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b'My guest today is Mario Cibelli. Mario is the managing partner of Marathon Partners Equity Management, a long-biased, concentrated investment firm that he\'s run for over 20 years. In our conversation, we discuss how his firm figured out Blockbuster\'s DVD volume and told Reed Hastings and Netflix about their numbers, why visiting a company\'s distribution center can be an edge for investors, Mario\'s interesting foray into the world of tequila, and how a few "cornerstone" investing insights have led to many of Marathon\'s long positions. I hope you enjoy my conversation with Mario.\\n \\xa0\\n This episode of Invest like the Best is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you\\u2019d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake, or almost any company of interest. All you have to do is log in. Visit https://www.tegus.co/patrick to learn more.\\n \\xa0\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club and new email newsletter called \\u201cInside the Episode\\u201d at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag\\n \\xa0\\n Show Notes\\n (2:34) \\u2013 (First question) \\u2013 Doing a deep dive into the early days of Netflix\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 (2:43) \\u2013 Netflixed: The Epic Battle for America\'s Eyeballs\\n (6:50) \\u2013 What was impressive about Reed\\n (7:34) \\u2013 Visiting Netflix\\u2019s distribution centers early on and the lessons of those visits\\n (10:44) \\u2013 Lessons learned from other distribution centers\\n (17:52) \\u2013 What helps create good luck for a company\\n (19:17) \\u2013 Why tequila was fun to investigate\\n (25:09) \\u2013 Why tequila is different from other hard liquors\\n (27:40) \\u2013 Finding the cornerstone insight in a company\\n (29:20) \\u2013 What he\\u2019s learned about media-driven personalities and WWE\\n (34:30) \\u2013 Lessons in starting a media company and developing IP\\n (39:00) \\u2013 Having to battle activist shareholders in business\\n (42:43) \\u2013 How the rate of return in deep investigations has changed over his time\\n (45:08) \\u2013 Kindest thing anyone has done for him\\n \\xa0\\n Learn More\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club and new email newsletter called \\u201cInside the Episode\\u201d at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag'