Acquired
215 episodes - English - Latest episode: about 1 month ago - ★★★★★ - 1.5K ratingsEvery company has a story.
Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.
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Episodes
Renaissance Technologies
March 18, 2024 00:54 - 3 hours - 174 MBRenaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an “investor”, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists — scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen. And boy does it work: RenTec’s alchemic colossus has posted annual returns i...
Hermès
February 20, 2024 01:56 - 4 hours - 229 MBIn luxury, there’s Hermès… and there’s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait years simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès: Doesn’t increase supply to meet demand (hence the waitlists) Doesn’t loudly brand their products (IYKYK) Doesn’t do celebrity endorsements (stars buy their b...
Novo Nordisk (Ozempic)
January 22, 2024 01:59 - 3 hours - 206 MBLast year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe’s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn’t know much about Novo Nordisk before diving in, our first thought was, “wow, seems like these new diabetes and obesity drugs mean serious trouble for big insulin companies.” And then… we realized that Novo Nordisk IS the b...
Holiday Special 2023
December 18, 2023 04:02 - 2 hours - 133 MBBen has some big news. Actually, double big news! On what has become a holiday tradition here at Acquired, we cozy up to the fire to do our annual review of the show “in public”. We reflect on what can only be described as an absolutely mind-blowing 2023 (LVMH! Jensen! Costco! Charlie! Half a million plus listeners!) and look ahead to some big things cooking for 2024. Plus as always, we wrap with extended carve outs (joined this year by some surprise guests) for anyone still shoppin...
Visa
November 27, 2023 00:24 - 3 hours - 204 MBTo paraphrase Visa founder Dee Hock, how many of you know Visa? Great, all of you. Now, how many of you know how it started? Or, for that matter, who started it? Who runs and governs it? Where is it headquartered? What’s its business model? For the 11th largest market cap company in the world, Visa’s history and strategy is almost shockingly unknown. A huge portion of the world’s population uses their products on a daily basis (you might say Visa is… everywhere people want to be), ...
Charlie Munger
October 30, 2023 01:49 - 1 hour - 61.1 MBWe sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his ...
NVIDIA CEO Jensen Huang
October 16, 2023 03:09 - 1 hour - 82.2 MBWe finally sit down with the man himself: Nvidia Cofounder & CEO Jensen Huang. After three parts and seven+ hours of covering the company, we thought we knew everything but — unsurprisingly — Jensen knows more. A couple teasers: we learned that the company’s initial motivation to enter the datacenter business came from perhaps not where you’d think, and the roots of Nvidia’s platform strategy stretch back beyond CUDA all the way to the origin of the company. We also got a peek into...
Nvidia Part III: The Dawn of the AI Era (2022-2023)
September 06, 2023 06:47 - 2 hours - 159 MBIt’s a(nother) new era for Nvidia. We thought we’d closed the Acquired book on Nvidia back in April 2022. The story was all wrapped up: Jensen & crew had set out on an amazing journey to accelerate the world’s computing workloads. Along the way they’d discovered a wondrous opportunity (machine learning powered social media feed recommendations). They forged incredible Power in the CUDA platform, and used it to triumph over seemingly insurmountable adversity — the stock market penal...
Costco
August 21, 2023 04:46 - 3 hours - 166 MBCostco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profita...
Nike
July 25, 2023 04:15 - 4 hours - 222 MBNike — it’s perhaps the most iconic and most prolific brand of the modern era. On any given day, swooshes adorn the feet of more people on earth than any other footwear company — by a long shot. If you read Shoe Dog or watched Air, you may think you know its history. But Shoe Dog ends in 1980, and Air… well let’s just say it’s an enjoyable piece of fiction. And it turns out (as always) that the real story is filled with far more drama, twists and business lessons than either of tho...
Porsche (with Doug DeMuro)
June 27, 2023 04:10 - 3 hours - 184 MBNobody’s perfect — including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it’s packed with enough juicy family drama and cree...
Uber CEO Dara Khosrowshahi
June 13, 2023 02:35 - 1 hour - 88 MBUber CEO Dara Khosrowshahi dropped by the Acquired studio for an Eats delivery, so we broke out the cameras and asked him to hang out for a wide-ranging conversation. :) We talk about his 20 years working with Barry Diller, starting his career at Allen & Company, how the Uber CEO search process ACTUALLY went down… and oh yeah, the massive transformation that’s happened at Uber over the past few years. When Dara took over the company it was bleeding huge sums of cash, losing share to...
Lockheed Martin
May 30, 2023 05:02 - 3 hours - 198 MBToday we bring you two absolutely incredible stories. The first is Lockheed’s legendary Skunk Works division — the elite team of aviation geniuses who produced some of the greatest airplanes in history: the U-2, the Stealth Fighter, and the incomparable SR-71 Blackbird. The second story is arguably even more important, but not widely known! It's the secret and true origins of Silicon Valley — and Lockheed’s primary role in it. We take you from WWII to the Cold War, all the way to to...
Spotify CEO Daniel Ek
May 18, 2023 00:32 - 1 hour - 89 MBWe sit down with Spotify CEO Daniel Ek live in Stockholm at Spotify’s amazing HQ studio (check out the video version of this episode — which plays natively on Spotify!). This was an incredibly special and timely conversation: for those who haven’t been paying attention over the past few years, after revolutionizing music Spotify has now ALSO completely transformed our own industry in podcasting. Starting from way behind with ~zero market share in 2018, Spotify has now aggregated the...
Benchmark’s Mitch Lasky and Blake Robbins on The Art of Business in Gaming
April 26, 2023 06:45 - 2 hours - 123 MBWe sit down Benchmark’s legendary gaming investors Mitch Lasky and Blake Robbins (now also of the excellent Gamecraft podcast fame) to discuss the history and future of gaming business models. This episode is the perfect bookend to our Nintendo/Sega gaming series this season on Acquired — no one is more qualified than Mitch and Blake to breakdown how the business side of the industry has evolved so radically from the Periscope quarter-drop days to the forever games and platform base...
Short: The Death of Sega
April 18, 2023 04:17 - 1 hour - 61.7 MBSega and the Genesis was THE underdog story of the early 90’s. In a single console generation, Sega went from ~zero to 50% US market share and dethroned Nintendo’s seemingly invincible global monopoly. But — somehow — it all then died. Two console generations later Sega was out of the hardware game entirely, and the company was sold off for pieces to a pachinko manufacturer. How on earth did this happen?? Today we’re launching Acquired Shorts in order to tell this story and others ...
Nintendo: The Console Wars
April 11, 2023 08:12 - 3 hours - 180 MBIn the 1980’s Nintendo was on top of the world, with the NES achieving over 90% market share of home video games globally. So how did they fall ALL the way down to ~10% in just a few short console generations? And how did they then build themselves back up (and down and up again) to the top of the world again? Spoiler: it all hinged on one very small, yet very large and durable platform… the Game Boy. Fire up your favorite portable entertainment device and tune in for the epic story...
Interview: Hamilton Helmer & Chenyi Shi on How to Build an AWS-Like Second Business
April 04, 2023 04:19 - 1 hour - 81.5 MB7 Powers author Hamilton Helmer and his Strategy Capital colleague Chenyi Shi join us again to discuss their latest research on a topic that’s highly relevant to the recent Acquired canon: how to build a second business line. This incredibly important “transforming” question faces every great company who has achieved initial product success (as well as their investors). Do we continue solely along the established path, or do we attempt to grow new branches on the tree? Some companie...
Sessions: David Senra (Founders Podcast)
March 29, 2023 14:00 - 3 hours - 181 MBACQ Sessions returns with David Senra of the Founders Podcast. David is one of our very favorite people in the world — it’s impossible to spend an hour (or 3!) with him and not come away inspired to go take over the world. This conversation is an “extended, IRL version” of monthly calls that we do together where we share stories, swap life and podcast advice, and just genuinely enjoy sharing time with someone who shares our outlook and enthusiasm for the history of entrepreneurship....
Nintendo's Origins
March 16, 2023 02:46 - 3 hours - 187 MBYou may think you know the Nintendo story: a plumber named Mario, a princess named Zelda… and didn’t they buy the Seattle Mariners at some point? We thought we knew it too. And then we started researching and were blown away. The lovable Disney-like Nintendo that we know today is a 130 year-old a playing card company (i.e. gambling), forged in the shadowy world of the Yakuza and shaped by a four-generation cycle of bitter family betrayal. And its unlikely transformation into a glob...
LVMH
February 21, 2023 13:16 - 3 hours - 193 MBWe tell the full history of LVMH, and how Bernard Arnault turned a $15m investment in a bankrupt French textile company into the world’s largest individual fortune. It’s a story that’s equal parts Berkshire Hathaway, Steve Jobs and Barbarians at the Gate… and wholly under-appreciated for the genius business model innovations that enabled it. Whatever industry you operate or invest in, there’s so much to be learned from Bernard and LVMH’s complete reshaping of the luxury sector over ...
The NFL
January 25, 2023 14:46 - 3 hours - 207 MBThe NFL — it’s almost synonymous with America today. And its history is a fascinating lens to explore the nation’s development over the last 100 years, from WWII to TV and suburbs to the Internet and social media. What began as a quasi-illicit league in small midwestern towns is now the single largest media property in the world today by revenue. And whether you watch football or not, this is one incredible business story. Acquired is ready for some football — let’s kick this Season...
Holiday Special 2022
December 19, 2022 07:22 - 2 hours - 127 MBCozy up to the fire and join Acquired as we do our annual strategic review of the show and our business “in public”. We recap our perspectives on Acquired’s big moments from the past year, a bit of commentary on the current state of the tech ecosystem, and what lies ahead for us in 2023. Plus as always at the holidays, we do an extended carve out session on our favorite things from the past year. Huge thank you to all of you for making 2022 an amazing year here in Acquired-land, and...
Stratechery (with Ben Thompson)
December 06, 2022 03:16 - 1 hour - 104 MBBen Thompson joins Acquired to discuss the business of Stratechery itself and celebrate 10 years (!) of the internet’s best strategy analysis destination. Even beyond Stratechery’s enormous impact itself on business and tech over the years, Ben’s work inspired a whole generation of business content creators — this show very much included — and it was super special for us to give the Acquired treatment to one of our own heroes. We cover the full history of Ben pioneering the subscrip...
Enron
November 29, 2022 04:32 - 3 hours - 194 MBThe FTX fraud has dominated headlines now for weeks, during which we’ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001’s then-largest bankruptcy in US history and the impetus for the famous Sarbanes-Oxley Act. So much of Enron’s history parallels FTX that the uncanniness is almos...
Qualcomm
November 15, 2022 05:36 - 2 hours - 134 MBQualcomm, or “Quality Communications” — despite being one of the largest technology companies in the world, few people know the absolutely amazing technological and business history behind it. Seriously, this story is on par with Nvidia, TSMC and all the great semiconductor giants. Without this single fabless company based in San Diego, there’s almost no chance you’d be consuming this episode on whatever device you’re currently listening on — a fact that enables them to earn an incr...
Benchmark Part II: The Dinner
October 17, 2022 09:43 - 1 hour - 109 MBWe sit down with all five current Benchmark GPs for one of their legendary weekly dinners, during which we ask all of the unresolved burning questions from Part 1. How do THEY think about Benchmark v3? What are their day-to-day emotions trying to keep the equal partnership “bending toward greatness? Why is there no growth fund? What does it take to become the next Benchmark GP? Why is there a secret Principal program? We cover all these and much, much more. We also recorded the whol...
ACQ Sessions: Jason Calacanis
October 04, 2022 10:30 - 2 hours - 137 MBWe kick off ACQ Sessions with the-behind-the-scenes story of All-in, from the world’s greatest moderator himself Jason Calacanis. ACQ Sessions is our new, occasional “MTV Unplugged” version of Acquired: a great IRL guest, a bottle (or two) of wine, and no script. We talk about everything you’d imagine we would over wine with JCal — All-In, bestie relationships, money & politics in Silicon Valley, who his influences and mentors have been (one surprise — the great Fred Wilson of USV!)...
Benchmark Part I
September 28, 2022 01:30 - 3 hours - 203 MBBenchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Sn...
Benchmark Capital
September 28, 2022 01:30 - 3 hours - 209 MBBenchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile...
Replay: Sequoia Capital
September 12, 2022 04:03 - 2 hours - 156 MBWelcome to a new experiment here at Acquired: Replays! We realized many of you have joined us recently and haven’t heard older episodes — so we’re re-releasing some of our “greatest hits”. Today we’re starting with one of our very favorite Acquired series: the legendary Sequoia Capital. This is a 2-part series that we’ve edited into one episode: the first part is the story of the firm and its founder, Don Valentine, and the second is our interview with Doug Leone. Let us know what you th...
Amazon Web Services
September 06, 2022 03:33 - 2 hours - 149 MBSo, how DID an online book retailer end up building the infrastructure layer that powers the entire internet? (Or at least 39% of it, per latest market share data.) While many myths, legends, and some downright falsehoods exist, the real answer to that question deserves a full Acquired episode of its very own. So here it is: the story of Amazon Web Services. Who’s got the truth? Tune in and find out. :) If you want more Acquired, you can follow our newly public LP Show feed here i...
Howard Marks & Andrew Marks: Something of Value
August 30, 2022 00:00 - 1 hour - 81.5 MBWe sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard’s all-time most popular memo, “Something of Value”, which made the then-shocking argument that Value and Growth investing are not diametric opposites but rather two sides of the same investing coin. We ...
Amazon.com
August 16, 2022 08:26 - 4 hours - 234 MBAmazon. No company has impacted the internet — and all of modern life — more than this one. We’ve waited seven years to do this episode, and are so, so excited to finally dive into every nook and cranny of this legendary company. And of course because we’re Acquired and this is Amazon, we couldn’t contain it all to just one episode… even a 4+ hour one! So today we focus on Amazon.com the retail business, and we’ll have another full episode on AWS coming soon. And because all great s...
From NFL to Startup COO to Congressman Regulating Crypto (with Rep. Anthony Gonzalez)
August 02, 2022 00:35 - 1 hour - 105 MBThis episode is a first for Acquired: we’re joined by a sitting US Congressman (from Ben’s home state of Ohio!), Republican House Representative Anthony Gonzalez. Anthony serves on the House Financial Services Committee and is deeply involved in crypto and Web3 regulation, as well as on the Climate and Science, Space & Technology Committee where he oversees NASA among many other agencies. His also has an absolutely incredible story — his family immigrated from Cuba to Ohio, he playe...
Walmart
July 19, 2022 03:54 - 2 hours - 164 MBWe kick off Season 11 with the incredible story of the retail “granddaddy of them all” Walmart, and its founder Sam Walton. Once you study Walmart, you realize just how deep its heritage runs through Amazon and so many iconic modern companies we cover on Acquired. This episode was an absolute blast, and we even uncovered a new addendum to the hallowed “focus on what makes your beer taste better” playbook theme! If you want more Acquired, you can follow our newly public LP Show fee...
The Playbook: Lessons from 200+ Company Stories
June 20, 2022 02:09 - 1 hour - 57.5 MBWhen Patrick O'Shaughnessy and Brent Beshore asked us to give a talk at their incredible Capital Camp conference, we knew we had to bring something special. So we spent months combing through the Acquired back catalog and cataloged our 12 favorite lessons from the 200+ stories we’ve told over the past 7 years. From Sequoia through Sony, TSMC, Nvidia, The New York Times, the NBA and Oprah — we revisited all the classics and pulled out the common threads that weave the tapestry of gre...
American Dynamism (with Katherine Boyle)
June 06, 2022 01:15 - 1 hour - 70.2 MBWe sit down with a16z General Partner Katherine Boyle to discuss investing in “American Dynamism”, why it’s so important and why now is the right time to pursue it. Katherine has a fascinating background, beginning her career as a reporter at The Washington Post before entering the VC world first at Founders Fund, then General Catalyst and now a16z. Her perspectives don’t fit neatly in any box — political, economic or otherwise — and we have a great conversation exploring them. Tune...
Capital-Efficient Growth (with Zoom CEO Eric Yuan & Veeva CEO Peter Gassner)
May 19, 2022 07:42 - 1 hour - 61 MBWe sit down with the CEO founders of two of the most capital efficient success stories of all time — Zoom and Veeva Systems — to understand how they grew to billions of dollars in revenue (and tens of billions in market cap) on very, very little capital invested. With the fundraising environment changing rapidly, we couldn’t think of a better topic to discuss or better sources of wisdom for founders, operators and investors all to learn from. Very special thanks to Jake Saper and ou...
Arena Show Part II: Brooks Running (with CEO Jim Weber)
May 16, 2022 01:34 - 1 hour - 64.1 MBFor the final act of the Arena Show, we’re joined by Brooks CEO Jim Weber to tell the amazing story of how he transformed the company from a 3rd tier, deeply cashflow negative “also-ran” into one of the world’s premiere fitness brands and a crown jewel of the Berkshire Hathaway empire — with compounding revenue and cashflow growth that rivals even the legendary Mrs. See’s Candies! If you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of...
Arena Show Part I: Idea Dinner + YC Continuity
May 12, 2022 07:47 - 1 hour - 78.8 MBWe did an Arena Show!! This evening was so big and so special, we had to split it into two episodes for the podcast feed. First up is the Idea Dinner with our best internet buddies, Packy McCormick and Mario Gabriele (and special guest judge Shu Nyatta), followed by the story of YC Continuity with managing partner Anu Hariharan. Huge, huge thank you to PitchBook for making this night possible. Stay tuned for Part II! Sponsors: Statsig: https://bit.ly/acquiredstatsig24 Vanta: https:...
Y Combinator with Anu Hariharan... at the Arena Show!
May 09, 2022 17:09 - 5 minutes - 9.58 MBAnnouncing our final guest for the Arena Show… YC's Anu Hariharan! Amazingly, we’ve never covered Y Combinator itself before on Acquired. That's about to change. :) We'll tell the story of YC Continuity, and how they've quietly become one of the biggest growth investors in the Valley over the past few years. Link to register: https://acquired.fm/arenashow Date / Time: May 4, 2022, doors open at 5pm Venue: Climate Pledge Arena, Seattle WA Cost: $20, and all proceeds will be donated to...
Packy + Mario @ Acquired Arena Show!
May 09, 2022 17:08 - 2 minutes - 4.27 MBFor our next Arena Show guest announcement... we have not one, but TWO heavyweights of internet business culture. That's right, live and for one night only, the supergroup of liquid super teams is getting back together. Packy McCormick, Mario Gabriele, Ben and David - reunited in person at last!! We'll be kicking off the evening together with a live Idea Dinner recording, discussing each of our favorite stocks (of course for entertainment purposes, not investment advice!). Packy and Mario ...
Arena Show Announcement (!!) Seattle, May 4th 2022
May 09, 2022 14:26 - 2 minutes - 2.02 MBYes, you heard that right — we are doing a live show, IN AN ARENA!! Thanks to our friends at PitchBook Data, we have Seattle's brand new Climate Pledge Arena the evening of May 4th, 2022. We are so, so excited for this, and can't wait to see you all there! Details below: Link to register: https://acquired.fm/arenashow Date / Time: May 4, 2022, doors open at 5pm Venue: Climate Pledge Arena, Seattle WA
Nvidia Part II: The Machine Learning Company (2006-2022)
April 20, 2022 10:48 - 2 hours - 120 MBBy 2012, NVIDIA was on a decade-long road to nowhere. Or so most rational observers of the company thought. CEO Jensen Huang was plowing all the cash from the company’s gaming business into building a highly speculative platform with few clear use cases and no obviously large market opportunity. And then... a miracle happened. A miracle that led not only to Nvidia becoming the 8th largest market cap company in the world, but also nearly every internet and technology innovation that’...
Nvidia: The Machine Learning Company (2006-2022)
April 20, 2022 10:48 - 2 hours - 124 MBBy 2012, NVIDIA was on a decade-long road to nowhere. Or so most rational observers of the company thought. CEO Jensen Huang was plowing all the cash from the company’s gaming business into building a highly speculative platform with few clear use cases and no obviously large market opportunity. And then... a miracle happened. A miracle that led not only to Nvidia becoming the 8th largest market cap company in the world, but also nearly every internet and technology innovation that’s happene...
Platforms and Power (with Hamilton Helmer and Chenyi Shi)
April 06, 2022 05:46 - 1 hour - 75.6 MBWe sit down once again with one of the world’s very best strategy thinkers, 7 Powers author Hamilton Helmer — this time joined by his impressive Strategy Capital colleague Chenyi Shi — to discuss platform businesses, and how the Power framework applies to them. If you’re building, investing in, or just curious about the dynamics of platforms, this episode is a must-listen. We owe a huge thanks to Hamilton and Chenyi for sharing their work-in-progress insights on this very special ca...
Nvidia Part I: The GPU Company (1993-2006)
March 28, 2022 05:09 - 1 hour - 109 MBHe wears signature leather jackets. He can bench press more than you. He makes cars that drive themselves. He’s cheated death — both corporate and personal — too many times to count, and he runs the 8th most valuable company in the world. Nope, he's not Elon Musk, he’s Jensen Huang — the most badass CEO in semiconductor history. Today we tell the first chapter of his and Nvidia’s incredible story. You’ll want to buckle up for this one! Sponsors: Statsig: https://bit.ly/acquiredsta...
Nvidia: The GPU Company (1993-2006)
March 28, 2022 05:09 - 2 hours - 113 MBHe wears signature leather jackets. He can bench press more than you. He makes cars that drive themselves. He’s cheated death — both corporate and personal — too many times to count, and he runs the 8th most valuable company in the world. Nope, he's not Elon Musk, he’s Jensen Huang — the most badass CEO in semiconductor history. Today we tell the first chapter of his and Nvidia’s incredible story. You’ll want to buckle up for this one! This episode has video! You can watch it on Spotify (ri...
Altimeter (with Brad Gerstner)
March 15, 2022 05:47 - 1 hour - 103 MBWe hear a lot these days about hedge funds becoming venture firms, and venture firms becoming hedge funds. But a decade before either of those approaches became mainstream, a tiny $3m fund in Boston named Altimeter Capital set out simply to invest in a concentrated portfolio of America’s very best technology companies, regardless if they were public or private. Today that tiny firm has grown to nearly $15B under management and become a premier “capital partner” to founders at all bu...