David Senra - In Service of Founders - [Invest Like the Best, EP.343]

My guest today is Sameer Shariff, co-founder and CEO of Cambly. After starting his career at Google, Sameer founded Cambly in 2013 as an on-demand service to learn English. At the touch of a button, Cambly connects its global user base into a 1-on-1 conversation with an English speaker.   During our conversation, we cover the origin story of the business, what Sameer views as the core functions of the two-sided marketplace, and how the team approached scaling a product that was international from day one. Once you hear Sameer talk, you quickly realize the size of Cambly’s market opportunity and why it may have been easy to overlook this problem. I hope you enjoy this great conversation with Sameer Shariff.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by SnackMagic. SnackMagic is the only 100% customizable snack and swag service that allows recipients to build their own snack stash. Whether you want to thank your global team, need goodie bags for your upcoming hybrid event or want to stock your office pantry, the menu of over 1,000 types of snacks and sips covers just about every preference. To learn more and get 10% off your first order with code Patrick at snackmagic.com/patrick.   -----   This episode is brought to you by Vanta. Vanta has built software that makes it easier to get and maintain your SOC 2, HIPAA or ISO 27001 reports at a fraction of the typical cost. Founder’s Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick.    -----   Founder's Field Guide is a property of Colossus, Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:05] - [First question] - What led him to the original concept of Cambly [00:05:21] - Beginning to learn the scope of the problem and what solving it unlocked  [00:07:58] - What Cambly is and how they started tackling the problem  [00:09:15] - Lessons learned about the challenges of building an alive marketplace  [00:11:41] - Technical challenges and the enabling technologies that allowed it to happen  [00:12:59] - Deciding on what to focus on first when it comes to students  [00:15:24] - Figuring out the formula for unit economics and the pricing structure [00:17:02] - Learning what doesn’t work in their business model [00:18:07] - Setting up quality control measures and moderation [00:21:01] - Tools and services that will improve their experience in the future [00:23:18] - What the 11-star version of Cambly would look like in a decade [00:26:56] - Ways in which their software and concept could be applied elsewhere [00:28:30] - Setting themselves up for success and fine-tuning the matchmaking component [00:30:37] - Driving users to the platform and audience building strategies [00:33:46] - Making the platform feel native to each country it serves [00:35:59] - Surprising lessons learned around distribution and market penetration [00:37:13] - The biggest boss battles faced as a business [00:40:17] - Advice he would give to founders in a similar situation  [00:41:32] - How he’s personally changed the most across this journey [00:43:32] - Ways he’s shifted to a state of letting go and trusting his team more [00:45:14] - Lessons learned from studying Airbnb [00:47:22] - The kindest thing anyone has ever done for him

12 Elo 202155min

My guest today is Sridhar Ramaswamy, co-founder and CEO of Neeva and Venture Partner at Greylock. After a 15-year career building Google’s ad business, Sridhar launched Neeva as an ad-free search engine with a focus on personalization and privacy. During our conversation, we dive into the early days of search and what led to Google’s dominance. Sridhar shares his view on the potential end state for ad-based search engines, and how all of his experiences led him to found Neeva. Beyond a great deep dive into the origins of search, this discussion is filled with great lessons about data-driven decisions, the value of partnerships, and balancing revenue opportunities against user experience. I hope you enjoy my conversation with Sridhar Ramaswamy.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ------   This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.   ------   This episode is brought to you by Eight Sleep. Eight Sleep's new Pod Pro Cover is the easiest and fastest way to sleep at your perfect temperature. Simply add the Pod Pro Cover to your current mattress and start sleeping as cool as 55°F or as hot as 110°F. To embrace the future of sleep and get $150 off your new mattress go to eightsleep.com/patrick or use code "Patrick".   ------   Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:39] - [First question] - Major chapters of the history of search engine technology  [00:09:21] - The early days of the page rank revenue model prior to ads  [00:16:27] - Reputation and quality and how they were applied in Google’s early days [00:21:10] - Driving variables of Google’s ad model that will drive their business going forward [00:26:48] - Lessons learned about the importance of partnerships while at Google [00:33:26] - What is Neeva and what motivated him to start it in the first place [00:39:11] - Variables in building an ad-free search engine that can compete with Google [00:44:57] - Thoughts on tracking and privacy in the tech world today writ large [00:50:09] - Lessons he’s learned about pricing when it comes to software [00:52:58] - Figuring out finding customers when your addressable market is everyone  [00:56:20] - What he’s learned about leadership over the course of his career writ large [00:58:05] - What he’s learned about identifying candidates and winning them over when it comes to recruiting new talent [01:00:27] - His philosophy on product development in general [01:02:19] - Framing problems in a way that allows you to reach milestones as you build  [01:04:43] - His biggest professional mistake and what he learned from it [01:06:08] - The kindest thing that anyone has ever done for him [01:07:49] - What Bill Campbell brings to mind when he thinks about him

10 Elo 20211h 18min

My guest today is Ernie Garcia, co-founder and CEO of online used car platform, Carvana. Ernie launched Carvana in 2012, and less than a decade later, the business commands a $60 billion valuation while selling a used car every other minute.   Our conversation covered a lot of ground. We discussed effective decision-making, what it means to be a long-term thinker, and what Ernie sees as the defining features of attractive markets. We then went deep on Carvana itself, covering the original insight, logistics operations, and counter-intuitive decisions Carvana took as they set about building the brand. I think you’ll find Ernie’s insights and energy infectious. I hope you enjoy this great conversation with Carvana CEO, Ernie Garcia.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. -----   This episode is brought to you by SnackMagic. SnackMagic is the only 100% customizable snack and swag service that allows recipients to build their own snack stash. Whether you want to thank your global team, need goodie bags for your upcoming hybrid event or want to stock your office pantry, the menu of over 1,000 types of snacks and sips covers just about every preference. To learn more and get 10% off your first order with code Patrick at snackmagic.com/patrick.   -----   This episode is brought to you by Vanta. Vanta has built software that makes it easier to get and maintain your SOC 2, HIPAA or ISO 27001 reports at a fraction of the typical cost. Founder’s Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick.    -----   Founder's Field Guide is a property of Colossus, Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:10] - [First question] - Defining average decision quality and he weaves it into his business [00:05:40] - How he would assess average decision quality in another company [00:07:04] - What company culture means to him and building it at Carvana [00:08:45] - Key features of a market that is desirable to step into as an entrepreneur [00:10:06] - Various levels of complexity faced in automotive retail [00:13:51] - Reality Has A Surprising Amount Of Detail; The genesis idea that led to Carvana [00:17:52] - Critically new things delivered to customers when buying a used car [00:20:43] - Dealership unit economics vs logistics platform economics and what drives gross profit per unit [00:24:47] - What is an IRC center, the hub and spoke model, and the skeleton of Carvana [00:28:44] - The size and scope of one of their fulfillment centers and cost savings involved [00:30:29] - How the spoke component works and ways it will be improved over time [00:32:39] - Defining what being a long term thinker means to him [00:35:50] - The story behind the Carvana car vending machine [00:39:49] - His thinking on the dual-layer nature of customer experience and communication [00:41:59] - Mistakes and failures made while learning to become good communicators [00:44:21] - Great companies get a lot done very fast [00:48:56] - Infrastructure set in place to maintain their pace as they scale  [00:51:50] - The embedded formula used for teams to communicate what they want to do [00:52:50] - What it felt like as a leader going through the pandemic [00:58:24] - Whether or not COVID-19 has permanently impacted the consumer landscape [01:00:03] - Businesses, leaders, and things he’s studied that others could learn from [01:01:55] - Surprising new things arising in the automotive and transport industries [01:05:23] - The kindest thing anyone has ever done for him

5 Elo 20211h 15min

My guest today is Karen Karniol-Tambour, Partner and Co-CIO for Sustainability at Bridgewater Associates. You will quickly understand why Ray Dalio described Karen as a “vacuum cleaner of learning” - our conversation covered a variety of market themes, and Karen goes deep on each of them. We touch on inflation, monetary policy, currencies, retail investors, ESG, and how each of these levers has become more important for investors to understand. Karen has a rare skill for making complex ideas seem simple, and I love the frameworks she uses to deconstruct big, important issues. She does such a good job of explaining what’s changed, why it matters, and what to do about it. I hope you enjoy my great conversation with Karen Karniol-Tambour.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ------ Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:39] - [First question] - How Bridgewater invests and the experiences that led her there [00:06:47] - What working with Daniel Kahneman felt like and learning his perspective [00:08:09] - An example of holding herself to accumulating and stress testing data [00:10:17] - Important variables to consider when seeking returns in large-scale bets [00:14:18] - What we should be thinking about in terms of inflation as we look to the future [00:20:07] - How she thinks about inflation and how she defines it [00:22:57] - Relevant asset classes that can protect or help diversify against inflation [00:26:14] - What still largely confuses her about inflation and its many facets [00:28:05] - Her philosophy and model for understanding the system of currency [00:33:21] - How investors should think about the US dollar  [00:35:50] - Whether or not owning an unhedged global equity index gives you currency exposure [00:37:07] - The fundamental nature of equity markets and household balance sheets [00:41:37] - Ways the growing wave of retail investors will impact prices and returns  [00:43:53] - How she’s evolved her valuation approach given our new investor landscape [00:45:43] - The good and bad roles ESG might play for investors going forward [00:50:36] - Potential concerns around the growing trend of ESG writ large [00:53:51] - Thoughts on the 60/40 portfolio and whether or not it’s still worth using [00:55:32] - Designing a default diversified portfolio in light of markets today [00:57:45] - Aspects of the global market economy today people should be talking about more [01:01:15] - Ways she investigates a new topic and how it has evolved over time [01:04:14] - Variables that matter in investment teams and company cultures [01:06:53] - How she would approach cryptocurrency and what’s interesting about them [01:09:08] - A rosey and gloomy take of what the world could look like in a decade [01:12:37] - The kindest thing that anyone has ever done for her

3 Elo 20211h 20min

My guest today is Sebastian Mejia, co-founder and president of Rappi. Founded in Bogota, Colombia in 2015, Rappi set out to create an on-demand convenience store and has expanded into nine countries and over 200 cities. In our conversation, Sebastian and I discuss what differentiates Rappi from US-based delivery apps, how the company evolved early by understanding their customers’ behavior, and how the business balances growth vs. unit economics. I loved hearing Sebastian’s views of the value of brands in an increasingly app-based world, the importance of being hyper-local for any delivery-based business, and how fungibility is a key characteristic of any rewards program. I hope you enjoy this great conversation with Sebastian Mejia.   Before we transition to the episode, I also wanted to highlight our newest series, Business Breakdowns. Each week, we do a deep dive into an individual business to understand what makes it tick. Find more information on joincolossus.com or search for and sign up to the Business Breakdowns feed on your preferred podcast player.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. -----   This episode is brought to you by Dell Technologies. When you call a Dell Technologies Advisor, they’re focused on you - ready to give advice on everything from laptops to the cloud to keep your small business ready for what’s next. Call an advisor today at 877 ASK DELL, and do more with modern devices and Windows 10 Pro.   -----   This episode is brought to you by Versett. Versett designs, builds, and scales digital platforms for some of the world's most ambitious companies. If you require a high-performance team to tackle a hard or ambiguous problem, then Versett is the firm to call. To check them out, visit versett.com/patrick.    -----   Founder's Field Guide is a property of Colossus, Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:54] - [First question] - What the Rappi is their current scale and user base  [00:05:30] - The early-stage problems they encountered when building their platform  [00:08:43] - Building the initial network dynamics and unit economics of couriers   [00:12:35] - Solving the data collection and integration needed to power Rappi  [00:15:22] - Defining what local means  and the difference between units and zones [00:17:33] - Other active companies that offer a similar service   [00:18:27] - Thoughts on making money in such a diversified supply chain [00:22:57] - The moment they realized they were starting to feel scale effects for the first time [00:25:11] - Questions they’re asking themselves as they continue to grow [00:28:20] - Streaming consumer goods and how they’ll change consumer behavior [00:31:45] - Impacts on brands Rappi might have with larger user adoption [00:34:34] - Unique attributes and opportunities in Latin American markets today [00:38:45] - Observations of early investors and questions investors as him often [00:40:17] - The value unlock of having a subscription model akin to Amazon prime [00:44:47] - How crypto and blockchain technology might benefit Rappi users [00:47:16] - His perspective on crypto in Latin America today compared to the US  [00:48:09] - Their work in financial services [00:47:30] - Possible reasons why Rappi might not succeed in the future [00:50:30] - The kindest thing anyone has ever done for him

29 Heinä 202157min

Today’s conversation is one of my all-time favorites, with someone I’ve come to respect deeply in the field of investing. My guest is Carl Kawaja, who has served as a portfolio manager at Capital Group for decades. Capital Group is among the most respected shareholders in the world, with over $2T of assets, and listening to Carl, you’ll hear why.   In our conversation, we cover Carl’s criteria for building conviction around long-term holdings, why he views uncertainty and ambiguity as healthy, and why tolerating failure is key to great investing career. Throughout our discussion, Carl connects his lessons through a variety of direct experiences, personal analogies, and broader frameworks. I love his ability to talk in the weeds about his investments in Vale and TSMC and then quickly shift to his broader thematic views like “The Empire Strikes Back.” I hope you enjoy this great conversation with Carl Kawaja.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ------   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.   ------   This episode is brought to you by Eight Sleep. Eight Sleep's new Pod Pro Cover is the easiest and fastest way to sleep at your perfect temperature. Simply add the Pod Pro Cover to your current mattress and start sleeping as cool as 55°F or as hot as 110°F. To embrace the future of sleep and get $150 off your new mattress go to eightsleep.com/patrick or use code "Patrick".   ------   Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:38] - [First question] - The two companies he has owned the longest and what they’ve taught him as an investor  [00:16:37] - Discussing his investment style through the lens of simplicity   [00:24:35] - A time where he worked to try and create a simplified equation but couldn’t  [00:30:59] - Discussing his investment style through the lens of echolocation and ambiguity  [00:36:03] - Thoughts on whether buying well or holding well is more difficult [00:40:40] - Capital Group’s history and his river-rafting analogy in regards to the company [00:47:48] - What he means by “The Empire Strikes Back” and relevant market themes [00:54:50] - A brief summary of “The Empire Strikes Back” [00:58:42] - Common reasons that he may have gotten something really wrong  [01:03:34] - Impressions made on him by the poet Rilke [01:09:00] - The work of Brunello Cucinelli and the nature of quality  [01:13:08] - Advice for new investors who want to step into the field and set themselves up for success [01:13:54] - The Visual Display of Quantitative Information  [01:17:39] - What he’s learned about kindness [01:19:54] - The kindest thing that anyone has ever done for him

27 Heinä 20211h 29min

My guest today is Stewart Butterfield, founder and CEO of Slack. Stewart’s 2014 essay “Why We Don’t Sell Saddles Here” had a massive impact on my own business journey, which made this discussion extra special. During our conversation, we discuss the concept of owner’s delusion, how to frame the boundaries between product and market, and the challenge of changing people’s mental models and behavior when introducing innovative products. I hope you enjoy my conversation with Stewart.   Before we transition to the episode, I also wanted to highlight our newest series Business Breakdowns. Each week, we do a deep dive into an individual business to understand what makes it tick. For more information go to joincolossus.com or search for and sign up to the Business Breakdowns feed on your preferred podcast player.   For the full show notes, transcript, and links to mentioned content, check out the episode page here. -----   Founder's Field Guide is a property of Colossus, Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:02:51] - [First question] - Discussing his essay We Don’t Sell Saddles Here   [00:06:19] - Important contrast between innovation and the product [00:06:46] - Who Do You Want Your Customers to Become?  [00:08:07] - His thoughts on marketing from both ends and how he’s gotten better at it [00:10:45] - What across Slack’s history has been the most successful market messaging creation strategy [00:13:43] - The 5K contest and how it taught him about the design unlock of limitations [00:17:44] - How limitations and constraints can power and incentivize innovation  [00:21:21] - Why both of his attempts to build videogames ended up as consumer software [00:27:55] - Whether or not there is still white space in digital communication software [00:30:15] - The dynamic between effective communication and building communication tools [00:34:02] - A future of digital-first companies and what that might look like [00:40:15] - Leadership and Self-Deception and what self-deception means to him [00:43:39] - Examples of self-deception he underwent that he was able to learn from [00:46:59] - Mastery and its importance in the world of business [00:48:59] - Why hippies and APIs may have a tighter correlation than we think  [00:54:01] - Whether or not technology is fundamentally amoral  [00:56:10] - Interesting and open questions about the future that remain unanswered  [00:58:33] - His current creative outlets that he engages with the most  [00:59:24] - Yahoo Resignation Letter and why he wrote it the way he did [01:00:31] - Lessons for investors and builders that he’s learned from building Slack [01:03:07] - The kindest thing that anyone has ever done for him  [01:04:27] - Why a philosophy primer would be beneficial for virtually everyone

22 Heinä 20211h 8min

My guest today is Steve Mandel, founder of Lone Pine Capital, one of the most successful hedge fund and investment firms of this generation. In our conversation, we discuss how the investing business has evolved since Steve’s start in the 1980s, why it’s so difficult to drive alpha by shorting stocks today versus 20 years ago, and why Steve still loves to get into the guts of a business. Steve shares his lessons through a variety of great stories, which made this such a fun experience. Please enjoy my conversation with Steve Mandel.   Before we transition to my interview with Steve, I’d also like to highlight the newest Colossus show, Business Breakdowns. If you like Steve’s idea of getting into the guts of a business, this is the show for you. Please find a list of our episodes at joincolossus.com and subscribe to Business Breakdowns on your preferred podcast player.   I hope you enjoy my conversation with Steve Mandel.    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ------   Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:36] - [First question] - His first encounter with Walmart [00:05:51] - What about Sam Walton made him worth idolizing  [00:08:14] - The juxtaposition of business to management quality [00:10:57] - Why a career in retail influenced the lens he sees the investing world through [00:11:23] - What bad company culture in retail looks like [00:12:33] - Aspects of Walmart’s culture that could be applied to other companies [00:13:54] - Defining the core essence of retail company culture [00:15:02] - How long it used to take for a stock to properly reflect new information [00:16:40] - The nature of edge and what it looked like back then [00:21:09] - Investing behind change and assessing trends [00:23:06] - Scars and stories from just how vicious short markets can be [00:26:32] - Thoughts on building an enduring firm and how it’s evolved over time  [00:32:14] - The process and decision to remove himself from the day-to-day operations [00:33:55] - Lessons learned over time about what separates good from bad analysts [00:34:42] - Where to start looking when getting into the guts of a business [00:36:31] - What is most exciting when you’re inside the guts   [00:39:19] - Interesting aspects about payments today writ large [00:42:15] - Broad trends around change in consumer trends  [00:43:02] - How he views software businesses looking forward as an investor [00:45:14] - Great managers and their emphasis on analyzing their competitive advantage [00:48:02] - Ways that pace as a variable has changed in importance [00:49:27] - What he thinks we’ll look back on as silly in how markets currently operate [00:50:33] - Whether or not all markets becoming 24/7 will be a good thing [00:51:59] - Big iconic business stories that newcomers should study [00:56:06] - Whether or not business building is an art form [00:57:38] - Key levers that typically always matter for a business [00:59:53] - Other major aspects of the world that are important to consider [01:01:13] - How his personal motivations morphed over the years and what has changed [01:02:55] - Valuable lessons learned about the inputs and outputs of education [01:04:15] - Advice for would-be future investment analysts [01:05:46] - The kindest thing anyone has ever done for him

20 Heinä 20211h 11min