Invest Like the Best with Patrick O'Shaughnessy

Henry Ellenbogen, founder of Durable Capital Partners and former manager at T. Rowe Price's New Horizons Fund, shares his unique journey in investing. He discusses the crucial 1% of companies that drive long-term wealth and defines 'Act II' teams—repeat founders applying past lessons to new ventures. Henry highlights AI's profound impact on industries and explores traits of resilient leaders in tech transitions. He emphasizes the importance of talent development and creating durable competitive advantages for sustained success.

Gavin Baker, Managing Partner and CIO of Atreides Management, shares his keen insights from over two decades of technology investing. He dives into the rivalry between Nvidia's GPUs and Google's TPUs, analyzing their scaling laws and the future of AI. Gavin proposes transformative ideas like data centers in space and explains the evolving compute landscape. He discusses ROI evidence from AI investments and warns of potential DRAM cycles stifling growth. Additionally, he reflects on his own investing journey, blending passion with strategy.

David George, General Partner at Andreessen Horowitz, discusses his role in building the firm’s growth investing practice, highlighting the importance of nurturing a strong team culture. He delves into AI investments, emphasizing the potential for transformative growth akin to SaaS and mobile shifts. David explores why markets often misprice consistent growth and the significance of 'pull' businesses. He also shares insights on backing technical founders and strategic deal-making, rooted in long-term relationships with entrepreneurs.

In this conversation with Palmer Luckey, founder of Oculus VR and Anduril Industries, he shares insights on innovation and defense technology. Palmer discusses his journey of building impactful companies and the potential of synthetic fuels to disrupt traditional electrification. He highlights the importance of assessing U.S. innovation and the necessity of engaging institutions to scale new ideas. With Anduril, he aims to revolutionize national security while tackling the challenges of government contracting and fostering breakthroughs in AI.

Martín Escobari, Co-President and Head of Global Growth Equity at General Atlantic, shares insights from his remarkable career as an investor and entrepreneur. He discusses General Atlantic’s unique structure, allowing for innovative growth equity strategies, and highlights the advantages of investing in emerging markets amid high U.S. equity premiums. Martín also emphasizes the significance of balancing intuition with analytical frameworks in investment decisions, alongside his personal journey from Bolivia that informs his perspective on risk and opportunity.

Ari Emanuel, a powerhouse in sports and entertainment, leads TKO, home to UFC and WWE. He discusses his bold anti-AI bet, asserting that as digital content becomes cheaper, live experiences will gain value. Ari shares insights into creating exceptional events, emphasizing audience engagement and cultural significance. He also reflects on his relentless deal-making style and the importance of trust in business. With plans for Mari, a global live-events platform, he aims to reshape how audiences connect and interact.

Wolfgang Hammer, an experienced film producer behind hits like House of Cards, now coaches leaders on the art of storytelling. He discusses the transformative power of understanding your narrative, outlining three essential layers: external, emotional, and philosophical. Wolfgang emphasizes that compelling stories stem from hardship and transformation, while also revealing how companies often struggle with their narrative due to overwhelming complexity. He shares practical questions to unearth a founder's story and highlights the importance of adapting messaging to resonate with customers.

Luca Ferrari, co-founder and CEO of Bending Spoons, shares insights from his tech and private equity model. He dives into their acquisition strategies and how they rebuild companies like Evernote. Luca discusses the challenges of operating in Europe, emphasizing the importance of local talent. His obsession with excellence drives Bending Spoons' culture, while a commitment to unique employer branding sets them apart. The conversation also touches on leveraging AI for efficiency and the importance of long-term investor relationships.

Kevin Kelly, a renowned writer and co-founder of Wired magazine, dives into the importance of embracing uniqueness and generosity. He discusses the idea of defining personal success rather than imitating others, the necessity of prototyping one's life, and how mastery can lead to authenticity. Kelly emphasizes that money should be seen as a tool rather than a goal and shares how imagination can be cultivated. He also reflects on the role of family rituals in strengthening identity and marriage, creating a rich tapestry of insights for living fully.

Ken Langone, a seasoned businessman and co-founder of Home Depot, shares his extraordinary journey and thoughts on loyalty, culture, and leadership. He recounts his early work with Ross Perot, highlighting the value of trust and integrity in negotiations. Ken emphasizes the importance of prioritizing employees in company culture and discusses how Home Depot’s unique upside-down hierarchy fosters loyalty and success. He also reflects on the essence of capitalism in creating opportunities, demonstrating that people are the key to investment success.