Acquired10 Years of Acquired (with Michael Lewis)
Acquired hosts Ben Gilbert and David Rosenthal sit down with acclaimed author Michael Lewis to reflect on a decade of deep-dive company analysis and storytelling. The conversation reveals how even the most successful businesses often have unexpected origins and face surprising performance challenges, with Lewis bringing his signature narrative lens to the hosts' journey of uncovering the hidden histories behind iconic companies.
Key takeaways
- •Nintendo's origins trace back to serving Japan's yakuza through hanafuda gambling cards when traditional gambling was illegal.
- •Company longevity doesn't guarantee investment performance - even 100+ year businesses with incredible stories can underperform benchmarks.
- •The most compelling business stories often emerge from companies that survived multiple radical pivots across different industries.
- •Historical context matters more than current success when evaluating a company's true resilience and adaptability.
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Best moment
Nintendo started as a Yakuza company. Gambling was illegal in Japan, so they made hanafuda cards, and the yakuza was the main customer.
But we did it And you liked it. We had a great time. Nintendo. It's like one of the most interesting time ever. It started as a a Yakuza company. Right. Like, it's it's crazy.
How did it start?
It was playing cards. So gambling was illegal in Japan, after the Meiji restoration. Okay. And so they made hanafuda cards, which are cards in Japan, and the yakuza was the main customer. And then they got into toys, and then they way later found their way into Japanese.
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