Gabe Whaley - Building MSCHF

**Patrick O'Shaughnessy** (0:00)
Two fun facts about our newest sponsorship partner, RAMP. First, they are the fastest growing fintech company in history, reaching a level of revenue in five years that I can't quote exactly, but is eyebrow raising. Second, they are backed by more of my favorite past guests, at least 16 of them when I counted, than probably any other company that I'm aware of. A list that includes Ravi Gupta at Sequoia, Josh Kushner at Thrive, Keith Raboi at Founders Fund and Coastal Ventures, Patrick and John Collison, Michael Ovitz, Brad Gerstner, the list goes on and on. These facts demand the question, why? Having been personally obsessed with the great businesses through history, one clear lesson is that the best of them are run by disciplined operators. These operators manage costs with incredible detail, and they are constantly thinking about how they can reinvest every dollar and every hour back into their business. This is RAMP's mission to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. First on expenses, the average American business has a profit margin of 7.7%. This means saving 1% on costs is the equivalent of making 13% more revenue. The average RAMP customer is able to save 5% on their expenses each year. Of course, every entrepreneur is looking for ways to grow revenue by 50%. They should just as seriously seek to save 5% on their expenses. Second on time, unnecessary complexity is why most finance teams spend 80% of their time doing operational work and only about 20% of their time on strategic work. RAMP makes spend management very simple by handling your company's expenses, travel, bill payments, vendor relationships, and even accounting. It's notable that some of the best in class businesses today, companies like Airbnb, Anduril, and Shopify, and investors like Sequoia Capital and Vista Equity are all using RAMP to manage their spend. They use it to spend less, they use it to automate tedious financial processes, and they use it to reinvest saved dollars and hours into growth. At both Colossus and Positive Sum, my business says, we've used RAMP for years now for these exact reasons. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus. That's ramp.com/invest.
On December 4th, I'll be hosting a panel discussion with Chris Akerson, Alphasense's VP of product, and Divya Narendra, CEO of SumZero, for a discussion on AI's impact on investing. As an investor, I'm always on the lookout for tools that can truly transform the way that we work as a business. Alphasense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier reliable business content. Since I started using it, it's been a game changer for my market research at Positive Sum. I now rely on Alphasense daily to uncover insights and make smarter decisions. With the recent acquisition of Tegas, Alphasense continues to be a best-in-class research platform, delivering even more powerful tools to help users make informed decisions faster. What truly sets Alphasense apart is its cutting-edge AI. Imagine completing your research five to 10 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. You can even upload and manage your own proprietary documents for seamless integration. With over 10,000 premium content sources and top broker research from firms like Goldman Sachs and Morgan Stanley, Alphasense gives you the tools to make high-conviction decisions with confidence. You can sign up for a panel discussion by the link in our show notes or head to alphasense.com/invest.
Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories, and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts, and you can access all our podcasts, including edited transcripts, show notes, and other resources to keep learning at joincolossus.com.

**SPEAKER_2** (3:51)
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit p-s-u-m dot v-c.

**Patrick O'Shaughnessy** (4:20)
My guest is Gabe Whaley, founder and CEO of Mischief. What began with viral Internet pranks in 2014 has evolved into one of the most singular creative companies I've encountered. Mischief's work ranges from microscopic handbags, literally the size of a grain of salt, to tax software that helps you file your returns by going on virtual dates with anime characters. Every two weeks, they release something new that challenges our assumptions about art, commerce, and culture. Mischief is hard to define, but Gabe says its goal is to monopolize a feeling where subversion is the rare constant. Their most viral creation, The Big Red Boots, took over the Internet in 2023 Our conversation explores how Gabe dropped out of West Point and built a company that thrives on breaking rules. But it's also about something bigger, the power of unbridled creative expression and what happens when you build a business around it. I hope this episode inspires you to think about what your version of Mischief could be. Please enjoy this fascinating discussion with Gabe Whaley. So one place we have to begin is just what this thing is. I was trying to put it in a sentence for my friends, and what I came up with was an ode to subversive creativity.