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    [REPLAY] Tim Urban - Grand Theft Life - [Invest Like the Best, EP.59]

    enMay 14, 2019

    Podcast Summary

    • The power of cumulative knowledge and innovationContinuously build on previous achievements to create something new and valuable, like a human colossus of knowledge and innovation.

      Learning from this conversation between Patrick O'Shaughnessy and Tim Urban is the importance of building a human colossus of knowledge and innovation. This metaphor of planets, each representing different stages of human development, highlights how even the most intelligent species can lack significant progress without the collective achievements of their civilization. The conversation touches on various topics, including artificial intelligence, interplanetary travel, and the value of thinking from first principles. However, the underlying theme emphasizes the power of cumulative knowledge and the importance of continuously building on previous achievements. It's not just about being a cook, following instructions, but being a chef, creating something new and valuable. This perspective can be applied to anyone doing creative work or building a company. The grand theft life worldview, as described by Tim Urban and Andrew Finn, encourages us to strive for continuous learning and progress, recognizing that the collective achievements of humanity are a crucial part of our individual and collective growth.

    • The Human Colossus: Our Accumulated Knowledge and TechnologyThe rate of human progress is accelerating, with advancements in AI and space exploration far surpassing what any individual or generation could achieve alone. The concept of a die progress unit (DPU) illustrates this, as the next major leap could occur within our lifetimes.

      The human colossus, or the accumulation of human knowledge and technology, is growing exponentially and far surpasses what any individual or even entire generations could achieve on their own. This idea of compounding growth can be seen in various aspects of human history, from the development of artificial intelligence to the exploration of space. If we were to bring someone from the past, like George Washington, to the present, they would be astounded by the advancements we've made. However, if they were to go back in time the same amount, they wouldn't experience the same level of shock because the world they came from would be much less advanced. This concept, called a die progress unit (DPU), shows that the rate of progress is getting faster, and the next major leap could be within our lifetimes. This idea of the human colossus and the ever-shrinking DPUs is a mind-blowing concept that highlights the incredible progress humanity has made and the potential for even more advancements in the future.

    • Technology's Rapid Advancement: Moore's Law and AIMoore's law drives computing power advancements, AI revolutionizes industries with narrow intelligence, both transforming daily life and industries, with implications across various sectors

      We are witnessing an exponential growth in technology, specifically in the fields of hardware (Moore's law) and artificial intelligence (AI). Moore's law illustrates the rapid advancement of computing power, from large transistors and vacuum tubes to integrated circuits and potentially quantum computing. AI, on the other hand, is making significant strides in narrow intelligence, where machines excel at specific tasks, often surpassing human capabilities. This trend is compared to the electrical revolution, where electricity transformed industries and became integral to daily life. AI, currently in its narrow intelligence stage, is already revolutionizing industries, such as healthcare, where machines can analyze mammograms with unprecedented accuracy and speed. This trend is expected to continue, with AI invading more industries and becoming an essential tool, even in areas previously thought to require human empathy and creativity. The implications of this technological growth are vast and far-reaching, with potential benefits and concerns across various sectors.

    • The Singularity: When AI Surpasses Human IntelligenceAI's rapid learning ability in specific areas like chess and gaming indicates its potential to become generally intelligent, surpassing human intelligence, a concept known as the singularity. Humans will likely play a supportive role, providing direction and ethics, while AI executes tasks.

      The progress of AI is accelerating at an unprecedented rate, and it's only a matter of time before it surpasses human intelligence. The speaker argues that AI's ability to learn and improve, especially in areas like chess and gaming, is a clear indication of its potential to become generally intelligent. This idea, often referred to as the singularity, suggests that the time it takes for AI to make enormous leaps in progress will be tiny and could outpace human intelligence. While some skeptics argue that AI is just better at pattern recognition, the speaker believes that the burden of proof is on those who doubt that AI will eventually match and surpass human intelligence across the board. The speaker also introduces the concept of "cook versus chef" as a framework for understanding the role humans will play in the future with AI. This idea, which stemmed from the speaker's interactions with Elon Musk, suggests that humans will be more like cooks, providing the ingredients and direction, while AI will be the chefs, executing the tasks. This framework highlights the importance of humans maintaining control and setting the ethical and moral guidelines for AI as it continues to advance.

    • Accelerating the transition to sustainable energy and making life multi-planetaryElon Musk's companies, Tesla and SpaceX, aim to ensure a long-term future for humanity by accelerating the transition to sustainable energy and reducing the cost of space travel

      Elon Musk's companies, Tesla and SpaceX, are not just about making fancy cars or cool rockets, but they have larger objectives. Tesla aims to accelerate the transition to sustainable energy, and SpaceX's goal is to reduce the cost of space travel and make life multi-planetary. Both ventures share the same end goal of ensuring a long-term future for humanity. Musk's unique way of thinking, which involves reasoning from first principles, sets him apart as a disruptor and innovator, similar to figures like Henry Ford, The Beatles, and Steve Jobs. This approach allows him to challenge industries and create new products that revolutionize markets.

    • Reasoning from first principles vs reasoning by analogyChallenging assumptions and reasoning from first principles unlocks new possibilities and creates meaningful change. Elon Musk's success is an example of this chef-like mindset.

      Our ways of thinking and decision-making can be categorized into two main styles: reasoning from first principles and reasoning by analogy. Reasoning from first principles involves questioning the fundamentals and building up knowledge from the ground up, while reasoning by analogy relies on observing what others have done and adapting it to our own situations. While the latter is an energy-saving adaptation that helps us navigate through most aspects of life, it can be limiting when it comes to important decisions such as starting a company or making significant life choices. In such cases, it's essential to adopt a chef-like mindset and reason from first principles, experimenting and learning from failures to discover new possibilities. Elon Musk, for instance, is known for his ability to defy conventional wisdom and achieve the seemingly impossible by reasoning from first principles. He questions assumptions and calculates the potential for success, often going against the consensus and inspiring innovation. In conclusion, the distribution of people along the cook-chef spectrum may vary, but we all have the capacity to cultivate a chef-like mindset. By challenging our assumptions and reasoning from first principles, we can unlock new possibilities and create meaningful change.

    • Seeing through delusions and conventional wisdomElon Musk's success stems from his ability to identify real risks and challenge societal norms based on clear-headed perspective

      Elon Musk's success can be attributed to his ability to see through the delusions and conventional wisdom shaped by our tribal wiring. Musk's clarity of thought allows him to identify what is truly risky and what is not, challenging the fear-based decisions that our evolutionary biology has instilled in us. This self-awareness enables him to trust his reasoning and disregard outdated wisdom. Another key point discussed was the concept of artificial narrow intelligence, which Musk has expressed concern about due to its potential to surpass human intelligence and create unintended consequences. Overall, Musk's success can be seen as a result of his clear-headed perspective and his ability to challenge societal norms and fears.

    • The safety of being a chef in an AI worldCooking's recipe-like nature makes it suitable for automation and teaching, but the discovery process of becoming a chef involves raw knowledge and finding new patterns, which can be driven by curiosity or sociological questions.

      Despite the perceived risks and uncertainty involved in being a chef in a world dominated by artificial intelligence, it might actually be a safer proposition due to the recipe-like nature of cooking. Cooking follows a pattern or set of instructions, making it an ideal candidate for automation and teaching. However, the discovery process of becoming a chef or exploring new culinary techniques involves gathering raw knowledge and finding new patterns or combinations. This process can be driven by internal curiosity or sociological questions. The goal is to present this knowledge in a memorable and impactful way, helping people remember and apply it. For larger topics like AI or society, the focus is on identifying a common ground with a large audience and guiding them from a basic understanding to a deeper level of knowledge, without requiring them to become experts.

    • Writing Engaging Blog Content: Immerse Yourself in Research and AuthenticityTo write engaging blog content, immerse yourself in research, stay authentic, and share your personal reactions and genuine curiosity with your audience.

      Writing engaging blog content involves identifying a specific audience and topic that resonates with you, and then immersing yourself in research to gain a deep understanding of the subject matter. The speaker, who writes for a niche audience of "Timbs" with a shared sense of humor, emphasizes the importance of authenticity and personal reaction in choosing topics. He uses various resources like books, YouTube videos, podcasts, and articles to broaden his knowledge, aiming for a level of comprehension that allows him to create entertaining and informative content. The process includes recognizing biases, understanding consensus and controversies, and acknowledging limitations. By following this approach, the writer can produce blog posts that resonate with their audience and reflect their genuine curiosity and enthusiasm.

    • Effectively communicating complex ideas requires deep understanding and creative explanationsDeeply understand complex ideas and use metaphors or analogies to make them accessible and relatable to others

      Effective communication involves both creating metaphors or analogies to help explain complex ideas and putting in the hard work to understand those ideas thoroughly. The speaker in this conversation, who creates blog posts and explanations, emphasizes the importance of this approach in making complicated concepts accessible to others. By taking the time to delve deeply into a subject and find creative ways to convey its essence, one can make a significant impact and provide value to their audience. This approach can be applied to any field, whether it's teaching, marketing, or simply explaining ideas to friends. The speaker's use of metaphors and analogies, such as the "chef and cook" analogy, helps to clarify complex concepts and make them more relatable and understandable. By investing time and effort into understanding and communicating complex ideas, one can create a valuable resource for others and make a positive impact on their lives.

    • Making complex info entertaining and engagingCuriosity, immersion, and visuals enhance communication and learning. Good teachers and popular content creators inspire us with their unique voices and perspectives.

      Effective communication and learning can be enhanced by making complex information entertaining, engaging, and fun for the audience. The speaker emphasizes the importance of being curious, immersive, and visual in presenting information. They also mention the influence of good teachers and popular educational content creators, such as Kurzgesagt, that have mastered this approach. The speaker's unique voice and personality make their content irreplaceable and valued by their audience. The most enjoyable research experience for the speaker was delving into the world of SpaceX, which aligned with their childhood interests and allowed them to connect with inspiring individuals in the field.

    • Creating a better future for humanity through businessElon Musk identifies clear goals for his businesses, finds key levers to make a difference, and innovates to create desirable products that drive positive change for humanity.

      Elon Musk's businesses, including Tesla and SpaceX, are driven by a noble mission to ensure a good future for humanity. Musk starts with a clear, altruistic goal and then identifies the biggest levers to make a difference. In the case of Tesla, this means accelerating the adoption of sustainable energy through innovative electric cars. Musk doesn't try to persuade people to be good, but instead creates products that make the better choice the desirable one. The same approach applies to SpaceX, where the goal is to make humanity a spacefaring and multi-planetary civilization. Musk's consistent pattern of working backwards from a clear goal, identifying key levers, and innovating to make a difference is a powerful formula for positive change.

    • Thinking beyond conventional wisdom and innovatingElon Musk's success stems from his innovative mindset, aiming to reduce space travel costs by landing rockets and establishing a Mars cargo route.

      Elon Musk's success comes from his ability to think beyond conventional wisdom and innovate, as demonstrated by his goals to establish a cargo route to Mars and create a sustainable business model for SpaceX. He aims to reduce the cost of space travel by landing rockets, allowing more people to participate and leading to industry growth. This approach, rooted in a first principles mindset, allows Musk to see the world for what it is and seize opportunities others might overlook. Additionally, his disregard for societal expectations and focus on his own vision has been a driving force behind his achievements. This perspective, while sometimes mistaken for courage and genius, is simply a clear understanding of the world and the risks involved.

    • Imagining life as a video game can help overcome fears and take risksThe 'Grand Theft Life' metaphor encourages taking risks and trying new things, inspiring a viral blog post and the creation of Neuralink, a company developing brain-machine interfaces for healthcare and human enhancement.

      Our minds sometimes hold us back from taking risks and trying new things due to outdated survival instincts. Using the metaphor of "Grand Theft Life," where we imagine ourselves as video game characters, can help us overcome these fears and be more successful and true to ourselves. This concept was popularized in a viral blog post that reached over 14 million unique readers in a month, making it one of the most read posts in English-speaking Internet for that year. Elon Musk and his team reached out to the blogger about launching a new company, Neuralink, around the same time. Neuralink is a neurotechnology company aiming to develop brain-machine interfaces to treat various conditions such as paralysis, blindness, and mental disorders. The blogger was deeply intrigued by the topic and conducted extensive research, leading to a post that garnered significant attention and interest. Neuralink's potential to revolutionize healthcare and human capabilities is vast, and its development is an exciting venture worth following.

    • Growing the foundation for groundbreaking projectsElon Musk's ventures aim to ensure a positive future for humanity by focusing on foundational knowledge and developing technology like Neuralink to merge humans with AI.

      Elon Musk's new ventures are driven by a deep belief in their importance for humanity, and he strives to ensure that people understand the reasons behind his initiatives. Musk's approach to gaining knowledge is akin to growing a tree trunk first before adding branches or leaves, emphasizing the importance of foundational understanding. In the case of Neuralink, the team was focused on increasing the probability of a good future for humanity by developing technology to help humans merge with artificial intelligence. Musk envisions a future where humans still exist, and Neuralink could be a crucial step towards ensuring a positive existence in that world. By building a solid foundation of knowledge, one can fully comprehend and appreciate the significance of such groundbreaking projects.

    • Elon Musk's Fears and Vision for AIElon Musk, a tech visionary, fears potential dangers of AI and founded OpenAI to promote collaborative research, merge biological and artificial intelligence, and prevent any single entity from controlling it.

      Elon Musk, a tech visionary and co-founder of OpenAI, is deeply concerned about the potential dangers of artificial intelligence (AI). Musk, who has a clear-sighted perspective on technology, often expresses his fear of AI in conversations. He believes that the development of AI is inevitable, and that it could surpass human intelligence, potentially leading to unintended consequences. Musk argues that instead of trying to stop the development of AI, we should work towards creating a safe environment for its existence. He founded OpenAI to promote collaborative research and development of AI in order to prevent any single entity from having ultimate control over it. Furthermore, Musk suggests that humans should strive to merge biological and artificial intelligence to ensure that we remain relevant in a world dominated by intelligent machines. He envisions a future where humans have electrodes implanted in their brains to seamlessly communicate with external computers, effectively merging our biological and artificial intelligence. This merging would allow us to keep up with the ever-evolving intelligence of AI and avoid being left behind.

    • Brain and AI merging for enhanced capabilitiesElon Musk envisions merging AI with our brains for enhanced capabilities, but current brain-machine interfaces are crude and require significant advancements in hardware and AI.

      Our brains have two systems, the cortex and the limbic system, constantly debating our decisions, much like an AI and a human arguing. Elon Musk envisions a future where we merge with AI, having it as an extension of our own thinking, making us collectively more capable. However, the current state of brain-machine interfaces is crude and limited, requiring significant advancements in both hardware and AI to interpret and communicate with vast numbers of neurons. Neuralink's goal is to develop non-invasive, high-bandwidth brain-machine interfaces, allowing us to interact with technology on a deeper level and eventually merging with it. This technology could revolutionize industries, from space exploration to healthcare, by providing individuals with advanced tools to overcome challenges and enhance their abilities.

    • Neuralink: Brain-Computer Interface for EveryoneElon Musk's Neuralink aims to create a non-invasive brain-computer interface, allowing humans to interact with machines and the digital world, initially for prosthetics, ultimately merging humans with AI.

      Neuralink, a company founded by Elon Musk, is working on developing a non-invasive brain-computer interface with the goal of making it accessible to everyone. This technology, which is considered the next major innovation after language, is intended to allow humans to interact with machines and the digital world in new ways. Neuralink aims to create a non-invasive method for delivering the necessary electrodes to the brain, and they believe that once the resolution is improved, the world will invest heavily in the technology. The company's initial focus is on creating prosthetic devices to help people with brain damage, but their long-term vision is to enable humans to merge with artificial intelligence, creating a new layer of intelligence above the cortex. This fusion of biological and artificial intelligence raises philosophical questions about the unique contributions humans bring to the equation and the potential implications for humanity as a whole. Neuralink's business model includes funding innovation through SpaceX, Tesla, and the sale of prosthetic devices. The challenges include developing the non-invasive technique and finding test subjects for the technology. The ultimate goal is to create a world where humans and machines are seamlessly connected, allowing for new possibilities in communication, creativity, and problem-solving.

    • Understanding the human brain's role in AI development and the importance of supportThe human brain's unique abilities make it the best hardware for teaching AI, but the brain and computers function differently, posing challenges. Support from loved ones is crucial for achieving goals and overcoming challenges.

      Humans are goal-oriented beings, with our primary goal being human survival. By building AI that is modeled after us, we are essentially imbuing it with our goals. The human brain, an incredibly efficient and complex system, is the most suitable hardware for this task, especially at the beginning when we are teaching AI. However, the brain and computers function differently, making brain-machine interfaces a significant challenge. The plasticity of the brain, which allows us to adapt to various roles and environments, is the foundation for our ability to excel in any field. A kind act that has had a profound impact on someone's life is the unwavering support and attendance of parents at their child's sporting events. This simple act shows the depth of their commitment and love. Similarly, the support of a partner, especially during challenging times, can be invaluable. Overall, the human brain's unique abilities and the importance of support from loved ones are crucial elements in achieving our goals and overcoming challenges.

    • Learn from successful investors through podcast and book clubEngage with Invest Like the Best podcast and book club for investor education and insights from successful investors

      If you're interested in investing and want to learn from successful investors, there are several ways to engage with the Invest Like the Best podcast. You can find new episodes at investorfieldguide.com/forward/podcast. If you're an avid reader, consider joining the book club at investorfieldguide.com/forward/bookclub to receive a full investor curriculum and monthly book recommendations. Additionally, you can follow Patrick O'Shaughnessy on Twitter at @Patrick_Oshag for updates and insights. Lastly, if you enjoy the show, please leave a review on iTunes to help spread the word.

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    Howie Liu - Building Airtable - [Invest Like the Best, EP.375]

    Howie Liu - Building Airtable - [Invest Like the Best, EP.375]
    My guest today is Howie Liu. Howie is the co-founder and CEO of Airtable, a no-code app platform that allows teams to build on top of their shared data and create productive workflows. The business began in 2013 and now has use cases built out for over 300,000 organizations. As Airtable begins to integrate AI and the latest LLMs into its product, Howie has maintained a focus on an intuitive building experience, allowing anyone to build out their workflow within minutes or hours. We discuss the future of the platform in the era of AI, his perspective on horizontal versus vertical software solutions, and his crucial moments as a leader in building a critical component to the advancement of productivity. Please enjoy this discussion with Howie Liu.  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 (00:06:49) Exploring Horizontal vs. Vertical Software in the AI Era (00:11:00) The Future of Customized Applications (00:15:28) Perspectives on AI's Future and Enterprise Adoption (00:18:13) The Evolution of LLMs and Their Impact on Software Development (00:23:33) Harnessing AI for Business Transformation and Innovation (00:27:28) Reflecting on Airtable's Founding and Evolution (00:33:23) Airtable's Approach to Customer Engagement and Innovation (00:39:59) The Impact of AI on Platform Versatility and Market Penetration (00:46:00) Achieving Product-Market Fit and Initial Monetization (00:50:23) Scaling Up and Securing the First Unicorn Round (00:51:52) Rapid Growth and Organizational Scaling Challenges (00:55:00) Reflecting on Tough Decisions in the Business (01:02:55) The Role of Capital Allocation in Expanding Airtable (01:06:55) The Kindest Thing Anyone Has Ever Done For Howie

    Mark Groden - The Future of Flying - [Invest Like the Best, EP.374]

    Mark Groden - The Future of Flying - [Invest Like the Best, EP.374]
    My guest today is Mark Groden. Mark is the Founder and CEO of Skyryse, a company on a mission to make general aviation as safe as commercial aviation and change the future of flying. As you may know, helicopter accidents are far more likely than airplane accidents, and Skyryse is revolutionizing helicopter flight through a safer and simpler universal flying system. Mark is the quintessential example of somebody doing their life’s work and I have no doubt you will come to that conclusion for yourself after listening to his story. He’s determined, through Skyryse, to drive aviation deaths down to zero, and we discuss all of the details, big and small, that have laid the groundwork for realizing this dream. Please enjoy this conversation with Mark Groden. 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 (00:03:53) From Childhood Fascination to Professional Pursuit (00:05:47) Understanding General Aviation vs. Commercial Aviation (00:07:05) The Safety Gap in General Aviation (00:10:27) The Evolution of Aircraft Technology and Safety (00:16:20) The Mechanic of Flying a Helicopter (00:21:40) Justifying the Existing Dangers of Helicopter Flight (00:24:45) The Future of Flying Cars and Urban Air Mobility (00:27:23) Economies of Scale in Aviation and the Path Forward (00:35:26) The Evolution of Autonomous Flight (00:37:58) The Promise of SkyOS: Revolutionizing Flight with AI (00:42:04) Piloting the Future: How Automation Empowers Pilots (00:45:43) Exploring the Business of Flight and Future Innovations (00:51:08) What Is Holding Back The Future of Flying (00:57:08) Mission-Driven Innovation: A Personal Journey (01:00:46) The Kindest Thing Anyone Has Ever Done For Mark

    Dev Ittycheria - The Database Evolution - [Invest Like the Best, EP.373]

    Dev Ittycheria - The Database Evolution - [Invest Like the Best, EP.373]
    My guest today is Dev Ittycheria. Dev is the CEO of MongoDB, the developer data platform with tens of thousands of customers in 100 different countries. He joined the company as CEO in 2014, taking it public in 2017, and is now approaching a decade of leading MongoDB to become a go-to choice for the most sophisticated organizations around the world. We discuss Dev’s philosophy for constructing an exceptional enterprise sales organization, why he feels a leader must be incredibly judgemental to drive excellence, and how he plans to guide MongoDB through another technological transition. Please enjoy this conversation with Dev Ittycheria. 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 (00:03:39) A CEO's Perspective Of The AI Revolution (00:05:50) The Evolution of Apps From Trivial to Transformative (00:08:12) MongoDB's Journey From Startup to AI Era (00:10:03) Building a Modern Database Company: MongoDB's Story (00:13:19) The Long-Term Vision for MongoDB  (00:15:51) Dev’s Formative Experiences as a Tech CEO (00:19:18) The Art of Enterprise Sales (00:25:28) The Development of Dev as a Leader (00:29:01) Getting the Most Out of Your Talent (00:33:17) Managing a Multi-Product, Multi-Channel Enterprise (00:37:29) Dev’s Recruiting Philosophy (00:43:12) The Role of Leadership and Mentorship in Career Growth (00:46:08) Dev’s Deepest Worry With MongoDB (00:49:35) Personal Investment Philosophy and Identifying Potential (00:53:52) The Art of Leadership: Accountability and Development (00:57:50) Learning from Legends: Andy Grove's Management Insights (01:02:54) The Power in MongoDB’s Business (01:06:13) Up Next for Dev and MongoDB (01:08:34) The Kindest Thing Anyone Has Ever Done For Dev

    Nico Wittenborn - Finding the Adjacent Possible - [Invest Like the Best, EP.372]

    Nico Wittenborn - Finding the Adjacent Possible - [Invest Like the Best, EP.372]
    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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