Pulling the Thread

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[00:02:26] – (First question) –  key levers of the universal business model

[00:04:26] – How do you know when you’ve achieved real value creation

[00:06:24] – Importance of value capture and how they enhance value creation

[00:09:08] – Price power

[00:10:28] – Are discussions of moats more useful to businesses than to investors

[00:13:12] – What Tren learned during his early years working with Craig McCaw

[00:16:36] – The skill of capital allocation

[00:18:37] – How would Buffett and Munger bet on tech if they were starting out today and their philosophy of betting against change

[00:21:57] – How Tren became so fascinated with Charlie and what he’s learned from him

[00:25:21] – Most memorable moment or lesson from Charlie

[00:28:19] – There are more pockets of Alpha

[00:19:20] – How he thinks about factor investing

[00:31:25] – What are the scalability features that make a business attractive

[00:35:37] – Exploring some of the other important levers of businesses, such as subscriptions, customer acquisition cost, and more.

[00:37:11] – Wholesale transfer pricing

[00:39:18] – Pros and cons of subscription business models

[00:43:14] – Magic of getting products distributed

[00:44:58] – Best sale Tren’s ever made

[00:46:46] – Most important lesson for young people

[00:49:01] – Any businesses that are piquing Tren’s interest right now

[00:50:16] – Tren’s interest in hip-hop and how it helps him reach more people

[00:53:49] – A look at some interesting quotes from Jim Barksdale

[00:58:22] – Learning by doing

[01:01:06] – Period of his career that he felt most alive

[01:03:03] – Advice for young people thinking about business and entrepreneurship

[01:04:56] – Why are so few people passionate about what they do for a living

[01:10:44] – Kindest thing anyone has done for Tren