April 15, 2022

#99 Eric Markowitz of Worm Capital: My Favorite Books, Tools, Habits, and More | 20 Minute Playbook

#99 Eric Markowitz of Worm Capital: My Favorite Books, Tools, Habits, and More | 20 Minute Playbook

In Episode #99, we deconstruct Eric Markowitz's peak performance playbook—from his favorite book to the tiny habit that's had the biggest impact on his life. Eric Markowitz is the Director of Research at Worm Capital. We cover Worm’s two-step research process and the path from journalism to investing.


In Episode #99, we deconstruct Eric Markowitz's peak performance playbook—from his favorite book to the tiny habit that's had the biggest impact on his life. Eric Markowitz is the Director of Research at Worm Capital. We cover Worm’s two-step research process and the path from journalism to investing.

“Conviction is great. Opinions are really bad, because opinions will really screw you up.” – Eric Markowitz

EPISODE GUIDE (LINKS, QUOTES, NOTES, AND BOOKS MENTIONED)

https://www.danielscrivner.com/notes/eric-markowitz-worm-capital-playbook-show-notes 

FULL TEXT TRANSCRIPT

https://www.danielscrivner.com/notes/eric-markowitz-worm-capital-playbook-transcript 

CHAPTERS

In this episode, we deconstruct Eric Markowitz’s peak performance playbook—from his favorite book to the tiny habit that's had the biggest impact on his life. In it we cover:

  • (00:00:00) – Introduction
  • (00:02:45) – The path from journalism to investing
  • (00:09:47) – Worm’s two-step research process
  • (00:19:48) – Behavioral advantages with Worm’s research
  • (00:23:44) – Robots and the future
  • (00:26:54) – Recommended books


ABOUT ERIC MARKOWITZ

Eric Markowitz is Head of Research at Worm Capital. Worm is one of my favorite hedge funds, and I've been reading their quarterly reports for years. They run a concentrated long only strategy and invest in technology innovation and disruption. They have a concentrated portfolio of between five and 10 positions that today includes Shopify, Spotify, Tesla, Airbnb, Amazon, and NextEra Energy. Since inception, Worm has compounded their investors' capital at over 31% per year, while the S&P 500 over the same period has delivered just over 15%.

In this episode, we cover Eric's origins as a journalist and how that shaped his approach to investment research. We talk about Worm's two-step research process, which starts with what they call the Jane Goodall phase and ends with Elon Musk, the engineer. Trust me, these names are weird, but the content is absolutely amazing. We explore why Eric focuses on slowing down the research process, as well as, the rules and guardrails they use to ensure they get the best research outcomes. And we discuss the behavioral side of investing, how Eric thinks about it and why it's so powerful in shaping investment results over time. 

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Learn timeless lessons on work and life from iconic founders, world-renown investors, and bestselling authors. Outlier Academy is the forever school for those chasing greatness. Past guests include Gokul Rajaram of DoorDash, Scott Belsky of Benchmark and Adobe, Joey Krug of Pantera Capital, Mark Sisson of Primal Kitchen, Luke Gromen of The Forest for the Trees, and Brian Scudamore of 1-800-GOT-JUNK.

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ABOUT DANIEL SCRIVNER

Outlier Academy is hosted by Daniel Scrivner. Over the last 15 years, Daniel has led design teams at Square and Apple, turned around a $3M+ ARR SaaS business, and invested in more than 100 companies. He launched Outlier Academy in 2020 to learn from the world’s best founders, investors, authors, and peak performance experts.

Website: https://www.danielscrivner.com

Twitter: https://www.twitter.com/danielscrivner

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