Important points
- The rarity of NFL games reinforces their event-driven nature and increases their overall value.
- Quality and scarcity are essential to building a successful podcast.
- Embracing constraints can lead to innovative and successful business models.
- Focusing on successful corporate acquisitions provides a unique perspective for journalism.
- Warren Buffett’s approach to trading is evolving, and it’s affecting his perception of the market.
- Having a “too tall mountain” in decision-making allows you to prioritize high-value opportunities.
- Podcasting’s subscriber base ensures that you can maintain your audience without algorithm interference.
- Creating timeless content ensures that your episodes remain relevant over time.
- A compelling podcast episode requires a hero’s journey, hidden secrets, and global significance.
- External market conditions can have a significant impact on your podcast’s revenue and strategy.
- Timeless principles in content creation maintain long-term relevance.
- The podcast’s strategic shift was driven by a significant decline in revenue.
Guest introduction
Michael Lewis is a contributing editor at Vanity Fair and host of Apple’s #1 rated podcast, Against the Rules. He previously worked as a bond salesman for Salomon Brothers, an experience that inspired his best-selling book, Liar’s Poker. His books, including Moneyball, The Big Short, and The Blind Side, have been made into major motion pictures.
The advantage of scarcity in the NFL
- The limited number of NFL games creates a unique event-driven experience.
The product is rare… In the case of the NFL, because the product is rare, they cultivated it very smartly and designed it to be a more rare and event-driven sport, which made all the difference.
— Michael Lewis
- Scarcity in sports can increase consumer engagement and perceived value.
- The NFL’s strategy is in contrast to other sports, where games are played more frequently.
- Event-driven sports can increase fan attention and loyalty.
- The NFL’s approach to scarcity has been a key factor in its success.
- Understanding scarcity provides insight into successful business models.
- The NFL model demonstrates the power of creating anticipation and exclusivity.
Podcasting quality and scarcity
- Quality and scarcity are essential ingredients for a successful podcast.
Quality and rarity have become an important part of Hermès, and in a way, we learned that from Hermès.
— Michael Lewis
- Scarcity can differentiate your podcast in a crowded market.
- Quality content attracts and retains a loyal audience.
- Embracing scarcity can lead to a more focused and impactful content strategy.
- A balance between quality and scarcity drives long-term success.
- Scarcity can create a sense of exclusivity and value in listeners.
- Learning from luxury brands can help your podcasting strategy.
Embracing constraints for innovation
- Constraints can lead to unique and successful business models.
Perhaps it turns out that acknowledging that we are severely constrained and leaning into those constraints can be a great business.
— Michael Lewis
- Constraints encourage creativity and innovation in content production.
- Recognizing limitations can lead to strategic breakthroughs.
- Constraints can force you to focus on your core strengths and priorities.
- By accepting constraints, you can create more authentic and distinctive content.
- Constraints act as catalysts for innovation and differentiation.
- Leveraging constraints can result in a more resilient business model.
Active focus in journalism
- Focusing on successful acquisitions provides a unique perspective.
What’s interesting to me is that your first step is to be proactive from the beginning and try to reverse engineer what worked and what went well instead of what went wrong. This is a different starting point from almost all journalism.
— Michael Lewis
- Highlighting your successes provides valuable insight into your business strategy.
- The positive focus contrasts with typical journalism, which emphasizes failures.
- This approach can inspire and inform your audience about effective practices.
- Positive storytelling can differentiate your content in the media landscape.
- Success stories provide lessons and a framework for replication.
- Focusing on outcomes can change perceptions and narratives in journalism.
Warren Buffett’s evolving approach
- Warren Buffett’s approach to trading has evolved over time.
He may have started out as who he says he is, but his money is different from other people’s money and has become something completely different in the marketplace.
— Michael Lewis
- Buffett’s changing role reflects changes in financial markets.
- His evolution affects his perception and influence in transactions.
- Understanding Buffett’s approach provides insight into market dynamics.
- His strategy emphasizes the importance of adaptation in business.
- Buffett’s evolution highlights the need for flexibility in investment approaches.
- Observing his changes can inform strategic decisions in finance.
Decision making and opportunity costs
- It is acceptable to have “too many mountains” in decision-making.
The mountain that is too hard means that no technology has ever been a mountain that is too hard…It’s basically admitting that it’s okay to say “yes” to a huge amount of things because the things we say “yes” to are so great, just as our opportunity cost is so high.
— Michael Lewis
- It’s important to prioritize opportunities based on their potential value.
- The “too hard pile” concept helps you focus on opportunities that have a big impact.
- This approach recognizes the high opportunity cost of pursuing a particular path.
- Strategic decision making involves recognizing when to pass on an opportunity.
- This concept emphasizes the importance of priorities in business.
- Understanding opportunity costs can increase strategic focus and efficiency.
Podcasting’s unique subscriber base
- Podcasting has its own subscriber base that guarantees audience retention.
Podcasts are unique in that they have a true subscriber base, but unlike others that click subscribe, they don’t have an algorithmic platform that cuts out the middleman.
— Michael Lewis
- The lack of algorithmic interference distinguishes podcasting from other platforms.
- Subscriber loyalty is a key strength of podcasting.
- Podcasts allow you to build a direct relationship with your audience.
- The platform’s structure supports consistent engagement and retention.
- Podcasting’s model allows for more control over content distribution.
- By understanding this dynamic, you can develop strategies to grow your audience.
Timeless design in content creation
- Timeless principles keep episodes relevant.
Everything we do has to be timeless… We want certain content to be worth 80% of its original value in five years.
— Michael Lewis
- Timeless content retains its value over time.
- This approach prioritizes long-term relevance over short-term trends.
- Creating timeless content can increase the longevity and impact of your podcast.
- A focus on timelessness helps differentiate your content in a fast-paced media environment.
- Timeless content supports ongoing audience engagement and interest.
- These principles guide strategic content planning and production.
Elements of an Engaging Podcast Episode
- Creating a compelling podcast episode requires three key elements.
There are three things that make a great episode. One is that it has a compelling protagonist who guides the hero’s journey from obscurity to omnipresence. Second, there are secrets hidden in plain sight. And the third criterion is that it is important in the world.
— Michael Lewis
- Hero’s Journey stories enhance storytelling and engagement.
- The presence of hidden secrets adds intrigue and depth.
- Global significance ensures the relevance and impact of the episode.
- These criteria will guide the selection of topics and narratives for your podcast.
- Understanding these factors can enhance your content creation strategy.
- This framework supports the development of meaningful and engaging episodes.
Shifting strategy in response to declining revenue
- Declining podcast revenue has led to a strategic shift to focus on content.
22 FTX happened, interest rates rose, and the podcast advertising market fell off a cliff. Our revenue was down 40%. So this wasn’t a business. I worked full time and turned it into a business. It went amazingly well from 20 to 22 to 20 to 20 to 21 to 22. Then revenue dropped 40% overnight. That was the moment that changed everything.
— Michael Lewis
- External market conditions had a significant impact on podcast revenues.
- Declining revenue forced us to reevaluate our content strategy.
- Strategic shifts may be necessary to respond to changing market dynamics.
- Understanding market conditions allows for proactive strategic planning.
- This experience highlights the importance of adaptability in business operations.
- Fluctuations in revenue can spur innovation and changes in strategic focus.
