Acquired • Ben Gilbert and David Rosenthal

In this episode of Acquired, the story behind Mars Inc. unfolds, starting with the early beginnings of Frank Clarence Mars and his son Forrest Mars Sr. From Frank's initial candy business failure to Forrest's creation of the iconic Milky Way and M&M's, the Mars family built an innovative empire through unconventional management strategies and ambitious diversification.

The blurb unravels the company's entrepreneurial journey, revealing how its founders laid the foundation for Mars' iconic brands through innovative marketing and strategic retail tactics. It also highlights the brand's subsequent expansion into pet care and other industries, culminating in its recent multi-billion dollar acquisition of Kellogg's snacks division.

The Acquired podcast examines the fascinating rise of IKEA, the world's largest furniture retailer. Tracing its roots to the entrepreneurial spirit of founder Ingvar Kamprad in rural Sweden, the episode explores IKEA's evolving business model. It highlights pioneering concepts like the flat-pack revolution, self-service, and catalog-showroom model that enabled IKEA's rapid growth and international expansion.

The episode also delves into IKEA's unique corporate structure involving charitable foundations, allowing for a long-term focus on reinvestment and maintaining affordability. Throughout its success, IKEA stayed true to its "democratic design" philosophy of making well-designed, sustainable products accessible to the masses through supply chain mastery and operational efficiency.

In this episode of Acquired, the hosts dive into the evolution of Meta (formerly Facebook). They explore the company's origins as a college social network, its growth into a mobile platform, and its strategic acquisitions like Instagram and WhatsApp. The discussion also covers Meta's heavy investments in AI and emerging technologies like augmented/virtual reality, all driven by Mark Zuckerberg's ambitious vision for the "metaverse."

The episode examines Meta's centralized approach to AI deployment and the controversies surrounding user privacy, data policies, and the impacts of its products. Listeners gain insights into Meta's leadership style, with Zuckerberg's singular control enabling bold moves while raising questions about accountability.

In this episode of Acquired, hosts Ben Gilbert and David Rosenthal reflect on the podcast's remarkable growth over the past five years. They share insights into their lean production approach and the organic, word-of-mouth model that has driven their global reach.

The episode also features discussions with prominent tech leaders. Meta CEO Mark Zuckerberg delves into the company's engineering-led philosophy, its willingness to iterate rapidly and make bold, long-term decisions like investing heavily in AR/VR and AI. He outlines Meta's vision of fostering meaningful connections through immersive technologies built upon open, decentralized ecosystems.

Additionally, Nvidia CEO Jensen Huang and journalist Emily Chang provide their perspectives on the opportunities and challenges facing the tech industry. Their conversations explore how advancements in areas like generative AI and the metaverse could shape the future.

In this episode of Acquired, Mark Zuckerberg reflects on his personal journey as the founder of Meta (formerly Facebook), from the early challenges of pressure to sell and internal pushback to embracing the value of rapid iteration and user feedback. The summary delves into Meta's evolution as a business, including key turning points like the mobile transition, the introduction of the News Feed, and Zuckerberg's current vision for transformative technologies like AR/VR and AI research.

Zuckerberg also provides insights into Meta's organizational structure and the company's culture of rapid iteration and shipping products early to stay competitive and innovative. Listeners gain an inside look at the mindset and strategies that have allowed Zuckerberg and Meta to adapt and thrive amid continuous disruption in the tech landscape.

The Acquired team prepares for their biggest live event yet at the Chase Center in San Francisco. After a profile in the Wall Street Journal, the podcast surged in popularity, attracting over 300,000 new listeners and becoming the top podcast globally. Ben Gilbert and David Rosenthal discuss hosting an affordable event for their thoughtful, tight-knit community and share plans to supplement their core episodes with new interview formats.

With special guest Mark Zuckerberg, the show promises to mirror an "Omaha for tech," celebrating the welcoming Acquired community spawned from years of organic growth. While maintaining their research-intensive deep dives on companies and startups, Ben and David unveil new formats including interviews with key figures from past episodes and insights from public company CEOs and venture capitalists.

In this episode of the Acquired podcast, the hosts explore Microsoft's transition from its initial focus on consumer tech products like Windows and Office to its current emphasis on enterprise and cloud computing.

The summary details Microsoft's missteps in the consumer tech space, including its struggles to compete with open-source software, develop a successful mobile operating system, and create products that resonated with consumers and developers. However, it also examines Microsoft's strategic shift towards enterprise software and cloud services under the leadership of Steve Ballmer, Ray Ozzie, and current CEO Satya Nadella. The hosts analyze how Microsoft leveraged its enterprise expertise and Azure cloud platform to become one of the most valuable tech companies today.

In this episode of Acquired, the hosts explore the meteoric rise of Starbucks, detailing Howard Schultz's transformative vision that revolutionized coffee in America. From the company's humble beginnings in Seattle, you'll learn how Schultz's innovative "third place" concept and relentless expansion strategy propelled Starbucks into a global powerhouse with over 39,000 locations worldwide.

Alongside the brand's remarkable growth, the episode delves into the progressive culture Schultz cultivated, fueled by comprehensive employee benefits and an emphasis on community engagement. As the company navigates evolving consumer demands and digital innovations, the hosts examine Starbucks's ongoing efforts to maintain the personalized, social essence at its core.

The Acquired podcast takes a deep dive into the founding and rise of Microsoft, the company that spearheaded the personal computing revolution. This episode examines how childhood friends Bill Gates and Paul Allen leveraged their programming talents and forward-thinking insights to establish Microsoft as a key software provider for the first microcomputer systems.

It details the strategic deals and partnerships - most notably with IBM - that enabled Microsoft to dominate the PC operating system market with MS-DOS and later Windows. From securing early monopolies to aggressively iterating and marketing their products, the pod charts Microsoft's journey to become the dominant force in personal computing following the release of the groundbreaking Windows 95.

Acquired delves into the intriguing story of Renaissance Technologies (RENTEC), the highly successful quantitative hedge fund founded by mathematician Jim Simons. The podcast examines Simons' transition from academia into trading, the formation of RENTEC with venture capitalist Howard Morgan, and the pioneering strategies at the heart of their powerhouse Medallion Fund.

From leveraging advanced mathematics and machine learning techniques to implementing high-frequency trading strategies, RENTEC's approach broke new ground in the industry. The podcast also offers insights into the firm's unique culture, compensation model, hiring approach, and the challenges it has faced, including regulatory scrutiny over complex financial instruments.

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.

In this episode of Acquired, Jensen Huang, CEO of Nvidia, shares insights into the company's journey from its perilous early days to its present status as an AI and data center leader. Huang reflects on critical junctures, such as the make-or-break launch of the Riva 128 graphics chip, and strategic decisions that paved Nvidia's path, like embracing developers from the start and separating computing power from viewing devices.

The episode also delves into Nvidia's embrace of AI, driven by Huang's vision and the company's willingness to invest in emerging technologies. Huang discusses Nvidia's organizational structure, his personal motivations, and the support systems that sustained the company through challenges. Listeners gain a behind-the-scenes perspective on building a successful technology company with an eye on the future.