Holiday Special 2022

How do I open again? Welcome. What is this show? What are we doing? Welcome to How I Built This. No, nothing against How I Built This, but that's not us. All right, let's start. Okay. Who got the truth? Is it you? Is it you? Is it you? Who got the truth now? Is it you? Is it you? Is it you? Sit me down, say it straight. Another story on the way. Who got the truth? Welcome to this special episode of Acquired, the podcast about great technology companies and the stories and playbooks behind them.

I'm Ben Gilbert, and I am the co-founder and managing director of Seattle-based Pioneer Square Labs and our venture fund, PSL Ventures. And I'm David Rosenthal, and I'm an angel investor based in San Francisco. But today, Ben, you are hosting me at your lovely home here in Seattle. Welcome to the studio. It's great to be here. And we are your hosts. Ho, ho, ho. Ho, ho, ho. Happy holidays. Happy holidays. Man, I don't know about you, but I'm ready to put a bow on 2022.

Well, we have much to talk about. Yep. Well, listeners, normally I have like a script, like a thing that I'm looking at in front of me to know what to say now. But I don't really on this one, other than to say, join the Slack. There are great people there, including probably you, if you're listening to this episode. We don't think this is an entry point for a lot of people into Acquired. We think this is probably, if you're a fan, you're going to listen to this, but I don't think this is going to be anyone's sort of first show.

So we're going to try and go a little, a little deeper and nerdier than normal. We've got a little agenda. We're going to recap 2022 for the show, for tech, for us. Talk a little bit about what's ahead in 2023. We've got some extra, extra fun carve outs. Indeed. All right, listeners. Now is a great time to talk about a new partner of ours here on Acquired, Lagora, the agentic operating system that is redefining how the world's best legal teams work.

Yep. It's sort of obvious that AI is going to completely change the legal industry. I bet most of you listening have dropped a contract into some sort of AI chat bot out there. Lagora took that insight and asked the question, what if you really built something with that power from the ground up for the legal industry? So the founders did exactly what great founders do, operate with obsessive customer focus. They embedded inside a massive law firm for months.

They sat with the lawyers just watching how the work really gets done. And that's how you get features that customers love, like tabular review, where you drop in a folder of hundreds of contracts and it pulls every key term into a grid a lawyer can actually work with. Lagora's bet here is interesting. Since it lets each lawyer handle more complexity, any given person can increase the quality of their work and do higher value work. And this means that the pie can grow even as each individual task takes less time.

And they recently launched Lagora Agent, offering greater intelligence and performance. The agent lets lawyers set an objective. Then it can handle the planning and the execution and delivery of the final product. Legal teams get to maintain full control and transparency since they're still involved where judgment is required. And Lagora works where you already work. You can use it within Microsoft Word while redlining or drafting. The early Lagora numbers essentially speak for themselves. When they have a head-to-head pilot with their top competitor, they win 70% of the time.

Lagora now has over 100,000 lawyers on the platform from 1,200 legal teams in 50 countries. And crazily, they went from 1 million to 100 million in ARR in about 18 months. Truly insane numbers. And that is the real test. Plenty of things demo well, but the question is whether a busy associate actually reaches for it during crunch time, or whether a partner trusts it before going into a conversation with a major client. If your legal team wants to check it out, whether you're a law firm or you're in-house at a company, you can learn more at lagora.com slash acquired and just tell them that Ben and David sent you.

With that, this is not investment advice. This is probably the episode of the year where we will come closest to things that might be interpreted as investment advice as we talk about things that we have liked and didn't like and predict the future and all that. So do your own research. All right, David, what are we starting with? All right. I think we got to recap 2022. Despite the craziness of the year of 2022 in the broader world tech markets economy, this is a pretty great year for the show.

I have down here my signature acquired episodes and favorite memories from the year. We started the year with Taylor Swift. Yes. Isn't that crazy that that was like January? That feels like three years ago. Well, we knew that at the end of the year, she was going to drop Midnight. It seemed appropriate that in the year where she was going to put on the concert and announce the tickets for the concert series with the most amazing in human history, that we should, of course, kick the year off with a Taylor episode, predicting the future as usual here on Acquired.

I think 2023, we might need to line her up for a follow-up. We should do an Acquired session with Taylor. Taylor, we'll come to you. We'll come to your studio. Or maybe the Long Pond. Yeah, Long Pond. Great. I was reflecting on this. It's pretty crazy that I think the announcement was that they had 900 stadiums worth of demand showing up to Ticketmaster.com. And there's 50 shows. I think it's something like 35 stadiums, but a lot of them have two nights.

Like there's two nights in Seattle here. And I'm sure not all 900 stadiums worth can be counted as like actual demand. Like I have to imagine when, you know, there's a U2 concert or something, there are 100 stadiums worth of demand for 50 shows or something like that. So clearly not necessarily all purchase intent or not all purchase intent at the available prices. But still, there was just no way to service the amount of demand. Like I actually don't know how you solve this problem.

Do you make all tickets $10,000 so that you actually find the correct price equilibrium for the demand? You know, kind of like we were talking about on our most recent episode with Ben Thompson and Stratechery. And he's like, the obvious thing that I should do is raise prices to maximize revenue. But then that's pretty quickly going to lead to limiting my reach and impact. I think Taylor cares a lot about her reach and impact. And she could probably make the most money on this tour by having $10,000 tickets exclusively and still fill all 50 stadiums.

I don't know what the price, maybe $2,000 tickets, you could do it. But if you're playing for a 50-year career, then you sort of have to like nurture the fan base over time and recognize that it's about the out years. Right. If she did, that would truly be a farewell tour because that would create so much... Right off into the sunset. ...so much negative reaction. Which of course would create even more demand if you knew it was her farewell tour.

This is making me think though, reflecting back on that episode 11 months ago, so I don't remember exactly everything we said, but I don't remember talking as much about the obvious point that this raises for me, which is Taylor is a rock star in the internet. She's probably like the first really, really big internet rock star. And the thing about the internet is the markets are bigger than you can ever imagine. The demand is larger than you can ever imagine.

Even in niche products, like for Stratechery or for Acquired, like these niches are bigger than you could ever imagine. Now think about a mainstream pop star. So the internet enables two things. It enables the niches to exist. So there's way more artists that can make a living today, I think, than if you think back to like the 60s or something where the labels would pick the 10 bands of the year and that's kind of it. But why is it that Taylor Swift is bigger than the Beatles?

Like would the Beatles have had this much demand too when the only promotion that existed was from the labels in a sort of like the labels pick the winners and then those are the winners world? Well, there's multiple things going on here. Like one is the disintermediation or at least the reduction of power of the middle men of the labels. Yep. And everything else in the middle of the value chain and like so much more of the value is now accruing directly to Taylor.

But that's not an argument for why there's so much more demand to see her live. I think there also is a lot more demand for Taylor than there was for the Beatles. Just because the internet having several ways to reach a customer means that the most popular artist in the world is going to have just way more distribution, period. Way more distribution, way more touch points. The labels. There's also so much less friction, right? As hard as it was in all the news about how hard it was to get tickets to these Taylor concerts, everybody knew when they were going on sale that it was happening.

Right. Through social media and the mainstream media amplifying that. And it was hard to secure a ticket but very easy to log on to Ticketmaster or maybe not that easy but compared to, I don't even know how you would have gotten a ticket to a Beatles show back in the day. I assume you have to like go to the stadium box office and line up that day that they're going on sale and you would only know when they're going on sale because of radio ads and print ads.

Maybe you read about it in the newspaper. This is a thing I was thinking about when I was caught up in the Friday night. Is it Friday night? Whatever it was that people were like, Twitter's going down. Like it's going to basically turn off tomorrow. And I like mentally knew this is a system that would degrade slowly and fade into irrelevance. Not it's going to turn off tomorrow. But putting myself in the headspace of Twitter doesn't exist soon.

I was like, how would I know if stuff is taking off? How will I know what the general consensus is around something? How will I know that the tenor has shifted and this thing is not interesting anymore and that thing is interesting? Would I start reading the New York Times many times a day and going deep into many of the sections? I'm certainly not going to log into Facebook. You can't really even get that same kind of experience or understanding from any kind of centralized publication.

Correct. And it's the centralization that makes it like less valuable. You'd never be able to like say, oh, nobody's talking about that. Because the New York Times is not a place where you go to find out if people are talking about something. It's a place where you get news. And so you'd literally have to like in person go to events and have a bunch of conversations to know what people are talking about. like, okay, Twitter doesn't exist tomorrow.

Where do you go to find out what people in the world are talking about right now? I think it's TikTok. Yeah, but I think it would be a much less efficient experience because it's all video. The number of new tidbits of information you can consume per minute in Twitter is high and reasonably low in TikTok. Yep. It's 10 to 20 versus 2 to 3. Yep. All right. Well, I don't know how we got from T-Swift to Twitter and TikTok.

It's a holiday special, dude. It's a holiday special, yeah. Formatless, except for the pretty robust format that you fleshed out here. Well, you know me, I can't not prepare for an episode, even a holiday special. Okay, next one on my list. Sony. Sony Corporation. Which I didn't think would be that interesting when we started doing it. It was your idea to do it, right? I know. It was, but I found myself being like, God, is this actually an interesting company?

I had wanted to read Made in Japan because I'd heard it was amazing. But as I looked back at like trademark acquired episodes, TSMC, the New York Times, like I just didn't think it would be one of those. And it very clearly, especially in the numbers, did become one of those. It has it all. I mean, it has the genius founder. It has the, probably the most adversity that we've ever talked about in any founding story in all of Acquired.

It's really hard to think offhand of a greater adversity that a company and founders have overcome than Japan in 1945. It also has so many chapters. I mean, the craziest thing to me is if you look at the business as of the time we did the episode, they had five separate business units, all of which did a double digit percentage of their revenue. So it's super diverse and all of which did a double digit percentage of their operating income.

So like you have five businesses that are all reasonably the same size in top and bottom line in one house. Well, and then we got well over two hours into the episode before we mentioned PlayStation. And then like the PlayStation story in and of itself, we could do an episode on. I mean, the fact that we got from like rice cookers and World War II to like that crazy coda about Spider-Man is nuts. In the back of my mind, I've been percolating, it could be fun to do a whole episode just on Xbox.

A, we need to do a Microsoft series at some point. We've talked a lot about and around Microsoft on the show, but we've never covered Microsoft. And Apple. We've not done Microsoft. We have not done the Google IPO. Apple, Google, Oracle. If we just wanted to cheat and like spike the numbers as much as possible, we just like take the whole next season and just do, you know, Fang basically. I think we should do one of those companies a year.

Not even a season, I think one a year. It's going to take three episodes to do each one. We were able to fit Amazon into two episodes, but Amazon is only a, what, 27-year-old company? And we didn't talk about a bunch of stuff. Right. That was the way we skipped it. We didn't really talk about Alexa at all. Right. Sorry, everybody, if we just lit up here. Although I think there's enough voice personalization in those devices that if a piece of media says the A word, I don't think it lights up anymore.

Well, it might be because I have the Sonos ones and the firmware and the Sonos ones is different than the ones that Amazon actually makes. But mine will just like light up when people say things that are not that word and are just like in a movie. Like when dialogue sounds too much like that name. Like that word. Yeah. Interesting. Here's my proposal. I think we should do one of these big tech companies a year for two reasons.

One, you know, for Microsoft, for Apple, I think those are going to be three plus episodes to do it right. Yeah. Even at acquired length episodes. So it's a huge lift. But also I think we should spread it out like because like you said, you know, the cheat code would be if we just do them all back to back. Right. But we have a diversity of interests here on Acquired. We want to go for many years.

I even have a lot of fear around like doing a three part Microsoft series where like are people going to be like I'm just out for the next three months because next year listeners, what we've decided is this is a little bit approximate but we're going to average it. Every month we're going to do a season episode and a special. So either a season being like Apple part one or a special being an interview with someone or an acquired sessions or something that kind of doesn't fit the normal format.

and like that literally means that it's like oh you're doing a three part Microsoft thing while I'm out for Q1 on Acquired. I actually think about this. I've experienced this on one of my carve outs for extended carve outs later. One of my favorite video game podcasts Resonant Arc. They're a video game story book club so they choose a game and then they'll do you know 10 to 20 episodes playing through the game dissecting the story all the like literary from a literary perspective.

It's really cool. I love it. But if they choose a game that I don't have a large affinity for then it's anywhere from one to two months that I'm not listening to that show. Right. And three months is certainly long enough for someone to permanently change behavior. I don't think it's good for us if someone decides to take a three month break from acquired because it's not a hundred percent chance they come back. Yeah we got to think about the right way to do this.

Maybe I'm too focused on the downside and maybe it will turn out that like while we may alienate some people it's the largest thing in acquired history because I was shocked that we'll keep going here on big episodes but that the Amazon episode was by far the biggest in acquired history. When David pitched me on this idea I was like hmm I don't know Brad Stone has written some excellent books on this. There's been documentaries. Jeff Bezos is the most studied CEO in the world I think until this recent Elon Madness.

What can we bring to the world in the Amazon. Which by the way I think that has become this year something that's crystallized for me about acquired and the show and what we do. I think that should always be our lens like what can we add by doing it because there's lots of voices out there saying lots of things. Yep. Spoiler alert this is part of why we haven't covered Twitter because like there's nothing new to add.

What can we add? All the best tech journalists in the world are covering it every single day. I mean you have Matt Levine you have Dan Primack every single day they're reporting the newest thing with not just reporting but true analysis behind it. You have then Ben Thompson the following day writing a reaction piece that's like here's my even more thoughtful take on what happened. You have Casey Newton who has a whole platform dedicated to this.

And a bunch of access and a bunch of insiders sending him stuff breaking it real time on Twitter. So it was one of these things where we're like there's no daylight here for us to talk about it. We actually felt the same way about FTX which I mean you could argue that we did have a part to play in FTX because Sam was on the show last year but like there was so much good coverage and good reporting going on and we're not reporters and we don't do stuff in real time blah blah blah that it felt like the right way to have a choir to add to the conversation is go do 100 hours of research on Enron and try and sort

of indirectly draw as many parallels as we can. Like we don't want to hit people over the head with like this is just like an FTX where they had this it's more like how can we bring up ideas for people that they can draw their own parallels. It's been interesting to watch this past week. Who knows if it was coincidental or not but I think at least two major news outlets have run pieces in the past week with a title like how FTX compares to Enron.

It was obvious. It's obvious to draw that parallel. They were probably in the works anyway. Yes. Is it worth sharing more on that now? Yeah. This is a holiday special. We can break the format. Yeah. Every time people write us in and they're like oh you gotta do a take on this. It's like I almost never have a take in real time. Yeah. That's not what we do. I suppose the traditional acquired format of a company buying another company we are some of the most well positioned people in the world to have a take on why that acquisition happened.

What will make it go well. What could kill it. Just like you killed grading this season which by the way I love that. I was so surprised and thrilled when you threw it. Yeah. Yeah. But like look things seem to evolve next year is going to be our eighth year into the show. Yep. I thought Ben Thompson just said it perfectly on our most recent episode with him where he was like you know when I was young I used to think when I got old that I would like still be cool and I would never be one of those old people.

And now that I'm old I'm like old quote unquote relatively. Now that I'm older I think two things. One being old is pretty great. And two I look at my peers who are still trying to be young and it just looks kind of right sad. Like you got to change you got to evolve and the show has changed and evolved to a point where I think like we are a different show than the show that used to do.

Oh breaking you know emergency pod. Whole Foods got bought today cancel everything today so we can do some quick research. There are times where it still makes sense for us to do those like John Foley bringing in a new CEO. The Barry McCarthy connection and that is a take that has not aged well. Yeah I think you're right that it's okay that we're something different now than what the show was. I'm curious what everybody listening thinks.

Yeah. Last point on this FTX saga which again we're watching it play out in real time. I don't know that that's where Acquired shines because we we try to make evergreen pieces that sort of stand the test of time and like every week it's so different than it was the previous week. These are kind of excuses. We probably just should directly say we totally had Sam on. We wanted to tell the extraordinary story of FTX which was extraordinary.

I mean in now in a different way than we could not argue that it is an extraordinary story. I do want to say I'm sorry if the exposure that FTX got from Acquired and every other publication in the world but from Acquired caused you to. We lent our platform to Sam and to FTX and yeah I do feel bad about that. I don't think there's any way we could have known at the time and I don't want to stop having interesting people and companies on the show you know up and coming companies so but yeah like you know it sucks and like a lot of people lost a lot of money.

Yeah. So sorry if you were like on the fence on FTX and you were like I don't know if this thing's legit or not and then Acquired legitimized that for you. Next. Just to if you have not listened to the Sony episode I'm sure most of you have but like it's so good. Oh my gosh. Talk about like the opposite of a fraud. We made this thing. It's amazing. You should listen. Sony. The Sony story. Whether you like our telling of it or not but just like it is a vastly underappreciated company and an underappreciated journey overcoming adversity.

Yep. Okay Sony. Dude we did NVIDIA this year. We did a lot this year. Yeah. I'm trying to think which of our silicon episodes I feel the strongest about in terms of like enlightening me about the way the world works. I think it's first TSMC but NVIDIA is the thing that's the most interesting about the NVIDIA story I think is Jensen bet the company three separate times and truly bet the company like if this initiative fails it will go to zero and it worked three separate times.

The first time is when they shipped the card in whatever it was nine months instead of two years and they designed the whole thing in emulation never tested it and shipped it to customers and it worked. I mean it worked enough and maybe I'm forgetting the story in its entirety but I think there was a bet the company moment around programmable shaders. Right. And then a third one around the like seven year investment before the market was there in AI and CUDA and building their own developer ecosystem.

Obviously open AI existed. Trying to remember if Dolly was out at the time when we did the NVIDIA episode. Certainly GPT. Well interestingly enough I think Dolly one was but it got no acclaim. Right. The one that lit the world on fire was Dolly two. Was Dolly two. Yep. But now as we record this chat GPT came out last week like we're thinking about the you know AI renaissance and how important AI is like just in a general sense when we did those episodes.

NVIDIA stock had that crazy run long before we did the episode like two years before we did the episode. Yep. At the beginning of COVID and so it's interesting that I don't think that was around gaming I think that was around AI the thing that was sort of selling that story and so it in a way the like craziest NVIDIA bowls that were sort of buying at the top and selling the story as much as humanly possible when when did it peak I don't know late 2021 maybe they were kind of right.

I don't think they knew that the next year would make AI's developments as obvious as it has but everybody who believed that AI was going to be this complete step change in the way that we use computers and decided that buying NVIDIA at a very high price was the way to endorse that belief like that ended up happening very quickly soon after. Yeah. The moment when it really hit me was when we were recording the LP episode that we did with Jalé at Mutiny and at some point just kind of Cavalierly was like oh yeah we have a GPT-3 based feature in our product.

Right. And I was like whoa okay you are dynamically rewriting copy on your customers websites using GPT-3. Okay that kind of blows my mind. Yeah. Like I can now see the business use cases for this. You say you can see them but we're in this very interesting moment where we've all seen three pretty amazing proof of concepts in the last six months. We saw Dolly 2, GPT-3 and now chat GPT which to me is actually the most interesting because the most meaningful change is that it changed the modality that you interact with the AI model but it's either the same or I think it's like GPT-3.5 or something.

It's a very similar model but we're interacting with it in a new way and it's stateful rather than being stateless as in it sort of can preserve state and you can ask it more questions about. And so I think there's a little bit of like a crypto moment here where it's the first time someone explains to you a decentralized world computer. You're like whoa that unlocks a whole world of possibilities. And you say what are they?

And someone says let me think about that. Yeah. Yeah. I feel very similar with chat GPT right now. I'm looking at I'm like whoa this unlocks a whole world of possibilities and someone says what is it? And I'm like I feel better than I did about the decentralized world computer but I still can't articulate to you like when the app store launched like oh this will be an 80 billion dollar on-demand car service market. Like that's not.

Well I think this is just naturally how markets play out though right? Like we look back now and we're like oh when the app store launched it was obvious. But was it at the time? I think we probably would have felt very similarly back in that moment of like right. Oh apps on your phone. Cool. When I first saw the iPhone I thought this device changes everything because I was like I wanted one so bad. So bad.

I mean I had a co-worker at Cisco. So many times between the keynote and when it was like six months before the phone came out. I was so hyped for it. I just remember seeing the device at my co-worker's desk at Cisco and thinking like I need one of these things. This is like so much of the money that I have would be used to buy one. So I think I bought the 3G the next year or six months in or something.

I got one day one. I didn't camp out overnight but I waited in line for hours. I got day one release. I got the original one. I just graduated from college. It was the summer I graduated. I graduated but I hadn't started work yet but I had my signing bonus. I was like this is where I am spending my money. I waited in line just to wait in line. I went to the Apple store. You didn't buy one?

I didn't have enough money. I was 17, 18. That's right because you had to pay full price. There was no carrier subsidization for the original iPhone. Correct. And so it was fun to just I brought my little point and shoot camera. I took pictures of all the people you know getting their first iPhones and playing with them and setting up. Did your dad go with you? No I went with my friend George. I remember feeling like this device is amazing.

I remember really wanting to make apps for it so I made this to-do list app. And you couldn't make apps until the next year. Right. I sort of missed that whole first year of like you can't make apps. I don't think I was thinking about it then. But like the app that I made was a to-do list. It's not like I was like oh my god this is going to be a way that you can hail cars or order groceries.

Or it was like let me do the smallest possible thing on this. And I think that's actually just how I think about products. I'm not a Travis Kalanick like person. I think I always sort of think in terms of like what products can I fully conceptualize of and see in my head and understand all the hard stuff involved in it and draw a nice neat box around it and just work towards shipping that thing that I can fully imagine.

It's almost like I want to be able to do everything myself. Which is why I think Acquired has sort of come out the way that it has rather than us doing a bunch of hard stuff. I very much shy away from like ooh you'd have to like send a bunch of people into grocery stores and like figure out all their inventory to like load it. I just wouldn't do that. But the idea of like okay there's this really nice neat package called an Acquired Episode and it contains these components and David and I can make it ourselves.

What do you think the what would have happened otherwise would be if we did the hard stuff? Well like one thing we've been very explicit about in a trade-off for the show and Acquired as an entity in a business is we don't want to have a lot of employees. We don't want to have a team. We don't want to have. There'd be more shows. I think we would have tried to turn it into a network. We would have taken people up on the book offers.

There could be like a Netflix show. There could be. I'm trying to think is there anything we could have done or still do that would just be like a fundamentally different thing like everything you're describing would be building a Gimlet or the like and like. Yeah. That would be great. You know we probably would make more money but that's that's like not what we want to do. But is there anything that would be like an Uber versus a to-do app?

It depends what on the believability spectrum you're willing to call part of Acquired. Like we could have launched a new podcast app for Acquired and other podcasts and then tried to. We thought about it with Glow. We did. Glow was originally going to be a new app with payments built in. That would have been a boondoggle. Yeah. I'll validate your point. When the App Store first came out you could stare at it and go this is going to change everything but it was only a select few people who actually saw the particular massive use case with the new thing.

Yeah. And that's how I feel about ChatGPT right now. I'm like this thing's scary powerful and I don't actually know what to do with it. Most people I think are also in the same mode that you and I are of like oh I can see how this could rewrite copy dynamically on a website. Right. And I see that being but that's the to-do list version of what. Right. AI can do. Yep. Man this is fun. We're only like halfway through the year too.

Okay so we did NVIDIA. Yep. That was so fun and I learned so much and now it's just so much more important. Almost like T-Swift you know the same dynamic. Yep. Then we did Amazon and when I include Walmart in Amazon I'm so glad we did Walmart first. That's why I have in my head I was like did we do two episodes on Amazon or three? We really did three. Yeah. Episode one was Walmart. Yep. In order to understand the role of retail in America today you sort of first need to understand that everything we think of as a retailer or most things we think of as retailer are actually discounters.

Yes. And I totally didn't get that before doing the Walmart episode. I was like well there's like stores like Walmart and Target and there's department stores which are like more expensive and opinionated and then the brands that have sort of their own stores but like I didn't conceptualize that the most common place that you buy things are actually discounters and Walmart was really the company that single-handedly created the wave of the modern store period which then Amazon could take digital.

Yes. Yes. Well and I was so blown away learning about with Walmart how much of a tech company they were. Yeah. Like I think we said on the episode and I still think that they were the first applied technology company in America. I think this is a silly. I think you've said this a few times now. I don't agree with that. Like it is okay. So technology at its purest definition is anything that enhances the productivity of a human.

So like the wheel is technology because with the same number of calories burned you're able to go farther. Fair. Or a navigational instrument which means you're able to get somewhere in a shorter amount of time. So I mean maybe you could scope it to like apply digital technology. What makes me want to say that is they were a company who did business in an established sector. Yep. And they transformed the way they worked and ultimately the whole sector by applying technology to it.

So did Standard Oil by applying technology to the old way that you used to extract oil from the ground. Fair enough. I mean I guess like you could say the car companies. Or the lighting. The way people light their homes. But those I guess the distinction I'm trying to draw which may not be a valid one is I think in all those cases the business was the technology. Here it was a separate existing part of the economy that they were in that business and they use technology to transform the way they do it.

Maybe it's a meaningless distinction. It's interesting. I just feel like today like Walmart would have been like a hot venture-backed startup. Well it's interesting. The question with applying technology to an existing market is always what are you using the technology for? I always think about this with tech enabled businesses. Okay what are you using technology for and how does it make your financial statements of your business at maturity look better? Are you using it to consolidate back office operations to make your company more operationally efficient and thus lower your cost structure and thus with the same amount of revenue you just run at better margins?

Or are you using it because you're able to get better distribution? Like the internet enables you to generate way more revenue because you're able to reach way more customers on the same set of costs. And so I always think about it as like what are you actually using technology for in your business and does that make it a meaningfully better business than non-tech enabled incumbents? I think there's a lot of stuff in the world today that is a tech enabled thing that is not all that tech enabled when you look at the financials.

Yeah but Walmart is a perfect example of a tech enabled business that is like the right way to do it. And why? What previously large number did it collapse in their financials to a small number because of technology? Well certainly the coordination of the distribution and the way Walmart built their supply chain was vastly different than all of the theretofore traditional retailers and way more efficient and made their financials work in a way that just wouldn't work for other retailers.

Legitimately enabled them to have lower prices to get more customers. Yeah. Yeah. Yeah. That's a strong argument. Agree to disagree that they were the first that sort of like brought technology but but yeah that's a good point. Benchmark? Benchmark. Benchmark was super cool. I mean that like a pinch me moment for you and I both. I think we should lean into that format as much as possible going forward of we tell a story and then we have the protagonists on.

I think acquired has been a bunch of iterations to find our way to that format. That does feel like the platonic ideal of an acquired a way acquired talks about a topic. I do think it's probably you and I spending three hours diving deep from everything we can find telling the story in the way that we sort of see it. I used to think oh what can make us different and better is we're going to spend more time preparing than any other interviewer.

We're going to take this super seriously. We only do one of these interviews a month. This is like which is a tactic not a strategy. Exactly. And like yeah we probably do more preparation for our interviews than 80 90 percent of other interviewers out there. But there are other really great interviewers like Ben Thompson. Yep. Patrick O'Shaughnessy. Patrick O'Shaughnessy. Exactly. But what we did with Benchmark that's something that only we can uniquely do. It's interesting. I only is aggressive but it's something that our format and the set of trade-offs that we make in our business makes it easier for us to do that than for someone else.

I always think about strategy is about trade-offs. Like what's the original Michael Porter journal entries called competitive strategy. And it's great. It's like for anyone who hasn't read it it was in the Harvard Business Review I think when it first came out something like 20 pages. It's very cogent. It's very straightforward. And he talks a lot about how there's operational efficiency and there's strategy. And operational efficiency is we're just going to be better. We're going to be more efficient.

We're going to do it for cheaper costs. You and I are going to do more research than anybody else. But there's real strategy which is trade-offs. Right. It's the Southwest model. The former is not a strategy. Right. There's sort of the Southwest model of like we are going to have a different model for where we keep planes than every other airline. We're not going to use the hub and spoke model. We're going to everywhere that we fly to in a constrained set of places that we fly to is going to be a pseudo hub for us.

And we're going to keep our planes sort of diversified and we're only going to have one model of airplane. So that way they're easier to service. And there's a whole bunch of trade-offs involved with that. But that's our strategy. Even though it's comes a lot of downsides, we're going to lean into the upsides. And I think like the lean into the upsides thing for us is if you're doing a super high velocity show, benchmarks probably not going to feel like you're giving them a unique spotlight in a way to do something like that.

If you do things that may or may not enable deep trust from listeners, then there's people that are not going to want to come on the show because they don't know how they're going to come across. But if you always sort of lean into this, we have very few guests. We think there are people that you really should hear from, which by the way, this is why the SPF thing burns me up so much is because like we try to be ridiculously selective, then it enables you to create content with people that otherwise are not going to go do the circuit.

Yep. Not to mention when we do three hours of content about the thing before it enables us to come in with that prepared mind. That's what I was going to say, too. There's an element in the case of the benchmark episodes. It actually was all preplanned in advance that we were going to do the episode just us and then we were going to do the dinner with them. That was planned before we even released the first episode.

But I do that we've experienced in the past with the show. There are times where we will engage with a company or a CEO or a firm before having done any acquired content on them. And they're like, they don't engage fully. And then we do an episode just us and then it completely changes the tenor of the conversation. Yeah, it's like being willing to do the work to prove that you're as serious about caring about this topic as you say you are.

And by us having the format of you and I just doing these deep dives on companies, that is a differentiated strategy than an interview show. Yep. Okay. Enron kind of talked about it. It's super recent. I have nothing to add other than one. I think it's fun to add little corrections and additions as we go through here. Yeah, we've got a few of these. On the Enron one, I neglected to point out that there is a company today called Enron Oil and Gas that's like an $80 billion company publicly traded as EOG.

Yeah, a listener emailed us about this. Yep. That's the upstream production business. So the oil and gas industry over the last 30 years has sort of fragmented into upstream and downstream. And midstream. Oh, I think too. Midstream is the pipelines. Yeah. That makes sense. And I think EOG is sort of their upstream business that spun off. But it is a publicly traded company that still bears the Enron name. I should have looked this up. Did they change the name officially to EOG or is the actual name?

I don't know. That's a good question. It's a good question. It is actually called EOG Resources. Like the name of the company is EOG. That makes sense. Like the Accenture to Arthur Anderson. Yeah. Although there is, after many rebrands and iterations, some subset of Arthur Anderson was preserved as a tax organization that is now called Anderson Tax again. Oh, interesting. Yeah. Because I guess tax is separate from audit, right? They had tax audit and consulting. And consulting became Accenture.

I assume audit is what went away entirely. And I think they spun off tax in its own new name that is now Anderson Tax. Anderson Tax. Interesting. Which is crazy to me that there was enough brand equity in Anderson left to sort of go back to Anderson. You wouldn't think that. You would have thought that. There's got to be a story there. It could be an LP episode. Could be an LP episode. All right, listeners. Now is a great time to tell you about a longtime friend of the show, Vanta.

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So you can get $1,000 off Vanta at vanta.com slash acquired. That's V-A-N-T-A dot com slash acquired for $1,000 off, and just tell them that Ben and David sent you. We talked a minute ago about trade-offs when we were talking about the benchmark, two-parter. What in your mind are the biggest trade-offs that we make here on Acquired? I think we make a ton of trade-offs. I think we are maybe to a fault, purist organization. I think that's the first one, or two people.

We're going to say, you're looking at the whole organization. Okay, not a lot of content, right? A common wisdom is to release content every week. We don't do that. That has downsides, such as it's hard to become a top show in the charts if you're not constantly producing new content. It works against the algorithms, but it has upsides of, now we can go do really, really deep research. A second one being really long episodes. That's a massive trade-off.

Lots of people don't want to listen to you when you do that, but the people who do really like it. Another one being, people often ask, do another show, bring another host. You could leverage the podcast feed to promote other episodes of your new spinoff show with your new host where you have some of the economics of that. There's like a lack of purity to me that that's not acquired then. I don't know why we would do that.

It doesn't fit in the box. It's one of those things where it's like, sure, you could make more money doing that, but it goes in the too hard pile. I think you and I have a really big too hard pile. Yeah. In some ways, that's strategy. It's like if you actually believe in the set of trade-offs that you have, then you have to be willing to have a really big too hard pile when there's a lot of people telling you there's low-hanging fruit to be done.

But often that low-hanging fruit is counter to your strategic trade-offs. It's interesting. I feel like you've always been this way, I think, in your life. I'm cranky. You're not cranky though. You're wonderful. But I'm cranky about things like this. You're persnickety. You're not cranky. I'm persnickety. You're persnickety. Yes, for sure. Jerry Seinfeld said it really well on the Tim Ferriss Show, which is one of the best podcast interviews in history. That's my first carve out of the way.

Oh. Tim asked him, how does he come up with all the bits? How does he observe things? And his comment is, there's so many things that annoy me. I sit there and all I can see in the world is all the things that are a little bit wrong and that just really bother me. And then I write them down. And then I polish, polish, polish, polish, polish. And I'm not Jerry Seinfeld. And I don't, it's not to that extent.

Very different application. Right. But a similar. Like we ship an acquired episode. All I can see are the 16 ways that we could have made it better. I'm proud that it's out there. But really, all I can see are the flaws. I think my hunch is right. You've always been this way. Yes. I've become much more this way over time. I used to be not this way at all. I used to be like, I believe you can do everything.

Trade-offs. Like the old Jim Moore, the Colts coach of the playoffs. Like playoffs. I was like trade-offs. Trade-offs. As I become older though, like I completely have shifted and embrace trade-offs. Oh yeah. You don't even answer email. I mean, it's honestly crazy. It's like a joke now. Yeah. It's not a joke when I'm trying to get a hold of you. I know. I feel so bad. The only person I feel bad about with it is you.

Because I really, you bear a huge brunt to that. Thank you. You're also pretty good about like, I said I was going to be done working today at six. And so I'm just like, not really doing anything after six, even if the texts look kind of important, that's fine. Well, that's called parenthood, but. That's true. Yeah. Parenthood has probably forced you to lean into some of that more. Yes. I was leaning this way anyway, for sure.

But like, it was like a massive like tidal wave. I felt like I was at like a water park, like in a wave machine came along and like I was heading this direction anyway, floating along and then just like whoosh. The issue now that you're doing it pretty aggressively is you and I amplify each other because I have this thing where I'm like, oh, this is a thing that David would say, like not worth it. Like this is probably a good time to talk about this.

We did a lot of live stuff. Yeah. Let's talk about this. And like. Some of which were super cool. Like there were some amazing. Wonderful. Opportunities we got in 2022. But for lots of reasons, they're way harder than doing you're in my normal thing. And are they worth it? Are they that much incrementally better for how much harder they are for us? Probably not. In almost all cases, there are cases where it is, but in almost all cases, no.

And so I think this is one of the things where like you inspire me to be more persnickety. You ask the question. And then I went to a place of like, oh, well, that's easy. We should not do anything live because the juice is almost never worth the squeeze, which is probably too far. Like there's probably some middle ground where it's like if PitchBook offers us the ability to do another arena show, like, oh my God, we should do an arena show.

But the litany of things that make this way harder and frankly, way less listenable after the fact. It's actually a worse product most of the time. The artifacts of... So let's recount the sort of like cool live stuff we did this year. We did the arena show. It still is like... Surreal. I can't say that without laughing. Pinch me moment at least number two of the year. Yeah. Yeah. Wow. We did the arena show. We then also did a big live show in another country for the first time.

Yep. In Portugal. With Solana. With Solana at Breakpoint. That was a whole nother crazy set of experience and amazing. Yep. We did the LP show live at the TCV event. Yep. The benchmark dinner, although it wasn't a live public event, the amount of production effort that... Totally. I was down in San Francisco for three days. We set out three cameras. We bought a bunch of new microphones. We tested all the microphones. Big production lift. Big, big production lift.

I mean, guests... So things that make production harder. Guests. Yes. Total wild card. They might cancel on you. They might reschedule. Blah, blah, blah. They might not use the equipment we send them. Yes. In person changes it way harder. Like you and I are sitting here now. It took an extra hour to set this up, to have this beautiful roaring fire next to us. Yes. We haven't even mentioned. Yeah. These three cameras, although now that I'm looking at it, there's only two cameras on because here's a trade-off we make.

We don't have an engineer. We don't have a sound person or a video person who works with us. So if you've been watching this on video for I don't know how long, the last like... I'm going to guess that thing shut off half hour ago. We lost our wide shot. We lost the third camera. So talk about trade-offs. And especially in... I knew I should have brought my camera. Especially in shooting stuff like live in person, there's a whole new web of things that could go wrong that just don't happen when it's you and I on Zoom.

Yep. Now at a live audience, that massively compounds it. First of all, the sound quality is going to be way worse. So that bothers me as a persnickety person. The audience gets antsy in their seats because no one can sit still for four hours. No one wants to attend a four hour... I mean, when you're at a sporting event, you do halftime, quarters, you go get concessions, whatever. So it makes the product different and I think worse for the 150 plus thousand people who are going to listen after the fact.

So it's this interesting compromise where for all those people, it's a worse product. But for the people in the room, that's what we're optimizing for in the moment. And I don't even know that we optimized for that. It's so funny. The arena show, let's just take a step back. It was so cool. Amazing. It was so cool. And everybody who came, the fact that so many people came and flew in from all over the world. Yep.

We did a Brooks run with people in the morning. It was so cool. We did a dinner with some sort of like friends of the show and previous guests and sponsors the night before at Canlis, who we've had on the show and that adapting episode. It was so special. Yeah. But it's, you know, looking back on it, I want to talk about it because you actually lived this again yourself this year. But the farther we get from it, the more in my mind and in my emotions, the space, the arena show occupies is just like Jenny and my wedding.

Like all the ups, all the amazingness, special feelings of it. And like my most vivid memories looking back on both events are just a huge amount of stress and being like, are people having fun right now? Like, is this going well? Like, you know, I mostly remember the upside of both of them, of my wedding. Oh, I remember the upside too. You know, but every time I think about it, I can't not think about, you know, us being on stage in the middle of the show and when we got to Act 2 and Anu was on and we didn't have breaks planned and like people needed to go to the bathroom and get food.

And PitchBook was paying for all the free food and booze and everything up and so of course people were going to go. Like after the first act ends, it's like, okay, well now's a good time to go take advantage of the open bar. Of course. It was just like, oh, we should have planned that better. How did we not plan for that? Anyway, all that to say, some of the live shows we've done are the most special experiences of the year.

Yes. They have hidden value for Acquired in a bunch of ways like getting to actually talk with real people, like getting to hang out with the thousand people that came to the arena show. Like life-changingly cool to get to meet so many folks and also... I will always, always remember that night, especially the after party afterwards. Yes. Walking into Queen Anne Beer Hall was very cool and just hanging out for hours and also at least 10 if not 20 times as much work for a product that I continue to believe was worse for people who listened to it than our average Acquired episode.

Yeah. So it's like, again, it's a set of trade-offs that we just have to be intentional about making next year rather than being like, ooh, that would be a fun conference to speak at. Right, right. Oh my God, I forgot about Capital Camp. Oh, Capital Camp. Yeah. That was so cool. That was cool. That was a relatively low trade-off because Patrick and Brent and Clayton and the team there, they took care of everything. Yep. Absolutely. It was different too because we created a talk for it.

So it was less issues because there was no guest. So there was no sort of like guest risk. But like, it was the first time- I'm such a like VC. What was their technology risk? Is their guest risk? Is their guest risk. But the only thing that we had done that was similar was the Acquired Top 10, the Best Acquisitions of All Time episode that we did. And so we had like a little bit of confidence that you and I could produce a sort of talk about a thing that wasn't the entire history and strategy of a company.

But that was a totally new format for us. I'm curious what you think. I'm so glad we did Capital Camp and like that work time was a fun switch up. But I think it was an inferior format to the normal show. Like, I was thinking like, we put together a deck for it. And like, I mean, you did most of it. It was a set of pictures. A set of pictures, but like, I made a deck in years.

Yeah, that was cool though. I mean, the nice thing about doing that is then we have a product we can sort of like take on the road too. I think we can share this publicly. You gave that talk again at an internal Fundrise event. Yes, which was super cool. I would love to do more of that. Like, I got to meet everybody at Fundrise, like the, you know, our biggest partner for the year. And like, the whole team, like all 300 people at the company were there at the offsite.

It was very cool. All this to say, it leads me to believe that much like all the other trade-offs we make, we just need to figure out how do we 80-20 it? What are the things that we care the most about and how do we not do the long tail of stuff? So I think it means pick like one episode per year to do a massive live show and throw the acquired Super Bowl slash wedding. And maybe once a year is even too often because God, it's a lift.

But two, then feel free to do a bunch of in-person stuff with our partners, with our sponsors, with people that we like work with on the show anyway and want to just like continue to build deeper relationships with. But those aren't necessarily episodes. Yep. That has been a huge highlight for me for the year is I think we have found a way, I don't know that anybody would have thought was like possible as a podcast, as a media business to like really build deep relationships with our sponsors and our partners.

I think almost every single one of them, we did something like the Fundrise All Hands or, you know, a conference. Most of them now, a very large percentage of our sponsors we've invested in. Yeah. What, five of them? I think five, yeah. Vanta, we should talk about Vanta in a big way. Modern Treasury, Vouch, Mystery, Standard Metrics we've invested in. And what was Standard Metrics called when they sponsored? Quaestor. Quaestor, that's right. That was their original name.

Yeah. Back in the day. Just like we, for our listeners and our audience, you know, we've kind of always thought, I think it's been one of our core tenets from the beginning of like, we treat our audience as like equals to like more impressive than us. Like when we started the show, especially now, and even the folks who are listening to us are the folks who we want to invest in. We want to do business with.

We want to do. Well, that's what eats me alive when I get something wrong in an episode and it's a black mark to me and I can't do anything but see it as like, you know, I'm thinking of the people who I know listen to the show who are listening to that and thinking, oh, he didn't quite get that right because that's how I envision our audience. Not that we didn't always think this way but it's really come to be realized now.

We think of our sponsors the same way as our partners as like, these are amazing companies. Like, how can we build as deep a relationship with them as possible? Yep, totally agree. I mean, the sponsorship model is another way that we make a pretty significant trade-off. So we only do six-month, season-long sponsorships and we are ridiculously choosy about the people that we do that with and because it's a six-month-long thing to an audience of 250,000 people that happen to be probably the most valuable audience in the world in terms of CEOs, founders, engineers, capital allocators.

Certainly the set. I mean, it would be hubris of us to claim that we singularly and acquired have the most but of the, you know, our niche of media, the listeners to our niche of media I think unquestionably are the most valuable audience in the world. So it's a big ticket item whenever a sponsor decides that they want to work with us for the duration, for the reach, and for the magnitude of who you're reaching when you reach them.

And so it's like a big freaking commitment. And there's a trade-off there in our business model which is we're not going to work with that many people when we do. But when we do, we want to go as deep as possible. And so that means that we can't do things like engage with agencies or engage with dynamic ad insertion networks or a lot of other things that would make our lives easier. It probably also means that we can't outsource sales.

Like you and I are the ones talking to the CEOs of the companies who sponsor. Which, again, lots of trade-offs. They're very busy people. They're often hard to get a hold of. But they're people that we get to build really real relationship with. This is one of my favorite trade-offs we've made. Kind of like I've been saying is like these are the types of people who we would want anyway to build deep relationships with. So why wouldn't we lean into that as much as possible?

On the completely opposite end of the spectrum though, something that I think highlights the trade-off and that I've really come to appreciate this year in the very beginning of Acquired we did YouTube. And we've been saying for years and years we've got to redo YouTube. At this point it's almost a MacGuffin. Yeah. Where like it's like Seattle's NBA team. It's like maybe we should never redo it so we can always talk about the fact that Seattle's going to get an NBA team.

Of course Acquired is going to redo YouTube. But I was so negative on YouTube in the episode and the intervening years I feel like have just been a journey for me of like really coming to appreciate what a incredible product and business YouTube is. And this year my big YouTube appreciation has been they enable for many many creators people to make their livelihoods with the exact opposite trade-off of what we do. You can just focus on content and you if you have an audience and can build an audience can make a good to great living on YouTube and never engage with business.

Never engage with ad sales. This is how I felt as an app developer. I was like wow there's a money fountain. I write software I upload it to the store and money comes out the other side. Which obviously like that's not the decision we would make but for the long tail you know and other niches of media that don't have as valuable an audience as us that is an amazing thing and most creators don't want to be business people like we want to be business people we want to be entrepreneurs.

Right. By the way I think it makes the content better that we are because then you get first party insights rather than like if we were journalists sort of shooting from the sidelines like some of the stuff I've already talked about on this episode today is the strategic conversation that came out of a board meeting that I was in earlier and so like us engaging in business makes the show what it is too. It's funny that reminds me of another trade-off one of the things that like really this is driven by being a parent but yeah I don't do boards anymore I just can't never say never but man you know thinking back on times in my life when I was on

you know five, six, seven boards and as you are now and I'm on three and I think that sort of makes it work it's like you pick very few companies and you go very deep I mean it's a very acquired way of doing it three is a manageable number but even so like to do it right you really gotta engage yep all right what's next on the agenda relatedly show growth show growth it was so fun talking to Ben Thompson about this and his growth trajectory and curve we pretty amazingly doubled our audience again this year which has basically been true every year since we started seven years ago which this is always one of these things where if a startup

is only doubling year over year in the first two or three years it's like okay well it's not going to be a breakout company but if you can actually keep doubling for seven eight nine years the numbers get pretty big and so it feels very different transitioning from 2020 to today sort of looking over a two year span where even from last year to today so we we hit over a quarter million subscribers which was 62,000 just 24 months ago I know so that's the crazy like that's the place where this sort of like out years of compounding is starting to show up for us and the thing that's been crazy to me is there still have been some kind of step

change like the Amazon episode yeah was that was a step change for us for sure yeah I think the previous highest episode to Amazon had gotten just over a hundred thousand downloads and that one got a hundred and seventy thousand yeah in the first ninety days in the first ninety days and when we say a quarter million that is the unique number of people who listen to it's basically our monthly active listener account across all platforms who engage with at least one episode because not all of you listen to every episode exactly the cool thing about podcasts and for us and you know that it is an open ecosystem that's not controlled by algorithms it does mean growth takes longer

and it's harder and you have to do these step change functions but then people become subscribers and they stick around Amazon was a huge step change moment for us in terms of growth and many of those new people subscribed right and so thus the subsequent episodes benchmark Enron like the two benchmark episodes were both way higher than the hundred thousand that we were at before Amazon and then Enron now is charting to look pretty similar to Amazon early we're only five or six days in but like it is unbelievable how sticky I don't think it's a reflection on you know the benchmark episodes we're such a cool experience but it's more niche like it's a venture capital firm versus like Amazon

everybody cares about Amazon yes yes exactly there's also this chronological thing where like every three or four episodes is our biggest episode ever and not necessarily because the content is more interesting but because when you find a podcast you like you stick around so there is this sort of like cumulative effect where we drop a new episode if we had dropped this in 2016 it would have gotten a couple thousand listens but because it's dropped on top of the entire base of people who are subscribed to acquired it's really meaningful and I thought Ben brought up this really interesting point where he sort of asserted podcasts are great because they're really sticky but they're terrible to grow he basically said I don't

know how you would grow a podcast if you didn't also have a writing platform that was easily forwardable because podcasts are really hard to share and that sort of explains the reason why no matter how hard we try we've really never been able to more than double in any year because podcasts are sort of an inherently unshareable mechanism so unless there's something that happens like you get feed dropped for free in an NPR podcast that brings you 100,000 new listeners right away or we had NVIDIA part two I think got a large promotion on Spotify and that brought us a bunch of new listeners that were subscribed to Spotify.

Spotify has been a great partner to us this year. Yeah they have. We really only started kind of more directly working with them in January with the Taylor Swift episode. Which is why what was our stat 98% of the people who listen on Spotify today were not listeners. Found us this year. Last year. Yeah. And we should be clear about what I mean by directly working with Spotify. We're not owned by Spotify. There's no economic relationship or ad sales or like we've been saying we do all that in-house.

That's our business model. But they assign you a creator manager. There's people that we know that we can contact. Relationships at Spotify in a way that we don't have with any of the other platforms. I mean I think technically we have a manager at Apple like I don't know who that person is. We found someone's email address but they're not a scientist. Yeah. Spotify has done a great job of at least from my perspective you know engaging with us as creators and I think striking good balance between like podcasting is an open ecosystem with all the benefits and trade-offs that we've just been talking about.

Yep. But you can also like do it better than Apple. Apple has been such a terrible steward of this industry. You've brought this up before. Terrible in one respect but like they're the reason why we have a direct connection with their listeners. Yeah. It's like they're abdicating the creation of a platform and an intermediary is the reason why we have this really sticky relationship with listeners. Such a good point. Such a good point. Their internal strategy failure at Apple.

And execution too. Like I just feel like if you're an Apple shareholder you should be really angry at management about how they have mismanaged like fumbled the ball on podcasting. But delighted in many other ways. But delighted in other ways. You know for us as yeah I agree. Especially the type of business we have at Acquired is really enabled by the lack of algorithmic stranglehold on this medium. So it does sort of beg this interesting question that Ben threw out which is how do you grow?

A podcast when you don't have a secondary shareable component. And I think we have tried to do this with the Acquired website. Each episode has a page. That page has a bunch of show notes. That page has a transcript. There's sort of a reason to consume it on that page. You can sign up via email on that page. You can join the Slack from that page. Which the Slack now has almost 15,000 over 14,000 members. Our preferred way to share an episode is the page because we sort of feel that that URL is like a nice way to package it up for someone and say listen to this.

Unfortunately our episodes are four hours long so it doesn't come with a deep link. Like it would be really nice if as you scroll down the page and as you move through the transcript or as you watch the video or as you consume the audio that was always updating the URL. So that at any given point you copy the URL it's like this is exactly the. Kind of like Overcast has the share time stamp. And you can do it on YouTube too.

Yeah. But like those are inherently flawed because you don't know if someone likes to use that platform. So like when I share that Overcast link with people I'm like are they going to be like what is this podcast player that I don't use? Why are you sharing it to me in this weird way? There's a bunch of reasons that contribute to podcasts being sort of inherently unshareable. Our episodes being really long make them especially hard to share sort of moments insights.

And there's been a zillion sort of like clip apps over the years. But I do think actually you know we have not grown in the same way that like a viral product grows. But we've had really nice growth as a podcast. And I think actually growth happens because we infiltrate a network particularly a company network and then we get shared within the company like in a company slack or teams or just friend networks within within a company.

Yeah. It's kind of interesting like I'm not particularly interested in additional growth. Yeah. Like especially at this point. Yeah. I mean it's great it would be nice and I think Ben was kind of making this same point in the episode we did with him for all of us additional growth is great but not by trading off any of the things that we really care about that drive our business. Right. Or changing the audience mix I was wildly relieved this year from the how many people took the survey 1500 people or so that answer the survey which thank you if you did.

Thank you. That the audience mix stayed pretty much the same from two two and a half years ago the last time we ran a survey which was awesome. I was like wow we managed to get 200,000 more of basically the same type of person and it was heartening talking to Ben because it sounded like he thought that he had bumped up against the market that he was starting to saturate and then sort of accelerated through it again and so it feels like Ben I think he probably has close to a million people that consume stratakery.com for free in a given year and so if he doesn't feel like he's bumping up against the TAM and we have a reasonably overlapping

audience that feels like pretty good proxy for us to say well we could probably at least 4x from here but I don't really have like a strong desire to do I think it would make our lives generally worse if we did. I think it would be neutral. I mean in some ways it would be better in some ways it would be worse but if we were a video podcast it would make it worse because we're right at the limit right now we're like we have all the benefits of when we drop an episode it really matters to the people that we care about it mattering to and we don't get recognized on the street.

The episode with Ben was about stratakery obviously so we didn't really talk about this but I kept thinking about him wanting to explore more and we should do here. Our business model is very different than Ben's and growth again like nice to have for us comes with some set of trade-offs there's some downsides to it some upsides neutral to you know I don't know you could argue maybe you think it's slightly negative to growth maybe I think it's slightly positive like it's in the neutral zone but because of our business model and everything we were talking about like the deepening of the engagement with the right people and the right sponsors that's what drives our excitement about the business and the business

itself in a way that for Ben it's different because he actually does need to grow his business to keep growing the number of consumers because some percentage of them will convert to paying him. Right you're saying for his revenue to grow he must grow the number of subscribers which means if subscribers are always a fraction a fixed fraction of the set of people of audience are reading anything on Stratech or he must grow the top line whereas what you're saying for us is the revenue is not necessarily directly connected to audience size.

Right it's connected but it's not directly connected and as we evolve the business model more I mean this is a good place to talk about Vanta. That's a good point. One of our couple biggest sponsors and partners on the show this year we and kind of through kindergarten and you too invested almost 10 million dollars in the company this year. So like that's a very mostly kindergarten very small. Yes very small. And most of that capital came from the acquired audience community like the LP capital that backed that SPV came in very large part from the acquired audience and so that's not like growing the audience of course increases the number of super high quality people and we care about growing the

high quality people in the audience and the bigger that size is great but it's not directly tied to the business and like that was a transformational moment for us and I was at Vanta is an amazing company but that's a whole new business. It was at least an insight you could sort of test the hypothesis of like because you and I have invested small amounts personally in our sponsors before because we get insight into their business from getting to work directly with CEOs on those and we're like and we see what our audience resonates with with products.

Right. That's really interesting thing we should invest a little bit but your insight of okay this is a growth round this is a company that's doing really well I can sort of see how well they're doing both from getting to like look at the investment pitch but also the reaction of our community to the sponsorship. Right. Could I invest a meaningful amount of capital in this? How could we put together a meaningful amount of capital? And do I as a host of acquired have relationships with the owners of capital the stewards of capital who want to invest in this opportunity?

It was a really interesting way for you to sort of like prove out that hypothesis a little bit. Yeah. There is no strategic plan for kindergarten mentors period. It is very much like you all may be shocked that there's no strategic period but it's not like we did a you know an offsite like we didn't do a end of year special for kindergarten like we're doing now for acquired and discuss our strategy and say you know I think we should find an opportunity to do a ten million dollar SPV this year.

But no it came naturally from everything we're talking about here on acquired. Yep. And just to put a finer point on the business being not entirely connected to the audience size there were years where the audience would 2x but revenue would 10x just because it was a wildly under monetized asset. Well there were several years where revenue was zero. Yeah. This was not a business. That's true. But you know who's to say that we necessarily have the business model optimized.

Do I think that there should be more sponsorships and episodes. No. In fact I think we should probably be a little bit tighter on them and shorter on them and find more ways to make the sponsorship segments even more differentiated where we're not just giving the high-level pitch on the company but doing more vouch insurance 101 type stuff where we can sort of like find a key insight with the company and storytell that together. I think leaning into the strategic differentiation that we have on and I know that sounds like jargon but like we are I think the only ones who work this closely with our sponsors.

So what does that enable us to do that no other podcast could do. I think that's like the lens that I want to keep taking to it. And so to your point the business is probably still unoptimized and it will probably grow directionally with audience but can grow in other ways too. All right listeners now is a great time to thank our long time friend of the show ServiceNow. If you are running a large enterprise AI agents are likely spread across every team and deploying them is no longer the hard part.

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All right, David, what is next on the year in review agenda? Next, we got to talk about next year, 2023. Yes. Looking ahead. Okay, first question for us. What episodes, topics, guests are we thinking about? Oh. What should we, what's on the docket? Hang on, let me bust out my list. One that feels like an obvious one we should do at some point next year is OpenAI. Yeah, absolutely. We talked about doing it at various points this year and especially like fitting in with the whole NVIDIA series.

But it's funny. It feels like we got to do it. We almost did it 12 months ago. Like I remember last year over the holidays doing some prep work for it. And that I think would have been kind of disastrous because we would have done it. And I think way undersold, like we wouldn't have been. Would have been way too early. Yeah. If we do end up doing it and do it, you know, relatively early next year, it's sort of ironic that the next Elon company that we'll cover after our old SpaceX episode is OpenAI.

We didn't do anything on Twitter. We haven't done any revisiting of Tesla. It is crazy. God, he's got his fingers in everything. The Twitter is just, oh my gosh, there's just so much drama. There's so much drama. I don't like having just drama on Acquired. That is true. I think part of the reason why we haven't done a Twitter episode since we interviewed Dick Costolo in early 2021, maybe. Yeah, way before all this. Is like the story feels less like a business story and more like a TMZ story, which isn't our cup of tea.

Yes. I don't ever want to feel like TMZ. I won't say that like I'm not interested in reading all the TMZ drama about it. It's totally fascinating. And, you know, if you can run a company on 80% less people than you were running it before and nothing goes terribly wrong, that's super interesting for the world to know. Now, of course, it does look like all sorts of things are going wrong, but to the extent that they can turn it around and the business can be generating as much revenue as it was before on a massively lower cost basis.

I'm very curious to know what the second order effects of that are. Yeah. But the story that we know so far is TMZ. That is interesting, actually. Is TMZ. But yeah, like that's not the, we don't actually know that yet. Right. And everything that is being discussed is, yeah, it's just drama. Okay. So OpenAI, that's a good candidate. Yep. I was perusing the world's richest people list the other day and saw... For acquired ideas or just, that's what you do in your freezer?

You know. The lots of the names are very familiar to us and acquired listeners. The one that is not is Bernard Arnault, which one of the world's top five wealthiest people and not in tech, not in finance, but in luxury brands. I think it'd be pretty interesting to go down the path of like really deeply unpacking brand power and brand power over generations and the concept of a house of brands and what brands mean to people and why you can know that it's the exact same leather that you're buying elsewhere, but because it has this mark on it, you pay 500 times more for it.

I would love to figure out what the right starting place is for luxury and do that on acquired. Yeah. The point and the reason to do it is what you said, the underlinked brand. Right. How did these amazing, durable brands get built? Yeah. I continue to want to do Epic Healthcare. I think they're like a huge force in the American economy and I don't know if that episode will be a hero's journey or a villain. Is it an Enron or a NVIDIA?

I suspect, without having done any research, I suspect more of an Enron. Yeah. Probably not a fraud, but just a... Open question whether it's good for the world. Yes. Creates some value, certainly captures a lot of it. Does it capture more than it creates? Open question. One thing I definitely want to do more of and figure out how it's going to evolve is sessions. So we did the session with Jason Calacanis. Yep. That was really fun and felt like a really cool way to do something orthogonal to the core acquired approach, but still really fun.

Maybe sessions or a format like sessions ends up being what we do with protagonists of stories after we've done an episode just us on them. Yep. Maybe we keep doing it with interesting people, maybe both, but that felt like a really cool, different type of interview than just a standard podcast interview. I feel like if sessions evolves into talking to people who do fascinating work about things that aren't necessarily their work, that's a pretty interesting use of the format.

That's something that I want to explore because that statement can kind of take two directions and I think either would make for an interesting sessions reason for existence. One is talking to the CEO of a Fortune 500 company about things that aren't their company. They probably think about a lot of really interesting stuff and have a bunch of really interesting ideas and they probably can't say a lot of the most interesting thoughts they have about their company because they're publicly traded and there's all sorts of SEC stuff involved, but there's other conversations we can have with them.

But they're people and like they have feelings and emotions. And those aren't, the reasons people typically are trying to get them to come on podcasts. Yeah. That's one thing actually that my wife Jenny pointed out to me after listening to the session we did with Jason and she was like, it was interesting, it was good. You guys could have gone way harder on diving into the emotional side of Jason's lived experience and his feelings and like, especially when he mentioned, you know, Tony Hsieh's passing and how that really impacted him and like led to him deciding to make some changes in how he approached life and his work for the next few years.

Like she was like, that was an opportunity that you just let fall on the floor. Like you could have gone way deeper into that. Yeah. I think that's a great point. The other thing that I was sort of implying in that statement is we could have people on almost as a prop, like we're not interviewing them, but they're instead a piece of whatever discussion you and I wanted to have anyway. Like, you know, what if we had Eric Vichria just like hanging out next to you on the couch and we weren't talking about Benchmark, but Eric was just like chiming in on a lot of this stuff and sharing his ideas.

He's not the subject of the interview. He's a piece of the show. He's a part of the conversation. He's a foil to bounce ideas off of. I would for sure do that with Eric. That would be an amazing and a great privilege. You know who would be truly the most interesting person to have as playing that role would be Peter Fenton. Oh, yeah. You're right. Sorry, I used Eric as the example. Oh, my gosh. That was the whole Benchmark career is amazing.

That dinner was amazing. There were a few things that Peter said when we were talking about the principal program and Blake, one of us, I can't remember if it was me or you asked, you know, so why do you guys have a principal, you know, like a junior investment person when clearly like your whole ethos is you don't do that. And Peter's response, well, it was like, because forced consistency is the hobgoblin of little minds, which is a famous quote from I can't remember where it's from.

That's from some famous just like it like leapt out. It just like that was the immediate response that leapt out of him. And I was like, wow, I never thought that that would show up on a podcast. Yeah. Yeah, that was great. That was so great. Peter's one of a kind. He is one of a kind. Other episodes that I want to do, I want to do Intuit. I think that's a far more interesting and successful business than people realize.

In the vein of consumer brands, we got to do Nike at some point. Oh, yeah. I want to continue going back in time from Walmart and do Sears. Nike's one that I really want to do. I know we said we don't do lives. I actually don't think this should be a live show. I want to go on site. I want to go to Oregon. Go to Eugene. Get a workout in. But I feel like there's like, I don't know.

I mean, I'd just be curious to see. I've never been, but the facilities there and like because it's such a athletic, like a physical thing, I want to go see what it's like. That's a good point. Yeah. That feels like something we need to experience more physically. I don't know. You could make that argument for a lot of them like TSMC. The episode would have been much better if you and I got to witness chips being fabbed and feel what it was like to be in a bunny suit.

The little bit I know ended mostly from the last dance, but like the one of the key, key moments in Nike's history is the signing of the deal with Michael Jordan. Yeah. But like, what did it feel like when Michael came out to the campus? Yeah. There's feeling the history there. It used to be a big thing. All right. So before we get to our extended carve outs in sort of reviewing 2022, you and I both had big 2022s.

So that's probably worth chatting about a little bit. I love this is a, we didn't intend it this way. This is becoming much like the benchmark dinner that we recorded everything. I was like before dinner, because we didn't want to eat dinner before. We got a lot of good comments of like, why are they just sitting there with cheese and on their plates? Like, aren't they going to eat? Aren't they going to eat real food? And like we did afterwards.

Yeah. Yeah. But like that would not make for good video content. Clink, clink, clink, clink. Yeah. Audio or video content. We are going to, after we finish recording here, we're going to go out to celebrate, celebrate a holiday dinner for acquired for the two of us. But I feel like this is like the pre-recorded, this is the recording version. So at which we would definitely talk about our personal lives. what you had. I had probably the biggest life event that you had.

Yes. I got married. It was wonderful. I was here. It was great. You were here. It was really cool because in some ways I thought it wasn't going to feel different afterwards. I think a lot of people in our generations were like date for a long time and live together and feel like life partners. But there's something totally different about being married, you know, having the ring on every day as a reminder and the sense of like longevity associated with it is really cool and a really totally different psychological place than I thought.

Well, and you go through this process and project together of the wedding. Like from the moment you get engaged until the wedding, is this like a, you know, you're like a butterfly going into like a caterpillar going into a cocoon. It's like a transformational period. Yes. And I say like I was here. You did the wedding at your house right after moving like. I didn't want to play the 2022 venue game. Yeah. Two times more people got married this year.

It was just like you're not getting a venue. And if you are, you're getting a terrible date and you're paying a lot of money for it and you're not going to get any of the things that you want out of it. That was probably half of CPI inflation right there was wedding venues. David was my groomsman. You and I have some great pictures together. Thank you for coming up and being a part of it. You did a amazing job given that, you know, you two planned it all yourself.

You were the venue. It was at your house. It was, uh, we're literally sitting where the DJ was like DJing onto the dance floor out there. It's so fun going to weddings after having been married because you're like, oh good, I just get to enjoy all of the fruits of the couple's labor. Yeah, it really is. When people say it's like the happiest day of your life, no doubt the happiest day of my life. And I think the like energy and love and just overwhelming force that you feel from your closest friends and family when you're like walking down the aisle and you feel all that energy on you is crazy.

And it's an indescribable moment really. Yeah, it was super cool. That was, I think, the biggest personal life event. What else for you this year? Let's see. On 2022. We took a vacation to Italy. I'd never been to Italy before. That was like a absolutely spectacular time. Rome, Cinque Terra, Florence, Capri. God, the island of Capri is incredible. I've never been. It's just amazing. It's beautiful. Have you been to Greece? I've not. Oh, okay. I was curious how it compares to Greece.

I think it's similar to some of the sort of Grecian islands. This one has some cool history associated with it because at one point the Roman emperor was sort of fleeing and I don't know if it was paranoia or is legitimate but just thought that everyone in Rome was coming and tried to kill him and so he like fled to Capri and ruled from the island where he could sort of see in every direction to sort of fortify.

It was remote work before remote work. Yeah, that's like one of my. He was a pre-digital nomad. Yes. That's the cool thing about Italy and every European country compared to here but I feel like especially Italy the sense of history especially for you know us two history buffs like yeah you know you walk around Rome or Florence and Rome especially with Florence and its own right is still ancient history compared to America but like Rome like you're talking about the ancient Roman times.

And you I mean actually walking around the forum is wild because you're like literally looking at pillars that are 3,000 years old at least 2,000 years old. Yeah. Yeah. so we're thinking about where to go on a honeymoon probably early to mid next year and I like I want to go back to Italy. This is a magical place. This is the problem as you get older and you have cool travel experiences you're like I want to go back to those places but you also want to experience new places.

The rest of the world right. Like I will die without seeing most of the world no matter how much I travel and so should I try and put a dent in that as much as possible or should I say you know there's this one spot in Hawaii that I really like and so every single year I'm going back there. Clearly the answer is both. Maybe you had some of the plan for carve outs but like I feel like I'm like decently up on like the latest like tech and gadgets and stuff but like you're like you made some interesting decisions.

Oh we're going to review my Apple year in review. Yeah. Yeah. Can we do an Apple year in review for Ben? Yeah let's do it. So got the iPad mini for acquired. We both are rocking the mini because it's very very good for on stage as we did more live stuff. It's just game. This is the perfect device for live events and any kind of where you're not sitting in front of a computer monitor. Yeah. Easy to hold it in one hand.

I really want the big iPad Pro but I've basically no use for it like this is actually the device that suits my use case. I think a little over a year ago I got the MacBook Pro 16 inch which is which has the lovely. This is our fire. Yep. Which is the finest computer I've ever owned. It's a tank. The display is amazing. Yes. The display is unbelievable. I mean everything about this thing is nuts. I do have envy.

The M2 MacBook Air thing is sexy. Ah it is. Like so thin so light. A lot of the capability of this one but when I'm traveling and because what we do is so everything intensive it's bandwidth intensive it's storage intensive. It's gear intensive. Having like you just need like a desktop computer with you all the time. We're transferring hundreds of gigabytes back and forth after we record for all the multiple camera videos. I want the good webcam that comes on this computer in case we have to do a remote episode.

I want the screen space because I'm also a venture capitalist and I'm doing spreadsheety things. I have a hard time with a travel computer so if they made an 18 inch computer and they made it three pounds heavier I might buy that one too. When you're doing purely personal travel do you not bring this and just bring the iPad? No. Absolutely not. Oh so you still bring this? Yeah yeah. Purely personal travel what are you talking about?

There's not a single day where I'm on personal vacation where I'm not also doing something. Yeah that's true. Even for yours truly that's true. I mean we're small business owners. Yeah we are. We are small business owners. Every single day where there's no one else that can do it and so either it doesn't happen or we have to do it. Yeah. And that's on top of like me being a professional venture capitalist where like there's real obligations that come with and that you don't necessarily need the heaviest computer you can find for but like you need to be pretty responsive on a lot of things and sometimes if you're.

That's true. Like if we need to. You need real computer. We need to make edits to an episode or something like. I need to bust out audition. Yeah. Yeah. And I could do that on a smaller computer and maybe this is totally overkill. Like when you got here today I had left to go to a board meeting and then a lunch and then meet someone for coffee for a nonprofit that I'm working with and none of those things required a computer but I brought my backpack with my computer in it to all three even though I knew I would never take it out because if something came up I would need to be able to like get away for five

minutes do something on my computer put it back in my bag and then go back to whatever I was doing. I love it. You just never know. You never know. And I'm probably overly paranoid on that but it's like the one time you get burned changes your behavior forever. Okay. So opposite of this and where I thought you were going to start. So I really like to take pictures. I'm a very big nerd about like understanding all the physics and as much of the black box that Apple will let you understand of the computational photography engine.

But I also have like I think it's tendinosis. Something's up with my wrists. They fatigue super easily and I get basically tennis elbow and it's probably from having my computer with me all the time and like constantly being punched over a computer. Yeah. So I have the iPhone 13 mini. It's the correctly sized phone. It's the correct weight for a phone. It's the correct sort of reachability for a phone which I know Apple used to name a feature which is a stupid feature.

And so I was like gosh there's no iPhone 14 mini. I would pay literally anything. I don't know if that is exactly right but like four or five X the current iPhone prices. You have a high willingness to pay. For an iPhone 14 pro mini. Yeah. Like Apple if there's a test one in a lab somewhere please send it to me. I will again like no price sensitivity around it. But I was like I should try the new phone and just like play with the cameras and stuff.

I got it as you would suspect it was too big. It was too heavy. I waited 13 days until the 14 day return deadline returned. It went back to my 13 mini and I'm thinking about buying another 13 mini because at some point the battery is going to die on this one. And if they never make another mini again like want to have one like on cold storage. It's just like my Nikes upstairs that I've got stacked in the closet.

It is the perfect size phone. So I have I have a 12 mini right now. I didn't upgrade to the third. I probably should have. Dude you totally should upgrade right now before they run out. Well I realized I finally need to upgrade the 12 mini and the biggest driving factor for me as a new parent was the camera. And so I actually when I haven't gotten it yet it's because it's on back order but I went to the 14 pro.

Wow. Which I have never had any of the pro iPhones. Like I care about technology a lot but I was just never compelled by I don't care that didn't used to not care that much about photography. Yeah. And so I was just never that compelled by the pro versions and I really cared about size but now with a little one. If I was a parent I think I would buy the 14 pro also. Well it's a double whammy.

What I cared most about size was for portability when out and about. Which that part of your life has gone away. That part of my life is particularly like exercising now my exercise is primarily walking a stroller which has a lot of carrying capacity and I didn't care that much about photo quality. I took very few photos before. I mean and now just like some of the best advice I love talking to people who have older kids and being like because you just realize time just slips away like when you have a kid and almost universally I wish I'd taken more photos.

I especially wish I'd taken more videos throughout the and so like like all right so the pro I have on order but I I'm conflicted about it like I'm really gonna miss the form factor. You are. You're really gonna miss it. Yeah. It's like not gonna fit in your pocket. Yeah. It's gonna be. It's gonna be transition. And also the camera mountain on this one is so large that the phone actually rocks when you're leaving it on a table and typing.

It's fascinating to see the set of trade-offs Apple's been okay with in the name of getting the very best photos that they can out of this thing. Which as a parent now I'm like I see the business reason for doing that. Right. Okay so keep going on the lineup because you've got another important large device. Yeah so I bought the Apple Watch. You're having trouble lifting your arm there. It's really heavy. I was about to say the Apple Watch 14.

The Apple Watch Ultra which I'm sure next year there's gonna be the Apple Watch Ultra 2 or the Apple Watch 2 Ultra. I'm curious how they'll name it. Apple Watch Ultra second generation I imagine is what they'll do. Anyway this thing is actually super light relative to how large it is. And you made the joke about lifting your arm. I like don't feel it anymore and I think that happens with all watches over time. You sort of like get used to the weight but one of the big things that sold me on it is because I thought the reason I was gonna hate it was the weight.

I like put it on and I'm like this I think it's the titanium remarkably light for how large it is. It's big for sure it's big. It's beautiful though. The screen is yeah this super clear like you can look at pictures on it. It's really bright. It's 2000 nits so like it has a flashlight button because it functions as a fairly effective flashlight. The battery lasts like almost three days which is totally game changing if you I think I've tracked every single night of sleep for four or five years now and so that's like a thing that I that's a use case I really care about.

I haven't done anything extreme in it yet like I've climbed Mount St. Helens. Got this great photo behind me. Yeah that's Iceland that I did with my dad. He used to do this big backpacking trip every summer and I have not adventured in this thing yet mostly because I've just been doing less adventuring over the last year or two but I totally expect to use it for the stated purposes but it's been awesome for me even not for the ultra type purposes that it's advertised for.

The photo viewing I would imagine is a really I would never think I want to view photos on my wrist but like actually I think that could be There's a good number of times where I'm like okay cool I saw it clearly enough now where I don't need to also pull it up on my phone. When you're getting photos in a text chat. Yes exactly. Yeah. The other interesting thing is the screen is just large enough where it kind of feels like a small phone and less like a big watch and I think it's the edge to edge display the fact that they have the like you know raised bezel around it bezel around it.

Yeah. It has an on-screen keyboard that you can use the finger swiping on and so I literally can just like swipe on the keyboard to respond to text messages. So I can't decide if that's like really nerdy and like Casio mid 80s and like that's not actually useful but I've probably done it 30 or 40 times since I've gotten it to respond to text messages real quick and that's been pretty nice. The one thing I wish they had added that to me would be a maybe not killer feature but like a really really nice to have would be some sort of biometric authentication in the watch because what I don't like is when I well maybe with a ultra I

wouldn't have to take it off to charge it as much but when I put my watch back on after I'm charging it and I got to enter my pin code every time which you know like first world problems. Unless. But like I don't understand why they can't put a touch ID sensor. I mean I know they're trying to save as much space as possible in there but like. No that's good. You're right. There's no biometric on it but I think a feature that it does have is if you put it on and then you take out your phone before you need to type in the passcode on your watch and you face ID on your phone your watch is auto unlocked.

Yes that is true but I found that to be kind of janky. I have found that to be kind of janky too. I can't like reliably trust that it's going to work. Totally agree. I'm like why do I still need to type in a passcode? I swear I shouldn't need a passcode right now. And one of the things I found maybe I need a different watch band to solve the problem but toddlers really like to grab shiny things with screens and especially ones that are on your wrist while you're changing diapers and so the amount of times a day that I enter my passcode on my watch is a lot larger than it used to be shall we say.

All right so let's go with your Apple. We'll go reverse order for you. Give me your Apple lineup and then let's get into your year interview. Oh okay. So I'm still rocking the 2020 original OG M1 MacBook Air. Yep. Which there's so much more performance machines out there like this now but like I still have tons of headband. Right I'm not sure you'd notice the performance difference. And like the leap forward that that M1 chip was was just incredible.

I mean performance, battery life, price point. That's crazy. I don't know what these 2020 original M1 MacBook Airs are going for on like eBay or Craigslist or whatnot right now. Yep. Whatever they're going for like I bet $500 ish maybe less. The amount of performance and longevity that you can get for that dollar amount. Yeah it's crazy. Crazy. You're right. If it's only $500 it's way better than let's say you have like a 2018 or 2019 Intel machine.

It's so worth it to trade up to even an old M1 because they're just not that different after three years. Yep totally. I can't imagine anything that a normal human would need to do on a computer that the M1 MacBook can't handle. Yep. Okay so keep it okay. Okay so there's that. We talked about my phone. I'm currently rocking the 12 mini. Very mixed emotions about transitioning to the 14 pro. Yep. And I'm rocking the original SE Apple watch.

I forgot they made a watch SE. They have two now. There's a new SE 2. I don't know exactly what the SE 2 has feature set. I'm very tempted by the Ultra for all the reasons we discussed. Highly recommend it. My decision for going with the SE originally was it didn't have the always on screen and I actively did not want the always on screen. Hmm. How do you find you does it do you find it distracts you at all?

I like it now especially with the Wayfinder watch face that comes on the Ultra when it's off you still see the watch hands but everything else it's a black background and then when you turn it it's got sort of the white face comes on so I like it. Nice. I did not like the always on display on the phone when I had the 14 pro. It was like loud. Yeah. It felt like my phone didn't it's like really on.

Yeah. But on the on the watch it yeah it's subtle. It's not like noticeable. I will say too I was in a coffee meeting today where I did need to call an Uber so that I could get back here so that we could record and like it was quite nice being able to like have the watch at a super. Hmm. What's the social thing about checking your watch your watch having it like being able to see the time when I was looking at it at like 170 degree angle and I used to definitely be the person that's like jerking my wrist or like tapping it to try to see the time so that's like that is one yeah I'll do like I'll put my

hands under the table and then like tap it. Yeah. Surreptitiously. Yeah. And then on the iPad side the iPad mini I had the one really only negative experience besides the just amount of work that we and pitch book put into the arena show was my old iPad got stolen after the arena show criminal literally criminal I could still see it on like the map on the find my devices it was somewhere up like Northgate or somewhere like north of Seattle and like but it's like one of these things you're like just because I know where that is it does not mean I should go there and get it.

No definitely not. Oh man. But the mini I really like the mini it's not nearly as good for watching and consuming content. I have an old iPad that we keep in the kitchen for when I'm doing the dishes and stuff. And that you have promotion on right. Like the minis don't have a promotion display the 120 hertz. Yeah. Oh no I've got like an old old iPad that I don't think has promotion. I feel like you used to have one with a promotion display.

You know what maybe it does. I think it's an original the first iPad Pro that they made in 2017. That one did. Okay you're right it does have promotion. It does have promotion. Because that I actually missed when I was downgrading from the new iPhone down to the 13 mini because the non pro iPhones have never had promotion. Right that's the goes up to 120 hertz refresh rate on the screen. Yeah. Butter. The mini is great though for events.

It's also really good. I've stopped. I use a kindle oasis that I use for reading fiction at home. But when I travel I no longer bring the kindle oasis and I use this as a kindle. It's great for that. I find like for for outdoor stuff you can't beat the kindle. Yeah. I also find that night reading in bed the iPad even in the lightest setting is kind of too bright. That's true. When going to the beach I'll still bring the kindle.

I wouldn't I wouldn't feel good bringing this to a beach. Yeah that's a good point because they're not waterproof unlike iPhones iPads are not waterproof. The device that's still in my lineup that blows my mind is in 2012 as a college graduation gift my uncle got me the $70 kindle and that is still the kindle that I use and take on vacation. It's such a good product. They are like industrial strength. Yeah. Yeah. And super light like I looked at getting the oasis but it's actually heavier than my 2012 model.

The nice thing about the oasis is it's got the page turn buttons which I like. And the paper white is a really nice. Yeah. I'm envious of the paper white for sure. My kindle is actually worthless in bed because you need to light it with a. Right. Jenny and I got the oasis for that very reason. Jenny's a night owl and I'm a morning person. And Jenny is a huge reader. She has a PhD in literature and I'm a huge reader too but she puts me to shame.

She would stay up reading at night with the light on and then finally I'm just like I'm buying you this. Turn the light off. It's for you and for me. It's for you but mostly for me. All right. So your 2022 personal year. Oh 2022 personal year. Well this was the year of adjusting to life as a parent. Our daughter was born towards the end of 2021. So that was like most of the year was preparing and you know then like the first couple months are like it's I mean of course we're thinking back now on the FTX interview when we when we had Sam on.

Was that your first interview back. It was in there. I mean I was still in the fog of war. Like it was I know we released the interview. Oh we switched it with the Michael Ovitz episode. I think Michael we interviewed Michael first. Right. That's right. That's right. But all of that she was no more than two months old probably less like such a fog. Yeah. Those first few months but then this year has been you know Jenny went back to work and she works in person.

She works at San Francisco Ballet like it's in person physical art form. They put on physical performances. She needs to be in the office every day and weekends and nights. So yeah this year was just about figuring out life like with a lot of changes but we met early in college. So we were like babies you know and then we were. You were together for 17 years before having a kid. 16 years. 16 years. Yeah. 16 years before having a kid which were wonderful 16 years and I'm glad we had all that time together pre-baby but we hadn't had to like really renegotiate our relationship in a long time.

So it was like oh wow flexing old muscles again. Yeah I bet. But the last time was when we got married and like we didn't expect it you know so hearing you talk about things are different when you get married like they really are. All your life systems have to change. Your notion of self is only about one person but after you're married your notion of self includes another person whose emotions you can't actually feel. So like when you're like looking out for yourself you have to account for things that you currently don't know which I think is this like very interesting phenomenon.

Yeah. And that is so true about getting married but then having a kid I think that's like the biggest well there's so many huge things but one is like you now have this other being like when you get married yes you have to account for the other person and you're like in it together you're no longer just you. Right. But that other person is like a responsible adult hopefully. You know can keep themselves alive can like if we're going late recording an acquired episode she'll be fine.

Right. You know. Right. When you have a kid. Right. That's very. Kid starves. Yeah like you can't like 24-7 somebody needs to have as like a pretty foreground in their mental processes like I need the like algorithm of how I'm behaving needs to have at the forefront keep this kid alive and happy. Yeah. And they're incapable of doing so their own and you know you love this person so incredibly much in just really like unfathomable ways and so it's like yeah how do you like then integrate that back with your life so that was it's been a lot of figuring that out for us.

And now like we're now at such a good age not that it's still difficult she's a little over a year old now 14 months like it's so fun like it's always been fun I've always I've not been I think a lot of parents and especially a lot of dads they don't love their kids immediately and like that's a very normal thing of like you know what moms to have this but like kid pops out and you're like whoa you know right but there's no instant love I have the instant love like instant like very very powerful and I still feel that but like also like as they become more of a person like she's walking now she's talking like a little bit like but she's

like so clearly has a personality and like every day and like oh wow like you are even more of a person than you were yesterday and like it's so fun and it's like also a lot easier than the just like the early days are so physically demanding like on everybody especially moms but like any any caregiver it's one of these things that like you can describe it but having not experienced it I don't actually know what it's like it's like oh oh there's no way cool words David yeah exactly highly highly recommend it but uh you know in due time yeah other stuff for you this year personally it's sort of crazy looking back on it like so much changes when you parent but um we

were both intentional about this but also I think it just naturally happened because it is important in part of our lives we didn't actually travel any less like we didn't travel in the early early months but we did what did we do eight or nine trips with the baby in 2022 including going to Portugal we made that a family trip when we went for breakpoint which like actually was great like really hard very different it seemed very hard I gotta say from the outside it was hard it was hard but I'm really glad we did it I'm really glad we did it then the other big thing for us this year we'd spent a lot of time over the last couple years thinking

about where we wanted to live in general and then in anticipation of having a baby and then after having the baby Jenny and I went around the axle so many times about California we were pretty sure we're gonna stay in California and probably the Bay Area Jenny's family's there and and we genuinely really love it there but do we move to the suburbs where do we move do we stay in the city we were in the city before and we ultimately decided to stay in the city to stay in the same neighborhood we moved houses but the plan for now is we're just like gonna stay for the perpetuity in the city and which some people I think are like that's crazy why would you know why

would you live in San Francisco period especially post-pandemic why would you raise kids in San Francisco it's actually great like for us it's been amazing we can walk we don't have to drive we don't have to get her in the car there's so much great stuff she really enjoys it like she's a city kid like after breakpoint we went out in the countryside in Portugal for a couple days the baby was so bored she was really get me back to Lisbon like oh wow so it's actually been really great for us staying in the city we'll see as she gets older but um but that's the plan that's great all right listeners now is a great time to talk about one of our favorite

companies Statsig yes long time acquired partner there is a reason why the best product teams at companies like open AI and notion atlassian figma rippling bricks and more rely on Statsig whether they are iterating on their core product features or shipping AI powered experiences at scale yep in the crazy speed of today's AI world shipping fast is just table stakes now it's basically trivial to build and deploy your app constantly the real advantage is how quickly you learn what changes actually created value for customers and how fast you can use that signal to guide what you ship next whether it's a feature tweak a pricing change a performance improvement or an AI update like a model change or prompt adjustment

they're not relying on instinct they're measuring what actually moved engagement retention and ultimately revenue and as more teams build with AI that learning loop becomes even more important building with LLMs introduces non-determinism into your product experience the same input doesn't always produce the same output and behavior can shift in subtle ways in real world use so doing offline evals will give you part of the picture but you can really only understand the impact once your product is live with real users and then you can measure how their behavior actually changes it's very different than the way that you would ship features in a pre AI world where you knew exactly what the software was going to do and yeah exactly so this is where Statsig comes in

it brings experimentation feature flags and product analytics into one unified system so teams can ship safely test rigorously and directly link what they changed to how users actually behaved the result is a tighter feedback loop and learning that compounds over time so you don't just ship more you ship better so if you want to make learning your competitive advantage whether you're building new AI experiences or just evolving your existing core product go to statsig.com slash acquired to get started carve outs carve outs let's do it all right should we start with books let's do it all right I can't remember if I recommended this one because I read it over the holidays last year I think it might have been my first carve out of

2022 project hail mary oh yeah I think I read it on your recommendation that's right Ken vouch very good I think it's the best fiction I've ever read definitely the best sci-fi I've ever read I think it's the best fiction I've ever read the premise arrives at you in real time as you read it so I don't want to give away the premise unless otherwise stated this is a spoiler free yeah carve outs the coolest thing about project hail mary is how it is basically all in our universe there's no big leap like in Star Trek you have to like take this leap of like well there's warp drive and you don't really understand how it works and that's fine and now that we accept this black box now we can

go to other stuff there's not like an accepted black box in project hail mary there's just like all the known rules of physics that we know about and yeah it's uh it's hard sci-fi I think is the term right is that what they call it yeah where it's like everything is like laws of physics explanations for everything right so that was super cool another book that I finished about two months ago that I thought was exceptional and every single person who listens to acquired should read it I think it expands even broader than this audience but this audience in particular would eat it up called the psychology of money by Morgan Housel we get to talk to Morgan uh recently that was really fun and when we hopped

on that call with him it was like I was two-thirds through the book and so it was really fun like getting to talk about some of the concepts with him while I was in real time digesting them but he's unbelievably pithy I need to read the book I haven't read it I need to read it and yes I agree total class act I suspect it's a really good one to read now post 2020 and 2021 bubble when like everything was crazy it would have been great to read it during 2020 right also yeah yes but it includes I think I've I've made it a carve out before the um Morgan's essay how all this happened and every chapter of psychology of money is one of his essays

and so if you liked if you read how all this happened which is this amazing path of world war ii through today through the american economy and a lot of politics and why different things happened and how everything led to the next thing the psychology of money is awesome because it incorporates all of that sort of like factual history with just really good perspectives and some citations of research on what actually makes people happy and what investment strategies work when your goal is happiness hmm I certainly don't account for enough of that in my own financial planning yeah Morgan makes a very strong argument in the book to basically put as much into s&p 500 index funds when you're as young as you possibly can and

just never sell anything it's like the most boring style of investing possible that will probably beat whatever you do yep I gotta pick that up and read it that'll be good uh over the holidays book anything else you got in books I do actually I'm halfway through it and I was tempted to not talk about it because I want to use it for a future carve out but it's already so good and this is another one where like listeners of the show will especially eat this up the power law by Sebastian Malady is it worth reading even if you're already steeped in the industry yes you and I have done research on 250 companies and all these venture funds and talk to the people that started a lot of

these venture funds and Sebastian knows more it just goes deeper I mean he just talks about these investments that like we think we've talked about the best investments of all time there are more and like he cites them all numerically he cites returns on early venture capital funds he takes you all the way through product venture capital like I mean there's George Dorio and then Arthur Rock and he talks about like how all those partnerships sort of led to the next ones and how certain structures were bad and then the invention of the private limited partnership fixed all these problems you're gonna love it okay might find that under the tree that's all I got for books oh that's all I got

all right my books I've got two acquired books that I can't believe we did both of these episodes this year and we completely whiffed on this very obvious sort of like pun and fun moment you know I don't like whiffs I know I'm embarrassed by this like mostly for me this is like an ultimate like David Rosenthal like dad joke moment my top two acquired books and they genuinely are also my top two acquired books for the year made in Japan and made in America I made that joke did you totally made that joke oh I can't believe I swear I did did you love to go back through the transcripts or at least like observed that in some capacity maybe it was a tweet maybe I just have dad brain but isn't that crazy that yeah

they're both named that and they're both so good yeah I agree highly recommend non acquired books that I read this year I think I did this as a carve out uh the godfather series the books yep mario puzo's books they are so good as good or better than the movies and the movies are in my opinion some of the best of all time yeah and then the other one is masters of doom I don't know if I talked about that on the show we've thought about doing an id episode and then lex did that like huge interview with carmack so felt less urgent for us to do it but um really well written book and then the author of masters of doom david kushner just did a

follow-up piece I think in vanity fair of a follow-up interview did you see I think did I send this to you with um stevie case who's the cro advanta and stevie is a prominent figure in the book and she was the first the first or one of the first professional female gamers ended up working did you work at id she may have worked briefly at id but then she joined romero at his next company after romero and carmack broke up oh crazy anyway crazy story and then she went on she came out to silicon valley ended up working at twilio and now it's the cro at vanta tell me about this I'm not sure I read the article but I remember hearing yeah yeah so good both the book and the follow-up article

great huh stevie's story is is amazing so that's my that's my article carve out too which is our next category mine was how all this happened yeah perfect podcasts podcasts I already mentioned resonant arc my favorite video game podcast got it all in a resonant arc and all in are like my go-to must listen every episode yep two shout outs though that I discovered this year and have become friends david tenra and the founders podcast yep of course wonderful show and we've become close with david and like when you hear david on the show he is exactly that same way in real life too like it's so great we he's come out to california we've hung out a bunch love him the other one I've been a huge

mkbhd fan on youtube as I know you have been to uh the waveform podcast that they do is great I've started like regularly listening I really like it and um our buddy david emel who's on the mkbhd team he's regularly on a host a co-host on that they rotate through the team on the waveform podcast and like it's in the same vein as kind of the verge podcast like it's all about the products of tech but it's really well done I've become an increasingly large fan of the verge I don't know how I sort of slept on it in my head it was like oh another one of these like end gadget gizmodo type things but like that was wrong it is my this is like embarrassing to say new favorite publication

like neilai is so smart and I'll basically go listen to neilai talk wherever he is like that is a way to for sure get me to go listen to an episode of whatever the podcast is so I sort of like first and over covet I think was like I'll listen to neilai in any situation and then like with the verge redesign I sort of I don't think I realized how unbelievably thoughtful the team there is and how strategic they are they're one of the few publications that thinks about the fact that they're a business too and thinks about the way to marry their business with their editorial and how they can uniquely show up in the world based on what they do differently than other people and like

I think the new verge redesign is genius like I don't know if it'll work or not but I love the attempt they're also one of the few news sites in the world that actually gets a ton of direct traffic so that's a huge thing that plays to their advantage that then they can do interesting things with there's people that come to them to solve a problem in their life or to fill a need it's so true I mean even me I mean you're way deeper in the product side as a fan of the product side of tech than I am but anytime there's a new apple device or right there's a couple places I will go directly I will go to

MKBHD and all the various properties that he and they have now and I'll go to the verge and I might consume some other stuff that comes to me on social media but like I will directly go to those two properties and I feel like my impression of Neelai is that like he is world-class on the product side of tech but he also gets the business side oh yeah for sure for sure which is super rare super rare and like his his like legal background he gets all the like interesting IP copyright stuff that's going on in technology I just feel like he's there's that Scott Adams aphorism you don't want to be top 1% at anything you want to be top 25% at the right three things and figure out how to marry them together

I feel like that's Neelai I'll also say I think the verge has been the thing that's surprisingly the most helpful for me for acquired research this year like I did a ton of Qualcomm research on the verge because they've done so much reporting on Qualcomm over the years so big verge fan I know that's we don't have publication it's like a category but I think they've got podcasts yeah they do podcasts so back to podcasts I already said the episode of Tim Ferriss with Jerry Seinfeld from a couple years ago so good the episode of Huberman lab what alcohol does to your body oh yeah dude it's some scary scary stuff and like moderation is also bad there's no like well I only had one drink this

week and that's devastating to your body versus zero and this is certainly not medical advice but go listen to that podcast it's just unbelievable the research studies that he's citing where it's just so much more bad for you in every way than I ever thought and I thought it was bad for you yeah you were already starting to drink less right yeah I mean we both opened tonight with cocktails but um well you gotta live this is a celebratory event that's right that's right my last podcast recommendation is smartless any episode so fun it's just so fun to go live in their world for an episode you've liked that one for a while right last six months or so yeah I feel like you've been

big on that all right music music I don't think I discovered any new music this year I listened to a lot of Taylor Swift midnights I did a ton of prep for our wedding curating a bunch of different playlists for like different segments of the day oh that's right you uh put together all the playlists yourself too right yeah I mean the DJ did all the work that a great DJ does but I sent him very highly manicured playlists that took several months to put together with a lot of opinion in it so you know here's the dance here's the cocktail hour here's dinner here's so I was looking at my like Spotify year in review and I was like all this is like my favorite songs from over the course of

my life and my wife's life and that's where most of my music listening went this year I'll also say most of my audio time like even when I'm in the gym now is podcasts or audible books mostly in service of acquired research I just listen to way less music than I used to I feel like you do a large part of your acquired book research via audiobooks right almost exclusively wow it was painful for me to read the whole Qualcomm book but the only way the only way it was available yeah you were back it's interesting whereas I've gone the total opposite direction I pretty much only do physical paper copies for acquired research I admire your attention span I'm interested to try it I do have an apple

pencil for our ipad minis and I wish I could write with the apple pencil I thought that'd be a useless device yeah I bought that and I thought it'd be so cool and I never use it I agree I agree it's just like I don't know if it's a drm thing or like a font size thing that changes the page but like really just want to be able to write with the apple pencil directly on an ebook the same way I do on a physical book and for whatever reason the tech gods just let me do that I have new music oh yeah shockingly you would not think that me knowing me and as a new parent would discover new music this year

but the baby loves olivia rodrigo less so now but when uh when she was like I don't know between ages like two months and six months they'll go through moments right olivia rodrigo almost without fail turn on driver's license like she would just be a wrapped in attention and like immediately calm down amazing we're like I guess we have a teenager like so I listened to a lot of olivia rodrigo this year huh and she's very talented huh very impressive all right I got out to uh to my spotify uh tv and movies yes and or was my carve out very recently everything here because I did none freaking except I re-watched black panther recently it was just as good great movie but that's all I got

so and or I saw the new top gun that was unbelievably fun like put that on a big 4k tv with some surround sound and just enjoy Jenny and I watched that uh on a laptop uh yeah we we gotta go I think they're re-releasing it in theaters for oh really yeah we can go upstairs after this and watch it's a 75 inch like like it's a very good uh it's a very good experience nice I watched everything everywhere all at once the movie and that movie gives you all the feels that is a great great movie great one to watch together if you're looking for something to watch with your partner weird movie kind of a sci-fi kind of a rom-com it's like a family dynamics movie sad parts happy parts and visually stunning

so and great acting I don't even really want to talk about what it's about because it's it's one of these that I just don't want to spoil it but basically everyone will like this movie great good holiday movie great holiday movie I haven't watched season one yet because it felt like I just wanted to catch up as soon as possible because everyone was talking about it I'm now up to date on white lotus season two that is a wild show it's basically the premise is like you get I don't know eight to ten rich people that show up at this beautiful hotel the white lotus in sicily and they're in three or four different groups so the plot sort of follows different groups but the thing that runs

through everyone is like everyone is extremely set in life very wealthy and like deeply unhappy and then crazy problematic stuff ensues from there and it's visually stunning and the acting is great and you're simultaneously very mad at all these characters for doing stuff that they shouldn't be doing but you also totally understand the characters are so well established that you understand based on their flaws as humans why they're falling into these traps are they real people is it reality or is it fiction fiction fiction yeah just very very well written fiction and the first one was in Hawaii so it's I think it's almost a completely different cast but like sort of same general premise in Italy so each season is a different set I think that's what they're doing

yeah lastly I watch a lot of TV this year the vow on Netflix is great like trash TV to leave on in the background it is two seasons long and it is a documentary about a cult and unbelievably the cult leader is so wrapped up I mean maybe not unbelievably for a cult leader in self-glorification that like that sounds very believable for a cult 15 20 years ago he started recruiting filmmakers to join the cult so they would shoot all this footage so there's all this like very very high production value footage over the entire life of the cult all the way through the trial which was only a few years ago is the nexium cult and like dude went to prison for life and a bunch of other people went to prison

because like they did terrible cult stuff and the whole thing is just like perfectly documented the entire time because I think it was like part of the arrest that like all this document all this stuff became public footage yeah so well maybe they maybe Netflix bought it I don't know but either way very very good background TV great apps the only new app that I started using this year that had any meaningful impact was our baby monitor app I just like everything's ossified and what about you do you have anything I have a few apps since moving houses that are sort of tied to like IOT type things the only one that's not that I really like that I started using this year is uh flighty which is

Ryan Jones's he's an indie developer he previously did weatherline which was my favorite weather app and flighty is sort of like the modern trip it the best way to explain it is like unbelievably good UI to tell you real-time information about your flight and it's tied into like every available API with every available airline so you get information from flighty before the airline notifies you of it and often before it even displays on gates when you're in the airport okay I gotta get push before I get this for flying back in a couple days dude when when you get like a 30 second heads up on a change before the mass of people are behind you it's very that's huge very valuable that is an edge that's

alpha that's alpha right there that's alpha although now we just gave it to everybody I think he was even featured in the apple keynote so we're not giving anybody any distribution here that they didn't otherwise already earn but Ryan's just amazing indie developer it's been really fun to like watch um I haven't met him or anything but watch the success of his apps over the years and this is just a fantastic experience be fun to do maybe it'd be an LP show or two but we should have some indie developers yeah on like those are interesting business stories totally all right products I have one that actually comes with an app great minus the robo rock s7 max robo rock s7 max

can I guess what is this a robo vacuum yes it's the competitor to Roomba and I think it's a Xiaomi company you know how Xiaomi owns like large stakes and a whole bunch of companies that they like manufacture for I think it's that but it's just like I had a Roomba and actually returned it to get the robo rock instead and the s7 max is the like I mean it's like the worst product name of all time but it's like the souped up self-emptying also has a lightweight mop built in it's the first time I've actually had like a robot where you actually can say like this thing is robust enough that it's just going to make my life easier without failing or getting stuck or needing some kind of intervention

it just does its job what's prevented me from ever seriously considering robot vacuums is stairs so you just need one for each floor exactly yeah or you can move it but yeah I went for two robo rocks given the Xiaomi um involvement or potential I would imagine you could probably get two for less than the cost of no they're very expensive oh they're very expensive oh wow I was expecting that too no they're they're um they're premium priced oh interesting but great fantastic product yeah I guess that is the solution you just do one for each floor yep yeah interesting or get used to carrying it it's fine I mean I guess you're gonna walk upstairs to like go to bed so you may as well just like carry this thing under your

arm and set it down and then start it in the morning or something hmm that's great I never thought about that just saved you a thousand bucks right there all right that's all I got that's all your product okay let's see I uh I'm intentionally going to limit a parenting product to just one I could really do a whole other show about this yeah like this is maybe I should do a list yeah listeners want this yeah maybe well I mean not all but it's a subset too so my just one this is a super pro tip that I never would have thought of but diaper bags are like big you know uh brilliant idea I wish I could take credit for this but I can't put the key essentials of a diaper bag

which are diapers wipes changing pad in a pouch you know like you can get like a nice like pouch or whatever like print it or like you know I don't even know where ours is from and then you could just move that pouch into whatever bag or you can either carry the pouch yourself or put it in your backpack or put it in whatever like rather than having a dedicated diaper bag keep the core essentials of the diaper bag in a pouch that you can then put in other things god dude this show is getting worse and worse listeners if you're still listening I'm sorry like I'm sorry we'll be back next year with better content oh boy but by the way at some point if I'm ever a parent I'm totally going to be like

yeah just go back to the back I'll just do that I'll make a list for you good on the universal product appeal a couple quick ones one I went back actually to the apple keyboard I had a mechanical keyboard which I really liked but I went back to the apple one for touch id built in like it actually it's so convenient it is really nice it's so convenient I have the microsoft ergonomic sculpt 2 and I love it but I think I type my password two dozen times a day more than I would if I just had my I seriously doubt they'll do this but actually they could sell for a hundred bucks and make a ton of margin a little

standalone standalone touch id dongle not done for sure yeah totally bunch of elgato gear including the sound panel their sound panels are so good so easy to put up I don't know if listeners noticed from by the way we have four elgato lights in this room right now an elgato stream deck David and I use the elgato preamps the wave xlr yeah and then also the camera the wide camera that somehow turned off again is uh mounted on the elgato boom arm where my mic is normally on my desk yep they make such good stuff the sound panels in particular are really really good and really they have frames around them and then sticky stuff to mount so like literally I've put up uh I don't know

probably 12 of them in total took less than an hour oh we also use the cam link the cam link 4k the way that we pipe our cameras into our computer as webcams yep huge huge elgato fans nice all right and then you added to the agenda a final new carve out section of places places this year uh copri that was my that you already yeah discussed yes any for you no we didn't really go anywhere new despite all our travels we've been to portugal and lisbon before we went back to santa barbara we try and go there every year at least once a year that's the beach for us santa barbara's just an amazing lovely lovely play one of the loveliest places on earth and very accessible from california we gotta find more we

did the ea episode down there we gotta we gotta find more acquired related reasons to go yeah that's right trip lives down there he's got it figured out that's right well with that listeners i think we will see you in 2023 we would love to see you in the slack we'll be hanging out there over the holidays if you want to listen to the lp show we actually just recorded two other great lp shows it'll be coming out soon you can join and get those two weeks early at acquired.fm slash lp or you can search acquired lp show in any podcast player and get access to them two weeks after lps get them anything else david one very very important last thing a big thank you yeah to all of you we uh we

talked about it a lot on this episode we truly have the best audience in the world the best community in the world ben and i just pinch ourselves like literally on a weekly if not daily basis that we get to do this that i get to do this as a living and um it's all thanks to you all we just get so much joy out of putting this show together i mean clearly we can talk for hours just about the year and all the fun whether or not that's interesting to other people remains to be seen but every business should know their source of power and their source of differentiation and ours is all of you so thank you so much for being on the journey with us it's been

an amazing seven years and uh here's to seven more indeed happy holidays happy holidays who got the truth is it you is it you is it you who got the truth now you you you