Ric Elias - The Art of Living Well - [Invest Like The Best, CLASSICS]
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What is the main topic discussed in this episode?
Here's a puzzle.
Who is Ric Elias and what does he do?
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What challenges did Ric face in the early days of Red Ventures?
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How does company culture influence operational success?
Go to WorkOS.com to make your app enterprise ready today. 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. If you enjoy these conversations and want to go deeper, check out Colossus Review, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus Review along with all of our podcasts at joincolossus.com.
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Welcome to this classic episode. Classics are my favorite episodes from the past 10 years, published once a month. These are N of 1 conversations with N of 1 people. My guest today is Rick Elias. Rick is the CEO and co-founder of Red Ventures, which has a portfolio of fast-growing digital businesses like Lonely Planet, The Points Guide, Bankrate, and large investments in a variety of other businesses across industries. He began Red Ventures in the year 2000 and has grown it to a global company with thousands of employees. Rick walks us through the early struggles that have led to a now flourishing investment platform. But mostly, this episode is a masterclass on cultural values and philosophies that transcend mere financial gain.
We discuss the difference between living good and well, the power of forgiveness, and compounding more than just your capital.
What is the difference between living good and living well?
Rick's story is one of resilience, humility, and grace. His story about being in the front row of the plane that Captain Sully landed in the Hudson is singular and moving. Please enjoy this great conversation with Rick Elias. So just before we came in here, you and I did something together on stage, and then I was talking to Carlos on your team, and he asked me whether or not and how I prepare for these things. And I told him the truth, which is that in some literal sense, I don't prepare. I don't sit down and think about them right ahead of them.
What lessons can be learned from the Hudson River plane crash?
But in some other sense, I prepare all the time because I end up talking to people that I'm most interested by and curious about and have met before, usually like you and I have met before. And that the only thing I prepare is the first question. And I usually do that about five minutes ahead of time. But I hadn't done that. And so I actually asked Carlos to give me the first question that I'll ask. This first one comes from Carlos, but I love it. You cheated. So I'm using it and I cheated. I like it. Carlos's question in mind is, what is the big dream?
How does Ric reconnect with his Puerto Rican roots?
My big dream is to live in a state of wellbeing most of the time and to have a sense of lifelong satisfaction when the end comes. So it's really very internal versus something that gets accomplished or left behind. We're going to pick that apart in detail, but go down one level. Sure. What is the Red Ventures big dream? We've been on this journey for 24 years.
What strategies does Ric use to build trust and culture in his teams?
And in one sense, it feels like we're about to go on another 10-year journey of reinventing ourselves. Red Ventures, over time, hopefully becomes a place where a lot of this...
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:01
2
Who is Ric Elias and what does he do?
0:01–0:26
3
What challenges did Ric face in the early days of Red Ventures?
0:26–0:52
4
How does company culture influence operational success?
0:52–2:36
5
What is the difference between living good and living well?
2:36–3:09
6
What lessons can be learned from the Hudson River plane crash?
3:09–3:41
7
How does Ric reconnect with his Puerto Rican roots?
3:41–4:10
8
What strategies does Ric use to build trust and culture in his teams?
4:10–1:24:46
Speakers
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