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He’s back! He’s 30 now and, since our last conversation, has gone from being semi-retired to now retired, as his investments are doing well. He worked for a NY-based hedge fund/family office. We discussed how he and his boss analyzed over 60 industries, the companies he looked at, and...

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PrivateEquityGuy (Mikk Markus)

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491,082 次观看 • 8 个月前 •via X (Twitter)

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Henry Ellenbogen has one of the best track records in growth investing, yet he has kept a notably low profile. He built his reputation at T. Rowe Price, where he ran the New Horizons Fund and turned it into one of the best-performing small-cap growth portfolios in the country. He backed more than 50 companies through IPO before leaving in 2019 to found Durable Capital. Henry believes great investing is about understanding people and change. He spent his career studying the 1% of companies that drive nearly all long-term returns, which led him to a simple philosophy: invest in small companies that can become large ones. He built Durable to uniquely support a company through its full compounding journey. A single team can invest early in private markets and continue owning businesses as they scale into durable public companies. He talks about investing in and learning directly from founders like Jeff Bezos, Reed Hastings, tobi lutke, Max Levchin, and Luis von Ahn, and watching how they adapt and rebuild as their businesses scale. He is especially drawn to "Act II" entrepreneurs, founders who have already built one company and return with sharper judgment and execution the second time. We also discuss Durable itself, which is Henry's own Act II. He explains how he has built the firm around developing talent, measuring people by how much they make others better, and his discipline of writing memos and doing multi-year lookbacks on every investment. What comes through most clearly is how much Henry loves the craft of investing, and how seriously he takes building something meant to last. Enjoy! Timestamps: 00:00 Intro 03:02 Origin of an Investment Philosophy 07:02 The "One Percent" of Stocks 13:17 Domino's 19:10 Betting on "Act Two" Teams 24:31 Building Durable Capital 34:46 Market Structure and Time Arbitrage 52:49 Adapting to Discontinuous Change 1:03:19 Physical Moats vs. Soft Moats 1:11:52 The End of Free Money 1:37:35 The Argument for Going Public 1:46:43 The "Warriors" Mindset 1:51:17 Kindest Thing
1:54:50

Henry Ellenbogen has one of the best track records in growth investing, yet he has kept a notably low profile. He built his reputation at T. Rowe Price, where he ran the New Horizons Fund and turned it into one of the best-performing small-cap growth portfolios in the country. He backed more than 50 companies through IPO before leaving in 2019 to found Durable Capital. Henry believes great investing is about understanding people and change. He spent his career studying the 1% of companies that drive nearly all long-term returns, which led him to a simple philosophy: invest in small companies that can become large ones. He built Durable to uniquely support a company through its full compounding journey. A single team can invest early in private markets and continue owning businesses as they scale into durable public companies. He talks about investing in and learning directly from founders like Jeff Bezos, Reed Hastings, tobi lutke, Max Levchin, and Luis von Ahn, and watching how they adapt and rebuild as their businesses scale. He is especially drawn to "Act II" entrepreneurs, founders who have already built one company and return with sharper judgment and execution the second time. We also discuss Durable itself, which is Henry's own Act II. He explains how he has built the firm around developing talent, measuring people by how much they make others better, and his discipline of writing memos and doing multi-year lookbacks on every investment. What comes through most clearly is how much Henry loves the craft of investing, and how seriously he takes building something meant to last. Enjoy! Timestamps: 00:00 Intro 03:02 Origin of an Investment Philosophy 07:02 The "One Percent" of Stocks 13:17 Domino's 19:10 Betting on "Act Two" Teams 24:31 Building Durable Capital 34:46 Market Structure and Time Arbitrage 52:49 Adapting to Discontinuous Change 1:03:19 Physical Moats vs. Soft Moats 1:11:52 The End of Free Money 1:37:35 The Argument for Going Public 1:46:43 The "Warriors" Mindset 1:51:17 Kindest Thing

Patrick OShaughnessy

868,962 次观看 • 7 个月前

Cliff Sosin has run one of the most interesting portfolios in public markets—nearly $2B concentrated in just a few companies, which he always knows better than anyone. Over many years, I’ve enjoyed conversations with him on a million topics, and finally convinced him to talk about investing with me for everyone to hear. We start talking about investing overall, and then spend a large part of the conversation hearing his side of the Carvana investing story—one for the ages. Enjoy Timestamps 0:32 Early Career & Discovering Investing 1:49 Starting the Firm 7:23 Defining a Good Business 12:31 Contained vs. Uncontained Businesses 15:30 Mental Models & Market Insights 30:13 The Role of ESG in Investing 34:26 The Carvana Investment Story 41:01 The Complexity of Car Transactions 46:43 Economies of Scale and Trust 49:40 Management Insights 59:07 Operational Issues & Market Challenges 1:19:17 The Role of Word of Mouth in Carvana's Growth 1:20:28 Identifying Early Adopters 1:27:19 The Apollo Deal and Debt Restructuring 1:28:23 Personal Reflections on Investment Decision 1:34:21 The Psychological Toll of Investment 1:45:16 Future Investment Strategies and AI 1:54:51 The Kindest Thing Anyone Has Ever Done For Cliff
1:56:58

Cliff Sosin has run one of the most interesting portfolios in public markets—nearly $2B concentrated in just a few companies, which he always knows better than anyone. Over many years, I’ve enjoyed conversations with him on a million topics, and finally convinced him to talk about investing with me for everyone to hear. We start talking about investing overall, and then spend a large part of the conversation hearing his side of the Carvana investing story—one for the ages. Enjoy Timestamps 0:32 Early Career & Discovering Investing 1:49 Starting the Firm 7:23 Defining a Good Business 12:31 Contained vs. Uncontained Businesses 15:30 Mental Models & Market Insights 30:13 The Role of ESG in Investing 34:26 The Carvana Investment Story 41:01 The Complexity of Car Transactions 46:43 Economies of Scale and Trust 49:40 Management Insights 59:07 Operational Issues & Market Challenges 1:19:17 The Role of Word of Mouth in Carvana's Growth 1:20:28 Identifying Early Adopters 1:27:19 The Apollo Deal and Debt Restructuring 1:28:23 Personal Reflections on Investment Decision 1:34:21 The Psychological Toll of Investment 1:45:16 Future Investment Strategies and AI 1:54:51 The Kindest Thing Anyone Has Ever Done For Cliff

Patrick OShaughnessy

193,789 次观看 • 1 年前

.David George leads a16z Growth, which has backed some of the most successful technology companies including Stripe, SpaceX, Waymo, Databricks, Figma, OpenAI, and Cursor. This conversation is a detailed look at how David built and runs the growth business. He shares how they win the most competitive deals, the principles behind its culture, and the framework he uses to evaluate companies. We discuss how a16z is investing across the AI stack -- from model providers to applications -- and why this platform shift creates a real window for startups to displace incumbents. Throughout the episode, David shares the models that guide his investing: why markets misprice consistent growth, what makes "pull" businesses so powerful, and why he likes to back a certain kind of founder he calls the "technical terminator." It’s fun to talk with students of the game, and David is certainly one of them. He's spent his career studying great companies, markets, and founders, and you can feel that depth in how clearly he connects patterns across cycles. Enjoy! Timestamps: 0:00 Intro 6:54 Enterprise AI 10:23 Lessons from Waymo 16:17 Technical Terminators 22:34 The "Glengarry Glen Ross" Rule 31:23 Winning Competitive Deals 42:24 The "Yankees" Mindset 46:13 Decision Making 51:12 Model Busters 53:42 Push vs. Pull Markets 1:10:23 How Startups Beat Incumbents 1:13:38 The Kindest Thing
1:14:50

.David George leads a16z Growth, which has backed some of the most successful technology companies including Stripe, SpaceX, Waymo, Databricks, Figma, OpenAI, and Cursor. This conversation is a detailed look at how David built and runs the growth business. He shares how they win the most competitive deals, the principles behind its culture, and the framework he uses to evaluate companies. We discuss how a16z is investing across the AI stack -- from model providers to applications -- and why this platform shift creates a real window for startups to displace incumbents. Throughout the episode, David shares the models that guide his investing: why markets misprice consistent growth, what makes "pull" businesses so powerful, and why he likes to back a certain kind of founder he calls the "technical terminator." It’s fun to talk with students of the game, and David is certainly one of them. He's spent his career studying great companies, markets, and founders, and you can feel that depth in how clearly he connects patterns across cycles. Enjoy! Timestamps: 0:00 Intro 6:54 Enterprise AI 10:23 Lessons from Waymo 16:17 Technical Terminators 22:34 The "Glengarry Glen Ross" Rule 31:23 Winning Competitive Deals 42:24 The "Yankees" Mindset 46:13 Decision Making 51:12 Model Busters 53:42 Push vs. Pull Markets 1:10:23 How Startups Beat Incumbents 1:13:38 The Kindest Thing

Patrick OShaughnessy

614,386 次观看 • 8 个月前

My conversation with Tracy Britt Cool. Warren Buffett called her his "fireman" because of her reputation at Berkshire Hathaway for turning around struggling businesses. In this conversation, you'll learn exactly how she did it, how she evaluates businesses, and the mistake that most people make when hiring. (0:00) Intro, recent reading, and family life (3:04) Alan Mulally's Turnaround at Ford (4:22) The Work Test (5:03) The Pampered Chef Turnaround (7:06) How Value Creation is Changing (8:38) Why Companies Fail to Adapt (10:09) Lessons from the Farm (16:57) Lessons from Warren Buffett (18:25) Ad Break (20:57) Buying Companies at Kanbrick (22:38) The 3 Components of Long-Term Thinking (25:11) Avoiding the Complexity Trap (26:23) How to Turnaround a Declining Business (28:03) Attracting Talent to a Declining Business (30:29) Matching Structure to Time Horizon (32:00) Growing Margins (33:25) The Process: What to Focus on (35:10) The 3 Buckets of Putting People First (37:00) How to Specifically Evaluate Talent (40:16) Identifying the People to Avoid at All Costs (42:23) Sourcing Deals (43:56) 5 Lenses to Evaluate a Business (45:14) How to Evaluate a Moat (49:29) How Quantitative Analysis Misleads (50:25) A Detailed Look at Return on Invested Capital (53:18) What Makes an Attractive Market (54:33) Finding High-Potential Businesses (57:00) The Post Close Playbook (1:02:03) Repeatable Business Systems (1:04:06) Why Copying What Works is Hard (1:06:01) Mistakes in the Past 5 Years (1:10:13) Debt and Leverage (1:12:20) 3 Ways to Think about AI (1:15:13) What Most People Get Wrong When Hiring (1:21:12) Businesses to Avoid (1:22:35) What Not to Do (1:24:31) Public vs. Private Company Boards (1:27:04) How Warren Buffett Taught Katharine Graham Business (1:29:28) Each Hire is a Million Dollar Decision (1:31:02) Evaluating Integrity (1:32:36) The One Word That Keeps People Honest (1:35:52) Principles & Lessons from Business History (1:36:59) Inflation (1:40:22) Public Company Heroes (1:41:41) Companies & Political Opinions (1:42:46) What is Success for you? Tracy Britt Cool is the co-founder of Kanbrick and the former CEO of Pampered Chef. At Berkshire Hathaway, she worked directly with Warren Buffett and was on the board of Kraft Heinz, Benjamin Moore, and Dairy Queen. (Includes paid partnerships. If you're interested in sponsoring, reach out.)
1:43:51

My conversation with Tracy Britt Cool. Warren Buffett called her his "fireman" because of her reputation at Berkshire Hathaway for turning around struggling businesses. In this conversation, you'll learn exactly how she did it, how she evaluates businesses, and the mistake that most people make when hiring. (0:00) Intro, recent reading, and family life (3:04) Alan Mulally's Turnaround at Ford (4:22) The Work Test (5:03) The Pampered Chef Turnaround (7:06) How Value Creation is Changing (8:38) Why Companies Fail to Adapt (10:09) Lessons from the Farm (16:57) Lessons from Warren Buffett (18:25) Ad Break (20:57) Buying Companies at Kanbrick (22:38) The 3 Components of Long-Term Thinking (25:11) Avoiding the Complexity Trap (26:23) How to Turnaround a Declining Business (28:03) Attracting Talent to a Declining Business (30:29) Matching Structure to Time Horizon (32:00) Growing Margins (33:25) The Process: What to Focus on (35:10) The 3 Buckets of Putting People First (37:00) How to Specifically Evaluate Talent (40:16) Identifying the People to Avoid at All Costs (42:23) Sourcing Deals (43:56) 5 Lenses to Evaluate a Business (45:14) How to Evaluate a Moat (49:29) How Quantitative Analysis Misleads (50:25) A Detailed Look at Return on Invested Capital (53:18) What Makes an Attractive Market (54:33) Finding High-Potential Businesses (57:00) The Post Close Playbook (1:02:03) Repeatable Business Systems (1:04:06) Why Copying What Works is Hard (1:06:01) Mistakes in the Past 5 Years (1:10:13) Debt and Leverage (1:12:20) 3 Ways to Think about AI (1:15:13) What Most People Get Wrong When Hiring (1:21:12) Businesses to Avoid (1:22:35) What Not to Do (1:24:31) Public vs. Private Company Boards (1:27:04) How Warren Buffett Taught Katharine Graham Business (1:29:28) Each Hire is a Million Dollar Decision (1:31:02) Evaluating Integrity (1:32:36) The One Word That Keeps People Honest (1:35:52) Principles & Lessons from Business History (1:36:59) Inflation (1:40:22) Public Company Heroes (1:41:41) Companies & Political Opinions (1:42:46) What is Success for you? Tracy Britt Cool is the co-founder of Kanbrick and the former CEO of Pampered Chef. At Berkshire Hathaway, she worked directly with Warren Buffett and was on the board of Kraft Heinz, Benjamin Moore, and Dairy Queen. (Includes paid partnerships. If you're interested in sponsoring, reach out.)

Shane Parrish

430,283 次观看 • 10 个月前

My conversation with Alex Sacerdote, founder of Whale Rock Capital Management. Alex runs more than $17B and has been one of the best performing tech investors for years, though he keeps a low public profile. As you'll hear, he is singular in how he thinks about investing through technology cycles. For over 25 years, he has built his entire investment framework around a single idea, the S-curve. We discuss: - The AI L-Curve - When to buy into an S-curve and when to sell out - The de-commoditization of data center hardware - Why he went net short software - His two models for tech adoption - Finding alpha Enjoy! Timestamps 0:00 Intro 9:55 AI's L-Curve 19:31 Whale Rock's S-Curve Playbook 26:14 Spotting Inflection Points 32:02 Finding AI Winners 40:04 AI vs Software 48:13 The Hardware Renaissance 58:04 Why Investors Miss AI 1:05:18 Whale Rock's Research Machine
1:20:09

My conversation with Alex Sacerdote, founder of Whale Rock Capital Management. Alex runs more than $17B and has been one of the best performing tech investors for years, though he keeps a low public profile. As you'll hear, he is singular in how he thinks about investing through technology cycles. For over 25 years, he has built his entire investment framework around a single idea, the S-curve. We discuss: - The AI L-Curve - When to buy into an S-curve and when to sell out - The de-commoditization of data center hardware - Why he went net short software - His two models for tech adoption - Finding alpha Enjoy! Timestamps 0:00 Intro 9:55 AI's L-Curve 19:31 Whale Rock's S-Curve Playbook 26:14 Spotting Inflection Points 32:02 Finding AI Winners 40:04 AI vs Software 48:13 The Hardware Renaissance 58:04 Why Investors Miss AI 1:05:18 Whale Rock's Research Machine

Patrick OShaughnessy

870,358 次观看 • 2 个月前

10 years ago, Parag Agrawal and I were working together to introduce ranking to Twitter’s timeline for hundreds of millions of consumers. Now he’s started Parallel Web Systems to build infrastructure for a very different kind of user: AI agents. And in a full circle moment, we’re able to work together again, as First Round invested in his seed round last year alongside Khosla Ventures and Index Ventures. Parag and I had a chance to sit down for a great conversation last week (his first interview since leaving Twitter!). It was a fascinating reflection on what he learned and what he’s doing differently. We dig into: - The transition from CTO → CEO → Founder - What he was *really* thinking when all the Twitter drama was going down - Why he chose to be a founder (vs. take another big role) - How he landed on the idea for Parallel - What fundamentally changes when you’re designing for AIs vs. humans - How he thought about fundraising and building his early team - How working with customers like Clay shaped Parallel’s earliest products - The case for building “slow” APIs, and the advice he got from Patrick Collison - His takes on the modern agent stack and how evals need to evolve And much more! Immensely proud to be able to partner with Parag and the entire Parallel team. They’ve made incredible progress in a short amount of time and I can’t wait for more folks to start playing around with the APIs they’ve built. The full conversation is below, as well as more details on what Parallel is up to.
1:17

10 years ago, Parag Agrawal and I were working together to introduce ranking to Twitter’s timeline for hundreds of millions of consumers. Now he’s started Parallel Web Systems to build infrastructure for a very different kind of user: AI agents. And in a full circle moment, we’re able to work together again, as First Round invested in his seed round last year alongside Khosla Ventures and Index Ventures. Parag and I had a chance to sit down for a great conversation last week (his first interview since leaving Twitter!). It was a fascinating reflection on what he learned and what he’s doing differently. We dig into: - The transition from CTO → CEO → Founder - What he was *really* thinking when all the Twitter drama was going down - Why he chose to be a founder (vs. take another big role) - How he landed on the idea for Parallel - What fundamentally changes when you’re designing for AIs vs. humans - How he thought about fundraising and building his early team - How working with customers like Clay shaped Parallel’s earliest products - The case for building “slow” APIs, and the advice he got from Patrick Collison - His takes on the modern agent stack and how evals need to evolve And much more! Immensely proud to be able to partner with Parag and the entire Parallel team. They’ve made incredible progress in a short amount of time and I can’t wait for more folks to start playing around with the APIs they’ve built. The full conversation is below, as well as more details on what Parallel is up to.

Todd Jackson

114,887 次观看 • 1 年前

My guest today is Paul Tudor Jones (Paul Tudor Jones), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness
1:11:16

My guest today is Paul Tudor Jones (Paul Tudor Jones), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

Patrick OShaughnessy

5,618,449 次观看 • 3 个月前

“A big investing theme is the manufacturing of Solar Pumps. India has about 1 crore diesel pumps that are yet to be moved to solar pumps That is roughly a 2.5 lakh crore opportunity", says Pawan Bharaddia , the CIO of Equitree Capital Equitree invested in shakti pumps at 25rs in 2017 , and they have seen the stock go from 25 to 1200 and down to 500 also despite the drawdown of 40% in shakti pumps in the last one year, Equitree continues to hold the stock. in his journey of holding shakti pumps , they have seen a 30-40% drawdown 3-4 times but still hold on he explained the entire process of how to understand business cycles of companies , how long to hold, how to differentiate between external and internal red flags and lots more Pawan has over 25 years of equity investing experience in India and over the past 5 years , Equitree has delivered a 25% CAGR, consistently ranking among India's top-performing PMS strategies. We did a deep dive into micro cap investing, an area he has been focussing on for the past 10 years. Full episode is out now on The Money Mindset
0:34

“A big investing theme is the manufacturing of Solar Pumps. India has about 1 crore diesel pumps that are yet to be moved to solar pumps That is roughly a 2.5 lakh crore opportunity", says Pawan Bharaddia , the CIO of Equitree Capital Equitree invested in shakti pumps at 25rs in 2017 , and they have seen the stock go from 25 to 1200 and down to 500 also despite the drawdown of 40% in shakti pumps in the last one year, Equitree continues to hold the stock. in his journey of holding shakti pumps , they have seen a 30-40% drawdown 3-4 times but still hold on he explained the entire process of how to understand business cycles of companies , how long to hold, how to differentiate between external and internal red flags and lots more Pawan has over 25 years of equity investing experience in India and over the past 5 years , Equitree has delivered a 25% CAGR, consistently ranking among India's top-performing PMS strategies. We did a deep dive into micro cap investing, an area he has been focussing on for the past 10 years. Full episode is out now on The Money Mindset

Sonia Shenoy

29,150 次观看 • 2 个月前

My conversation with Martín Escobari, Head of Growth Equity at General Atlantic, explores the history of the firm and the current state of growth and emerging markets. He shares why this is the best window for growth equity since 2009, and how the premium on U.S. equities is creating compelling opportunities abroad. Martín also has an incredible personal story. He grew up in Bolivia during a period of extreme political and economic turmoil and shares how those experiences shaped his investing philosophy and his belief that curiosity and optimism are essential to a long career. Martín's infectious energy and genuine love for investing made this conversation both insightful and a lot of fun. Enjoy! Timestamps: 0:00 Intro 4:12 The Art of Spearfishing 9:20 Navigating Bubbles 16:38 Chuck Feeney’s Vision 23:43 Evergreen Funds 27:39 The Case for Global Diversification 40:07 Checklist vs. Gut 51:53 Career Advice for the AI Era 56:11 Power Alleys 1:09:36 Mentoring 1:12:07 Kindest Thing
1:12:53

My conversation with Martín Escobari, Head of Growth Equity at General Atlantic, explores the history of the firm and the current state of growth and emerging markets. He shares why this is the best window for growth equity since 2009, and how the premium on U.S. equities is creating compelling opportunities abroad. Martín also has an incredible personal story. He grew up in Bolivia during a period of extreme political and economic turmoil and shares how those experiences shaped his investing philosophy and his belief that curiosity and optimism are essential to a long career. Martín's infectious energy and genuine love for investing made this conversation both insightful and a lot of fun. Enjoy! Timestamps: 0:00 Intro 4:12 The Art of Spearfishing 9:20 Navigating Bubbles 16:38 Chuck Feeney’s Vision 23:43 Evergreen Funds 27:39 The Case for Global Diversification 40:07 Checklist vs. Gut 51:53 Career Advice for the AI Era 56:11 Power Alleys 1:09:36 Mentoring 1:12:07 Kindest Thing

Patrick OShaughnessy

418,416 次观看 • 8 个月前

Oren Zeev is truly one of a kind in venture capital. The man manages $1BN as a solo capitalist. He does not take a single $0 in fees. (unheard of) He has 30% carry. (wow) He is the largest LP in every single one of his funds. (13% per fund = over $20M per fund, wow again!!!) He does not adhere to traditional rules around deployment period or cross-fund investing. The man is the most authentic and awesome GP in venture. Spotify 👉 Youtube 👉 Apple Podcasts 👉 My 6 takeaways with oren zeev 👇 Timestamps: 00:00 Intro 01:38 Why the Best Investments Always Look "Wrong" at the Start 03:43 The AI Tsunami: How to Spot Beneficiaries vs Victims 06:57 The Death of Incumbents? Why Most AI Predictions Are Wrong 11:29 Why Chasing Hyper-Growth is a "Disaster Waiting to Happen" 18:43 The Biggest Mistakes From 2021 and Investing Lessons From It? 33:20 Is the Future of Venture Boutique or Mega Fund: Does the Middle Die? 35:54 The Great VC Shakeout: Why 50% of Funds Will Slowly Die 44:02 Why Oren Zeev Takes $0 in Management Fees 57:50 Why VCs Should Never Tell Their LPs What They Are Doing? 01:02:41 Quick-Fire Round 01:07:21 How I Missed Investing in Facebook and Lessons Learned
1:15:08

Oren Zeev is truly one of a kind in venture capital. The man manages $1BN as a solo capitalist. He does not take a single $0 in fees. (unheard of) He has 30% carry. (wow) He is the largest LP in every single one of his funds. (13% per fund = over $20M per fund, wow again!!!) He does not adhere to traditional rules around deployment period or cross-fund investing. The man is the most authentic and awesome GP in venture. Spotify 👉 Youtube 👉 Apple Podcasts 👉 My 6 takeaways with oren zeev 👇 Timestamps: 00:00 Intro 01:38 Why the Best Investments Always Look "Wrong" at the Start 03:43 The AI Tsunami: How to Spot Beneficiaries vs Victims 06:57 The Death of Incumbents? Why Most AI Predictions Are Wrong 11:29 Why Chasing Hyper-Growth is a "Disaster Waiting to Happen" 18:43 The Biggest Mistakes From 2021 and Investing Lessons From It? 33:20 Is the Future of Venture Boutique or Mega Fund: Does the Middle Die? 35:54 The Great VC Shakeout: Why 50% of Funds Will Slowly Die 44:02 Why Oren Zeev Takes $0 in Management Fees 57:50 Why VCs Should Never Tell Their LPs What They Are Doing? 01:02:41 Quick-Fire Round 01:07:21 How I Missed Investing in Facebook and Lessons Learned

Harry Stebbings

132,755 次观看 • 6 个月前

Warren Buffett's legendary speech at the University of Georgia. This speech is a great piece on business and investing. But I specifically enjoy it for Buffett's humor and life lessons. Here are some of my favorite points: 1. Don't work for your Resume - Work for someone you admire. Not to upgrade your resume. Working jobs that you hate first sounds to Buffett like: "Saving up sex for when you're old." Focus on learning on the job! 2. Qualities to focus on in Life - Buffett's Thought Experiment: Look around in your classroom, which classmate would you choose when you could keep 10% of his earnings for the rest of your life? Also, think about the inversion of this scenario: Who would you sell short? The characteristics that you focus on when answering these questions are the ones you should focus on in your own life. 3. The Best Compounders are Stable Companies - "The internet won't change how you chew gum." Buffett's biggest successes come from companies that aren't disruptable. Industries that are subject to disruption are a bad spot to look for long-term investments. 4. Go Short Horses, Not Long Cars - Investing is not about spotting the disruptors. In most cases, it's obvious when a life-changing product comes up. The question is, who profits from that change? It was a matter of time before cars replaced horses. But out of hundreds of car companies, only a handful actually succeeded. The same happened in the airline industry. 5. Managing your Circle of Competence - According to Buffett, the key to successful investing is to manage your circle of competence. It's not how big that circle is. More important is that you know your boundaries and always stay within them. 6. The Birds in the Bush - "A bird in the hand is worth two in the bush." However, an investor should also ask: 1. How many birds are in the bush? 2. When will they come out? 3. How sure am I? Investing is all about answering these questions. What investing lecture/speech/video can you recommend to me? If you enjoyed this tweet, please Retweet and Like it!
1:17:09

Warren Buffett's legendary speech at the University of Georgia. This speech is a great piece on business and investing. But I specifically enjoy it for Buffett's humor and life lessons. Here are some of my favorite points: 1. Don't work for your Resume - Work for someone you admire. Not to upgrade your resume. Working jobs that you hate first sounds to Buffett like: "Saving up sex for when you're old." Focus on learning on the job! 2. Qualities to focus on in Life - Buffett's Thought Experiment: Look around in your classroom, which classmate would you choose when you could keep 10% of his earnings for the rest of your life? Also, think about the inversion of this scenario: Who would you sell short? The characteristics that you focus on when answering these questions are the ones you should focus on in your own life. 3. The Best Compounders are Stable Companies - "The internet won't change how you chew gum." Buffett's biggest successes come from companies that aren't disruptable. Industries that are subject to disruption are a bad spot to look for long-term investments. 4. Go Short Horses, Not Long Cars - Investing is not about spotting the disruptors. In most cases, it's obvious when a life-changing product comes up. The question is, who profits from that change? It was a matter of time before cars replaced horses. But out of hundreds of car companies, only a handful actually succeeded. The same happened in the airline industry. 5. Managing your Circle of Competence - According to Buffett, the key to successful investing is to manage your circle of competence. It's not how big that circle is. More important is that you know your boundaries and always stay within them. 6. The Birds in the Bush - "A bird in the hand is worth two in the bush." However, an investor should also ask: 1. How many birds are in the bush? 2. When will they come out? 3. How sure am I? Investing is all about answering these questions. What investing lecture/speech/video can you recommend to me? If you enjoyed this tweet, please Retweet and Like it!

Daniel Mahncke

138,552 次观看 • 2 年前

I’m fascinated with history’s thinker-doers: Cicero, Marcus Aurelius, Benjamin Franklin. There’s no greater achievement than calling your shots: laying out a theoretical worldview, then executing ruthlessly to bend reality. There exist people like this today, who write a manifesto and go build a $100B company on top. And I’m launching a new Cosmos Institute series to interview these modern greats, featuring Peter Thiel, Joe Lonsdale, Jim O’Shaughnessy and more detailed in the thread below👇 If you feel pulled both by the joys of understanding and the thrill of action, this series is a masterclass on how to integrate the two. The inaugural episode today is with Colin Moran, founder of one of the best-performing, multi-billion hedge funds on wall street in the last 20 years. And yet, he couldn’t be further from your average money-manager: Colin is a devout Christian whose primary concern is rescuing Catholic art, music, and architecture. He studied intellectual history at Duke and Oxford and wanted to be an academic. His fund is not run by quants of ivy-league athletes but a nerdy group of humanities scholars who studied classics, theology, musicology, and history. Colin analyzes each company as if close reading a Great Book. And he attributes his best investments to following his intellectual curiosity: writing an academic essay on the nature of creativity, for example, resulted in one of his best investments in Shopify. He calls this process “following the fun”… it turns out the best way to make money is not to think about making money. Timestamps: 2:09 How to Read a Company as a Text 5:58 Follow The Fun, the Money Will Come 11:54 Great Founders: Autistic, Megalomaniac, or Vengeful 15:46 The Limits of Reason in Investing and Faith 25:40 Colin’s Intellectual Influence: John Henry Newman 32:03 Faith and Investing Share Uncertainty 47:58 Colin’s Story From Ivory Tower to Wall Street 1:15:37 Classical Liberals vs. National Conservatives 1:23:10 Judaism and Christianity: A Marriage of Convenience?
1:41:27

I’m fascinated with history’s thinker-doers: Cicero, Marcus Aurelius, Benjamin Franklin. There’s no greater achievement than calling your shots: laying out a theoretical worldview, then executing ruthlessly to bend reality. There exist people like this today, who write a manifesto and go build a $100B company on top. And I’m launching a new Cosmos Institute series to interview these modern greats, featuring Peter Thiel, Joe Lonsdale, Jim O’Shaughnessy and more detailed in the thread below👇 If you feel pulled both by the joys of understanding and the thrill of action, this series is a masterclass on how to integrate the two. The inaugural episode today is with Colin Moran, founder of one of the best-performing, multi-billion hedge funds on wall street in the last 20 years. And yet, he couldn’t be further from your average money-manager: Colin is a devout Christian whose primary concern is rescuing Catholic art, music, and architecture. He studied intellectual history at Duke and Oxford and wanted to be an academic. His fund is not run by quants of ivy-league athletes but a nerdy group of humanities scholars who studied classics, theology, musicology, and history. Colin analyzes each company as if close reading a Great Book. And he attributes his best investments to following his intellectual curiosity: writing an academic essay on the nature of creativity, for example, resulted in one of his best investments in Shopify. He calls this process “following the fun”… it turns out the best way to make money is not to think about making money. Timestamps: 2:09 How to Read a Company as a Text 5:58 Follow The Fun, the Money Will Come 11:54 Great Founders: Autistic, Megalomaniac, or Vengeful 15:46 The Limits of Reason in Investing and Faith 25:40 Colin’s Intellectual Influence: John Henry Newman 32:03 Faith and Investing Share Uncertainty 47:58 Colin’s Story From Ivory Tower to Wall Street 1:15:37 Classical Liberals vs. National Conservatives 1:23:10 Judaism and Christianity: A Marriage of Convenience?

Johnathan Bi

236,572 次观看 • 11 个月前

Full conversation with Luke Alexander on the real reason he shut down his business to bootstrap an AI SaaS. 0:00 Where It Started 4:39 No Internet Rural Ohio 7:21 Leaving Home to Save His Family 9:13 Dropping Out With $500 11:08 Cold DMing His First Client 13:14 Family Responsibility and What Drives Him 16:21 Why Anxiety Doesn't Exist 19:14 Suffering Is the Only Real Skill 21:18 Shutting Down the Agency 25:30 Moving to Miami With 15K 27:08 Launching Closer Cartel 70K Month One 31:01 The Character He Had to Play 33:08 The $12K Car and the Info Meta 36:48 Idols Becoming Brothers 40:06 Retiring His Mom First Million 41:41 His Dad the Restraining Order 43:20 The Man Who Stepped In 47:15 Burnout and Losing the Passion 50:16 The Moment He Walked Away 53:28 Why Info Rewards the Wrong Behavior 56:02 Spiritual Warfare in Miami 1:04:29 Living in Alignment 1:07:56 What He Wants to Look Back On 1:12:18 Why He Built Kindo 1:17:32 The Real Moat Is Taste 1:20:03 Learning Enterprise Sales 1:23:43 Bootstrapping vs Raising 1:26:03 How Kindo Works 1:29:05 AI Will Replace Sales Reps 1:36:09 Genetics and the Real Red Pill 1:39:53 Vision at 30 1:46:13 What It Means to Be a Good Dad 1:49:46 Looking for a Unicorn in Miami 1:51:29 Final Words
1:54:02

Full conversation with Luke Alexander on the real reason he shut down his business to bootstrap an AI SaaS. 0:00 Where It Started 4:39 No Internet Rural Ohio 7:21 Leaving Home to Save His Family 9:13 Dropping Out With $500 11:08 Cold DMing His First Client 13:14 Family Responsibility and What Drives Him 16:21 Why Anxiety Doesn't Exist 19:14 Suffering Is the Only Real Skill 21:18 Shutting Down the Agency 25:30 Moving to Miami With 15K 27:08 Launching Closer Cartel 70K Month One 31:01 The Character He Had to Play 33:08 The $12K Car and the Info Meta 36:48 Idols Becoming Brothers 40:06 Retiring His Mom First Million 41:41 His Dad the Restraining Order 43:20 The Man Who Stepped In 47:15 Burnout and Losing the Passion 50:16 The Moment He Walked Away 53:28 Why Info Rewards the Wrong Behavior 56:02 Spiritual Warfare in Miami 1:04:29 Living in Alignment 1:07:56 What He Wants to Look Back On 1:12:18 Why He Built Kindo 1:17:32 The Real Moat Is Taste 1:20:03 Learning Enterprise Sales 1:23:43 Bootstrapping vs Raising 1:26:03 How Kindo Works 1:29:05 AI Will Replace Sales Reps 1:36:09 Genetics and the Real Red Pill 1:39:53 Vision at 30 1:46:13 What It Means to Be a Good Dad 1:49:46 Looking for a Unicorn in Miami 1:51:29 Final Words

Grant

33,376 次观看 • 3 个月前

My conversation with Kate McAndrew (katepmcandrew). Kate McAndrew is the Co-Founder and General Partner of Baukunst, a $100 million pre-seed venture fund that backs founders at the earliest stages of company building. Over the past decade, she has invested in more than 100 pre-seed companies, giving her a front-row seat to what separates exceptional founders from everyone else. In this episode we discuss: - What makes a startup worth investing in - How investors actually evaluate founders - How to spot an exceptional entrepreneur - The secret to building institutions that outlive you - Kate's unconventional path into venture capital - The investing philosophy behind a $100M fund Enjoy! Timestamps: 0:00 Intro 1:37 Kate’s Biggest Struggle 3:55 How Going To An All-Girls School Impacted Kate's Life 8:38 What Going To An All-Girls School Is Actually Like 11:21 How Kate Thinks About Investing 12:41 What Makes A Great Founder 14:23 How Companies Survive 100+ Years 17:14 Kate’s Unconventional Path To VC 23:15 The Philosophy Of Building A Great Company 27:54 How Kate Got Her First Job In VC 30:04 Kate’s Best Advice For Entrepreneurs 33:29 What Makes A Brand’s Identity 36:49 Why Kate Makes Content 43:30 The Purpose Behind Baukunst 48:04 How Baukunst Operates Internally 52:34 What Kate’s Most Excited To Invest In 54:57 Every VC Hates A Creator Business 58:04 The Value Of Creator Businesses 59:37 Rapid Fire Questions
1:12:17

My conversation with Kate McAndrew (katepmcandrew). Kate McAndrew is the Co-Founder and General Partner of Baukunst, a $100 million pre-seed venture fund that backs founders at the earliest stages of company building. Over the past decade, she has invested in more than 100 pre-seed companies, giving her a front-row seat to what separates exceptional founders from everyone else. In this episode we discuss: - What makes a startup worth investing in - How investors actually evaluate founders - How to spot an exceptional entrepreneur - The secret to building institutions that outlive you - Kate's unconventional path into venture capital - The investing philosophy behind a $100M fund Enjoy! Timestamps: 0:00 Intro 1:37 Kate’s Biggest Struggle 3:55 How Going To An All-Girls School Impacted Kate's Life 8:38 What Going To An All-Girls School Is Actually Like 11:21 How Kate Thinks About Investing 12:41 What Makes A Great Founder 14:23 How Companies Survive 100+ Years 17:14 Kate’s Unconventional Path To VC 23:15 The Philosophy Of Building A Great Company 27:54 How Kate Got Her First Job In VC 30:04 Kate’s Best Advice For Entrepreneurs 33:29 What Makes A Brand’s Identity 36:49 Why Kate Makes Content 43:30 The Purpose Behind Baukunst 48:04 How Baukunst Operates Internally 52:34 What Kate’s Most Excited To Invest In 54:57 Every VC Hates A Creator Business 58:04 The Value Of Creator Businesses 59:37 Rapid Fire Questions

Erica Wenger

12,689 次观看 • 1 个月前

Below is my conversation with @jason directly posted on the X platform. We discuss how Jason returned 4,000x ($25K into $100MM) on a single investment and How Sequoia Capital, Andreessen Horowitz, and Y-Combinator compete in a hypercompetitive market. “I can tell you the Sequoia team is very competitive. Every time I go by that office, people are talking about the transition. The last two or three times I was there, Doug Leone was in the office. You know, he's retired? I don't know if that's correct because I see him there. People like Bill Gurley, he's retired? Every time I see him, he's talking to startups and he's on the boards of all these companies. Vinod Khosla is in his seventies and he's in meetings.” (00:00) Episode Preview (01:15) Fundraising for LAUNCH and LP investing experience (02:10) Sequoia’s investments in Twitter and Zynga (03:12) Being Sequoia’s first venture scout and earning 50% carry (04:28) Venture wealth bombs (08:06) Jason’s 4,000x investment in Uber (09:44) Loyalty in venture (10:07) Investing in Superhuman (13:15) How Jason got a 200x on an AngelList syndicate deal (14:20) Episode Sponsor (14:59) Unlocking value through secondaries (15:41) Qualities of top managers (16:23) Jason’s current fund (17:21) Aligning incentives through a GP commitment (20:54) Sourcing deals through Syndicate investments (23:56) The importance of social proof (25:04) Dealflow is destiny (28:23) The importance of ownership (29:51) Sharp elbows in Series A and beyond (31:28) Jason’s current portfolio construction (32:29) YCs impact on venture (34:05) Playing for carry, the importance of a techstack and the myth of work life balance (36:19) Venture is a competition (37:06) Why early stage venture is not zero-sum #OpenLP Turpentine Erik Torenberg Thank you to our sponsor @tactycHQ
40:21

Below is my conversation with @jason directly posted on the X platform. We discuss how Jason returned 4,000x ($25K into $100MM) on a single investment and How Sequoia Capital, Andreessen Horowitz, and Y-Combinator compete in a hypercompetitive market. “I can tell you the Sequoia team is very competitive. Every time I go by that office, people are talking about the transition. The last two or three times I was there, Doug Leone was in the office. You know, he's retired? I don't know if that's correct because I see him there. People like Bill Gurley, he's retired? Every time I see him, he's talking to startups and he's on the boards of all these companies. Vinod Khosla is in his seventies and he's in meetings.” (00:00) Episode Preview (01:15) Fundraising for LAUNCH and LP investing experience (02:10) Sequoia’s investments in Twitter and Zynga (03:12) Being Sequoia’s first venture scout and earning 50% carry (04:28) Venture wealth bombs (08:06) Jason’s 4,000x investment in Uber (09:44) Loyalty in venture (10:07) Investing in Superhuman (13:15) How Jason got a 200x on an AngelList syndicate deal (14:20) Episode Sponsor (14:59) Unlocking value through secondaries (15:41) Qualities of top managers (16:23) Jason’s current fund (17:21) Aligning incentives through a GP commitment (20:54) Sourcing deals through Syndicate investments (23:56) The importance of social proof (25:04) Dealflow is destiny (28:23) The importance of ownership (29:51) Sharp elbows in Series A and beyond (31:28) Jason’s current portfolio construction (32:29) YCs impact on venture (34:05) Playing for carry, the importance of a techstack and the myth of work life balance (36:19) Venture is a competition (37:06) Why early stage venture is not zero-sum #OpenLP Turpentine Erik Torenberg Thank you to our sponsor @tactycHQ

David Weisburd 🚀

176,447 次观看 • 2 年前

After nearly 7 years as The Fort, we have rebranded the podcast as POWERS. We welcome back Barrett Linburg to the podcast for a deep dive into the evolution of Opportunity Zones and also his firm, Savoy. Barrett shares how his focus on Opportunity Zone projects has shaped Savoy, why these tax-incentivized investments are so compelling for long-term real estate strategies, and how his team has expanded into property management, construction, and development. The discussion also highlights the transformation of Dallas neighborhoods, navigating legislation, and lessons learned from working with contractors and city partnerships. We discuss: - How Barrett discovered opportunity zones and built a firm around them - The redevelopment of Bishop Ridge in Dallas and the strategy behind choosing locations - Key changes from Opportunity Zone 1.0 to 2.0 and what they mean for investors - Building out complementary businesses in property management, renovations, and construction - Combining opportunity zones with PFC structures to maximize returns and affordability 5:52 - Barrett's real estate journey 7:12 - Opportunity zones in practice 21:08 - Case study: Bishop Ridge 26:21 - Future of opportunity zones 34:51 - Understanding OZ tax benefits 35:16 - Clarifying misconceptions about OZ investments 36:55 - Step up in basis explained 38:46 - Investing in opportunity zone businesses 43:47 - Challenges with general contractors 48:42 - Expanding Savoy Equity Partners 58:31 - Navigating PFC and OZ deals 1:04:33 - Conclusion and contact information
1:04:48

After nearly 7 years as The Fort, we have rebranded the podcast as POWERS. We welcome back Barrett Linburg to the podcast for a deep dive into the evolution of Opportunity Zones and also his firm, Savoy. Barrett shares how his focus on Opportunity Zone projects has shaped Savoy, why these tax-incentivized investments are so compelling for long-term real estate strategies, and how his team has expanded into property management, construction, and development. The discussion also highlights the transformation of Dallas neighborhoods, navigating legislation, and lessons learned from working with contractors and city partnerships. We discuss: - How Barrett discovered opportunity zones and built a firm around them - The redevelopment of Bishop Ridge in Dallas and the strategy behind choosing locations - Key changes from Opportunity Zone 1.0 to 2.0 and what they mean for investors - Building out complementary businesses in property management, renovations, and construction - Combining opportunity zones with PFC structures to maximize returns and affordability 5:52 - Barrett's real estate journey 7:12 - Opportunity zones in practice 21:08 - Case study: Bishop Ridge 26:21 - Future of opportunity zones 34:51 - Understanding OZ tax benefits 35:16 - Clarifying misconceptions about OZ investments 36:55 - Step up in basis explained 38:46 - Investing in opportunity zone businesses 43:47 - Challenges with general contractors 48:42 - Expanding Savoy Equity Partners 58:31 - Navigating PFC and OZ deals 1:04:33 - Conclusion and contact information

Chris Powers

80,072 次观看 • 11 个月前

Mitchell Green is the co-founder and managing partner of Lead Edge Capital, a $9B growth equity firm he founded in 2011. For 15 years, he and his partners have built one of the most disciplined investment machines in the business, designed to deliver consistent returns by hitting doubles and triples rather than chasing power law outcomes. He obsesses over avoiding zeros and is constantly underwriting investments to know exactly when to sell. He has built a unique culture at Lead Edge, sending handwritten thank you notes to nearly everyone he meets and sitting down one on one with every person at the firm once a year. He is, by his own admission, one of the most persistent and competitive people you will meet. After the episode, he told me he believes the most important thing in life is to be memorable. You will find, listening to this conversation, that he very much is. We discuss: - Why it’s the best time to buy public software companies - Lessons from 10,000 cold calls - His unique LP base - Why consistency of returns matters more than home runs - The art of knowing when to sell - How culture is built from the top + the importance of follow-through - What skiing taught him about risk and competition Enjoy! Timestamps: 0:00 Intro 1:00 The Hierarchy of BS 2:20 Lessons From 10,000 Cold Calls 9:05 Base Hits vs. Grand Slams 15:24 The 8 Buying Criteria 17:24 Pricing and the AI Exit Multiple Trap 19:24 Software as a Game of Distribution 23:20 Creative Deal Structuring 26:27 The Framework for Focus 29:01 The Art of the Investigative Cold Call 34:24 Culture of Hustle 35:34 The Annual One-on-One Process 37:59 Playing to Strengths 39:43 The Mount Rushmore of Investment Machines 42:05 Fears and Excitement Around AI 48:54 Ski Racing 52:29 Advice for Starting a Firm 54:35 The Kindest Thing
1:00:38

Mitchell Green is the co-founder and managing partner of Lead Edge Capital, a $9B growth equity firm he founded in 2011. For 15 years, he and his partners have built one of the most disciplined investment machines in the business, designed to deliver consistent returns by hitting doubles and triples rather than chasing power law outcomes. He obsesses over avoiding zeros and is constantly underwriting investments to know exactly when to sell. He has built a unique culture at Lead Edge, sending handwritten thank you notes to nearly everyone he meets and sitting down one on one with every person at the firm once a year. He is, by his own admission, one of the most persistent and competitive people you will meet. After the episode, he told me he believes the most important thing in life is to be memorable. You will find, listening to this conversation, that he very much is. We discuss: - Why it’s the best time to buy public software companies - Lessons from 10,000 cold calls - His unique LP base - Why consistency of returns matters more than home runs - The art of knowing when to sell - How culture is built from the top + the importance of follow-through - What skiing taught him about risk and competition Enjoy! Timestamps: 0:00 Intro 1:00 The Hierarchy of BS 2:20 Lessons From 10,000 Cold Calls 9:05 Base Hits vs. Grand Slams 15:24 The 8 Buying Criteria 17:24 Pricing and the AI Exit Multiple Trap 19:24 Software as a Game of Distribution 23:20 Creative Deal Structuring 26:27 The Framework for Focus 29:01 The Art of the Investigative Cold Call 34:24 Culture of Hustle 35:34 The Annual One-on-One Process 37:59 Playing to Strengths 39:43 The Mount Rushmore of Investment Machines 42:05 Fears and Excitement Around AI 48:54 Ski Racing 52:29 Advice for Starting a Firm 54:35 The Kindest Thing

Patrick OShaughnessy

738,218 次观看 • 4 个月前

Sat down with Elad Gil — entrepreneur, investor and future-forward optimist. We spoke about blank slates, declining institutions, optimism, investing versus operating, the deferral of adulthood, the deterioration of speed, defense tech, human capital flows, and what happens when AI exports French culture. 0:00 - Intro 6:11 - Blank Slates and Decaying Institutions 8:16 - Western Pessimism and Agendas of Abundance vs Scarcity 12:30 - The Long Boom: Is Innovation Speeding Up? 16:26 - Are Startups Founder Limited or Market Limited? 19:26 - EIR Syndrome and Choosing the Right Market 21:41 - What Makes for a Good Investor, Operator and Entrepreneur? 24:05 - Positives and Negatives of Investing and Operating 26:17 - The Brand Value of Individuals vs Institutions 28:05 - Competing with Massive Firms 30:33 - Market-Driven Investing 33:23 - Starting Companies as Surfing Waves 36:09 - Age of Accomplishment and The Deferral of Adulthood 42:15 - What to Say Yes To 44:21 - Defense Tech and Complacency 49:25 - Private Markets and The Future of Venture 52:11 - Discontinuities in AI 53:49 - On Google 55:16 - LLM Oligopoly and Long-Term Scenarios for AI 1:00:41 - AGI and Sleeping 3 Hours a Night 1:03:19 - AI Doomerism 1:06:05 - The Deterioration of Speed 1:09:27 - Bureaucracy and the State of Nuclear 1:12:52 - Generosity and the Culture of Silicon Valley 1:15:19 - What Should More People Be Thinking About?
1:16:53

Sat down with Elad Gil — entrepreneur, investor and future-forward optimist. We spoke about blank slates, declining institutions, optimism, investing versus operating, the deferral of adulthood, the deterioration of speed, defense tech, human capital flows, and what happens when AI exports French culture. 0:00 - Intro 6:11 - Blank Slates and Decaying Institutions 8:16 - Western Pessimism and Agendas of Abundance vs Scarcity 12:30 - The Long Boom: Is Innovation Speeding Up? 16:26 - Are Startups Founder Limited or Market Limited? 19:26 - EIR Syndrome and Choosing the Right Market 21:41 - What Makes for a Good Investor, Operator and Entrepreneur? 24:05 - Positives and Negatives of Investing and Operating 26:17 - The Brand Value of Individuals vs Institutions 28:05 - Competing with Massive Firms 30:33 - Market-Driven Investing 33:23 - Starting Companies as Surfing Waves 36:09 - Age of Accomplishment and The Deferral of Adulthood 42:15 - What to Say Yes To 44:21 - Defense Tech and Complacency 49:25 - Private Markets and The Future of Venture 52:11 - Discontinuities in AI 53:49 - On Google 55:16 - LLM Oligopoly and Long-Term Scenarios for AI 1:00:41 - AGI and Sleeping 3 Hours a Night 1:03:19 - AI Doomerism 1:06:05 - The Deterioration of Speed 1:09:27 - Bureaucracy and the State of Nuclear 1:12:52 - Generosity and the Culture of Silicon Valley 1:15:19 - What Should More People Be Thinking About?

Alex LaBossiere

50,019 次观看 • 2 年前