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Invest Like the Best with Patrick O'Shaughnessy
Josh Wolfe - This is Who You Are Up Against - [Invest Like the Best, EP.76]
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Show Notes
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Long-time listeners will have heard me joke before that this podcast should really be called “this is who are you up against.” I’ve been waiting for the right episode to deploy the joke as a title, and this week we have it.
The joke is meant to convey how incredibly impressive these people are who we get to hear from every week. My guest this week is Josh Wolfe, a founding and managing partner at Lux Capital in New York City. Lux is a venture capital firm, but a highly unique one. They’ve spent more time in hard sciences and interesting nooks and crannies of the market than the typical VC firm.
Some of investing is zero sum: my outperformance is someone else’s underperformance. Sometimes, though, investing is positive sum. The combination of capital, ideas, people, drive, and raw energy leads to amazing new things.
I think the best investing and best investors of the future will be more collaborative than competitive. After finishing with Josh, I couldn’t stop thinking “god, do I want to be involved with whatever he’s doing, if only just to learn.”
This conversation made me rethink my joke “this is who are you up against.” Now I won’t think of it as a zero-sum joke, but instead as a reminder: this is the kind of person who is out there. You better find your niche, and still be the absolute best you can within that niche.
Please enjoy this killer conversation with Josh Wolfe. We cover just about everything.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Links Referenced
Investing in Biofuels or Biofools?
Ali Hamed podcast
Alex Moazed podcast
Andy Rachleff podcast
Popplet
@wolfejosh
Books Referenced
Modern Monopolies: What It Takes to Dominate the 21st Century Economy
World After Capital
Show Notes
– (First Question) – Lux Capital and the kind of investments they have made over the years
– The formation of the investment philosophy for Lux
– Investment philosophy 100-0-100 (ambition, arrogance, intellectual humility)
– How Josh manages his time and attention
– Investing in Biofuels or Biofools?
– Obsession with nuclear
– Focus on autonomous vehicles
– How all of these gambles are viewed by Josh’s investors
– Tattoo technology
– Ali Hamed podcast
– How Josh evaluates people when considering early stage investments
– Alex Moazed podcast
– Modern Monopolies: What It Takes to Dominate the 21st Century Economy
– Memorable experience investing in a founder
– The idea of thesis driven approach to private investment
– Andy Rachleff podcast
– Crazy thesis – understanding the emotional needs of our pets
– Josh’s learning process through these theses
– Popplet
– Investors that Josh has learned the most from
– Josh’s comfort investing outside of his usual asset class
– @wolfejosh
– What is the thinking with the short strategy at Lux
– SpaceX vs Tesla, good business vs bad business
– How Josh approaches the quality of a business
– World After Capital
– How does Josh evaluate competitive advantage
– Where are we in the venture capital landscape
– How does his outlook on venture capital affect the way Lux is run
– Thoughts on cryptocurrency
– What is the most memorable conversation Josh has ever had
– What is Josh’s objective function in life
– Are there people that Josh disagrees with but deeply respects
– Kindest thing anyone has ever done for Josh
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
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