My guest today is Brad Gerstner, the founder and CIO of Altimeter Capital, a multi-billion dollar technology-focused investment firm. We begin by explaining why public software companies trade at such incredibly high multiples today. The easiest way to listen to podcasts on your iPhone, iPad, Android, PC, smart speaker – and even in your car. Rich has one of the most impressive resumes in the business world. Please enjoy. And the best part is, with the wide variety of investing podcasts out there, there’s bound to be one to fit your taste and investing style. Its been a while since I checked in on the world of crypto and while prices are still below the 2017 highs, there’s been a ton of additional work and infrastructure laid. I first met Katrina through past guest Bill Gurley and have been excited to host her since that first meeting. Talk Your Book: Advisor Solutions with Helios – Conversation with Chris Shuba, founder and CEO of Helios Quantitative Research, The Opposite of a Falling Knife – What’s Driving Market Prices Now, Understanding Downturns with Larry Sprung, Building Passive Income with Rachel Richards, Investing for Animal Welfare with Vicki Benjamin, Neil Patel – Fail Your Way to Success by Practicing the 3Es: Experiment, Experiment, Experiment, Nicholas Hinrichsen – If you Aren’t Suited for Picking Stocks Build a Diversified Portfolio, Wim Steemers – Overcome Behavioral Biases with the Help of a Good Team, Jonathan Slain – Plan for a Recession so That you can Survive and Thrive from it, Market Volatility Coming, What Sectors to Invest in Now, Short Term Trading vs Long Term Investing & Is It Worth it to Invest in China, Finding Opportunities in Today’s Market – with Matt McCall. We then explore the several different generations of these businesses and why the future remains so bright for companies building software as their primary product. Perhaps most interesting, we cover the potential benefits of a modernized financial system, which Coinbase hopes to help usher in. Jesse and Patrick discuss how can the stock market be near all-time highs against a horrible economic backdrop. We talk about all things video games, including the major companies in the industry, how games monetize, how in-game economies work, how e-sports has evolved, and much more. Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. Its no wonder he’s been among the most commonly requested guests when I asked several top investors and CEOs who I should have on the show. Both are past guests and good friends. The show airs roughly twice per week and peppers in personal anecdotes along with the economic, business and market information. With Assure, investors can eliminate nearly all the admin cost of private investment. Our conversation is all about the past and future of media. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. On Tuesday’s, I’ll focus on investors, and on Thursday’s, I’ll host builders—founders, CEOs, and operators from all different fields. We explore the reasons for this shift, the biggest overall changes in capital markets, and what the future may hold. The topic of our conversation is the future of cryptocurrency and decentralized finance. He’s the former head of strategy at Amazon Studios, an investor, and probably my favorite business essayist writing today. While this may strike you as a wonky discussion on a niche software topic, I think it is valuable for everyone because the ideas can be applied to more than just code. This episode of Invest Like The Best is also sponsored by Assure. Our conversation touches on how Jacqueline left Wall Street and ended up starting a micro finance bank in Rwanda, how she thinks about investing in character, how creating dignity plays such a major role in her investments, and how governments and businesses can work together to solve the world's toughest problems. Their knowledge, insights and chemistry, along with top-notch guests, makes this the second time Animal Spirits has appeared on one of my best investing podcasts list. Merriman includes his own commentary along with a wide range of guests. Listen to Invest Like the Best episodes free, on demand. Brad is the founder of Altimeter Capital and is one of my favorite active investors. This episode is brought to you by Koyfin, one of the fastest growing fintech startups. My guest this week is Charlie Songhurst, the former head of strategy at Microsoft and a prolific investor, having personally invested in nearly 500 companies throughout his career. I’d go one step further and suggest that the information in this episode is even more valuable for non-software businesses and investors, because its crucial to understand the impact that these products will have on the overall business landscape. This one is so fun, we even discuss how to come up with company names, talk about the importance Wizard of Oz, and explore the importance of big hairy audacious goals. Our conversation focuses on Laura's background prior to Shippo, how Shippo's business and business strategy have evolved, the inherent challenges of building a shipping platform, and the intersection of the physical and digital worlds. Laura Behrens Wu - When Digital and Physical Worlds Converge - [Founder’s Field Guide, EP.5], Brad Gerstner and Rich Barton – Thriving in Changing Markets - [Invest Like the Best, EP.197], Jason Citron - Building the Third Place - [Founder’s Field Guide, EP.4], Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196], Leore Avidar - Creating and Selling Superpowers - [Founder’s Field Guide, EP.3], Jacqueline Novogratz – Investing in Dignity and Character - [Invest Like the Best, EP.195], Justin Singer - How Regulation Unlocks Opportunity - [Founder’s Field Guide, EP.2], Jesse Livermore - Upside Down Markets - Understanding Fiscal and Monetary Policy - [Invest Like the Best, EP.194], Rahul Vohra - Using Emotion to Design Great Products - [Founder’s Field Guide, EP.1], Modest Proposal – Better, Cheaper, Faster: Why Companies that Reduce Friction Win - [Invest Like the Best, EP.193]. He was the cofounder and CEO Justin.tv, which eventually became Twitch, and Socialcam. My guest this week is Bill Gurley, a general partner at Benchmark Capital and one my favorite investment thinkers. Be sure to check this same podcast feed in two days to learn more. Michael is an all-time favorite guest here on the show, and this is his fourth appearance. Shippo let's merchants small and large use its dashboard or APIs to simplify the shipping and tracking process. He founded Expedia, Glassdoor, and Zillow; He’s a longtime Netflix board member, since before they went public; he’s a venture partner at Benchmark Capital; and he give back through the Barton family foundation. There’s nothing more interesting to me than how great businesses get build, and how investors can identify those... Before getting to this week’s guest, an announcement: starting Thursday we will be introducing a new series of interviews. We then explore the several different generations of these businesses and why the future remains so bright for companies building software as... Sports, music, news and podcasts. He did that recently on the topic of what he calls “upside down markets,” which is the topic of this conversation. The show’s premise is that if you learn about others’ investment mistakes, you’ll be less apt to repeat them. Rory makes you think as much as anyone, so I hope you enjoy this conversation. Learn more and try Canalyst for yourself at canalyst.com/Patrick. The investing world has come a long way from the days when the written word was the main — sometimes only — way for experts to share their advice. Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. Brad is the founder of Altimeter Capital and is one of my favorite active investors. If you enjoy this conversation I urge you to read Michael’s paper on the topic which will be linked in the shownotes. All rights reserved. Please enjoy our conversation. Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. This week’s episode is sponsored by Bottomless. We appreciate the panelists who each come from a distinct corner of the financial markets. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. I field more inbound questions about him than just about anyone, and you’ll see why in this episode. Stitch Fix is a multi-billion-dollar public company which has brought an entirely new model to retail apparel by combining data science, technology, and personal stylists to create a unique shopping experience tailored to the individual consumer. A former financial analyst, Merriman created the Merriman Financial Education Foundation, which provides people with comprehensive financial, retirement and investment information. Today’s episode represents a new chapter for Invest Like the Best, so requires a longer introduction than normal. Rory makes you think as much as anyone, so I hope you enjoy this conversation. Eric joined Benchmark after spending the first part of his career as an operator and CEO. Shippo started in 2014 after Laura realized with her own e-commerce start-up that shipping was an incredibly difficult task for most merchants, so she set out to fix the problem for everyone. With the advent of the internet age, a whole host of multimedia options have sprung up. Stripe’s mission is to increase the GDP of the internet, a lofty and deeply interesting pursuit. Both are past guests and good friends. Our conversation is on the modernization of the activist investor playbook—how investors engage with companies to make them better and improve long term outcomes. (1:25) – (First question) – Stack ranking the vices of power, money and fame, (2:41) – Memorable response to the stack ranking question, (3:13) – Best scenario to explore this stack ranking concept, (6:03) – Features he looks for in startups, (10:55) – Managing the declining curve of productivity, (14:55) – Why founders are often unique people, (19;43) – How early entrepreneurs need to make recruitment a serious part of their work, (23:06) – How successful founders win the best candidates, (25:27) – The East Coast vs. West Coast investment strategies, (30:40) – When it’s time to bring in quantitative factors into early stage investing, (34:36) – The markers that pop up in companies that hit, (37:22) – Boring but successful investments, (41:29) – Characteristics of investors that he believes are important to success, (42:57) – Impacts of Covid and some of the permanent changes that have happened as a result, (47:49) – Investing opportunities in the local community, (53:47) – Most mis valued asset in the world, (55:16) – Investing opportunities in Europe, (1:05:11) – Kindest thing anyone has done for him. I hope you enjoy my conversation with Ben and David. We call this new Thursday series Founder’s Field Guide. Starting today, I’ll be bringing you two episodes per week on the same feed. He’s also the author of one of my favorite recent books called Alchemy: The surprising power of ideas that don’t make sense. Invest Like the Best Podcast: The Metaverse, Future of Media + Movies, IP + Immersion. We discuss one of the biggest topics in the world of investing: the shift from public to private markets that has taken place over the last several decades. My guest today is Rory Sutherland. The Money Savage podcast features financial mavens and subject matter experts. I hope you learn something new about this emerging category. It’s a lively and wide-ranging conversation with one of the entrepreneurs I’ve most enjoyed speaking with. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. In this conversation, we discuss all Michael has learned reviewing thousands of applications to YC, interviewing countless new entrepreneurs, and watch young companies begin to grow and, occasionally, find product market fit.