00:00 Patrick O'Shaughnessy, CEO of O'Shaughnessy Asset Management and host of the Invest Like the Best podcast, is the special guest on this episode of Acquired.

06:28 The original research that kicked off the company's journey in the 80s was a shockingly simple strategy called the "dogs of the Dow" that outperformed the Dow itself, and the two pillars of its success were the discipline with which it was implemented and buying stocks for a lower price.

12:59 Osam Asset Management was founded in July 2007, right before the financial crisis, and the team had to navigate the aftermath of the crisis and transfer billions of dollars and thousands of accounts from Bear Stearns to Osam.

19:28 O'Shaughnessy Asset Management is a traditional asset management firm that takes control over other people's assets and trades and invests on their behalf.

25:53 The asset management fee is the main source of revenue for long-only managers, but some firms also charge a performance incentive fee, and the reason for this difference is the capacity of the strategies to accommodate large amounts of assets.

32:11 The asset management firm has transitioned into a software business, with their main product being a piece of software called Canvas that allows advisors to design customized investment strategies for their clients.

38:47 The podcast "Invest Like the Best" started in 2016 and grew organically, with the host having no specific goals in mind and just wanting to talk to interesting people in the business and investing world.

44:57 The host started the podcast as a way to get ideas and information from the best people in the world, and it was never intended as a marketing strategy for his businesses.

51:30 The host is planning to focus on an investment vehicle called positive sum that aligns with his goal of finding interesting things to learn about and sharing the lessons he's learned with others, which will manifest in expanding the podcast and recording more of his normal job calls to be transparent and create value for builders.

58:01 The host's main focus is on his scout function, which involves finding interesting concepts, ideas, markets, and people, and asking better questions to uncover revealing answers, with the goal of sharing these insights and creating value for others.

01:04:41 Statsig, a series B stage startup, has experienced significant growth, shipping live product experiments to over 1.2 billion end users and processing about 130 billion events per day, while also adding important AI companies to their customer base and expanding their product offerings.

01:11:30 The speaker discusses the concept of counter positioning and how being the most open and non-proprietary investor can be a competitive advantage against illustrious firms with track records and strong brands, and also mentions the counter positioning of Osam in the canvas space against well-known quantitative hedge funds.

01:17:46 The speaker discusses the importance of being patient and having a compounding mindset in order to attract high-profile guests to the podcast, and also mentions the trend of businesses becoming media businesses and the need to create unique and high-quality content in order to stand out in the digital landscape.

01:24:16 The speaker discusses various lessons and insights they have learned from their podcast guests, including the importance of building slowly in enterprise software, the concept of a good marketplace business, the value of open source as a business model, the future of e-commerce, the need to anticipate and plan for growth, the power of inversion in dealing with challenging people, and the idea of extrapolating technology trends to their endpoint.

01:30:56 The speaker discusses the launch of a new podcast called Founders Field Guide, which will feature conversations with investors, founders, and CEOs, and will focus on lessons from building and portable takeaways for listeners.

01:37:43 The speaker reflects on failure scenarios for their service and discusses their approach to setting goals and principles for their businesses, while also sharing a personal story about someone who showed kindness and support during a challenging time in their career.

01:44:37 The speaker encourages listeners to become LPs (limited partners) and praises the podcast "Invest Like the Best" for its valuable content and the opportunity to learn from industry experts.