Michael Ovitz - Knowledge Is Power

**Patrick O'Shaughnessy** (0:00)
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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** (2:00)
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 p-s-u-m dot v-c.

**Patrick O'Shaughnessy** (2:29)
My guest today is Michael Ovitz. Michael is the legendary talent agent and co-founder of CAA or Creative Artists Agency. Michael started CAA in 1975 and over the next 20 years, he built it into the world's most formidable talent agency, changing Hollywood forever. The list of stars he's worked with is endless from Meryl Streep to Steven Spielberg and David Letterman. His innovations like the creation of The Package, which we discuss, changed how the entertainment industry worked.
Since leaving CAA, he has become an investor and advisor to many prominent investing firms, most notably Andreessen Horowitz, but also including many other household names, which we discuss in this episode. I cannot remember a conversation with more great stories. Michael's work ethic is unmatched and when I'm with him, I leave feeling both energized but also challenged. He has a unique way of setting and holding a standard, which I've seen firsthand. Please enjoy this great discussion with Michael Ovitz.
When we first met, we talked a lot about Michael Creighton, who is an incredibly impactful person for me from afar. And I know for you, up close and personal as one of your dearest friends, he had this quote, which is that, if you want to be happy, forget yourself. I love this idea. Could you describe why this is a beautiful idea?

**Michael Ovitz** (3:44)
Michael was one of the most important people that ever entered my life. His advice was always short and poignant.
He loved to be a contrarian on everything. We had lunch once a week for 30 years and lunch or dinner and would talk about art. I don't know if you know this, but he wrote the definitive catalog resume on Jasper Johns for example.

**Patrick O'Shaughnessy** (4:11)
Wow, no, I didn't know that.

**Michael Ovitz** (4:12)
Yeah, and you just-

**Patrick O'Shaughnessy** (4:13)
Somehow I'm not surprised with that.

**Michael Ovitz** (4:14)
But isn't that amazing that he wrote short stories, he wrote novels, he wrote screenplays and he wrote art critique which is really hard to do, particularly if you write it so people can actually understand it. Because most art criticism is almost incomprehensible.