Michael Moritz - Lessons From 40 Years of Investing and Writing

Patrick O'Shaughnessy (0:01)

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SPEAKER_2 (1:51)

Patrick O'Shaughnessy is the CEO of PositiveSum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of PositiveSum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of PositiveSum may maintain positions in the securities discussed in this podcast. To learn more, visit PSUMVC.

Patrick O'Shaughnessy (2:19)

When I was reading your book, one of the lines or the ideas that has really stuck with me ever since is where does one person end and the next person begin?

And this deep dive that you took into the impact of one's history, family history, heritage on who a person is. I'm interested in this from so many angles as a parent, as a person interested in history, as a person interested in genetics, nature versus nurture. If I were to sum up the book in that question, what is your answer to that? What did you come away thinking after this deep study of your own family's history?

Michael Moritz (2:54)

One of the things that came out of the book, which I didn't really expect, was discovering who I am and why I became whatever it is that I've become. And that was an unexpected gift of the writing. And it came from this exploration of my family's past, and in particular, my parents. Going back and excavating the deep memories of childhood, the sort of atmosphere in our home and in the general near in which I grew up, helped me understand a lot about why I am who I am and react to certain things in the fashion that I do, because unwittingly, obviously, every parent leaves an imprint on a child. That's obviously especially true during the formative years. Whatever the formative years are, I'm no sort of child specialist or scientist, but before you turn 12, 13, 14 years old, those imprints that you've absorbed in some manner, consciously or unconsciously, those remain with you.

And both the angels and demons, I think, that you deal with for the rest of your life.

Patrick O'Shaughnessy (4:16)

What were yours? I'm so curious that you're performing on yourself the exercise that you're famous for doing with others that you invested in or hired, focusing on these first 14 years. What new understanding of yourself came out of this exercise?

Michael Moritz (4:30)

I grew up in this family of refugees from Nazi Germany and Wales. Refugees, by definition, are a minority. Jewish refugees in Wales during the 1960s and 1970s were a further minority.

People look at me today and they think, oh, here's this old white man. He's not a minority. I can understand that, but it's how an individual feels rather than how other people might look at you. It touched me in a variety of ways.