Patrick O'Shaughnessy's Blog, page 3
October 13, 2020
Jacqueline Novogratz – Investing in Dignity and Character – [Invest Like the Best, EP.195]
My guest today is Jacqueline Novogratz. Jacqueline is the founder and CEO of Acumen, a non-profit global venture fund that uses entrepreneurial approaches to solve the problems of poverty. Our conversation touches on how Jacqueline left Wall Street and ended up starting a micro finance bank in Rwanda, how she thinks about investing in character, how creating dignity plays such a major role in her investments, and how governments and businesses can work together to solve the world’s toughest problems. It is a bit of a departure from my normal investing conversations but contains powerful lessons for many investors and builders. I really enjoyed our conversation and hope you will to.
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:29) – (First question) – Where the concept of the blue sweater came from for her book.
(2:44) – The Blue Sweater: Bridging the Gap Between Rich and Poor in an Interconnected World
(4:29) – Every child has a humiliated experience and the impact on their life
(6:55) – The origin of Acumen
(10:42) – Why character is such an important investing filter for her
(11:59) – How the markets have changed through the lens of Acumen
(16:59) – The challenges of getting started
(17:04) – Manifesto for a Moral Revolution: Practices to Build a Better World
(19:46) – Embracing the idea of being uncomfortable and an example for her
(21:50) – The space between government action and market action
(26:11) – The concept of conformity traps
(29:29) – The lens of moral imagination
(30:32) – The importance of brining dignity to others
(35:09) – Entrepreneurial skills she sees outside of the US that we lack here
(39:38) – Biggest problems across the globe she is interested in tackling
(42:48) – Impediments to investing in global problems
(49:11) – Kindest thing anyone has done for her
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
October 8, 2020
Justin Singer – How Regulation Unlocks Opportunity – [Founder’s Field Guide, EP.2]
My guest today is Justin Singer, the founder and CEO of Caliper Foods and Stillwater Brands, two leading companies in the cannabis industry. We start our conversation with a fascinating discussion on how regulation creates or destroys business and investing opportunities, and then go on to discuss the ins and outs of the cannabis industry in detail. You’ll be able to tell quickly how high-quality Justin is as a thinker and operator, and you’ll learn a ton about this nascent business. Please enjoy our conversation.
This episode is brought to you by Microsoft for Startups . Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out.
This episode is also sponsored by Vanta . Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:51) – (First question) – How changes in regulation create market opportunities
(5:38) – Why VC’s need to pay attention to regulatory changes
(6:50) – Story of Section 230 of the communication decency act
(8:54) – Relationships between rules, laws, and free markets
(11:56) – How regulatory changes impacted recent business ventures
(13:30) – His initial interest in the cannabis space
(17:28) – How the industry participants have changed over time
(21:04) – An overview of the cannabis industry and different pieces of the chain
(25:51) – What has led to delays in the legalization of the marijuana industry
(28:52) – How the dosage of the product impacts the business
(31:34) – CBD vs THC industry differences
(32:53) – How much of this industry is left to be unlocked and potential timing
(35:55) – Business and investing opportunities in the space
(38:16) – Competitive frontier in cannabis
(40:37) – The timeline and pending changes coming
(43:03) – Margins and business factors of his business
(45:51) – First big break for the business
(49:47) – What he learned working under Tim Wu
(50:34) – Why we are in the golden error for fraud
(52:11) – Avoiding fraud
(55:12) – What he wants to learn more about in the cannabis space
(56:50) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
October 6, 2020
Jesse Livermore – Upside Down Markets – Understanding Fiscal and Monetary Policy – [Invest Like the Best, EP.194]
My guest today is Jesse Livermore. I’ve worked with Jesse as part of our research partners program at O’Shaughnessy Asset Management for years now. Whenever there is a huge, important, and complex issue to be studied, I believe he’s among the best minds in the world to tackle it. He did that recently on the topic of what he calls “upside down markets,” which is the topic of this conversation. We seek to answer the simple question: against a horrible economic backdrop, how can the stock market be near all-time highs? Jesse explains in detail the impact that fiscal policy has had on the market and may have in the future. Please enjoy this master class in upside down markets.
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:29) – (First question) – What is Upside Down Markets
(5:44) – Overview on monetary easing and the fed’s role in the markets
(9:42) – Why fiscal policy is such an important lever and the impact it has on the economy
(15:07) – The impact of stimulus on public companies’ fundamentals
(19:25) – The mix of assets in the market due to stimulus
(22:13) – What made 1929 so different to how we are reacting today
(26:14) – Negative concerns: too much money in the system and the risk of inflation
(32:43) – Will the pendulum swing back to labor and higher wages
(37:23) – How these changes could impact specific companies or sectors differently
(41:34) – How he is applying all of this to his personal investment philosophy
(44:25) – Biggest risks still out there
(49:51) – Most interesting gap in his knowledge putting together this piece
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
October 1, 2020
Rahul Vohra – Using Emotion to Design Great Products – [Founder’s Field Guide, EP.1]
Today’s episode represents a new chapter for Invest Like the Best, so requires a longer introduction than normal. Starting today, I’ll be bringing you two episodes per week on the same feed. On Tuesday’s, I’ll focus on investors, and on Thursday’s, I’ll host builders—founders, CEOs, and operators from all different fields. We call this new Thursday series Founder’s Field Guide. There’s nothing more interesting to me than how great businesses get build, and how investors can identify those businesses at the right time. We’ve already recorded with founders build companies in food, technology, infrastructure, shipping, collectibles, and many more categories. The goal each weak will be to have a builder share what they’ve done, how they’ve done it, and what they’ve learned along the way. We view this as a critical next step in furthering our mission: to capture and openly share the world’s best knowledge on business and investing.
Onto the kickoff episode with Rahul Vohra. Rahul is the Founder & CEO of Superhuman, an extremely popular product for managing email. Rahul describes himself as a Computer Scientist, Gamer, Entrepreneur, and Designer. You’ll see quickly why it’s the intersection of these areas that sets Superhuman apart. We discuss why emotion matters when building products, and how other entrepreneurs can learn from his experience. Please enjoy the very first episode of Founder’s Field Guide, and stay tuned in future weeks as we host leaders from Nike, Cisco, Twitch, and so many more…listen in as we explore the world of cannabis, baking (not that kind), manufacturing, hardware, software, and more. Let’s dive in.
This episode is brought to you by Microsoft for Startups . Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out.
This episode is also sponsored by Vanta . Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(3:56) – (First question) – His interest in game design and emotion in software creation
(5:15) – Key elements of game design
(6:23) – Toys in digital software creation
(8:48) – Finding success in boring software solutions
(11:19) – Getting confidence while building when there are no real customers
(14:08) – How they landed on their final product
(15:40) – The Superhuman Product/Market Fit Engine
(20:46) – Determining software price
(21:55) – Positioning Your Startup is Vital — Here’s How to Nail It
(23:09) – Positioning: The Battle for Your Mind
(24:13) – Monetizing Innovation: How Smart Companies Design the Product Around the Price
(26:36) – First big break for the business
(29:04) – How technology companies actually grow
(32:15) – Branding a software
(33:57) – How he evaluates a company brand as an investor
(36:07) – Questions to ask founders when considering an investment
(37:35) – How the distribution of Superhuman worked so well
(41:25) – Most common question asked by VC’s about Superhuman
(43:00) – Why they do manual onboarding of customers
(43:05) – Daniel Ek Podcast Episode
(45:10) – Cost structure of a busines looking to reach the billion-dollar valuation
(47:18) – Designing for flow in software business
(51:21) – His design philosophy and their joy formula
(58:03) – His superpower
(1:00:46) – The power of therapy
(1:02:50) – Why he invests in other companies
(1:05:05) – Trends in the technology space that have him excited
(1:07:28) – The future for Superhuman
(1:10:26) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
September 29, 2020
Modest Proposal – Better, Cheaper, Faster: Why Companies that Reduce Friction Win – [Invest Like the Best, EP.193]
Before getting to this week’s guest, an announcement: starting Thursday we will be introducing a new series of interviews. Be sure to check this same podcast feed in two days to learn more.
My guest this week goes by the pseudonym Modest Proposal. He’s both a close friend, and one of the most respected thinkers on financial twitter. I field more inbound questions about him than just about anyone, and you’ll see why in this episode. We discuss many of the biggest themes in today’s stock market, from consumer to technology to marketplace and local home services. As always, Modest brings specific insight and general frameworks to the discussion. I talk to him as often as I can because I learn something new every time, and this discussion was no exception. Please enjoy my conversation with Modest Proposal.
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:37) – (First question) – How investing is about underwriting the future
(5:42) – Essential tools to underwrite the future
(7:59) – Michael Mauboussin base rate book
(9:02) – Increasing returns to scale as the most important tool
(11:36) – Example of silly investments
(14:00) – Ideas of consumer signal and non-linear beahvior
(16:30) – Why he was blown away by ibuyer.com
(19:08) – How businesses are targeting facilitating transactions
(23:11) – Ecommerce and digital penetration in business
(25:42) – Gavin Baker podcast episode
(26:00) – Modest proposal last podcast appearance
(27:56) – His thoughts on the extinction of so many businesses as a result of the pandemic
(32:26) – Chart tracking Product to service against homogeneous to heterogenous
(33:41) – The Perfect Store: Inside eBay
(33:49) – eBoys: The First Inside Account of Venture Capitalists at Work
(43:51) – Other features of business that fascinate him
(46:29) – Ideas that pique his interest right now
(51:20) – Case study: IAC/InterActiveCorp
(59:36) – Barry Diller’s superpowers
(1:01:17) – Why he’s spent so much time exploring IAC/InterActiveCorp
(1:02:56) – Related companies to explore
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
September 22, 2020
Lauren Taylor Wolfe – The Modern Activist Toolkit – [Invest Like the Best, EP.192]
My guest this week is Lauren Taylor Wolfe. Lauren is the co-founder and Managing Partner of Impactive Capital. Prior to founding Impactive she spent 10 years at Blue Harbour Group, a $3 billion activist investment firm. Our conversation is on the modernization of the activist investor playbook—how investors engage with companies to make them better and improve long term outcomes. We discuss the entire activist toolkit, focuses on what has changed the most in recent years.
I’m also very excited to announce a new initiative. After years of building, operating, and investing in software, we are launching Positive Sum, a new early stage equity investing firm. You can read a bit more at positivesumadvisors.com. Now, please enjoy my conversation with Lauren Taylor Wolfe.
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:31) – (First question) – Her background and how she landed at Impactive Capital
(6:25) – Impactive’s strategy vs the stereotype of the activist investor
(10:55) – Potential candidates for what they do
(13:26) – How they view the small cap tech world as the space is dominated by huge companies
(15:24) – How capital allocation has evolved over her career
(15:30) – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
(17:38) – Best capital allocation strategies and mistakes that most companies make
(18:48) – The levers activists pull: cap structure; capital allocation and operating structure
(22:00) – Major lessons from earlier in her career
(23:25) – Major changes in Governance as part of the ESG strategy
(26:13) – The issue of dual-class in the space
(27:35) – Features of a pristine healthy board
(28:40) – Board’s role setting incentives and objectives for management
(29:55) – How she thinks about the E&S in ESG and how it helps shareholders
(32:56) – Applying her strategy in a real-world example
(37:40) – What they look for in a business when it comes to sum of the parts
(40:29) – Businesses that are misunderstood and what she looks for in that category
(41:39) – How she manages relationships with the boards
(45:11) – What she has learned transitioning business models
(47:08) – The rise of employee activism
(50:02) – What she’s seeing in terms of diversity and inclusion in board rooms and C-Suites
(53:32) – Best practices and ways to disrupt hiring
(57:48) – Something she doesn’t understand well today that she wishes she did
(58:59) – Kindest thing anyone has done for her
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
September 15, 2020
Rory Sutherland – Moonshots and Marketing – [Invest Like the Best, EP.191]
My guest today is Rory Sutherland. Rory is the Vice Chairman of Ogilvy & Mather Group, which is one of the largest and most renowned advertising agencies in the world. He’s also the author of one of my favorite recent books called Alchemy: The surprising power of ideas that don’t make sense. In this conversation, we explore many of his counterintuitive ideas about business. Rory makes you think as much as anyone, so I hope you enjoy this conversation.
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:12) – (First question) – Why spreadsheets and logic kill magic
(5:42) – What a product/service is vs how it’s delivered and makes people feel (regular moonshot vs psychological moonshot)
(13:22) – Psychological anomalies – doing things faster, better, cheaper (Red Bull vs Coke)
(19:54) – Swiss army knife that companies should avoid
(22:50) – Don’t design for average
(24:39) – How do people approach improving their business through marketing
(27:30) – Case for direct mail
(29:22) – Turning your weaknesses into a strength
(34:29) – The seven deadly sins and how useful they are as guideposts
(37:38) – Most powerful sin for marketing
(39:14) – Reaching intelligent answers from dumb questions
(43:25) – Why the opposite of a good idea can sometimes be a good idea
(47:30) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
September 8, 2020
Michael Seibel – Lessons from Thousands of Startups – [Invest Like the Best, EP.190]
My guest this week is Michael Seibel. Michael is a Partner at Y Combinator, and the CEO of YC’s startup accelerator. He was the cofounder and CEO Justin.tv, which eventually became Twitch, and Socialcam. In this conversation, we discuss all Michael has learned reviewing thousands of applications to YC, interviewing countless new entrepreneurs, and watch young companies begin to grow and, occasionally, find product market fit. Listeners will also enjoy when Michael traps me big time in my thinking about AirBnb and his framework for great problems to solve. Enjoy this great conversation with Michael Seibel
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:22) – (First question) – Emerging trends among founders
(6:00) – The long-term impact of Covid on business
(7:16) – What an application to YC looks like and what stands out for him
(11:46) – What he wants to learn in the interviews
(13:54) – Poise in the interviews
(15:40) – How the YC experience has evolved and improvements they’ve made
(18:38) – How he defines technology
(18:50) – Every Company is Becoming a Software Company
(21:12) – His thoughts on non-software companies and how they play into what YC does
(23:48) – Why frequency and intensity of the problem matter to him
(28:32) – Serving the supplier and building the demand
(30:38) – Bravery in founders
(36:07) – Partnerships and collaboration in venture capital investing
(37:58) – Second time founders focus on distribution
(39:23) – Coaching the psychological component of being a founder
(44:16) – Learning as a founder vs the education system
(46:08) – Customer vs investor focus of founders’ mindset
(48:16) – How teams know they are really onto something
(52:38) – His being a founder trainable or innate
(54:08) – Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
September 1, 2020
Michael Mauboussin – Great Migration Public to Private Equity – [Invest Like the Best, EP.189]
My guest this week is Michael Mauboussin, the head of consilient research at Counterpoint Global. Michael is an all-time favorite guest here on the show, and this is his fourth appearance. We discuss one of the biggest topics in the world of investing: the shift from public to private markets that has taken place over the last several decades. We explore the reasons for this shift, the biggest overall changes in capital markets, and what the future may hold. Along the way we explore other fascinating topics like the rise of intangible asset investments, employee-based compensation as a form of financing, and more. If you enjoy this conversation I urge you to read Michael’s paper on the topic which will be linked in the shownotes. Please enjoy this conversation with Michael Mauboussin.
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick .
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(2:27) – (First question) – Motivation for writing the book from public to private equity
(2:28) – Public to Private Equity in the US: A Long-Term Look
(3:02) – The Incredible Shrinking Universe of Stocks
(4:48) – Size of the public vs private markets
(7:20) – History and changes in the public to private markets
(12:00) – Public market vs venture capital returns
(16:48) – Persistence of returns
(20:01) – Role of price and EBIDTA on the returns of a buyout
(23:31) – How buyout forms are sourcing the debt
(29:31) – Transition to businesses relying on intangibles
(29:42) – Capitalism without Capital: The Rise of the Intangible Economy
(30:13) – Endogenous Technological Change
(34:18) – Explaining the Recent Failure of Value Investing
(36:21) – Superstar firms and increasing returns
(42:38) – Role on monopolies in creating network effects
(4:52) – The allocators perspective in these investments
(49:16) – How does this all impact public market active management
(51:54) – Advice to young people getting into the investment industry
(52:30) – Jeremy Grantham Podcast Episode
(53:30) – Other areas he is researching/looking into
(55:44) – How investment work and Santa Fe research influence eachother
(56:54) – Investors to learn from
(57:15) – John Collison Podcast Episode
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
August 25, 2020
Chetan Puttagunta and Jeremiah Lowin – Open Source Crash Course – [Invest Like the Best, EP.188]
My guests this week are Jeremiah Lowin and Chetan Puttagunta. Jeremiah is the founder of Prefect.io, an open-source software company where my family and I are investors, and Chetan is a partner at Benchmark Capital. Both are past guests and good friends. I asked them on to help the audience understand the open source software business model. I’ve been fascinated with this model in which companies give a huge chunk of their work and value away for free to a community of developers, and then make money by building additional tools, functionality, and services on top of their free and open platform. While this may strike you as a wonky discussion on a niche software topic, I think it is valuable for everyone because the ideas can be applied to more than just code. I view much of my own activity as open-sourcing investment research and knowledge. It is also important because much of the world’s technology is built on top of open source projects. I hope you learn something new about this emerging category. Please enjoy.
This episode of Invest Like The Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis.
If you’re a professional equity investor and haven’t talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick .
Show Notes
(2:40) – (First question) – Originator business in open source software; Redhat
(5:51) – Why open source is valuable in building a business
(7:40) – Examples of the benefits of open source projects
(10:27) – Open source business models that produce the best results
(17:04) – Defensibility of open source companies
(25:02) – Mentoring younger founders on using open-source
(30:54) – The benefits of launching open-source
(36:41) – Building a digital community
(41:31) – Lessons from Open Source that can be applied to other businesses
(50:04) – The opportunity sets available in the open source space
(53:33) – Future of open source
(56:31) – Tobi Lutke Podcast Episode
