10 Years of Acquired (with Michael Lewis)

Ben and David celebrate the 10-year anniversary of their podcast, "Acquired," recording in the historic Google garage. They reflect on their unique approach, which has garnered listener interest, and invite Michael Lewis to discuss insights from their decade-long journey. Their chemistry, rooted in a deep friendship formed at a Passover Seder and solidified through their work in venture capital, enhances their discussions. They acknowledge their different backgrounds—Ben's in software engineering and David's in French literature—contributing to their diverse perspectives.

The hosts discuss the evolution of their roles, with Ben focusing on storytelling and David on analysis. They emphasize their unconventional strategy of fewer episodes per year to maintain quality, drawing parallels to the NFL's event-driven model. Their initial focus on the NFL was shaped by confirmation bias, leading them to embrace a handcrafted approach in producing each episode. Their content has evolved to explore successful corporate acquisitions, leveraging their venture capital backgrounds.

Michael Lewis shares insights from his investment in Berkshire Hathaway, discussing Warren Buffett's unique market position and investment philosophy. He introduces the concept of a "too hard pile" in decision-making, illustrating how complex opportunities are often set aside. The hosts reflect on the distinct nature of podcasting compared to book writing, emphasizing the challenge of maintaining listener trust and the pressure to meet audience expectations.

They express a growing sense of terror regarding the current landscape, acknowledging that while it's beneficial to feel a bit on edge, repetitive content can become stale. Their goal is to create timeless content that remains relevant over the years, aiming for episodes that retain 80% relevance five years later. They focus on significant topics in tech and finance, driven by audience interest in the stories behind major companies.

The transition to making "Acquired" a full-time business occurred in 2020, with a commitment to collaboration. They faced a revenue drop after the FTX collapse, prompting a reevaluation of their approach. Audience feedback highlighted their storytelling strengths, leading them to embrace this aspect more fully. Their research methods evolved from basic to more engaging, incorporating improvisation and structured planning.

The hosts discuss the impact of new content on older works, noting that new releases often boost interest in previous episodes. They emphasize the importance of citing sources and maintaining an errata section to correct errors. Their research process involves extensive reading and numerous phone calls, with a focus on earnestness to encourage openness from interviewees.

They reflect on the enjoyment of learning during research and the decision to drop less engaging topics. The conversation touches on the role of big tech companies in exploratory research and the potential benefits of monopolies in funding basic research. They highlight the significance of reputation and long-term thinking, advocating for the creation of a respected brand over immediate profits.

The hosts discuss their unique background as venture capitalists, which differentiates their approach from traditional media practices. They explore the balance between expanding a business and maintaining a smaller, controlled operation, referencing advice about the risks of losing control during expansion. They emphasize the importance of founder control and the potential for growth within their ventures.

The conversation shifts to their capitalist approach, acknowledging that they sometimes make decisions driven by profit. They reflect on the history of Nintendo and their experiences as partial owners of the Rajasthan Royals in the Indian Premier League, underscoring the importance of passion in content creation. They conclude that pursuing topics they genuinely care about can attract an audience, even if initial performance is lacking.

The hosts express a desire to write a book about Jim Simons but recognize the challenges of doing so without insider knowledge. They discuss the evolution of startups and the significance of focusing on core competencies. The conversation highlights the role of technologies in societal progress and the necessity of "waste" and "fat" in driving innovation.

They introduce the concept of a "cornered resource," exemplified by Disney's ownership of Mickey Mouse, and discuss their production process, emphasizing the importance of flexibility and responsiveness. Trust emerges as a vital component in storytelling, with a focus on continuous learning while creating content. They aim for their episodes to impart knowledge to listeners, fostering engaging interactions.

The hosts reflect on their experience with live events, noting that while they attract a small percentage of the overall audience, they generate significant buzz. They discuss past episodes, particularly the Costco and Nike episodes, and share insights from meetings with industry leaders. The conversation concludes with a light-hearted farewell, thanking Michael Lewis for his participation and insights.