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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

Invest Like the Best Patrick O'Shaughnessy

    • Inwestycje
    • 5.0 • Ocen: 3

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

    Lauren Taylor Wolfe – The Modern Activist Toolkit

    Lauren Taylor Wolfe – The Modern Activist Toolkit

    My guest this week is Lauren Taylor Wolfe. Lauren is the co-founder and Managing Partner of Impactive Capital. Prior to founding Impactive she spent 10 years at Blue Harbour Group, a $3 billion activist investment firm. Our conversation is on the modernization of the activist investor playbook—how investors engage with companies to make them better and improve long term outcomes. We discuss the entire activist toolkit, focuses on what has changed the most in recent years.
    I’m also very excited to announce a new initiative. After years of building, operating, and investing in software, we are launching Positive Sum, a new early stage equity investing firm. You can read a bit more at positivesumadvisors.com. Now, please enjoy my conversation with Lauren Taylor Wolfe.
     
    This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 
    If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  
     
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag
     
    Show Notes
    (2:31) – (First question) – Her background and how she landed at Impactive Capital
    (6:25) – Impactive’s strategy vs the stereotype of the activist investor
    (10:55) – Potential candidates for what they do
    (13:26) – How they view the small cap tech world as the space is dominated by huge companies
    (15:24)  - How capital allocation has evolved over her career
                (15:30) - The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
    (17:38) – Best capital allocation strategies and mistakes that most companies make
    (18:48) – The levers activists pull: cap structure; capital allocation and operating structure
    (22:00) – Major lessons from earlier in her career
    (23:25) – Major changes in Governance as part of the ESG strategy
    (26:13) – The issue of dual-class in the space
    (27:35) – Features of a pristine healthy board
    (28:40) – Board’s role setting incentives and objectives for management
    (29:55) – How she thinks about the E&S in ESG and how it helps shareholders
    (32:56) – Applying her strategy in a real-world example
    (37:40) – What they look for in a business when it comes to sum of the parts
    (40:29) – Businesses that are misunderstood and what she looks for in that category
    (41:39) – How she manages relationships with the boards
    (45:11) – What she has learned transitioning business models
    (47:08) – The rise of employee activism
    (50:02) – What she’s seeing in terms of diversity and inclusion in board rooms and C-Suites
    (53:32) – Best practices and ways to disrupt hiring
    (57:48) – Something she doesn’t understand well today that she wishes she did
    (58:59) – Kindest thing anyone has done for her
     
    Learn More
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag

    • 1 godz.
    Rory Sutherland – Moonshots and Marketing

    Rory Sutherland – Moonshots and Marketing

    My guest today is Rory Sutherland. Rory is the Vice Chairman of Ogilvy & Mather Group, which is one of the largest and most renowned advertising agencies in the world. He’s also the author of one of my favorite recent books called Alchemy: The surprising power of ideas that don’t make sense. In this conversation, we explore many of his counterintuitive ideas about business. Rory makes you think as much as anyone, so I hope you enjoy this conversation.
     
    This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 
    If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  
     
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag
     
    Show Notes
    (2:12) – (First question) – Why spreadsheets and logic kill magic
    (5:42) – What a product/service is vs how it’s delivered and makes people feel (regular moonshot vs psychological moonshot)
    (13:22) – Psychological anomalies - doing things faster, better, cheaper (Red Bull vs Coke)
    (19:54) – Swiss army knife that companies should avoid
    (22:50) – Don’t design for average
    (24:39) – How do people approach improving their business through marketing
    (27:30) – Case for direct mail
    (29:22) – Turning your weaknesses into a strength
    (34:29) – The seven deadly sins and how useful they are as guideposts
    (37:38) – Most powerful sin for marketing
    (39:14) – Reaching intelligent answers from dumb questions
    (43:25) – Why the opposite of a good idea can sometimes be a good idea
    (47:30) – Kindest thing anyone has done for him
     
    Learn More
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag

    • 49 min.
    Michael Seibel – Lessons from Thousands of Startups

    Michael Seibel – Lessons from Thousands of Startups

    My guest this week is Michael Seibel. Michael is a Partner at Y Combinator, and the CEO of YC's startup accelerator. He was the cofounder and CEO Justin.tv, which eventually became Twitch, and Socialcam. In this conversation, we discuss all Michael has learned reviewing thousands of applications to YC, interviewing countless new entrepreneurs, and watch young companies begin to grow and, occasionally, find product market fit. Listeners will also enjoy when Michael traps me big time in my thinking about AirBnb and his framework for great problems to solve. Enjoy this great conversation with Michael Seibel
     
    This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 
    If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  
     
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag
     
    Show Notes
    (2:22) – (First question) – Emerging trends among founders
    (6:00) – The long-term impact of Covid on business
    (7:16) – What an application to YC looks like and what stands out for him
    (11:46) – What he wants to learn in the interviews
    (13:54) – Poise in the interviews
    (15:40) – How the YC experience has evolved and improvements they’ve made
    (18:38) – How he defines technology
                (18:50) – Every Company is Becoming a Software Company
    (21:12) – His thoughts on non-software companies and how they play into what YC does
    (23:48) – Why frequency and intensity of the problem matter to him
    (28:32) – Serving the supplier and building the demand
    (30:38) – Bravery in founders
    (36:07) – Partnerships and collaboration in venture capital investing
    (37:58) – Second time founders focus on distribution
    (39:23) – Coaching the psychological component of being a founder
    (44:16) – Learning as a founder vs the education system
    (46:08) – Customer vs investor focus of founders’ mindset
    (48:16) – How teams know they are really onto something
    (52:38) – His being a founder trainable or innate
    (54:08) – Kindest thing anyone has done for him
     
    Learn More
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag

    • 55 min.
    Michael Mauboussin – Great Migration Public to Private Equity

    Michael Mauboussin – Great Migration Public to Private Equity

    My guest this week is Michael Mauboussin, the head of consilient research at Counterpoint Global. Michael is an all-time favorite guest here on the show, and this is his fourth appearance. We discuss one of the biggest topics in the world of investing: the shift from public to private markets that has taken place over the last several decades. We explore the reasons for this shift, the biggest overall changes in capital markets, and what the future may hold. Along the way we explore other fascinating topics like the rise of intangible asset investments, employee-based compensation as a form of financing, and more. If you enjoy this conversation I urge you to read Michael’s paper on the topic which will be linked in the shownotes. Please enjoy this conversation with Michael Mauboussin.
     
    This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 
    If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  
     
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag
     
    Show Notes
    (2:27) – (First question) – Motivation for writing the book from public to private equity
                (2:28) – Public to Private Equity in the US: A Long-Term Look
                (3:02) – The Incredible Shrinking Universe of Stocks
    (4:48) – Size of the public vs private markets
    (7:20) – History and changes in the public to private markets
    (12:00) – Public market vs venture capital returns
    (16:48) – Persistence of returns
    (20:01) – Role of price and EBIDTA on the returns of a buyout
    (23:31) – How buyout forms are sourcing the debt
    (29:31) – Transition to businesses relying on intangibles
                (29:42) – Capitalism without Capital: The Rise of the Intangible Economy
                (30:13) – Endogenous Technological Change
                (30:36) – Should Intangible Investments Be Reported Separately or Commingled with Operating Expenses? New Evidence
                (34:18) – Explaining the Recent Failure of Value Investing
    (36:21) – Superstar firms and increasing returns
    (42:38) – Role on monopolies in creating network effects
    (4:52) – The allocators perspective in these investments
    (49:16) – How does this all impact public market active management
    (51:54) – Advice to young people getting into the investment industry
                (52:30) – Jeremy Grantham Podcast Episode
    (53:30) – Other areas he is researching/looking into
    (55:44) – How investment work and Santa Fe research influence eachother
    (56:54) – Investors to learn from
                (57:15) – John Collison Podcast Episode
     Learn More
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag

    • 59 min.
    Chetan Puttagunta and Jeremiah Lowin – Open Source Crash Course

    Chetan Puttagunta and Jeremiah Lowin – Open Source Crash Course

    My guests this week are Jeremiah Lowin and Chetan Puttagunta. Jeremiah is the founder of Prefect.io, an open-source software company where my family and I are investors, and Chetan is a partner at Benchmark Capital. Both are past guests and good friends. I asked them on to help the audience understand the open source software business model. I’ve been fascinated with this model in which companies give a huge chunk of their work and value away for free to a community of developers, and then make money by building additional tools, functionality, and services on top of their free and open platform. While this may strike you as a wonky discussion on a niche software topic, I think it is valuable for everyone because the ideas can be applied to more than just code. I view much of my own activity as open-sourcing investment research and knowledge. It is also important because much of the world’s technology is built on top of open source projects. I hope you learn something new about this emerging category. Please enjoy.
     
    This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. 
    If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.  
     
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag
     
    Show Notes
    (2:40) – (First question) – Originator business in open source software; Redhat
    (5:51) – Why open source is valuable in building a business
    (7:40) – Examples of the benefits of open source projects
    (10:27) – Open source business models that produce the best results
    (17:04) – Defensibility of open source companies
    (25:02) – Mentoring younger founders on using open-source
    (30:54) – The benefits of launching open-source
    (36:41) – Building a digital community
    (41:31) – Lessons from Open Source that can be applied to other businesses
    (50:04) – The opportunity sets available in the open source space
    (53:33) – Future of open source
                (56:31) – Tobi Lutke Podcast Episode
     
    Learn More
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag

    • 1 godz.
    Katrina Lake – The Next Wave of E-Commerce

    Katrina Lake – The Next Wave of E-Commerce

    My guest today is Katrina Lake, the co-founder and CEO of Stitch Fix. Stitch Fix is a multi-billion-dollar public company which has brought an entirely new model to retail apparel by combining data science, technology, and personal stylists to create a unique shopping experience tailored to the individual consumer. I first met Katrina through past guest Bill Gurley and have been excited to host her since that first meeting. In our conversation, Katrina and I discuss all aspects of Stich Fix—its history, business model, innovations, and its future. Please enjoy this great and thought-provoking conversation with Katrina Lake.
     
    This week’s episode is sponsored by Bottomless. Bottomless is a smart coffee subscription which automatically re-orders coffee for you based on your consumption habits. 
    Bottomless is offering one month and your second bag of coffee for free at bottomless.com/patrick.
     
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag
     
    Show Notes
    (2:19) – (First question) – Where E-Commerce stands and what the future might hold
    (4:37) – Why personalization makes Stitch Fix stand out from the others
    (9:34) – Why data science is foundational to their business
    (12:15) – What makes for a good augmented human and hiring stylists
    (14:34) – Stakeholder value and creating a great partnership with suppliers
    (18:10) – Their emphasis on stakeholder focus and social justice
    (19:28) – The capital efficiency of their business in the early days
    (24:46) – Her superpower of recruiting
    (29:46) – Her strengths in building Stitch Fix
    (31:56) – Transparency vs authenticity
    (32:59) – Big break for the business
    (37:15) – Exclusive brands to Stitch Fix
    (39:01) – The next act for Stitch Fix
    (41:43) – Lessons learned in pricing services
    (44:24) – Future trends in retail apparel
    (48:02) – Hardest thing to copy about Stitch Fix
    (49:59) – Lessons for putting data science at the center of your business
    (53:37) – Moments during her journey she’s felt most alive
    (55:23) – Kindest thing anyone has done for her


    Learn More
    For more episodes go to InvestorFieldGuide.com/podcast.
    Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
    Follow Patrick on Twitter at @patrick_oshag

    • 58 min.

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