Kanyi Maqubela - Dawn of the 21st Century

**Patrick O'Shaughnessy** (0:00)
This episode of Invest Like the Best is brought to you by Tegas. I started hearing about Tegas when several of my close professional investor friends sent me passages or ideas they'd found on the Tegas platform. Conducting effective primary research shouldn't take weeks, it should take hours. Searching for answers shouldn't be lengthy, cumbersome process, it should be easy and nearly immediate. Expert calls should not cost $1,000. Tegas solves these problems and makes primary research faster and better for professional investors. Tegas has built the most extensive primary information platform available for all investors. With Tegas, you can learn everything you'd want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on a firm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in.
Still want to do your own calls? Tegas has a solution. Experts that are just as good or better than what you'd find on other networks for just $300 per call, not the $1,000 or more that others charge.
If you're curious about Tegas, call the top performing investment manager you can think of. They're probably already a Tegas customer and they'll point you in the right direction because customers, myself included, love Tegas. Visit tegas.co, slash Patrick to learn more. This episode is sponsored by NordVPN. NordVPN is the best VPN to keep your internet experience private. It has over 5,500 servers in 60 countries to ensure super fast internet while protecting your information no matter where you are. As working from home and remote work has become more prevalent, now is the time to protect your personal and business information without any data logging. NordVPN works on all popular platforms, including Windows, Mac OS, Android and iOS, and supports up to six simultaneous connections across your devices. To get started, go to nordvpn.com/patrick, or use the code PATRICK to get a two-year plan plus one additional month with a huge discount and a 30-day money-back guarantee. That's nordvpn.com/patrick.
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** (2:25)
Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (2:50)
My guest today is Kanyi Maqubela, co-founder of seed stage VC firm Kindred Ventures, which he started with his partner, Steven Jang, in 2019 Before founding Kindred Ventures, Kanyi was a general partner at Collaborative Fund.
In our conversation, we discussed the parallels between today and the roaring 20s of the last century, the misunderstood risk curve of seed investing, and a deep dive into how Kanyi evaluates founders and businesses at the earliest stage of company formation. We also discussed Kanyi's experience teaching the Design Your Life class at Stanford, and how some of those principles convinced him to take the leap to start his own fund. I hope you enjoy my conversation with Kanyi Maqubela.
Our mission with these episodes is to provide access to the best ideas and people in business and investing. We will soon be significantly expanding the scope of this effort. To make it possible, at Colossus, we're expanding the team in hiring two critical early roles. The first position will be our lead mobile software developer. This person will lead the development of our mobile applications, which will change how people learn together. The second position will be our lead designer. Because the existing team lacks UX and UI design experience, this person will have a blank slate to creatively design new applications from the ground up. To learn more about both roles, visit joincolossus.com forward slash careers. Now onto the show.
So Kanyi, we started doing a preamble, which I usually do in these recordings. And what you started to say sounded interesting. So I'm just going to hit record. You mentioned something you're trying to figure out is this concept of the roaring 20s. Can you mention what you mean there and what's going on?

**Kanyi Maqubela** (4:25)
Sure. So Peter Thiel said on TV a couple of months ago that we might look back on this as when the 21st century started, this period with COVID. I was chatting with a friend earlier about the state of affairs of the market because valuations are hyper-aggressive. Rounds are hyper-aggressive and almost getting reformatted. I'm seeing companies that are getting a discount to terminal value when they've been alive for six months.