10 Years of Acquired (with Michael Lewis)
In a special episode of Acquired marking ten years of partnership, hosts Ben Gilbert and David Rosenthal discuss their journey with guest Michael Lewis. The conversation explores how Gilbert and Rosenthal's different backgrounds—software engineering and venture capital, respectively—created an effective partnership, and how they developed their podcast from a show about corporate acquisitions into a broader examination of business strategy.
The hosts share insights into their business approach, including their decision to focus on quality over quantity by producing fewer, more thoroughly researched episodes per year. They explain how their venture capital experience shapes their analysis of companies, and detail their strategic decisions around sponsorships, live events, and content planning. The discussion reveals how they've applied business principles, such as their "Low Skew Count" concept inspired by Costco, to build their own sustainable media platform.
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1-Page Summary
The Hosts' Partnership and Origin Story
Michael Lewis explores the unique partnership between Ben Gilbert and David Rosenthal, who bonded over their shared passion for technology and business. Despite their different backgrounds—Ben as a software engineer and David as a venture capitalist—they found their complementary expertise created a powerful synergy. Their partnership evolved organically, maintaining equal ownership despite varying time commitments, with David noting that their success stems from their collective effort rather than individual contributions.
The Evolution and Strategy of the Acquired Podcast
Since its 2015 launch, the Acquired podcast has transformed from focusing solely on corporate acquisitions to covering broader strategic topics. According to the hosts, this shift occurred when they discovered their audience preferred compelling narratives over simple success-or-failure analyses. Their strategy evolved to focus on quality over quantity, reducing their output to about 8 deeply researched episodes per year. The hosts have also leveraged live events as "spectacles" to enhance their brand and provide value to sponsors, despite having a relatively small listener reach.
The Business Model and Approach of Acquired
Gilbert and Rosenthal have intentionally positioned Acquired as a selective platform, rejecting the volume-driven approach common in podcasting. They apply what they call the "Low Skew Count" principle, inspired by Costco's strategy of stocking fewer, high-quality items. Their sponsor partnerships are carefully chosen for strategic alignment, with the hosts handling all ad sales themselves and focusing on long-term relationships over immediate financial gains.
Hosts' Venture Capital Experience Shaping Acquired
The hosts' venture capital background has significantly influenced their approach to the podcast. Gilbert and Rosenthal note that their experience provides valuable frameworks for evaluating businesses, particularly mature companies. They've found that their analytical and storytelling skills, honed during their venture capital careers, are particularly effective in uncovering and conveying the nuanced insights behind company achievements. This background has also shaped their focus on building a sustainable business model over pursuing short-term growth.
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Actionables
- You can partner with someone whose skills complement yours to tackle a project. For instance, if you're good at graphic design but struggle with marketing, team up with a friend who excels in sales to create and sell a line of custom t-shirts. Your combined strengths can lead to a more successful outcome than working alone.
- Focus on creating high-quality content or products rather than mass-producing. If you enjoy baking, instead of trying to offer a wide variety of pastries, perfect a signature recipe and become known for that specialty item. This approach can help you build a reputation for excellence in a specific niche.
- Build relationships based on strategic alignment rather than short-term benefits. If you're a freelance writer, seek out clients whose mission and values align with your own, even if it means passing up higher-paying but less aligned opportunities. This can lead to more fulfilling work and potentially more stable, long-term engagements.
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The Hosts' Partnership and Origin Story
Michael Lewis reveals the surprising chemistry and origin story of Ben Gilbert and David Rosenthal's partnership, highlighting how their shared passions and complementary skills led to a successful collaboration.
Ben Gilbert and David Rosenthal Bonded Over Their Shared Interest in Venture Capital and Technology
Michael Lewis notes the unique chemistry between the hosts, Ben and David, as they both acknowledge a deep connection between them.
The Hosts Bonded Immediately Over Their Shared Passion For Technology and Business
Ben Gilbert and David Rosenthal's bond crystallized from a mutual enthusiasm for technology, business, and Ben Thompson's Stratechery posts. They found their conversations so enjoyable that they wanted to spend more time together. David Rosenthal describes Acquired as magic not from the efforts of an individual but from the synergy between them. Without their partnership, David contends that Acquired would merely be a shadow of what it’s become.
Different Backgrounds, Complementary Expertise: Ben, a Software Engineer, and David, a Venture Capitalist
Michael Lewis comments on the duo's professional backgrounds, highlighting Ben's expertise as a software engineer and David's experience in venture capital. Ben Gilbert, a software engineer who had built widely-used products, was intrigued by the venture capital world that David Rosenthal navigated, which appeared mysterious to him. Meanwhile, David felt somewhat like a fraud because, despite his venture capital work, he had never created anything, in stark contrast to Ben's background. David had quite a diverse background, including studying French literature, working on Wall Street, and having a brief stint at the Wall Street Journal before entering the venture capital space.
The Hosts' Partner ...
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Actionables
- You can foster a successful partnership by seeking out individuals with complementary skills and interests in your network. Start by identifying your own strengths and areas where you could use support, then reach out to colleagues or acquaintances who have expertise in those areas. For example, if you're great at marketing but lack technical skills, look for someone who is tech-savvy and interested in collaborating on a project.
- Enhance your collaborative projects by focusing on shared passions rather than profit. When starting a new venture with a partner, prioritize the enjoyment and fulfillment you both get from the work itself. This could mean setting aside time each week to discuss topics you're both passionate about, which can strengthen your connection and lead to more meaningful collaboration.
- Create a balanced partnership by openly discussing expectations an ...
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The Evolution and Strategy of the Acquired Podcast
Ben Gilbert and David Rosenthal's Acquired podcast has evolved since its inception in 2015 from focusing solely on corporate acquisitions to covering a broader range of strategic topics, including the success stories of companies and influential individuals like Taylor Swift and Oprah Winfrey. This transformation stems from their understanding of their audience's preferences and a relentless pursuit of in-depth research.
From Corporate Acquisitions to Tech Titans: The Evolution of Strategic Coverage
Initially, the podcast homed in on acquisitions that worked, dovetailing with the hosts' venture capitalist backgrounds and their interest in company value creation. However, the hosts soon recognized the critical element of storytelling. They found a narrative approach captivated their audience much better than a simple success or failure analysis did.
Hosts Learned Their Audience Preferred Narratives and Insights Behind a Company's Success Over Simply if an Acquisition "Worked"
Ben Gilbert and David Rosenthal embraced the power of a compelling story, from “hero's journeys” of company founders to uncovering “secrets hiding in plain sight.” They chose subjects with significance in the world, stories that were transformative, not just successful. The shift to stories about broader company strategies began with an episode on Tesla around 2018-2019. This transition was guided by David’s thesis that their audience preferred stories and strategies around technology, rather than whether an acquisition was successful. Feedback from their listeners confirmed this storytelling approach resonated with them.
Podcast Growth: Fewer Episodes, Deeper Research
The duo's strategy to release fewer, more deeply researched episodes mirrors the NFL’s scarcity and event-driven approach—going from 26 episodes a year to planning only about 8 per year. Gilbert and Rosenthal pursue a subject only if it’s “worthy of the acquired stage,” pointing towards their high standard for episode quality. The shift to produce timeless content also illustrates their long-term outlook.
This focus on quality over quantity began when the hosts moved away from short 40-minute episodes and started investing more time in understanding their subjects. Now, episodes like those on LVMH, the NFL, and Porsche are thoroughly researched, a practice which even involved reading only the most relevant sources to avoid burnout. Gilbert and Rosenthal not only work to perfect their episodes through multiple retakes but also ensure that every release feels like an "event."
Despite the reduced frequency, their meticulous work has resulted in a podcast where each episode’s relevance persists over time, unlike interviews that often spike in interest initially but fade quickly.
Live Events Enhanced t ...
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Counterarguments
- The focus on fewer, deeply researched episodes might alienate some listeners who prefer more frequent content updates and could potentially lead to a decrease in regular engagement.
- While the narrative approach is appreciated by many, some audience members might prefer the original format that focused more on the analytical aspects of corporate acquisitions.
- The shift towards covering broader strategic topics and influential individuals may dilute the original niche appeal of the podcast, potentially alienating early adopters who were drawn to the specific focus on acquisitions.
- The event-driven release strategy, while creating a sense of occasion, might not cater to listeners who rely on podcasts for consistent weekly content and could disrupt listening habits.
- The strategy of producing timeless content, although valuable, might lead to less topicality in discussions, which could be a drawback for listeners interested in current trends and immediate industry reactions.
- The use of live events as a spectacle to enhance the brand could be seen as a move towards commercialization, which might not resonate with all listeners, especially those who prefer content over marketing.
- The reliance on brand loyalty for live event attendance could be risky if the brand ever encounters a setback or controversy, as it may lead to a significant drop in live event participatio ...
Actionables
- You can enhance your personal storytelling by incorporating influential figures and events into your daily conversations to make them more engaging. Start by identifying a public figure or major event that resonates with you and weave their story into a relevant topic when chatting with friends or colleagues. For example, if you're discussing perseverance, you might share how Taylor Swift navigated her music rights issues to illustrate the point.
- Create your own 'event-driven' moments by planning special activities that break from your routine and make certain days feel like an event. This could be as simple as hosting a themed dinner party during a major sports event or organizing a game night that coincides with a cultural festival. The key is to create anticipation and make these occasions stand out in your social calendar.
- Focus on creating 'timeless' content in your social ...
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The Business Model and Approach Of Acquired
The Acquired podcast, hosted by Ben Gilbert and David Rosenthal, adopts a curated and strategic business model that prioritizes quality over quantity and seeks to align closely with sponsor partners that resonate with their audience.
Hosts Founded Acquired As a Curated, Selective Platform, Rejecting the Volume-Driven Approach of Other Podcasts
Gilbert and Rosenthal intentionally moved away from the "volume-driven" approach utilized by many other podcasts. Instead, they chose to position Acquired as a selective platform, focusing on creating fewer, but in-depth episodes. They talk about the magnitude of impact an episode has on the smaller number of people, emphasizing the quality of the content.
Hosts See Constraints As Strengths, Using "Low Skew Count" Principles From Costco Research to Prioritize Quality Over Quantity
The hosts adopt a "Low Skew Count" principle, inspired by Costco’s strategy of stocking fewer, high-quality items. They aim for their content to retain 80% of its value five years from now, focusing on the longevity and quality of their episodes. They compare their approach to the business model of luxury brands like Hermes and their handcrafted Birkin bags.
Gilbert and Rosenthal embraced their constraints and concentrated on producing high-quality, extensively researched episodes. They likened their approach to Costco's strategy of selectivity and depth, ensuring each episode is of high quality rather than mass-producing content.
Acquired's Sponsor Partnerships Are Selective and Strategic, Aligning With Their Audience
Gilbert and Rosenthal carefully select their sponsor partners, focusing on strategic alignments that add value to the show's content and narrative. They engage deeply with sponsors to create customized ads for each episode, integrating them with a mini-analysis format to make them more interesting and relevant to listeners. Their sponsor partnerships include companies like JP Morgan Payments and Shopify, indicating an alignment with their target audience and a commitment to delivering direct value through significant deals.
They avoid non-neutral sponsors, such as choosing a particular venture capital firm to endorse, to maintain their perceived neutrality. They handle al ...
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Counterarguments
- The focus on quality over quantity may limit the podcast's reach and growth potential, as fewer episodes can mean fewer entry points for new listeners.
- While the "Low Skew Count" principle emphasizes quality, it may not cater to diverse listener interests, potentially alienating those who prefer a wider variety of topics.
- Comparing podcast episodes to luxury items like Hermes Birkin bags could be seen as elitist, suggesting that the content is only for a select few, which might not resonate with a broader audience.
- The strategy of aligning closely with a few select sponsors, while ensuring quality and relevance, could lead to over-reliance on these sponsors, potentially compromising editorial independence.
- Handling all ad sales without an agent can be seen as a strength, but it also means the hosts are taking on additional work that could detract from content creation and other aspects of the podcast.
- The venture capital approach to business and sponsor relationships may not be sustainable or applicable to the podcasting industry in the long term, as the dynamics of content creation and audience engagement differ from those of startups and investments.
- Focusing on long-term relationships over short-term gains is commendable, but it may also slow down the podcast's ability to adapt to changing market conditions and listener preferences.
- The curated and selectiv ...
Actionables
- You can adopt a "quality over quantity" mindset by decluttering your social media feeds to focus on following accounts that provide long-lasting value rather than a constant stream of content. Start by unfollowing or muting accounts that post frequently but don't enrich your knowledge or well-being. Instead, seek out and engage with profiles that share insightful, evergreen content that remains relevant over time, similar to the podcast's approach to content creation.
- Enhance your personal brand by selectively partnering with initiatives that resonate with your values and goals. For instance, if you're passionate about sustainability, collaborate or volunteer with organizations that prioritize environmental conservation. This mirrors the podcast's strategy of aligning with sponsors that add value to their narrative, ensuring that your actions and partnerships reflect your personal ethos and attract like-minded individuals or opportunities.
- You can create a personal growth plan that emphasizes building long-term skills and relationships over short-term ...
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Hosts' Venture Capital Experience Shaping Acquired
Michael Lewis explores with Ben Gilbert and David Rosenthal how their past as investors contrasts with their current roles as podcasters, delving into the ways their venture capital background informs their work on Acquired.
Hosts' VC Background Provides Valuable Frameworks and Insights For Evaluating Companies On Acquired
The hosts' experience as venture capitalists has equipped them with insights and frameworks that they utilize to critically evaluate businesses on their show. Gilbert and Rosenthal admit this venture capital experience has guided the direction of Acquired, as they partner with sponsors—sometimes companies they've previously invested in—and delve deep into the histories of successful acquisitions, aiming to uncover what contributes to that success.
Acquired Hosts Found Their In-Depth Research and Storytelling More Valuable For Understanding Mature Businesses Than Early-Stage Startups
Gilbert and Rosenthal find that the analysis and storytelling skills honed during their venture capital days prove more applicable to understanding mature businesses than early-stage startups. They talk about the value of their episodes over time and the importance of unearthing secrets and conveying the nuanced insights behind a company's achievements, particularly for mature businesses. This approach is enhanced through rigorous research and storytelling, illuminating various industry dynamics.
Hosts' Venture Capital Experience Shaped Focus on Sustainable Business Model Over Short-Term Growth For Acquired
Their strategy for Acquired is profoundly influenced by their backgrounds in venture capital. They consciously produce content with the long-term in mind, rejecting the pursuit of short-term financial gain in favor of enduring quality. They emphasize that the key lies in maintaining respect and durability through economic changes, mirroring their podcast's emphasis on sustainable models.
Hosts Embra ...
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Actionables
- You can develop a critical eye for business by starting a journal where you analyze one company a week, focusing on its business model, sustainability, and long-term prospects rather than just financial performance. Begin by choosing companies you're familiar with, research their history, market position, and strategies, and write down your insights, much like creating a mini-case study for yourself.
- Enhance your storytelling abilities by creating a blog or social media content series that delves into the stories behind local businesses or products you admire. Aim to uncover the lesser-known aspects of their success, such as unique challenges they've overcome or innovative practices they've implemented, and share these narratives with your audience to practice conveying complex ideas in an engaging way.
- Prioritize long-term value in your personal investments or purchases by settin ...
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