IKEA may be the most singular company we’ve ever studied on Acquired. They’re a globally scaled, $50B annual revenue company with no direct competitors — yet have only ~5% market share. They’re one of the largest retailers in the world — yet sell only their own products. They generate a few billion in free cash flow every year — yet have no shareholders. And oh yeah, they also sell hot dogs cheaper than Costco! (Sort of.) Tune in for an episode flat-packed with counterintuitive lessons about how this folksy mail order business from the Swedish countryside came into your living rooms (and bedrooms and dining rooms and kitchens and bathrooms and patios and garages and backyards) all over the globe! SPONSORS: Many thanks to our fantastic Fall ‘24 Season partners: __ __ LINKS: __ __ CARVE OUTS: __ __ MORE ACQUIRED: __ __

3h 22m

Nov 18

Meta is a company everyone knows (literally, everyone). But, somehow, it’s also a company that few people feel they actually understand. Their products are used by more humans than any other’s in history — almost half of the entire world’s population daily. But… what is Meta? Why do they do what they do? do they do what they do? Ask ten people and you’ll likely get ten very different sets of answers. Today, we dive deeper than we’ve ever gone trying to find Acquired’s answers to those questions. And after months of research and 6+ hours of incredible stories about how they (and really “they” being Mark himself) bet it all time and time again in the face of overwhelming odds, we arrive at our answers. Facebook, Instagram, WhatsApp, Threads, AI, Oculus, Orion, it’s all here. Tune in for one of the greatest corporate stories of all time: Meta, a Mark Zuckerberg Production. SPONSORS: Many thanks to our fantastic Fall ‘24 Season partners: __ __ LINKS: __ __ CARVE OUTS: __ __ MORE ACQUIRED: __ __

6h 22m

Oct 28

Here it is: the complete video of the most unbelievable night of Acquired’s nine-year life… our sold out live show at the Chase Center in San Francisco. We joked during the months (months!) of preparation leading up to this event that it was like planning a wedding for 6,000 Acquired fans, and the guest list included Jamie Dimon, Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg… no pressure! But thanks to our amazing partnership with J.P. Morgan Payments, together we were able to make something incredible. Tune in and enjoy the celebration! SPONSORS: Many thanks to our fantastic Fall ‘24 Season partners: __ __ LINKS: __ __ MORE ACQUIRED: __ __

2h 26m

Sep 30

Mark is iconic founder CEO of our time. At Chase Center on September 10, 2024, he did an unprecedented thing: a live conversation in front of 6,000 people on Meta’s company strategy, sharing stories from early Facebook history, and his thoughts on the future of AI, VR, and AR. Mark was remarkably candid in our discussion, and gave us a window into his real and intense daily demeanor leading Meta. (And his other life endeavors!) We can't wait to release the video of the whole night, including our surprise conversations with Daniel Ek, Emily Chang, and cameo appearances from Jensen Huang and Mike Taylor (the incredible singer of “Who Got the Truth?”). That’s coming in a couple weeks, but for now: enjoy this conversation with Mark Zuckerberg. SPONSORS: Many thanks to our fantastic Fall ‘24 Season partners: __ __ LINKS: __ __ MORE ACQUIRED: __ __

1h 27m

Sep 18

Summer greetings from Acquired! Two items for this “mini-episode”: __ __ CARVE OUTS: __ __ MORE ACQUIRED: __ __

21m

Aug 08

In 1999, Microsoft became the most valuable company in the world. And in 2019, Microsoft became the most valuable company in the world, . But… what happened in the twenty years in between? The answer, as we discovered in our research, is probably not what you think. In this episode we explore and analyze the browser wars and the DOJ case, Windows XP through 8, Surface, Xbox, search, Yahoo!, Bing, the iPhone, Nokia, mobile, social, Facebook… and oh yeah, a little thing called Azure and the enterprise — which ended up becoming so big that no failures mattered. Tune in for Microsoft, Volume II. CHASE CENTER LIVE SHOW IN SF: __ __ SPONSORS: Many thanks to our fantastic Season 14 partners: __ __ LINKS: __ __ CARVE OUTS: __ __ MORE ACQUIRED: __ __

4h 51m

Jul 22

Starbucks. You’d be hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :) But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide. Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy. SPONSORS: Many thanks to our fantastic Season 14 partners: __ __ THE BIGGEST THING WE’VE EVER DONE: __ __ LINKS: __ __ MORE ACQUIRED: __ __ ** Future capabilities of biometric payments are under development; features and timelines are subject to change at the bank’s sole discretion.*

3h 15m

Jun 04

Microsoft. After nearly a decade of Acquired episodes, we are finally ready to tackle the most valuable company ever created. The company that put a computer on every desk and in every home. The company that invented the software business model. The company that so thoroughly and completely dominated every conceivable competitor that the United States government intervened and kneecapped it… yet it’s STILL the most valuable company in the world today. This episode tells the story of Microsoft in its heyday, the PC Era. We cover its rise from a teenage dream to the most powerful business and technology force in history — the 20-year period from 1975 to 1995 that took Bill and Paul from the Lakeside high school computer room to launching Windows 95 alongside Jay Leno and the Rolling Stones. From BASIC to DOS, Windows, Office, Intel, IBM, Xerox PARC, Apple, Steve Jobs, Steve Ballmer… it’s all here, and it’s all amazing. Tune in and enjoy… Microsoft. SPONSORS: Many thanks to our fantastic Season 14 partners: __ __ LINKS: __ __ CARVE OUTS: __ __ MORE ACQUIRED: __ __

4h 23m

Apr 22

Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an “investor”, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists — scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen. And boy does it work: RenTec’s alchemic colossus has posted annual returns in the firm’s flagship Medallion Fund of 68% gross and 40% net over the past 34 years, . (For those keeping track at home, $1,000 invested in Medallion in 1988 would have compounded to $46.5B today… if you’d been allowed to keep it in.) Tune in for an incredible story of the small group of rebel mathematicians who didn’t just beat the market, but in the words of author Greg Zuckerman “solved it.” SPONSORS: Many thanks to our fantastic Season 14 partners: __ __ LINKS: __ __ CARVE OUTS: __ __ MORE ACQUIRED: __ __

3h 10m

Mar 18

In luxury, there’s Hermès… and there’s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès: __ __ And yet everyone knows who they are and what they represent. But, despite all their iconoclasm, this is not a company that’s stood still for six generations. Unbeknownst to most, Hermès has completely reinvented itself at least three times in its 187-year history. Including most recently (and most dramatically) by the family’s current leaders, who responded to LVMH and Bernard Arnault’s 2010 takeover attempt by pursuing a radical strategy — scaling hand craftsmanship. And in the process they turned the company from a sleepy, ~$10B family enterprise into a $200B market cap European giant. Tune in for one incredible story! SPONSORS: Many thanks to our fantastic Season 14 partners: __ __ LINKS: __ __ __ CARVE OUTS: __ __ MORE ACQUIRED: __ __

4h 10m

Feb 20

Last year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe’s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn’t know much about Novo Nordisk before diving in, our first thought was, “wow, seems like these new diabetes and obesity drugs mean serious trouble for big insulin companies.” And then… we realized that Novo Nordisk IS the big insulin company. And in a story befitting of Steve Jobs and Apple, they’d just disrupted themselves with the drug equivalent of an iPhone moment. Once we dug further, we quickly realized this company has it all: an incredible 100+ year history filled with Nobel Prizes, bitter personal rivalries, board room dramas, a generation-defining silicon valley innovation, lone voices persevering against all odds — and oh yeah, the world’s largest charitable foundation at its helm. Tune in for one incredible story! SPONSORS: Many thanks to our fantastic Season 14 partners: __ __ MORE ACQUIRED: __ __ LINKS: __ __ CARVE OUTS: __ __

3h 44m

Jan 22

Ben has some big news. Actually, double big news! On what has become a holiday tradition here at Acquired, we cozy up to the fire to do our annual review of the show “in public”. We reflect on what can only be described as an absolutely mind-blowing 2023 (LVMH! Jensen! Costco! Charlie! Half a million plus listeners!) and look ahead to some big things cooking for 2024. Plus as always, we wrap with extended carve outs (joined this year by some surprise guests) for anyone still shopping for those holiday perfect gifts. Huge thank you to everyone for making 2023 an amazing year again here in Acquired-land, and cheers to even greater things to come in 2023! SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ Your product growth powered by Statsig https://bit.ly/statsigacquired (and listen to our ACQ2 interview with CEO Chase Lochmiller https://bit.ly/CrusoeACQ2) Scalable, clean and low-cost cloud AI compute from Crusoe https://bit.ly/acquiredcrusoe (and listen to our ACQ2 interview with CEO Vijaye Raji https://bit.ly/StatsigACQ2) Mark Leonard https://bit.ly/BlinkistMark and David Senra’s https://bit.ly/BlinkistSenra holiday book recommendations on Blinkist, plus our favorite books on Ben & David’s Bookshelf https://bit.ly/BlinkistBookshelf __ MORE ACQUIRED!: __ Get email updates https://www.acquired.fm/email with hints on next episode and follow-ups from recent episodes __ LINKS / EXTENDED CARVE OUTS! __ The Eureka Theory of Everything is Wrong https://www.theatlantic.com/magazine/archive/2023/01/science-technology-vaccine-invention-history/672227/ by Derek Thompson __

2h 25m

Dec 18, 2023

To paraphrase Visa founder Dee Hock, how many of you know Visa? Great, all of you. Now, how many of you know how it started? Or, for that matter, started it? Who runs and governs it? Where is it headquartered? What’s its business model? For the 11th largest market cap company in the world, Visa’s history and strategy is almost shockingly unknown. A huge portion of the world’s population uses their products on a daily basis (you might say Visa is… everywhere people want to be), but very few know the amazing story behind how that came to be. Or why Visa continues to be one of the most incredible and incredibly durable business franchises of all-time. (50%+ net income margins!! On $30B of revenue!) Today we do our part to change that. Tune in for one heck of a journey. SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ Free access to our episode research on Blinkist https://bit.ly/blinkistvisa plus our favorite books on Ben & David’s Bookshelf https://bit.ly/BlinkistBookshelf Scalable, clean and low-cost cloud AI compute from Crusoe https://bit.ly/acquiredcrusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller https://bit.ly/CrusoeACQ2) __ MORE ACQUIRED!: __ Get email updates https://www.acquired.fm/email with hints on next episode and follow-ups from recent episodes __ LINKS: __ Get your BankAmericard MasterCard today! https://www.bankofamerica.com/credit-cards/products/bankamericard-credit-card/ (!?) __ CARVE OUTS: __ __

3h 42m

Nov 27, 2023

We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We’re so glad that we got the opportunity to record and share this with you all — break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger. SPONSOR: __ __ MORE ACQUIRED!: __ Get email updates https://www.acquired.fm/email with hints on next episode and follow-ups from recent episodes Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more ACQ Merch Store https://www.acquired.fm/store! __

1h 6m

Oct 30, 2023

We finally sit down with the man himself: Nvidia Cofounder & CEO Jensen Huang. After three parts and seven+ hours of covering the company, we thought we knew everything but — unsurprisingly — Jensen knows more. A couple teasers: we learned that the company’s initial motivation to enter the datacenter business came from perhaps not where you’d think, and the roots of Nvidia’s platform strategy stretch back beyond CUDA all the way to the origin of the company. We also got a peek into Jensen’s mindset and calculus behind “betting the company” multiple times, and his surprising feelings about whether he’d go on the founder journey again if he could rewind time. We can’t think of any better way to tie a bow on our Nvidia series (for now). Tune in! SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ Scalable, clean and low-cost cloud AI compute from Crusoe https://bit.ly/acquiredcrusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller https://bit.ly/CrusoeACQ2) Free access to Jensen’s favorite business books on Blinkist https://bit.ly/BlinkistJensen, plus our favorites on Ben & David’s Bookshelf https://bit.ly/BlinkistBookshelf __ MORE ACQUIRED!: __ Get email updates https://www.acquired.fm/email with hints on next episode and follow-ups from recent episodes Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more ACQ hats are back in stock in the ACQ Merch Store https://www.acquired.fm/store! __

1h 29m

Oct 16, 2023

It’s a(nother) new era for Nvidia. We thought we’d closed the Acquired book on Nvidia back in April 2022. The story was all wrapped up: Jensen & crew had set out on an amazing journey to accelerate the world’s computing workloads. Along the way they’d discovered a wondrous opportunity (machine learning powered social media feed recommendations). They forged incredible Power in the CUDA platform, and used it to triumph over seemingly insurmountable adversity — the stock market penalty-box. But, it turned out that was only the precursor to an even wilder journey. Over the past 18 months Nvidia has weathered one of the steepest stock crashes in history ($500B+ market cap wiped away peak-to-trough!). And, it has of course also experienced an even more fantastical rise — becoming the platform that’s powering the emergence of perhaps a new form of intelligence itself… and in the process becoming a trillion-dollar company. Today we tell another chapter in the amazing Nvidia saga: the dawn of the AI era. Tune in! SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ Scalable, clean and low-cost cloud AI compute from Crusoe https://bit.ly/acquiredcrusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller https://bit.ly/CrusoeACQ2) Free access to our episode research on Blinkist https://bit.ly/BlinkistNvidia plus our favorite books on Ben & David’s Bookshelf https://bit.ly/BlinkistBookshelf __ MORE ACQUIRED!: __ Get email updates https://www.acquired.fm/email with hints on next episode and follow-ups from recent episodes Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more __ LINKS: __ __ CARVE OUTS: __ __

2h 53m

Sep 06, 2023

Costco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals — yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco’s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world’s most iconic — and iconically unique — companies. SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ Free access to our episode research on Blinkist https://bit.ly/BlinkistCostco plus our favorite books on Ben & David’s Bookshelf https://bit.ly/BlinkistBookshelf Scalable, clean and low-cost cloud AI compute from Crusoe https://bit.ly/acquiredcrusoe (and listen to our recent ACQ2 interview with CEO Chase Lochmiller https://bit.ly/CrusoeACQ2) __ MORE ACQUIRED!: __ Get email updates https://www.acquired.fm/email with hints on next episode and follow-ups from recent episodes Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more __ LINKS: __ __ CARVE OUTS: __ __

3h 1m

Aug 21, 2023

Nike — it’s perhaps the most iconic and most prolific brand of the modern era. On any given day, swooshes adorn the feet of more people on earth than any other footwear company — by a long shot. If you read Shoe Dog or watched Air, you may think you know its history. But Shoe Dog ends in 1980, and Air… well let’s just say it’s an enjoyable piece of fiction. And it turns out (as always) that the real story is filled with far more drama, twists and business lessons than either of those works. We’ve been wanting to cover Nike for a long time, and thanks to our LPs who voted to choose this episode it’s finally here. So lace up your Vaporflys, Air Maxes, Dunks or Jordans (or your Monarchs, hey we don’t judge), head out for a long run or walk and enjoy! SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ All of your product growth powered by Statsig https://bit.ly/statsigacquired__ __ __ MORE ACQUIRED!: __ Get email updates https://www.acquired.fm/email (+ hints on the next episode topic) Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more __ LINKS: __ __ CARVE OUTS: __ Marc Andreessen on Lex Fridman https://lexfridman.com/marc-andreessen/ and on Ben Thompson https://stratechery.com/2023/an-interview-with-marc-andreessen-about-ai-and-how-you-change-the-world/ __

4h 2m

Jul 25, 2023

Nobody’s perfect — including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it’s packed with enough juicy family drama and creeping takeovers to fill a Netflix series. Yet, behind it all lies perhaps the darkest origin story we’ve ever told on Acquired. Not only was Porsche was started by Nazis, Adolf Hitler himself was deeply involved in its early fortunes. And, following WWII, the Allies simply looked past these facts and essentially bestowed a license to generate wealth on Porsche and its owners — setting the stage for them to become one of the top ~15 wealthiest families in the world today. Joining us to explore it all is perhaps the very most-qualified person in the person in the world: the one & only Doug DeMuro. Not only is Doug the largest independent car reviewer on YouTube with millions of subscribers (we’re HUGE fans), he previously worked at Porsche corporate and owns a legendary Porsche Carrera GT — which served as the recording backdrop for this episode. Make sure you tune in to watch the video version! :) ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ …in touch with Tiny! https://bit.ly/acquiredtiny (just tell them Ben & David sent you) __ LINKS: __ Doug’s YouTube channel https://www.youtube.com/channel/UCsqjHFMB_JYTaEnf_vmTNqg (which we HIGHLY recommend) __ CARVE OUTS: __ __

3h 22m

Jun 27, 2023

Uber CEO Dara Khosrowshahi dropped by the Acquired studio for an Eats delivery, so we broke out the cameras and asked him to hang out for a wide-ranging conversation. :) We talk about his 20 years working with Barry Diller, starting his career at Allen & Company, how the Uber CEO search process ACTUALLY went down… and oh yeah, the massive transformation that’s happened at Uber over the past few years. When Dara took over the company it was bleeding huge sums of cash, losing share to competitors and embroiled in one of the biggest corporate controversies in recent memory. Fast forward to today and it’s turned cashflow positive while also having tripled revenue to over $30B (on $120B in GMV) and solidified its rideshare dominance in the US. And in perhaps the biggest change, it’s done it all while staying out of the headlines. Tune in! ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ __ LINKS __ __

1h 37m

Jun 13, 2023

Today we bring you two absolutely incredible stories. The first is Lockheed’s legendary Skunk Works division — the elite team of aviation geniuses who produced some of the greatest airplanes in history: the U-2, the Stealth Fighter, and the incomparable SR-71 Blackbird. The second story is arguably even more important, but not widely known! It's the secret and true origins of Silicon Valley — and Lockheed’s primary role in it. We take you from WWII to the Cold War, all the way to today to unpack and analyze the industry dynamics of defense contractors in the modern era. Tune in and prepare to be blown away by what you’ll learn about the history of our industry! ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ …in touch with Tiny! https://bit.ly/acquiredtiny (just tell them Ben & David sent you) __ LINKS: __ __ CARVE OUTS: __ EGO Lawn Tools https://egopowerplus.com/power-blowers/?gad=1&gclid=Cj0KCQjwjryjBhD0ARIsAMLvnF_te03nXGYJnmGkklzqFMCy5MUSn6tmCzHz1Zj0rup-s2UtUAlESv4aAmjEEALw_wcB&gclsrc=aw.ds (just in time for Fathers’ Day!) __

3h 38m

May 30, 2023

We sit down with Spotify CEO Daniel Ek live in Stockholm at Spotify’s amazing HQ studio (check out the video version of this episode — which plays natively on Spotify!). This was an incredibly special and timely conversation: for those who haven’t been paying attention over the past few years, after revolutionizing music Spotify has now ALSO completely transformed our own industry in podcasting. Starting from way behind with ~zero market share in 2018, Spotify has now aggregated the listener market and amazingly surpassed Apple as the world’s largest podcast platform — including close to home with the Acquired audience, where it has 60%+ market share among you all! We discuss the origins of this “second act” strategy with Daniel, the vision to move from a music company to an audio company, and what’s coming next with Spotify’s entry into Audiobooks. And of course we relive some key moments from the Acquired canon that Daniel was involved in, including his pivotal conversations with Taylor Swift and her team convincing her to come back to streaming following the release of 1984. Tune in! ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ __ LINKS __ __

1h 37m

May 18, 2023

We sit down Benchmark’s legendary gaming investors Mitch Lasky and Blake Robbins (now also of the excellent Gamecraft podcast fame) to discuss the history and future of gaming business models. This episode is the perfect bookend to our Nintendo/Sega gaming series this season on Acquired — no one is more qualified than Mitch and Blake to breakdown how the business side of the industry has evolved so radically from the Periscope quarter-drop days to the forever games and platform based publishers of today. Regardless if you’re a gamer, understanding the incredible innovation that’s taken place over the past two decades in gaming and what it portends for other industries is critical for any founder and investor to understand. Tune in! ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ __ LINKS __ Mitch https://twitter.com/mitchlasky?lang=en and Blake https://twitter.com/blakeir on Twitter That Game Company https://thatgamecompany.com and Sky https://thatgamecompany.com/sky/ __

2h 15m

Apr 26, 2023

Sega and the Genesis was THE underdog story of the early 90’s. In a single console generation, Sega went from ~zero to 50% US market share and dethroned Nintendo’s seemingly invincible global monopoly. But — somehow — it all then died. Two console generations later Sega was out of the hardware game entirely, and the company was sold off for pieces to a pachinko manufacturer. How on earth did this happen?? Today we’re launching Acquired Shorts in order to tell this story and others like it: side tales from the “Acquired Cinematic Universe” that are too brief for a full episode, but too good to leave in the vault. We’d love to hear your thoughts on the format (and this episode). Please send us your feedback in Slack http://acquired.fm/slack, email https://www.acquired.fm/feedback or Twitter http://www.twitter.com/acquiredfm! ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ __ LINKS: __ __ CARVE OUTS: __ __

1h 4m

Apr 18, 2023

In the 1980’s Nintendo was on top of the world, with the NES achieving over 90% market share of home video games globally. So how did they fall ALL the way down to ~10% in just a few short console generations? And how did they then build themselves back up (and down and up again) to the top of the world again? Spoiler: it all hinged on one very small, yet very large and durable platform… the Game Boy. Fire up your favorite portable entertainment device and tune in for the epic story of Nintendo’s fall from grace and journey back to the top — capped off by our robust discussion of where they go from here, and whether this 130+ year old company may still (!) be misunderstood and mis-valued. ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ …in touch with Tiny! https://bit.ly/acquiredtiny (just tell them Ben & David sent you) __ LINKS: __ __ CARVE OUTS: __ Kara Swisher in Vanity Fair https://www.vanityfair.com/news/2023/03/kara-swisher-podcasts (and our old episode with her! https://www.acquired.fm/episodes/season-3-episode-4recode-with-kara-swisher) Hardcore History https://www.dancarlin.com (finally!) __

3h 17m

Apr 11, 2023

7 Powers author Hamilton Helmer and his Strategy Capital colleague Chenyi Shi join us again to discuss their latest research on a topic that’s highly relevant to the recent Acquired canon: how to build a second business line. This incredibly important “transforming” question faces every great company who has achieved initial product success (as well as their investors). Do we continue solely along the established path, or do we attempt to grow new branches on the tree? Some companies grow new businesses with tremendous success — Amazon and AWS, Nintendo and video games, Nvidia and CUDA — yet many others fail miserably. For the first time Hamilton and Chenyi share their research-based playbook on how companies should approach this decision and choose wisely. Tune in! ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ __

1h 28m

Apr 04, 2023

ACQ Sessions returns with David Senra of the Founders Podcast. David is one of our very favorite people in the world — it’s impossible to spend an hour (or 3!) with him and not come away inspired to go take over the world. This conversation is an “extended, IRL version” of monthly calls that we do together where we share stories, swap life and podcast advice, and just genuinely enjoy sharing time with someone who shares our outlook and enthusiasm for the history of entrepreneurship. Pull up a chair, grab a beverage (or energy drink in David’s case) and join us! ACQ2 SHOW + LP PROGRAM: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ __ LINKS: __ Go subscribe to Founders! https://pod.link/founders Some of our favorite episodes: Bernard Arnault https://pod.link/founders/episode/820a5119b72b76b210df24e7a4a8e1bf, Brunello Cucinelli https://pod.link/founders/episode/41a47a7535026098511ae2c16ff22804, Edwin Land https://pod.link/founders/episode/b5637cb4b83ff459da8d05d804cf636f, Kobe Bryant https://pod.link/founders/episode/bda7f5dbc148b894f7ba4ad494e45460 __ Topics: __ __

3h 18m

Mar 29, 2023

You may think you know the Nintendo story: a plumber named Mario, a princess named Zelda… and didn’t they buy the Seattle Mariners at some point? We thought we knew it too. And then we started researching and were blown away. The lovable Disney-like Nintendo that we know today is a 130 year-old a playing card company (i.e. gambling), forged in the shadowy world of the Yakuza and shaped by a four-generation cycle of bitter family betrayal. And its unlikely transformation into a global multi-billion dollar media monopoly was led by an iron-fisted patriarch who — amazingly — never played a video game in his life! Get ready for one of our favorite stories Acquired has ever told — we couldn’t make this one up if we tried. ACQ2 SHOW + LP PROGRAM: __ __ SPONSORS: Thanks to our fantastic partners, any member of the Acquired community can now get: __ __ LINKS: __ __ CARVE OUTS: __ __

3h 27m

Mar 16, 2023

You may think you know the Nintendo story: a plumber named Mario, a princess named Zelda… and didn’t they buy the Seattle Mariners at some point? We thought we knew it too. And then we started researching and were blown away. The lovable Disney-like Nintendo that we know today is a 130 year-old a playing card company (i.e. gambling), forged in the shadowy world of the Yakuza and shaped by a four-generation cycle of bitter family betrayal. And its unlikely transformation into a global multi-billion dollar media monopoly was led by an iron-fisted patriarch who — amazingly — never played a video game in his life! Get ready for one of our favorite stories Acquired has ever told — we couldn’t make this one up if we tried! ACQ2 Show + LP Program: __ Become an LP https://acquired.fm/lp and support the show. Help us pick episodes, Zoom calls and more. __ Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: __ …in touch with Tiny! https://bit.ly/acquiredtiny (just tell them Ben & David sent you)  __ Links: __ __ Carve Outs: __ Michael Lewis on Tim Ferriss https://tim.blog/2020/05/01/michael-lewis/ and on CSPAN https://www.youtube.com/watch?v=prW1KNJ8EtY __

3h 27m

Mar 16, 2023

We tell the full history of LVMH, and how Bernard Arnault turned a $15m investment in a bankrupt French textile company into the world’s largest individual fortune. It’s a story that’s equal parts Berkshire Hathaway, Steve Jobs and Barbarians at the Gate… and wholly under-appreciated for the genius business model innovations that enabled it. Whatever industry you operate or invest in, there’s so much to be learned from Bernard and LVMH’s complete reshaping of the luxury sector over the past three and a half decades. And oh yeah, it also involves Nazi spies, Italian family murders, Rupert Murdoch, Rihanna becoming a billionaire, Jay-Z’s champagne feuds and Beyoncé wearing a 128 carat diamond. Tune in. :)  Sponsors: Thanks to our fantastic partners, any member of the Acquired community can now get: __ __ Links: __ __ Carve Outs: __ __

3h 32m

Feb 21, 2023