10 Years of Acquired (with Michael Lewis)

ℹ️ EPISODE INFO

Released

December 15, 2025

Duration

2h 47m

Channel

Acquired

Watch on YouTube

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📝 EPISODE DESCRIPTION

Why has Acquired — seemingly against all odds — “worked”? It's a puzzling question: episodes are four hours long, they come out infrequently, and they usually don’t have guests or video. Hardly the standard-issue playbook for podcasting success! And yet well over a million smart, curious and exceedingly busy humans share their (your!) valuable time with us every month. Why? This is the exact paradox that has been rolling around in the head of Michael Lewis (yes, that Michael Lewis) since he found the show earlier this year. So we asked Michael to be our guest "interlocutor" and share what he thinks is going on here, while we share ten lessons we've stolen (graciously) from companies we've studied and brought into Acquired itself. He takes us through the entire Acquired journey: how we started, why we've never hired anyone or raised money, how we pick episodes, what our business model actually is, why we focus on quality and enjoyment over maximizing enterprise value, and ultimately why we’re all — you, him, us — kindred spirits together. Oh, and just for fun, we recorded this episode where another special journey began — the garage where Google was founded. Thank you for an incredible decade together… here's to the next one! Sponsors:

• J.P. Morgan Payments: https://bit.ly/acquiredJPMP10yearyt
• You can watch our full show with them at AWS re:Invent here! https://youtu.be/2ExjNvGYDiU?si=34mmBQTfCQTdIabJ
• WorkOS: https://bit.ly/workos25
• Sentry: https://bit.ly/acquiredsentry
• Shopify: https://bit.ly/ShopifyACQ25

Thank-yous:

• First, to Google for loaning us the garage. The sawhorse table desk, PC and CRT monitor on display in the background were all Google originals courtesy of the Google Founders Collection at the Computer History Museum. So cool!
• Second, to our friends at Shep Films for helping us seriously up our game on production quality this episode! https://www.shepfilms.com

Our Favorite Michael Lewis Books:

• Home Game: https://www.amazon.com/Home-Game-Accidental-Guide-Fatherhood/dp/0393338096
• Moneyball: https://www.amazon.com/Moneyball-Art-Winning-Unfair-Game/dp/0393324818
• Liar’s Poker: https://www.amazon.com/Liars-Poker-Norton-Paperback-Michael/dp/039333869X
• The Blind Side: https://www.amazon.com/Blind-Side-Evolution-Game/dp/0393330478
• The Undoing Project: https://www.amazon.com/Undoing-Project-Friendship-Changed-Minds/dp/0393254593

Carve Outs: Books:

• The Name of the Wind by Patrick Rothfuss: https://www.amazon.com/Name-Wind-Kingkiller-Chronicle/dp/0756404746
• Science, the Endless Frontier by Vannevar Bush: https://nsf-gov-resources.nsf.gov/2023-04/EndlessFrontier75th_w.pdf
• Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase by Duff McDonald: https://www.amazon.com/Last-Man-Standing-Ascent-JPMorgan/dp/1416599541
• The Art of Spending Money by Morgan Housel: https://www.amazon.com/Art-Spending-Money-Simple-Choices/dp/B0F5585V8M/
• Emperors of Chocolate by Joel Glenn Brenner: https://www.amazon.com/Emperors-Chocolate-Inside-Secret-Hershey/dp/0679421904
• Morris Chang's Autobiography: https://karinabao.substack.com/p/morris-changs-memoir-chapter-1-english

Podcasts:

• Against the Rules: https://atrpodcast.com/
• Revisionist History: https://www.pushkin.fm/podcasts/revisionist-history
• Graham Duncan on Invest Like the Best: https://joincolossus.com/episode/graham-duncan-talent-whisperer/
• Glue Guys: https://open.spotify.com/show/18n6FcVMR5J0hSeboeETPc?si=e33a5c76cca14289

Video:

• Jay Kelly: https://www.imdb.com/title/tt30446847/
• The Rehearsal: https://www.hbo.com/the-rehearsal

Video Games:

• Sea of Stars: https://seaofstarsgame.co/
• Kirby and the Forgotten Land: https://www.nintendo.com/us/store/products/kirby-and-the-forgotten-land-switch/

Products:

• ARTEZA Rollerball Pen 0.7mm Fine: https://www.amazon.com/Arteza-Rollerball-Journaling-Writing-Sketching/dp/B0819SWQQV/?th=1
• Rotring 800 Mechanical Pencil: https://www.amazon.com/Retractable-Mechanical-Engineering-Architecture-Professionals/dp/B00AZWNS84/
• Uniqlo Socks!: https://www.uniqlo.com/us/en/products/E482605-000/00?colorDisplayCode=15&sizeDisplayCode=027
• On Running Shoes: https://www.on-running.com/en-us/
• Rimowa Luggage: https://www.rimowa.com/us/en/home

Parenting:

• Guided Access on iPad: https://support.apple.com/en-us/111795
• SlumberPod: https://slumberpod.com/
• Bluey Experience in NYC: https://camp.com/bluey-x-camp-nyc

0:00 Recording in Google's Garage 1:18 Intro 4:11 Michael Lewis Shares His First Impressions of Acquired 8:25 Learning Scarcity from the NFL and Hermés 17:18 From Acquisitions to Broader Stories: Acquired's Journey 29:49 Embracing the 'Too Hard Pile' from Munger and Buffett 59:32 Applying Hamilton Helmer's 7 Powers to Acquired 1:15:57 The Unique Business Model 1:30:40 Why Underperforming Episodes Still Matter 1:43:20 Transforming into an Event-Driven Experiences 1:49:40 The Power of Founder Control 2:18:54 Carve-outs: favorite books, movies, TV shows, and video games

🎤 SPEAKERS

• Ben Gilbert

  host

• David Rosenthal

  host

• Michael Lewis

  guest

🧾 EPISODE SUMMARY

In this episode of Acquired, featuring Ben Gilbert and David Rosenthal, 10 Years of Acquired (with Michael Lewis) explores Michael Lewis helps Acquired unpack its decade-long podcast success formula Ben Gilbert and David Rosenthal mark Acquired’s 10th anniversary by letting Michael Lewis interview them about how the show evolved from short M&A chats into four-hour, thesis-level company narratives.

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