Acquired

Vanguard is the most effective vehicle ever created for participating in the fruits of American capitalism. Today it’s the single largest equity owner of the majority of corporations in the S&P 500, on behalf of 50 million clients (including, likely, many of you). And yet Vanguard itself is essentially a communist organization — it has no shareholders, makes no profits, and operates more like REI than Fidelity. If you own a Vanguard fund, you own a piece of the firm itself. Any excess margin instead gets returned to clients in the form of lower fees, which since 1975 have added up to roughly five hundred billion dollars transferred out of Wall Street managers’ pockets and into retail investors’ savings accounts. And oh yeah, it all started as a cockamamie revenge plot by a guy who’d just been fired by his partners. Today we tell the story of communist capitalism at its finest — Vanguard.Sponsors:Many thanks to our fantastic Spring '26 Season partners:J.P. MorganWeAreDevelopers eventServiceNowVercelStatsigLinks:Sign up for email updates, get our takeaways and research photos from each episode, and vote on future topics!Our Vanguard "episode preview" in WSJStay the Course: The Story of Vanguard and the Index Revolution by John C. BogleThe Bogle Effect by Eric BalchunasWorldly Partners' Multi-Decade Vanguard StudyWorldly Partners' Article Generational Investing: The Discipline Behind 100+x OutcomesAll episode sourcesCarve Outs:Our WSJ pieces on Ferrari and VanguardMacBook Pro M5 MaxMichael MacKelvie on YouTubeThe Super Mario Galaxy MovieBrooks Vanguard sneakersMore Acquired:Get email updates and vote on future episodes!Join the SlackCheck out the latest swag in the ACQ Merch Store!00:00:00 Start00:00:41 Intro00:05:30 Jack Bogle's Early Life & Family Ruin (1929)00:12:34 Princeton Thesis & Mutual Funds Emerge (1949-1951)00:27:20 Joining Wellington Management (1951)00:30:38 The Go-Go Years & Fidelity's Ascent (1958-1965)00:40:36 Jack Takes the Reins & The Ivest Merger (1965)00:46:04 The Go-Go Bust & Jack's Crisis of Conscience (1970-1973)00:53:28 Jack is Fired: The Genesis of Vanguard (1974)01:13:03 The Journal Article That Inspired It All (1974-1976)01:35:02 Building the Fund & Early Struggles (1976-1981)01:44:32 The Rise of Indexing & Vanguard's Growth (1988-1992)01:49:06 Jack's Health & The CEO Transition (1995-1996)02:00:06 The ETF Debate & Jack's Second Firing (1999)02:24:18 The 2008 Financial Crisis: Vanguard's Moment02:30:46 The Warren Buffett Bet (2008-2019)02:41:28 Fidelity & BlackRock's Resurgence (Post-2008)02:52:04 Salim Ramji: Vanguard's First Outside CEO03:04:43 Wellington's Comeback & Mutual Ownership03:08:23 Analysis03:30:58 Quintessence03:39:35 Carve-Outs + Outro‍Note: 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.

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:Anthropic: https://bit.ly/acquiredclaude25Sentry: https://bit.ly/acquiredsentryThe Acquired Meetup (in SF!): https://bit.ly/sentryacquiredmeetupWorkOS: https://acquired.fm/unpluggedPlaying Cards: https://bit.ly/workOSshop (Code: ACQDECK)Statsig: https://bit.ly/acquiredstatsig26Episode image photo credit: Rockefeller CenterMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLC‍Note: 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.

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:Anthropic: https://bit.ly/acquiredclaude25Sentry: https://bit.ly/acquiredsentryThe Acquired Meetup (in SF!): https://bit.ly/sentryacquiredmeetupWorkOS: https://acquired.fm/unpluggedPlaying Cards: https://bit.ly/workOSshop (Code: ACQDECK)Statsig: https://bit.ly/acquiredstatsig26Links: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 episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLC‍Note: 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.

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/acquiredclaude25Sentry: https://bit.ly/acquiredsentryThe Acquired Meetup (in SF!): https://bit.ly/sentryacquiredmeetupWorkOS: https://acquired.fm/unpluggedPlaying Cards: https://bit.ly/workOSshop (Code: ACQDECK)Statsig: https://bit.ly/acquiredstatsig26Links:Save the date, July 15 in NYC!Ed Cowan’s Business Breakdowns of IPLWorldly Partners’ Multi-Decade IPL StudyEpisode sourcesCarve Outs:SeveranceStratecheryMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLC

M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield… all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known!Sponsors:Anthropic: https://bit.ly/acquiredclaude25Sentry: https://bit.ly/acquiredsentryThe Acquired Meetup (in SF!): https://bit.ly/sentryacquiredmeetupWorkOS: https://acquired.fm/unpluggedPlaying Cards: https://bit.ly/workOSshop (Code: ACQDECK)Statsig: https://bit.ly/acquiredstatsig26Links:Hershey’s M&M response: Hershey-etsOur past episodes on Berkshire Hathaway, LVMH, and Novo NordiskWorldly Partners Multi-Decade Mars StudyEpisode sourcesCarve Outs:Dandelion Chocolate and the Dandelion Advent CalendarTesla Model Y + repair serviceSiloHome AloneMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLC‍Note: 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.

Meta is a company everyone knows (literally, everyone). But, somehow, it’s also a company that few people feel they actually understand. Their products are used by more humans than any other’s in history — almost half of the entire world’s population daily. But… what is Meta? Why do they do what they do? How do they do what they do? Ask ten people and you’ll likely get ten very different sets of answers.Today, we dive deeper than we’ve ever gone trying to find Acquired’s answers to those questions. And after months of research and 6+ hours of incredible stories about how they (and really “they” being Mark himself) bet it all and win time and time again in the face of overwhelming odds, we arrive at our answers. Facebook, Instagram, WhatsApp, Threads, AI, Oculus, Orion, it’s all here. Tune in for one of the greatest corporate stories of all time: Meta, a Mark Zuckerberg Production. Sponsors:Anthropic: https://bit.ly/acquiredclaude25Sentry: https://bit.ly/acquiredsentryThe Acquired Meetup (in SF!): https://bit.ly/sentryacquiredmeetupWorkOS: https://acquired.fm/unpluggedPlaying Cards: https://bit.ly/workOSshop (Code: ACQDECK)Statsig: https://bit.ly/acquiredstatsig26Links:Please take our 2024 Acquired Survey if you have a minute. It'd mean the world to us! https://acquired.fm/surveyOur past episodes on Instagram, WhatsApp, Oculus, Snapchat, the Snap IPO, TikTok, NVIDIA, Microsoft, and the Mark Zuckerberg InterviewWorldly Partners: Meta multi-decade studyEpisode sourcesCarve Outs:Ben Cohen’s piece on NotebookLMMr. McMahonThe Dwarkesh Podcast More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLC‍Note: 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.

Mark is the iconic founder CEO of our time. At Chase Center on September 10, 2024, he did an unprecedented thing: a live conversation in front of 6,000 people on Meta’s company strategy, sharing stories from early Facebook history, and his thoughts on the future of AI, VR, and AR. Mark was remarkably candid in our discussion, and gave us a window into his real and intense daily demeanor leading Meta. (And his other life endeavors!)We can't wait to release the complete video of the whole night, including our surprise conversations with Daniel Ek, Emily Chang, and cameo appearances from Jensen Huang and Mike Taylor (the incredible singer of “Who Got the Truth?”). That’s coming in a couple weeks, but for now: enjoy this conversation with Mark Zuckerberg.Sponsors:Anthropic: https://bit.ly/acquiredclaude25Sentry: https://bit.ly/acquiredsentryThe Acquired Meetup (in SF!): https://bit.ly/sentryacquiredmeetupWorkOS: https://acquired.fm/unpluggedPlaying Cards: https://bit.ly/workOSshop (Code: ACQDECK)Statsig: https://bit.ly/acquiredstatsig26Links:Mike Amiri (who designed Mark’s shirt!)More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLCPhoto Credit: Mark Zuckerberg by Jeff Sainlar / Meta© Copyright 2024 ACQ, LLC‍Note: 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.

In 1999, Microsoft became the most valuable company in the world. And in 2019, Microsoft became the most valuable company in the world, again. But… what happened in the twenty years in between? The answer, as we discovered in our research, is probably not what you think.In this episode we explore and analyze the browser wars and the DOJ case, Windows XP through 8, Surface, Xbox, search, Yahoo!, Bing, the iPhone, Nokia, mobile, social, Facebook… and oh yeah, a little thing called Azure and the enterprise — which ended up becoming so big that no failures mattered. Tune in for Microsoft, Volume II.Sponsors:Anthropic: https://bit.ly/acquiredclaude25Sentry: https://bit.ly/acquiredsentryThe Acquired Meetup (in SF!): https://bit.ly/sentryacquiredmeetupWorkOS: https://acquired.fm/unpluggedPlaying Cards: https://bit.ly/workOSshop (Code: ACQDECK)Statsig: https://bit.ly/acquiredstatsig26Links:Bill Gurley on Android’s “Less Than Free” business modelAll episode sourcesCarve Outs:Meta Ray-BansOzlo SleepbudsM3 Macbook AirModel YMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2026 ACQ, LLC‍Note: 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.