NZS Capital, every mention
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every year anyone Ben Gilbert 48David Rosenthal 23Brinton Johns 3John Bathgate 2
Verbatim, from the transcripts: the passages where NZS Capital comes up
TSMC founder Morris Chang · Acquired
- ▶ 2:51:27 David Rosenthal Uh, and to John Bathgate and Britton Johns from NZS Capital, our go-to folks on anything semiconductors.
Renaissance Technologies (Audio) · Acquired
- ▶ 2:34:57 Ben Gilbert It's always been on my mind since we had the NZS Capital guys on a few years ago and read their work and the Santa Fe Institute's work on this.
Nvidia Part III: The Dawn of the AI Era (2022-2023) (Audio) · Acquired
- ▶ 2:49:40 Ben Gilbert And of course, our friends at NZS Capital, thank you all for helping us research this.
Uber CEO Dara Khosrowshahi · Acquired
- ▶ 1:27:46 Ben Gilbert I asked it in a tongue-in-cheek way, but I completely understand that and see the, um, it's the NZS Capital thing.
Qualcomm · Acquired
- ▶ 8:49 Ben Gilbert I remember we reached out to the NZS Capital folks and said, hey, you know, do you have any great resources on, on Qualcomm?
Benchmark Part I · Acquired
- ▶ 3:19:56 David Rosenthal We got, we got to talk about NZS first.
- ▶ 3:19:58 David Rosenthal Let's talk about NZS.
- ▶ 3:20:00 Ben Gilbert We'd love to talk about our friends at NZS Capital.
- ▶ 3:20:04 Ben Gilbert So for those of you who have listened to our last few episodes, you know that we reached out to Brinton, Brad, Joe, and John at NZS Capital to propose the idea of doing a paid sponsorship.
- ▶ 3:20:15 Ben Gilbert And, uh, when they jumped on it and told us, hey, we've got a caveat for you.
- ▶ 3:20:36 Ben Gilbert But first, of course, what is NZS Capital, David?
- ▶ 3:20:47 David Rosenthal They have over a billion dollars in capital under management.
- ▶ 3:20:50 David Rosenthal The team worked together for many years at another much larger firm before starting NCS in 2019.
- ▶ 3:21:32 Ben Gilbert Similar to complexity and to NZS's core thesis, margin of safety is the logical conclusion,
- ▶ 3:22:22 David Rosenthal But NCS, of course, has evolved this thing, taken this concept, which is a very important one for investing, and evolved it and said like, look, obviously valuation alone is no longer sufficient for defining margin of safety.
- ▶ 3:23:58 Ben Gilbert So this comes back to an old axiom that we love that NZS writes about a lot, which is
- ▶ 3:24:29 Ben Gilbert We are not clients of NZS.
- ▶ 3:24:31 Ben Gilbert But, as I mentioned, they really do want feedback.
- ▶ 3:25:01 Ben Gilbert We'd love to see you there, and thank you to NZS.
- ▶ 3:47:41 Ben Gilbert Well, our thank you to Fundrise, Pilot, and our good friends at NZS Capital.
- ▶ 3:47:45 Ben Gilbert There are links in the show notes to all of those things, including downloading NZS's white paper and clicking the link to join us in a Zoom call in October where we actually get to talk to them.
Amazon Web Services · Acquired
- ▶ 2:06:29 Ben Gilbert This segment is brought to you by our great friends at NZS Capital.
- ▶ 2:07:04 Ben Gilbert Awesome to get to talk to all of you with the NZS guys on the call.
- ▶ 2:07:43 David Rosenthal And the idea is actually similar to NZS's core thesis, which is that you can't really predict the future as an investor or anybody else.
- ▶ 2:08:26 Ben Gilbert Now, NZS is different.
- ▶ 2:10:13 Ben Gilbert So a little bit about NZS before we close here.
- ▶ 2:11:08 Ben Gilbert Our thanks to NZS Capital.
- ▶ 2:47:56 Ben Gilbert Well, thank you so much to Fundrise, Pilot, and NZS Capital.
- ▶ 2:48:00 Ben Gilbert Links for all three of those are available in the show notes, as well as a link to register for our NZS talkback, which the first one was super fun, and can't wait to do a second one with them on this white paper as well.
Amazon.com · Acquired
- ▶ 3:14:28 Ben Gilbert And before we transition to Powers and Playbook and our analysis section, I want to thank our friends at NZS Capital.
- ▶ 3:14:40 Ben Gilbert This segment is brought to you by our friends at NZS Capital, Brinton, Brad, Joe, and John.
- ▶ 3:15:08 Ben Gilbert And we got a bunch of feedback from people that what NZS is observing here is really interesting, and so for people who are new listening to this episode,
- ▶ 3:15:19 Ben Gilbert So, many of you know them from the special episode we did last fall on complexity investing and semiconductors, but for those who don't know, they're a long-only global equity fund that manages money for institutional and accredited…
- ▶ 3:15:32 Ben Gilbert They have over a half a billion dollars under management, and the team worked together for many years before starting NZS in 2019.
- ▶ 3:15:47 Ben Gilbert So today we want to talk about the idea that really started NZS's investment philosophy 10 years ago, complexity investing.
- ▶ 3:17:09 David Rosenthal Well, NZS's thesis that they lay out in the paper is that you should invest based on two dimensions, resilience and optionality.
- ▶ 3:18:23 David Rosenthal By optionality, NZS means really very similar to venture capital, what we talk about so much on the show.
- ▶ 3:18:47 David Rosenthal Now, one of the other key insights that NZS has is that
- ▶ 3:19:39 Ben Gilbert Well, to close out the segment, if you're interested, you should check out the fascinating white paper from NZS, which has some killer diagrams in it, by clicking the link in the show notes.
- ▶ 3:19:52 Ben Gilbert We are not clients of NZS.
- ▶ 3:20:20 David Rosenthal Thank you, NZS.
- ▶ 3:20:22 Ben Gilbert Our thanks to NZS, and now back to Amazon.
- ▶ 4:16:22 David Rosenthal Uh, we wouldn't be fans of NZS, but by the time this comes out, probably fair to say ballpark one and a half trillion-ish.
- ▶ 4:22:37 Ben Gilbert Well, our thanks to Fundrise, Pilot, and NZS Capital.
Walmart · Acquired
- ▶ 2:12:24 Ben Gilbert This segment is brought to you by our great friends at NZS Capital.
- ▶ 2:12:49 David Rosenthal Indeed, many of you already know NZS from the special episode we did with them last fall on complexity investing and semiconductors, but for those of you who don't know, they're a long-only global equity fund that manages money for…
- ▶ 2:13:06 David Rosenthal They have over a billion dollars under management, and the team worked together for many years before starting NZS in 2019.
- ▶ 2:13:13 David Rosenthal They're among our very favorite
- ▶ 2:13:17 David Rosenthal They've been such great contributors to our thinking here on the show.
- ▶ 2:13:20 Ben Gilbert Yeah, so today we want to talk about an idea that really started the NZS investment philosophy 10 years ago, which is complexity investing.
- ▶ 2:14:22 David Rosenthal And NZS's thesis that they lay out in the paper is that you should invest based on two dimensions, resilience and optionality.
- ▶ 2:15:48 Ben Gilbert So the key insight that NZS believes is that you can basically plot every business on the intersection of these two dimensions.
- ▶ 2:16:11 David Rosenthal If you're interested in these ideas, if you think they're cool like we do, you should go check out the white paper that NZS wrote on complexity investing.
- ▶ 2:16:31 David Rosenthal Even though we're not clients of NZS, it is well worth reading.
- ▶ 2:16:36 Ben Gilbert And finally, since they really do want feedback, you can, of course, email Brinton or Brad or any of them from the email addresses on the paper when you download it, or even better, we're gonna do a Zoom call with them to talk about all…
- ▶ 2:17:02 Ben Gilbert Our huge thanks to the team at NZS Capital.
- ▶ 2:17:05 David Rosenthal Thank you, NZS.
- ▶ 3:04:01 Ben Gilbert With that, listeners, our thank you to Fundrise, Pilot, and NZS Capital.
Nvidia: The Machine Learning Company (2006-2022) · Acquired
- ▶ 40:14 David Rosenthal I'm going to raise you one more sidebar that we have to include that, you know, because the NZS guys told us about this.
Platforms and Power (with Hamilton Helmer and Chenyi Shi) · Acquired
- ▶ 49:31 Ben Gilbert So we had months ago, after our TSMC episode, a couple of the investors from NZS Capital on, and one of the points that they made is, we actually don't like to hold Apple in our portfolio right now because our view is that they're being…
Altimeter (with Brad Gerstner) · Acquired
- ▶ 1:51:36 Ben Gilbert We've got the Limited Partner Show, where recently we've had awesome episodes with the folks from NCS Capital coming back to talk about the state of the markets.
SONY (75 years of electronics history in 3 hours) · Acquired
- ▶ 35:29 Ben Gilbert And we talked with the NZS guys about this, but you know, the invention of transistors and semiconductors, like this stuff is so divergent.
- ▶ 3:02:34 Ben Gilbert We also have our limited partner show, and our latest episode is with repeat guests from NZS Capital talking about what
Peloton - the entire history and strategy behind America's trendiest workout · Acquired
- ▶ 6:27 Ben Gilbert You should listen to the LP show to get the nerdier stuff, like our updated thoughts on the markets, and a little bit less us and a little bit more the excellent NZS Capital guys.
- ▶ 2:20:39 Ben Gilbert Our latest episode with the NZS Capital folks is, uh, is really good.
Complexity Investing & Semiconductors with NZS Capital (Extended Cut) · Acquired
- ▶ 0:59 Ben Gilbert Brendan and John are public equities investors at a hedge fund called NZS Capital, and they spend a lot of their time researching semis.
- ▶ 1:52 Ben Gilbert Since it was so fascinating to hear about their investment principles at NZS, which are just a real treat to learn about and, uh, and think through.
- ▶ 6:24 Ben Gilbert All right, well, listeners, we initially thought that this was going to be purely a semiconductor's follow-up, but we decided after digging in further with Britton and John that we want to introduce you to NZS Capital, their investing…
- ▶ 20:16 John Bathgate I think that's, you know, part of our, our framework and the reason we named the firm NZS Capital is we're looking for non-zero sumness.
- ▶ 23:03 Ben Gilbert Yeah, and just for listeners, to put some numbers behind this concept, which I think is, is just great from this NZS white paper, 15% growth over 10 years would deliver more than a 300% return.
- ▶ 25:45 David Rosenthal Okay, so that's the resilience kind of side of, you know, the, uh, NCS thinking and, and, and the portfolio.
- ▶ 53:44 unnamed speaker You just inserted yourself into the weekly NZS meeting.
- ▶ 1:02:10 David Rosenthal I think this could be a really cool case study if you're, if you're willing to talk about it, about, um, the, the NZS process.
- ▶ 1:05:24 John Bathgate And so it's actually something we think about a lot as we, um, NZS is a younger company with, you know, less AUM behind us.
- ▶ 1:55:56 Brinton Johns You can go to nzscapital.com.
- ▶ 1:56:16 Brinton Johns And so if you want to speak, see how he spends his time, um, you can sign up for the newsletter on nzscapital.com.
- ▶ 1:56:46 Brinton Johns NCS Capital has a Twitter account.