447 episodes

Conversations with the best investors and business leaders in the world. We explore their ideas, methods, and stories to help you better invest your time and money. Hear stock market and boardroom insights you can't find anywhere else. If you're a professional investor, CEO, entrepreneur, or business strategist, this is for you. Explore all our episodes and learn more at https://www.joincolossus.com

Invest Like the Best with Patrick O'Shaughnessy Colossus

    • Business
    • 4.7 • 2.1K Ratings

Conversations with the best investors and business leaders in the world. We explore their ideas, methods, and stories to help you better invest your time and money. Hear stock market and boardroom insights you can't find anywhere else. If you're a professional investor, CEO, entrepreneur, or business strategist, this is for you. Explore all our episodes and learn more at https://www.joincolossus.com

    Ali Hamed - Building an Investment Firm

    Ali Hamed - Building an Investment Firm

    My guest today is Ali Hamed. Ali was first on Invest Like the Best six years ago. He was 26 at the time and four years into building his investing firm, CoVenture. Both then and now, Ali is an example of what’s possible when you think creatively. Six years later, CoVenture now manages two-and-a-half billion dollars, and Ali continues to find alpha in esoteric places.
    We talk about YouTube catalogs, creative opportunities in real estate, and how venture investing helps them get better at credit. We also talk about his lessons from building an investment firm and what it’s been like to work with Michael Ovitz. Please enjoy this great conversation with Ali Hamed.

    Listen to Ali host a Business Breakdowns on Spotter
    Listen to Founders Podcast

    For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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    This episode is brought to you by Tegus, the only investment research platform built for fundamental investors. Whether you’re trying to get up to speed on a new market or keep tabs on a portfolio company, Tegus is the end-to-end investment research platform you need. With Tegus, you can quickly understand a company's business model, drivers, benchmarks, and management quality. To monitor an entire market, download our pre-built financial models — or update your own with the latest data using Tegus’ new Excel Add-In. Tegus gives you all of this and more, all bundled into a single software license. Find out why 95% of the top 20 global private equity firms are Tegus customers. Learn more and get your free trial at tegus.com/patrick.
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    Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 
    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
    Follow us on Twitter: @patrick_oshag | @JoinColossus
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes:
    (00:00:00) Welcome to Invest Like the Best
    (00:03:11) First Question - The Journey of Building an Investment Firm
    (00:15:08) The Influence of Time and Scale on Asset Classes
    (00:22:39) The Power and Potential of YouTube's Asset Class
    (00:27:33) The Future of Real Estate and Housing Supply
    (00:30:15) The Challenges of Investing in Platform Economies
    (00:36:44) The Pitfalls of Capital Formation in Asset Management
    (00:45:17) The Evolution of Venture Portfolio
    (00:51:14) The Approach to AI and Other Emerging Technologies
    (00:54:42) The Mispricing in Private Credit
    (00:58:46) Building the People Side of the Business
    (01:04:21) The Challenges and Opportunities in Valuation
    (01:19:40) The Impact of Michael Ovitz on CoVenture
    (01:23:11) The Kindest Thing Anyone Has Ever Done For Him

    • 1 hr 29 min
    Cyan Banister - Investing for a Higher Purpose

    Cyan Banister - Investing for a Higher Purpose

    My guest today is Cyan Banister. Cyan’s life story is remarkable. She was homeless at a young age, dropped out of high school, and five years ago she suffered an extremely rare stroke. Yet, in spite of everything, she is one of the most optimistic and curious people you can hope to meet. Cyan is also one of the great angel investors of this era, having invested early in SpaceX, Uber, Postmates, and Deepmind to name a few winners. She became the first female investing partner at Peter Thiel’s Founders Fund and now invests at Long Journey Ventures.
    Our conversation is as much about investing as it is about the essence of life and how connecting with that will help us in our professional pursuits. It is also full of awesome stories about people and companies like SpaceX and Bill Murray. Please enjoy this great conversation with Cyan Banister.

    Listen to Founders Podcast
    For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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    This episode is brought to you by Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick.
    -----
    Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 
    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
    Follow us on Twitter: @patrick_oshag | @JoinColossus
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes:
    (00:00:00) Welcome to Invest Like the Best
    (00:04:03) First question - Spirituality as an Investable Category
    (00:06:51) Journey to Founders Fund
    (00:12:13) Overcoming Adversity and Embracing Optimism
    (00:14:28) The Power of Authenticity and Curiosity
    (00:25:28) The Skill of Feeling in Business
    (00:30:26) Investing in Uber
    (00:36:18) The Changing Dynamics of Early-Stage Investment
    (00:39:07) The Philosophy of 'Set it and Forget It'
    (00:42:24) The SpaceX Story: A Leap of Faith
    (00:48:02) Cyan’s Spiritual Awakening
    (00:61:34) Her Story of the Violin Kid
    (01:05:36) The Art of Trusting Your Gut in Business
    (01:07:47) The Spirit of Founders Fund and the Future of Venture Firms
    (01:15:16) What She Would Do With 1 Trillion Dollars
    (01:24:05) The Kindest Thing Anyone Has Ever Done For Cyan

    • 1 hr 25 min
    Danny Meyer - The Power of Hospitality

    Danny Meyer - The Power of Hospitality

    Today, we're replaying my conversation with Danny Meyer. He is the founder and CEO of Union Square Hospitality Group, which comprises some of the most acclaimed restaurants in New York, like Gramercy Tavern and Union Square Café. Danny is also the founder and chairman of Shake Shack, which began in NYC but is now a publicly traded company with hundreds of locations worldwide.
    Our conversation focuses on how great hospitality leads to a great business, regardless of what sector it's in. We discuss why hospitality is the starting point for Danny’s business philosophy, why first impressions matter, Danny’s concept of ABCD - always be connecting dots, how to scale hospitality, and how to build a business with essentialism and soul. Please enjoy this conversation with Danny Meyer.

    Listen to Founders Podcast
    For the full show notes, transcript, and links to mentioned content, check out the episode page here.
    -----
    This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick.
    -----
    Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 
    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
    Follow us on Twitter: @patrick_oshag | @JoinColossus
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes:
    (00:00) Welcome to Invest Like the Best
    (03:41) First question – Danny’s experience as a tour guide in Italy
    (08:17) Why hospitality is the center of business focus
    (08:19) Setting the Table: The Transforming Power of Hospitality in Business
    (11:50) Early lessons at creating an environment of hospitality 
    (15:17) His strategy ABCD and learning from a trout fisherman relate and relate to hospitality
    (20:45) Scaling hospitality 
    (24:56) What kind of people make a hospitality business work
    (29:34) How to be an effective leader
    (33:00) Handling mistakes well in the role of hospitality 
    (36:28) Creating the spark in the early part of entrepreneurial ventures
    (40:32) When its time to start something new vs expand something you are already doing
    (45:52) The excellence reflex and an example of this in his career
    (50:25) Kindest thing anyone has done for him

    • 49 min
    Chuck Akre - The Three Legged Stool

    Chuck Akre - The Three Legged Stool

    Today, we're running a replay of my 2019 conversation with legendary investor Chuck Akre. Chuck founded Akre Capital Management in 1989, which now manages approximately $14B dollars. We discuss his investing style and his “three-legged stool” for evaluating companies. Please enjoy this great conversation.

    Listen to Founders Podcast
    For the full show notes, transcript, and links to mentioned content, check out the episode page here.
    -----
    This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully diluted shares outstanding? Access every publicly-reported data point and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard-to-calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building, and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick.
    -----
    Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 
    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
    Follow us on Twitter: @patrick_oshag | @JoinColossus
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes:
    [00:00:00] Welcome to Invest Like the Best
    [00:01:06] First Question – Advantage of being in Middleburg, Virginia
    [00:02:11] What a day looks like for Chuck
    [00:03:06] Why imagination is more important than knowledge
    [00:03:38] Difference between curiosity and imagination
    [00:04:38] The origins of the Nirvana Three-Legged Stool concept
    [00:10:14] First leg of the stool, extraordinary business and ROE’s with a focus on Bandag
    [00:14:36] How his evaluations of value have changed over the last 10-15 years
    [00:16:10] A look at recent businesses that he’s bought and why they are interesting
    [00:19:56] Why they keep things simple
    [00:21:35] Second leg of the stool, the people involved and characteristics of managers he has invested in
    [00:23:20] Role of capital allocation in the people he focuses on
    [00:29:34] Third leg of the stool, reinvestment
    [00:21:09] How does he think about diversifying across an investment area
    [00:33:32] Great businesses wrapped in a bad balance sheet
    [00:37:35] What would cause him to sell
    [00:38:52] What does he look for in people
    [00:43:27] How curiosity has impacted his interest in land conservation
    [00:43:51] Advice for investors, especially younger ones
    [00:46:14] Kindest thing anyone has done for him

    • 48 min
    Alex Telford - Unlocking Innovation in Pharma

    Alex Telford - Unlocking Innovation in Pharma

    My guest today is Alex Telford. Alex is the founder of Convoke, a software platform to help streamline drug development and commercialization. He also has been writing frequent blog posts on the biotech industry since 2019, keeping a pulse on the direction of innovation. He joined me today to talk about the history of the pharmaceutical industry and what’s becoming possible in medicine in the coming years. Alex helped break down the complexities of investing in new drug development, breakthroughs in gene therapy on the horizon, and the dance between timely progress and restrictive regulation. This industry has a lot to unpack, and he thoughtfully lays out the landscape. Please enjoy my conversation with Alex Telford.

    Listen to Founders Podcast
    For the full show notes, transcript, and links to mentioned content, check out the episode page here.

    -----
    This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick.
    -----

    Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 
    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
    Follow us on Twitter: @patrick_oshag | @JoinColossus
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes:
    (00:00:00) Welcome to Invest Like the Best
    (00:04:01) First question - Exploring public perceptions of Big Pharma
    (00:04:56) Providing an overview of the drug discovery process
    (00:07:22) Assessing the efficiency of the pharmaceutical industry
    (00:12:13) Anticipating the future direction of drug development
    (00:16:46) Categorizing different types of pharmaceutical drugs
    (00:21:19) Strategies to reduce the time from discovery to implementation
    (00:25:55) Gaining insights from cross-disciplinary research
    (00:31:13) The emerging role of AI in pharmaceuticals
    (00:34:32) Analyzing potential regulatory shifts in the industry
    (00:39:13) Discussing the importance of Randomized Controlled Trials (RCTs)
    (00:43:29) Examining the impact of blockbuster drugs
    (00:47:47) Deliberating on the complexities of drug pricing
    (00:54:09) Highlighting exciting developments and concerns in pharma
    (00:59:55) The kindest thing anyone has ever done for him

    • 59 min
    Madhavan Ramanujam - How to Price Products

    Madhavan Ramanujam - How to Price Products

    My guest today is Madhavan Ramanujam. Madhavan quite literally wrote the book on how to price products. It’s called “Monetizing Innovations” and his concepts have been used by companies across the world like Porsche, Uber, LinkedIn, and SuperHuman. Our conversation is a masterclass on pricing. We discuss common mistakes when pricing products, why you need to focus on benefits rather than features, and how to pick the right monetization model. Please enjoy my conversation with Madhavan Ramanujam.

    Listen to Founders podcast.

    For the full show notes, transcript, and links to mentioned content, check out the episode page here.
    -----
    This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully diluted shares outstanding? Access every publicly-reported data point and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard-to-calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building, and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick.
    -----
    Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 
    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
    Follow us on Twitter: @patrick_oshag | @JoinColossus
    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

    Show Notes
    [00:00:00] Welcome to Invest Like the Best
    [00:02:48] First question - How he arrived at a radically different way of building products
    [00:05:07] An example of coming up with a price before the product
    [00:08:35] Distinctions between a willingness to pay and positive feedback 
    [00:10:29] How to make sure you’re talking to the right potential customer in the first place
    [00:13:32] Productizing for different customer segments 
    [00:16:16] Questions companies should be asking to get accurate feedback
    [00:21:18] What he’s learned about the motivations of potential buyers
    [00:22:43] What leaders, killers, and fillers are
    [00:24:37] Some of the biggest mistakes companies make while following his formula
    [00:25:35] A rule of thumb for what is a benefit versus a feature
    [00:27:35] Five distinct pricing models for charging a customer
    [00:30:46] Whether or not the value piece of all of this revolves around time and money
    [00:33:27] What he tells entrepreneurs about pricing their products that most surprises them 
    [00:35:16] Defining the first four categories of failure 
    [00:40:13] Reasons why so many innovations fail to monetize and pricing being a CEO topic
    [00:41:51] Good rules that leaders can use to have a general sense for effective pricing 
    [00:47:38] Behavioral changes and observations as the absolute price move up and down 
    [00:50:36] Is there a pricing genius we should take note of?
    [00:53:18] The single question every leader should ask themselves
    [00:53:46] The kindest thing anyone has ever done for him

    • 56 min

Customer Reviews

4.7 out of 5
2.1K Ratings

2.1K Ratings

Sargon1193 ,

Excellent

I thoroughly enjoyed the David Einhorn and Chuck Akre episodes.

Frankieg33 ,

Best Investing Podcast out there hosted by one of the best interviewers out there

Patrick filled a niche in the investing podcast world. He is able to talk broadly about investing with his guests through extremely knowledgeable framework of investing. He has had some fantastic guests on. There is much more to take away from this podcast that just investing themes. I am very excited to see who else Patrick is able to bring on and interview. I would vote for longer interviews, but understandable that the guests he brings on are time constrained.

holdwhitepeopleaccoutable ,

1,400 vs. 11,000 and counting we are not surprised by your stance

How disappointing to have a man literally spew anti Muslim retrioc within the first 13min. “There is nothing there but death” speaking about countries with history and generations how dehumanizing and utterly disgusting

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