Invest Like the Best with Patrick O'Shaughnessy

This week’s conversation is about artificial intelligence and interplanetary travel. Its about content creation, thinking from first principles, and death progress units. Its about brain machine interfaces and why it is crucial that you be a chef and not a cook.  My guest is Tim Urban, along with his business partner Andrew Finn. Tim is the most entertaining writer I’ve come across in years, who explains complicated and interesting topics to his millions of dedicated readers on the website “Wait, But Why.” As an example, Tim’s last post on Elon Musk’s neurlink venture is 40,000 words long, roughly the length of a short book. It explains almost all of human progress and our potential future using drawings and cartoons. Its impossible to stop reading. While this conversation is wildly entertaining, it is also chock full of metaphors and lessons that will be useful to anyone doing creative work or building a company. I hope this leaves you as energized as it left me. I called this episode Grand Theft Life because that is the name that Tim and Andrew give to their worldview, which I think will change the way you behave, too. Please enjoy my conversation with Tim Urban.   For comprehensive show notes on this episode go to http://investorfieldguide.com/urban For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. 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 Superintelligence: Paths, Dangers, Strategies   Links Referenced The Cook and the Chef: Musk’s Secret Sauce Wait But Why Neuralink and the Brain’s Magical Future Wait But Hi YouTube Channel  Kurzgesagt – In a Nutshell   Show Notes 1:50 – (First question) –  Explaining his concept of planets 1, 2, 3 and 4 and understanding the human colossus 5:46 – Tim’s favorite idea of the human knowledge compounding 7:52 – Die Progress Units (DPU) 9:45 – Different stages of AI and the positives and negatives of each stage 14;04 – What happens when AI gains breadth and general intelligence 16:23 – The idea of a cook vs a chef and how Tim had the chance to interview Elon Musk 17:48 – Why you should reason from first principles instead of reasoning by analogies 25:19 – Why it’s possible to turn a cook into a chef 30:08 – Why being a chef is the safer route in a world with AI and what Tim has changed in himself as to why. 31:22 – Looking at the discovery process             34:39 – Superintelligence: Paths, Dangers, Strategies\ 40:01 – Being the person who creates the metaphor vs being the people who simply using them             43:41 – YouTube Channel  Kurzgesagt – In a Nutshell 44:54 – Most fun that Tim has had researching a topic 46:08 – Musk model for attaining your goals 53:43 – Why not caring what people think is one of the world’s best superpowers, grand theft life 56:50 – Neuralink – what is it and how did Tim come to research it 1:02:38 – Elon Musk’s concerns about AI 1:14:28 – What then if the Neuralink concept works out 1:18:02 – Kindest thing anyone has done for Tim   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

In episodes one and two of Hash Power, we explored blockchain technology and cryptocurrency investing. In this episode, we discuss the current and potential future states of the crypto world. We cover new forms of cooperation, regulation, security and storage, and why blockchains allow systems to evolve at such a rapid pace.  Be sure to listen until the end, where we close with some advice about conducting ourselves in a new world where creativity reigns and repetitive jobs disappear—a trend that may only accelerate thanks to blockchain technology and cryptocurrencies. Hash Power is presented by Fidelity Investments   For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. 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 0:05 – Intro to episode 3 and what to expect  4:00 - Olaf Carlson-Wee, founder of Polychain, on how the funding and investing in cryptocurrencies could easily get out of hand  5:00 – How people are creating holding companies to fund cryptocurrencies protocols  6:45 – Decentralized Autonomous Organization (DAO) and how they will replace the aforementioned holding companies  8:32 – Could fully decentralized organizations replace other more traditional organizational structures, even outside of crypto currency  9:59 – How can DAO’s impact everyday lives  12:39 – Why your skills and accomplishments will become more important than who you are or where you are from             15:38 – Ready Player One: A Novel  16:09 - Naval Ravikant, CEO of Angellist, on the way humans cooperate and build new entities  17:51 – When people will demand oversight and regulation over crypto currency  20:42 - Peter Van Valkenburg, Director of Research at Coincenter on the current state of regulation  26:06 - Jameson Lopp on security needed to protect your cryptocurrency             26:22 - Glacierprotocol.org  27:51 - Ari Paul, co-founder of Blocktower, on how nail polish is used to protect their crypto wallet  30:03 – Juan Benet explains the Filecoin Protocol  35:52 - Muneeb Ali, co-founder of Blockstack, on how his team is plans to provide basic tools that will allow the broader developer community to build apps that the cryptocurrency population will use.  38:01 - Comparing blockstack to the analogy of creating a city  40:17 – How the blockstack token fits into everything  43:15 – Fred Ehrsam, co-founder of Coinbase, on forking in blockchains  47:52 – Naval Ravikant on how the idea of work will change in the future, and how that change helped to produce the idea of a blockchain in the first place.  49:31 – Why curiosity should govern what you do in life 53:22 - Naval’s framework for making money   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

In episode 1 of Hash Power, we explored blockchains as a technology—how they work, why tokens (also known as cryptocurrencies) are an integral part of any blockchain, and how these new networks might change the world. In episode two, we spend time with the leading investors in the field. Like any frenzied asset class, there are countless cryptocurrency hedge funds popping up everywhere. But founders from three of the original firms—Polychain, Metastable, and Blocktower Capital—are our primary guides this week.As I speak, the total market cap of cryptocurrencies is $136B. There are hundreds of tokens currently available, but bitcoin and Ethereum represent 75% of the total market cap. $136B sounds like a big number, but its tiny relative to any other asset class—and I use that term with hesitation. To put it in perspective, that’s exactly the same size as the market cap of IBM. But IBM had more than $10B of earnings in 2016. Tokens have none. As you will hear, valuing tokens is a very hard exercise.In such a nascent world, we are seeing investing strategies take hold. Olaf Carlson-Wee, Josh Seims, and Ari Paul walk us through different takes on cryptocurrency investing, be it early stage, long term buy and hold, or more hedge fund style strategies.Hash Power is presented by Fidelity InvestmentsFor comprehensive show notes on this episode go to http://investorfieldguide.com/hashpowerFor more episodes go to InvestorFieldGuide.com/podcast.To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.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 ReferencedFat Protocols (Joel Monegro) Show Notes0:05 – Recap of part 1 and introduction to part 2 of Hash Power2:58 – Ari Paul, CIO of Blocktower explains how he got involved in cryptocurrencies5:23 – Why do we need bitcoin7:23 – Polychain Capital founder Olaf Carlson-Wee on why the value of tokens accrue9:23 – How main stream money is getting into this space12:26- Useful comparisons when talking about ICOs when compared to IPOs15:01 - Naval Ravikant, CEO of Angellist, is asked to explain the protocols of cryptocurrencies to platform businesses like Uber or Airbnb17:43 – Naval’s interest in investing in cryptocurrencies23:07 - Olaf Carlson Wee on the lifecycle of a token24:02 – SAFT note, Simple Agreement for Future Tokens25:31 – What is the earliest stage that edge is most present for investors in cryptocurrency protocols28:12 – How do you mitigate the volatility that is present in blockchain31:18 - Jeremiah Lowin, a risk and statistics expert, who runs risk management for a large private family office, talks about why he no longer owns cryptocurrencies 34:19 - Jordan Cooper, a venture capital investor, is optimistic about blockchains in general, but thinks there may be some overvaluations in current currencies37:02 – How Jordan would value a single cryptocurrency42:10 – Fat Protocols (Joel Monegro)43:52 - Josh Seims, of Metastable, the value investor in blockchain?51:15 - Ari Paul on the equivalent of listed stocks in the crypto currency world52:33 – Understanding the concept of a coin in blockchain and how people are getting access to them55:07 – The fairground analogy to understand cryptocurrencies57:57 – What lessons from traditional markets can you apply to investing in cryptocurrencies1:06:51 – Ari is asked to discuss some of the alternative cryptocurrencies outside of Bitcoin and Ethereum. He starts with Ripple1:10:27 – What would help firms or traders create edge in investing in cryptocurrencies Learn MoreFor 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/bookclubFollow Patrick on twitter at @patrick_oshag

Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field like Naval Ravikant, Olaf Carlson-Wee, Fred Ehrsam, & Ari Paul. Hash Power is meant to be an introduction, but really, it is an invitation to explore this emerging world on your own. In the coming weeks, we will cover the technology, the power of decentralization, bitcoin, Ethereum, ICOs, cryptography and hashing. We will spend time with the leading active hedge fund managers in the field, and with outside investors who are both optimistic and skeptical. Episode one covers the big picture, and answers the question: what is blockchain and why might it significantly affect our world?If you enjoy what follows, you’ll still be very early in understanding this field. Most don’t. So help me spread it like wildfire, because the more people that understand blockchain, the better its impact might become. Please enjoy episode one, and stay tuned next week for episode 2, which explores investing in cryptocurrencies.Hash Power is presented by Fidelity Investments For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpowerFor more episodes go to InvestorFieldGuide.com/podcast.To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.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 The Sovereign Individual: Mastering the Transition to the Information Age Nostalgia for the Absolute Links ReferencedBitcoin: A Peer-to-Peer Electronic Cash SystemReddit User jav_rddtSHA-256 Calculator The BitCoin Model for CrowdfundingFat Protocols#cryptotwitter Show NotesCHAPTER 1 – Understanding the Concept of Blockchain (3:25)4:30 – Jeremiah Lowin explains how blockchain is like a database5:14 – Bitcoin: A Peer-to-Peer Electronic Cash System5:46 – Owning a digital asset7:14 – Naval Ravikant, CEO of Angelist on how blockchains can help to create personal networks and organize humans13:33 – New coins popping up around data storage and utility needs like solar panels14:57 – Permission vs permissionless networks18:13 – Keeping track of scarcity and the introduction of tokens18:51 – The Sovereign Individual: Mastering the Transition to the Information Age21:55 – The role of blockchains in the informational age and the rise of more individual sovereignty23:29 - Fred Ehrsam, co-founder of Coinbase, on the increasing shift to digital worlds led by incentive structures CHAPTER 2 – Blockchain Technology (27:48)29:09 - Reddit User jav_rddt30:43 - SHA-256 Calculator31:53 - Charlie Noyes, Pantera Capital, explains how SHA-256 was developed and what make its so special35:48 – How miners create new blocks and the incentives to do so46:54 – Ethereum, the “spiritual successor” to bitcoin48:36 – How the Ether network is an ecosystem in which other tokens can sit50:51 - Naval Ravikant on alternative coins or tokens50:50 - The BitCoin Model for Crowdfunding52:35 – Fat Protocols53:22 – Blockchain as an experiment in distributed government54:47 – How cryptocurrency is more than just technology, it’s a movement54:50 – Nostalgia for the Absolute57:27 - #cryptotwitter1:00:58 - Peter Jubber, of Fidelity, on how huge institutions, like theirs, are getting into the cryptocurrency game1:05:21- Olaf Carlson-Wee, first employee at Coinbase and the founder of Polychain, on the early excitement for cryptocurrency1:06:56– Closing thoughts from PatrickLooking to work in this space - hashpowerdeveloper@gmail.com Learn MoreFor 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/bookclubFollow Patrick on twitter at @patrick_oshag

My guest this week is David Tisch, who was instrumental in building and fostering venture capital investing in New York City. If you liked my conversation with Jerry Neumann--who, incidentally, introduced me to David--you are going to love this one.  David was a co-founder at tech stars, New York's answer to Silicon Valley’s famous tech incubator Y Combinator. He now runs the Box Group, a prominent seed stage venture capital firm, which has looked at thousands of startups and invested in more than 200.  We explore tech investing outside of Silicon Valley, the tech accelerator model, the evolution of early stage investing, and why the best companies may start coming out of non-traditional venture hubs.  David does a great job of explaining how things have changed for technology startups and why certain strategies--especially those for acquiring customers--won't work nearly as well in the future.  I learned a lot during this hour, and I think you will too. Please enjoy.    For comprehensive show notes on this episode go to http://investorfieldguide.com/tisch For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. 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 2:16 – (First question) – Looking at David’s motivation and role in building up the venture capital tech investment scene in New York 6:14 – What David did to further the mission of fostering tech startups in New York, namely his work with TechStars 10:11 – What is Y Combinator and how does that differ from Tech Stars 13:02 – What is the procedure for getting into a startup incubator   17:08 – Most memorable applications 19:12 – What is the boot camp/incubator experience like 20:34 – What should future incubators be focused on to help develop the right ideas 23:46 – What aspects of the business should a start up be focused on in the beginning 26:46 – What got David interested in investing 28:47 – The challenges of launching new tech today and the colonization of identity 32:04 – Exploring David’s investing strategy 35:45 – Finding the consumer facing companies that can scale and provide a return for venture capitalists 38:03 – The problem of scaling up for start ups 39:20 – What business models does David prefer when making venture investments 40:53 – What’s important to look at when investing in other sectors, starting with Fintech 44:41 – Where does David think we are in the venture capital cycle 49:37 – How much does the exit strategy play into the initial seed investment 50:18 – David’s thinking on the portfolio of companies when picking an investment 52:48 – David’s biggest sin of omission 53:56 – Common personality traits among potential founders 55:24 – Is storytelling relevant for startups focused on the enterprise side of the business 56:07 – David’s story to convince founders to work with him 57:51 – biggest mistakes that David has seen 1:01:47 – What does it mean for our health that are time has become completely consumed by technology 1:03:58 – What trend has David most excited looking forward 1:06:44 – Kindest thing anyone has done for David   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

In this lively discussion, David Gardner, co-founder of The Motley Fool and a passionate investor, shares his exhilarating approach to finding 'rule-breaking' companies. He highlights the importance of visionary leadership and the transformative power of innovation, using examples like Tesla and Netflix. Gardner also discusses the 'snap test' for evaluating company durability, the balancing act of venture and public market investing, and his philosophy of long-term holding. His vibrant energy and unique insights will inspire any investor!

Meb Faber, co-founder of Cambria Investment Management and quantitative researcher, shares his insights on innovative investment strategies that challenge traditional practices. He discusses key factors for maximizing returns using a unique draft approach. The conversation also delves into the intricacies of angel investing in fintech, emphasizing the importance of customer acquisition and emerging trends. Additionally, they explore the complexities of liquidity in investment products and the evolution of the podcasting landscape, balancing creativity with quality.

My guests this week don't need to be introduced. In celebration of the one year anniversary of invest like the best, I asked Josh Brown, Mike Batnick, and Barry Ritholtz to join me for a hour, during which I spent more time laughing than asking questions. I chose this team because they are the pioneers of mold breaking honesty and personality in our industry. They all figured out that just being themselves yields incredible results. This is a strategy that everyone should try, but very few do. Honesty and transparency require vulnerability, which is hard for most of us. I still struggle with it. But the evidence is in. The Ritholtz team has grown as fast as almost any RIA. Listen to this and tell me you wouldn't want to spend your career working with people this friendly, funny and open. Hell, I want to give them some money just so I have an excuse to drop by more often.  Thanks to everyone who has listened in the past year. We are past 1.25mm listens, and growing fast. You own this thing as much as I do, because the size helps me penetrate deeper and get the best people, which begets more listeners. This podcast is one hell of a discovery machine, and the first year was our warm up. We have a ton of new angles, formats, and events coming in year two. Stay tuned. But first, time to laugh in celebration of year one. Please enjoy my conversation with team Ritholtz For comprehensive show notes on this episode go to http://investorfieldguide.com/ritholtz For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. 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 Barry @ritholtz on twitter a16z Podcast Scott Galloway and Aswath Damodaran on Bitcoin vs Gold Latest 'These Are the Goods' post   Show Notes 2:35 – (First question) – What stock best represents you  5:09 – How was this team assembled at Ritholtz  8:50 – Why larger asset management firms are slow to pivot on new technology  10:00 – The humor of Barry @ritholtz on twitter  11:48 – What technology channels are working best 13:08 – What would happen in a Ritholtz stock picking contest 15:19 – How do you keep investors from wanting to move money into or out of buzzworthy trades 20:23 – Pricing out the news and the value premium 23:41 – Why people want complexity and activity in their portfolios 29:51 – People always want to be a part of the next frontier, example bitcoin             31:08 – a16z Podcast 33:13 – Exploring research in action and living the investments 39:35 – Biggest argument against bitcoin could be the underlying utility and what will make it successful 45:13 – The Hindenburg Omen             46:34 - Scott Galloway and Aswath Damodaran on Bitcoin vs Gold 47:38 – How the relationship with clients has evolved 49:50 – Mike’s new book project that he is working on 51:41 – Why the Mark Twain chapter is the most interesting in his book thus far 53:32 – How a business should balance sales and marketing 58:09 – Who would they draft to the Ritholtz team             58:22 – Latest These Are the Goods post 1:05:18 – Kindest thing anyone has done   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 Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated--or made possible--by the existence of the moat.   A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike--an earlier guest on the show. In the vast majority of conversations you hear on this show, I'm meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.   Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation.    For comprehensive show notes on this episode go to http://investorfieldguide.com/dorsey For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. 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 2:23 – (First question) – Transition from the sell side to the buy side and the biggest surprise  3:40 – What is a moat  5:16 – What part of the stock market universe has a moat  6:57 – Pat’s framework for identifying moat, starting with intangibles  8:32 – The power of brands  9:44 – what chance does an upstart have to come in and usurp a well-established brand    12:24 – Switching costs as part of the framework for identifying a moat  14:55 – The third component of identifying a moat, network effects, and what businesses should do to effectively build one  17:29 – Last component, cost advantages/economies of scale  19:29 – How do you analyze these four components into an investing framework that can be built into an actual strategy  21:13 – How does Pat think about this from a mis-pricing standpoint  23:37  – How does Pat incorporate current price of a company in consideration for future returns when pricing a moat  25:39 – How should a company with a moat operate to protect that characteristic, especially when it comes to their capital allocation  26:51 – Which characteristic of a moat does Pat find most intriguing  30:35 – What makes for good and smart capital allocation  35:58 – What is Pat’s process for identifying the best investment opportunities  38:38 – What are good economics when looking at a company  41:03 – If Pat could take any business, but have to swap leadership, what would he choose.  44:13 – Back to his process of finding investment opportunities  46:05 – Kindest thing anyone has ever done for Pat   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 guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduction short. Morgan shifted from public markets to the private markets a year ago when he joined the Collaborative Fund, so we begin with what he has learned about venture capital in his first year on the job.   For comprehensive show notes on this episode go to http://investorfieldguide.com/writers For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. 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 The Devil's Financial Dictionary Modern Monopolies: What It Takes to Dominate the 21st Century Economy Thinking, Fast and Slow Shoe Dog: A Memoir by the Creator of Nike Life and Fate   Online References A Rediscovered Masterpiece by Benjamin Graham Rishi Ganti podcast Small Companies Are Gone, But Should they Be Forgotten (Zweig Column)   Show Notes 1:43 – (First question) – Morgan on why he got disenchanted with the investment industry and shifted to venture capital 4:05 – Jason’s thoughts about investing in the private markets             5:19 - A Rediscovered Masterpiece by Benjamin Graham 7:57 – Morgan’s thoughts on how private market investments differ from public market investments 10:24 – Exploring valuations of businesses and what they say about broader trends in the market 13:21 – How much does Jason think about individual companies when exploring the overall market trends             18:41 – The Devil's Financial Dictionary 19:28 –What does it take to be a successful founder 23:40 – How does Jason look at activities that are work related vs just for pleasure 25:33 – If Jason had to start a business, what would he do 27:22 – What business would Morgan start 29:18 – Problems with the financial planning industry 30:56 -  The role of stress in personal and business development             31:04 – Modern Monopolies: What It Takes to Dominate the 21st Century Economy 38:17 – Are there signs that let you know when to cut and run vs when to keep slogging along with something             42:02 – Thinking, Fast and Slow             44:03 – Shoe Dog: A Memoir by the Creator of Nike 44:20 – Principals to approach learning 50:10 – The idea of keeping your identity small in a world where social media encourages one-upmanship 53:56 – Last significant thing Morgan changed his mind about 55:23 – Why Morgan chooses passive investing with stocks, but as a VC, essentially is a stock picker in private markets             1:00:44 – Rishi Ganti podcast 1:02:14 – What major thing did Jason change his mind about             1:02:30 – Small Companies Are Gone, But Should they Be Forgotten (Zweig Column) 1:06:33 – What was the most interesting idea Jason and Morgan have been tackling and what data helped to spark that interest             1:09:32 – Life and Fate