Podcast Notes Playlist: Business

Infinite Loops

Podcast Notes Intro

• O’Shaughnessy Ventures (OSV) is a company that invests in creators in the areas of art, science, and technology to help promising creators and their inspiring ideas succeed 
• For most of human history, a genius was born, lived, and died, and no one knew a thing about him or her; today’s technology changes that 
• The Great Reshuffle: Jim’s thesis that all the old business models are collapsing, and that very different, new ones are taking their place
• “I believe that AI is the third technology revolution.” – Jim O’Shaughnessy
• We need as much cognitive diversity as possible for technologies like AI to work; it is currently very Western-centric
• Humans cannot prophesize future knowledge, and thinking that we can is a bug in the human operating system
• Big Tech used the AI algorithm to maximize revenue, but these objective functions can also be used to maximize things like creativity and happiness 
• The guiding principle for OSV: asymmetric opportunities that are win-win 
• Every system other than capitalism – many of them religions – promised people that they would be fed and housed, and they all failed over the millennia 
• Jim believes the free market system succeeds because it is most aligned with human biology and the world 
• Traditionally, networks were where you went to school and where you grew up; but today, networks are being redefined as geography, time, and space all collapse
• Luck exists, and if you’re reading this you probably hit the cosmic lottery, but you must still play the hand that you are dealt 
• Money is a technology that is used to bring ideas to life 

Read the full notes @ podcastnotes.org

We’ve landed.

After 3 months of stealth mode, sneak-peeks, and surprise announcements, we have finally hit launch day.

In this special episode of Infinite Loops, hosted by Patrick O’Shaughnessy, Jim chats through the rationale behind founding OSV, the positive impact he wants it to have on the world, and the ways you can get involved.

Important Links:

• OSV’s Website
  
• Jim’s Twitter
  

Show Notes:

• The origins of OSV
  
• Why OSV does not invest third parties’ money
  
• The story of Jim’s investment in Stability AI
  
• What has surprised Jim the most about the world of AI
  
• What OSV will look like on 1 January 2023: the four verticals
  
• Assembling the OSV team
  
• OSV’s objective function
  
• Where the majority of Jim’s energy will be directed
  
• How you can get involved with OSV

More than fifty years after the first Concorde took flight, consumer air travel is actually SLOWER. Blake Scholl and his team at Boom Supersonic are out to reverse this stagnation and change how we think about commercial aviation. In this episode, Mike Maples, Jr of FLOODGATE interviews Scholl to learn more about the history of American aviation, the origins of Boom Supersonic and the challenges it faces now, and how tech founders are exploring unfamiliar spaces with great success.

The Rational Reminder Podcast

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Podcast Notes Key Takeaways

• If people only saved the money they earned, then they would lose purchasing power over time due to inflation 
• Buying bonds is investing in a company’s debt and is relatively safe because the company is obligated to make its interest payments 
• Bond investors have fixed returns and equity investors have uncertain returns to the upside and downside
• The discount rate that investors apply to the expected cash flows of an asset is the way that differences in risk are expressed in asset pricing
• A higher discount rate implies a riskier asset; it costs less to buy the future cash flows of riskier assets  
• No single investor can have access to all the information that will affect the price of a stock or bond, but the aggregate of all investors – the market price – is a pretty good representation of all information
• Unexpected returns are generated from new information that was not previously reflected in the price of the stock
• The vast majority of active traders on Wall Street fail to outperform the market
• Understand what your investing objective are; different objectives will have different levels of priority in your life and they will have different optimal portfolios to fund them  
• By the time you are worried about something, it has already been reflected in market prices
• Owning too much of your employer’s stock may overexpose you and your portfolio to one centralized entity, given it is the source of your human capital and now a sizeable percentage of your investment portfolio  
• Having an emergency fund all the time is one way to prepare for a recession
• Direct exposure to real estate doesn’t offer anything special over publicly-traded REITs once adjusted for sector exposure and the valuation lag in private markets
• Financially fragile households have lower financial, emotional, and physical well-being; they have less satisfaction at work; and they report less social connection   

Read the full notes @ podcastnotes.org

Today is our final episode featuring just the two of us before our annual wrap-up show, and we thought we would use this opportunity to cover some important foundational aspects of rational investing. Ben goes over some of the most fundamental concepts about market prices, risk, and actual returns before answering five common questions that relate to this level of information. From investing in an employer's stock to predicting the future and real estate comparisons, these five touch-points are always worth returning to, and should even interest the more experienced of our listeners. For the second half of the show, we offer a quick book review of The Culture Playbook by Daniel Coyle, and have a brief and illuminating conversation with Professor Amer Kaissi about his book, Humbitious, and some of his thoughts on the part that reading plays in rich and progressive life. Press play to catch all this and more on the Rational Reminder Podcast.

 

Key Points From This Episode:

 

• Picking up a thread from our discussion on the 2% Rule. (0:06:05)
• Getting to grips with investing basics. (0:10:45)
• How market prices work in response to traders' actions and risk. (0:17:59)
• The main determinants of actual returns and starting points for your portfolio. (0:23:15)
• Unknowable futures and the eternal doom and gloom predictions. (0:35:43)
• Assessing the value of owning an employer's stock. (0:38:21)
• Holding stock picks in Tax-Free Savings Accounts. (0:42:07)
• How to prepare a portfolio when a recession is predicted. (0:43:49)
• Comparing investments in real estate with the stock market. (0:45:14)
• Weighing the value of building and emergency fund. (0:47:11)
• A thirty-second recap of our episode with Cliff Asness. (0:50:06)
• Today's book review focussing on the lesson from The Culture Playbook by Daniel Coyle. (0:51:48)
• Professor Kaissi shares a quick summary of his book, Humbitious. (0:58:40)
• The potential to develop characteristics and the role that reading plays. (0:59:38)
• Professor Kaissi talks about his reading habits. (1:02:12)
• Application of ideas from books and how Professor Kaissi captures and organizes information in his own reading. (1:05:15)
• A few of Professor Kaissi's favourite book recommendations and how to increase your reading habit. (1:08:52)

 

 

Participate in our Community Discussion about this Episode:

https://community.rationalreminder.ca/t/episode-231-investing-basics-and-common-questions-plus-reading-habits-w-amer-kaissi-discussion-thread/20716

Books From Today’s Episode:

Humbitious: The Power of Low-Ego, High-Drive Leadership — https://amzn.to/3WjHjry

Mindset — https://amzn.to/3Wzl7Kr

Quiet — https://amzn.to/3htlN4X

The Five Dysfunctions of a Team — https://amzn.to/3YmKqRv

The SPEED of Trust — https://amzn.to/3UWCljq

Top Five Regrets of the Dying — https://amzn.to/3uQcUWf

The Assertiveness Workbook — https://amzn.to/3VVDVUf

How to Raise Your Self Esteem — https://amzn.to/3BDM33p

Ego Is the Enemy — https://amzn.to/3BAyCkZ

Links From Today’s Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website — https://rationalreminder.ca/ 

Shop Merch — https://shop.rationalreminder.ca/

Join the Community — https://community.rationalreminder.ca/

Follow us on Twitter — https://twitter.com/RationalRemind

Follow us on Instagram — @rationalreminder

Benjamin on Twitter — https://twitter.com/benjaminwfelix

Cameron on Twitter — https://twitter.com/CameronPassmore

Amer Kaissi on Twitter — https://twitter.com/amerkaissi10

Amer Kaissi on LinkedIn — https://www.linkedin.com/in/amer-kaissi-ph-d-38258919/

Amer Kaissi — http://www.amerkaissi.com

'The Value of Goals-Based Financial Planning' — https://www.financialplanningassociation.org/article/journal/JUN15-value-goals-based-financial-planning

'Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock' — http://independent401kadvisors.com/library_articles/ExcessiveExtrapolation.pdf

'The Agony of Ecstasy: The risks and rewards of a concentrated stock position' — https://assets.jpmprivatebank.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/agony-ecstasy-2021.pdf

'The financial resilience and financial well-being of Canadians during the COVID-19 pandemic' — https://www150.statcan.gc.ca/n1/pub/75f0002m/75f0002m2021008-eng.htm

Episode 398: Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk to Morning Brew CEO Austin Rief (@austin_rief) about building, growing and selling a newsletter valued at $75M in 5 years, discussing the question are newsletters still worth doing, and a few good side hustle ideas to start now.

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Links:

* Morning Brew

* Toptal

* Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.

* Want more insights like MFM? Check out Shaan's newsletter.

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Show Notes:

(01:00) - Morning Brew origin story

(19:10) - ad sales

(24:10) - Austin's strengths

(32:15) - Austin's upbringing

(42:55) - what did you do with your new found wealth?

(45:55) - ideas brainstorm

(01:13:14) - future plans

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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.

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Additional episodes you might enjoy:

• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits

• #209 Gary Vaynerchuk - Why NFTS Are the Future

• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto

* #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett

• ​​​​#218 - Why You Should Take a Think Week Like Bill Gates

• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More

• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Rob Dyrdek is one of the most well-known pro skaters, entrepreneurs, and media figures of all time. He essentially owned the MTV lineup for years with hit shows such as Rob & Big, Rob Dyrdek's Fantasy Factory, and Ridiculousness. At first glance, Rob may look like a phenomenal skater who turned his passion into something profitable. But behind the half pipes is an almost unbelievable amount of discipline, wisdom, and time optimization that only a select few know about.

Rob, like many entrepreneurs, ditched school early on when he realized that his talents were best used elsewhere. He left high school at sixteen, went on to compete in the highest level of skateboarding, and started his first company at seventeen. He was bringing in millions of dollars a year at an age where money is almost incomprehensible. Rob was fueled by creation, starting dozens of businesses that were doing millions in revenue but weren’t making a financial difference in his life. So, he took a high-level view of what was worth keeping and cut out everything but that.

From then on Rob began investing down two major avenues—businesses and real estate. Most people who follow Rob know about the former, but very few know about the latter. Now, Rob’s on the show to help us celebrate the 700th episode of the BiggerPockets Real Estate Podcast and show us how we too can make millions of dollars by tracking every minute of our day as intelligently as possible. 

In This Episode We Cover:

Becoming an entrepreneur and Rob’s earliest business ventures

Why quantity over quality is key when building businesses and brands

Real estate syndications and why Rob will only touch a certain type of property

The “soul-sucking” landlord life and why it is NOT for everyone

Rob’s recession-proof plan that will make him millions even as investing fear peaks

Tracking your life and how doing so will make you richer and happier almost automatically

Building your financial framework and how so many doors open after you do so

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Youtube Channel

BiggerPockets Forums

BiggerPockets Pro Membership

BiggerPockets Bookstore

BiggerPockets Bootcamps

BiggerPockets Podcast

BiggerPockets Merch

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts

Get More Deals Done with The BiggerPockets Investing Tools

Find a BiggerPockets Real Estate Meetup in Your Area

David's BiggerPockets Profile

David's Instagram

David’s YouTube Channel

Rob's YouTube

Rob's Instagram

Rob's TikTok

Rob's Twitter

Rob's BiggerPockets Profile

Why Elite Investors Know Exactly How Much Their Time Is Worth

Syndications and Everything You Need to Know BEFORE You Invest

Here’s What It Takes to Succeed as an Entrepreneur

Connect with Rob Dyrdek:

Rob's Website

Rob's Instagram

Rob's Twitter

Rob's Podcast

Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-700

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week's special guest is Steven Sinofsky, one of our favorite techno-optimists responsible for shipping Windows and Office products at Microsoft used by billions of people. He is also the author of one of the most popular Substack books - https://hardcoresoftware.learningbyshipping.com

In this episode we talked about Steven's early days at Microsoft, his famous internet memo, working with Bill Gates, and the traits he sees in good leaders and founders, how to set company culture, his experience leading Office and Windows teams at Microsoft, and the secret behind his ability to write well.

Twenty Minute VC

Podcast Notes Key Takeaways

• Mailchimp was kind of an accidental business; it was originally built for just a few customers who were struggling to send out email newsletters 
• The freemium pricing option teleported Mailchimp’s user base from tens of thousand to over a million users within a year of adding it
• It is not always better to be faster 
• It’s okay to be stressed and have chaotic feelings on the inside, but a calm demeanor is important to convey as a leader 
• “The key to happiness is staying in your lane, and knowing when people need to be in their lane. Don’t get in their lane, and don’t let them get in your lane.” – Ben Chestnut 
• If you are a “hands-off” leader, ensure that you are also not an “eyes-off” leader
• How you are perceived as a leader is often dependent on the setting in which you are leading
• Founders tend to conflate their identity with that of their business; but with time, they realize that their life is not their business when they genuinely begin to reflect on their life
• Ben is grateful for easing into new levels of wealth over the course of his life instead of having a one-time, shocking liquidity event
• The happiest couples have husbands who keep their damn mouth shut   
• “What I want the most is to not want.” – Ben Chestnut 

Read the full notes @ podcastnotes.org

Ben Chestnut is the Co-Founder of Mailchimp, the all-in-one marketing platform for small businesses. Last year, in Sept 2021 it was announced that Intuit would acquire Mailchimp for a reported $12BN. There are so many things to love about the Mailchimp journey to this point. First, Mailchimp was founded as the result of a side project of a design agency Ben and his co-founder, Dan, used to run. Second, Mailchimp is and has always been based in Atalanta, eschewing the notion you have to be in SF or NYC to build a massive business. Then third, they never raised venture funding for the business all the way until their $12BN acquisition. Ben led Mailchimp to over 1,200 employees and millions of global users.

In Today's Episode with Ben Chestnut We Discuss:

1. From Mama's Kitchen to the Smell of Business and Founding Mailchimp:

• How did Ben turn a mediocre agency into the founding of Mailchimp? What was the a-ha moment?
• At what stage of the business did Ben quit the agency and go all in on Mailchimp? What sign did he need that Mailchimp had true product-market fit?
• When Ben's mother died, he bought every flower in the local town to commemorate her. How did Ben's mother impact the type of father and husband he is today? How did she impact the way that he led Mailchimp as CEO?
• Ben's fishing trips with his father played a big role in his early years, what were the single biggest lessons for Ben from his fishing trips with his father?

2. Ben Chestnut: The Leader:

• How does Ben define the term "high performance" in leadership?
• What does Ben mean when he says "the secret to happiness is to stay in your lane"?
• Why would Ben describe himself as the "leader of the misfits"? How did that early experience and labeling impact both the people he hired and the culture he created at Mailchimp?
• What does Ben mean when he says he used to have a "hands off, eyes off" leadership style? What have been the single biggest drivers in his development as a leader?

3. Ben Chestnut: The Person:

• Relationship to Money: How does Ben reflect on his relationship to money? How has it changed over time? Why does Ben still to this day buy lottery tickets with his wife?
• Conquering Fatherhood: What does being a great father to Ben mean? How does Ben attempt to instil the same work ethic and drive when his children are born into immense wealth?
• The secret to Marriage: What does Ben believe is the core to a successful and thriving marriage? How does Ben view his role in the marriage? How has it changed over time?
• Potential Lost Identity: A founder's identity is so closely tied to their company, how did Ben manage the challenge of selling his company but retaining his identity? What did Ben learn about himself through many different acquisition processes?

4. Mailchimp: The Business:

• Why did Ben never raise venture money in the 21 year journey of Mailchimp?
• Why did Ben never accept any of the acquisition offers that came before Intuit?
• How did Ben motivate his team after they knew each acquisition offer was being turned down?
• Why did Ben decide the acquisition by Intuit was the right decision for the company?
• How does Ben view his role in the company now and moving forward?

Welcome to How Leaders Lead where every week, you get to listen in while I interview some of the VERY best leaders in the world. I break down the key learnings so that by the end of the episode, you’ll have something simple you can apply as you develop into a better leader. That’s what this podcast is all about!

Today’s guest is Stanley Druckenmiller, the #1 investor in the world.

I know, that’s a big claim! But get this: during his 30 years managing money for investors, he had an average annual return of 31%. And he NEVER had a down year. So if you’re even a little interested in finance, you’re going to learn a lot from Stan – including some really practical investment advice and his take on the future of our economy.

But more importantly, there’s a huge leadership lesson to learn. Stan isn’t afraid to envision the future differently than other people. He can see trends and patterns others can’t – and then he has the courage to act on them.

That’s a skill EVERY leader needs to develop. Seeing the future differently allows us to spot opportunities and prepare for what’s coming. If we just go with the flow of what’s current, we’ll always just be a part of the trend, not ahead of it. 

You’re about to see for yourself how great leaders aren’t afraid to see the future differently.

So here is my conversation with my good friend, and soon to be yours, Stanley Druckenmiller.

Episode 390: Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk about Eric Langan and his foray into owning strip clubs, why we should boycott Black Friday, three Twitter scenarios, how to fly on a private jet and much, much more.

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Links:

* Jettly

* r/fatFIRE

* Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.

* Want more insights like MFM? Check out Shaan's newsletter.

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Show Notes:

(03:20) - Eric Langan

(12:50) - Black Friday

(18:40) - Twitter

(36:10) - George Hotz

(48:10) - Private jets

(53:00) - fatFIRE subreddit

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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.

-----

Additional episodes you might enjoy:

• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits

• #209 Gary Vaynerchuk - Why NFTS Are the Future

• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto

* #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett

• ​​​​#218 - Why You Should Take a Think Week Like Bill Gates

• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More

• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Episode 382: Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk to Kevin Rose (@kevinrose), entrepreneur, founder, VC and CEO of many projects, about creating an online magazine that garners $100M/year focusing on watches, what projects he's interested in, why he loves crypto, and where he invests his money.

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Links:

* Kevin Rose

* DIGG

* Proof

* Hodinkee

* agelessRx

* Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.

* Want more insights like MFM? Check out Shaan's newsletter.

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Show Notes:

(03:15) - Kevin's background

(13:40) - Meeting Mark Zuckerberg early in his career

(26:15) - Beginnings of Hodinkee

(33:55) - What gets you excited?

(39:00) - What ideas/projects are you interested in?

(50:30) - Web3 debate

(53:40) - Crypto

(01:13:05) - Portfolio

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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.

-----

Additional episodes you might enjoy:

• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits

• #209 Gary Vaynerchuk - Why NFTS Are the Future

• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto

* #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett

• ​​​​#218 - Why You Should Take a Think Week Like Bill Gates

• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More

• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More