Invest Like the Best with Patrick O'Shaughnessy

Daniel Ek, the innovative founder and CEO of Spotify, shares his insightful views on the audio landscape. He discusses how globalization and automation are reshaping business dynamics. The conversation dives into Spotify's strategies for scalability and the evolving role of creators on the platform. Ek highlights the importance of community in audio and the intimate nature of listening experiences. He emphasizes the need for continuous innovation to adapt in a competitive market, making for a captivating discussion.

George Rzepecki, founder and managing partner of Raba, shares his insights on investing in Africa's early-stage companies. He discusses the continent's youthful demographics and significant growth potential, alongside the challenges it faces. Rzepecki highlights the impacts of technology and international investment, particularly from China, on economic development. He also explores the transformative roles of venture capital and charitable foundations, illustrating how strategic investments could uplift local communities and drive sustainable growth.

In this engaging discussion, Chad Cascarilla, CEO and co-founder of Paxos, shares his insights on the integration of blockchain technology into traditional financial systems. He reflects on his journey from traditional finance to cryptocurrency, revealing how experiences, like navigating the subprime mortgage crisis, shape his perspective. The conversation delves into the future of financial services, exploring the shift from closed to open money systems, the impact of high global debt, and innovative methods like tokenizing gold, all while emphasizing the transformative power of blockchain.

Join Bill Gurley, general partner at Benchmark Capital and expert on IPOs, as he delves into the heated debate between traditional IPOs and direct listings. He shares insights on the outdated complexities of the IPO process and how they lead to financial losses for companies. Gurley argues for the efficiency and transparency of direct listings, highlighting their benefits for retail investors. The discussion also touches on the courage needed for founders to choose direct listings and the changing landscape of capital raising.

Albert Wenger, managing partner at Union Square Ventures and author of *World After Capital*, dives into the evolution from an industrial to a knowledge-based economy. He discusses the role of cryptocurrencies and decentralized systems in shaping futures and identities. The conversation tackles the importance of human attention as a limited resource in the digital age, critiques capitalism's response to existential threats, and emphasizes mindful technology use to reclaim personal agency. Wenger's insights challenge conventional thinking about investment and human potential.

Matt Smith and Ian Singer co-founders of Deep Basin Capital, bring their expertise in energy investing to the forefront. They discuss unique strategies focused on idiosyncratic risks, navigating the complexities of the energy landscape with a blend of data analysis and sector knowledge. The duo also explores expectation investing, differentiating market perceptions from actual business valuations, and the evolution of risk management in current market conditions. Their emphasis on collaboration and intellectual accountability provides a fresh perspective on the future of hedge funds.

In this engaging discussion, Pat Dorsey, a former director of equity research at Morningstar and founder of Dorsey Asset Management, delves into the concept of economic moats—competitive advantages that ensure long-term investment success. He explains the crucial difference between sell-side and buy-side approaches, and explores how intangible assets drive value. The conversation also highlights the importance of capital allocation and the impact of network effects on business profitability. Dorsey shares insights on mentorship and the nurturing of future investors.

In this conversation, Joe McLean, founder of Intersect Capital and financial advisor to numerous NBA players, shares his unique blend of sports and finance. He discusses the critical importance of high standards and mentorship in guiding young athletes towards financial literacy. Joe highlights common financial mistakes made by successful individuals and emphasizes the need for informed decision-making. With insights on nurturing client relationships and modeling positive financial behaviors, he paints a vivid picture of responsible wealth management in the world of professional sports.

Zack Kanter, the Founder and CEO of Stedi, shares insights on the evolution of business, contrasting Walmart's traditional retail practices with Amazon's digital innovation. They discuss the OODA loop's relevance in agile environments and draw parallels between military strategies and modern business models. Kanter emphasizes the importance of navigating 'build vs. buy' decisions, while exploring learning frameworks like 'just-in-time' vs. 'just-in-case.' Finally, he highlights the necessity of addressing unvoiced concerns to foster healthy team dynamics.

Chris Bloomstran, president and CIO of Semper Augustus Investments Group, shares his expertise on what defines a quality business. He dives into the importance of unique business models and customer relationships, with companies like Richemont and Disney illustrating current market trends. Bloomstran also reflects on his investment missteps and the key role of management quality in successful companies. His insights into growth versus value investing reveal the subtle nuances investors must consider in today’s dynamic market.