Join us as we delve into the fascinating story of Meta (formerly Facebook), a company whose products are used by nearly half the world's population daily. This episode explores Meta's journey from its origins at Harvard to its current status as a tech behemoth. We'll unpack the key decisions, challenges, and strategies that have shaped Meta, while also examining the unique leadership of Mark Zuckerberg.

• Early Days and Explosive Growth: We trace the company’s beginnings, from Mark Zuckerberg’s early projects like FaceMash and CourseMatch to the launch of thefacebook.com and its rapid adoption. Discover how the initial focus on college students led to a massive expansion.
• Key Pivotal Moments: Learn about crucial moments such as the introduction of the Newsfeed, the move to mobile, and the acquisition of Instagram. We will analyze how these events shaped the company's trajectory.
• Challenges and Controversies: We confront the numerous controversies surrounding Meta, including data privacy issues like the Cambridge Analytica scandal, the spread of misinformation, and the impact of social media on mental health.
• The Shift to AI and the Metaverse: We discuss Meta's current pivot towards AI and the metaverse, including the development of Llama, and their long-term vision for AR and VR with projects like Orion.
• Business and Strategy: We analyze Meta's business model, its advertising strategies, and how it has evolved over time. We'll also explore the unique competitive advantages that have enabled Meta to achieve persistent differential returns.

Listeners will gain a deeper understanding of how Meta became such a dominant force in the tech world and how it continues to adapt to the rapidly evolving technological landscape. We’ll also explore the ongoing societal battles and platform shifts that will likely define the company's future, making this episode a must-listen for anyone interested in the past, present, and future of technology.

This episode explores the fascinating history, analysis, and future potential of Bitcoin, tracing its origins from a 9-page whitepaper by the pseudonymous Satoshi Nakamoto to its current status as a potentially revolutionary force in the global financial system. The discussion covers Bitcoin's key innovations, such as the creation of digital scarcity using blockchain technology, and examines the network effects that have contributed to its growth and security. It delves into the early days of Bitcoin, including the first real-world transaction (the famous pizza purchase), the rise and fall of the Silk Road, and the evolution of crypto exchanges. The episode further analyzes Bitcoin’s potential as a store of value, comparing it to traditional fiat currencies and gold, and also touches upon the environmental impacts of Bitcoin mining. Finally, the hosts analyze Bitcoin's prospects through the lens of venture investing and examine the different forces that have led to the current state of Bitcoin adoption and valuation.

Visa, the 11th largest market cap company in the world, is often misunderstood, as it is not a bank, but rather a network connecting banks to each other. Visa's origins began with Bank of America's (B of A) BankAmericard, which bundled both convenience and credit. B of A's initial rollout of the BankAmericard in Fresno was chaotic, but the card became popular. B of A began franchising BankAmericard, which led to frustration among the franchisees, eventually leading to the creation of National BankAmericard Inc (NBI) by Dee Hock, a franchisee program manager, who understood the value of a vast, interoperable network. NBI became a for-profit, non-stock membership corporation with irrevocable governance rights for each member bank, and was later rebranded as Visa. Visa invested heavily in technology to build its payment network and become the global payments network it is today, with a "tollbooth" business model, capturing a small percentage of each transaction, and now processes $14 trillion in volume annually, with over 4.1 billion cards in circulation.