In 'Legacy', James Kerr delves into the culture and ethos of the New Zealand All Blacks rugby team, one of the most successful sports teams in the world. The book reveals 15 practical lessons derived from the team's unique culture, which are applicable to leadership and business. These lessons include principles such as 'Sweep the Sheds' (promoting humility and collective responsibility), 'Whakapapa' and 'Tikanga' (underlining the importance of knowing one's roots and adhering to ethical behavior), and 'Black Box Thinking' (assuming responsibility and learning from failure). Kerr also emphasizes the importance of camaraderie, continuous improvement, and authentic leadership. The book provides a roadmap to potential greatness by embracing one's roots, striving for leadership, and growing within a team[2][3][5].
The book tells the story of Alex Rogo, a factory manager who is given three months to improve his underperforming plant or face its closure. With the guidance of his former physics professor, Jonah, Alex learns to apply the Theory of Constraints to identify and manage bottlenecks in the production process. Through this approach, Alex and his team transform the factory, improving efficiency, reducing inventory, and increasing profitability. The novel uses the Socratic method to teach fundamental business concepts and emphasizes the importance of continuous improvement and critical thinking in management[2][4][5].
Michelle Paver's "Thin Air" is a chilling ghost story set in the Himalayas during the 1930s, a time known for its adventurous mountaineering expeditions. The story follows a doctor on an expedition to Kanchenjunga, the third highest mountain in the world, who encounters a haunting presence during his climb. Paver masterfully blends historical details with supernatural elements, creating a suspenseful and atmospheric narrative. The novel explores themes of isolation, the unknown, and the power of the human mind in the face of fear. Its vivid descriptions of the harsh Himalayan landscape and the psychological impact of isolation add to the overall chilling effect.
My guest today is Antonio Gracias, founder, CIO, and CEO of Valor Equity Partners. Antonio is perhaps best known for his role at Tesla, as the earliest institutional investor and Director from 2007 to 2021. But he has deep operating and investing experience, having first acquired and managed a number of manufacturing and technology companies during his 20s. And it was during those formative years that Antonio and his team developed the skills that led to Valor, which provides operational expertise to the high growth private companies they invest in.
Our conversation is a deep exploration of the drivers behind Antonio and Valor’s success. We dive into his concept of pro-entropic investing, what he learned as a 25-year-old running a manufacturing business, and trust me when I say, you don't want to miss his answer to the kindest thing ever. Please enjoy this great conversation with Antonio Gracias.
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 Lemon.io. The team at Lemon.io has built a network of Eastern European developers ready to pair with fast-growing startups. We have faced challenges hiring engineering talent for various projects - and Lemon.io offered developers for one-off projects, developers for full start to finish product development, or developers that could be add-ons to the existing team. Check out lemon.io/patrick to learn more.
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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.
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Show Notes
[00:02:51] - [First question] - Defining what a pro-entropic company is
[00:07:26] - Understanding external forces of chaos and why they’ll continue to increase
[00:11:32] - What he’s learned about identifying and investing in pro-entropic companies
[00:13:43] - Investing with entropy in mind can be a bet on unchanging aspects of human nature
[00:15:08] - Defining durability in contrast with resiliency and entropy
[00:18:53] - Coming from a traditional background and the origin of Valor
[00:22:05] - The theory of constraints and why it’s so powerful; The Goal
[00:26:32] - Transitioning into a private equity structure and Valor’s 2001-2005 era
[00:42:02] - Decision making bias and combating bias effectively in practice
[00:44:30] - Where security and control figures into his thinking
[00:45:45] - Identity in relation to ego; the tools he uses to combat identity related decisions
[00:49:04] - Lessons learned from the Japanese language versus Western languages
[00:53:07] - Questions he returns to when he’s getting to know a company
[00:56:16] - An episode of operational deployment that most stands out in memory
[00:58:54] - Key concepts that most stick with him from working alongside Elon Musk
[01:01:32] - Why there aren’t more Musk’s or Bezos’ in the world
[01:04:20] - Ensuring Valor invests in the best companies going forward
[01:06:06] - How to pass the torch of what Valor is to others when his time is done
[01:08:25] - The kindest thing anyone has ever done for him
Invest Like the Best with Patrick O'Shaughnessy 
