Invest Like the Best with Patrick O'Shaughnessy

Erik Serrano, CEO of Stable Asset Management, shares insights from his journey in the investment world, having scaled his firm to over $3 billion in AUM. He discusses the unique challenges faced by young investment founders and the importance of personal history and adaptability. Erik emphasizes the qualities of a successful General Partner, focusing on alignment with firm objectives and the need for transparency. The conversation also explores the significance of building trust and emotional connections in investment relationships, balancing financial success with integrity.

Doug Leone, former Sequoia Capital partner, shares wisdom from his 25+ years in venture capital. He discusses the importance of keeping investment strategies simple and transparent, offering insights on go-to-market motions and trust-building with founders. Leone reflects on his evolution from leader to mentor, emphasizing resilience and the value of genuine relationships in navigating the ever-changing investment landscape. He also highlights the critical choices between venture capital and entrepreneurship, advocating for alignment with one's strengths and passions.

Justin Ishbia, Founding Partner of Shore Capital, shares insights from acquiring nearly 600 companies in the microcap space. He discusses the importance of systematic approaches and building strategic boards to drive success. Ishbia emphasizes investing in healthcare, exploring negotiation complexities, and fostering internal talent to develop future leaders. He introduces the concept of 'innovation stacking' as a method to gain competitive advantages. The conversation also touches on mentorship’s role in personal and professional growth, highlighting lifelong friendships.

In this conversation with Gavin Uberti, the 21-year-old founder of Etched, listeners are taken on an exciting journey through the evolving landscape of AI hardware. Uberti discusses the potential of purpose-built AI chips, highlighting how they could revolutionize efficiency and cost-effectiveness for models like GPT-4. He also touches on the implications of AI on human creativity, the evolution from GPUs to specialized chips, and the significant role mentorship plays in engineering education. This youthful innovator offers a hopeful glimpse into the future of technology.

Join John Collison as he converses with the late Charlie Munger, Vice Chairman of Berkshire Hathaway, known for his sharp investment strategies and unparalleled wisdom. They dive deep into the vital intersection of ethics and capitalism, critiquing monopolistic behaviors in business. Munger shares insights on investing, notably his cautious stance on tech giants like Amazon. The discussion also touches on the legitimacy of gold versus cryptocurrency, and Munger’s reflections on personal happiness through family dynamics, making for a thought-provoking listen.

Peter Fenton is a General Partner at Benchmark, with a stellar two-decade track record in tech investing. Victor Lazarte, also a General Partner, previously built Wildlife Studios into a mobile gaming giant. They discuss the critical role of shared purpose in partnerships, the unique culture of Benchmark, and their transition from builders to investors. Insights on navigating the evolving tech entrepreneurship landscape reveal the importance of genuine relationships, mental health, and the creative interplay between technology and gaming innovations.

Lior Susan, the Founder of Eclipse Ventures and a former Israeli special forces member, shares his journey from military leadership to tech entrepreneurship. He discusses the profound emotional impact of the October 7 terror attacks and advocates for dialogue and understanding in the midst of conflict. Lior emphasizes the critical need to revitalize physical industries through technology, reinforcing democratic values and unity. He critiques leadership failures while promoting a collaborative approach to achieving peace and societal resilience.

Brad Jacobs, the Executive Chairman of XPO Logistics and founder of seven billion-dollar businesses, shares his dynamic insights on rapid business growth. He delves into navigating mergers and acquisitions, emphasizing the importance of scalability and relationship-building. Jacobs discusses the value of ambitious goals, effective technology integration, and his unique approach to corporate meetings. He also highlights the impact of meditation and thought experiments on innovative thinking, encouraging listeners to embrace a purposeful and focused life.

Elizabeth Zalman, a two-time founder of StrongDM, and Jerry Neumann, an early-stage venture capitalist, dive deep into the complex dynamics between founders and investors. They discuss their contentious book, revealing the inevitable tensions that arise in startup journeys. Key topics include balancing ambition with ethics, the importance of effective communication, and the role of storytelling in fundraising. Personal anecdotes highlight the significance of building genuine relationships and strategic advantages, offering valuable insights for new entrepreneurs.

Palmer Luckey, founder of Anduril Industries and Oculus VR, shares his groundbreaking insights into defense technology and virtual reality. He discusses the transformative potential of synthetic fuels and critiques the misaligned incentives in defense contracting. The conversation explores the impact of AI on national security and the cultural dynamics within tech companies. Luckey also reflects on the importance of support and kindness in entrepreneurship, showcasing how personal experiences shape innovative thinking for the future.