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$MC.PA · LVMH episode taught quality/scarcity model: handcrafted constraint as business strategy
now playing · $MC.PA
$BRK.B···bullish· high· posmichael lewis
Michael Lewis bought Berkshire in 2008 crisis and held; Buffett tracks individual shareholders
Lewis bought A-shares during the financial crisis believing Buffett's capital would be uniquely valuable; Buffett monitors who buys/sells shares and knew Lewis's cost basis and ch…
$ONON···bullish· medium· posmichael lewis
Michael Lewis wears On shoes; Federer equity deal cited as athlete endorsement gold standard
Lewis switched from Hoka to On after spending time with Roger Federer; On's early equity deal with Federer (who only aligns with products he loves) plus Nike's retail misstep crea…
$NFLbullish· highdavid rosenthal
NFL scarcity model: 17 games vs 162 baseball games creates event-driven premium
NFL engineered scarcity (few games, event-driven) to maximize per-game value; Acquired adopted this: 8-12 episodes/year vs weekly podcasts creates 'Monday Night Football' event dy…
$MC.PA···bullish· highdavid rosenthal
LVMH episode taught quality/scarcity model: handcrafted constraint as business strategy
Hermes/LVMH model of artificial scarcity (Birkin bags handmade by one artisan) validated Acquired's shift to fewer, higher-quality episodes; constraint becomes moat when demand ex…
$SEQUOIAbullish· highdavid rosenthal
Sequoia refused mulligan fund after dot-com crash, burned cigarettes on arms to return capital
After 2000 crash, Sequoia rejected LP pressure for mulligan fund, stopped fees, worked portfolio for 5 years to make fund positive; this reputation durability compounded into deca…
$NVDA···bullish· mediumdavid rosenthal
Deep public research reconstructed Nvidia story so accurately Jensen Huang wanted to know sources
Acquired's 2022 Nvidia series pieced together the company's strategy from public sources (university talks, interviews) so accurately that Nvidia reached out asking who their insi…
$RENAISSANCEbullish· mediummichael lewis
Medallion Fund may have invented machine learning decades early and kept it secret
Lewis and hosts speculate Renaissance invented ML-like signal extraction 10-20 years before academia, hid it while exploiting weak predictable alpha, making it one of Wall Street'…
$COST···bullish· highben gilbert
Low SKU count drives negative working capital and vendor financing moat
Costco's 4,000 SKUs vs Walmart's 100-200k creates massive vendor leverage, inventory turns in 27 days (net 30 terms), meaning vendors finance inventory with 3 days grace; merchand…
$TSM···bullish· highben gilbert
Morris Chang lesson: double down on core integrated circuit business, stop diversifying
Chang realized TSMC's diversification attempts (solar, memory) were inferior to its core IC foundry business; the insight applies to Acquired: focus on what you're already best at…
$SHOP···bullish· mediumben gilbert
Shopify BFCM 2024: $14.6B GMV (+27% YoY), first-time ChatGPT checkout integration
Shopify's platform scale compounding: 4-day BFCM volume nearly 2x entire 2015 IPO year volume; new OpenAI partnership embeds checkout directly in ChatGPT for merchants like Glossi…