Nick Kokonas - Know What You Are Selling - [Invest Like The Best, REPLAY]

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 joincolosis.com. Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of positive some.

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of positive sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc. My guest today is Nick Kakonis, the co-founder of three of the best restaurants and bars in America and the world, Alinea, Next, and the Aviary, as well as the co-founder and CEO of Talk, a comprehensive booking system for restaurants. This was one of my favorite conversations in the history of the show. Nick is a philosophy major, turn derivatives trader. And now one of the most well-known and respected names in the restaurant and hospitality industries. We cover so many topics I can't list them here, but I'll remember it for why it's so important for a business to really know what it's selling and then actually sell it.

Nick also pulls back the curtain on why restaurants and even book publishers can be great businesses if you do them the right way. I felt like this conversation could have gone on for hours, and I hope you enjoy it. Nick, I thought a neat place to begin our conversation today is with a quote of yours that I found that has three parts. I'm gonna read the quote and then I'd love to walk through each of the three parts. What you said was Own something, make lots of decisions that have outcomes, try to be right fifty one percent of the time. Do that often and repeat.

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