Invest Like the Best with Patrick O'Shaughnessy

Ric Elias - The Art of Living Well - [Invest Like the Best, EP.388]

Sep 17, 2024

Ric Elias, CEO and co-founder of Red Ventures, shares his journey from early struggles to building a global powerhouse. He discusses the art of living well versus simply living good, emphasizing the importance of resilience and forgiveness. Elias reflects on his life-changing experience during the 'Miracle on the Hudson,' using it as a backdrop to explore genuine leadership and the value of community contributions. He advocates for redefining success beyond financial metrics, focusing instead on deeper connections and personal growth.

01:25:06

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Ric Elias

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Quick takeaways

Ric Elias emphasizes that a company's cultural values should prioritize employee well-being and community engagement over purely financial outcomes.

His journey illustrates the importance of resilience and humility, highlighting that success often involves a combination of perseverance and luck.

Elias advocates for forgiveness in leadership, promoting a culture of kindness and open communication to enhance collaboration and growth within teams.

Deep dives

The Power of Ridgeline

Ridgeline offers a comprehensive platform designed to streamline the operations of investment firms. By integrating various systems into a single, automated framework, it eliminates the need for managers to manually coordinate between multiple platforms. This automation significantly reduces time spent on tasks such as reconciling trades and inputting data, freeing up teams to focus on more strategic aspects of investing. The system promotes universal access, ensuring that all team members can access the information they need in real time, ultimately enhancing decision-making and efficiency across the firm.

Being vs. Doing

03:13

Leave a Legacy, Embrace Your Purpose

02:07

Inner Peace Over Peaks

01:33

Money's True Currency: Time and Energy

01:35

Intro

5min

The Journey to Wellbeing and Success

9min

Navigating Company Culture and Operational Excellence

15min

Reflections on Life, Leadership, and Legacy

27min

Redefining Success

9min

The Balance of Listening and Sharing in Friendships

3min

The Rev Ventures Recruitment Philosophy and Team Dynamics

16min

The Power of Forgiveness in Human Connection

2min

My guest today is Ric Elias. Ric is the CEO and co-founder of Red Ventures, which has a portfolio of fast-growing digital businesses like Lonely Planet, The Points Guy, Bankrate, and large investments in a variety of other businesses across industries. He began the business in 2000 and has grown it to now a global company with thousands of employees. Ric walks us through the early struggles that have led to what is now a flourishing investing platform, but mostly this episode is a masterclass on cultural values and philosophies that transcend mere financial gain. We discuss the difference between living good and well, the power of forgiveness, and compounding more than just your capital. Ric’s story is one of resilience, humility, and grace. His story about being in the front row of the plane that Captain Sully landed in the Hudson is singular and very moving. Please enjoy my conversation with Ric Elias.

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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 Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.

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This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

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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.

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

(00:04:29) Understanding Red Ventures: Origin and Evolution

(00:06:44) Early Challenges and Turning Points

(00:10:15) Operational Success and Company Culture

(00:16:10) Insights on Motivation and Growth

(00:25:35) Reflections on Money and Personal Well-being

(00:32:39) The Hudson River Plane Crash Experience

(00:42:25) Reconnecting with Puerto Rico and New Ventures

(00:47:10) Underdogs to Champions

(00:49:56) Building Trust and Team Dynamics

(00:52:19) Balancing Speed and Sustainability

(00:56:05) The Role of Confidence and Courage

(01:00:49) The Pursuit of Purpose Over Profit

(01:06:39) Recruitment and Company Culture

(01:11:20) Future of Business and AI

(01:23:20) The Kindest Thing Anyone Has Ever Done For Ric

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