Invest Like the Best

by patrick.w.oshaughnessy@gmail.com

64m

average length

193

episodes

9

followers

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

Best Invest Like the Best episodes upvoted by the community

Last updated on May 28, 2020, 4:46 pm

#1

David Epstein – Wide or Deep? - [Invest Like the Best, EP.133]

May 28, 2019 • 83m

My guest this week is David Epstein. David is a writer and researcher extraordinaire and the author of two great books. His second, Range, is out today and I highly recommend it. We discuss the pros and cons of both the generalist and specialist mindsets in detail and go down many interesting trails along the way. Please enjoy our conversation. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 1:12 - (First Question) – What he uncovered in “The Sports Gene: Inside the Science of Extraordinary Athletic Performance” that led him to his latest book             2:38 – Debate with Malcolm Gladwell (YouTube) 4:12 – What did the public pay most attention to and what did they gloss over 7:56 – How his views on nature vs nurture shifted during the process of writing The Sports Gene 10:05 – Blending practice with your nature 13:04 – His process of reading 10 journal articles a day as part of his research 19:06 – Exploring his new book “Range: Why Generalists Triumph in a Specialized World”, and his idea of Martian tennis 23:03 – Idea of the cult of the head start and how we set up our own feedback loops 28:58 – What does his research say about the nations education system 30:42 – The Flynn Effect chapter 33:54 – Hacks for learning 37:52 – The concept of struggle and harnessing the power of it 46:31 – Personality changes and how to drive those changes in a positive way 52:00 – Using the outside perspective in businesses for more productive outcomes and how it applied to Nintendo             52:59 – Josh Wolfe Podcast Episode 1:04:45 – Other examples of using withered technologies, 3M 1:09:00 – The arc of his work and how it has evolved 1:13:54 – Taking a different view on problems             1:17:52 – Ending Medical Reversal: Improving Outcomes, Saving Lives 1:18:04– Anyway to change these bad trends with new strategies   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

1

0

1

#3

Peter Zeihan – The Future of Geopolitics - [Invest Like the Best, EP.123]

March 05, 2019 • 70m

Peter is a geopolitical strategist who combines expertise in demography, economics, energy, politics, technology, and security to assess an uncertain future. Before founding his own strategy firm, Peter helped develop the analytical models for Stratfor, one of the world’s premier private intelligence companies.   I came across Peter via his books the Accidental Superpower and the Absent Superpower. We discuss America’s changing place in the world and four additional countries poised to do well in the future. Spoiler alert: he believes the U.S. is particularly well positioned.  While we don’t discuss equity markets per se, all of what we talk about will obviously impact companies across the world for the remainder of our careers. Please enjoy our conversation. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 1:32 - (First Question) – His model of the world 4:05 – What makes for a strategically advantaged country 5:35 – History of the Bretton Woods agreement and the order that it created 8:47 – The security apparatus that has made globalization of manufacturing possible 12:04 – The US’s pullback from being the naval police of global trade             12:08 – The Absent Superpower: The Shale Revolution and a World Without America 14:57 – How energy has played into America’s disinterest abroad 21:52 – Moving towards global disorder 24:55 – Characterizing factors that will impact countries in any collapse 27:38 – How this manifest in physical conflict 32:44 – How the new world order will end the ease of innovation we are accustomed to today 34:13 – What gets the US to reengage before this new world order 38:08 – Demographics that make a country prepared for this, Japan as an example 40:57 – A look at China 43:59 – What the story is about Argentina 45:52 – How North America fares based on their geography and relationships 49:50 – The trader wars that are currently ongoing 52:17 – US political system 56:15 – Most important policy issues moving forward 58:27 – His view on American infrastructure 1:00:33 – Technologies that interest him the most 1:02:55 – What he is watching most closely in his research, starting with media 1:05:59 – What are and should be the countries of the future 1:06:55 – Kindest thing anyone has done for Peter 1:07:32 – Favorite places he’s been   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#4

Nikhil Kalghatgi – Moonshot Investing - [Invest Like the Best, EP.82]

April 10, 2018

My guest this week helps me complete the first trilogy of guests on the podcast. His name is Nikhil Kalghatgi. Along with past guests Ali Hamed and Savneet Singh, Nikhil is a partner at the asset management firm CoVenture. If you liked those two conversations, you will love this one—it is somehow even more wide-ranging than the first two. Nikhil is the CEO of CoVenture Crypto, but he ended up there because of an overarching investing style that he calls moonshot investing, which we explore right from the start and in great detail. He is obsessed with productivity and happiness, and we spend a long time on those topics. One of the most interesting experiments I’ve heard about on the podcast is his Happiness project, for which he interviewed more than 100 of the wealthiest people in the world. The lessons he gleaned from those conversations are very helpful, and I won’t soon forget the lesson related to sacrifice. We also discuss asteroid mining, networking, shared experience, and philosophy. Oh and crypto currencies. Nikhil’s take on crypto has always been refreshing to me. In fact the first time I met him he was throwing cold water on a room full of enthusiastic crypto investors. Within crypto we discuss business opportunities, mining, and how new retail and institutional capital will affect the asset class.  Hash Power is presented by Fidelity Investments. Please enjoy this sparkling conversation with Nikhil Kalghatgi.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:42 – (First Question) –  What moonshot investing is 4:41 – Creating sustainable differential investment advantage 9:30 – Assessing the market for moonshots 12:15 – Types of people suited for moonshots  13:42 – The Happiness Project 17:45 – Commonalities among successful people 25:15 – The importance of humor in life 17:16 – Recipe for a good joke 28:00 – The night Patrick and Nikhil met 29:17 – His perspective on the world of venture capital 33:26 – What did Nikhil learn from his time at SoftBank 34:52 – Craziest thing Nikhil has done 40:27 – What he took away from his time in military intelligence 46:10 – The idea of manufactured serendipity 47:13 – Nikhil’s approach to investing in cryptocurrency and what he finds interesting about it 53:23 – How Nikhil reconciles the excitement of crypto with the lack of tangible asset 58:10– The timeline of retail and institutional investors becoming more involved in crypto 1:02:43– Exploring their liquidity strategy 1:04:10 – What happens if regulators shut down the cryptomarkets 1:09:48– The role of miners in crypto and how that might change moving forward 1:10:43 – What is the frontier of crypto mining 1:12:31 – What’s the most compelling rabbit hole in crypto 1:16:23 – How would the original creators of crypto currency feel about the current state of the market 1:20:01 – What Nikhil sees as the value proposition for the whole ecosystem. 1:21:00 – Kindest thing anyone has done for Nikhil   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag  

0

0

0

#5

Dr. Ben Hunt - The Three-Body Portfolio - [Invest Like the Best, EP.73]

January 23, 2018 • 67m

My guest this week is Dr. Ben Hunt, the chief investment strategist at Salient and the author of the extremely popular epsilon theory. I’ve always enjoyed Ben’s writing style, particularly his use of farm and animal based analogies to describe market phenomenon. In this conversation, we discuss his recent post the three body problem, why growth has been beating value, and why a strategy that he calls profound agnosticism—a take on risk parity—may be the most appropriate investing strategy in what he views as a very uncertain world. We also discuss some of his favorite lessons from the farm.  Please enjoy our conversation!   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Links Referenced The Three-Body Problem   Show Notes 1:54 - (First Question) – Applying the three-body problem to investing  7:24 – Fundamental view of investing, Profound Agnosticism  8:24 – Why has value done so poorly relative to growth in this framework  11:01 -  Ben’s thoughts on why value has been underperforming for so long  13:52 – Investors should be able to adapt  17:49 – Thoughts on the risk parity approach  23:23 – Ben’s strategy for working with several teams  26:48 – What’s the best way to gain an edge, top down factors vs company/bond individual analysis  28:29 – How do you measure risk amid the large amount of uncertainty that exists in markets  32:40 – How does Ben personally think about investing  34:41 – Ben’s farm and the investing lessons learned by some of the animals  39:55 – How bees can plan out their entire work structure by the angle of the sun  42:58 – Defining basis risk  44:59 – Personal risk vs portfolio risk  49:30 – The concept of fingernail clean and our perception of what eggs are  53:57 – How ETFs are like mass produced eggs  54:56 – Exploring the idea of quality vs scaling  58:39 – What is the current challenge/puzzle that Ben is focused on right now  1:01:59 – What is Ben looking for when looking into game theory and applying it to the words that are published and spoken about investing  1:03:57 – Most memorable day on Ben’s farm  1:05:04 – Kindest thing anyone has done for Ben   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#6

David Gardner - Finding Companies That Break the Rules - [Invest Like the Best, EP.54]

September 12, 2017 • 77m

The investment strategy discussed in this week's episode is diametrically opposed to my own value tendencies, but it still one that has done exceptionally well.   My guest is David Gardner, co-founder of the Motley Fool. He is unique in that he is both a pure investor--a true stock junkie--and an entrepreneur. His energy is remarkable. His positive vibes are something to behold. You'll hear it over audio, but it's ever more palpable in person.  Our conversation is about finding companies which are breaking rules in the right way and reshaping industries. David's goal is to find these companies early in and hold them forever.  If you love investing, you are going to love this regardless of your prior beliefs. Please enjoy my conversation with David Gardner on rule breakers. For comprehensive show notes on this episode go to http://investorfieldguide.com/gardner For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail (Management of Innovation and Change) The New Penguin Dictionary of Modern Quotations Moneyball: The Art of Winning an Unfair Game The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too The Wisdom of Crowds The Motley Fools Rule Breakers Rule Makers : The Foolish Guide To Picking Stocks   Links Referenced Totally Absorbed FANG stocks Henry Cloud (author) “I had a lover’s quarrel with the world” by Robert Frost As You Like it (Shakespeare) Invest Like the Best episod with Morgan Housel Don't Be a Dip: The 1 Thing You Need to Know About Buying on Dips Board Game Agricola Boardgamegeek.com   Show Notes 2:03 – (First question) – Among the experiments that David has run in his podcast, which one has he enjoyed the most 3:42 – A deep dive into the rule breaker mentality that David uses             4:39 -  The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail (Management of Innovation and Change) 3:52 -  How his model may mimic venture capital early stage investing 7:22 – What helps you to not sell a rule breaker amid big drawdowns.             7:33 – Totally Absorbed             8:32 – FANG stocks 12:25 – List of criteria in picking rule breaker stocks…starting with top dogs and first movers 19:34 – Second criteria…visionary leadership and the traits David looks for in a leader             22:02 – Henry Cloud (author)             22:58 – “I had a lover’s quarrel with the world” by Robert Frost 24:07 – Smart backing as part of that second criteria 26:16 – Third criteria – competitive advantage and moats 30:50 – Looking at the development of the Motley Fool brand and business             32:47 – The New Penguin Dictionary of Modern Quotations 32:49 – As You Like it (Shakespeare) 39:29 – Looking at David’s writing and how it has evolved over the years             40:36 – Moneyball: The Art of Winning an Unfair Game             41:31 – The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too             42:43 – Invest Like the Best episod with Morgan Housel             42:45 – The Wisdom of Crowds 43:33 – Back to criteria, the fourth one, price momentum             45:47 – Don't Be a Dip: The 1 Thing You Need to Know About Buying on Dips 50:03 – Last criteria, something being overvalued and weigh that against the idea of whether a product or service is important based on whether people would miss it             52:10 – The Motley Fools Rule Breakers Rule Makers : The Foolish Guide To Picking Stocks 1:01:21 – Looking at David’s process for finding a stock and analyzing it 1:07:38 – The importance of taking these criteria in concert and how you can see the power of overvaluation 1:10:39 - Board Game Agricola 1:10:54 – Boardgamegeek.com 1:14:38 – Kindest thing anyone has done for David   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#7

Niel Robertson – The Future of Media - [Invest Like the Best, EP.94]

July 03, 2018

This week’s episode covers a new set of topics. The conversation, with Niel Robertson, covers media, e-sports, content distribution, marketing, and a lot more. Niel started a software company out of his bedroom when he was 14, and sold his first company in 1999 for $280 million, when he was 24 years old. He has started and sold other companies to Twitter and Cisco. He started another large business that ultimately failed. He’s been an investor, venture partner, and serial entrepreneur. You can find more in the shownotes.  As I often do, I cut the long background section from the interview so we can get right to the meat of things, but Niel concluded that section saying: “I think that could be all summed up by I just liked building things and I can't stop doing it.” In addition to the overall media landscape, we discuss the role that the biggest media platforms will play, and where other opportunities may exist. We cover digital collectibles stored on blockchain, and what type of digital assets may be leased to others. We close with a discussion of leadership, company structure, content creation, and something you should do each year. Please enjoy this unique conversation with Niel Robertson.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced The Start-up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career   Show Notes 2:30 - (First Question) – Overview of the media landscape as it relates to influencer marketing 6:42 – How does he think about this space as an investor 12:21 – What is the future of distribution of products 17:01 - An overview of the e-sports ecosystem 18:20 – The shift of people watching others play video games 20:06 – Will we see power shift from the platform to the influencer 27:03 – Why Amazon is the sleeper in this game 29:38 – Reviewing some of the other platforms, starting with Snapchat 30:54 – Twitter 32:06 – Other platforms that should be focused on…Pinterest 33:38 – His interest in blockchain and digital collectibles 36:34 – Who will be disrupted by digital collectibles 37:55 – Why does the decentralization of these assets matter 39:49 – The tokenization of assets 42:11 – What companies have the largest hurdles to innovate in these spaces 44:57 – His thoughts on leadership             46:44 – The Start-up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career 47:52 – Advice for content creators and content aggregators 50:10 – His thoughts on companies that aggregate top content creators 53:17 – His experience owning restaurants 55:46 – His experience in motocross 57:31 – Kindest thing anyone has done for Neil   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#8

Kathryn Minshew - How Employers and Employees Should Build Careers - [Invest Like the Best, EP.103]

September 11, 2018 • 29m

My guest this week is Kathryn Minshew, the co-founder and CEO of the Muse, and the co-author of The New Rules for Work: the Modern Playbook for Navigating Your Career. I’ve learned in business is that the quality of people and the culture they create dictate outcomes. Having made plenty of mistakes hiring, and having had many enormous successes, I am always interested in best practices for finding and successfully recruiting the right people. Given that Kathryn runs a jobs marketplace and has written a book on the topic, she is the perfect person to explore some the core concepts around pairing people with the right positions. We discuss how companies should market to prospective employees, how employees should represent themselves to employers, and the most common mistakes she sees across the hiring landscape. Please enjoy our conversation. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 1:31 - (First Question) Largest changes in the nature of work and how people approach finding the right job for them 3:27 – Can this work be jammed into a formula 5:18 – What strategies is she sharing with employers when it comes to hiring 8:31 – How long should the process take 9:33 – Biggest mistakes employers make in this process 10:39 – Besides the usual stuff, what can perspective employees do to bolster their chances 12:50 – How much more efficient will matching technology get in the years to come 16:00 – What will be the largest changes to work itself 19:09 – Will we move away from full time work into parsels of work units 20:50 – Most successful piece of content or content strategy the Muse has employed 22:34 – Advice for early stage entrepreneurs 26:24 – Kindest thing anyone has done for Kathryn   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#9

Cathie Wood – Investing in Innovation - [Invest Like the Best, EP.97]

July 31, 2018 • 73m

My guest this week is Cathie Wood, the founder of ARK invest. Cathie and her team believe that disruptive innovation is the key to long-term growth and, therefore, alpha in the public markets. Because their style of investing is entirely contingent on what will happen and change in the future, it is about as different a style as exists from the quantitative approach to investing, which relies on what is currently knowable about stocks and businesses.  The future is notoriously hard to predict, so I am always interested to hear about investing approaches which try to model or handicap the future and build portfolios against that work. In this conversation, we explore all the most interesting and exciting technology trends at play in the world today—and how those trends may play out for investors. We discuss genome sequencing, blockchain, software 2.0, mobility as a service, automation, and more.  We also discuss Cathie’s take on building a bridge between the worlds of finance and Silicon Valley, and why starting with a benchmark is anathema to their process. It is hard to deny Cathie’s passion and enthusiasm, and I credit her for building a unique firm culture that emphasizes openness and collaboration. Please enjoy our conversation on investing in innovation.  For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:30 - (First Question) – Cathie’s idea of bringing open source to Wall Street 4:47 – Deep dive into the platform             6:09 – White Paper on Bitcoin – Could Bitoin serve as the role of money 7:43 – Why disruptive innovation is so inefficiently priced 10:04 – How well does the market discount cash flow of disruptive businesses 14:09 – A look at their investing strategies, starting with top-down.  16:10 – How they picked their 5 categories of technological change, starting with foundational     19:42 – Changes in energy 21:53 – Robotics 24:17 – Excitement over deep learning 28:03 – How they express their top-down ideas from the bottom up 36:06 – Mobility as a service as a key area of focus 45:25 – The power of public mistakes 46:39 – What she looks for when hiring 51:14 – her philosophy on building and maintain a portfolio 56:38 – Behind the growth of the company 1:04:01 – Most exciting area for her right now 1:07:52 – Kindest thing anyone has done for Cathie   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#10

Shark Tank with Thatcher Bell and Taylor Greene - [Invest Like the Best, EP.83]

April 17, 2018

We’ve always found that even in public equities, you learn more once you have a live portfolio. One of the best ways to learn is to put some capital at risk. To learn about the venture capital world, for example, I made an investment in a startup called Ladder, a platform business which connects coaches (fitness trainers to begin with) with consumers who need or want a coach to help them improve their fitness and their health. The idea is by making the entire coaching system more efficient, Ladder can provide consumers with a real person as a coach, but at a fraction of the cost, and provide coaches with both new customers and a much better way of managing their existing businesses.  If you are interested in the businesses backstory, you can listen to episode #60 of the podcast to hear founder Brett Maloley’s story and his vision for Ladder. We are now six months into the launch of the business, with thousands of users and coaches on the platform and run rate revenue past a million dollars. What I was most curious about at this stage, aside from building something useful, was the relationship between a startup and institutional venture capitalists, who are allocating capital from their funds into startups at various stages. For this episode, I asked two VCs to sit down with me and Brett and treat the conversation as they would a normal pitch meeting, so that we, the audience, can get a peek into their world and the types of questions they ask.  The venture capitalists in question are Thatcher Bell, of CoVenture, and Taylor Greene, of Collaborative Fund. Both have experience evaluating new companies, but also have specifically spent time on companies like ladder, which follow the platform or marketplace model.  While we do cover a little bit of background on the company, I’ve edited most of that part out so we can talk about the business model itself. While I don’t spend much time talking in this episode, you will hear me asking Thatcher and Taylor some questions to better understand why they care or don’t care about certain aspects of a business. Lastly, I love the data aspect of all this. The interaction between coaches and customers produces a wealth of data of different types, all of which is analyzed and used to improve each aspect of the process. To help gather more data—about onboarding, working with a coach, and tracking results—Brett and the Ladder team set up a little promo code for listeners, which can be accessed by going to joinladder.com and using the promo code ILTB2 as in Invest Like the Best 2. The first voice that you’ll hear is Thatcher, and the next person asking questions is Taylor. I began by asking Thatcher to give us a bit of background on how he approaches young companies before diving in with questions of his own. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 3:12 – (First Question) –  getting a flywheel business going 4:49 – Brett’s background and how that led to the formation of Ladder 7:58 – Breakdown of the product 9:29 – The sign-up process 10:29 – Key problem for each party of the ladder transaction 12:34 – Diving deeper into the problem of being a health coach 14:29 – How does Ladder differentiate itself from other apps that help people locate a trainer 17:01 – A deeper dive into the consumer using this product 20:28 – The accountability factor being the moat for Ladder 24:12 -  How successful is the product right now in terms of recruiting new customers and trainers 28:38 – Their pre-launch interview and research process 31:49 – Going from hypothesis to product development 35:25 – What should founders think about when doing customer discovery, even after they have a product in the market 39:22 – Optimizing in the early stage of a business 43:24 – The defensive moat of a startup 46:20 – Their take on their ability to corner the coaches in this market 49:57 – Is there a side of the producer/consumer side of the equation that is more important. 55:42 – Getting and giving value to your supply, in this case the coaches 58:22 – How to view different phases of a business 1:00:43 – Growing the supply and demand so that neither side gets aggravated 1:02:28 – Market opportunity for Ladder 1:10:55 – Top 2 or 3 goals that Ladder has over the next 12-18 months 1:13:00 –  Looking at Ladder, what are the strengths and weaknesses as a potential investment 1:20:40 – Pros and cons of a startup seeking institutional VC money 1:25:11 – Reviewing the pitch Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#11

Abby Johnson – Future of Finance - [Invest Like the Best, EP.116]

January 08, 2019 • 63m

Over the summer. I spent time with Abby Johnson, who is the chairman and CEO of Fidelity Investments and several other business leads at Fidelity to understand how a very large firm like theirs is navigating change in our industry. What follows is a condensed version of my various conversations with Abby and her team. We discuss the big buzzwords like blockchain and machine learning, but also thoughts on leadership, client centricity and measures of success. I hope you enjoyed this exploration For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 1:16 - (First Question) – [Abby] A look at the early part of Abby’s career 2:45 – Analyzing the skill of capital allocators 3:27 – A look at the asset management world of today and what to focus on today 7:23 – A set of decision-making principles that guide Abby 12:55 – Their strategy around the digitization of the world 16:07 – Balance between robo-advisors and humans and the markers of a good relationship 18:24 – What is the future of the role of the human in these relationships 20:15 – Their interest in emerging technologies like Blockchain 24:50 – Will crypto be its own asset class in the future 25:58 – [TOM] State of the business and the most interesting points of change 28:14 – Who is winning the battle for the next generation of investors 29:24 – How much of the change in financial business is cyclical 30:17 – What are businesses doing right to bridge that generational gap 31:01 – What does the future of the asset management industry look like 32:13 – What technologies could impact the asset management business the most 33:44 – The difference between machine learning and AI in this format 35:26 – In what way will AI impact these processes and replace humans 36:41 – What has him most excited about the future 37:54 – Advice for people thinking about pursuing a career in financial services 39:20 – Markers of a business that would be attractive for the next generation to consider working for 40:33 – The importance of brand when thinking about their business and those they work with 41:57 – Ways of engendering trust from a branding prospective 43:20 – Kindest thing anyone has done for Tom 44:28 – [VIPIN] Building a team around AI 45:21 – Markers for a good data strategy 47:25 – Kindest thing anyone has done for Vipin 48:58 - [ABBY] – How Fidelity thinks about data as an investing initiative 50:24 – Differentiating attributes of good analysts and if they’ve changed 51:34 – Investor she has always enjoyed learning from 52:37 – Favorite Peter Lynch story 53:17 – Business lessons that people could take away from Abby 54:59 – The role of women in financial services and what can be done to improve the situation there 57:35 – Trends that Abby is most excited to explore 1:00:22 – Positives and negatives of being part of a family business 1:01:46 – Kindest thing anyone has done for Abby   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#12

Ash Fontana – Investing in Artificial Intelligence - [Invest Like the Best, EP.90]

June 05, 2018 • 75m

My guest this week is Ash Fontana, a managing partner at venture capital firm Zetta, who invests in companies which build software that uses artificial intelligence methods like machine learning to predict and prescribe outcomes. Ash’s combined experience as a founder, entrepreneur, and investor give him the perfect background to discuss with us one of the hottest topics in business and investing. This conversation is useful for anyone trying to evolve their own way of dealing with data. Of particular interest are the ways that Ash and his team evaluate data sets and how they think about competitive advantage in this new world—where he advocates a new term to replace the concept of moat: loops.  If we can use data to do things better than humans, or if we can supercharge our intuitions with predictive models, we can harness the power of this new technology. What Ash has taught me is that data itself is dumb. But great data sets can represent the fuel for incredible companies. Let’s dive into how that may be. Please enjoy this conversation on how AI is changing business, and how we might profit from that change.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced The Most Important Thing: Uncommon Sense for The Thoughtful Investor   Links Referenced Jerry Neumann Podcast Episode Ali Hamed Podcast Episode   Show Notes 2:25 - (First Question) – A look at their very specific investment strategy 3:35 – Future of competitive advantage in the SaaS industry 6:45 – How startups and new companies can compete against software giants that are pretty well entrenched in the market 8:38 – How do copies with narrow focuses attract VC money which is looking for massive returns 12:28 – The stages in which AI will be enabled 15:55 – Framework of an AI company 18:49 – Importance of the feedback in the AI company framework 20:56 – Examples of AI companies 23:50 – Why companies that are AI from the start will have a significant advantage in the space 26:21 – How do companies change their thinking about compiling useful data 32:18 – Regulation of AI 35:03 – Preventing other companies from leap frogging you in the AI space 37:57 – Some of his favorite AI companies 40:43 – How much has he seen in the finance world             41:07 – Jerry Neumann Podcast Episode 43:10 – Why the focus on B2B AI companies 45:34 – Major components of the enterprise stack that he focuses on for AI 49:30 – What impact will all of this AI have the daily lives of people 51:38 – Biggest problems that he is excited to see AI tacklet 53:04 – How do you value the intangible asset of an AI model 57:13 – How Ash thinks about getting other investors into firms they seeded 1::00:27 – Other investors that Ash really respects             1:01:15 – The Most Important Thing: Uncommon Sense for The Thoughtful Investor             1:03:29 – Ali Hamed Podcast Episode 1:04:04 – Where would Ash invest outside of AI 1:07:11 – More about his family nut business 1:11:18 – Favorite macadamia nut story 1:12:05 – Kindest thing anyone has done for Ash   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#13

Josh Wolfe – The Tech Imperative - [Invest Like the Best, EP.130]

April 23, 2019 • 63m

My guest this week is Josh Wolfe, co-founder and managing partner at Lux Capital. I had Josh on the podcast last year which was one of the most popular episodes in the shows history. This is a continuation of our ongoing conversation about investing in the frontiers of technology. My favorite thing about Josh and the way that he invests is the mosaic that he and his team at Lux are constantly building to understand the world and where new companies may fit in. We cover a crazy variety of topics from business model innovation, roles of a CEO, the military, the death of privacy, and arrows of human progress. Please enjoy round two with Josh Wolfe. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes 1:22 - (First Question) –Ability to tackle massive scale problems 4:05 – Key roles of leaders and his checklist for evaluating them 5:55 – Common traits among founders that make them incredible storytellers and leaders 10:22 – The concept of ill-liquidity 14:53 – Thoughts on the types of companies going public 16:41 – Most innovative business models 19:14 - Advice for LP’s 23:51 – Common devil             24:01 – The True Believer: Thoughts on the Nature of Mass Movements 25:09 – Big internal debates at his firm, starting with price discipline 28:45 – The value debate internally 33:34 – CRISPR from an investment standpoint 36:50 – Edge cases they are looking at 46:52 – How they target ideas in a single concept             50:01 – The Coast of Utopia: Voyage, Shipwreck, Salvage 51:04 – New theses that they chase 56:31 – Recent adventure with special operations guys Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#14

Eric Balchunas – The Past, Present & Future of ETFs - [Invest Like the Best, EP.93]

June 26, 2018 • 58m

My guest this week is Eric Balchunas, the senior ETF analyst for Bloomberg and the author of the Institutional ETF toolbox. This episode is intended for those in the asset or wealth management industry who have considered using ETFs in their portfolios, or for the individual investor who likes to stay up to date on trends in the market for asset management products. We cover all aspects of ETFs in some detail, and luckily in ways that have little overlap with a few other recent ETF-centric episodes on two of my favorite podcasts: the Meb Faber Show and Capital Allocators with Ted Seides with Matt Hougan and Tom Lydon respectively. We open with Eric’s favorite ETF tickers, discuss the pros and cons of ETFs versus other investment vehicles, and explore the largest areas of opportunities for new ETFs coming to market in the years to come. ETFs have become the vehicle of choice for many investors, so it was about time we covered them in depth in this forum. As you’ll hear, Eric is the right person to teach the world about ETFs, thanks to deep domain knowledge and unflagging enthusiasm. Please enjoy my conversation with Eric Balchunas on the past, present, and future of ETFs. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Books Referenced Quantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System Links Referenced Chart – There Are Now More Indexes Than Stocks Show Notes 2:32 - (First Question) – Eric’s favorite ETF tickers 4:07 – How Eric got started into his career and how it led him into the ETF world 8:04 – An overview of the ETF landscape 10:10 – Active managed ETFs             12:17 – Chart – There Are Now More Indexes Than Stocks 13:32 – Key variables he thinks about when assessing a new ETF 15:18 – Evaluating shiny object ETFs 17:30 – The appeal of ETFs 20:18 – Future regulatory concern of the tax treatments of ETFs 22:10 – The liquidity advantage of ETFs and why that can actually be bad for investors 24:19 – What would Eric do to build the perfect ETF 26:03 – What are the future trends for new ETF’s launched 29:40 – Categories that work well in the ALT world of ETFs 31:32 – Most effective marketing strategy for ETFs 35:50 – Quantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System 36:28 – How will the winning asset managers have done differently in this space 41:56 – How the next downturn could impact ETFs 46:17 – Do ETF’s create pricing distortions 50:33 – What trend is Eric most interested in right now 53:21 – Alpha through Beta 55:51 – Kindest thing anyone has done for Eric Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#16

[REPLAY] Pat Dorsey - Buying Companies With Economic Moats - [Invest Like the Best, EP.51]

August 27, 2019 • 50m

My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated--or made possible--by the existence of the moat.   A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike--an earlier guest on the show. In the vast majority of conversations you hear on this show, I'm meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.   Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation.    For comprehensive show notes on this episode go to http://investorfieldguide.com/dorsey For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:23 – (First question) – Transition from the sell side to the buy side and the biggest surprise  3:40 – What is a moat  5:16 – What part of the stock market universe has a moat  6:57 – Pat’s framework for identifying moat, starting with intangibles  8:32 – The power of brands  9:44 – what chance does an upstart have to come in and usurp a well-established brand    12:24 – Switching costs as part of the framework for identifying a moat  14:55 – The third component of identifying a moat, network effects, and what businesses should do to effectively build one  17:29 – Last component, cost advantages/economies of scale  19:29 – How do you analyze these four components into an investing framework that can be built into an actual strategy  21:13 – How does Pat think about this from a mis-pricing standpoint  23:37  – How does Pat incorporate current price of a company in consideration for future returns when pricing a moat  25:39 – How should a company with a moat operate to protect that characteristic, especially when it comes to their capital allocation  26:51 – Which characteristic of a moat does Pat find most intriguing  30:35 – What makes for good and smart capital allocation  35:58 – What is Pat’s process for identifying the best investment opportunities  38:38 – What are good economics when looking at a company  41:03 – If Pat could take any business, but have to swap leadership, what would he choose.  44:13 – Back to his process of finding investment opportunities  46:05 – Kindest thing anyone has ever done for Pat   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag Read more at https://investlikethebest.libsyn.com/pat-dorsey-buying-companies-with-economic-moats-invest-like-the-best-ep51#oBGdOp1br4EMtORd.99

0

0

0

#17

Chris Dixon – The Future of Tech - [Invest Like the Best, EP.69]

December 26, 2017 • 59m

My guest this week is Chris Dixon, who has written some of my favorite essays on technology and venture investing. Chris is a prolific investor and thinker, having been an entrepreneur, angel investor, and now partner at the well-known venture capital firm Andreessen Horowitz. Our conversation focuses on major trends in technology, including cryptocurrencies and the future of autonomous vehicles and drones. Chris has a rule of thumb for technology trends: find out what smart people are working on during the weekend, and you’ll know what other will be doing years in the future. After surveying his old essays, it’s clear you use Chris’s writings as a similar litmus test. Hash Power is presented by Fidelity Investments Please enjoy this great conversation with Chris Dixon on the future of tech. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages Who Controls the Internet?: Illusions of a Borderless World   Links Referenced Douglas Hofstadter Daniel Dennett How Aristotle Created the Computer New Yorker Cover on automation The World of Numbers website Jerry Neumann podcast episode David Tisch podcast ERC-20 Token Standard Eleven Reasons To Be Excited About The Future of Technology   Show Notes 2:04 (First Question) – Why did Chris choose to study philosophy             2:23 – Douglas Hofstadter             2:24 – Daniel Dennett             3:20 – How Aristotle Created the Computer  3:35 – Where has his thinking and viewpoints changed the most having been in the real world  4:42 – What is the real driving force behind all of the technology that we are creating and will automation kill all of the jobs             6:16 – New Yorker Cover on automation             6:57 – The World of Numbers website 8:36 – A look at his history in networks and network design             11:03 – Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages             11:07 – Jerry Neumann podcast episode             12:32 – Who Controls the Internet?: Illusions of a Borderless World 13:06 – What are the market and technological forces that make it difficult to regulate software hardware companies 14:39 – The best features of proprietary centralized networks and open networks 16:40 – What things are better centralized vs decentralized             22:30 – David Tisch podcast 23:03 – When it comes to cryptocurrencies, what are the concerns that the protocols themselves hold value and could this lead to centralization of the system problems             24:02 – Block size debate (topic)             26:40 – ERC-20 Token Standard 27:23 – Is the blockchain the answer to the stagnation of the big tech players  32:47 – Does Chris find investment in individual crypto tokens analogous to seed funding in companies  34:39 -  How does Chris think about the dichotomy of investing in people vs technologies             34:59 – Eleven Reasons To Be Excited About The Future of Technology  37:45 – What organizational structures of companies are most compelling  41:50 – Any major trends in technology a cause for concern for Chris  42:34 – Any interesting trends by people looking to disrupt the centralization of internet power to a small few  44:09 – What major trends is Chris passionately pursuing  51:15 – If everyone agrees on a future trend of technology, can you still make money investing in them  52:20 – How do you encourage younger people to approach the world and a career differently in this ever-changing world  57:39 – Kindest thing anyone has done for Chris   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#18

Pat Dorsey - Buying Companies With Economic Moats - [Invest Like the Best, EP.51]

August 22, 2017

My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated--or made possible--by the existence of the moat.   A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike--an earlier guest on the show. In the vast majority of conversations you hear on this show, I'm meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.   Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation.    For comprehensive show notes on this episode go to http://investorfieldguide.com/dorsey For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:23 – (First question) – Transition from the sell side to the buy side and the biggest surprise  3:40 – What is a moat  5:16 – What part of the stock market universe has a moat  6:57 – Pat’s framework for identifying moat, starting with intangibles  8:32 – The power of brands  9:44 – what chance does an upstart have to come in and usurp a well-established brand    12:24 – Switching costs as part of the framework for identifying a moat  14:55 – The third component of identifying a moat, network effects, and what businesses should do to effectively build one  17:29 – Last component, cost advantages/economies of scale  19:29 – How do you analyze these four components into an investing framework that can be built into an actual strategy  21:13 – How does Pat think about this from a mis-pricing standpoint  23:37  – How does Pat incorporate current price of a company in consideration for future returns when pricing a moat  25:39 – How should a company with a moat operate to protect that characteristic, especially when it comes to their capital allocation  26:51 – Which characteristic of a moat does Pat find most intriguing  30:35 – What makes for good and smart capital allocation  35:58 – What is Pat’s process for identifying the best investment opportunities  38:38 – What are good economics when looking at a company  41:03 – If Pat could take any business, but have to swap leadership, what would he choose.  44:13 – Back to his process of finding investment opportunities  46:05 – Kindest thing anyone has ever done for Pat   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#19

Jeff Ma – Making Decisions with Data - [Invest Like the Best, EP.151]

December 10, 2019 • 54m

My guest this week is Jeff Ma. Jeff was on the famous MIT Blackjack team from the book Bringing Down the House but has spent his career in an around fields of analytics and data science. He’s studied sports betting and analytics, built companies for analyzing human capital, and ran the data science and analytics group at Twitter. Here are links to his book, blog, and podcast. Our discussion is about a number of fascinating ways data is being used to make decisions in the worlds of sports and business. Please enjoy! For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 1:20 - (First Question) – How quantitative analytics have evolved in sports and how they’re being used 4:26 – Best role of humans in the analysis process 8:38 – Sports that are most interesting to observe through analytics 10:26 – How does luck play into sports analysis 11:54 – Team analytics vs better analytics 12:38 – Concentration of success among sports betters and their moats 14:58 – Favorite lessons learned from professional gamblers 16:45 – How analytics got introduced into gambling 19:21 – Understanding one’s own biases 24:04 – How he became VP of analytics at Twitter 28:37 – Primary lessons from the work evaluating human capital and talent with analytics             28:59 – Niel Roberson Podcast Episode 31:40 – How to model people for success when hiring 33:29 – How to hire the right data scientists’ team 37:54 – Most interesting problems they tackled at twitter 42:31 – Responsibility of social platforms to police itself 45:34 – Areas that would interest him in the future as an investor 49:24 – Kindest thing anyone has done for Jeff 51:50 – Values instilled in him by his parents.   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0

#20

Josh Wolfe - This is Who You Are Up Against - [Invest Like the Best, EP.76]

February 13, 2018 • 75m

Long-time listeners will have heard me joke before that this podcast should really be called “this is who are you up against.” I’ve been waiting for the right episode to deploy the joke as a title, and this week we have it.  The joke is meant to convey how incredibly impressive these people are who we get to hear from every week. My guest this week is Josh Wolfe, a founding and managing partner at Lux Capital in New York City. Lux is a venture capital firm, but a highly unique one. They’ve spent more time in hard sciences and interesting nooks and crannies of the market than the typical VC firm. Some of investing is zero sum: my outperformance is someone else’s underperformance. Sometimes, though, investing is positive sum. The combination of capital, ideas, people, drive, and raw energy leads to amazing new things.  I think the best investing and best investors of the future will be more collaborative than competitive. After finishing with Josh, I couldn’t stop thinking “god, do I want to be involved with whatever he’s doing, if only just to learn.”  This conversation made me rethink my joke “this is who are you up against.” Now I won’t think of it as a zero-sum joke, but instead as a reminder: this is the kind of person who is out there. You better find your niche, and still be the absolute best you can within that niche.   Please enjoy this killer conversation with Josh Wolfe. We cover just about everything.  For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Links Referenced Investing in Biofuels or Biofools? Ali Hamed podcast Alex Moazed podcast Andy Rachleff podcast Popplet @wolfejosh   Books Referenced Modern Monopolies: What It Takes to Dominate the 21st Century Economy   World After Capital   Show Notes 2:35 – (First Question) – Lux Capital and the kind of investments they have made over the years  5:42 – The formation of the investment philosophy for Lux  8:17 – Why randomness and optionality are important cornerstones to the philosophy  9:52 – Investment philosophy 100-0-100 (ambition, arrogance, intellectual humility)  10:40 – How Josh manages his time and attention             12:53 – Investing in Biofuels or Biofools?  13:29 – Obsession with nuclear  15:15 – Investment in metamaterials  18:28 – Focus on autonomous vehicles  21:02 – How all of these gambles are viewed by Josh’s investors  22:56 – Tattoo technology             24:20 – Ali Hamed podcast  24:36 – How Josh evaluates people when considering early stage investments             24:45 – Alex Moazed podcast             24:49 – Modern Monopolies: What It Takes to Dominate the 21st Century Economy  28:10 – Why the minority opinion tends to lead to the best outcomes  29:50 – Memorable experience investing in a founder  30:44 – The idea of thesis driven approach to private investment                 30:56 – Andy Rachleff podcast    32:38 – Crazy thesis – understanding the emotional needs of our pets  34:59 – Crazy thesis – Turning genetic abnormalities into treatments and cures for common conditions 38:03 – Josh’s learning process through these theses             38:34 – Popplet 39:56 – Understanding rebel scientists when it’s impossible to predict what is going to happen 44:35 – Can the charge forward mindset be cultivated, or does it have to come naturally 45:49 – Investors that Josh has learned the most from 47:37 – Josh’s comfort investing outside of his usual asset class             49:03 – @wolfejosh 50:56 – What is the thinking with the short strategy at Lux 52:31 – SpaceX vs Tesla, good business vs bad business 53:42 – How Josh approaches the quality of a business             54:15 – World After Capital 55:16 – How does Josh evaluate competitive advantage 56:45 – Where are we in the venture capital landscape 1:01:42 – How does his outlook on venture capital affect the way Lux is run 1:02:48 – thoughts on cryptocurrency 1:05:28 – An overview of Santa Fe Institute 1:07:22 – What is the most memorable conversation Josh has ever had 1:09:34 – What is Josh’s objective function in life 1:12:43 – Are there people that Josh disagrees with but deeply respects 1:13:32 – Kindest thing anyone has ever done for Josh   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

0

0

0