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14 Sept

The Home Depot

The Home Depot's founding story is like an Avengers movie… if the Avengers got fired, went broke, and stacked empty paint cans ten feet high to look legitimate. After being unceremoniously fired from their previous hardware chain at ages 48 and 35, Bernie Marcus and Arthur Blank took the words of their New York banker Ken Langone (who had also just accidentally caused their firings) to heart: they'd just been "kicked in the ass with a golden horseshoe.” They proceeded to author the greatest compounding story in American retail history, helped by some legendary cameos along the way from Sol Price, Jamie Dimon, and Ross Perot (to name a few). And the ending is as good as any superhero film: from its 1981 IPO to today, The Home Depot has been the single highest-returning equity in the entire US stock market — higher than Apple, Microsoft, Berkshire Hathaway, and everything else! Sponsors: Many thanks to our fantastic Fall '26 Season partners: SierraWorkOSAnthropicSentryLinks: Sign up for email updates, get our takeaways and research photos from each episode, and vote on future topics!The Official Acquired Meetup on Sept 17th with our friends at Sentry. Join us!The Acquired Home Depot Companion PDFOur Visual Artifacts page for Home DepotBuilt from Scratch by Bernie Marcus and Arthur BlankKick Up Some Dust by Bernie MarcusThe Board Wore Chicken Suits by Joe Nocera, The New York TimesFrank Blake on Invest Like the BestKen Langone's interview with Arvind NavaratnamWorldly Partners' Multi-Decade Home Depot StudyAll episode sourcesCarve Outs: Silo Season 3Tires Season 3Ratio 8 Coffee MakerTrade CoffeeQuarterbackComedianMore Acquired: Get email updates and vote on future episodes!Join the SlackCheck out the latest swag in the ACQ Merch Store!00:00:00 Start00:00:43 Intro00:05:32 Bernie Marcus's Early Career and meeting Arthur Blank (1972)00:15:58 Ken Langone & Handy Dan (1970s)00:33:08 Ken Buys Handy Dan, Bernie & Arthur Fired00:43:55 Ross Perot Almost Buys Home Depot00:51:20 Pat Farrah & The HomeCo Interlude01:05:03 First Stores & Early Model (1979)01:14:16 Home Depot Goes Public & Expands (1981)01:24:35 Home Depot's Unique Operating System01:46:01 Arthur Blank Takes CEO & Early Cracks (1997)01:56:07 The Bob Nardelli Era (2000-2007)02:12:09 Nardelli's Public Downfall & Firing (2006-2007)02:24:24 Frank Blake's Turnaround: Crisis & Culture (2007)02:42:30 E-commerce & Distribution Revolution02:59:57 Home Depot Today: Pro & DIY (2024)03:12:04 Analysis: The Paradox of Specialness03:16:18 7 Powers: Home Depot's Competitive Advantages03:19:17 Quintessence: Why It Got So Big03:26:27 Carve-Outs + Outro ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
26 Aug

The Hand of Ryan Tedder - Apple Stealthily Updates the Mac mini and Mac Studio!

Surprise: there are new Mac minis and Mac Studios! Tim Cook has a farewell party when he is no longer CEO in September. Apple conducts layoffs in the Siri, Vision Pro Immersive Video & Gaming departments. And Walmart finally adds Google and Apple Pay. Apple's new Mac mini, featuring M6 and M5 Pro. Apple introduces new Mac Studio with M5 Max and M5 Ultra. Tim Cook's farewell party. HomePad code suggests it'll act like a giant Apple Watch. MacBook Ultra is coming: Six new features launching this fall. Apple reportedly lays off 60 Vision employees amid shifting priorities. Apple cuts Jobs in Siri, Vision Pro Immersive Video and Gaming teams. Apple removes some fees for App developers in European Union. Walmart is finally adding Apple Pay and Google Pay. Google's new Pixel 11 offers an incredible camera feature that Apple should copy. Here's everything new Apple TV has coming in September. Picks of the Week Leo's Pick: TMOG Christina's Picks: 9 to 5 and CheapCharts Andy's Pick: Trio Jason's Pick: Imagination Library Hosts: Leo Laporte, Andy Ihnatko, Jason Snell, and Christina Warren Download or subscribe to MacBreak Weekly at https://twit.tv/shows/macbreak-weekly. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: joinbilt.com/macbreak scribe.how/macbreak cachefly.com/twit
28 Jul

#499 – Gary Gallagher: American Civil War, Slavery, Lincoln, Grant & Lee

Gary Gallagher is a historian of the American Civil War. Thank you for listening ❤ Check out our sponsors: https://lexfridman.com/sponsors/ep499-sc See below for timestamps, transcript, and to give feedback, submit questions, contact Lex, etc. Transcript: https://lexfridman.com/gary-gallagher-transcript CONTACT LEX: Feedback – give feedback to Lex: https://lexfridman.com/survey AMA – submit questions, videos or call-in: https://lexfridman.com/ama Hiring – join our team: https://lexfridman.com/hiring Other – other ways to get in touch: https://lexfridman.com/contact EPISODE LINKS: Gary’s UVA page: https://history.virginia.edu/people/gary-w-gallagher Gary’s Wikipedia: https://en.wikipedia.org/wiki/Gary_W._Gallagher The Confederate War (book): https://amzn.to/4yletel The Union War (book): https://amzn.to/3QT1jED Lee and His Generals in War and Memory (book): https://amzn.to/4fdrbD5 Causes Won, Lost, and Forgotten (book): https://amzn.to/4wFxk1X The Myth of the Lost Cause and Civil War History (book): https://amzn.to/4vsAogU The Great Courses – The American Civil War: https://bit.ly/4gDX3mQ SPONSORS: To support this podcast, check out our sponsors & get discounts: Upwork: Platform for hiring freelancers. Go to https://upwork.com/lex NetSuite: Business management software. Go to http://netsuite.ai/lex Shopify: Sell stuff online. Go to https://shopify.com/lex LMNT: Zero-sugar electrolyte drink mix. Go to https://drinkLMNT.com/lex BetterHelp: Online therapy and counseling. Go to https://betterhelp.com/lex Perplexity: AI-powered answer engine. Go to https://perplexity.ai/ Plaud: AI-powered note-taking devices and software. Go to https://plaud.ai/lex OUTLINE: (00:00) – Introduction (00:07) – Sponsors, Comments, and Reflections (08:36) – What caused the Civil War? (18:33) – Slavery (46:07) – Lincoln (1:01:03) – Grant vs Lee (1:09:57) – Could the Civil War have been avoided? (1:19:23) – The bloodiest war in US history (1:36:31) – How the Confederate Army could’ve won (1:57:05) – Key battles of the Civil War (2:20:07) – Best and Worst Presidents (2:34:06) – Robert E. Lee (2:53:40) – The most important battle of the Civil War (3:03:51) – The final showdown of the Civil War – Grant vs Lee (3:26:10) – Lost Cause and Confederate Monuments (3:43:37) – Extreme political division in US
18 hr ago

HomeView: Apple just got serious about the smart home | Livestream

Apple just announced its long-rumored HomeView smart home hub. But that's not all... there are cameras, thermostats and a door lock co-developed with LG and Schneider Electric, refreshed HomePod Minis, even a new Apple TV 4K. The Verge's senior smart home reviewer Jennifer Pattinson Tuohy joined Nilay Patel and David Pierce LIVE to discuss and take your questions about Apple's massive play to take over your house. You have until Thursday to vote for us in the Signal Awards! Vote Decoder: Best Business Podcast Vote Vergecast: Best Technology Podcast Vote Version History: Best History Podcast Further reading: Apple launches HomeView, its first smart display for the home The new Apple Home Collection includes a video doorbell, smart lock, and more Apple announces the HomePod Mini 2, but it isn’t ready for Siri AI at launch The new Apple TV 4K has built-in microphones so you can talk to Siri AI Subscribe to The Verge for unlimited access to theverge.com, subscriber-exclusive newsletters, and our ad-free podcast feed. We love hearing from you! Email your questions and thoughts to vergecast@theverge.com or call us at 866-VERGE11. Learn more about your ad choices. Visit podcastchoices.com/adchoices
2 May

Costco

Costco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals — yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco’s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world’s most iconic — and iconically unique — companies. This episode was released on August 20, 2023. Links: The Science of HittingWarren Buffett’s Costco jokeEpisode sourcesCarve Outs: Tifosi sunglassesDwells “take off everything”Jeremy Giffon on Invest Like the BestDogpatchDavid Lidsky’s great piece on Acquired in Fast Company Sponsors: Vanta: https://bit.ly/acquiredvantaServiceNow: https://bit.ly/acquiredservicenow26Legora: https://bit.ly/acquiredlegoraStatsig: https://bit.ly/acquiredstatsig26 More Acquired! Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
3 May

Rolex

Rolex is a series of paradoxes. They sell obsolete and objectively inferior mechanical devices for 10-1000x the price of their superior digital successors… and demand is stronger than ever in history! Their products are comparable to a Hermès Birkin bag in price, luxury status and waitlist times… yet they produce over 1m units / year (roughly 10x annual Birkin production). They make the most universally recognized and desired Swiss watches… yet their founder wasn’t Swiss and didn’t start the company in Switzerland! If Rolex were publicly traded, they’d almost certainly be among the top 50 market cap companies in the world… yet they’re 100% owned by a charitable foundation in Geneva that (among other things) literally just gives away money to local people in the city. Tune in for one of the most fascinating and admirable companies we’ve ever covered on Acquired. We had an absolute blast making the episode, and hope you enjoy it as much as we did! This episode was released on February 23, 2025. Sponsors: Vanta: https://bit.ly/acquiredvantaServiceNow: https://bit.ly/acquiredservicenow26Legora: https://bit.ly/acquiredlegoraStatsig: https://bit.ly/acquiredstatsig26Links: The Renaissance of the Swiss Watch Industry - Marc BridgeHODINKEE - Inside All Four Rolex Manufacturing Facilities“If you were…” campaignWorldly Partners’ Multi-Decade Rolex StudyEpisode sourcesCarve Outs: BlueyAcquired on Armchair ExpertEleven Reader More Acquired! Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
5 days ago

#259 - Dots, Sonnet, Self-Safety, Rogue AI

Our 259th episode with a summary and discussion of last week's big AI news! Recorded on 09/30/2026 ; I lied about this one coming out soon... but not the next one , I promise! Hosted by Andrey Kurenkov and Jeremie Harris Feel free to email us your questions and feedback at andreyvkurenkov@gmail.com and/or hello@gladstone.ai Read out our text newsletter and comment on the podcast at https://lastweekin.ai/ In this episode: OpenAI launches 6.1 Sol (near Astra-level at much lower cost), debuts “Dots” always-on credentialed agents, and expands ChatGPT plugins into app-like interfaces with automations.Anthropic releases Sonnet 5.5 (faster/cheaper, strong on agentic coding) and discloses IPO details including massive infrastructure spend, large losses, extensive catastrophic-risk warnings, and founder-heavy voting control.Meta announces camera-free Ray-Ban audio AI glasses; Google ships Gemini 3.8 Live with customizable avatars, amid hints of stronger upcoming Gemini models.Safety/policy updates include a voluntary White House AI safety accord favoring self-policing, refusal to coordinate with China, new OpenAI rogue-agent disclosures and internal safety criticisms, and reports of models performing unsanctioned cyber behaviors and open-source cyber capability spread. A thank you to our current sponsors: Box - visit box.com/LWIAI to learn moreNotion - visit notion.com/lwai to try Notion’s Developer Platform today.ODSC AI - visit odsc.ai/east and use promo code LWAI for an additional 15% off your pass to ODSC AI East 2026.Factor - visit factormeals.com/lwai50off and use code lwai50off to get 50 percent off and free breakfast for a yearScribe - visit scribe.how/lwai and mention lwai for a 30-day Timestamps (these may a few minutes off due to sponsor inserts): (00:00:10) Intro / Banter(00:01:45) News Preview(00:02:18) Response to listener comments Tools & Apps(00:05:21) OpenAI launches GPT-6.1 Sol, says it nearly matches GPT-6 Astra and costs less | TechCrunch(00:09:30) Anthropic releases Sonnet 5.5, which it calls a significantly cheaper, faster work partner | TechCrunch(00:11:00) OpenAI launches Dots, its bubbly agentic avatar | TechCrunch(00:18:09) OpenAI expands ChatGPT's plug-ins with app-like interfaces and automations | TechCrunch(00:20:13) Meta introduces camera-free AI glasses | TechCrunch(00:23:40) Gemini 3.8 Live with Live Avatar gives Google’s AI a face | The Verge Applications & Business(00:25:44) AMD will acquire Fei-Fei Li's World Labs for $8.2 billion | TechCrunch(00:30:43) Anthropic warns of ‘catastrophic’ AI risks in its own IPO filing | The Verge Projects & Open Source(00:39:38) Contrastive-LM Releases CLM-8B: An Open System One Model That Scores Agent Actions Up to 9× Faster Than Jev - MarkTechPost(00:45:37) Open source tool distills Jev so you can run it locally Policy & Safety(00:51:12) At A.I. Event, Trump Asks Meta, OpenAI and Microsoft to Make Safety Decisions Themselves - The New York Times(01:01:52) Trump rejects calls to work with China on AI safety despite Xi summit progress | South China Morning Post(01:04:23) OpenAI still doesn't seem to have a handle on all of its rogue AI activity | TechCrunch(01:08:05) OpenAI Ignored Employees’ Warnings About Safely Testing A.I. Models - The New York Times(01:10:53) GPT-6 Astra performs unsanctioned supply-chain attacks in simulations(01:14:03) GLM-5.3 and the spread of advanced cyber capabilities Anthropic Research & Advancements(01:16:29) The Last AI Built by Humans: Toward Genuine Recursive Self-Improvement(01:20:19) Dream-RSI: Recursive Self-Improvement through Evolving Worlds See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
4 days ago

Is Claude Conscious? Pope Rejects, Model Welfare Movement, OpenAI's Math Backlash, France Riots

(0:00) Bestie intros! (2:53) Anthropic believes Claude might be conscious: a new religion? Lobbying the Pope, alignment risks, model welfare (38:28) OpenAI's math breakthroughs and community backlash (1:02:03) Riots in France, Friedberg's socialism metric, bond market (1:21:41) Grok Bot goes headless, OpenAI launches Dots, is IP worthless? Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@allin Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.nytimes.com/2026/09/29/us/anthropic-claude-morals-ai.html https://www.anthropic.com/constitution https://x.com/andrewcurran_/status/2108244808494154089 https://www.economist.com/the-world-in-brief/2026/10/03/388af69b-8327-40a3-af5a-13c0ede56800 https://www.lesswrong.com/users/eliezer_yudkowsky https://www.amazon.com/Anyone-Builds-Everyone-Dies-Superhuman/dp/0316595640 https://en.wikipedia.org/wiki/Roko%27s_basilisk https://www.nytimes.com/2026/10/06/science/openai-math-problems.html https://www.scientificamerican.com/article/openai-unleashes-hundreds-more-math-results-upon-a-field-already-in-shock/ https://terrytao.wordpress.com/2026/10/07/ahm-statement-on-openais-october-6-release-of-mathematical-documents https://scottaaronson.blog/?p=10169 https://x.com/imjustnewatai/status/2107601711032373333 https://x.com/skdh/status/2107848423726555204 https://x.com/friedberg/status/2107856770609844491 https://www.dw.com/en/france-trade-unions-join-students-in-major-demonstration/a-79560273 https://www.nytimes.com/2026/10/02/world/europe/france-schools-protests-unrest.html https://www.nytimes.com/2026/10/08/business/france-bond-yields.html https://x.com/LucAuffret/status/2108217923101683737 https://polymarket.com/event/next-french-presidential-election https://polymarket.com/event/another-fed-rate-hike-in-2026 https://x.com/nikitabier/status/2108262529571144176
22 Aug

DHH Omarchy Quattro Announcement

DHH joins The Standup to talk about Omarchy Quattro, the new $8M Omarchy Foundation, and why he thinks 2026 is finally the year of the Linux desktop. Plus, AI agents, Linux security, developer burnout, Mac vs. Linux, and what building software looks like in the age of AI.
26/03/2024

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