Afleveringen
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My First Million
Key Takeaways You must have “one reason” to found a start-up; if you have five or six reasons to start it, then you have not yet found the single, very strong reason Hire for raw IQ and hard work, then constantly iterate on solving the single problem at hand Using your mind to its fullest capacity is the ultimate pleasure The most successful people in the world are extremely focused and allow their focused efforts to compound over time It is easy to identify conceptual gaps; developing the path toward closing that gap is the challenging part You must figure out 1) what you are passionate about and 2) what you are good at How you invest your time is more important than how you invest your capital, if wealth creation is your goal
Read the full notes @ podcastnotes.orgEpisode 578: Shaan Puri ( https://twitter.com/ShaanVP ) sits down with Joe Lonsdale ( https://twitter.com/JTLonsdale ) to talk about how he leveraged one internship at PayPal into one billion dollar success after another.
Want to see Sam and Shaan’s smiling faces? Head to the MFM YouTube Channel and subscribe - http://tinyurl.com/5n7ftsy5
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Show Notes:
(0:00) The One Reason strategy
(3:18) Learning Global Macro Finance from Peter Thiel
(5:35) Taking multi-million dollar bets at 4:30am
(8:43) Hire for raw IQ over expertise
(10:33) Nurturing employees into unicorn founders
(12:24) Solving hard problems with Addepar
(13:53) Always “Being on”
(15:32) How to spot opportunities for new businesses
(21:10) How Epirus landed a military defense contract
(27:09) Getting hits in hard domains
(28:24) Business Idea: AI-powered Estate Planning
(29:19) Business Idea: Business Process Outsourcing for local government
(30:58) Big swings vs. base hits
(31:49) Idea vs. execution
(32:38) Focus vs. diversity of thought/attention
(33:33) Insights from Elon’s inner circle
(35:36) Joe Lonsdale’s unfair advantages
(38:48) How to invest your time to make your first $1M
(40:40) Working on an A+ problem as an intern at PayPal
(43:15) Be within 2 standard deviations of top talent
(44:14) Early days at Palantir
(46:56) Building a top engineering culture
(48:31) Borrowing trust as 21-year old defense contractor
(52:22) Peter Thiel’s biggest contrarian bet—
Links:
• Joe's Twitter - https://twitter.com/JTLonsdale
• Joe's blog - https://blog.joelonsdale.com/
• Addepar - https://addepar.com/
• Palantir - https://www.palantir.com/
• Epirus- https://www.epirusinc.com/
• OpenGov - https://opengov.com/
• Prologis - https://www.prologis.com/
• Lessons from Peter Thiel - https://joelonsdale.com/lessons-peter-thiel/—
Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd—
Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealthMy First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano
Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
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Other episodes you might enjoy:
• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits• #209 Gary Vaynerchuk - Why NFTS Are the Future
• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
• #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett
• #218 - Why You Should Take a Think Week Like Bill Gates
• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More
• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
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Tetragrammaton with Rick Rubin✓Claim
Key Takeaways Check out the episode page
Read the full notes @ podcastnotes.orgGolden Harper is a lifelong runner and the founder of Altra Running Shoes. He ran his first marathon at age 10 (3:08:05) and holds the world’s best for a 12-year-old in the marathon at 2:45:34. After growing up working in his family’s running store, he studied Exercise Science (with a focus on running technique & running injuries) at Brigham Young University, where he was an All-American Cross-Country runner. His experience as a runner, combined with his education in proper running technique and biomechanics, led him to develop the world’s first foot-shaped, cushioned, zero-drop shoes.
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Invest Like the Best
Key Takeaways The question to consider: Does AI help the strong get stronger, or does AI allow for new businesses to emerge and disrupt the incumbents? The top five technology companies are spending 2x on capital expenditure than the top five energy companies Companies should strive to increase the consumer’s willingness to pay“Regulation is the friend of the incumbent.” – Bill Gurley Venture capital is one of the few asset classes that has high persistence: the past winners tend to be future winnersDevelop a framework that allows you to benefit from the group dynamics of pattern recognition, but that does not tie you to one specific type of pattern Instead of nit-picking how an investment may fail, make the primary focus of the discussion: “How big could this be?” Investors must capture the extreme events if they wish to outperform The sharpest minds desire to know where they are wrong about something
Read the full notes @ podcastnotes.orgMy guests today are Bill Gurley and Michael Mauboussin. Bill is a General Partner at Benchmark, and Michael is the Head of Consilient Research for Counterpoint Global. While they are longtime friends with one another, I’d never heard them appear somewhere together so it was a real treat to be able to do this with the two of them. They are two of the leading minds in their fields, and we combined their decades of expertise into one wide-ranging conversation. We discuss the different kinds of increasing returns to scale, the issue of regulatory capture, AI, and hardware. Please enjoy this great conversation with Bill Gurley and Michael Mauboussin.
Listen to Founders Podcast
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @patrick_oshag | @JoinColossus
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes:
(00:00:00) Welcome to Invest Like the Best
(00:03:38) Dissecting the Dynamics of AI, LLMs, and Market Disruption
(00:05:06) The World of AI Investments and Market Trends
(00:08:13) Integration of New Technologies in Business
(00:15:27) The Power of Increasing Returns and Strategic Investments
(00:22:26) Unpacking the Role of Intangibles in Scaling and Innovation
(00:28:54) Transformative Potential of Open Source and Idea Recombination
(00:34:42) The Complex Landscape of Regulation and Innovation
(00:43:17) Today’s Venture Capital Ecosystem
(00:47:08) Impact of Fewer IPOs and Private Market Dynamics
(00:50:38) Capital Allocation in Zero Interest Rate Environments
(00:54:44) The Evolution of Venture Capital and High-Stakes Investment Games
(00:57:21) Exploring New Frontiers: AI, Energy, and Physical World Innovations
(01:01:14) The Power of Learning by Doing
(01:17:49) Working with Genius
(01:26:47) The Value of Teaching, Writing, and Sharing Knowledge -
Rich Roll Podcast
Key Takeaways Find your talent, not your passion: Being great at something that pays well will make you passionate about whatever that thing is Fostering the American Middle Class is the country’s greatest innovationYou become a man when you add surplus value to society, i.e. when you produce more than you consume People under the age of 40 used to control 19% of the GDP, in terms of their wealth; it has since been cut to 9% “The most dangerous person in the world is a man who is broken and alone.” – Scott Galloway America used to be about giving unremarkable kids remarkable opportunities; the country has since gone away from this It is not obvious how to become economically secure without working hard Billionaires will tell you to follow your passion, but they probably made their billions in iron ore and smelting Near-peer adversaries will not choose to take on the U.S. kinetically; instead, they will likely use AI and other tools to attack America from within and exploit the ongoing loneliness epidemic Young professionals should not fall victim to the “myth of balance”; it is very rare to achieve professional success while living a balanced life
Read the full notes @ podcastnotes.orgThis week, I am joined by Scott Galloway, NYU professor, best-selling author, serial entrepreneur, and podcaster, to discuss the multifaceted challenges many young men face today. He underscores the lack of empathy and understanding many experience, attributing it to societal expectations and the impact of technology. Scott emphasizes the winner-take-most economy, which limits opportunities for many young men. Drawing from personal understanding, he stresses the importance of education, support, and the presence of positive male role models. The discussion encompasses economic challenges, the decline of mentorship programs, and the need for reform in higher education institutions. Addressing societal constructs of masculinity and the importance of vulnerability and integrity, Scott advocates embracing emotions and seeking help to navigate life’s hurdles. He stands apart as a model of healthy, grounded masculinity—one defined by humility, emotional intelligence, and a commitment to uplifting the collective rather than indulging narrow self-interest.
Enjoy!
Show notes + MORE
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rational vc
Key Takeaways People often underestimate the role of chance in their achievementsMild success can be explainable by skill, but wild success is attributable to variance In the long run, the “lucky” regress to the mean Understand Power Laws when investing; the wins of a few investments make up for the losses on many investments, and then some Survivorship Bias: the tendency to focus on successful individuals without considering those who failed due to random factors The probability of the loss must be judged in connection with the magnitude of the outcome; it is not the likelihood of an event that matters, but the magnitude of the outcome in connection with the likelihood of the event that does Maximizing the probability of winning does not maximize the expected value from the game The confidence in which you make your decision is more important than the expected value that comes from that decision A mistake is not something to be determined after the fact, but in the light of the information until that point
Read the full notes @ podcastnotes.orgEvery podcast episode we explore a Lindy book, and find ideas you can use in business and life. Join 3,000+ curious minds and avid readers @ rationalvc.com to get free access to essays and exclusive content. For the video version of episode click here.
Timestamps:
(00:00) Intro / chit-chat
(20:11) Randomness & Luck
(24:46) Monte Carlo Simulation
(31:09) Ergodicity
(31:39) Hindsight Bias
(38:00) Survivorship Bias
(39:50) Asymmetric Bets / John & Nero
(49:53) Skewness & Asymmetry
(57:19) Pascal's Wager
(1:00:53) Induction & Chaos Theory
(1:03:22) Chapter 11
(1:08:45) System-1 vs System-2 Thinking
(1:10:03) Satisficing
(1:20:08) Normative vs Positive Thinking
(1:25:52) Signal vs Noise
(1:28:20) Heuristics
(1:33:45) Final Part of Book (Part 3's Importance)
(1:44:41) Favourite Quotes / Our Lives
(2:06:11) Final Thoughts-
Our website (all essays and podcasts): rationalvc.com
Our investment fund: rational.fund
Cyrus' Twitter: x.com/CyrusYari
Iman's Twitter: x.com/iman_olya-
Disclaimer: The materials provided are solely for informational or entertainment purposes and do not constitute investment or legal advice. All opinions expressed by hosts and guests are solely their own opinions and do not reflect the opinion of their employer(s).
#Lindy #knowledge #books -
Invest Like the Best
Key Takeaways Success in business is all about culture, and bringing the very best people along with you as you embrace that cultureIn negotiation, the other person should feel like they got more than what they thought they were going to getThe most important person in a company is the one who interacts with the customerYou want to work with people who have fight in them; work with people who can bounce back from defeatKeep your word, work as hard as you can, and give it all you got
Read the full notes @ podcastnotes.orgMy guest today is Ken Langone. Ken is a legendary American businessman best known for his co-founding of Home Depot. He is also a former director of the New York Stock Exchange and a passionate philanthropist. He shares with us a lifetime's worth of wisdom, building Home Depot into a powerhouse and prioritizing his employees above all else. He says he still “bleeds orange” to this day. You’ll hear as he recounts his business endeavors, his strict belief in keeping your word, and his true pride in his country, which he knows to be the land of opportunity. We discuss his work with Ross Perot, the idea of an upside-down hierarchy, and the power of loyalty. For anyone who may find it easier to follow along, we have a transcript of the episode on joincolossus.com. Please enjoy this conversation with Ken Langone.
Listen to Founders Podcast
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by Tegus, the go-to destination for bold investing. The investment research platform trusted by 95% of the top 20 global private equity firms just got even better. Building on their solid reputation for expert insights, Tegus has expanded to become the first true all-in-one research platform. The new Tegus makes diligence faster, easier, and more convenient than ever before. Your Tegus license gives you access to over 70,000 expert transcripts, more than 4,000 fully drivable financial models, and exclusive datasets like company management checks, industry KPIs, hard-to-find non-GAAP data, and more. Tegus is the fastest way to learn about a public or private company and the most cost-effective way to conduct investment research — now all under one roof. Learn more and get your free trial at tegus.com/patrick.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @patrick_oshag | @JoinColossus
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes:
(00:00:00) Welcome to Invest Like the Best
(00:004:00) The Unforgettable Pitch to Ross Perot
(00:08:37) Winning Over Perot with Honesty and Insight
(00:16:08) The Art of Negotiation and Trust
(00:19:31) Loyalty, Integrity, and the Power of Keeping Your Word
(00:23:51) Home Depot's Culture of Service and Empowerment
(00:29:16) Frank's Authentic Leadership and Its Impact
(00:31:00) Transforming NYU Medical Center
(00:33:45) Ken’s Investment Philosophy: Long Hold Only
(00:39:56) The Power of Resilience in Business
(00:45:37) The Kindest Thing Anyone Has Ever Done For Ken -
Stuff You Should Know✓Claim
Key Takeaways In the 1930s, the US Treasury took partial possession of Fort Knox so that it could store its gold thereBefore Fort Knox, most of the United States’ gold was stored in New York City and Philadelphia, two cities that were close to the coast and potentially more vulnerable to an invasion from an adversary Supposedly, there are 4600 metric tons of gold in the vault at Fort Knox; this equates to 2.5% of all the gold ever mined in human history Some people believe that there is actually no gold in the vault There have only been three official tours of Fort Knox since its foundingFort Knox is hooked up to its own water and power supply; it can go “off-grid”There is speculation that the field surrounding Fort Knox is a minefield
Read the full notes @ podcastnotes.orgWhen Fort Knox was built in the 1930s to house America’s gold supply, it was billed as an impenetrable, impregnable, don’t-even-think-of-trying vault. But as the world has moved further away from gold, the stockpile’s lost a bit of its luster. Learn all about it in this classic episode.
See omnystudio.com/listener for privacy information.
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Modern Wisdom
Key Takeaways The key question to consider about work and productivity: “How do we produce stuff, and be proud and ambitious about what we are doing, but also not burn out?” Pseudo-productivity places too great an emphasis on looking busy but not creating anything of value; it is busyness for the sake of busyness because measuring productivity any other way in the knowledge work sector is too difficult Do not shatter your day into fragments so small that you get nothing meaningful done History’s greatest knowledge workers worked very slowly Doing fewer things at once will enable you to accomplish more things Your results are determined by intensity in the short term and consistency in the long term Never give a yes or a no in the room; not saying yes or no in the room creates psychological distance from the decision “Busyness” is attractive to people because it is a goal that they can succeed at; if a person wants to be busy, they will be busy Signal to others that you are very careful about your time“People who obsess over quality grow antibodies to busyness.” – Cal Newport
Read the full notes @ podcastnotes.orgCal Newport is a computer science professor at Georgetown University, a productivity expert and an author.
If you’ve ever felt that you’re not as productive as you could be, you’re not alone. But what if the goal isn't to be more productive, but to let go of the goals that aren't serving you? What if the power of saying no to more things is the most important skill you can develop?
Expect to learn what our current problem with being productive is, why pseudo-productivity is a catastrophe, the advantages to what Cal calls Slow Productivity, how to better organise your communication, the best strategies for implementing a productivity schedule, how to stop saying yes all the time and much more...
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Episodes You Might Enjoy:
#577 - David Goggins - This Is How To Master Your Life: http://tinyurl.com/43hv6y59
#712 - Dr Jordan Peterson - How To Destroy Your Negative Beliefs: http://tinyurl.com/2rtz7avf
#700 - Dr Andrew Huberman - The Secret Tools To Hack Your Brain: http://tinyurl.com/3ccn5vkp
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Get In Touch:
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Email: https://chriswillx.com/contact
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Business Breakdowns✓Claim
Key Takeaways Check out the episode page
Read the full notes @ podcastnotes.orgThis is Zack Fuss. Today we are breaking down the Mitsubishi Corporation. In Japan, the business model of a trading company is prominent. The big five trading companies caught the attention of global investors in 2020, when Berkshire Hathaway disclosed a major stake in all of them: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. Today's Berkshire stake is nearly 10%.
I'm joined by Krishna Mohanraj, a Portfolio Manager at Diamond Hill Capital Management. In this episode, we discuss how the rich history of trading houses is steeped in Japanese culture and how each differs from one another. Krishna helps unravel the evolution of stakeholder priorities and how capital allocation policies have changed in the Japanese capital markets. Please enjoy this Breakdown of Mitsubishi Corporation.Interested in hiring from the Colossus Community? Click here.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @JoinColossus | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:03:12) First Question - Understanding Mitsubishi's Global Impact and Business Model
(00:07:12) The Evolution of Mitsubishi and Japanese Trading Houses
(00:12:12) Mitsubishi's Investment Case and Market Position
(00:15:02) Comparing Mitsubishi with Other Japanese Trading Houses
(00:18:22) The Secret to Mitsubishi's Success and Global Network
(00:21:16) The Relevance of Berkshire’s Investment in the Japanese Trading Houses
(00:26:45) A Cultural Shift in the Orientation of Japanese Businesses Towards Their Shareholders
(00:28:35) Valuing Mitsubishi
(00:31:05) Reinvesting in The Business And Reallocating Capital
(00:33:02) Mitsubishi’s Unique Management Dynamic
(00:38:54) Advantages of the Mitsubishi Group
(00:42:44) Lessons Learned from Mitsubishi
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Moonshots and Mindsets with Peter Diamandis✓Claim
Key Takeaways Get Peter’s new Longevity Practices book for free
Read the full notes @ podcastnotes.orgIn this episode, recorded during the 2024 Abundance360 Summit, Peter and Elon discuss super-intelligence, the future of AI, Neuralink, and more.
01:01 | The Power and Perils of Superintelligence
16:58 | Neuralink: Merging Humans with Technology
24:31 | A Step Closer to Multiplanetary Life
Elon Musk is a businessman, founder, investor, and CEO. He co-founded PayPal, Neuralink and OpenAI; founded SpaceX, and is the CEO of Tesla and the Chairman of X.
Learn more about Abundance360: https://www.abundance360.com/summit
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Get my new Longevity Practices book for free: https://www.diamandis.com/longevityMy new book with Salim Ismail, Exponential Organizations 2.0: The New Playbook for 10x Growth and Impact, is now available on Amazon: https://bit.ly/3P3j54J
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Founders✓Claim
Key Takeaways Check out the episode page
Read the full notes @ podcastnotes.orgWhat I learned from reading The Lessons of History by Will and Ariel Durant.
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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes
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(1:00) This is a 100 page biography of the human species
(1:00) The Story of Civilization by Will and Ariel Durant (Full Set)
(2:30) Generations of men establish a growing mastery over the earth, but they are destined to become fossils in its soil.
(4:00) Ruthlessly prioritize how you spend your time.
(4:00) The influence of geographic factors diminishes as technology grows.
(4:30) ALL OF THE NAPOLEON EPISODES:
Napoleon: A Concise Biography by David Bell. (Founders #294)
The Mind of Napoleon: A Selection of His Written and Spoken Wordsedited by J. Christopher Herold. (Founders #302)
Napoleon and Modern War by Napoleon and Col. Lanza. (Founders #337)
(8:00) Our job is to make our companies and ourselves better equipped to meet the test of survival.
(11:30) Economic development specializes functions, differentiates abilities, and makes men unequally valuable to their group.
(12:30) The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)
(14:30) In the end, superior ability has its way.
(16:30) Nothing is clearer in history than the adoption by successful rebels of the methods they were accustomed to condemn in the forces they deposed.
(19:00) The imitative majority follows the innovating minority and this follows the originative individual, in adapting new responses to the demands of environment or survival.
(20:00) If you can identify an enduring human need you can build a business around that.
(21:00) In every age men have been dishonest and governments have been corrupt.
(25:00) Survival at all costs: Nature and history do not agree with our conceptions of good and bad; they define good as that which survives, and bad as that which goes under.
(25:00) Victory in our industry is spelled survival. — Steve Jobs
(25:00) All that matters is to survive. The rest is just words. — Charles de Gaulle by Julian Jackson. (Founders #224)
(26:00) By being so cautious in respect to leverage and having loads of liquidity, we will be equipped both financially and emotionally to play offense while others scramble for survival. — The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham (Founders #227)
(27:00) History reports that the men who can manage men manage the men who can manage only things, and the men who can manage money manage all.
(31:00) The Iron Law of Oligarchy
(32:00) Every advance in the complexity of the economy puts an added premium upon superior ability.
(33:00) The General and the Genius: Groves and Oppenheimer—The Unlikely Partnership that Built the Atom Bomb by James Kunetka. (Founders #215)
(34:00) Freedom's Forge: How American Business Produced Victory in World War II by Arthur Herman
(37:00) All technological advances will have to be written off as merely new means of achieving old ends
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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes
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“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth
Be like Gareth. Buy a book: All the books featured on Founders Podcast
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Acquired
Key Takeaways Check out these Podcast Notes from Charlie Munger’s appearance on Acquired
Read the full notes @ podcastnotes.orgRenaissance 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 PaymentsServiceNowVantaLinks:
The Man Who Solved the MarketThe QuantsBloomberg’s 2016 RenTec profileQuartr's visualization of RenTec's returnsAll episode sourcesCarve Outs:
Modern Treasury’s Transfer Conference RegistrationThe New LookCole Haan x Acquired!Class of Palm Beach (and the Mini Kelly inside the Birkin!!)More Acquired:
Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch 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.
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My First Million
Key Takeaways Check out the episode page
Read the full notes @ podcastnotes.orgEpisode 562: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) get into the economics of personality tests–including the most famous one which is used by 89% of Fortune 100 companies.
Want to talk to Shaan? Text “hi” to 650-334-0790
Want to see Sam and Shaan’s smiling faces? Head to the MFM YouTube Channel and subscribe - http://tinyurl.com/5n7ftsy5—
Show Notes:
(0:00) Intro
(1:00) Data mining the basketball court
(7:00) Origin of Myers-Briggs Test
(14:30) Formula for Grit
(16:00) Sam takes the Grit Scale Test
(23:00) Cognition Labs, a math nerd's wet dream
(34:00) Be willing to walk backwards
(39:50) Speedrunning: 3 Founders Who Repeated the Playbook
(42:00) Don't explore, exploit
(49:00) $600M protein bar in 4 years—
Links:
• Grit - https://angeladuckworth.com/grit-book/
• Gallup - https://www.gallup.com/
• Lunchclub - https://lunchclub.com
• Cognition - https://www.cognition-labs.com/
• Gold-Medalist Coders article - https://tinyurl.com/tc65a2vc
• David Protein - http://davidprotein.com/—
Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth—
Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherdPast guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
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Other episodes you might enjoy:
• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits• #209 Gary Vaynerchuk - Why NFTS Are the Future
• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
• #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett
• #218 - Why You Should Take a Think Week Like Bill Gates
• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More
• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
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Impact Theory with Tom Bilyeu
Key Takeaways Inflation is a hidden tax on the people; instead of the government openly taking your money with direct taxation, it creates new money out of thin air which robs people of their purchasing powerGovernments debase their currency because they know there is no other way to pay their existing debts In the United States, houses used to cost about 3x the median income; now they cost about 10x the median income “If it doesn’t have intrinsic value, then it’s not going to be money.” – Peter Schiff“This is the best macro opportunity of all time.” – Raoul Pal on bitcoin People wrongly assume that the dollars we print will always have value, regardless of how many dollars are printed Central banks are paying the debts by printing money; this is pure monetary debasement Papering over the debts with more printed money does not solve the fundamental problem Politicians do not do what is best for the country; they do what is best for their careers, which is often at odds with what is best for the country“They are going to keep on printing until the dollar collapses.” – Peter Schiff The free market tries to lower prices by increasing productivity while the government tries to raise prices by creating inflation Using inflation to melt away existing debts is not the “right” choice, but it is the expedient choice – and likely the option that politicians will choose We will deal with the consequences of currency debasement once the can cannot be kicked any further down the road
Read the full notes @ podcastnotes.orgWelcome back to part 2 of this power-packed debate with Peter Schiff and Raoul Pal!
The discussion continues as we dive deeper into:- The growing national debt and potential hyperinflation
- Historical patterns of financial repression
- Blockchain technology and digital asset utilization
- The future of Social Security
You won’t want to miss out on the final part of this hot debate between Raoul Pal and Peter Schiff.
And if you're loving the Impact Theory Podcast, please take a moment to leave us a review or rate the show. Your feedback is incredibly valuable!Follow Raoul Pal:
Website: https://www.realvision.com/
Twitter: https://twitter.com/RaoulGMI
LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/
YouTube: https://www.youtube.com/@RealVisionFinance/featuredFollow Peter Schiff:
Website: https://schiffradio.com/
X: https://twitter.com/PeterSchiff
YouTube: https://www.youtube.com/@peterschiff/featuredFollow Me, Tom Bilyeu:
Website: https://impacttheoryuniversity.com/
X: https://twitter.com/TomBilyeu
Instagram: https://www.instagram.com/tombilyeu/If you want to dive deeper into my content, search through every episode, find specific topics I've covered, and ask me questions. Go to my Dexa page: https://dexa.ai/tombilyeu
Themes: Mindset, Finance, World Affairs, Health & Productivity, Future & Tech, Simulation Theory & Physics, Dating & Relationships
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Learn more about your ad choices. Visit megaphone.fm/adchoices -
Acquired
Key Takeaways The trick of entrepreneurship is convincing yourself that it is not that hard, even when it is “Your organization should be the architecture of the machinery of building the product.” – Jensen Huang Pave the way to future opportunities; you cannot wait until the opportunity is in front of you to reach out for it Many of the great all-time tech companies began by building products and services for developers You don’t have to be that perfect if you can position yourself near opportunities Every person should learn how to use an AI to augment their productivityNvidia tries to position itself in a way that serves a need that is yet to emergePush your chips in when you know it is going to work Don’t do everything; prioritize your time, and make sacrifices, but realize that there is plenty of time in life
Read the full notes @ podcastnotes.orgWe 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 StatsigScalable, clean and low-cost cloud AI compute from Crusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller)Free access to Jensen’s favorite business books on Blinkist, plus our favorites on Ben & David’s BookshelfMore Acquired!:
Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Become an LP and support the show. Help us pick episodes, Zoom calls and moreMerch 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.
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Founders✓Claim
Key Takeaways Check out the episode page
Read the full notes @ podcastnotes.orgWhat I learned from rereading Tycoon's War: How Cornelius Vanderbilt Invaded a Country to Overthrow America's Most Famous Military Adventurer by Stephen Dando-Collins.
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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes
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Follow Founders Podcast on YouTube
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(0:01) Vanderbilt was only interested in two things: making money and winning
(3:00) Cornelius Vanderbilt, the descendant of poor Dutch immigrants, would die in 1877 possessing more money than was held by the United States treasury.
(3:00) The First Tycoon: The Epic Life of Cornelius Vanderbilt by T.J. Stiles(5:00) The NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329)
(6:00) “If I had learned education. I would not have had time to learn anything else.”
(7:00) Vanderbilt wrote nothing down, keeping every detail of his business dealings in his head, and at any given time he knew his income and expenditures down to the last cent.
(10:00) From Founders Notes. I asked the chat feature:
Tell me about Cornelius Vanderbilt. How did he make his money?
One trait it identified in Vanderbilt was this:
Vanderbilt's approach to business was often marked by a sly concealment of his intentions, keeping information close while simultaneously gathering intelligence on competitors. This strategic obfuscation allowed him to make moves that others often couldn't predict or comprehend until it was too late
(This feature will be available to Founders Notes subscribers very soon!)
(15:00) The Invisible Billionaire: Daniel Ludwig by Jerry Shields (Founders #292)
(24:00) The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233)
(26:00) Gentlemen, you have undertaken to cheat me. I won’t sue you, for the law is too slow. I’ll ruin you. Yours truly, Cornelius Vanderbilt.
(37:00) He's turning everyone against Walker by appealing to their interests. He’s not saying do this for me to get my ships back. He appeals to their interests and aligns their interests with his own.
(40:00) Vanderbilt had more money than all the Central American governments combined.
(41:00) As far as my nature is concerned, I do not meet competition, I destroy competitors.
— The 38 Letters from J.D. Rockefeller to His Son by John D. Rockefeller. (Founders #324)
(41:00) Vanderbilt said why don’t you pay me to not compete with you?
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Get access to the World’s Most Valuable Notebook for Founders at Founders Notes
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“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth
Be like Gareth. Buy a book: All the books featured on Founders Podcast
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Deep Questions with Cal Newport✓Claim
One of the most common strategies for achieving a powerful ideal lifestyle vision is to leverage entrepreneurial activities to find a stable source of income that allows autonomy and flexibility. To help understand how to succeed in such ventures, Cal interviews the entrepreneur and author Noah Kagan about his new book, "The Million Dollar Weekend." Recording on the road as part of his book tour for "Slow Productivity," Cal also shares some lessons about what he's been observing.
Below are the questions covered in today's episode (with their timestamps). Get your questions answered by Cal! Here’s the link: bit.ly/3U3sTvo
Video from today’s episode: youtube.com/calnewportmedia
INTERVIEW: Marketing guru Noah Kagan [11:06]
Links:
Use this link to preorder a signed copy of “Slow Productivity”:
peoplesbooktakoma.com/preorder-slow-productivity/
FREE download excerpt and 2 Bonuses for “Slow Productivity”:
calnewport.com/slow
Thanks to our Sponsors:
This show is brought to you by BetterHelp. Give online therapy a try at
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zocdoc.com/deep
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Thanks to Jesse Miller for production, Jay Kerstens for the intro music, Kieron Rees for slow productivity music, and Mark Miles for mastering. -
Econtalk
There's often a gap between the textbook treatment of statistics and the cookbook treatment--how to cook up the numbers when you're in the kitchen of the real world. Jeremy Weber of the University of Pittsburgh and the author of Statistics for Public Policy hopes his book can close that gap. He talks to EconTalk host Russ Roberts about how to use numbers thoughtfully and honestly.
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Jordan B Peterson Podcast
Key Takeaways Check out the episode page
Read the full notes @ podcastnotes.orgDr. Jordan Peterson speaks with author, teacher, and prior hostage negotiator Chris Voss. They discuss the necessity of prioritizing needs and wants, how to navigate the job market to fit your best potential, how and why to go after a raise, the primacy of invitational collaboration over compelled, and how Voss succeeded in many real-world hostage negotiations.
Chris Voss has served as the lead international kidnapping negotiator for the Federal Bureau of Investigation (FBI), the hostage negotiation representative for the National Security Council’s Hostage Working Group, and the lead Crisis Negotiator for the NYC division of the FBI. Chris was a member of the New York City Joint Terrorist Task Force for 14 years, a recipient of the Attorney General’s Award for Excellence in Law Enforcement, and the FBI Agents Association Award for Distinguished and Exemplary Service. Chris has taught business negotiation courses at the University of Southern California, Georgetown University, and Harvard University. He has also guest lectured at Northwestern University and at schools abroad. Currently, Chris works with Insite Security as their Managing Director of the Kidnapping Resolution Practice.
- Links -
2024 tour details can be found here https://jordanbpeterson.com/events
Peterson Academy https://petersonacademy.com/
For Chris Voss:
On Instagram https://www.instagram.com/thefbinegotiator/?hl=en
On X https://twitter.com/fbinegotiator?lang=en
Sign up for Chris Voss’s Newsletter https://www.blackswanltd.com/no-oriented-questions
“Never Split the Difference: Negotiating As If Your Life Depended On It” (book) https://www.amazon.com/Never-Split-Difference-Negotiating-Depended/dp/0062407805
Learn to negotiate with the Black Swan Group https://www.blackswanltd.com/
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Artificial Intelligence Podcast
Key Takeaways “The best businesses are forever assets.” – Bill Ackman It is optimal to invest in businesses that have a low probability of getting disrupted Price is what you pay; value is what you get In investing, you can do very well if you avoid losing money and have a few great hits Price matters: You can buy the best business in the world, but you will not earn a particularly attractive return if you overpay for it It is best to invest in growing businesses that are easy to understand and that will generate cash over the long term Progress compounds in a similar way that money compoundsNever invest money that you cannot afford to lose “Harvard has become a place where free speech is not tolerated on campus, or at least free speech that’s not part of the accepted dialogue.” – Bill Ackman Lowercase diversity, equity, and inclusion are good; it is the uppercase“DEI” ideology that is problematic The only person who can cause you more harm than a thief with a dagger is a journalist with a pen The current problem in politics is that the party system is not working properly; the parties are self-interested and are not incentivized to do what is best for the country Technology will save us; we must return to a meritocratic world
Read the full notes @ podcastnotes.orgBill Ackman is an investor who has led some of the biggest and controversial financial trades in history. He is founder and CEO of Pershing Square Capital Management. Please support this podcast by checking out our sponsors:
- LMNT: https://drinkLMNT.com/lex to get free sample pack
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- Eight Sleep: https://eightsleep.com/lex to get special savings
- BetterHelp: https://betterhelp.com/lex to get 10% offTranscript: https://lexfridman.com/bill-ackman-transcript
EPISODE LINKS:
Bill's X: https://twitter.com/BillAckman
Pershing Square Holdings: https://pershingsquareholdings.com/
Pershing Square Foundation: https://pershingsquarefoundation.org
Neri Oxman conversation: https://www.youtube.com/watch?v=XbPHojL_61U
Books mentioned:
The Intelligent Investor: https://amzn.to/3ONnaZy
America's Cultural Revolution: https://amzn.to/3SDz1dYPODCAST INFO:
Podcast website: https://lexfridman.com/podcast
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- Medium: https://medium.com/@lexfridmanOUTLINE:
Here's the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time.
(00:00) - Introduction
(08:55) - Investing basics
(13:47) - Investing in music
(22:08) - Process of researching companies
(26:47) - Investing in restaurants
(32:16) - Investing in Google
(37:58) - AI
(43:13) - Warren Buffet
(45:22) - Psychology of investing
(54:53) - Activist investing
(1:04:41) - General Growth Properties
(1:20:57) - Canadian Pacific Railway
(1:28:21) - OpenAI
(1:32:32) - Biggest loss and lowest point
(1:47:21) - Herbalife and Carl Icahn
(2:04:11) - Oct 7
(2:10:42) - College campus protests
(2:29:09) - DEI in universities
(2:50:00) - Neri Oxman
(3:15:30) - X and free speech
(3:19:54) - Trump
(3:27:30) - Dean Phillips
(3:34:36) - Future - Laat meer zien
