Nike — it’s perhaps the most iconic and most prolific brand of the modern era. On any given day, swooshes adorn the feet of more people on earth than any other footwear company — by a long shot.If you read Shoe Dog or watched Air, you may think you know its history. But Shoe Dog ends in 1980, and Air… well let’s just say it’s an enjoyable piece of fiction. And it turns out (as always) that the real story is filled with far more drama, twists and business lessons than either of those works.We’ve been wanting to cover Nike for a long time, and thanks to our LPs who voted to choose this episode it’s finally here. So lace up your Vaporflys, Air Maxes, Dunks or Jordans (or your Monarchs, hey we don’t judge), head out for a long run or walk and enjoy!Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:Free access to Blinks of our episode research on BlinkistScalable, clean and low-cost cloud AI compute from CrusoeAll of your product growth powered by StatsigRegister for Statsig’s SF Event with Ben and David!More Acquired!:Get email updates (+ hints on the next episode topic)Join the SlackSubscribe to ACQ2Become an LP and support the show. Help us pick episodes, Zoom calls and moreLinks:Episode sourcesCarve Outs:Marc Andreessen on Lex Fridman and on Ben ThompsonSpeak Now (Taylor’s Version)‍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.

Nobody’s perfect — including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it’s packed with enough juicy family drama and creeping takeovers to fill a Netflix series.Yet, behind it all lies perhaps the darkest origin story we’ve ever told on Acquired. Not only was Porsche was started by Nazis, Adolf Hitler himself was deeply involved in its early fortunes. And, following WWII, the Allies simply looked past these facts and essentially bestowed a license to generate wealth on Porsche and its owners — setting the stage for them to become one of the top ~15 wealthiest families in the world today.Joining us to explore it all is perhaps the very most-qualified person in the person in the world: the one & only Doug DeMuro. Not only is Doug the largest independent car reviewer on YouTube with millions of subscribers (we’re HUGE fans), he previously worked at Porsche corporate and owns a legendary Porsche Carrera GT — which served as the recording backdrop for this episode. Make sure you tune in to watch the video version! :)ACQ2 Show + LP Program:Subscribe to the shiny new ACQ2!Links:Doug’s YouTube channel (which we HIGHLY recommend)Cars & BidsEpisode sourcesCarve Outs:ResortPassSeinfeld Cast Charlie Rose Interview CompilationWhistlinDieselSponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoe‍Note: 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.

Uber CEO Dara Khosrowshahi dropped by the Acquired studio for an Eats delivery, so we broke out the cameras and asked him to hang out for a wide-ranging conversation. :) We talk about his 20 years working with Barry Diller, starting his career at Allen & Company, how the Uber CEO search process ACTUALLY went down… and oh yeah, the massive transformation that’s happened at Uber over the past few years. When Dara took over the company it was bleeding huge sums of cash, losing share to competitors and embroiled in one of the biggest corporate controversies in recent memory. Fast forward to today and it’s turned cashflow positive while also having tripled revenue to over $30B (on $120B in GMV) and solidified its rideshare dominance in the US. And in perhaps the biggest change, it’s done it all while staying out of the headlines. Tune in!ACQ2 Show + LP Program:Subscribe to our interview show, ACQ2!LinksBen & David on My First MillionSponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoeNote: 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.

Today we bring you two absolutely incredible stories. The first is Lockheed’s legendary Skunk Works division — the elite team of aviation geniuses who produced some of the greatest airplanes in history: the U-2, the Stealth Fighter, and the incomparable SR-71 Blackbird. The second story is arguably even more important, but not widely known! It's the secret and true origins of Silicon Valley — and Lockheed’s primary role in it. We take you from WWII to the Cold War, all the way to today to unpack and analyze the industry dynamics of defense contractors in the modern era. Tune in and prepare to be blown away by what you’ll learn about the history of our industry!ACQ2 Show:Subscribe to the shiny new ACQ2!Links:Ben Rich’s Skunk WorksKelly’s 14 Rules of Skunk WorksLMSC’s “Seven Tenets”Steve Blank’s Secret History of Silicon ValleyEpisode sourcesCarve Outs:Nier: AutomataThe Blackbird speed check storyEGO Lawn Tools (just in time for Fathers’ Day!)Sponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoe‍Note: 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.

We sit down with Spotify CEO Daniel Ek live in Stockholm at Spotify’s amazing HQ studio (check out the video version of this episode — which plays natively on Spotify!). This was an incredibly special and timely conversation: for those who haven’t been paying attention over the past few years, after revolutionizing music Spotify has now ALSO completely transformed our own industry in podcasting. Starting from way behind with ~zero market share in 2018, Spotify has now aggregated the listener market and amazingly surpassed Apple as the world’s largest podcast platform — including close to home with the Acquired audience, where it has 60%+ market share among you all!We discuss the origins of this “second act” strategy with Daniel, the vision to move from a music company to an audio company, and what’s coming next with Spotify’s entry into Audiobooks. And of course we relive some key moments from the Acquired canon that Daniel was involved in, including his pivotal conversations with Taylor Swift and her team convincing her to come back to streaming following the release of 1984. Tune in!ACQ2 Show:Subscribe to our interview show, ACQ2!LinksFollow Daniel on TwitterSponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoeNote: 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.

We sit down Benchmark’s legendary gaming investors Mitch Lasky and Blake Robbins (now also of the excellent Gamecraft podcast fame) to discuss the history and future of gaming business models. This episode is the perfect bookend to our Nintendo/Sega gaming series this season on Acquired — no one is more qualified than Mitch and Blake to breakdown how the business side of the industry has evolved so radically from the Periscope quarter-drop days to the forever games and platform based publishers of today.Regardless if you’re a gamer, understanding the incredible innovation that’s taken place over the past two decades in gaming and what it portends for other industries is critical for any founder and investor to understand. Tune in!ACQ2 Show:Subscribe to our interview show, ACQ2!LinksThe Gamecraft PodcastMitch and Blake on TwitterThe Genius of the SystemMitch’s old “Investing in Content” blog postThat Game Company and SkyRiot and the League of Legends dota-allstars.com growth hackSponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoeNote: 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.

Sega and the Genesis was THE underdog story of the early 90’s. In a single console generation, Sega went from ~zero to 50% US market share and dethroned Nintendo’s seemingly invincible global monopoly. But — somehow — it all then died. Two console generations later Sega was out of the hardware game entirely, and the company was sold off for pieces to a pachinko manufacturer. How on earth did this happen??Today we’re launching Acquired Shorts in order to tell this story and others like it: side tales from the “Acquired Cinematic Universe” that are too brief for a full episode, but too good to leave in the vault. We’d love to hear your thoughts on the format (and this episode). Please send us your feedback in Slack, email or Twitter!ACQ2 Show:Subscribe to our interview show, ACQ2!Links:The shortest and most famous speech in video game industry historyEpisode sourcesCarve Outs:Daryl Morey on Invest Like the BestSuccessionStarship6 Days to AirSponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoeNote: 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.

In the 1980’s Nintendo was on top of the world, with the NES achieving over 90% market share of home video games globally. So how did they fall ALL the way down to ~10% in just a few short console generations? And how did they then build themselves back up (and down and up again) to the top of the world again? Spoiler: it all hinged on one very small, yet very large and durable platform… the Game Boy. Fire up your favorite portable entertainment device and tune in for the epic story of Nintendo’s fall from grace and journey back to the top — capped off by our robust discussion of where they go from here, and whether this 130+ year old company may still (!) be misunderstood and mis-valued.ACQ2 Show:Subscribe to the shiny new ACQ2!Links:Our EA episode with Trip HawkinsMatthew Ball on why “Nintendo as Disney” is a flawed analogyCrossroads Capital’s investor letters outlining their Nintendo thesisEpisode sourcesCarve Outs:Kara Swisher in Vanity Fair (and our old episode with her!)Hardcore History (finally!)The Tetris movieDaryl Morey on Invest Like the BestSponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoe‍Note: 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.

7 Powers author Hamilton Helmer and his Strategy Capital colleague Chenyi Shi join us again to discuss their latest research on a topic that’s highly relevant to the recent Acquired canon: how to build a second business line. This incredibly important “transforming” question faces every great company who has achieved initial product success (as well as their investors). Do we continue solely along the established path, or do we attempt to grow new branches on the tree? Some companies grow new businesses with tremendous success — Amazon and AWS, Nintendo and video games, Nvidia and CUDA — yet many others fail miserably. For the first time Hamilton and Chenyi share their research-based playbook on how companies should approach this decision and choose wisely. Tune in!ACQ2 Show:Subscribe to the shiny new ACQ2!Sponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoeLink to Hamilton's 2-Axis ChartNote: 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.

ACQ Sessions returns with David Senra of the Founders Podcast. David is one of our very favorite people in the world — it’s impossible to spend an hour (or 3!) with him and not come away inspired to go take over the world. This conversation is an “extended, IRL version” of monthly calls that we do together where we share stories, swap life and podcast advice, and just genuinely enjoy sharing time with someone who shares our outlook and enthusiasm for the history of entrepreneurship. Pull up a chair, grab a beverage (or energy drink in David’s case) and join us!ACQ2 Show:Subscribe to the shiny new ACQ2!Links:Go subscribe to Founders! Some of our favorite episodes: Bernard Arnault, Brunello Cucinelli, Edwin Land, Kobe BryantSponsors:Statsig: https://bit.ly/acquiredstatsig24Vanta: https://bit.ly/acquiredvantaCrusoe: https://bit.ly/acquiredcrusoeTopics: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.