Acquired 音频下载

We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We’re so glad that we got the opportunity to record and share this with you all — break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger. A transcript is available here . Sponsor: Special thanks to Tiny for being the exclusive sponsor of this episode. You can get in touch with them here (just tell them Ben & David sent you), and order your very own bronze Charlie bust here . More Acquired!: Get email updates with hints on next episode and follow-ups from recent episodes Join the Slack Subscribe to ACQ2 ACQ Merch Store ! © Copyright 2023 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We’re so glad that we got the opportunity to record and share this with you all — break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger. A transcript is available here . Sponsor: Special thanks to Tiny for being the exclusive sponsor of this episode. You can get in touch with them here (just tell them Ben & David sent you), and order your very own bronze Charlie bust here . More Acquired!: Get email updates with hints on next episode and follow-ups from recent episodes Join the Slack Subscribe to ACQ2 ACQ Merch Store ! © Copyright 2023 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Ferrari is the pinnacle of luxury scarcity — across its entire 79-year history, the company has sold just 330,000 cars at an average price today of $500,000. For context, Hermès sells that many Birkins and Kellys roughly every 2 years, and Rolex moves that many watches every 3 months. And yet this ultimate luxury product also lives under the same roof with a widely beloved professional sports team… one with 400 million rabid fans from all walks of life who live and die by the Scuderia’s performance every F1 race weekend! How is it possible that these two seemingly contradictory customer bases can coexist within the same company? And far from destroying each other’s value, only reinforce it? The answer, it turns out, is a beautiful, bloody, tragic and romantic opera that spans two families and three generations — and just might be one of the best tales we’ve ever told on Acquired. Buckle up for the story of Ferrari. Sponsors: Many thanks to our fantastic Spring '26 Season partners: J.P. Morgan Payments Vercel ServiceNow Statsig Links: Sign up for email updates , get out takeaways and research photos from each episode, and vote on future topics! Our Ferrari "episode preview" in WSJ Enzo Ferrari by Luca Dal Monte Seeing Red on IMDb Go Like Hell by A.J. Baime Stephen Wilmot's great WSJ piece on Ferrari Ferrari factory tour Worldly Partners' Multi-Decade Ferrari Study All episode sources Carve Outs: Ford v Ferrari Maison Wheat sweaters Craighill scissors Amazon grocery service Travelpro Altitude backpack More Acquired: Get email updates and vote on future episodes! Join the Slack Check out the latest swag in the ACQ Merch Store ! 00:00:00 Start 00:01:08 Intro 00:06:11 Enzo Ferrari's Early Life & Tragedies (1898-1919) 00:12:39 Scuderia Ferrari: Enzo's Racing Dream (1920-1933) 00:25:08 The Prancing Horse & Ferrari's Branding 00:35:41 First Ferrari Road Cars & Le Mans Victory (1947-1949) 00:51:31 F1 & The Tragedies of Enzo's Life (1950s) 01:14:03 Ford vs. Ferrari: The Le Mans Rivalry (1963-1966) 01:21:24 Enzo Sells 50% to Fiat (1969) 01:29:10 Luca di Montezemolo's Return to F1 Glory (1971-1976) 01:52:40 Ferrari's "Pepsi Challenge" and how Luca rescued the company (1991) 02:27:41 Post-IPO Ferrari: New Models & Growth (2015-Present) 02:48:24 The FUV Purosangue & Model Range 03:07:16 Ferrari Luce: The EV Future with Jony Ive 03:12:37 Ferrari Today by the Numbers 03:29:39 Analysis 03:50:04 Carve-Outs + Thank Yous ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Ferrari is the pinnacle of luxury scarcity — across its entire 79-year history, the company has sold just 330,000 cars at an average price today of $500,000. For context, Hermès sells that many Birkins and Kellys roughly every 2 years, and Rolex moves that many watches every 3 months. And yet this ultimate luxury product also lives under the same roof with a widely beloved professional sports team… one with 400 million rabid fans from all walks of life who live and die by the Scuderia’s performance every F1 race weekend! How is it possible that these two seemingly contradictory customer bases can coexist within the same company? And far from destroying each other’s value, only reinforce it? The answer, it turns out, is a beautiful, bloody, tragic and romantic opera that spans two families and three generations — and just might be one of the best tales we’ve ever told on Acquired. Buckle up for the story of Ferrari. Sponsors: Many thanks to our fantastic Spring '26 Season partners: J.P. Morgan Payments Vercel ServiceNow Statsig Links: Sign up for email updates , get out takeaways and research photos from each episode, and vote on future topics! Our Ferrari "episode preview" in WSJ Enzo Ferrari by Luca Dal Monte Seeing Red on IMDb Go Like Hell by A.J. Baime Stephen Wilmot's great WSJ piece on Ferrari Ferrari factory tour Worldly Partners' Multi-Decade Ferrari Study All episode sources Carve Outs: Ford v Ferrari Maison Wheat sweaters Craighill scissors Amazon grocery service Travelpro Altitude backpack More Acquired: Get email updates and vote on future episodes! Join the Slack Check out the latest swag in the ACQ Merch Store ! 00:00:00 Start 00:01:08 Intro 00:06:11 Enzo Ferrari's Early Life & Tragedies (1898-1919) 00:12:39 Scuderia Ferrari: Enzo's Racing Dream (1920-1933) 00:25:08 The Prancing Horse & Ferrari's Branding 00:35:41 First Ferrari Road Cars & Le Mans Victory (1947-1949) 00:51:31 F1 & The Tragedies of Enzo's Life (1950s) 01:14:03 Ford vs. Ferrari: The Le Mans Rivalry (1963-1966) 01:21:24 Enzo Sells 50% to Fiat (1969) 01:29:10 Luca di Montezemolo's Return to F1 Glory (1971-1976) 01:52:40 Ferrari's "Pepsi Challenge" and how Luca rescued the company (1991) 02:27:41 Post-IPO Ferrari: New Models & Growth (2015-Present) 02:48:24 The FUV Purosangue & Model Range 03:07:16 Ferrari Luce: The EV Future with Jony Ive 03:12:37 Ferrari Today by the Numbers 03:29:39 Analysis 03:50:04 Carve-Outs + Thank Yous ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Rolex is a series of paradoxes. They sell obsolete and objectively inferior mechanical devices for 10-1000x the price of their superior digital successors… and demand is stronger than ever in history! Their products are comparable to a Hermès Birkin bag in price, luxury status and waitlist times… yet they produce over 1m units / year (roughly 10x annual Birkin production). They make the most universally recognized and desired Swiss watches… yet their founder wasn’t Swiss and didn’t start the company in Switzerland! If Rolex were publicly traded, they’d almost certainly be among the top 50 market cap companies in the world… yet they’re 100% owned by a charitable foundation in Geneva that (among other things) literally just gives away money to local people in the city. Tune in for one of the most fascinating and admirable companies we’ve ever covered on Acquired. We had an absolute blast making the episode, and hope you enjoy it as much as we did! This episode was released on February 23, 2025. Sponsors: Sentry: https://bit.ly/acquiredsentry WorkOS: https://bit.ly/workos25 Anthropic: https://bit.ly/acquiredclaude25 Statsig: https://bit.ly/acquiredstatsig26 Links: The Renaissance of the Swiss Watch Industry - Marc Bridge HODINKEE - Inside All Four Rolex Manufacturing Facilities “If you were…” campaign Worldly Partners’ Multi-Decade Rolex Study Episode sources Carve Outs: Bluey Acquired on Armchair Expert Eleven Reader More Acquired! Get email updates with hints on next episode and follow-ups from recent episodes Join the Slack Subscribe to ACQ2 Merch Store ! © Copyright 2015-2026 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Rolex is a series of paradoxes. They sell obsolete and objectively inferior mechanical devices for 10-1000x the price of their superior digital successors… and demand is stronger than ever in history! Their products are comparable to a Hermès Birkin bag in price, luxury status and waitlist times… yet they produce over 1m units / year (roughly 10x annual Birkin production). They make the most universally recognized and desired Swiss watches… yet their founder wasn’t Swiss and didn’t start the company in Switzerland! If Rolex were publicly traded, they’d almost certainly be among the top 50 market cap companies in the world… yet they’re 100% owned by a charitable foundation in Geneva that (among other things) literally just gives away money to local people in the city. Tune in for one of the most fascinating and admirable companies we’ve ever covered on Acquired. We had an absolute blast making the episode, and hope you enjoy it as much as we did! This episode was released on February 23, 2025. Sponsors: Sentry: https://bit.ly/acquiredsentry WorkOS: https://bit.ly/workos25 Anthropic: https://bit.ly/acquiredclaude25 Statsig: https://bit.ly/acquiredstatsig26 Links: The Renaissance of the Swiss Watch Industry - Marc Bridge HODINKEE - Inside All Four Rolex Manufacturing Facilities “If you were…” campaign Worldly Partners’ Multi-Decade Rolex Study Episode sources Carve Outs: Bluey Acquired on Armchair Expert Eleven Reader More Acquired! Get email updates with hints on next episode and follow-ups from recent episodes Join the Slack Subscribe to ACQ2 Merch Store ! © Copyright 2015-2026 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Why has Acquired — seemingly against all odds — “worked”? It's a puzzling question: episodes are four hours long, they come out infrequently, and they usually don’t have guests or video. Hardly the standard-issue playbook for podcasting success! And yet well over a million smart, curious and exceedingly busy humans share their (your!) valuable time with us every month. Why? This is the exact paradox that has been rolling around in the head of Michael Lewis (yes, that Michael Lewis) since he found the show earlier this year. So we asked Michael to be our guest "interlocutor" and share what he thinks is going on here, while we share ten lessons we've stolen (graciously) from companies we've studied and brought into Acquired itself. He takes us through the entire Acquired journey: how we started, why we've never hired anyone or raised money, how we pick episodes, what our business model actually is, why we focus on quality and enjoyment over maximizing enterprise value, and ultimately why we’re all — you, him, us — kindred spirits together. Oh, and just for fun, we recorded this episode where another special journey began — the garage where Google was founded. Thank you for an incredible decade together… here's to the next one! Sponsors: Many thanks to our fantastic Fall ‘25 Season partners: J.P. Morgan Payments (you can watch our full show with them at AWS re:Invent here !) WorkOS Sentry Shopify Thank-yous: First, to Google for loaning us the garage. The sawhorse table desk, PC and CRT monitor on display in the background were all Google originals courtesy of the Google Founders Collection at the Computer History Museum. So cool! Second, to our friends at Shep Films for helping us seriously up our game on production quality this episode! Our Favorite Michael Lewis Books: Home Game Moneyball Liar’s Poker The Blind Side The Undoing Project (as referenced by Michael in the beginning, about Daniel Kahneman and Amos Tversky) Carve Outs: Books: The Name of the Wind by Patrick Rothfuss Science, the Endless Frontier by Vannevar Bush Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase by Duff McDonald The Art of Spending Money by Morgan Housel Emperors of Chocolate by Joel Glenn Brenner Morris Chang's Autobiography Podcasts: Against the Rules Revisionist History SmartLess The Daily The Bill Simmons Podcast Graham Duncan on Invest Like the Best Glue Guys Video: Jay Kelly The Rehearsal Doug DeMuro Tires F1 The Movie Andor Fallout Severance Silo Video Games: Sea of Stars Kirby and the Forgotten Land Products: ARTEZA Rollerball Pen 0.7mm Fine Rotring 800 Mechanical Pencil Fujifilm X100VI Uniqlo Socks! On Running Shoes Rimowa Luggage Parenting: Guided Access on iPad Toy Story SlumberPod Bluey Experience in NYC More Acquired: Get email updates and vote on future episodes! Join the Slack Subscribe to ACQ2 Check out the latest swag in the ACQ Merch Store ! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Why has Acquired — seemingly against all odds — “worked”? It's a puzzling question: episodes are four hours long, they come out infrequently, and they usually don’t have guests or video. Hardly the standard-issue playbook for podcasting success! And yet well over a million smart, curious and exceedingly busy humans share their (your!) valuable time with us every month. Why? This is the exact paradox that has been rolling around in the head of Michael Lewis (yes, that Michael Lewis) since he found the show earlier this year. So we asked Michael to be our guest "interlocutor" and share what he thinks is going on here, while we share ten lessons we've stolen (graciously) from companies we've studied and brought into Acquired itself. He takes us through the entire Acquired journey: how we started, why we've never hired anyone or raised money, how we pick episodes, what our business model actually is, why we focus on quality and enjoyment over maximizing enterprise value, and ultimately why we’re all — you, him, us — kindred spirits together. Oh, and just for fun, we recorded this episode where another special journey began — the garage where Google was founded. Thank you for an incredible decade together… here's to the next one! Sponsors: Many thanks to our fantastic Fall ‘25 Season partners: J.P. Morgan Payments (you can watch our full show with them at AWS re:Invent here !) WorkOS Sentry Shopify Thank-yous: First, to Google for loaning us the garage. The sawhorse table desk, PC and CRT monitor on display in the background were all Google originals courtesy of the Google Founders Collection at the Computer History Museum. So cool! Second, to our friends at Shep Films for helping us seriously up our game on production quality this episode! Our Favorite Michael Lewis Books: Home Game Moneyball Liar’s Poker The Blind Side The Undoing Project (as referenced by Michael in the beginning, about Daniel Kahneman and Amos Tversky) Carve Outs: Books: The Name of the Wind by Patrick Rothfuss Science, the Endless Frontier by Vannevar Bush Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase by Duff McDonald The Art of Spending Money by Morgan Housel Emperors of Chocolate by Joel Glenn Brenner Morris Chang's Autobiography Podcasts: Against the Rules Revisionist History SmartLess The Daily The Bill Simmons Podcast Graham Duncan on Invest Like the Best Glue Guys Video: Jay Kelly The Rehearsal Doug DeMuro Tires F1 The Movie Andor Fallout Severance Silo Video Games: Sea of Stars Kirby and the Forgotten Land Products: ARTEZA Rollerball Pen 0.7mm Fine Rotring 800 Mechanical Pencil Fujifilm X100VI Uniqlo Socks! On Running Shoes Rimowa Luggage Parenting: Guided Access on iPad Toy Story SlumberPod Bluey Experience in NYC More Acquired: Get email updates and vote on future episodes! Join the Slack Subscribe to ACQ2 Check out the latest swag in the ACQ Merch Store ! ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Costco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals — yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco’s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world’s most iconic — and iconically unique — companies. This episode was released on August 20, 2023. Links: The Science of Hitting Warren Buffett’s Costco joke Episode sources Carve Outs: Tifosi sunglasses Dwells “take off everything” Jeremy Giffon on Invest Like the Best Dogpatch David Lidsky’s great piece on Acquired in Fast Company Sponsors: Sentry: https://bit.ly/acquiredsentry WorkOS: https://bit.ly/workos25 Anthropic: https://bit.ly/acquiredclaude25 Statsig: https://bit.ly/acquiredstatsig26 More Acquired! Get email updates with hints on next episode and follow-ups from recent episodes Join the Slack Subscribe to ACQ2 Merch Store ! © Copyright 2015-2026 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Costco is not only Charlie Munger’s favorite company of all time (plus he’s on the board, natch), it’s an absolutely fascinating study in how seemingly opposite characteristics can combine to create incredible company value. For instance: Costco has the cheapest prices of any major retailer in America — and also the wealthiest customer base. They pay their hourly workers 30% above the industry norm (and give them excellent healthcare + 401k benefits) — and are almost 3x more profitable on labor than Walmart. Speaking of Walmart, Costco stocks 40x fewer SKUs than their Bentonville-based rivals — yet sells an average of 15x more volume of each. And oh yeah, practically all of Costco’s C-Suite started their careers as baggers and checkout clerks! Tune in for a mind-bending exploration of one of the world’s most iconic — and iconically unique — companies. This episode was released on August 20, 2023. Links: The Science of Hitting Warren Buffett’s Costco joke Episode sources Carve Outs: Tifosi sunglasses Dwells “take off everything” Jeremy Giffon on Invest Like the Best Dogpatch David Lidsky’s great piece on Acquired in Fast Company Sponsors: Sentry: https://bit.ly/acquiredsentry WorkOS: https://bit.ly/workos25 Anthropic: https://bit.ly/acquiredclaude25 Statsig: https://bit.ly/acquiredstatsig26 More Acquired! Get email updates with hints on next episode and follow-ups from recent episodes Join the Slack Subscribe to ACQ2 Merch Store ! © Copyright 2015-2026 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield… all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known! Sponsors: Sentry: https://bit.ly/acquiredsentry WorkOS: https://bit.ly/workos25 Anthropic: https://bit.ly/acquiredclaude25 Statsig: https://bit.ly/acquiredstatsig26 Links: Hershey’s M&M response: Hershey-ets Our past episodes on Berkshire Hathaway , LVMH , and Novo Nordisk Worldly Partners Multi-Decade Mars Study Episode sources Carve Outs: Dandelion Chocolate and the Dandelion Advent Calendar Tesla Model Y + repair service Silo Home Alone More Acquired! Get email updates with hints on next episode and follow-ups from recent episodes Join the Slack Subscribe to ACQ2 Merch Store ! © Copyright 2015-2026 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield… all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known! Sponsors: Sentry: https://bit.ly/acquiredsentry WorkOS: https://bit.ly/workos25 Anthropic: https://bit.ly/acquiredclaude25 Statsig: https://bit.ly/acquiredstatsig26 Links: Hershey’s M&M response: Hershey-ets Our past episodes on Berkshire Hathaway , LVMH , and Novo Nordisk Worldly Partners Multi-Decade Mars Study Episode sources Carve Outs: Dandelion Chocolate and the Dandelion Advent Calendar Tesla Model Y + repair service Silo Home Alone More Acquired! Get email updates with hints on next episode and follow-ups from recent episodes Join the Slack Subscribe to ACQ2 Merch Store ! © Copyright 2015-2026 ACQ, LLC ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.