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Luca Ferrari - Building Bending Spoons - [Invest Like the Best, EP.446]

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Luca Ferrari - Building Bending Spoons - [Invest Like the Best, EP.446]

Invest Like the Best with Patrick O'Shaughnessy

2025/11/04
Invest Like the Best with Patrick O'Shaughnessy

Invest Like the Best with Patrick O'Shaughnessy

2025/11/04
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

My guest today is Luca Ferrari. Luca is the co-founder and CEO of Bending Spoons, which he describes as 25 percent private equity and 75 percent technology company. Founded in 2013, Bending Spoons fully acquires and operates digital companies like Evernote...

Highlights

In this episode, we dive into the story of Bending Spoons, a company redefining the intersection of technology and private equity. Its CEO, Luca Ferrari, shares insights on building a high-performance organization from the ground up in Europe, challenging conventional models of acquisition and growth. Rather than chasing trends, Bending Spoons focuses on long-term value creation through operational excellence, disciplined investing, and a unique cultural ethos.
06:06
Bending Spoons aims to be a defining institution in European tech like Berkshire Hathaway.
10:19
Building a remarkable business in Europe has extra significance due to fewer successes and can inspire local talent.
22:43
The jobs we offer are the most important product.
31:57
Evernote was acquired by paying 50% more than the next best offer, securing a win-win deal.
36:00
Retention improved after a 60% price increase on Evernote, defying conventional wisdom.
40:37
It's unwise to offer the highest or lowest price; a fair price upfront is preferred.
41:20
Debate assumptions without looking at model outputs to avoid bias.
45:48
Capital increases caused only about 10% dilution to bring in high-quality international investors.
46:34
Being paranoid about user acquisition sources is crucial for acquisition success
53:17
Great investors assess each business on its fundamental merits, not just patterns.
56:10
Early Amazon investors succeeded by recognizing Jeff Bezos' rational thinking and leadership
1:00:56
Hiring and coaching are critical for growth
1:05:10
Most people they talked to were raising equity capital, not debt.
1:09:09
AI will be mostly positive for Bending Spoons due to its diversified model and focus on functional efficiency.
1:11:08
AI will widen the gap between Bending Spoons and other companies.
1:18:25
Two classmates helped me overcome extreme shyness at the teacher's request, which changed my life.

Chapters

Welcome to Invest Like the Best
00:00
The Vision and Ambition
03:12
Challenges and Early Days
07:56
The Turning Point: Evertale to Bending Spoons
11:01
Acquisition Strategy and Growth
13:12
Case Study: Evernote Acquisition
24:22
Pricing and Valuation Insights
33:34
Making Competitive Offers
40:02
Walkaway Rate and Offer Success
40:37
Financing the Business
41:14
Lessons from Acquisitions
43:21
The AOL Acquisition
46:32
Simplifying Business Operations
48:21
Incentives and Motivation
56:10
Balancing Discontent and Growth
58:31
Raising Debt Capital
1:03:21
Impact of AI on Business
1:06:37
Company Culture and Traditions
1:11:00
The Kindest Thing
1:16:00

Transcript

Speaker 3: The best operators have a relentless focus on leverage, finding ways to multiply their impact rather than just working harder. But here's what I see happening in finance teams everywhere. Brilliant people getting buried in expense management, bu...