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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E52: How Tech Journalism Works w/ Patrick McKenzie
Thursday, October 31, 2024 • Duration 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
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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
Thursday, October 24, 2024 • Duration 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)
E42: Navigating Tech Antitrust and the Future of AI
Thursday, August 22, 2024 • Duration 01:03:15
On this week’s episode of The Riff, Byrne Hobart and Erik Torenberg discuss tricky antitrust decisions, Balaji’s Network State, the dynamics of content moderation, and more.
🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
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🎙️ 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:
BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/zen
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---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
---
TIMESTAMPS:
(00:00) Intro
(00:23) Paradox of antitrust in tech
(03:00) Consumer welfare vs. market dominance
(09:48) Lina Khan
(13:29) Sponsors: Babbel | Brave
(15:53) Corporate social responsibility and privatization
(20:28) AI trust and the impact of fake content
(26:48) Technical inputs into AI
(31:40) Absurdity heuristic
(32:24) Exploring intangible capital
(39:05) Network States and organizational challenges
(48:13) Politics and social media dynamics
(55:34) Conservative and progressive elites
(01:00:26) Wrap
E41: Meta’s Open Source Strategy, Amazon’s Culture Drift, and What’s Going on With Character.AI
Season 1
Thursday, August 15, 2024 • Duration 54:40
This week, Byrne and Erik discuss Meta’s open source strategy, Google’s hiring of Character.AI’s CEO, the calculus behind the Strategic Petroleum Reserve, and more.
🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
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
(00:25) Meta's open source AI strategy
(07:42) Google's acquisition of Character.AI
(12:20) Sponsors: Brave
(13:49) Reddit's data deal with Google
(16:40) Strategic Petroleum Reserve Management
(20:26) Andrew Left's activist shorting troubles
(27:46) Job compensation and revenue generation
(33:39) Amazon's logistics and growth strategy
(36:57) Amazon's historical reinvestment strategy
(42:27) Amazon's culture drift and leadership
(46:50) Specialized vs Consolidated AI models
(52:05) Outro
E40: The Age of the AI Organization
Season 1
Thursday, August 8, 2024 • Duration 01:05:36
This week, Byrne Hobart and Erik Torenberg are joined by Omar Shams, the founder of Mutable AI, for a deep dive into Omar’s great piece, The AI Organization. In this conversation, they explore the potential of AI to transform organizational productivity, the limitations of financial metrics in GDP, and AI's role in political processes and societal structures.
🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
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:
BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg
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
The AI Organization, part I: https://blog.mutable.ai/p/the-ai-organization-part-i
The First Org Chart Ever Made Is a Masterpiece of Data Design: https://www.wired.com/2014/03/stunningly-complex-organization-chart-19th-century/
---
X / TWITTER:
https://x.com/smahsramo (Omar)
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
---
TIMESTAMPS:
(00:00) Intro
(00:20) Historical context of technological adoption
(02:40) The AI Organization
(06:10) Economic theories and AI
(11:55) Capitalism vs. Communism
(16:00) Sponsor: Babbel | Brave
(17:28) Role of AI in future economies
(18:51) AI's impact on company sizes
(24:10) AI and political influence
(29:50) Effect of AI on legal services
(31:55) Complexity of GDP and human preferences
(41:57) Future of Work and AI Integration
(54:24) AI adoption in various sectors
(01:03:56) Outro
E39: Mental Models and Financial Infrastructure with Patrick McKenzie
Season 1
Thursday, August 1, 2024 • Duration 01:03:12
This week, Byrne Hobart is joined by Patrick McKenzie (patio11), host of the podcast Complex Systems, to discuss the complexity and endless fascination of financial infrastructures, the role of fraud in finance, talent spotting strategies and the importance of building networks.
🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
SPONSORS:
BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg
BEEHIIV: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months
---
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🎙️1 to 100 | Hypergrowth Companies Worth Joining
Every week we sit down with the founder of a hyper-growth company you should consider joining. Our goal is to give you the inside story behind breakout, early stage companies potentially worth betting your career on. This season, discover how the founders of Modal Labs, Clay, Mercor, and more built their products, cultures, and companies.
Spotify:https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw
Apple: https://podcasts.apple.com/podcast/id1762756034
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📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
LINKS:
Byrne’s writing: https://thediff.co
Patrick's Newsletter: https://www.bitsaboutmoney.com/
---
X / TWITTER:
https://x.com/patio11 (Patrick)
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
---
TIMESTAMPS:
(00:00) Intro
(00:20) Historical origins of financial products
(01:22) Old infrastructure in finance
(05:02) Security vs Usability trade-off
(10:49) Trust dynamics in finance
(11:58) High-trust vs Low-trust environments
(15:26) Market dynamics and reputation systems
(19:41) Sponsors: Babbel | Beehiiv
(22:15) Who's your favorite fraudster?
(25:10) Crypto and money laundering
(30:31) FTX and money laundering theory
(36:59) Collapse of FTX
(40:55) Normative Aspects of Trust
(46:27) The Starfighter Project
(53:33) Value of networking and cold emails
(58:00) Managing information flow
(01:02:31) Outro
E38: Resurgence of Prediction Markets, AI Adoption and Complex Financial Systems
Season 1
Thursday, July 25, 2024 • Duration 01:01:14
This week, Byrne Hobart and Erik Torenberg discuss the resurgence of prediction markets, the balance of sophisticated vs. 'dumb' money, Biden's nomination odds and the impact of AI on software economics.
🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
SPONSORS:
BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg
BEEHIIV: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months
---
RECOMMENDED PODCASTS:
🎙️1 to 100 | Hypergrowth Companies Worth Joining
Every week we sit down with the founder of a hyper-growth company you should consider joining. Our goal is to give you the inside story behind breakout, early stage companies potentially worth betting your career on. This season, discover how the founders of Modal Labs, Clay, Mercor, and more built their products, cultures, and companies.
Spotify:https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw
Apple: https://podcasts.apple.com/podcast/id1762756034
-
📈 ECON 102 W/ NOAH SMITH
Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
TIMESTAMPS:
(00:00) Intro
(00:20) Is this the Polymarket election?
(08:55) Prediction markets
(11:07) Politics and prediction markets
(15:13) Sponsors: Babbel | Beehiiv
(17:48) CrowdStrike and the cost of software failures
(23:39) AI adoption and workplace dynamics
(27:29) Financial systems post-Great Financial Crisis
(35:02) USSR's computer network for economic planning
(40:01) Best performing stock of the last 100 years
(43:22) AI's impact on software and hardware economics
(48:46) Market cycles and political influence
(51:11) Dot-com crash, Y2K, and the housing bubble
(54:28) Stripe and the future of private companies
(59:12) Venture capital vs. Private equity returns
(01:00:49) Outro
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/eriktorenberg (Erik)
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E37: 2024 Election Updates, Partisanship on Wikipedia, and Amazon’s Media Business
Season 1 · Episode 37
Thursday, July 18, 2024 • Duration 59:56
On this week’s episode of The Riff, Byrne Hobart and Erik Torenberg discuss how the 2024 presidential election has changed, why Wikipedia’s partisanship problem is difficult to solve, and the strategy behind Amazon’s media business.
🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
SPONSORS:
BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg
BEEHIIV: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months
---
RECOMMENDED PODCASTS:
🎙️1 to 100 | Hypergrowth Companies Worth Joining
Every week we sit down with the founder of a hyper-growth company you should consider joining. Our goal is to give you the inside story behind breakout, early stage companies potentially worth betting your career on. This season, discover how the founders of Modal Labs, Clay, Mercor, and more built their products, cultures, and companies.
Spotify:https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw
Apple: https://podcasts.apple.com/podcast/id1762756034
-
📈 ECON 102 W/ NOAH SMITH
Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
TIMESTAMPS:
(00:00) Intro
(00:20) Case for a boring campaign
(01:49) Impact of Assassination Attempts
(05:20) Sam Altman OpenAI analogy
(06:24) Symbolism in the presidency
(10:17) Role of determination in leadership
(15:16) Presidents role
(18:10) Sponsors: Babbel | Beehiiv
(20:45) Vice presidential pick
(25:16) Algorithmic collusion in real estate
(29:48) David Gerard on Wikipedia
(38:23) The 4chan of Crypto
(42:14) Stable growth stocks
(47:02) Amazon's media business strategy
(53:16) Mission-driven vs. Vanity businesses
(57:00) Benefits of liquidity in American markets
(58:31) Outro
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/eriktorenberg (Erik)
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E36: Meritocracy, Modeling Globalization, and The Burden of Knowledge
Season 1 · Episode 36
Thursday, July 11, 2024 • Duration 01:02:25
This week, Byrne Hobart and Erik Torenberg dive deep into David Graeber's controversial concept of 'Bullshit Jobs,' exploring its validity and impact. They also discuss the future of labor and employment in the era of AI, the intricate dynamics of globalization, and the complexities of corporate governance.
🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
SPONSORS:
BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg
BEEHIIV: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months
---
RECOMMENDED PODCAST:
🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech.
Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211
Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv
-
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
TIMESTAMPS:
(00:00) Intro
(00:20) David Graeber's “Bullshit Jobs”
(11:15) Meritocracy and word origins
(14:01) Convergent evolution
(16:04) Sponsors: Babbel | Beehiiv
(18:39) Public intellectuals and broad theories
(24:30) Automation and future of work
(31:55) Corporate control and voting rights
(38:46) Burden of knowledge
(45:38) Robert Gordons thesis
(52:41) Globalization and resource endowments
(01:00:54) Outro
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/eriktorenberg (Erik)
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
E35: How to Be President, the Future of AI Celebrities, and Training Larger AI Models
Season 1 · Episode 35
Saturday, July 6, 2024 • Duration 01:00:17
On this week's episode of The Riff, Erik and Byrne discuss the evolution of monetary systems, the economics of AI investments, and how AI is impacting the job market for junior software developers.
🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
SPONSORS:
BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg
BEEHIIV: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months
---
RECOMMENDED PODCAST:
🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech.
Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211
Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv
-
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
TIMESTAMPS:
(00:00) Intro
(00:21) Centralization and AI
(03:32) Challenges of centralized planning with AI
(04:20) Curtis Yarvin's influence on modern governance
(09:53) Comparing government and corporate structures
(14:22) Succession problem in governance
(17:56) Sponsors: Babbel | Beehiiv
(20:30) Tony Blair's insights on governance
(29:43) Impact of AI on fame
(33:16) Future of digital celebrities
(36:15) Evolution of monetary systems
(42:51) AI's economic impact and challenges
(51:12) Changing job market for developers
(59:04) Outro
---
LINKS:
Byrne’s writing: https://thediff.co
---
X / TWITTER:
https://twitter.com/eriktorenberg (Erik)
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)
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