December 18, 2023 • 2hr 25min

Holiday Special 2023

Acquired

Ben and David kick off the episode by discussing the major changes happening with Acquired, including Ben's transition to becoming a full-time co-host alongside David. They reflect on Acquired's growth over the years, from a small podcast with just a few hundred listeners to now reaching over half a million. The hosts acknowledge that growth is not inherently virtuous, and they have become more selective about the types of episodes they produce in order to maintain the quality and uniqueness of the content.

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Key Takeaways

Ben Gilbert is joining David Rosenthal as a full-time co-host of Acquired, marking a major evolution for the show
Acquired has shifted from a podcast focused solely on technology companies to covering a broader range of "great companies" and their stories
This shift has allowed Acquired episodes to have a deeper impact, with the LVMH, Costco, and Visa episodes becoming influential in their respective industries
The hosts have become more selective about the types of episodes they produce, focusing on creating "n of one" content rather than chasing current events
Acquired is transitioning to work with larger, more established sponsors while still maintaining relationships with earlier-stage companies
Ben and David will be investing together in a more structured way, leveraging their deep knowledge of the companies they cover

Introduction

Ben and David kick off the episode by discussing the major changes happening with Acquired, including Ben's transition to becoming a full-time co-host alongside David. They reflect on Acquired's growth over the years, from a small podcast with just a few hundred listeners to now reaching over half a million. The hosts acknowledge that growth is not inherently virtuous, and they have become more selective about the types of episodes they produce in order to maintain the quality and uniqueness of the content.

Topics Discussed

Acquired's Evolution from Tech to "Great Companies" (14:00)

Acquired has shifted from focusing solely on technology companies to covering a broader range of "great companies" and their stories
This shift has allowed the show to have a deeper impact, with episodes on LVMH, Costco, and Visa becoming influential in their respective industries
The hosts have become more selective about the types of episodes they produce, focusing on creating "n of one" content rather than chasing current events
"Growth in and of itself should not be a priority and in fact can be very detrimental to what I think we both want to do here if we optimize just for growth." - David Rosenthal

Acquired's Transition to Larger Sponsors (55:02)

Acquired is transitioning to work with larger, more established sponsors like JP Morgan and Servicenow
These sponsors see Acquired as a viable platform and partner, in part due to the show's growing influence and reputation
The hosts will still maintain relationships with earlier-stage companies, but in a more structured way

Ben and David's Joint Investing Efforts (58:53)

Ben and David will be investing together in a more structured way, leveraging their deep knowledge of the companies they cover on Acquired
They have already made investments in companies like Vanta, and plan to expand this effort going forward
This allows them to put more meaningful capital to work in companies they know well from their research and relationships

Acquired's Content Strategy Going Forward (1:12:10)

The hosts are moving away from covering current events and breaking news, instead focusing on creating "n of one" content through deep dives on companies and industries

They recognize the limitations of their ability to report on fast-moving stories, and want to avoid the risks associated with that type of coverage

Acquired will continue to do interviews, but selectively with key figures from companies they have extensively researched

Listener Q&A and Extended Carve Outs (1:23:42)

Ben and David answer a series of thoughtful questions from listener Martin, covering topics like influential books, impactful purchases, and advice for young professionals
The hosts share their personal "carve outs" - recommendations for books, products, TV shows, and more that they have enjoyed this year
Special carve outs include book recommendations from Mark Leonard (Constellation Software) and David Senra (Founder's Podcast)

Conclusion

This episode showcases the evolution of Acquired as a podcast and business, as Ben transitions to becoming a full-time co-host alongside David. The hosts have become more selective and strategic in their approach, focusing on creating high-quality, influential content rather than chasing growth for its own sake.

Acquired is transitioning to work with larger, more established sponsors while maintaining relationships with earlier-stage companies. Ben and David will also be investing together in a more structured way, leveraging their deep knowledge of the companies they cover.

Overall, the episode highlights Acquired's commitment to quality, thoughtfulness, and building a lasting, impactful media franchise. The hosts' passion for business history, storytelling, and community shines through, leaving listeners excited for what the future holds for the show.