The Investing City Podcast

Listen to Mike Dariano talk about everything from movie theater economics to how we can harness our uniqueness as a competitive advantage. You'll want to listen to this one. Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org If you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!) Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions!

Learn from Chief Operating Officer, Ryan Delk, how to get things done in a fast-paced environment. Ryan is a leader at Omni, a revolutionary start-up, aiming to provide in-roads into the access economy. Rather than buying stuff, we can now rent in using Omni. Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org If you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!) Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions!

Osman Jen is the founder of DX2 Capital. He started it about 3 years ago and we talk about his journey opening a fund, his research process, China, and much more. Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions!

Gautam Baid is a Portfolio Manager at Summit Global Investments. He has a passion for learning and investing. Check out his book, The Joys of Compounding. Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org If you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!) Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions! Disclaimer: The views and opinions expressed by Gautam Baid are solely his own and do not reflect the views of Summit Global Investments. Any recommendations, examples, or other mentions of specific investments or investment opportunities of any kind are strictly provided for informational and educational purposes and do NOT constitute an offering or solicitation, nor should any material herein be construed as investment advice.

Until now, we have recorded 14 episodes. So we wanted to take this week to slow down and distill some of our biggest takeaways from these stellar guests. Ep. 1 - 10 Reasons Investing is Awesome Ep. 2 - Doug McMillon, Walmart CEO Ep. 3 - Morgan Housel, VC at Collaborative Fund Ep. 4 - Bert Hochfeld, CEO at Ticker Target Ep. 5 - Brent Beshore, CEO at Adventur.es Ep. 6 - Quinn Taber, CEO at Immerse Ep. 7 - Brian Barnes, CEO at M1 Finance Ep. 8 - Howard Lindzon, GP at Social Leverage Ep. 9 - Ryan Krueger, GP at Krueger & Catalano Ep. 10 - Kanyi Maqubela, VC & Entrepreneur Ep. 11 - Jim O'Shaughnessy, CIO of O'Shaughnessy Asset Management Ep. 12 - Nick Maggiulli, Of Dollars and Data Ep. 13 - Mike Kehoe, President of Kehoe Investments Ep. 14 - Dan Rasmussen, MP at Verdad Capital Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org If you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!) Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions!

Dan Rasmussen is the founding partner of Verdad Capital, and he's had quite an illustrious career, even though he is pretty young. So Dan got his undergrad at Harvard, and then he actually wrote a book called American Uprising about the largest slave revolution in America afterward he worked for Bain Capital as consultant, where he had an idea that private equity wasn't the best asset class. After that he got his graduate degree at Stanford, and then he opened Verdad Capital, the thesis for Verdad Capital is that private equity, when invested at high valuations isn't a good asset class, but rather, you can replicate that strategy on a micro cap scale with the public markets. Thank you so much for listening, we really appreciate you. You can find more information and content by going to these places: If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org If you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!) Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions! Ryan Reeves 0:38 On today's episode of the investing city podcast we had the pleasure of talking with Dan Rasmussen. Dan is the founding partner of her dad capital, and he's had quite an illustrious career, even though he is pretty young. So Dan got his undergrad at Harvard, and then he actually wrote a book called American Uprising about the largest slave revolution in America afterward he worked for Bain Capital as consultant, where he had an idea that private equity wasn't the best asset class. After that he got his graduate degree at Stanford, and then he opened Verdad capital, the thesis for Verdad capital is that private equity. When invested at high valuations isn't a good asset class, but rather, you can replicate that strategy on a micro cap scale with the public markets. I was up able to tell in this podcast band is an avid reader and thinker. I won't say too much. So let's just dive in, enjoy this episode with Dan Rasmussen. I wanted to start off with something that is not directly related to investing because just doing a little background research on you. And I find it really interesting that you're actually a New York Times bestselling author on slave revolution so can you just tell us a little bit about that. Dan Rasmussen 2:23 I wrote a book it was actually my senior thesis was my junior paper then my senior thesis and then after college when I was working at Bain Capital actually spent nights and weekends, turning my thesis into the into a book called American uprising Untold Story of America's largest slave revolt which you can buy on Amazon and I highly recommend doing so. Get a good plug in for the book. But the story was fascinating. It's the largest slave world American history. They marched towards the city, they were flying flags beating drums, they had uniforms and their goal was to create a Haitian Revolution style event in the United States. They failed. The Revolution was brutally suppressed. And the story was largely written out of history and what I did to uncover it was actually a lot of data and analytical work so actually built a database of every slave that have participated in the result revolt you know where they came from what we knew about them from each individual source, and then I mapped those that database on to old land maps that I found from around that time and then I actually use Google Maps to say okay well if we knew that these five people came from this...

You can connect with Mike here. Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions! Below you will find our entire conversation transcripted. Enjoy! Join our Dynasty Membership to see them all in one place. Ryan Reeves 0:20 Hello, everyone, and welcome to the investing city podcast where the goal is to get better at investing business and life. Thank you so much for taking the time to join us. It really means a lot. Without further ado, enjoy this episode. Ryan Reeves 0:41 Today's episode of the investing city podcast, we're happy to host Mike Kehoe, Mike is the CEO of Kehoe investments, a holdings company with various businesses under its umbrella. And he's been a serial entrepreneur in his life. So, he's been in everything from fitness clubs, to mattress retailing, to software to insurance, just so many different things. So, he has a wealth of business knowledge that we're eager to tap into today. So, in this conversation, we talked about how to sell, how to take the leap to be an entrepreneur, how to actually grow a business and much, much more. So, I hope you get as much out of this one as I did, because Mike is a wealth of business knowledge, as I said, so enjoy this one. So why don't we start with a little bit of your background, and maybe when you were first interested in business? Mike Kehoe 1:39 Well, for me, Ryan, it would probably go back to really childhood years growing up with a dad who was constantly buying different little businesses. My dad was an incredible entrepreneur at finding businesses that he could invest small amounts of money and, and get them started and get them up and running. So, I watched him buy restaurants, insurance companies, appraisal companies, different things. Unfortunately, never had a huge amount of success with the operations side. But he was great at starting things. So, for me, I always had an interest in this just not until later in life that an opportunity presented itself. Ryan Reeves 2:18 So, it sounds like you had a real kind of bias for action. Do you think that was something that really influenced you? Mike Kehoe 2:26 I do think it had a big influence on me. Because today I'm very much a business person of action. Frankly, sometimes, sometimes I'm guilty of that. Fire, Ready, aim, I'll jump into things. I'll jump into things a little too quickly sometimes. And that can be that can be a challenge, too. Ryan Reeves 2:49 So, what was the first business that you actually started? Mike Kehoe 2:54 Well, I did a lot of different things early on in life from my running my own little paper route to selling, selling things that I could find that worked in the neighborhoods that I was in like popsicles and greeting cards and things like that. But I didn't really get into a real business until I was about 30 years old. My current path took me to college and employment with United Parcel Service and rising up the ranks there. And then I left United Parcel Service and went to work for Prudential securities is stockbroker, which was a little bit like, what you do more of a retail broker. And for me, it was another great eye opener because I learned so much about many different businesses, because as you know, Ryan, you just have to study all day long learning different companies, what they do well, what they don't do well. So, one of the lessons that I picked...

Links: Nick's blog: Of Dollars and Data Post: Even God Couldn't Beat Dollar Cost Averaging Ritholtz Wealth Management Data Camp Data Camp - Intro to R Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions! Below you will find our entire conversation transcripted. Enjoy! Join our Dynasty Membership to see them all in one place. Ryan Reeves 0:11 Hello everyone and welcome to the investing city podcast where the goal is to get better investing business and life. Thank you so much for taking the time to join us. It really means a lot. Without further ado, enjoy this episode. We're happy to host, Nick Maggiulli. Nick runs a popular blog called 'of dollars and data' that actually got him on the radar of Ritholtz wealth management, so he works with data to help Ritholtz become more successful. Nick is very passionate about data analysis, and we talked about that and how he uses it to really blend with storytelling. So, I hope you enjoy this one, we talked a lot about Nick's background and his interests, and really just the new age of finance and enjoyed his fun blog and kind of your background is very technical mixed with writing so can you tell us how you got into more of the technical side. Nick Maggiulli 1:14 Yeah, so I had an internship, the summer between junior and senior year and got actually my chance really from a professor, I told him I want to work at my own logistics firm he's like no, don't do that you should do this. And he said send me your resume. He wrote me a huge recommendation letter and basically just told me what I was going to be doing and I listened to him thankfully, and that's when I started to learn about programming. First thing I learned was a program called Fast, which is like all just data programming, which super interesting for me to learn that was like the longest programming, Stanford so I was like okay did this on love with it. And then I think my first programming class my last quarter passes and senior year, my last quarter I took same sort of programming, probably my biggest regret in college is not like starting that way sooner and like my I should have probably minored in computer science. I don't think I could have majored in it, I don't think I could have held my own with those people but I definitely could have minored in it. So, I just fell in love with it, I just fell in love with the data side of it. I didn't really find software development as interesting as like data and like doing charts and visuals and stuff so for me it was much more about you know what I could do in terms of data cleaning and stuff like that. Ryan Reeves Gotcha. So, did you have a really special relationship with that professor or tell us a little bit about how he just singled you out. Nick Maggiulli Uhm, not, I wouldn't say it was like a special relationship... like he was just really nice to everyone and I would come to his office hours and sometimes chat and stuff. Yes, he has done that for other people as well so I actually know quite a few other people where he's like, he basically was trying to push people into this healthcare consultant startup that actually another Stanford professor ran, so I didn't even, I didn't know that as a professor he didn't really teach undergrads, he only really taught grads. And so he ran this healthcare startup, and basically it was a way, to get like...

Jim O'Shaughnessy needs no introduction. Enjoy my conversation with the "Godfather of Quant Investing." Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions! Below you will find our entire conversation transcripted. Enjoy! Join our Dynasty Membership to see them all in one place. Ryan Reeves 0:13 Hello everyone and welcome to the investing city podcast where the goal is to get better at investing, business and life. Thank you so much for taking the time to join us. It really means a lot. Without further ado, enjoy this episode, We talked to Jim O'Shaughnessy. If you have been involved in finance or you really enjoy finance, this name probably needs no introduction. Jim, aka the godfather of quantum investing, is very accomplished. He started his career when he was just 27. He opened a consulting firm to pension plans, and he's opened a few businesses since but now he is the chairman and co CIO of O'Shaughnessy asset management. He is very generous with his time, even though he is so accomplished as a best-selling author and all the other things that I mentioned earlier in this conversation we talked a lot about behavioral biases, why Jim thinks about probabilities more than possibilities, and a bunch of other things including a cool story at the end. So, stay tuned. I really enjoyed this one and it was an absolute privilege and pleasure to talk to Jim, so enjoy. Ryan Reeves 1:37 On today's episode of the investing city podcast we are just so overjoyed to have Jim O'Shaughnessy on the podcast that thanks so much for being here, Jim. Jim O'Shaughnessy 1:47 Well, thanks for having me, Ryan. Great. Ryan Reeves 1:49 So, I want to start it off on a little bit of a light-hearted note so Jim, can you just tell us what you think about gifs. And for those of our audience who don't know what a gif is can you explain it a little bit. Jim O'Shaughnessy 2:06 Sure. So, so those of us above a certain age, say 'GIF', and those of us below a certain age, say, 'JIF', and there's actually a marvelous GIF for that between Daffy Duck and Bugs Bunny. So, a GIF is, is a meme. That is almost always meant to be humorous not 100%, but meant to be humorous and, and a bit light hearted, and I enjoy them very much as anyone who follows me on Twitter would know. And it's very fun for me because all of my millennial children and many of my millennial friends insist that somebody who's 58 years old, simply cannot be this good at using gif. And, and I have many conspiracy theories that have, A), a whole room full of millennial interns who are finding every perfect gif, for every occasion, all the way to artificial intelligence that's one of my favorites. And it's, it's just something fun that, you know, what we do is so serious that, especially for people who follow financial Twitter. It's sometimes nice to be just light hearted about things but interestingly enough, even, even when you're being light hearted, you'll get people questioning things like that and so I had a question like that put to me not too long ago. And, and he seriously was wondering you know, don't you worry that people will think that you're not taking things seriously? And I kind of gave it as reason you know 999 why it's great to be a quant, and I went into the explanation that, you know,...

Kanyi is one of the smartest guys out there. His systems thinking and unique viewpoints will challenge the way you think. Enjoy this one. Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions! Below you will find our entire conversation transcripted. Enjoy! Join our Dynasty Membership to see them all in one place. Ryan Reeves On this episode of The Investing City Podcast we are so happy to have Kanyi Maqubela on, just a great guy and former VC investor and we're going to get into more of his story but just thank you so much for being here. Kanyi Maqubela I'm very happy to be on Ryan. Ryan Reeves Great. So, let's just dig in a little bit to your background I think you have kind of a fascinating history and background so can you just talk a little bit about where you're born, and then just a little bit about your background. Kanyi Maqubela Sure. Gladly. I was born in township of Johannesburg, South Africa in the 80s, a Southwest Township. In the midst of apartheid, my parents were involved in the anti-apartheid struggle and my father actually was in exile, so I was born with my mother and her parents and quickly shuttled off to Brooklyn, which is where my family was living. A special circumstance, but one that I'm very proud of, and we ended up coming to the United States in the midst of that very chaotic period in South African history. We landed in New York City with my folks, where they made their way via substitute teaching. My mom was actually an ESL teacher at the Fashion Institute of Technology. And my dad was a public-school teacher, a substitute teacher at first and then eventually a public-school teacher in chemistry. And so, we ended up in the United States and lived the proverbial American dream. Ryan Reeves Wow. So, being the son of two teachers, obviously, education is probably pretty important. Just tell us a little bit about that. Kanyi Maqubela Of course, well it's extraordinarily important, and has had a big impact on my life, and maybe I'll start in reverse order. If I had to describe what my passion is and what I prefer to do, above all, it's to teach and I come, obviously from lineage of teachers, my parents, but also their parents and my grandfather were actually all teachers so it's in my blood, whether or not I like it. And I've spent the better part of the last 10 years teaching in some capacity or another and right now it's really more in the context of teaching first time entrepreneurs, how to avoid unforced errors. So how to make new mistakes is what I call them. And I was also teaching in a more formal capacity at NYU for a couple of semesters for entrepreneurship for undergrad, so teaching is something that's very, very important to me. Before, obviously, I was a teacher I was a student, and my trajectory of the student was an interesting one on two factors. The first factor is I was once a dropout. So, my first stint at Stanford University, which is where I went for undergrad, was cut short to chase a startup dream and so, about two and a half years into my time and undergrad, I was studying philosophy, I dropped out to pursue a startup and needless to say that wasn't my parents favorite activity over the course of my life, given their background, and their point of view on the world, but it was something that at that time in my life I really needed to pursue, and that ended up...