Invest Like the Best with Patrick O'Shaughnessy

Michael Mauboussin, head of Consilient Research at Counterpoint Global, discusses the notable shift from public to private equity markets. He explores the declining IPO landscape, the importance of intangible assets, and their impact on investment strategies. Michael emphasizes the need for better investment valuation in light of intangible assets and outlines the challenges of navigating private equity amidst increasing liabilities. He also provides guidance for young investors seeking unique opportunities and dives into the role of cognitive diversity in investment decision-making.

Jeremiah Lowin, founder of Prefect.io, and Chetan Puttagunta, partner at Benchmark Capital, delve deep into the fascinating open-source software business model. They explain how companies can give away valuable tools for free while monetizing additional features, fostering community trust, and reshaping development approaches. The discussion covers the shift to cloud-based models, community engagement, and the potential of API-first strategies that democratize innovation. Their insights reveal how these principles can transcend software, offering lessons for various industries.

Katrina Lake, co-founder and CEO of Stitch Fix, shares her journey of revolutionizing retail through data science and personalized styling. She discusses the evolution of e-commerce in apparel and how the pandemic accelerated shifts in consumer behavior. Katrina highlights the importance of combining data-driven strategies with human creativity. The conversation also touches on the emotional challenges she faced during Stitch Fix's IPO and the significance of building strong partnerships with suppliers in the era of stakeholder capitalism.

In this discussion, Brian Armstrong, co-founder and CEO of Coinbase, delves into the future of cryptocurrency and decentralized finance. He highlights significant developments and infrastructure established over the past decade, and shares his vision for the 2020s. Armstrong emphasizes the promise of a modern financial system, the challenges of scalability, and regulatory hurdles facing the crypto world. He also reflects on the lessons learned from building Coinbase and the importance of mentorship in fostering innovation and confidence.

Matthew Ball, former head of strategy at Amazon Studios and a keen business essayist, dives into the future of media. He discusses the evolution of storytelling, highlighting the impact of technology on entertainment and the rise of user-generated content. The conversation navigates Netflix's cross-platform strategies and explores the successful blueprint of the Marvel Cinematic Universe. They also dissect the complexities of the metaverse, blockchain's role in digital economies, and the future of interactive gaming, showcasing a thrilling landscape of media transformation.

Kat Cole, COO and President of North America for Focus Brands, oversees beloved brands like Cinnabon. In this conversation, she shares her impactful journey and lessons in brand building and distribution. Kat emphasizes the importance of positivity in relationships, revealing how it can drive collaboration. She discusses strategies for brand differentiation and sustaining relevance in a fast-paced market. Kat also highlights the significance of transparency in negotiations and the balance between gratitude and ambition in achieving personal and professional success.

The guest, Eric Vishria, is a general partner at Benchmark Capital with a rich background as an operator and CEO. He dives into the evolving landscape of SaaS, highlighting the impressive growth of software companies, particularly post-COVID. Eric discusses how digital solutions are reshaping business strategies and the importance of innovation for traditional firms. He also emphasizes the significant opportunities within niche software markets and the impact of mentorship and kindness in fostering successful business relationships.

Turner Novak, a partner at Gelt VC, specializes in consumer social companies and their growth dynamics. He discusses the evolution of platforms like TikTok and Facebook, highlighting how user identities and content shape success. Turner analyzes TikTok's unique algorithm and mobile-first design, which boost engagement, and compares it with innovative models like Pinduoduo's direct-to-manufacturer approach. He also reflects on Snapchat's strategy to attract younger audiences and contrasts consumer social firms with traditional retail giants in today's rapidly changing landscape.

Charlie Songhurst, former head of strategy at Microsoft and an investor in nearly 500 companies, shares his unique insights on success in business. He discusses the motivations behind power, money, and fame, emphasizing how these influences shape decision-making in startups. Charlie explores essential traits in founders and the importance of early hires. He also highlights the value of diverse perspectives in investing and how mentorship contributes to navigating the complexities of investing.

Blake Robbins, a partner at Ludlow Ventures, specializes in gaming investments and the creator economy. He discusses the evolution of game monetization, transitioning from traditional models to innovative free-to-play formats. Robbins shares insights on the budding esports industry and the significant role of influencers in shaping the gaming landscape. He highlights opportunities for investors in this fast-growing sector and emphasizes the importance of infrastructure for supporting gaming startups. Get ready for a deep dive into the future of gaming!