"The Riff" with Byrne Hobart and Erik Torenberg

On this week's episode of The Riff, Erik and Byrne discuss Austin real estate, why Duolingo has remained strong post-pandemic, and how to identify spurious correlations during data analysis.

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

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SPONSOR: BRAVE

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

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LINKS:

Byrne’s writing: thediff.co

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X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

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Timestamps:

(00:00) Intro

(00:20) Generative AI and Its Impact on Platforms

(04:44) The Future of Personalized Media Consumption

(08:27) The Evolution of Media Distribution and Content Creation

(14:36) Austin's Housing Market

(28:54) Identifying False Positives in Data-Driven Decision Making

(37:32) Apple's Antitrust Case

(50:51) Why Duolingo Hasn’t Crashed

(57:25) The Reddit IPO

(1:03:03) Wrap

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For guest or sponsorship inquiries please contact [email protected]

In this episode, Byrne Hobart and Erik Torenberg discuss how technological changes influence markets and business adaptability. They explore the dynamics and challenges of e-commerce roll-ups, the unique economic incentives of large platforms like Facebook and Google, the complexities of content moderation on social media platforms, and social securities' future liabilities and taxes.

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

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SPONSOR: BRAVE

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

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LINKS:

Byrne’s writing: thediff.co

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X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

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TIMESTAMPS:

(00:00) Intro

(00:23) Exploring E-Commerce Roll-Ups and the Amazon Model

(07:13) Big Platforms and User Dynamics

(10:52) Sponsor: Turpentine | Brave

(12:41) The Never-Ending Challenge of Content Moderation

(20:33) How AI Could Transform Advertising

(29:53) Decoding the Economics of Facebook Marketplace

(36:47) Understanding Shrinkflation and Its Impact on Inflation Measurement

(45:46) The Future of Social Security: A Mark-to-Market Proposal

(55:11) Wrap

On today’s episode, Byrne Hobart delves into the intricacies of technology-induced market shifts, hedge fund dynamics, Byrne’s post on outage economics, and the evolving landscape of open source and proprietary AI models.

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

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RECOMMENDED PODCAST:

Sourcery

by Molly O'Shea

Sourcery by Molly O’Shea brings the conversations founders and investors have behind closed doors into the light. Subscribe for upcoming episodes with: Delian Asparouhov of Founders Fund and Varda Space, and Chris Power of Hadrian.

Spotify & YouTube---

SPONSOR: TURPENTINE | BRAVE

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

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LINKS:

Byrne’s writing: thediff.co

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X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

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TIMESTAMPS:

(00:00) Intro

(00:20) Exploring Hedge Fund Dynamics: Is Alpha for Sale?

(01:52) Hedge Funds and Investment Strategies

(10:24) VC Insights on Scaling and Performance Metrics

(16:59) Sponsor - Turpentine | Brave

(19:37) Advantages Multi-Manager Hedge Funds

(23:17) Personal Finance and Hedging Strategies

(31:56) Outage Economics

(45:09) Search Engines and Data Feedback Loops

(47:40) Future Implications pf the Intersection of AI and Search Engines

(54:20) Open Source AI: Balancing Innovation, Security, and Business Models

(01:03:02) Wrap

On this week's episode of The Riff, Erik and Byrne discuss lessons about Tiger Global from Carrie Sun’s book Private Equity, the role of alternative data in investing, and why it’s hard to make a good dating app.

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The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co

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Check out Erik's new showRequest for Startupsfeaturing a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore.

Watch and Subscribe on Substack:Request for Startups

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We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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SPONSOR: BRAVE

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

---

LINKS:

Byrne’s writing: thediff.co

---

X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

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TIMESTAMPS:

(00:00) Intro

(00:27) What makes Tiger Global tick?

(03:36) Assistants make the world go round

(08:02) The evolution of executive roles

(13:15) Sponsor - Brave

(14:17) Scaling deals and the Tiger strategy

(24:13) On outsourcing knowledge retrieval

(26:05) Leveraging alternative data in investment

(34:13) The intersection of journalism and investment

(37:53) Research in investment decisions

(47:48) Data companies for private markets

(55:11) Complexities of the dating app market

(1:02:13) Wrap

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For guest or sponsorship inquiries please contact [email protected]

Byrne and Erik discuss company valuations, short selling, company earnings guidance, market predictions, and the behavior of companies and investors in financial markets.

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The Riff is a part of the Turpentine podcast network. Learn more: https://turpentine.co

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Check out Erik's new show 

Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore.Watch and Subscribe on Substack: 

Request for Startups---

Thanks to our sponsor: BRAVE

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

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LINKS:

Byrne’s writing: thediff.co

---

X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

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TIMESTAMPS:

(00:00) Intro

(00:44) Understanding Mispricing in Public Companies

(03:28) Case Study: Boeing's Business Value

06:29 The Role of Professional and Retail Investors

(12:07) Why Some Investors Matter More Than Others

(18:49) Sponsor: Brave

(19:51) Unpacking Risk in Investment

(25:42) Gold and Bitcoin in Investment

(28:54) On Yield, Buybacks, and Dividends

(39:11) Short Selling in Financial Markets

(51:15) Earnings Guidance and Corporate Communication

(56:17) Wrap

On this week's episode of The Riff, Erik and Byrne discuss the fertility crisis, how Walmart is a tool of upward mobility, AI as the last interface, and more.

The Riff is sponsored by Brave. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

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The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co

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RECOMMENDED PODCAST: History 102 with WhatifAltHist

Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe:

Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm

Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913

YouTube: https://www.youtube.com/@History102-qg5oj

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We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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SPONSOR: BRAVE

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

---

LINKS:

Byrne’s writing: thediff.co

---

X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

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TIMESTAMPS:

(00:00) Intro

(00:21) Discussion on fertility and economics

(04:50) Anti-natalist aspects of monetary and fiscal policy

(09:18) Would women having kids mean less GDP?

(13:30) Discounted cash flow analysis

(18:34) Sponsor - Brave

(26:50) Walmart as a tool of upward mobility

(34:06) White collar work

(36:37) AI as the last interface

(42:01) Sam Zemurray, America’s banana king

(46:23) Wrap

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The Riff is a production from Turpentine

Producer: Sam Kaufman

Editor: Seven Morris

For guest or sponsorship inquiries please contact [email protected]

On this week's episode of The Riff, Erik and Byrne sit down with Brad Hargreaves, founder of General Assembly and Common and editor at real estate publication Thesis Driven. They do a deep dive on everything real estate, from investing to housing policy to urbanism.

The Riff is sponsored by Brave. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

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The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co

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Check out Brad's new podcast Leader Series where he interviews the leading voices at the intersection of real estate, cities, innovation and technology. Guests include innovators like Zillow founder Spencer Rascoff, the renowned East Coast developer MaryAnne Gilmartin, AOL founder and real estate visionary Steve Case and many more top change makers in real estate. Leader Series is part of the Turpentine podcast network.

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We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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SPONSOR: BRAVE

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.

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LINKS:

Byrne Hobart ‘s writing: thediff.coSubscribe to 

Brad Hargreaves Thesis Driven on Substack---

X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

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TIMESTAMPS

(00:00) Intro

(00:31) Brad's Journey in Real Estate and Technology

(05:37) The Mechanics of Real Estate Investing

(14:42) Sponsor | Brave

(15:43) Comparing Tech and Real Estate

(20:38) Trendy Asset Class Valuations

(25:35) Distressed Real Estate Categories

(33:14) Office to Residential Conversions

(36:38) The Future of the Business-Centric Downtown

(39:37) Housing Policy

(52:35) Real Estate Brands

(56:32) Wrap

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The Riff is a production from Turpentine

Producer: Sam Kaufman

Editor: Seven Morris

For guest or sponsorship inquiries please contact [email protected]

On this week's episode of The Riff, Erik and Byrne do a deep dive on the history of media, how technology is impacting the media landscape, and how to build the next media empire.

The Riff is sponsored by Shopify: https://shopify.com/momentofzen for a $1/month trial period.

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The Riff is a part of the Turpentine podcast network. Learn more: https://turpentine.co

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Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivity

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We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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Thanks to our sponsor: SHOPIFY

Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of all e-commerce in the US. And Shopify’s the global force behind Allbirds, Rothy’s, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries. From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you’re selling, Shopify’s got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen

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LINKS:

Byrne's writing: https://thediff.co

---

X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

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TIMESTAMPS

(00:00) Intro

(00:40) How media was a great business and what changed

(12:54) How media fortunes are made

(18:22) When content becomes valuable again - BuzzFeed versus the New York Times

(20:09) Streaming distribution - Netflix's current evolution

(24:27) The decline in the level of journalism layoffs and why AI has something to do with it

(29:18) Sponsor | Shopify

(31:20) If you want to do investigative reporting, you need to like billionaires

(36:22) On Byrne's approach to building a media empire

(49:10) Why tech journalism struggled in the last decade

(52:22) Reconciling history and the changing nature of fame

(57:31) The business cadence case against every company is a tech company

(1:04:57) Wrap

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The Riff is a production from Turpentine

Producer: Sam Kaufman

Editor: Seven Morris

For guest or sponsorship inquiries please contact [email protected]

On this week's episode of The Riff, Erik and Byrne discuss the mortality of corporations, why momentum investing works, and when to learn from extreme events.

The Riff is sponsored by Shopify: https://shopify.com/momentofzen for a $1/month trial period.

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The Riff is a part of the Turpentine podcast network. Learn more: https://turpentine.co

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Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivity

---

We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

---

Thanks to our sponsor: SHOPIFY

Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of all e-commerce in the US. And Shopify’s the global force behind Allbirds, Rothy’s, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries. From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you’re selling, Shopify’s got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen

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LINKS:

Byrne's writing: https://thediff.co

---

X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

---

TIMESTAMPS

(00:00) Intro

(00:44) Corporate mortality

(10:16) The persistence of social class

(16:42) Sponsor | Shopify

(18:17) Learning from Extreme Events

(25:43) Understanding momentum investing

(36:06) What to learn from the economics of trade magazines

(43:25) Brainstorming Turpentine & how to build a media business

(52:15) Wrap

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The Riff is a production from Turpentine

Producer: Sam Kaufman

Editor: Seven Morris

For guest or sponsorship inquiries please contact [email protected]

On this week's episode of The Riff, Erik and Byrne discuss factor netural hedge funds, the trend of Silicon Valley becoming more financially literate, the opportunity cost of features, and more.

The Riff is sponsored by Shopify: https://shopify.com/momentofzen for a $1/month trial period.

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The Riff is a part of the Turpentine podcast network. Learn more: https://turpentine.co

---

Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivity

---

We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

---

Thanks to our sponsor: SHOPIFY

Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of all e-commerce in the US. And Shopify’s the global force behind Allbirds, Rothy’s, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries. From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you’re selling, Shopify’s got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen

---

LINKS:

Byrne's writing: https://thediff.co

---

X / TWITTER:

@eriktorenberg (Erik)

@byrnehobart (Byrne)

@turpentinemedia (Turpentine)

---

TIMESTAMPS

(00:00) Introduction to the Riff

(00:43) Increasing overlap between tech and finance

(08:25) Factor neutral hedge funds

(18:00) Sponsor | Shopify

(19:30) VC is a compensation scheme masquerading as an asset class

(33:30) Understanding generalists

(40:07) The opportunity cost of features

(45:30) Why grocery stores are like tech companies

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The Riff is a production from Turpentine

Producer: Sam Kaufman

Editor: Seven Morris

For guest or sponsorship inquiries please contact [email protected]