Episodes

  • Mars Inc. (the chocolate story)

    Mars Inc. (the chocolate story)

    · Acquired

    M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield
 all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known!

    Sponsors:

    Many thanks to our fantastic Fall ‘24 Season partners:

    J.P. Morgan PaymentsCrusoeStatsig

    Links:

    Hershey’s M&M response: Hershey-etsOur past episodes on Berkshire Hathaway, LVMH, and Novo NordiskWorldly Partners Multi-Decade Mars StudyEpisode sources

    Carve Outs:

    Dandelion Chocolate and the Dandelion Advent CalendarTesla Model Y + repair serviceSiloHome Alone

    More Acquired:

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    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • IKEA

    IKEA

    · Acquired

    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:

    J.P. Morgan PaymentsStatsigCrusoe

    Links:

    Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us!The Testament of a Furniture DealerOur past episodes on Costco, Walmart, Amazon, LVMH and HermĂšsWorldly Partners Multi-Decade IKEA StudyEpisode sources

    Carve Outs:

    DetroitersThe 11-inch iPad ProThe QB SchoolIce Cube at the World Series

    More Acquired:

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    © Copyright 2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

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  • Meta

    Meta

    · Acquired

    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? How 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 and win 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:

    J.P. Morgan PaymentsStatsigCrusoeHuntress

    Links:

    Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us! https://acquired.fm/surveyOur past episodes on Instagram, WhatsApp, Oculus, Snapchat, the Snap IPO, TikTok, NVIDIA, Microsoft, and the Mark Zuckerberg InterviewWorldly Partners: Meta multi-decade studyEpisode sources

    Carve Outs:

    Ben Cohen’s piece on NotebookLMMr. McMahonThe Dwarkesh Podcast

    More Acquired:

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    © Copyright 2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Acquired LIVE from Chase Center (with Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg)

    Acquired LIVE from Chase Center (with Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg)

    · Acquired

    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:

    J.P. Morgan PaymentsStatsigCrusoe

    Links:

    Mike Taylor, the truly incomparable performer of Who Got the Truth?Mike Amiri (who designed Mark’s shirt)

    More Acquired:

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    Photo Credit: Mark Zuckerberg by Jeff Sainlar / Meta

    © Copyright 2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • The Mark Zuckerberg Interview

    The Mark Zuckerberg Interview

    · Acquired

    Mark is the 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 complete 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:

    J.P. Morgan PaymentsStatsigCrusoe

    Links:

    Mike Amiri (who designed Mark’s shirt!)

    More Acquired:

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    Photo Credit: Mark Zuckerberg by Jeff Sainlar / Meta

    © Copyright 2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Chase Center + Summer Update

    Chase Center + Summer Update

    · Acquired

    Summer greetings from Acquired! Two items for this “mini-episode”:

    Tickets are now available for our live show at Chase Center in San Francisco, with special guests including Mark Zuckerberg (!). The show is Tuesday, September 10th, with doors opening at 5 PM for an hour of mingling with other listeners before the show starts at 6 PM. Huge thank you to the J.P. Morgan Payments team for being our incredible partner in making this happen. Tickets are almost gone so make sure you grab one ASAP — you don’t want to miss this night! https://acquired.fm/sfWe also figured this is a good excuse to update you all on the state of Acquired — after an incredible first half of the year (including WSJ’s profile of the show) we are taking the rest of the summer off to recharge, parent our young children, and prepare for the big night in September. We hope you’re having a great summer, and we’ll see you live in the fall!

    Carve Outs:

    Thule Urban Glide 3Disney’s Aulani ResortMeller sunglassesQuarterback and Receiver on Netflix

    More Acquired:

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    © Copyright 2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Microsoft Volume II

    Microsoft Volume II

    · Acquired

    In 1999, Microsoft became the most valuable company in the world. And in 2019, Microsoft became the most valuable company in the world, again. 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:

    Sign up here to for the pre-sale list before tickets are available to the public. See you there!!

    Sponsors:

    Many thanks to our fantastic Season 14 partners:

    J.P. Morgan PaymentsServiceNowPilot

    Links:

    Bill Gurley on Android’s “Less Than Free” business modelAll episode sources

    Carve Outs:

    Meta Ray-BansOzlo SleepbudsM3 Macbook AirModel Y

    More Acquired:

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    Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license.

    © Copyright 2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Starbucks (with Howard Schultz)

    Starbucks (with Howard Schultz)

    · Acquired

    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:

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    The Biggest Thing We’ve Ever Done:

    San Francisco. September 10, 2024. Mark your calendars.

    Links:

    Howard’s letter “The Soul of a Brand”Worldly Partners’ multi-decade Starbucks analysisStarbucks S-1

    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC


    © Copyright 2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Microsoft Volume I

    Microsoft Volume I

    · Acquired

    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:

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    Links:

    Congress changing copyright law in 1980 to include “computer programs”Acquired “classic” on Microsoft’s 1987 acquisition of Forethought / PowerPointQuartr's charts on Microsoft's revenues, market cap, IBM comparison, and moreAll episode sources

    Carve Outs:

    LGRAndrĂ© 3000’s new album + GQ InterviewMeta Ray-BansVisual Designer Julia RundbergSummer Health

    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Renaissance Technologies

    Renaissance Technologies

    · Acquired

    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, while never once losing money. (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:

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    Links:

    The Man Who Solved the MarketThe QuantsBloomberg’s 2016 RenTec profileQuartr's visualization of RenTec's returnsAll episode sources

    Carve Outs:

    Modern Treasury’s Transfer Conference RegistrationThe New LookCole Haan x Acquired!Class of Palm Beach (and the Mini Kelly inside the Birkin!!)

    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • HermĂšs

    Hermès

    · Acquired

    In luxury, there’s Hermùs
 and there’s everyone else. Stewarded by one French family over six generations, Hermùs 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, Hermùs:

    Doesn’t increase supply to meet demand (hence the waitlists)Doesn’t loudly brand their products (IYKYK)Doesn’t do celebrity endorsements (stars buy their bags just like everyone else)Doesn’t even have a marketing department! (they barely advertise at all)

    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, Hermùs 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:

    ServiceNow: https://bit.ly/acqsnaiagents
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    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC

    Links:

    See our episode page for visuals!The saddle stitch (video)Inside the Saddlery at the FaubourgHermĂšs 2022 Annual ReportAxel Dumas InterviewAll episode sources

    Carve Outs:

    Anker GaN Prime 100W chargerMatterPerplexityThe Score Takes Care of Itself

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Novo Nordisk (Ozempic)

    Novo Nordisk (Ozempic)

    · Acquired

    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:

    ServiceNow: https://bit.ly/acqsnaiagents
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    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC


    Links:

    Chart: US Healthcare Spend by CategoryChart: US Distribution and Reimbursement System (for pharmaceutical drugs)Chart: Insulin Supply ChainYouTube Talk: What People Get Wrong about the Finances of the Drug IndustryAlex Telford: The pharma industry from Paul Janssen to today: why drugs got harder to develop and what we can do about itOut-of-Pocket Health: Obesity DrugsOut-of-Pocket Health: US Healthcare System ProblemsAll episode sources

    Carve Outs:

    Noxgear Tracer 2 running vestDrops of GodWool by Hugh HoweyMere Mortals at San Francisco BalletBlackberry

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Holiday Special 2023

    Holiday Special 2023

    · Acquired

    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:

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    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC


    Links / Extended Carve Outs!

    The Psychology of MoneyThe Artist’s WayTransitionsThinking, Fast and SlowZojirushi hot water heaterNike Pegasus Trail 4 GORE-TEXMillJune OvenSiloAliasWarby Parker Amari glassesHoka Ora recovery shoesAdobe Light RoomThe Eureka Theory of Everything is Wrong by Derek ThompsonThe Luxury StrategyCandideThe QB SchoolMNF ManningCastThe Eras TourUppababy VistaThe Joolz Aer PlusCocoAt Present

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Visa

    Visa

    · Acquired

    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 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:

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    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC


    Links:

    Burger King rolling out credit cards in 1993Get your BankAmericard MasterCard today! (!?)Episode sources

    Carve Outs:

    I Think You Should LeaveMistborn

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Charlie Munger

    Charlie Munger

    · Acquired

    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.

    A transcript is available here.

    Sponsor:

    Special thanks to Tiny for being the exclusive sponsor of this episode. You can get in touch with them here (just tell them Ben & David sent you), and order your very own bronze Charlie bust here.

    More Acquired!:

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    © Copyright 2023 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • NVIDIA CEO Jensen Huang

    NVIDIA CEO Jensen Huang

    · Acquired

    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:

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    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Nvidia Part III: The Dawn of the AI Era (2022-2023)

    Nvidia Part III: The Dawn of the AI Era (2022-2023)

    · Acquired

    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!

    Links:

    Asianometry on AI HardwareEpisode sources

    Carve Outs:

    AliasMoana

    Sponsors:

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    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC


    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Costco

    Costco

    · Acquired

    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.

    Links:

    The Science of HittingWarren Buffett’s Costco jokeEpisode sources

    Carve Outs:

    Tifosi sunglassesDwells “take off everything”Jeremy Giffon on Invest Like the BestDogpatchDavid Lidsky’s great piece on Acquired in Fast Company

    Sponsors:

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    More Acquired!:

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    © Copyright 2015-2024 ACQ, LLC


    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

  • Nike

    Nike

    · Acquired

    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!


    Links:

    Episode sources


    Carve Outs:

    Marc Andreessen on Lex Fridman and on Ben ThompsonSpeak Now (Taylor’s Version)

    Sponsors:

    ServiceNow: https://bit.ly/acqsnaiagents
    Huntress: https://bit.ly/acqhuntress
    Vanta: https://bit.ly/acquiredvanta

    More Acquired!:

    Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!

    © Copyright 2015-2024 ACQ, LLC


    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
  • Porsche (with Doug DeMuro)

    Porsche (with Doug DeMuro)

    · Acquired

    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! :)

    Sponsors:

    ServiceNow: https://bit.ly/acqsnaiagents
    Huntress: https://bit.ly/acqhuntress
    Vanta: https://bit.ly/acquiredvanta

    More Acquired!:

    Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!

    © Copyright 2015-2024 ACQ, LLC


    Links:

    Doug’s YouTube channel (which we HIGHLY recommend)Cars & BidsEpisode sources

    Carve Outs:

    ResortPassSeinfeld Cast Charlie Rose Interview CompilationWhistlinDiesel

    ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

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