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Acquired podcast

…

Acquired

…

·

  Ben Gilbert and David Rosenthal  

Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.

Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.

 

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Progress

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Release Date

#190

Microsoft

Microsoft. After nearly a decade of Acquired episodes, we are finally ready to tackle the most valuable company ever created. The company that put a computer on every desk and in every home. The company that invented the software business model. The company that so thoroughly and completely dominated every conceivable competitor that the United States government intervened and kneecapped it… yet it’s STILL the most valuable company in the world today. This episode tells the story of Microsoft in its heyday, the PC Era. We cover its rise from a teenage dream to the most powerful business and technology force in history — the 20-year period from 1975 to 1995 that took Bill and Paul from the Lakeside high school computer room to launching Windows 95 alongside Jay Leno and the Rolling Stones. From BASIC to DOS, Windows, Office, Intel, IBM, Xerox PARC, Apple, Steve Jobs, Steve Ballmer… it’s all here, and it’s all amazing. Tune in and enjoy… Microsoft. Sponsors: Many thanks to our fantastic Season 14 partners: --- [J.P. Morgan Payments] (https://bit.ly/acquiredJPMP4pod) --- [ServiceNow] (https://bit.ly/acquiredsn) --- [Pilot] (https://bit.ly/acquiredpilot24) Links: --- [Congress changing copyright law in 1980 to include “computer programs”] (https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title17-section101&num=0&edition=prelim) --- [Acquired “classic” on Microsoft’s 1987 acquisition of Forethought / PowerPoint] (https://www.google.com/search?client=safari&rls=en&q=acquired+forethought+podcast&ie=UTF-8&oe=UTF-8) --- [All episode sources] (https://docs.google.com/document/d/1MAMEaKuZxGAJ3Gj7d8dkul9EdmqPLdmP355R-zMn1pg/edit?usp=sharing) Carve Outs: --- [LGR] (https://www.youtube.com/channel/UCLx053rWZxCiYWsBETgdKrQ) ---André 3000’s [new album] (https://open.spotify.com/album/33Ek6daAL3oXyQIV1uoItD?si=Axxs2iVRQdSkdAH_4PEi6g) + [GQ Interview] (https://www.gq.com/story/men-of-the-year-2023-andre-3000-profile) --- [Meta Ray-Bans] (https://www.meta.com/smart-glasses/shop-all/) --- [Visual Designer Julia Rundberg] (https://www.juliarundberg.com) --- [Summer Health] (https://www.summerhealth.com) More Acquired: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) ---Check out the latest swag [in the ACQ Merch Store] (https://www.acquired.fm/store) ! Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license. ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

22 Apr 2024

4 HR 23 MINS

4:23:10

22 Apr 2024

#189

Renaissance Technologies

Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an “investor”, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists — scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen. And boy does it work: RenTec’s alchemic colossus has posted annual returns in the firm’s flagship Medallion Fund of 68% gross and 40% net over the past 34 years, while never once losing money. (For those keeping track at home, $1,000 invested in Medallion in 1988 would have compounded to $46.5B today… if you’d been allowed to keep it in.) Tune in for an incredible story of the small group of rebel mathematicians who didn’t just beat the market, but in the words of author Greg Zuckerman “solved it.” Sponsors: Many thanks to our fantastic Season 14 partners: --- [J.P. Morgan Payments] (https://bit.ly/acquiredJPMP3pod) --- [ServiceNow] (https://bit.ly/acquiredsn) --- [Vanta] (https://bit.ly/acquiredvanta) Links: --- [The Man Who Solved the Market] (https://www.amazon.com/Man-Who-Solved-Market-Revolution/dp/073521798X) --- [The Quants] (https://www.amazon.com/Quants-Whizzes-Conquered-Street-Destroyed/dp/0307453383) --- [Bloomberg’s 2016 RenTec profile] (https://www.bloomberg.com/news/articles/2016-11-21/how-renaissance-s-medallion-fund-became-finance-s-blackest-box?embedded-checkout=true) --- [Quartr's visualization of RenTec's returns] (https://quartr.com/insights/company-research/explore-renaissance-technologies-and-the-medallion-fund) --- [All episode sources] (https://docs.google.com/document/d/1HrVvsp7STlJKP4HgiSw1uyD6toc4AYImNR8q8ulNCFc/edit?usp=sharing) Carve Outs: --- [Modern Treasury’s Transfer Conference Registration] (https://bit.ly/acqtransfer) --- [The New Look] (https://www.imdb.com/title/tt18177528/) --- [Cole Haan x Acquired!] (https://bit.ly/3PmJjhV) --- [Class of Palm Beach] (https://www.instagram.com/classofpalmbeach/) (and the [Mini Kelly inside the Birkin] (https://www.instagram.com/p/C3bCE12uAwD/?hl=en) !!) More Acquired: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) ---Check out the latest swag [in the ACQ Merch Store] (https://www.acquired.fm/store) ! Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license. ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

18 Mar 2024

3 HR 10 MINS

3:10:19

18 Mar 2024

#188

Hermès

In luxury, there’s Hermès… and there’s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait years simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès: ---Doesn’t increase supply to meet demand (hence the waitlists) ---Doesn’t loudly brand their products (IYKYK) ---Doesn’t do celebrity endorsements (stars buy their bags just like everyone else) ---Doesn’t even have a marketing department! (they barely advertise at all) And yet everyone knows who they are and what they represent. But, despite all their iconoclasm, this is not a company that’s stood still for six generations. Unbeknownst to most, Hermès has completely reinvented itself at least three times in its 187-year history. Including most recently (and most dramatically) by the family’s current leaders, who responded to LVMH and Bernard Arnault’s 2010 takeover attempt by pursuing a radical strategy — scaling hand craftsmanship. And in the process they turned the company from a sleepy, ~$10B family enterprise into a $200B market cap European giant. Tune in for one incredible story! Sponsors: Many thanks to our fantastic Season 14 partners: --- [J.P. Morgan Payments] (https://bit.ly/acquiredJPMP2pod) --- [ServiceNow] (https://bit.ly/acquiredsn) --- [Vanta] (https://bit.ly/acquiredvanta) --- [NVIDIA GTC] (https://www.nvidia.com/gtc/) (Code "ACQUIRED" for 20% off) Links: ---Visuals for:  ------ [Quartr's Hermès: Two Centuries of Craftsmanship and Excellence (with graphs)] (https://quartr.com/insights/business-philosophy/hermes-two-centuries-of-craftsmanship-and-excellence) ------00:23: [Haut a Courroies] (https://images1.bonhams.com/image?src=Images/live/2014-06/02/94558567-11-1.jpg) , the “high-belted bag” to carry saddles and boots ------00:45: [Chaine d'ancre] (https://assets.hermes.com/is/image/hermesproduct/chaine-d-ancre-bracelet-very-large-model--101995B%2000-worn-2-0-0-800-800_g.jpg) , “Chain of anchors” ------00:49: [Jeu des Omnibus et Dames blanches] (https://i.pinimg.com/originals/61/ac/84/61ac84114c03ee8f818d84a7e5684a80.jpg) , “White ladies at play” ------00:53: [Screen printing each color on a scarf individually] (http://3.bp.blogspot.com/-QjlwKL9D4MU/UHLsucReiJI/AAAAAAAABXA/s_45ULViyQo/s1600/IMG_1615.JPG) ------00:57: [The Hermès oranges] (https://blog.fashionphile.com/hermes-oranges/) ------01:06: [Sac à Dépêches (today: the Kelly Bag)] (https://www.hermes.com/us/en/content/106196-kelly/) ------01:07: [Grace Kelly photo in LIFE Magaine] (https://i.huffpost.com/gen/1457564/thumbs/o-GRACE-KELLY-BAG-570.jpg?8) ------01:26: [Steps to sew a saddle stitch] (https://2.bp.blogspot.com/-aaLc5iBboXo/V7yawv5AlsI/AAAAAAAAHuc/fTrGbwc-1Gc9FYwBVpTLMCF-r-T7cFj0ACLcB/s1600/Beginning%2Bwith%2Bthreads%2Bover%2Ban%2Bedge.jpg) ------01:48: [The Birkin Bag] (https://www.hermes.com/us/en/content/106191-birkin/) ------03:17: [Petit h] (https://www.hermes.com/us/en/category/petit-h/#%7C) --- [The saddle stitch (video)] (https://youtu.be/g6HOhqaVXW0?si=rdX6cEfgMQpWo31g) --- [Inside the Saddlery at the Faubourg] (https://www.thedashingrider.com/hermes-inside-the-saddlery/) --- [Hermès 2022 Annual Report] (https://assets-finance.hermes.com/s3fs-public/node/pdf_file/2023-05/1684143348/hermes-urd-2022-en_01.pdf) --- [Axel Dumas Interview] (https://www.youtube.com/watch?v=Htlh8IpER5g) --- [All episode sources] (https://docs.google.com/document/d/13S39Z-7vF4WE8jbFJq_uK3aR-YDV84oBKK-w1cVUi3o/edit?usp=sharing) Carve Outs: --- [Anker GaN Prime 100W charger] (https://www.amazon.com/Anker-Charger-Compact-MacBook-Pixelbook/dp/B0C4DGBHY2) --- [Matter] (https://hq.getmatter.com) --- [Perplexity] (https://www.perplexity.ai) --- [The Score Takes Care of Itself] (https://www.amazon.com/Score-Takes-Care-Itself-Philosophy/dp/1591843472) More Acquired: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) ---Check out the latest swag [in the ACQ Merch Store] (https://www.acquired.fm/store) ! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

20 Feb 2024

4 HR 10 MINS

4:10:36

20 Feb 2024

#187

Novo Nordisk (Ozempic)

Last year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe’s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn’t know much about Novo Nordisk before diving in, our first thought was, “wow, seems like these new diabetes and obesity drugs mean serious trouble for big insulin companies.” And then… we realized that Novo Nordisk IS the big insulin company. And in a story befitting of Steve Jobs and Apple, they’d just disrupted themselves with the drug equivalent of an iPhone moment. Once we dug further, we quickly realized this company has it all: an incredible 100+ year history filled with Nobel Prizes, bitter personal rivalries, board room dramas, a generation-defining silicon valley innovation, lone voices persevering against all odds — and oh yeah, the world’s largest charitable foundation at its helm. Tune in for one incredible story! Sponsors: Many thanks to our fantastic Season 14 partners: --- [J.P. Morgan Payments] (https://bit.ly/acquiredJPMP1pod) --- [ServiceNow] (https://bit.ly/acquiredsn) --- [Vanta] (https://bit.ly/acquiredvanta) More Acquired: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) ---Check out the latest swag [in the ACQ Merch Store] (https://www.acquired.fm/store) ! Links: --- [Chart: US Healthcare Spend by Category] (https://www.drugchannels.net/2022/02/still-not-skyrocketing-new-cms-data.html) --- [Chart: US Distribution and Reimbursement System (for pharmaceutical drugs)] (https://www.drugchannels.net/2019/03/new-2019-economic-report-on-us.html) --- [Chart: Insulin Supply Chain] (https://diabetesjournals.org/view-large/figure/3430167/dci180019f3.jpeg) --- [YouTube Talk: What People Get Wrong about the Finances of the Drug Industry] (https://www.youtube.com/watch?v=3LGqQJFdoWM) --- [Alex Telford: The pharma industry from Paul Janssen to today: why drugs got harder to develop and what we can do about it] (https://atelfo.github.io/2023/12/23/biopharma-from-janssen-to-today.html) --- [Out-of-Pocket Health: Obesity Drugs] (https://www.outofpocket.health/p/lets-talk-about-obesity-drugs?fromEmail=true) --- [Out-of-Pocket Health: US Healthcare System Problems] (https://www.outofpocket.health/p/all-of-the-main-problems-with-us-healthcare) --- [All episode sources] (https://docs.google.com/document/d/1p_8e_gxDTqUln5a79QTtu0e5hZesqrdQqYeTPnzGJ7Y/edit?usp=sharing) Carve Outs: --- [Noxgear Tracer 2 running vest] (https://www.noxgear.com/tracer2) --- [Drops of God] (https://www.imdb.com/title/tt15282746/) --- [Wool by Hugh Howey] (https://www.amazon.com/Wool-Hugh-Howey/dp/1476733953) --- [Mere Mortals at San Francisco Ballet] (https://www.sfballet.org/productions/mere-mortals/) --- [Blackberry] (https://www.imdb.com/title/tt21867434/) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

22 Jan 2024

3 HR 44 MINS

3:44:55

22 Jan 2024

#186

Holiday Special 2023

Ben has some big news. Actually, double big news! On what has become a holiday tradition here at Acquired, we cozy up to the fire to do our annual review of the show “in public”. We reflect on what can only be described as an absolutely mind-blowing 2023 (LVMH! Jensen! Costco! Charlie! Half a million plus listeners!) and look ahead to some big things cooking for 2024. Plus as always, we wrap with extended carve outs (joined this year by some surprise guests) for anyone still shopping for those holiday perfect gifts. Huge thank you to everyone for making 2023 an amazing year again here in Acquired-land, and cheers to even greater things to come in 2023! Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: --- [Your product growth powered by Statsig] (https://bit.ly/statsigacquired) (and listen to our [ACQ2 interview with CEO Vijaye Raji] (https://bit.ly/StatsigACQ2) ) --- [Scalable, clean and low-cost cloud AI compute from Crusoe] (https://bit.ly/acquiredcrusoe) (and listen to our [ACQ2 interview with CEO Chase Lochmiller] (https://bit.ly/CrusoeACQ2) ) --- [Mark Leonard] (https://bit.ly/BlinkistMark) and [David Senra’s] (https://bit.ly/BlinkistSenra) holiday book recommendations on Blinkist, plus our favorite books on [Ben & David’s Bookshelf] (https://bit.ly/BlinkistBookshelf) More Acquired!: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) ---Check out the latest swag [in the ACQ Merch Store] (https://www.acquired.fm/store) ! Links / Extended Carve Outs! --- [The Psychology of Money] (https://www.amazon.com/Psychology-Money-hardback-Timeless-happiness/dp/0857199099/) --- [The Artist’s Way] (https://www.amazon.com/Artists-Way-25th-Anniversary/dp/0143129252/) --- [Transitions] (https://www.amazon.com/Transitions-Making-Sense-Lifes-Changes-ebook/dp/B07QGRGDKJ) --- [Thinking, Fast and Slow] (https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555) --- [Zojirushi hot water heater] (https://www.amazon.com/gp/product/B00R4HKIV8/) --- [Nike Pegasus Trail 4 GORE-TEX] (https://www.nike.com/t/pegasus-trail-4-gore-tex-mens-waterproof-trail-running-shoes-qdcSR6) --- [Mill] (https://www.mill.com) --- [June Oven] (https://juneoven.com) --- [Silo] (https://www.imdb.com/title/tt14688458/) --- [Alias] (https://www.imdb.com/title/tt0285333/) --- [Warby Parker Amari glasses] (https://www.warbyparker.com/eyeglasses/amari/arabica-matte?w=medium) --- [Hoka Ora recovery shoes] (https://www.hoka.com/en/us/recovery-comfort-shoes/ora-recovery-shoe-2/1119397.html?dwvar_1119397_color=BBLC) --- [Adobe Light Room] (https://www.adobe.com/products/photoshop-lightroom/) --- [The Eureka Theory of Everything is Wrong] (https://www.theatlantic.com/magazine/archive/2023/01/science-technology-vaccine-invention-history/672227/) by Derek Thompson --- [The Luxury Strategy] (https://www.amazon.com/Luxury-Strategy-Break-Marketing-Brands/dp/0749464917) --- [Candide] (https://en.wikipedia.org/wiki/Candide) --- [The QB School] (https://www.youtube.com/@TheQBSchool) --- [MNF ManningCast] (https://en.wikipedia.org/wiki/Manningcast) --- [The Eras Tour] (https://www.imdb.com/title/tt28814949/) --- [Uppababy Vista] (https://uppababy.com/strollers/full-size/vista-v2/jake/) --- [The Joolz Aer Plus] (https://www.joolz.com/us/en/strollers/310110-M.html) --- [Coco] (https://www.imdb.com/title/tt2380307/) --- [At Present] (https://atpresent.com) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

18 Dec 2023

2 HR 25 MINS

2:25:44

18 Dec 2023

#185

Visa

To paraphrase Visa founder Dee Hock, how many of you know Visa? Great, all of you. Now, how many of you know how it started? Or, for that matter, who started it? Who runs and governs it? Where is it headquartered? What’s its business model? For the 11th largest market cap company in the world, Visa’s history and strategy is almost shockingly unknown. A huge portion of the world’s population uses their products on a daily basis (you might say Visa is… everywhere people want to be), but very few know the amazing story behind how that came to be. Or why Visa continues to be one of the most incredible and incredibly durable business franchises of all-time. (50%+ net income margins!! On $30B of revenue!) Today we do our part to change that. Tune in for one heck of a journey. Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: --- [Free access to our episode research on Blinkist] (https://bit.ly/blinkistvisa) plus our favorite books on [Ben & David’s Bookshelf] (https://bit.ly/BlinkistBookshelf) --- [Scalable, clean and low-cost cloud AI compute from Crusoe] (https://bit.ly/acquiredcrusoe) (and listen to our recent [ACQ2 interview with CEO Chase Lochmiller] (https://bit.ly/CrusoeACQ2) ) --- [Your product growth powered by Statsig] (https://bit.ly/statsigacquired) More Acquired!: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) ---Check out the latest swag [in the ACQ Merch Store] (https://www.acquired.fm/store) ! Links: --- [Burger King rolling out credit cards in 1993] (https://twitter.com/historyinmemes/status/1703199359838679042?s=12) --- [Get your BankAmericard MasterCard today!] (https://www.bankofamerica.com/credit-cards/products/bankamericard-credit-card/) (!?) --- [Episode sources] (https://docs.google.com/document/d/1H35NSg6BnhtXQo6K78NPzWYSJcUv06YlCigMyOf0axA/edit?usp=sharing) Carve Outs: --- [I Think You Should Leave] (https://www.netflix.com/title/80986854) --- [Mistborn] (https://www.amazon.com/Mistborn-Final-Empire-Brandon-Sanderson/dp/0765377136) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

27 Nov 2023

3 HR 42 MINS

3:42:54

27 Nov 2023

#184

Charlie Munger

We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We’re so glad that we got the opportunity to record and share this with you all — break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger. A transcript is available [here] (https://www.acquired.fm/episodes/charlie-munger#transcript) . Sponsor: ---Special thanks to Tiny for being the exclusive sponsor of this episode. You can get [in touch with them here] (https://bit.ly/acquiredtiny) (just tell them Ben & David sent you), and [order your very own bronze Charlie bust here] (https://bit.ly/acquiredbrknerds) . More Acquired!: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) --- [Become an LP] (https://acquired.fm/lp) and support the show. Help us pick episodes, Zoom calls and more --- [ACQ Merch Store] (https://www.acquired.fm/store) ! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

30 Oct 2023

1 HR 06 MINS

1:06:46

30 Oct 2023

#183

NVIDIA CEO Jensen Huang

We finally sit down with the man himself: Nvidia Cofounder & CEO Jensen Huang. After three parts and seven+ hours of covering the company, we thought we knew everything but — unsurprisingly — Jensen knows more. A couple teasers: we learned that the company’s initial motivation to enter the datacenter business came from perhaps not where you’d think, and the roots of Nvidia’s platform strategy stretch back beyond CUDA all the way to the origin of the company. We also got a peek into Jensen’s mindset and calculus behind “betting the company” multiple times, and his surprising feelings about whether he’d go on the founder journey again if he could rewind time. We can’t think of any better way to tie a bow on our Nvidia series (for now). Tune in! Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: --- [Your product growth powered by Statsig] (https://bit.ly/statsigacquired) --- [Scalable, clean and low-cost cloud AI compute from Crusoe] (https://bit.ly/acquiredcrusoe) (and listen to our recent [ACQ2 interview with CEO Chase Lochmiller] (https://bit.ly/CrusoeACQ2) ) --- [Free access to Jensen’s favorite business books on Blinkist] (https://bit.ly/BlinkistJensen) , plus our favorites on [Ben & David’s Bookshelf] (https://bit.ly/BlinkistBookshelf) More Acquired!: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) --- [Become an LP] (https://acquired.fm/lp) and support the show. Help us pick episodes, Zoom calls and more --- [Merch Store] (https://www.acquired.fm/store) ! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

16 Oct 2023

1 HR 29 MINS

1:29:47

16 Oct 2023

#182

Nvidia Part III: The Dawn of the AI Era (2022-2023)

It’s a(nother) new era for Nvidia. We thought we’d closed the Acquired book on Nvidia back in April 2022. The story was all wrapped up: Jensen & crew had set out on an amazing journey to accelerate the world’s computing workloads. Along the way they’d discovered a wondrous opportunity (machine learning powered social media feed recommendations). They forged incredible Power in the CUDA platform, and used it to triumph over seemingly insurmountable adversity — the stock market penalty-box. But, it turned out that was only the precursor to an even wilder journey. Over the past 18 months Nvidia has weathered one of the steepest stock crashes in history ($500B+ market cap wiped away peak-to-trough!). And, it has of course also experienced an even more fantastical rise — becoming the platform that’s powering the emergence of perhaps a new form of intelligence itself… and in the process becoming a trillion-dollar company. Today we tell another chapter in the amazing Nvidia saga: the dawn of the AI era. Tune in! Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: --- [Scalable, clean and low-cost cloud AI compute from Crusoe] (https://bit.ly/acquiredcrusoe) (and listen to our recent [ACQ2 interview with CEO Chase Lochmiller] (https://bit.ly/CrusoeACQ2) ) --- [Your product growth powered by Statsig] (https://bit.ly/statsigacquired) --- [Free access to our episode research on Blinkist] (https://bit.ly/BlinkistNvidia) plus our favorite books on [Ben & David’s Bookshelf] (https://bit.ly/BlinkistBookshelf) More Acquired!: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) --- [Become an LP] (https://acquired.fm/lp) and support the show. Help us pick episodes, Zoom calls and more ---ACQ hats are back in stock [in the ACQ Merch Store] (https://www.acquired.fm/store) ! Links: --- [Asianometry on AI Hardware] (https://youtu.be/5tmGKTNW8DQ?si=m4PJpgnrERddk99E) --- [Episode sources] (https://docs.google.com/document/d/1d5vDY0pFcLGeZEg9t0vNMVnMvFTwMwcv9QhQHca4Aus/edit?usp=sharing) Carve Outs: --- [Alias] (https://www.imdb.com/title/tt0285333/) --- [Moana] (https://movies.disney.com/moana) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

06 Sep 2023

2 HR 53 MINS

2:53:45

06 Sep 2023

#181

Costco

Costco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals — yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco’s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world’s most iconic — and iconically unique — companies. Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: --- [Your product growth powered by Statsig] (https://bit.ly/statsigacquired) --- [Free access to our episode research on Blinkist] (https://bit.ly/BlinkistCostco) plus our favorite books on [Ben & David’s Bookshelf] (https://bit.ly/BlinkistBookshelf) --- [Scalable, clean and low-cost cloud AI compute from Crusoe] (https://bit.ly/acquiredcrusoe) (and listen to our recent [ACQ2 interview with CEO Chase Lochmiller] (https://bit.ly/CrusoeACQ2) ) More Acquired!: --- [Get email updates] (https://www.acquired.fm/email) with hints on next episode and follow-ups from recent episodes --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) --- [Become an LP] (https://acquired.fm/lp) and support the show. Help us pick episodes, Zoom calls and more Links: --- [The Science of Hitting] (https://thescienceofhitting.com) --- [Warren Buffett’s Costco joke] (https://www.youtube.com/watch?v=Z1sTs8wkAbw) --- [Episode sources] (https://docs.google.com/document/d/1tHtjZQmYr6MMUG-a_eOTi_swzWwbUlVohluwCf572s8/edit?usp=sharing) Carve Outs: --- [Tifosi sunglasses] (https://tifosioptics.com) --- [Dwells “take off everything”] (https://www.youtube.com/watch?v=cwFmq69m3WA) --- [Jeremy Giffon on Invest Like the Best] (https://www.joincolossus.com/episodes/79714195/giffon-special-situations-in-private-markets?tab=transcript) --- [Dogpatch] (https://en.wikipedia.org/wiki/Dogpatch,_San_Francisco) --- [David Lidsky’s great piece on Acquired in Fast Company] (https://www.fastcompany.com/90927453/acquired-number-1-tech-podcast-sensation) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

21 Aug 2023

3 HR 01 MINS

3:01:09

21 Aug 2023

#180

Nike

Nike — it’s perhaps the most iconic and most prolific brand of the modern era. On any given day, swooshes adorn the feet of more people on earth than any other footwear company — by a long shot. If you read Shoe Dog or watched Air, you may think you know its history. But Shoe Dog ends in 1980, and Air… well let’s just say it’s an enjoyable piece of fiction. And it turns out (as always) that the real story is filled with far more drama, twists and business lessons than either of those works. We’ve been wanting to cover Nike for a long time, and thanks to our LPs who voted to choose this episode it’s finally here. So lace up your Vaporflys, Air Maxes, Dunks or Jordans (or your Monarchs, hey we don’t judge), head out for a long run or walk and enjoy! Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: --- [Free access to Blinks of our episode research on Blinkist] (https://bit.ly/BlinkistNike) --- [Scalable, clean and low-cost cloud AI compute from Crusoe] (https://bit.ly/acquiredcrusoe) --- [All of your product growth powered by Statsig] (https://bit.ly/statsigacquired) ------ [Register for Statsig’s SF Event with Ben and David!] (https://bit.ly/acqstatsigevent) More Acquired!: --- [Get email updates] (https://www.acquired.fm/email) (+ hints on the next episode topic) --- [Join the Slack] (http://acquired.fm/slack) --- [Subscribe to ACQ2] (https://pod.link/acquiredlp) --- [Become an LP] (https://acquired.fm/lp) and support the show. Help us pick episodes, Zoom calls and more Links: --- [Episode sources] (https://docs.google.com/document/d/1lzJ9sZ5z4U4FQOfwXQUTrG5QxSxS6Wiu0IN6_9DjmGc/edit?usp=sharing) Carve Outs: ---Marc Andreessen [on Lex Fridman] (https://lexfridman.com/marc-andreessen/) and [on Ben Thompson] (https://stratechery.com/2023/an-interview-with-marc-andreessen-about-ai-and-how-you-change-the-world/) --- [Speak Now (Taylor’s Version)] (https://open.spotify.com/album/5AEDGbliTTfjOB8TSm1sxt) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

25 Jul 2023

4 HR 02 MINS

4:02:56

25 Jul 2023

#179

Porsche (with Doug DeMuro)

Nobody’s perfect — including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it’s packed with enough juicy family drama and creeping takeovers to fill a Netflix series. Yet, behind it all lies perhaps the darkest origin story we’ve ever told on Acquired. Not only was Porsche was started by Nazis, Adolf Hitler himself was deeply involved in its early fortunes. And, following WWII, the Allies simply looked past these facts and essentially bestowed a license to generate wealth on Porsche and its owners — setting the stage for them to become one of the top ~15 wealthiest families in the world today. Joining us to explore it all is perhaps the very most-qualified person in the person in the world: the one & only Doug DeMuro. Not only is Doug the largest independent car reviewer on YouTube with millions of subscribers (we’re HUGE fans), he previously worked at Porsche corporate and owns a legendary Porsche Carrera GT — which served as the recording backdrop for this episode. Make sure you tune in to watch the video version! :) ACQ2 Show + LP Program: --- [Subscribe to the shiny new ACQ2!] (https://pod.link/acquiredlp) Links: --- [Doug’s YouTube channel] (https://www.youtube.com/channel/UCsqjHFMB_JYTaEnf_vmTNqg) (which we HIGHLY recommend) --- [Cars & Bids] (https://carsandbids.com) --- [Episode sources] (https://docs.google.com/document/d/1wOduOXDCcBi-o6bx3JeJ4YoVHhfzuHoailgLZvPKgg4/edit?usp=sharing) Carve Outs: --- [ResortPass] (https://www.resortpass.com) --- [Seinfeld Cast Charlie Rose Interview Compilation] (https://www.youtube.com/watch?v=L0TE_xXjp-0) --- [WhistlinDiesel] (https://www.youtube.com/@whistlindiesel) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

27 Jun 2023

3 HR 21 MINS

3:21:32

27 Jun 2023

#178

Uber CEO Dara Khosrowshahi

Uber CEO Dara Khosrowshahi dropped by the Acquired studio for an Eats delivery, so we broke out the cameras and asked him to hang out for a wide-ranging conversation. :) We talk about his 20 years working with Barry Diller, starting his career at Allen & Company, how the Uber CEO search process ACTUALLY went down… and oh yeah, the massive transformation that’s happened at Uber over the past few years. When Dara took over the company it was bleeding huge sums of cash, losing share to competitors and embroiled in one of the biggest corporate controversies in recent memory. Fast forward to today and it’s turned cashflow positive while also having tripled revenue to over $30B (on $120B in GMV) and solidified its rideshare dominance in the US. And in perhaps the biggest change, it’s done it all while staying out of the headlines. Tune in! ACQ2 Show + LP Program: --- [Subscribe to our interview show, ACQ2!] (https://pod.link/acquiredlp) Links --- [Ben & David on My First Million] (https://pod.link/1469759170/episode/dcec340c735d9bb01f08d4508f7c5caa) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

13 Jun 2023

1 HR 36 MINS

1:36:23

13 Jun 2023

#177

Lockheed Martin

Today we bring you two absolutely incredible stories. The first is Lockheed’s legendary Skunk Works division — the elite team of aviation geniuses who produced some of the greatest airplanes in history: the U-2, the Stealth Fighter, and the incomparable SR-71 Blackbird. The second story is arguably even more important, but not widely known! It's the secret and true origins of Silicon Valley — and Lockheed’s primary role in it. We take you from WWII to the Cold War, all the way to today to unpack and analyze the industry dynamics of defense contractors in the modern era. Tune in and prepare to be blown away by what you’ll learn about the history of our industry! ACQ2 Show: --- [Subscribe to the shiny new ACQ2!] (https://pod.link/acquiredlp) Links: --- [Ben Rich’s Skunk Works] (https://www.amazon.com/Skunk-Works-Personal-Memoir-Lockheed/dp/0316743003) --- [Kelly’s 14 Rules of Skunk Works] (https://www.lockheedmartin.com/content/dam/lockheed-martin/aero/photo/skunkworks/kellys-14-rules.pdf) --- [LMSC’s “Seven Tenets”] (https://youtu.be/E09qg-Kxm_M?t=8671) --- [Steve Blank’s Secret History of Silicon Valley] (https://steveblank.com/secret-history/) --- [Episode sources] (https://docs.google.com/document/d/15wJOKmpQ64-HVXykXWTo1-wndUlSmCJPjUxbF39Nopk/edit?usp=sharing) Carve Outs: --- [Nier: Automata] (https://en.wikipedia.org/wiki/Nier:_Automata) --- [The Blackbird speed check story] (https://www.thesr71blackbird.com/Aircraft/Stories/sr-71-blackbird-speed-check-story) --- [EGO Lawn Tools] (https://egopowerplus.com/power-blowers/?gad=1&gclid=Cj0KCQjwjryjBhD0ARIsAMLvnF_te03nXGYJnmGkklzqFMCy5MUSn6tmCzHz1Zj0rup-s2UtUAlESv4aAmjEEALw_wcB&gclsrc=aw.ds) (just in time for Fathers’ Day!) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

30 May 2023

3 HR 36 MINS

3:36:59

30 May 2023

#176

Spotify CEO Daniel Ek

We sit down with Spotify CEO Daniel Ek live in Stockholm at Spotify’s amazing HQ studio (check out the video version of this episode — which plays natively on Spotify!). This was an incredibly special and timely conversation: for those who haven’t been paying attention over the past few years, after revolutionizing music Spotify has now ALSO completely transformed our own industry in podcasting. Starting from way behind with ~zero market share in 2018, Spotify has now aggregated the listener market and amazingly surpassed Apple as the world’s largest podcast platform — including close to home with the Acquired audience, where it has 60%+ market share among you all! We discuss the origins of this “second act” strategy with Daniel, the vision to move from a music company to an audio company, and what’s coming next with Spotify’s entry into Audiobooks. And of course we relive some key moments from the Acquired canon that Daniel was involved in, including his pivotal conversations with Taylor Swift and her team convincing her to come back to streaming following the release of 1984. Tune in! ACQ2 Show: --- [Subscribe to our interview show, ACQ2!] (https://pod.link/acquiredlp) Links --- [Follow Daniel on Twitter] (https://twitter.com/eldsjal) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

18 May 2023

1 HR 37 MINS

1:37:27

18 May 2023

#175

Benchmark’s Mitch Lasky and Blake Robbins on The Art of Business in Gaming

We sit down Benchmark’s legendary gaming investors Mitch Lasky and Blake Robbins (now also of the excellent Gamecraft podcast fame) to discuss the history and future of gaming business models. This episode is the perfect bookend to our Nintendo/Sega gaming series this season on Acquired — no one is more qualified than Mitch and Blake to breakdown how the business side of the industry has evolved so radically from the Periscope quarter-drop days to the forever games and platform based publishers of today. Regardless if you’re a gamer, understanding the incredible innovation that’s taken place over the past two decades in gaming and what it portends for other industries is critical for any founder and investor to understand. Tune in! ACQ2 Show: --- [Subscribe to our interview show, ACQ2!] (https://pod.link/acquiredlp) Links --- [The Gamecraft Podcast] (https://www.gamecraftpod.com) --- [Mitch] (https://twitter.com/mitchlasky?lang=en) and [Blake] (https://twitter.com/blakeir) on Twitter --- [The Genius of the System] (https://www.amazon.com/Genius-System-Hollywood-Filmmaking-Studio/dp/0816670102) --- [Mitch’s old “Investing in Content” blog post] (https://web.archive.org/web/20131013193226/http://mitchlasky.biz/investing-in-content/) --- [That Game Company] (https://thatgamecompany.com) and [Sky] (https://thatgamecompany.com/sky/) --- [Riot and the League of Legends dota-allstars.com growth hack] (https://www.hotspawn.com/dota2/guides/dota-allstars-com) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

26 Apr 2023

2 HR 15 MINS

2:15:08

26 Apr 2023

#174

Short: The Death of Sega

Sega and the Genesis was THE underdog story of the early 90’s. In a single console generation, Sega went from ~zero to 50% US market share and dethroned Nintendo’s seemingly invincible global monopoly. But — somehow — it all then died. Two console generations later Sega was out of the hardware game entirely, and the company was sold off for pieces to a pachinko manufacturer. How on earth did this happen?? Today we’re launching Acquired Shorts in order to tell this story and others like it: side tales from the “Acquired Cinematic Universe” that are too brief for a full episode, but too good to leave in the vault. We’d love to hear your thoughts on the format (and this episode). Please send us your feedback in [Slack] (http://acquired.fm/slack) , [email] (https://www.acquired.fm/feedback) or [Twitter] (http://www.twitter.com/acquiredfm) ! ACQ2 Show: --- [Subscribe to our interview show, ACQ2!] (https://pod.link/acquiredlp) Links: --- [The shortest and most famous speech in video game industry history] (https://www.youtube.com/watch?v=ExaAYIKsDBI) --- [Episode sources] (https://docs.google.com/document/d/1tTK88Hu_gUYoOnjWf9pIMPzj4Dm5DulT6wJvOFuJLn8/edit?usp=sharing) Carve Outs: --- [Daryl Morey on Invest Like the Best] (https://www.joincolossus.com/episodes/50823211/morey-systems-thinking-in-sports?tab=transcript) --- [Succession] (https://www.hbo.com/succession) --- [Starship] (https://www.spacex.com/vehicles/starship/) --- [6 Days to Air] (https://www.imdb.com/title/tt2076781/) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

18 Apr 2023

1 HR 07 MINS

1:07:34

18 Apr 2023

#173

Nintendo: The Console Wars

In the 1980’s Nintendo was on top of the world, with the NES achieving over 90% market share of home video games globally. So how did they fall ALL the way down to ~10% in just a few short console generations? And how did they then build themselves back up (and down and up again) to the top of the world again? Spoiler: it all hinged on one very small, yet very large and durable platform… the Game Boy. Fire up your favorite portable entertainment device and tune in for the epic story of Nintendo’s fall from grace and journey back to the top — capped off by our robust discussion of where they go from here, and whether this 130+ year old company may still (!) be misunderstood and mis-valued. ACQ2 Show: --- [Subscribe to the shiny new ACQ2!] (https://pod.link/acquiredlp) Links: --- [Our EA episode with Trip Hawkins] (https://www.acquired.fm/episodes/the-electronic-arts-ipo-with-trip-hawkins) --- [Matthew Ball on why “Nintendo as Disney” is a flawed analogy] (https://www.matthewball.vc/all/onnintendo) --- [Crossroads Capital’s investor letters outlining their Nintendo thesis] (https://www.crossroadscap.io/investor-letters) --- [Episode sources] (https://docs.google.com/document/d/1uz7J2qyEqLrcbuU5LUrStt4aM2vPvRiIPmKJcLOmQ7s/edit?usp=sharing) Carve Outs: --- [Kara Swisher in Vanity Fair] (https://www.vanityfair.com/news/2023/03/kara-swisher-podcasts) (and [our old episode with her!] (https://www.acquired.fm/episodes/season-3-episode-4recode-with-kara-swisher) ) --- [Hardcore History] (https://www.dancarlin.com) (finally!) --- [The Tetris movie] (https://www.imdb.com/title/tt12758060/) --- [Daryl Morey on Invest Like the Best] (https://www.joincolossus.com/episodes/50823211/morey-systems-thinking-in-sports?tab=transcript) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

11 Apr 2023

3 HR 17 MINS

3:17:01

11 Apr 2023

#172

Interview: Hamilton Helmer & Chenyi Shi on How to Build an AWS-Like Second Business

7 Powers author Hamilton Helmer and his Strategy Capital colleague Chenyi Shi join us again to discuss their latest research on a topic that’s highly relevant to the recent Acquired canon: how to build a second business line. This incredibly important “transforming” question faces every great company who has achieved initial product success (as well as their investors). Do we continue solely along the established path, or do we attempt to grow new branches on the tree? Some companies grow new businesses with tremendous success — Amazon and AWS, Nintendo and video games, Nvidia and CUDA — yet many others fail miserably. For the first time Hamilton and Chenyi share their research-based playbook on how companies should approach this decision and choose wisely. Tune in! ACQ2 Show: --- [Subscribe to the shiny new ACQ2!] (https://pod.link/acquiredlp) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) [Link to Hamilton's 2-Axis Chart] (https://uploads-ssl.webflow.com/5c29380b1110ec92a203aa84/642c3b165bd52ec4b2b3baff_Screenshot%202023-04-04%20at%207.55.48%20AM.png) Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

04 Apr 2023

1 HR 29 MINS

1:29:15

04 Apr 2023

#171

Sessions: David Senra (Founders Podcast)

ACQ Sessions returns with David Senra of the Founders Podcast. David is one of our very favorite people in the world — it’s impossible to spend an hour (or 3!) with him and not come away inspired to go take over the world. This conversation is an “extended, IRL version” of monthly calls that we do together where we share stories, swap life and podcast advice, and just genuinely enjoy sharing time with someone who shares our outlook and enthusiasm for the history of entrepreneurship. Pull up a chair, grab a beverage (or energy drink in David’s case) and join us! ACQ2 Show: --- [Subscribe to the shiny new ACQ2!] (https://pod.link/acquiredlp) Links: --- [Go subscribe to Founders!] (https://pod.link/founders) Some of our favorite episodes: [Bernard Arnault] (https://pod.link/founders/episode/820a5119b72b76b210df24e7a4a8e1bf) , [Brunello Cucinelli] (https://pod.link/founders/episode/41a47a7535026098511ae2c16ff22804) , [Edwin Land] (https://pod.link/founders/episode/b5637cb4b83ff459da8d05d804cf636f) , [Kobe Bryant] (https://pod.link/founders/episode/bda7f5dbc148b894f7ba4ad494e45460) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Topics:Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

29 Mar 2023

3 HR 18 MINS

3:18:37

29 Mar 2023

#170

Nintendo's Origins

You may think you know the Nintendo story: a plumber named Mario, a princess named Zelda… and didn’t they buy the Seattle Mariners at some point? We thought we knew it too. And then we started researching and were blown away. The lovable Disney-like Nintendo that we know today is a 130 year-old a playing card company (i.e. gambling), forged in the shadowy world of the Yakuza and shaped by a four-generation cycle of bitter family betrayal. And its unlikely transformation into a global multi-billion dollar media monopoly was led by an iron-fisted patriarch who — amazingly — never played a video game in his life! Get ready for one of our favorite stories Acquired has ever told — we couldn’t make this one up if we tried! ACQ2 Show: --- [Subscribe to the shiny new ACQ2!] (https://pod.link/acquiredlp) Links: --- [Our Atari episode with Nolan Bushnell] (https://www.acquired.fm/episodes/atari-with-nolan-bushnell) --- [Video of id Software’s legendary PC “port” of Super Mario Brothers 3] (https://vimeo.com/148909578) --- [Episode sources] (https://docs.google.com/document/d/11N6jjXkUpCoB2-8EQM3mYeJpr6X_A8NVgrlwYqX8ji0/edit) Carve Outs: --- [Everything Everywhere All At Once] (https://www.imdb.com/title/tt6710474/) ---Michael Lewis [on Tim Ferriss] (https://tim.blog/2020/05/01/michael-lewis/) and [on CSPAN] (https://www.youtube.com/watch?v=prW1KNJ8EtY) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) ... Read more

16 Mar 2023

3 HR 25 MINS

3:25:14

16 Mar 2023

#169

LVMH

We tell the full history of LVMH, and how Bernard Arnault turned a $15m investment in a bankrupt French textile company into the world’s largest individual fortune. It’s a story that’s equal parts Berkshire Hathaway, Steve Jobs and Barbarians at the Gate… and wholly under-appreciated for the genius business model innovations that enabled it. Whatever industry you operate or invest in, there’s so much to be learned from Bernard and LVMH’s complete reshaping of the luxury sector over the past three and a half decades. And oh yeah, it also involves Nazi spies, Italian family murders, Rupert Murdoch, Rihanna becoming a billionaire, Jay-Z’s champagne feuds and Beyoncé wearing a 128 carat diamond. Tune in! :)  Links: --- [Bryan Burrough in Vanity Fair: Gucci and Goliath] (https://archive.vanityfair.com/article/1999/7/gucci-and-goliath) --- [ Episode sources] (https://docs.google.com/document/d/1wiw3EIhex1Os_xcwrtPK_y3JSwQX245fJ5wQm-IKBJw/edit?usp=sharing) Carve Outs: --- [The Gamecraft Podcast] (https://www.gamecraftpod.com) --- [Doug DeMuro buys a Carrera GT] (https://youtu.be/ZDXWUGsFkKU) --- [ The Peloton Tread] (https://www.onepeloton.com/referral/2be7cb6ed4cc4fffa3d02ad4cd352e91?source=app-nav&utm_source=ios_app&utm_medium=in_app&locale=en-US) --- [ The Eureka Theory of History Is Wrong] (https://www.theatlantic.com/magazine/archive/2023/01/science-technology-vaccine-invention-history/672227/) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) ... Read more

21 Feb 2023

3 HR 31 MINS

3:31:15

21 Feb 2023

#168

The NFL

The NFL — it’s almost synonymous with America today. And its history is a fascinating lens to explore the nation’s development over the last 100 years, from WWII to TV and suburbs to the Internet and social media. What began as a quasi-illicit league in small midwestern towns is now the single largest media property in the world today by revenue. And whether you watch football or not, this is one incredible business story. Acquired is ready for some football — let’s kick this Season off right!  Links: --- [ Sports Illustrated’s oral history of the famous Joe Namath “pool photo”] (https://www.si.com/nfl/video/2017/02/01/super-bowl-joe-namath-classic-pool-photo) --- [ Episode sources] (https://docs.google.com/document/d/1Bj5q0m6qi6SIEcaM2t6mVvYPoQ5VNlqHgdat8PaKQHE/edit?usp=sharing) Carve Outs: --- [The Menu] (https://www.imdb.com/title/tt9764362/) --- [Peyton’s Places] (https://www.imdb.com/title/tt10241812/) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.   ... Read more

25 Jan 2023

3 HR 46 MINS

3:46:51

25 Jan 2023

#167

Holiday Special 2022

Cozy up to the fire and join Acquired as we do our annual strategic review of the show and our business “in public”. We recap our perspectives on Acquired’s big moments from the past year, a bit of commentary on the current state of the tech ecosystem, and what lies ahead for us in 2023. Plus as always at the holidays, we do an extended carve out session on our favorite things from the past year. Huge thank you to all of you for making 2022 an amazing year here in Acquired-land, and here’s to even bigger and better things to come in 2023!  If you want more Acquired, you can [follow our public LP Show feed here] (http://pod.link/acquiredlp) in the podcast player of your choice (including Spotify!).  Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Carveouts!: --- [Jerry Seinfeld on The Tim Ferriss Show] (https://tim.blog/2020/12/08/jerry-seinfeld/) --- [Project Hail Mary] (https://www.amazon.com/Project-Hail-Mary-Andy-Weir/dp/0593135202) --- [ The Psychology of Money] (https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681) --- [ The Power Law] (https://www.amazon.com/Power-Law-Venture-Capital-Making/dp/052555999X) --- [Made in America] (https://www.amazon.com/Sam-Walton-Made-America/dp/0553562835) --- [Made in Japan] (https://www.amazon.com/Made-Japan-Akio-Morita-Sony/dp/0451151712) --- [The Godfather (book)] (https://www.amazon.com/Godfather-Signet-Mario-Puzo/dp/0451167716) --- [ Masters of Doom] (https://www.amazon.com/Masters-Doom-Created-Transformed-Culture/dp/0812972155) --- [ Stevie Case vs. the World] (https://www.vanityfair.com/style/2022/10/stevie-case-vs-the-world-gaming-industry-sexism) --- [How All this Happened] (https://collabfund.com/blog/how-this-all-happened/) --- [Resonant Arc] (https://www.youtube.com/channel/UCFzWAEPDGiY34bGpwM_DWmA) --- [All-In] (https://www.allinpodcast.co) --- [Founders Podcast] (https://founders.simplecast.com) --- [MKBHD’s Waveform Podcast] (https://www.youtube.com/c/Waveform) --- [The Verge] (https://www.theverge.com) --- [ Huberman Lab - What Alcohol Does to your Body] (https://hubermanlab.com/what-alcohol-does-to-your-body-brain-health/) --- [Smartless] (https://www.smartless.com) --- [T-Swift’s Midnights] (https://www.taylorswift.com) --- [ Olivia Rodrigo] (https://www.google.com/search?client=safari&rls=en&q=Olivia+Rodrigo&ie=UTF-8&oe=UTF-8) --- [Andor] (https://disneyplusoriginals.disney.com/show/andor) --- [Black Panther] (https://www.marvel.com/movies/black-panther) --- [Top Gun Maverick] (https://www.topgunmovie.com) --- [Everything Everywhere All At Once] (https://a24films.com/films/everything-everywhere-all-at-once) --- [The White Lotus] (https://www.hbo.com/the-white-lotus) --- [The Vow] (https://www.hbo.com/the-vow) --- [Flighty] (https://www.flightyapp.com) --- [Roborock S7 Max] (https://us.roborock.com/pages/roborock-s7-maxv) --- [ Apple Keyboard with TouchID] (https://www.apple.com/shop/product/MK293LL/A/magic-keyboard-with-touch-id-for-mac-models-with-apple-silicon-us-english) --- [Elgato AV gear] (https://www.elgato.com/en) , especially [sound panels] (https://www.elgato.com/en/wave-panels) and the [Cam Link 4K] (https://www.elgato.com/en/cam-link-4k) ---Capri  ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

19 Dec 2022

2 HR 19 MINS

2:19:25

19 Dec 2022

#166

Stratechery (with Ben Thompson)

Ben Thompson joins Acquired to discuss the business of Stratechery itself and celebrate 10 years (!) of the internet’s best strategy analysis destination. Even beyond Stratechery’s enormous impact itself on business and tech over the years, Ben’s work inspired a whole generation of business content creators — this show very much included — and it was super special for us to give the Acquired treatment to one of our own heroes. We cover the full history of Ben pioneering the subscription internet media business model (indeed SubStack’s seed round pitch was “Stratechery-in-a-box”), and how + why he’s evolved the business since and is now doubling down both on podcasting and a broader vision of the Stratechery Plus bundle… including for the first time content not made by Ben himself! Tune in and enjoy.  If you want more Acquired, you can [follow our public LP Show feed here] (http://pod.link/acquiredlp) in the podcast player of your choice (including Spotify!).  Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Links: ---John Gruber’s [Daring Fireball] (https://daringfireball.net) --- [Ben’s very first Stratechery post] (https://stratechery.com/2013/welcome-to-stratechery/) ---Subscribe to [Stratechery Plus] (https://stratechery.com/stratechery-plus/) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

06 Dec 2022

1 HR 54 MINS

1:54:13

06 Dec 2022

#165

Enron

The FTX fraud has dominated headlines now for weeks, during which we’ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001’s then-largest bankruptcy in US history and the impetus for the famous Sarbanes-Oxley Act. So much of Enron’s history parallels FTX that the uncanniness is almost unbelievable — right down to the same CEO running the two bankruptcies. Sit back and enjoy this crazy tale of villainy, greed, and the nature of humans and money. Maybe just don’t take notes on this one…  If you want more Acquired, you can [follow our public LP Show feed here] (http://pod.link/acquiredlp) in the podcast player of your choice (including Spotify!).  Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Links: --- [Book Andy Fastow as a speaker for your next corporate event!] (https://www.bigspeak.com/speakers/andy-fastow/) 🤔 --- [ Episode sources] (https://docs.google.com/document/d/1WeLpfgPIAyoB5FbugpfqzUY3b-CnhAeGBhGZpBMHxIg/edit?usp=sharing) Carveouts!: --- [Enron: The Musical] (https://www.broadway.com/shows/enron/) --- [Andor] (https://disneyplusoriginals.disney.com/show/andor) --- [ Brooks Addiction Walkers] (https://www.brooksrunning.com/en_us/addiction-walker-suede-mens-walking-shoe/110319.html) --- [ Hoka Slides] (https://www.hoka.com/en/us/all-gender-footwear/ora-luxe/1134150.html) --- [JCal on the Tim Ferriss Show] (https://tim.blog/2022/11/19/jason-calacanis-transcript/) --- [New shirts are live in the ACQ Merch Store!] (https://cottonbureau.com/people/acquired-fm) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

29 Nov 2022

3 HR 31 MINS

3:31:47

29 Nov 2022

#164

Qualcomm

Qualcomm, or “Quality Communications” — despite being one of the largest technology companies in the world, few people know the absolutely amazing technological and business history behind it. Seriously, this story is on par with Nvidia, TSMC and all the great semiconductor giants. Without this single fabless company based in San Diego, there’s almost no chance you’d be consuming this episode on whatever device you’re currently listening on — a fact that enables them to earn an incredible estimated $20 for every new phone sold in the world. We dive into this story live at the perfect venue: our first-ever European live show at Solana’s Breakpoint conference in beautiful Lisbon, Portugal!  If you want more Acquired, you can [follow our public LP Show feed here] (http://pod.link/acquiredlp) in the podcast player of your choice (including Spotify!).  Links: --- [ The Qualcomm Equation] (https://www.amazon.com/Qualcomm-Equation-Fledgling-Telecom-Company/dp/0814408184/) --- [ Principles of Communications Engineering by Irwin Jacobs and John Wozencraft] (https://www.amazon.com/Principles-Communication-Engineering-Jacobs-Wozencraft/dp/B075GX66QM/) --- [ Episode sources] (https://docs.google.com/document/d/12Wb0sRhdwwdo1h4Ou7g9LEefZK1eGAADyL8V0eIfOGM/edit?usp=sharing) Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

15 Nov 2022

2 HR 26 MINS

2:26:36

15 Nov 2022

#163

Benchmark Part II: The Dinner

We sit down with all five current Benchmark GPs for one of their legendary weekly dinners, during which we ask all of the unresolved burning questions from Part 1. How do THEY think about Benchmark v3? What are their day-to-day emotions trying to keep the equal partnership “bending toward greatness? Why is there no growth fund? What does it take to become the next Benchmark GP? Why is there a secret Principal program? We cover all these and much, much more. We also recorded the whole thing on video — which we highly recommend watching even if you normally only listen to the audio feed!  If you want more Acquired, you can [follow our public LP Show feed here] (http://pod.link/acquiredlp) in the podcast player of your choice (including Spotify!). Links: ---Please take our [2022 Acquired Survey] (http://acquired.fm/survey) if you have a minute. It'd mean the world to us! ---Dad hats are live in the [Acquired Merch Store] (https://cottonbureau.com/people/acquired-fm) !  Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe)  ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

17 Oct 2022

1 HR 59 MINS

1:59:14

17 Oct 2022

#162

ACQ Sessions: Jason Calacanis

We kick off ACQ Sessions with the-behind-the-scenes story of All-in, from the world’s greatest moderator himself Jason Calacanis. ACQ Sessions is our new, occasional “MTV Unplugged” version of Acquired: a great IRL guest, a bottle (or two) of wine, and no script. We talk about everything you’d imagine we would over wine with JCal — All-In, bestie relationships, money & politics in Silicon Valley, who his influences and mentors have been (one surprise — the great Fred Wilson of USV!), what motivates him to keep grinding and why, at age 50+ when he could easily be winding down he’s instead speeding up into the most productive phase of his entire career. Pour a beverage yourself, pull up a comfy seat and join us!  If you want more Acquired, you can [follow our public LP Show feed here] (http://pod.link/acquiredlp) in the podcast player of your choice (including Spotify!).  Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

04 Oct 2022

2 HR 30 MINS

2:30:03

04 Oct 2022

#161

Benchmark Part I

Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark’s next GP generation. If you’re a student of the venture game from any angle — founder, GP, LP, etc — this is a story you need to tune in for!  If you want more Acquired, you can [follow our public LP Show feed here] (http://pod.link/acquiredlp) in the podcast player of your choice (including Spotify!). Sponsors:Statsig: [https://bit.ly/acquiredstatsig24] (https://bit.ly/acquiredstatsig24) Vanta: [https://bit.ly/acquiredvanta] (https://bit.ly/acquiredvanta) Crusoe: [https://bit.ly/acquiredcrusoe] (https://bit.ly/acquiredcrusoe) Links: --- [ Benchmark’s website circa 1997] (https://web.archive.org/web/19970222220811/http://www.benchmark.com/) --- [ Benchmark’s website circa 2000] (https://web.archive.org/web/20020926024038/http://www.benchmark.com/) --- [Benchmark’s website today] (http://www.benchmark.com) --- [ Episode sources] (https://docs.google.com/document/d/1tvF9-2gtJfKyLA1xjOLxV9uC6DLe0BnRFPa0J-1N_B8/edit?usp=sharing) Carve Outs: --- [Bill Gurley’s Runnin’ Down a Dream talk] (https://youtu.be/xmYekD6-PZ8) --- [Smartless Podcast] (https://www.smartless.com) --- [ Mitch Lasky on Invest like the Best] (https://www.joincolossus.com/episodes/99764091/lasky-the-business-of-gaming?tab=transcript) --- [Ursula Le Guin’s Earthsea Cycle] (https://www.amazon.com/Earthsea-Cycle-Set-Books-1/dp/B07PBZX7HT) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. ... Read more

28 Sep 2022

3 HR 42 MINS

3:42:37

28 Sep 2022