This episode is brought to you by:

Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. And until 2023 every Tegus license comes with complimentary access to BamSec by Tegus.

Brex. Brex, the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best.

Show Notes

[00:02:34] - [First question] - What curiosity thread she’s been pulling on thus far in her career

[00:05:17] - The biggest felt differences doing things one way for a decade and changing now

[00:07:08] - Learning about tailwinds and what the predominant ones are that exist today

[00:08:38] - How much room to go there is left in the world transitioning to e-commerce

[00:10:44] - Competitive frontiers that exist today in e-commerce

[00:12:14] - What drives companies that grow faster than their competitors

[00:13:15] - What areas the world’s most innovative e-commerce companies are focused on

[00:16:38] - Unique characteristics that they select for in ecommerce CEOs and founders

[00:17:44] - Which country she would send an American investor to in order to learn more

[00:19:03] - Upside down approaches to e-commerce that aren’t common in America yet

[00:20:15] - Subcategories and sub sectors she’s most drawn towards lately

[00:23:05] - Lessons learned about business models that don’t work in e-commerce

[00:27:47] - What western investors should know about Coupang

[00:30:12] - Everything she’s learned about vertical integration

[00:33:01] - Everything she’s learned and cares about in regards to margins

[00:34:24] - Evaluating a younger company’s ability to drive margins in the future

[00:37:17] - The most extreme version of efficiency gain she’s seen deployed

[00:39:06] - Whether or not the public perception of SoftBank’s simplified approach is accurate

[00:41:27] - The role the size of assets plays at SoftBank

[00:47:42] - Focusing on efficiency and smart allocation first before trying to scale

[00:50:33] - Companies as products that investors buy and defining what great looks like

[00:53:16] - The danger of premature optimization around a set of KPIs

[00:55:46] - How important the specific founder is for their given e-commerce company

[00:58:18] - Why e-commerce companies tend to start from a worse place than offline ones

[00:59:45] - Ways that she’s changed from working alongside Masayoshi Son for a year

[01:03:31] - Who comes most to mind as a great investor

[01:05:23] - The kindest thing that anyone has ever done for her