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 Sta…

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 int…

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 years simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès: Doesn’t increase supply…

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 lik…

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 thin…

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, who 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 unknow…

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-ye…

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…

Have you ever experienced the profound wisdom that often lives within the hearts and minds of children, especially those battling disabilities or illnesses? Today, we unravel this fascinating subject with real estate professional Leah Slokom, whose charitable endeavors have led her to enriching interactions with these courageous young souls. Togeth…

Welcome to another stimulating conversation, this time featuring the inspiring journey of real estate mogul, Al Stasik. With humble beginnings, Al has built an impressive portfolio and reputation, making his mark in the real estate world. His story, marked by courageous decisions and an unwavering desire to take risks, is a guiding light for anyone…

Get ready to illuminate your understanding of solar energy as we sit down with Mitch Fraker of Empowered Solar Solutions. You're going to gain an abundance of knowledge as Mitch shares his transition from marketing to sales, and how he took the entrepreneurial leap into creating his own sales organization in the thriving solar sector. Get a grip on…

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). Th…

Join me as we journey alongside the multi-faceted entrepreneur, Nick Robbins - a man who's swam in the gritty currents of the NFL, sailed the high-pressure waves of marketing, and is now charting new territories in real estate. Throughout the podcast, he sheds light on his fascinating expedition from the sports industry to the marketing world, and …

Join us as we navigate the compelling narrative of Michael Valdez, a man who knows a thing or two about growth in the real estate industry. As the Chief Growth Officer for EXP, he’s risen through the ranks from a Senior Vice President role at Rilogy and shares his unique perspective on the turbulent journey that led him here. His father's remarkabl…

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 p…

Ever felt stuck in a negativity whirlwind? What if you could harness the superpower of gratitude to shift your mindset and achieve success? Join us as we explore this transformative journey with real estate veteran Christine Newell, who's cultivated a positive mindset through 22 years of industry experience. Discover the power of a gratitude-filled…

Imagine having to dial phones for 8-10 hours a day just to meet ends meet. Our guest, Levi, shares his captivating journey from humble beginnings in sales to forging a successful career in real estate, with detours including a stint in the military and an 18-month deployment in Iraq. As someone who initially resisted the lure of real estate, he off…

We're diving into the deeply transformative journey of our guest, Grant Muller, an individual whose resilience and indomitable spirit shines through his story. From the struggles of fitting into American life as an immigrant child to battling alcoholism, workaholism and a life-threatening drug addiction that led him to homelessness, Grant's story i…

Ready to flip your perception of sales on its head? Join me and best-selling author Bob Berg as we crack open the secrets of successful selling, uncovering how a 'giving' mindset not only enriches your business relationships but also boosts your bottom line. You'll hear how Bob's 35-year journey teaching and practicing the principles of giving has …

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…

Join Alex Haigh of the Alex Haigh Group for an enriching conversation with the inspiring Adam Dow in this thought-provoking episode. They delve into the concept of achieving personal success by championing the success of others, underscoring the irreplaceable value of a team. Tune in to this enlightening discussion to understand how fostering a cul…

Dive into a fascinating conversation with Alex Haigh of the Alex Haigh Group as he interviews Emily Armstrong, a seasoned real estate Team Leader from Las Vegas. In this enlightening episode, Emily shares her journey of transforming experience into patience and unwavering focus, revealing the formula behind her success. Listen in to understand how …

This week, join host Alex Haigh of the Alex Haigh Group for a deeply engaging conversation with the inspiring Fred Sed. In this enlightening episode, Fred shares his unique approach to melding joy and peace with the drive to build a successful team and realize your dreams. Tune in to uncover Fred's wisdom on balancing personal fulfillment with prof…

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 hal…

Join host Alex Haigh of the Alex Haigh Group in this empowering episode as he sits down with Chris Stuart, the visionary director of PLACE. Together, they uncover the foundational elements of business growth and process optimization for Realtors through the transformative coaching strategies that PLACE offers. Tap into Chris Stuart’s expertise and …

Join host Alex Haigh of the Alex Haigh Group for an exhilarating conversation with the savvy Jason Baker in this information-packed episode. Delve into the world of prospecting and marketing as they reveal cutting-edge strategies for capturing leads and acquiring more clients in the real estate market. With Jason’s expert insights, you’ll be equipp…

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 transform…

Join host Alex Haigh of the Alex Haigh Group as he welcomes the legendary golf journalist Lorne Rubenstein to the show in this enthralling episode. Together, they explore the pages of Lorne's acclaimed book on Tiger Woods, dissecting the attributes and drive that cement Tiger’s place among golf's greatest. Don't miss this chance to gain insights in…

Join host Alex Haigh of the Alex Haigh Group as he candidly converses with the remarkable Cerissa Jornod in this captivating episode. They take you through the rollercoaster ride that is a Realtor's life, discussing the inevitable ups and downs and the essentiality of setting priorities and finding balance. Discover how Cerissa's insights can empow…

Join host Alex Haigh of the Alex Haigh Group for a riveting conversation with the renowned Debbie De Grote in this insightful episode. They discuss the game-changing role that exceptional coaching plays in unlocking an individual’s full potential within the real estate industry. Whether you’re a seasoned professional or just getting started in Sout…

Join host Alex Haigh of the Alex Haigh Group as he sits down with the dynamic Patrick Ferry in this eye-opening episode. Together, they delve into the art of prioritization, revealing actionable strategies for honing focus on the most impactful aspects in business and life. If you're looking to elevate your productivity and make meaningful strides,…

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 th…

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 comple…

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 h…

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 …

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 sma…

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 wel…

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 podc…

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 …

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. Whatev…

The NFL — it’s almost synonymous with America today. And its history is a fascinating lens to explore the nation’s development over the last 100 years, from WWII to TV and suburbs to the Internet and social media. What began as a quasi-illicit league in small midwestern towns is now the single largest media property in the world today by revenue. A…

Cozy up to the fire and join Acquired as we do our annual strategic review of the show and our business “in public”. We recap our perspectives on Acquired’s big moments from the past year, a bit of commentary on the current state of the tech ecosystem, and what lies ahead for us in 2023. Plus as always at the holidays, we do an extended carve out s…

Ben Thompson joins Acquired to discuss the business of Stratechery itself and celebrate 10 years (!) of the internet’s best strategy analysis destination. Even beyond Stratechery’s enormous impact itself on business and tech over the years, Ben’s work inspired a whole generation of business content creators — this show very much included — and it w…

The FTX fraud has dominated headlines now for weeks, during which we’ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001’s then-largest bankruptc…

Qualcomm, or “Quality Communications” — despite being one of the largest technology companies in the world, few people know the absolutely amazing technological and business history behind it. Seriously, this story is on par with Nvidia, TSMC and all the great semiconductor giants. Without this single fabless company based in San Diego, there’s alm…

We sit down with all five current Benchmark GPs for one of their legendary weekly dinners, during which we ask all of the unresolved burning questions from Part 1. How do THEY think about Benchmark v3? What are their day-to-day emotions trying to keep the equal partnership “bending toward greatness? Why is there no growth fund? What does it take to…

We kick off ACQ Sessions with the-behind-the-scenes story of All-in, from the world’s greatest moderator himself Jason Calacanis. ACQ Sessions is our new, occasional “MTV Unplugged” version of Acquired: a great IRL guest, a bottle (or two) of wine, and no script. We talk about everything you’d imagine we would over wine with JCal — All-In, bestie r…

Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this…

So, how DID an online book retailer end up building the infrastructure layer that powers the entire internet? (Or at least 39% of it, per latest market share data.) While many myths, legends, and some downright falsehoods exist, the real answer to that question deserves a full Acquired episode of its very own. So here it is: the story of Amazon Web…

We sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard’s all-time most popular memo, “Something of Value”, which made th…