Acquired 10 Years of Acquired (with Michael Lewis)
Renowned nonfiction author Michael Lewis, known for hits like Moneyball, joins the conversation to delve into the intriguing success of the show despite its unconventional approach. He explores the hosts' commitment to quality and craftsmanship, their journey from hobby to business, and the significance of building subscriber trust. They discuss how deep dives into topics enthrall audiences and how relationships with industry insiders enhance storytelling. Lewis emphasizes the importance of passion, curiosity, and the transformative power of continuous delight in content creation.
02:47:37
Chemistry Is The Core Product
- The hosts' chemistry is the core product that sustains long-form engagement.
- Michael Lewis compared their partnership to collaborators like Kahneman and Tversky as a driving creative force.
Scarcity As A Deliberate Strategy
- Scarcity and craftsmanship make Acquired's infrequent, long episodes valuable and durable.
- Ben and David leaned into constraints to build a high-quality, scarce product that compounded audience trust.
Michael Lewis Discovered Acquired By Binge
- Michael Lewis discovered Acquired in July and binge-listened, surprised by four-hour format and their storytelling.
- He compared their work to book-writing and highlighted emotional cues as a secret sauce.
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Intro
00:00 • 3min
Why analyze Acquired now
03:10 • 5min
How Ben and David met and bonded
08:32 • 6min
Scarcity and craftsmanship as strategy
14:27 • 4min
Lessons from Berkshire: the too-hard pile
18:52 • 4min
Why deep subscriber compounding matters
22:50 • 5min
Ad break
28:12 • 19sec
Picking subjects: what makes an Acquired episode
28:31 • 7min
From hobby to business during the crash
35:07 • 7min
Finding confidence: long-form deep dives
41:51 • 7min
Research process: reading, spidering, calling
48:53 • 3min
How interviews change access
52:23 • 3min
Correcting source errors and publishing errata
55:48 • 6min
Ad break
01:02:00 • 2min
The improvisation-production balance
01:04:16 • 7min
Editing rigor: turning raw hours into narratives
01:11:20 • 5min
Direct ad sales and sponsor alignment
01:16:47 • 5min
Investing in sponsors: full-circle model
01:21:34 • 6min
Why not scale into a network
01:27:31 • 4min
Founder control and stored potential energy
01:31:09 • 4min
Ad break
01:34:40 • 3min
Passion projects can create disproportionate impact
01:37:45 • 8min
Create spectacle: live events and arenas
01:45:44 • 9min
Low-skew focus: the Costco analogy
01:54:55 • 1min
Stay in your best business: the TSMC lesson
01:56:10 • 50sec
How podcast work differs from VC diligence
01:57:00 • 6min
Seven Powers: how they apply to Acquired
02:03:26 • 6min
Process power and lossy compression
02:09:22 • 8min
The importance of continuous delight
02:17:50 • 1min
Carve-outs: recommendations and favorites
02:18:55 • 27min
Outro
02:45:30 • 2min
#36992
Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase
Duff McDonald
In Last Man Standing, Duff McDonald provides an unprecedented look at Jamie Dimon's career, from his early days with Sandy Weill at American Express and Citigroup, through his ouster and triumphant return at JPMorgan Chase.
Drawing on extensive interviews with Dimon, his family, friends, and colleagues like Warren Buffett, the book details how Dimon transformed JPMorgan into a global banking powerhouse amid the 2008 Wall Street meltdown, emphasizing his work ethic, integrity, and crisis management.
#1011
• Mentioned in 31 episodes
The Undoing Project
Michael Lewis
The Undoing Project by Michael Lewis chronicles the intellectual and personal relationship between Daniel Kahneman and Amos Tversky, two Israeli psychologists whose research fundamentally changed our understanding of human decision-making.
Their studies, conducted from the late 1960s to the 1980s, exposed systematic errors in human judgment under uncertainty and laid the foundation for behavioral economics.
The book delves into their extraordinary lives, including their careers in the Israeli military, and how their personal differences and eventual estrangement affected their work.
Lewis's narrative makes complex psychological concepts accessible through engaging storytelling, highlighting the profound impact of Kahneman and Tversky's work on various fields, including economics, medicine, and government regulation.
#13764
• Mentioned in 3 episodes
The Emperors of Chocolate
Inside the Secret World of Hershey and Mars
Joël Glenn Brenner
This book delves into the competitive and often contentious world of the American chocolate industry, particularly the histories and rivalries of Hershey and Mars.
Joël Glenn Brenner provides an authoritative and engaging account of how Forrest Mars and Milton Hershey built their respective empires.
The book explores the biographies of these entrepreneurs, the cultural and historical context of the industry, and the intense competition that has shaped the chocolate market.
It also highlights the philanthropic efforts of Milton Hershey and the contrasting business strategies of the two companies.
#1333
• Mentioned in 25 episodes
Silo
Hugh Howey
The Silo series, comprising Wool, Shift, and Dust, is set in a post-apocalyptic world where humanity lives in underground silos.
The series follows characters such as Holston and Juliette as they uncover the secrets and mysteries of their underground world.
The books delve into the struggle between information and control, human curiosity, and the power dynamics within the silo society.
The series reveals the origins of the silos, the true nature of the outside world, and the ultimate fate of the survivors as they strive to rebuild their world.
#967
• Mentioned in 32 episodes
The Name of the Wind
Patrick Rothfuss
The Name of the Wind is a heroic fantasy novel that tells the life story of Kvothe, an infamous adventurer and musician.
The story is presented in a 'story-within-a-story' format, where Kvothe recounts his life to a scribe named Chronicler.
The narrative spans from Kvothe's childhood in a troupe of traveling performers to his years as a student at a prestigious school of magic, and through various trials and hardships.
The book is renowned for its vivid world-building, rich dialogue, and the emotional depth of its characters.
#3385
• Mentioned in 12 episodes
Science, the Endless Frontier
Rush Holt
Vannevar Bush
This book features Vannevar Bush's seminal report, which was prepared for President Franklin D. Roosevelt to recommend a national approach towards science and research after World War II. The report advocates for the establishment of the National Science Foundation and emphasizes the importance of basic research.
Rush D. Holt's introduction provides historical context and highlights the ongoing relevance of Bush's vision, stressing the need for science to be integrated into democratic society and public policy.
The report covers key subjects such as the war against disease, science and public welfare, renewal of scientific talent, and the problem of scientific reconversion.
#308
• Mentioned in 70 episodes
Going Infinite
The Rise and Fall of a New Tycoon
Michael Lewis
In 'Going Infinite', Michael Lewis delves into the life of Sam Bankman-Fried, the enigmatic founder of the failed cryptocurrency exchange FTX. The book provides a psychological portrait and a financial roller-coaster ride, tracing Bankman-Fried's trajectory from becoming the world's youngest billionaire to his eventual downfall.
It covers topics such as high-frequency trading, cryptocurrencies, effective altruism, and the justice system.
Despite criticism for its sympathetic portrayal of Bankman-Fried, the book offers a fascinating insight into the complex world of cryptocurrencies and the character of its central figure.
#214
• Mentioned in 92 episodes
Liar's poker
Michael Lewis
Liar's Poker is a non-fiction, semi-autobiographical book that details Michael Lewis's three-year tenure at Salomon Brothers, one of Wall Street's premier investment firms in the 1980s.
The book provides a behind-the-scenes look at the culture of bond traders, highlighting the frat-boy camaraderie, killer instincts, and high-stakes games of bluffing and deception.
Lewis describes the creation and use of mortgage bonds, the excessive bonuses, and the ruthless competition among traders.
The narrative also touches on the author's disillusionment with the industry, leading to his resignation and transition into financial journalism.
#310
• Mentioned in 70 episodes
Seven powers
Alex Rovira
#1121
• Mentioned in 29 episodes
The Blind Side
Evolution of a Game
Michael Lewis
The Blind Side: Evolution of a Game is a dual narrative that examines the evolution of offensive football strategy, particularly the rise of the left tackle position, and the personal story of Michael Oher.
The book delves into how the introduction of players like Lawrence Taylor changed the game, emphasizing the importance of the left tackle in protecting the quarterback's 'blind side.
' It also follows Michael Oher's journey from his impoverished upbringing to his adoption by the Tuohy family and his eventual success as a college and professional football player.
The book touches on themes of sport, culture, family, and the complexities of racial and socioeconomic dynamics in American football.
#57
• Mentioned in 205 episodes
Moneyball
The Art of Winning an Unfair Game
Michael Lewis
The book tells the story of the Oakland Athletics' 2002 season, where General Manager Billy Beane and his assistant Paul DePodesta used advanced statistical analysis, known as sabermetrics, to assemble a competitive team despite a limited budget.
The approach, pioneered by Bill James, focused on metrics such as on-base percentage and slugging percentage rather than traditional measures like batting average and runs batted in.
This data-driven strategy allowed the Athletics to compete with teams having much larger payrolls, like the New York Yankees, and achieve significant success, including a 20-game winning streak and a playoff appearance.
Why has Acquired — seemingly against all odds — “worked”? It's a puzzling question: episodes are four hours long, they come out infrequently, and they usually don’t have guests or video. Hardly the standard-issue playbook for podcasting success! And yet well over a million smart, curious and exceedingly busy humans share their (your!) valuable time with us every month. Why? This is the exact paradox that has been rolling around in the head of Michael Lewis (yes, that Michael Lewis) since he found the show earlier this year.
So we asked Michael to be our guest "interlocutor" and share what he thinks is going on here, while we share ten lessons we've stolen (graciously) from companies we've studied and brought into Acquired itself. He takes us through the entire Acquired journey: how we started, why we've never hired anyone or raised money, how we pick episodes, what our business model actually is, why we focus on quality and enjoyment over maximizing enterprise value, and ultimately why we’re all — you, him, us — kindred spirits together. Oh, and just for fun, we recorded this episode where another special journey began — the garage where Google was founded.
Thank you for an incredible decade together… here's to the next one!
Sponsors:
Many thanks to our fantastic Fall ‘25 Season partners:
- J.P. Morgan Payments (you can watch our full show with them at AWS re:Invent here!)
- WorkOS
- Sentry
- Shopify
Thank-yous:
- First, to Google for loaning us the garage. The sawhorse table desk, PC and CRT monitor on display in the background were all Google originals courtesy of the Google Founders Collection at the Computer History Museum. So cool!
- Second, to our friends at Shep Films for helping us seriously up our game on production quality this episode!
Our Favorite Michael Lewis Books:
- Home Game
- Moneyball
- Liar’s Poker
- The Blind Side
- The Undoing Project (as referenced by Michael in the beginning, about Daniel Kahneman and Amos Tversky)
Carve Outs:
- Books:
- The Name of the Wind by Patrick Rothfuss
- Science, the Endless Frontier by Vannevar Bush
- Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase by Duff McDonald
- The Art of Spending Money by Morgan Housel
- Emperors of Chocolate by Joel Glenn Brenner
- Morris Chang's Autobiography
- Podcasts:
- Video:
- Video Games:
- Products:
- Parenting:
More Acquired:
- Get email updates and vote on future episodes!
- Join the Slack
- Subscribe to ACQ2
- Check 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.