Sergey Levine - Building LLMs for the Physical World - [Invest Like the Best, EP.465]
My guest today is Sergey Levine, a professor at UC Berkeley and co-founder of Physical Intelligence. The company is building robotic foundation models designed to control any embodied system to do any task in any environment.
Sergey argues that solving robotics at full generality is the right path, and that building systems that learn across many robots, environments, and tasks may be the more scalable approach than building narrow specialists. We discuss how these models can perform new tasks without being trained on them directly, and why everyday human actions remain the hardest problems in the field.
He also reflects on how human trust and acceptance may matter as much as technical breakthroughs in determining when robots become part of daily life.
Please enjoy my conversation with Sergey Levine.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
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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.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.com to transform your application into an enterprise-ready solution in minutes, not months.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers
Mitchell Green - Lessons from Cold Calling 10,000 Companies - [Invest Like the Best, EP.464]
My guest today is Mitchell Green. Mitchell Green is the co-founder and managing partner of Lead Edge Capital, a growth equity firm that has spent 15 years building one of the most disciplined investment machines in the business.
Unlike most firms chasing power law outcomes, Lead Edge is designed to deliver consistent returns by talking to thousands of companies a year, applying a rigorous eight-point criteria to filter down to a handful of investments, and leveraging a uniquely constructed LP base of world-class executives and entrepreneurs.
In this conversation, Mitchell walks through every component of the machine, from how they source and evaluate companies to how they think about selling, building culture, and staying competitive in a world being reshaped by AI.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
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.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
-----
WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.com to transform your application into an enterprise-ready solution in minutes, not months.
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Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: f
William Hockey - Building the Operating System for the Dollar and Silicon Valley Heresy - [Invest Like the Best, EP.463]
William Hockey is the co-founder of Plaid and the founder and CEO of Column, a software company that owns a bank and powers Ramp, Wise, Bilt, Mercury, and others. He funded Column by borrowing against his Plaid shares and has never raised outside capital.
William talks about what owning 100% of his company allows him to do that other venture-backed founder cannot and the personal risk he took to do so. He shares how Silicon Valley's consensus culture produces consensus founders, and why becoming a founder has become too safe. He believes the best builders are specialists and explains with unusual clarity what it takes to become the best in the world at one specific thing.
William also spends a lot of time in emerging markets which has given him a unique perspective of the power of the US dollar.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
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.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
-----
WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.com to transform your application into an enterprise-ready solution in minutes, not months.
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Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and
Shyam Sankar - Celebrating Heretics - [Invest Like the Best, EP.462]
My guest today is Shyam Sankar, the CTO of Palantir Technologies.
In this conversation, we explore the ideas that shape how Shyam thinks about technology, talent, and national power. We discuss the origins of Palantir’s forward-deployed engineering model and the lessons he learned from Alex Karp about identifying people's "superpowers".
We also talk about Shyam’s fascination with the "heretics" of American history, the unconventional builders who challenged bureaucracy and created many of the systems that powered America’s military and industrial success. Shyam argues that the United States must reindustrialize after decades of moving production overseas, and explains what we can learn from America’s industrial past.
In a new Colossus profile, our Editor in Chief Jeremy Stern tells the story of how Shyam became one of the most important but largely unseen figures behind Palantir, tracing his journey from immigrant roots to employee #13 and the architect of the company's success and distinctive culture.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
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.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.com to transf
John Arnold - China, Energy Markets and Fixing America's Systems - [Invest Like the Best, EP.461]
My guest today is John Arnold. John is probably the most famous energy trader of all time and certainly the most successful. One of the things John talks about is cultivating the best seat in your industry – the seat with the best perspective, the most information, the best systems..
John has been closely watching China's convergence in robotics, AI, and EVs, and shares his perspective from his recent trip to the country. We talk about the state of energy markets today – the misaligned goals and incentives, the NIMBYism that prevents building in America, and what he actually thinks about the wave of nuclear energy startups that everyone seems excited about.
John is also one of the most innovative philanthropists working today, applying that same analytical rigor to diagnosing structural failures across America — in healthcare, criminal justice, education, and beyond
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
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.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.com to transform your application into an enterprise-ready solution in minutes, not months.
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Rogo is the AI platform for finance. They're building agents for Wa
Dan Sundheim - The Art of Public and Private Market Investing - [Invest Like the Best, EP.460]
My guest today is Dan Sundheim. Dan is the founder and CIO of D1 Capital Partners.
He thinks about markets and businesses constantly, and has built a career entirely around that obsession. He manages over $30B across both public and private markets, with investments in SpaceX, OpenAI and Anthropic, and a public portfolio of names you may never have heard of.
Dan shares the story of the short case he wrote on Orthodontic Centers of America and posted on Value Investors Club, which crashed the stock, and helped him land his first job.
He shares why he backed Anthropic at a moment when many people told him it was the Lyft to OpenAI’s Uber, what reading Dario Amodei’s essays reminded him of Jeff Bezos, and how he thinks about LLM business models through the lens of Netflix and Spotify.
We spend time on the extraordinarily stressful moment in early 2021 when GameStop hit the firm, and what Dan believes is the single biggest tail risk facing the global economy right now.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
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.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.com to transform your application into an enterpri
Josh Kushner - Concentration and Conviction - [Invest Like the Best, EP.459]
This is my second conversation with Josh Kushner, founder and managing partner of Thrive Capital.
I recorded this conversation in October after publishing the Colossus cover story about him and Thrive. Given the overwhelming response, we created some breathing room before releasing it.
Josh started Thrive in 2011. The firm now manages approximately $50 billion with a very small investment team. What makes Thrive different is how concentrated they are and how involved they get with their portfolio companies.
We cover the iconic investments that defined Thrive: Instagram, Stripe, GitHub, and spend a lot of time on OpenAI. Josh explains how Thrive thinks about investing today and the three categories they're currently focused on.
Josh also talks about building the firm, why they keep the team small, and what he's learned from A24 about enabling artists to do their best work.
He shares personal stories that shaped him, including his grandmother's experience surviving the Holocaust, and lessons from Stan Druckenmiller, Jon Winkelried, and others at formative moments in Thrive's history.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
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.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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WorkOS is a developer platform that enables SaaS companies to quic
Alex Behring and Daniel Schwartz - Inside 3G Capital - [Invest Like the Best, EP.458]
My guests today are Alex Behring and Daniel Schwartz, Co-Managing Partners of 3G Capital.
3G has built one of the most distinctive firms in investing around a simple idea: there are only a handful of truly great businesses and even fewer great CEOs. Their model is to raise capital with the intention of making just one investment per fund, commit meaningful amounts of their own money alongside their partners, and focus all of their time and best people on that single opportunity.
Their approach has produced a series of iconic deals, including Burger King, Tim Hortons, Hunter Douglas, and Skechers. They have also become known for developing talent early, giving young leaders real responsibility and ownership, and holding an unusually high bar.
I highly recommend you read our in-depth profile on them and 3G Capital. They gave our managing editor Dom Cooke unprecedented access and the outcome is an excellent profile about the fifty year history of 3G and how the model began with Jorge Paulo Lemann in Brazil.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
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.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.com to tra
Ben Horowitz - Backing America’s Future - [Invest Like the Best, EP.457]
My guest today is Ben Horowitz, the co-founder of Andreessen Horowitz. Since its founding in 2009, a16z has grown into one of the most influential firms in venture capital, reshaping how technology companies are funded and how power and ideas move through Silicon Valley and around the world.
This conversation focuses on sides of Ben’s story you don’t often hear. Ben reflects on the people who shaped him, including Nas, Andy Grove, and his father, and shares why he chose to personally fund new technology for the Las Vegas Police Department.
We also talk about how he thinks about a16z’s responsibility in shaping the trajectory of America, the scale of his ambition for the firm, and what he sees as the biggest risk facing the country.
Please enjoy this great and unique conversation with Ben Horowitz.
For the full show notes, transcript, and links to mentioned content, 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 Vanta. Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
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This episode is brought to you by WorkOS. WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.c
Gokul Rajaram - Lessons from Investing in 700 Companies - [Invest Like the Best, EP.456]
My guest today is Gokul Rajaram, Founding Partner at Marathon Management. Gokul is one of the most prolific product builders and investors of the last twenty years. He has built the core ad and product businesses at Google, Facebook, Square, and DoorDash, working at each company during its most formative scaling periods.
Alongside his operating career, Gokul has invested in more than 700 companies, giving him an unusually broad view into how products are built and scaled.
This conversation is about how product building is changing with AI. We discuss the one thing Gokul believes is truly future-proof in AI, why companies like Zendesk and Slack are more exposed than Salesforce or NetSuite, and the only sources of defensibility.
We also talk about everything Gokul has learned from helping build the most important ads businesses, including the only three ways an ad business can make money, how those constraints shape product decisions, and what consumer behavior change threatens every major platform.
Gokul shares lessons from working closely with Larry and Sergey, Mark Zuckerberg, Jack Dorsey, and Tony Xu.
For the full show notes, transcript, and links to mentioned content, 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 Vanta. Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how
Patrick O’Shaughnessy - Creating on Principle - [Invest Like the Best, EP.455]
This week is a special episode. Only David Senra could get me to be on the other side of the mic. Because I don’t plan on being interviewed often, I wanted to share this conversation, which I so enjoyed, with our audience.
It went in a very different direction than I expected. We barely talk about investing or interviewing. Instead, we talk about finding an organizing principle for life, undiscovered talent, and the idea that “the reward for good work is more work.”
We also discuss the principles that guide how I think about building Invest Like the Best, Colossus, and Positive Sum.
This conversation was originally recorded and released on David Senra, and I wanted to share on the Invest Like The Best feed as well. Please go follow what he’s doing, there’s no one like David.
Enjoy!
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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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.
-----
Vanta is trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. Visit WorkOS.com to transform your application into an enterprise-ready solution in minutes, not months.
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Ridgeline has
Tom Digan & Greg Stewart - Building the World’s Best Fitness App - [Invest Like the Best, EP.454]
My guests today are Tom Digan and Greg Stewart. Tom is the co-founder of Ladder, and Greg is its CEO.
Ladder was my first angel investment. What followed over the next seven years is one of the most unlikely and dramatic business stories I’ve been a part of.
Today, Ladder is the number one grossing fitness app in the App Store, approaching $100M in ARR with more than 300,000 paying members. But the path from near death to dominance involved debt collectors, leadership changes, and a full reset during the pandemic.
Tom and Greg built Ladder by being relentlessly empirical about their customers, ruthless about prioritization, raising money wherever they could, and doing whatever it took when most founders would have quit.
We cover the messy early years when survival meant negotiating creditors, how they found PMF by reading thousands of app store reviews, and how they built a TikTok growth engine with no performance marketing experience.
They share their long-term vision for becoming the category winner for health and fitness and the impact of AI and GLP-1s on their business.
This is a conversation about how hard it really is to build something valuable, told by two people who lived through all of it.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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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.
-----
Vanta is trusted by thousands of businesses and continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
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Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand h
Reed Hastings - Building Netflix - [Invest Like the Best, EP.453]
My guest today is Reed Hastings, the co-founder and former longtime CEO of Netflix.
Netflix is an example of two ideas that everyone talks about, but are extremely hard to do in practice. The first is finding a simple idea and taking it extraordinarily seriously. Reed talks about how even the DVD business was nothing more than a stepping stone toward streaming, which they envisioned from the company’s inception in 1997. The second is talent density, and what it actually takes to set and sustain an exceptionally high bar over decades as a company grows.
We talk about how those ideas shaped Netflix’s culture and strategy, what Reed learned from mistakes like Qwikster, and why Netflix treated content like a venture portfolio.
We also discuss Reed’s work today. He shares how he’s thinking about AI, what he’s learned from serving on the boards of Microsoft, Meta, Anthropic, and Bloomberg, and what excites him about Powder Mountain, the ski resort he acquired after Netflix.
Please enjoy my conversation with Reed Hastings.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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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.
-----
Vanta is trusted by thousands of businesses and continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Visit vanta.com/invest.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
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WorkOS is a developer platform that enables Sa
Nick Kokonas - Know What You Are Selling - [Invest Like The Best, REPLAY]
Today, I am replaying my conversation with Nick Kokonas, one of my favorites from the show.
Nick is the co-founder of 3 of the best restaurants and bars in America - Alinea, Next, and The Aviary as well as the co-founder and CEO of Tock, a comprehensive booking system for restaurants. He majored in philosophy before becoming a derivatives trader and is now one of the most well-known names in the hospitality industry.
In this conversation, Nick shares his experience of bringing a business mindset to the restaurant industry. I'll remember it for why it's so important for a business to really know what it's selling and then actually sell it.
Nick also pulls back the curtain on why restaurants and even book publishers can be great businesses if you do them the right way. I felt like this conversation could have gone on for hours and I hope you enjoy it.
For the full show notes, transcript, and links to mentioned content, 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 Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform.
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This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial
Ric Elias - The Art of Living Well - [Invest Like The Best, CLASSICS]
Ric Elias - The Art of Living Well - [Invest Like The Best, CLASSICS]
Welcome to this classic episode. Classics are my favorite episodes from the past 10 years, published once a month. These are N of 1 conversations with N of 1 people.
Ric Elias is the CEO and co-founder of Red Ventures, which has a portfolio of fast-growing digital businesses like Lonely Planet, The Points Guy, Bankrate, and large investments in a variety of other businesses across industries. He began the business in 2000 and has grown it to now a global company with thousands of employees.
Ric walks us through the early struggles that have led to what is now a flourishing investing platform, but mostly this episode is a masterclass on cultural values and philosophies that transcend mere financial gain. We discuss the difference between living good and well, the power of forgiveness, and compounding more than just your capital. Ric’s story is one of resilience, humility, and grace. His story about being in the front row of the plane that Captain Sully landed in the Hudson is singular and very moving.
Please enjoy my conversation with Ric Elias.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by WorkOS. WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. With a single API, developers can implement essential enterprise capabilities that typically require months of engineering work. By handling the complex infrastructure of enterprise features, WorkOS allows developers to focus on their core product while meeting the security and compliance requirements of Fortune 500 companies. Visit WorkOS to Transform your application into an enterprise-ready solution in minutes, not months.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Stay up to date on all o
Henry Ellenbogen - Man Versus Machine - [Invest Like the Best, EP.452]
My guest today is Henry Ellenbogen, founder and Managing Partner of Durable Capital Partners. Henry built his reputation at T. Rowe Price, where he led the New Horizons Fund and turned it into one of the best-performing small-cap growth portfolios in the country. In 2019, he left to start Durable.
His philosophy is grounded in a simple belief that great investing is about understanding people and change. Henry has spent his career studying the rare 1% of companies that drive nearly all long-term returns . Durable’s edge comes from being able to tell the difference between a company that is failing and one that is transforming.
Henry often talks about “Act II” teams – founders who take the lessons from their first company and apply them to a new frontier. Durable itself is his Act II.
In our latest Colossus profile, Managing Editor Dom Cooke traces Henry’s story and specifically how he became one of the most influential investors of the 21st century, having learned from founders like Jeff Bezos and John Malone in the early part of his career. I always hear the same thing from founders who’ve met Henry: “he understood my business faster than anyone”. The thing that sticks with me from our conversation and Dom’s profile is just how much he loves investing.
For the full show notes, transcript, and links to mentioned content, 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 Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more th
Gavin Baker - Nvidia v. Google, Scaling Laws, and the Economics of AI - [Invest Like the Best, EP.451]
My guest this week is Gavin Baker. Gavin is the managing partner and CIO of Atreides Management, and he has been on the show many times before.
I will never forget when I first met Gavin in 2017. I find his interest in markets, his curiosity about the world to be as infectious as any investor that I've ever come across. He's encyclopedic on what is going on in the world of technology today, and I've had the good fortune to host him every year or two on this podcast.
Gavin began covering Nvidia as an investor more than two decades ago, giving him a rare perspective on how the company – and the entire semiconductor ecosystem – has evolved. A lot has changed since our last conversation a year ago, making this the perfect time to revisit the topic.
In this conversation, we talk about everything that interests Gavin – Nvidia’s GPUs, Google’s TPUs, the changing AI landscape, the math and business models around AI companies and everything in between. We also discussed the idea of data centers in space, which he communicates with his usual passion and logic.
In closing, at the end of this conversation, because I've asked him my traditional closing question before, I asked him a different question, which led to a discussion of his entire investing origin story that I had never heard before.
Because Gavin is one of the most passionate thinkers and investors that I know, these conversations are always amongst my most favorite. I hope you enjoy this latest in the series of discussions with Gavin Baker.
For the full show notes, transcript, and links to mentioned content, 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 bro
David George - Building a16z Growth, Investing Across the AI Stack, and Why Markets Misprice Growth - [Invest Like the Best, EP.450]
My guest today is David George. David is a General Partner at Andreessen Horowitz, where he leads the firm’s growth investing business. His team has backed many of the defining companies of this era – including Databricks, Figma, Stripe, SpaceX, Anduril, and OpenAI – and is now investing behind a new generation of AI startups like Cursor, Harvey, and Abridge.
This conversation is a detailed look at how David built and runs the a16z growth practice. He shares how he recruits and builds his team a “Yankees-level” culture, how his team makes investment decisions without traditional committees, and how they work with founders years before investing to win the most competitive deals.
Much of our conversation centers on AI and how his team is investing across the stack, from foundational models to applications. David draws parallels to past platform shifts – from SaaS to mobile – and explains why he believes this period will produce some of the largest companies ever built.
David also outlines the models that guide his approach – why markets often misprice consistent growth, what makes “pull” businesses so powerful, and why most great tech markets end up winner-take-all. David reflects on what he’s learned from studying exceptional founders and why he’s drawn to a particular type, the “technical terminator.”
Please enjoy my conversation with David George.
For the full show notes, transcript, and links to mentioned content, 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 Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment ma
Palmer Luckey - Inventing the Future of Defense - [Invest Like the Best, CLASSICS]
Welcome to this classic episode. Classics are my favorite episodes from the past 10 years, published once a month. These are N of 1 conversations with N of 1 people. Palmer Luckey is a relentless builder and original thinker. He founded Oculus, bringing virtual reality to the mainstream, and is now reshaping the future of defense and technology with Anduril. I hope you enjoy this conversation.
Palmer is the founder of Anduril, which makes next-generation military technology for the US and its allies. Since bringing the company to life in 2017, Palmer and Anduril have disrupted the established order in the Defense industry. Prior to Anduril, Palmer founded Oculus VR, a virtual reality business that he sold to Facebook for $2 billion.
Palmer is only in his early 30s, but he has already experienced more than most people will in a 40-year career. We talk about innovation, invention, differentiated thinking, and so much more. Please enjoy this great discussion with Palmer Luckey.
Listen to Patrick's Business Breakdowns with Anduril CEO.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by WorkOS. WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. With a single API, developers can implement essential enterprise capabilities that typically require months of engineering work. By handling the complex infrastructure of enterprise features, WorkOS allows developers to focus on their core product while meeting the security and compliance requirements of Fortune 500 companies. Visit WorkOS to Transform your application into an enterprise-ready solution in minutes, not months.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
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Martín Escobari - Inside General Atlantic - [Invest Like the Best, EP.449]
My guest today is Martín Escobari. Martín is Co-President and Head of Global Growth Equity at General Atlantic.
We talk about General Atlantic’s unique founding story and how its long-term structure, including permanent capital, a single P&L, and partnership culture, allows it to invest differently than other growth equity firms. We discuss the firm’s global perspective and particularly why the premium on U.S. equities is creating compelling opportunities across international and emerging markets.
Martín has spent his career investing through bubbles, market cycles, and technological shifts. He shares his investing framework for balancing intuition with analysis, his approach to “spearfishing” for once-in-a-decade opportunities, and why he believes this is the best window for growth equity since 2009.
Martín also reflects on his incredible personal story. He talks about growing up in turbulent Bolivia, and the role of curiosity and optimism in sustaining a long investing career.
Martín’s infectious energy and genuine love for investing made this conversation both insightful and a lot of fun.
Please enjoy my great conversation with Martín Escobari.
For the full show notes, transcript, and links to mentioned content, 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 AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense
Ari Emanuel - The Anti-AI Bet - [Invest Like the Best, EP.448]
My guest today is Ari Emanuel. Ari runs one of the most influential portfolios in global sports, entertainment, and media. He oversees TKO, which includes the UFC and WWE, serves as the Executive Chairman of WME Group, and recently founded MARI, a new company focused on global events and live experiences.
At the center of this conversation is Ari's anti-AI bet: as AI makes digital content cheaper and everyday work more automated, he believes the value will increasingly concentrate in live and physical experiences. He explains how he’s building his portfolio around that belief, what defines a great live experience, and how he thinks about AI’s impact on content and IP.
Ari is best known as a dealmaker, and he shares the principles behind his success – relentless follow-up, over-communication, velocity, and an obsession with making things happen – and how those things become the operating system he uses today.
If you’re listening to this, I recommend watching the video of this interview. Ari’s energy is constant and visceral, and gives a different dimension to this episode.
Please enjoy my conversation with Ari Emanuel.
For the full show notes, transcript, and links to mentioned content, 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 AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter de
Wolfgang Hammer - The Power of Story - [Invest Like the Best, EP.447]
My guest today is my friend Wolfgang Hammer. Wolfgang is a successful film producer and executive who helped create House of Cards and ran several major studios, including Lionsgate, CBS Films and Miramax. He’s now building a new kind of film studio with support from Mitch Lasky and Marc Andreessen.
Wolfgang also helps founders and CEOs use storytelling to better understand what they do, and why it matters. In many ways, this conversation is a manual for how to find that story and communicate it in a way that resonates. Wolfgang shares the questions and tools he gives leaders to help them do the same.
Our conversation explores how stories work, what great ones have in common, and why understanding your own story can be transformative. We talk about the three layers every story must have — the external, the emotional, and the philosophical — and how they apply to building companies and leading people.
So many CEOs — at both startups and massive Fortune 100 companies — have Wolfgang to thank for changing how they think and talk about their business, and I hope this episode gives you the tools to do the same.
Please enjoy my conversation with the great Wolfgang Hammer.
For the full show notes, transcript, and links to mentioned content, 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 AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand
Luca Ferrari - Building Bending Spoons - [Invest Like the Best, EP.446]
My guest today is Luca Ferrari. Luca is the co-founder and CEO of Bending Spoons, which he describes as 25 percent private equity and 75 percent technology company. Founded in 2013, Bending Spoons fully acquires and operates digital companies like Evernote, Meetup, Vimeo, and most recently AOL.
Our conversation explores the unique model behind Bending Spoons, and the culture required to scale it. Luca shares exactly how their acquisition playbook works – from identifying promising businesses to rebuilding every part of them across product, design, monetization, and marketing. We discuss their approach to financing long-term ownership through both debt and equity, Luca’s obsession with finding and developing exceptional talent, and his decision to build the company in Europe.
I found Luca’s description of himself as perennially unhappy to be the clearest window into how he builds. It’s a mindset that fuels his pursuit of excellence and defines the culture at Bending Spoons.
Please enjoy my conversation with Luca Ferrari.
For the full show notes, transcript, and links to mentioned content, 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 AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster.
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This episode is brought to you by Ridgeline
Kevin Kelly - Be Generous and Unique - [Invest Like the Best, CLASSICS]
Welcome to this classic episode. Classics are my favorite episodes from the past 10 years, published once a month. These are N of 1 conversations with N of 1 people. Kevin Kelly co-founded Wired magazine and has published a number of seminal books and essays on technology over the past three decades. I have devoured everything Kevin has put out into the world and many of his ideas shape the way I live today.
Our conversation explores media, family, money, his concept of the Technium, AI, and more but the central theme of this episode is that we should be as generous and unique as possible. You will hear us refer to his latest book, Excellent Advice for Living, throughout and I highly recommend reading it if you haven’t already. Please enjoy this great conversation with Kevin Kelly.
Colossus Profile on Kevin Kelly: Flounder Mode
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by WorkOS. WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. With a single API, developers can implement essential enterprise capabilities that typically require months of engineering work. By handling the complex infrastructure of enterprise features, WorkOS allows developers to focus on their core product while meeting the security and compliance requirements of Fortune 500 companies. Visit WorkOS.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Follow us on Twitter: @patrick_oshag | @JoinColossus
Show Notes
(00:03:05) Excellent Advice for Living - a journey towards authenticity
(00:05:05) Uncovering the essence of oneself is a lifelong journey of self-reflection
(00:06:47) What he would have done differently at 30 had he internalized this concept earlier
(00:08:51) The highest form of self-expression i
Ken Langone - The American Dream - [Invest Like the Best, REPLAY]
Today I am replaying my conversation with Ken Langone. Ken is a legendary American businessman best known for his co-founding of Home Depot. He is also a former director of the New York Stock Exchange and a passionate philanthropist. He shares with us a lifetime worth of wisdom, building Home Depot into a powerhouse and prioritizing his employees above all else. He says he still “bleeds orange” to this day. You’ll hear as he recounts his business endeavors, his strict belief in keeping your word and his true pride in his country, what he knows to be the land of opportunity. We discuss his work with Ross Perot, the idea of an upside down hierarchy, and the power of loyalty. For anyone who may find it easier to follow along, we have a transcript of the episode on joincolossus.com. Please enjoy this conversation with Ken Langone.
For the full show notes, transcript, and links to mentioned content, 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 Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform.
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This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.c
