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Acquired

Acquired

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

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Renaissance Technologies

Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an ?investor?, at least in any traditional sense of the word. It?d rather be more accurate to call them scientists ? scientists who?ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen. And boy does it work: RenTec?s alchemic colossus has posted annual returns in the firm?s flagship Medallion Fund of 68% gross and 40% net over the past 34 years, while never once losing money. (For those keeping track at home, $1,000 invested in Medallion in 1988 would have compounded to $46.5B today? if you?d been allowed to keep it in.) Tune in for an incredible story of the small group of rebel mathematicians who didn?t just beat the market, but in the words of author Greg Zuckerman ?solved it.?

Sponsors:

Many thanks to our fantastic Season 14 partners:

J.P. Morgan PaymentsServiceNowVanta

Links:

The Man Who Solved the MarketThe QuantsBloomberg?s 2016 RenTec profileQuartr's visualization of RenTec's returnsAll episode sources

Carve 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.

2024-03-18
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Hermès

In luxury, there?s Hermès? and there?s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait years simply for the opportunity to buy one of the company?s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès:

Doesn?t increase supply to meet demand (hence the waitlists)Doesn?t loudly brand their products (IYKYK)Doesn?t do celebrity endorsements (stars buy their bags just like everyone else)Doesn?t even have a marketing department! (they barely advertise at all)

And yet everyone knows who they are and what they represent. But, despite all their iconoclasm, this is not a company that?s stood still for six generations. Unbeknownst to most, Hermès has completely reinvented itself at least three times in its 187-year history. Including most recently (and most dramatically) by the family?s current leaders, who responded to LVMH and Bernard Arnault?s 2010 takeover attempt by pursuing a radical strategy ? scaling hand craftsmanship. And in the process they turned the company from a sleepy, ~$10B family enterprise into a $200B market cap European giant. Tune in for one incredible story!

Sponsors:

Many thanks to our fantastic Season 14 partners:

J.P. Morgan PaymentsServiceNowVantaNVIDIA GTC (Code "ACQUIRED" for 20% off)

Links:

Visuals for: Quartr's Hermès: Two Centuries of Craftsmanship and Excellence (with graphs)00:23: Haut a Courroies, the ?high-belted bag? to carry saddles and boots00:45: Chaine d'ancre, ?Chain of anchors?00:49: Jeu des Omnibus et Dames blanches, ?White ladies at play?00:53: Screen printing each color on a scarf individually00:57: The Hermès oranges01:06: Sac à Dépêches (today: the Kelly Bag)01:07: Grace Kelly photo in LIFE Magaine01:26: Steps to sew a saddle stitch01:48: The Birkin Bag03:17: Petit hThe saddle stitch (video)Inside the Saddlery at the FaubourgHermès 2022 Annual ReportAxel Dumas InterviewAll episode sources

Carve Outs:

Anker GaN Prime 100W chargerMatterPerplexityThe Score Takes Care of Itself

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: 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.

2024-02-20
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Novo Nordisk (Ozempic)

Last year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe?s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn?t know much about Novo Nordisk before diving in, our first thought was, ?wow, seems like these new diabetes and obesity drugs mean serious trouble for big insulin companies.?

And then? we realized that Novo Nordisk IS the big insulin company. And in a story befitting of Steve Jobs and Apple, they?d just disrupted themselves with the drug equivalent of an iPhone moment. Once we dug further, we quickly realized this company has it all: an incredible 100+ year history filled with Nobel Prizes, bitter personal rivalries, board room dramas, a generation-defining silicon valley innovation, lone voices persevering against all odds ? and oh yeah, the world?s largest charitable foundation at its helm. Tune in for one incredible story!

Sponsors:

Many thanks to our fantastic Season 14 partners:

J.P. Morgan PaymentsServiceNowVanta

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!

Links:

Chart: US Healthcare Spend by CategoryChart: US Distribution and Reimbursement System (for pharmaceutical drugs)Chart: Insulin Supply ChainYouTube Talk: What People Get Wrong about the Finances of the Drug IndustryAlex Telford: The pharma industry from Paul Janssen to today: why drugs got harder to develop and what we can do about itOut-of-Pocket Health: Obesity DrugsOut-of-Pocket Health: US Healthcare System ProblemsAll episode sources

Carve Outs:

Noxgear Tracer 2 running vestDrops of GodWool by Hugh HoweyMere Mortals at San Francisco BalletBlackberry

?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.

2024-01-22
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Holiday Special 2023

Ben has some big news. Actually, double big news! On what has become a holiday tradition here at Acquired, we cozy up to the fire to do our annual review of the show ?in public?. We reflect on what can only be described as an absolutely mind-blowing 2023 (LVMH! Jensen! Costco! Charlie! Half a million plus listeners!) and look ahead to some big things cooking for 2024. Plus as always, we wrap with extended carve outs (joined this year by some surprise guests) for anyone still shopping for those holiday perfect gifts.

Huge thank you to everyone for making 2023 an amazing year again here in Acquired-land, and cheers to even greater things to come in 2023!

Sponsors:

Thanks to our fantastic partners, any member of the Acquired community can now get:

Your product growth powered by Statsig (and listen to our ACQ2 interview with CEO Vijaye Raji)Scalable, clean and low-cost cloud AI compute from Crusoe (and listen to our ACQ2 interview with CEO Chase Lochmiller)Mark Leonard and David Senra?s holiday book recommendations on Blinkist, plus our favorite books on Ben & David?s Bookshelf

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!

Links / Extended Carve Outs!

The Psychology of MoneyThe Artist?s WayTransitionsThinking, Fast and SlowZojirushi hot water heaterNike Pegasus Trail 4 GORE-TEXMillJune OvenSiloAliasWarby Parker Amari glassesHoka Ora recovery shoesAdobe Light RoomThe Eureka Theory of Everything is Wrong by Derek ThompsonThe Luxury StrategyCandideThe QB SchoolMNF ManningCastThe Eras TourUppababy VistaThe Joolz Aer PlusCocoAt Present

?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.

2023-12-18
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Visa

To paraphrase Visa founder Dee Hock, how many of you know Visa? Great, all of you. Now, how many of you know how it started? Or, for that matter, who started it? Who runs and governs it? Where is it headquartered? What?s its business model?

For the 11th largest market cap company in the world, Visa?s history and strategy is almost shockingly unknown. A huge portion of the world?s population uses their products on a daily basis (you might say Visa is? everywhere people want to be), but very few know the amazing story behind how that came to be. Or why Visa continues to be one of the most incredible and incredibly durable business franchises of all-time. (50%+ net income margins!! On $30B of revenue!) Today we do our part to change that. Tune in for one heck of a journey.

Sponsors:

Thanks to our fantastic partners, any member of the Acquired community can now get:

Free access to our episode research on Blinkist plus our favorite books on Ben & David?s BookshelfScalable, clean and low-cost cloud AI compute from Crusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller)Your product growth powered by Statsig

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!

Links:

Burger King rolling out credit cards in 1993Get your BankAmericard MasterCard today! (!?)Episode sources

Carve Outs:

I Think You Should LeaveMistborn

?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.

2023-11-27
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Charlie Munger

We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We?ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We?re so glad that we got the opportunity to record and share this with you all ? break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger.

A transcript is available here.

Sponsor:

Special thanks to Tiny for being the exclusive sponsor of this episode. You can get in touch with them here (just tell them Ben & David sent you), and order your very own bronze Charlie bust here.

More 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 moreACQ Merch 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.

2023-10-30
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NVIDIA CEO Jensen Huang

We finally sit down with the man himself: Nvidia Cofounder & CEO Jensen Huang. After three parts and seven+ hours of covering the company, we thought we knew everything but ? unsurprisingly ? Jensen knows more. A couple teasers: we learned that the company?s initial motivation to enter the datacenter business came from perhaps not where you?d think, and the roots of Nvidia?s platform strategy stretch back beyond CUDA all the way to the origin of the company.

We also got a peek into Jensen?s mindset and calculus behind ?betting the company? multiple times, and his surprising feelings about whether he?d go on the founder journey again if he could rewind time. We can?t think of any better way to tie a bow on our Nvidia series (for now). Tune in!

Sponsors:

Thanks to our fantastic partners, any member of the Acquired community can now get:

Your product growth powered by 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 Bookshelf

More 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.

2023-10-16
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Nvidia Part III: The Dawn of the AI Era (2022-2023)

It?s a(nother) new era for Nvidia.

We thought we?d closed the Acquired book on Nvidia back in April 2022. The story was all wrapped up: Jensen & crew had set out on an amazing journey to accelerate the world?s computing workloads. Along the way they?d discovered a wondrous opportunity (machine learning powered social media feed recommendations). They forged incredible Power in the CUDA platform, and used it to triumph over seemingly insurmountable adversity ? the stock market penalty-box.

But, it turned out that was only the precursor to an even wilder journey. Over the past 18 months Nvidia has weathered one of the steepest stock crashes in history ($500B+ market cap wiped away peak-to-trough!). And, it has of course also experienced an even more fantastical rise ? becoming the platform that?s powering the emergence of perhaps a new form of intelligence itself? and in the process becoming a trillion-dollar company.

Today we tell another chapter in the amazing Nvidia saga: the dawn of the AI era. Tune in!

Sponsors:

Thanks to our fantastic partners, any member of the Acquired community can now get:

Scalable, clean and low-cost cloud AI compute from Crusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller)Your product growth powered by StatsigFree access to our episode research on Blinkist plus our favorite books on Ben & David?s Bookshelf

More 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 moreACQ hats are back in stock in the ACQ Merch Store!

Links:

Asianometry on AI HardwareEpisode sources

Carve Outs:

AliasMoana

?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.

2023-09-06
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Costco

Costco is not only Charlie Munger?s favorite company of all time (plus he?s on the board, natch), it?s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America ? and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) ? and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals ? yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco?s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world?s most iconic ? and iconically unique ? companies.

Sponsors:

Thanks to our fantastic partners, any member of the Acquired community can now get:

Your product growth powered by StatsigFree access to our episode research on Blinkist plus our favorite books on Ben & David?s BookshelfScalable, clean and low-cost cloud AI compute from Crusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller)

More 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 more

Links:

The Science of HittingWarren Buffett?s Costco jokeEpisode sources

Carve Outs:

Tifosi sunglassesDwells ?take off everything?Jeremy Giffon on Invest Like the BestDogpatchDavid Lidsky?s great piece on Acquired in Fast Company

?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.

2023-08-21
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Nike

Nike ? it?s perhaps the most iconic and most prolific brand of the modern era. On any given day, swooshes adorn the feet of more people on earth than any other footwear company ? by a long shot.

If you read Shoe Dog or watched Air, you may think you know its history. But Shoe Dog ends in 1980, and Air? well let?s just say it?s an enjoyable piece of fiction. And it turns out (as always) that the real story is filled with far more drama, twists and business lessons than either of those works.

We?ve been wanting to cover Nike for a long time, and thanks to our LPs who voted to choose this episode it?s finally here. So lace up your Vaporflys, Air Maxes, Dunks or Jordans (or your Monarchs, hey we don?t judge), head out for a long run or walk and enjoy!

Sponsors:

Thanks to our fantastic partners, any member of the Acquired community can now get:

Free access to Blinks of our episode research on BlinkistScalable, clean and low-cost cloud AI compute from CrusoeAll of your product growth powered by StatsigRegister for Statsig?s SF Event with Ben and David!


More Acquired!:

Get email updates (+ hints on the next episode topic)Join the SlackSubscribe to ACQ2Become an LP and support the show. Help us pick episodes, Zoom calls and more


Links:

Episode sources


Carve Outs:

Marc Andreessen on Lex Fridman and on Ben ThompsonSpeak Now (Taylor?s Version)


?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.

2023-07-25
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Porsche (with Doug DeMuro)

Nobody?s perfect ? including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it?s packed with enough juicy family drama and creeping takeovers to fill a Netflix series.

Yet, behind it all lies perhaps the darkest origin story we?ve ever told on Acquired. Not only was Porsche was started by Nazis, Adolf Hitler himself was deeply involved in its early fortunes. And, following WWII, the Allies simply looked past these facts and essentially bestowed a license to generate wealth on Porsche and its owners ? setting the stage for them to become one of the top ~15 wealthiest families in the world today.

Joining us to explore it all is perhaps the very most-qualified person in the person in the world: the one & only Doug DeMuro. Not only is Doug the largest independent car reviewer on YouTube with millions of subscribers (we?re HUGE fans), he previously worked at Porsche corporate and owns a legendary Porsche Carrera GT ? which served as the recording backdrop for this episode. Make sure you tune in to watch the video version! :)

ACQ2 Show + LP Program:

Subscribe to the shiny new ACQ2!

Links:

Doug?s YouTube channel (which we HIGHLY recommend)Cars & BidsEpisode sources

Carve Outs:

ResortPassSeinfeld Cast Charlie Rose Interview CompilationWhistlinDiesel

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

?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.

2023-06-27
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Uber CEO Dara Khosrowshahi

Uber CEO Dara Khosrowshahi dropped by the Acquired studio for an Eats delivery, so we broke out the cameras and asked him to hang out for a wide-ranging conversation. :) We talk about his 20 years working with Barry Diller, starting his career at Allen & Company, how the Uber CEO search process ACTUALLY went down? and oh yeah, the massive transformation that?s happened at Uber over the past few years. When Dara took over the company it was bleeding huge sums of cash, losing share to competitors and embroiled in one of the biggest corporate controversies in recent memory. Fast forward to today and it?s turned cashflow positive while also having tripled revenue to over $30B (on $120B in GMV) and solidified its rideshare dominance in the US. And in perhaps the biggest change, it?s done it all while staying out of the headlines. Tune in!

ACQ2 Show + LP Program:

Subscribe to our interview show, ACQ2!

Links

Ben & David on My First Million

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

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.

2023-06-13
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Lockheed Martin

Today we bring you two absolutely incredible stories. The first is Lockheed?s legendary Skunk Works division ? the elite team of aviation geniuses who produced some of the greatest airplanes in history: the U-2, the Stealth Fighter, and the incomparable SR-71 Blackbird. The second story is arguably even more important, but not widely known! It's the secret and true origins of Silicon Valley ? and Lockheed?s primary role in it. We take you from WWII to the Cold War, all the way to today to unpack and analyze the industry dynamics of defense contractors in the modern era. Tune in and prepare to be blown away by what you?ll learn about the history of our industry!

ACQ2 Show:

Subscribe to the shiny new ACQ2!

Links:

Ben Rich?s Skunk WorksKelly?s 14 Rules of Skunk WorksLMSC?s ?Seven Tenets?Steve Blank?s Secret History of Silicon ValleyEpisode sources

Carve Outs:

Nier: AutomataThe Blackbird speed check storyEGO Lawn Tools (just in time for Fathers? Day!)

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

?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.

2023-05-30
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Spotify CEO Daniel Ek

We sit down with Spotify CEO Daniel Ek live in Stockholm at Spotify?s amazing HQ studio (check out the video version of this episode ? which plays natively on Spotify!). This was an incredibly special and timely conversation: for those who haven?t been paying attention over the past few years, after revolutionizing music Spotify has now ALSO completely transformed our own industry in podcasting. Starting from way behind with ~zero market share in 2018, Spotify has now aggregated the listener market and amazingly surpassed Apple as the world?s largest podcast platform ? including close to home with the Acquired audience, where it has 60%+ market share among you all!


We discuss the origins of this ?second act? strategy with Daniel, the vision to move from a music company to an audio company, and what?s coming next with Spotify?s entry into Audiobooks. And of course we relive some key moments from the Acquired canon that Daniel was involved in, including his pivotal conversations with Taylor Swift and her team convincing her to come back to streaming following the release of 1984. Tune in!

ACQ2 Show:

Subscribe to our interview show, ACQ2!

Links

Follow Daniel on Twitter

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

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.

2023-05-18
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Benchmark?s Mitch Lasky and Blake Robbins on The Art of Business in Gaming

We sit down Benchmark?s legendary gaming investors Mitch Lasky and Blake Robbins (now also of the excellent Gamecraft podcast fame) to discuss the history and future of gaming business models. This episode is the perfect bookend to our Nintendo/Sega gaming series this season on Acquired ? no one is more qualified than Mitch and Blake to breakdown how the business side of the industry has evolved so radically from the Periscope quarter-drop days to the forever games and platform based publishers of today.

Regardless if you?re a gamer, understanding the incredible innovation that?s taken place over the past two decades in gaming and what it portends for other industries is critical for any founder and investor to understand. Tune in!

ACQ2 Show:

Subscribe to our interview show, ACQ2!

Links

The Gamecraft PodcastMitch and Blake on TwitterThe Genius of the SystemMitch?s old ?Investing in Content? blog postThat Game Company and SkyRiot and the League of Legends dota-allstars.com growth hack

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

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.

2023-04-26
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Short: The Death of Sega

Sega and the Genesis was THE underdog story of the early 90?s. In a single console generation, Sega went from ~zero to 50% US market share and dethroned Nintendo?s seemingly invincible global monopoly. But ? somehow ? it all then died. Two console generations later Sega was out of the hardware game entirely, and the company was sold off for pieces to a pachinko manufacturer. How on earth did this happen??


Today we?re launching Acquired Shorts in order to tell this story and others like it: side tales from the ?Acquired Cinematic Universe? that are too brief for a full episode, but too good to leave in the vault. We?d love to hear your thoughts on the format (and this episode). Please send us your feedback in Slack, email or Twitter!

ACQ2 Show:

Subscribe to our interview show, ACQ2!

Links:

The shortest and most famous speech in video game industry historyEpisode sources

Carve Outs:

Daryl Morey on Invest Like the BestSuccessionStarship6 Days to Air

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

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.

2023-04-18
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Nintendo: The Console Wars

In the 1980?s Nintendo was on top of the world, with the NES achieving over 90% market share of home video games globally. So how did they fall ALL the way down to ~10% in just a few short console generations? And how did they then build themselves back up (and down and up again) to the top of the world again? Spoiler: it all hinged on one very small, yet very large and durable platform? the Game Boy. Fire up your favorite portable entertainment device and tune in for the epic story of Nintendo?s fall from grace and journey back to the top ? capped off by our robust discussion of where they go from here, and whether this 130+ year old company may still (!) be misunderstood and mis-valued.

ACQ2 Show:

Subscribe to the shiny new ACQ2!

Links:

Our EA episode with Trip HawkinsMatthew Ball on why ?Nintendo as Disney? is a flawed analogyCrossroads Capital?s investor letters outlining their Nintendo thesisEpisode sources

Carve Outs:

Kara Swisher in Vanity Fair (and our old episode with her!)Hardcore History (finally!)The Tetris movieDaryl Morey on Invest Like the Best

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

?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.

2023-04-11
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Interview: Hamilton Helmer & Chenyi Shi on How to Build an AWS-Like Second Business

7 Powers author Hamilton Helmer and his Strategy Capital colleague Chenyi Shi join us again to discuss their latest research on a topic that?s highly relevant to the recent Acquired canon: how to build a second business line. This incredibly important ?transforming? question faces every great company who has achieved initial product success (as well as their investors). Do we continue solely along the established path, or do we attempt to grow new branches on the tree? Some companies grow new businesses with tremendous success ? Amazon and AWS, Nintendo and video games, Nvidia and CUDA ? yet many others fail miserably. For the first time Hamilton and Chenyi share their research-based playbook on how companies should approach this decision and choose wisely. Tune in!

ACQ2 Show:

Subscribe to the shiny new ACQ2!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

Link to Hamilton's 2-Axis Chart

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.

2023-04-04
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Sessions: David Senra (Founders Podcast)

ACQ Sessions returns with David Senra of the Founders Podcast. David is one of our very favorite people in the world ? it?s impossible to spend an hour (or 3!) with him and not come away inspired to go take over the world. This conversation is an ?extended, IRL version? of monthly calls that we do together where we share stories, swap life and podcast advice, and just genuinely enjoy sharing time with someone who shares our outlook and enthusiasm for the history of entrepreneurship. Pull up a chair, grab a beverage (or energy drink in David?s case) and join us!

ACQ2 Show:

Subscribe to the shiny new ACQ2!

Links:

Go subscribe to Founders! Some of our favorite episodes: Bernard Arnault, Brunello Cucinelli, Edwin Land, Kobe Bryant

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24

Topics:

Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

2023-03-29
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Nintendo's Origins

You may think you know the Nintendo story: a plumber named Mario, a princess named Zelda? and didn?t they buy the Seattle Mariners at some point? We thought we knew it too. And then we started researching and were blown away.

The lovable Disney-like Nintendo that we know today is a 130 year-old a playing card company (i.e. gambling), forged in the shadowy world of the Yakuza and shaped by a four-generation cycle of bitter family betrayal. And its unlikely transformation into a global multi-billion dollar media monopoly was led by an iron-fisted patriarch who ? amazingly ? never played a video game in his life! Get ready for one of our favorite stories Acquired has ever told ? we couldn?t make this one up if we tried!

ACQ2 Show:

Subscribe to the shiny new ACQ2!

Links:

Our Atari episode with Nolan BushnellVideo of id Software?s legendary PC ?port? of Super Mario Brothers 3Episode sources

Carve Outs:

Everything Everywhere All At OnceMichael Lewis on Tim Ferriss and on CSPAN

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


2023-03-16
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LVMH

We tell the full history of LVMH, and how Bernard Arnault turned a $15m investment in a bankrupt French textile company into the world?s largest individual fortune. It?s a story that?s equal parts Berkshire Hathaway, Steve Jobs and Barbarians at the Gate? and wholly under-appreciated for the genius business model innovations that enabled it. Whatever industry you operate or invest in, there?s so much to be learned from Bernard and LVMH?s complete reshaping of the luxury sector over the past three and a half decades. And oh yeah, it also involves Nazi spies, Italian family murders, Rupert Murdoch, Rihanna becoming a billionaire, Jay-Z?s champagne feuds and Beyonce? wearing a 128 carat diamond. Tune in! :) 

Links:

Bryan Burrough in Vanity Fair: Gucci and Goliath Episode sources

Carve Outs:

The Gamecraft PodcastDoug DeMuro buys a Carrera GT The Peloton Tread The Eureka Theory of History Is Wrong

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


2023-02-21
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The NFL

The NFL ? it?s almost synonymous with America today. And its history is a fascinating lens to explore the nation?s development over the last 100 years, from WWII to TV and suburbs to the Internet and social media. What began as a quasi-illicit league in small midwestern towns is now the single largest media property in the world today by revenue. And whether you watch football or not, this is one incredible business story. Acquired is ready for some football ? let?s kick this Season off right! 

Links:

 Sports Illustrated?s oral history of the famous Joe Namath ?pool photo? Episode sources

Carve Outs:

The MenuPeyton?s Places

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


?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.  

2023-01-25
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Holiday Special 2022

Cozy up to the fire and join Acquired as we do our annual strategic review of the show and our business ?in public?. We recap our perspectives on Acquired?s big moments from the past year, a bit of commentary on the current state of the tech ecosystem, and what lies ahead for us in 2023. Plus as always at the holidays, we do an extended carve out session on our favorite things from the past year. Huge thank you to all of you for making 2022 an amazing year here in Acquired-land, and here?s to even bigger and better things to come in 2023! 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). 

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Carveouts!:

Jerry Seinfeld on The Tim Ferriss ShowProject Hail Mary The Psychology of Money The Power LawMade in AmericaMade in JapanThe Godfather (book) Masters of Doom Stevie Case vs. the WorldHow All this HappenedResonant ArcAll-InFounders PodcastMKBHD?s Waveform PodcastThe Verge Huberman Lab - What Alcohol Does to your BodySmartlessT-Swift?s Midnights Olivia RodrigoAndorBlack PantherTop Gun MaverickEverything Everywhere All At OnceThe White LotusThe VowFlightyRoborock S7 Max Apple Keyboard with TouchIDElgato AV gear, especially sound panels and the Cam Link 4KCapri 

?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.

2022-12-19
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Stratechery (with Ben Thompson)

Ben Thompson joins Acquired to discuss the business of Stratechery itself and celebrate 10 years (!) of the internet?s best strategy analysis destination. Even beyond Stratechery?s enormous impact itself on business and tech over the years, Ben?s work inspired a whole generation of business content creators ? this show very much included ? and it was super special for us to give the Acquired treatment to one of our own heroes. We cover the full history of Ben pioneering the subscription internet media business model (indeed SubStack?s seed round pitch was ?Stratechery-in-a-box?), and how + why he?s evolved the business since and is now doubling down both on podcasting and a broader vision of the Stratechery Plus bundle? including for the first time content not made by Ben himself! Tune in and enjoy. 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). 

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Links:

John Gruber?s Daring FireballBen?s very first Stratechery postSubscribe to Stratechery Plus

?Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

2022-12-06
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Enron

The FTX fraud has dominated headlines now for weeks, during which we?ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001?s then-largest bankruptcy in US history and the impetus for the famous Sarbanes-Oxley Act. So much of Enron?s history parallels FTX that the uncanniness is almost unbelievable ? right down to the same CEO running the two bankruptcies. Sit back and enjoy this crazy tale of villainy, greed, and the nature of humans and money. Maybe just don?t take notes on this one? 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). 

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Links:

Book Andy Fastow as a speaker for your next corporate event! ? Episode sources

Carveouts!:

Enron: The MusicalAndor Brooks Addiction Walkers Hoka SlidesJCal on the Tim Ferriss ShowNew shirts are live in the ACQ Merch 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.

2022-11-29
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Qualcomm

Qualcomm, or ?Quality Communications? ? despite being one of the largest technology companies in the world, few people know the absolutely amazing technological and business history behind it. Seriously, this story is on par with Nvidia, TSMC and all the great semiconductor giants. Without this single fabless company based in San Diego, there?s almost no chance you?d be consuming this episode on whatever device you?re currently listening on ? a fact that enables them to earn an incredible estimated $20 for every new phone sold in the world. We dive into this story live at the perfect venue: our first-ever European live show at Solana?s Breakpoint conference in beautiful Lisbon, Portugal! 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). 

Links:

 The Qualcomm Equation Principles of Communications Engineering by Irwin Jacobs and John Wozencraft Episode sources

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


?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.

2022-11-15
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Benchmark Part II: The Dinner

We sit down with all five current Benchmark GPs for one of their legendary weekly dinners, during which we ask all of the unresolved burning questions from Part 1. How do THEY think about Benchmark v3? What are their day-to-day emotions trying to keep the equal partnership ?bending toward greatness? Why is there no growth fund? What does it take to become the next Benchmark GP? Why is there a secret Principal program? We cover all these and much, much more. We also recorded the whole thing on video ? which we highly recommend watching even if you normally only listen to the audio feed! 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!).

Links:

Please take our 2022 Acquired Survey if you have a minute. It'd mean the world to us!Dad hats are live in the Acquired Merch Store

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


 ?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.

2022-10-17
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ACQ Sessions: Jason Calacanis

We kick off ACQ Sessions with the-behind-the-scenes story of All-in, from the world?s greatest moderator himself Jason Calacanis. ACQ Sessions is our new, occasional ?MTV Unplugged? version of Acquired: a great IRL guest, a bottle (or two) of wine, and no script. We talk about everything you?d imagine we would over wine with JCal ? All-In, bestie relationships, money & politics in Silicon Valley, who his influences and mentors have been (one surprise ? the great Fred Wilson of USV!), what motivates him to keep grinding and why, at age 50+ when he could easily be winding down he?s instead speeding up into the most productive phase of his entire career. Pour a beverage yourself, pull up a comfy seat and join us! 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). 

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


?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.

2022-10-04
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Benchmark Part I

Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom ?eBay eBoys? transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark?s next GP generation. If you?re a student of the venture game from any angle ? founder, GP, LP, etc ? this is a story you need to tune in for! 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!).

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Links:

 Benchmark?s website circa 1997 Benchmark?s website circa 2000Benchmark?s website today Episode sources

Carve Outs:

Bill Gurley?s Runnin? Down a Dream talkSmartless Podcast Mitch Lasky on Invest like the BestUrsula Le Guin?s Earthsea Cycle

?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.

2022-09-28
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Amazon Web Services

So, how DID an online book retailer end up building the infrastructure layer that powers the entire internet? (Or at least 39% of it, per latest market share data.) While many myths, legends, and some downright falsehoods exist, the real answer to that question deserves a full Acquired episode of its very own. So here it is: the story of Amazon Web Services. Who?s got the truth? Tune in and find out. :) 

If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). 

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Links:

Steve Yegge?s Platforms Rant (so good!) Ben Thompson on AWS and Snowflake Episode sources

Carve Outs:

Moon KnightJohn Carmack on The Lex Fridman Podcast

?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.

2022-09-06
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Howard Marks & Andrew Marks: Something of Value

We sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard?s all-time most popular memo, ?Something of Value?, which made the then-shocking argument that Value and Growth investing are not diametric opposites but rather two sides of the same investing coin. We of course dive deep into that, and also cover plenty of fun Oaktree and investing history, as well as Andrew?s favorite topic: selling (or not selling, as the case may be). This is not one to miss! 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). 

Links:

 The Original ?Something of Value? Memo Howard and Andrew on Oaktree?s ?The Memo? podcast

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


?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.

2022-08-30
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Amazon.com

Amazon. No company has impacted the internet ? and all of modern life ? more than this one. We?ve waited seven years to do this episode, and are so, so excited to finally dive into every nook and cranny of this legendary company. And of course because we?re Acquired and this is Amazon, we couldn?t contain it all to just one episode? even a 4+ hour one! So today we focus on Amazon.com the retail business, and we?ll have another full episode on AWS coming soon. And because all great series are trilogies, to fully understand Amazon we highly recommend starting first with our previous episode on Walmart, which truly is the giant?s shoulder that Jeff Bezos stood upon. Let?s go!! 

**Big News** We've got merch! Check it out at https://www.acquired.fm/store !

 If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). 

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Links:

Jeff?s first public Amazon interview Our early-Acquired-days interview with Tom Alberg Episode sources

Carve Outs:

Rick Rubin on the Lex Fridman PodcastUrsula Le GuinDissect Season 2 on My Beautiful Dark Twisted FantasyElden Ring (again) 

?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.

2022-08-16
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From NFL to Startup COO to Congressman Regulating Crypto (with Rep. Anthony Gonzalez)

This episode is a first for Acquired: we?re joined by a sitting US Congressman (from Ben?s home state of Ohio!), Republican House Representative Anthony Gonzalez. Anthony serves on the House Financial Services Committee and is deeply involved in crypto and Web3 regulation, as well as on the Climate and Science, Space & Technology Committee where he oversees NASA among many other agencies. His also has an absolutely incredible story ? his family immigrated from Cuba to Ohio, he played in the NFL, he was COO of an Investment Group of Santa Barbara backed startup, and he was one of a small number of Republican congresspeople who voted to impeach former President Donald Trump after the events January 6th. 

If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). 

Links:

Schoolhouse Rock ?I?m Just a Bill? Nick Howley and TransDigm on Will Thorndike's new podcast 50x

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


?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.

2022-08-02
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Walmart

We kick off Season 11 with the incredible story of the retail ?granddaddy of them all? Walmart, and its founder Sam Walton. Once you study Walmart, you realize just how deep its heritage runs through Amazon and so many iconic modern companies we cover on Acquired. This episode was an absolute blast, and we even uncovered a new addendum to the hallowed ?focus on what makes your beer taste better? playbook theme! 

If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


 Links:

 Walmart?s 1972 Annual Report Episode sources

 Carve Outs:

 Ted Weschler on the Nebraska Furniture Mart podcast!!! Mario Puzo?s The Godfather (the book)

? 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.

2022-07-19
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The Playbook: Lessons from 200+ Company Stories

When Patrick O'Shaughnessy and Brent Beshore asked us to give a talk at their incredible Capital Camp conference, we knew we had to bring something special. So we spent months combing through the Acquired back catalog and cataloged our 12 favorite lessons from the 200+ stories we?ve told over the past 7 years. From Sequoia through Sony, TSMC, Nvidia, The New York Times, the NBA and Oprah ? we revisited all the classics and pulled out the common threads that weave the tapestry of great companies we?ve covered on Acquired. This episode was truly a joy to put together? huge thank you to Patrick and Brent for giving us the perfect stage on which to present it!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube

?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.

2022-06-20
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American Dynamism (with Katherine Boyle)

We sit down with a16z General Partner Katherine Boyle to discuss investing in ?American Dynamism?, why it?s so important and why now is the right time to pursue it. Katherine has a fascinating background, beginning her career as a reporter at The Washington Post before entering the VC world first at Founders Fund, then General Catalyst and now a16z. Her perspectives don?t fit neatly in any box ? political, economic or otherwise ? and we have a great conversation exploring them. Tune in!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube.

Links:

Katherine?s post on Building American DynamismMarc Andreessen?s It?s Time to BuildKatherine?s Substack

?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.

2022-06-06
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Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner)

We sit down with the CEO founders of two of the most capital efficient success stories of all time ? Zoom and Veeva Systems ? to understand how they grew to billions of dollars in revenue (and tens of billions in market cap) on very, very little capital invested. With the fundraising environment changing rapidly, we couldn?t think of a better topic to discuss or better sources of wisdom for founders, operators and investors all to learn from. Very special thanks to Jake Saper and our friends at Emergence Capital for inviting us and putting this conversation together at their 2022 CEO Summit!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube.

Links:

Peter?s great Medium blog

?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.

2022-05-19
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Arena Show Part II: Brooks Running (with CEO Jim Weber)

For the final act of the Arena Show, we?re joined by Brooks CEO Jim Weber to tell the amazing story of how he transformed the company from a 3rd tier, deeply cashflow negative ?also-ran? into one of the world?s premiere fitness brands and a crown jewel of the Berkshire Hathaway empire ? with compounding revenue and cashflow growth that rivals even the legendary Mrs. See?s Candies! 

If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Links:

Jim's book, "Running with Purpose

?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.

2022-05-16
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Arena Show Part I: Idea Dinner + YC Continuity

We did an Arena Show!! This evening was so big and so special, we had to split it into two episodes for the podcast feed. First up is the Idea Dinner with our best internet buddies, Packy McCormick and Mario Gabriele (and special guest judge Shu Nyatta), followed by the story of YC Continuity with managing partner Anu Hariharan. Huge, huge thank you to PitchBook for making this night possible. Stay tuned for Part II!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

?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.

2022-05-12
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Nvidia Part II: The Machine Learning Company (2006-2022)

By 2012, NVIDIA was on a decade-long road to nowhere. Or so most rational observers of the company thought. CEO Jensen Huang was plowing all the cash from the company?s gaming business into building a highly speculative platform with few clear use cases and no obviously large market opportunity. And then... a miracle happened. A miracle that led not only to Nvidia becoming the 8th largest market cap company in the world, but also nearly every internet and technology innovation that?s happened in the decade since. Machines learned how to learn. And they learned it... on Nvidia.

If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Links:

Ben Thompson?s great  Stratechery interview with JensenLinus Tech Tips tests an Nvidia A100 Episode sources

Carve Outs:

The Expanse short story collection,  Memory's Legion Sony RX100 point-and-shoot camera

?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.

2022-04-20
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Platforms and Power (with Hamilton Helmer and Chenyi Shi)

We sit down once again with one of the world?s very best strategy thinkers, 7 Powers author Hamilton Helmer ? this time joined by his impressive Strategy Capital colleague Chenyi Shi ? to discuss platform businesses, and how the Power framework applies to them. If you?re building, investing in, or just curious about the dynamics of platforms, this episode is a must-listen. We owe a huge thanks to Hamilton and Chenyi for sharing their work-in-progress insights on this very special category of companies. Tune in!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube

?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.

2022-04-06
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Nvidia Part I: The GPU Company (1993-2006)

He wears signature leather jackets. He can bench press more than you. He makes cars that drive themselves. He?s cheated death ? both corporate and personal ? too many times to count, and he runs the 8th most valuable company in the world. Nope, he's not Elon Musk, he?s Jensen Huang ? the most badass CEO in semiconductor history. Today we tell the first chapter of his and Nvidia?s incredible story. You?ll want to buckle up for this one! 

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube

PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

Links:

Shoot to Kill: https://www.forbes.com/global/2008/0107/070.html?sh=261e2068d077Episode sources:  https://docs.google.com/document/d/1wt5jSpqjsRuYU00pq_ABWTM0iJ68hjMceF9XrreYPko/edit?usp=sharing

Carve Outs:

Starting Strength: https://startingstrength.comElden Ring: https://en.bandainamcoent.eu/elden-ring/elden-ring

?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.

2022-03-28
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Altimeter (with Brad Gerstner)

We hear a lot these days about hedge funds becoming venture firms, and venture firms becoming hedge funds. But a decade before either of those approaches became mainstream, a tiny $3m fund in Boston named Altimeter Capital set out simply to invest in a concentrated portfolio of America?s very best technology companies, regardless if they were public or private. Today that tiny firm has grown to nearly $15B under management and become a premier ?capital partner? to founders at all but the very earliest stages ? companies like Snowflake, Facebook, Roblox, Plaid, Grab and Acquired fan-favorite Modern Treasury. We sit down with founder & CEO Brad Gerstner to dive into the story behind Altimeter?s meteoric rise.

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube.

PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

Carve Outs:

Brad?s Twitter thread on Invest America:  https://twitter.com/altcap/status/1347454947583950849?s=20&t=gM5zJMcq9p96GcjEHZw56w

?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.

2022-03-15
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SONY

Born in the unlikeliest of places ? the terrible, wasteland-like aftermath of post WWII Japan ? Sony rose to capture the imaginations (and wallets) of consumers and engineers around the world. The company produced hit after hit after hit: portable transistor radios, CDs, the Walkman, the PlayStation, DVDs, life insurance(!!)... and yet ultimately fell behind its greatest American admirer, Steve Jobs and Apple. This is the incredible story of Sony?s human and technological optimism in the face of overwhelming odds ? a story that, given recent world events, remains as relevant today as ever.

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube.

PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

Links:

Steve Jobs? Tribute to Akio Morita: https://youtu.be/Drwkvf76ClsPlanet Money on Sony and Spider-Man: https://www.npr.org/2022/01/28/1076531156/the-spider-man-problemEpisode sources:  https://docs.google.com/document/d/1LpnPSju5xSPcuaRVd1TYXnL1oGBr4Qs5bRS7owbxoEc/edit?usp=sharing

Carve Outs:

How This All Happened by Morgan Housel: https://www.collaborativefund.com/blog/how-this-all-happened/The Model 3 is AWESOME: https://www.tesla.com/model3

?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.

2022-03-07
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Super Pumped (with Brian Koppelman and Joseph Gordon-Levitt)

We sit down with two of the most talented and respected people in Hollywood ? Brian Koppelman and Joseph Gordon-Levitt ? to talk about the process of adapting Mike Issac?s story of Uber, ?Super Pumped?, into their new Showtime series. To say this was a thrill for us is a MASSIVE understatement. Huge thank yous to Brian, Joe and Showtime for making it happen!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube.

PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice. 

Links:

Super Pumped (the series): https://www.sho.com/super-pumpedSuper Pumped (the book): https://www.amazon.com/dp/B07PZ2B85Y/

 Carve Outs:

Joe performing Katy Perry in the style of The Cure on Jimmy Fallon: https://www.youtube.com/watch?v=H2lGEZOOHwIMichael Lewis?s Liar?s Poker companion podcast:  https://www.pushkin.fm/show/against-the-rules-with-michael-lewis/Stevie Van Zandt?s Unrequited Infatuations: https://www.amazon.com/dp/B08R56XNMQ/Your Undivided Attention:  https://www.humanetech.com/podcast/a-problem-well-stated-is-half-solvedJakob Dylan on The Moment:  https://open.spotify.com/episode/5xNbG6XBjoVLDvpOUbZSIr?si=engSyJ9IQlePpqDOw7rSjwJoe?s Don Jon: https://www.imdb.com/title/tt2229499/HitRecord: https://hitrecord.org

? 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.

2022-02-22
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The Browser (with Brendan Eich, Chief Architect of Netscape + Mozilla and CEO of Brave)

We sit down with perhaps the only person besides Marc Andreessen who?s had a major influence on each of the Web 1, 2 and 3 eras: Brave Browser CEO (and former Netscape + Mozilla Chief Architect) Brendan Eich. In true Acquired fashion we cover both a huge amount of both internet history AND internet future in one awesome conversation. Big thank you to Brendan for making this so special ? tune in!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube.

PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

Links:

Brave: https://brave.com

Carve Outs:

Project Hail Mary:  https://www.amazon.com/Project-Hail-Mary-Andy-Weir-ebook/dp/B08FHBV4ZXOpen: https://www.amazon.com/Open-Andre-Agassi-ebook/dp/B003062GEE/San Fransicko: https://www.amazon.com/dp/B08SMFSL5M/Dynamic Economics: ****https://www.amazon.com/Dynamic-Economics-Burton-H-Klein/dp/0674218663

? 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.

2022-02-15
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Peloton

The Peloton journey has been one seriously wild ride. From can?t raise money to one of Tiger Global?s first venture investments, to pandemic darling to the stock being down 85% in 6 months... there?s never a dull moment in this company?s history. And guess who?s leading the pack for its next chapter: that?s right, THREE-TIME ACQUIRED SUPERHERO, the one and only Barry McCarthy. We had to tell this story.

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


This episode has video! You can watch it on YouTube.

PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).

 Links:

Barry?s Hill School interview on YouTube: https://www.youtube.com/watch?v=9uwcSbe6YoEEpisode sources:  https://docs.google.com/document/d/1Qs4DwVFBTMCyEt7Xxlby6iRCpOs0aRTOWPLjrbFQO8Q/edit?usp=sharing

 Carve Outs:

Barry?s planning framework from the Hill School interview: https://www.youtube.com/watch?v=9uwcSbe6YoESwitched On Pop on James Bond?s Spycraft Sound:  https://switchedonpop.com/episodes/james-bond-spycraft-sound-billie-eilish-hans-zimmer-daniel-craig

 ?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.

2022-02-10
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Taylor Swift (Acquired?s Version)

Not only is Taylor Swift the biggest music artist of our generation by nearly every metric (it?s not even close!), with the re-recording of her original albums she?s in the process of reshaping the entire music industry in a way no band or artist ever has before. And oh yeah ? she?s still only thirty-two. We dive into the incredible business story behind perhaps the new "last great American dynasty"... the TSwift empire.

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). 

Links:

Taylor Swift The Brightest Star:  https://www.amazon.com/Taylor-Swift-Loves-Global-Sensation/dp/1912587556/All You Need to Know About the Music Business:  https://www.amazon.com/Need-Know-About-Music-Business/dp/1501122185/Switched On Pop:  https://switchedonpop.com/episodes/deja-vu-olivia-rodrigo-copyright-decoder-good-4-u-paramoreJoni (Blue) vs. Taylor (Red) Album Art:  https://gaylorlyrics.tumblr.com/post/624477640229863424/we-3-some-joni-mitchell-parallelsKelly Clarkson?s suggestion to re-record Taylor?s Big Machine albums:  https://twitter.com/kellyclarkson/status/1150168164853882880?s=20Episode sources:  https://docs.google.com/document/d/1YKvfZuBrMB_BawZzt5c6ap8b2KdNg7n5Ko2tqF5AkCE/edit?usp=sharing

Carve Outs:

The Beatles: Get Back:  https://www.disneyplus.com/en-gb/series/the-beatles-get-back/7DcWEeWVqrkEItalic: https://italic.com

?Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

2022-01-23
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CAA (with Michael Ovitz)

Season 9 ends at the beginning ? with the man who changed Hollywood forever and wrote the blueprint for A16Z?s upending of Silicon Valley a generation later, Michael Ovitz and his ?Dream Factory?, Creative Artists Agency. From Jurassic Park to Ghostbusters, Back to the Future, Goodfellas, Rain Man, ER, and even the Coca-Cola polar bears... almost nothing in 80s and 90s pop culture didn?t have CAA?s stamp on it. Speaking of dreams, this episode was totally one for us, and we hope you enjoy listening to it as much as we did making it!!

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Big news!! All back catalog LP Show episodes are now free and available to anyone! You can follow our new public LP Show feed here. It's already chock-full of 60+ great episodes like our VC Fundamentals series, interviews with founders of top early-stage startups, and master classes on pricing, marketplaces, SaaS investing and many more topics. Happy listening and happy holidays to everyone!!

Links:

Michael?s (truly excellent) book, Who Is Michael Ovitz?: https://www.amazon.com/dp/B07B2HS77M/

?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.

2021-12-21
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FTX (with Sam Bankman-Fried & Mario Gabriele)

Note: This episode was published on Dec 14, 2021, approximately a year before FTX?s subsequent meltdown. The apparent negligence, fraud and self-dealing at FTX has given us much to reflect on after we ? and many others ? gave Sam a platform to share his and FTX?s story with all of you. We?ve decided to leave this episode up in-full as a historical artifact of the industry?s view on FTX at the time. For a broader Acquired discussion on frauds, and specifically the similarities between FTX and Enron, see our November 2022 Enron episode.


We tell the definitive (audio!) story behind FTX's "speed run" ? how this upstart crypto exchange became the fastest company in history to reach a $25B valuation, just two years after founding. And to do so we're joined by not one but TWO of the very best people in the world to help: FTX's wunderkind CEO Sam Bankman-Fried, and special guest host Mario Gabriele from The Generalist, who Sam gave extensive access to FTX's internal data, employees, and investors for his canonical 36,000 word trilogy on the company this past summer. We cover it all ? from the "$20m/day" trade that started everything, to Tom Brady & Gisele, to Sam testifying last week in front of Congress. Don't blink or you might miss it! 

Sponsors:
Pilot: https://bit.ly/acquiredpilot24
Crusoe: https://bit.ly/acquiredcrusoe

Statsig: https://bit.ly/acquiredstatsig24


Big news!! All back catalog LP Show episodes are now free and available to anyone!! You can follow our new public LP Show feed here in the podcast player of your choice. It's already chock-full of 60+ great episodes like our VC Fundamentals series, interviews with founders of top early-stage startups, and master classes on pricing, marketplaces, SaaS investing and many more topics. Happy listening and happy holidays to everyone!!

Links:

The Generalist's FTX Trilogy: https://www.readthegeneralist.com/briefing/ftx-1FTX: https://ftx.comFTX US: https://ftx.usSam's Twitter: https://twitter.com/SBF_FTX

 ?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.

2021-12-15
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