654. Is the Public Ready for Private Equity?
The episode examines the push to open private equity and other private markets to retail investors, especially through 401(k) plans, following a Trump administration executive order. Law professor Elizabeth DeFontenay and economist Steve Kaplan explain how private equity works, its historical outperformance versus public markets, and why that outperformance has likely diminished as the asset class has matured and become crowded. They warn that high fees, opaque pricing, illiquidity, and second-tier access mean that ordinary investors are unlikely to benefit from this shift, and that expanding retail exposure could change private markets themselves and increase systemic risks.
Introducing Business History: How Free Whisky, Hot Pants and Low Fares Led to Southwest's Success
Hosts Jacob Goldstein and Robert Smith trace the rise of Southwest Airlines from a Texas intrastate startup sketched on a cocktail napkin to one of the most consistently profitable airlines in U.S. history. They explain how regulatory structures, low fares, aggressive legal battles, operational innovations, and a deliberately unglamorous business strategy gave Southwest a durable edge in a notoriously bad industry. The episode then examines how those same strengths later exposed vulnerabilities, culminating in the 737 MAX grounding, a holiday meltdown, activist investor pressure, and strategic changes like adding assigned seating.
TIP767: Mastermind Discussion Q4 2025: Sanofi, Remitly & Crocs w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra
The episode is a quarterly mastermind discussion where Stig Brodersen, Tobias Carlisle, and Hari Ramachandra each pitch an investment idea and stress-test each other's theses. Hari presents Sanofi as a relatively cheap, dividend-paying global biopharma with durable vaccine and immunology franchises that he views as a "T-bill with growth" type holding. Stig analyzes Remitly, a fast-growing digital remittance platform, weighing its strong unit economics and underbanked niche against strategic drift, intense competition, and heavy stock-based compensation, while Toby pitches Crocs as a deeply undervalued, cash-generative footwear brand facing fashion, tariff, and acquisition risks but offering significant upside if issues are managed.
TIP766: Intelligent Fanatics: How Great Business Leaders Win w/ Clay Finck
Host Clay Fink summarizes the book "Intelligent Fanatics" by Ian Cassel and Sean Iddings, explaining how extraordinary business leaders build durable competitive advantages through culture, incentives, and long-term thinking. He dives into case studies of Herb Kelleher at Southwest Airlines, Les Schwab at Les Schwab Tire Centers, and Chester Cajot at QuickTrip, highlighting their unconventional strategies and employee-first philosophies. The episode distills common traits of intelligent fanatics and connects them to how investors can better evaluate management teams and business quality.
Pressbox and Tide Cleaners: Vijen Patel. The $1.99 Gamble That Built a National Brand
Host Guy Raz interviews entrepreneur Vijan Patel about founding Pressbox, a dry cleaning and laundry startup built around 24/7 locker access in residential buildings. Patel explains how he and co-founder Drew McKenna bootstrapped the company, focused relentlessly on unit economics and quality, and expanded across multiple U.S. cities before being acquired by Procter & Gamble and folded into Tide Cleaners. He also describes the burnout of running a 24/7 service business, the competitive battles with venture-backed rivals and P&G itself, and his current focus on investing in "boring" but essential, asset-heavy businesses through his fund, the 81 Collection.
BOARD GAMES 2: Making our prototype
Planet Money follows its collaboration with Exploding Kittens as they turn an economic concept into a playable board game prototype. The team settles on the "Market for Lemons" idea about asymmetric information, watches Exploding Kittens discover and refine a simple but engaging deal-making mechanic, and wrestles with balancing economic education, fun, and manufacturing constraints. They then test the prototype with game consultant Jamie Wolanski and invite listeners to download and playtest a printable version to help refine the game.
The Hospitality Principles That Build Billion-Dollar Startups
The host interviews restaurateur and author Will Gudera about the philosophy and practice of "unreasonable hospitality" that helped his restaurant Eleven Madison become a top destination. They discuss how small, highly personal gestures can matter more than perfect execution, how to build a culture of rigorous feedback and care, and how to operationalize hospitality through roles like the "Dreamweaver" and systems such as one-size-fits-all, one-size-fits-some, and one-size-fits-one experiences. The conversation also explores applications in other industries, the economics of restaurants, and the broader pursuit of excellence in life and business.
Advice Line with Randy Hetrick of TRX
Host Guy Raz speaks with TRX founder Randy Hetrick on an 'Advice Line' episode where they take calls from three founders seeking guidance on scaling their businesses. Randy first updates listeners on his journey selling TRX to private equity, starting a new outdoor fitness venture, and eventually buying TRX back in a turnaround. Together, Guy and Randy advise the founders of an emerging low-caffeine energy drink brand entering Target, an Australian meat pie franchise looking for strategic investment, and an adaptive apparel company debating how narrowly to focus its target markets.