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    • Latin America's Leapfrog Opportunity in EcommerceLatin America's lack of innovation in ecommerce provides a unique opportunity for companies to address barriers like logistics and payments, bundle products, and expand into various categories. Rappi has already done this successfully, and the SoftBank Latin America Fund offers significant potential for entrepreneurs and investors.

      Latin America has a unique opportunity to leapfrog in ecommerce due to the lack of transformational innovations from a mostly offline world. Companies that go deep and address barriers like logistics and payments have the chance to bundle and offer various categories and products. Rappi, the largest food delivery platform in Latin America, is a prime example of a product that started with convenience and expanded into ecommerce, pharmacy, supermarket orders, and financial services like a credit card. By offering speedy delivery through micro fulfillment centers, Rappi continues to be a significant player in the region. The SoftBank Latin America Fund is also a massive opportunity for entrepreneurs and investors interested in deploying capital and exploring business opportunities in the region.

    • The Importance of Networking and Staying Up-to-Date in Making InvestmentsAttend conferences, read trend publications, and network with peers to gain knowledge and access remarkable opportunities, like Kevin Rose's experience at COMDEX, leading to growth and success in investment.

      When it comes to making investments, it's important to come to your own conclusions. This discussion with Kevin Rose reminded us that the best way to gain knowledge and awareness is to attend conferences, read magazines and stay up-to-date with the latest trends. Even starting young can lead to remarkable opportunities, as seen from Kevin's experience attending the COMDEX convention at an early age. Furthermore, it emphasizes that with the right mindset, you can break down any barrier, like getting a fake ID to attend a computer convention. Networking with like-minded individuals, and attending tech conferences, can help you expand your horizon and meet people in the industry, leading to remarkable growth and success.

    • From Behind the Scenes to On-Camera: Kevin's Unexpected Journey on TechTV's The Screen Savers.Sometimes, the best opportunities come unexpectedly. Embrace your potential and don't be afraid to seek help to grow and develop your skills, even if it means stepping outside your comfort zone.

      Kevin didn't apply to work at TechTV to be in front of the camera, but it was a chance that he ended up on camera. He discovered a vulnerability in Windows that led to talking about it on the show. The executive producer noticed his potential and had him come on once a week to talk about a certain tool. Though nervous, he eventually started to grow more comfortable on camera but needed help from a talent coach. Kevin became known as the 'Dark Tipper' on the show for sharing tips about the dark side of the internet. The Screen Savers was live in front of a studio audience, and the set was designed to facilitate different shots without a lot of quick set changes.

    • The Pros and Cons of Live Television and PodcastsWhile live television can be chaotic and challenging, it offers a unique and dynamic experience. In contrast, pre-recorded content allows for obsessive editing and can lack spontaneity. Regardless of the medium, working in a collaborative and creative environment can provide lasting relationships and a sense of fulfillment.

      Live television can be chaotic with unexpected technical glitches and challenges, but it also provides a unique dynamic that forces people to roll with it. In contrast, with podcasts and other pre-recorded content, it's easy to obsess over it and spend too much time editing. Additionally, conducting interviews can be challenging as not all guests open up easily. Despite the challenges, working in a collaborative and creative environment can make a job feel special and provide lasting relationships. TechTV was an example of this, although it ultimately had financial challenges and was acquired by G4, which recognized the potential of its audience and talent.

    • The Rise and Sale of Revision3Video content online allows for direct access to niche audiences without traditional distribution deals. Acquisition by larger companies can lead to growth and expansion in the digital space.

      Revision3 was started with the idea that video content was taking off online, and niche audiences were quite large. They didn't have to rely on distribution agreements with old-school television networks to get viewership, and they could measure it more accurately. The media stream with Diggnation and other ways of reaching people, along with being the founder of Digg, created a flywheel effect that gained momentum. This led to the realization that the web on the internet was a new direct way to reach consumers. Revision3 was ultimately sold to Discovery Networks for $35 million and became their digital arm. This helped Discovery Networks move into the digital space and given them a handful of folks to lead that effort.

    • The rise and fall of Digg - the community-driven website that paved the way for modern machine learning.Digg's success was driven by its ability to surface interesting content for users and its emphasis on social bookmarking. Its algorithm served as a precursor to modern machine learning.

      Digg was a community-driven website that allowed users to upvote articles, and was able to reach an audience as big as 38 million monthly uniques. Its success attracted big tech players like Facebook, and Digg even served as an early partner of the latter. The website's success was largely due to its ability to surface interesting content for users, as well as giving users the satisfaction of having their names mentioned on the website. Digg's algorithm, which recommended similar content to users, was a precursor to modern day machine learning. At its core, Digg was built around the idea of social bookmarking, which allowed users to bookmark articles and count the number of bookmarks on them.

    • The birth of Digg and its early stagesDigg was originally inspired by a rejected idea for Slashdot and was created by Kevin Rose and a freelance developer. Despite being credited with starting Web 2.0, Kevin admits he didn't even know what it meant at the time.

      The origin story of Digg involves Kevin Rose's lunch with CmdrTaco, the founder of Slashdot. Kevin suggested to CmdrTaco to make user-submissions visible on Slashdot with an upvoting system, but CmdrTaco rejected the idea. Kevin then decided to create a similar platform himself and hired a freelance developer to create the first prototype. While some people are listed as co-founders of Digg, Kevin clarifies that they were hired at later stages of development. Despite being credited with starting Web 2.0, Kevin admits he didn't even know what it meant at the time. Jason Calacanis, who offered to buy Digg for a million dollars early on, also played a role in the early stages of the platform.

    • The Unexpected Success of StartupsPursue your passion and believe in what you are building without worrying about success. The tech industry is constantly evolving, so focus on building for tomorrow, not just today.

      Success in the startup world often comes unexpectedly and is rarely planned for. The founders of many of today's biggest companies were just having fun building software and hanging out with other tech enthusiasts. The term Web 2.0, which is now ubiquitous, was not even known to some of the leading figures in the field back then, and they did not envision their projects becoming as big as they did. This highlights the importance of simply pursuing your passion and building what you believe in without worrying about whether it will be successful or not. It also shows that the tech industry is constantly evolving and what is considered cutting-edge one day may become obsolete the next.

    • Investing in Experiences: A Wise DecisionInvesting in experiences, like attending events and technology conferences, fosters connection and genuine information sharing. Embracing new technologies, like Web 3.0, early on can lead to success in the long run. Shared experiences create lasting memories and contribute to overall personal development.

      Investing in experiences is always a wise decision as they are the best money spent. The connection and camaraderie around a new technology, such as Web 3.0, brings people together with a common purpose and genuine information sharing despite differing interpretations. The mainstream may not have embraced it yet, but the early believers see its potential and are confident in its success with time. Kevin's experience at South by Southwest, where he realized the event had become part of culture, highlights the value of shared experiences. It was a special moment for Kevin, and he was glad he invested in the experience of bringing his father out to see his success.

    • The Doubt and Excitement Surrounding Web 3.0Despite skepticism, the crypto community sees potential in innovative concepts like NFTs and DeFi projects. Investors look to support ambitious individuals like Kevin Rose, whose journey began with a single tweet. Looking back on personal and technological milestones can be enlightening.

      Web 3.0 is currently facing a lot of doubt similar to the initial response to Web 2.0. However, there is excitement in the crypto community for entrepreneurs, NFT artists, and DeFi projects who are building new and novel concepts. Investors seek to back ambitious people and ideas that have the potential to be massive. Kevin Rose's journey in crypto began in 2012 when he first tweeted about Bitcoin and received his first transaction through Coinbase. He also mentioned his experience with Trent Reznor's music, which was released as open-source, and how he visited Trent's house for a Digg dialogue. It's interesting to search for old emails and tweets to reflect on personal and technological milestones.

    • The Importance of Exploring New Technologies and Investing Wisely in Cryptocurrencies.Educate yourself before investing in promising projects and avoid solely price-focused ones. Remain vigilant and focus on the potential long-term benefits of new technologies, while keeping yourself informed to avoid scams.

      Kevin's experience with Bitcoin and early investments in Coinbase highlight the importance of exploring new and upcoming technologies. Despite the risk of scams and fraudulent activity, educating oneself and investing in promising projects can lead to significant benefits in the long run. However, it is crucial to avoid projects solely focused on price appreciation instead of genuine technological progress. The Foundation podcast and similar initiatives aim to provide educational content and help people avoid scams in the cryptocurrency space. The key takeaway is to remain vigilant and informed when exploring new technologies and to focus on their potential long-term benefits rather than short-term gains.

    • Evaluating a new cryptocurrency project requires assessing the team, use case and underlying technology, and recognizing the potential for early upside.Before investing in a new cryptocurrency project, analyze its purpose and viability, the credibility of the team behind it, and whether it's driven by genuine interest in the technology or just hype. The first true believers in a paradigm shift often reap the greatest benefits.

      When evaluating a new cryptocurrency project, it's important to ask whether there is a use case that needs to be solved, if there's a credible team behind it, and if the conversation is more about making money or the underlying technology. The founders of groundbreaking consumer things have more upside than investors because they were true believers in the thing for the value of the thing, even before it had any notion of being an investment. It requires a leap of faith to become an early true believer in a new paradigm shift, but the earliest people to do so have the most upside. While some projects may start off as a joke, they may eventually evolve into something more than just hype.

    • The Value of NFTs as Seen by Entrepreneur and Investor Kevin RoseNFTs offer new possibilities for art and creativity, and investors like True should support entrepreneurs in exploring these opportunities without adding needless stress and constraints.

      NFTs provide opportunities for new genres of art and generative art which were not possible earlier, and they are not just about minting a JPEG or a GIF. Kevin Rose, an entrepreneur, investor, and someone with a strong point of view on design sensibility, understands the value of NFTs. His experiences with True, a long-term investor that backs their entrepreneurs with care, highlights the need for investors to support entrepreneurs without adding unnecessary pressures and demands. Being able to create new and exciting things and bringing awareness to other people is something that Kevin enjoys and wishes to continue doing.

    • Kevin Rose's transition to full-time investor and focus on blockchain-related companiesKevin Rose believes that blockchain technology will transform industries, especially finance, collectibles, and gaming. He sees the crypto and Web 3.0 space splitting into two distinct worlds, with one focusing on traditional cryptocurrency and DeFi, and the other on NFTs. He will be launching a new podcast called Proof, dedicated to NFT content.

      Kevin Rose transitioned from building startups to becoming a full-time investor at True Ventures. His day job involves evaluating cryptocurrency, blockchain-related companies, and NFT-related projects. His firm has deployed $75 million this year for blockchain-related startups, which is a significant chunk of the $750 million fund they have. Kevin believes that blockchain technology will change everything, especially in the financial, collectibles, and gaming industries. He also sees two worlds starting to separate in the crypto and Web 3.0 space, one focusing on traditional cryptocurrency and DeFi, and the other on NFTs. He will be launching a new podcast called Proof, which will be dedicated to NFT content.

    • A new NFT-focused podcast to reduce confusion and hype around NFTs.Proof, a new NFT-focused podcast separate big names in the crypto industry from the unique and novel, highlighting not just the value of NFTs in art but generating incentives for creativity and innovation.

      Proof, a new NFT-focused podcast, will cover various aspects of the NFT world, from art and programming to tokens and the gaming world. Modern Finance podcast will still touch on important NFT content, but the new feed will be devoted entirely to NFTs. Kevin plans to populate the new feed with pre-existing NFT content and release new episodes every week to week-and-a-half. The intention is to separate the big names in the crypto industry, both creators and analysts, from those doing something unique and novel. By establishing a separate NFT feed, Kevin aims to reduce confusion and hype around NFTs in a rapidly evolving and sometimes scammy industry. Finally, NFTs offer value beyond the art itself, highlighting the artist's story and generating incentives for creativity and innovation.

    • The Importance of Online Identity and the Potential of NFTs in the Gaming and Art World.Online identity holds a significant place in the gaming world, while NFTs can bring portability and new possibilities to art. Understanding the NFT ecosystem is crucial, and platforms like MoFi and Hodinkee showcase the potential of integrating content and commerce in unique ways. The NFT world might hold untold possibilities for geeky conversations with artists about programmability and beyond.

      More than 50% of gamers consider their online identity in their games to be more important than their offline identity. NFTs bring portability to art, which allows people to showcase their favorite pieces of art. The ecosystem that NFTs bring to the table is something that people need to wrap their head around, just like when canvas was first introduced for art. There is a future for MoFi in the on-chain content media as it is a unique platform where content and commerce can be integrated. Hodinkee is a successful blend of content and commerce where the editorial and commerce are kept separate. Watches and mechanical timekeeping have a geeky level that needs to be brought to the NFT world where we can talk deep with artists and learn about the programmability of the NFTs.

    • Importance of Building Trust and Relationships in Business GrowthBuilding trust and relationships through quality content and a reliable brand is crucial for business success. Utilizing multiple perspectives and traditional expert training can provide a valuable assessment of historic value. Connections through referrals and social media platforms like Twitter can lead to unexpected opportunities and growth.

      Building trust takes time, and for businesses like Proof, gaining trust through in-depth editorial content and a reliable brand is crucial. Hiring editorial staff with traditional art critic training who also understand the NFT world can provide multiple perspectives, allowing for assessments of the historic value of NFTs. Entrepreneurs may find it difficult to contact firms such as True, as 90% of deals come from referrals, with Twitter DMs being a way to connect. Kevin’s addition to the suggested follow list on Twitter resulted in many followers and eventually led to meeting his wife. The growth of Twitter holds valuable lessons for today's entrepreneurs, emphasizing the importance of building relationships and taking opportunities to grow.

    • TrovaTrip revolutionizes group travel for like-minded adventurers + AcquiredFM invests $5MTrovaTrip offers customizable trips to exotic destinations for groups sharing mutual interests + AcquiredFM hosts discussions on entrepreneurship and finance.

      TrovaTrip is an innovative company that enables creators to customize trips to over 100 places around the world and take groups of people on the trip together who share mutual interests. The company aims to disrupt the group travel industry and provides people with a unique opportunity to travel to exotic places with like-minded individuals. AcquiredFm just invested $5 million in TrovaTrip, and Ben and David are excited about it. They discuss taking an AcquiredFm tour to all the hotspots in Silicon Valley where the old-school entrepreneurs and VCs used to hang out. They also discuss the Fed's role in the economy in a recent episode and talk about the Beeple episode of Modern Finance. Check them out.

    Recent Episodes from Acquired

    Microsoft

    Microsoft

    Microsoft. After nearly a decade of Acquired episodes, we are finally ready to tackle the most valuable company ever created. The company that put a computer on every desk and in every home. The company that invented the software business model. The company that so thoroughly and completely dominated every conceivable competitor that the United States government intervened and kneecapped it… yet it’s STILL the most valuable company in the world today.

    This episode tells the story of Microsoft in its heyday, the PC Era. We cover its rise from a teenage dream to the most powerful business and technology force in history — the 20-year period from 1975 to 1995 that took Bill and Paul from the Lakeside high school computer room to launching Windows 95 alongside Jay Leno and the Rolling Stones. From BASIC to DOS, Windows, Office, Intel, IBM, Xerox PARC, Apple, Steve Jobs, Steve Ballmer… it’s all here, and it’s all amazing. Tune in and enjoy… Microsoft.

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    Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license.


    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Renaissance Technologies

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    Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an “investor”, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists — scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen. And boy does it work: RenTec’s alchemic colossus has posted annual returns in the firm’s flagship Medallion Fund of 68% gross and 40% net over the past 34 years, while never once losing money. (For those keeping track at home, $1,000 invested in Medallion in 1988 would have compounded to $46.5B today… if you’d been allowed to keep it in.) Tune in for an incredible story of the small group of rebel mathematicians who didn’t just beat the market, but in the words of author Greg Zuckerman “solved it.”

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    Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license.


    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Hermès

    Hermès

    In luxury, there’s Hermès… and there’s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait years simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès:

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    • Doesn’t loudly brand their products (IYKYK)
    • Doesn’t do celebrity endorsements (stars buy their bags just like everyone else)
    • Doesn’t even have a marketing department! (they barely advertise at all)

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Novo Nordisk (Ozempic)

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Holiday Special 2023

    Holiday Special 2023

    Ben has some big news. Actually, double big news! On what has become a holiday tradition here at Acquired, we cozy up to the fire to do our annual review of the show “in public”. We reflect on what can only be described as an absolutely mind-blowing 2023 (LVMH! Jensen! Costco! Charlie! Half a million plus listeners!) and look ahead to some big things cooking for 2024. Plus as always, we wrap with extended carve outs (joined this year by some surprise guests) for anyone still shopping for those holiday perfect gifts.

    Huge thank you to everyone for making 2023 an amazing year again here in Acquired-land, and cheers to even greater things to come in 2023!

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Visa

    Visa

    To paraphrase Visa founder Dee Hock, how many of you know Visa? Great, all of you. Now, how many of you know how it started? Or, for that matter, who started it? Who runs and governs it? Where is it headquartered? What’s its business model?

    For the 11th largest market cap company in the world, Visa’s history and strategy is almost shockingly unknown. A huge portion of the world’s population uses their products on a daily basis (you might say Visa is… everywhere people want to be), but very few know the amazing story behind how that came to be. Or why Visa continues to be one of the most incredible and incredibly durable business franchises of all-time. (50%+ net income margins!! On $30B of revenue!) Today we do our part to change that. Tune in for one heck of a journey.

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Charlie Munger

    Charlie Munger

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    A transcript is available here.

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    NVIDIA CEO Jensen Huang

    NVIDIA CEO Jensen Huang

    We finally sit down with the man himself: Nvidia Cofounder & CEO Jensen Huang. After three parts and seven+ hours of covering the company, we thought we knew everything but — unsurprisingly — Jensen knows more. A couple teasers: we learned that the company’s initial motivation to enter the datacenter business came from perhaps not where you’d think, and the roots of Nvidia’s platform strategy stretch back beyond CUDA all the way to the origin of the company.

    We also got a peek into Jensen’s mindset and calculus behind “betting the company” multiple times, and his surprising feelings about whether he’d go on the founder journey again if he could rewind time. We can’t think of any better way to tie a bow on our Nvidia series (for now). Tune in!

    Editorial Note: We originally recorded this episode before the horrific terrorist attacks in Israel. It feels wrong to release this episode — where the nation of Israel and the Mellanox team are discussed — without sharing our profound sadness for all the families who had innocent loved ones or friends killed, injured, or taken hostage. Our hearts go out to everyone coping through this dark moment in history.

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Nvidia Part III: The Dawn of the AI Era (2022-2023)

    Nvidia Part III: The Dawn of the AI Era (2022-2023)

    It’s a(nother) new era for Nvidia.

    We thought we’d closed the Acquired book on Nvidia back in April 2022. The story was all wrapped up: Jensen & crew had set out on an amazing journey to accelerate the world’s computing workloads. Along the way they’d discovered a wondrous opportunity (machine learning powered social media feed recommendations). They forged incredible Power in the CUDA platform, and used it to triumph over seemingly insurmountable adversity — the stock market penalty-box.

    But, it turned out that was only the precursor to an even wilder journey. Over the past 18 months Nvidia has weathered one of the steepest stock crashes in history ($500B+ market cap wiped away peak-to-trough!). And, it has of course also experienced an even more fantastical rise — becoming the platform that’s powering the emergence of perhaps a new form of intelligence itself… and in the process becoming a trillion-dollar company.

    Today we tell another chapter in the amazing Nvidia saga: the dawn of the AI era. Tune in!

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Costco

    Costco

    Costco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals — yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco’s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world’s most iconic — and iconically unique — companies.

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Related Episodes

    Twitter (with Dick Costolo)

    Twitter (with Dick Costolo)

    A week before the 2020 US Presidential election, former Twitter CEO Dick Costolo joins us to tell the story of a company that has impacted all of our lives (political and otherwise) like none other. While it's easy to forget now, a very viable alternate history exists where it's Twitter, not Facebook, who owns Instagram, and Vine, not TikTok, that's the global platform for mobile video. We dive into it all on this episode — and of course while we had Dick, we also had to discuss his controversial recent deleted tweet. 

    If you want more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our live Book Club discussions with top authors. Join here at: https://acquired.fm/lp/

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    Pilot: https://bit.ly/acquiredpilot24
    Statsig: https://bit.ly/acquiredstatsig24
    Crusoe: https://bit.ly/acquiredcrusoe


    New! We're codifying our own Playbook notes and takeaways from each episode, and posting them on our website. You can read them at: https://www.acquired.fm/episodes/twitter-with-dick-costolo


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    Andreessen Horowitz Part II

    Andreessen Horowitz Part II

    Alright, backstory's out of the way, and Acquired is rolling three hours deep on the venture firm that changed the game for everyone — a16z.

    • VC marketing? Check.
    • "Founder-friendly?" Check.
    • Platform services? Check.
    • Huge valuations and massive fund sizes? Check and check.

    We dissect it all in glorious detail, right down to the famous office library (located next to the Rosewood on Sand Hill, natch). The story of modern venture capital starts here. Let's Go!!!

    If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and access for live events and discussions with episode guests. We can't wait to see you there. Join here at: https://acquired.fm/lp/

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    Pilot: https://bit.ly/acquiredpilot24
    Statsig: https://bit.ly/acquiredstatsig24
    Crusoe: https://bit.ly/acquiredcrusoe


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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    FTX (with Sam Bankman-Fried & Mario Gabriele)

    FTX (with Sam Bankman-Fried & Mario Gabriele)

    Note: This episode was published on Dec 14, 2021, approximately a year before FTX’s subsequent meltdown. The apparent negligence, fraud and self-dealing at FTX has given us much to reflect on after we — and many others — gave Sam a platform to share his and FTX’s story with all of you. We’ve decided to leave this episode up in-full as a historical artifact of the industry’s view on FTX at the time. For a broader Acquired discussion on frauds, and specifically the similarities between FTX and Enron, see our November 2022 Enron episode.


    We tell the definitive (audio!) story behind FTX's "speed run" — how this upstart crypto exchange became the fastest company in history to reach a $25B valuation, just two years after founding. And to do so we're joined by not one but TWO of the very best people in the world to help: FTX's wunderkind CEO Sam Bankman-Fried, and special guest host Mario Gabriele from The Generalist, who Sam gave extensive access to FTX's internal data, employees, and investors for his canonical 36,000 word trilogy on the company this past summer. We cover it all — from the "$20m/day" trade that started everything, to Tom Brady & Gisele, to Sam testifying last week in front of Congress. Don't blink or you might miss it! 

    Sponsors:
    Pilot: https://bit.ly/acquiredpilot24
    Statsig: https://bit.ly/acquiredstatsig24
    Crusoe: https://bit.ly/acquiredcrusoe


    Big news!! All back catalog LP Show episodes are now free and available to anyone!! You can follow our new public LP Show feed here in the podcast player of your choice. It's already chock-full of 60+ great episodes like our VC Fundamentals series, interviews with founders of top early-stage startups, and master classes on pricing, marketplaces, SaaS investing and many more topics. Happy listening and happy holidays to everyone!!


    Links:

     ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

    Bitcoin

    Bitcoin

    We had to do it. After 12 years and 3,000,000x appreciation, we kick off Season 8 with the best investment of all-time and our biggest episode ever: Bitcoin. From the first bitcoin transaction of 10k for two Papa John's pizzas (worth about $350m today!!) to $40k+ BTC and maybe the moon beyond, we cover the whole crazy, improbable journey of how a single 8-page PDF document changed the world of money — and perhaps the world itself — forever. 

    If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/

    Sponsors:
    Pilot: https://bit.ly/acquiredpilot24
    Statsig: https://bit.ly/acquiredstatsig24
    Crusoe: https://bit.ly/acquiredcrusoe


    The Bitcoin Playbook is available on our website at https://www.acquired.fm/episodes/bitcoin


    Links:

    Episode Sources: 

    Ethereum

    Ethereum

    We close out Season 8 with the most ambitious organization we've ever covered on Acquired: Ethereum, and it's celebrity wunderkind founder Vitalik Buterin. If you thought Mark Zuckerberg IPO-ing Facebook at $100B by age 27 was something, just wait until you hear the story of this high school junior creating $500B (!!) of market cap by the same age — and oh yeah, maybe seeding the future dethroning of Facebook, Google, Amazon and all of big tech in the process. Regardless whether you're a crypto neophyte, a die-hard bull, or a skeptical bear, this is a story you need to hear, and Ethereum is an innovation you need to understand. Buckle in for a wild ride... and some special surprises from a few Acquired friends. :) 

    If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/

    Sponsors:
    Pilot: https://bit.ly/acquiredpilot24
    Statsig: https://bit.ly/acquiredstatsig24
    Crusoe: https://bit.ly/acquiredcrusoe


    Links:

     Carve Outs: