Horse Barn: HVAC, Windsurf, Vanguard

In this episode of the Money Stuff Podcast, Matt Levine and Katie Greifeld discuss search funds, where individuals with business degrees acquire and manage small, often unglamorous businesses like HVAC or pest control companies. They explore the motivations, challenges, and potential rewards for both the searchers and the original owners, as well as the impact on employees. The conversation then shifts to the topic of AI talent acquisition, highlighting Google's unusual deal with Windsurf and the changing dynamics of tech company acquisitions. Finally, they analyze Vanguard's ownership of MicroStrategy (now Strategy) as an example of how index funds can indirectly invest in Bitcoin, leading to a broader discussion about market cap weighting and crypto exposure in investment portfolios.