Outliers with Daniel Scrivner: Explore the Greatest Innovators, Founders, and Investors

Eric Markowitz, Head of Research at Worm Capital | Worm's Two-Step Research Process, Favorite Books, and More

Oct 25, 2022

31:37

Eric Markowitz shares his journey from being an award-winning journalist to the Director of Research at Worm Capital—leading all of the research that informs Worm’s concentrated, long-only, technological disruption investment focus. Eric shares why investing is all about making good calculated bets, the important of slowing down the research process, how he avoids making behavioral mistakes, and so much more.

“I think the lesson learned is there’s so much value to patience in this business. That just slowing down not only the research process, but the actual allocation and trading process, is immensely valuable. Some of the greatest investors just do nothing, right? That is such a hard thing to conceptualize—especially in a culture that values action and values doing things. Most of the time, really the best answer is to do nothing.” — Eric Markowitz

EPISODE GUIDE (LINKS, QUOTES, NOTES, AND BOOKS MENTIONED)

https://www.danielscrivner.com/notes/eric-markowitz-worm-capital-playbook-show-notes

FULL TEXT TRANSCRIPT

https://www.danielscrivner.com/notes/eric-markowitz-worm-capital-playbook-transcript

CHAPTERS

(00:00:00) - Introduction
(00:01:56) – Eric’s Path from Journalist to Director of Research
(00:07:57) – Why Investing is About Making Good Calculated Bets
(00:09:47) – Worm’s Two-Step Research Process
(00:13:21) – The Importance of Slowing Down the Research Process
(00:15:36) – Guardrails and Keeping Bad Information Out of the Research Process
(00:19:48) – Worm’s Behavioral Advantages in Investing
(00:23:44) – Eric’s Recent Obsessions: The Future of Robotics
(00:26:54) – Eric Markowitz’s Favorite Books

ABOUT ERIC MARKOWITZ

Eric Markowitz is the Director of Research at Worm Capital. Worm runs a concentrated long-only strategy and invests in technological disruption. They call themselves "value investors focused on the future” and are drawn toward messy, complicated sectors of the market that are difficult to understand—and even more difficult to accurately price.

Before joining Worm Capital, Eric worked as an award-winning investigative business journalist and wrote from Inc., The New Yorker, and Newsweek. As the Director of Research, Eric leads all of Worm’s research efforts including mapping out new industries, understanding new technologies, and breaking down investment targets to understand the inputs and outputs that drive their business.

Twitter | Worm Capital | The Nightcrawler

💌 FREE NEWSLETTER

https://www.outlieracademy.com/newsletter

🎙 LISTEN ON

iTunes: https://podcasts.apple.com/us/podcast/outlier-academy/id1523851182

Spotify: https://open.spotify.com/show/58edVNgqaPNaCSGSxM6pef?si=88f37a5d20434775

Overcast: https://overcast.fm/itunes1523851182

ABOUT OUTLIER ACADEMY

Learn timeless lessons on work and life from iconic founders, world-renown investors, and bestselling authors. Outlier Academy is the forever school for those chasing greatness. Past guests include Gokul Rajaram of DoorDash, Scott Belsky of Benchmark and Adobe, Joey Krug of Pantera Capital, Mark Sisson of Primal Kitchen, Luke Gromen of The Forest for the Trees, and Brian Scudamore of 1-800-GOT-JUNK.

Website: https://www.outlieracademy.com

Twitter: https://www.twitter.com/outlieracademy

ABOUT DANIEL SCRIVNER

Outlier Academy is hosted by Daniel Scrivner. Over the last 15 years, Daniel has led design teams at Square and Apple, turned around a $3M+ ARR SaaS business, and invested in more than 100 companies. He launched Outlier Academy in 2020 to learn from the world’s best founders, investors, authors, and peak performance experts.

Website: https://www.danielscrivner.com

Twitter: https://www.twitter.com/danielscrivner

Learn more about your ad choices. Visit megaphone.fm/adchoices