI. I hope you enjoy my wide-ranging conversation with Dustin Moskovitz. 

 

For the full show notes, transcript, and links to mentioned content, check out https://www.joincolossus.com/episodes/88012555/moskovitz-eliminating-work-about-work

-----

This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. Visit https://www.tegus.co/patrick to learn more.

-----

This episode is brought to you by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

-----

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide, go to https://www.joincolossus.com/episodes.   


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up at https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:03:19] ? [First question] ? Balancing hard purposeful work and too much work that leads to burn out

[00:05:41] ? What led to this way of thinking

[00:06:54] ? Regulating hard work through culture

[00:08:25] ? False tradeoffs and how Asana represents this

[00:09:43] ? Origins of Asana

[00:13:22] ? Organizing the chaos of a project

[00:18:09] ? Change vs discipline of the mission

[00:19:55] ? Transferring good ideas from one company to another

[00:23:19] ? Instilling leverage as a concept in an early company

[00:25:21] ? New learning curves in building Asana

[00:26:52] ? Hardest boss battle during his time at Asana

[00:28:43] ? The role of the work graph

[00:31:46] ? The proliferation of the work management space and the overall landscape

[00:32:56] ? The idea of radical inclusiveness

[00:36:31] ? Best reasons to start a new company

[00:37:47] ? What will lead to Asana?s continued success

[00:38:59] ? Lessons building the product

[00:41:13] ? Work with the Open Philanthropy Project

[00:43:44] ? Work on pandemics and biosecurity

[00:46:11] ? Where he sees the future of artificial intelligence

[00:50:47] ? Kindest thing anyone has done for him

2021-02-04
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Chamath Palihapitiya ? The Major Problems Facing the World ? [Invest Like the Best, EP.211]

My guest today is Chamath Palihapitiya, the founder and CEO of Social Capital, whose mission is to advance humanity by solving the world's hardest problems. I didn't know where this conversation would take us given Chamath's wide-ranging activities and interests but I think it provides an interesting glimpse into some of his core beliefs and the source of his drive. In our wide-ranging discussion we cover potential paths to closing the income inequality gap, how to manage one's personal psychology, his perspective on "value investing", and tackling climate change. I hope you enjoy my conversation with Chamath Palihapitiya. 

 

For the full show notes, transcript, and links to mentioned content, check out https://www.joincolossus.com/episodes/33654465/palihapitiya-the-major-problems-facing-the-world.

-----

This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked Twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 


Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com.

-----

This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. Visit https://www.tegus.co/patrick to learn more.

-----

Invest Like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best, go to https://www.joincolossus.com/episodes


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up at https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:03:13] ? [First question] ? His experience with debt and how he approaches personal finance

[00:09:13] ? Attacking the problem of perpetual income inequality

[00:12:06] ? Reaching the right people to fix the problem

[00:15:04] ? A for profit business to solve the problem of income inequality

[00:19:18] ? Traps he has beaten and hasn?t beaten in his finances

[00:22:15] ? Chamath?s focus on family, friends, memories, and legacy

[00:25:01] ? Big issues of our time; inequality, climate change, improving education

[00:29:28] ? Lessons learned from Social Capital 1.0, allocating funds for himself and others

[00:32:33] ? The balance between data and the qualitative analysis of companies

[00:35:26] ? Insights into businesses beyond the investments he makes

[00:40:29] ? Absurdities in the value investing style

[00:43:32] ? Benefits of SPAC investing and opportunities for late-stage entrepreneurs

[00:45:06] ? Traits in managers that he invests in

[00:47:20] ? What he?s learned about combatting climate change

[00:51:40] ? Thoughts on the supply chain, specifically as Americans

[00:54:35] ? Company life cycles and innovation

[00:57:15] ? What is most broken in the capital markets system

[00:58:58] ? Fixing healthcare

[01:01:36] ? Fixing climate change as President for a day

[01:02:06] ? Messaging effectively

[01:03:14] ? Is he a ?main character? in the investing world

[01:04:06] ? Tweeting a picture of himself as a kid

[01:04:42] ? Kindest thing anyone has done for him

2021-02-02
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Ali Ghodsi ? The Past, Present, and Future of Big Data ? [Founder?s Field Guide, EP.18]

My Guest today is Ali Ghodsi, founder and CEO of Databricks, a data analytics platform for data scientists and developers. He's also the founder of Apache Spark, the open-source project that Databricks is built on, and is an accomplished researcher at UC Berkley's computer science department. Our conversation ranges from the origins of distributed computing to modern data infrastructure, how companies can leverage their massive datasets, and the transformation of Databricks through its phases of growth as a business. While technical, it's exactly the kind of conversation I like to have on this show. I hope you enjoy my conversation with Ali Ghodsi. 

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/4919706/ghodsi-the-past-present-and-future-of-big-data 

 

This episode of Founder's Field Guide is sponsored by Klaviyo.  Klaviyo is the ultimate marketing platform for ecommerce.


With targeted segmentation, email automation, SMS marketing, and more, Klaviyo helps you create your ideal customer experience. See why Klaviyo's trusted by more than 50,000 brands, like Living Proof, Solo Stove, and Nomad to help them grow their business.

For a free trial check out https://www.klaviyo.com/founders

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go
to https://www.joincolossus.com/episodes.   

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:02:48] ? [First question] ? What is Databricks

[00:03:34] ? History of distributed computing

[00:05:35] ? Hardware that made this all possible

[00:07:20] ? Early challenges in building out these systems

[00:09:43] ? What has made networking technology better

[00:10:35] ? Doing something in storage vs with memory

[00:11:45] ? Origins of Hadoop

[00:12:42] ? Use cases of distributed data in 2010 that weren?t possible in 2000

[00:13:35] ? Origins of Spark

[00:15:25] ? Early Spark and then the transformation into Databricks

[00:16:50] ? Early uses cases

[00:17:37] ? Their relationship to the open-source project

[00:21:07] ? What customers need in order to work with Databricks

[00:23:11] ? Their customer interaction

[00:26:27] ? How they think about making investments

[00:28:24] ? Their competitive advantage

[00:30:13] ? Other companies in moving the needle in building distributed computing industry

[00:32:10] ? Walls that need to be broken down today

[00:34:02] ? Best practices for companies when it comes to their data

            [00:34:13] ? Jeff Lawson Podcast Episode

[00:38:47] ? Lessons being a CEO

[00:39:53] ? Working at the University of Berkeley?s AMPLab

[00:41:56] ? What excites him about the future

[00:43:29] ? Kindest thing anyone has done for him

2021-01-28
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Joost van Dreunen ? Unlocking Value in Gaming ? [Invest Like the Best, EP.210]

My guest today is Joost van Dreunen, an investor in the gaming space, professor at NYU's Stern School of Business, and former CEO and co-founder of SuperData Research, a data-driven gaming firm that was acquired by Nielsen. He also recently authored One Up: Creativity, Competition, and the Global Business of Video Games, a great book on the business game industry and why I reached out to speak with him in the first place. Our conversation covers the rise and decline of GameStop, what parts of the value chain actually make money in video games, the evolution of video game business models from Nintendo to Fortnite, and what other industries can learn by studying the video game industry. I hope you enjoy my conversation with Joost van Dreunen. 

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/14574831/van-unlocking-value-in-gaming

 

This episode of Invest Like the Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.  If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

Invest like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best go to https://www.joincolossus.com/episodes

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:02:38] ? [First question] ? First chapter of the modern gaming business

[00:06:28] ? The product era of video games

[00:10:11] ? The different pieces that take place in creating and selling a game

[00:12:25] ? The story of GameStop

[00:18:45] ? The transition to digital platform-based gaming

[00:22:55] ? How the breakdown of platforms has changed

[00:27:35] ? Free-to-play vs free-to-win in digital gaming

[00:31:27] ? How the revenue models are changing the type of games that are made

[00:35:07] ? Socializing games and the future there

[00:38:14] ? Who is making money in the modern gaming world

[00:43:33] ? The zones of opportunity to invest in within gaming

[00:47:12] ? Why the business models can be more powerful than new tech

[00:53:52] ? Strategies from gaming that the non-gaming industries can learn from

[00:57:05] ? Kindest thing anyone has done for him

2021-01-26
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Ilkka Paananen ? Superpowering Teams ? [Founder?s Field Guide, EP.17]

My guest today is Ilkka Paananen, Founder and CEO of Supercell, a mobile game developer based in Finland. Supercell has built hugely successful games like Clash of Clans and Clash Royale that have reached over 100 million daily active users. What interests me most about the company is Supercell's unique culture built on decentralized, autonomous teams with nearly total creative control. Ilkka and I talk about how Supercell hires and designs teams, why they incorporate as little process as possible, and the rise of global, social games. I hope you enjoy my conversation with Ilkka.

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/72273479/paananen-superpowering-teams 

 

This episode of Founder's Field Guide is sponsored by Klaviyo.  Klaviyo is the ultimate marketing platform for ecommerce.


With targeted segmentation, email automation, SMS marketing, and more, Klaviyo helps you create your ideal customer experience. See why Klaviyo's trusted by more than 50,000 brands, like Living Proof, Solo Stove, and Nomad to help them grow their business.

 

For a free trial check out https://www.klaviyo.com/founders

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go
to https://www.joincolossus.com/episodes.   


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:02:51] ? [First question] ? Why he is the ?least powerful CEO in the world.?

[00:04:03] ? His career prior to Supercell

[00:07:53] ? Lessons from his prior career that he brought to Supercell

[00:11:49] ? What he looks for in identifying and recruiting the best people

[00:13:46] ? The funnel of getting great people into the business through the rest of the team

[00:15:44] ? The Supercell recruitment team

[00:17:33] ? Interviewing and screening applicants

[00:18:39] ? Building teams and how they are the driving force behind the company

[00:21:29] ? The culture of trust throughout the company

[00:24:13] ? Ensuring teams know when to kill a project

[00:26:11] ? Celebrating after a project gets shutdown

[00:28:15] ? Why retention is such an important focus of the company

[00:30:40] ? How reach and depth lead to a game?s success

[00:32:21] ? The teams outside of development and how they operate

            [00:33:36] - LOST & CROWNED | A Clash Short Film

[00:34:53] ? His day-to-day

[00:35:49] ? Biggest surprises within Supercell since its founding

[00:36:38] ? What makes for a good game

[00:37:59] ? The notion of infinite games

[00:39:28] ? Kindest thing anyone has done for him

2021-01-21
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Claire Cormier Thielke ? The Future of Cities and Real Estate ? [Invest Like the Best, EP.209]

My guest today is Claire Cormier Thielke, Managing Director of Asia Pacific for Hines, the largest private real estate investment, development and management firm in the world with over $144 billion in assets under management. Claire responsible for acquisitions, development, and new business generation for Hines APAC and was also recently appointed to the board of Zillow. I was first introduced to Claire two years ago and have wanted to have her on the podcast ever since. 

Her personal story is fascinating - Claire finished Stanford undergrad in 2.5 years and now teaches there - on the intersection of tech and real assets, she was a professional track and field athlete - competing for USA Track and Field, and she's run a marathon on Everest, which we discuss. Aside from her personal story and some of her amazing achievements, in the episode, we dive into the world of real estate investing including how to use pattern recognition to unlock real alpha in real estate, the ingredients that make a city special, and the surprising ROI of public art.

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/72331821/cormier-the-future-of-cities-and-real-estate

 

This episode of Invest Like the Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.  If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

Invest like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best go to https://www.joincolossus.com/episodes


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:03:01] ? [First question] ? Overview of her career and her passion for real estate

[00:05:32] ? The impact of Gerry Hines on her life

[00:07:30] ? Her theory of and what she thinks about cities

[00:09:47] ? Cities rhyming with each other

[00:12:03] ? How the highway act led to growth in cities

[00:13:31] ? How cities compare around the world

[00:15:42] ? Airplanes as time machines

[00:18:42] ? Overview of a building project and how it differs from investing in equities

[00:23:15] ? Rebuilding a city from scratch

[00:25:45] ? Major real estate changes we?ll be seeing in the US

[00:28:30] ? Real estate trends that fascinate her in Asia

[00:30:10] ? Real estate plugging into other industries

[00:32:11] ? Trends in Asia that could be ported to the US

[00:34:08] ? Where to see the best of cities today (post-pandemic)

[00:37:28] ? The ROI on public art

[00:38:33] ? Her time in track and field

[00:41:59] ? The concept of tomorrow time

[00:42:49] ? Cultivated other part of her training

[00:45:07] ? Her marathon on Mount Everest

[00:46:26] ? Replicating the extreme performance piece of herself in a professional setting

[00:48:18] ? Lessons from being a professor

[00:49:53] ? Joining Zillow?s board, what she wants to bring and get

[00:52:17] ? Her childhood and her parents, how that influenced her

[00:56:26] ? How one person can be actionable

            [00:58:30] ? Brad Gerstner and Rich Barton podcast episode

[01:00:32] ? Kindest thing anyone has done for her

2021-01-19
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Oliver Hughes ? The Secret FinTech Giant ? [Founder?s Field Guide, EP.16]

My guest today is Oliver Hughes, the CEO of Tinkoff, the leading online commercial bank based in Russia. I found this conversation fascinating and think it will be essential for anyone who wants to understand online financial services or the next generation of fintech. Our conversation touches on how Tinkoff used direct mail campaigns to become the largest online banking provider in Russia, their last-mile delivery platform that combines couriers with door-to-door salesmen, and how they build profitability into every aspect of the business. I hope you enjoy my conversation with Oliver Hughes.

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/72486324/hughes-the-secret-fintech-giant

 

This episode of Founder's Field Guide is sponsored by Klaviyo.  Klaviyo is the ultimate marketing platform for ecommerce.

With targeted segmentation, email automation, SMS marketing, and more, Klaviyo helps you create your ideal customer experience. See why Klaviyo's trusted by more than 50,000 brands, like Living Proof, Solo Stove, and Nomad to help them grow their business.

For a free trial check out https://www.klaviyo.com/founders

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go
to https://www.joincolossus.com/episodes.   


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:02:44] ? [First question] ? The origins of Tinkoff

[00:06:18] ? How they started and stayed profitable, and lessons learned

[00:08:18] ? Bringing Visa to Russia and what he took with him to Tinkoff

[00:10:02] ? Overall Credit card and Tinkoff's specifically business model

[00:12:35] ? Running an effective direct mail acquisition campaign

[00:15:45] ? Branching off from the original core credit card business into other spaces

[00:18:45] ? How he thinks about when to make competing investments

[00:21:00] ? Embedding into new businesses and how it goes wrong

[00:24:50] ? How they became a large door-to-door business in Russia

[00:27:55] ? Why that door-to-door business makes it hard to compete with them

[00:29:38] ? Challenges in the payments business

[00:32:25] ? Using content to help them grow their business

[00:35:29] ? Competitive frontiers for Tinkoff and how often they shift

[00:38:45] ? What the future of Tinkoff might look like and the Russian business environment

[00:41:55] ? State of the market in Russia today

[00:45:27] ? Recruiting talent and building culture

[00:47:55] ? What he enjoys most about his job

[00:49:14] ? Failures and lessons from them

[00:52:00] ? Kindest thing anyone has done for him

 

 

2021-01-14
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Zack Fuss ? Breaking Down the Food Ecosystem ? [Invest Like the Best, EP.208]

My guest today is Zach Fuss, an investor at Continental Grain, a 200-year-old family owned business that is focused on investing and operating businesses throughout the food and agriculture ecosystem with assets across the US, Latin America, and Asia. Prior to his work at Continental, Zack was an analyst at Tiger and Citadel. This is a must listen for those interested in any aspect of the food ecosystem but also understanding value chains more generally. In our conversation we cover where profits tend to sit in a specific value chain, how legacy food businesses are creating their 2nd acts as digital businesses and explore what makes Domino's Pizza so interesting and special. I hope you enjoy my conversation with Zach Fuss. 

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/93129089/fuss-breaking-down-the-food-ecosystem

This episode of Invest Like the Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.  If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

This episode is brought to you by the MIT Investment Management Company (MITIMCO). MITIMCO is always on the looking for promising investment managers with the potential to compound our capital for a decade or more. If you think your firm is too small, too young, or too non-institutional, you might just be exactly what we are looking for. Check us out at https://mitimco.org/partner/ or e-mail us at  [email protected]. Please also see our new page for emerging managers https://mitimco.org/emerging-managers/.

  

Invest like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best go to https://www.joincolossus.com/episodes


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:03:42] ? [First question] ? Key components of the food management business

[00:05:12] ? The most defensible businesses in the food chain

[00:07:51] ? Law of conservation of attractive profits in the food business and food delivery

[00:11:05] ? Legacy food businesses and ones that have adapted well to changes today

[00:15:42] ? Dark stores and cloud kitchens

[00:17:11] ? Breaking down the Domino's Pizza business

[00:19:45] ? Being a Domino's Pizza franchise owner

[00:21:03] ? Why they offer such high returns to franchise owners

[00:23:22] ? The tech company aspect of Domino's Pizza

[00:25:25] ? Same store economics for an owner

[00:28:15] ? When Domino's Pizza realized their food was not great

[00:29:45] ? Why Domino's Pizza owns the delivery and won?t go on other platforms

[00:32:47] ? Most portable pieces of Domino's Pizza business

[00:34:03] ? Parts of Domino's Pizza history that are intriguing

[00:35:51] ? Build once, sell many times

[00:40:09] ? Lessons from the best retail businesses

[00:43:26] ? Has it become harder for smaller companies to win with larger ones being more nimble

[00:46:39] ? Watching the alternative meat companies flourish

[00:49:49] ? Interesting trends in the food space

[00:51:22] ? Global trends in food that we can learn from

[00:54:04] ? Impact of Covid on the food industry

[00:57:44] ? Businesses outside of stores that he finds fascinating

[01:00:08] ? Why he?s impressed by Chipotle

[01:01:48] ? Approaching buying a franchise

[01:05:30] ? Creating a new QSR business and differentiating from the pack

[01:07:58] ? Frontiers that he?s interested in today

[01:10:17] ? What he is saying in the competitiveness in public equities

[01:13:48] ? Kindest thing anyone has done for him

 

 

2021-01-12
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Carlos Cashman ? Lessons from the Amazon Ecosystems ? [Founder?s Field Guide, EP.15]

My guest today is Carlos Cashman,  co-founder and co-CEO of Thrasio an acquirer of third-party Amazon sellers. In a surprising departure for a high growth company, Thrasio has been profitable since its founding in 2018 and was most recently valued at $1 billion. In our conversation we discuss the full spectrum of the Amazon third party seller ecosystem, the effects of globally commoditized manufacturing, and the terms of Thrasio's acquisitions of Amazon businesses. I hope you enjoy this great conversation with Carlos Cashman.  

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/28372673/cashman-lessons-from-the-amazon-ecosystem

 

This episode of Founder's Field Guide is sponsored by Klaviyo.  Klaviyo is the ultimate marketing platform for ecommerce.


With targeted segmentation, email automation, SMS marketing, and more, Klaviyo helps you create your ideal customer experience. See why Klaviyo's trusted by more than 50,000 brands, like Living Proof, Solo Stove, and Nomad to help them grow their business.

 

For a free trial check out https://www.klaviyo.com/founders

 

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go
to https://www.joincolossus.com/episodes.   


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:02:44] ? [First question] ? Origin of Thrasio

[00:07:27] ? The types of business they work with

[00:11:19] ? Challenges for smaller businesses selling on Amazon and when they need a Thrasio

[00:15:31] ? How the Amazon ecosystem has changed since they started

[00:18:14] ? The capital sourcing side of their business

[00:19:49] ? Future of the ecommerce space that has them excited

[00:27:20] ? What makes the major online powerful so powerful for DTC companies

[00:32:18] ? How edge erodes on spend when people crowd into a platform

[00:34:46] ? Building the recognition of the Thrasio brand

[00:44:06] ? His history as an entrepreneur and what was the common thread in these businesses

[00:45:47] ? Getting customers early on

[00:46:47] ? Knowing when something will fail

[00:48:48] ? Downside of MBA?s

[00:50:07] ? The importance of people in building a company

[00:51:01] ? Effectively hiring people

[00:52:37] ? What has to remain with the founder

            [00:52:50] ? The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

[00:53:53] ? Other places in ecommerce that fascinate him

[00:56:36] ? What are the risk factors that he worries about

[00:59:12] ? Kindest thing anyone has done for him

2021-01-07
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Ram Parameswaran - Internet Scale Businesses ? [Invest Like the Best, EP.207]

My guest today is Ram Parameswaran, founder of Octahedron Capital. Ram started Octahedron this year after more than 5 years as a partner at Altimeter Capital where he made investments in Square, Bytedance, Pinduoduo, and Udaan. In our conversation we cover the potential for internet scale businesses, explore the common characteristics of these businesses, and then go through a rapid-fire round of the most important qualities for 8 business models. This conversation was a blast of energy and could have gone on for 2 more hours. I hope to have Ram on again and can't imagine what his conversations are like at the dinner table with his wife and former podcast guest, Anu Hariharan. Please enjoy this awesome conversation with Ram Parameswaran.  

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/22392883/parameswaran-internet-scale-businesses

 

This episode of Invest Like the Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.  If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

This episode is brought to you by the MIT Investment Management Company (MITIMCO). MITIMCO is always on the looking for promising investment managers with the potential to compound our capital for a decade or more. If you think your firm is too small, too young, or too non-institutional, you might just be exactly what we are looking for. Check us out at https://mitimco.org/partner/ or e-mail us at  [email protected]. Please also see our new page for emerging managers https://mitimco.org/emerging-managers/.

  

Invest like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best go to https://www.joincolossus.com/episodes


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:03:45] ? [First question] ? The opportunity of the commercial internet

[00:11:18] ? Identifying the companies that will take advantage of this shift to online commerce

[00:18:30] ? How businesses build scale, in particular internet vs non-internet businesses

            [00:23:09] ? How Amazon Wins: By Steamrolling Rivals and Partners

[00:24:19] ? The Carvana playbook

[00:30:11] ? Using frequency of use as a factor in valuing a business

[00:33:55] ? Evaluating ByteDance and what can others learn from them

[00:40:52] ? Finding success in an experiment

[00:43:32] ? How online commerce business will grow globally, with India in focus

[00:55:28] ? How they approach and evaluate online advertising businesses

[00:54:50] ? Evaluating direct content subscription online businesses

[00:55:42] ? Biggest challenges in building ecommerce online businesses

[00:58:31] ? The lens to evaluate online marketplace businesses

[00:59:43] ? What distinct things matter for on-demand online businesses

[01:01:56] ? The competition in the online payment space business

[01:06:35] ? Rake/Take rates outside of the US

[01:08:25] ? Things that matter for consumer software

[01:10:25] ? How that compares to enterprise software

[01:11:44] ? Evaluating developer companies

            [01:11:51] ? Jeff Lawson Podcast Episode

[01:13:53] ? Advice to help people be successful early in their investing career

[01:17:22] ? Kindest thing anyone has done for him

2021-01-05
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Dylan Field - The Growing Importance of Design ? [Founder?s Field Guide, EP.14]

Dylan Field is the co-founder and CEO of Figma, a collaborative, online design tool which has taken the world by storm. With a most recent valuation of more than $2B and bakers like Andreessen Horowitz, Sequoia, Kleiner Perkins, and Greylock, Figma has been one of the most successful companies building tools for creators. In our conversation, we dive into the principles Figma is built on, how they created multi-player for design tools, and the growing importance of design in business. I hope you enjoy this conversation with Dylan Field.

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/375923/field-the-growing-importance-of-design

 

DocSend is a document sharing platform that enables companies to share business-critical documents with ease and get real-time actionable analytics. With DocSend?s security and control, startup founders, investors, business development executives, and financial professionals can drive business outcomes that have a lasting impact. Start for free at www.docsend.com.

 

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go
to https://www.joincolossus.com/episodes.   


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[00:2:04] ? [First question] ? His decision to and application for the Thiel Fellowship

[00:3:23] ? What makes his co-founder Evan so good

[00:4:15] ? The Thiel Fellowship interview process

[00:5:26] ? Creating better opportunities for open ended learning in education

            [00:6:12] ? Why Software Is Eating The World

[00:7:48] ? Importance and types of independent thought as they built Figma

[00:10:00] ? Early stages of forming Figma

[00:12:03] ? The market of designers and what Figma does

[00:15:57] ? His principles of good design

            [00:17:36] ? Bret Victor - Inventing on Principle [Youtube]

            [00:17:49] - Up and Down the Ladder of Abstraction

[00:18:12] ? Future of design tools

[00:19:45] ? Design as a multiplayer concept and surprises that have come from it

[00:21:40] ? Threshold to know when product-market fit occurred

[00:24:11] ? Lessons for pricing something effectively

[00:25:48] ? Biggest challenge growing the business for him

[00:26:58] ? What he?s learned as a manager since starting Figma

[00:28:38] ? Lessons in effective recruiting

[00:31:49] ? Payoff of hiring the right partner

[00:33:01] ? The chapters/stages of Figma

[00:34:38] ? What has led to success in terms of the distribution of Figma

[00:35:56] ? Hardest thing to copy about Figma

[00:36:47] ? Dealing with customer support and unhappy users

[00:38:08] ? Their Communities platform and why it?s important for the business

[00:39:02] ? Learning about and from their competitors

[00:41:50] ? The landscape of software design tools

[00:43:43] ? Interesting creator tools

[00:44:31] ? What would be the key levers that lead to explosive growth for Figma

[00:45:57] ? Global trends he is most curious in

[00:47:21] ? Creating a more private digital world

[00:49:33] ? Thoughts or advice for people building something new

[00:50:57] ? Kindest thing anyone has done for him

2020-12-31
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Tracy Graham - Investing in Overlooked Businesses ? [Invest Like the Best, EP.206]

My guest today is Tracy Graham, founder and managing principal of Graham Allen Partners, a private equity firm that specializes in acquiring and building technology-enabled businesses. In our conversation we discuss how Tracy ended up playing football at Notre Dame, the key lessons he learned from famed coach Lou Holtz, why Graham Allen believes that businesses in secondary or tertiary US markets are undervalued, and why technology represents a great way to improve old businesses. I hope you enjoy my fun conversation with Tracy.

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/86798473/graham-investing-in-overlooked-businesses.

 

This episode of Invest like the Best is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake, or almost any company of interest. All you have to do is log in.

Visit https://www.tegus.co/patrick to learn more.

 

This episode is brought to you by the MIT Investment Management Company (MITIMCO). MITIMCO is always on the looking for promising investment managers with the potential to compound our capital for a decade or more. If you think your firm is too small, too young, or too non-institutional, you might just be exactly what we are looking for. Check us out at https://mitimco.org/partner/ or e-mail us at  [email protected]. Please also see our new page for emerging managers https://mitimco.org/emerging-managers/.

 

Invest like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best go to https://www.joincolossus.com/episodes


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here at https://www.joincolossus.com/newsletter.

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[3:35] ? [First question] ? Tracy?s origin story

[7:17] ? Lessons from Lou Holtz

[8:58] ? Why Lou was so good as a leader

[10:32] ? His early experience as an entrepreneur

[15:45] ? Investing principle at Graham Allen and how it was shaped by his experience

[18:41] ? Types of companies they target for investment

[23:09] ? Defining a unique and interesting data set

[27:14] ? Mispricing data sets and the fools gold

[29:19] ? Overview of a Midwest manufacturing company

[31:50] ? How data is being generated in manufacturing businesses

[36:57] ? Data to improve marketing

[41:13] ? Using data to dissect distribution

[45:59] ? Valuation of the companies in terms of multiples they are looking at

[47:31] ? Business values he strongly believes in

[50:54] ? Significance of Kenneth Allen in the firm

[52:23] ? Kindest thing anyone has done for him

 

 

 

2020-12-29
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Zach Perret ? The Future of Financial Services ? [Founder?s Field Guide, EP.13]

Zach Perret is the founder and CEO of Plaid.  Plaid helps companies build fintech solutions by creating APIs that allow people to connect their financial data to apps and services. In this conversation, we dive into Zach's philosophy on building products, how the financial system works today, how the financial system needs to be updated, and the trends Zach is seeing from the next wave of fintech companies launching on Plaid. I hope you enjoy this conversation with Zach Perret.

 

For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/39328476/perret-the-future-of-financial-services

 

DocSend is a document sharing platform that enables companies to share business-critical documents with ease and get real-time actionable analytics. With DocSend?s security and control, startup founders, investors, business development executives, and financial professionals can drive business outcomes that have a lasting impact. Start for free at www.docsend.com.

 

Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go
to https://www.joincolossus.com/episodes.   


Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.

 

Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus

 

Show Notes

[2:00] ? [First question] ? The notion of Great Challenges he got from his parents

[3:34] ? How it was instilled into him

[4:26] ? Default Consumptive State and constantly asking questions

[5:33] ? Origins of Plaid

[8:57] ? An overview of the Plaid product

[11:10] ? The early challenges of building Plaid and creating trust with all of the stakeholders

[15:57] ? First big break for Plaid

[18:06] ? Convincing Venmo to work with them

[20:12] ? What helped build relationships with customers

[21:30] ? How money is moved and their place in the chain

[24:34] ? How convenience helps to create larger markets and opportunities

[26:39] ? Usage base vs recurring revenue models

[28:03] ? Maintaining their systems as the landscapes and customers shift

[29:56] ? What is he seeing on the financial services frontier

[32:34] ? Building relationships with developers

[35:07] ? Lessons from building a business he?s learned along the way

[37:44] ? Successful techniques in recruiting

[39:52] ? What?s working well in this current landscape

[41:41] ? Business models that interest him

[43:14] ? Advice for other startup founders

[44:49] ? Things he doesn?t understand today that he wishes he did

[45:46] ? What he attributes Plaid?s success too

[47:55] ? Kindest thing anyone has done for him

[50:09] ? How you know when you?ve found a great challenge

2020-12-24
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Mario Cibelli - Cornerstone Investing Insights - [Invest Like the Best, EP.205]

My guest today is Mario Cibelli. Mario is the managing partner of Marathon Partners Equity Management, a long-biased, concentrated investment firm that he's run for over 20 years. In our conversation, we discuss how his firm figured out Blockbuster's DVD volume and told Reed Hastings and Netflix about their numbers, why visiting a company's distribution center can be an edge for investors, Mario's interesting foray into the world of tequila, and how a few "cornerstone" investing insights have led to many of Marathon's long positions. I hope you enjoy my conversation with Mario.

 

This episode of Invest like the Best is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake, or almost any company of interest. All you have to do is log in.

Visit https://www.tegus.co/patrick to learn more.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:34) ? (First question) ? Doing a deep dive into the early days of Netflix

            (2:43) ? Netflixed: The Epic Battle for America's Eyeballs

(6:50) ? What was impressive about Reed

(7:34) ? Visiting Netflix?s distribution centers early on and the lessons of those visits

(10:44) ? Lessons learned from other distribution centers

(17:52) ? What helps create good luck for a company

(19:17) ? Why tequila was fun to investigate

(25:09) ? Why tequila is different from other hard liquors

(27:40) ? Finding the cornerstone insight in a company

(29:20) ? What he?s learned about media-driven personalities and WWE

(34:30) ? Lessons in starting a media company and developing IP

(39:00) ? Having to battle activist shareholders in business

(42:43) ? How the rate of return in deep investigations has changed over his time

(45:08) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

2020-12-22
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Bob Pittman - Lessons from Building Media Empires ? [Founder?s Field Guide, EP.12]

My guest today, Bob Pittman, has had one of the most interesting careers I?ve ever come across. Today, he?s the CEO of iHeartMedia, the country?s largest operator of radio stations and podcasts. Bob also created MTV, was the CEO of Six Flags and 21 Century Real Estate, and the COO of AOL and AOL Time Warner. He?s the Dos Equis man of business. In our conversation we discuss why convenience is king for consumers, his lessons from building MTV into one of the most iconic brands and media properties in the world, the rise of user-generated content platforms, and the future of media. We also discuss what qualities make for a great host, a topic that given my current position, is always fascinating. Please enjoy my great conversation with Bob Pittman.

 

DocSend is a document sharing platform that enables companies to share business-critical documents with ease and get real-time actionable analytics. With DocSend?s security and control, startup founders, investors, business development executives, and financial professionals can drive business outcomes that have a lasting impact. Start for free at www.docsend.com.

 

This episode of Founder?s Field Guide is also brought to you by NetSuite.

Netsuite allows founders to centralize their payment systems, ditch old spreadsheets and Quickbook tools, and finally gain visibility and control over their financials, HR, inventory, eCommerce - all in one place, instantly.

Whether you are doing a million in revenue or hundreds of millions in revenue - see why over 22,000 companies are using NetSuite today. Schedule your free product tour at https://www.netsuite.com/invest.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:56) ? (First question) ? His personal interest that unites all of his business ventures

(4:09) ? His philosophy on the consumer

(7:43) ? Biggest quality mistakes business leaders make

(9:31) ? Respecting convenience in consumer preferences

(11:08) ? Founding insight to build MTV

            (16:23) ? Fred Seibert on Math in Magic Podcast

(17:14) ? How the music video concept evolved with MTV

(22:37) ? Role of hosts vs guests in the media world

(25:13) ? Quality that increases the odds a host works

(30:15) ? Why everyone needs to know how to tell a good story

(31:53) ? Peak of his time at MTV

(37:51) ? Lessons for new media from his experience

(43:46 ? The largest uncertainty in the media landscape amid the rise of user generated content platforms

(49:27) ? Where he finds inspiration outside of business

            (55:40) ? What Other People Say May Change What You See

(56:16) ? Different ownership structures and how they changed his behavior

(59:09) ? Finding and respecting your audience

(1:02:11) ? Lessons from time at Six Flags

(1:02:24) ? Most interesting thing about podcasting

(102:52) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-12-17
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Sam Hinkie ? Find Your People - [Invest Like the Best, EP.204]

My guest today is Sam Hinkie. Sam worked for more than a decade in the NBA with the Houston Rockets and then as the President and GM of the Philadelphia 76ers. And now, after years of personal investing, he has launched his own venture capital firm, Eighty-Seven Capital. Every conversation I have with Sam is alive with insight, and this one is no different. We explore the idea of studying the "breadcrumbs" that someone leaves behind as a way to track their progress and trajectory, finding and attracting the right people into one?s orbit, and the lessons from the NBA that most shape his investing career. Sam has taught me the most about the topic of building trust, which we cover here as well. I am excited to share my conversation with Sam with all of you. Please enjoy!

 

This episode of Invest like the Best is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake, or almost any company of interest. All you have to do is log in.

Visit https://www.tegus.co/patrick to learn more.

 

This episode is brought to you by the MIT Investment Management Company (MITIMCO). MITIMCO is always on the looking for promising investment managers with the potential to compound our capital for a decade or more. If you think your firm is too small, too young, or too non-institutional, you might just be exactly what we are looking for. Check us out at https://mitimco.org/partner/ or e-mail us at  [email protected]. Please also see our new page for emerging managers https://mitimco.org/emerging-managers/.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(3:48) ? (First question) ? Conducting a good interview

(5:58) ? Drilling into topics to learn more about people

(7:49 ? What percentage of people are actually worth spending time with for Sam

(9:29) ? People who think in a strange way that intrigues him

(10:36) ? Interest in digital breadcrumbs and how to follow them

(14:02) ? Building context around founders vs analyzing their pitch decks

(17:20) ? A real world example of the bread crumb strategy, Houston Rockets GM

(21:25) ? How successful people evolve with the erosion of their pre-established edge

(23:07) ? Shifting to a people-first focus

(24:50) ? Creating an atmosphere that attracts the best talent

(26:50) ? Tailoring things to someone else?s incentive structure

(28:24) ? Most amazing thing someone did in early days of working with Sam

(30:18) ? Lessons from sports that he carries with him

(32:31) ? Exceptions to relationships being a key to success

(33:03) ? Have people gone soft?

(34:58) ? Knowing whether founders are on the right path

(36:07) ? Avoiding transactional type people

(37:04) ? Most effective lessons he brought to sports from the investing world

(40:01) ? Ideas from the sports world he is bringing to the investing world

(44:11) ? How the size of the team can impact the success of the team

(45:48) ? Designing the game for himself

(50:33) ? Lessons learned from watching them build trust

(52:26) ? Market areas that have his attention

(54:13) ? Fascination into API?s

(58:05) ? Keeping your focus on your expertise

(59:45) ? Strangest things he?s seen in early stage investing

(1:01:26) ? Playing the long game

(1:04:29) ? Calling it Eighty-Seven Capital.

            (1:04:42) ? Means of Ascent (The Years of Lyndon Johnson)

(1:05:49) ? Increasing his chance at a GM job

(1:06:52) ? What can Caro teach us about the long game

(1:08:26) ? Lessons of power

(1:10:39) ? Quality in leaders he respects most

            (1:11:17) ? The Passage of Power: The Years of Lyndon Johnson

(1:12:58) ? The power of breadcrumbs and how people can start to lay them out

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-12-15
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Michelle Zatlyn ? Protecting the Internet ? [Founder?s Field Guide, EP.11]

My guest today is Michelle Zatlyn. Michelle is the co-founder and COO of Cloudflare, a now $25 billion dollar business which she helped take public last year. Cloudflare helps businesses make their websites faster and more secure, and over 25 million websites are running Cloudflare today. In our conversation, we discuss the catalyst for starting CloudFlare, explore the layers of the internet and the future of distributed storage and computing power, and discuss how and why Cloudflare operates its network across 200 cities globally. We close with the importance of finding and working with great co-founders and partners as you build a business. I hope you enjoy our conversation.

 

DocSend is a document sharing platform that enables companies to share business-critical documents with ease and get real-time actionable analytics. With DocSend?s security and control, startup founders, investors, business development executives, and financial professionals can drive business outcomes that have a lasting impact. Start for free at www.docsend.com.

  

This episode of Founder?s Field Guide is also brought to you by NetSuite.

Netsuite allows founders to centralize their payment systems, ditch old spreadsheets and Quickbook tools, and finally gain visibility and control over their financials, HR, inventory, eCommerce - all in one place, instantly.

Whether you are doing a million in revenue or hundreds of millions in revenue - see why over 22,000 companies are using NetSuite today. Schedule your free product tour at https://www.netsuite.com/invest.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:52) ? (First question) ? Project Honeypot and how it started

(3:39) ? What question was Honeypot solving

(4:59) ? Working through the idea maze of Cloudflare

(7:30) ? The first iteration of Cloudflare

(8:15) ? An overview of the cybersecurity market and why more leaders need to pay attention

(10:33) ? First big break for the company

(12:50) ? Risks they help mitigate

(16:42) ? Cyber weapons that Cloudflare protects against

(20:14) ? Hardest part of the building process

(24:06) ? Effective marketing lessons

(25:41) ? The sharks vs mosquitoes concept

(27:53) ? How do decide where to focus next

(31:34) ? The Cloudflare workers program

(36:33) ? Their scale vs other cloud providers

(42:21) ? The finance side of Cloudflare and their relationship vs Wall Street

            (42:40) ? John Collison Podcast Episode

(44:47) ? Relationship with their founding partners

(50:46) ? What about the future is most excites them

(52:32) ? Kindest thing anyone has done for her

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-12-10
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Danny Meyer ? The Power of Hospitality - [Invest Like the Best, EP.203]

My guest today is Danny Meyer, the founder and CEO of Union Square Hospitality Group, which compromises some of the most acclaimed restaurants in New York like Gramercy Tavern and Union Square Café. He?s also the founder and chairman of Shake Shack, which began in New York City but is now a publicly traded company with hundreds of locations worldwide. Our conversation focuses on how great hospitality leads to a great business, regardless of what sector its in. We discuss why hospitality is the starting point for Danny?s business philosophy, why first impressions matter, Danny?s concept of ABCD - always be connecting dots, how to scale hospitality, and how to build a business with essentialism and soul. The other day, when my young son went ice skating and fell a lot he said to me ?well you learn from your mistake so you try to make as many of them as you can.? You?ll hear Danny say something powerfully similar late in the conversation. It?s a lovely thought, then, that I found out my son, my firstborn, was a boy in one of Danny?s restaurants, in a reveal orchestrated by his incredible team. I really hope you enjoy our conversation.

 

This episode of Invest like the Best is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you?d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake, or almost any company of interest. All you have to do is log in.

Visit https://www.tegus.co/patrick to learn more.

 

 

This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions.

 

With Assure, investors can eliminate nearly all the admin cost of private investment. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. All of it, with a straightforward one-time fee. Learn more and try Assure for yourself at https://www.assure.co/patrick.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(3:41) ? (First question) ? His experience as a tour guide in Italy

(8:17) ? Why hospitality is the center of business focus

            (8:19) ? Setting the Table: The Transforming Power of Hospitality in Business

(11:50) ? Early lessons at creating an environment of hospitality

(15:17) - His strategy ABCD and learning from a trout fisherman relate and relate to hospitality

(20:45) ? Scaling hospitality

(24:56) ? What kind of people make a hospitality business work

(29:34) ? How to be an effective leader

(33:00) ? Handling mistakes well in the role of hospitality

(36:28) ? Creating the spark in the early part of entrepreneurial ventures

(40:32) ? When its time to start something new vs expand something you are already doing

(45:52) ? The excellence reflex and an example of this in his career

(50:25) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-12-08
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Zac Bookman ? How Government Works ? [Founder?s Field Guide, EP.10]

My guest today is Zac Bookman. Zac is the Founder and CEO of OpenGov a budgeting and financial management software for local governments. Before he founded OpenGov Zac was an Advisor to U.S. Army General H.R. McMaster in Afganistan, a law clerk on the Ninth Circuit Federal Court of Appeals, and earned a Fullbright Fellowship studying corruption in the Mexican government. This conversation is one of the most unique and wide-ranging of any I've had on the show. We cover how Zac built a world-class sales organization, the power of selling momentum, and the role capital efficiency still plays in building great companies. We also dive into the details on how local government works from mayors down to school board meetings. Please enjoy my conversation with Zac Bookman. 

 

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

  

This episode of Founder?s Field Guide is also brought to you by NetSuite.

Netsuite allows founders to centralize their payment systems, ditch old spreadsheets and Quickbook tools, and finally gain visibility and control over their financials, HR, inventory, eCommerce - all in one place, instantly.

Whether you are doing a million in revenue or hundreds of millions in revenue - see why over 22,000 companies are using NetSuite today. Schedule your free product tour at https://www.netsuite.com/invest.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:56) ? (First question) ? His career leading up to OpenGov

(5:45) ? Experience in Afghanistan and lessons from his time there

(8:54) ? Aligning a large group on a strategy

(9:56) ? Aligning the team at OpenGov when getting started

(11:54) ? Levels of government that matter and what their systems looked like when he was getting started

(15:24) ? Role of budget and how money flows in in government operations

(18:55) ? How technology can fix the bureaucracy of government

(21:40) ? Can technology help the public?s relationship to government

(24:20) ? Defining vertical SaaS products

(27:02) ? Picking the right products/customers to build your product well

(28:33) ? Their purpose when building their first product

(30:23) ? Building a company in a highly regulated space

(32:14) ? Selling in this space and lessons learned

(34:04) ? Building a machine to distribute enterprise software

(37:03) ? Getting the technical, political, and commercial processes aligned

(39:40) ? Staying up to date on the market and fending off your competition

(42:18) ? Competency within public governments

(44:03) ? Metrics that he uses to understand the health of OpenGov

(46:07) ? The importance of charging the right price for professional services

(48:36) ? Hardest episode in developing OpenGov

(50:17) ? Valid early criticisms of the company

(52:34) ? Advice to new entrepreneurs entering the vertical SaaS space

            (54:06) ? The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers

(57:04) ? Engineering momentum among teams

(59:00) ? Personal improvement as a leader

(1:01:55) ? The study of death and why it?s important for him

(1:04:19) ? What people can get spending time in the mountains

(1:06:53) ? Role of capital efficiency in his work

(1:09:11) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-12-03
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Daniel Gross ? Finding Undiscovered Talent - [Invest Like the Best, EP.202]

My guest today is Daniel Gross. Daniel is the founder of Pioneer, an extremely unique company which he describes as a ?fully remote startup generator? that helps talented people around the world figure out if their idea has legs. You can learn more about it at pioneer.app. Our wide-ranging conversation covers the art of asking great questions, the use of predictive modeling and psychometrics to identify talent, and why psychometrics are probably overrated and not that scientific. We then dive into exciting new frontiers for tech investing ranging from GPT-3 to satellites. I really enjoyed this conversation and I hope you will too.

 

This episode of Invest like the Best is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you'd want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake, or almost any company of interest. All you have to do is log in.

Visit https://www.tegus.co/patrick to learn more.

 

This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions.

With Assure, investors can eliminate nearly all the admin cost of private investment. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. All of it, with a straightforward one-time fee. Learn more and try Assure for yourself at https://www.assure.co/patrick.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(3:15) ? (First question) ? His passion for Crank and Whiplash and why movies are great screeners for interviews

(6:15) ? Overview of Pioneer

(7:56) ? Defining talent

(10:02) ? The equivalent page rank when it comes to people

(14:10) ? Psychometrics and matter to him

(18:13) ? The importance of persistence

(20:23) ? The concept of insecure overachievers

(22:48) ? Fast twitch vs slow twitch capitalism

(24:31) ? Importance of memes as it relates to human behavior today

(26:14) ? The landscape of the type of businesses being formed

(29:25) ? Overview of GPT3

(33:33) - The Power of Ten Playbook

(38:08) ? Technologies going from a frontier to a utility

(42:45) ? Why something like a Starlink can?t be regulated

(44:58) ? Seed vs leech ratio in capital funding

            (49:10) ? Give and Take: Why Helping Others Drives Our Success

(49:15) ? Dissecting Patrick?s usual closing question and good questions for screening people

(52:56) ? What questions help him get to the bottom of

(55:58) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-12-01
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Emmett Shear - The New Language of the Internet ? [Founder?s Field Guide, EP.9]

My guest today is Emmett Shear, founder and CEO of Twitch. Twitch is the world's leading live streaming platform for gamers, which was acquired by Amazon in 2014. We talk about how Twitch empowers streamers to monetize their audience, the necessity of picking a customer early in a business, and the lessons Emmett learned scaling Twitch from an online reality TV show to a global brand inside Amazon. We also discuss how Twitch has helped create a new language in the internet age with emotes, a topic I am fascinated by. I hope you enjoy this conversation with Emmett Shear.

 

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

 

This episode is also brought to you by Solo Stove. There's simply no better way to create good moments this holiday season than around a fire with a Solo Stove Bonfire.  Complete with 30-day return policy and a lifetime warranty, the unit is made entirely of stainless steel, and at just 20 pounds, the Solo Stove Bonfire is easy to transport for a perfect evening in the backyard, at the campground, or on the beach. Get $5 off with code Patrick5 before December 31st 2020.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:52) ? (First question) ? History of interactive entertainment

(4:10) ? Interactivity from the clubs in Vienna and what he learned from that

(5:16) ? Origins of Justin.TV and when gaming became the focus for Twitch

(8:59) ? What he enjoyed about video streaming games early on

(10:21) ? Interactive experience between creators and community

(12:28) ? Emotes on twitch and how they came to be

(14:45) ? Business of emotes and the affiliates

(16:27) ? How these features are proliferating out on the internet and changing it

(17:21) ? How far we are in the streamer-influencer phenomenon

(20:00) ? Building an effective platform for fans

(23:07) ? Evolution of the just chatting piece of Twitch

(24:58) ? Favorite parts of Twitch from followers: Chess

(26:45) ? Running a business within a larger business

(28:09) ? Most interesting trend in the market today

(30:40) ? Effective ways for recruiting the team

(31:35) ? Most curious about what is happening on the internet today

(33:06) ? Advice from the early days of Twitch

            (35:55) ? Ira Glass video taste and making things

(36:34) ? Focus on strategic mission

(38:06) ? Identifying the customer

(40:40) ? Starting small

(41:45) ? Investors focus on potential market size

(43:00) ? Most common reasons talented people fail

(43:47) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-11-26
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RRE Ventures - RRE Ventures - Raju Rishi, Nikita Singareddy, Jason Black - [Invest Like the Best, EP.201]

My guests today are Raju Rishi, Nikita Singareddy, and Jason Black of RRE Ventures. RRE is a New York-based VC firm investing in early-stage start-ups with more than 400 investments over its 25 year history. Raju, Nikita, and Jason focus their time in the world of healthcare investing, a topic I haven't explored much personally or on this show. We discuss the current landscape for healthcare investing, the variety of stakeholders in the healthcare value chain, the opportunities for founders and investors in the space, what excites them most about the future of the space, and the impact COVID has had in shaking up the industry. I hope you enjoy my conversation with the RRE team. 

 

This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 

Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com

                                                  

Ladder Teams is a modern personal training experience with expertly designed workout plans, 1x1 access to some of the best coaches in the world, and the power of community, all delivered to your phone. 

If you?re looking to switch up your fitness routine at home or if you are back at the gym and looking to refresh your training plan Ladder Teams has a program for you. Check out https://ladder.fit/Patrick to download the app and get started.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:34) ? (First question) ? How the team think about attractive investment concepts

(7:13) ? The current landscape for healthcare investments

(8:53) ? Complications in pricing healthcare and where it needs to change

            (17:45) ? Catastrophic Care: Why Everything We Think We Know about Health Care Is Wrong

(17:55) ? The major stakeholders and where the innovation is coming from

            (18:22) ? The Patient Will See You Now: The Future of Medicine Is in Your Hands

(24:43) ? How Covid is changing the healthcare sector

(28:43) ? Cutting edge of remote patient monitoring

(37:03) ? Passive monitoring and future tech of healthcare

(39:38) ? Improving the clinical trial process

(44:54) ? Doctors being lost in the shuffle and improving the experience for them

(50:20) ? Excites them most about the future of the space

(56:17) ? Kindest thing anyone has done for them

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-11-24
Länk till avsnitt

Nick Kokonas - Know What You Are Selling ? [Founder?s Field Guide, EP.8]

My guest today is Nick Kokonas, the co-founder of the 3 of the best restaurants and bars in America - Alinea, Next, and The Aviary as well as the co-founder and CEO of Tock, a comprehensive booking system for restaurants. This was one of my favorite conversations in the history of the show. Nick is a philosophy major turned derivatives trader that is now one of the most well-known names in the restaurant and hospitality industry. We cover so many topics I can?t list them here, but I?ll remember it for why it's so important for a business to really know what it's selling and then actually sell it. Nick also pulls back the curtain on why restaurants and even book publishers can be great businesses if you do them in the right way. I felt like this conversation could have gone on for hours and I hope you enjoy it.

 

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

 

This episode is also brought to you by Solo Stove. There's simply no better way to create good moments this holiday season than around a fire with a Solo Stove Bonfire.  Complete with 30-day return policy and a lifetime warranty, the unit is made entirely of stainless steel, and at just 20 pounds, the Solo Stove Bonfire is easy to transport for a perfect evening in the backyard, at the campground, or on the beach. Get $5 off with code Patrick5 before December 31st 2020.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(3:02) ? (First question) ? Why he thinks it?s so important to own something

(4:35) ? Make decisions that have outcomes

(7:00) ? His interest in the restaurant business

(8:54) ? Why restaurants are so tough

(12:05) ? How their business mindset changed their running of the restaurant

(14:35) ? Words they would avoid in the restaurant

(16:19) ? Asking the right questions in the restaurant business

(20:40) ? Importance in taking the right risks

(22:02) ? Coming up with innovative strategies for ticketing, selling meals ahead of time, and dynamic pricing

(30:08) ? Can dynamic pricing be extended to other businesses

(31:20) ? Origin of Tock

(36:17) ? Early days of Tock and identifying the right customers/challenges

(41:33) ? Importance of the first customer

(44:22) ? The typical restaurant business model

(49:23) ? Lessons from Tock and the importance of knowing what your selling

(53:47) ? Lessons from publishing

(55:44) ? Other aspects of business that people know but do nothing about

(1:00:19) ? Their response to Covid and lessons learned

(1:07:43) ? The real impact to the food delivery companies

(1:09:24) ? How businesses communicate their end processes to their customers

(1:14:07) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-11-19
Länk till avsnitt

Niki Scevak - Wild Hearts and Wild Ideas - [Invest Like the Best, EP.200]

My guest today is Niki Scevak, co-founder and partner at Blackbird Ventures. Blackbird is a leading VC firm in Australia and New Zealand and has invested in companies like graphic design platform Canva and autonomous vehicle company Zoox. Our conversation covers the types of wild ideas Blackbird invests in, the landscape of venture and start-ups in Australia and New Zealand, and everything Niki knows about gross margins and customer acquisition. We also introduce a new concept on the show I'm calling Breakdowns, where we dive into a single business, what it does, how it operates, and what makes it tick. I hope you enjoy the conversation.

 

This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 


Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com

 

This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions. 

With Assure, investors can eliminate nearly all the admin cost of private investment. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. All of it, with a straightforward one-time fee. Learn more and try Assure for yourself at https://www.assure.co/patrick.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:39) ? (First question) ? Defining a wild heart

(3:38 ? How you identify someone doing their life?s work

(4:30) ? Defining a wild idea

(6:13) ? Origin of Blackbird and importance of small teams

(7:05) ? Investing in companies and not rounds

(09:57) ? Signs of a good story and storyteller

(11:37) ? Any places he disagrees with the majority of thinkers in the tech investing space

(13:11) ? The sleepy firms backing high growth companies

(16:02) ? The products of an investment firm

(18:17) ? What he likes to see in a startup after their initial investment and gets him worried

(20:21) ? Unique characteristics of the New Zealand and Australian markets

(23:36) ? Trends he?s seeing in companies he?s backed recently

(24:46) ? Everything he knows about gross margins

(25:36) ? Range of gross margins in software companies and the quality of the business

(27:00) ? Lessons on customer acquisition

(28:23) ? Unique way a company acquired customers early on

(29:23) ? Customer retention

(31:12) ? Finding the best product thinkers

(32:30) ? Question he is trying to answer

(34:01) ? Lessons from his investing career

(35:40) ? Business breakdown of Canva

(38:36) ? How Canva gets to its customers

(41:25) ? Figuring out the monetization model

(44:42) ? Canva?s moat

(46:08) ? Most delightful feature

(46:41) ? Positive portable lesson from Canva

(49:13) ? Best way to learn more about the company

            (49:24) ? How I Built This with Melanie Perkins

            (49:27) ? This Week in Startups with Melanie Perkins

(49:41) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-11-17
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Todd McKinnon - Creating and Defining a New Market Category - [Founder?s Field Guide, EP.7]

My guest today is Todd McKinnon, co-founder and CEO of Okta, the leading provider of identity management for enterprises. Todd started Okta in 2009 after realizing that enterprises would need a robust solution for identity management in a world where everything was quickly moving to the cloud and today counts over 7,000 enterprises as customers. Our conversation focuses on how Todd decided to leave Salesforce to start Okta, the painful early years of growing the business, how companies can create and define a new market, the different roles he's had to play as the company grew and went public, and the frameworks he's put in place to continue to innovate and test new things as public business. I hope you enjoy our conversation.

 This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:19) ? (First question) ? Best slide in his presentation for starting Okta

(5:21) ? The early days of Okta and what they were trying to do

(8:36) ? Challenge of building the company from an engineering perspective

(10:32) ? First version of the Okta product

(11:03) ? An overview on identify management

(13:55) ? The major innovation in the early days of the product

(16:11) ? The early struggles of starting a company

(18:49) ? Becoming a default mode solution

(20:39) ? Most interesting ways the company has grown its services

(22:10) ? Future of platform businesses

(24:24) ? Expanding into an infrastructure business

(25:59) ? Important shifts that they are paying attention

(28:21) ? Future of our digital identity and Okta?s potential role

(32:20) ? The chapters of Okta?s story so far

(35:03) ? Challenges they had to overcome in growing the company

(37:31) ? Recruiting the right talent and fostering it early on

(39:12) ? Biggest mistakes he?s made with the business

(41:06) ? Benefits of extreme focus vs having a broader view of the problems

(43:35) ? Innovating within Okta

(46:02) ? How software businesses define cost of revenue and cost of goods

(48:23) ? Lessons they?ve learned about selling the services of a small company into the largest company

(49:54) ? Lessons from working with bad clients/customers

(51:06) ? Their inside view into the future of business today

            (51:10) ? Jeff Lawson podcast Episode

(52:36) ? Best way to maintain the growth of Okta over the long term

(53:30) ? Lessons he would give to business students today

(54:51) ? Being scared as a founder

(55:27) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-11-12
Länk till avsnitt

Jason Karp and Rohan Oza ? The Power of Brand - [Invest Like the Best, EP.199]

My guests today are Jason Karp and Rohan Oza. Jason is the founder and CEO of HumanCo, a holding company focused on building businesses that help people live healthier lives. Jason formerly ran the hedge fund Tourbillon Capital and was an audience favorite when he was on the podcast several years ago. Rohan is the co-founder of CAVU Venture Partners, one of the fastest-growing venture funds in the CPG space. Before Cavu, Rohan focused on supercharging brands like Vitaminwater and Smartwater at Glaceau which was acquired by Coca Cola for over $4b dollars. You may also recognize his name as a recurring Shark on ABC's Shark Tank. Our conversation covers how to think about investing in brands, what makes for a great brand, how partnerships with influencers and celebrities can turbocharger a brand,  how brand ultimately gives you pricing power, and how Rohan and Jason try to add, in their words, sizzle, to the brands they work with. I really enjoyed this conversation with two of the smartest people I know on brands and brand strategy and hope you will too. 

 

This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 

Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com

 

Ladder Teams is a modern personal training experience with expertly designed workout plans, 1x1 access to some of the best coaches in the world, and the power of community, all delivered to your phone. 

If you?re looking to switch up your fitness routine at home or if you are back at the gym and looking to refresh your training plan Ladder Teams has a program for you. Check out https://ladder.fit/Patrick to download the app and get started.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:58) ? (First question) ? Exploring the early part of Rohan?s career with Mars

(4:53) ? First time changing a brand?s image

(6:40) ? Jason?s transition since his last appearance on the podcast

(9:47) ? What parts of a brand excite Rohan as an investor

(11:33) ? The marketing machine once you find a brand

(13:13) ? Options in the retail strategy

(19:07) ? Biggest errors early in a brands lifecycle

(21:04) ? The shift where consumers care more about the makeup of a product than just the brand

(26:20) ? Finding the fanatical few in the early part of a brands lifecycle

(31:03) ? How the role of celebrity has changed in shaping brands

(33:01) ? The importance of how a brand makes consumers feel

(36:15) ? Will distribution drive market changes in the future

(38:17) ? Driving revenue multiples for products

(48:33) ? Categories in health and wellness ripe for disruption

(52:20) ? How scalable health and wellness brands are as public companies

(55:00) ? Challenges that older brands have in today?s environment

(56:46) ? Kindest thing anyone has done for Rohan

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-11-10
Länk till avsnitt

John Chambers - Pattern Matching, Playbooks, and Winning Product Categories - [Founder?s Field Guide, EP.6]

My guest this week is John Chambers. John was the CEO of Cisco from 1995 to 2015 where he helped grow Cisco from $70 million to $40 billion in annual revenue. In this conversation we discuss the best business lesson he learned from long time GE CEO Jack Welch, his key lessons from acquiring over 180 companies with Cisco, pattern recognition and playbooks, capitalizing on market transitions enabled by new technologies, the value of team offsites, and a lot more. I was immediately drawn into John's magnetic personality and it's easy to see how he was so adept at running a 40,000 person company for 2 decades. I hope you enjoy this great conversation with John Chambers.

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

 This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:04) ? (First question) ? Why companies need a near death experience

(6:37) ? The way his leadership changed between 1999 and 2003

(11:34) ? His career before and leading to his time joining Cisco

(17:51) ? What Cisco was like when he joined

(21:02) ? Role that pattern recognition plays in his management

(24:16) ? Lessons learned from the spate of acquisitions they took on under his tenure

(30:46) ? Pricing deals and using Cisco?s scale to be successful

(33:09) ? Lessons he learned in terms of distribution

(35:10) ? What he learned from his relationship with Shimon Peres

(42:08) ? His role in helping young entrepreneurs

(46:00) ? Transformation on his team building trips to Alaska

(50:42) ? Transitions in the world he is focused on right now

(52:542) ? Kindest thing anyone has done for John

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-11-05
Länk till avsnitt

Anu Hariharan ? Lessons in Growth Investing - [Invest Like the Best, EP.198]

My guest this week is Anu Hariharan. Anu is a partner at Y-Combinator's Continuity Fund where she focuses on growth investing. Before YC, Anu was an Investment Partner at Andreesen Horowitz where she worked with portfolio companies Airbnb, Instacart, Medium and Udacity. In this conversation, we discuss growth stage businesses and their business models, how her background as an engineer impacts her investing style, the most interesting international markets for tech start-ups, and how much opportunity there still is for investing in tech and e-commerce startups. This conversation left me thinking about how much digital transformation there still is in front us and the exciting opportunities ahead. Enjoy this great conversation with Anu Hariharan. 

 

This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 


Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com

 

 This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions. 

With Assure, investors can eliminate nearly all the admin cost of private investment. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. All of it, with a straightforward one-time fee. Learn more and try Assure for yourself at https://www.assure.co/patrick.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:45) ? (First question) ? How she thinks about growth stage businesses through their business models

(5:00) ? Her views on the winner-take-all business goal

(9:53) ? How to prioritize the stakeholders when building a network business

(12:19) ? Priorities in growth stage businesses vs those seeking Series A funding

(18:25) ? Most interesting international markets

(21:44) ? Risks in investing in international tech startups

(24:54) ? Assessing a hardware-based tech company vs software business

(30:22) ? How her background as an engineer impacts her investing style

(36:11) ? Lessons from the various growth strategies she?s observed

(40:05) ? How valuation impacts the company and her decision to invest

(45:45) ? How far along are we into the global digital transformation and what opportunity is left

(48:15) ? Sectors that are still primed for more digital transformation

(52:50) ? How the tech investing landscape has changed during her career

(57:45) ? Kindest thing anyone has done for her

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-11-03
Länk till avsnitt

Laura Behrens Wu - When Digital and Physical Worlds Converge - [Founder?s Field Guide, EP.5]

My guest today is Laura Behrens Wu, co-founder and CEO of Shippo. Shippo started in 2014 after Laura realized with her own e-commerce start-up that shipping was an incredibly difficult task for most merchants, so she set out to fix the problem for everyone. Shippo let's merchants small and large use its dashboard or APIs to simplify the shipping and tracking process. Our conversation focuses on Laura's background prior to Shippo, how Shippo's business and business strategy have evolved, the inherent challenges of building a shipping platform, and the intersection of the physical and digital worlds. I hope you enjoy our wide-ranging conversation.

 

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:57) ? (First question) ? The story of Popout and how it led to Shippo

(7:40) ? Challenge of working in a huge and crowded market

(10:36) ? How Shippo changed shipping for small businesses

(12:30) ? First big break in their favor

(13:39) ? Their master account with the major shipping companies

(14:39) ? Why is the shipping industry so complex

(16:25) ? Most painful part of building Shippo

(18:20) ? Advice for people in early company building

(19:26) ? Pricing software in early days

(20:32) ? The early days of Shippo and getting it to where it is today

(23:17) ? Going to market and targeting new customers when they?re mostly small businesses

(25:48) ? Partnering with a larger company, in their case Shopify

(27:52) ? How they think about their long-term planning

(30:48) ? Competing in a world where companies can own their own infrastructure

(32:39) ? How often they think about other competitive advantages

(34:20) ? Worst question an investor asked her: what if Amazon tries to copy them

(35:17) ? Her superpowers as a founder

(36:41) ? API vs dashboard and the difference in their customer bases

(38:52) ? What businesses that need shipping today need to know

(40:14) ? Changes in how businesses are being built today

(41:28) ? What excites her most about the future of this business

(43:28) ? Kindest thing anyone has done for her

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-29
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Brad Gerstner and Rich Barton ? Thriving in Changing Markets - [Invest Like the Best, EP.197]

My guests today are Rich Barton and Brad Gerstner. Brad is the founder of Altimeter Capital and is one of my favorite active investors. Brad and Altimeter were one of the largest investors in Snowflake in its earlier days and continue to invest in iconic modern businesses with an extreme focus. Rich has one of the most impressive resumes in the business world. He founded Expedia, Glassdoor, and Zillow; He?s a longtime Netflix board member, since before they went public; he?s a venture partner at Benchmark Capital; and he give back through the Barton family foundation. Our conversation covers Rich?s ?power to the people,? strategy, Brad and Rich?s perspectives on taking companies public through SPACs vs. IPOs, and their perspectives on how to build a great company. This one is so fun, we even discuss how to come up with company names, talk about the importance Wizard of Oz, and explore the importance of big hairy audacious goals. I really enjoyed this conversation with two of the smartest people I know, and I hope you will too.

 

This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 

Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com

 

This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions.

With Assure, investors can eliminate nearly all the admin cost of private investment. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. All of it, with a straightforward one-time fee. Learn more and try Assure for yourself at https://www.assure.co/patrick.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:59) ? (First question) ? How Brad and Rich met

(5:57) ? The instant click between them

(7:21) ? The power to the people perspective

            (7:29) ? Brad Gerstner Podcast Episode

(10:21) ? Delivering information to consumers

(11:31) ? The investing perception of data-delivery businesses

(13:54) ? How they use SPACs

(17:38) ? How entrepreneurs view SPACs

(20:17) ? Lessons from their involvement in Altimeter Growth Corp

(23:57) ? Defining value add investor in the public and private markets

(26:36) ? The Wizard of OZ and Pygmalions

(30:41) ? Leadership mold at businesses and big audacious goals

            (30:44) ? No Rules Rules: Netflix and the Culture of Reinvention

(36:05) ? Frank Slootman?s leadership style

            (36:12) ? Amp It Up

            (46:13) ? TAPE SUCKS: Inside Data Domain, A Silicon Valley Growth Story

(38:11) ? Courage in leadership

(41:33) ? Physical businesses vs digital only businesses

(43:34) ? Getting companies fit

(45:39) ? Lessons around talent density

(48:28) ? State of the world and markets today since the inception of the pandemic

(53:46) ? Making up words for companies and fertile ground

(56:45) ? Go to market model vs business model

(58:50) ? Early days of product market sales

(1:03:03) ? Advice to early investors and entrepreneurs for the future of their careers

(1:08:10) ? The board challenge

(1:12:06) ? What question are they working hard to answer right now

(1:16:09) ? Kindest thing anyone has done for Rich

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-27
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Jason Citron - Building the Third Place - [Founder?s Field Guide, EP.4]

My guest today is Jason Citron, founder and CEO of Discord. Discord is one of the largest and fastest growing social networks in the world. It started as a place for gamers to congregate online, but thanks to how easy it makes it to create a community of any type and its offering of text, audio, and video as means of communication, it has expanded far beyond gaming. It has the potential to become the default digital ?third place? that we go to find belonging in a variety of online communities. With over 100 million users, it?s also one of the most interesting communications service businesses since the original social networks rose to power.

Our conversation focuses on his background prior to Discord, Discord?s founding and growth, its business model and how it has evolved over the past 8 years, and what the future holds for Discord. As we talked, I had this sense that I?d be willing to go work for Jason, and I think you?ll see why. I hope you enjoy our wide ranging conversation.

 

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(3:17) ? (First question) ? Lessons from his time as a video game developer

(7:58) ? Going from game developer to game development platform

(12:23) ? From his first startup to Discord

(16:33) ? Expressing the hypothesis of discord

(20:10) ? How to know what signal to build upon

(22:11) ? Early adoption of Discord

(26:17) ? Getting the word out about Discord in the early days

(30:43) ? Creating more than just a platform, but creating a third place for people to congregate

            (32:38) ? The Great Good Place: Cafes, Coffee Shops, Bookstores, Bars, Hair Salons, and Other Hangouts at the Heart of a Community

(32:55) ? The evolution and expansion of the types of community using their platform

(37:27) ? Discord?s business model and how it?s evolved

(41:32) ? Enhancing communication through Nitro

(45:05) ? Big principles for company building at Discord

(51:22) ? His thoughts around competitive advantage for the platform

(52:55) ? Creating a holistic experience for the users

(55:45) ? What bothers him the most when hiring

(57:47) ? Kindest thing anyone has done for him

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-22
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Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196]

My guests today are Ben Gilbert and David Rosenthal. Ben and David are investors but also the duo behind the Acquired podcast, which is one of my favorite podcasts that dives deep into business history and famous acquisitions. I recommend you check it out.

In this conversation, we review of some of the greatest corporate acquisitions of all time and also discuss investing lessons Ben and David have learned across their careers. I hope you enjoy my conversation with Ben and David.

 

This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 

Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you?re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com

 

This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions.

 With Assure, investors can eliminate nearly all the admin cost of private investment. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. All of it, with a straightforward one-time fee.

Learn more and try Assure for yourself at https://www.assure.co/patrick.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:29) ? (First question) ? What they look for in new founders based on more experienced managers they?ve worked with

(5:07) ? Difference between emerging vs legacy market

(9:17) ? Research steps to determine if a market can get big enough to invest in

(12:08) ? Working with other firms for doing an initial investment round

(15:42) ? Recent trends in the supply of capital and number of founders in the VC space

(18:56) ? Lessons they have learned studying corporate transactions

(24:13) ? How do startups transform once they are acquired to increase their multiples so much

(28:10) ? What they learned from deliberations that take place within the acquiring company

(30:39) ? Most interesting deal for them to unpack

(32:44) ? What are features of a business that is difficult for others to replicate

(35:52) ? Any company that are intimidated to go up against

(37:37) ? Who would they follow

            (38:52) ? Blake Robbins Podcast Episode

(39:09) ? Missing pieces in their skill set

(41:43) ? Early green shoots

(44:40) ? Lessons from Alaska Airlines acquisition and the value of scarcity

(47:07) ? Kindest thing anyone has done for them

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-20
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Leore Avidar - Creating and Selling Superpowers - [Founder?s Field Guide, EP.3]

My guest today is Leore Avidar. Leore is the co-founder and CEO of Lob, a company which makes it easy to send direct mail programmatically. He?s also the founder of a new company focusing on sports card collectibles, Alt, which is how we originally connected. Our conversation ranges from building Lob, buying a Lebron James rookie card, starting a 2nd business while operating his first and how Leore tries to create and sell superpowers. Like my conversation with Rahul Vohra from Superhuman, I think this conversation will inspire entrepreneurs out there to start building aggressively. Please enjoy.

 

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:55) ? (First question) ? Origin of Lob

(6:14) ? Creating and selling superpowers to other people and its value proposition

(7:23) ? Defining an API in his words

(8:44) ? Early breaks for Lob

(10:45) ? Early lessons in responsible growth

(12:19) ? Physical infrastructure behind Lob

(14:14) ? Surprises in mail delivery

(15:00) ? Progression through their pricing models

(18:10) ? Leaders in the world of making the world programmable

(19:07) ? Their interest in the physical world

(19:45) ? Hardest part of scaling a physical business

(21:09) ? Building a culture that keeps people around

(23:13) ? Why he is fascinated by negotiations and what he?s learned from it

(25:20) ? Scarcity, time, and leverage impact?s on negotiations

(26:35) ? His interest in collectibles and the formation of Alt

(30:18) ? Size of the alternative market he focuses on

(30:54) ? The focus on cards

(32:18) ? An overview of collectible cards industry

(33:19) ? What is the API of card collection and trading

(35:51) ? Competitors in the space

(37:19) ? Buying a Lebron James card

(38:21) ? Building a fund around the collectibles and the strategy

(39:45) ? What it means to be a technology company

(40:23) ? Collectibles beyond sports

(41:30) ? Defining a good investor

            (43:32) ? Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts

(43:43) ? Qualities he looks for in investors

(45:03) ? What does the collectible universe look like over the next 5-7 years

(45:43) ? Cultural value of assets

(48:50) ? Managing his time while launching two businesses

(49:51) ? What he?s most excited about over the next 6 months

(51:45) ? Consolidation of API businesses

(52:19) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-15
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Jacqueline Novogratz ? Investing in Dignity and Character  - [Invest Like the Best, EP.195]

My guest today is Jacqueline Novogratz. Jacqueline is the founder and CEO of Acumen, a non-profit global venture fund that uses entrepreneurial approaches to solve the problems of poverty.  Our conversation touches on how Jacqueline left Wall Street and ended up starting a micro finance bank in Rwanda, how she thinks about investing in character, how creating dignity plays such a major role in her investments, and how governments and businesses can work together to solve the world's toughest problems. It is a bit of a departure from my normal investing conversations but contains powerful lessons for many investors and builders. I really enjoyed our conversation and hope you will to. 

 

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 

If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:29) ? (First question) ? Where the concept of the blue sweater came from for her book.

            (2:44) - The Blue Sweater: Bridging the Gap Between Rich and Poor in an Interconnected World

(4:29) ? Every child has a humiliated experience and the impact on their life

(6:55) ? The origin of Acumen

(10:42) ? Why character is such an important investing filter for her

(11:59) ? How the markets have changed through the lens of Acumen

(16:59) ? The challenges of getting started

            (17:04) ? Manifesto for a Moral Revolution: Practices to Build a Better World

(19:46) ? Embracing the idea of being uncomfortable and an example for her

(21:50) ? The space between government action and market action

(26:11) ? The concept of conformity traps

(29:29) ? The lens of moral imagination

(30:32) ? The importance of brining dignity to others

(35:09) ? Entrepreneurial skills she sees outside of the US that we lack here

(39:38) ? Biggest problems across the globe she is interested in tackling

(42:48) ? Impediments to investing in global problems

(49:11) ? Kindest thing anyone has done for her

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-13
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Justin Singer - How Regulation Unlocks Opportunity - [Founder?s Field Guide, EP.2]

My guest today is Justin Singer, the founder and CEO of Caliper Foods and Stillwater Brands, two leading companies in the cannabis industry. We start our conversation with a fascinating discussion on how regulation creates or destroys business and investing opportunities, and then go on to discuss the ins and outs of the cannabis industry in detail. You?ll be able to tell quickly how high-quality Justin is as a thinker and operator, and you?ll learn a ton about this nascent business. Please enjoy our conversation.

 

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag 

Show Notes

(2:51) ? (First question) ? How changes in regulation create market opportunities

(5:38) ? Why VC?s need to pay attention to regulatory changes

(6:50) ? Story of Section 230 of the communication decency act

(8:54) ? Relationships between rules, laws, and free markets

(11:56) ? How regulatory changes impacted recent business ventures

(13:30) ? His initial interest in the cannabis space

(17:28) ? How the industry participants have changed over time

(21:04) ? An overview of the cannabis industry and different pieces of the chain

(25:51) ? What has led to delays in the legalization of the marijuana industry

(28:52) ? How the dosage of the product impacts the business

(31:34) ? CBD vs THC industry differences

(32:53) ? How much of this industry is left to be unlocked and potential timing

(35:55) ? Business and investing opportunities in the space

(38:16) ? Competitive frontier in cannabis

(40:37) ? The timeline and pending changes coming

(43:03) ? Margins and business factors of his business

(45:51) ? First big break for the business

(49:47) ? What he learned working under Tim Wu

(50:34) ? Why we are in the golden error for fraud

(52:11) ? Avoiding fraud

(55:12) ? What he wants to learn more about in the cannabis space

(56:50) ? Kindest thing anyone has done for him

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-08
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Jesse Livermore - Upside Down Markets - Understanding Fiscal and Monetary Policy - [Invest Like the Best, EP.194]

My guest today is Jesse Livermore. I?ve worked with Jesse as part of our research partners program at O?Shaughnessy Asset Management for years now. Whenever there is a huge, important, and complex issue to be studied, I believe he?s among the best minds in the world to tackle it. He did that recently on the topic of what he calls ?upside down markets,? which is the topic of this conversation. We seek to answer the simple question: against a horrible economic backdrop, how can the stock market be near all-time highs? Jesse explains in detail the impact that fiscal policy has had on the market and may have in the future. Please enjoy this master class in upside down markets.

 

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 

If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:29) ? (First question) ? What is Upside Down Markets

(5:44) ? Overview on monetary easing and the fed?s role in the markets

(9:42) ? Why fiscal policy is such an important lever and the impact it has on the economy

(15:07) ? The impact of stimulus on public companies? fundamentals

(19:25) ? The mix of assets in the market due to stimulus

(22:13) ? What made 1929 so different to how we are reacting today

(26:14) ? Negative concerns: too much money in the system and the risk of inflation

(32:43) ? Will the pendulum swing back to labor and higher wages

(37:23) ? How these changes could impact specific companies or sectors differently

(41:34) ? How he is applying all of this to his personal investment philosophy

(44:25) ? Biggest risks still out there

(49:51) ? Most interesting gap in his knowledge putting together this piece

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-06
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Rahul Vohra - Using Emotion to Design Great Products - [Founder?s Field Guide, EP.1]

Today?s episode represents a new chapter for Invest Like the Best, so requires a longer introduction than normal. Starting today, I?ll be bringing you two episodes per week on the same feed. On Tuesday?s, I?ll focus on investors, and on Thursday?s, I?ll host builders?founders, CEOs, and operators from all different fields. We call this new Thursday series Founder?s Field Guide. There?s nothing more interesting to me than how great businesses get build, and how investors can identify those businesses at the right time. We?ve already recorded with founders build companies in food, technology, infrastructure, shipping, collectibles, and many more categories. The goal each weak will be to have a builder share what they?ve done, how they?ve done it, and what they?ve learned along the way. We view this as a critical next step in furthering our mission: to capture and openly share the world?s best knowledge on business and investing.

Onto the kickoff episode with Rahul Vohra. Rahul is the Founder & CEO of Superhuman, an extremely popular product for managing email. Rahul describes himself as a Computer Scientist, Gamer, Entrepreneur, and Designer. You?ll see quickly why it?s the intersection of these areas that sets Superhuman apart. We discuss why emotion matters when building products, and how other entrepreneurs can learn from his experience. Please enjoy the very first episode of Founder?s Field Guide, and stay tuned in future weeks as we host leaders from Nike, Cisco, Twitch, and so many more?listen in as we explore the world of cannabis, baking (not that kind), manufacturing, hardware, software, and more. Let?s dive in.

 

This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping ?enterprise-ready? B2B startups successfully scale their companies. If you?re a founder running a B2B company targeting the enterprise, you should definitely check them out. 

 

This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(3:56) ? (First question) ? His interest in game design and emotion in software creation

(5:15) ? Key elements of game design

(6:23) ? Toys in digital software creation

(8:48) ? Finding success in boring software solutions

(11:19) ? Getting confidence while building when there are no real customers

(14:08) ? How they landed on their final product

            (15:40) ? The Superhuman Product/Market Fit Engine

(20:46) ? Determining software price

            (21:55) ? Positioning Your Startup is Vital ? Here?s How to Nail It

            (23:09) ? Positioning: The Battle for Your Mind

            (24:13) ? Monetizing Innovation: How Smart Companies Design the Product Around the Price

(26:36) ? First big break for the business

(29:04) ? How technology companies actually grow

(32:15) ? Branding a software

(33:57) ? How he evaluates a company brand as an investor

(36:07) ? Questions to ask founders when considering an investment

(37:35) ? How the distribution of Superhuman worked so well

(41:25) ? Most common question asked by VC?s about Superhuman

(43:00) ? Why they do manual onboarding of customers

            (43:05) ? Daniel Ek Podcast Episode

(45:10) ? Cost structure of a busines looking to reach the billion-dollar valuation

(47:18) ? Designing for flow in software business

(51:21) ? His design philosophy and their joy formula  

(58:03) ? His superpower

(1:00:46) ? The power of therapy

(1:02:50) ? Why he invests in other companies

(1:05:05) ? Trends in the technology space that have him excited

(1:07:28) ? The future for Superhuman

(1:10:26) ? Kindest thing anyone has done for him  

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-10-01
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Modest Proposal ? Better, Cheaper, Faster: Why Companies that Reduce Friction Win - [Invest Like the Best, EP.193]

Before getting to this week?s guest, an announcement: starting Thursday we will be introducing a new series of interviews. Be sure to check this same podcast feed in two days to learn more.

My guest this week goes by the pseudonym Modest Proposal. He?s both a close friend, and one of the most respected thinkers on financial twitter. I field more inbound questions about him than just about anyone, and you?ll see why in this episode. We discuss many of the biggest themes in today?s stock market, from consumer to technology to marketplace and local home services. As always, Modest brings specific insight and general frameworks to the discussion. I talk to him as often as I can because I learn something new every time, and this discussion was no exception. Please enjoy my conversation with Modest Proposal.

 

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 

If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:37) ? (First question) ? How investing is about underwriting the future

(5:42) ? Essential tools to underwrite the future

            (7:59) ? Michael Mauboussin base rate book

(9:02) ? Increasing returns to scale as the most important tool

(11:36) ? Example of silly investments

(14:00) ? Ideas of consumer signal and non-linear beahvior

(16:30) ? Why he was blown away by ibuyer.com

(19:08) ? How businesses are targeting facilitating transactions

(23:11) ? Ecommerce and digital penetration in business

            (25:42) ? Gavin Baker podcast episode

            (26:00) ? Modest proposal last podcast appearance

(27:56) ? His thoughts on the extinction of so many businesses as a result of the pandemic

(32:26) ? Chart tracking Product to service against homogeneous to heterogenous

            (33:41) ? The Perfect Store

            (33:49) ? eBoys

(43:51) ? Other features of business that fascinate him

(46:29) ? Ideas that pique his interest right now

(51:20) ? Case study: IAC/InterActiveCorp

(59:36) ? Barry Diller?s superpowers

(1:01:17) ? Why he?s spent so much time exploring IAC/InterActiveCorp

(1:02:56) ? Related companies to explore

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

2020-09-29
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Lauren Taylor Wolfe ? The Modern Activist Toolkit - [Invest Like the Best, EP.192]

My guest this week is Lauren Taylor Wolfe. Lauren is the co-founder and Managing Partner of Impactive Capital. Prior to founding Impactive she spent 10 years at Blue Harbour Group, a $3 billion activist investment firm. Our conversation is on the modernization of the activist investor playbook?how investors engage with companies to make them better and improve long term outcomes. We discuss the entire activist toolkit, focuses on what has changed the most in recent years.

I?m also very excited to announce a new initiative. After years of building, operating, and investing in software, we are launching Positive Sum, a new early stage equity investing firm. You can read a bit more at positivesumadvisors.com. Now, please enjoy my conversation with Lauren Taylor Wolfe.

 

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 

If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:31) ? (First question) ? Her background and how she landed at Impactive Capital

(6:25) ? Impactive?s strategy vs the stereotype of the activist investor

(10:55) ? Potential candidates for what they do

(13:26) ? How they view the small cap tech world as the space is dominated by huge companies

(15:24)  - How capital allocation has evolved over her career

            (15:30) - The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

(17:38) ? Best capital allocation strategies and mistakes that most companies make

(18:48) ? The levers activists pull: cap structure; capital allocation and operating structure

(22:00) ? Major lessons from earlier in her career

(23:25) ? Major changes in Governance as part of the ESG strategy

(26:13) ? The issue of dual-class in the space

(27:35) ? Features of a pristine healthy board

(28:40) ? Board?s role setting incentives and objectives for management

(29:55) ? How she thinks about the E&S in ESG and how it helps shareholders

(32:56) ? Applying her strategy in a real-world example

(37:40) ? What they look for in a business when it comes to sum of the parts

(40:29) ? Businesses that are misunderstood and what she looks for in that category

(41:39) ? How she manages relationships with the boards

(45:11) ? What she has learned transitioning business models

(47:08) ? The rise of employee activism

(50:02) ? What she?s seeing in terms of diversity and inclusion in board rooms and C-Suites

(53:32) ? Best practices and ways to disrupt hiring

(57:48) ? Something she doesn?t understand well today that she wishes she did

(58:59) ? Kindest thing anyone has done for her

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

2020-09-22
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Rory Sutherland ? Moonshots and Marketing - [Invest Like the Best, EP.191]

My guest today is Rory Sutherland. Rory is the Vice Chairman of Ogilvy & Mather Group, which is one of the largest and most renowned advertising agencies in the world. He?s also the author of one of my favorite recent books called Alchemy: The surprising power of ideas that don?t make sense. In this conversation, we explore many of his counterintuitive ideas about business. Rory makes you think as much as anyone, so I hope you enjoy this conversation.

 

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 

If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:12) ? (First question) ? Why spreadsheets and logic kill magic

(5:42) ? What a product/service is vs how it?s delivered and makes people feel (regular moonshot vs psychological moonshot)

(13:22) ? Psychological anomalies - doing things faster, better, cheaper (Red Bull vs Coke)

(19:54) ? Swiss army knife that companies should avoid

(22:50) ? Don?t design for average

(24:39) ? How do people approach improving their business through marketing

(27:30) ? Case for direct mail

(29:22) ? Turning your weaknesses into a strength

(34:29) ? The seven deadly sins and how useful they are as guideposts

(37:38) ? Most powerful sin for marketing

(39:14) ? Reaching intelligent answers from dumb questions

(43:25) ? Why the opposite of a good idea can sometimes be a good idea

(47:30) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

2020-09-15
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Michael Seibel ? Lessons from Thousands of Startups - [Invest Like the Best, EP.190]

My guest this week is Michael Seibel. Michael is a Partner at Y Combinator, and the CEO of YC's startup accelerator. He was the cofounder and CEO Justin.tv, which eventually became Twitch, and Socialcam. In this conversation, we discuss all Michael has learned reviewing thousands of applications to YC, interviewing countless new entrepreneurs, and watch young companies begin to grow and, occasionally, find product market fit. Listeners will also enjoy when Michael traps me big time in my thinking about AirBnb and his framework for great problems to solve. Enjoy this great conversation with Michael Seibel

 

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 

If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:22) ? (First question) ? Emerging trends among founders

(6:00) ? The long-term impact of Covid on business

(7:16) ? What an application to YC looks like and what stands out for him

(11:46) ? What he wants to learn in the interviews

(13:54) ? Poise in the interviews

(15:40) ? How the YC experience has evolved and improvements they?ve made

(18:38) ? How he defines technology

            (18:50) ? Every Company is Becoming a Software Company

(21:12) ? His thoughts on non-software companies and how they play into what YC does

(23:48) ? Why frequency and intensity of the problem matter to him

(28:32) ? Serving the supplier and building the demand

(30:38) ? Bravery in founders

(36:07) ? Partnerships and collaboration in venture capital investing

(37:58) ? Second time founders focus on distribution

(39:23) ? Coaching the psychological component of being a founder

(44:16) ? Learning as a founder vs the education system

(46:08) ? Customer vs investor focus of founders? mindset

(48:16) ? How teams know they are really onto something

(52:38) ? His being a founder trainable or innate

(54:08) ? Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

2020-09-08
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Michael Mauboussin ? Great Migration Public to Private Equity - [Invest Like the Best, EP.189]

My guest this week is Michael Mauboussin, the head of consilient research at Counterpoint Global. Michael is an all-time favorite guest here on the show, and this is his fourth appearance. We discuss one of the biggest topics in the world of investing: the shift from public to private markets that has taken place over the last several decades. We explore the reasons for this shift, the biggest overall changes in capital markets, and what the future may hold. Along the way we explore other fascinating topics like the rise of intangible asset investments, employee-based compensation as a form of financing, and more. If you enjoy this conversation I urge you to read Michael?s paper on the topic which will be linked in the shownotes. Please enjoy this conversation with Michael Mauboussin.

 

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 

If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:27) ? (First question) ? Motivation for writing the book from public to private equity

            (2:28) ? Public to Private Equity in the US: A Long-Term Look

            (3:02) ? The Incredible Shrinking Universe of Stocks

(4:48) ? Size of the public vs private markets

(7:20) ? History and changes in the public to private markets

(12:00) ? Public market vs venture capital returns

(16:48) ? Persistence of returns

(20:01) ? Role of price and EBIDTA on the returns of a buyout

(23:31) ? How buyout forms are sourcing the debt

(29:31) ? Transition to businesses relying on intangibles

            (29:42) ? Capitalism without Capital: The Rise of the Intangible Economy

            (30:13) ? Endogenous Technological Change

            (30:36) ? Should Intangible Investments Be Reported Separately or Commingled with Operating Expenses? New Evidence

            (34:18) ? Explaining the Recent Failure of Value Investing

(36:21) ? Superstar firms and increasing returns

(42:38) ? Role on monopolies in creating network effects

(4:52) ? The allocators perspective in these investments

(49:16) ? How does this all impact public market active management

(51:54) ? Advice to young people getting into the investment industry

            (52:30) ? Jeremy Grantham Podcast Episode

(53:30) ? Other areas he is researching/looking into

(55:44) ? How investment work and Santa Fe research influence eachother

(56:54) ? Investors to learn from

            (57:15) ? John Collison Podcast Episode

 Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

2020-09-01
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Chetan Puttagunta and Jeremiah Lowin ? Open Source Crash Course - [Invest Like the Best, EP.188]

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.

 

This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 

If you?re a professional equity investor and haven?t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:40) ? (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

(36:41) ? Building a digital community

(41:31) ? Lessons from Open Source that can be applied to other businesses

(50:04) ? The opportunity sets available in the open source space

(53:33) ? Future of open source

            (56:31) ? Tobi Lutke Podcast Episode

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

2020-08-25
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Katrina Lake ? The Next Wave of E-Commerce - [Invest Like the Best, EP.187]

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.

 

This week?s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits. 

Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:19) ? (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

(49:59) ? Lessons for putting data science at the center of your business

(53:37) ? Moments during her journey she?s felt most alive

(55:23) ? Kindest thing anyone has done for her

Learn More

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club and new email newsletter called ?Inside the Episode? at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

2020-08-18
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En liten tjänst av I'm With Friends. Finns även på engelska.
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