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cover of episode Brad Jacobs - Think Big and Move Fast - [Invest Like the Best, REPLAY]

Brad Jacobs - Think Big and Move Fast - [Invest Like the Best, REPLAY]

2024/11/22
logo of podcast Invest Like the Best with Patrick O'Shaughnessy

Invest Like the Best with Patrick O'Shaughnessy

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Brad Jacobs认为,成功的关键在于规模化,而并购是实现规模化的最有效途径。他分享了其在500多起并购交易中的经验教训,强调了快速整合和人才评估的重要性。他指出,选择并购目标时,要考虑行业规模、并购价格、协同效应以及规模优势等因素,并更倾向于收购那些市盈率较低的公司。他认为,成功的并购不仅在于收购本身,更在于并购后的整合和优化,以及对市场错误定价的判断。他还分享了其在与华尔街打交道以及进行大规模股票回购方面的经验,并阐述了其“宏观思考,快速行动”的商业哲学。他强调了团队建设和文化整合的重要性,以及如何通过技术来提高效率和盈利能力。他还谈到了如何识别和避免错误的趋势,以及如何利用技术来提高效率和盈利能力。他认为,问题是机遇,解决问题是创造价值的关键。他还分享了他对技术奇点理论的看法,以及如何利用思维实验来激发创新思维。最后,他还谈到了如何判断离开一家公司的时机,以及他对于商业和生活的感悟。 Patrick O'Shaughnessy主要通过提问引导Brad Jacobs阐述其商业哲学和并购策略,并就一些具体案例进行深入探讨。他关注了Brad Jacobs的成功经验、失败教训以及对未来发展的展望。

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Brad Jacobs emphasizes scalability as the primary factor when identifying investment opportunities. He looks for large industries with ample acquisition targets that can be acquired at lower multiples than his company's trading price, allowing for accretive growth through synergy and economies of scale.
  • Scalability is key to creating huge value.
  • Focus on industries with hundreds of billions in revenue for tens of billions in potential returns.
  • Target industries with synergy for economies of scale and better cost basis.

Shownotes Transcript

Today, we are replaying my conversation with Brad Jacobs). Brad’s resumé is remarkable. He has founded seven companies, all of which are billion-dollar or multibillion-dollar businesses. He has done 500 M&A transactions and raised $30 billion dollars of debt and equity capital. Currently, he is the Executive Chairman of XPO, a commercial trucking company that he started in 2011 and has grown into one of the largest logistics businesses in the world. He has also written a book that will be out in January, titled “How to Make a Few Billion Dollars”. Brad’s energy is infectious and our conversation unpacks his strategies for M&A, his propensity for speed, and methods for earning team buy-in. Please enjoy my great conversation with Brad Jacobs.

Sign up)** for the Alphasense panel discussion hosted by Patrick. **

For the full show notes, transcript, and links to mentioned content, check out the episode page here).

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This episode is brought to you by** Alphasense**). AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at** Alpha-Sense.com/Invest**)** and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.**

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes). 

Follow us on Twitter: @patrick_oshag) | @JoinColossus)

**Show Notes **

(00:00:00) Welcome to Invest Like the Best

(00:07:11) Identifying key factors in a market before investing

(00:10:07) Gleaning insights from early acquisition experiences

(00:13:43) Delving into the seller's mindset during a business sale

(00:17:51) Weighing pre-built against organic growth strategies in acquisitions

(00:27:49) Engaging constructively with Wall Street

(00:29:36) Discussing the substantial buyback of XPO) shares

(00:33:16) Ambition as a recurring theme in entrepreneurial success

(00:35:17) Emphasizing the need to facilitate team agility

(00:37:35) Highlighting the joys of post-acquisition integration

(00:41:09) Drawing lessons from Ludwig Jesselson's principles

(00:45:34) Comparing the risks and rewards of early versus late adoption

(00:49:09) Reflecting on errors made in trend analysis

(00:53:59) Strategies for implementing new technologies in enterprises

(00:56:59) The significance of thought experiments in strategic decision-making

(01:01:00) Recalling transformative events from his early years

(01: 02:22) Outlining what makes a meeting 'electric'

(01: 06:53) Sharing experiences with exemplary leadership

(01:12:37) Deciding the right time to step away from a business

(01:23:45) Philosophies for leading a fulfilling life

(01:27:53) The kindest thing anyone has ever done for Brad