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I sat down with Miles Grimshaw (Miles Grimshaw), General Partner at Thrive Capital. We spoke about trillion dollar companies, Silicon Valley as an idea, business genetics, practicing scales, and Swedish House Mafia. 0:00 - Intro 2:14 – “The Era of Doing” 6:15 – Startup Capital Intensity in the Age... of AI 9:14 – The Rise of Trillion Dollar Outcomes 15:11 – Silicon Valley as an Idea 21:04 – Physics vs Biology-Style Investing 25:41 – Business Genetics and Compounding 33:04 – Dying of Indigestion and Going Multi-Product 35:55 – Co-Pilots, Command Centers, and Defensibility 40:07 – Investing Stage Agnostically 44:29 – When is VC a Good Capital Instrument? 49:18 – Thrive’s Core Beliefs 53:57 – A Bet vs a Commitment 57:49 – The Few Ideas Miles Takes Seriously 59:47 – Doing a Few Big Things vs a Million Little Things 1:03:54 – Practicing Scales 1:06:22 – What Should More People Be Thinking About?show more

Alex LaBossiere

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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

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I sat down a second time with Keith Rabois (Keith Rabois), General Partner at Khosla Ventures and CEO at OpenStore to talk operating. We spoke about the Hollywood model of startups, picking co-founders, identifying, attracting and assessing talent, raising capital, building a board, delegating, metrics, and knowing what to measure. 0:00 - Intro 1:56 - Great Founders and the Bottleneck to Innovation 4:35 - Vertical Integration 6:24 - The Hollywood Model of Startups 7:41 - The “Why Now?” in Company-Building 9:50 - Multi-Product Companies 10:58 - Iteration and Pivots 12:52 - Picking Co-Founders 14:51 - Identifying Mispriced Talent 17:20 - Attracting Talent 20:57 - Assessing Talent 24:02 - Doing References 25:56 - Closing Hires 28:28 - Thinking 6 Months Ahead 31:36 - How Long Should You Interview For? 33:28 - Creating a Monopoly on Talent 35:44 - Raising Capital 37:40 - Screening Investors 41:21 - Building a Board 44:11 - Triaging and Identifying Problems 47:59 - Writing vs Editing and Consistent Voice 49:34 - Creating Transparency 50:50 - Barrels and Ammunition 54:55 - Task-Relevant Maturity 56:40 - On Delegating 59:21 - Measuring Inputs vs Outputs 1:02:58 - Underrated Metrics 1:05:22 - What Should More People Be Thinking About?

I sat down a second time with Keith Rabois (Keith Rabois), General Partner at Khosla Ventures and CEO at OpenStore to talk operating. We spoke about the Hollywood model of startups, picking co-founders, identifying, attracting and assessing talent, raising capital, building a board, delegating, metrics, and knowing what to measure. 0:00 - Intro 1:56 - Great Founders and the Bottleneck to Innovation 4:35 - Vertical Integration 6:24 - The Hollywood Model of Startups 7:41 - The “Why Now?” in Company-Building 9:50 - Multi-Product Companies 10:58 - Iteration and Pivots 12:52 - Picking Co-Founders 14:51 - Identifying Mispriced Talent 17:20 - Attracting Talent 20:57 - Assessing Talent 24:02 - Doing References 25:56 - Closing Hires 28:28 - Thinking 6 Months Ahead 31:36 - How Long Should You Interview For? 33:28 - Creating a Monopoly on Talent 35:44 - Raising Capital 37:40 - Screening Investors 41:21 - Building a Board 44:11 - Triaging and Identifying Problems 47:59 - Writing vs Editing and Consistent Voice 49:34 - Creating Transparency 50:50 - Barrels and Ammunition 54:55 - Task-Relevant Maturity 56:40 - On Delegating 59:21 - Measuring Inputs vs Outputs 1:02:58 - Underrated Metrics 1:05:22 - What Should More People Be Thinking About?

Alex LaBossiere

139,220 Aufrufe • vor 1 Jahr

I sat down with Keith Rabois (Keith Rabois), General Partner Founders Fund and CEO of OpenStore. We spoke about spotting talent, the intricacies of founding vs investing, companies as cults, why you shouldn’t stretch, Keith’s requests for startups, and much more. 0:00 - Intro 2:35 - Bomb-Building and the PayPal Mafia 5:10 - Spotting Talent 11:32 - Where Keith is 1000:1 16:14 - PayPal, Regulation, and Law 22:00 - Regulatory Arbitrage 25:03 - AI 27:46 - Keith’s 5 Bosses 31:04 - How to Operate 34:16 - OpenStore 39:33 - Founding vs Investing 42:48 - Requests for Startups 47:39 - Early-Stage Investing 53:46 - Companies as Cults 56:42 - The Future of Venture 1:00:56 - Not Stretching, Engineering Serendipity, and How to Ask Better Questions 1:06:40 - On Keith 1:08:45 - Time Allocation, Self-Grading, Values, Reading and Legacy 1:16:11 - What Should More People be Thinking About?

I sat down with Keith Rabois (Keith Rabois), General Partner Founders Fund and CEO of OpenStore. We spoke about spotting talent, the intricacies of founding vs investing, companies as cults, why you shouldn’t stretch, Keith’s requests for startups, and much more. 0:00 - Intro 2:35 - Bomb-Building and the PayPal Mafia 5:10 - Spotting Talent 11:32 - Where Keith is 1000:1 16:14 - PayPal, Regulation, and Law 22:00 - Regulatory Arbitrage 25:03 - AI 27:46 - Keith’s 5 Bosses 31:04 - How to Operate 34:16 - OpenStore 39:33 - Founding vs Investing 42:48 - Requests for Startups 47:39 - Early-Stage Investing 53:46 - Companies as Cults 56:42 - The Future of Venture 1:00:56 - Not Stretching, Engineering Serendipity, and How to Ask Better Questions 1:06:40 - On Keith 1:08:45 - Time Allocation, Self-Grading, Values, Reading and Legacy 1:16:11 - What Should More People be Thinking About?

Alex LaBossiere

344,926 Aufrufe • vor 2 Jahren

While active at Benchmark, Bill Gurley would give an annual “state of the markets” presentation to his investors. This conversation renews that format, with Bill exploring what he sees as both worrying and exciting about the investing landscape, with a special focus on private assets. Timestamps 0:00 Intro 0:23 State of the Union: VC Edition 2:58 The Rise of Mega VC Funds 4:38 Zombie Unicorns 12:29 The IPO and M&A Market Stalemate 19:08 The AI Wave and Its Impact 21:03 Private Markets and LP Liquidity Issues 24:57 The Future of Capital Markets 32:49 Advice for Founders in a Changing Landscape 34:27 The High-Stakes Game of Capital Battles 37:57 Challenges & Opportunities in AI Revenue Models 39:37 The Role of Founders in the AI Revolution 41:44 The Impact of Time and Liquidity on Venture Capital 45:35 Navigating the Future of Venture Capital 53:45 International Dynamics in the AI Race 1:08:58 Advice for Founders in the AI Era

While active at Benchmark, Bill Gurley would give an annual “state of the markets” presentation to his investors. This conversation renews that format, with Bill exploring what he sees as both worrying and exciting about the investing landscape, with a special focus on private assets. Timestamps 0:00 Intro 0:23 State of the Union: VC Edition 2:58 The Rise of Mega VC Funds 4:38 Zombie Unicorns 12:29 The IPO and M&A Market Stalemate 19:08 The AI Wave and Its Impact 21:03 Private Markets and LP Liquidity Issues 24:57 The Future of Capital Markets 32:49 Advice for Founders in a Changing Landscape 34:27 The High-Stakes Game of Capital Battles 37:57 Challenges & Opportunities in AI Revenue Models 39:37 The Role of Founders in the AI Revolution 41:44 The Impact of Time and Liquidity on Venture Capital 45:35 Navigating the Future of Venture Capital 53:45 International Dynamics in the AI Race 1:08:58 Advice for Founders in the AI Era

Patrick OShaughnessy

389,179 Aufrufe • vor 1 Jahr

Episode 1 of Origins with Jack Altman (Jack Altman): Jack is the founder of Lattice, a multi-billion dollar company. Now, he manages Alt Capital, a $150M early-stage venture fund. He’s one of the most thoughtful and genuine people we’ve had the privilege of sitting down with, and a good friend of ours and Origins. We discuss Jack’s early upbringing, time in college, and going from Princeton to investment banking. Soon quitting, he invested as a venture capitalist with Sam Altman and joined the fastest-growing YC startup... which later failed. This led to the formation of Lattice, a multi-billion dollar company, and now Alt Capital. Timestamps: 0:00 Intro 1:38 Childhood and growing up 5:23 Parents, school and brothers 13:33 Getting into banking 15:29 Jack's wife 17:40 Career & investing 28:52 Building Lattice 35:25 Strengths, weaknesses, and tradeoffs 36:55 Hobbies and children 41:48 Alt capital 43:42 What drives you? 45:50 Today’s youth 49:33 Intuition 50:35 Predicting the future 52:25 Cold email, rejection, and competing 58:27 Kindness and helpfulness 01:00:15 Day trading and stocks 01:02:00 What people don’t know about Jack

Episode 1 of Origins with Jack Altman (Jack Altman): Jack is the founder of Lattice, a multi-billion dollar company. Now, he manages Alt Capital, a $150M early-stage venture fund. He’s one of the most thoughtful and genuine people we’ve had the privilege of sitting down with, and a good friend of ours and Origins. We discuss Jack’s early upbringing, time in college, and going from Princeton to investment banking. Soon quitting, he invested as a venture capitalist with Sam Altman and joined the fastest-growing YC startup... which later failed. This led to the formation of Lattice, a multi-billion dollar company, and now Alt Capital. Timestamps: 0:00 Intro 1:38 Childhood and growing up 5:23 Parents, school and brothers 13:33 Getting into banking 15:29 Jack's wife 17:40 Career & investing 28:52 Building Lattice 35:25 Strengths, weaknesses, and tradeoffs 36:55 Hobbies and children 41:48 Alt capital 43:42 What drives you? 45:50 Today’s youth 49:33 Intuition 50:35 Predicting the future 52:25 Cold email, rejection, and competing 58:27 Kindness and helpfulness 01:00:15 Day trading and stocks 01:02:00 What people don’t know about Jack

Sonith

43,908 Aufrufe • vor 1 Jahr

My conversation with John Zito, co-president at Apollo, on how they are building one of the most interesting businesses in finance and investing. We cover all aspects of markets and investing. John is one of the smartest, funniest, and most creative people I’ve met in this business. Enjoy! Timestamps 0:00 Intro 0:55 The Evolution of Capital Markets 2:58 Apollo's Growth and Market Innovations 7:12 Global Capital Markets and Geopolitical Shifts 10:56 Innovations in Financing and Investment Strategies 16:05 Athene 21:57 The Future of Asset Management & Market Trends 22:31 The Role of Fees and Business Models in Asset Management 33:33 The Impact of Liquidity and Market Structure 41:33 Apollo's Culture and Shareholder Value 48:22 The Future of Private and Public Markets 53:20 Building a Great Origination Platform 58:46 Case Study: Carvana 1:05:32 Case Study: Hertz 1:10:17 The Role of AI in Finance 1:14:24 Opportunities in Capital Markets 1:19:36 Finding Meaning in Finance 1:25:34 The Kindest Thing

My conversation with John Zito, co-president at Apollo, on how they are building one of the most interesting businesses in finance and investing. We cover all aspects of markets and investing. John is one of the smartest, funniest, and most creative people I’ve met in this business. Enjoy! Timestamps 0:00 Intro 0:55 The Evolution of Capital Markets 2:58 Apollo's Growth and Market Innovations 7:12 Global Capital Markets and Geopolitical Shifts 10:56 Innovations in Financing and Investment Strategies 16:05 Athene 21:57 The Future of Asset Management & Market Trends 22:31 The Role of Fees and Business Models in Asset Management 33:33 The Impact of Liquidity and Market Structure 41:33 Apollo's Culture and Shareholder Value 48:22 The Future of Private and Public Markets 53:20 Building a Great Origination Platform 58:46 Case Study: Carvana 1:05:32 Case Study: Hertz 1:10:17 The Role of AI in Finance 1:14:24 Opportunities in Capital Markets 1:19:36 Finding Meaning in Finance 1:25:34 The Kindest Thing

Patrick OShaughnessy

163,516 Aufrufe • vor 1 Jahr

My first interview with Sam Altman, Co-Founder of OpenAI. 0:04 How to start a startup 3:30 Trusting exponentials 4:57 Operating in chaotic environments 6:12 Learning to enjoy painful experiences 8:03 Creating abundant intelligence 11:15 Keeping core suppliers on OpenAI’s timelines 12:10 Invention of the joint-stock company 15:30 The best CEOs aren’t sociopaths 16:46 We are in the singularity 18:09 AI authoritarianism vs liberty 19:24 Texting 300-400 people a day 20:32 Having a small number of deep beliefs about the future 21:41 Critical path 22:25 Thinking about what’s next 23:38 Getting on planes in marginal situations 28:16 Buying lots of compute 30:51 Ambition 34:00 Google shouldn’t have let OpenAI survive 37:54 Having his life shot through a cannon after the launch of ChatGPT 41:20 The growth of Codex 42:02 The Death Star tweet 44:46 Status games and desire to be useful 47:57 Not being ambitious enough on compute investments 50:26 Execution 51:45 Ask for what you want 54:11 First few weeks of OpenAI 55:15 Shutting down Sora to focus on Codex 57:44 Designing beautiful products 59:01 Getting addicted to TikTok 1:01:03 Inventing a new device 1:02:53 Try to get better at your strengths 1:05:57 Masa is an n of 1 1:07:11 Real trends vs fake trends

My first interview with Sam Altman, Co-Founder of OpenAI. 0:04 How to start a startup 3:30 Trusting exponentials 4:57 Operating in chaotic environments 6:12 Learning to enjoy painful experiences 8:03 Creating abundant intelligence 11:15 Keeping core suppliers on OpenAI’s timelines 12:10 Invention of the joint-stock company 15:30 The best CEOs aren’t sociopaths 16:46 We are in the singularity 18:09 AI authoritarianism vs liberty 19:24 Texting 300-400 people a day 20:32 Having a small number of deep beliefs about the future 21:41 Critical path 22:25 Thinking about what’s next 23:38 Getting on planes in marginal situations 28:16 Buying lots of compute 30:51 Ambition 34:00 Google shouldn’t have let OpenAI survive 37:54 Having his life shot through a cannon after the launch of ChatGPT 41:20 The growth of Codex 42:02 The Death Star tweet 44:46 Status games and desire to be useful 47:57 Not being ambitious enough on compute investments 50:26 Execution 51:45 Ask for what you want 54:11 First few weeks of OpenAI 55:15 Shutting down Sora to focus on Codex 57:44 Designing beautiful products 59:01 Getting addicted to TikTok 1:01:03 Inventing a new device 1:02:53 Try to get better at your strengths 1:05:57 Masa is an n of 1 1:07:11 Real trends vs fake trends

Ti Morse

969,686 Aufrufe • vor 2 Monaten

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.)

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

430,846 Aufrufe • vor 11 Monaten

I spoke with Nick Grossman about his "Rebel Alliance" thesis for AI. He believes the industry is too big for one or two companies to dominate. We also discuss USV's internal multi-agent platform, model routing economics, AI's growing role in venture capital and financial markets, data privacy risks, and what happens to jobs and society as agents get smarter. YouTube: Spotify: Apple: TIMESTAMPS: 0:00 - Intro 0:42 - The "Rebel Alliance" thesis: why one company won't dominate AI 7:15 - General-purpose vs. specialized models in USV's portfolio 8:40 - Compute costs & the rise of model routing 11:14 - Inside USV's internal multi-agent system 16:25 - AI's role in venture capital & autonomous investing 22:46 - How AI reshapes market signals & information edges 27:02 - Apps building models & the fight over your data 35:26 - Five-year outlook for the AI stack 37:53 - US vs. China: the "philosophy" of AI models 40:26 - Personalized AI & where the Rebel Alliance thesis plays 43:49 - The dark side: jobs, data centers & society 47:40 - AI as a personal superpower & neural implants

I spoke with Nick Grossman about his "Rebel Alliance" thesis for AI. He believes the industry is too big for one or two companies to dominate. We also discuss USV's internal multi-agent platform, model routing economics, AI's growing role in venture capital and financial markets, data privacy risks, and what happens to jobs and society as agents get smarter. YouTube: Spotify: Apple: TIMESTAMPS: 0:00 - Intro 0:42 - The "Rebel Alliance" thesis: why one company won't dominate AI 7:15 - General-purpose vs. specialized models in USV's portfolio 8:40 - Compute costs & the rise of model routing 11:14 - Inside USV's internal multi-agent system 16:25 - AI's role in venture capital & autonomous investing 22:46 - How AI reshapes market signals & information edges 27:02 - Apps building models & the fight over your data 35:26 - Five-year outlook for the AI stack 37:53 - US vs. China: the "philosophy" of AI models 40:26 - Personalized AI & where the Rebel Alliance thesis plays 43:49 - The dark side: jobs, data centers & society 47:40 - AI as a personal superpower & neural implants

Anthony Pompliano 🌪

63,209 Aufrufe • vor 2 Monaten

Another mindblowing conversation with my good friend .Emad... Enjoy!! 00:00 - Introduction 00:22 - AI: The Biggest Shift in Human History 00:42 - AI’s Impact on Society and the Economy 01:03 - Conversation with Emad Mostaque Begins 01:50 - The Acceleration of AI and Economic Takeoff 03:07 - AI Intelligence: Beyond Human IQ 04:08 - The Rise of AI Chefs and Super Cooks 05:07 - Breaking AI Constraints: Compute and Energy 07:03 - The Future of AI: Ubiquitous Intelligence 08:04 - The Shift to Local AI Models 10:07 - Why Has Apple Lagged in AI? 11:21 - The AI Race: OpenAI, Grok, Gemini, and More 13:11 - China’s Open-Source AI Strategy 14:57 - AI Bias and Ethical Challenges 16:57 - AI’s Cross-Pollination and Memory 18:02 - Are AI Models Becoming Self-Aware? 19:16 - AI, Bitcoin, and Self-Sustaining Algorithms 21:26 - AI-Driven Economies and Autonomous Companies 23:41 - The Future of Labor: A World Without Jobs? 25:26 - AI-Powered Robots: The Next Workforce Revolution 27:28 - The End of Traditional Economic Models 30:27 - The Political Shift: Humanist vs. Transhumanist 33:04 - AI in Financial Markets: The End of Human Traders? 36:03 - The Evolution of Investing in an AI World 38:33 - AI’s Impact on Capital Formation and Business Disruption 40:01 - The Rise of Digital Twins and Post-Capital Society 42:45 - Building AI for Education, Healthcare, and Governance 46:42 - The Future of Money in an AI-Driven World 50:11 - Universal Basic AI: A New Economic Model 54:29 - The Deflationary Impact of AI and Crypto’s Role 57:02 - The AI Singularity: Five Years Until Everything Changes 58:56 - The Road Ahead: AI, Crypto, and the Future of Civilization 01:02:24 - Final Thoughts: The Most Exciting and Terrifying Time in History

Another mindblowing conversation with my good friend .Emad... Enjoy!! 00:00 - Introduction 00:22 - AI: The Biggest Shift in Human History 00:42 - AI’s Impact on Society and the Economy 01:03 - Conversation with Emad Mostaque Begins 01:50 - The Acceleration of AI and Economic Takeoff 03:07 - AI Intelligence: Beyond Human IQ 04:08 - The Rise of AI Chefs and Super Cooks 05:07 - Breaking AI Constraints: Compute and Energy 07:03 - The Future of AI: Ubiquitous Intelligence 08:04 - The Shift to Local AI Models 10:07 - Why Has Apple Lagged in AI? 11:21 - The AI Race: OpenAI, Grok, Gemini, and More 13:11 - China’s Open-Source AI Strategy 14:57 - AI Bias and Ethical Challenges 16:57 - AI’s Cross-Pollination and Memory 18:02 - Are AI Models Becoming Self-Aware? 19:16 - AI, Bitcoin, and Self-Sustaining Algorithms 21:26 - AI-Driven Economies and Autonomous Companies 23:41 - The Future of Labor: A World Without Jobs? 25:26 - AI-Powered Robots: The Next Workforce Revolution 27:28 - The End of Traditional Economic Models 30:27 - The Political Shift: Humanist vs. Transhumanist 33:04 - AI in Financial Markets: The End of Human Traders? 36:03 - The Evolution of Investing in an AI World 38:33 - AI’s Impact on Capital Formation and Business Disruption 40:01 - The Rise of Digital Twins and Post-Capital Society 42:45 - Building AI for Education, Healthcare, and Governance 46:42 - The Future of Money in an AI-Driven World 50:11 - Universal Basic AI: A New Economic Model 54:29 - The Deflationary Impact of AI and Crypto’s Role 57:02 - The AI Singularity: Five Years Until Everything Changes 58:56 - The Road Ahead: AI, Crypto, and the Future of Civilization 01:02:24 - Final Thoughts: The Most Exciting and Terrifying Time in History

Raoul Pal

326,827 Aufrufe • vor 1 Jahr

What happened to crypto? I sat down with Haseeb Qureshi (Haseeb Qureshi ＞|＜), Managing Partner at Dragonfly, to find out. We spoke about digital dollars, nationalized banks, bubbles and speculation, Iran and BlackRock, jaywalking, and beanie babies. 0:00 – Intro 1:23 – What Happened to Crypto? 3:18 – Stablecoins and Escape Velocity 7:04 – Bitcoin, Gold, and the Generational Trade 10:34 – War and Stores of Value 15:06 – Retail, Nvidia, and Capital Flight 18:23 – Stablecoins 101 20:00 – Eurodollars, Venmo, and AI Agents 23:00 – Dollarization and the Black Market 25:28 – Banks, Airwaves, and the Balance of Power 31:20 – Too Many Currencies 36:11 – Institutions and Cypherpunks 40:08 – Iran and BlackRock 41:00 – Speculation and Bubbles 43:12 – Prediction Markets and the Overton Window 51:04 – Skin in the Game and the Rational Voter 54:06 – Staying in Crypto 57:13 – When Crypto VC Ends 58:57 – What Would Change Haseeb’s Mind on Crypto 1:03:00 – What Should More People Be Thinking About?

What happened to crypto? I sat down with Haseeb Qureshi (Haseeb Qureshi ＞|＜), Managing Partner at Dragonfly, to find out. We spoke about digital dollars, nationalized banks, bubbles and speculation, Iran and BlackRock, jaywalking, and beanie babies. 0:00 – Intro 1:23 – What Happened to Crypto? 3:18 – Stablecoins and Escape Velocity 7:04 – Bitcoin, Gold, and the Generational Trade 10:34 – War and Stores of Value 15:06 – Retail, Nvidia, and Capital Flight 18:23 – Stablecoins 101 20:00 – Eurodollars, Venmo, and AI Agents 23:00 – Dollarization and the Black Market 25:28 – Banks, Airwaves, and the Balance of Power 31:20 – Too Many Currencies 36:11 – Institutions and Cypherpunks 40:08 – Iran and BlackRock 41:00 – Speculation and Bubbles 43:12 – Prediction Markets and the Overton Window 51:04 – Skin in the Game and the Rational Voter 54:06 – Staying in Crypto 57:13 – When Crypto VC Ends 58:57 – What Would Change Haseeb’s Mind on Crypto 1:03:00 – What Should More People Be Thinking About?

Alex LaBossiere

22,932 Aufrufe • vor 1 Monat

Dialectic 56: Miles Grimshaw Miles Grimshaw is an investor at Thrive Capital. He has spent his life hunting change: from "adventure racing" to finding and working with the world's most ambitious companies. His favorite part: getting to go back down the mountain and begin again. I talked to Miles about playing infinite games, seeing greatness up close, and the biggest change he's seen so far: After a career of software investing, all of the underlying assumptions for venture-backed software startups are in question. What moats will persist? Is software over? We also discuss: - Impatient patience: flying to Ottawa for dinner with Simon Eskildsen and waiting a year to invest in turbopuffer - Two fundamental questions: "what is it?" and "who cares?" - Software's barbell future: Benioff building "sales city" and "the champagne region of Palantir" - Founder Vision: "you go where you look" and what Michael Truell saw for Cursor - Getting up to speed as a generalist: "I don't know" and "I'll figure it out" - Intuition for great: committing to SpaceX laser engineers (MESH) in 48 hours, with no domain expertise - Humility and conviction: leaving Thrive after a ~decade for Benchmark, and coming back Timestamps: (0:00) Opening Highlights (1:37) Intro: Miles Grimshaw (4:30) Infinite Games, Adventure Racing, and Starting Anew, Over and Over (11:01) Staying Hungry: Proactive Hunting and the Turbopuffer Story (17:35) Impatiently Patient: Courtship, Cursor, Recruiting, and Joining the Team (25:33) Loving Change: London to America, the Himalayas, and Learning New Sports (31:36) The Genetics of Companies: "What Is It?" and "Who Cares?" (38:08) House Cats & Tigers: Where Is the Founder Looking? (47:00) Confidence in Uncertainty and Customers That Pull You Into the Future (54:25) What Remains for Software: Moats, Cities, Wall-Clock Time, and the Barbell of Scale & Luxury (1:04:54) Craft, Trust, and Why Software Isn't Over (1:11:13) Intuition: Gradient Descent and Seeing Greatness Up Close (1:18:07) "I Don't Know" and "I'll Figure It Out" (1:22:12) Commitments, Not Bets: Closing People and Board Work (1:29:06) Joining Thrive, Being a Punk, and Music Studios over Jury Trials (1:36:18) Leaving for Benchmark and Returning to Thrive (1:43:18) Dream Bigger: Lessons from Josh, Teaching Agency to Kids, and Going the Distance Dialectic with Jackson Dahl 56: Miles Grimshaw - Back Down the Mountain - is out now below and on all platforms.

Dialectic 56: Miles Grimshaw Miles Grimshaw is an investor at Thrive Capital. He has spent his life hunting change: from "adventure racing" to finding and working with the world's most ambitious companies. His favorite part: getting to go back down the mountain and begin again. I talked to Miles about playing infinite games, seeing greatness up close, and the biggest change he's seen so far: After a career of software investing, all of the underlying assumptions for venture-backed software startups are in question. What moats will persist? Is software over? We also discuss: - Impatient patience: flying to Ottawa for dinner with Simon Eskildsen and waiting a year to invest in turbopuffer - Two fundamental questions: "what is it?" and "who cares?" - Software's barbell future: Benioff building "sales city" and "the champagne region of Palantir" - Founder Vision: "you go where you look" and what Michael Truell saw for Cursor - Getting up to speed as a generalist: "I don't know" and "I'll figure it out" - Intuition for great: committing to SpaceX laser engineers (MESH) in 48 hours, with no domain expertise - Humility and conviction: leaving Thrive after a ~decade for Benchmark, and coming back Timestamps: (0:00) Opening Highlights (1:37) Intro: Miles Grimshaw (4:30) Infinite Games, Adventure Racing, and Starting Anew, Over and Over (11:01) Staying Hungry: Proactive Hunting and the Turbopuffer Story (17:35) Impatiently Patient: Courtship, Cursor, Recruiting, and Joining the Team (25:33) Loving Change: London to America, the Himalayas, and Learning New Sports (31:36) The Genetics of Companies: "What Is It?" and "Who Cares?" (38:08) House Cats & Tigers: Where Is the Founder Looking? (47:00) Confidence in Uncertainty and Customers That Pull You Into the Future (54:25) What Remains for Software: Moats, Cities, Wall-Clock Time, and the Barbell of Scale & Luxury (1:04:54) Craft, Trust, and Why Software Isn't Over (1:11:13) Intuition: Gradient Descent and Seeing Greatness Up Close (1:18:07) "I Don't Know" and "I'll Figure It Out" (1:22:12) Commitments, Not Bets: Closing People and Board Work (1:29:06) Joining Thrive, Being a Punk, and Music Studios over Jury Trials (1:36:18) Leaving for Benchmark and Returning to Thrive (1:43:18) Dream Bigger: Lessons from Josh, Teaching Agency to Kids, and Going the Distance Dialectic with Jackson Dahl 56: Miles Grimshaw - Back Down the Mountain - is out now below and on all platforms.

Jackson Dahl

150,835 Aufrufe • vor 24 Tagen

My dear friend, Vlad Tenev, changed the landscape of investing forever! The rise of the retail investor is largely due to Robinhood's success... and in this new Journey Man, we discuss it all... Enjoy! 00:00 - Intro 00:53 - Introducing Vlad Tenev of Robinhood 01:27 - Why Take on Wall Street? 01:54 - Robinhood’s Zero-Fee Origin Story 02:53 - Inspiration from Instagram and Uber 04:24 - Reimagining Trading for Mobile 05:05 - The Challenge of Disrupting Finance 05:42 - Why Everything Is Hard 06:34 - Early Wrong Assumptions 07:42 - Raising Capital with a Small Vision 08:48 - Funding Robinhood on AngelList 09:50 - Early Investors Changed Their Lives 10:38 - The Crypto Explosion Begins 11:07 - Considering a Bitcoin Exchange First 12:17 - Bitcoin’s Early Skepticism and Growth 13:08 - Robinhood Launches Crypto in 2018 14:03 - 2020: Crypto Revenue Surges Overnight 15:04 - The Challenge of Crypto Cyclicality 16:11 - Staffing a Volatile Business 17:10 - Building Robinhood’s Lean Crypto Team 18:46 - Robinhood’s First Crypto Event Coming 19:38 - Where TradFi Meets DeFi 20:34 - Tokenizing Everything 21:09 - Robinhood’s Vision for Crypto + Finance 21:47 - Thoughts on Crypto Options Demand 23:04 - Why Crypto Options Haven’t Taken Off 24:09 - Millennials and the Speculative Economy 25:22 - Democratizing Trading for Everyone 26:08 - Why Buy-and-Hold Doesn’t Work for All 27:15 - Trading vs Investing: A Matter of Wealth 28:01 - Trading as a Skill Anyone Can Build 29:13 - Robinhood’s Role in Onboarding Millions 30:06 - The Fed's Role and Retail Insight 31:03 - The Rise of the Retail Macro Trader 32:17 - Helping Users Succeed with Robinhood Strategies 33:35 - Power of Community and the Hive Mind 34:55 - Will AI Disrupt Community Too? 36:14 - Technological Waves and Investor Opportunity 37:10 - Human Purpose in an AI World 37:52 - Tokenizing Human Connection 38:28 - Creators, Platforms, and Future-Proofing 39:26 - Vlad’s Long-Term View of the Future 40:05 - Financial Services at the Heart of Disruption 41:14 - If AI Replaces Jobs, What Happens to Investing? 42:25 - Entering the Economic Singularity 43:31 - What Happens When AIs Win the Markets? 44:16 - AI's Role in Capital and Markets 45:07 - Will AI Eliminate Human Emotion from Markets? 46:06 - HFT: The Original AI Traders 47:20 - AI and Long-Term Probabilistic Forecasting 48:48 - GPUs, Gaming, and the Origins of AI 50:01 - Nvidia, CUDA, and Wall Street Arms Races 51:04 - Flash Boys and Microwave Trading 51:54 - Will AI Costs Go to Zero? 52:52 - Lower Cost, Higher Usage 53:41 - Robinhood’s UX Won’t Be Just a Chatbox 55:16 - Cortex: AI-Powered Features at Robinhood 56:54 - Tokenization and the Future of Asset Management 57:44 - Crowdsourced, Tokenized Hedge Funds 58:48 - Portability of Tokenized Assets 59:39 - Blockchain as the New Rails of Finance 01:00:09 - The Trump Token and Capital Formation 01:01:00 - Capital Access Unlocks Innovation 01:01:49 - Why Crypto Needs Regulatory Clarity 01:03:17 - From Meme Coins to Real Assets 01:04:17 - Crypto's Path to $100 Trillion? 01:05:15 - The Financial System Will Run on Blockchains 01:06:00 - Platform Layer vs Application Layer Wealth 01:06:29 - AI Raises Money and Launches Tokens 01:07:39 - AIs Creating Software and Capital Formation 01:08:00 - Final Thoughts: A Wild Future Ahead 01:08:20 - When Will Vlad Buy a CryptoPunk? 01:08:51 - Wrapping Up: AI, Crypto, and the Road Ahead

My dear friend, Vlad Tenev, changed the landscape of investing forever! The rise of the retail investor is largely due to Robinhood's success... and in this new Journey Man, we discuss it all... Enjoy! 00:00 - Intro 00:53 - Introducing Vlad Tenev of Robinhood 01:27 - Why Take on Wall Street? 01:54 - Robinhood’s Zero-Fee Origin Story 02:53 - Inspiration from Instagram and Uber 04:24 - Reimagining Trading for Mobile 05:05 - The Challenge of Disrupting Finance 05:42 - Why Everything Is Hard 06:34 - Early Wrong Assumptions 07:42 - Raising Capital with a Small Vision 08:48 - Funding Robinhood on AngelList 09:50 - Early Investors Changed Their Lives 10:38 - The Crypto Explosion Begins 11:07 - Considering a Bitcoin Exchange First 12:17 - Bitcoin’s Early Skepticism and Growth 13:08 - Robinhood Launches Crypto in 2018 14:03 - 2020: Crypto Revenue Surges Overnight 15:04 - The Challenge of Crypto Cyclicality 16:11 - Staffing a Volatile Business 17:10 - Building Robinhood’s Lean Crypto Team 18:46 - Robinhood’s First Crypto Event Coming 19:38 - Where TradFi Meets DeFi 20:34 - Tokenizing Everything 21:09 - Robinhood’s Vision for Crypto + Finance 21:47 - Thoughts on Crypto Options Demand 23:04 - Why Crypto Options Haven’t Taken Off 24:09 - Millennials and the Speculative Economy 25:22 - Democratizing Trading for Everyone 26:08 - Why Buy-and-Hold Doesn’t Work for All 27:15 - Trading vs Investing: A Matter of Wealth 28:01 - Trading as a Skill Anyone Can Build 29:13 - Robinhood’s Role in Onboarding Millions 30:06 - The Fed's Role and Retail Insight 31:03 - The Rise of the Retail Macro Trader 32:17 - Helping Users Succeed with Robinhood Strategies 33:35 - Power of Community and the Hive Mind 34:55 - Will AI Disrupt Community Too? 36:14 - Technological Waves and Investor Opportunity 37:10 - Human Purpose in an AI World 37:52 - Tokenizing Human Connection 38:28 - Creators, Platforms, and Future-Proofing 39:26 - Vlad’s Long-Term View of the Future 40:05 - Financial Services at the Heart of Disruption 41:14 - If AI Replaces Jobs, What Happens to Investing? 42:25 - Entering the Economic Singularity 43:31 - What Happens When AIs Win the Markets? 44:16 - AI's Role in Capital and Markets 45:07 - Will AI Eliminate Human Emotion from Markets? 46:06 - HFT: The Original AI Traders 47:20 - AI and Long-Term Probabilistic Forecasting 48:48 - GPUs, Gaming, and the Origins of AI 50:01 - Nvidia, CUDA, and Wall Street Arms Races 51:04 - Flash Boys and Microwave Trading 51:54 - Will AI Costs Go to Zero? 52:52 - Lower Cost, Higher Usage 53:41 - Robinhood’s UX Won’t Be Just a Chatbox 55:16 - Cortex: AI-Powered Features at Robinhood 56:54 - Tokenization and the Future of Asset Management 57:44 - Crowdsourced, Tokenized Hedge Funds 58:48 - Portability of Tokenized Assets 59:39 - Blockchain as the New Rails of Finance 01:00:09 - The Trump Token and Capital Formation 01:01:00 - Capital Access Unlocks Innovation 01:01:49 - Why Crypto Needs Regulatory Clarity 01:03:17 - From Meme Coins to Real Assets 01:04:17 - Crypto's Path to $100 Trillion? 01:05:15 - The Financial System Will Run on Blockchains 01:06:00 - Platform Layer vs Application Layer Wealth 01:06:29 - AI Raises Money and Launches Tokens 01:07:39 - AIs Creating Software and Capital Formation 01:08:00 - Final Thoughts: A Wild Future Ahead 01:08:20 - When Will Vlad Buy a CryptoPunk? 01:08:51 - Wrapping Up: AI, Crypto, and the Road Ahead

Raoul Pal

172,640 Aufrufe • vor 1 Jahr

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 Aufrufe • vor 2 Monaten

My conversation with Dan Sundheim (Daniel Sundheim). He is the founder and CIO of D1 Capital Partners, which manages over $30B across public and private markets. There's no one as passionate about investing as Dan. We had a really wide-ranging conversation and discuss: - Public vs. private markets in 2026 - Anthropic, OpenAI, and SpaceX - How Dario reminds him of Jeff Bezos - The future of hyperscalers - The software selloff and what comes next - GameStop and the LP dinner that followed - China vs. US: the risk of Taiwan Enjoy! Timestamps: 0:00 Intro 1:05 Public vs. Private Markets 9:10 LLMs as a Business Model 23:23 The Future of Hyperscalers 27:45 AI's Impact on Traditional Software 36:31 Surviving the GameStop Short Squeeze 49:54 Big Private Bets: Rivian and SpaceX 54:26 The Art of Short Selling 1:04:28 Early Career 1:17:11 Geopolitics and the Semiconductor Collision Course 1:22:05 Traits of Great Leadership 1:23:20 The Kindest Thing

My conversation with Dan Sundheim (Daniel Sundheim). He is the founder and CIO of D1 Capital Partners, which manages over $30B across public and private markets. There's no one as passionate about investing as Dan. We had a really wide-ranging conversation and discuss: - Public vs. private markets in 2026 - Anthropic, OpenAI, and SpaceX - How Dario reminds him of Jeff Bezos - The future of hyperscalers - The software selloff and what comes next - GameStop and the LP dinner that followed - China vs. US: the risk of Taiwan Enjoy! Timestamps: 0:00 Intro 1:05 Public vs. Private Markets 9:10 LLMs as a Business Model 23:23 The Future of Hyperscalers 27:45 AI's Impact on Traditional Software 36:31 Surviving the GameStop Short Squeeze 49:54 Big Private Bets: Rivian and SpaceX 54:26 The Art of Short Selling 1:04:28 Early Career 1:17:11 Geopolitics and the Semiconductor Collision Course 1:22:05 Traits of Great Leadership 1:23:20 The Kindest Thing

Patrick OShaughnessy

1,215,759 Aufrufe • vor 7 Monaten