One Step Up Issue #20

This week we cover Google's ad business, a few great investor letters, Booking.com's early growth strategy, monopolies, Lee Kuan Yew, Erik Torenberg, product gamification + more

Can’t believe it’s been ~5 months since I started this. Small wins - celebrate it.

Read on.

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1. A deeper dive into Google’s advertising business

   Understand the nuts and bolts of how advertising works, the different types and Google’s main competition in this space.

2. ‘The Russians did not create the things that divide us — we did that’

   Interview with Alex Younger, the outgoing MI6 head.

3. DMZ Partners Q2 Investor Letter

   • Measure only what you seek to manage

   • How not to create multigenerational wealth in markets

   • We haven’t come this far to just come this far!

   • Don’t unknowingly swap the Swiss Franc for the Bolίvar

   • Multi-sector expertise is not a prerequisite for wealth creation

4. Booking.com’s early growth strategy

   Lenny Rachitsky @lennysan

   As someone working on growth at Airbnb, I've always been fascinated by Booking.com –– a tiny startup in the Netherlands that became one of the greatest acquisitions of all time through world-class growth. Read on for rare insights into their early growth strategy 👇

   

   Also read: Drive Growth by Picking the Right Lane — A Customer Acquisition Playbook for Consumer Startups

5. Monopolies Are Distorting the Stock Market

   Chock full of data which everyone should pay heed to.

   

6. Lee Kuan Yew and lessons in political leadership

   LKY has been someone I have long admired. Building a nation from the ground up with little to no resources is a feat few people have on their resume.

7. Dan Loeb’s letter to Disney

   To further capitalize on this transformational opportunity, we believe the company should permanently suspend its $3 billion annual dividend and redirect this capital entirely into content production and acquisition for Disney’s DTC businesses, centered around Disney+.

   • A new activist playbook (NYT)

   • Third Point’s Letter to Disney

8. Erik Torenberg: Hustle and Flow

   You either want to be so good at something you make people want to quit because they'll never reach your level or inspire people to work harder.

9. Accountable to Darwin vs. Accountable to Newton

10. Rahul Vohra – Using Emotion to Design Great Products – [Founder’s Field Guide, EP.1]

    Chris Hladczuk • Startup Student @chrishlad

    10 LESSONS from an incredible first episode of Founder’s Field Guide with @rahulvohra and @patrick_oshag @InvestLikeBest 👇🧵

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Till next time.

Joe Pompliano @JoePompliano

“It’s not the will to win that matters—everyone has that. It’s the will to prepare to win that matters.” — Paul "Bear" Bryant