My guest today is John Fiorentino. John is a product inventor and entrepreneur who, in the space of a few years, has bootstrapped four products; Gravity Blanket, Moon Pod, Moon Pals, and Birthdate Candles which have collectively sold hundreds of millions of dollars of revenue. Our conversation is quite different than normal. Alongside his successful brands, John has had a range of life experiences – from starting as a Jazz musician to working for Justin Bieber - that give him an original worldview. I was especially interested in his points around product positioning, creating magic for consumers, not letting yourself become the product, and how to build enduring brands. Please enjoy this great conversation with John Fiorentino.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:25] - [First question] - The amazing story behind Gravity Blanket [00:08:51] - What he’s learned about positioning relative to product [00:13:17] - How fundamental truths drive creativity in commerce [00:16:17] - Real-world examples of magic as he defines it [00:19:50] - The investability of consumer businesses from his perspective [00:25:25] - His contrarian thoughts on venture-backed startups [00:28:00] - How unique personalities create compelling IP and monetize it [00:38:28] - The fine line between creative power and self-destruction for brand founders [00:45:13] - The importance of consumer business goals being larger than oneself [00:48:45] - The story of the Moon Pals weighted stuffed animals [00:53:15] - How investors undervalue IP and mythology [00:57:20] - Leveraging uniqueness as a founder to boost your brand power [01:00:53] - His eye-opening experience working on Justin Bieber’s team [01:05:20] - How he identifies potential magic-makers and enables them [01:09:16] - An odd commonality between high-level successful people [01:12:14] - Whether or not one could map out their own archetype framework [01:15:23] - The dangers of focusing on one’s own persona and image as the product [01:18:19] - The kindest thing anyone has ever done for him

Amjad Masad, founder and CEO of Replit, discusses the limitations of current software tools, the potential of generative AI, and the convergence between different software tools. They also explore making code-based creation more accessible, the shift in skills and opportunities, and engaging with Repplet through bounties and the 100 Days of Python program. They discuss the potential of programming on mobile devices and envision a future interface that blurs the boundaries between chats, docs, and code.

My guest this week is Rebecca Lynn. Rebecca co-founded early-stage investor Canvas Ventures in 2013 and is regularly featured as one of the best VCs in the market. She has deep positioning and go-to-market experience, which she honed during her time at Procter & Gamble, and that's the focus of our discussion. We cover the details of great marketing, why you should say no to customers, and how she has built Canvas. Please enjoy my discussion with Rebecca Lynn.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern Saas platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:37] - [First question] - What she’d do a great job teaching if she could teach a singular 401 level course [00:05:20] - Defining what the umbrella concept is  [00:06:10] - What about her career at P&G applies most to the kinds of companies she spends her time with now  [00:12:06] - What types of questions she asks to help someone building a product understand their marketing angle  [00:15:34] - The top three things people do wrong when running a survey in tactics or strategy [00:19:33] - Categories of questions where surveys are always helpful and effective    [00:21:06] - What the Go-To-Market Council is and what it does  [00:28:21] - The ways that most funnels are commonly broken   [00:31:17] - Defining great positioning and what it accomplishes [00:33:36] - How her knowledge and ideas most impacted the way she built Canvas [00:35:04] - Lessons learned about the world of digital health and the quantified self   [00:39:15] - The base level attributes that most indicate investment potential when she’s investing in a company [00:42:32] - The shifts in the world that most have her attention today [00:46:10] - What has her worried systemically about venture investing  [00:49:37] - The kindest thing anyone has ever done for her 

My guest this week is Michael Mauboussin. Many of you will know Michael and his work well. He’s Head of Consilient Research at Counterpoint Global, one of the sharpest investment minds I know, and a frequent guest on this show. In this discussion, we go deep into his recent work on market share, returns on capital, and capital allocation - all of which are coming under increasing scrutiny for different reasons. Please enjoy this great conversation with my friend Michael Mauboussin.   Listen to Founders podcast   Founders Episode #136 A Success Story: Estee Lauder    Invest Like the Best with David Senra: Passion & Pain   For the full show notes, transcript, and links to mentioned content, check out the episode page here. -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:46] - [First question] - Overview of Michael’s recent research on market share [00:05:48] - Market share dynamics in modern history [00:08:43] - How market share data is useful for investors [00:12:30] - Investing in early breakout companies from low-concentration markets [00:14:34] - Surprises from his recent research project [00:15:29] - Using the value stick for stakeholder satisfaction [00:19:12] - Examples of value creation using the value stick [00:23:33] - Market power in relation to markups and willingness to pay [00:32:00] - Identifying a company’s real ROIC numbers [00:44:00] - How important absolute ROIC is when picking investments [00:47:07] - Research on capital generation and allocation trends [00:54:25] - Characteristics of great capital allocation strategies [00:59:26] - Surprises in the market since his deep-dive research [01:02:54] - Artificial intelligence and other sources of disruptive innovation

My guest this week is Jeremiah Lowin. Jeremiah has been on the podcast a number of times over the years. He’s one of my oldest friends who has been a sounding board for me throughout my career. Today he is the founder and CEO of Prefect, which helps companies automate and orchestrate their dataflows. In full disclosure, Positive Sum is an investor in Prefect. We didn’t plan this conversation, but when OpenAI released ChatGPT, I called Jeremiah for a primer on what’s happening under the hood and how best to contextualize this product amidst the growing AI movement. We have these conversations often, but this time I decided to record it so we can all learn from someone I consider to be a leading mind in the fields of data science and machine learning. We start off in the weeds and zoom out as the discussion unfolds. Please enjoy this conversation with my friend, Jeremiah Lowin. Listen to Founders podcast Founders Episode #136 A Success Story: Estee Lauder  Invest Like the Best with David Senra: Passion & Pain For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. ----- Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes[00:03:38] - [First question] - What a pre-trained transformer is [00:06:12] - What latent representation means in the context of AI models [00:09:57] - Models using math to interpret input data and generate images accurately [00:11:43] - Whether or not understanding AI complexity in light of the results they arrive at will become a black box scenario [00:14:13] - A high level history of the companies involved in generative AI[00:17:51] - The precursory technology that makes generative AI art possible[00:21:01] - What people are doing to improve AI models in between versions [00:26:39] - Things that are literally happening during AI training[00:33:38] - Whether or not AI models might one day function as a utility like electricity[00:36:01] - Coding using GitHub Copilot and what it’s felt like to use it [00:40:30] - How he’d approach starting an AI company from scratch [00:44:40] - Developing this technology beyond general and into specific use cases[00:49:44] - The secret sauce for defensibility in the AI model space [00:53:02] - What he’s watching more closely as the story unfolds [00:56:32] - Whether or not he thinks that these toolkits will eventually learn how to use other systems like Unreal Engine on our behalf 

My guest today is Bill Lenehan. Bill is the CEO of Four Corners Property Trust, a listed REIT and one of the leading owners of restaurant real estate in the US. Their portfolio is made up of 982 properties across 47 states. Real estate is something most of us own, whether as an investment or a home, and Bill’s insight into the asset class at this particular moment in time is fascinating to hear. Please enjoy my conversation with Bill Lenehan.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick.   -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:19] - [First question] - Recent increases in mortgage rates and a frozen housing market [00:08:55] - Projected real estate trends over the next decade [00:13:38] - How a company’s ROI can be more consistent with backing from a real estate firm [00:16:41] - Risk-return rate and risk exposure in real estate compared to other asset classes [00:20:09] - The skills, traits, and circumstances that make a top-level real estate investor [00:22:38] - Stand-out learnings from his time at Farallon Capital Management [00:33:20] - The value of shopping malls and offices in a post-COVID, e-commerce US [00:39:27] - Pros and cons of different types of real estate investments, including REITs [00:43:22] - The impact of climate change on the real estate market [00:45:39] - The role of modern technology in investing and in real estate infrastructure [00:51:10] - Hard costs of building and renovating for the future [00:54:20] - How hard costs and supply levels impact rates of return and housing costs [00:57:17] - How the retail industry is adapting to consumer trends [01:01:23] - Why retailers need to adapt to a changing economy and how they’ll do it [01:04:03] - The relative magnitude of change in today’s real estate market [01:06:51] - The role health and wellness plays in real estate and finance [01:09:28] - What it feels like to be investing in 2022 [01:12:23] - The kindest thing anyone has ever done for him

Today I’m joined by two Hollywood greats, Ron Howard and Brian Grazer. They have produced, directed, written, and acted in a number of the most popular films and tv shows ever made, including Apollo 13, A Beautiful Mind, 24, and Frost/Nixon. Their partnership is one of the longest running in Hollywood, and the business they founded in 1985, Imagine Entertainment, has won 49 EMMY awards, 11 Golden Globes, and 10 Academy Awards. There are few better storytellers in the world and it was a thrill to talk about curiosity, trust, and business building with them both. Please enjoy this great conversation with Ron Howard and Brian Grazer.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:44] - [First question] - The value of trust and how Ron built it up over time with Brian [00:08:34] - The spark that allowed Brian to trust and work with Ron  [00:14:45] - Ray Stark calling Brian and threatening him over their mermaid movie [00:16:37] - Keeping their creative spark alive as their business scaled and matured  [00:20:20] - Principals like the universality concept that they return to most commonly  [00:23:24] - Seemingly bottomless wells of inspiration that they both pull from [00:26:18] - Curiosity precedes innovation and the curiosity conversations Brian has [00:30:15] - The pitch format Brian uses to try and secure a guest for a curiosity talk [00:32:16] - The role of engaging with conversations or ideas Brian disagrees with  [00:33:56] - How curiosity shapes the nitty gritty of Ron’s directing and producing  [00:37:41] - The biggest mistakes they’ve come across that people make telling stories [00:40:27] - Pinpointing the defining moments of their careers outside of the obvious wins [00:44:27] - Thoughts about how the industry has changed across their careers [00:47:19] - How they’ve gotten better at taking a project from nothing to the finish line  [00:49:53] - The kindest things anyone has ever done for them  

Today’s episode is a special one, in a format that may turn into a series. It is a conversation between Ravi Gupta and Shane Battier. Ravi is a partner at Sequoia, one of our most popular past guests, and a good friend. Shane is Ravi’s friend, and one of the most successful basketball players ever, having won championships and awards at the high school, college, and NBA levels. I spent 10 years as a purely quantitative investor, so naturally I was obsessed with data in sports. When I was meeting with prospective investors, Michael Lewis’s book Moneyball—which chronicled the data analytics revolution in baseball—was my go-to analogy to explain what I did… “Moneyball, but for investing.” I used that line for years. I’ve learned firsthand that it’s wise to follow your curiosity, no matter how strange or different it may be. The podcast is my curiosity tour, and years ago it led me to Sam Hinkie—who is himself on the Mt. Rushmore of analytics in sports. Sam introduced me to Ravi. Then Ravi sent me Michael Lewis’ article written about Shane called “The No Stats All-Star.” I highly recommend you read it. All this serendipity around friends, data, investing, and sports gave me an idea: why not ask Ravi to interview Shane? Ravi likes the idea of playing for the front of the jersey, not the back. It is hard to imagine someone that lived that more than Shane. Shane shares his story, lessons learned from various coaches, and using data as an advantage. He also explains the four kinds of teams he’s encountered, which I found simple, and memorable. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.  ----- Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes[00:03:53] - [First question] - What people measure in basketball, what matters when it comes to winning, and why he was called a replaceable cog in the No-Stats All-Star[00:08:38] - Some of the plays that impact the overall points during a basketball game[00:14:33] - The power of curiosity and obsessing over details[00:16:16] - Embracing his role and how being a role player applies to life outside of the court[00:20:47] - Where his obsession for winning and being a good team mate comes from [00:23:23] - Some of the things great leaders and coaches did to inspire him [00:28:51] - An overview of the four types of teams and fundamental aspects of them[00:34:50] - What a person can do to elevate their team and make it a winning one [00:37:43] - Antifragility and the letter Shane wrote for Ravi when Amazon bought Whole Foods[00:44:56] - How to get everyone rallied around a long-term shared mission effectively  [00:46:48] - Finding a No-Stats All-Star in a company and what to look for in one[00:52:34] - The kindest thing anyone has ever done for him

My guest today is Parker Conrad, co-founder and CEO of Rippling. I wanted to speak to Parker because he is building Rippling in a way that we don’t come across often. Rather than focus narrowly on one product, he is building a suite of interrelated products simultaneously to carry out the functions of HR, Finance, and IT for companies. He calls it a compound company and we discuss the idea, as well as some of his other non-traditional theories, in detail. Please enjoy this conversation with Parker Conrad.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.    -----   This episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:36] - [First question] - Overview of what a compound startup is  [00:06:32] - What he’s learned about picking customers effectively  [00:08:48] - Key chapters when it comes to building a compound startup  [00:13:48] - What great looks like at the base level infrastructure of employee data [00:20:15] - His overall philosophy on product development writ large  [00:25:09] - His role as a capital allocator and distributing resources to his teams [00:27:19] - The amount of products they offer and whether or not there’s a tradeoff between time, cost, and quality when building software [00:31:36] - Possibly incorporating an app-like store on top of their existing infrastructure  [00:34:43] - Speed and the kinds of people that can sustain it for long periods of time [00:36:30] - What motivates him on a personal level and harnessing motivation in general [00:42:31] - Whether or not there’s an end to feeling hurt by false public perceptions when building in public [00:44:12] - The intersection of leadership and communication inside of a business and what he’s learned about great communication  [00:48:00] - The paradox of how focusing on non-scalable actions perpetuates growth and productivity and his views on productivity-per-person [00:50:36] - The best example of a moment that required the most grit and perseverance while building his company  [00:52:28] - How to successfully get former founders to come work for him  [00:54:47] - What good private equity investors do  [00:58:31] - The kindest thing anyone has ever done for him

My guest today is Bob Elliott, the CEO and CIO of Unlimited, which creates low-cost index ETFs for alternative investment strategies. Prior to co-founding Unlimited, Bob was a senior investment executive at Bridgewater Associates where he served on their investment committee and led Ray Dalio’s personal research team for a decade. His breadth and depth of experience makes him a great person to assess the current macro landscape. We discuss the relationship between rates, inflation, and asset classes, Bob's approach to identifying data with the most signal, and finish with his view on quantitative strategies in private markets. Please enjoy this great discussion with Bob Elliott.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com.    -----   Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:45] - [First question] - The Economic Organization of a POW Camp and key lessons one can learn from the paper [00:07:22] - The way that supply and demand clears a price and how that plays into his thinking about investing across asset classes  [00:09:58] - Whether or not he has a generalized investing worldview or framework [00:11:46] - Deciding on what data is signal and matters most when analyzing markets  [00:15:46] - A crash course on easy money and tight money regimes and the implications of both in a macro environment  [00:20:28] - The rise and role of inflation and what should be done about it [00:24:00] - What the next couple of years will look like if we draw lessons from history [00:30:12] - Why gold could ever belong in someone's portfolio when it doesn’t produce or yield anything back to the investor  [00:35:08] - Supply and demand constraints and the state of the housing market today  [00:40:42] - What might happen in future labor markets given our current macro environment [00:46:27] - Currencies, energy, geopolitics, and what he’s most focused on globally [00:52:19] - What movements in the charts are worrying him the most  [00:56:04] - The original “All Weather” portfolio and what one would look like if he built it today [01:02:05] - How his career has taught him to find talented individuals who might deliver alpha [01:07:19] - Lessons learned from early-stage and venture investing and thoughts on that world now [01:12:41] - Why there hasn’t been an iconic early-stage technology investing firm driven by systematic strategies [01:16:10] - The kindest thing anyone has ever done for him