The Hill & Valley Forum
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"What country are we not paying enough attention to?" JPMorgan CEO Jamie Dimon: "Europe's GDP per person has gone from 90% of America to 70% because of their own bad policies. And that's going to hurt us one day." "I would give them one big beautiful free trade bill. The whole of Europe. It would be unbelievable for their growth and for our growth." "It's when the economy can no longer afford the military they need. That's the problem, and Europe is kind of there right now. And we're staring that in the face." The Hill & Valley Forum 2026 The Hill & Valley Forum J.P. Morgan Mike Gallagher
The Hill & Valley Forum425,794 просмотров • 1 месяц назад
"Our head count in Manhattan when I got to JPMorgan was 35,000 and now is 26,000. Our head count in Texas started at 11,000, now it's 33,000. That's what happens." Jamie Dimon on why companies are leaving New York: "Highest individual taxes, highest estate taxes, highest corporate taxes, anti-business sentiment." "When I grew up as a kid in New York City, there were 120 of the Fortune 500 headquarters there. In the 1970s, 60 of the 120 left, including Exxon, GE, IBM, Union Carbide. They're all going to Texas." The Hill & Valley Forum 2026 The Hill & Valley Forum J.P. Morgan Mike Gallagher
The Hill & Valley Forum1,220,889 просмотров • 4 месяцев назад
"We made a huge mistake. And 'we' being business, government, and military." Jamie Dimon on China: "There was this general assumption they'd become more democratic and more free. And it didn't really happen that way." "Too many people were changing the supply chains just because they're buying a piece of equipment for $10 less." "Business was making a lot of money there and they were like, 'Leave me alone.' It was a mistake." "We need to say: 'Can we, if they ever become an adversary, have all the things we need?' Now's the time to do it." The Hill & Valley Forum 2026 The Hill & Valley Forum J.P. Morgan Mike Gallagher
The Hill & Valley Forum640,666 просмотров • 4 месяцев назад
"The thing that China has done brilliantly is they've undercut the continuation of the tool and die skilled trade in America." Smarter Every Day: "It costs $60,000 to make the tool in America, we'll do it for $15,000. The Germans have no choice, they're going to pay $15,000, they send it to America and tell the Americans to run the parts." "If they can break the intellect chain, they beat us. And I think that's brilliant, and we're stupid for letting that happen." The Hill & Valley Forum 2026 The Hill & Valley Forum Destin Sandlin Christian Garrett
The Hill & Valley Forum452,183 просмотров • 4 месяцев назад
"Tom Cruise had only done one movie, Risky Business, but he was already a cultural phenomenon." Top Gun producer Chad Oman on how Jerry Bruckheimer and Tom Cruise convinced the Navy to make Top Gun: "The Navy said no. There's no chance they will ever support the making of a movie about Top Gun pilots." "Jerry found a way to get a meeting with John Lehman, Secretary of Defense under Reagan, and took Tom Cruise with him. Lehman said, 'I get it. I know what you're trying to do, and I see how this could be great for the Navy.'" 36 years later, they went back to make Maverick: "All the guys in charge of the Navy — almost every single one of them had joined the Navy because they saw the first movie." The Hill & Valley Forum 2026 The Hill & Valley Forum Ben Schwerin COATUE
The Hill & Valley Forum404,615 просмотров • 4 месяцев назад
"We're not in business so my employee is happy. I'm in business so my customer is happy." JPMorgan CEO Jamie Dimon just ended the remote work debate in 45 seconds. "People on Zoom — they're texting each other. That's not full attention." "They learn by going on a sales call with you. They learn by seeing you make a mistake. They learn by how you deal with the mistake.” “If you go to a meeting with me, you've got my full friggin attention the whole time." The Hill & Valley Forum 2026 The Hill & Valley Forum J.P. Morgan
The Hill & Valley Forum429,263 просмотров • 5 месяцев назад
"NASA wasted $20 billion on dozens of failed nuclear power and propulsion programs that never went to space once." NASA Administrator Jared Isaacman: "I can't tell you how many times I contend with this. NASA doesn't have enough money, the budget is too small. No, we're terrible allocators of capital. We do not have a top line problem." "So I'm going back to all these failed programs. We're taking reactors, partially paid for fuel, power conversion, radiators. We're bolting this thing together. And we are sending it to Mars. The first interplanetary nuclear spacecraft ever." "We're going to drop off an incredibly inspiring badass payload on Mars, three Ingenuity class helicopters that are going to scan for potential landing sites, looking for water ice underneath the surface." The Hill & Valley Forum 2026 The Hill & Valley Forum delian NASA Jared Isaacman
The Hill & Valley Forum52,730 просмотров • 2 месяцев назад
.Dmitri Alperovitch: "Russian GDP is about 5% of the combined NATO countries' GDP. And yet they are out producing us in artillery, in armored vehicles, glide bombs, drones and even certain types of missiles." "That is a choice." "If Tesla factory in Fremont can produce 500,000 Teslas, we can produce 10,000 Tomahawks." "The reason we don't is because we have optimized our defense industrial base for 'just in time' delivery, for no surge capacity and basically small batch production. The Hill & Valley Forum 2026 The Hill & Valley Forum Tess van Stekelenburg
The Hill & Valley Forum85,906 просмотров • 4 месяцев назад
"If you rank a Toyota Camry through to Starship and what the hardest thing to make in America is, nuclear submarine is easily the first." Hadrian's Chris Power (Chris Power) on the $2.4 billion bet to save America's submarine program: "We just announced a joint Navy-Hadrian investment of $2.4 billion across a 2 million-plus square foot production facility in Alabama to create a thousand jobs dedicated to Virginia and Columbia-class submarine manufacturing." "There are a million welders short. You couldn't go hire a million welders today to catch up on that hours deficit, it's simply a math problem." "Because we're highly automated we can actually produce labor using autonomy and a new labor force paired with AI and robotics." "It's about 1/20th of what we actually need to catch up." The Hill & Valley Forum 2026 The Hill & Valley Forum Hadrian
The Hill & Valley Forum61,433 просмотров • 3 месяцев назад
"I am deeply frustrated. We've become like Europe — we are unable to move and change." JPMorgan CEO Jamie Dimon: "We don't have the productive capability to build the bullets we need." "If you were in the military and you happen to get into war, you gotta be able to say, 'I need three times as many rockets.' We can't do it. We weren't ready for it. We didn't even plan for it." The Hill & Valley Forum 2026 The Hill & Valley Forum J.P. Morgan
The Hill & Valley Forum69,377 просмотров • 4 месяцев назад
"Why does our FDA still incentivize all of this innovation to go to China?" Tweets from Zach Weinberg: "You can go to China, you can run a first-in-human study in a Chinese population at a Chinese hospital, you get your result, and then you can take that result back to America and skip the line." "I don't have to redo that Phase 1 and Phase 2 in a Western nation. I can use my Chinese data to open a Phase 3 study here and go for an approval." "Think about the incentive structure for a US biotech. You have to go to China. There is no alternative path because you've got competition on the other side who is racing ahead with infrastructure that you can't use." "We don't inspect, we don't audit, we don't send inspectors to these clinical trial sites. We have no idea what's actually going on." The Hill & Valley Forum 2026 The Hill & Valley Forum
The Hill & Valley Forum61,915 просмотров • 5 месяцев назад
.david friedberg: "Ten years ago China published half as many scientific journal papers as the United States. I believe last year China published 50% more. What's going on from a research perspective in China? How have they created this advantage?" ARPA-H Director Alicia Jackson : "What we've seen is China very rapidly take the R&D lead in biotech, in biopharma. They've done this very concertedly by their sea turtles policy, which is attracting talent that has been trained in the US, other industrialized countries to come back to China, taking the IP, taking companies and biotechs, relocating them in China and funding it very, very strongly, billions of dollars into this industry." "We used to think of China as our supplier. But the vast majority of Western pharma is doing licensing deals for Chinese molecules. About 50% of all licensing deals came out of China." "Their number one goal is not to be a supplier to us, but to replace us. You can talk to any Chinese biotech pharma CEO and they will tell you 2028 is the year that they start launching therapeutics, advanced therapeutics, cell-and-gene therapies. They will launch them independently and globally." "We're really on our back foot here right now." The Hill & Valley Forum 2026 The Hill & Valley Forum ARPA-H ARPA-HDirector
The Hill & Valley Forum47,770 просмотров • 4 месяцев назад
"Why can't we be proud of the way our nation shows up digitally? We have incredible technology in this nation. Literally the bleeding edge of frontier models across AI. Don't we deserve that as Americans?" Joe Gebbia to Dylan Field: "There's just too many 1990s-era websites that still exist in the government. That's done. We're over with that. Those days are behind us." "What you'll see coming out of National Design Studio in the coming months is going to completely turn the page on this." The Hill & Valley Forum 2026 The Hill & Valley Forum National Design Studio
The Hill & Valley Forum42,480 просмотров • 4 месяцев назад
Anduril co-founder Trae Stephens: "The things we were building weren't really clear until very recently that this was the future of warfare. Had we gotten that bet wrong, the company wouldn't have worked." "We need a lot of companies out there making bets about where the future is headed so that by the time we enter into that future we actually have the capabilities, the products, the technology that are required." The Hill & Valley Forum 2026 The Hill & Valley Forum Anduril Industries delian
The Hill & Valley Forum43,186 просмотров • 4 месяцев назад
We can be tax neutral and eliminate 125 million people off the tax rolls. Anybody making $100,000 or less doesn't pay any taxes." Vinod Khosla (Vinod Khosla) on how AI could change the tax code forever: AI will favor capital over labor — so equalize the capital gains tax with ordinary income tax. The math works: 40% of capital gains tax is already paid by people making more than $10 million a year. "The single biggest danger to AI is not AI capability. The single biggest danger to AI adoption is politics." "There will be massive job dislocation. Will there be new kinds of jobs? Maybe, maybe not. I don't know. There's very few things AI won't be able to do today or in the next few years." "I do think we need to get the benefits of AI to people before we start disrupting people." The Hill & Valley Forum 2026 The Hill & Valley Forum
The Hill & Valley Forum44,674 просмотров • 5 месяцев назад
"We're going to be in a world in two to three years where we're nearing 80% of new medicines are actually coming from Chinese biotechs." Tweets from Zach Weinberg to david friedberg: "50% of drug licenses last year from pharma were Chinese molecules. In 2020 that was zero. This year it's trending 40% higher." "I can go from a molecule to a human clinical trial overnight. 3x to 5x faster than you can do in the U.S. It's not 30% faster. It's 3x to 5x faster." "They've got what I would think of as kind of like an unethical superhighway of human research. And the things they do, we would never do here." The Hill & Valley Forum 2026 The Hill & Valley Forum
The Hill & Valley Forum37,782 просмотров • 4 месяцев назад
"You've said you don't want to read the book in 40 years titled 'How We Lost the West.' So give us the opening paragraph of the alternative book: how America got its groove back." Jamie Dimon: "A guy called Fallows wrote a book. He got in a small airplane and went to all these small cities around America. You expect to see the dystopic America. Every city, you know what they're all doing? They're growing, they're expanding, tech is everywhere, they're all building river walks, people are still working hard. When you read about America, fundamentally, it's not true." "The innovation is extraordinary. Palantir, it's extraordinary. We first used Palantir in 2012. That's American spirit." "Life, liberty, the pursuit of happiness. The power of freedom is still the greatest power that exists in the planet today. You look at countries that don't have it, they don't grow anywhere." "So we're in great shape. We just got to teach it. I think we've become lazy and soft. Now's the time to roll up our sleeves and get to work." The Hill & Valley Forum 2026 The Hill & Valley Forum J.P. Morgan
The Hill & Valley Forum11,010 просмотров • 1 месяц назад
What are the most exciting things happening in biotech right now? Tweets from Zach Weinberg: "Wait till people see these triple-G drugs. Muscle-sparing, no GI side effects — you get the weight loss but you keep your muscle. The pipeline is incredible." Todd Young: "Sequence every flora, fauna — every living, non-human thing in our national parks and our public lands. The genetic traits of these animals and plants can be used to create new products that can improve human flourishing in the future. It's Lewis and Clark brought to the 21st century." Alicia Jackson: "Being able to engineer neocortical tissue that we can use to repair brains with. Whether you've had a stroke or neurodegeneration — we're now at that point." david friedberg: "Epigenetic reprogramming. There was a paper published out of China last week where they put these reprogramming factors on skin cells and reduced the age of the skin cells by 30 years after 12 days. It's pretty incredible." The Hill & Valley Forum 2026 The Hill & Valley Forum ARPA-H ARPA-HDirector
The Hill & Valley Forum30,919 просмотров • 4 месяцев назад
JPMorgan CEO Jamie Dimon on Erebor and others coming for his turf: "I wish them success. If they can do something better than we can, go for it. That's competition." "We didn't do Stripe, we didn't do some of the stuff Block did, we didn't do Revolut. We get our asses kicked every now and then." "If they do a great job for a certain constituency, I can compete with them and do better, or they can compete with me and do better — both are fun." The Hill & Valley Forum 2026 The Hill & Valley Forum J.P. Morgan Mike Gallagher
The Hill & Valley Forum31,414 просмотров • 5 месяцев назад
"I went to the injection molder and said, 'I'd like to make this part in America, and I'd like to make the injection mold in America.' He goes, 'No, you can't do that. We go to China for the mold.'" Smarter Every Day: "If we can't make the parts that make the parts in America, we're going to lose." "If you want a bolt and a nut, literally the simplest manufacturing component, you can't get made in America stuff. I think that's crazy. So I think we need to have small businesses that just do this, and we got to figure out a way to make it profitable." The Hill & Valley Forum 2026 The Hill & Valley Forum Christian Garrett Destin Sandlin
The Hill & Valley Forum20,427 просмотров • 4 месяцев назад