Investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future.
Topics covered: Finance, Venture Capital, Tech, AI, Crypto, and Industry Cycles
The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co
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Données mises à jour le 04/07/2026
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E58: How Jensen Huang Outpaces Tech Giants w/ Tae Kim, author of THE NVIDIA WAY
jeudi 26 décembre 2024 • Durée 01:00:24
This week, Byrne Hobart and Erik Torenberg is joined by Tae Kim, author of The NVIDIA Way, exploring NVIDIA's remarkable journey, culture, and what sets the company apart under Jensen Huang's leadership.
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🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.
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Highlights from the Episode:
NVIDIA's success stems from its relentless work culture, emphasis on talent cultivation, and ability to execute at high velocity while minimizing internal politics.
The company's "rough justice" philosophy in business partnerships, particularly with TSMC, focuses on long-term relationships over short-term gains.
Jensen Huang's unique management style includes a flat organizational structure with 60 direct reports and "top five emails" system for real-time company insights.
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RECOMMENDED PODCAST:
Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution.
Apple: https://podcasts.apple.com/us/podcast/id1786227593
Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg
YouTube: https://www.youtube.com/@ModernRelationshipsPod
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SPONSORS:
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
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LINKS:
Byrne’s writing: https://thediff.co
Tae’s newsletter: https://firstadopter.substack.com/
The Nvidia Way: https://www.amazon.com/Nvidia-Way-Jensen-Huang-Making/dp/1324086718
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X / TWITTER:
https://twitter.com/firstadopter (Tae)
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E57: Pod Shops; Contrarian Vibe Checks; Scaling Laws Analysis
jeudi 19 décembre 2024 • Durée 01:06:28
This week, Erik Torenberg and Byrne Hobart discuss the pod shop hedge fund model, market cycles, AI pricing models, and the future of AI-generated content, with Byrne offering insights on hedge fund evolution, the current market environment, and AI's impact on entertainment and society.
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🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.
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Highlights from the Episode:
Pod shop hedge fund model has evolved to focus on delivering uncorrelated returns rather than just beating market indices, with sophisticated risk management and factor-neutral strategies.
Current market conditions suggest we may be entering a period where even as companies grow, stock prices may lag due to multiple compression and slower growth expectations.
AI pricing models face interesting constraints around liability and human oversight, with potential ceiling prices influenced by existing enterprise software like Bloomberg terminals.
---
RECOMMENDED PODCAST:
Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution.
Apple: https://podcasts.apple.com/us/podcast/id1786227593
Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg
YouTube: https://www.youtube.com/@ModernRelationshipsPod
---
SPONSORS:
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E56: AI Agents are Coming; China’s Internet; Google Wants to Win
jeudi 12 décembre 2024 • Durée 01:02:17
This week, Erik Torenberg and Byrne Hobart discuss AI's economic implications, the rise of passive investing, gambling markets, and Warren Buffett's early investment tactics, examining how technological advancements shape economic metrics, market dynamics, and industry shifts.
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🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.
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Highlights from the Episode:
AI's economic impact may follow a J-curve pattern - initially deflationary as it reduces costs, but potentially inflationary later through increased monetization and energy consumption
Passive investing's dominance has natural limits, as price discovery requires active trading, suggesting a possible future cyclical pattern between passive and active investing
The gambling industry's evolution may parallel historical vice industries, potentially leading to new social norms and self-regulation before government intervention
---
SPONSORS:
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E55: Futarchy, Elon, and Gut Decisions in Business
jeudi 21 novembre 2024 • Durée 01:02:30
This week, Erik and Byrne discuss the impact of technological change on markets, debate the feasibility of Argentine-style economic policies in the U.S., discuss government efficiency, payroll costs, and political dynamics, including the potential economic effects of a Trump administration and strategies of figures like Elon Musk and Sam Altman. For full shownotes, visit: https://highlightai.com/share/da0b923d-7d50-4459-b8e9-d0bf87710da7
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🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.
—
RECOMMENDED PODCAST:
🎙️ Unpack Pricing - Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more.
Apple: https://podcasts.apple.com/us/podcast/id1765716600
Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg
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SPONSORS:
Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: http://incogni.com/econ102
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E54: How Bubbles Create The Future
jeudi 14 novembre 2024 • Durée 58:22
On this week’s episode of The Riff, explore the impact of technological change on markets and businesses, discussing economic bubbles, the future of AI, the post-election political landscape, and Byrne's upcoming book Boom, which examines the role of bubbles in infrastructure development. For full shownotes, visit: https://highlightai.com/share/44975e08-681b-484a-9f8f-64588f17da2f
—
🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.
—
RECOMMENDED PODCAST:
🎙️ Unpack Pricing - Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more.
Apple: https://podcasts.apple.com/us/podcast/id1765716600
Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg
---
SPONSORS:
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
---
LINKS:
Byrne’s writing: https://thediff.co
Byrne's book: https://www.amazon.com/Boom-Bubbles-Stagnation-Byrne-Hobart/dp/1953953476
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E53: Election Analysis, Heresy, and Real Estate
jeudi 7 novembre 2024 • Durée 01:01:26
This week, Erik Torenberg and Byrne Hobart explore the evolving landscape of heretical ideas, election dynamics, AI and crypto’s market impacts, prediction markets, the shifting Overton window, contrarian perspectives, and trends in housing and smaller social networks. For full shownotes, visit: https://highlightai.com/share/77be6b84-0f55-4dcc-9dd1-c69341272e2e
---
📰Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess
---
RECOMMENDED PODCAST:
🎙️ Unpack Pricing - Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more.
Apple: https://podcasts.apple.com/us/podcast/id1765716600
Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg
---
SPONSORS:
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E52: How Tech Journalism Works w/ Patrick McKenzie
jeudi 31 octobre 2024 • Durée 01:00:15
In this special episode of The Riff, Erik Torenberg and Patrick McKenzie explore the evolving landscape of tech journalism, media narratives about the tech industry, and how the industry is increasingly telling its own story. For full shownotes, visit: https://highlightai.com/share/2dab4f2e-f8b1-410b-9bc4-b4a9b137c22f
📰Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess
---
RECOMMENDED PODCAST:
🎙️ Unpack Pricing - Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more.
Apple: https://podcasts.apple.com/us/podcast/id1765716600
Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg
---
SPONSORS:
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://x.com/patio11 (Patrick)
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E51: Venture Scale, Y Combinator, and Financial Bubbles
jeudi 24 octobre 2024 • Durée 01:03:55
In this episode of The Riff, Byrne Hobart discusses his upcoming book about financial bubbles, venture scale businesses, creator financing, and prediction markets. For full shownotes, visit: https://highlightai.com/share/d084ef81-e3cd-41b2-be04-b6fc2bbe3f7a
📰Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess
---
SPONSORS:
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
---
LINKS:
Byrne’s writing: https://thediff.co
Byrne's book: https://www.stripe.press/boom
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E50: Freemium Apps, Restaurants, and Search with Patrick McKenzie
jeudi 17 octobre 2024 • Durée 01:27:58
In this special episode of The Riff, Byrne Hobart is joined by Patrick McKenzie, host of the podcast Complex Systems to discuss a range of topics including app business models, restaurant industry economics, AI's impact on productivity, the evolution of search technologies and more.
🔥 Apply to join over 400 Founders and execs in the Turpentine Network: https://www.turpentinenetwork.co/
---
RECOMMENDED PODCASTS:
🎙️ Complex Systems
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/us/podcast/complex-systems-with-patrick-mckenzie-patio11/id1753399812
🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics.
Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937
Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz
YouTube: https://www.youtube.com/@ThisWontLastpodcast
---
SPONSORS:
📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
https://x.com/patio11 (Patrick)
---
TIMESTAMPS:
(00:00) Intro
(01:08) Economics of free-to-play games
(09:45) High spenders and VIP systems
(12:13) Misconceptions about industry economics
(13:22) Spending patterns
(15:46) Airline industry
(20:51) Custom software and high-end services
(24:17) Sponsor: Carta
(25:06) Evolution of restaurant websites
(33:57) Role of platforms in restaurant business
(41:33) Strategic moves in food distribution
(43:53) Restaurant groups and concepts
(47:39) Economics of business meals
(53:33) Value of free company food
(01:03:37) Role of LLMs in research and writing
(01:12:04) Future of LLMs and human interaction
(01:23:44) Wrap
E49: AI Art, Young Founders, and Disrupting Higher Education
jeudi 10 octobre 2024 • Durée 01:00:15
This week, Byrne Hobart and Erik Torenberg discuss the shifting dynamics of careers and education, the notion of "auto-paternalism" in organizational choices, Spotify's growth strategy in a mature market, the future of podcasts and audio content, and the intricate relationship between AI art, property rights and more.
🔥 Apply to join over 400 Founders and execs in the Turpentine Network: https://www.turpentinenetwork.co/
---
RECOMMENDED PODCASTS:
🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics.
Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937
Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz
YouTube: https://www.youtube.com/@ThisWontLastpodcast
---
SPONSORS:
BRAVE: Get first-party targeting with Brave’s private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “Turpentine” when signing up for a 25% discount on your first campaign.
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
---
TIMESTAMPS:
(00:00) Intro
(00:27) Career advantages
(05:00) Young entrepreneurs today
(09:38) Money and legitimacy
(17:57) Sponsor: Brave
(18:59) Education and critical thinking
(27:34) Disrupting higher education
(39:25) Auto paternalism in organizations
(48:13) Spotify's market strategy
(53:39) AI art and property rights
(57:07) Wrap
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