Acquired Podcast Insights

Question 1

Renaissance Technologies

Answer 1

1. the most successful investment company in history all the while with no employees having financial background in investments; employees were physicists, astronomers, mathematicians, and speech recognition researchers
2. RenTec so different than the majority of the companies started in the 1980s is -quantitative trading or in other words, trading based on mathematical models with the capability of predicting outcomes
3. company’s founder – James Simons – was a highly respected and awarded mathematician; Simons also worked as a code breaker for the Institute of Defense Analysis (IDA), the government’s de facto outsourced unit for the Defense Department
4. In 1989, the company launched its revolutionary Medallion Fund which became the most successful investment fund in history with average net returns of 40% over the 34 years

Question 2

Uber

Answer 2

1. founded by Garrett Camp (pictured here) & later Travis Kalanick becomes CEO/face. Kamp is Canadian entrepreneur who wanted a Bond like phone app that could order a car. Kalanick scored 1580 on his SAT acing the math section. His first business was his Above1500 tutoring company for students preparing for SAT.
   2.He stopped UCLA studies to start a multimillion dollar Scourge business
2. Former Disney exec Michael Ovitz sued Kalanick to force through a purchase of 49% share of company. Later, Kalanick’s life was threatened at a conference unless he kept silent about Ovitz.
3. Black car company innovation/competition didn’t get started early on because of threats from mafia; no idea why that didn’t stop Kalanick & Lyft guys.
4. Part of Uber idea was inspired by Geek Squad engineer Daniel Garcia wanting customers to see Geek Squad member location on map en route to customer
5. Delete Uber campaign launched when Trump’s no travel order stranded people at airports and Uber allowed surge pricing (while Lyft did not) for their drivers all while Kalanick was on Trump’s advisory council; this hurt Uber’s stranglehold over Lyft … as did not dealing with sexual harassment of engineer boss of female employee and poor handling of rapes by Uber driver in India, etc.
6. Uber had Lyft on the ropes to where Lyft approached Uber twice offering Uber a huge share of Lyft, but Uber refused both times thinking Lyft would be out of business soon.