Invest Like the Best with Patrick O'Shaughnessy

David Epstein, renowned writer and researcher behind "The Sports Gene" and "Range," dives into the fascinating debate of specialization versus generalization. He discusses how individualized training can lead to elite athletic performance, challenging conventional wisdom like the 10,000-hour rule. Epstein also shares insights from his research on effective learning strategies and the need for cognitive diversity in innovation. The conversation touches on educational systems and the importance of embracing varied perspectives for problem-solving.

Priya Parker, a conflict resolution expert and author of "The Art of Gathering," dives into the secrets of meaningful gatherings. She emphasizes the importance of a clear purpose and impactful openings to engage attendees. Priya shares her early experiences in facilitating events and how storytelling can foster trust in diverse groups. The conversation highlights structuring events thoughtfully and honoring individual backgrounds to create authentic connections. Ultimately, she reminds us that kindness and reflection are crucial for lasting impact.

Tim Urban, writer and creator of "Wait But Why," joins his business partner Andrew Finn for a vibrant conversation that spans artificial intelligence and interplanetary travel. They dive into the idea of treating life like a game, emphasizing creativity and first principles thinking for personal growth. The duo discusses AI's evolution, the significance of brain-machine interfaces, and how content creators can authentically connect with audiences. Packed with metaphors and engaging insights, this talk will energize anyone striving for innovation.

Stephanie Cohen, Chief Strategy Officer at Goldman Sachs, shares her wealth of experience in M&A and corporate strategy. She dives into the complexities of mergers, referencing her work on the Fiat deal and the strategic insights gained. Cohen emphasizes the crucial balance between innovation and improving existing operations, and discusses the shift from a transactional to a recurring revenue model. She also tackles the important issue of empowering women in investing, aiming to close the gender gap in finance.

Will Thorndike, author of "The Outsiders" and founder of Housatonic Partners, shares insights into successful capital allocation. He discusses iconic CEOs like Warren Buffett and their contrarian views on dividends and acquisitions. The conversation highlights the importance of strategic decision-making in private equity, the value of flexibility in leadership, and the evolving landscape of search funds. Thorndike also reflects on his experiences with Asurion and the growth of recurring revenue in investments, emphasizing the significance of partnerships in driving success.

Josh Wolfe, co-founder of Lux Capital, shares his deep insights into the world of technology investments. He discusses the essential traits of effective CEOs and how storytelling can define leadership success. The conversation dives into the rising concerns of illiquidity in markets and innovative business models that challenge traditional norms. Wolfe also explores the intersection of sci-fi and real-world innovations, emphasizing how emerging technologies can reshape humanity. The episode is a fascinating blend of investment strategies and philosophical reflections.

In this engaging conversation, Katherine Collins, head of sustainable investing at Putnam Investments and author of *The Nature of Investing*, dives into the intricacies of ESG and impact investing. She discusses the challenges of incorporating social factors into investment strategies and emphasizes the need for diverse data sources. Katherine also highlights the importance of genuine sustainability efforts versus compliance, and advocates for investment strategies inspired by nature. Her insights provide a fresh perspective on navigating the evolving landscape of responsible investing.

Geoffrey Batt runs a significant capital pool in Iraqi stocks through his firm Euphrates, specializing in contrarian investments. He shares insights on earning transformational returns in volatile markets, emphasizing the importance of long-term vision and stable investor bases. Geoffrey recounts his journey exploring Iraq’s equity market and memorable meetings with local companies. He also discusses the revival of Baghdad Softdrinks, illustrating the resilience and emerging opportunities within Iraq’s evolving economy despite its challenges.

Brian Singerman, a partner at Founders Fund, shares his insights on investing in exceptional founders. He highlights the importance of assessing company moats and market potential. Singerman emphasizes that a successful investment strategy requires continuous practice and intuition. He discusses the evolving landscape of technology and its impact on investment decisions. Additionally, he shares valuable advice on the qualities he looks for in founders, exploring the significance of personal connections and diverse market opportunities.

Michael Mauboussin, an author and professor renowned for his insights on markets and investing, joins to discuss key sources of alpha. He emphasizes understanding who is on the other side of every trade. The conversation dives into behavioral finance, revealing common errors investors make and how to capitalize on them. They explore the dynamics of stock buybacks, the growing role of EBITDA in valuations, and the influences of motivational narratives on decision-making. This engaging session is packed with actionable strategies for navigating market complexities.