Podcast Notes Playlist: Business

Real Vision Classics Key Takeaways  The time to start your art is now; without action, nothing will happenStart creating your art before you feel ready; you will discover the answers along the way Use labels to elevate your ambition: Your identity will conform to the words you use to describe yourself Half the magic is in *not* knowing; the magic exists in what you don’t know, but will soon discover Life and art should be the same; you write your own story in life – the story of who you are, what you are going to become, and what you are going to achieve  If you do not have fear about something that you are going to do today, then you are probably wasting your time Remove ego from the creative process and be a conduit for the creative spirit to come through you  Don’t parent, partner: If you want your relationship with your kids to last a long time, then partner with them and be their mentor instead of parenting them “The biggest obstacle in your life is you, always.” – Robert Rodriquez Read the full notes @ podcastnotes.org🔥 Get Raoul Pal's FREE PDF report https://rvtv.io/3YOZZUe. ⬜ Welcome to Palvatar Market Recap, your go-to daily briefing on the latest market movements, global macro shifts, and crypto trends—powered by Raoul Pal’s AI avatar, Palvatar. ⬜ In today’s update, Palvatar breaks down market reactions to President Trump’s impending "Liberation Day" tariffs, which could reach 20% on most imports. Investors are wary of inflation risks and global economic slowdowns. U.S. data disappoints, with ISM Manufacturing PMI contracting and job openings declining. Meanwhile, European markets slide, the dollar strengthens, and the ECB worries about growth. Stay tuned as markets brace for the tariff impact. 🔹 Why tune in? Stay ahead of market-moving developments with concise, data-driven insights. 🔹 Who should listen? Traders, investors, and macro enthusiasts looking for real-time market intelligence. 🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries. Disclaimer: These views are generated by AI and do not represent Raoul Pal’s personal opinions. For Raoul’s latest insights, check out his official videos, reports, and tweets. Connect with Raoul: Twitter (X): https://twitter.com/RaoulGMI Instagram: https://www.instagram.com/raoulgmi/ LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ Connect with Real Vision™ Online: Twitter: https://rvtv.io/twitter Instagram: https://rvtv.io/instagram Web: 🔥 https://rvtv.io/3Y4t5Pw Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf Learn more about your ad choices. Visit podcastchoices.com/adchoices

Modern Wisdom Key Takeaways  Everything is an agency issue; all problems are solvable with enough knowledgeAll the progress that the human species has made is due to agency; from the air conditioned rooms we sit in, to the clothes we wear, to the cars we drive – everything is agencyThe four ingredients for high agency: clear thinking, resourcefulness, bias to action, disagreeability Avoid the Rumination Trap, which is a mental loop where overthinking disguise itself as problem-solving but actually leads to inaction, anxiety, and wasted energy If you want to be high agency, you must be intentional and decisive; mid-wits try to appear smarter than they actually are by overcomplicating thingsGeneral ambition gives you anxiety; specific ambition gives you direction Fundamentally, there is no “way” apart from the the one that works; focus on outputs instead of inputs  There may be a range of outcomes in which you have the capacity to achieve, but within that range, everything is exclusively on you Inverse Charisma: The people who are most well-liked are the people who make other people feel the most interestingThere is no memory of normal; the only thing we remember about someone is their weird eccentricities – much of life consists of getting back to our childlike curiosities “High agency is the most under-discussed and most important idea in the 21st century.” – George Mack  Read the full notes @ podcastnotes.orgSponsors: See discounts for all the products I use and recommend: https://chriswillx.com/deals Get $350 off the Pod 4 Ultra at https://eightsleep.com/modernwisdom (use code MODERNWISDOM) Get the best bloodwork analysis in America at https://functionhealth.com/modernwisdom Get a Free Sample Pack of all LMNT Flavours with your first purchase at https://drinklmnt.com/modernwisdom Get a 20% discount on the best supplements from Momentous at https://livemomentous.com/modernwisdom Extra Stuff: Get my free reading list of 100 books to read before you die: https://chriswillx.com/books Try my productivity energy drink Neutonic: https://neutonic.com/modernwisdom Episodes You Might Enjoy: #577 - David Goggins - This Is How To Master Your Life: https://tinyurl.com/43hv6y59 #712 - Dr Jordan Peterson - How To Destroy Your Negative Beliefs: https://tinyurl.com/2rtz7avf #700 - Dr Andrew Huberman - The Secret Tools To Hack Your Brain: https://tinyurl.com/3ccn5vkp - Get In Touch: Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/modernwisdompodcast Email: https://chriswillx.com/contact - Learn more about your ad choices. Visit megaphone.fm/adchoices

All-In with Chamath, Jason, Sacks & Friedberg Intro  Necessity is the mother of innovation: “We are putting enough friction into the system that it does theoretically give America an advantage at the cost of creating tremendous incentives for China to develop their semiconductor ecosystem.” – Gavin Baker Prohibiting China’s access to Nvidia GPUs encourages China to create its own Nvidia, though it may take a decade for it to do so If progress in the AI agent space continues, the only rate-limiting factor to its widespread adoption will be compute power; the days of AI agents competing in all of our daily tasks is a long time away because this will require so much computing, and the capacity does not exist yet Most everybody agrees that deregulation is good: Every time the admin says the word “tariff” it should say “deregulation” three times afterThe best way to encourage the reshoring of key industries is just making it easier to do business in AmericaThe US must figure out the difference between manufacturing and IP so that we can trap the real value of these industries back in AmericaThe admin is focused on making life better for normal, working-class Americans The goal of the tariffs is to restore the industries that can be restored into the US; but implementing them may create externalities, such as inflation and retaliatory tariffs The globalized “free trade” model of the last twenty years has benefitted US knowledge workers, but it has left the everyday American behind On DOGE: While Democrats and Republicans may disagree on where the government spends its money, both sides should want the spending to be efficient Using the Alien Enemies Act of 1798, the Trump admin has deported 238 alleged gang members to El Salvador’s high-security CECOT prison The last use of this act was during World War II under President Franklin D. Roosevelt, who ordered the deportation of thousands of Germans, Italians, and JapaneseSince 2015, El Salvador has slashed its murder rate by 99% through widespread arrests of suspected gang members without due process  “The one thing I learned: Everybody in America is always focused on making America better. Having been to eighty different places around the world, our only goal should be to not screw it up in America. Just don’t make it worse, because America is so much better than everywhere else.”  – Gavin sharing a quote from a Navy SEALRead the full notes @ podcastnotes.org(0:00) The Besties welcome Gavin Baker back on the show! (1:20) Nvidia balance sheet questions, CoreWeave IPO, M&A/IPO bounce back (16:22) US vs China in AI: Manus, China building its own Nvidia, and more (28:37) The Administration's endgame for tariffs (53:05) Signalgate: context and fallout (1:09:42) El Salvador deportations Follow Gavin: https://x.com/GavinSBaker Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.reuters.com/technology/coreweave-planning-cut-us-ipo-size-price-below-range-source-says-2025-03-27 https://www.reuters.com/world/us/us-adds-dozens-entities-export-restriction-list-2025-03-25 https://modelcontextprotocol.io/introduction https://www.theinformation.com/articles/openai-plots-charging-20-000-a-month-for-phd-level-agents?rc=pxkrxo https://www.youtube.com/watch?v=A8wJc7vHcTs https://x.com/JohnArnoldFndtn/status/1905296181208416744 https://x.com/chamath/status/1904547884877701610 https://www.theatlantic.com/politics/archive/2025/03/trump-administration-accidentally-texted-me-its-war-plans/682151 https://www.whitehouse.gov/presidential-actions/2025/03/invocation-of-the-alien-enemies-act-regarding-the-invasion-of-the-united-states-by-tren-de-aragua https://www.statista.com/statistics/696152/homicide-rate-in-el-salvador https://x.com/Sec_Noem/status/1905034256826408982

Tetragrammaton with Rick Rubin ✓ Claim Key Takeaways Check out the Tetragrammaton episode pageRead the full notes @ podcastnotes.orgMel Ziegler is the co-founder of Banana Republic and The Republic of Tea. In 1978, with $1,500 in savings and no prior business experience, he and his wife, Patricia Ziegler, launched Banana Republic, reimagining military surplus as stylish safari and expedition wear. After leaving the company, the duo went on to co-found tea company The Republic of Tea with Bill Rosenzweig. Ziegler is also the co-author of the memoir Wild Company: The Untold Story of Banana Republic, chronicling their unconventional entrepreneurial journey. Before his business ventures, he worked as a journalist for the Miami Herald and the San Francisco Chronicle, and he wrote for New York Magazine. A multi-faceted creative, Ziegler has also been an abstract painter for nearly 30 years. ------ Thank you to the sponsors that fuel our podcast and our team: Athletic Nicotine https://www.athleticnicotine.com/tetra Use code 'TETRA' ------ Squarespace https://squarespace.com/tetra Use code 'TETRA' ------ LMNT Electrolytes https://drinklmnt.com/tetra Use code 'TETRA' ------ Sign up to receive Tetragrammaton Transmissions https://www.tetragrammaton.com/join-newsletter

Founders ✓ Claim Key Takeaways  “Do one thing and do it better than anyone else.” – Todd Graves A winning idea can work for decades: Don’t think that you need to have a new idea every six months to be successfulCombine extreme patience with an extreme intolerance for slowness If you love what you are doing, then you will never stop doing it – and therefore, you will never interrupt the compounding effects of your efforts Make mistakes fast, but fix them even faster Make your people feel appreciated; constantly communicate your appreciation for them Corporate America makes financial decisions, not personal ones; this creates an opportunity for founder-led businesses that have more skin in the game You should be in a rush to get to your last business: “I’m not really interested in your first business. I’m interested in your last business.” – David Senra Lock in with a singular focus and do that thing better than anybody else; if you try to be all things for all people, then you are not anything to anybody Do not listen to “experts”; listen to your gut and intuition Limit the amount of details to perfect, then make every detail perfect “Never ever give up, and be fanatical. You’ve got to be fanatical. Nothing ever happens unless someone pursues a vision fanatically.” – Todd Graves  Read the full notes @ podcastnotes.orgTodd Graves is one of my favorite living entrepreneurs. He's a great example of Charlie Munger's maxim: Find a simple idea and take it seriously. Todd wanted to create a quick service restaurant that only focused on quality chicken finger meals and nothing else. Everyone told him that couldn't possibly work. The college paper that described the idea that would turn into Raising Canes got the lowest grade in the class. Banks wouldn't loan him any money —but nothing could stop Todd from living out his "chicken finger dream." He worked 95 hour weeks as a boilermaker, risked his life on a commercial fishing boat off the coast of Alaska, and scrounged up startup money from his bookie and a guy named Wild Bill. Todd made every mistake in the book, over leveraged himself, almost lost everything and yet he refused to give up or sell out. Today he has over 800 locations, 50,000 employees, and owns 90% of a business that's worth at least $10 billion. Todd's maxim is "Do one thing and do it better than anyone else." Sources: Trading Secrets: Raising Cane’s founder Todd Graves reveals his path to building the wildly popular restaurantTheo Von: Raising Cane’s Founder Todd Graves----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

All-In with Chamath, Jason, Sacks & Friedberg Key Takeaways  “The key is to stop sending money to the wrong place so that we can always defend sending money to the right place.” – Howard Lutnick If Howard balances the budget, Trump agrees to waive all income tax for people who make less than $150,000 per year About $1 trillion per year can be saved by cutting government waste, fraud, and abuse; this is DOGE’s target – and it is Howard’s job to generate $1 trillion in exogenous new revenues for the government There is no such thing as free and fair trade: Inflation comes from printing more money, not from tariffs; the strategy is to put tariffs on things that will reshore Establishing the External Revenue Service: The institutions and infrastructure of the United States are not being optimally monetizedWhat is the market value of American citizenship? If Nvidia is worth $3 trillion, how much is the American legal system worth?Why are we not mining our valuable resources?Are there creative and productive ways to monetize federal lands?  The United States is the greatest customer in the world; it should benefit from that reality when it does business with other nations or corporations Example: Hold stock warrants in the sovereign wealth fund so the American people benefit when the US does a business dealCapital appreciation in the sovereign wealth fund will be used to offset the nation’s debt “Our objective is to smash down the Internal Revenue Service and change America.” – Lutnick Read the full notes @ podcastnotes.org(0:00) Chamath and Friedberg welcome Commerce Secretary Howard Lutnick! (1:10) Howard describes his 30+ year relationship with President Trump and his road from business to politics (14:44) Running Trump's transition team, DOGE origin story, what it's like working for Trump (38:01) Balancing the budget and fixing GDP (52:21) Tariff history and strategy, global trade (1:10:34) Trump Cards, building better government software, AI thoughts (1:22:49) Sovereign Wealth Fund strategy (1:37:16) How his family reacted to his new role Thanks to our partners for making this happen: Gemini: https://www.gemini.com/allin Hims: https://www.hims.com | https://www.forhers.com iTrustCapital (use code allin): https://www.itrustcapital.com/allin Follow Secretary Lutnick: https://x.com/howardlutnick Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

All-In with Chamath, Jason, Sacks & Friedberg Key Takeaways  “I wanted to get involved in the campaign because I was so alarmed with what the Biden administration was doing with the debt and deficit.” – Scott Bessent The US was headed for a European-style economic malaise in which the rich get richer and the everyday person gets left behind The Biden administration’s economic policies were not only unfair to the everyday American but also unstable and damaging to the American dream The key aspects of the American Dream: Home ownership, financial security, some level of comfort, Purpose in your work, The ability to support your family, and optionality so that you do not have to work multiple jobs to make ends meet In the post-World War II period, 90% of children ended up earning more than their parents; today, that figure is around 50% The US does not have a revenue problem; it has a spending problem The Trump Administration’s “3-3-3” economic strategy Achieve 3% real GDP growth Reduce the budget deficit to 3% of GDP by 2028 Increase U.S. Energy production by 3 million barrels of oil per dayAbout 25% of the nation’s GDP flows through the ten-mile radius around Washington DC – and everyone in DC is trying to skim a little off the top  “It is the Department of Government Efficiency – not government extinction, not government elimination.” – Bessent The second part of the plan is to reorder the international trading system and bring manufacturing jobs back to the US; this will reinvigorate the middle-class Everything Trump does is not always in a straight line, but he has a destination in mind“He wants to create assets for the American people, not just debt.” – Scott Bessent on President Trump The intention of the US Sovereign Wealth Fund: The US can get a higher return on its assets than it is currently getting Three other agenda items for the Trump Administration 1. Low and predictable taxes 2. Substantially slash regulations and increase the predictability of regulations 3. Cheap energy and increased energy security Cheap energy and energy security help solve a lot of America’s affordability problems; we cannot be dogmatic about where solutions come from  “He really regards himself as the mayor of America”: Trump doesn’t care if you are Elon Musk or the guy mowing the White House lawn; you are his constituent  Read the full notes @ podcastnotes.org(0:00) Chamath and Friedberg describe their adventures in DC and welcome Treasury Secretary Scott Bessent! (2:12) Scott's background, what drew him to equities, the role of macro investors (7:22) The legendary trade that broke the Bank of England in 1992, and how it relates to Main Street vs Wall Street today (21:30) Scott explains the Trump Administration's economic strategy (32:45) How this administration plans to de-regulate the economy, Fed relationship, re-financing debt (42:06) DOGE, DC grifts, shakeup at the IRS (50:51) Re-engineering social security through the US SWF, how energy factors in (1:00:02) Surprises, fixing affordability, thoughts on President Trump Thanks to our partners for making this happen: Gemini: https://www.gemini.com/allin Hims: https://www.hims.com | https://www.forhers.com iTrustCapital (use code allin): https://www.itrustcapital.com/allin Follow Secretary Bessent: https://x.com/SecScottBessent Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect

Knowledge Project Key Takeaways Check out the episode pageRead the full notes @ podcastnotes.orgI’ve learned as much from reading biographies as from interviewing amazing people. That’s why we’re starting 'Lessons from Outliers.' Every other week, we'll study an outlier who did remarkable work. From industrialists who reimagined commerce to the irreverent personalities who challenged the foundations of their fields, we'll explore what they did and how they did it. We can learn something from everyone.     We're starting Outliers with Timothy Eaton, a Canadian name that might not be familiar to many listeners today, but his innovations fundamentally changed retail and how we shop. This episode is about how he built that empire, the principles that drove its success, and the forces that eventually brought it all crashing down. Whether you're building a business, leading a team, or trying to understand how great companies rise and fall, Timothy Eaton's story offers timeless lessons about innovation, trust, and the true price of success. You'll learn why even the mightiest empires can crumble when they forget the principles that built them and why success—no matter how massive—must be earned and re-earned daily.  (01:55) Introduction (05:04) The Vision (06:16) Timothy’s Early Years (09:28) The System (12:17) The Innovation Engine (14:18) The Scale Game (18:08) The Platform Play (19:32) The Leadership Philosophy (20:48) The Succession (22:21) Retail as Entertainment (23:14) The Western Expansion (25:12) Building the National Network (26:05) Creating the Corporate Family (26:43) The Pinnacle of Power (27:43) The Inherited Crown (28:33) The Comfortable Plateau (31:33) The Weight of Tradition (33:12) The Profit Paradox (34:02) The Identity Crisis (34:51) The Final Chapter This podcast is for information purposes only and draws primarily from two excellent books: ‘The Eatons: The Rise and Fall of Canada's Royal Family’ by Rod McQueen, which chronicles the Eaton family history and the company’s journey from beginning to end, and ‘Timothy Eaton and the Rise of His Department Store’ by Joy L. Santiuk, which focuses on the founder’s life. Newsletter - The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠ and get your own private feed. Learn more about your ad choices. Visit megaphone.fm/adchoices

How to Take Over the World Key Takeaways  At the heart, Donald Trump is a deal-maker and a fighter who constantly demands attention“Good publicity is preferable to bad, but from a bottom-line perspective, bad publicity is sometimes better than no publicity at all. Controversy, in short, sells. I’m not sure that’s a good thing – and in truth, it probably says something perverse about the culture that we live in. But I’m a businessman.” – Donald Trump Do not be afraid of failure: Everything you want in life is on the other side of willing to be cringe Trump views the world in terms of deals; he does not like the idea of defending another country without getting something in return Every deal needs its thrill: Some say he won’t do a deal unless there is something “extra” to it, a moral larceny to it – he is not satisfied by only generating profits Understanding his motivations helps make sense of his actions: he pursues things for the exposure those pursuits generate – the prestige, the credibility, the visibility, the recognition  “One thing I’ve learned about the press is that they’re always hungry for a good story, and the more sensational the better. It’s in the nature of the job, and I understand that.” – Donald Trump The Art of the Deal: “I don’t do it for the money. I’ve got enough, much more than I’ll ever need. I do it to do it. Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That’s how I get my kicks.” – Donald Trump Read the full notes @ podcastnotes.orgDonald Trump: real estate mogul, master marketer, and the most polarizing figure of our time. How did he go from a brash young developer in Manhattan to the most powerful man in the world? In this episode of How to Take Over the World, we break down the strategies, mindset, and raw ambition that fueled his rise. ----- 00:00 - Introduction: The Farce and Reality of Donald Trump 02:40 - Who is Donald Trump? 03:55 - Polarizing Figure: Love Him or Hate Him 06:06 - Fred Trump: The Formative Influence 08:56 - Young Donald: Aggression and Military School 14:53 - College Years and Avoiding the Vietnam War 18:31 - Early Real Estate Ventures 25:41 - The Grand Hyatt: A Major Success 35:40 - Trump Tower: Controversy and Prestige 43:45 - Trump's Wollman Rink Success 45:36 - Television City: A Bold Vision 48:01 - The Cringe Factor: Embracing Failure 51:12 - Recap of Trump's Early Success 54:24 - The Downfall Begins: Casinos and Distractions 01:01:35 - Trump's Desperate Measures 01:08:34 - The Apprentice: A Turning Point 01:11:22 - Understanding Trump: The Deal Maker 01:19:24 - Final Thoughts and Controversies ----- Sponsors: HTTOTW Premium - Sign up to get all endnotes and special episodes Gains In Bulk - Use this link and use code Ben for 20% off VanMan - Use code TakeOver10 for 10% off Founders Podcast

Invest Like the Best Key Takeaways  The best investors get excited during periods of extreme change Key traits for being a successful investor: Be (1) wildly competitive and (2) incredibly curiousCollaboration is key: Once an investment research team grows beyond 20 people, silos form and collaboration decreases  Design your organization in a way that encourages dialogue, debate, information sharing, and people to push one another Traits of a Perfect Business1. Incredible leadership 2. Really strong unit economics 3. A solid moat around the business 4. Excellent value proposition to the customer 5. The ability to grow organically without investing meaningful capital 6. A huge runway for growth that can last for many years without being disrupted The optimal portfolio should consist of several things that you are excited about and that have idiosyncratic drivers Certain market backdrops are conducive for different investing styles: Certain investors play a different game from everyone else and there are certain investors who play the popular game bestHire self-aware and curious people who love to learnBonus points if they competed in sports at a high level; these people understand hard work, failure, disappointment, and achievement   Do not fall victim to paralysis by analysis: Recognize that there is always the opportunity to learn more, but know when you have enough information to make a decision Investing is a pattern-matching business and the gap between winners and losers is widening How to live a rewarding life: Figure out who in your life matters to you, figure out what matters to them, and then show up for them in all the ways that matter to them  Read the full notes @ podcastnotes.orgMy guest today is Kelly Granat. Kelly is the Co-Chief Investment Officer and Managing Director at Lone Pine Capital, one of the most storied and successful hedge fund and investment firms of the last several decades. We explore how investing has evolved since Kelly joined the industry and she shares insights into Lone Pine maintaining its edge through deep fundamental research and a collaborative culture. We discuss what makes great businesses and great investments, how leadership can transform companies, and Kelly’s perspective on evaluating management teams and identifying opportunities around corporate change that the market often misprices. Please enjoy my conversation with Kelly Granat. Subscribe to Colossus Review. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – 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. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. – 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. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Learn About Ramp, Alphasense, & Ridgeline (00:06:09) Market Structure Evolution (00:08:39)The Impact of Passive Investing (00:10:21) Collaboration & Team Dynamics (00:13:48) Excitement in Periods of Extreme Change (00:14:21) The Role of Competition & Curiosity (00:22:00) Fundamental Research & Data Integration (00:27:34) Investment Philosophy (00:35:31) People-Centric Investing (00:42:24) Succession Planning (00:49:32) Facing the Pressure of Early Success (00:50:31) Burnout & Rediscovery (00:57:08) Learning from Industry Leaders (00:58:04) Evaluating Talent and Competition (01:11:29) Lessons in Investment (01:27:27) The Kindest Thing Anyone Has Ever Done For Kelly