Acquired

The podcast episode delves into the journey of Vanguard and its founder, Jack Bogle, who revolutionized investing through low-cost index funds. It discusses the impact of Vanguard's corporate structure, the criticisms of passive investing, and how Vanguard's model has evolved in response to competition and market conditions.

This is the second part of a comprehensive episode on Ferrari, focusing on the modern era of the company under Luca di Montezemolo's leadership and beyond. The hosts discuss Ferrari's transformation into a public company, their unique business model, manufacturing process, and current market position.

Ben and David explore Formula 1's transformation from a chaotic, dangerous sport run by Bernie Ecclestone into a professionally managed global entertainment business under Liberty Media. They trace F1's evolution from Bernie's entrepreneurial control through Liberty's strategic investments in Drive to Survive, American expansion, and stakeholder relationship improvements that turned teams into billion-dollar businesses.

A comprehensive analysis of the NFL's business evolution from its founding in 1920 to today, covering key transformations like the merger with AFL, television deals, and the rise of Pete Rozelle's leadership. The episode includes 2026 updates on streaming, international expansion, gambling legalization, and private equity entry into team ownership.

This episode tells the story of Rolex, from its founding by Hans Wilsdorf in 1905 to becoming the dominant force in luxury watchmaking with 30% market share. The hosts explore how Rolex survived the quartz crisis by positioning itself as a luxury lifestyle brand rather than just a timekeeping device.

This episode analyzes Costco's business model, tracing its origins through Saul Price's retail innovations from FedMart to Price Club, and its eventual evolution into modern Costco under Jim Senegal. The hosts explore how Costco's unique approach of sharing scale economies with customers through low SKU counts, bulk purchasing, and membership fees has created an enduring competitive advantage.