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Ben Gilbert and David Rosenthal

Every company has a story.

Learn the playbooks that built the world’s greatest companies — and how you can apply them.

Acquired

Trader Joe's breaks every rule of modern retail. They don't do e-commerce. They don't do delivery. No sales, coupons, or loyalty programs. They only stock 4,000 SKUs versus 50,000+ at normal supermarkets. Their parking lots are famously terrible and they're constantly out of your favorite items. Shoppers brave long lines and cramped aisles while overly-friendly employees in Hawaiian shirts try to chat them up. Everything about the Trader Joe's experience seems designed to drive modern consumers away. And yet they generate $2,000+ per square foot in sales — double their nearest competitor in Whole Foods and nearly 4x the industry average — and Americans are obsessed with them. How on earth did a company that so steadfastly refuses to participate in the 21st century build the most beloved grocery chain in America?

Today we tell the full story: how “Trader” Joe Coulombe started out cloning 7-Elevens in 1960s Los Angeles, pivoted to slinging hard liquor, discovered the enormous market opportunities for California wine and health food before anyone else, and ultimately built perhaps the most counter-positioned business we’ve ever studied on Acquired by doing almost everything differently than the supermarket-CPG industrial complex. Tune in for a wild voyage on the high seas of grocery retail!

Sponsors:

Many thanks to our fantastic Fall ‘25 Season partners:

J.P. Morgan Payments • (And 
come see us at AWS re:Invent • ! Discount code: "ACQUIRED")
SentryWorkOSShopify
Links:

Sign up for email updates • and vote on future episodes!
Worldly Partners’ Multi-Decade Trader Joe’s StudyBecoming Trader JoeThe Secret Life of GroceriesBuild a Brand Like Trader Joe'sAll episode sources
Carve Outs:

AirPods Pro 3Mario Kart 8
More Acquired:

Get email updates • and vote on future episodes!
Join the SlackSubscribe 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.

Trader Joe’s

Google faces the greatest innovator's dilemma in history. They invented the Transformer — the breakthrough technology powering every modern AI system from ChatGPT to Claude (and, of course, Gemini). They employed nearly all the top AI talent: Ilya Sutskever, Geoff Hinton, Demis Hassabis, Dario Amodei — more or less everyone who leads modern AI worked at Google circa 2014. They built the best dedicated AI infrastructure (TPUs!) and deployed AI at massive scale years before anyone else. And yet... the launch of ChatGPT in November 2022 caught them completely flat-footed. How on earth did the greatest business in history wind up playing catch-up to a nonprofit-turned-startup?

Today we tell the complete story of Google's 20+ year AI journey: from their first tiny language model in 2001 through the creation Google Brain, the birth of the transformer, the talent exodus to OpenAI (sparked by Elon Musk's fury over Google’s DeepMind acquisition), and their current all-hands-on-deck response with Gemini. And oh yeah — a little business called Waymo that went from crazy moonshot idea to doing more rides than Lyft in San Francisco, potentially building another Google-sized business within Google. This is the story of how the world's greatest business faces its greatest test: can they disrupt themselves without losing their $140B annual profit-generating machine in Search?

Sponsors:

Many thanks to our fantastic Fall ‘25 Season partners:

J.P. Morgan PaymentsSentryWorkOSShopify
Acquired’s 10th Anniversary Celebration!

 • When: October 20th, 4:00 PM PT
 • Who: All of you!
 • Where: 
https://us02web.zoom.us/j/84061500817?pwd=opmlJrbtOAen4YOTGmPlNbrOMLI8oo.1
Links:

Sign up for email updates • and vote on future episodes!
Geoff Hinton’s 2007 Tech Talk at GoogleOur recent ACQ2 episode with Tobi LutkeWorldly Partners’ Multi-Decade Alphabet StudyIn the PlexSupremecyGenius MakersAll episode sources
Carve Outs:

We’re hosting the Super Bowl Innovation Summit!F1: The MovieTravelpro suitcasesGlue Guys PodcastSea of StarsStepchange Podcast
More Acquired:

Get email updates • and vote on future episodes!
Join the SlackSubscribe 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.

Google: The AI Company

In its first six years from 1998 to 2004, Google built one of the greatest products of all time (and certainly the greatest business of all time) with Search. Then in its next six years from 2005 to 2011, Google built seven (!) more billion+ user products: Gmail, Maps, Drive and Docs, YouTube, Chrome, Android, and Photos — all either started from scratch internally or acquired as startups that were still in their infancy. This six-year period of wild innovation STILL stands unmatched in technology history… no other tech company counts more than four billion+ user products in its portfolio total. And of course, this “Google 2.0” era culminated in the transformation of the very company itself into Alphabet.

So the question we answer today is… how did they do it?? And why? What was the strategy that led a once “pure play” search company into such far flung fields as email, mapping, funny cat videos and operating systems? We unpack the brilliant (and sometimes accidental) strategies behind each product, the simultaneous three-front war Google fought against Microsoft, Apple, and Facebook, and the spectacular failure of Google Plus that nearly destroyed the company's culture — before ultimately setting the stage for both Alphabet and the AI revolution to come.

Sponsors:

Many thanks to our fantastic Summer ‘25 Season partners:

J.P. Morgan PaymentsAnthropicStatsigVercel

Links:

Sign up for email updates and vote on Fall Season episodes!Jeff Dean and Sanjay Ghemawat New Yorker articleEric Schmidt on stage at the iPhone keynote (!)Bill Gurley’s classic “Less than Free” Android postOur recent ACQ2 episode with Bret Taylor and Clay BavorWorldly Partners’ Multi-Decade Alphabet StudyEpisode sources

Carve Outs:

Bluey x Camp in NYCSteam Deck vs Switch 2 (Part 2)ClaudeSony RX100 VIICarissimi clothing

More Acquired:

Get email updates and vote on Fall Season episodes!Join the SlackSubscribe to ACQ2Check 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.

Alphabet Inc.

We sit down with Jamie Dimon for a live conversation at Radio City Music Hall, covering the incredible journey from his 1998 firing at Citgroup (where he was widely expected to become CEO) to building the most powerful bank in the world. Today JPMorgan Chase is a juggernaut — the most systemically important non-governmental financial institution in the world, with over twice the market capitalization of its nearest competitor. But it certainly wasn’t always this way! Jamie takes us from his career restart at the struggling Chicago-based Bank One through how he transformed that platform into the foundation for the modern JPMorgan Chase. We dive into the “fortress balance sheet” strategy that has defined his tenure, and cover blow-by-blow Jamie’s approach to the Great Financial Crisis, Bear Stearns, WaMu, First Republic and more. Tune in for an incredible conversation, live from New York City’s most iconic venue!

Sponsors:

Many thanks to our fantastic Summer ‘25 Season partners:

J.P. Morgan PaymentsVercelAnthropicStatsig
Episode image photo credit: Rockefeller Center

More Acquired:

Get email updates • with hints on next episode and follow-ups from recent episodes
Join the SlackSubscribe 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.

The Jamie Dimon Interview

We tell the story of the single greatest business ever created: Google search. From its origins as a Stanford research project called BackRub, Google became the front door to the internet. Today it’s an essential service for over half the world, and one that generates more profit than ANY other US company — more than Apple, Microsoft, or Berkshire Hathaway.

But it wasn’t always so obvious. When Larry and Sergey began working on BackRub in 1996, search was a backwater industry in silicon valley. Existing search companies were eking out a living as vendors to the then-dominant “portals” like AOL and Yahoo. Google’s come-from-behind success was the result of three massive step-function leaps forward in algorithms, infrastructure and business model… some invented by Google and some borrowed (and perfected!) by them.

Today, things are not so obvious once again for Google. Despite earning more profits than all of its big tech peers, its stock trades at significantly lower multiples — a $1 trillion or more discount to Apple, Microsoft and Nvidia. Investors are concerned that AI will render Google’s beautiful business model obsolete, even though Google also basically invented modern AI and continues to lead on many dimensions. This episode begins a multi-part series where we dive into the full history that led us to this point. Tune in and enjoy!

Update: when you finish, check out our Part II episode, "Alphabet, Inc."!

Sponsors:

Many thanks to our fantastic Summer ‘25 Season partners:

J.P. Morgan PaymentsAnthropicStatsigVercel
Links:

BackRub recreationOriginal Google logoJeff Dean’s resumeWorldly Partners’ Multi-Decade Alphabet StudyEpisode sources
Radio City Live Show:

Join us July 15 at Radio City — Ticketmaster: https://acquired.fm/nycJuly 12 Central Park RunJuly 15 Pre-Show MeetupJuly 15 Afterparty at the Rockefeller Center RinkJuly 16 Encore Event with J.P. Morgan Payments
Carve Outs:

The Rehearsal with Nathan Fielder (Season 2)Your Friends and NeighborsAndor Season 2Gamecraft Season 3Steam Deck • vs 
Switch 2 • dilemma

More Acquired:

Get email updates • with hints on next episode and follow-ups from recent episodes
Join the SlackSubscribe 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.

Google: The Origin of Search

Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them. 

The episodes are deep and heavily-researched, uncovering the full histories behind household names you thought you already knew like Rolex, Amazon, Starbucks, or NVIDIA. Enjoy!

Trailer: What is Acquired?

We sit down with Steve Ballmer, the legendary former Microsoft CEO and owner of the LA Clippers, for an epic conversation covering his 34 years at Microsoft. Steve listened to our Microsoft episodes and had some thoughts to share — and boy, did he deliver. Steve takes us point-by-point through the original IBM DOS deal that started everything, how he built Microsoft's enterprise business from scratch, and offers his candid reflections on missing mobile and search. We also cover the story behind “developers, developers, developers”, the complexities of his relationship with Bill Gates (including a year where they didn't speak), and why he ultimately decided to step down as CEO. Plus, we learn why Steve has held onto his Microsoft stock through it all — giving him arguably the best investment track record in the world over the last 10 years with his net worth growing from $20B to $130B since leaving. And of course, we couldn't resist also talking about his other passion: the Clippers and Intuit Dome. Hit play and get ready to experience the patented Steve Ballmer energy and fun on full display!

Sponsors:

Many thanks to our fantastic Summer ‘25 Season partners:

J.P. Morgan PaymentsStatsigVercelAnthropic
Links:

Steve's PowerPoint SlidesJoin us July 15 at Radio City!
More Acquired:

Get email updates • with hints on next episode and follow-ups from recent episodes
Join the SlackSubscribe 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.

The Steve Ballmer Interview

What if we told you that the most important company in US healthcare was run from a farm in rural Wisconsin? And that farm contained the world’s largest subterranean auditorium, as well as Disneyland—style replicas of Hogwarts and the Emerald City? What if we told you that the person who started, runs and owns this establishment has legally ensured that it will never be sold, never go public and never acquire another company? And that this person, Judy Faulkner, is also likely the wealthiest and most successful self-made woman in history?

Welcome to the story of Epic Systems, the software company that underpins the majority of the American healthcare system today. Epic isn’t “just” an electronic medical record (the category it’s usually lumped into), or an online patient portal (which is how most of the US population interacts with it via its MyChart application). It’s more akin to a central nervous system for hospitals and health clinics. Almost everything in a hospital — from patient interactions to billing, staffing, scheduling, prescriptions and even research — happens on Epic’s platform, and over 90% of American medical schools’ graduating doctors, nurses and health administrative staff are trained on it during their educations. Tune in as we dive into the almost-unbelievable story of how this epic company came to be!

Sponsors:

Anthropic: https://bit.ly/acquiredclaude25
Statsig: https://bit.ly/acquiredstatsig25
ServiceNow: https://bit.ly/acquiredsn

Links:

Save the date, July 15 in NYC!Epic’s Verona campusWorldly Partners’ Multi-Decade Epic Systems StudyEpisode sources
Carve Outs:

Ken Block in San FranciscoNintendo Switch 2Knives OutBrat by Charli xcxMusic To Refine To: A Remix Companion to Severance by ODESZA

More Acquired!

Get email updates • with hints on next episode and follow-ups from recent episodes
Join the SlackSubscribe to ACQ2Merch Store • !

© Copyright 2015-2025 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.

Epic Systems (MyChart)

When you saw this episode pop up in your feed, you either jumped for joy and hit play immediately (in which case you’re not reading this), or you said “Huh. That’s a surprising episode.” Well, if you’re in group two, boy do we have a treat for you!

IPL is the fastest-growing, most dynamic and most disruptive force in the sports industry today… and this may come as a shock to many Americans, but it might just be on track to surpass the NFL as the world’s most valuable sports league. The IPL is currently valued at $16B, with a TV rights deal that’s higher in per-match dollars than the NBA and the English Premier League. And all this for a league that’s right now just 10 teams who collectively only play 74 total games per season… and oh yeah, the whole thing is only 17 years old! Tune in for an absolutely amazing story, filled with genius, drama (Rupert Murdoch! Disney! Bollywood!) and a perfect encapsulation of the rise of modern India.

Sponsors:

Anthropic: https://bit.ly/acquiredclaude25
Statsig: https://bit.ly/acquiredstatsig25
ServiceNow: https://bit.ly/acquiredsn

Links:

Save the date, July 15 in NYC!Ed Cowan’s Business Breakdowns of IPLWorldly Partners’ Multi-Decade IPL StudyEpisode sources
Carve Outs:

SeveranceStratechery

More Acquired!

Get email updates • with hints on next episode and follow-ups from recent episodes
Join the SlackSubscribe to ACQ2Merch Store • !

© Copyright 2015-2025 ACQ, LLC

Indian Premier League Cricket

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!

Sponsors:

Anthropic: https://bit.ly/acquiredclaude25
Statsig: https://bit.ly/acquiredstatsig25
ServiceNow: https://bit.ly/acquiredsn

Links:

The Renaissance of the Swiss Watch Industry - Marc BridgeHODINKEE - Inside All Four Rolex Manufacturing Facilities“If you were…” campaignWorldly Partners’ Multi-Decade Rolex StudyEpisode sources
Carve Outs:

BlueyAcquired on Armchair ExpertEleven Reader

More Acquired!

Get email updates • with hints on next episode and follow-ups from recent episodes
Join the SlackSubscribe to ACQ2Merch Store • !

© Copyright 2015-2025 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

Summer greetings from Acquired! Two items for this “mini-episode”:

 1. Tickets are
 now available 2. for our live show at Chase Center in San Francisco, with special guests including Mark Zuckerberg (!). The show is Tuesday, September 10th, with doors opening at 5 PM for an hour of mingling with other listeners before the show starts at 6 PM. Huge thank you to the J.P. Morgan Payments team for being our incredible partner in making this happen. Tickets are almost gone so make sure you grab one ASAP — you don’t want to miss this night! 
https://acquired.fm/sf

We also figured this is a good excuse to update you all on the state of Acquired — after an incredible first half of the year (including WSJ’s profile of the show) we are taking the rest of the summer off to recharge, parent our young children, and prepare for the big night in September. We hope you’re having a great summer, and we’ll see you live in the fall!

Carve Outs:

Thule Urban Glide 3Disney’s Aulani ResortMeller sunglassesQuarterback and Receiver on Netflix

More Acquired:

Subscribe to ACQ2Join the Slack: https://acquired.fm/slack

© Copyright 2024 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.

Chase Center + Summer Update

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