Today, we are dropping a special episode in the Invest Like the Best feed. You will hear the first episode of ⁠50X⁠ Season Two – a series from Will Thorndike and the team at Compounding Labs, in partnership with Colossus. 

This episode is the first in a series of three on Asurion, the world’s leading tech care company with more than 300 million customers. In an interview with Co-Founder and Chairman ⁠Kevin Taweel⁠, we explore Asurion’s scrappy origins in roadside assistance, acquisitive entry into handset insurance, contentious capital allocation decisions, and much more.  

In each episode of 50X, we look in detail at an investment that has appreciated at least 50-fold. From the seat of the professional investor and occasionally the CEO, we explore its origins, evolution, and eventual outcome, studying key themes around long-term value creation ranging from operations, capital allocation, and culture to pivotal buy and sell decisions. To enhance the quality and depth of our interviews, we rigorously study each asset in advance, diving into all available public and private resources. Make sure to subscribe to ⁠⁠50X⁠⁠ in your preferred podcast player.⁠

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠ here.⁠

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This episode is brought to you by⁠⁠ Ramp⁠⁠. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠ Ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus.

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This episode is brought to you by⁠ ⁠System Six⁠⁠, a searcher-owned outsourced bookkeeping and accounting services firm that has been a great partner to us at Compounding Labs. 

With the right modern tools and a strong team, System Six will eliminate headaches for you and give you time back so you can focus on growing your business. Whether you're a CEO or CFO stuck in the weeds, or an investor trying to support your CEOs and portfolio companies, reach out to [email protected] and mention the podcast for your first month of ongoing bookkeeping free.

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50X is a property of Colossus, LLC. For more episodes of 50X, visit⁠ joincolossus.com/episodes⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠).

Follow us on Twitter: @50Xpodcast | @joincolossus

Show Notes

(00:00:00) Welcome to 50X

(00:01:59) Sponsorship: Ramp

(00:03:16) Sponsorship: System Six

(00:04:24) Introduction to Kevin and Asurion

(00:05:55) Kevin’s Background Pre-Asurion

(00:13:31) Origin of Kevin’s Search Fund

(00:19:51) Acquiring Road Rescue

(00:28:03) Operating Road Rescue

(00:39:21) Early Success: Hold or Sell — a Critical Early Decision?

(00:44:51) Entry into Handset Insurance: Acquiring the Merrimac Group

(00:52:31) Vertical Integration

(00:58:31) Capital Allocation in the Search Fund Period

(01:02:31) TA Investment