Invest Like the Best with Patrick O'Shaughnessy

Mitch Lasky, a Partner at Benchmark, is a powerhouse in the gaming industry with a 30-year legacy including leadership roles at Activision and EA. In this engaging discussion, Mitch explores the investment landscape of gaming, emphasizing long-lasting game models and player engagement strategies. He reflects on the revolutionary impact of titles like Doom and examines the rise of digital platforms. The conversation also touches on mentorship's pivotal role in the industry and the transformative potential of subscription models like Microsoft Game Pass.

David Senra, a passionate researcher of history's great entrepreneurs, delves into the invaluable lessons from renowned figures like Estée Lauder and Enzo Ferrari. He emphasizes how reading biographies shapes identity and inspires resilience. The conversation explores the delicate balance between ego and humility in leadership, and the necessity of embracing pain in the entrepreneurial journey. Senra also highlights the deep connection between a founder’s values and company culture, reminding us of the joy and storytelling that fuel successful businesses.

Joining the conversation is Robert Smith, the Founder and CEO of Vista Equity Partners, a leader in software-focused investments. He dives into the untapped opportunities in enterprise software and the critical role of understanding customer churn for revenue assessment. Smith highlights how capital cycles shape both traditional and tech industries, stressing the need for disciplined investment practices. The discussion also touches on the importance of nurturing LP relationships and the impact of innovation across the software landscape.

Katherine Boyle, a general partner at Andreessen Horowitz, specializes in investing in companies tackling vital national issues like defense and education. She discusses the concept of 'American dynamism,' emphasizing the need for collaboration between Silicon Valley and the government. The conversation also touches on how remote work is reshaping urban housing policies and the role of immigrants in driving economic innovation. Additionally, Boyle highlights the challenges of investing in hybrid ventures and the importance of philosophical alignment with founders.

Ravi Gupta is a former private equity investor at KKR, Instacart's first CFO and COO, and now a partner at Sequoia, specializing in building successful businesses. He discusses the importance of focus and prioritization in both personal and professional life. Ravi emphasizes the need to align goals with meaningful experiences, especially in entrepreneurship. He shares insights on effective leadership, intrinsic motivation, and defining greatness in products, while also reflecting on the impact of kindness and personal sacrifices in his journey.

Will Thorndike, author of 'The Outsiders' and founder of Compounding Labs, dives into the power of long holding periods in investments. He shares insights from his new project, the '50X' podcast, emphasizing the traits of businesses that achieve high compound returns over decades. Thorndike discusses navigating revenue quality, customer churn, and capital efficiency in long-term investments. He highlights strategic insights on capital allocation, recurring revenue models, and the importance of strong company culture in fostering sustainable growth, even amid market uncertainties.

Alok Vasudev is an early-stage investor in the crypto space and co-founder of Standard Crypto. He shares his journey and discusses the current crypto landscape amidst bearish sentiments. The conversation dives into the transformative potential of decentralization in digital assets and the evolving role of blockchain in gaming. Alok also highlights innovative concepts like CC0 projects in NFTs and contrasts productive speculation with the financial ecosystem's speculative trends. This insightful dialogue unveils unique investment opportunities in a rapidly changing market.

Matthew Ball, a renowned investor and former head of strategy at Amazon Studios, dives into the explosive world of the Metaverse. He discusses the paradigm shift it represents for industries and digital interactions, and explores popular platforms like Roblox and Fortnite. Ball highlights the advanced capabilities of Unreal Engine 5 and the critical role of sensory immersion in VR. The conversation also touches on the socio-economic implications of virtual environments, the future of entertainment, and the challenges of creating a fully integrated metaverse.

Nick Howley, long-time CEO and Chairman of TransDigm, shares his expertise from running a company that has achieved a staggering 1,750X return since its inception. He discusses TransDigm's growth strategy, the importance of primary research in investing, and innovative compensation models that foster unity among leaders. The conversation also dives into navigating acquisitions and the company's focus on aligning its corporate culture with operational success. Howley's insights reveal how these elements drive long-term value creation in the aerospace industry.

Alice Bentinck, co-founder of Entrepreneur First, shares her expertise on transforming talented individuals into successful entrepreneurs. She discusses the unique pre-company investment model, emphasizing the importance of finding co-founders and developing ideas collaboratively. Bentinck highlights the critical role of strong team dynamics, the need for supportive environments, and how geographical factors influence startup ecosystems. She also addresses overcoming imposter syndrome and the cultural shifts required to foster innovation and entrepreneurship.