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Description: Every company has a story.
Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.
Category: Technology Business
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Author: Ben Gilbert and David Rosenthal
Duration: 03:53:12
M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield… all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most
secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known!Sponsors:Many thanks to our fantastic Fall ‘24 Season partners:J.P. Morgan PaymentsCrusoeStatsigLinks:Hershey’s M&M response: Hershey-etsOur past episodes on Berkshire Hathaway, LVMH, and Novo NordiskWorldly Partners Multi-Decade Mars StudyEpisode sourcesCarve Outs:Dandelion Chocolate and the Dandelion Advent CalendarTesla Model Y + repair serviceSiloHome AloneMore Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!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.
00:00:00 Speaker_02
Okay, David, how many current varieties of M&Ms can you name?
00:00:04 Speaker_03
Oh, wow. Okay. Well, plain, peanut, peanut butter.
00:00:08 Speaker_02
Uh-huh. Actually, plain is technically now called milk chocolate.
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Author: Ben Gilbert and David Rosenthal
Duration: 03:22:28
IKEA may be the most singular company we’ve ever studied on Acquired. They’re a globally scaled, $50B annual revenue company with no direct competitors — yet have only ~5% market share. They’re one of the largest retailers in the world — yet sell only their own products. They generate a
few billion in free cash flow every year — yet have no shareholders. And oh yeah, they also sell hot dogs cheaper than Costco! (Sort of.)Tune in for an episode flat-packed with counterintuitive lessons about how this folksy mail order business from the Swedish countryside came into your living rooms (and bedrooms and dining rooms and kitchens and bathrooms and patios and garages and backyards) all over the globe!Sponsors:Many thanks to our fantastic Fall ‘24 Season partners:J.P. Morgan PaymentsStatsigCrusoeLinks:Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us!The Testament of a Furniture DealerOur past episodes on Costco, Walmart, Amazon, LVMH and HermèsWorldly Partners Multi-Decade IKEA StudyEpisode sourcesCarve Outs:DetroitersThe 11-inch iPad ProThe QB SchoolIce Cube at the World SeriesMore Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!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.
In this episode of 'Acquired,' Ben Gilbert and David Rosenthal explore IKEA's unique business model and growth story, revealing how founder Ingvar Kamprad transformed a quaint mail-order business into the world's largest furniture retailer with $50 billion annual revenue. Despite having only a 5% market share, IKEA manages to dominate the market through affordability, innovative shopping experiences, and a commitment to sustainability. The discussion highlights critical insights into effective retail strategies and the company's fascinating evolution over 81 years.
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00:00:00 Speaker_04
I also got a flat packed chocolate mousse. I put it together this morning. It's very easy. It's three pieces. Oh, mousse like an animal, not chocolate mousse like the pudding. Yeah, that's correct.
00:00:12 Speaker_04
It looked really good at first, but like the sun rays came in my window and within like 10 minutes it was melted and broke on the kitchen table.
00:00:20 Speaker_00
Oh boy. Is there an analogy about IKEA furniture in there?
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Author: Ben Gilbert and David Rosenthal
Duration: 06:22:41
Meta is a company everyone knows (literally, everyone). But, somehow, it’s also a company that few people feel they actually understand. Their products are used by more humans than any other’s in history — almost half of the entire world’s population daily. But… what is Meta? Why do they do
what they do? How do they do what they do? Ask ten people and you’ll likely get ten very different sets of answers.Today, we dive deeper than we’ve ever gone trying to find Acquired’s answers to those questions. And after months of research and 6+ hours of incredible stories about how they (and really “they” being Mark himself) bet it all and win time and time again in the face of overwhelming odds, we arrive at our answers. Facebook, Instagram, WhatsApp, Threads, AI, Oculus, Orion, it’s all here. Tune in for one of the greatest corporate stories of all time: Meta, a Mark Zuckerberg Production.Sponsors:Many thanks to our fantastic Fall ‘24 Season partners:J.P. Morgan PaymentsStatsigCrusoeHuntressLinks:Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us!Our past episodes on Instagram, WhatsApp, Oculus, Snapchat, the Snap IPO, TikTok, NVIDIA, Microsoft, and the Mark Zuckerberg InterviewWorldly Partners: Meta multi-decade studyEpisode sourcesCarve Outs:Ben Cohen’s piece on NotebookLMMr. McMahonThe Dwarkesh PodcastMore Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!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.
This episode explores the rise of Meta, previously known as Facebook, highlighting its journey from a college project to a dominant player in global connectivity. Hosts Ben Gilbert and David Rosenthal analyze Mark Zuckerberg's innovations and strategic decisions, including products like Facebook, Instagram, and WhatsApp that connect nearly half the world. They delve into the company's challenges and triumphs, from its controversial launches to navigating complex issues such as user privacy and competition from TikTok. Through engaging narratives, the episode emphasizes Meta's significant influence on technology and society.
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00:00:00 Speaker_05
All right, so I was up late last night. Late for me as a dad is like 11 p.m. But I'm sitting here at my computer in my dark basement, you know, pulling notes together. David, what music did I have on? You have one guess.
00:00:14 Speaker_01
Oh, oh, I know exactly what you had on. You had Trent Reznor's Social Network soundtrack.
00:00:21 Speaker_05
It makes anything you're doing feel, you know, twice as important and twice as revolutionary. And it just felt very apt for this episode.
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Author: Ben Gilbert and David Rosenthal
Duration: 02:26:04
Here it is: the complete video of the most unbelievable night of Acquired’s nine-year life… our sold out live show at the Chase Center in San Francisco. We joked during the months (months!) of preparation leading up to this event that it was like planning a wedding for 6,000 Acquired
fans, and the guest list included Jamie Dimon, Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg… no pressure! But thanks to our amazing partnership with J.P. Morgan Payments, together we were able to make something incredible. Tune in and enjoy the celebration!Sponsors:Many thanks to our fantastic Fall ‘24 Season partners:J.P. Morgan PaymentsStatsigCrusoeLinks:Mike Taylor, the truly incomparable performer of Who Got the Truth?Mike Amiri (who designed Mark’s shirt)More Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!Photo Credit: Mark Zuckerberg by Jeff Sainlar / MetaNote: 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.
In a lively celebration at the Chase Center, hosts Ben Gilbert and David Rosenthal, alongside industry giants like Mark Zuckerberg and Daniel Ek, reflect on the remarkable journey of the Acquired podcast. They discuss the podcast's growth, fueled primarily by word-of-mouth marketing and an expanding global audience. Highlights include Spotify's evolution into a social platform, the significance of AI infrastructure, and the remarkable financial success stories like Taylor Swift. The conversation also delves into entrepreneurship challenges and the need for adaptability in the tech industry, showcasing valuable insights and inspirational moments from the live event.
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00:00:02 Speaker_07
Hey, so, um, I know this isn't, like, the best time to bring this up, but, um, did you bring the thumb drive with the Who Got the Truth MP3 for the sound crew?
00:00:14 Speaker_10
No, why would I bring a thumb— Uh, I did email that probably, like, three weeks ago, though.
00:00:20 Speaker_07
Uh, well, um, there's 6,000 people out there waiting to hear it.
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Author: Ben Gilbert and David Rosenthal
Duration: 01:27:05
Mark is the iconic founder CEO of our time. At Chase Center on September 10, 2024, he did an unprecedented thing: a live conversation in front of 6,000 people on Meta’s company strategy, sharing stories from early Facebook history, and his thoughts on the future of AI, VR, and AR.
Mark was remarkably candid in our discussion, and gave us a window into his real and intense daily demeanor leading Meta. (And his other life endeavors!)We can't wait to release the complete video of the whole night, including our surprise conversations with Daniel Ek, Emily Chang, and cameo appearances from Jensen Huang and Mike Taylor (the incredible singer of “Who Got the Truth?”). That’s coming in a couple weeks, but for now: enjoy this conversation with Mark Zuckerberg.Sponsors:Many thanks to our fantastic Fall ‘24 Season partners:J.P. Morgan PaymentsStatsigCrusoeLinks:Mike Amiri (who designed Mark’s shirt!)More Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!Photo Credit: Mark Zuckerberg by Jeff Sainlar / MetaNote: 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.
In this episode, Mark Zuckerberg shares insights on the challenges of entrepreneurship, emphasizing the underestimated pain of startup journeys. He discusses Meta's evolution beyond a social media platform, focusing on enhancing human connection through augmented reality and AI. Zuckerberg details Meta's iterative product development strategy, which prioritizes user feedback, and addresses the balance between innovation and customer needs. He reflects on past mistakes and the political landscape's impact on Meta's reputation. Zuckerberg expresses ambitions for future 'awesome' products, urging a shift towards open platforms to foster innovation in a competitive tech landscape.
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00:00:00 Speaker_02
So, how many interviews with Marc do you think you watched before tonight?
00:00:04 Speaker_01
Oh, to prepare? Yeah. Uh, 30 to 40? The best ones are the 04 to 06 vintage, but they're all so different. It's almost like every three to four years is a new era that is markedly different from all the previous eras.
00:00:21 Speaker_02
Totally, and I think we might have witnessed the beginning of a new era right in front of us on stage.
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Author: Ben Gilbert and David Rosenthal
Duration: 00:21:53
Summer greetings from Acquired! Two items for this “mini-episode”:Tickets are now available for our live show at Chase Center in San Francisco, with special guests including Mark Zuckerberg (!). The show is Tuesday, September 10th, with doors opening at 5 PM for an hour of mingling with other listeners before
the show starts at 6 PM. Huge thank you to the J.P. Morgan Payments team for being our incredible partner in making this happen. Tickets are almost gone so make sure you grab one ASAP — you don’t want to miss this night! https://acquired.fm/sfWe also figured this is a good excuse to update you all on the state of Acquired — after an incredible first half of the year (including WSJ’s profile of the show) we are taking the rest of the summer off to recharge, parent our young children, and prepare for the big night in September. We hope you’re having a great summer, and we’ll see you live in the fall!Carve Outs:Thule Urban Glide 3Disney’s Aulani ResortMeller sunglassesQuarterback and Receiver on NetflixMore Acquired:Subscribe to ACQ2Join the Slack: https://acquired.fm/slackNote: 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.
In this mini-episode, Ben Gilbert and David Rosenthal announce their upcoming live show at the Chase Center on September 10th, featuring Mark Zuckerberg. They reflect on the remarkable growth of their podcast after a Wall Street Journal profile, noting a surge of 317,000 new subscribers and reaching the number one spot on Spotify and Apple charts. The hosts introduce their unique podcast format and share personal anecdotes, including summer vacation plans and recommendations for families, while emphasizing community engagement and excitement for their live event.
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00:00:00 Speaker_01
Hello, acquired listeners, and happy summer, David.
00:00:04 Speaker_00
Happy summer, indeed. I feel like a kid let out of school.
00:00:08 Speaker_01
I know. You just got back from Hawaii. Are you feeling refreshed?
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Author: Ben Gilbert and David Rosenthal
Duration: 04:51:31
In 1999, Microsoft became the most valuable company in the world. And in 2019, Microsoft became the most valuable company in the world, again. But… what happened in the twenty years in between? The answer, as we discovered in our research, is probably not what you think.In this episode we
explore and analyze the browser wars and the DOJ case, Windows XP through 8, Surface, Xbox, search, Yahoo!, Bing, the iPhone, Nokia, mobile, social, Facebook… and oh yeah, a little thing called Azure and the enterprise — which ended up becoming so big that no failures mattered. Tune in for Microsoft, Volume II.Chase Center Live Show in SF:Sign up here to for the pre-sale list before tickets are available to the public. See you there!!Sponsors:Many thanks to our fantastic Season 14 partners:J.P. Morgan PaymentsServiceNowPilotLinks:Bill Gurley on Android’s “Less Than Free” business modelAll episode sourcesCarve Outs:Meta Ray-BansOzlo SleepbudsM3 Macbook AirModel YMore Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!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.
In this episode of 'Acquired,' hosts Ben Gilbert and David Rosenthal explore Microsoft's evolution from 1999 to 2019, covering key milestones like the browser wars against Netscape, the antitrust case, and the emergence of Azure. They analyze the cultural and operational shifts within Microsoft, especially under Satya Nadella's leadership, which transformed the company from a bureaucratic entity to a competitive enterprise powerhouse. Key themes include the integration of Internet Explorer into Windows, the rise of cloud computing, and how these elements shaped Microsoft's identity and market value amidst challenges.
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00:00:00 Speaker_03
I'm a little hoarse today, so hopefully we don't have to do a lot of talking.
00:00:06 Speaker_00
Good luck with that.
00:00:06 Speaker_03
All right, let's do this. Welcome to Season 14, Episode 6, the season finale of Acquired, the podcast about great companies and the stories and playbooks behind them. I'm Ben Gilbert. I'm David Rosenthal. And we are your hosts.
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Author: Ben Gilbert and David Rosenthal
Duration: 03:15:14
Starbucks. You’d be hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white
paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :)But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide.Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy.Sponsors:Many thanks to our fantastic Season 14 partners:J.P. Morgan Payments ServiceNowPilotThe Biggest Thing We’ve Ever Done:San Francisco. September 10, 2024. Mark your calendars.Links:Howard’s letter “The Soul of a Brand”Worldly Partners’ multi-decade Starbucks analysisStarbucks S-1More Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!* Future capabilities of biometric payments are under development; features and timelines are subject to change at the bank’s sole discretion.*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.
In this episode of Acquired, hosts Ben Gilbert and David Rosenthal are joined by Howard Schultz to explore the transformative journey of Starbucks from a local Seattle coffee roaster to a global coffeehouse giant with nearly 40,000 locations. The discussion covers Starbucks' origins, challenges such as unionization and recent declines in same-store sales, and pivotal moments in its history, including Schultz's vision inspired by Italian coffee culture. Schultz shares insights on the brand's expansion strategies, innovative employee programs, and the importance of maintaining customer intimacy amidst rapid growth.
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00:00:00 Speaker_01
All right. We're rolling? We're rolling.
00:00:02 Speaker_00
We get to see how you guys do this. It's kind of interesting.
00:00:05 Speaker_01
Usually a pump up music.
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Author: Ben Gilbert and David Rosenthal
Duration: 04:21:42
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.Sponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaLinks:Congress changing copyright law in 1980 to include “computer programs”Acquired “classic” on Microsoft’s 1987 acquisition of Forethought / PowerPointQuartr's charts on Microsoft's revenues, market cap, IBM comparison, and moreAll episode sourcesCarve Outs:LGRAndré 3000’s new album + GQ InterviewMeta Ray-BansVisual Designer Julia RundbergSummer HealthMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!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.
In this episode of Acquired, hosts Ben Gilbert and David Rosenthal explore the extraordinary rise of Microsoft from its inception to the launch of Windows 95. They delve into the backgrounds of co-founders Bill Gates and Paul Allen, highlighting their early experiences with computers and the critical influences that shaped Microsoft's vision. The discussion covers significant milestones, including IBM's unbundling of software and hardware, Microsoft's pivotal partnership with IBM, and its innovative software licensing model that transformed the tech landscape. Additionally, they illuminate the strategic shifts that allowed Microsoft to dominate the personal computer market and establish itself as a key player in the software industry.
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00:00:00 Speaker_00
What were you listening to before we hopped on to your walkout music?
00:00:03 Speaker_03
New Beyonce. Oh, New Beyonce. I haven't heard it yet. How is it? I really like it. Nice. I think it is reductionist to call it country.
00:00:13 Speaker_00
I was appropriately enough listening to Start Me Up Through the Ages.
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Author: Ben Gilbert and David Rosenthal
Duration: 03:05:52
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.”Sponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaLinks:The Man Who Solved the MarketThe QuantsBloomberg’s 2016 RenTec profileQuartr's visualization of RenTec's returnsAll episode sourcesCarve Outs:Modern Treasury’s Transfer Conference RegistrationThe New LookCole Haan x Acquired!Class of Palm Beach (and the Mini Kelly inside the Birkin!!)More Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!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.
In this episode of 'Acquired' by Ben Gilbert and David Rosenthal, the extraordinary success of Renaissance Technologies is examined, particularly its flagship Medallion Fund, which boasts a remarkable 68% gross annual return and has never recorded a losing year. Founded by Jim Simons, the firm employs a unique quantitative investing approach, relying on mathematicians and scientists to analyze market data through advanced mathematical models and machine learning, rather than conventional financial metrics. The episode emphasizes Renaissance's secretive nature, its focus on data-driven strategies, and how it has transformed the investment landscape by turning quantitative finance into a scientific discipline.
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00:00:00 Speaker_00
I always used to misspell Renaissance as I was typing it out, R-E-N, and then I would sort of like not really know what came from there. But I learned a mnemonic to make sure I get it right.
00:00:10 Speaker_01
Oh, I thought you were going to say you've typed it so many times now over the past month.
00:00:15 Speaker_00
Well, there's that too. But you ready for this? You can't spell Renaissance without A-I. Oh. Touche, touche. All right, let's do it.
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Author: Ben Gilbert and David Rosenthal
Duration: 04:06:32
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:Doesn’t increase supply to meet demand (hence the waitlists)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)And yet everyone knows who they are and what they represent. But, despite all their iconoclasm, this is not a company that’s stood still for six generations. Unbeknownst to most, Hermès has completely reinvented itself at least three times in its 187-year history. Including most recently (and most dramatically) by the family’s current leaders, who responded to LVMH and Bernard Arnault’s 2010 takeover attempt by pursuing a radical strategy — scaling hand craftsmanship. And in the process they turned the company from a sleepy, ~$10B family enterprise into a $200B market cap European giant. Tune in for one incredible story!Sponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!Links:See our episode page for visuals!The saddle stitch (video)Inside the Saddlery at the FaubourgHermès 2022 Annual ReportAxel Dumas InterviewAll episode sourcesCarve Outs:Anker GaN Prime 100W chargerMatterPerplexityThe Score Takes Care of ItselfNote: 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.
In this episode of 'Acquired,' hosts Ben Gilbert and David Rosenthal explore the remarkable history of Hermès, a luxury brand founded in 1837 and still family-run. They discuss Hermès' unique positioning in the luxury market, characterized by artisanal craftsmanship, strict supply limits, and avoidance of traditional marketing strategies. Following a takeover attempt by LVMH in 2010, the brand underwent a transformative strategy that increased its market value from $10 billion to around $200 billion. The episode highlights how Hermès balances its heritage with modern demands while maintaining an exclusive and esteemed reputation in luxury goods.
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00:00:00 Speaker_00
So I don't know if you realize this, Hermes is reporting earnings in like two days. And at first I was like, we should probably not do this episode because their annual report comes out in two days. What if we're not current?
00:00:12 Speaker_00
And then I realized, this is Hermes. The short term is of no consequence.
00:00:18 Speaker_01
Also, the Hermes annual reports are the most beautiful annual reports ever created in the history of the financialization of mankind.
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Author: Ben Gilbert and David Rosenthal
Duration: 03:41:25
Last year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe’s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn’t know much about Novo Nordisk before diving
in, our first thought was, “wow, seems like these new diabetes and obesity drugs mean serious trouble for big insulin companies.”And then… we realized that Novo Nordisk IS the big insulin company. And in a story befitting of Steve Jobs and Apple, they’d just disrupted themselves with the drug equivalent of an iPhone moment. Once we dug further, we quickly realized this company has it all: an incredible 100+ year history filled with Nobel Prizes, bitter personal rivalries, board room dramas, a generation-defining silicon valley innovation, lone voices persevering against all odds — and oh yeah, the world’s largest charitable foundation at its helm. Tune in for one incredible story!Sponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!Links:Chart: US Healthcare Spend by CategoryChart: US Distribution and Reimbursement System (for pharmaceutical drugs)Chart: Insulin Supply ChainYouTube Talk: What People Get Wrong about the Finances of the Drug IndustryAlex Telford: The pharma industry from Paul Janssen to today: why drugs got harder to develop and what we can do about itOut-of-Pocket Health: Obesity DrugsOut-of-Pocket Health: US Healthcare System ProblemsAll episode sourcesCarve Outs:Noxgear Tracer 2 running vestDrops of GodWool by Hugh HoweyMere Mortals at San Francisco BalletBlackberryNote: 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.
00:00:00 Speaker_03
Alright, first episode back. Let's see if I can do this sleep-deprived. Welcome to season 14, episode one of Acquired, the podcast about great companies and the stories and playbooks behind them. I'm Ben Gilbert. I'm David Rosenthal.
00:00:34 Speaker_03
And we are your hosts. Today's episode is on the company behind these sensational diabetes and weight loss drugs, Ozempic and WeGoVie. The company is Novo Nordisk.
00:00:46 Speaker_03
Now, when I first learned about Ozempic a few years ago, I thought, of course, this is gonna be amazing for a lot of people. and could also completely destroy the market for insulin. Those insulin companies better watch out.
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Author: Ben Gilbert and David Rosenthal
Duration: 02:15:36
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!Sponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!Links / Extended Carve Outs!The Psychology of MoneyThe Artist’s WayTransitionsThinking, Fast and SlowZojirushi hot water heaterNike Pegasus Trail 4 GORE-TEXMillJune OvenSiloAliasWarby Parker Amari glassesHoka Ora recovery shoesAdobe Light RoomThe Eureka Theory of Everything is Wrong by Derek ThompsonThe Luxury StrategyCandideThe QB SchoolMNF ManningCastThe Eras TourUppababy VistaThe Joolz Aer PlusCocoAt PresentNote: 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.
00:00:00 Speaker_00
I am loving that you also busted out the holiday sweater. Feels very appropriate. Yes, I purchased this holiday sweater at the Seattle Nordstrom for our 2019 live show at the University of Washington. It's like two months before the pandemic hit.
00:00:17 Speaker_00
That's right.
00:00:18 Speaker_03
And I think I wore it last year too. I feel like you did. Yeah, we were right behind me.
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Author: Ben Gilbert and David Rosenthal
Duration: 03:42:04
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.Sponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!Links:Burger King rolling out credit cards in 1993Get your BankAmericard MasterCard today! (!?)Episode sourcesCarve Outs:I Think You Should LeaveMistbornNote: 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.
00:00:00 Speaker_00
It's funny, when we picked this episode, I was like, oh, this is going to be pretty down the middle and easy. And then, of course, as we get into the research, as always, it's like, oh, no, big story here.
00:00:08 Speaker_01
Yep. There's always a story.
00:00:11 Speaker_02
Who got the truth? Is it you? Is it you? Is it you? Who got the truth now? Is it you? Is it you? Is it you? Sit me down. Say it straight. Another story on the way.
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Author: Ben Gilbert and David Rosenthal
Duration: 01:06:46
We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles
home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We’re so glad that we got the opportunity to record and share this with you all — break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger.A transcript is available here.Sponsor:Special thanks to Tiny for being the exclusive sponsor of this episode. You can get in touch with them here (just tell them Ben & David sent you), and order your very own bronze Charlie bust here.More Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2ACQ Merch Store!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.
00:00:00 Speaker_05
Ben, when we teased this episode in the email about the Jensen episode that we just released, the guesses that we were getting from folks were amazing.
00:00:10 Speaker_00
I mean, people were like, it's Charlie, it's Warren, or it's Taylor Swift. And a lot of people were right.
00:00:14 Speaker_05
Hey, Taylor, you know where to find us, acquiredfm at gmail.com.
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Author: Ben Gilbert and David Rosenthal
Duration: 01:29:07
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!Sponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!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.
00:00:00 Speaker_01
I will say, David, I would love to have NVIDIA's full production team every episode. It was nice not having to worry about turning the cameras on and off and making sure that nothing bad happened to myself while we were recording this.
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Author: Ben Gilbert and David Rosenthal
Duration: 02:52:53
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!Links:Asianometry on AI HardwareEpisode sourcesCarve Outs:AliasMoanaSponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!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.
00:00:00 Speaker_04
You like my Bucks t-shirt?
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Author: Ben Gilbert and David Rosenthal
Duration: 02:58:54
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.Links:The Science of HittingWarren Buffett’s Costco jokeEpisode sourcesCarve Outs:Tifosi sunglassesDwells “take off everything”Jeremy Giffon on Invest Like the BestDogpatchDavid Lidsky’s great piece on Acquired in Fast CompanySponsors:ServiceNow: https://bit.ly/acqsnaiagentsHuntress: https://bit.ly/acqhuntressVanta: https://bit.ly/acquiredvantaMore Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!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.
00:00:00 Speaker_00
I don't think I have ever been more in love with a company and a business model. What are you, Charlie Munger? It's just the deeper you dig, the more good things you find. And usually it's the exact opposite of that.