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(1027)

Rank #15 in Investing category

Business
Investing
Management & Marketing

Invest Like the Best

Updated about 1 month ago

Rank #15 in Investing category

Business
Investing
Management & Marketing
Read more

Exploring the ideas, methods, and stories of people that will help you better invest your time and money. Learn more and stay-up-to-date at InvestorFieldGuide.com

Read more

Exploring the ideas, methods, and stories of people that will help you better invest your time and money. Learn more and stay-up-to-date at InvestorFieldGuide.com

iTunes Ratings

1027 Ratings
Average Ratings
947
31
17
13
19

Very Impressed

By Lindenin - May 27 2019
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I would swear that this host is 45 years old and has been a professional interviewer for 20 years. He really does an excellent job finding great guests, and then bringing out the best in them. The show is really focused on the guests, not the host, but the host has enough expertise to really converse with anyone. Excellent.

Amazing

By Jstevens127 - Mar 14 2019
Read more
This is the best podcast out there. Full stop, end of story.

iTunes Ratings

1027 Ratings
Average Ratings
947
31
17
13
19

Very Impressed

By Lindenin - May 27 2019
Read more
I would swear that this host is 45 years old and has been a professional interviewer for 20 years. He really does an excellent job finding great guests, and then bringing out the best in them. The show is really focused on the guests, not the host, but the host has enough expertise to really converse with anyone. Excellent.

Amazing

By Jstevens127 - Mar 14 2019
Read more
This is the best podcast out there. Full stop, end of story.
Cover image of Invest Like the Best

Invest Like the Best

Updated about 1 month ago

Rank #15 in Investing category

Read more

Exploring the ideas, methods, and stories of people that will help you better invest your time and money. Learn more and stay-up-to-date at InvestorFieldGuide.com

Rank #1: Sam Hinkie – Data, Decisions, and Basketball - [Invest Like the Best, EP.88]

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I came across this week’s guest thanks to the overlap of three passions of mine: data informed investing, value creation, and basketball. 

Sam Hinkie worked for more than a decade in the NBA with the Houston Rockets, and then most recently as the President and GM of the Philadelphia 76ers. He helped launch basketball's analytics movement when he joined the Houston Rockets in 2005, and is known for unique trade structuring and a keen focus on acquiring undervalued players. Today, he is also an investor and advisor to a limited number of young companies in which he feels his experience can improve outcomes. 

At one point in our conversation, Sam mentions that he tracked success via future financial outcomes, so I did some research and found many interesting stats about the 76ers surrounding Sam’s tenure. When he took over the franchise, it was 24th in ESPN’s franchise rankings, and today it is 4th. This is the result of an impressive crop of young talent—players like All-Star Joel Embiid and Ben Simmons—which resulted in large part from unconventional decisions Sam and his team made. 

While I’m sure these estimates are imperfect, Forbes estimated the 76ers value at around $418M when Sam took over and $1.2B a few months ago. NBA teams in general have grown in value, so a lot of that appreciation is obviously “beta,” but given that the 76ers had the top percentage growth number more recently of any team, some of it is “alpha,” too. While we can’t parse the exact amount, it seems his unique approach to building a team clearly created some large amount of current franchise equity value. And it looks like the dividends from those decisions will compound for many years to come. 

While basketball was where Sam plied his talents in the past, his approach is more elemental. It is about finding great people, using data, and structuring decisions that create the possibility of huge returns, be they financial or otherwise. I don’t know what Sam will do next, be it investing in companies, running one, or taking over another team, but I know it will be fun to watch. 

Please enjoy this unique episode with Sam Hinkie. 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Books Referenced

Empire of the Summer Moon: Quanah Parker and the Rise and Fall of the Comanches, the Most Powerful Indian Tribe in American History

Selfish Reasons to Have More Kids: Why Being a Great Parent is Less Work and More Fun Than You Think

Links Referenced

International Justice Mission

Show Notes

3:24 – (First Question) Advantages of having a long view and how to structurally harness one

6:08 – Using technology to foster an innovative culture

            6:18– Empire of the Summer Moon: Quanah Parker and the Rise and Fall of the Comanches, the Most Powerful Indian Tribe in American History

10:16 – Favorite example of applied innovation from Sam’s career

11:34 - Most fun aspect of doing data analytics early on the Houston Rockets

13:38 - Is there anything more important than courage in asymmetric outcomes

14:29 – How does Sam know when to let the art of decision making finish where the data started

16:29 - Pros and cons of a contrarian mindset

17:26 – Where he wanted to apply his knowledge in sports when first getting out of school and how his thinking is best applied in the current sports landscape

21:39 – How does he think about trying to find the equivalent of mispriced assets in the NBA

23:12 – Where tradition can be an impediment to innovation

25:07 – What did the team and workflow of the team look like in the front office

27:03 -  The measure of truth in a sports complex

29:10 – What were the early factors coming out of the data that helped to shape NBA teams

30:42 – Best tactics for hiring

33:59 – Process of recruiting spectacular people

35:39 – Thoughts on fostering a good marriage

37:57 – Picking your kids traits in your spouse

            38:02 – Selfish Reasons to Have More Kids: Why Being a Great Parent is Less Work and More Fun Than You Think

40:45 – What kind of markers does he look for when evaluating long term investment ideas

42:44 – His interest in machine learning

45:55 – What’s more exciting, the actual advances in machine learning or the applications that can be imagined as a result

            47:15– International Justice Mission

48:11 – How he got started teaching negotiations and some of the points he makes in that class

49:16 – Effective techniques for negotiating

50:03 – Is negotiating contentious, do you need empathy

50:41 – A Rorschach test of Sam based on his reading of Lessons of History (book)

53:01 – Biggest risk Sam took in his career

54:37 – Biggest risks Sam took while with the 76ers

58:09 – Do people undervalue asymmetric outcomes in the NBA 1:00:11 – The players Sam has enjoyed watching over the years

1:02:45 – Why Robert Caro is a favorite author of his

1:04:30 – Kindest thing anyone has done for Sam

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

May 22 2018
1 hour 6 mins
Play

Rank #2: Hash Power – Ep. 1 - Understanding Blockchains

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Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field like Naval Ravikant, Olaf Carlson-Wee, Fred Ehrsam, & Ari Paul. Hash Power is meant to be an introduction, but really, it is an invitation to explore this emerging world on your own. 

In the coming weeks, we will cover the technology, the power of decentralization, bitcoin, Ethereum, ICOs, cryptography and hashing. We will spend time with the leading active hedge fund managers in the field, and with outside investors who are both optimistic and skeptical. Episode one covers the big picture, and answers the question: what is blockchain and why might it significantly affect our world?

If you enjoy what follows, you’ll still be very early in understanding this field. Most don’t. So help me spread it like wildfire, because the more people that understand blockchain, the better its impact might become. Please enjoy episode one, and stay tuned next week for episode 2, which explores investing in cryptocurrencies.

Hash Power is presented by Fidelity Investments

For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower

For more episodes go to InvestorFieldGuide.com/podcast.

To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Books Referenced

The Sovereign Individual: Mastering the Transition to the Information Age

Nostalgia for the Absolute

Links Referenced

Bitcoin: A Peer-to-Peer Electronic Cash System

Reddit User jav_rddt

SHA-256 Calculator

The BitCoin Model for Crowdfunding

Fat Protocols

#cryptotwitter

Show Notes

0:05 – Introduction

CHAPTER 1 – Understanding the Concept of Blockchain (3:25)

4:30 – Jeremiah Lowin explains how blockchain is like a database

            5:14 – Bitcoin: A Peer-to-Peer Electronic Cash System

5:46 – Owning a digital asset

7:14 – Naval Ravikant, CEO of Angelist on how blockchains can help to create personal networks and organize humans

11:01 – How blockchains represent a way to coordinate global activity through tokens

13:33 – New coins popping up around data storage and utility needs like solar panels

14:57 – Permission vs permissionless networks

16:37 – Protocols and the introduction of scarcity

18:13 – Keeping track of scarcity and the introduction of tokens

18:49 – Societal structures and how blockchains will change them again

            18:51 – The Sovereign Individual: Mastering the Transition to the Information Age

21:55 – The role of blockchains in the informational age and the rise of more individual sovereignty

23:29 - Fred Ehrsam, co-founder of Coinbase, on the increasing shift to digital worlds led by incentive structures

CHAPTER 2 – Blockchain Technology (27:48)

            29:09 - Reddit User jav_rddt

            30:43 - SHA-256 Calculator

31:53 - Charlie Noyes, Pantera Capital, explains how SHA-256 was developed and what make its so special

35:48 – How miners create new blocks and the incentives to do so

40:22 – The nonce field

43:48 – The incentives that exist for miners and the arms race to build more powerful systems to mine

45:20 – The development of mining pools

46:54 – Ethereum, the “spiritual successor” to bitcoin

48:36 – How the Ether network is an ecosystem in which other tokens can sit

50:51 - Naval Ravikant on alternative coins or tokens

            50:50 - The BitCoin Model for Crowdfunding

51:37 – How the protocol creators are the ones getting wealthy

            52:35 – Fat Protocols

53:22 – Blockchain as an experiment in distributed government

54:47 – How cryptocurrency is more than just technology, it’s a movement

            54:50 – Nostalgia for the Absolute

            57:27 - #cryptotwitter

1:00:58 - Peter Jubber, of Fidelity, on how huge institutions, like theirs, are getting into the cryptocurrency game

1:4:01 –The notion of cooperation in an open source project or protocol

1:05:21- Olaf Carlson-Wee, first employee at Coinbase and the founder of Polychain, on the early excitement for cryptocurrency

1:06:56– Closing thoughts from Patrick

            Looking to work in this space - hashpowerdeveloper@gmail.com

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Sep 26 2017
1 hour 9 mins
Play

Rank #3: Hash Power – Ep. 2 - Investing in Cryptocurrencies 

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In episode 1 of Hash Power, we explored blockchains as a technology—how they work, why tokens (also known as cryptocurrencies) are an integral part of any blockchain, and how these new networks might change the world. In episode two, we spend time with the leading investors in the field. Like any frenzied asset class, there are countless cryptocurrency hedge funds popping up everywhere. But founders from three of the original firms—Polychain, Metastable, and Blocktower Capital—are our primary guides this week.

As I speak, the total market cap of cryptocurrencies is $136B. There are hundreds of tokens currently available, but bitcoin and Ethereum represent 75% of the total market cap. $136B sounds like a big number, but its tiny relative to any other asset class—and I use that term with hesitation. To put it in perspective, that’s exactly the same size as the market cap of IBM. But IBM had more than $10B of earnings in 2016. Tokens have none. As you will hear, valuing tokens is a very hard exercise.

In such a nascent world, we are seeing investing strategies take hold. Olaf Carlson-Wee, Josh Seims, and Ari Paul walk us through different takes on cryptocurrency investing, be it early stage, long term buy and hold, or more hedge fund style strategies.

Hash Power is presented by Fidelity Investments

For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower

For more episodes go to InvestorFieldGuide.com/podcast.

To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Links Referenced

Fat Protocols (Joel Monegro)

Show Notes

0:05 – Recap of part 1 and introduction to part 2 of Hash Power

2:58 – Ari Paul, CIO of Blocktower explains how he got involved in cryptocurrencies

5:23 – Why do we need bitcoin

7:23 – Polychain Capital founder Olaf Carlson-Wee on why the value of tokens accrue

9:23 – How main stream money is getting into this space

12:26- Useful comparisons when talking about ICOs when compared to IPOs

15:01 - Naval Ravikant, CEO of Angellist, is asked to explain the protocols of cryptocurrencies to platform businesses like Uber or Airbnb

17:43 – Naval’s interest in investing in cryptocurrencies

18:42 – Why average folks should avoid it before they dive thoroughly into the topic

20:25 – what are the most compelling counter arguments to using cryptocurrencies

23:07 - Olaf Carlson Wee on the lifecycle of a token

24:02 – SAFT note, Simple Agreement for Future Tokens

25:31 – What is the earliest stage that edge is most present for investors in cryptocurrency protocols

28:12 – How do you mitigate the volatility that is present in blockchain

31:18 - Jeremiah Lowin, a risk and statistics expert, who runs risk management for a large private family office, talks about why he no longer owns cryptocurrencies

 34:19 - Jordan Cooper, a venture capital investor, is optimistic about blockchains in general, but thinks there may be some overvaluations in current currencies

37:02 – How Jordan would value a single cryptocurrency

42:10 – Fat Protocols (Joel Monegro)

43:52 - Josh Seims, of Metastable, the value investor in blockchain?

51:15 - Ari Paul on the equivalent of listed stocks in the crypto currency world

52:33 – Understanding the concept of a coin in blockchain and how people are getting access to them

55:07 – The fairground analogy to understand cryptocurrencies

57:57 – What lessons from traditional markets can you apply to investing in cryptocurrencies

1:02:48 – Where do family offices stand when it comes to jumping into this space

1:06:51 – Ari is asked to discuss some of the alternative cryptocurrencies outside of Bitcoin and Ethereum. He starts with Ripple

1:10:27 – What would help firms or traders create edge in investing in cryptocurrencies

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Oct 03 2017
1 hour 15 mins
Play

Rank #4: David Epstein – Wide or Deep? - [Invest Like the Best, EP.133]

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My guest this week is David Epstein. David is a writer and researcher extraordinaire and the author of two great books. His second, Range, is out today and I highly recommend it. We discuss the pros and cons of both the generalist and specialist mindsets in detail and go down many interesting trails along the way. Please enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:12 - (First Question) – What he uncovered in “The Sports Gene: Inside the Science of Extraordinary Athletic Performance” that led him to his latest book

            2:38 – Debate with Malcolm Gladwell (YouTube)

4:12 – What did the public pay most attention to and what did they gloss over

7:56 – How his views on nature vs nurture shifted during the process of writing The Sports Gene

10:05 – Blending practice with your nature

13:04 – His process of reading 10 journal articles a day as part of his research

19:06 – Exploring his new book “Range: Why Generalists Triumph in a Specialized World”, and his idea of Martian tennis

23:03 – Idea of the cult of the head start and how we set up our own feedback loops

28:58 – What does his research say about the nations education system

30:42 – The Flynn Effect chapter

33:54 – Hacks for learning

37:52 – The concept of struggle and harnessing the power of it

46:31 – Personality changes and how to drive those changes in a positive way

52:00 – Using the outside perspective in businesses for more productive outcomes and how it applied to Nintendo

            52:59 – Josh Wolfe Podcast Episode

1:04:45 – Other examples of using withered technologies, 3M

1:09:00 – The arc of his work and how it has evolved

1:13:54 – Taking a different view on problems

            1:17:52 – Ending Medical Reversal: Improving Outcomes, Saving Lives

1:18:04– Anyway to change these bad trends with new strategies

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

May 28 2019
1 hour 23 mins
Play

Rank #5: Josh Wolfe - This is Who You Are Up Against - [Invest Like the Best, EP.76]

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Long-time listeners will have heard me joke before that this podcast should really be called “this is who are you up against.” I’ve been waiting for the right episode to deploy the joke as a title, and this week we have it. 

The joke is meant to convey how incredibly impressive these people are who we get to hear from every week. My guest this week is Josh Wolfe, a founding and managing partner at Lux Capital in New York City. Lux is a venture capital firm, but a highly unique one. They’ve spent more time in hard sciences and interesting nooks and crannies of the market than the typical VC firm.

Some of investing is zero sum: my outperformance is someone else’s underperformance. Sometimes, though, investing is positive sum. The combination of capital, ideas, people, drive, and raw energy leads to amazing new things. 

I think the best investing and best investors of the future will be more collaborative than competitive. After finishing with Josh, I couldn’t stop thinking “god, do I want to be involved with whatever he’s doing, if only just to learn.” 

This conversation made me rethink my joke “this is who are you up against.” Now I won’t think of it as a zero-sum joke, but instead as a reminder: this is the kind of person who is out there. You better find your niche, and still be the absolute best you can within that niche.  

Please enjoy this killer conversation with Josh Wolfe. We cover just about everything. 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Links Referenced

Investing in Biofuels or Biofools?

Ali Hamed podcast

Alex Moazed podcast

Andy Rachleff podcast

Popplet

@wolfejosh

Books Referenced

Modern Monopolies: What It Takes to Dominate the 21st Century Economy

World After Capital

Show Notes

2:35 – (First Question) – Lux Capital and the kind of investments they have made over the years 

5:42 – The formation of the investment philosophy for Lux 

8:17 – Why randomness and optionality are important cornerstones to the philosophy 

9:52 – Investment philosophy 100-0-100 (ambition, arrogance, intellectual humility) 

10:40 – How Josh manages his time and attention

            12:53 – Investing in Biofuels or Biofools?

13:29 – Obsession with nuclear 

15:15 – Investment in metamaterials 

18:28 – Focus on autonomous vehicles 

21:02 – How all of these gambles are viewed by Josh’s investors 

22:56 – Tattoo technology

            24:20 – Ali Hamed podcast

24:36 – How Josh evaluates people when considering early stage investments

            24:45 – Alex Moazed podcast

            24:49 – Modern Monopolies: What It Takes to Dominate the 21st Century Economy

28:10 – Why the minority opinion tends to lead to the best outcomes 

29:50 – Memorable experience investing in a founder 

30:44 – The idea of thesis driven approach to private investment    

            30:56 – Andy Rachleff podcast

32:38 – Crazy thesis – understanding the emotional needs of our pets 

34:59 – Crazy thesis – Turning genetic abnormalities into treatments and cures for common conditions

38:03 – Josh’s learning process through these theses

            38:34 – Popplet

39:56 – Understanding rebel scientists when it’s impossible to predict what is going to happen

44:35 – Can the charge forward mindset be cultivated, or does it have to come naturally

45:49 – Investors that Josh has learned the most from

47:37 – Josh’s comfort investing outside of his usual asset class

            49:03 – @wolfejosh

50:56 – What is the thinking with the short strategy at Lux

52:31 – SpaceX vs Tesla, good business vs bad business

53:42 – How Josh approaches the quality of a business

            54:15 – World After Capital

55:16 – How does Josh evaluate competitive advantage

56:45 – Where are we in the venture capital landscape

1:01:42 – How does his outlook on venture capital affect the way Lux is run

1:02:48 – thoughts on cryptocurrency

1:05:28 – An overview of Santa Fe Institute

1:07:22 – What is the most memorable conversation Josh has ever had

1:09:34 – What is Josh’s objective function in life

1:12:43 – Are there people that Josh disagrees with but deeply respects

1:13:32 – Kindest thing anyone has ever done for Josh  

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Feb 13 2018
1 hour 15 mins
Play

Rank #6: Brent Beshore – Cultivating a Disaster Resistant, Compound Interest Machine - [Invest Like the Best, EP.10]

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This week’s guest is Brent Beshore, Founder and CEO of adventur.es, a family of companies that invests in family-owned companies. Brent has a very specific mission with this company, to cultivate a disaster resistant, compound interest machine. At just 33 years of age he has already built a portfolio of private companies that has produced impressive results.  He’s done all this out of the limelight and with no outside investors.  Brent discusses his rewarding but difficult journey and what he has learned, including sourcing and evaluating businesses, how he and his team have improved profitability at his portfolio companies after acquisition and so much more.

For comprehensive show notes on this episode go to investorfieldguide.com/beshore/

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Nov 08 2016
1 hour 36 mins
Play

Rank #7: Jason Zweig – The Power of Serendipity - [Invest Like the Best, EP.03]

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In this episode, Patrick and Jason Zweig reflect on investing, financial advice, books, and life in general. The method for living discussed in the last 30 minutes will be useful for everyone.

Jason is the Intelligent Investor columnist for the Wall Street Journal and author of several books including his latest “The Devil’s Financial Dictionary.”  His insights and advice are the results a life of critical thinking, reading, writing, humility, and curiosity.  I think you are going to get a lot from this in-depth conversation.  

Enjoy!

For comprehensive show notes on this episode go to investorfieldguide.com/zweig/

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Sep 27 2016
1 hour 19 mins
Play

Rank #8: Adam Ludwin - A Sober View on Crypto - [Invest Like the Best, EP.66]

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My guest this week is Adam Ludwin, the founder and CEO of Chain, a blockchain technology company targeted at large enterprises. Before shifting his career to focus solely on crypto, Adam was a venture capitalist focused on FinTech, which is how he came across the Bitcoin whitepaper earlier than most. I called this episode “a Sober View on Crypto” because Adam’s take is so balanced. He is certainly long crypto, both in his portfolio and career, but he is very skeptical of much of what is happening in the ecosystem today. For example, he offers the best reason I’ve heard for not launching an ICO or investing in them. 

If you haven’t read Adam’s widely shared open letter to Jamie Dimon, it has become a must-read piece for crypto-enthusiasts. Read it as soon as you can.

I edited out an earlier chunk of our conversation as it was largely introductory. If you need a broader introduction to cryptocurrencies, I suggest starting with episode one of Hash Power and working your way forward. One key insight from Adam in our offline discussion what how cryptocurrencies function very much like equities or bonds. Just as equity financing enables the activity of joint stock corporations, cryptocurrencies enable activity in decentralized applications. We pick up our discussion with Adam discussing whether anyone really uses these decentralized apps today.

Hash Power is presented by Fidelity Investments

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

2:35 - (First Question) – Will anyone use cryptocurrency in the real world at a large scale

3:43 – The idea of censorship resistance

12:29 – Will society be accepting of this technology

14:39 – Why decentralized apps can’t be acquired

18:24 – The idea of exponential vs linear improvements on a trend and if there are limits to the growth of decentralized technologies

23:26 – The struggle with early adaption of blockchain

25:41 – Best application for bitcoin, storing value

29:52 – Adam’s introduction to cryptoassets and how his thinking has evolved in the space

36:44 – In this hyper frothy market, is there a situation that makes an ICO exciting to Adam

43:51 – Even though it appears to be easy money, Adam explains why you shouldn’t just create an ICO

50:59 – A look at what Chain is doing and what Adam is excited about

53:23 – How does what Adam is working on help to improve the ledger of his clients

1:02:00 – Why you can easily be an early investor in crypto currency

1:04:27 – Kindest thing anyone has done for Adam

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Dec 05 2017
1 hour 6 mins
Play

Rank #9: Live EP.01 – Peter Attia, M.D. [Invest Like the Best]

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This week’s episode was the first one that I’ve recorded live. It was the second dinner in what I expect to be a long series where I bring together 30 people from a variety of backgrounds to discuss an interesting and emerging topic, whether that be cryptocurrencies, health, cannabis investing, or some other compelling, emergent thing. 

My guest, for the second time on the podcast, is Peter Attia, who has lead one of the more interesting careers I’ve ever come across and who is focused on understanding longevity, health span, and quality of life. We dive into many dimensions of health, scientific research, what we can and cannot learn from evolution and our ancestors, and the 7 primary modalities we should focus on when it comes to our health and well-being. 

Excuse the lack of clear audio quality on some of the audience questions—the ones that are a little difficult to hear are fairly short and I felt it was better to include them for some context. 

As have all of my conversations with Peter, this one has sparked countless subsequent conversations with my wife, my friends, and my colleagues on what is important and how we can change out behavior to improve our quality of life. My partner and sponsor at these events is Peter Tiboris of Strongpoint Wealth Advisors, who with me loves exploring these topics and understanding how they might affect our lives and out portfolios. Thanks to Peter for helping me realize this series in New York City. Now, please enjoy my live conversation with Peter Attia. 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Links Referenced

Marvin HAGLER vs Tommy HEARNS: FULL FIGHT

longevity chart

Senescence

Skin in the Game: Hidden Asymmetries in Daily Life

Show Notes

2:07 – (First Question) –  Peter’s career journey that led him to where he is today 

            2:31 – Marvin HAGLER vs Tommy HEARNS: FULL FIGHT

3:46 – How he thinks about longevity 

4:37 – Peter’s longevity chart

6:31 – Four things most likely to kill you 

7:47 – The quality of your life in the later part of your life 

9:03 – Four ways he defines health span; cognition, physical dimension, sense of purpose and social support, capacity to cope with distress or distress tolerance. 

10:56 – The problem with clinical studies in analyzing longevity and his mission to get from medicine 1.0 to 2.0 to 3.0

12:15 – Medicine 1.0 and major leaps in longevity

13:01 – Medicine 2.0 and clinical trials

14:52 – Medicine 3.0 and personalized medicine 

16:22 – The playbook for living longer 

19:26 - Senescence, the cells that are programmed to do bad things 

22:17 – Understanding our evolutionary needs to learn what as individuals do to increase lifespan and quality of life as it pertains to food, sleep, and movement. 

30:32 – Where evolution doesn’t offer insight into living a better life; mindfulness 

33:27 – What are the changes that Peter has made that he’s been doing the longest and most recently

            33:35 – Skin in the Game: Hidden Asymmetries in Daily Life

37:54 – Peter’s philosophy on mastery 

40:13 – Audience Question: How does something who seemingly doesn’t take care of themselves seem to be in such good health?

38:38 - Audience Question: Peter’s favorite car to race and how it effects his health 

51:19 – Audience Question: Is the key to life a minimalist lifestyle 

53:54 – Audience Question: the role of the microbiome 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Mar 27 2018
59 mins
Play

Rank #10: Hash Power – Ep. 3 - Funding, Forking, and a Creative Future

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In episodes one and two of Hash Power, we explored blockchain technology and cryptocurrency investing. In this episode, we discuss the current and potential future states of the crypto world. We cover new forms of cooperation, regulation, security and storage, and why blockchains allow systems to evolve at such a rapid pace. 

Be sure to listen until the end, where we close with some advice about conducting ourselves in a new world where creativity reigns and repetitive jobs disappear—a trend that may only accelerate thanks to blockchain technology and cryptocurrencies.

Hash Power is presented by Fidelity Investments

For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower

For more episodes go to InvestorFieldGuide.com/podcast.

To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

0:05 – Intro to episode 3 and what to expect 

4:00 - Olaf Carlson-Wee, founder of Polychain, on how the funding and investing in cryptocurrencies could easily get out of hand 

5:00 – How people are creating holding companies to fund cryptocurrencies protocols 

6:45 – Decentralized Autonomous Organization (DAO) and how they will replace the aforementioned holding companies 

8:32 – Could fully decentralized organizations replace other more traditional organizational structures, even outside of crypto currency 

9:59 – How can DAO’s impact everyday lives 

12:39 – Why your skills and accomplishments will become more important than who you are or where you are from

            15:38 – Ready Player One: A Novel

16:09 - Naval Ravikant, CEO of Angellist, on the way humans cooperate and build new entities 

17:51 – When people will demand oversight and regulation over crypto currency 

20:42 - Peter Van Valkenburg, Director of Research at Coincenter on the current state of regulation 

26:06 - Jameson Lopp on security needed to protect your cryptocurrency

            26:22 - Glacierprotocol.org

27:51 - Ari Paul, co-founder of Blocktower, on how nail polish is used to protect their crypto wallet 

30:03 – Juan Benet explains the Filecoin Protocol

35:52 - Muneeb Ali, co-founder of Blockstack, on how his team is plans to provide basic tools that will allow the broader developer community to build apps that the cryptocurrency population will use. 

38:01 - Comparing blockstack to the analogy of creating a city 

40:17 – How the blockstack token fits into everything 

43:15 – Fred Ehrsam, co-founder of Coinbase, on forking in blockchains 

47:52 – Naval Ravikant on how the idea of work will change in the future, and how that change helped to produce the idea of a blockchain in the first place. 

49:31 – Why curiosity should govern what you do in life

53:22 - Naval’s framework for making money

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Oct 10 2017
59 mins
Play

Rank #11: Michael Recce – Tim Cook’s Dashboard - [Invest Like the Best, EP.91]

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My guest this week is Michael Recce, the chief data scientist for Neuberger Berman. The topic of our conversation is the use of data in the investment process, to help cultivate what is commonly referred to as an information edge.

I call the episode “Tim Cook’s Dashboard” because of an interesting question that Michael poses: if you armed the best apple analyst in the world with Tim Cook’s private business dashboard, what might that be worth? Effectively Michael’s goal is to recreate the equivalent of a company dashboard for many businesses, helping analysts understand the fundamental health and direction of companies a bit better than the market does, and in so doing create an actionable edge.

This is a daunting task, and you will hear why. It requires both a fundamental understanding of business and of data, statistics, and methods like machine learning. In our own work, we’ve found machine learning to be useless for predicting future stock prices, but extremely useful for other things, like extracting and classifying data.

This conversation can get wonky at times, but as listeners know that is the best kind of conversation, even if it requires a second, slower listen. I hope you enjoy this talk with Michael Reece. Afterwards, I highly recommend you invest the time to read a series of posts called Machine Learning for Humans, which I will link to in the show notes. It helps demystify the buzz words and explain how these new technologies are being used.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Books Referenced

Crossing the Chasm

One Two Three Infinity

Links Referenced

Sam Hinkie Podcast Episode

Show Notes

2:44 - (First Question) –  Changes in data science through the lens of Michael’s career

5:17 – The basic overview of using data and machine learning to create an edge

6:58 – How the state of business is more than just a single data point

7:53 – How you know when you’ve pulled a real signal from the noise of data

10:49 – The advantages that data provides

13:01 – Is there still an edge in decaying data

15:34 – Building data that would predict stock prices

19:43 – Prospectors vs miners in data mining

22:18 – Knowing when your prospectors are on to truth

27:09 – Understanding machine learning

30:10 – Defining partition

32:17 – Applying the parameters of selection process to stocks

36:05 – What’s the first step people could take to use data and machine learning to improve their investment process

38:54 – Building a sustainable advantage within data science

41:35 – Predicting the uncapped positive vs what’s seemingly easier, eliminating the negative

43:58 – How do we know to stop using a signal

46:22 – The importance of asking the right question

47:09 – Categories of objective functions that are interesting to measure data against

            47:42- Crossing the Chasm

48:37 – Most exciting things he’s found with data

51:17 – What investors, individual or firms, has impressed him most with their use of data

52:17 – Will everyone eventually shift to being data informed or data driven

55:33 – Wall Street’s use of data vs other industries

            55:36 – Sam Hinkie Podcast Episode

57:48 – Why everyone should know how to code

58:52 – Kindest thing anyone has done for Michael

            59:22 – One Two Three Infinity

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jun 12 2018
1 hour 1 min
Play

Rank #12: Jason Karp – Opportunities in Public and Private Markets - [Invest Like the Best, EP.86]

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I believe that any investment strategy that will deliver strong returns in the future must evolve. Any strategy should rest on rock solid foundational principles, which change rarely if ever—things like price discipline, or business growth. But the features of the strategy must keep getting better, because the marketplace is incredibly competitive.

That evolution is the topic of today’s conversation with Jason Karp. Jason is the founder and CIO of Tourbillon Capital Partners, a multi-billion dollar asset manager based in New York City.

We cover a ton of interesting ground. We start with what has happened in public and private markets, discussing the role of quants, passive indexes, and value vs. deep value investing. We compare the relative merits of investing in private equities, and where and how opportunities arise.

We then focus in on two interesting private investing trends: the health and wellness sector and the cannabis industry. First, we discuss Hu kitchen and Hu Products, the food business that Jason started with his family several years ago in response to personal health challenges. Second, we discuss his evolved views on Cannabis as an investment space and why it may also represent a massive growth opportunity.

You all know I value transparency, so it is important to note that since I recorded the conversation, my family became an investor in Hu Products. It has been a fascinating means to learn about the food, health, and wellness industry which has grown rapidly in recent years. We were customers of Hu in New York City long before I even knew Jason, which made that part of the conversation especially interesting for me.

This episode re-enforced my believe in pushing one’s investing strategy to adapt to change market conditions and competitive pressures. If we have any hope of beating Vanguard, we can’t ever rest on our laurels.

This was an especially eclectic and fun conversation, I hope you enjoy my chat with Jason Karp.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

3:06 – (First question) –  Jason’s view on private markets vs public markets and how his view has evolved

6:02 – Phase of the private markets where companies can achieve huge size and scale without going public

10:31 – Framework of Jason’s value-based investing strategy

13:47 – Reverse discounted cash flow

16:27 – Are there areas of the market that are easier to predict using Jason’s models

20:29 – Tech dominance the longer they are around

            21:01 – Jerry Neumann Podcast Episode

22:08 – How markets have changed over Jason’s career

25:58 – Types of edge that you can have in the market

30:00 – Broad examples of sectors that are high-quality, but momentum is hurting them

31:32 – Backstory of Hu Kitchen

38:33 – Investment research into health and wellness

42:56 – State of acquisitions, particularly in consumer product goods

47:13 – Jason’s research into Cannabis

50:43 – The misperceptions of Cannabis

56:30 – Why cannabis is a more important sector to consider than crypto

57:51 – What are the most important levers to growing a business

1:02:24 – Biggest lessons learned in hiring good people

1:06:10 – Investing lessons

1:09:27 – Kindest thing anyone has done for Jason

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

May 08 2018
1 hour 13 mins
Play

Rank #13: Savneet Singh - The Berkshire of Software - [Invest Like the Best, EP.79]

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My guest this week is another in a recent series of people that makes me want to work harder, learn more, and do more for others. His name is Savneet Singh, and he has already accomplished a remarkable amount in the worlds of business and investing. He’s preferred to keep a bit of a low profile, but I’m hoping, for everyone’s sake, to change that a little bit.

Savneet has invested in unique things like Spanish real estate, famous startups like Uber, cryptocurrencies before they were cool, and even websites. He founded and built a fintech company. And now, he both a partner at the wide-ranging investment firm CoVenture, with my previous guest Ali Hamed, and the co-founder of Tera Holdings, which is trying to become the Berkshire Hathaway of software companies.

To say this conversation is wide-ranging is an understatement. What’s neat is that my favorite parts aren’t even on investing, but are instead on principles for living.                                                                                                    

Savneet is one of the best people I’ve met in this journey. I’ve had several other conversations with him with shockingly low overlap with the one you are about to hear—a testament to his active and curious mind. I hope you enjoy learning from him as much as I have.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Links Referenced

Ali Hamed podcast episolde

The VERY simple bear case for bitcoin

Owl Mountain

Books Referenced

Buffett: The Making of an American Capitalist

The Gorilla Game: Picking Winners in High Technology

Show Notes

2:30 – (First Question) – How Savneet started thinking about Spanish real estate.

4:29 – Why Airbnb could be the most impactful and interesting of the companies like this

5:25 – Savneet’s early entrepreneurial ventures

6:42 – His big investing influences    

        7:02 – Buffett: The Making of an American Capitalist

7:40 – What did Savneet learn in his two years on the sell-side of Wall Street 

8:50 – How the financial crisis impacted Savneet 

10:11 – The entrepreneurial journey and GBI 

11:40 – Savneet’s observations on the FinTech space and investing in it 

14:59 – How we can use FinTech to get into an actual new business 

16:22 – His thoughts on venture capital style investing 

18:36 – Transition out of GBI into his partnership with Ali Hamed

20:46 – What Savneet took from his tennis career 

22:13 – The impactful things that his parents did for him 

23:23 – How Savneet thinks about justice in his life 

24:39 – Most memorable trip Savneet took 

25:50 -  Why you have to take action 

26:19 – Why value investing struck a chord with Savneet  

27:22 – How culture plays an important role in the compounding companies he would invest in 

28:14 – Defining the proper long-term mindset when starting a company 

29:44 – Back to culture of successful compounding companies 

31:21 – Knowing what he knows now, what does he think about Berkshire today 

33:22 – The strategy behind Terra and how it came together

35:00 – His checklist for deciding to invest in a firm

37:31 – How do they think about the defensibility of the companies they invest in

39:58 – The importance of cyclicality in the customer base of companies they invest in

41:38 – Why does Savneet think this is the space he wants to remain in for the long-term

44:39 – How they are thinking about pricing a company they invest in

47:03 – Lessons learned in sales and marketing that he can and will bring to the software world

52:05 – What Savneet has learned from Constellation

54:39 – What does Savneet’s funnel for bringing in new companies look like

56:31 – What helps to drive a lot of conversion for them

59:08 – What lessons has Savneet learned about taxes in their company structure

1:00:32 – How does Terra think about diversification

1:02:13 – How they think about capital sourcing

1:05:08 – His balanced view on crypto as an asset class

            1:05:18 – The VERY simple bear case for bitcoin

1:09:45 – Savneet shares the Sikh philosophy with Patrick

1:11:43 – What Sikh traditions does Savneet take part in and what are their significance to him

1:13:21 – A look at Owl Mountain

            1:15:59 – The Gorilla Game: Picking Winners in High Technology

1:16:42 – Any other areas that people are underestimating

1:17:22 – Kindest thing anyone has done for Savneet

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Mar 06 2018
1 hour 19 mins
Play

Rank #14: David Gardner - Finding Companies That Break the Rules - [Invest Like the Best, EP.54]

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The investment strategy discussed in this week's episode is diametrically opposed to my own value tendencies, but it still one that has done exceptionally well.  

My guest is David Gardner, co-founder of the Motley Fool. He is unique in that he is both a pure investor--a true stock junkie--and an entrepreneur. His energy is remarkable. His positive vibes are something to behold. You'll hear it over audio, but it's ever more palpable in person. 

Our conversation is about finding companies which are breaking rules in the right way and reshaping industries. David's goal is to find these companies early in and hold them forever. 

If you love investing, you are going to love this regardless of your prior beliefs. Please enjoy my conversation with David Gardner on rule breakers.

For comprehensive show notes on this episode go to http://investorfieldguide.com/gardner

For more episodes go to InvestorFieldGuide.com/podcast.

To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Books Referenced

The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail (Management of Innovation and Change)

The New Penguin Dictionary of Modern Quotations

Moneyball: The Art of Winning an Unfair Game

The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too

The Wisdom of Crowds

The Motley Fools Rule Breakers Rule Makers : The Foolish Guide To Picking Stocks

Links Referenced

Totally Absorbed

FANG stocks

Henry Cloud (author)

“I had a lover’s quarrel with the world” by Robert Frost

As You Like it (Shakespeare)

Invest Like the Best episod with Morgan Housel

Don't Be a Dip: The 1 Thing You Need to Know About Buying on Dips

Board Game Agricola

Boardgamegeek.com

Show Notes

2:03 – (First question) – Among the experiments that David has run in his podcast, which one has he enjoyed the most

3:42 – A deep dive into the rule breaker mentality that David uses

            4:39 -  The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail (Management of Innovation and Change)

3:52 -  How his model may mimic venture capital early stage investing

7:22 – What helps you to not sell a rule breaker amid big drawdowns.

            7:33 – Totally Absorbed

            8:32 – FANG stocks

12:25 – List of criteria in picking rule breaker stocks…starting with top dogs and first movers

19:34 – Second criteria…visionary leadership and the traits David looks for in a leader

            22:02 – Henry Cloud (author)

            22:58 – “I had a lover’s quarrel with the world” by Robert Frost

24:07 – Smart backing as part of that second criteria

26:16 – Third criteria – competitive advantage and moats

30:50 – Looking at the development of the Motley Fool brand and business

            32:47 – The New Penguin Dictionary of Modern Quotations

32:49 – As You Like it (Shakespeare)

39:29 – Looking at David’s writing and how it has evolved over the years

            40:36 – Moneyball: The Art of Winning an Unfair Game

            41:31 – The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too

            42:43 – Invest Like the Best episod with Morgan Housel

            42:45 – The Wisdom of Crowds

43:33 – Back to criteria, the fourth one, price momentum

            45:47 – Don't Be a Dip: The 1 Thing You Need to Know About Buying on Dips

50:03 – Last criteria, something being overvalued and weigh that against the idea of whether a product or service is important based on whether people would miss it

            52:10 – The Motley Fools Rule Breakers Rule Makers : The Foolish Guide To Picking Stocks

1:01:21 – Looking at David’s process for finding a stock and analyzing it

1:07:38 – The importance of taking these criteria in concert and how you can see the power of overvaluation

1:10:39 - Board Game Agricola

1:10:54 – Boardgamegeek.com

1:14:38 – Kindest thing anyone has done for David

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Sep 12 2017
1 hour 17 mins
Play

Rank #15: Michael Kitces – The Past, Present & Future of Financial Advice - [Invest Like the Best, EP.122]

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My guest this week is Michael Kitces, who is one of our industries go-to experts on all things financial advise and financial planning.

We discuss the past, present, and future of financial advise, financial technology, and investing. If you are a financial advisor or use one, this conversation is full of great history and perspective. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:08 - (First Question) – History of financial planning/advice model

5:26 – Fee changes in the 1970’s

10:01 – The start of the AUM model

10:44 – Value proposition for financial advisors beyond trading vs robo-advsiors

            11:49 – Why Robo-Advisors Will Be No Threat To Real Advisors

18:20 – Why are humans still dominating the space

23:58 – Future of advisor fees

32:50 – Viability of the human driven flat fee model

37:50 – The dominance of flat fee models

43:13 – What services are financial advisors offering to justify their fees

47:17 – Dimensions to divide potential customers

52:20 – Exciting updates on the investment side that will help differentiate managers

55:37 – Any investment function beyond the basics that is intriguing to him

58:45 – Most interesting problems to be solved on the investing and non-investing sides

1:04:52 – Advice for young advisors

1:09:24 – How does he invest his own money

1:11:31 – Kindest thing anyone has done for Michael

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Feb 26 2019
1 hour 15 mins
Play

Rank #16: Tren Griffin – Pulling the Thread - [Invest Like the Best, EP.87]

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My guest this week is a bundle of curiosity, and that is one of the nicest things I could say about someone. For several years, Tren Griffin has been writing a weekly blog post that highlights things he has learned from various investors, businesspeople, musicians, comedians, and more. Lately, he has also been tackling individual businesses, and broad topics like scaling, competitive forces, and product market fit.

Tren’s full time job is serving as a director at Microsoft. He’s also worked with or for several well know businesspeople and investors like Craig McCaw, and written several books including one on lessons for entrepreneurs, one on Charlie Munger, and another on negotiation.  

We discuss value creation vs. value capture, alpha in investing, sales, hip hop, and why he’d teach high school students about convexity through a drunk driving analogy. I could have talked to Tren for much longer than I did, but sadly, we both had flights to catch. 

If you take anything away from this, I hope its just how much fun it is to just be curious about business, and how you can learn a tremendous amount if you just keep reading about the things that interest you and talking to others. Please enjoy my conversation with Tren Griffin.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

2:26 – (First question) –  key levers of the universal business model

4:26 – How do you know when you’ve achieved real value creation

6:24 – Importance of value capture and how they enhance value creation 

            6:31 – Zero to One: Notes on Startups, or How to Build the Future

9:08 – Price power

10:28 – Are discussions of moats more useful to businesses than to investors

13:12 -  What Tren learned during his early years working with Craig McCaw

            16:28 – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

16:36 – The skill of capital allocation

18:37 – How would Buffett and Munger bet on tech if they were starting out today and their philosophy of betting against change

21:57 – How Tren became so fascinated with Charlie and what he’s learned from him

            22:32 – The Alchemy of Finance

            23:17 – Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger

            23:19 – Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

25:21 – Most memorable moment or lesson from Charlie

28:19 – There are more pockets of Alpha

19:20 – How he thinks about factor investing

31:25 – What are the scalability features that make a business attractive

31:28 – A Dozen Attributes of a Scalable Business

35:37 – Exploring some of the other important levers of businesses, such as subscriptions, customer acquisition cost, and more.

            36:20 – Getting to Yes: Negotiating Agreement Without Giving In

37:11 – Wholesale transfer pricing

39:18 – Pros and cons of subscription business models

43:14 – Magic of getting products distributed

44:58 – Best sale Tren’s ever made

46:46 – Most important lesson for young people

49:01 – Any businesses that are piquing Tren’s interest right now

50:16 – Tren’s interest in hip-hop and how it helps him reach more people

53:49 – A look at some interesting quotes from Jim Barksdale

58:22 – Learning by doing

            1:00:48 – Seeing like a State: How Certain Schemes to Improve the Human Condition Have Failed

1:01:06 – Period of his career that he felt most alive

1:03:03 – Advice for young people thinking about business and entrepreneurship

1:04:56 – Why are so few people passionate about what they do for a living

1:10:44 – Kindest thing anyone has done for Tren

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

May 15 2018
1 hour 12 mins
Play

Rank #17: Josh Wolfe – The Tech Imperative - [Invest Like the Best, EP.130]

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My guest this week is Josh Wolfe, co-founder and managing partner at Lux Capital. I had Josh on the podcast last year which was one of the most popular episodes in the shows history. This is a continuation of our ongoing conversation about investing in the frontiers of technology. My favorite thing about Josh and the way that he invests is the mosaic that he and his team at Lux are constantly building to understand the world and where new companies may fit in. We cover a crazy variety of topics from business model innovation, roles of a CEO, the military, the death of privacy, and arrows of human progress. Please enjoy round two with Josh Wolfe.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:22 - (First Question) –Ability to tackle massive scale problems

4:05 – Key roles of leaders and his checklist for evaluating them

5:55 – Common traits among founders that make them incredible storytellers and leaders

10:22 – The concept of ill-liquidity

14:53 – Thoughts on the types of companies going public

16:41 – Most innovative business models

19:14 - Advice for LP’s

23:51 – Common devil

            24:01 – The True Believer: Thoughts on the Nature of Mass Movements

25:09 – Big internal debates at his firm, starting with price discipline

28:45 – The value debate internally

33:34 – CRISPR from an investment standpoint

36:50 – Edge cases they are looking at

46:52 – How they target ideas in a single concept

            50:01 – The Coast of Utopia: Voyage, Shipwreck, Salvage

51:04 – New theses that they chase

56:31 – Recent adventure with special operations guys

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Apr 23 2019
1 hour 3 mins
Play

Rank #18: Michael Mauboussin – The Four Sources of Alpha - [Invest Like the Best, EP.126]

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My guest this week for the third time is Michael Mauboussin. If there is a major question about markets and investing, Michael has usually written one of the best pieces of research on that topic. Today’s conversation is a mix of several of his research pieces, but focuses on the sources of alpha. The framing of the conversation is the brilliant question “who is on the other side” of a given trade. If you are buying, who is selling, and why? Knowing the answer to this question is one key to understanding where excess return comes from. As is usual with Michael, we also explore tons of other interesting ideas that will serve as food for thought. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:23 - (First Question) – An outline of the syllabus for the course he teaches

4:02 – What are smart people missing when it comes to decision making

5:33 – Why Michael went down the path of defining major investing concepts

            7:41 – On the impossibility of informational inefficient markets

9:14 – Beware behavioral finance

12:03 – What are the behavioral errors that people can take advantage of in a trade

15:14 – Timing opportunities

            17:25 – Modest Proposal Podcast Episode

17:47 – Where the analytical edge comes from

21:16 – Is there an advantage to exhibit time arbitrage

23:53 – Technical arbitrage

29:34 – What impact do flows into ETFs play on the market

32:25 – Informational edge and how you source that edge

36:39 – Biggest changes that he has seen on the buy side

43:18 -  How would Michael apply this as a sports GM

48:35 – His views on stock buybacks

            51:02 – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

52:55 – EBIT to EBITDA paper

            54:43 – What Does a PE Multiple Mean?

59:28 – The concept of benign myths

1:02:06 – What the future holds of Michael

            1:04:17 – The Myth of Capitalism: Monopolies and the Death of Competition

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Mar 26 2019
1 hour 6 mins
Play

Rank #19: Pat Dorsey Returns - The Moat Portfolio - [Invest Like the Best, EP.77]

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My guest this week, back for a second conversation, is Pat Dorsey. Pat ran equity research at Morningstar before leaving to start his own asset management company: Dorsey Asset Management. His areas of deep interest are competitive advantage and capital allocation. He believes that capital allocation should be in service of competitive advantage and invests in a concentrated portfolio that he and his team feel embody these ideas. 

If you have not already, I strongly recommend listening to our first conversation, which is a sort of crash course on moats. In this conversation, we cover different ground. We spend much more time on individual stocks like Facebook, Google, and Chegg, using them as examples to explore Pat’s investment philosophy and strategy. 

Across a few conversations with Pat, I can tell he is in love with this stuff, and I always enjoy talking to investors like him who so passionately pursue and edge. Please enjoy round two with Pat Dorsey.  

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Links Referenced

Pat Dorsey's first appearance on the podcast

HQ - Live Trivia Game Show

Books Referenced

World After Capital

Principles: Life and Work

Show Notes

2:15 – (First Question) – Pat’s methods for valuing a business 

4:17 – Is this process done after they would first identify potential targets for investment 

5:11 – Pat’s take on how the market classifies stocks as growth vs value 

6:40 – Qualitative insights and why the market can’t price them very accurately 

9:57 – The business model behind zero marginal cost distribution business model 

12:00 – Network effects and the potential downside to them down the road 

13:54 – Valuing Facebook as a business heavily reliant on network effects

16:45 – What would have to change for Pat’s position on Facebook to radically change 

18:58 – Most important lessons that a smaller/private business could learn from Facebook or Google’s business models 

19:48 – Where is Amazon in Pat’s portfolio 

20:27 – Primary research and the value that is derived from it 

22:06 – An example of where primary research led to a big surprise about a company 

24:05 – The value of travel in this business, starting with recent travel to India 

26:05 – Why are they targeting India and Japan 

27:24 – How does he think about the risk of investing in foreign markets 

29:52 – His thinking on relative vs absolute market share 

31:26 – Exploring the SaaS business model 

34:35 – The application of moats and pricing power with SaaS businesses

            34:36 – Pat Dorsey's first appearance on the podcast

36:17 – Understanding how to evaluate a SaaS or subscription-based business (Lifetime Value of the Customer vs Acquisition Cost) 

40:07 – Other models that Pat explores and how to screen for them 

41:37 – How does he parse the difference between attention and demand 

43:19 – How would Pat monetize something like HQ - Live Trivia Game Show that has aggregated massive amount of attention 

45:19 – How does Pat react to the idea that attention is scarce and human capital is so crucial

            45:14 – World After Capital

47:04 – How does Pat evaluate human capital in a business 

48:09 – Experience in starting an asset management business 

50:20 – What are the levers that are biggest value drivers in the asset management business 

53:57 – Pat’s view on the strength of the relationship between risk and return        

57:06 – The most risk Pat has taken in the face of uncertainty 

59:23 – Favorite recent learning resource

            59:43 – Principles: Life and Work

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Feb 20 2018
1 hour 2 mins
Play

Rank #20: Dan Rasmussen - Private Equity Returns in Public Markets - [Invest Like the Best, EP.78]

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It has been a while since we discussed private equity on the show, so I was excited for this week’s conversation. My guest is Dan Rasmussen, the founder of Verdad advisers. Dan worked in private equity and has spent years studying the entire field.

Dan identified several key drivers of private equity’s outsized returns: size, value, and leverage. His firm uses these factors as a starting point to build a portfolio of public equities that behave like their private brethren.

We cover a ton of ground, discussing the prospective returns for equities, forecasting, and tons of investing strategies.

Please enjoy this conversation with Dan Rasmussen.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Links Referenced

Subscribe to Dan

The Gospel According to Michael Porter

Tobias Carlisle

Steven Pinker

E.O. Wilson

Books Referenced

What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time

Quantitative Value, + Web Site: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors

Expert Political Judgment: How Good Is It? How Can We Know?

Superforecasting: The Art and Science of Prediction

Show Notes

2:03 – (First Question) – The current state of private equity investing       

4:09 – The three myths of private equity 

6:51 – Taking a deeper dive into the myth of growth through operational improvements

            9:29 – What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time

11:25 – Valuations for private market investment and where they’re going 

14:03 – Private equity companies that have a higher chance of delivering results that exceed expectation 

16:39 – Other observations on the private equity space that would be interesting to investors considering the asset class 

19:33 – Importance of being very purposeful in picking your reference classes

            19:42 – Subscribe to Dan

22:03 – How do the lessons Dan has learned in private equity translate to his investment strategies 

25:21 – How do you apply purely technical, systematic thinking into public market investing 

29:23 – Analyzing leveraged stocks and the value they could create 

30:06 – How Dan thinks about the direction of debt vs just the level 

33:11 – Predicting a firms ability to deleverage 

35:20 – How Dan’s company whittle down a company and are able to see value beyond their quantitative screens 

41:29 – How does Dan think about the global vs US opportunity set 

44:22 – What originally drew Dan to the Japan market 

47:03 – How do rising rates impact Dan’s strategy in investing in highly leveraged companies

51:19 – Importance of having investor money locked up for a longer period of time both for the fund and investor

55:03 – Porter’s five forces

            55:25 - The Gospel According to Michael Porter

1:00:51 – How Dan thinks about competitive advantage

1:04:41 – Exploring Dan’s personal process in pursuit of his ideal strategy

            1:05:19 – Quantitative Value, + Web Site: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors

            1:05:20 – Tobias Carlisle

            1:06:27 – Steven Pinker

            1:06:28 – E.O. Wilson

1:07:11 – What other markets pique Dan’s interest

1:09:39 – Why there is such a focus on small for Dan

1:11:11 – Source or person that Dan has learned the most from that might surprise people

            1:11:24 – Expert Political Judgment: How Good Is It? How Can We Know?

            1:11:28– Superforecasting: The Art and Science of Prediction

1:12:54– What was it like writing the book

1:17:19 – If Dan was going to write another book today, what would it be about

1:19:08– Kindest thing anyone has done for Dan

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Feb 27 2018
1 hour 21 mins
Play

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