Invest Like the Best with Patrick O'Shaughnessy

Michael Ovitz - Knowledge Is Power - [Invest Like the Best, EP.359]

Jan 9, 2024

Michael Ovitz, the legendary co-founder of CAA, shares insights from his iconic journey in Hollywood and his transition to investing. He discusses the importance of creativity and the impact of friendships on innovation. Ovitz emphasizes the necessity of a relentless work ethic and positive industry relationships while highlighting the significance of an offensive mindset in investing. Reflecting on art's role in film, he shares anecdotes about honesty and the challenges of work-life balance, offering heartfelt stories that showcase kindness in tough times.

01:49:25

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Michael Ovitz

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Quick takeaways

Scale and momentum are crucial for success in any business, allowing for the gathering and sharing of valuable information.

Spotting talent requires a combination of intuition, experience, non-verbal cues, and carefully listening to assess someone's potential.

Developing a strong reputation and brand is essential, creating an aura of intrigue and allure, while avoiding badmouthing competitors.

Building a successful business requires a strong work ethic, stamina, dedication, surrounding oneself with talented individuals, and maintaining momentum.

Deep dives

The Importance of Scale and Momentum

Scale and momentum are crucial for success in any business. Having a large team and the ability to move quickly and efficiently allows for the gathering and sharing of valuable information. Momentum is built through consistent action, follow-up, and positive rapport. Scale provides a wealth of knowledge, which leads to power and informed decision-making. The belief in and commitment to one's ideas, along with a burning desire to succeed, are essential qualities in both founders and investors.

The Importance of momentum

01:26

The Power of Scale in Investing and Business Growth

02:49

The Complexity of Creativity

01:27

Proactive vs Reactive Investing and Entrepreneurship

01:10

Intro

3min

Rediscovering Creativity and the Impact of Friendship

25min

The Dynamics of Positional Power and Professional Presence

5min

The Grind of Success

7min

Building Positive Industry Relationships

28min

The Importance of an Offensive Mindset in Investing

2min

Art, Honesty, and Work-Life Balance in Film

36min

A Heartwarming Encounter: Kindness in Difficult Times

2min

My guest today is Michael Ovitz. Michael is the legendary talent agent and co-founder of CAA, or Creative Artists Agency. Michael started CAA in 1975 and over the next twenty years, he built it into the world’s most formidable talent agency, changing Hollywood forever. The list of stars he’s worked with is endless, from Meryl Streep to Steven Spielberg and David Letterman.

Since leaving CAA, he has become an investor and adviser to many prominent firms, most notably Andreessen Horowitz, and Michael’s work ethic is unmatched. Please enjoy this great discussion with Michael Ovitz.

Listen to Founders Podcast

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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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) Show Introduction

(00:03:25) First Question, Michael Crichton's Impact

(00:04:14) The Art of Storytelling and Creativity

(00:07:20) Michael Crighton’s Writer's Block

(00:09:53) The Birth of Jurassic Park

(00:12:42) The Importance of Pacing in Storytelling

(00:17:43) Positional Power and Influence

(00:20:04) Knowledge is Power

(00:22:10) The Role of Agents in the Business World

(00:36:18) The Importance of Momentum in Business

(00:42:35) Branding and Image

(00:45:44) The Art of Spotting Talent

(00:46:20) The Role of Persistence

(00:51:25) Investing in People

(01:00:30) Building Mystique

(01:06:30) The Importance of Relationships

(01:10:39) The Role of Art in the Entertainment Industry

(01:17:04) Telling the Truth to Clients

(01:25:28) Winning the Coca-Cola account

(01:42:18) The Kindest Thing Anyone Has Done for Michael

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