TIP786: Zero to One by Peter Thiel
We Study Billionaires - The Investor’s Podcast Network
Creating vs Capturing Value
Clay explains Thiel's point that firms must both create value and capture it, contrasting airlines with Google.
In this episode, Clay explores Zero to One by Peter Thiel, a foundational book on innovation, monopolies, and what it truly takes to build an enduring business. Thiel challenges the idea that progress comes from incremental improvement, arguing instead that the greatest companies are created by going from zero to one, building something entirely new and escaping competition altogether.
IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:04:18- What it means for a company to go from zero to one and why true innovation creates outsized value 00:11:35 - Why competition often destroys profits, while monopolies enable long-term value creation 00:13:04 - How to distinguish between creating value and capturing value as an investor 00:15:27 - The key characteristics that allow businesses to build and sustain monopolies 00:38:30 - Why small, focused markets are often the best starting point for building dominant companies 00:54:01 - How Peter Thiel’s framework applies to modern businesses like Uber
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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- Peter Thiel’s book: Zero to One.
- Stig Brodersen’s Uber pitch.
- Shawn O’Malley’s Uber pitch.
- Bill Ackman’s 2024 Annual Letter.
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- Related books mentioned in the podcast.
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