My guest today is Scott Wu. Scott is the co-founder and CEO of Cognition, which is an applied AI lab that has created the first AI software engineer, which they call Devin. In just a year since founding Cognition, Devin functions at the level of a junior software engineer, capable of handling complete engineering workflows from bug fixing to submitting pull requests. He is a former competitive programming champion and describes the field as simply “the art of telling the computer what you want it to do." Scott predicts AI will surpass the world's best competitive programmer within 1-2 years and sees this technology not as replacing programmers, but as democratizing software creation. We discuss the bottleneck in software development, the future of AI in various industries, and the challenges of leveling up Devin. Towards the end, you’ll also hear Scott do an insane card trick on me. You can find the video on our X and YouTube to grasp the madness fully. Please enjoy my conversation with Scott Wu.

Watch Scott play the card game.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

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This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:07:00) Discussion of Devin's current capabilities as a junior engineer 

(00:09:00) Early use cases and customer adoption 

(00:11:00) Comparison between IDE assistants and Devin's autonomous approach

(00:14:00) History of computer programming and its evolution 

(00:17:00) Scott's background in competitive programming 

(00:20:00) Future predictions for AI in software engineering 

(00:26:00) Explanation of AI agents and their significance 

(00:29:00) Technical details of how Devin is built 

(00:40:00) Impact on software engineering jobs and industry 

(00:47:00) Discussion of business model and pricing 

(00:52:00) Thoughts on AGI and its practical implications 

(00:59:00) Commentary on the competitive landscape 

(01:24:00) Future of AI adoption across industries 

(01:25:00) Card trick demonstration

(01:29:00) The Kindest Thing Anyone Has Done For Scott

My guest today is Micky Malka. Micky is the founder of Ribbit Capital, a global venture capital firm that focuses exclusively on financial technology investments. He is a renowned investor for his adaptability and visionary approach and a believer in killing the thing that got you to where you are in pursuit of what’s next. We discuss his perspective on fintech’s evolution and why his firm boldly declares that “fintech is dead.” We dive into his theory of the "grid," which examines how knowledge, wealth, and power are being transformed by technological changes, particularly through the rise of AI, cryptocurrency, and network states. And we also explore Micky’s deep interest in digital art and NFTs, which he sees as early indicators of broader cultural and technological shifts. You’ll soon hear how he is truly taking a generative approach on all fronts. Please enjoy this in-depth conversation with Micky Malka. 

My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

—

This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history, and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:06:37) The Rebel Spirit of Ribbit

(00:07:36) Ribbit's Unique Structure and Philosophy

(00:08:07) The First Fund and Institutional Partners

(00:09:03) Founding Principles and No Labels Approach

(00:13:44) Early Investments and the Crypto Angle

(00:16:42) The FinTech Evolution and Market Dynamics

(00:22:30) Navigating Challenges: The Robinhood Story

(00:28:57) The Global Digital Grid Concept

(00:36:09) The Future of Digital Identity and Tokenization

(00:41:00) The Role of Stablecoins in the Modern Economy

(00:50:16) The Challenge of Adaptability

(00:53:05) The Role of Heart in Business

(00:55:19) The Walmart Partnership Story

(01:00:07) Lessons from NuBank

(01:02:49) Building a Strong Team

(01:09:28) The Importance of Brand

(01:11:52) Art and Its Future

(01:17:20) The Impact of Better Money

(01:19:27) Reflections and Future Plans

(01:28:03) Handling Crises and Embracing Movement

(01:31:40) The Kindest Thing Anyone Has Done For Micky

My guests today are Chetan Puttagunta and Modest Proposal. Chetan is a General Partner at venture firm Benchmark, while Modest Proposal is an anonymous guest who manages a large pool of capital in the public markets. Both are good friends and frequent guests on the show, but this is the first time they have appeared together. And the timing couldn’t be better - we might be witnessing a pivotal shift in AI development as leading labs hit scaling limits and transition from pre-training to test-time compute. Together, we explore how this change could democratize AI development while reshaping the investment landscape across both public and private markets. Please enjoy this discussion with Chetan Puttagunta and Modest Proposal.

My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

–

This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

-----

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:05:30) Introduction to LLM Scaling Challenges

(00:07:25) Synthetic Data and Test Time Compute

(00:08:53) Implications of Test Time Compute

(00:11:19) Public Tech Companies and AI Investments

(00:16:58) Small Teams and Open Source Models

(00:29:02) Strategic Positioning of Major AI Players

(00:35:49) AGI and Future Prospects

(00:46:50) AI Application Layer and Investment Opportunities

(00:54:18) The Paradigm Shift in AI Reasoning

(00:55:34) Investing in AI-Powered Solutions

(00:58:46) Economic Impacts of AI Advancements

(01:00:19) The Future of AI and Model Stability

(01:02:52) Private Market Valuations and Compute Costs

(01:05:05) Infrastructure and Utilization in AI

(01:12:50) The Role of Hyperscalers and GPUs

(01:18:02) The Evolution of AI Applications

(01:27:56) Philosophical Questions on AGI and ASI

(01:34:31) The Importance of Innovation Hubs

My guest today is Ronnie Fieg, founder and CEO of Kith. At age 13, Ronnie started working at David Z., an iconic New York shoe store, where he sold Timberland boots to Jay-Z and Wallabies to Wu-Tang Clan. He worked his way up from the stockroom and earned his first collaboration in 2007, when he worked with ASICS on new Gel-Lyte 3s. That collection sold out in a day after being featured in The Wall Street Journal, catching the attention of Adidas's president and launching his reputation as a cultural icon.

In 2011, he founded Kith, which has become one of the most influential brands in footwear, fashion, and culture. The business sells a unique curation of products that includes exclusive Nike sneakers, Armani suits, Versace robes, watches, cars, and even $10 ice creams.

Our conversation is one of the best examples of life's work I've ever recorded - it explores how Ronnie's pure love of product has shaped everything from a campaign with Jerry Seinfeld to his creative direction for the New York Knicks. Please enjoy this excellent conversation with Ronnie Fieg.

Sign up for the Alphasense panel discussion hosted by Patrick.

My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

–

This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

-----

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:06:10) The Journey to Shoot Jerry Seinfeld

(00:09:44) Understanding Consumer Desires

(00:12:04) The Queens College Project

(00:15:51) The Evolution of Kith Stores

(00:18:03) Ronnie's Early Passion for Collecting

(00:21:56) From David Z to Kith: The Retail Journey

(00:41:36) The Birth of Kith: Friends and Family

(00:46:40) Origins of Kith: From Concept to Brand

(00:47:18) Building Community and Relationships

(00:47:51) The Birth of Kith Stores

(00:48:43) Footwear Passion and Store Design

(00:49:59) The Evolution of Kith Products

(00:50:52) Storytelling Through Film

(00:57:01) Collaborations and Iconic Partnerships

(01:03:38) The Influence of Travel on Design

(01:09:15) Balancing Business and Creativity

(01:16:06) Reflections and Future Aspirations

My guest today is Gabe Whaley, the founder and CEO of MSCHF. What began with viral internet pranks in 2014 has evolved into one of the most singular creative companies in modern culture. MSCHF’s work ranges from microscopic handbags—the size of a grain of salt—to tax software that helps you file your returns by going on virtual dates with anime characters.

Every two weeks, they release something new that challenges our assumptions about art, commerce, and culture. MSCHF is hard to define but Gabe says their goal is to “monopolize a feeling” and subversion is the rare constant. Their most viral creation, the Big Red Boot, took over the internet in 2023.

Our conversation explores how a West Point dropout built a company that thrives on breaking rules, but it's also about something bigger - the power of unbridled creative expression and what happens when you build a business around it. I hope it inspires you to think about what your version of mischief could be. Please enjoy this fascinating discussion with Gabe Whaley.

Sign up for the Alphasense panel discussion hosted by Patrick.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

–

This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

-----

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:06:50) Defining Mischief's Unique Creativity

(00:11:09) The Origin Story of Mischief

(00:12:53) Early Digital Projects and Virality

(00:20:33) Transition to Physical Products

(00:33:07) Navigating the Art World with Mischief

(00:39:52) Entering the Fashion World

(00:42:37) Mischief's Creative Process

(00:44:51) Structured Brainstorming and Idea Vetting Process

(00:46:38) The Role of Rules and Boundaries in Creativity

(00:48:39) Interacting with Venture Investors

(00:51:07) The Big Red Boots Phenomenon

(00:54:48) Supply and Demand in Creative Projects

(00:58:08) Protecting Creativity and Overcoming Challenges

(01:00:11) Lessons from West Point

(01:05:25) Fashion as Utility and Fantasy

(01:09:47) Recruiting and Team Dynamics

(01:11:56) Navigating Crossroads and Future Goals

Today, we are replaying my conversation with Brad Jacobs. Brad’s resumé is remarkable. He has founded seven companies, all of which are billion-dollar or multibillion-dollar businesses. He has done 500 M&A transactions and raised $30 billion dollars of debt and equity capital. Currently, he is the Executive Chairman of XPO, a commercial trucking company that he started in 2011 and has grown into one of the largest logistics businesses in the world. He has also written a book that will be out in January, titled “How to Make a Few Billion Dollars”. Brad’s energy is infectious and our conversation unpacks his strategies for M&A, his propensity for speed, and methods for earning team buy-in. Please enjoy my great conversation with Brad Jacobs.

Sign up for the Alphasense panel discussion hosted by Patrick.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

–

This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

-----

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Follow us on Twitter: @patrick_oshag | @JoinColossus

Show Notes

(00:00:00) Welcome to Invest Like the Best

(00:07:11) Identifying key factors in a market before investing

(00:10:07) Gleaning insights from early acquisition experiences

(00:13:43) Delving into the seller's mindset during a business sale

(00:17:51) Weighing pre-built against organic growth strategies in acquisitions

(00:27:49) Engaging constructively with Wall Street

(00:29:36) Discussing the substantial buyback of XPO shares

(00:33:16) Ambition as a recurring theme in entrepreneurial success

(00:35:17) Emphasizing the need to facilitate team agility

(00:37:35) Highlighting the joys of post-acquisition integration

(00:41:09) Drawing lessons from Ludwig Jesselson's principles

(00:45:34) Comparing the risks and rewards of early versus late adoption

(00:49:09) Reflecting on errors made in trend analysis

(00:53:59) Strategies for implementing new technologies in enterprises

(00:56:59) The significance of thought experiments in strategic decision-making

(01:01:00) Recalling transformative events from his early years

(01: 02:22) Outlining what makes a meeting 'electric'

(01: 06:53) Sharing experiences with exemplary leadership

(01:12:37) Deciding the right time to step away from a business

(01:23:45) Philosophies for leading a fulfilling life

(01:27:53) The kindest thing anyone has ever done for Brad

My guest today is Ernie Garcia. Ernie is the co-founder and CEO of Carvana. Ernie joined me on Founder’s Field Guide in 2021 and despite all that the business has gone through since that conversation, you’ll hear how he has the exact same demeanor and crystal clear vision for the business and its operations today. Carvana is one of the most remarkable business turnaround stories in recent history, and Ernie gives us a raw and candid explanation of navigating through a 99% stock price decline and ultimately emerging stronger on the other side. I don’t know many leaders who could survive this. He credits his team of A players again and again for successfully weathering the storm and maintaining morale. We discuss leading through crisis, building for the long term, and a focus on ruthless prioritization and efficiency gains. Please enjoy my conversation with Ernie Garcia. 

Check out our new print publication Colossus Review.

My guests today For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

—

This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

-----

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:06:00) Carvana's Journey

(00:07:38) Facing the COVID-19 Challenge

(00:08:12) The Rise and Fall: Carvana's Rollercoaster

(00:10:05) Leadership and Resilience in Tough Times

(00:14:32) Handling Drawdowns and Communication

(00:16:58) Maintaining Calm and Leadership

(00:18:19) The True Story of Carvana's Journey

(00:20:36) Navigating Market Challenges

(00:23:40) Learning to Say No

(00:30:35) Project Management and Accountability

(00:34:22) The Importance of Player-Coach Leadership

(00:35:53) The Importance of Vertical Integration

(00:40:43) Customer Experience and Vertical Integration

(00:41:41) Navigating Economic Variables

(00:43:52) Building Resilience in Business

(00:45:27) Balancing Personal and Professional Life

(00:48:57) Efficiency and Growth in Carvana

(00:59:02) Insights on Investors and Entrepreneurship

(01:02:42) Lessons from Family and Origins of Carvana

(01:11:22) The Kindest Thing Anyone Has Done For Ernie

My guests today are Andrew Homan and Chris Miller. Andrew has spent two decades at Maverick Capital and is a managing partner at Maverick Silicon, where he leads the firm’s technology investments. Chris is a professor at Tufts and the author of the New York Times best-selling book “Chip War,” which details the geopolitical battle to control the semiconductor industry. Together we get into a comprehensive discussion on the semiconductor ecosystem and the silicon backbone of our digital age. Andrew and Chris share insights on how venture capital is navigating this complex industry and what it means for the future of computing. We discuss the AI-driven revolution in chip demand, the geopolitics of semi-manufacturing, and the next wave of innovation beyond NVIDIA. Please enjoy my conversation with Andrew Homan and Chris Miller.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

—

This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

-----

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:06:28) Intel's Historical Success and Current Challenges

(00:08:22) The Paradigm Shift in Technology

(00:11:44) AI and the Future of Semiconductors

(00:19:02) Political and Economic Considerations in Chip Manufacturing

(00:29:28) Investment Perspectives and Market Dynamics

(00:45:46) The Mobile Paradigm Shift: Apple vs. AT&T

(00:46:49) Corporate Strategies in the AI Transition

(00:48:02) NVIDIA's Dominance and Potential Vulnerabilities

(00:51:27) The Future of Edge AI

(00:57:02) Powering the Data Centers of Tomorrow

(00:59:42) The Semiconductor Startup Ecosystem

(01:05:08) The Role of Government and Global Dynamics

(01:07:28) Investment Strategies and Market Dynamics

(01:10:57) The Future of the Semiconductor Industry

(01:25:52) The Kindest Thing Anyone Has Ever Done For Chris And Andrew

My guest today is Boyd Varty. Boyd is a lion tracker, life coach, and storyteller who grew up in the South African wilderness, living amongst and tracking wild leopards. This is his fourth time on Invest Like the Best but the first in six years. Boyd is a perfect follow-up to my episode with Lulu Meservey unpacking the intricacies of storytelling and why it's such an essential for founders. Boyd walks us through different mechanisms of cultivating storytelling and becoming a meaning-maker. He encourages everyone to become somebody who stories happen around and be a character who finds characters. We discuss his concept of “story hunting,” leveraging stories in business, and continuously finding new meaning in life. Please enjoy my discussion with Boyd Varty.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

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This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:05:27) The Power of Storytelling

(00:06:08) Lessons from Safari Stories

(00:08:37) Finding Meaning and Purpose

(00:09:18) Becoming a Story Hunter

(00:13:27) The Role of Fear in Storytelling

(00:15:31) Crafting and Sharing Your Narrative

(00:17:04) Building a Strong Culture Through Stories

(00:23:42) The Importance of Storytelling in Business

(00:32:41) Meeting Chris Bacchus

(00:34:14) Living Authentically: Following Your Internal Pulls

(00:35:34) The Tension of Reinvention: Beyond Your Greatest Hits

(00:36:46) The Art of Self Reinvention

(00:39:49) Crafting a Great Story: Key Components

(00:41:45) Solitude and Self-Knowledge: The Path to Originality

(00:45:00) The Role of High Stakes in Finding Meaning

(00:47:49) The Endurance Hunt: A Journey with the Kalahari Bushmen

(00:52:56) Simplicity and Abundance: Lessons from the Bushmen

(00:54:37) Becoming a Character: Traits of Remarkable People

(00:59:35) Life's Work: Expressing Yourself in Service of Others

My guest today is Tobi Lutke, the co-founder and CEO of Shopify. I have spoken to Tobi on this podcast twice before, first in 2020 and then again in 2022. Needless to say, a lot has changed since we last spoke, and we start by talking about the biggest change of all: AI. But I’ll remember this conversation for the next set of ideas we discuss: Founder mode, raising the temperature of an organization, and the importance of building on an island that’s distinct from the mainstream. Tobi embodies the concept of Life’s Work that I believe so much in, and this episode is a shining example of it. He, along with nine other leaders we believe are doing their life’s work, will also be featured in the first issue of an upcoming print publication we’ve been working on. If you’re interested in hearing first when pre-orders go on sale, head to joincolossus.com/print. For now, please enjoy this great conversation with Tobi Lutke.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest-growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

—

This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

-----

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best 

(00:05:38) Technological Innovations and AI

(00:07:13) Experimenting with AI in Real-World Scenarios

(00:15:04) The Role of Founders and Company Culture

(00:24:24) Navigating Business Changes and Strategic Decisions

(00:31:15) The Concept of Islands in Innovation

(00:36:38) The Essence of Open Source Marketplaces

(00:37:10) Building Shopify: From Personal Project to Public Company

(00:38:42) Philosophy of Product Development

(00:42:38) Marketing and Mainstream vs. Island Approach

(00:46:52) The Glory of Entrepreneurship

(00:54:17) AI and the Future of Human-Computer Interaction

(01:00:30) Trust and Principles in Organizational Culture

(01:04:31) Investor Insights and Long-Term Vision

My guests today are Matt Perelman and Alex Sloane, Co-founders and Managing Partners of Garnett Station Partners. GSP invests in the trillion-dollar franchise and consumer services industries. Matt and Alex started the firm in 2014 as MBA students when they bought 23 Burger King restaurants. Since then, they've invested in 26 other multi-unit businesses, from gyms to car washes to funeral homes. GSP is now a leader in its field.

This discussion is a masterclass in franchise investing. We explore GSP's playbook for creating value, the power of Matt and Alex's partnership, and their approach to scaling businesses for successful exits.

This conversation is special for another reason. For the last year, we've been working on a print publication that will share the very best of what we've encountered and learned every quarter. GSP, along with many others, are profiled in our first issue to be revealed next month. We are going to print a limited edition of them to start, so if you are interested in hearing first when pre-sale launches, go to joincolossus.com/print. 

Please enjoy this excellent and incredibly fun discussion with Matt Perelman and Alex Sloane. 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

—

This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

-----

Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:07:02) The KFC Rejection and Burger King Opportunity

(00:08:36) Living with Ray Meeks and Business Growth

(00:12:08) Understanding Franchise Economics

(00:16:12) Challenges and Lessons Learned

(00:38:37) Navigating COVID-19

(00:54:37) Challenges of Rollups and Integration

(00:56:01) The Importance of Culture in Business Consolidations

(00:58:01) Strategies for Successful Exits

(01:01:49) The Fun and Challenges of Partnership

(01:09:53) Innovation in Business Operations

(01:13:44) Real Estate and Financial Engineering

(01:16:34) Managing Labor and Turnover

(01:19:36) Investment Themes and Criteria

(01:23:36) Selling to Larger Private Equity Firms

(01:27:11) Maintaining Culture and Sourcing Deals

(01:33:41) The Importance of Cycles and Capital Structure

(01:37:18) Partnership Dynamics and LP Relationships

(01:40:26) The Kindest Thing Anyone Has Ever Done For Matt & Alex