Acquired

Ben Gilbert and David Rosenthal
  • 4.8 (3.3K)
  • TECHNOLOGY
  • UPDATED BIWEEKLY
Acquired

Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them.

  1. Epic Systems (MyChart)

    1D AGO

    Epic Systems (MyChart)

    What if we told you that the most important company in US healthcare was run from a farm in rural Wisconsin? And that farm contained the world’s largest subterranean auditorium, as well as Disneyland—style replicas of Hogwarts and the Emerald City? What if we told you that the person who started, runs and owns this establishment has legally ensured that it will never be sold, never go public and never acquire another company? And that this person, Judy Faulkner, is also likely the wealthiest and most successful self-made woman in history? Welcome to the story of Epic Systems, the software company that underpins the majority of the American healthcare system today. Epic isn’t “just” an electronic medical record (the category it’s usually lumped into), or an online patient portal (which is how most of the US population interacts with it via its MyChart application). It’s more akin to a central nervous system for hospitals and health clinics. Almost everything in a hospital — from patient interactions to billing, staffing, scheduling, prescriptions and even research — happens on Epic’s platform, and over 90% of American medical schools’ graduating doctors, nurses and health administrative staff are trained on it during their educations. Tune in as we dive into the almost-unbelievable story of how this epic company came to be! Sponsors: Many thanks to our fantastic Spring ‘25 Season partners: J.P. Morgan PaymentsFundriseServiceNowCrusoeLinks: Save the date, July 15 in NYC!Epic’s Verona campusWorldly Partners’ Multi-Decade Epic Systems StudyEpisode sourcesCarve Outs: Ken Block in San FranciscoNintendo Switch 2Knives OutBrat by Charli xcxMusic To Refine To: A Remix Companion to Severance by ODESZAMore Acquired: Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!‍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.

    3h 57m
  2. Indian Premier League Cricket

    MAR 24

    Indian Premier League Cricket

    When you saw this episode pop up in your feed, you either jumped for joy and hit play immediately (in which case you’re not reading this), or you said “Huh. That’s a surprising episode.” Well, if you’re in group two, boy do we have a treat for you! IPL is the fastest-growing, most dynamic and most disruptive force in the sports industry today… and this may come as a shock to many Americans, but it might just be on track to surpass the NFL as the world’s most valuable sports league. The IPL is currently valued at $16B, with a TV rights deal that’s higher in per-match dollars than the NBA and the English Premier League. And all this for a league that’s right now just 10 teams who collectively only play 74 total games per season… and oh yeah, the whole thing is only 17 years old! Tune in for an absolutely amazing story, filled with genius, drama (Rupert Murdoch! Disney! Bollywood!) and a perfect encapsulation of the rise of modern India. Sponsors: Many thanks to our fantastic Spring ‘25 Season partners: J.P. Morgan PaymentsServiceNowFundriseCrusoeLinks: Save the date, July 15 in NYC!Ed Cowan’s Business Breakdowns of IPLWorldly Partners’ Multi-Decade IPL StudyEpisode sourcesCarve Outs: SeveranceStratecheryMore Acquired: Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!‍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.

    4h 28m
  3. Rolex

    FEB 24

    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! Sponsors: Many thanks to our fantastic Spring ‘25 Season partners: J.P. Morgan PaymentsServiceNowFundriseHuntressLinks: 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 ReaderMore Acquired: Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!‍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.

    5h 1m
  4. TSMC Founder Morris Chang

    JAN 27

    TSMC Founder Morris Chang

    We flew to Taiwan to interview TSMC Founder Morris Chang in a rare English interview. In fact, the last long-form video interview we could find was 17 years ago at the Computer History Museum… conducted by the one-and-only Jensen Huang! This episode came about after asking ourselves a version of the Jeff Bezos “regret minimization” question: what conversations would we most regret not having if the chance passed Acquired by? Dr. Chang was number one on our list, and thanks to a little help from Jensen himself, we’re so happy to make it happen. Dr. Chang shares the stories of a few crucial moments from TSMC’s history which have only been written about in his (currently Chinese-only) memoirs, including how TSMC won Apple’s iPhone and Mac chip business and a 2009 discrepancy with NVIDIA that almost jeopardized their relationship, and the lessons he took from them. We can’t think of a better way to kick off 2025. Please enjoy! Sponsors: Many thanks to our fantastic Spring ‘25 Season partners: J.P. Morgan PaymentsServiceNowFundriseLinks: Worldly Partners’ Multi-Decade TSMC StudyKarina Bao’s writingCarve Outs: AAADefunctlandEverything Everywhere all at OnceAsianometryMore Acquired: Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!‍Notes: This episode contains a paid endorsement for Fundrise. All investments can lead to loss. 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.

    2h 55m
  5. TSMC (Remastered)

    JAN 21

    TSMC (Remastered)

    We dive into the unbelievable and unlikely history behind the quietest technology giant of them all: the Taiwan Semiconductor Manufacturing Company. Founded in 1987 by the then-56 year old Morris Chang, already a legend in the semiconductor industry by virtue of his meteoric rise and fall at Texas Instruments, TSMC today manufactures nearly all the leading-edge chips for Nvidia, Apple, Broadcom, Qualcomm, AMD, and yes — even Intel. Tune in for an incredible story of innovation, perseverance and lasers. Lots and lots of lasers! Note: this is a remastered version of our original 2021 episode. We don’t often re-release old episodes, but in this case we have a very timely reason for doing so. Stay tuned! :) Sponsors: Many thanks to our fantastic partners: VantaJ.P. Morgan PaymentsStatsigLinks: Episode SourcesCarve Outs: Ted Lasso (Season 1)GreekWho is Michael Ovitz?More Acquired: Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!‍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.

    2h 28m
  6. Mars Inc. (the chocolate story)

    12/16/2024

    Mars Inc. (the chocolate story)

    M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield… all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known! Sponsors: Many thanks to our fantastic Fall ‘24 Season partners: J.P. Morgan PaymentsCrusoeStatsig Links: Hershey’s M&M response: Hershey-etsOur past episodes on Berkshire Hathaway, LVMH, and Novo NordiskWorldly Partners Multi-Decade Mars StudyEpisode sources Carve Outs: Dandelion Chocolate and the Dandelion Advent CalendarTesla Model Y + repair serviceSiloHome Alone More Acquired: Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store! ‍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.

    3h 53m
  7. IKEA

    11/18/2024

    IKEA

    IKEA may be the most singular company we’ve ever studied on Acquired. They’re a globally scaled, $50B annual revenue company with no direct competitors — yet have only ~5% market share. They’re one of the largest retailers in the world — yet sell only their own products. They generate a few billion in free cash flow every year — yet have no shareholders. And oh yeah, they also sell hot dogs cheaper than Costco! (Sort of.) Tune in for an episode flat-packed with counterintuitive lessons about how this folksy mail order business from the Swedish countryside came into your living rooms (and bedrooms and dining rooms and kitchens and bathrooms and patios and garages and backyards) all over the globe! Sponsors: Many thanks to our fantastic Fall ‘24 Season partners: J.P. Morgan PaymentsStatsigCrusoeLinks: Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us!The Testament of a Furniture DealerOur past episodes on Costco, Walmart, Amazon, LVMH and HermèsWorldly Partners Multi-Decade IKEA StudyEpisode sourcesCarve Outs: DetroitersThe 11-inch iPad ProThe QB SchoolIce Cube at the World SeriesMore Acquired: Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store! © Copyright 2024 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.

    3h 22m
  8. Meta

    10/28/2024

    Meta

    Meta is a company everyone knows (literally, everyone). But, somehow, it’s also a company that few people feel they actually understand. Their products are used by more humans than any other’s in history — almost half of the entire world’s population daily. But… what is Meta? Why do they do what they do? How do they do what they do? Ask ten people and you’ll likely get ten very different sets of answers. Today, we dive deeper than we’ve ever gone trying to find Acquired’s answers to those questions. And after months of research and 6+ hours of incredible stories about how they (and really “they” being Mark himself) bet it all and win time and time again in the face of overwhelming odds, we arrive at our answers. Facebook, Instagram, WhatsApp, Threads, AI, Oculus, Orion, it’s all here. Tune in for one of the greatest corporate stories of all time: Meta, a Mark Zuckerberg Production. Sponsors: Many thanks to our fantastic Fall ‘24 Season partners: J.P. Morgan PaymentsStatsigCrusoeHuntress Links: Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us! https://acquired.fm/surveyOur past episodes on Instagram, WhatsApp, Oculus, Snapchat, the Snap IPO, TikTok, NVIDIA, Microsoft, and the Mark Zuckerberg InterviewWorldly Partners: Meta multi-decade studyEpisode sources Carve Outs: Ben Cohen’s piece on NotebookLMMr. McMahonThe Dwarkesh Podcast More Acquired: Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store! © Copyright 2024 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.

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Hosts & Guests

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About

Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them.

Information

  • Creator
    Ben Gilbert and David Rosenthal
  • Years Active
    2015 - 2025
  • Episodes
    204
  • Rating
    Clean
  • Copyright
    © Copyright 2023 ACQ, LLC
  • Show Website
    Acquired

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