North Star Podcast

My guest today is Jason Zweig, a personal finance columnist for The Wall Street Journal. He's also the author of the revised edition of Benjamin Graham's The Intelligent Investor, which Warren Buffett has described as "by far the best book about investing ever written." We begin the episode by discussing the evening Jason spent with Charlie Munger at his home in Southern California. Then we talked about Jason's collaboration with Daniel Kahneman, the Nobel Prize winning behavioral economist. We discuss Jason's time growing up on a small farm in upstate New York, and why Jason's Wall Street Journal columns are intended to save investors from themselves. Then we had a conversation talking about the power of small details and communication, and why writing demands fresh language. And nearly every single part of this conversation applies to my online writing course called Write of Passage, where I teach students to launch a personal website, build their writing habits, and attract an online audience. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. SHOW TOPICS LINKS: Find Jason online: Twitter Website WSJ’s The Intelligent Investor Other mentions: Charlie Munger, Unplugged by Jason Zweig (Paywall) The Intelligent Investor by Benjamin Graham Thinking, Fast and Slow by Daniel Kahneman Look Homeward Angel by Thomas Wolf The Years of LBJ by Robert Caro SHOW NOTES 1:38 What Jason learned from his six-hour long conversation with Charlie Munger, delivering the same information in different and entertaining ways, why you should bet on regression to the mean instead of being procyclical when it comes investing. 8:00 What are the similarities between Charlie Munger and Daniel Kahneman, why you have to be ready to kill your darlings when it comes to writing, and what does Jason’s information diet looks like. 24:10 How Jason thinks about the idea of “saving investors from themselves”, the role of entertainment in Jason’s writings, why clichés are a symptom of lazy thinking, and inflection points in Jason’s career 42:10 How growing up in rural New York fueled Jason’s intellectual curiosity, how Jason would approach building a writing career if he was just starting out, and why you should treat words like 45 pound dumbbells. 55:44 Pivotal moments that influenced Jason’s writing process, the importance of being able to take criticism well, and how Jason uses collective intelligence to improve his thinking 1:08:17 The dangers of learning too narrow a lesson, how Jason was as a young college student, and why overconfidence might a positive influence for young writers SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.

My guest today is Austin Rief, the Co-founder and Chief Operating Officer of Morning Brew, a daily email newsletter with the latest news from Wall Street to Silicon Valley. Austin started the company when back when he was a student at the University of Michigan. And now Morning Brew has more than 1 million subscribers. This conversation is about all things email from growth through attention to strategy. We talked about Morning Brew’s early growth strategies, its ever growing referral program, and the power of exclusive content for loyal subscribers. And then we talked about my own Monday Musings newsletter and my online course called Write of Passage and how people like you and me can harness the power of email. When it comes to media and commerce, Austin is one of my very favorite people to talk to. I hope you enjoy this episode. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. SHOW TOPICS LINKS: Find Austin online: Twitter Morning Brew Other mentions: Pocket sweetgreen Bonobos Substack SHOW TOPICS 1:50 How Austin thinks about building virality into the product, how to optimize paid marketing for your consumer brand, and having a unique pitch to your advertisers 10:16 The framework of “need vs. feed” in advertising, the origin story of Morning Brew, building memorable experiences, and how not having the weight of being successful can be good 21:33 Doing things that don’t scale, Morning Brew’s referral program and partnerships with other newsletters, and A/B testing 28:00 Building Morning Brew for other industries, using the psychology of readers to design the product, and aligning misplacing and underpricing of marketing channels with your specific product 39:52 Thinking about the tradeoff between depth of content and legibility, why you should make your product for a very specific person, and the under exploration of non-personal influencers 50:21 What are Austin’s axioms of growth, having multiple revenue streams to build a moat, the switch for Austin’s focus from growth to retention, and why your own customers are your build marketing channel  1:00:57 Why Austin loves sweetgreen, focusing on authentic experiences, the importance of a personal newsletter, and the future of the newsletter space  SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.

My guest today is Jason Fried, the Co-Founder and President of Basecamp, a Chicago based company that builds web based productivity tools. Jason is famous for his contrarian approach to work and his blog Signal vs. Noise. On this episode, we talked about both of them. We recorded this conversation at Basecamp's headquarters in Chicago. In this conversation, we discussed Jason's new book, It Doesn't Have To Be Crazy at Work. We also discuss Jason's philosophy of work and dive deep into how Jason was able to maintain control of Basecamp and build a business that mirrored his beliefs. We talk about the history of Chicago architecture, why Jason values time in nature so much, and how designers should balance the trade offs between elegance and utility. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. SHOW TOPICS LINKS: Find Jason online: Twitter Basecamp Signal vs. Noise ReWork Podcast People mentioned: David Heinemeier Hansson Brian Eno Other mentions: Great Chicago Fire Equinox SHOW TOPICS 1:30 What was the “ah-ha” moment when Jason realized that the way we work is broken, the measures at Basecamp that he cares about, and how the entire business is structured around how they work 5:15 Keeping things intentionally small, why “hustle porn” is overrated, how management pushes people towards made-up, unnecessary expectations 11:03 How Jason thinks about moments vs hours mode of working, how to build a profitable business from day one, creative vs hard work 16:03 How good habits can form the backbone of a good workplace, how Jason structures his days, how projects are structured at Basecamp 23:50 How the end goal determines how you work, how Basecamp is able to sponsor $5000 vacations every year for all its employees, how scratching your own itch can lead to a really good business, the origin story of Basecamp 33:45 Basecamp’s “content” strategy and why Jason doesn’t call it that, why failure is overrated in the software industry, why focusing on the fundamentals is the key to sustainable business  41:10 Growing your business like an oak tree, Jason’s favorite buildings in Chicago, how the Great Chicago Fire shaped the cities architectural landscape 53:10 Why aesthetics are not important, optimizing for the right things, Brian Eno, and why being able to articulate how you’re thinking is a powerful tool 1:04:10 Equinox and how high friction can lead to better experiences, how Jason thinks about pricing, and why softwares don’t need to give away a large part of their product 1:11:35 Why Basecamp doesn’t have any salespeople, why Basecamp is what Jason chooses to spend his time on, and what was the moment when he realized that Basecamp could be his life’s work SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.

My guest today is Jason Stein, a general partner at Steins, an investment management business and holding company that provides capital and strategic partnership to consumer brands, media and technology companies. Jason also founded Laundry Service, an advertising agency that sold to Wasserman Media Group in 2015. And full disclosure, I worked for Jason at Cycle Media, the sister company of Laundry Service, and that's where we met. In this episode, we talked about the direct to consumer commerce wave, sports advertising and also the future of marketing. And this conversation begins with a story of how Jason use Twitter to recruit me back when I was a senior in college. I hope you enjoy this episode. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. SHOW TOPICS LINKS: Find Jason online: Twitter Steins Mentions: Laundry Service Chris Cox Chris Daniels Front Office Sports The Short Bus by Jonathan Mooney TikTok David’s tweet on the DTC wave Dollar Shave Club $1.2B Exit David’s new course on writing online, Write of Passage SHOW TOPICS 1:07 How Jason uses Twitter and why he thinks advertising begins with creating a great product, and how social media can be leveraged for product development 5:27 Why Jason thinks Mark Zuckerberg and Jack Dorsey are working on the right problems, how writing can help you become an “influencer”, and the addictive incentives of social media 9:08 Why long form content is not dead, why David thinks “Always be paranoid” is the most important thing he learned from Jason, and why Facebook and Twitter are facing the problems they are today 16:19 Jason’s mindset while building Laundry Service, the importance of a personal end goals, the difficulty of building a services business, and why you should always “Make it about the work.” 25:27 Why Jason is a bit jealous of David, how Steins is different from VC firms, and why is Front Office Sports so important? 35:28 The viral spread of TikTok, why Jason loves it, and how algorithmic feeds become important as a social network scales up 38:17 Why “nothing is binary”, the DTC wave, and why DTC brands are still reliant on wholesale and traditional retail channels 47:08 Why does sports advertising suck, misaligned incentives, and why it’s different to own a brand than be a brand agency

My guest today is Erika Nardini, the CEO of Barstool Sports. Barstool was started by Dave Portnoy in 2004. And Erica first learned about the company when she was living in Boston and she immediately became a fan. Now if you don't know about Barstool Sports, they are one of a kind. They cover sports and pop culture through a uniquely Barstool lens and they produce blogs, videos, and podcasts. They are part-media company, part-subscription service, part e-commerce company, and Barstool is responsible for many of the memes I grew up with. They are all over the place. For example, Barstool has an amateur boxing league with pay per view events called Rough and Rowdy. And some of their other shows include Chicks in the Office, Pardon My Take, Spittin Chiclets, and Schnitt Talk. In this conversation we explore every aspect of Barstool – from personalities like Big Cat, Uncle Chaps and El Presidente. We talked about the future of advertising, how Barstool things about its future, and how memes on social media become e-commerce products. Then we talked about Barstool's hiring philosophy, and how being an internet native impacts ad reads and content strategy. I hope you enjoy this episode. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. SHOW TOPICS LINKS: Find Erika online: Twitter Barstool Sports People mentioned: Dave Portnoy (El Presidente) Jon Bellion Ellie Schnitt Dan Katz Keith Markovich Kevin Clancy Caleb Pressley Other mentions: Pizza Reviews by El Presidente Chicks in the Office SHOW TOPICS 1:47 How Erika thinks about Barstool as a company and the future of media companies 5:41 The different personalities at Barstool and what Erika thinks makes them unique and authentic, the meaning of “being from the internet”, why Pizza Reviews are a premium format 14:03 Erika’s view of relationships that personalities have with their fans on the Internet, how that’s evolved over time, and all things Jon Bellion 18:09 Why the music industry has had such a tough time getting disrupted from within 20:52 The future of sports, what Erika thinks about sports rights in different leagues, and the idea of company orientation deciding end product experience 29:03 How sponsored content can be used effectively by brands, creative freedom for influencers, and how Erika found Barstool 33:16 David finding out about Barstool memes like “Saturdays are for the boys”, how that turns into an e-commerce product, and the balance between creative freedom and monetization 36:57 How Erika thinks about hiring at Barstool and the Barstool “it” factor 40:06 How is Barstool using data to influence decision-making, how people move through the Barstool brand, how internships turn into jobs for self-starters 47:17 Ecommerce at Barstool, switch from industries to media companies, which sports league would Erika bet for a 10-year time frame? 51:10 How have video games impacted Barstool, golf personalities, people stealing the Barstool way of doing things and why ultimately that doesn’t help them 1:00:10 Why did Erika choose to spend her career in the intersection of content and technology and monetization?

My guest today is Nick Kokonas, the Co-founder of The Alinea Group of restaurants. His restaurant Alinea has been named the best restaurant in America and also the best restaurant in the World. Nick is also the Co-founder and CEO of Tock incorporated, a reservations and CRM system for restaurants with clients in more than 20 countries. In this episode, we dive deep into the restaurant industry. Nick and I begin by discussing how he applies behavioral economics to his bars and restaurants. Then we talk about the design of Next bar, the Aviary, and how he's thinking about the upcoming redesign. We explore many aspects of the restaurant industry. From menu design, to branding, to reservations, to designing experiences. We talked about why golf is the greatest sport in the world, how to increase throughput at a bar or restaurant, and the virtues of dynamic pricing. We also compare and contrast high end restaurants around the world from New York to Argentina. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. Show Notes LINKS: Find Nick online: Twitter Tock The Alinea Group People mentioned: Grant Achatz Richard Thaler Steve Stallard Bryson deChambeau Other mentions: Misbehaving by Richard Thaler Tegui Contra Publican Moto Cypress Point Crosby Street Hotel SHOW TOPICS 1:49 How Nick came to meet Noble Prize winning Economist Richard Thaler, how he applies behavioral economics to the restaurant business, and how small behavioral cues can lead to big changes in results 7:05 Why does Nick care about metrics like revenue per minute per seat instead of average check size, the importance of throughout, and the new Flex AI tool offered by Tock 11:22 Why has the restaurant industry not adopted dynamic pricing? 14:34 Is fine-dining around the world becoming all the same due to Instagram? How has shifts in information created a new kind of chef who mixes art and science at a very early age? 21:44 How does Nick look at food costs and why are truffles so expensive? 25:50 How does the Alinea group manage the trade-off between hospitality and efficiency, and the thought-process behind the new re-design. 31:06 How Chicago’s West Loop become such a hotspot for good restaurants, parallels with New York’s Meatpacking district of Chelsea, and the importance of real estate in the restaurant business 35:31 Importance of giving false choices in parenting and in restaurants 39:02 The origin story of Tock and how it delivers a superior experience for restaurants and customers 51:10 Why Nick becomes every business plan with the experience of going to the place, what’s wrong with most business plans for restaurants, and behind-the-scenes drama at high-end restaurants 58:17 Why are Half Mezcal Margaritas Nick’s favorite drink? 1:00:30 Why Nick enjoys playing golf, David’s story about sneaking into Cypress Point, and how Bryson deChambeau is changing golf 1:07:30 What does Nick think about effective business writing, the importance of editing, being ok with saying “I don’t know” and Trump’s ability to distill ideas into simple rhetoric. 1:13:00 Why did Nick called everyone into work on Chicago’s Polar Vortex day and willingness to do things that others don’t. 1:17:30 How is Nick prepping for the macro environment slowdown given that restaurants are one of the least recession proof industry? 1:18:57 Why people don’t like to make decisions, and why Nick will never work with anyone who can’t make decisions – even if they are the wrong ones. 1:20:36 Nick’s requirements for hospital hotel and why he likes the Crosby Street Hotel in NYC. 1:23:49 How Nick and Grant studied the dew point of water to avoid condensation at the tables in Alinea. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.

My guest this week is Andrew D'Souza, the Co-founder and CEO of Clearbanc, a fundraising alternative to traditional venture capital. The company is based in Toronto and helps businesses fuel their marketing spend – because right now 40% of venture capital invested in companies goes directly to funding Facebook and Google ads. Equity is an expensive way for founders to fund repeatable growth and Clearbanc exists to solve that problem. Here's how it works – Clearbanc gives startups anywhere between $5,000-$10 million and in exchange Clearbanc typically receives a 5% to 10% revenue share of that company's earnings until the funding is paid back plus a 6% fee. Now here's the secret, Clearbanc picks merchants by developing technology that scans the merchants' Stripe payments and Facebook ads and that way they can assess the financial health and momentum of the company. In 2018, Clearbanc poured more than 100 million dollars into 500 companies. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. Show Notes LINKS: Find Andrew online: Twitter Clearbanc People mentioned: Chamath Palihapitiya Chip Wilson Tobi Lütke Sam Altman Paul Graham Stewart Butterfield Drew Houston Mike Krieger Other mentions: Clearbanc Social Capital Andreessen Horowitz Y Combinator Lululemon Little Black Stretchy Pants by Chip Wilson Groupon Dragon’s Den It’s always Day One letter Top Hat SHOW TOPICS 1:55 How Systems Engineering helped Andrew helped think about the intersections of different disciplines like Neurobiology, Psychology, Marketing, and Macroeconomics 5:36 Why authenticity is key to building great marketing campaigns and why your job as the CEO is to create the necessary conditions for success 10:12 The origin story of Clearbanc and how 40% of all venture capital goes to Facebook, Google, and Amazon 20:05 How companies build a culture that allow people to fail and how Clearbanc started by funding Uber drivers which keeps them true to their origin story 25:14 How Andrew squares the dichotomy between funding growth through social media and the idea of a disproportionate portion of VC going to Facebook ads 29:42 Airbnb and the future of how cities will evolve around self-driving cars and subscription songs 35:00 Why Andrew thinks that the advent of self-driving cars is more a policy problem than a technological one 40:48 The independence of Canadian provinces and how Quebec has managed to preserve the European culture against huge pressures 47:31 How meeting YC partners showed Andrew that VCs are just one way to build your company 50:43 How Andrew builds and cultivates relationships while building Clearbanc 55:10 What Andrew thought about traveling to Israel and thinking about Jesus as a founder of a movement 58:29 How Andrew returned to his initial passion for selling a product that he believes in through hiring people in positions which were their passion

SHOW NOTES LINKS: Find Alex online: Twitter Social Capital: Snippets People mentioned: Steve Yegge Clay Christensen Travis Kalanick Dan Doctoroff Dr. J. Craig Venter Eric Reis Chamath Palihapitiya Other mentions: Steve's Google Platforms rant Social Capital Y Combinator Andreessen Horowitz Cloud Kitchens Sidewalk Labs 100 Resilient Cities The Organization Man by William Whyte The Lean Startup SHOW TOPICS 2:11 Amazon's Organizational Structure 4:09 Steve's Google Platform Rant 12:42 AWS & The Government 22:53 Disruption as rearrangement 30:47 Thesis-driven Discovery Team @ Social Capital 38:52 The role of transportation in shaping cities 45:47 Suburban vs Urban life 53:13 Sidewalk Labs in Toronto 1:00:11 Chief Resilience Officers in Cities 1:03:03 Alex & his interest in Biology 1:11:28 The Organization Man 1:18:58 What has Alex learned from Chamath Palihapitiya 1:22:05 Alex's writing advice 1:25:02 Ways to Think About Water SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.

My guest today is Web Smith, the founder of 2PM, Inc. a curated, subscription-based media company with quick commentary on brands, data, and eCommerce. He invests in and advises for digitally native vertical brands, and spends most of his time in the intersection of digital media and eCommerce. Within the eCommerce industry, Web’s done many tours of duty: he was the cofounding CMO of Mizzen & Main. Before that, he handled marketing at Rogue. Most recently, he was the Director of eCommerce at Gear Patrol. We begin the episode talking about what Web learned working for Rogue Fitness. We discuss misconceptions around eCommerce. We talk about the purpose of advertising and how brands should think about spreading their messages. Then, we dive into the intersection of content and commerce, and explore brands like Supreme who turn off as many people as they attract. We talk about the future of retail, and explore the developing prospects for Dollar General, Wal-Mart, and J-Crew. Finally, we end with a conversation about Web’s journey from a hungry Houston kid to a multi-time founder. Web’s grit shines through in this conversation. I left the conversation in awe of Web’s humility and ambition. Please enjoy my conversation with Web Smith.   SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.     Show Notes LINKS: Find Web online: Twitter 2PM Inc Instagram People mentioned: Jake Thompson Casey Neistat Other mentions: 2PM Inc Mizzen+Main Rogue Gear Patrol Compete Every Day WONE Supreme Primal Kitchen RX Bar Walker and Company Off-White J. Crew SHOW TOPICS 1:12 - How Web began with the e-commerce industry with Rogue, some of the misconceptions he first had with the industry, and a few of his experiences of a blue-collar mentality within e-commerce. 7:20 - Product becoming less of a differentiating factor within e-commerce companies, Web’s thoughts on this, as well as his thoughts on companies doing things in-house versus outsourcing. 11:46 - A few other things that Web looks for within an e-commerce company and some factors that stand out to him. 14:22 - The direct to consumer industrial complex and Web discussing how the real winners of this era are the people that are supporting these brand efforts. Also, a bit on what Web is building within 2 PM and the strategies he’s using. 19:32 - What Web’s original vision for 2 PM was and where the company is currently going. Also, some thoughts on if you’re not doing a paid route, then word of mouth being very important. The most important factor within the Supreme brand discussed, as well. 26:29 - Web’s thoughts on the collaborations that Supreme and Virgil Abloh have done. (Paying $300 for a Supreme branded brick) 29:08 - What Web has learned from CrossFit, his thoughts on it, and a few of his experiences within that community. Also, thoughts on brands relating to being a religion. 36:20 - What is it with the structure of the industries like food, beverage, or cosmetics that makes them not go public. Afterward, discussion on the convergence of media and e-commerce. 49:24 - The rise of dollar stores rising up around the country and Web’s thoughts on this. Also, why the same benefits of these dollar stores (high convenience, close to your home, and low prices) can’t be improved through e-commerce vectors. 54:22 - What stands out about Walmart and what they’re doing within the industry to Web. One of his experiences with Walmart here, as well. 58:46 - Columbus, Ohio being one of the major retail capitals of the world and some thoughts on the things going on within the retail space there. 1:01:41 - What Web has learned from Casey Neistat. His huge amounts of discipline and strict schedules. Where he came from and where he’s going. 1:06:22 - As the cost for testing and launching products go down, more and more companies are coming out with more and different products than what they’re known for. How Casey has also done this. 1:08:31 - The lessons and ambitions Web got from growing up and some discussion on his earlier days and experiences with poverty. How this has translated into him raising his kids. 1:13:13 - Why Web has chosen 2 PM as a way to share his knowledge and to give his gift to the world. Also, what Web deals with within the intersection between e-commerce and media. 1:16:40 - What Web has learned about the craft of writing and how he’s gotten better at it. Why it’s important to always write, especially when you don’t want to do it. 1:19:00 - How Web thinks about talking to people, creating ideas, learning, reading and then making those ideas and that information real and then sharing those with the world. How Web approaches learning through conversation and how he goes about it.   “I don’t think you can be all things for all people. If you’re not pissing someone off, you’re doing something wrong.”   SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.

My guest today is Tal Shachar, the Chief Digital Offer of Immortals, a global eSports organization in Los Angeles where he leads consumer-facing operations. At Immortals, Tal is working to build the most engaged and inclusive community in eSports. Before joining Immortals, Tal lead strategy and growth for BuzzFeed studios, focusing on growing audience and monetizing Buzzfeed’s intellectual property across channels. Before that, Tal worked for an independent media holding company called the Chernin group, and worked with companies like Barstool Sports, the Action Network, and Headspace. And finally, Tal writes for Media REDEF, where he analyzes the media and technology industries. I can confidently say Tal’s articles are some of the best articles ever written on the media business. We devote this entire episode to the future of media. We talk about Netflix, Disney, Amazon, HBO and the changing definitions of scale in the media business. We explore the present and future of niche media and discuss the emergence of food culture on the internet. Then, we talk about some of Tal’s craziest ideas like the differences between Tiles and Feeds, why Hollywood is like an API for Silicon Valley, an how fast feedback loops between digital and physical reality are changing the world. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. Show Notes LINKS: Find Tal online: Twitter Linkedin People mentioned: Ben Thompson Reed Hastings Matthew Ball Benedict Evans Ryan Murphy Ze Frank Peter Chernin Jonah Peretti Seth Godin Fred Wilson Evan Spiegel (my episode with Evan here) Other mentions: Aggregation theory Bytedance   SHOW TOPICS 0:35 - The constraints in the past regarding the limited choice people had. Comparing this to now where we have numerous ways to choose various things and how we want them. How this relates to communities emerging - “With limitless distribution and limitless choice, we can find exactly what appeals to us, including other people.” 5:35 - The distinction between a push-discovery and a pull-discovery (having something pushed onto you versus choosing and being drawn to something). Some examples of these. Also, detailing passive and active forms of content consumption. 8:11 - How advertising and subscription business models tie into push versus pull theory (most television being 50/50 split). The passive and active aspects of media, as well. Going into Netflix’s strategy and scaling, and discussing why it doesn’t have advertising or sports. How being at scale has changed and what this means. 20:20 - What some of the bottlenecks are regarding sports media and television. Also, what sports television may look like in the future. 23:10 - Tiles versus feeds. How passive and active consumption ties into both of these (for example, Facebook feeds much more suited for passive consumption). Tile-based consumption being more suited to active consumption. 27:15 - How Disney, Amazon, and HBO use much more different strategies compared to Netflix and why they do this. Going in-depth into their specific strategies. 31:50 - How Tal’s prediction with content leading straight to purchase and how this has largely come to be true. Also, how parts of this prediction have been wrong. Discussion on and examples of focusing at the top of the funnel, and then focusing solely at the bottom of the funnel. A bit on how online shopping may evolve to begin having a similar experience that in-store shopping might have. 40:49 - Who has a structural advantage in the world and some examples of these advantages. How the type of product will be better suited for online distribution versus a more physical distribution. A future increase in the number of direct consumer brands. 44:31 - How the goal is not to pay the least amount but to pay the most for your content. How we’ve gone wrong in terms of how we think about this. Paying for the best content, to then monetize it at the highest rate, and then return to paying for the content again is really what’s going to matter. For passive content, the model is different. 47:19 - How Tal sees Hollywood changing in terms of risk and reward. How Netflix ties into this and detailing that. Discussing the nature of music and the monetary aspect of top-tier content. 54:00 - Discussing media-consumption and how the demand may not be increasing but the supply is always increasing. The opportunity-cost arising. What begins to shift when there is no longer any attention left to give to media. The possible integration of companies using facial expression data from cameras to create even more accessible and efficient data. 58:45 - The idea of Hollywood as an API for Silicon Valley. Some discussion on this idea and how companies use Hollywood as an API. 1:03:34 - If we go back to the 1960s, how music mainly ran the culture at the time. Now, how travel is a shelling point for culture, for people to meet, and in many other sectors. Some examples of this with food, as well. 1:06:54 - What Tal learned from Peter Chernin and some unique skills that Peter has. 1:08:29 - Why Tal has watched almost every romantic comedy. Some discussion on what makes them unique and on what they can teach us with storytelling. 1:10:55 - John Malone and what he does really well. Why Tal admires him and why John might have the unique perspective that he does. 1:13:08 - What does LeBron James coming to Los Angeles say about Los Angeles, LeBron, and for the increasing importance of entertainment. 1:15:05 - What stands out to Tal regarding Ze Frank and Jonah Peretti. 1:16:15 - How the internet has increased our ability to share information more easily and effectively. Some discussion on how Buzzfeed has capitalized on that shift and the competition that comes with sharing content. 1:19:35 - How Tal thinks about the trade-off Seth Godin-style daily blog, couple hundred words, versus pouring your heart and soul into an article. Frequency and consistency discussed, as well. (articles mentioned listed above) 1:21:54 - Tal’s perspective on Evan Spiegel and some thoughts on Snapchat. What Snapchat does well and has struggled with. A bit of discussion on what’s to come in the future regarding social media. 1:27:50 - How communication has changed over time from speech to pictures and words. Thoughts on this and previous forms of entertainment compared to now. 1:32:10 - Some of the two-way feedback loops we’re currently seeing. Distribution-based content impacting the real-world, then coming back around to impacting the distribution of that content again. Also, discussing the increasing number of people that are finding trends and capitalizing on them. A bit on the uncertainty caused by these ever-increasing tight feedback loops. 1:38:31 - Why Tal is so excited about media and why he devotes his life to it. How powerful media can be for enriching our daily lives, meeting people, understanding people, and with learning. “There’s no other industry that sits at the nexus of culture in society like media does.”   SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.