10 Years of Acquired (with Michael Lewis)
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
In this special 10th anniversary episode, Acquired hosts Ben Gilbert and David Rosenthal reflect on their journey from a casual corporate acquisitions podcast to one of the most successful business podcasts in the world. (04:00) They're joined by renowned author Michael Lewis (Moneyball, Liar's Poker, The Blind Side) who serves as their "interlocutor" to explore why Acquired has worked against all odds. (08:00) Recording in the iconic Google garage where Larry Page and Sergey Brin first set up shop, the trio examines ten key lessons Acquired has learned from the companies they've studied and applied to their own business.
- Main themes include the power of scarcity over volume, the importance of founder control, building durable partnerships, and creating spectacle to drive audience engagement
Speakers
Ben Gilbert
Co-host and co-founder of Acquired, Ben is a former software engineer who worked at Microsoft before joining the venture capital firm where he met David. He's responsible for much of Acquired's business analysis and financial breakdowns, despite having no formal finance training.
David Rosenthal
Co-host and co-founder of Acquired, David is a Princeton graduate with a French literature degree who worked on Wall Street and briefly at The Wall Street Journal before becoming a venture capitalist. He typically handles the storytelling and historical narrative portions of episodes.
Michael Lewis
Legendary author of bestselling books including Moneyball, Liar's Poker, The Blind Side, and The Undoing Project, as well as host of the podcast Against the Rules. Lewis discovered Acquired in July 2024 and has since listened to approximately 10 episodes, bringing an outsider's perspective to analyzing why the show has succeeded.
Key Takeaways
Embrace Scarcity as a Strategic Advantage
Acquired learned from the NFL that scarcity can be more valuable than volume. (14:34) While most podcasts chase frequency and volume, Acquired deliberately constrains their output - moving from 26 episodes per year to just 8 in 2025. This "less is more" approach allows them to invest extraordinary effort into each episode while creating anticipation and event-driven consumption. The strategy mirrors luxury brands like Hermès, where artificial scarcity drives demand and premium pricing.
Partnership Requires Complete Alignment and Trust
The magic of Acquired stems from Ben and David's partnership, which features complete equality and alignment even during major transitions. (35:22) When David went full-time in 2020 while Ben remained part-time until 2024, they maintained equal ownership without question. This "burn cigarettes on our arms" level of commitment, inspired by Sequoia Capital's crisis response, means they never consider personal gain over partnership integrity.
Create Spectacle to Amplify Impact
Learning from the NFL's spectacle strategy, Acquired stopped thinking of themselves as a habit-forming podcast and instead focused on creating events. (107:02) Their live shows at Chase Center (6,000 people) and Radio City Music Hall represent just 0.4% of their audience, yet generate more franchise value than entire seasons of episodes. This "Super Bowl" mentality transforms episodes into cultural moments rather than routine content.
Process Power Creates Competitive Moats
Acquired's success comes from process elements that can't be replicated even when fully explained. (133:36) Their method involves separate research, improvised conversations, hundreds of retakes, and multiple editing cycles. But the real magic lies in the trust and chemistry between hosts - the "lossy compression" problem where explaining a process doesn't transfer the emotional and intuitive elements that make it work.
Only Do What Excites You Deeply
Episodes that underperformed numerically (like Nintendo and Indian Premier League cricket) often created the most influential relationships. (100:00) The Nintendo episode reached Meta executives who later facilitated Mark Zuckerberg's appearance. This reinforced their belief that passion and genuine excitement are more valuable than broad appeal - if hosts don't feel deeply about a subject, listeners won't either.
Statistics & Facts
- Acquired has grown to over 1.5 million monthly listeners while releasing only 12 episodes per year (moving to 8 in 2025), completely opposite to industry best practices of frequent publishing. (14:34)
- During the 2022 advertising downturn, Acquired's revenue dropped 40%, forcing them to restructure their entire business model and focus on quality over quantity. (40:00)
- Their live Radio City Music Hall show reached 6,000 people, representing only 0.4% of their total audience, yet generated more brand value than entire seasons of regular episodes. (107:02)
