Elad Gil – How to Identify Interesting Markets - [Invest Like the Best, EP.101]

Invest Like the Best with Patrick O'Shaughnessy

Colossus

Technology, Business, Investing

4.7 • 2.5K Ratings

🗓️ 28 August 2018

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest this week has a fascinating background. He has a PhD in biology but has split his time as both an investor and an operator. As an investor, he’s involved in companies like Airbnb, Coinbase, Instacart, Opendoor, Stripe, Square, and Pinterest—not too shabby. As an operator, he helped both Google and Twitter scale their businesses, in the case of Twitter from 100 employees to 1500 over two years. He’s just written a book about these experiences called the High Growth Handbook. Our talk centered on what makes for a good investment and more specifically how Elad identifies an interesting market. Operators and early stage investors will find lots of nuggets in this fun conversation. Please enjoy. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes 1:31 - (First Question) – Process for evaluating a young business 2:43 – Andy Rachleff Podcast Episode 3:09 – Data factors for evaluating a business 5:08 – Reference checks 6:42 – Advice for companies that are reliant on product cyclicality 7:01 – Where to Go After Product-Market Fit: An Interview with Marc Andreessen 7:31 – High Growth Handbook 9:30 - Lessons learned from marketing and growing companies 12:09 – How do you hire the best people to improve your distribution 13:16 – How does he think about lifetime customer value vs customer acquisition cost 15:57 – Should companies just focus on the high margin power users 16:35 – Best ways to organize a company hierarchy 19:16 – His interest and background in the area of longevity research 21:52 – Changes he has made in his own life as a result of this longevity research 22:56 – Most effective use of a CEO’s time 24:58 – How he evaluates or identifies interesting markets for potential businesses 28:03 – Any markets that fit his criteria that are underappreciated by investors 30:02 – Worst practices for businesses 32:19 – Kindest thing anyone has done for him 33:20 – What would be the topic of his next book 34:40 – Biggest lessons he’s learned about markets Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

Transcript

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0:00.0	Hello and welcome everyone, I'm Patrick O'Shaughnessy and this is Invest Like The Best.
0:08.6	This show is an open-ended exploration of markets, ideas, methods, stories, and of strategies
0:13.9	that will help you better invest both your time and your money.
0:17.2	You can learn more and stay up to date at InvestorFieldGuide.com.
0:24.6	Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management.
0:28.5	All opinions expressed by Patrick and podcast guests are solely their own opinions and do
0:32.9	not reflect the opinion of O'Shaughnessy Asset Management.
0:36.3	This podcast is for informational purposes only and should not be relied upon as a basis
0:40.6	for investment decisions.
0:42.4	Clients of O'Shaughnessy Asset Management may maintain positions and the securities discussed
0:46.2	in this podcast.
0:49.6	I guess this week is a fascinating background.
0:51.6	He's a PhD in biology but has split his time as both an investor and an operator.
0:56.6	As an investor he's involved in companies like Airbnb, Coinbase, Instacart, Open Door,
1:01.1	Stripes, Square, and Pinterest.
1:02.8	Not too shabby.
1:03.8	As an operator he helped both Google and Twitter scale their businesses, in the case of Twitter
1:07.8	from 100 employees to over 1500 in a two-year span.
1:11.7	He's just written a book about these experiences called the High Growth Handbook, which is
1:15.1	larger the topic of our conversation.
1:17.4	Our talk is centered on what makes for a good investment and even more specifically how
1:21.0	elad identifies an interesting market.
	...

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