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    • The power of active listening and empathy in unexpected situationsEffective communication skills, including active listening and empathy, can lead to successful outcomes in even the most challenging circumstances.

      The importance of active listening and empathy, as demonstrated by Eric Maddox's unique experience in the military. Eric, a former army staff sergeant and Chinese Mandarin linguist, found himself in an unexpected role as an interrogator during the Iraq War. Despite having no prior experience or knowledge about Iraq or Saddam Hussein, Eric was sent to join the Delta Force team due to his infantry background. This experience taught him the value of truly listening to others, especially in high-pressure situations. The cigar he received from the Delta Force team after Saddam's capture serves as a reminder of this important skill and the impact it can have. By listening carefully and empathetically, we can better understand others and build stronger connections.

    • From intimidation to empathy in interrogationEmpathy and understanding in interrogation can lead to prisoners trusting the interrogator and providing valuable information

      Effective interrogation requires empathy and understanding, rather than intimidation. Eric Maddison, a US army interrogator, initially relied on intimidation techniques taught in training but failed to extract information from prisoners. Frustrated with his lack of progress, he decided to listen to the prisoners' stories and address their needs. This approach led to prisoners trusting him and providing valuable information, ultimately helping the US military in their mission. The importance of trust and communication in interrogation is crucial, as it can lead to prisoners becoming allies and providing valuable insights into the insurgency. Maddison's experience demonstrates that a shift from a confrontational approach to a more compassionate one can lead to significant success in obtaining valuable intelligence.

    • The old method vs. new method of interrogationThe new method of interrogation, based on communication, negotiation, and cooperation, had a 65% success rate compared to the old method's 4%, emphasizing the importance of adapting and evolving techniques in high-pressure situations.

      The old method of interrogation used by the military had a dismal success rate of only 4%, compared to the new technique that had a 65% success rate. This difference is significant and highlights the importance of adapting and evolving methods, even in high-pressure situations. The old method was based on force and intimidation, while the new method relied on communication, negotiation, and cooperation. However, implementing the new method was not easy, as it required a shift in mindset and the ability to trust unfamiliar techniques and individuals. Despite the challenges, those who had the courage to embrace the new approach saw impressive results. The old method's failure to evolve in the face of such a low success rate is a common problem in various areas of life, including relationships and businesses, where entrenched methods can hinder progress.

    • Freedom to experiment leads to unconventional successesUnconventional methods can yield valuable results, even in unconventional settings. Allow for freedom to experiment and be open to new approaches.

      Unconventional strategies, even if they add value, can face resistance in traditional structures. However, having the freedom to experiment and innovate, often in less conventional settings, can lead to significant advantages. For instance, in the context of the discussion, the speaker described how they were able to gather intelligence effectively in a seemingly insignificant location by using an unconventional method. They were given the freedom to do so because the place was considered "useless," and when the traditional method failed, they were able to step in and build out a network to identify high-value targets. The speaker also shared how they used a deceptive tactic during interrogations, where they would present false evidence to the prisoners to gain their trust and get them talking. This unconventional approach proved effective in gathering valuable information. Overall, the discussion highlights the importance of being open to unconventional strategies and allowing for freedom to experiment, even in seemingly insignificant or challenging situations.

    • Feigning Ignorance and Making DealsInterrogators use tactics of feigning ignorance and making deals to encourage prisoners to believe they're in control, revealing lies and offering cooperation opportunities.

      Effective interrogation involves getting prisoners to believe they are in control and encouraging them to tell the truth, while also identifying and exposing their lies. The interrogator uses a tactic of feigning ignorance and making deals, allowing prisoners to believe they have outsmarted him, only to reveal their lies and offer them a chance to cooperate. By jumping around in the conversation and asking about various aspects of their lives, the interrogator can map out inconsistencies and identify falsehoods. Additionally, spreading rumors or evidence about uncooperative prisoners can protect cooperative ones and put pressure on those who refuse to cooperate. The use of false accusations and non-linear questioning techniques can be effective in gaining valuable information and ultimately, securing the safety of the community.

    • Maintaining continuity during interrogationsCreating connections between topics during interrogations helps maintain the flow of conversation and keeps interviewees engaged. This technique, called continuity questioning, can uncover crucial information and lead to more effective interrogations.

      During an interrogation, it's essential to maintain a sense of continuity when questioning to avoid appearing erratic or skipping around. This technique, called continuity questioning, involves creating connections between various topics such as friends, vehicles, money, and family. By doing so, you can move around in the conversation without the interviewee noticing. This method is particularly useful when gathering information in a reverse chronological order, as it helps maintain the flow of the conversation and keeps the interviewee engaged. For instance, during an interrogation regarding an insurgency, the interviewer discovered that a former bodyguard of Saddam Hussein, named Mohammed Ibrahim, was running the insurgency. Mohammed Ibrahim was an unusual choice as he was a fun-loving, whiskey-drinking bodyguard, unlike the intimidating bodyguards around him. The interviewer realized that Saddam had purposely chosen Mohammed Ibrahim because he had no enemies, making him an untouchable figure. This discovery led the interviewer to focus on Mohammed Ibrahim and eventually led them to Saddam Hussein. Continuity questioning is a powerful technique that requires awareness, practice, and training. It can help uncover crucial information and maintain the flow of a conversation. By creating connections between seemingly unrelated topics, you can move around in the conversation without the interviewee noticing, ultimately leading to more effective and productive interrogations.

    • Delta Force's daring arrest leads to Saddam's captureDelta Force's bold arrest of a key insurgency figure's cousin uncovered Saddam's involvement and ultimately led to his capture, despite political complications and initial setbacks.

      During the Iraq War, a Delta Force team, led by Eric Maddison, made a bold move by arresting the cousin of the head of security in Crete, despite political complications. This led to the discovery that the administrator of the insurgency, Mohammed Ibrahim, was taking orders from Saddam Hussein. The team conducted numerous raids based on this information, but it took until December 13, 2003, to finally capture Saddam. The arrest of the cousin had caused a political storm, and Maddison was preparing to leave Iraq when a breakthrough occurred. A fisherman revealed that Mohammed Ibrahim visited a house in Baghdad every few days, leading to a successful raid and his capture. The team had unknowingly held him captive the whole time. This story highlights the courage and determination of the Delta Force team in the face of political complexities and the importance of perseverance in achieving their mission.

    • Using empathy to gain trust and extract informationEmpathy is more than just caring, it requires active listening and setting aside distractions to build trust and extract valuable information

      Empathy played a crucial role in the successful capture of Saddam Hussein. Contrary to popular belief that hostility towards an enemy justifies harsh interrogation methods, the use of empathy allowed the interrogator to build a rapport with Mohammed Ibrahim, Saddam's bodyguard. By removing distractions and actively listening, the interrogator was able to gain Mohammed's trust and eventually extract valuable information leading to Saddam's location. Empathy is more than just caring; it requires active listening and the ability to set aside distractions. This counterintuitive approach, rooted in empathy, can be adopted by individuals in various situations to build meaningful relationships and achieve their goals.

    • Overcoming Distractions for Effective ListeningImprove listening skills by recognizing and eliminating distractions, such as personal biases, objectives, lack of familiarity, and planning next response, to truly understand and empathize with the speaker.

      Effective listening involves recognizing and overcoming distractions in order to truly understand the person speaking and empathize with their perspective. Distractions can come in various forms, such as personal biases, objectives, lack of familiarity with the topic, and even what we plan to say next. By removing these distractions, we can improve our listening skills from the average 25% to much higher levels, allowing us to better understand and influence the people we communicate with. This not only makes us more effective communicators but also makes us more attractive and empathetic individuals. The challenge lies in understanding that listening is hard due to the way our brains are wired, processing information much faster than we can speak. By focusing on the speaker and practicing empathy, we can get closer to fully comprehending their message and responding appropriately.

    • Effective Listening: Building Connections and Attracting PeopleEmpathic listening without distractions or self-centered agenda leads to deeper, more meaningful relationships and unexpected discoveries

      Effective listening, characterized by empathy and undivided attention, is a powerful tool for building connections and attracting people. By actively listening without distractions or a self-centered agenda, one can gain insight into others' perspectives and form deeper, more meaningful relationships. This mindset, akin to meditation, allows for a heightened level of engagement and understanding, leading to a more fulfilling and enjoyable life experience. Additionally, avoiding a goal-oriented approach to listening can lead to unexpected discoveries and new opportunities.

    • The Power of Empathy and ConnectionAssumptions based on appearances or backgrounds can be inaccurate. Engage with others, especially children, to foster deeper connections and understanding. Practice active listening to improve relationships and deepen empathy.

      People can make assumptions about others based on their appearances or backgrounds, but these assumptions can be far from the truth. The speaker, a former Delta Force commander, shared his personal story of being born to an unwed mother who chose adoption, and how this act of kindness allowed him to live a fulfilling life. He emphasized the importance of paying attention and engaging with others, especially children, as a simple yet powerful way to cultivate connections and bring joy. The speaker suggested taking a list of distractions into conversations and focusing on active listening as a means to improve relationships and foster deeper understanding. While he didn't mention a specific book or resource, he encouraged listeners to explore the art of listening further on their own. Overall, the conversation underscored the value of open-mindedness, empathy, and genuine connection in a world that often values efficiency and distraction.

    • Mastering empathy in communicationPracticing empathy by removing distractions enhances understanding, reading people, and influencing others. Commit to 30 days of empathy practice for improved interactions.

      Developing empathy in communication is a simple yet not easy skill to master. By being aware of and removing distractions that hinder empathy, individuals can improve their ability to understand conversations, read people, and influence others. This practice requires consistency and a mindset adjustment, but the benefits are significant and applicable everywhere, from everyday conversations to major negotiations. The listener is encouraged to check out the outlined list of distractors and commit to practicing empathy for 30 days to see the positive impact on their interactions. Overall, this is a powerful and universally applicable communication tactic that can enhance our personal and professional relationships. Thank you, Patrick, for sharing your insights on this topic. For more episodes and book recommendations, sign up for the dotcomforward/bookclub and follow Patrick O'Shag on Twitter. Don't forget to leave a review on iTunes to help spread the word.

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    My guest today is Nico Wittenborn. Nico is the founder of Adjacent, a venture firm that looks for what he describes as the “adjacent possible” for their next investment. Nico has zoned in on the consumer subscription market as his ideal candidate, making early investments in Calm App, Photoroom, and Oura Ring. Nico does virtually all steps of the investing process on his own as he believes this allows him to be as close to finding the truth as possible. We discuss sharpening your intuition, evaluating the subscription business model, and exploring the adjacent possible. Please enjoy this conversation with Nico Wittenborn.  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, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick. ----- 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 (00:03:30) Intuition in Investment Decisions (00:05:08) The Philosophy of Adjacency in Venture Capital (00:12:51) Exploring Consumer Subscription Models (00:18:16) Common Mistakes In Subscription Pricing (00:22:41) Errors in Product Roll-Out Strategy (00:28:50) The Sucess of BirdBuddy (00:33:45) What It Means To Be a Great Product (00:38:21) Solo Investing vs. Being Part of a Big Firm (00:43:12) Building On Your Own Experience As a Founder (00:44:49) The Rise of Individual Investors and Their Impact (00:50:52) The Strategic Advantage of Staying Small in Venture Capital (00:52:02) Deep Dive into Founder Questions and Consumer Subscription Insights (00:54:09) Leveraging AI and Technological Advances for Growth (00:59:13) Exploring Future Investments and Market Opportunities (01:05:13) Areas to Explore On The Value Curve For Consumer Subscription  (01:12:32) Advice For Those Interest In Nico’s Path  (01:20:10) The Kindest Thing Anyone Has Ever Done for Nico

    Mitch Rales: The Art of Compounding - [Art of Investing, Forever Episode]

    Mitch Rales: The Art of Compounding - [Art of Investing, Forever Episode]
    We are excited to share a great conversation with Mitch Rales, the co-founder of Danaher and one of the living legends in the world of business and investing. Consider that Danaher has annualized at over 21% for four decades, resulting in an 1800-times multiple on invested capital! This is Mitch's first long-form interview of any kind, and he covers his entire history and business philosophy. Interviewing Mitch are Paul Buser and Rick Buhrman, who host the Art of Investing podcast on the Colossus network. Please enjoy this comprehensive discussion with Mitch Rales. Listen to more Art of Investing. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Passthrough. If you've ever filled out a subscription document to invest in a fund or worked with LPs to fill out their docs to invest in your fund, you know what a nightmare this exercise can be. Passthrough finally solves this problem. They configure custom workflows for your electronic subscription agreements and KYC & AML requirements to shrink the time for your investors to complete their sub docs. It's the best way to manage a critical part of your relationship with your LPs and is simply a drastically better experience for both investing firms and LPs alike. To learn more, go to passthrough.com. This episode is brought to you by Tegus, the only investment research platform built for fundamental investors. Whether you’re trying to get up to speed on a new market or keep tabs on a portfolio company, Tegus is the end-to-end investment research platform you need. With Tegus, you can quickly understand a company's business model, drivers, benchmarks, and management quality. To monitor an entire market, download our pre-built financial models — or update your own with the latest data using Tegus’ new Excel Add-In. Tegus gives you all of this and more, all bundled into a single software license. Find out why 95% of the top 20 global private equity firms are Tegus customers. Learn more and get your free trial at tegus.com/patrick. ----- Art of Investing is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Art of Investing, visit joincolossus.com/episodes.  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) - Welcome to The Art of Investing (00:05:32) - The Philosophy Behind Glenstone's Creation (00:12:57) - Benchmarking and Continuous Improvement: Lessons from Danaher and Glenstone (00:21:22) - The Influence of Mitch’s Father and Upbringing (00:28:43) - Transforming Danaher During The George Sherman (00:30:39) - Embracing Long-Term Vision and Patience (00:36:47) - The Role of Leadership in Navigating Change (00:42:21) - Danaher's Evolutionary Journey: From 1.0 to 4.0 (00:56:37) - Building a Culture of Internal Growth and External Innovation (00:58:42) - The Art of Successful Acquisitions and Integration Strategies (01:03:03) - Seeking Leadership Qualities and Business Traits for Long-Term Success (01:06:14) - The Journey from Personal Experience to Philanthropy (01:13:10) - Investment Philosophy: Concentration vs. Diversification (01:29:46) - Operational Expertise as a Catalyst for Company Growth (01:34:17) - Identifying and Supporting Talent in Business (01:43:02) - The Impact of Secular Trends on Long-Term Investments (01:49:53) - Revitalizing the Washington Commanders (01:57:36) - Engaging with Fans and Building a Winning Culture (02:05:16) - The Importance of Long-Term Vision

    Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371]

    Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371]
    My guest this week is Marc Lasry. Marc is a pioneer of distressed debt investing and the CEO of Avenue Capital Group, which he co-founded with his sister in 1995. Avenue manages $13 billion today. More recently, Marc and Avenue have become active investors in sport. He owned the Milwaukee Bucks when they won the NBA championship in 2021, and has since made investments in sports as diverse as sailing and bull-riding. In our discussion, we talk about his journey building a big investing firm, the evolution of distressed investing, and the opportunities in sport today. Marc shares some great stories throughout about travelling with President Clinton, winning the NBA championship, and raising his first fund. Please enjoy this great conversation with Marc Lasry. 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, the only investment research platform built for fundamental investors. Whether you’re trying to get up to speed on a new market or keep tabs on a portfolio company, Tegus is the end-to-end investment research platform you need. With Tegus, you can quickly understand a company's business model, drivers, benchmarks, and management quality. To monitor an entire market, download our pre-built financial models — or update your own with the latest data using Tegus’ new Excel Add-In. Tegus gives you all of this and more, all bundled into a single software license. Find out why 95% of the top 20 global private equity firms are Tegus customers. Learn more and get 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 (00:03:40) Marc Lasry's Early Confidence and Competence (00:06:03) Distressed Credit Evolution and the Allure of Sports Investing (00:08:15) The Milwaukee Bucks: A Championship and Investment Success Story (00:14:54) Exploring New Frontiers: Bull Riding and Women's NCA (00:18:33) Venturing into Sailing with Larry Ellison's League (00:22:27) The Economics of Sports Team Ownership (00:25:19) The Vast Universe of Sports-Related Investment Opportunities (00:29:36) The Evolution of Distressed Investing (00:34:05 The Common Thread Through Marc’s Business Endeavors (00:40:24) Marc’s Most Memorable Investment (Not Including The Bucks) (00:43:40) The Dynamics of Working with Family in Business (00:45:32) Finding Happiness and Perspective Amid Financial Success (00:51:03) Diving into the World of NBA Owners (00:55:19) Exploring New Ventures: Sports, Real Estate, and Beyond (00:59:03) The Art of Deal-Making and Navigating Risks (01:06:10) The Kindest Thing Anyone Has Ever Done for Marc

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