Why has Acquired — seemingly against all odds — “worked”? It's a puzzling question: episodes are four hours long, they come out infrequently, and they usually don’t have guests or video. Hardly the standard-issue playbook for podcasting success! And yet well over a million smart, curious and exceedingly busy humans share their (your!) valuable time with us every month. Why? This is the exact paradox that has been rolling around in the head of Michael Lewis (yes, that Michael Lewis) since he found the show earlier this year.

So we asked Michael to be our guest "interlocutor" and share what he thinks is going on here, while we share ten lessons we've stolen (graciously) from companies we've studied and brought into Acquired itself. He takes us through the entire Acquired journey: how we started, why we've never hired anyone or raised money, how we pick episodes, what our business model actually is, why we focus on quality and enjoyment over maximizing enterprise value, and ultimately why we’re all — you, him, us — kindred spirits together. Oh, and just for fun, we recorded this episode where another special journey began — the garage where Google was founded.

Thank you for an incredible decade together… here's to the next one!

Sponsors:

Many thanks to our fantastic Fall ‘25 Season partners:

• J.P. Morgan Payments (you can watch our full show with them at AWS re:Invent here!)
• WorkOS
• Sentry
• Shopify

Thank-yous:

• First, to Google for loaning us the garage. The sawhorse table desk, PC and CRT monitor on display in the background were all Google originals courtesy of the Google Founders Collection at the Computer History Museum. So cool!
• Second, to our friends at Shep Films for helping us seriously up our game on production quality this episode!

Our Favorite Michael Lewis Books:

• Home Game
• Moneyball
• Liar’s Poker
• The Blind Side
• The Undoing Project (as referenced by Michael in the beginning, about Daniel Kahneman and Amos Tversky)

Carve Outs:

• Books: 
  • The Name of the Wind by Patrick Rothfuss
  • Science, the Endless Frontier by Vannevar Bush
  • Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase by Duff McDonald
  • The Art of Spending Money by Morgan Housel
  • Emperors of Chocolate by Joel Glenn Brenner
  • Morris Chang's Autobiography
• Podcasts: 
  • Against the Rules
  • Revisionist History
  • SmartLess
  • The Daily
  • The Bill Simmons Podcast
  • Graham Duncan on Invest Like the Best
  • Glue Guys
• Video: 
  • Jay Kelly
  • The Rehearsal
  • Doug DeMuro
  • Tires
  • F1 The Movie
  • Andor
  • Fallout
  • Severance
  • Silo
• Video Games: 
  • Sea of Stars
  • Kirby and the Forgotten Land
• Products: 
  • ARTEZA Rollerball Pen 0.7mm Fine
  • Rotring 800 Mechanical Pencil
  • Fujifilm X100VI
  • Uniqlo Socks!
  • On Running Shoes
  • Rimowa Luggage
• Parenting: 
  • Guided Access on iPad
  • Toy Story
  • SlumberPod
  • Bluey Experience in NYC

More Acquired:

• Get email updates and vote on future episodes!
• Join the Slack
• Subscribe to ACQ2
• Check 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.

Coca-Cola is… sugar water. And somehow it’s also America, Christmas, summertime, friendship and happiness. Today we tell the story of how The Coca-Cola Company amazingly transmogrified a beverage into emotion in all of our collective psyches, and ALSO built one of the most incredible scale economy businesses of all-time. And oh yeah, there’s also cocaine, WW2, Mad Men, Warren Buffett, James Dean, Bill Cosby, Michael Jackson, Michael Ovitz, Steve Jobs, Bill Gates, McDonald’s and Monsanto. So cozy up to the fire with your favorite images of Santa Claus and Polar Bears and enjoy an ice-cold episode of Acquired — always delicious, always refreshing.

Sponsors:

Many thanks to our fantastic Fall ‘25 Season partners:

• J.P. Morgan Payments
• WorkOS
• Shopify
• Sentry — Link to ACQ Cassette Players, use code “audiophile”

Links:

• Sign up for email updates and vote on future episodes!
• The Hilltop ad / Mad Men finale
• Pepsi Challenge commercials
• Pepsi’s Michael Jackson commercials
• Coke’s Bill Cosby commercials
• Two liter bottles inflating
• Worldly Partners’ Multi-Decade Coca-Cola Study
• For God, Country, and Coca-Cola
• Secret Formula
• All episode sources

Carve Outs:

• SkiErg
• Super Smash Bros. Ultimate
• Claude
• Nike Vomero Plus
• Hermanos Gutiérrez

More Acquired:

• Get email updates and vote on future episodes!
• Join the Slack
• Subscribe to ACQ2
• Check 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.

Trader Joe's breaks every rule of modern retail. They don't do e-commerce. They don't do delivery. No sales, coupons, or loyalty programs. They only stock 4,000 SKUs versus 50,000+ at normal supermarkets. Their parking lots are famously terrible and they're constantly out of your favorite items. Shoppers brave long lines and cramped aisles while overly-friendly employees in Hawaiian shirts try to chat them up. Everything about the Trader Joe's experience seems designed to drive modern consumers away. And yet they generate $2,000+ per square foot in sales — double their nearest competitor in Whole Foods and nearly 4x the industry average — and Americans are obsessed with them. How on earth did a company that so steadfastly refuses to participate in the 21st century build the most beloved grocery chain in America?

Today we tell the full story: how “Trader” Joe Coulombe started out cloning 7-Elevens in 1960s Los Angeles, pivoted to slinging hard liquor, discovered the enormous market opportunities for California wine and health food before anyone else, and ultimately built perhaps the most counter-positioned business we’ve ever studied on Acquired by doing almost everything differently than the supermarket-CPG industrial complex. Tune in for a wild voyage on the high seas of grocery retail!

Sponsors:

Many thanks to our fantastic Fall ‘25 Season partners:

• J.P. Morgan Payments (And come see us at AWS re:Invent! Discount code: "ACQUIRED")
• Sentry
• WorkOS
• Shopify

Links:

• Sign up for email updates and vote on future episodes!
• Worldly Partners’ Multi-Decade Trader Joe’s Study
• Becoming Trader Joe
• The Secret Life of Groceries
• Build a Brand Like Trader Joe's
• All episode sources

Carve Outs:

• AirPods Pro 3
• Mario Kart 8

More Acquired:

• Get email updates and vote on future episodes!
• Join the Slack
• Subscribe to ACQ2
• Check 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.

Google faces the greatest innovator's dilemma in history. They invented the Transformer — the breakthrough technology powering every modern AI system from ChatGPT to Claude (and, of course, Gemini). They employed nearly all the top AI talent: Ilya Sutskever, Geoff Hinton, Demis Hassabis, Dario Amodei — more or less everyone who leads modern AI worked at Google circa 2014. They built the best dedicated AI infrastructure (TPUs!) and deployed AI at massive scale years before anyone else. And yet... the launch of ChatGPT in November 2022 caught them completely flat-footed. How on earth did the greatest business in history wind up playing catch-up to a nonprofit-turned-startup?

Today we tell the complete story of Google's 20+ year AI journey: from their first tiny language model in 2001 through the creation Google Brain, the birth of the transformer, the talent exodus to OpenAI (sparked by Elon Musk's fury over Google’s DeepMind acquisition), and their current all-hands-on-deck response with Gemini. And oh yeah — a little business called Waymo that went from crazy moonshot idea to doing more rides than Lyft in San Francisco, potentially building another Google-sized business within Google. This is the story of how the world's greatest business faces its greatest test: can they disrupt themselves without losing their $140B annual profit-generating machine in Search?

Sponsors:

Many thanks to our fantastic Fall ‘25 Season partners:

• J.P. Morgan Payments
• Sentry
• WorkOS
• Shopify

Links:

• Sign up for email updates and vote on future episodes!
• Geoff Hinton’s 2007 Tech Talk at Google
• Our recent ACQ2 episode with Tobi Lutke
• Worldly Partners’ Multi-Decade Alphabet Study
• In the Plex
• Supremecy
• Genius Makers
• All episode sources

Carve Outs:

• We’re hosting the Super Bowl Innovation Summit!
• F1: The Movie
• Travelpro suitcases
• Glue Guys Podcast
• Sea of Stars
• Stepchange Podcast

More Acquired:

• Get email updates and vote on future episodes!
• Join the Slack
• Subscribe to ACQ2
• Check 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.

It’s finally here! Today we are releasing Acquired’s first “concert film” — the full video recording of our Radio City live show from this summer with Jamie Dimon, Andrew Ross Sorkin, New York Times CEO Meredith Kopit Levien, Barry Diller, and cameos from around the Acquired Cinematic Universe including Christina Cacioppo, Ben Clymer, and Howard Schultz.

To watch the full production on any device, please head over to Spotify where you’ll find it available for free in the Acquired feed right alongside all our other episodes: https://open.spotify.com/episode/77Kl3BsiEQLpli2Q2ozZuf?si=4f4609e343504fd0

Sponsors:

• Live Show Presented By: J.P. Morgan
• Shopify
• ServiceNow

More Acquired:

• Get email updates and vote on future episodes!
• Join the Slack
• Subscribe to ACQ2
• Check 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 its first six years from 1998 to 2004, Google built one of the greatest products of all time (and certainly the greatest business of all time) with Search. Then in its next six years from 2005 to 2011, Google built seven (!) more billion+ user products: Gmail, Maps, Drive and Docs, YouTube, Chrome, Android, and Photos — all either started from scratch internally or acquired as startups that were still in their infancy. This six-year period of wild innovation STILL stands unmatched in technology history… no other tech company counts more than four billion+ user products in its portfolio total. And of course, this “Google 2.0” era culminated in the transformation of the very company itself into Alphabet.

So the question we answer today is… how did they do it?? And why? What was the strategy that led a once “pure play” search company into such far flung fields as email, mapping, funny cat videos and operating systems? We unpack the brilliant (and sometimes accidental) strategies behind each product, the simultaneous three-front war Google fought against Microsoft, Apple, and Facebook, and the spectacular failure of Google Plus that nearly destroyed the company's culture — before ultimately setting the stage for both Alphabet and the AI revolution to come.

Sponsors:

Many thanks to our fantastic Summer ‘25 Season partners:

• J.P. Morgan Payments
• Anthropic
• Statsig
• Vercel

Links:

• Sign up for email updates and vote on Fall Season episodes!
• Jeff Dean and Sanjay Ghemawat New Yorker article
• Eric Schmidt on stage at the iPhone keynote (!)
• Bill Gurley’s classic “Less than Free” Android post
• Our recent ACQ2 episode with Bret Taylor and Clay Bavor
• Worldly Partners’ Multi-Decade Alphabet Study
• Episode sources

Carve Outs:

• Bluey x Camp in NYC
• Steam Deck vs Switch 2 (Part 2)
• Claude
• Sony RX100 VII
• Carissimi clothing

More Acquired:

• Get email updates and vote on Fall Season episodes!
• Join the Slack
• Subscribe to ACQ2
• Check 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.

We sit down with Jamie Dimon for a live conversation at Radio City Music Hall, covering the incredible journey from his 1998 firing at Citgroup (where he was widely expected to become CEO) to building the most powerful bank in the world. Today JPMorgan Chase is a juggernaut — the most systemically important non-governmental financial institution in the world, with over twice the market capitalization of its nearest competitor. But it certainly wasn’t always this way! Jamie takes us from his career restart at the struggling Chicago-based Bank One through how he transformed that platform into the foundation for the modern JPMorgan Chase. We dive into the “fortress balance sheet” strategy that has defined his tenure, and cover blow-by-blow Jamie’s approach to the Great Financial Crisis, Bear Stearns, WaMu, First Republic and more. Tune in for an incredible conversation, live from New York City’s most iconic venue!

Sponsors:

Many thanks to our fantastic Summer ‘25 Season partners:

• J.P. Morgan Payments
• Vercel
• Anthropic
• Statsig

Episode image photo credit: Rockefeller Center

More Acquired:

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

We tell the story of the single greatest business ever created: Google search. From its origins as a Stanford research project called BackRub, Google became the front door to the internet. Today it’s an essential service for over half the world, and one that generates more profit than ANY other US company — more than Apple, Microsoft, or Berkshire Hathaway.

But it wasn’t always so obvious. When Larry and Sergey began working on BackRub in 1996, search was a backwater industry in silicon valley. Existing search companies were eking out a living as vendors to the then-dominant “portals” like AOL and Yahoo. Google’s come-from-behind success was the result of three massive step-function leaps forward in algorithms, infrastructure and business model… some invented by Google and some borrowed (and perfected!) by them.

Today, things are not so obvious once again for Google. Despite earning more profits than all of its big tech peers, its stock trades at significantly lower multiples — a $1 trillion or more discount to Apple, Microsoft and Nvidia. Investors are concerned that AI will render Google’s beautiful business model obsolete, even though Google also basically invented modern AI and continues to lead on many dimensions. This episode begins a multi-part series where we dive into the full history that led us to this point. Tune in and enjoy!

Update: when you finish, check out our Part II episode, "Alphabet, Inc."!

Sponsors:

• Sierra: https://bit.ly/acquiredsierra
• Sentry: https://bit.ly/acquiredsentry
• Anthropic: https://bit.ly/acquiredclaude25
• Vanta: https://vanta.com/acquired 

Links:

• BackRub recreation
• Original Google logo
• Jeff Dean’s resume
• Worldly Partners’ Multi-Decade Alphabet Study
• Episode sources

Carve Outs:

• The Rehearsal with Nathan Fielder (Season 2)
• Your Friends and Neighbors
• Andor Season 2
• Gamecraft Season 3
• Steam Deck vs Switch 2 dilemma

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 2015-2025 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 Steve Ballmer, the legendary former Microsoft CEO and owner of the LA Clippers, for an epic conversation covering his 34 years at Microsoft. Steve listened to our Microsoft episodes and had some thoughts to share — and boy, did he deliver. Steve takes us point-by-point through the original IBM DOS deal that started everything, how he built Microsoft's enterprise business from scratch, and offers his candid reflections on missing mobile and search. We also cover the story behind “developers, developers, developers”, the complexities of his relationship with Bill Gates (including a year where they didn't speak), and why he ultimately decided to step down as CEO. Plus, we learn why Steve has held onto his Microsoft stock through it all — giving him arguably the best investment track record in the world over the last 10 years with his net worth growing from $20B to $130B since leaving. And of course, we couldn't resist also talking about his other passion: the Clippers and Intuit Dome. Hit play and get ready to experience the patented Steve Ballmer energy and fun on full display!

Sponsors:

• Sierra: https://bit.ly/acquiredsierra
• Sentry: https://bit.ly/acquiredsentry
• Anthropic: https://bit.ly/acquiredclaude25
• Vanta: https://vanta.com/acquired 

Links:

• Steve's PowerPoint Slides
• Join us July 15 at Radio City!

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 2015-2025 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.

A few weeks ago, we told you that Acquired is doing something in New York City on July 15 with our good friends at J.P. Morgan Payments. Well, the big announcement is finally here: We are doing our 2025 Live Show…  at Radio City Music Hall!

Radio City is of course the iconic New York City theater that hosts the Rockettes and the Tony Awards, and has hosted the Grammys, the MTV VMAs, and the NFL Draft. And it’s also a storied part of Rockefeller Center, as chronicled on our Standard Oil episodes. We can't think of anything more "Acquired".

If you want to be part of the ticket pre-sale, you can sign up at acquired.fm/nyc. While Radio City is the world's largest indoor theater (with room for 6,000 Acquired fans), more than 6,000 folks came to last year's Chase Center show! So get cracking on figuring out which friends and co-workers you want to go with (seats are assigned), and get your hotel + plane tickets booked! Tickets will be available in $100 and $200 tiers.

This is — without a doubt — the biggest undertaking we've ever done here at Acquired. In true Broadway fashion, we’re keeping the show details under wraps… but trust us, it'll be an evening of surprise and delight. If your idea of fun is the world’s greatest business and technology nerds gathering together for a night on the big stage, this is for you. Oh, and a huge thank you to all our friends at J.P. Morgan for making this possible.

We can't wait to see you there!

Sign up for ticket pre-sale: https://acquired.fm/nyc