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    David Senra - Passion & Pain - [Invest Like the Best, Replay]

    enJuly 16, 2024
    What influenced David Senra's passion for studying biographies?
    How does understanding entrepreneurs' early experiences benefit us?
    What is the key combination for entrepreneurship success?
    Who emphasized individual persistence in building great companies?
    Why is ego important to manage in entrepreneurship?

    Podcast Summary

    • Historical Entrepreneurs' Early ExperiencesExploring the early lives of successful entrepreneurs offers valuable insights into their motivations and influences, helping us learn from their experiences and apply those lessons to our own endeavors.

      Understanding the early experiences and motivations of historical entrepreneurs and founders, as outlined in David Senra's extensive research, provides valuable insights into their business decisions and successes. This deep dive into their backgrounds can help us learn from their experiences, both positive and negative, and apply those lessons to our own lives and endeavors. David's passion for reading and studying biographies began in his childhood, fueled by his mother's encouragement and the limited resources available to him. This lifelong hobby has led him to discover common themes among some of history's most successful founders, such as Enzo Ferrari, John Rockefeller, and Edwin Land. By examining their early lives, we can gain a unique perspective on their motivations and the factors that shaped their businesses and legacies.

    • Biographies and Personal GrowthStudying biographies helps in personal growth by providing insights into the ideas, successes, and imperfections of inspiring individuals, and serves as a source of motivation to overcome adversity and persist through challenges

      The role of biographies in personal growth is significant. The speaker's obsession with books and biographies stems from his challenging upbringing and a desire to learn from the right heroes and avoid the wrong ones. He emphasizes the importance of studying not just the ideas and successes, but also the personality and motivations behind them. The speaker admires individuals who are wickedly smart, don't give up, and have high pain tolerance, but also acknowledges their imperfections. He emphasizes the importance of focusing on work while maintaining balance in other areas of life. The speaker's podcast, Founders, is an inspiring platform for listeners to learn from the stories of individuals who have overcome adversity and thrived in imperfect circumstances. The theme of obsession is a common thread among the people he has studied, driving them to persist through challenges and ultimately achieve success.

    • Obsession and EntrepreneurshipFind an obsession, whether it's a specific topic or a professional goal, to lead to a more fulfilling and enjoyable experience in life and potentially lead to success in entrepreneurship.

      Obsession is a fundamental trait for success in entrepreneurship and other fields. The speaker's fascination with founders and their extraordinary stories stems from their unrelenting dedication to their craft. To apply this lesson to one's own life, it's essential to find an obsession, whether it's a specific topic or a professional goal. This can lead to a more fulfilling and enjoyable experience, as one spends a significant portion of their life working. The speaker suggests that this drive to excel may stem from a desire to overcome feelings of inferiority or a deep-rooted curiosity. Ultimately, the key is to find something that ignites passion and persist in pursuing it, much like the entrepreneurs and innovators who have come before us.

    • Ideas and ExecutionA good idea combined with relentless execution is crucial for success in entrepreneurship and investing. The individual behind the idea matters significantly and there's room for good things to grow in growing markets. Trust your judgment and seek like-minded individuals.

      The combination of a good idea and relentless execution is crucial for success in entrepreneurship and investing. The speaker's obsession with learning from history's greatest entrepreneurs and founders has led him to believe that the market and the individual's idea and persistence are key factors. He emphasizes that there's room for good things to grow and prosper in growing markets, and shares his belief that the person behind the idea matters significantly. He also mentions the importance of trusting one's own judgment and seeking out like-minded individuals. The speaker's fascination with podcasting as a medium for learning and connecting with others further highlights his belief in the importance of ideas and execution. He encourages listening to the autobiographies of successful entrepreneurs like Estée Lauder and Edwin Land to understand the importance of individual persistence and the impact of their ideas.

    • Individual Capacity for GreatnessGreat companies are built on the talents of individuals with great ideas, not group creativity. Ego can be a help or hindrance, but it's essential to keep it in check and not let it overshadow the work. Experienced individuals and resources can support founders, but their focus should remain on the work.

      Great companies are built on the shoulders of individuals with great ideas, not group creativity. Edwin Land, a significant influence on Steve Jobs, emphasized the importance of individual capacity for greatness and recruiting talented individuals as the foundation for a successful company. Ego can be both a help and a hindrance, but it's essential to keep it in check and not let it overshadow the work. Thomas Mellon, a wealthy businessman, recognized the potential in a young Henry Clay Frick and provided him with the resources to scale his business, ultimately leading to significant success. Founders need the support of experienced individuals and resources to grow their companies, but their focus should remain on the work and not on their ego.

    • Business PartnershipsSeeking out and learning from experienced business partners can lead to significant growth and success, but ego can hinder these relationships and potentially lead to conflicts and partnership dissolution.

      Successful entrepreneurs, like J. Gold and Cornelius Vanderbilt, have recognized the value of seeking out and learning from more experienced and successful business partners. These partnerships have led to significant growth and success in their industries. However, ego can sometimes get in the way, leading to potential conflicts and the end of these partnerships. Additionally, these entrepreneurs, who lived before the establishment of securities and antitrust laws, often operated in the gray area of the law to build their empires. Despite their law-breaking, they remain some of the most formidable figures in entrepreneurial history.

    • Entrepreneurial LearningSuccessful entrepreneurs have a relentless drive to learn and adapt, they don't let ego hinder their growth, and they learn from various sources including competitors and books.

      Successful entrepreneurs, throughout history and in modern times, have a relentless drive to learn and adapt. They don't let ego get in the way of their growth. Michael Jordan, as an example, was known for his insatiable thirst for knowledge and improvement, even at the pinnacle of his career. Entrepreneurs like Edward Lantz and Cornelius Vanderbilt, despite their controversial methods, were also known for their dedication to learning and applying new knowledge to their industries. The idea that "successful people listen, those who don't listen, don't survive long" is a maxim that holds true throughout history. These individuals were not afraid to learn from their competitors, books, or anyone else who could offer valuable insights. They believed that anything worth doing was worth doing to excess, and they put in the hard work required to achieve extraordinary outcomes.

    • Extreme dedication to work/passionAn extreme dedication to one's work or passion can lead to exceptional success and making a positive impact on others' lives. Continuous learning and improvement are key to developing a unique value and creating successful businesses or projects.

      An extreme dedication to one's work or passion, often referred to as professional research, can lead to exceptional success and making a positive impact on others' lives. Bill Gurley's analysis of various successful individuals, such as Bob Dylan and Bobby Knight, reveals that their relentless pursuit of excellence, regardless of domain, is a common trait. The quote "all the businesses, it's an idea or service that makes somebody else's life better" by Richard Branson emphasizes this idea. By constantly learning and improving, individuals can develop a unique value and create successful businesses or projects.

    • Founder's ImpactFounders shape their companies with their unique vision, values, and obsession, significantly impacting the company's culture and product. Effective marketing is also crucial for spreading the word about their innovative products and ideas.

      A founder is the guardian of a company's soul. They are the driving force behind the business, shaping it with their unique vision, values, and obsession. The founder's personality, ethics, and decisions significantly impact the company's culture and product. Success stories like Steve Jobs and In-N-Out Burger illustrate this concept, as their unwavering commitment to quality and innovation left lasting legacies. Effective marketing is also a crucial aspect of a founder's role, as it helps spread the word about their groundbreaking products and ideas. Ultimately, founders are the architects of their companies, leaving an indelible mark on their industries and inspiring generations to come.

    • Entrepreneurial StorytellingSuccessful entrepreneurs understand marketing as more than just selling a product; they tell compelling stories about their products and processes to create desire and intrigue.

      Successful entrepreneurs and businesses understand the importance of marketing and tell compelling stories about their products and processes. This was evident in the cases of Steve Jobs at Apple, Enzo Ferrari, Edwin Land, Walt Disney, and even Warren Buffett. They all believed in the power of storytelling and revealing the process behind their products to create desire and intrigue. Steve Jobs' meticulous approach to marketing, as described in the book "Insanely Simple," involved his personal involvement in every aspect, ensuring that no marketing effort was released without his approval. Enzo Ferrari's mysterious persona and strategic use of exclusivity helped build a desirable brand. Edwin Land's innovative marketing techniques, such as the fishbowl demonstration, showcased the value of his products in a unique and effective way. Walt Disney's creation of Disneyland was a bold move to challenge the perception of amusement parks as low-class and dirty, and his weekly television show provided both financing and marketing for the park. Warren Buffett, in his shareholder letters, emphasized the importance of studying the successes of the past and telling the story of a business in an interesting way. These entrepreneurs and businesses understood that marketing is not just about selling a product, but about creating a connection with customers through storytelling and revealing the process behind the product.

    • Entrepreneurial obsessionSuccessful entrepreneurs have a deep obsession with their work and dedicate extensive effort to understand their industry, leading to valuable content and a loyal following.

      Successful entrepreneurs, like the host of this podcast, have a deep obsession with their work and a lifelong pursuit of their business. They put in extensive effort and time to understand their industry and their craft, often reading and rereading materials multiple times to gain a comprehensive understanding. Podcasting, specifically, offers a unique advantage as it is a permissionless medium, allowing individuals to create content and reach an audience without the need for external validation or resources. The host's dedication to his craft and his deep understanding of the podcasting industry have led him to find inspiration in the likes of Dan Carlin and to create a podcast that reflects his authentic self. By focusing on their obsession and committing to their craft, entrepreneurs can create valuable content and build a loyal following.

    • Authenticity in PodcastingAuthenticity resonates with audiences and allows individuals to connect with a global audience, potentially making a meaningful impact on the world. Enduring adversity is key to success in business and podcasting.

      Authenticity is a valuable commodity in today's media landscape. Podcasters, like Bill Burr, who provide raw, unfiltered content, resonate with audiences because they offer a level of authenticity that is often lacking in scripted or produced media. The speaker's bullishness on podcasting as a business stems from the fact that it allows individuals to connect with a global audience, and the potential for impact is vast. Furthermore, the entrepreneurial journey, which can be filled with pain and struggle, is a universal experience. The capacity to endure and push through adversity is a key aspect of excellence and success. As Henry Ford famously said, "a business exists to serve other people, not for your pleasure." By focusing on serving others and pushing through the hard times, individuals can make a meaningful impact on the world.

    • Company challengesEmbracing challenges and pain is essential for building a company or pursuing a passion, as shown by Stanley's determination to keep going despite difficulties and the impact on future generations.

      Building a company or pursuing a passion involves embracing the challenges and pain that come with it, just as a sailor cannot avoid the waves and weather on the ocean. Stanley's determination to keep going despite the difficulties, as exemplified by his grandfather's decision to flee Cuba and start anew, shows the impact of our decisions not only on our present lives but also on future generations. The podcast "How I Built This" serves as a source of comfort and motivation for entrepreneurs, reminding us of the journey's ups and downs and the importance of staying committed to our goals.

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    Hemant Taneja - Engineering Global Resilience - [Invest Like the Best, EP.382]

    Hemant Taneja - Engineering Global Resilience - [Invest Like the Best, EP.382]
    My guest today is Hemant Taneja. Hemant is the CEO and Managing Director of General Catalyst, the global venture capital firm you’ll hear us refer to as GC. GC has set out to build resiliency across critical industries worldwide. The firm leverages technology to retool sectors such as healthcare, energy, defense, and manufacturing and explores innovative capital structures to support founders and businesses. Hemant discusses how the firm is positioned to respond to the aftermath of crises, including the pandemic, wars, energy issues, and beyond. We also discuss the building of a category-defining healthcare company, Livongo and much more. Please enjoy this conversation with Hemant Taneja.  Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- 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) Our Partners: Ramp and Tegus (00:03:00) Welcome to Invest Like the Best (00:03:57) Introducing Hemant Taneja and General Catalyst (00:04:17) Global Resilience and Innovation Post-Pandemic  (00:05:56) Re-Globalization and Manufacturing  (00:07:03) Building Livongo: A 20-Year Overnight Success  (00:13:23) Aligning Incentives in Healthcare  (00:15:40) Re-imagining the Investment Business  (00:20:54) Evolution of General Catalyst (00:27:04) Succession and Trust in Asset Management  (00:35:00) Founder-Centric Capital Goals  (00:36:32) Balancing Growth and Liquidity  (00:41:39) AI and Onshoring Productivity  (00:47:10) Defense Investments and Ethics  (00:50:11) Geopolitics and Regulation  (00:53:16) Reflections on Leadership and Strategy  (01:01:14) Hemant's Future Plans  (01:02:55) The Kindest Thing Anyone Has Ever Done for Him

    Jeremy Giffon - Special Situations in Private Markets - [Invest Like the Best, Replay]

    Jeremy Giffon - Special Situations in Private Markets - [Invest Like the Best, Replay]
    Today we are replaying one of our most popular episodes from last year with Jeremy Giffon. I spend all my time trying to find people who have some “singularity” to them. People who seem like they can do an N of 1 something. Having spent many days with Jeremy, he strikes me as one of those people. He was the first employee and general partner at private equity firm/holding company Tiny, which buys and holds internet and technology-focused businesses. Prior to that, he was on the founding team of MediaCore, which was acquired by Workday. The focus of our discussion is on esoteric opportunities that exist in private markets and how misaligned incentives and coordination problems create special situations for people like Jeremy to invest in. The rest of the conversation is wide-ranging and covers everything from compensation advice to meeting your heroes. Please enjoy my discussion with Jeremy Giffon. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. 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 (00:03:15) What defines the nature of a perfect business in his mind (00:05:21) Key characteristics he’d look for in a perfect investment (00:09:58) Coordination problems that excite him (00:14:02) Raising funds and ghostship companies  (00:16:17) Examples of a special situations transaction in private markets  (00:18:55) Building up a sourcing mechanism (00:22:18) The biggest mistakes he’s seen in buying and selling companies  (00:25:42) Refining the underwriting process (00:28:57) Thoughts about minimum rates of return and multiples on capital for the investments he makes  (00:30:44) Being lazy enough to wait for good deals on enduring businesses  (00:33:32) Why people do things they don’t like  (00:35:47) Whether or not he feels like he knows what he wants in life (00:42:58) Hiring CEOs (00:44:54) Really good respective returns in low risk companies and why those opportunities continue to persist    (00:47:05) Tactics for negotiating with and sourcing CEOs   (00:50:37) Binaries - pre and post fall (00:55:58) Being hard to kill (00:59:15) His favorite interview question  (01:06:07) Having an audience is incredibly underpriced  (01:10:13) What else is significantly underpriced (01:12:14) Things he feels are overpriced today writ large (01:15:54) Criticisms of the cult of learning (01:20:21) The one call that everyone needs to make  (01:27:18) Meeting your heroes and having mentors  (01:30:48) Notable differences between the business environments of Canada and the US (01:33:13) Lessons learned from people he admires and models for seeing the world  (01:35:35) Views he holds that would make people scratch their heads (01:40:02) The kindest thing anyone has ever done for Jeremy

    David Senra - Passion & Pain - [Invest Like the Best, Replay]

    David Senra - Passion & Pain - [Invest Like the Best, Replay]
    Today, we are replaying what we call a forever episode, which are the few episodes of our show that we think will be as popular a decade from now as they are today. Every time I re-listen to this episode with David Senra, I leave wildly energized and wanting to share that feeling. So we are re-releasing it today for anyone who missed it the first time or hadn't yet discovered Invest Like the Best. David Senra has studied history’s great founders and entrepreneurs in more depth than anyone I’ve ever met, and I’d wager more than anyone else alive. In this conversation, we cover many of the most common themes he’s discovered studying hundreds of entrepreneurs like Estée Lauder, John Rockefeller, Enzo Ferrari, and Edwin Land. Please enjoy this great conversation with David Senra. Listen to Founders Podcast  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- 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 [00:03:01] First question - When he first fell in love with reading [00:07:01] What’s rooted in his own history that’s made him obsessive about studying history’s great entrepreneurs and founders - Founders Podcast [00:10:34] The first time he connected with someone as a positive role model that he was reading about  [00:13:45] How often obsession is apparent in the founders he’s studied across hundreds of biographies  [00:18:08] What is often behind obsession and how people listening can apply the lessons to their own lives [00:22:45] The dynamic and relationship between inspiration and perspiration  [00:27:11] Commonalities between the layers of leadership and support underneath founders [00:31:52] Where else he’s seen ego rear its head in good and bad ways  [00:38:34] How often do great founders break the law or enter gray areas of it  [00:41:22] The role constant learning and listening plays in success [00:45:12] Talking about how anything worth doing is worth doing to excess  [00:52:18] Describing the soul of founders and businesses [00:58:39] What he’s learned about all of these founders as it relates to marketing  [01:04:38] A common story that process is often art  [01:08:10] Who David's idols are in podcasting [01:14:55] Major aspects of people he’s studied that haven’t been discussed yet [01:19:55] The kindest thing anyone has ever done for David

    Martin Casado - Entering Uncharted AI Territory - [Invest Like the Best, EP.381]

    Martin Casado - Entering Uncharted AI Territory - [Invest Like the Best, EP.381]
    My guest today is Martin Casado. Martin is a partner at Andreessen Horowitz and first joined me on Invest Like the Best in 2022. So much has changed since then, and it was awesome to have Martin back to discuss all of the different implications of this AI revolution. Before joining a16z, Martin pioneered software-defined networking and co-founded Nicira, which was bought by VMware for $1.3 billion in 2012. He has studied, built, and invested in digital infrastructure his whole career which has primed him to go in-depth in this interview on the immense opportunities and challenges AI presents among creativity, policy-making, agentic systems, real-world data structures, and beyond. Please enjoy this conversation with Martin Casado.  Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- 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 (00:01:48) The Future of AI and Creativity (00:03:11) Economic Implications of AI (00:04:33) AI's Impact on Content Creation (00:08:21) Challenges in AI and Robotics (00:12:16) Human Data and AI Training (00:20:30) Investing in AI and Robotics (00:26:00) Defensibility and Competition in AI (00:33:22) Regulatory Considerations (00:35:26) Internet Era Parallels and Security Concerns (00:40:25) Open Source vs. Closed Source in Tech (00:43:45) Market Annealing and Category Creation (00:46:13) Data and Hardware Innovations in AI (00:55:55) Agents and the Future of AI

    Modest Proposal - AI Commoditization and Capital Dynamics - [Invest Like the Best, EP.380]

    Modest Proposal - AI Commoditization and Capital Dynamics - [Invest Like the Best, EP.380]
    My guest today is Modest Proposal, joining me for our third conversation and the first in a few years. Modest is anonymous online, but one of the more thoughtful investors I know, overseeing a large pool of capital in public and private markets. He offers insight into many different corners of today’s landscape, covering AI’s frontier models versus open-source models, overcapacity issues in transportation in our post-COVID world, the potential economic impact of GLP-1 drugs, and more. Please enjoy my conversation with Modest Proposal. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- 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 (00:04:00) Comparison to Mid-2000s Commodity Markets (00:07:18) The Role of AI and Power Consumption (00:09:29) NVIDIA and the Future of AI Investment (00:13:10) Commercialization of AI and Market Dynamics (00:23:14) Public vs. Private Market Performance (00:28:03) Post-COVID Capital Cycles (00:30:32) Capital Expenditures and Post-COVID Market Distortions (00:31:47) Amazon's Capacity Expansion and Market Inflections (00:33:45) Challenges in Displacing Market Leaders (00:37:50) Behavioral Barriers in GLP-1 Adherence (00:39:58) Public vs. Private Market Allocations (00:45:08) International Equities and Japanese Market Potential (00:47:35) Market Structure and Trading Dynamics (00:53:22) AI Models and Future Market Implications