Tobi Lütke - Embrace the Unexpected - [Invest Like the Best, EP. 278]

In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews Toby Lutke, co-founder and CEO of Shopify, about the concept of infrastructure, Shopify's evolution, and the impact of market volatility on business building. They discuss the value of digital infrastructure, principles for building valuable infrastructure, and Shopify's product development process. Lutke shares insights on Shopify's success, the Shopify Fulfillment Network, and the challenges of distribution in the eCommerce space. They also explore managing through stock price volatility, capital allocation, and the future of digital infrastructure, including blockchains and digital ownership. The conversation concludes with a discussion on cultural trends in engineering and the importance of community. Additionally, the episode includes a conversation with Giuseppe Coco of LK Advisors, a Catalyst customer, who discusses how he uses Catalyst in his investment process.