Bending Spoons: Rebuilding Digital Empires for Eternal Ownership

Resources

Resources & Recommendations

Books

• "The Matrix" - Mentioned as an inspiration for the company name "Bending Spoons," referencing a scene where a character bends a spoon with their mind.

Videos & Documentaries

• "The Matrix" - Referenced for its inspiration behind the company name "Bending Spoons."

Research & Studies

• AI applied to predict future performance based on CVs, cover letters, and test results - Bending Spoons has made a significant investment in this area for talent selection.
• Statistical models and probability distributions for predicting business performance - Used by Bending Spoons to set assumptions for acquisitions.
• Monte Carlo simulation - Used by Bending Spoons to analyze the distribution of potential returns for acquisitions.

Tools & Software

• Ramp - A platform for automating expense management, freeing up finance teams for higher-leverage work.
• AlphaSense - A market intelligence platform providing access to company filings, broker research, news, trade journals, and expert interview transcripts.
• Deep Research Tool (AlphaSense) - An AI-powered tool for multi-step iterative analysis within AlphaSense.
• Tegen - Acquired by AlphaSense, it contributes to their library of expert interview transcripts.
• Ridgeline - An operating system for asset managers that automates customization and delivers personalized experiences at scale.
• Evernote - A digital note-taking and organizational service acquired and transformed by Bending Spoons.
• Meetup - A platform for organizing and finding local groups and events, acquired by Bending Spoons.
• AOL - An internet service provider, web portal, and email service, acquired by Bending Spoons.
• Remini - An AI photo sharing app acquired by Bending Spoons.
• ChatGPT - A large language model mentioned in the context of AI's potential impact on software businesses.
• Jira - A project management tool mentioned as an example of complex software that AI might eventually replicate.
• Gmail - Mentioned as a competitor to AOL's email service.
• Notion - Mentioned as a top-tier productivity tool for comparison with the improved Evernote experience.

Articles & Papers

• "The laws of physics" metaphor for investing - Used to describe how truly outstanding investors understand fundamental principles beyond patterns.

People Mentioned

• Kareem and Eric - Co-founders of Ramp, who understood the need to automate expense management.
• Shopify - Mentioned as a company using Ramp to automate mundane tasks.
• Stripe - Mentioned as a company using Ramp to automate mundane tasks.
• Daniel (Spotify) - Introduced Bending Spoons to the European business ecosystem.
• Jeff Bezos - Mentioned for his clarity of thought and rationality, which was a key reason for an early investor's bet on Amazon.
• Novak Djokovic - Mentioned as an example of an athlete driven by testing limits.
• Rafa Nadal - Mentioned as an example of an athlete driven by testing limits.
• Elon Musk - Quoted on the idea of automatically removing new laws unless they prove their value.
• Warren Buffett - His model of offering a fair price immediately and being disciplined is cited as an influence on Bending Spoons' negotiation strategy.
• KKR - Mentioned as a pioneer in the private equity industry.
• Alberto - A classmate who, along with another friend, helped the speaker overcome extreme shyness in middle school.

Organizations & Institutions

• Bending Spoons - The company founded by Luca Ferrari, described as 25% private equity and 75% technology company, acquiring and operating digital businesses.
• Berkshire Hathaway - Mentioned as an example of a defining company of its generation, serving as an inspiration for Bending Spoons' ambition.
• Spotify - Mentioned in relation to Daniel, who introduced Bending Spoons.
• Mckinsey - Where the speaker worked for about a year to fund his previous startup.
• Positive Sum - The company of Patrick O'Shaughnessy, the podcast host.
• Sutton Bank, Member FDIC - Card issuer for Ramp.
• Bending Spoons - The company discussed throughout the episode.

Courses & Educational Resources

• Colossus - Patrick O'Shaughnessy's quarterly publication with in-depth profiles of people shaping business and investing.

Websites & Online Resources

• ramp.com/invest - Website for Ramp, encouraging listeners to check it out.
• alphanense.com/invest - Website for AlphaSense, encouraging listeners to see their tool in action.
• joincolossus.com - Website for Colossus, where listeners can find podcasts and the publication.
• psum.vc - Website for Positive Sum, the host's company.

Other Resources

• Asset deals (individual apps) - The initial focus of Bending Spoons' acquisitions.
• Structured companies with management teams and large professional teams - The type of acquisitions Bending Spoons moved towards after initial small-scale deals.
• Debt - Used by Bending Spoons to finance acquisitions, starting with commercial banks and later more sophisticated debt.
• Free cash flow - A primary source of funding for Bending Spoons' early acquisitions.
• Secondary transactions - Organized by Bending Spoons to provide liquidity for employee equity investments.
• Capital increases - Used by Bending Spoons, primarily to fuel secondary transactions and occasionally to close large deals.
• Talent density - A core principle and competitive advantage for Bending Spoons.
• Employer brand - Built by Bending Spoons over a decade through investment and positive experiences for employees.
• "State of the Spoon" - An internal Bending Spoons event where teams present achievements and lessons learned.
• Yearly retreat - An annual event where Bending Spoons brings all employees to an exotic destination for bonding and vacation.
• Venture fund - Mentioned as a difficult model to build due to its long-term, painful cultivation process.
• Private equity - Discussed as a more established but less competitive model compared to Bending Spoons' approach.
• Evergreen capital - Preferred by Bending Spoons for its long-term, permanent nature.
• Fixed salary with optional equity investment at a discount - Bending Spoons' compensation model.
• AI-powered integrations and proprietary technology - Internal investments made by Bending Spoons to leverage AI.
• Debt capital markets vs. equity capital markets - Contrasted in terms of investor mindset, risk tolerance, and upside potential.
• Lenders - Described as visionary and thorough, focusing on downside risk.
• Equity investors - Described as focused on TAM and rapid growth potential.