Acquired • Ben Gilbert and David Rosenthal

Dive into the storied history and artisanal mastery of the Hermès brand with hosts Ben Gilbert and David Rosenthal on the Acquired podcast. This episode takes listeners through the journey of Hermès, from its origins as a purveyor of high-quality harnesses for the Parisian elite to its status as an emblem of luxury. Discover the pivotal moments that shaped the company’s image and learn how Hermès capitalizes on its reputation for excellence that dates back to Paris’ transformation under Napoleon III, attracting clientele as distinguished as the Russian Tsar.

Also, the narrative explores the conception of the Birkin bag, an accessory that over time has become synonymous with refined taste. Uncover the evolution of this iconic bag and how it catapulted Hermès to new heights in the world of fashion. The dedication of Hermès to a limited production ethos, its investment in new generations of artisans, and the nurturing of skills through the École Hermès de Savoir-Faire underscore the company's unparalleled commitment to heritage and quality. Ben Gilbert and David Rosenthal unravel the intricate tapestry of this luxury brand's legacy, elucidating how each handcrafted product embodies Hermès’s deep-rooted values.

In the latest episode of "Acquired," hosts Ben Gilbert and David Rosenthal traverse the history of insulin, from its discovery to modern-day innovations that have the power to change lives. The episode begins with a look back at the monumental discovery of insulin by researchers in Toronto in 1921—a breakthrough that turned a once-fatal disease into something manageable, and unfolds the narrative of how insulin's history is punctured with controversy and triumph.

The hosts detail the evolution of insulin production and how World War II affected companies like Nordisk and Novo, leading to the genetics and biotech revolution incited by Genentech's synthetic "human" insulin in 1980. The story continues to trace the escalation of the global diabetes epidemic, drawing connections between rising obesity rates and the growing demand for insulin. The episode zeroes in on the impact of GLP-1 drugs developed by Novo Nordisk and investigates the challenges in the U.S. healthcare system that could hamper patient access to these potential life-altering treatments. Join Gilbert and Rosenthal as they explore how these medical advancements from Novo Nordisk might not only revolutionize diabetes care but also alter the company's course in tackling global health crises.

Discover the significant strides and broadened horizons of the "Acquired" podcast in the past year, as hosts Ben Gilbert and David Rosenthal, along with guest David Senra, celebrate the growth of their listenership and the expansion of their content coverage in the Holiday Special 2023. They journeyed beyond tech to explore businesses across diverse sectors like sports and luxury, and revisited the evolution of legendary companies like Nintendo and Nike, while also unfolding the layers of Visa's story which Rosenthal highly regards.

In a reflection of the past year, "Acquired" offers insights into their varied favorites, with Gilbert expressing a penchant for LVMH’s luxury tales and Visa's narrative, while Rosenthal shares a personal, albeit challenging, connection with the Nike episode. They pledge to continue producing evergreen episodes that outlive the transient news cycle, promising to enrich their community engagement and honor the listener feedback that shapes their journey. The hosts' genuine gratitude is palpable as they look forward to another year of sharing influential business tales with their devoted audience.

Dive into the founding story of Visa in the latest "Acquired" episode with Ben Gilbert and David Rosenthal, where they explore the birth and evolution of the modern credit card. The journey begins in 1958, when the Bank of America's daring experiment in Fresno, California, set the stage for today's ubiquitous financial tool. Mailing out 65,000 credit cards led to initial losses and a high default rate, but perseverance turned the tables, with BankAmericard—Visa's predecessor—becoming the preference of both merchants and consumers across California.

Experience the challenges and triumphs of Visa as it competed with early versions of MasterCard, navigated demands for transformation at a pivotal summit, and witnessed Dee Hock's impactful leadership. The ingeniously built VisaNet, and the subsequent clearinghouse and POS digitization, underscore Visa’s commitment to innovation. These tech milestones paved the way for a future-ready digital payment system, demonstrating Visa's instrumental role in shaping a landscape where electronic transactions are instantaneous and secure.

Dive into the world of investing with the Acquired podcast as David Rosenthal and Ben Gilbert sit down to discuss the sage wisdom of Charlie Munger, a notable figure in the financial realm. The episode dissects Munger's discernment between gambling and sound investing, drawing lessons from Warren Buffett's well-calculated bets at the racetrack which mirror his successful stock market strategy. This conversation sheds light on the necessity of stacking odds in one's favor and the dangers of speculative short-term trading that resemble gambling too closely for Munger's comfort.

Munger's insights extend into the operational triumphs of Costco, presenting the retail giant as a paragon of cultivating a strong corporate culture, efficient inventory management, and a focus on enduring value—all key ingredients to its continuing success. Additionally, the dialogue explores the ingredients required to construct an enduring business partnership akin to the fabled Munger-Buffett alliance, while touching on Munger's perspectives on current issues and emerging opportunities within the global securities markets. The episode concludes with Munger's reflection on the evolution of investment opportunities, suggesting that the modern financial landscape demands more rigorous research and patience than in times past.