Invest Like the Best with Patrick O'Shaughnessy

I came across this week’s guest thanks to the overlap of three passions of mine: data informed investing, value creation, and basketball. Sam Hinkie worked for more than a decade in the NBA with the Houston Rockets, and then most recently as the President and GM of the Philadelphia 76ers. He helped launch basketball's analytics movement when he joined the Houston Rockets in 2005, and is known for unique trade structuring and a keen focus on acquiring undervalued players. Today, he is also an investor and advisor to a limited number of young companies in which he feels his experience can improve outcomes. Please enjoy this unique episode with Sam Hinkie.  Show Notes3:24 – (First Question) Advantages of having a long view and how to structurally harness one6:08 – Using technology to foster an innovative culture           6:18– Empire of the Summer Moon: Quanah Parker and the Rise and Fall of the Comanches, the Most Powerful Indian Tribe in American History10:16 – Favorite example of applied innovation from Sam’s career11:34 - Most fun aspect of doing data analytics early on the Houston Rockets13:38 - Is there anything more important than courage in asymmetric outcomes14:29 – How does Sam know when to let the art of decision making finish where the data started16:29 - Pros and cons of a contrarian mindset17:26 – Where he wanted to apply his knowledge in sports when first getting out of school and how his thinking is best applied in the current sports landscape21:39 – How does he think about trying to find the equivalent of mispriced assets in the NBA23:12 – Where tradition can be an impediment to innovation25:07 – What did the team and workflow of the team look like in the front office27:03 - The measure of truth in a sports complex29:10 – What were the early factors coming out of the data that helped to shape NBA teams30:42 – Best tactics for hiring33:59 – Process of recruiting spectacular people35:39 – Thoughts on fostering a good marriage37:57 – Picking your kids traits in your spouse           38:02 – Selfish Reasons to Have More Kids: Why Being a Great Parent is Less Work and More Fun Than You Think40:45 – What kind of markers does he look for when evaluating long term investment ideas42:44 – His interest in machine learning45:55 – What’s more exciting, the actual advances in machine learning or the applications that can be imagined as a result           47:15– International Justice Mission48:11 – How he got started teaching negotiations and some of the points he makes in that class49:16 – Effective techniques for negotiating50:03 – Is negotiating contentious, do you need empathy50:41 – A Rorschach test of Sam based on his reading of Lessons of History (book)53:01 – Biggest risk Sam took in his career54:37 – Biggest risks Sam took while with the 76ers58:09 – Do people undervalue asymmetric outcomes in the NBA 1:00:11 – The players Sam has enjoyed watching over the years1:02:45 – Why Robert Caro is a favorite author of his1:04:30 – Kindest thing anyone has done for Sam

Tren Griffin, a director at Microsoft and insightful blogger, discusses value creation, alpha in investing, sales, hip hop, and teaching high school students about convexity. They explore the importance of continuous learning and curiosity in business. Topics also include creating and capturing value, scalability in businesses, qualities of effective VP of Sales, and the importance of probability and statistics in decision making.

I believe that any investment strategy that will deliver strong returns in the future must evolve. Any strategy should rest on rock solid foundational principles, which change rarely if ever—things like price discipline, or business growth. But the features of the strategy must keep getting better, because the marketplace is incredibly competitive. That evolution is the topic of today’s conversation with Jason Karp. Jason is the founder and CIO of Tourbillon Capital Partners, a multi-billion dollar asset manager based in New York City. We cover a ton of interesting ground. We start with what has happened in public and private markets, discussing the role of quants, passive indexes, and value vs. deep value investing. We compare the relative merits of investing in private equities, and where and how opportunities arise. We then focus in on two interesting private investing trends: the health and wellness sector and the cannabis industry. First, we discuss Hu kitchen and Hu Products, the food business that Jason started with his family several years ago in response to personal health challenges. Second, we discuss his evolved views on Cannabis as an investment space and why it may also represent a massive growth opportunity. You all know I value transparency, so it is important to note that since I recorded the conversation, my family became an investor in Hu Products. It has been a fascinating means to learn about the food, health, and wellness industry which has grown rapidly in recent years. We were customers of Hu in New York City long before I even knew Jason, which made that part of the conversation especially interesting for me. This episode re-enforced my believe in pushing one’s investing strategy to adapt to change market conditions and competitive pressures. If we have any hope of beating Vanguard, we can’t ever rest on our laurels. This was an especially eclectic and fun conversation, I hope you enjoy my chat with Jason Karp. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 3:06 – (First question) –  Jason’s view on private markets vs public markets and how his view has evolved 6:02 – Phase of the private markets where companies can achieve huge size and scale without going public 10:31 – Framework of Jason’s value-based investing strategy 13:47 – Reverse discounted cash flow 16:27 – Are there areas of the market that are easier to predict using Jason’s models 20:29 – Tech dominance the longer they are around             21:01 – Jerry Neumann Podcast Episode 22:08 – How markets have changed over Jason’s career 25:58 – Types of edge that you can have in the market 30:00 – Broad examples of sectors that are high-quality, but momentum is hurting them 31:32 – Backstory of Hu Kitchen 38:33 – Investment research into health and wellness 42:56 – State of acquisitions, particularly in consumer product goods 47:13 – Jason’s research into Cannabis 50:43 – The misperceptions of Cannabis 56:30 – Why cannabis is a more important sector to consider than crypto 57:51 – What are the most important levers to growing a business 1:02:24 – Biggest lessons learned in hiring good people 1:06:10 – Investing lessons 1:09:27 – Kindest thing anyone has done for Jason   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag    

My guest this week is Chris Douvos, a managing partner at Venture Investment Associates, which allocates 1.6B in behalf of investors.  Chris is the first professional allocator I’ve spoken with who focuses specifically on venture capital funds, so I had a ton of questions for him on how to build a portfolio in an asset class known for uncertain, but often enormous, outcomes. We discuss the major recent changes in the asset class and where things might be going. I sought Chris out because while this is an investment style that is full of creativity and hope, I’ve always felt it could use a healthy dose of skepticism and a value investor’s mindset. He delivers in spades as we try to separate the real from the ideal.  We didn’t record it, but Chris’s tour of Palo Alto was one of the most interesting and entertaining hours I’ve spent. He is a student of history and markets, and I look forward to learning more from him in the future.  Please enjoy our conversation   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment   Links Referenced Domino Rally Business Models All About the Benjamins Speak Like the Locals David Salem podcast episode Curveball   Show Notes 2:18 – (First question) – Four factors that Chris thinks are important for future success of venture firms; portfolio concentration; repeatability; being early; size discipline 7:40 – What the venture landscape looks like today from Chris’s viewpoint             8:32 – Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment 14:07 – Is there a glut of startups making it difficult for investors 17:33 – How does Chris think about the investments that are a bit different from what everyone else is investing in in Silicon Valley 19:17 – Why he focuses on college campuses for innovation 20:54 – The role that geography plays in venture 25:06 – The Four M’s; money, momentum, mentorship, entrepreneurial management 27:13 – Chris’s perspective on crypto currency as a threat to venture capital 31:44 – The idea of venture capitalists as service providers to the companies they are investing in 35:15 -  Views on investing in hyper focused VC’s vs those that are generalists and just go after the best opportunities in any sector 39:00 – What hot button areas are of most interest to Chris and why, from an investment standpoint             39:38 – Domino Rally Business Models 42:22 -  What can a public market investor learn from a value venture investor who mostly has to rely on qualitative metrics             43:08 – All About the Benjamins 44:38 – Portfolio construction in the world of venture             46:40 – Speak Like the Locals 48:00 -  What are the characteristics that Chris looks for in managers, as an allocator 53:52 – What type of investors should and should not be in venture 59:15 – What type of allocator would Chris give all of his money to             59:47 – David Salem podcast episode             1:01:06 – Curveball 1:01:40 – Kindest thing anyone has done for Chris   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

My guest today is Arianna Simpson, who has spent her career in an around the world of technology working at startups, Facebook, and now in venture capital as an investor focused on the world of cryptocurrencies. I met Arianna when I hosted a panel at a big investing conference in New York City and she was one of the panelists. On the panel, I found her style to be very straightforward and compelling. It is clear that she loves to learn and that the best manifestation of her style of learning is investing in technology. In our conversation we discuss broad trends in crypto that we haven’t spent much time on before: decentralized versus centralized exchanges, privacy coins, and evaluating a found or early team. We build a framework for learning about this new asset class, discuss the importance of travel, and the value of pushing oneself outside of comfort zones. Hash Power is presented by Fidelity Investments Please enjoy our conversation For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:12 – (First question) – How to teach someone else to build an investing philosophy around crypto 4:00 – The major risk factors to investing in crypto 6:28 – best practices for mitigating risk 7:39 – What factors to think about when it comes to whether a token will lose all value or not 8:39 -  Taking a pulse of the investment community on crypto 11:36 – How she heard about and became interested in crypto currencies 12:34 – Are people really using crypto currency as a hedge against rampant inflation 13:52 – Investing thesis in the space 14:07 – Arianna’s systems for learning about cryptocurrencies and staying up to date on them 15:19 – Arianna’s take on the issue of increasing transactional through put 16:49 – Layer 1 solutions and making it all scalable on a blockchain 17:56 – her take on the fat protocol thesis 20:32 – Defining utility vs security tokens 21:54 – evaluating different coins 21:02 – Why cross currency swaps are important and how they work 26:17 – What are the chances of a scenario where there’s just one token and everything is built off of that one 28:02 -  Comparing centralized and decentralized exchanges 29:47 – How the traditional investing world is going to regulate transaction involving cryptocurrencies and view security around those transactions 31:54– Impact this will have on capital formation 33:44 – Evaluating teams behind crypto companies 35:48 – The importance of gut when evaluating people 38:47 – How Arianna’s global upbringing impacts her thinking on the technology 39:51 – What countries or regions have had the largest impact on Arianna’s investing philosophy 42:41 – Doing things you’re not qualified for 43:59 – Gender imbalance in crypto and what can be done to shift that 45:28 – Most recent thing that has gotten Arianna excited in the crypto space 46:15 – Explaining Zero X 47:33 – How her views on reading have evolved 48:54 - Kindest thing anyone has done for Arianna Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

We’ve always found that even in public equities, you learn more once you have a live portfolio. One of the best ways to learn is to put some capital at risk. For this episode, I asked two VCs to sit down with me and Brett and treat the conversation as they would a normal pitch meeting, so that we, the audience, can get a peek into their world and the types of questions they ask. The venture capitalists in question are Thatcher Bell, of CoVenture, and Taylor Greene, of Collaborative Fund. The first voice that you’ll hear is Thatcher, and the next person asking questions is Taylor. I began by asking Thatcher to give us a bit of background on how he approaches young companies before diving in with questions of his own. Show Notes3:12 – (First Question) – getting a flywheel business going4:49 – Brett’s background and how that led to the formation of Ladder7:58 – Breakdown of the product9:29 – The sign-up process10:29 – Key problem for each party of the ladder transaction12:34 – Diving deeper into the problem of being a health coach14:29 – How does Ladder differentiate itself from other apps that help people locate a trainer17:01 – A deeper dive into the consumer using this product20:28 – The accountability factor being the moat for Ladder24:12 - How successful is the product right now in terms of recruiting new customers and trainers28:38 – Their pre-launch interview and research process31:49 – Going from hypothesis to product development35:25 – What should founders think about when doing customer discovery, even after they have a product in the market39:22 – Optimizing in the early stage of a business43:24 – The defensive moat of a startup46:20 – Their take on their ability to corner the coaches in this market49:57 – Is there a side of the producer/consumer side of the equation that is more important.55:42 – Getting and giving value to your supply, in this case the coaches58:22 – How to view different phases of a business1:00:43 – Growing the supply and demand so that neither side gets aggravated1:02:28 – Market opportunity for Ladder1:10:55 – Top 2 or 3 goals that Ladder has over the next 12-18 months1:13:00 – Looking at Ladder, what are the strengths and weaknesses as a potential investment1:20:40 – Pros and cons of a startup seeking institutional VC money1:25:11 – Reviewing the pitch

My guest this week helps me complete the first trilogy of guests on the podcast. His name is Nikhil Kalghatgi. Along with past guests Ali Hamed and Savneet Singh, Nikhil is a partner at the asset management firm CoVenture. If you liked those two conversations, you will love this one—it is somehow even more wide-ranging than the first two. Nikhil is the CEO of CoVenture Crypto, but he ended up there because of an overarching investing style that he calls moonshot investing, which we explore right from the start and in great detail. He is obsessed with productivity and happiness, and we spend a long time on those topics. One of the most interesting experiments I’ve heard about on the podcast is his Happiness project, for which he interviewed more than 100 of the wealthiest people in the world. The lessons he gleaned from those conversations are very helpful, and I won’t soon forget the lesson related to sacrifice. We also discuss asteroid mining, networking, shared experience, and philosophy. Oh and crypto currencies. Nikhil’s take on crypto has always been refreshing to me. In fact the first time I met him he was throwing cold water on a room full of enthusiastic crypto investors. Within crypto we discuss business opportunities, mining, and how new retail and institutional capital will affect the asset class.  Hash Power is presented by Fidelity Investments. Please enjoy this sparkling conversation with Nikhil Kalghatgi.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:42 – (First Question) –  What moonshot investing is 4:41 – Creating sustainable differential investment advantage 9:30 – Assessing the market for moonshots 12:15 – Types of people suited for moonshots  13:42 – The Happiness Project 17:45 – Commonalities among successful people 25:15 – The importance of humor in life 17:16 – Recipe for a good joke 28:00 – The night Patrick and Nikhil met 29:17 – His perspective on the world of venture capital 33:26 – What did Nikhil learn from his time at SoftBank 34:52 – Craziest thing Nikhil has done 40:27 – What he took away from his time in military intelligence 46:10 – The idea of manufactured serendipity 47:13 – Nikhil’s approach to investing in cryptocurrency and what he finds interesting about it 53:23 – How Nikhil reconciles the excitement of crypto with the lack of tangible asset 58:10– The timeline of retail and institutional investors becoming more involved in crypto 1:02:43– Exploring their liquidity strategy 1:04:10 – What happens if regulators shut down the cryptomarkets 1:09:48– The role of miners in crypto and how that might change moving forward 1:10:43 – What is the frontier of crypto mining 1:12:31 – What’s the most compelling rabbit hole in crypto 1:16:23 – How would the original creators of crypto currency feel about the current state of the market 1:20:01 – What Nikhil sees as the value proposition for the whole ecosystem. 1:21:00 – Kindest thing anyone has done for Nikhil   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag  

This week’s episode was the first one that I’ve recorded live. It was the second dinner in what I expect to be a long series where I bring together 30 people from a variety of backgrounds to discuss an interesting and emerging topic, whether that be cryptocurrencies, health, cannabis investing, or some other compelling, emergent thing.  My guest, for the second time on the podcast, is Peter Attia, who has lead one of the more interesting careers I’ve ever come across and who is focused on understanding longevity, health span, and quality of life. We dive into many dimensions of health, scientific research, what we can and cannot learn from evolution and our ancestors, and the 7 primary modalities we should focus on when it comes to our health and well-being.  Excuse the lack of clear audio quality on some of the audience questions—the ones that are a little difficult to hear are fairly short and I felt it was better to include them for some context.  As have all of my conversations with Peter, this one has sparked countless subsequent conversations with my wife, my friends, and my colleagues on what is important and how we can change out behavior to improve our quality of life. My partner and sponsor at these events is Peter Tiboris of Strongpoint Wealth Advisors, who with me loves exploring these topics and understanding how they might affect our lives and out portfolios. Thanks to Peter for helping me realize this series in New York City. Now, please enjoy my live conversation with Peter Attia.  For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Links Referenced Marvin HAGLER vs Tommy HEARNS: FULL FIGHT longevity chart Senescence Skin in the Game: Hidden Asymmetries in Daily Life    Show Notes 2:07 – (First Question) –  Peter’s career journey that led him to where he is today              2:31 – Marvin HAGLER vs Tommy HEARNS: FULL FIGHT  3:46 – How he thinks about longevity  4:37 – Peter’s longevity chart  6:31 – Four things most likely to kill you  7:47 – The quality of your life in the later part of your life  9:03 – Four ways he defines health span; cognition, physical dimension, sense of purpose and social support, capacity to cope with distress or distress tolerance.  10:56 – The problem with clinical studies in analyzing longevity and his mission to get from medicine 1.0 to 2.0 to 3.0 12:15 – Medicine 1.0 and major leaps in longevity 13:01 – Medicine 2.0 and clinical trials 14:52 – Medicine 3.0 and personalized medicine  16:22 – The playbook for living longer  19:26 - Senescence, the cells that are programmed to do bad things  22:17 – Understanding our evolutionary needs to learn what as individuals do to increase lifespan and quality of life as it pertains to food, sleep, and movement.  30:32 – Where evolution doesn’t offer insight into living a better life; mindfulness  33:27 – What are the changes that Peter has made that he’s been doing the longest and most recently             33:35 – Skin in the Game: Hidden Asymmetries in Daily Life  37:54 – Peter’s philosophy on mastery  40:13 – Audience Question: How does something who seemingly doesn’t take care of themselves seem to be in such good health? 38:38 - Audience Question: Peter’s favorite car to race and how it effects his health  51:19 – Audience Question: Is the key to life a minimalist lifestyle  53:54 – Audience Question: the role of the microbiome  Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

[After talking to the brilliant string of guests the past several weeks, Patrick’s brain needed a rest—oh and a concussion didn’t help matters. To hold you over until next week, here is one of the most interesting but less well known conversations from the invest like the best archives.] This week’s episode is the most unique to date. My guest is Boyd Varty, who grew up in the South African Bush, living among and tracking wild leopards. The main theme of our conversation is tracking, and how the same strategy for pursuing animals in the wild can be applied to all aspects of our lives. Boyd’s family has been tracking animals for four generations, and he is bringing what they have learned to a larger audience around the world. The episode includes the best answer I’ve ever heard (which comes when I ask Boyd to describe his most memorable experience). We also discuss the dangers of an achievement or goal oriented mindset, and what he learned from spending time with Nelson Mandela as a boy. This episode is one I hope you share with those you love, because I think Boyd’s ideas will have a profound impact on many who are thinking about what to do with their lives—whether they are young or old. Please enjoy.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   0:00 – Exploring Boyd’s childhood through a story about a black mamba 3:13 – Looking at the early history of Boyd’s family and their foundation in the bush of South Africa 7:00 – The launch of their safari business 8:06 – How they connected with an ecologist that encouraged them to “partner” with the land and how that led to the leopards of Londolozi  14:25 – Expanding their model to other areas and creating an economy of wildlife.  15:12 – How Boyd discovered what he wanted to do with his life in healing  15:20 – Cathedral of the Wild: An African Journey Home by Boyd Varty    20:49 – The concept of Ubuntu, the African value “I am, because of you.” 25:18 – How Patrick got to meet Boyd 26:15 – Exploring the idea of building your villages and some of the forces that combat that in our daily lives.  31:23 – The difficulty in following your inner compass   32:06 – Mr. Money Mustache 36:55 – Looking at Boyd’s early experiences in tracking and how he applies those principles in his current life.  42:23 – Exploring the two different types of confidence and why there’s a benefit to throwing yourself into difficult situations, especially as a tracker.  47:13 – Identifying the places where you can be relentless in life  49:56 – The single most memorable tracking experience for Boyd, which is an incredible tale of tracking lions.   (Also one of the best answers to a question yet)  1:01:49 – What can people do to get the holistic experience of the African bush   1:02:20 – The PResencing Institute 1:04:15 – Ways that people can learn more about Boyd.   1:04:31 – Ted Talk  1:04:43 – The book  1:04:48 – Workshops/Tracking Retreats  1:05:05 – Seminar in Deer Valley   1:05:13 – Martha Beck’s work  1:05:15 – Finding Your Way in a Wild New World: Reclaim Your True Nature to Create the Life You Want   1:05:36 – Website  1:06:56 – When Nelson Mandela stayed with his family after getting out of prison 1:13:34 – Kindest thing anyone has ever done for Boyd 1:15:15 – A story of how his friend Sully saved his life from a crocodile   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag

My guest this week is Albert Wenger, a managing partner at Union Square Ventures and the author of the book World After Capital. Albert studied economics at Harvard and earned a PhD in information from technology, but if you’d asked me to guess before looking those up, I’d have guessed that he studied philosophy because of how widely he has thought about the world and the impact of technology. Our conversation is about how technology is changing the world from an Industrial Age to a knowledge age. We explore how cryptocurrencies, low cost computing, and regulation will impact our future and why the transition may require delicate care. I loved this conversation because of my obsession with the concept of scarcity. We explore what has been scarce through time and what may be scarce in the future. Albert is one of the most interesting thinkers I’ve come across and was a pleasure to speak with. I hope you enjoy our conversation. Hash Power is presented by Fidelity Investments For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Links Referenced World After Capital Show Notes 2:16 – (First Question) –  Defining what it means to be human             2:58 – World After Capital 3:56 – Trans-humans vs neo-humans 4:37 – The concept of Qualia 5:25 – Albert’s investment philosophy= 8:27 – How Albert began his exploration into cryptocurrencies 12:59 – Most exciting things blockchains could enable 14:27 – How does Albert view blockchain technology from the view of an venture capital investor 17:00 -  Why Albert thinks that the dominate cryptocurrency of our time may not exist just yet and what he is looking for in protocols that will become the leader in the space 20:16 – What are the central functions that will be important in cryptocurrencies 21:22 -   The state of regulation in the cryptocurrency space 27:37 – What has Albert most excited for the future of blockchain 29:10 – The idea of universal basic income 32:26 – How do you solve the problem of giving money value in a world of universal basic income 35:00 – How scarcity has changed over time 39:01 – Role of financial capital in the last 200 years of civilization 42:39 – Are we as a society only capable of solving problems once they become an immediate threat 44:15 – Explaining the idea of attention as a scarce resource 47:56 – The two key drivers of change; zero marginal cost distribution and universality of computational power 53:13 -  What should we as investors and inventors be focusing on as the new objective function 57:24 – Scariest aspect of this transition into the knowledge age 59:45 – Three basic freedoms we all seek; informational, economic, psychological 1:02:13 – Fermi’s paradox and the scarcity of attention 1:02:56 – How Albert thinks about his own day and wellbeing given all of this information 1:05:01 – Kindest thing anyone has done for Albert Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag