Acquired

We tell the full history of LVMH, and how Bernard Arnault turned a $15m investment in a bankrupt French textile company into the world’s largest individual fortune. It’s a story that’s equal parts Berkshire Hathaway, Steve Jobs and Barbarians at the Gate… and wholly under-appreciated for the genius business model innovations that enabled it. Whatever industry you operate or invest in, there’s so much to be learned from Bernard and LVMH’s complete reshaping of the luxury sector over the past three and a half decades. And oh yeah, it also involves Nazi spies, Italian family murders, Rupert Murdoch, Rihanna becoming a billionaire, Jay-Z’s champagne feuds and Beyoncé wearing a 128 carat diamond. Tune in! :) 

Links:

• Bryan Burrough in Vanity Fair: Gucci and Goliath
•  Episode sources

Carve Outs:

• The Gamecraft Podcast
• Doug DeMuro buys a Carrera GT
•  The Peloton Tread
•  The Eureka Theory of History Is Wrong

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

Cozy up to the fire and join Acquired as we do our annual strategic review of the show and our business “in public”. We recap our perspectives on Acquired’s big moments from the past year, a bit of commentary on the current state of the tech ecosystem, and what lies ahead for us in 2023. Plus as always at the holidays, we do an extended carve out session on our favorite things from the past year. Huge thank you to all of you for making 2022 an amazing year here in Acquired-land, and here’s to even bigger and better things to come in 2023! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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Carveouts!:

• Jerry Seinfeld on The Tim Ferriss Show
• Project Hail Mary
•  The Psychology of Money
•  The Power Law
• Made in America
• Made in Japan
• The Godfather (book)
•  Masters of Doom
•  Stevie Case vs. the World
• How All this Happened
• Resonant Arc
• All-In
• Founders Podcast
• MKBHD’s Waveform Podcast
• The Verge
•  Huberman Lab - What Alcohol Does to your Body
• Smartless
• T-Swift’s Midnights
•  Olivia Rodrigo
• Andor
• Black Panther
• Top Gun Maverick
• Everything Everywhere All At Once
• The White Lotus
• The Vow
• Flighty
• Roborock S7 Max
•  Apple Keyboard with TouchID
• Elgato AV gear, especially sound panels and the Cam Link 4K
• Capri 

‍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.

Ben Thompson joins Acquired to discuss the business of Stratechery itself and celebrate 10 years (!) of the internet’s best strategy analysis destination. Even beyond Stratechery’s enormous impact itself on business and tech over the years, Ben’s work inspired a whole generation of business content creators — this show very much included — and it was super special for us to give the Acquired treatment to one of our own heroes. We cover the full history of Ben pioneering the subscription internet media business model (indeed SubStack’s seed round pitch was “Stratechery-in-a-box”), and how + why he’s evolved the business since and is now doubling down both on podcasting and a broader vision of the Stratechery Plus bundle… including for the first time content not made by Ben himself! Tune in and enjoy. 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

Links:

• John Gruber’s Daring Fireball
• Ben’s very first Stratechery post
• Subscribe to Stratechery Plus

‍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.

The FTX fraud has dominated headlines now for weeks, during which we’ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001’s then-largest bankruptcy in US history and the impetus for the famous Sarbanes-Oxley Act. So much of Enron’s history parallels FTX that the uncanniness is almost unbelievable — right down to the same CEO running the two bankruptcies. Sit back and enjoy this crazy tale of villainy, greed, and the nature of humans and money. Maybe just don’t take notes on this one… 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

Links:

• Book Andy Fastow as a speaker for your next corporate event! 🤔
• Episode sources

Carve outs!:

• Enron: The Musical
• Andor
• Brooks Addiction Walkers
• Hoka Slides
• JCal on the Tim Ferriss Show

‍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.

Qualcomm, or “Quality Communications” — despite being one of the largest technology companies in the world, few people know the absolutely amazing technological and business history behind it. Seriously, this story is on par with Nvidia, TSMC and all the great semiconductor giants. Without this single fabless company based in San Diego, there’s almost no chance you’d be consuming this episode on whatever device you’re currently listening on — a fact that enables them to earn an incredible estimated $20 for every new phone sold in the world. We dive into this story live at the perfect venue: our first-ever European live show at Solana’s Breakpoint conference in beautiful Lisbon, Portugal! 

Links:

•  The Qualcomm Equation
•  Principles of Communications Engineering by Irwin Jacobs and John Wozencraft
•  Episode sources

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

‍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.

We sit down with all five current Benchmark GPs for one of their legendary weekly dinners, during which we ask all of the unresolved burning questions from Part 1. How do THEY think about Benchmark v3? What are their day-to-day emotions trying to keep the equal partnership “bending toward greatness? Why is there no growth fund? What does it take to become the next Benchmark GP? Why is there a secret Principal program? We cover all these and much, much more. We also recorded the whole thing on video — which we highly recommend watching even if you normally only listen to the audio feed! 

Links:

• Dad hats are live in the Acquired Merch Store! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

 ‍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.

We kick off ACQ Sessions with the-behind-the-scenes story of All-in, from the world’s greatest moderator himself Jason Calacanis. ACQ Sessions is our new, occasional “MTV Unplugged” version of Acquired: a great IRL guest, a bottle (or two) of wine, and no script. We talk about everything you’d imagine we would over wine with JCal — All-In, bestie relationships, money & politics in Silicon Valley, who his influences and mentors have been (one surprise — the great Fred Wilson of USV!), what motivates him to keep grinding and why, at age 50+ when he could easily be winding down he’s instead speeding up into the most productive phase of his entire career. Pour a beverage yourself, pull up a comfy seat and join us! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark’s next GP generation. If you’re a student of the venture game from any angle — founder, GP, LP, etc — this is a story you need to tune in for! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

•  Benchmark’s website circa 1997
•  Benchmark’s website circa 2000
• Benchmark’s website today
•  Episode sources

Carve Outs:

• Bill Gurley’s Runnin’ Down a Dream talk
• Smartless Podcast
•  Mitch Lasky on Invest like the Best
• Ursula Le Guin’s Earthsea Cycle

‍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.

So, how DID an online book retailer end up building the infrastructure layer that powers the entire internet? (Or at least 39% of it, per latest market share data.) While many myths, legends, and some downright falsehoods exist, the real answer to that question deserves a full Acquired episode of its very own. So here it is: the story of Amazon Web Services. Who’s got the truth? Tune in and find out. :) 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

• Steve Yegge’s Platforms Rant (so good!)
•  Ben Thompson on AWS and Snowflake
•  Episode sources

Carve Outs:

• Moon Knight
• John Carmack on The Lex Fridman Podcast

‍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.

We sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard’s all-time most popular memo, “Something of Value”, which made the then-shocking argument that Value and Growth investing are not diametric opposites but rather two sides of the same investing coin. We of course dive deep into that, and also cover plenty of fun Oaktree and investing history, as well as Andrew’s favorite topic: selling (or not selling, as the case may be). This is not one to miss!  

Links:

•  The Original “Something of Value” Memo
•  Howard and Andrew on Oaktree’s “The Memo” podcast

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
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© Copyright 2015-2026 ACQ, LLC

‍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.

Amazon. No company has impacted the internet — and all of modern life — more than this one. We’ve waited seven years to do this episode, and are so, so excited to finally dive into every nook and cranny of this legendary company. And of course because we’re Acquired and this is Amazon, we couldn’t contain it all to just one episode… even a 4+ hour one! So today we focus on Amazon.com the retail business, and we’ll have another full episode on AWS coming soon. And because all great series are trilogies, to fully understand Amazon we highly recommend starting first with our previous episode on Walmart, which truly is the giant’s shoulder that Jeff Bezos stood upon. Let’s go!! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Jeff’s first public Amazon interview
•  Our early-Acquired-days interview with Tom Alberg
•  Episode sources

Carve Outs:

• Rick Rubin on the Lex Fridman Podcast
• Ursula Le Guin
• Dissect Season 2 on My Beautiful Dark Twisted Fantasy
• Elden Ring (again) 

‍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 is a first for Acquired: we’re joined by a sitting US Congressman (from Ben’s home state of Ohio!), Republican House Representative Anthony Gonzalez. Anthony serves on the House Financial Services Committee and is deeply involved in crypto and Web3 regulation, as well as on the Climate and Science, Space & Technology Committee where he oversees NASA among many other agencies. His also has an absolutely incredible story — his family immigrated from Cuba to Ohio, he played in the NFL, he was COO of an Investment Group of Santa Barbara backed startup, and he was one of a small number of Republican congresspeople who voted to impeach former President Donald Trump after the events January 6th. 

Links:

• Schoolhouse Rock “I’m Just a Bill”
•  Nick Howley and TransDigm on Will Thorndike's new podcast 50x

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

‍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.

We kick off Season 11 with the incredible story of the retail “granddaddy of them all” Walmart, and its founder Sam Walton. Once you study Walmart, you realize just how deep its heritage runs through Amazon and so many iconic modern companies we cover on Acquired. This episode was an absolute blast, and we even uncovered a new addendum to the hallowed “focus on what makes your beer taste better” playbook theme! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

 Links:

•  Walmart’s 1972 Annual Report
•  Episode sources

 Carve Outs:

•  Ted Weschler on the Nebraska Furniture Mart podcast!!!
•  Mario Puzo’s The Godfather (the book)

‍ 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.

When Patrick O'Shaughnessy and Brent Beshore asked us to give a talk at their incredible Capital Camp conference, we knew we had to bring something special. So we spent months combing through the Acquired back catalog and cataloged our 12 favorite lessons from the 200+ stories we’ve told over the past 7 years. From Sequoia through Sony, TSMC, Nvidia, The New York Times, the NBA and Oprah — we revisited all the classics and pulled out the common threads that weave the tapestry of great companies we’ve covered on Acquired. This episode was truly a joy to put together… huge thank you to Patrick and Brent for giving us the perfect stage on which to present it!

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

‍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.

We sit down with a16z General Partner Katherine Boyle to discuss investing in “American Dynamism”, why it’s so important and why now is the right time to pursue it. Katherine has a fascinating background, beginning her career as a reporter at The Washington Post before entering the VC world first at Founders Fund, then General Catalyst and now a16z. Her perspectives don’t fit neatly in any box — political, economic or otherwise — and we have a great conversation exploring them. Tune in!

This episode has video! You can watch it on YouTube.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

Links:

• Katherine’s post on Building American Dynamism
• Marc Andreessen’s It’s Time to Build
• Katherine’s Substack

‍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.

We sit down with the CEO founders of two of the most capital efficient success stories of all time — Zoom and Veeva Systems — to understand how they grew to billions of dollars in revenue (and tens of billions in market cap) on very, very little capital invested. With the fundraising environment changing rapidly, we couldn’t think of a better topic to discuss or better sources of wisdom for founders, operators and investors all to learn from. Very special thanks to Jake Saper and our friends at Emergence Capital for inviting us and putting this conversation together at their 2022 CEO Summit!

This episode has video! You can watch it on YouTube.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Peter’s great Medium blog

‍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.

For the final act of the Arena Show, we’re joined by Brooks CEO Jim Weber to tell the amazing story of how he transformed the company from a 3rd tier, deeply cashflow negative “also-ran” into one of the world’s premiere fitness brands and a crown jewel of the Berkshire Hathaway empire — with compounding revenue and cashflow growth that rivals even the legendary Mrs. See’s Candies! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

• Jim's book, "Running with Purpose" 

‍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.

We did an Arena Show!! This evening was so big and so special, we had to split it into two episodes for the podcast feed. First up is the Idea Dinner with our best internet buddies, Packy McCormick and Mario Gabriele (and special guest judge Shu Nyatta), followed by the story of YC Continuity with managing partner Anu Hariharan. Huge, huge thank you to PitchBook for making this night possible. Stay tuned for Part II!

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
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© Copyright 2015-2026 ACQ, LLC

‍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.

By 2012, NVIDIA was on a decade-long road to nowhere. Or so most rational observers of the company thought. CEO Jensen Huang was plowing all the cash from the company’s gaming business into building a highly speculative platform with few clear use cases and no obviously large market opportunity. And then... a miracle happened. A miracle that led not only to Nvidia becoming the 8th largest market cap company in the world, but also nearly every internet and technology innovation that’s happened in the decade since. Machines learned how to learn. And they learned it... on Nvidia.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

• Ben Thompson’s great  Stratechery interview with Jensen
• Linus Tech Tips tests an Nvidia A100
• Episode sources

Carve Outs:

• The Expanse short story collection,  Memory's Legion
•  Sony RX100 point-and-shoot camera

‍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.

We sit down once again with one of the world’s very best strategy thinkers, 7 Powers author Hamilton Helmer — this time joined by his impressive Strategy Capital colleague Chenyi Shi — to discuss platform businesses, and how the Power framework applies to them. If you’re building, investing in, or just curious about the dynamics of platforms, this episode is a must-listen. We owe a huge thanks to Hamilton and Chenyi for sharing their work-in-progress insights on this very special category of companies. Tune in!

This episode has video! You can watch it on YouTube. 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
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© Copyright 2015-2026 ACQ, LLC

‍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.

He wears signature leather jackets. He can bench press more than you. He makes cars that drive themselves. He’s cheated death — both corporate and personal — too many times to count, and he runs the 8th most valuable company in the world. Nope, he's not Elon Musk, he’s Jensen Huang — the most badass CEO in semiconductor history. Today we tell the first chapter of his and Nvidia’s incredible story. You’ll want to buckle up for this one! 

This episode has video! You can watch it on YouTube. 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Shoot to Kill: https://www.forbes.com/global/2008/0107/070.html?sh=261e2068d077
• Episode sources:  https://docs.google.com/document/d/1wt5jSpqjsRuYU00pq_ABWTM0iJ68hjMceF9XrreYPko/edit?usp=sharing

Carve Outs:

• Starting Strength: https://startingstrength.com
• Elden Ring: https://en.bandainamcoent.eu/elden-ring/elden-ring

‍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.

We hear a lot these days about hedge funds becoming venture firms, and venture firms becoming hedge funds. But a decade before either of those approaches became mainstream, a tiny $3m fund in Boston named Altimeter Capital set out simply to invest in a concentrated portfolio of America’s very best technology companies, regardless if they were public or private. Today that tiny firm has grown to nearly $15B under management and become a premier “capital partner” to founders at all but the very earliest stages — companies like Snowflake, Facebook, Roblox, Plaid, Grab and Acquired fan-favorite Modern Treasury. We sit down with founder & CEO Brad Gerstner to dive into the story behind Altimeter’s meteoric rise.

This episode has video! You can watch it on YouTube.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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Carve Outs:

• Brad’s Twitter thread on Invest America:  https://twitter.com/altcap/status/1347454947583950849?s=20&t=gM5zJMcq9p96GcjEHZw56w

‍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.

Born in the unlikeliest of places — the terrible, wasteland-like aftermath of post WWII Japan — Sony rose to capture the imaginations (and wallets) of consumers and engineers around the world. The company produced hit after hit after hit: portable transistor radios, CDs, the Walkman, the PlayStation, DVDs, life insurance(!!)... and yet ultimately fell behind its greatest American admirer, Steve Jobs and Apple. This is the incredible story of Sony’s human and technological optimism in the face of overwhelming odds — a story that, given recent world events, remains as relevant today as ever.

This episode has video! You can watch it on YouTube.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Steve Jobs’ Tribute to Akio Morita: https://youtu.be/Drwkvf76Cls
• Planet Money on Sony and Spider-Man: https://www.npr.org/2022/01/28/1076531156/the-spider-man-problem
• Episode sources:  https://docs.google.com/document/d/1LpnPSju5xSPcuaRVd1TYXnL1oGBr4Qs5bRS7owbxoEc/edit?usp=sharing

Carve Outs:

• How This All Happened by Morgan Housel: https://www.collaborativefund.com/blog/how-this-all-happened/
• The Model 3 is AWESOME: https://www.tesla.com/model3

‍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.

We sit down with two of the most talented and respected people in Hollywood — Brian Koppelman and Joseph Gordon-Levitt — to talk about the process of adapting Mike Issac’s story of Uber, “Super Pumped”, into their new Showtime series. To say this was a thrill for us is a MASSIVE understatement. Huge thank yous to Brian, Joe and Showtime for making it happen!

This episode has video! You can watch it on YouTube.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Super Pumped (the series): https://www.sho.com/super-pumped
• Super Pumped (the book): https://www.amazon.com/dp/B07PZ2B85Y/

 Carve Outs:

• Joe performing Katy Perry in the style of The Cure on Jimmy Fallon: https://www.youtube.com/watch?v=H2lGEZOOHwI
• Michael Lewis’s Liar’s Poker companion podcast:  https://www.pushkin.fm/show/against-the-rules-with-michael-lewis/
• Stevie Van Zandt’s Unrequited Infatuations: https://www.amazon.com/dp/B08R56XNMQ/
• Your Undivided Attention:  https://www.humanetech.com/podcast/a-problem-well-stated-is-half-solved
• Jakob Dylan on The Moment:  https://open.spotify.com/episode/5xNbG6XBjoVLDvpOUbZSIr?si=engSyJ9IQlePpqDOw7rSjw
• Joe’s Don Jon: https://www.imdb.com/title/tt2229499/
• HitRecord: https://hitrecord.org

‍ 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.

We sit down with perhaps the only person besides Marc Andreessen who’s had a major influence on each of the Web 1, 2 and 3 eras: Brave Browser CEO (and former Netscape + Mozilla Chief Architect) Brendan Eich. In true Acquired fashion we cover both a huge amount of both internet history AND internet future in one awesome conversation. Big thank you to Brendan for making this so special — tune in!

This episode has video! You can watch it on YouTube.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Brave: https://brave.com

Carve Outs:

• Project Hail Mary:  https://www.amazon.com/Project-Hail-Mary-Andy-Weir-ebook/dp/B08FHBV4ZX
• Open: https://www.amazon.com/Open-Andre-Agassi-ebook/dp/B003062GEE/
• San Fransicko: https://www.amazon.com/dp/B08SMFSL5M/
• Dynamic Economics: ****https://www.amazon.com/Dynamic-Economics-Burton-H-Klein/dp/0674218663

‍ 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.

The Peloton journey has been one seriously wild ride. From can’t raise money to one of Tiger Global’s first venture investments, to pandemic darling to the stock being down 85% in 6 months... there’s never a dull moment in this company’s history. And guess who’s leading the pack for its next chapter: that’s right, THREE-TIME ACQUIRED SUPERHERO, the one and only Barry McCarthy. We had to tell this story.

This episode has video! You can watch it on YouTube.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

 Links:

• Barry’s Hill School interview on YouTube: https://www.youtube.com/watch?v=9uwcSbe6YoE
• Episode sources:  https://docs.google.com/document/d/1Qs4DwVFBTMCyEt7Xxlby6iRCpOs0aRTOWPLjrbFQO8Q/edit?usp=sharing

 Carve Outs:

• Barry’s planning framework from the Hill School interview: https://www.youtube.com/watch?v=9uwcSbe6YoE
• Switched On Pop on James Bond’s Spycraft Sound:  https://switchedonpop.com/episodes/james-bond-spycraft-sound-billie-eilish-hans-zimmer-daniel-craig

 ‍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.

Not only is Taylor Swift the biggest music artist of our generation by nearly every metric (it’s not even close!), with the re-recording of her original albums she’s in the process of reshaping the entire music industry in a way no band or artist ever has before. And oh yeah — she’s still only thirty-two. We dive into the incredible business story behind perhaps the new "last great American dynasty"... the TSwift empire.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Taylor Swift The Brightest Star:  https://www.amazon.com/Taylor-Swift-Loves-Global-Sensation/dp/1912587556/
• All You Need to Know About the Music Business:  https://www.amazon.com/Need-Know-About-Music-Business/dp/1501122185/
• Switched On Pop:  https://switchedonpop.com/episodes/deja-vu-olivia-rodrigo-copyright-decoder-good-4-u-paramore
• Joni (Blue) vs. Taylor (Red) Album Art:  https://gaylorlyrics.tumblr.com/post/624477640229863424/we-3-some-joni-mitchell-parallels
• Kelly Clarkson’s suggestion to re-record Taylor’s Big Machine albums:  https://twitter.com/kellyclarkson/status/1150168164853882880?s=20
• Episode sources:  https://docs.google.com/document/d/1YKvfZuBrMB_BawZzt5c6ap8b2KdNg7n5Ko2tqF5AkCE/edit?usp=sharing

Carve Outs:

• The Beatles: Get Back:  https://www.disneyplus.com/en-gb/series/the-beatles-get-back/7DcWEeWVqrkE
• Italic: https://italic.com

‍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.

Season 9 ends at the beginning — with the man who changed Hollywood forever and wrote the blueprint for A16Z’s upending of Silicon Valley a generation later, Michael Ovitz and his “Dream Factory”, Creative Artists Agency. From Jurassic Park to Ghostbusters, Back to the Future, Goodfellas, Rain Man, ER, and even the Coca-Cola polar bears... almost nothing in 80s and 90s pop culture didn’t have CAA’s stamp on it. Speaking of dreams, this episode was totally one for us, and we hope you enjoy listening to it as much as we did making it!!

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Michael’s (truly excellent) book, Who Is Michael Ovitz?: https://www.amazon.com/dp/B07B2HS77M/

‍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.

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

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

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
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© Copyright 2015-2026 ACQ, LLC

Links:

• The Generalist's FTX Trilogy: https://www.readthegeneralist.com/briefing/ftx-1
• FTX: https://ftx.com
• FTX US: https://ftx.us
• Sam's Twitter: https://twitter.com/SBF_FTX

 ‍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.

You've heard us talk about him every episode for the past two years... but until now most of you have never actually heard us talk to him! We've remastered our first, canonical interview with Hamilton Helmer, originally released as an limited episode in March 2020. Hamilton’s 7 Powers framework gives a deep, academic investigation to the question, “what creates an enduring company?” This episode is an absolute must-listen for anyone working or investing in tech (and beyond), and we're so excited to finally make it available to everyone.

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

•  7 Powers on Amazon

 ‍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.

When does a creator become a company? Who says that media companies — or venture firms — have to be organizations? How high is the ceiling on one person + the internet? Acquired has the answers and they are... Not Boring. 🙂

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Links:

• Not Boring: https://www.notboring.co/
• Proto-Not Boring: https://www.packym.com/blog/nyc-debate-club
• Not Boring's first sponsor deck:  https://projector.com/story/2cb6296d-e229-4774-839c-efbf86d7f69f?scene=7127c7a0
• Jake Singer's Not Boring Flywheel: https://theflywheel.substack.com/p/not-boring-packy-m
• Proof Ben was famous even before Acquired:  https://web.archive.org/web/20150814041757/https://www.seattletimes.com/business/high-octane-leader-drives-microsoftrsquos-innovation-garage/

 Carve Outs:

• Velcro swaddles (dad life...): https://www.amazon.com/s?k=velcro+swaddle
• An Engineer's Hype-Free Observations on Web3: https://www.psl.com/feed-posts/web3-engineer-take
• Rabbits:  https://www.amazon.com/Rabbits-Novel-Terry-Miles-ebook/dp/B08HY29VM2

 ‍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.

Of our 65+ sources for the TSMC episode, one stood above the rest: a wonderful Knowledge Project episode with Brinton Johns and Jon Bathgate of NZS Capital laying out the state of the semiconductor market. When coincidentally we met Brinton a week later, we knew fate was telling us we had to dig deeper. It turns out NZS has a lot more to teach Acquired than just about semis! Here we dive into their fascinating philosophy of "complexity investing", which was born out of their interactions with the world-famous Santa Fe Institute (of W. Brian Arthur and Increasing Returns fame!)... and of course we also throw in some semiconductor shop-talk for good measure. :)

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
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© Copyright 2015-2026 ACQ, LLC

• NZS Capital: https://www.nzscapital.com
• The Santa Fe Institute: https://www.santafe.edu
• NZS's white paper on Complexity Investing:  https://static1.squarespace.com/static/5ca38f3216b6405d11e3d4b4/t/60131df6a8d27d63432ea5ff/1611865607574/Complexity_2021update-v9pt2.pdf
• Brinton & Jon on The Knowledge Project: https://www.youtube.com/watch?v=r6NUO_bymuA
• Twitter: 
  • Brinton: https://twitter.com/bjohns3
  • Jon: https://twitter.com/jbathgate
  • Brad: https://twitter.com/bradsling

 ‍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.

We bring the epic saga of Standard Oil and John D. Rockefeller to a close (for now) with two of history's greatest second acts: Rockefeller's pioneering of modern philanthropy (and really modern life itself), and perhaps the single greatest shareholder value "unlock" of all-time in the breakup of Standard Oil. And like any great American saga, of course the good guys win in the end. The only question is... just who were the good guys?? 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
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© Copyright 2015-2026 ACQ, LLC

Links:

• Titan by Ron Chernow: https://www.amazon.com/gp/product/1400077303/
• Episode sources:  https://docs.google.com/document/d/1PzIts5VVgKhE70sAeHnLKcmDktTkXRgEVtuHDktfNCw/edit?usp=sharing

 Carve Outs:

• The to-be-announced (as of recording) M1X MacBook Pro...
• Starfish Space: https://www.starfishspace.com/
• Peloton: https://www.onepeloton.com

‍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.

We sit down with the one & only Michael Mauboussin to dive deep into his incredible body of work: untangling skill and luck, measuring moats, persistence of returns in venture capital, decision making and — particularly timely — expectations investing and how to think about valuations in the current 2021 market environment. (!!) Michael's work is maybe our most frequent carve out on Acquired, so we're pumped to finally have a chance to interview the man himself. Big thank you to Patrick O'Shaughnessy and Brent Beshore for introducing us all at Capital Camp this year! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
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© Copyright 2015-2026 ACQ, LLC

Links:

• Michael's wonderful talk at Google: https://youtu.be/1JLfqBsX5Lc
• The new revised edition of Expectations Investing:  https://www.amazon.com/Expectations-Investing-Reading-Returns-Heilbrunn/dp/0231203047/
• The Success Equation:  https://www.amazon.com/The-Success-Equation-Untangling-Investing/dp/1422184234/
• Measuring the Moat:  https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1066439791&serialid=4uA2wHojCvFKzqWfwIyDvkSN1pkXRpb43LvyclLcJsk%3D&cspId=null
• Public to Private Equity:  https://www.morganstanley.com/im/publication/insights/articles/articles_publictoprivateequityintheusalongtermlook_us.pdf

 ‍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.

It's time. We dive into the *original* American capitalist mega winner, Standard Oil, and its legendary founder John D. Rockefeller. This company and man almost defy characterization -- Elon, Bezos, Gates, Buffett... they've got nothing on old John D. Not only was Rockefeller the wealthiest person in modern human history, his company wrote the blueprint for today's corporations and everything we now know about business and capitalism. Pull up a chair and get ready to hear how this hillbilly, nobody kid from the sticks grew up to became the richest person in the world, creating a legend along the way that would become the American Dream...

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

Links:

• Episode sources:  https://docs.google.com/document/d/1X7oskTGkPX_rIKqZFlN49USR20Ii6C9p2SJCGzEXHLU/edit?usp=sharing

 Carve Outs:

• There Will Be Blood: https://www.imdb.com/title/tt0469494/
• Deadwood: https://www.imdb.com/title/tt0348914/
• SB Nation's Secret Base Atlanta Falcons series: https://youtu.be/Lx_ORMhpmoU

 ‍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.

We dive into the unbelievable and unlikely history behind the quietest technology giant of them all: the Taiwan Semiconductor Manufacturing Company. Founded in 1987 by the then-56 year old Morris Chang, already a legend in the semiconductor industry by virtue of his meteoric rise and fall at Texas Instruments, TSMC today manufactures nearly all the leading-edge chips for Nvidia, Apple, Broadcom, Qualcomm, AMD, and yes — even Intel. Tune in for an incredible story of innovation, perseverance and lasers. Lots and lots of lasers!

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

Links:

• Episode Sources

Carve Outs:

• Ted Lasso (Season 1)
• Greek
• Who is Michael Ovitz?

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

‍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.

We sit down with the one and only Kevin Rose to talk about his journey from pioneering Web 2.0 with Digg to leading the charge on Web3 and NFT + DeFi investing as a partner at True Ventures and his new show Modern Finance. We cover it all -- TechTV, Digg's true origin story, Milk, Hodinkee, interviewing Beeple and where MoFi goes from here. This was an episode we’ve been wanting to do forever, and Kevin was truly a blast to hang out with. Tune in and then go check out everything he’s building now over at Modern Finance! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

Links:

• Modern Finance: https://modern.finance
• Especially the Beeple episode:  https://modern.finance/episode/beeple-his-story-the-future-of-nfts-his-favorite-digital-artist-and-more/
• Proof: https://www.proof.xyz
• Kevin on Twitter: https://twitter.com/kevinrose

‍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.

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

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

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

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

Links:

• Michael Mauboussin on persistence of returns across asset classes:  https://www.morganstanley.com/im/publication/insights/articles/articles_publictoprivateequityintheusalongtermlook_us.pdf
• Tomorrow's Advance Man:  https://www.newyorker.com/magazine/2015/05/18/tomorrows-advance-man
• Episode sources:  https://docs.google.com/document/d/12jf9pwTdEuANtdOffUzSzvE0xEJptT0Or-gBSJgk8mg/edit?usp=sharing

 Carve Outs:

• Childhood's End:  https://www.amazon.com/Childhoods-End-Arthur-C-Clarke/dp/110196703X
• MKBHD's Studio channel and tour: https://www.youtube.com/watch?v=pkuxIy3kFZM
• The Godfather: https://www.imdb.com/title/tt0068646/
• Who Got the Truth on Spotify!!  https://open.spotify.com/track/03X7SwpsCjZIofK8RFPwch?si=649d93b2be7743d5

‍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.

We kick off Season 9 with a classic: Part I of the a16z story. How did this brand new venture firm charge out of the gates in 2009, going from zero to disrupting the entire venture industry overnight? You probably know Marc & Ben's history with Netscape and Loudcloud/Opsware... but what about the Black Panthers, Nintendo 64, Al Gore, Doug Leone, Masayoshi Son, and an epic feud with Benchmark Capital that became Silicon Valley's version of the Hatfields and the McCoys? Buckle up, Acquired's got the truth. 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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Links:

• David Streitfeld's great NYT piece on the Horowitz family:  https://www.nytimes.com/2017/07/22/technology/one-family-many-revolutions-from-black-panthers-to-silicon-valley-to-trump.html
• Marc on the Tim Ferriss Show:  https://tim.blog/2018/01/01/the-tim-ferriss-show-transcripts-marc-andreessen/
• 2003 Marc in SF Gate:  https://www.sfgate.com/business/ontherecord/article/OPSWARE-INC-On-the-record-Marc-Andreessen-2525822.php#photo-2684736

Carve Outs:

Ben:

• The Elephant in the Brain: Hidden Motives in Everyday Life:  https://www.amazon.com/Elephant-Brain-Hidden-Motives-Everyday/dp/0190495995

David:

• Resonant Arc Podcast / YouTube Channel: https://www.youtube.com/channel/UCFzWAEPDGiY34bGpwM_DWmA

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.

We sit down with the hottest new protocol layer in crypto today: Solana, and its cofounder Anatoly Yakovenko, who is the CEO of Solana Labs. If you listened to our Ethereum episode or follow crypto even at a cursory level, you've likely heard of Solana and its ability to scale transactions thousands of times higher than Ethereum. And, unlike other so-called "ETH killers", Solana is doing so in production today with large and real applications. We dive into the project's history coming out of the 2017-18 crypto winter, how it works and what's ahead now that they've recently raised $314m (yes that is Pi $million) from a16z and Polychain Capital, with their native SOL tokens currently trading at a market cap around $10B (!). 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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© Copyright 2015-2026 ACQ, LLC

Topics covered:

• Anatoly's background as a wireless engineer at Qualcomm, and how it led to a fundamental discovery of how to improve crypto system scalability
• Solana's role in the crypto protocol ecosystem and why there's a need for it (and why it can and will exist) alongside Ethereum versus "killing" it
• Starting Solana during the 2017-18 crypto winter, and how it forced them to focus just on building and shipping versus raising and posturing
• Bootstrapping adoption with the mining community (Solana's "true believers") and the early and ardent support they provided
• Where Solana falls on the Vitalik "Scalability - Security - Decentralization" trilemma, and why Solana's superpower of maintaining composability is so attractive

Links:

• Solana: https://solana.com
  • Solana on Twitter: https://twitter.com/solana
  • Solana Hackathon submissions: https://airtable.com/shriNT26cAZeDJagn/tbl5fZ4E1BBbVAttW
• FTX: https://ftx.us
• Audius: https://audius.co

 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.

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

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

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Links:

• The Ethereum Whitepaper: https://ethereum.org/en/whitepaper/
• Yung Spielburg https://open.spotify.com/artist/273so0X2Yuo93vfeX2nLDI and Mike Taylor https://open.spotify.com/artist/30ejUciK31BCg0IVCbt1dW on Spotify

 Carve Outs:

• Arthur C. Clarke: https://www.amazon.com/Arthur-C-Clarke/e/B000APF21M? (especially Rendezvous with Rama and The City & The Stars)
• Disney-Marvel's Loki: https://www.disneyplus.com/series/loki/6pARMvILBGzF
• The Diamond Age by Neal Stephenson:  https://www.amazon.com/Diamond-Age-Illustrated-Primer-Spectra/dp/0553380966
• Nier Automata: https://en.wikipedia.org/wiki/Nier:_Automata
• Magic the Gathering IRL:  https://magic.wizards.com/en/events/event-types/friday-night-magic

What do you get when you combine Berkshire Hathaway's approach with early-stage venture capital? Altos Ventures. We're joined by Altos's wonderful Ho Nam to discuss their highly unusual approach to VC, which has resulted in them becoming significant shareholders in great companies like Roblox, Coupang, Woowa Brothers and Krafton (makers of PUBG). This episode is an absolute must-listen for anyone in our industry — Ho is one of the best and most under-the-radar thinkers in Silicon Valley, and has many lessons to offer us all!

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

Topics covered:

• Altos's 13-year+ journey with Roblox, and how they deployed over $400m into the company out of an $86m fund
• Altos's heritage in Jack McDonald's Investments class at Stanford GSB, and the influence of Jack, Phil Fisher and Warren & Charlie
• How Altos successfully "value invests" in venture capital, and reconciling cashflow potential with growth
• "Good fundraisers" vs. "bad fundraisers" and correlation with returns
• Altos's unique fund structure and how they're architected to stay with companies longer than a typical venture capital firm
• Ho's Twitter presence and how (and why) he went from de minimus followers to one of the top FinTwit accounts in a few months

Links:

• Ho's amazing Twitter presence: https://twitter.com/honam
• Ho's "Foxes and Hedgehogs" post: https://altos.vc/blog/foxes-and-hedgehogs
• Ho's "How do you know?" post: https://altos.vc/blog/howdoyouknow
• Ho's "Venture Lotto" post: https://www.altos.vc/blog/venture-lotto
• Sam Walton's Made in America: https://www.amazon.com/Sam-Walton-Made-America/dp/0553562835

It's time. We wrap our Berkshire Hathaway trilogy with Warren and Charlie entering a new era: the age of the internet. Can they and Berkshire adapt to this brave new world? We find out. And, after 9+ hours, we render our final judgments on Berkshire and Warren's career. Is "Never bet against America" still the right longterm approach? Or is there another, even bigger Snowball out there that Warren may be missing? 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
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© Copyright 2015-2026 ACQ, LLC

The Berkshire Hathaway Playbook is available on our website at https://www.acquired.fm/episodes/berkshire-hathaway-part-iii

Links:

• Bill Gates 1996 Wired interview: https://youtu.be/VFFlO7yBIBM?t=1056
• Jeff Bezos's 2008 AWS == electricity talk at YC Startup School: https://www.youtube.com/watch?v=6nKfFHuouzA
• Charlie's 2021 Shareholder Meeting "slip-up": https://www.youtube.com/watch?v=6gyqElEG6Uo

 Carve Outs:

• Common Stocks and Uncommon Profits:  https://www.amazon.com/Common-Stocks-Uncommon-Profits-Writings/dp/0471445509
• Xbox Game Pass: http://xbox.com/gamepass
• Goodfellas: https://www.imdb.com/title/tt0099685/
• The Goodfellas soundtrack: https://open.spotify.com/playlist/0xVpgEngjrg6FOw5vEFHRp

Brad Stone joins us to discuss the making of the modern Amazon, and how it's morphed from the "flywheel company" of The Everything Store into a set of interlocking and self-reinforcing businesses that extended both wider and deeper into the global economy than anyone ever imagined. (except perhaps Jeff Bezos) Is Amazon the Standard Oil of our time, or maybe something much, much bigger? Tune in as we dive in! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
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© Copyright 2015-2026 ACQ, LLC

 Topics covered:

• When and why Brad decided The Everything Store needed a sequel
• The process of writing the book and access he got at Amazon, including S-Team executives like Dave Clark
• The evolution of Amazon's core strategy from the flywheel into a set of "interlocking and self-reinforcing businesses", and how Brad landed on that as the key theme for the book
• Amazon's culture and the evolution from "Jeff-bots", and its embodiment in S-team members and company leaders beyond
• Amazon's investments in Video and why Bezos was ahead of the pack in realizing its strategic importance (including the rumored as-of-recording MGM deal)
• Amazon's secretive "Campfire" event and why Amazon does it despite its very un-Amazon price tag
• Brad's take on the future of three major Amazon business lines: Video, International and Marketplace / 3rd Party Sellers
• Amazon and Bezos's intense focus on competitors, despite the "theater" of their mantra to only focus on customers
• The Bezos "lapses of judgment" in 2018-19 and what it was like reporting on all the craziness around it
• Tracking down the "voice of Alexa" Nina Rolle, and Bezos's relationship with Elon!

Links:

• Amazon Unbound (on Amazon, natch):  https://www.amazon.com/Amazon-Unbound-Invention-Global-Empire/dp/1982132612/

In Part II of our Berkshire Hathaway Trilogy (!), we pick up the story with Warren wandering in the woods of Omaha, searching for his life's next chapter after retiring from the professional investing business at the top of his game at age 39. How does he emerge from those woods anew, transforming from Ben Graham's cigar-butt cocoon into the butterfly collector of Berkshire's wonderful businesses? (Spoiler: Charlie Munger.) And how did one rotten-to-the-core business nearly bring it all down — everything he'd ever worked for — in the span of one terrible week? Tune in! 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
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© Copyright 2015-2026 ACQ, LLC

The Charlie Munger Playbook is available on our website at https://www.acquired.fm/episodes/berkshire-hathaway-part-ii

Links:

• Chuck Rickershauser's corporate flow chart: (left half) (right half)

 Carve Outs:

• The Sopranos: https://www.hbo.com/the-sopranos
• Macklemore on Armchair Expert: https://armchairexpertpod.com/pods/macklemore

We team up with two of the very best English-language analysts covering China tech today, Rui Ma and Ying Lu from the Tech Buzz China podcast, to talk about the big trends happening on the ground in China right now. We've had Rui and Ying's episodes on repeat in our own podcast players for many years as we researched our Meituan, PDD, Tencent and Alibaba episodes, and we're so excited to have them finally join us live. We had a blast and learned much more about what's actually happening in the world's largest market than the relative trickle of news Western audiences normally receive. Tune in!

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

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© Copyright 2015-2026 ACQ, LLC

• How Rui and Ying stay on top of trends in China tech remotely from the US
• The rise of “tech company like” CPG and other consumer brands in China and extremely fast product development and iteration: e.g., Genki Forest, Perfect Diary and Shein
• Community group buying and the reinvention of commerce in rural China (along with an eye-opening discussion of what qualifies as “rural” in China... which is very different from the West!)
• Autonomous and electric vehicle design and production in China (which is the world's largest car market), and the government's push for China to become a global leader in both
• The current state of anti-trust in China and why investors and operators on the ground in China are optimistic about recent developments

Links:

• Tech Buzz China: https://www.techbuzzchina.com
• TBC's fantastic Insider community for investors and operators: https://www.techbuzzchina.com/insider

It's time. After 150+ episodes on great companies, we tackle the granddaddy of them all — Berkshire Hathaway. One episode alone isn't nearly enough to do Warren and Poor Charlie justice, so today we present Part I: Warren's story. How did a folksy, middle-class kid from Omaha become the single greatest capitalist of all-time? Why, like Jordan, did he retire (twice!) at the top of his game, only to reinvent himself and come back stronger than ever? As always, we dive in. Let's dance. 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

The Warren Buffett Playbook is available on our website at https://www.acquired.fm/episodes/berkshire-hathaway-part-i

Carve Outs:

• Ben: Year One of Not Boring: https://www.notboring.co/p/a-not-boring-adventure-one-year-in
• David: Balaji Srinivasan on The Tim Ferriss Show: https://tim.blog/2021/03/24/balaji-srinivasan/

We dive into the fast-changing world of direct-to-consumer digital health, with perhaps the best person in the world: Levels founder Josh Clemente. (Shoutout to Ben Grynol and Michael Mizrahi from our LP community for introducing us!) Levels is on a mission to make consumers everywhere aware of their metabolic health by enabling anyone to track blood glucose levels with a continuous glucose monitor. Josh has had an incredible career, working as an early engineer at SpaceX and later at Hyperloop One before founding Levels out of a very real personal need. Join our conversation as we cover everything from Josh's time at SpaceX to why the market has changed for consumer digital health, and what the future holds for Levels. 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

The Levels / Digital Health Playbook is available on our website at https://www.acquired.fm/episodes/special-why-now-for-digital-health-with-levels-founder-josh-clemente

Links:

• Levels: https://www.levelshealth.com

Last Acquired left the plucky Rec Room crew in our 2018 "Part I" episode, they were a seed stage startup making a VR game that users loved but grew slowly and barely monetized. Fast forward to today, and they're now a multi-platform social "place" with millions of active users, 500%+ YoY growth and hosting a robust creator economy that's rivaled only by their oft-compared metaverse cousin Roblox in dynamics and efficiency. And oh yeah, they're now a $1B+ company after a new $100m fundraise from existing investors Sequoia and Index, which they're announcing today. We figured it was high time to revisit Nick & crew for a Part II... 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

The Rec Room Playbook is available on our website at https://www.acquired.fm/episodes/rec-room-part-ii-with-ceo-nick-fajt

Links:

• Our "Part I" episode with Nick on Rec Room's seed round:  https://www.acquired.fm/episodes/season-2-episode-2raising-a-seed-round-with-against-gravity-ceo-nick-fajt
• Rec Room! https://recroom.com

Carve Outs:

• Invent and Wander:  https://www.amazon.com/Invent-Wander-Collected-Writings-Introduction-ebook/dp/B08BCCT6MW/
• Resonant Arc on YouTube: https://www.youtube.com/channel/UCFzWAEPDGiY34bGpwM_DWmA
• How The Economic Machine Works by Ray Dalio: https://www.youtube.com/watch?v=PHe0bXAIuk0

We dive into the history behind Meituan, the juggernaut Chinese "super-app" which dominates China's services economy, offering consumers everything from food delivery, restaurant reviews, travel booking, bike-sharing, movie ticketing, and countless other entertainment and lifestyle services all at the touch of a button. Already China's 3rd largest tech company by market cap (behind just Tencent and Alibaba), Meituan did $15 billion in net revenue in FY2019 and continues to grow rapidly. What makes it so special, and how were they able to become the market leader in such a competitive space? This story is packed with lessons that apply equally beyond China tech to high-growth company building and investing everywhere. 

Sponsors:

• Vanta: https://bit.ly/acquiredvanta
• ServiceNow: https://bit.ly/acquiredservicenow26
• Legora: https://bit.ly/acquiredlegora
• Statsig: https://bit.ly/acquiredstatsig26

More Acquired!

• Get email updates with hints on next episode and follow-ups from recent episodes
• Join the Slack
• Subscribe to ACQ2
• Merch Store!

© Copyright 2015-2026 ACQ, LLC

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

Links:

• Meituan's English language walkthrough video: https://www.youtube.com/watch?v=5wxgQVjDviQ
• The Tech Buzz China podcast: https://www.techbuzzchina.com
• GGV's Evolving for the Next Billion podcast: https://nextbn.ggvc.com/podcasts/
• Bernard Leong's Analyse Asia: https://analyse.asia

 Carve Outs:

• Extraterrestrial:  https://www.amazon.com/Extraterrestrial-First-Intelligent-Beyond-Earth-ebook/dp/B081TTY4NX/
• John Luttig's newsletter: https://luttig.substack.com