Podcast Notes Intro

• There are 3 types of audiences:
  • Superfan: They pay retail price for a product and will look for your product
  • Casual fan: They only have one of the criteria listed above
  • Non-fans: Have zero of the traits listed above
• The 4 Myths of Bundling:
  • 1) Bundling is bad for consumers and providers
    • Truth: By bundling, you produce value in 2 ways: providers get access to casual fans and consumers get access to products they may become a fan of
  • 2) Revenue from bundles should be allocated based on usage
    • Truth: When dividing up revenue, you have to look at the Marginal Churn Contribution or how many customers would leave the bundle if a single service was removed
  • 3) Bundles will always feel like a rip-off to consumers since they represent a lack of choice
    • Truth: Because there is a lack of transparency about the price of each component in a bundle, people sometimes feel they’re being rip-offed when they’re actually getting a good deal
  • 4) The best bundles are narrow and have very similar products so they make sense to consumers
    • Truth: The best bundles maximize casual fan overlap and minimize superfan overlap 
• When you have a bundle, there are two main ways of increasing revenue:
  • Getting more subscribers
  • Raising the subscription price
• As an investor, don’t look for subscription companies that try to leverage their price, look for companies that maintain price but find ways to add more users
  •  “When you start seeing a subscription service increase prices, people look at it as a willingness to pay indicator, I look at it as a, I saturated my ability to continue growing my base and I now have to monetize my existing base more” – Shishir Mehrotra

Read the full notes @ podcastnotes.org

My guest today is Shishir Mehrotra and the topic of our conversation is the bundle: offering access to multiple products, services, or providers for a single bundled price. This topic is full of incorrect pre-conceived notions, and as it turns out, the bundle is one of the most powerful ideas in business. Properly harnessed it is good for everyone involved. Shishir explains the ins and outs of bundles in this conversation.

Shishir ran product at YouTube for years and sits on the Spotify board of directors. He founded and now leads Coda (which is “A Doc” spelled backwards) in 2014, to bundle together productivity apps like docs, spreadsheets, databases, and applications. I love this wonky, detailed conversation which has me thinking differently about many businesses and business strategy. Please enjoy.

 

This episode is brought to by Koyfin.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

(2:08) – (First question) – The arc of his career

(3:32) – Why he has an interest in bundling

(7:45) – The concepts of superfan, casualfan, and nonfan businesses

(11:05) – Using Spotify as an example of bundles

(13:24) – The first myth of bundling: Bundling is bad for consumers

(17:53) – The second myth of bundling: 1st vs 3rd party providers and the bundlers

(23:03) – Low usage but high Marginal Churn Contribution (MCC) business

(24:26) – How insurance fits into these models  

(26:37) – Myth 3 of bundling: How this impacts consumers

(32:12) – How marginal costs play into the thinking of bundling

(34:54) – Myth 4: Bundling things that have nothing to do with each other

(39:51) – How bundling companies can apply this into their product development

(43:21) – Strategic advice to companies building bundles

(49:01) – How price and pricing power play into advantages for certain bundlers

(54:16) – How does bundling play into his investing thesis

(56:47) – Most interesting bundles he’s observed

            (58:44) – Eigenquestions: The Art of Framing Problems

(59:14) – What the future of this trend is

(1:02:24) – What is an eigenquestion

(1:06:29) – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast. 

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on Twitter at @patrick_oshag

#436: Books I've Loved — Maria Popova and Tyler Cowen  | Brought to you by Audible.

Welcome to another episode of The Tim Ferriss Show, where it is my job to sit down with world-class performers of all different types—from startup founders and investors to chess champions to Olympic athletes. This episode, however, is an experiment and part of a shorter series I’m doing called “Books I’ve Loved.” I’ve invited some amazing past guests, close friends, and new faces to share their favorite books—the books that have influenced them, changed them, and transformed them for the better. I hope you pick up one or two new mentors—in the form of books—from this new series and apply the lessons in your own life.

Maria Popova (@brainpicker) is a reader and a writer who writes about what she reads on Brain Pickings, which is included in the Library of Congress permanent web archive of culturally valuable materials. She is the author of Figuring, the editor of A Velocity of Being: Letters to a Young Reader, and the creator and host of The Universe in Verse, an annual charitable celebration of science through poetry at the interdisciplinary cultural center Pioneer Works in Brooklyn.

Tyler Cowen (@tylercowen) has a personal moonshot: to teach economics to more people than anyone else in the history of the world—and he might just succeed. In addition to his regular teaching at George Mason University, Tyler has blogged every day at Marginal Revolution for almost 17 years, helping to make it one of the most widely read economics blogs in the world. Tyler cocreated Marginal Revolution University, a free online economics education platform that’s reached millions. He is also a bestselling author of more than a dozen books, a regular Bloomberg columnist, and host of the popular Conversations with Tyler podcast.

“Books I’ve Loved” on The Tim Ferriss Show is brought to you by Audible! I have used Audible for many years now. I love it. Audible has the largest selection of audiobooks on the planet. I listen when I’m taking walks, I listen while I’m cooking… I listen whenever I can. Audible is offering Tim Ferriss Show listeners a free audiobook with a 30-day trial membership. Just go to Audible.com/tim and browse the unmatched selection of audio programs. Then, download your free title and start listening! It’s that easy. Simply go to Audible.com/tim or text TIM to 500500 to get started today.

***

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests.

For show notes and past guests, please visit tim.blog/podcast.

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Zach Bush MD is a renowned, multi-disciplinary physician of internal medicine, endocrinology, hospice care and internationally recognized educator on the microbiome as it relates to human health, soil health, food systems, and a regenerative future. www.zachbushmd.com

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Podcast Notes Key Takeaways

• Just because someone is busier than you doesn’t mean they’re more important  
  • Being busy isn’t an achievement 
• Ask yourself: “What is my mission? What is the thing I came here to do?” – Greg McKeown
  • Once you’ve identified your mission and your important tasks, you can focus on them without having FOMO
    • “Instead of the fear of missing out or FOMO, you start to have the joy of missing out or JOMO”
• “When you’re sleep deprived, the executive function of your brain goes down so you can’t discern properly between what’s important and what’s not important” – Greg McKeown
  • Top performers tend to sleep 8.4 hours per night
• You don’t become successful and then become disciplined, you become disciplined and then you become successful
• Every day you should be writing out your to-do list and then prioritizing it
  • Create a new list every day, what was important yesterday isn’t always important today
• Two questions you need to ask yourself: 
  • Who am I?
  • Why am I here?
    • If you never ask yourself those questions, the stuff on your to-do list could be completely wrong

Read the full notes @ podcastnotes.org

Greg McKeown is a public speaker, leadership & business strategist and New York Times Bestselling Author.

Do you feel busy but not productive? Like you're overworked but under-utilised? Do you struggle with information overload?

Success breeds options & opportunities, which often undermines the things that lead to success in the first place.

Today Greg teaches us the art of Essentialism; how not to fall into the undisciplined pursuit of more, how to avoid the trivial many and instead focus our attention onto the vital few. This podcast could change your life, don't miss it.

Sponsor:

Get Surfshark VPN at https://surfshark.deals/MODERNWISDOM (Enter promo code MODERNWISDOM for 85% off and 3 Months Free)

Extra Stuff:

Buy Essentialism - https://amzn.to/3bSd8jy

Check out Greg's Website - https://gregmckeown.com/

Subscribe to Greg's Podcast - https://link.chtbl.com/zXR5Fdfq 

Take a break from alcohol and upgrade your life - https://6monthssober.com/podcast

Check out everything I recommend from books to products - https://www.amazon.co.uk/shop/modernwisdom

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Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me...

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Email: [email protected]

Travis Kling is the Founder and Chief Investment Officer at Ikigai Asset Management.

In this conversation, we discuss the great accelerator, quantitative easing, modern monetary theory, inflation, strong dollar, politics, China, the generational divide, and Bitcoin.

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BlockFi allows you to keep your crypto, put it up as collateral, and receive a USD loan funded directly to your bank account. They do loans ranging from $2,000 to $10,000,000, and they're perfect for helping you reach your financial goals of all sizes. Visit BlockFi.com/Pomp to learn more about putting your crypto to work without having to sell it. www.blockfi.com/pomp

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Pomp writes a daily letter to over 50,000 investors about business, technology, and finance. He breaks down complex topics into easy to understand language, while sharing opinions on various aspects of each industry. You can subscribe at www.pompletter.com

Barbara Corcoran is famous for being on Shark Tank. Maybe she should be even more famous for bold predictions about the commercial real estate market? Listen to this episode of Business Casual to find out why.

Podcast Notes Key Takeaways

• Crypto is the future of money, and it’s where social networks were in early 2000s
• “Bitcoin is the answer; it’s the only hedge or vaccine to give you immunity to the disease of money printing.” — Tyler Winklevoss
• “You can be pro-regulation but disagree with the state of regulation” – Winklevoss
  • An example is changing the regulations to prevent big tech companies to follow you around the internet and mine your data
• While Bitcoin has built-in rules, the companies built on top need thoughtful regulation
  • For instance, users should always have the freedom to self-custody their private keys
• “The cornerstone of human rights and dignity is your ability to reveal yourself when you want to and when you are ready, if you want to at all” – Winklevoss
  • Our money should mimic that privacy, regardless of jurisdictions
• “We are ready for wall street, we are not waiting for wall street” – Winklevoss

Read the full notes @ podcastnotes.org

“Bitcoin is the answer, it’s the only hedge or vaccine to give you immunity to the disease of money printing.”
— Tyler Winklevoss

Location: Zoom
Date: Monday 18th May
Project: Gemini
Role: Co-Founders

The Social Network, directed by David Fincher, introduced Cameron and Tyler Winklevoss to the world. The film told the story of how Mark Zuckerberg stole their idea to create Facebook, and would later settle for $65 million.

After settling the court case and retiring from their careers in rowing, where the twins represented the USA in the 2008 Beijing Olympics, they started a fund and discovered Bitcoin. In 2014 they created Gemini, now one of the largest regulated cryptocurrency exchanges.

The film portrayed the twins as cliche sporting jocks, an image which has been hard to shake off. Cameron and Tyler are more at home building things and their success since Harvard is not luck.

My picture of the twins, like most, was created from the Social Network and their appearances on mainstream news discussing finance, but I wanted to know more about them. This interview is, therefore, the interview I have wanted to hear from them. We discuss The Social Network, Facebook and Mark Zuckerberg, how they discovered Bitcoin, regulations and the role of Wall Street.

This episode’s sponsors:
Kraken - The best place to buy, sell & trade Bitcoin
BlockFi - The future of Bitcoin financial services
Cointracker - Bitcoin taxes and portfolio manager
Sportsbet.io - Online sportsbook & casino that accepts Bitcoin

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WBD225 Show Notes: https://www.whatbitcoindid.com/podcast/bitcoin-is-the-answer-with-cameron-tyler-winklevoss

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Kevin Hart — The Unstoppable Combination of Positivity and Relentless Improvement | Brought to you by Theragun and Athletic Greens

"I don't understand how you do something halfway. I did that through high school, and doing that, I saw the instant consequence." — Kevin Hart

Kevin Hart (@kevinhart4real) was born and raised in Philadelphia, Pennsylvania, where he launched his career as a comedian during an amateur night at a local comedy club. Over the years, Kevin has become one of Hollywood’s box office powerhouses, opening ten films as the number-one movie on opening weekend. Kevin’s memoir, I Can’t Make This Up, debuted at number one on The New York Times Best-Seller List and remained in the top 10 of the Print Hardcover Best-Seller List for ten weeks straight. The Decision: Overcoming Today’s BS for Tomorrow’s Success—an Audible Original launching May 21st and a follow-up to his memoir—helps people get mentally fit using the same tools and rules he’s developed to elevate his own life. 

Kevin can next be seen in Sony’s Fatherhood, a movie that he is not only starring in but also producing through his production company, Hartbeat Productions. He most recently starred in the Sony franchise Jumanji: The Next Level. In 2019, Hart reprised his role as the white-haired rabbit, Snowball, in Universal’s The Secret Life of Pets 2. Before that, Hart starred in STX Entertainment’s The Upside alongside Bryan Cranston and Nicole Kidman. In 2018, Hart co-wrote, produced, and starred in Universal’s Night School, all under Hartbeat Productions. 

His last live stand-up comedy tour, “The Irresponsible Tour,” was released as a Netflix Original Stand-Up Special in April 2019.  

This episode is brought to you by Theragun! Theragun is my go-to solution for recovery and restoration. It's a famous, handheld percussive therapy device that releases your deepest muscle tension. I own two Theraguns, and my girlfriend and I use them every day after workouts and before bed. The all-new Gen 4 Theragun has a proprietary brushless motor that’s surprisingly quiet. It’s easy to use and about as quiet as an electric toothbrush.

Go to Theragun.com/TIM right now and get your Gen 4 Theragun today, starting at only $199.

This episode is also brought to you by Athletic Greens.  I get asked all the time, “If you could only use one supplement, what would it be?” My answer is usually Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. 

As a listener of The Tim Ferriss Show, you’ll get a free 20-count travel pack (valued at $79) with your first order at AthleticGreens.com/tim.

***

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests.

For show notes and past guests, please visit tim.blog/podcast.

Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.

For transcripts of episodes, go to tim.blog/transcripts.

Interested in sponsoring the podcast? Please fill out the form at tim.blog/sponsor.

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Follow Tim:

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Founder and CEO of Twitter and Square, Jack Dorsey has created our present. Now, he talks with Yang about our future and breaks a massive announcement.

Watch this conversation on YouTube - https://www.youtube.com/watch?v=qkt-iphB40U

Jack Dorsey - https://twitter.com/jack

#startsmall Google Doc - https://docs.google.com/spreadsheets/d/1-eGxq2mMoEGwgSpNVL5j2sa6ToojZUZ-Zun8h2oBAR4/edit

Andrew Yang - https://twitter.com/AndrewYang | https://movehumanityforward.com

Zach Graumann - https://twitter.com/Zach_Graumann

Dave Collum is a Professor of Chemistry at Cornell University. He is a popular staple of FinTwit and writes one of the best annual summaries at the end of each year.

In this conversation, we discuss the COVID-19 crisis, the economic crisis, the role of the Federal Reserve, the 2020 Presidential race, his Jeffrey Epstein theory, Gold & Bitcoin, and how Dave would invest his time and money as a young person today.

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Pomp writes a daily letter to over 50,000 investors about business, technology, and finance. He breaks down complex topics into easy to understand language, while sharing opinions on various aspects of each industry. You can subscribe at pompletter.com