Podcast Summary
Exploring Non-Tech Companies on Acquired Podcast: In 2023, Acquired podcast shifted focus to non-tech companies, discussed favorite episodes, perspectives, and shared personal updates. Looking ahead, they'll continue exploring industries and investing together in 2024.
Acquired, the podcast about great companies and the stories behind them, had a focus on non-tech companies in 2023, marking an evolution from its origins analyzing technology acquisitions. Hosts Ben Gilbert and David Rosenthal discussed their favorite episodes, how they came to be, and what listeners helped select. They also shared their perspectives on how Acquired fits into the broader media landscape and how their views have changed over time. Additionally, Ben revealed his recent transition to parenthood and the joy and challenges it brings. Looking ahead, Acquired will continue to explore a variety of industries and companies, with Ben and David investing together more in 2024. They also answered listener questions from the Slack. Overall, the hosts aimed to keep listeners company during the holiday season and beyond.
Acquired podcast surpasses 500k listeners: The Acquired podcast, which focuses on business histories, has grown exponentially and now has over 500k listeners. The hosts remain dedicated to providing high-quality content and continuing to grow the show, acknowledging a potentially larger market.
The Acquired podcast, which focuses on business histories in an audio-only format, has experienced exponential growth since its inception and recently surpassed half a million listeners. This milestone marks a significant moment for the show's hosts, who view it as a testament to their passion for the subject matter and their ability to engage audiences in a unique way. Additionally, one of the hosts, David, will be joining his partner full-time at Acquired, signifying a deepening commitment to the project and their friendship. The hosts remain dedicated to providing high-quality content and continuing to grow the show, although they acknowledge that the addressable market for their niche product may be larger than initially thought. The hosts also remind listeners that their discussions should not be considered investment advice.
Embracing Analytics and Diversifying Topics for Growth: Immersing in analytics and expanding topic scope beyond tech companies can lead to resonating products and wider impact.
While some may view ignoring analytics as virtuous, the speaker believes that immersing oneself in every single number can lead to creating a product that resonates with more people. Additionally, growth should not be the sole priority, as expanding the scope of the podcast from technology companies to all types of companies has led to growth but only because of the hosts' natural interests and the larger addressable market. The most valuable lessons have come from studying non-tech companies like LVMH, Costco, and Nike. The impact of the podcast is evident when discussions around the topics covered start to permeate various spheres, such as CNBC, and startups begin to model their business after the examples provided.
Impactful Podcast Episodes on Costco, Visa, and LVMH: Costco vs Visa: Contrast between businesses requiring high effort and low free cash flow vs low effort and high net income margins. Speaker's newfound interest in luxury beyond branded items and potential acquisition of a meaningful, non-branded item. Discussion on the fixed supply of diamonds and intrinsic value of certain items.
The podcast episodes this year have had a significant impact and resonated strongly with the audience. Some of the favorite episodes included those on Costco, Visa, and LVMH, with the latter being particularly eye-opening for the speaker due to his previous lack of understanding of the luxury industry. The contrast between businesses like Costco, which require a lot of effort and have less free cash flow, and Visa, which require less effort and have high net income margins, was highlighted. Additionally, the speaker expressed a desire to explore the concept of luxury in future episodes, beyond just branded items, and mentioned the potential acquisition of a meaningful, non-branded item. The discussion also touched on the fixed supply of diamonds and the intrinsic value of certain items beyond their physical properties.
The Value of Natural Diamonds vs. Lab-Grown Diamonds: Natural diamonds retain value due to their finite supply and proven origin, while lab-grown diamonds may become more common and cheaper over time.
The value of natural diamonds, especially those with a certified serial number and provenance, can be distinguished from lab-grown diamonds, which are chemically identical but may become increasingly common and cheaper over time. The value of natural diamonds lies in their finite supply and proven origin, making them a durable investment for those who believe in their worth. The preparation and emotional state of the hosts also significantly impact the quality of their podcast episodes, with some episodes benefiting from a more relaxed and enjoyable approach. The NFL analogy illustrates this concept, as the best performances often come when athletes prepare well but also allow themselves to have fun and enjoy the experience. Ultimately, the podcast's success relies on a balance of thorough research and a positive mindset during recording.
Embracing teamwork, fun, and self-confidence for high-quality content: Small teams can create high-quality content by focusing on their strengths, embracing limitations, and maintaining quality through scarcity.
Having fun, teamwork, and self-confidence are essential elements for creating high-quality content. The speaker emphasizes the importance of embracing limitations and focusing on the strengths of a small team, rather than trying to scale beyond their capabilities. The luxury strategy of embracing scarcity and maintaining quality was also discussed as a key learning from their research. The favorite episodes for the speaker were those where they had the most fun and least pressure, such as Nike, Visa, and Costco. The best episode, however, was considered to be Visa, which perfectly balanced preparation and relaxation and had a significant impact on the overall direction of the podcast.
Statsig's remarkable growth and expansion: Statsig reached record-breaking scales, expanded offerings, and decided to focus on unique, end-product content for higher engagement.
Statsig, a company we've previously featured on our show, experienced remarkable growth in 2023. They reached unprecedented scales, processing over 130 billion events per day and impacting over 1.2 billion end users monthly. This growth led to the need for significant infrastructure and resources. Statsig also expanded their offerings, transitioning from a hosted product experimentation platform to a full-fledged product understanding platform, complete with dedicated feature flagging, warehouse native experimentation, and product analytics. Another key takeaway from the discussion was the decision to discontinue "specials" or non-season episodes, which were primarily interviews. The hosts found that these episodes did not generate the same level of engagement or downloads as their season episodes. They concluded that focusing on creating unique, end-product content was essential for their audience and their brand. The conversation also touched on the importance of adapting and learning from experiments and failures. The hosts shared their experiences with various special formats, acknowledging that each attempt provided valuable insights for improving the main show. Ultimately, they emphasized the importance of staying true to their core product and format.
Interviewing industry-leading CEOs: The Acquired team's extensive research and in-depth knowledge sets them apart, allowing for unique and insightful interviews with industry-leading CEOs
The Acquired podcast team had initially decided to retire the interview format and focus on releasing high-quality, in-depth episodes about specific companies. However, they reconsidered their decision when presented with the opportunity to interview Daniel Ek of Spotify and Dara Khosrowshahi of Uber. Despite their initial hesitation, they realized that their unique position, having spent hundreds of hours researching the companies they cover, allows them to conduct interviews that offer a deeper understanding of the subjects than other interviewers. Ultimately, they continued to produce both their season episodes and occasional interviews with industry-leading CEOs like Jensen Huang and Charlie Munger. The team's commitment to extensive research and in-depth knowledge sets them apart and results in special and unique content for their listeners.
Focusing on world-class guests without set schedule: Acquired Podcast plans to sell exclusive, high-quality interviews to sponsors, maintaining unpredictability and excitement for listeners by not committing to a set release schedule.
Acquired Podcast aims to make its interviews more special and unpredictable by not committing to a set number or schedule, instead focusing on securing world-class guests whose stories they have studied but haven't yet interviewed. They plan to sell these interviews as a package to sponsors, promising high-quality content without revealing the release dates. This strategy aims to create a sense of excitement and anticipation, avoiding the pitfall of slot-filling interviews. The podcast is also planning to redirect some inbound guest requests to their sister show, ACQ 2, to ensure a consistently high standard of content and audience satisfaction. Some potential dream guests include Bernard Arnault, Morris Chang, Phil Knight, and Bob Iger.
Securing Interviews with Notable Figures Takes Persistence and Dedication: Securing interviews with influential people requires extensive planning, patience, and persistence. Podcasters often start the process months in advance and face long wait times for confirmation.
The process of creating a podcast episode, especially one featuring notable figures like Charlie Munger or successful business leaders, involves extensive planning and preparation. These individuals are not just figures in a story, but real people with busy schedules and demanding roles. The team behind the podcast must put in significant effort to coordinate interviews, often starting the process months in advance. For instance, when they wanted to interview Charlie Munger for a follow-up episode, they had to wait for six months after their initial research on Costco. Similarly, reaching out to Jensen from NVIDIA took almost two years, and an interview with Dara from Uber took nine months to arrange. These experiences highlight the importance of persistence and dedication in the world of podcasting and journalism.
Spotify's podcast investment for future growth and market dominance: Spotify invests in podcasting for future operating leverage and market dominance, complementing their music business and attracting new listeners.
Spotify's investment in podcasting, despite the significant financial commitment and current lack of substantial profit, positions them well for potential future operating leverage and market dominance in the growing podcasting industry. This strategy complements their music business, which may not offer high margins due to record labels' bargaining power. Additionally, a large portion of Spotify's podcast listeners are discovering new content on the platform, contributing to impressive growth. Another notable success story is Crusoe, a cloud infrastructure provider for AI workloads, which has experienced significant growth in 2023 and powers companies like Together AI, which closed a $102 million series A funding round. Together AI, in turn, utilizes Crusoe's infrastructure to offer fast and performant inference for customers using open-source models. These examples demonstrate the potential for innovative companies to thrive on optimized infrastructure solutions.
Hosts prioritize quality over quantity in audience growth: The hosts of Acquired prioritize building a community of thoughtful and curious individuals over rapid growth on platforms like YouTube, focusing on meaningful conversations through their Slack channel instead.
The hosts of the Acquired podcast value the quality of their audience over the quantity. They are open to growth, but only if it brings in more thoughtful and curious individuals who share their passion for business history and technology. The hosts have realized that growth on platforms like YouTube brings in a different type of audience, often characterized by negative comments and a lack of depth in engagement. They prefer to build a community through their Slack channel and engage in meaningful conversations with their audience. The hosts also mentioned that their past experiences with rapid growth have led to challenges in monetizing their podcast and maintaining relationships with longtime sponsors. Therefore, they are cautious about the impact of growth on their business and their community.
Building deep relationships with sponsors and partners: Acquired has grown from a small startup to a trusted partner for Fortune 500 enterprises, fostering deep relationships and creating valuable partnerships with both established and emerging companies in the ecosystem.
Building deep, long-term relationships with sponsors and partners is crucial for the growth and success of Acquired. The platform has evolved from a small, niche entity to a trusted and viable partner for larger companies. Acquired's recent partnerships with JPMorgan and ServiceNow, both Fortune 500 enterprises, are a testament to this growth. These partnerships were built over several years, with teams that were already fans of Acquired. The level of coordination and planning required to work with such large companies is vastly different from that of smaller startups. However, Acquired aims to bring the custom collaborations and native content it creates with small companies to large enterprises. The goal is to continue working with both established and emerging companies in the Acquired ecosystem, fostering deep relationships and creating valuable partnerships.
Expanding investing efforts in growth stage tech companies: David and Alex from 'Acquired' podcast are focusing on larger investments in market leading tech companies they're familiar with, starting with Vanta, while continuing to produce insightful podcast episodes.
David and Alex from the "Acquired" podcast are expanding their investing efforts, focusing on growth stage market leading tech companies they already know well. They've been investing in these companies as angel investors and are now ready to do so at a larger scale. Their first major investment together was in Vanta, a long-time partner of the show. They plan to continue this investment strategy as part of the "Acquired" community. The podcast remains their top priority, and they're already deep in research for a new episode covering a large category of spend for most countries' GDPs. They're excited about the endless supply of fascinating multi-generational businesses to cover, ensuring the show will continue to produce high-quality deep dives on various industries.
Focusing on Evergreen Content: The Luxury Podcast team prioritizes creating thoughtful, well-researched, and insightful content by focusing on evergreen stories and acknowledging the depth and complexity of topics.
The Luxury Podcast team has consciously decided to avoid covering current events due to the ephemeral nature of such content and the difficulty in providing unique insights when everyone else is covering the same topic. Instead, they focus on creating evergreen content through in-depth retrospectives on well-established stories. They also acknowledge the limitations of their resources and expertise in conducting real-time investigative journalism or investment diligence. The team emphasizes the importance of questioning the surface of things and acknowledges the depth and complexity of stories that may initially seem straightforward. They believe in choosing the games they play and not getting swept up in current manias. Ultimately, their approach is to provide listeners with thoughtful, well-researched, and insightful content that stands the test of time.
Historical perspective and optimistic skepticism in investing and storytelling: Historians with an optimistic skeptical mindset make better investors by considering history and multiple perspectives, enabling informed decisions and trend spotting. Their roles in storytelling also make them savvy marketers.
Being an optimistic skeptic with a historical perspective is a valuable combination in the world of investing and storytelling. The speakers, who share a strong alignment in their goals, bring out the best in each other. While one stays attuned to new and interesting developments, the other keeps an eye on history. They consider themselves historians rather than journalists or analysts, focusing on in-depth stories with multiple perspectives. This focus on history has made them better investors, enabling them to make more informed decisions and spot trends. Additionally, their roles in the show have made them more savvy marketers, able to assess the effectiveness of messaging and reach in various mediums. Overall, their unique perspective and combination of skills make them effective in their respective fields.
Books and purchases that shaped Ben and David's lives: Ben's life was influenced by 'Psychology of Money' and 'The Artist's Way', while David was guided by 'Transitions'. A $200 hot water heater also positively impacted Ben's daily routine and potentially extended his lifespan.
Certain books and purchases have significantly influenced the lives of Ben and David. Ben mentioned "Psychology of Money" by Morgan Housel, which changed his investment mindset, and "The Artist's Way" by Julia Cameron, which helped him start his day with clarity. The most gifted book by David is "Transitions" by William Bridges, which guided him through major life transitions. Lastly, Ben's Zojirushi hot water heater, a $200 purchase, positively impacted his life by enabling his daily tea-drinking habit, which he believes improves his life and potentially extends his lifespan. Overall, these books and purchases demonstrate the power of knowledge and practical tools in shaping one's life.
Investing in Relationships and Personal Growth: Focus on cultivating relationships and personal growth for a fulfilling life. Embrace kindness, consume daily inspirations, and control what's within your reach.
Investing in relationships and personal growth are two of the most worthwhile investments one can make. The speaker shared how his relationship with his wife and his relationship with the podcast host have significantly impacted his life. He also emphasized the importance of kindness and cultivating one's own garden, or focusing on what is within one's control. The speaker also mentioned an unusual habit of consuming a Starbucks spinach, feta, and egg white wrap every day for years. Another intriguing discussion point was the Tim Ferriss question, where the speaker shared Voltaire's last line from Candide, "We must cultivate our own garden," as a guiding principle in life. The speaker's friend's motto of "just be kind" was also highlighted as a powerful reminder. Overall, the conversation touched on themes of personal growth, relationships, and mindfulness.
The importance of being present and a good listener: Being present and a good listener can enhance relationships and improve overall quality of life. Emotional intelligence, self-awareness, and making the most of opportunities are key.
Being present and a good listener can significantly improve your relationships and overall quality of life. The speaker shared his personal experience of tuning into his instincts and emotions, and the importance of understanding someone's feelings rather than just focusing on the content of their words. He also emphasized the importance of building a foundation in the early stages of your career, but also being open to opportunities when they arise. The speaker's advice for college students is to follow their own path, as it can be both rewarding and challenging in today's world. Overall, the conversation highlighted the importance of emotional intelligence, self-awareness, and making the most of opportunities when they present themselves.
Invest in relationships with intelligent and trustworthy people: Surround yourself with industry leaders for growth and success. Prioritize, say no, focus on what matters, and have a creative outlet for balance.
Surrounding yourself with intelligent and trustworthy people is crucial for personal growth and success. This means investing time and energy into building relationships with those who are leaders in your industry and can provide valuable insights. It also means learning to prioritize and say no to distractions, focusing on what truly matters. When feeling overwhelmed, it's important to have a clear sense of what is important and to have a creative outlet, such as a project or hobby, that can provide a sense of control and focus. Ultimately, life is about making trade-offs and prioritizing what is most important to you.
The Power of Singular Productivity and Learning from History: By reading books that emphasize the importance of simple ideas and learning from history, individuals can become more productive and independent in today's complex world.
Becoming a singularly productive individual, meaning having the ability to control the entire process of creating and monetizing something, can lead to greater independence and personal fulfillment in today's complex world. This idea might seem challenging given the size and interdependence of organizations, but with an Internet connection, the resources to learn and succeed are more accessible than ever. Mark Leonard, the founder and CEO of Constellation Software, and David Senra, a business biography expert, share their favorite books that have influenced their lives and careers in the Acquired Holiday Special. These books, including the new Stripe press edition of Poor Charlie's Almanac, emphasize the importance of taking simple ideas seriously and learning from history.
Focusing on one dream project and being excessively dedicated can lead to success: Identifying a unique opportunity and staying dedicated for decades can lead to remarkable success in business
Focusing on one project that represents the dream of your life and being excessively dedicated to it, like Brunello Cucinelli, Daniel Ludwig, and Bernard Arnault, can lead to personal and professional success. These entrepreneurs, despite their vast wealth, remained focused on their work and their customers, leading to the creation of first-class organizations. The importance of identifying an opportunity that no one else sees and exploiting it for multiple decades, as Bernard Arnault did with luxury brands, is also a key factor in achieving greatness. These entrepreneurs' stories remind us that relentless dedication, focus, and a clear vision can lead to remarkable success.
The Impact of Role Models and Innovative Products: Discovering role models who inspire values and success, and innovative products that simplify daily life, can lead to personal growth and positive change.
There are influential figures in business and life who leave a lasting impact on many people. Sam Soule, an immigrant who became a successful businessman and philanthropist, is considered one such figure. His success story, as shared by David, highlights the importance of finding role models who inspire us not just for their business achievements, but for their values and contributions to their families and communities. Another surprising discovery from the conversation was the introduction to Mill, an Internet-connected compost bin that has impressed even the most skeptical consumers, including David's brother-in-law. This innovative product shows how even seemingly mundane items can make a significant difference in our daily lives. Overall, the discussion emphasizes the importance of open-mindedness, admiration for successful figures, and the discovery of life-changing products and experiences.
Exploring intriguing sci-fi premises in TV shows like The Leftovers and Alias, trying out new glasses and shoes, and reading Derek Thompson's article.: Discover new sci-fi shows, try innovative glasses and shoes, and read thought-provoking articles for personal growth and enjoyment.
The setting of a civilization living in a silo, as depicted in the TV show "The Leftovers," creates an intriguing sci-fi premise. The show, which stars actresses like Reese Witherspoon from the most recent Mission Impossible films and Rashida Jones from The Office, is highly recommended. Another recommendation is the TV series "Alias," especially seasons 1, 2, and 3. In the product realm, the speaker has been enjoying new Warby Parker glasses with a vinyl frame called Amari, finding them to be much lighter and more comfortable than previous frames. They also recommend HOKA Aura recovery shoes, which offer similar comfort in a more enclosed form factor. A recent discovery is Adobe Lightroom's ML-powered denoise feature, which significantly improves image quality, especially for those transitioning from smartphone to DSLR photography. Lastly, Derek Thompson's article "The Eureka Theory of Everything is Wrong" is a must-read, emphasizing the importance of implementation and distribution work in advancing society.
Exploring the complexities behind industries and experiences: Delve deeper into industries and experiences by challenging conventional wisdom and exploring unique perspectives through resources like 'The Luxury Strategy' and JT O'Sullivan's QB School.
Understanding the complexities behind the scenes can greatly enhance our appreciation for various industries and experiences, whether it's in business, sports, or entertainment. Two resources that provide valuable insights are "The Luxury Strategy" by Jean Noel Capferer and Vincent Bastien, which offers counterintuitive marketing strategies for brands, and JT O'Sullivan's QB School on YouTube, which breaks down the intricacies of quarterbacking and NFL offenses. The former challenges conventional wisdom with its 24 anti-laws, such as not focusing on positioning or pandering to customers, while the latter offers a unique perspective on the production and storytelling aspects of football. Additionally, shows like Monday Night Football's Manning Cast and QB School provide an in-depth look at the game, offering insights that go beyond the surface level. These resources serve as reminders of the importance of looking beyond the obvious and delving deeper into the complexities of various industries and experiences.
Optimizing Car Seat and Stroller Combinations: Consider ergonomics, ease of use, and convenience when choosing a car seat and stroller setup for home and travel. A combination of UPPAbaby Vista and Joolz Air Plus, or even a car seat like the Doona, can make a significant difference for parents.
The right combination of car seat and stroller can make a significant difference for parents, especially when considering different needs for home and travel situations. The speakers shared their current setup, which includes the UPPAbaby Vista as their home stroller and the Joolz Air Plus for travel. They praised the ergonomics and ease of use of these options, as well as the convenience of having a car seat that can snap directly into the travel stroller. They also mentioned the possibility of considering the Doona, a car seat that converts to a stroller, for future vacations. Overall, the conversation highlighted the importance of optimizing this essential parenting equipment for various stages and scenarios.
Collaborative Production of Acquired Podcast: Editor Steven shapes raw audio into polished episodes, Andrew Marks contributes content, thought partners and investors Mark Bridge and Adam Pritzker offer insights, and Disney Plus and NVIDIA support production.
The production of the Acquired podcast is a collaborative effort involving many key players. The podcast's editor, Steven, plays a crucial role in turning raw audio into a polished episode. Andrew Marks is a thought partner and investor who contributes to the content of each episode. Friends and industry experts, such as Mark Bridge and Adam Pritzker, provide valuable insights and suggestions. Companies like Disney Plus and NVIDIA support the production process by providing access and resources. Overall, the success of Acquired is a result of the collective efforts of these individuals and organizations.
Appreciation for the podcast's community: The podcast's success relies on its engaged audience, who provide valuable insights and help ensure accuracy and quality of the content.
The success of the Acquired podcast is due in large part to the active involvement and feedback of their dedicated community. The hosts, David Rosenthal and Ben Gilbert, expressed their gratitude to Doug, a guest who set the bar high for future expert guest hosts, and to the numerous individuals who have provided research and insights for their episodes. They emphasized the importance of listeners who help ensure the accuracy and quality of the content. Additionally, they mentioned the availability of merchandise, email updates, and opportunities to engage with the hosts and other listeners through their Slack channel. Overall, the podcast thrives on the collaboration and support of its audience, making it a valuable resource for those interested in the business world.
