Sunday, November 4, 2018

Today we have someone looking into factors in private markets, a great lesson on network effects, Elton Brand’s rapid rise to becoming the Philadelphia 76ers General Manager, and how to use deliberate practice to become an expert.

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  • ***Must Listen*** Invest Like The Best: Ryan Caldbeck — Quant in Private Markets. Caldeck is the CEO of Circle Up, a company that is focused on using a system called Helio to identify attractive investments in early-stage consumer brands. His team has created one of, if not the biggest dataset on private companies and his insight on predictive factors in the private markets is fascinating. He and his team have boiled down the factors into three main buckets: distribution, brand intensity, and product uniqueness. Some interesting tidbits he’s discovered include having more words on packaging and companies tweeting “send us a direct message” both indicate poor future performance. He’s also learned, as in public markets (listen to this old episode by AQR called Face The Factors), the more factors that can be combined, the better the probability of future performance. They then finish the conversation with his company’s process, thoughts on VC and private equity, and why he thinks there’s a bubble in tech investing. [October 30, 2018–1 hour, 9 minutes] iTunes Podcast| Spotify | Overcast | Stitcher | Website Link
  • Masters in Business: Jim Millstein on the Fed and AIG’s Restructuring. Millstein was the chief restructuring officer at the U.S. Treasury from 2009–2011, overseeing in the department’s investment in and oversight of the financial sector following the 2008 financial crisis. The episode offers great insight into Millstein’s role and views on how the financial crisis played out. It doesn’t seem like there are many people who had a better view into what happened, and he is very open about the events- bailouts, restructuring, and bankruptcies. [October 28, 2018–1 hour, 21 minutes] iTunes Podcast | Overcast | Stitcher | Website Link
  • This Week in Startups: E868: Calm Co-founder Alex Tew. This episode features Calacanis interviewing Calm co-founder Alex Tew. They talk about Tew’s first endevour: The Million Dollar Homepage, an old idea where Tew sold 1 million pixels to advertisers for $1 each. Then they discuss starting Calm, the different initiatives he and his team have started, why he thinks this is so important now with the rise of social media and it’s negative effects, and the obstacles he’s faced since founding the company. [October 25, 2018–45 minutes] iTunes Podcast| Spotify | Overcast | Stitcher | Website Link
  • This Week in Startups: E869: James Currier, NFX: Network Effects. This episode is two parts: I suggest starting at the 42 minute mark to hear James Currier, who is a Managing Partner at NFX, an early-state VC firm focused on companies who have network effects. This is the most informative talk I’ve heard on network effects. He does a great job of explaining the multiple types of network effects and providing examples of companies that have benefitting from them. Regardless of what your profession is, you can definitely learn a lot from listening to this 30 minute speech. [October 29, 2018–1 hour, 12 minutes] iTunes Podcast| Spotify | Overcast | Stitcher | Website Link
  • Goldman Sachs: LIBOR’s Long Goodbye. This is a niche episode and I only suggest if you’re interest in the markets upcoming shift away from LIBOR. The episode discusses what’s behind the change, how the likely U.S. replacement (SOFR) differs from LIBOR, and what the barriers to implementation are. [October 29, 2018–25 minutes] iTunes Podcast| Spotify | Overcast | Stitcher | Website Link


The Rest

  • Without Fail: Nina Jacobson: How to Make a Hit in Hollywood. Jacobson is a Hollywood film executive and the person behind hit movies like Pirates of the Carribean, The Hunger Games and Crazy Rich Asians. And with all her success, the most interesting part of the episode is hearing her discuss her “failure resume” which includes harsh firings and movie flops. [October 21, 2018–47 minutes] iTunes Podcast| Overcast | Stitcher | Website Link

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