Hamilton Helmer (00:00:00): Warren Buffett famously said, in business. Audio (00:00:02): I look for economic castles protected by unbreachable moats. Hamilton Helmer (00:00:04): Power requires a benefit and a barrier, so he's taking care of the benefit part by saying a castle, you have to have a pretty good understanding of why it's a castle and not a shack. Lenny Rachitsky (00:00:15): So in a lot of decks it's like, "Oh, we have the most amazing team. We move the fastest." You mention how rarely is that actually a power? Hamilton Helmer (00:00:20): You're on a treadmill and if you stop running on that treadmill, you get creamed, but it's not power. The things that drive operational excellence can be mimicked. Lenny Rachitsky (00:00:30): Let's actually talk about achieving these powers. Hamilton Helmer (00:00:32): There's a thing called power progression. There are times when certain types of power are available. The path to power is where the rubber meets the road. Lenny Rachitsky (00:00:44): Today my guest is Hamilton Helmer. Hamilton is a legend in the world of strategy. He's the author of 7 Powers, which outlines a framework for identifying and developing sustainable competitive advantage. It is widely considered to be the best book on strategy and people like Patrick Carlson, Peter Thiel, Reed Hastings, Daniel Eck, and so many more leaders credit the book and Hamilton's teachings for helping them build durable lasting companies. In our conversation, Hamilton shares what sources of power startups can start developing early, which types of power companies often think they have but they don't, how power relates to strategy and moats, when to start thinking about power as a startup and also what individual product managers and non-leaders can do about these insights about power. Also, how Hamilton sees AI impacting various entry and the sources of power. He also gives a preview of his new book that he's working on currently and so much more. (00:01:40): Wit...