About this episode
Patrick O'Shaughnessy is the Chairman Emeritus of O'Shaughnessy Asset Management, the founder of Colossus, and the founder and CEO of Positive Sum. He is an investor, author, and podcaster who has devoted his career to understanding the world's best investors and entrepreneurs. Under his leadership, Colossus has become one of the largest investing-focused podcast networks in the world, producing shows including the flagship Invest Like the Best, which he hosts. At Positive Sum, he invests in early-stage companies creating and reinventing categories, with portfolio companies including Tegus, ID.me, Etched, and Vanta. After starting as an intern at his father's quantitative asset management firm in 2008, O'Shaughnessy became CEO in 2018. He became known for his deep research into factor-based investing, his quantitative approach to stock selection, and his ability to communicate complex investment ideas to a broad audience. His accomplishments include growing OSAM into a leading custom indexing platform before its acquisition by Franklin Templeton in 2021, launching Invest Like the Best in 2016 which was named among The Wall Street Journal's "5 Investment Podcasts You Should Listen To," founding Colossus in 2020 to build a media platform around his vision of learning in public, and authoring “Millennial Money: How Young Investors Can Build a Fortune in 2014.” Episode show notes: https://www.davidsenra.com/episode/patrick-oshaughnessy Survey: https://forms.scicommedia.com/t/mw83tpmsRzus Made possible by Ramp: https://ramp.com HubSpot: https://hubspot.com Eight Sleep: https://eightsleep.com/senra Chapters (00:00:00) The Joy of Championing Undiscovered Talent (00:02:21) How One Tweet Changed David’s Life (00:05:07) The Upanishads Passage That Shaped Patrick’s Worldview (00:08:34) Growth Without Goals Philosophy (00:10:40) Why Media and Investing Are the Same Thing (00:28:41) The Search for True Understanding Through Biography (00:31:04) The Daniel Ek Dinner That Launched This Podcast (00:34:28) Making Your Own Recipe From the Ingredients of Great Lives (00:39:11) The Privilege of a Lifetime Is Being Who You Are (00:48:25) Bruce Springsteen’s Battle With Depression and Self-Worth (00:53:21) Clean Fuel vs Dirty Fuel: The Source of Your Ambition (00:57:03) Professional Learners: The Unfair Advantage of Podcasting (01:00:18) Relationships Run the World (01:06:30) The Origin Story of Invest Like the Best (01:08:05) Building Colossus: Why Start a Magazine in 2025 (01:14:01) People Are More Interested in People Than Anything Else (01:17:32) Finding Jeremy Stern and Hiring Through Output (01:23:40) Learn, Build, Share, Repeat (01:30:07) The Daisy Chain: How Reading Books Led to Everything (01:30:32) Red on the Color Wheel: Sam Hinkie’s Observation (01:37:13) Finding Your Superpower and Becoming More Yourself (01:42:57) Repetition Doesn’t Spoil the Prayer: Teaching as Leadership (01:46:02) Life’s Work: A Lifelong Quest to Build Something for Others (01:49:51) The Ten Roles Game and What Matters Most (01:57:03) Husband, Father, Grandfather: The Roles That Endure (01:59:48) The Kindest Thing: Tim O’Shaughnessy and Meeting Lauren (02:05:11) Conclusion Learn more about your ad choices. Visit megaphone.fm/adchoices
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Episode summary
You’ve got this drive to find overlooked talent, build real relationships, and then throw your weight behind them—what’s behind that?
I love being at the edge, learning things before they’re common, and nothing lights me up like championing someone and watching them win, so I’ve designed my life to do that as much as possible.
Years back I had almost no audience, then you tweeted about my paywalled show and my inbox exploded; you didn’t treat me like competition, why?
Again and again I’ve heard that the kindest act is someone betting on you early, and a line from the Upanishads hardened my view that the point of life is to help others, so when I see promise I try to make it visible.
That’s the clearest I’ve heard you say it; are you chasing goals or operating differently?
I don’t set goals—I work from a principle, inspired by Brett Victor’s idea of inventing on principle, and mine is to discover under-known talent and help them without expecting anything in return, which keeps me open to serendipity.
It took me years to articulate this, and before I had my own principle I borrowed Victor’s instant-feedback ethos to build software that worked incredibly well.
I often go by feel and don’t always want to explain it.
I try to follow what makes me feel truly alive, and most people avoid original paths out of fear even though the most compelling arcs mix originality, hardship, and transformation.
You once called yourself a masochist for introspection—did that help you find this?
A childhood terror of death sent me deep into philosophy, and once I found my lane I stopped obsessing over self-analysis and focused on doing the work.
What do you think my organizing principle is?
Mine isn’t “help everyone,” it’s seeing latent potential and helping it bloom, and I view you as incredibly single-minded—the founder of your family who broke patterns by finding mentors in books and writing a new script.
What I want is real understanding, so I read and listen slowly; Springsteen’s memoir hit me hard, you pushed me to start taping conversations, and that “passion and pain” episode flipped my trajectory because deep, long talks create trust.
Use other lives as ingredients, not scripts; outliers don’t care about base rates.
I’m allergic to plateauing—Founders is like a reminder service for what matters.
The show helps people find their thing and accept the difficulty, and when a path feels too easy I get uneasy, which is why your work grabbed me early.
My north star is understanding people through hours of conversation.
Your organizing principle isn’t the same as an invention principle, which demands you fix violations in service to others, and the deepest joy I know is making something that reflects you and helps people.
I want a long run without flaming out, so I ask older operators what could stop me.
The big traps are money, status, and fame; keep chasing steady aliveness, and for what it’s worth I’d rather be anonymous than recognized.
I put my energy into health, work, and relationships, and I’m investing more heavily in deep bonds than I did a decade ago.
Counterintuitively my health improved when my work and relationships finally fit who I am.
Fame should follow great work, not be the aim; clear interests attract the right relationships, and relationships power how we learn and share—Springsteen’s path from pain to healing mirrors my own work on trust and building a team.
I hear that, and service has been my way through too—my grandmother asked me for years, “what are you doing for other people?”
Who most shaped the way you build?
I stole software lessons from Daniel, Brett Victor, and Chetan at Benchmark, took uncompromising values from Herbert Allen Jr., simplicity from Reese Duca’s “rhythm and harmony,” spend daily time with Jesse Bayrudi, and I basically interview people all day because I love it.
Everyone launches a podcast and you zagged into long-form profiles at Colossus—why?
Profiles are scarce, high-attention spotlights for people we believe in, and after reading Remnick’s take on pairing obsession with obsessed subjects I recruited Jeremy Stern off a brilliant Palmer Luckey piece and we proved the model with a deeply rooted Kushner story; starting a magazine sounded dumb, which was a good sign.
You’d even prefer the profiles to eclipse your own show because you like being the guy behind the guy.
Totally—more great drafts, more talented hires, more formats, and less dependence on my calendar is the dream.
Why are great profiles so rare now?
They’re slow, demanding, and poorly paid while junk content is cheap, the cover gives unmatched spotlight, and we hire by output—find the people already making excellent work and let them run.
Put breadcrumbs in the world—pour a year into one astonishing thing and the internet will carry it, because there’s always room for truly great work.
Your career looks like learn, build, share on loop—from books to an email list to a podcast to a business and an investing platform—and the compounding came from progressive overload, not rigid goals.
Exactly, and the best part is it stays unpredictable, with plenty of luck along the way.
Sam once called you “red on the color wheel”—what does that mean?
When I lock on, I move fast and make things happen, but the flip side is whiplash when my attention shifts—like reducing a commitment to his fund because I launched my own in a month—and discovering I can’t visualize images explained why I’m so present-focused, so I’m narrowing to reduce zigzags.
Over-communication prevents those misreads; our handshake deal worked because we kept talking instead of assuming.
The leaders people want to follow communicate constantly, take the hits, and stay consistent; I used to sprint ahead and now I work to bring everyone with me.
My favorite maxim is that the payoff for excellent work is more of it, and a life’s work is a long quest to build for others in a way that expresses you, so I back founders with unique paths tackling hard problems that truly change customers.
Do the great ones ever actually stop?
They usually change lanes instead of quitting—like John Feffer going from KKR to crypto to groceries—and I’m drawn to makers who keep making.
There’s a game I love: write ten roles you play, tear them into single slips, then toss them one by one until only one remains; it reveals what truly matters. My father-in-law Dan, once a big healthcare exec, kept “grandfather,” and he pours himself into that service every day, which reminds me that whatever our title, the ones I admire give everything to the role they’re in.
You gave me our shorthand for people we avoid—we call them “casual”—and this is the opposite of that. I went from pitying people who step back from work to seeing that guy’s ahead of me.
There’s a quiet beauty in shrinking ambition to a few people you help completely, like the Bill Campbell archetype who changed lives without chasing money or fame. If all I could do was serve three people—your spouse, your kids, your grandkids—that devotion is a form of success that echoes through generations more than any headline achievement.
We rarely sit with how choices ripple across time; someone even turned clips of my talks into a hip-hop album, and a friend joked it was a sign from God. My grandfather left Cuba with nothing, and that single decision made my life here possible, so what was the last role you kept?
I honestly forget, but it was likely husband or father, because the depth in those bonds keeps opening new rooms every few years. My treasure is a small circle—maybe fifteen people—for whom I’d do anything, and that role exercise helps me find where my energy truly lives.
This is why I insist these are conversations, not interviews, because I learned things I didn’t expect. Thank you for doing this, and let me flip it: what’s the kindest thing anyone’s done for you?
I bombed college applications, transferred later to Notre Dame, and my cousin Tim went way beyond family duty to graft me into his world—he even showed up with a fake ID and lined up friends to take me out—one night led me to the first bar, the first conversation, and the woman who became my wife, Lauren. Two decades of her steady grace is the greatest kindness, and though Tim died young, his small, fast acts changed my entire life, which is why I think about them every day.
Now everyone gets the version I usually see off-mic, and I hope you do more of this. If you enjoyed it, subscribe, leave a review, and check out my other show, Founders, where I’ve spent almost ten years reading hundreds of biographies for ideas you can use.