Acquired
Ben Gilbert and David Rosenthal's multi-hour histories of great companies, including Berkshire Hathaway, Visa, Renaissance Technologies and TSMC. Free, well-researched business case studies that teach how durable franchises are built.
Free to read
Acquired began in 2015 by covering technology acquisitions and has grown into long, researched histories of single companies. Ben Gilbert and David Rosenthal tell the story from founding to today, then break down why the business worked using a recurring set of frameworks on competitive advantage and the deals that shaped it. Recent seasons have covered Costco, Disney, Hermès, Novo Nordisk, Nvidia and Standard Oil, along with interviews with founders such as Morris Chang and Jensen Huang.
For finance readers, the episodes on financial firms stand out. The three-part Berkshire Hathaway series traces Buffett from his partnership to the conglomerate, the Visa episode explains how the card networks became toll roads, and the Renaissance Technologies episode covers the most successful quant fund on record.
Treat each episode as a case study before you analyze a company or its competitors. They are long, so listen at your own pace and use the show notes to find the sources.
Start with
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1
Berkshire Hathaway Part I
The opening of a three-part history of Buffett's partnership years and the move into Berkshire.
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2
Visa
How a bank cooperative became one of the most profitable networks in finance.
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3
Renaissance Technologies
The story of Jim Simons and the Medallion Fund.