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My conversation with Daniel S. Loeb, his first ever podcast and one I've been wanting to do for years. Dan started Third Point in 1995 with $3 million. Today the firm manages over $24 billion across equities, credit, venture, and insurance. Along the way he wrote some of the...

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Patrick OShaughnessy

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1,356,714 просмотров • 2 месяцев назад •via X (Twitter)

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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
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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 просмотров • 1 год назад

Here's my conversation with Bill Ackman, a legendary activist investor who has led some of the biggest and most controversial financial trades in history. We cover a lot of topics from the basics of investing to the stories of multi-billion dollar financial battles to the recent saga of Harvard president testimony/resignation and the chaos that followed. First 3 hours are posted here (current X limit), and full version is up on YouTube, Spotify, and everywhere else. Links in comment. Timestamps: 0:00 - Introduction 0:47 - Investing basics 5:39 - Investing in music 14:00 - Process of researching companies 18:39 - Investing in restaurants 24:08 - Investing in Google 29:50 - AI 35:05 - Warren Buffet 37:14 - Psychology of investing 46:45 - Activist investing 56:33 - General Growth Properties 1:12:49 - Canadian Pacific Railway 1:20:13 - OpenAI 1:24:24 - Biggest loss and lowest point 1:39:13 - Herbalife and Carl Icahn 1:56:03 - Oct 7 2:02:34 - College campus protests 2:21:01 - DEI in universities 2:41:52 - Neri Oxman 3:07:22 - X and free speech 3:11:46 - Trump 3:19:22 - Dean Phillips 3:26:28 - Future
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Here's my conversation with Bill Ackman, a legendary activist investor who has led some of the biggest and most controversial financial trades in history. We cover a lot of topics from the basics of investing to the stories of multi-billion dollar financial battles to the recent saga of Harvard president testimony/resignation and the chaos that followed. First 3 hours are posted here (current X limit), and full version is up on YouTube, Spotify, and everywhere else. Links in comment. Timestamps: 0:00 - Introduction 0:47 - Investing basics 5:39 - Investing in music 14:00 - Process of researching companies 18:39 - Investing in restaurants 24:08 - Investing in Google 29:50 - AI 35:05 - Warren Buffet 37:14 - Psychology of investing 46:45 - Activist investing 56:33 - General Growth Properties 1:12:49 - Canadian Pacific Railway 1:20:13 - OpenAI 1:24:24 - Biggest loss and lowest point 1:39:13 - Herbalife and Carl Icahn 1:56:03 - Oct 7 2:02:34 - College campus protests 2:21:01 - DEI in universities 2:41:52 - Neri Oxman 3:07:22 - X and free speech 3:11:46 - Trump 3:19:22 - Dean Phillips 3:26:28 - Future

Lex Fridman

1,963,734 просмотров • 2 лет назад

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My conversation with John Arnold (John Arnold). Few people I've spoken with have as wide a view of the global system as John. He was one of the most successful energy traders of all time, and after stepping away from markets he built a foundation devoted to solving America's most critical systemic problems in a principled way. John's recent trip to China was the catalyst for this conversation, and I feel lucky we all get to learn from him. We discuss: - His trip to China and what it taught him about robotics, AI, and EVs - What it takes to be the best (and what it costs) - Building the best seat in the market - The state of energy markets today - NIMBYism as the impediment to progress - What he thinks about the wave of nuclear startups - Fixing America's broken systems: healthcare, criminal justice, education, and journalism Enjoy! Timestamps: 0:00 intro 0:45 China’s Rapid Transformation 3:53 Lessons from the Chinese EV Market 6:12 Robotics 11:22 The Discipline of an Elite Trader 15:42 Leveraging Scale and Proprietary Data 17:36 Lessons from the Baseball Cards 21:15 Trading Natural Gas and Market Dynamics 25:34 Innovation in the Modern Energy Sector 27:02 High-Level Goals of the U.S. Energy System 32:59 Overcoming NIMBYism 36:10 The Challenges of U.S. Transmission Lines 37:55 The Future of Nuclear, Fusion, and SMRs 44:00 The Economics of Solar and Battery Storage 48:28 Data Center Demand 50:28 Housing Reform 53:32 Rethinking the Role of Philanthropic Foundations 57:05 Improving the Criminal Justice System 1:01:58 Privacy and Security 1:05:03 Education and Life Outcomes 1:06:41 The Promise and Pitfalls of EdTech and AI 1:09:12 Identifying Market Failures in Healthcare 1:12:10 The Role of Regulation Across Different Systems 1:14:06 Journalism as the Fourth Estate 1:16:41 The Kindness of Hard Truths

Patrick OShaughnessy

1,168,371 просмотров • 5 месяцев назад

My conversation with Eric Vishria of Benchmark. Eric has spent a decade investing across software and hardware, backing companies like Fireworks, Sierra, Sunday Robotics, and Cerebras. This one is about what history teaches us about the current moment, and a dispatch from inside the AI buildout through his companies. We discuss: - What AWS tells us about how big AI can get - How the goalposts have moved for every software company - Lessons from a decade with Cerebras - China and the energy bottleneck - Benchmark's return to growth investing - Robotics Enjoy! TIMESTAMPS 0:00 Intro 3:36 What Cloud Teaches Us About AI 12:52 Sierra, Sandcastles, and AI Products 17:35 The New SaaS Competitive Frontier 28:28 AI Demand and the Energy Bottleneck 31:28 The Cerebras Story and AI Chips 45:10 The Future of Robotics 52:53 Eric’s Venture Investing Philosophy 1:07:30 Going Public, AI Value, and Jobs
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My conversation with Eric Vishria of Benchmark. Eric has spent a decade investing across software and hardware, backing companies like Fireworks, Sierra, Sunday Robotics, and Cerebras. This one is about what history teaches us about the current moment, and a dispatch from inside the AI buildout through his companies. We discuss: - What AWS tells us about how big AI can get - How the goalposts have moved for every software company - Lessons from a decade with Cerebras - China and the energy bottleneck - Benchmark's return to growth investing - Robotics Enjoy! TIMESTAMPS 0:00 Intro 3:36 What Cloud Teaches Us About AI 12:52 Sierra, Sandcastles, and AI Products 17:35 The New SaaS Competitive Frontier 28:28 AI Demand and the Energy Bottleneck 31:28 The Cerebras Story and AI Chips 45:10 The Future of Robotics 52:53 Eric’s Venture Investing Philosophy 1:07:30 Going Public, AI Value, and Jobs

Patrick OShaughnessy

649,192 просмотров • 6 дней назад

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
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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

1,212,199 просмотров • 5 месяцев назад

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
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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

5,620,948 просмотров • 3 месяцев назад

I’m always amazed how few investors can explain the specific thing they can do better than others. When I first asked Ramtin (Ramtin Naimi) this question, he gave one of the most specific answers I’ve heard (about how he helps founders end up owning more of their company, along with his specific method for doing so). He details that and a ton more in refreshingly honest fashion. He seems willing to answer any question about himself, and we explore his entire rags to riches to rags to riches story. The stuff on the intense parallels between art and investing is a first, too: how to work the playing field and win. A unique convo with an investor who has never done an interview like this before. Timestamps 0:00 Intro 0:25 The Art of Collecting 4:36 Parallels Between Art and Venture Capital 6:59 Challenges and Strategies in Art Collecting 18:19 The Role of Status and Reputation in Art 20:10 The Business of Art Galleries & Auction Houses 26:43 Building a Successful Venture Capital Firm 41:29 Leading Seed Financings 44:27 The Power of AngelList 46:40 Scaling and Building a Team 49:33 Identifying Exceptional Founders 52:32 The Importance of Dilution Sensitivity 54:18 Efficient Investment Processes 1:05:51 Winning Competitive Deals 1:15:29 The Value of Strong Board Members 1:21:37 The Importance of Personal Branding in VC 1:24:28 The Health of the AI Investment Ecosystem 1:28:11 Early Life and Entrepreneurial Beginnings 1:35:12 Starting a Hedge Fund and Lessons Learned 1:44:59 Building Abstract and Family Life 1:54:06 Insights on LPs and Venture Capital Trends 2:02:18 The Kindest Thing
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I’m always amazed how few investors can explain the specific thing they can do better than others. When I first asked Ramtin (Ramtin Naimi) this question, he gave one of the most specific answers I’ve heard (about how he helps founders end up owning more of their company, along with his specific method for doing so). He details that and a ton more in refreshingly honest fashion. He seems willing to answer any question about himself, and we explore his entire rags to riches to rags to riches story. The stuff on the intense parallels between art and investing is a first, too: how to work the playing field and win. A unique convo with an investor who has never done an interview like this before. Timestamps 0:00 Intro 0:25 The Art of Collecting 4:36 Parallels Between Art and Venture Capital 6:59 Challenges and Strategies in Art Collecting 18:19 The Role of Status and Reputation in Art 20:10 The Business of Art Galleries & Auction Houses 26:43 Building a Successful Venture Capital Firm 41:29 Leading Seed Financings 44:27 The Power of AngelList 46:40 Scaling and Building a Team 49:33 Identifying Exceptional Founders 52:32 The Importance of Dilution Sensitivity 54:18 Efficient Investment Processes 1:05:51 Winning Competitive Deals 1:15:29 The Value of Strong Board Members 1:21:37 The Importance of Personal Branding in VC 1:24:28 The Health of the AI Investment Ecosystem 1:28:11 Early Life and Entrepreneurial Beginnings 1:35:12 Starting a Hedge Fund and Lessons Learned 1:44:59 Building Abstract and Family Life 1:54:06 Insights on LPs and Venture Capital Trends 2:02:18 The Kindest Thing

Patrick OShaughnessy

227,760 просмотров • 1 год назад

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?
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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

50,019 просмотров • 2 лет назад

New episode of Uncapped with Trae Stephens and delian from Founders Fund, and my partner Everett Randle. We talked about Founders Fund, the role of VCs, operating versus investing, their current views on the market, and dynamics in the AI supply chain and China. The conversation stayed almost entirely on the rails and as always I learned a bunch from the way they think. Timestamps: (0:00) Intro (0:54) What makes FF unique (8:01) Why lacking EQ can be an asset (12:10) Delian on working with Keith (18:30) Why Trae hates board meetings (24:13) Benchmark vs. Founders Fund (26:31) Investing as the exhaust of operating (28:52) Venture as a micro asset class (30:42) The infamous 2021 offsite (34:21) Current market sentiment (39:18) Can you beat the S&P? (48:53) America's semiconductor blind spot (51:56) Taiwan and the 90% probability (57:58) Robotics, humanoids, and the China question
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New episode of Uncapped with Trae Stephens and delian from Founders Fund, and my partner Everett Randle. We talked about Founders Fund, the role of VCs, operating versus investing, their current views on the market, and dynamics in the AI supply chain and China. The conversation stayed almost entirely on the rails and as always I learned a bunch from the way they think. Timestamps: (0:00) Intro (0:54) What makes FF unique (8:01) Why lacking EQ can be an asset (12:10) Delian on working with Keith (18:30) Why Trae hates board meetings (24:13) Benchmark vs. Founders Fund (26:31) Investing as the exhaust of operating (28:52) Venture as a micro asset class (30:42) The infamous 2021 offsite (34:21) Current market sentiment (39:18) Can you beat the S&P? (48:53) America's semiconductor blind spot (51:56) Taiwan and the 90% probability (57:58) Robotics, humanoids, and the China question

Jack Altman

276,688 просмотров • 1 месяц назад

My conversation with Graham Weaver, the founder of Alpine Investors. Graham built this large private equity firm by buying companies and handing them over to ~27-year-old CEOs. He tells the entire story of the firm here. Enjoy! Timestamps 0:00 Intro 0:37 Alpine's Three North Stars 7:33 The Power of Choice & Determination 13:33 Early Career 21:45 Founding Alpine 29:36 Core Beliefs and Talent Development 35:47 Building a Platform Company 39:02 Talent and Training Programs 44:15 Employee and Customer Engagement 47:26 Financial Outcomes & Return Strategies 50:43 Supporting Young CEOs 58:13 Teaching at Stanford 1:05:31 Coaching and One-on-One Meetings 1:08:18 Executive Coaching 1:11:19 Defining Personal Growth and Courage 1:18:41 Lessons from a Slot Machine Business 1:22:43 Balancing Work and Personal Life 1:29:21 The Future of Private Equity 1:32:29 The Importance of Seeing the Best in People 1:38:10 The Kindest Thing
1:39:39

My conversation with Graham Weaver, the founder of Alpine Investors. Graham built this large private equity firm by buying companies and handing them over to ~27-year-old CEOs. He tells the entire story of the firm here. Enjoy! Timestamps 0:00 Intro 0:37 Alpine's Three North Stars 7:33 The Power of Choice & Determination 13:33 Early Career 21:45 Founding Alpine 29:36 Core Beliefs and Talent Development 35:47 Building a Platform Company 39:02 Talent and Training Programs 44:15 Employee and Customer Engagement 47:26 Financial Outcomes & Return Strategies 50:43 Supporting Young CEOs 58:13 Teaching at Stanford 1:05:31 Coaching and One-on-One Meetings 1:08:18 Executive Coaching 1:11:19 Defining Personal Growth and Courage 1:18:41 Lessons from a Slot Machine Business 1:22:43 Balancing Work and Personal Life 1:29:21 The Future of Private Equity 1:32:29 The Importance of Seeing the Best in People 1:38:10 The Kindest Thing

Patrick OShaughnessy

132,664 просмотров • 1 год назад

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 просмотров • 1 год назад

My conversation with Mike Volpi Mike Volpi, who is one of the strongest early stage investors of the last decade backing companies like Scale, ClickHouse, Confluent, Wealthfront, and many others. When I started investing a couple years ago, Mike was one of the first people I reached out to for advice. Since then he's started his own new firm, Hanabi. We talked about creating a new VC firm, how AI impacts venture capital, and a bunch of his ideas around specific trends in AI and elsewhere. I love this conversation, hope you enjoy. Timestamps: (0:00) Intro (0:39) Building a venture firm from scratch (4:02) Designing Hanabi (5:52) Why stage matters less (9:38) Building a venture brand (13:58) The role of board seats (17:06) Attributes of enduring firms (20:44) The future of AI labs (23:14) Open-source and neolabs (32:49) The compute race (36:51) The future of software (45:49) Investing in defense (47:50) From operator to investor (50:35) Thriving founders today
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My conversation with Mike Volpi Mike Volpi, who is one of the strongest early stage investors of the last decade backing companies like Scale, ClickHouse, Confluent, Wealthfront, and many others. When I started investing a couple years ago, Mike was one of the first people I reached out to for advice. Since then he's started his own new firm, Hanabi. We talked about creating a new VC firm, how AI impacts venture capital, and a bunch of his ideas around specific trends in AI and elsewhere. I love this conversation, hope you enjoy. Timestamps: (0:00) Intro (0:39) Building a venture firm from scratch (4:02) Designing Hanabi (5:52) Why stage matters less (9:38) Building a venture brand (13:58) The role of board seats (17:06) Attributes of enduring firms (20:44) The future of AI labs (23:14) Open-source and neolabs (32:49) The compute race (36:51) The future of software (45:49) Investing in defense (47:50) From operator to investor (50:35) Thriving founders today

Jack Altman

49,513 просмотров • 2 месяцев назад

As ever, a fascinating chat with my friend Jordi Visser on AI, crypto, and hedge funds' future... Enjoy! 00:00:00 Introduction 00:00:54 The Big Picture: AI, Crypto, and Macro 00:02:25 Jordie Visser’s Background in Macro and Finance 00:03:30 AI’s Disruptive Impact on the Economy 00:06:32 Rethinking GDP and Productivity 00:08:59 The Future of Labor and Profit Margins 00:10:49 The Rise of the Speculative Economy 00:14:41 Generational Shifts in Investing and Risk-taking 00:16:18 AI and Crypto: A Global Network Effect 00:19:38 Stablecoins and AI-Driven Market Volume Growth 00:24:28 The End of Traditional Hedge Funds? 00:31:16 Deep Research and the Power of AI Analysis 00:35:29 The Acceleration of AI and its Economic Impact 00:41:02 The Growing Crypto Adoption and Its Role in the Future Economy 00:44:22 Shifting from Fear to Optimism in Markets 00:50:27 The Political and Economic Challenges Ahead 00:56:01 Quantum Computing and the Next Leap in AI 01:02:06 Closing Thoughts: Preparing for a Radical Future
1:03:13

As ever, a fascinating chat with my friend Jordi Visser on AI, crypto, and hedge funds' future... Enjoy! 00:00:00 Introduction 00:00:54 The Big Picture: AI, Crypto, and Macro 00:02:25 Jordie Visser’s Background in Macro and Finance 00:03:30 AI’s Disruptive Impact on the Economy 00:06:32 Rethinking GDP and Productivity 00:08:59 The Future of Labor and Profit Margins 00:10:49 The Rise of the Speculative Economy 00:14:41 Generational Shifts in Investing and Risk-taking 00:16:18 AI and Crypto: A Global Network Effect 00:19:38 Stablecoins and AI-Driven Market Volume Growth 00:24:28 The End of Traditional Hedge Funds? 00:31:16 Deep Research and the Power of AI Analysis 00:35:29 The Acceleration of AI and its Economic Impact 00:41:02 The Growing Crypto Adoption and Its Role in the Future Economy 00:44:22 Shifting from Fear to Optimism in Markets 00:50:27 The Political and Economic Challenges Ahead 00:56:01 Quantum Computing and the Next Leap in AI 01:02:06 Closing Thoughts: Preparing for a Radical Future

Raoul Pal

280,175 просмотров • 1 год назад

My conversation with Karim Atiyeh, co-founder and CTO of Ramp and one of the best operators active today. I love talking to people who are obsessed with their craft, and Karim is one of them. The way he talks about every part of the business makes it clear that Ramp wins by caring more than anyone. They labor over every pixel and detail that helps customers save time, eliminate waste, and spend less. We talk about how to build products faster, assembling a team of "Avengers", seeking differentiation and how Karim’s "divinely discontent" mindset drives Ramp’s culture. It's a conversation about craftsmanship, obsession, and the quiet intensity behind one of the fastest-growing companies in the world. Enjoy! Timestamps: 0:00 Intro 0:29 Competing with a Day One Mentality 7:58 Winning with Consumer-Grade UX 10:40 Divinely Discontent 14:18 Building a Culture of Mutual Accountability 16:05 Origin Story: Growing Up in Lebanon 21:40 The First Company: Paribus 28:02 Lessons from Building on an Unstable Platform 36:42 From Paribus to Ramp 48:59 The Framework for Choosing Investors 57:54 Shifting the Business Model 1:03:00 Why the Best Builders Will Be Technical 1:06:05 An Engineer's Approach to Marketing 1:20:15 The Power of Differentiation 1:22:22 Recruiting for Spikiness 1:27:41 The Tactics of Speed 1:34:52 The Vision for Ramp 1:43:40 Kindest Thing
1:46:22

My conversation with Karim Atiyeh, co-founder and CTO of Ramp and one of the best operators active today. I love talking to people who are obsessed with their craft, and Karim is one of them. The way he talks about every part of the business makes it clear that Ramp wins by caring more than anyone. They labor over every pixel and detail that helps customers save time, eliminate waste, and spend less. We talk about how to build products faster, assembling a team of "Avengers", seeking differentiation and how Karim’s "divinely discontent" mindset drives Ramp’s culture. It's a conversation about craftsmanship, obsession, and the quiet intensity behind one of the fastest-growing companies in the world. Enjoy! Timestamps: 0:00 Intro 0:29 Competing with a Day One Mentality 7:58 Winning with Consumer-Grade UX 10:40 Divinely Discontent 14:18 Building a Culture of Mutual Accountability 16:05 Origin Story: Growing Up in Lebanon 21:40 The First Company: Paribus 28:02 Lessons from Building on an Unstable Platform 36:42 From Paribus to Ramp 48:59 The Framework for Choosing Investors 57:54 Shifting the Business Model 1:03:00 Why the Best Builders Will Be Technical 1:06:05 An Engineer's Approach to Marketing 1:20:15 The Power of Differentiation 1:22:22 Recruiting for Spikiness 1:27:41 The Tactics of Speed 1:34:52 The Vision for Ramp 1:43:40 Kindest Thing

Patrick OShaughnessy

599,830 просмотров • 10 месяцев назад

My conversation with Jesse Zhang Decagon is building a customer service agent with AI, with plans for much more than that. It’s one of the more successful early AI applications, with tons of lessons for the rest of the market. I love how Jesse developed which problem to solve first, a set of lessons applicable to all entrepreneurs Enjoy Timestamps: 0:00 Intro 2:00 Competing in the AI Era 11:35 Finding Product-Market Fit 14:25 Anatomy of a Great Customer Interview 17:37 Everyone’s Wrong Until You Talk to Customers 19:25 AI Agents Replacing Human Labor 21:55 Why Customer Service 23:30 Coding vs. Customer Service 35:44 The Future of Voice and the Human UI 38:54 Why Voice-to-Voice Is So Hard 43:18 Learning from Customer Data 44:36 How CEOs Should Think About AI 47:06 The ROI of Coding and Productivity Tools 48:20 Every Brand Will Talk to You Through AI 56:00 Recruiting, Capital, and Demand 1:00:42 Investor Frenzy 1:22:17 The Long-Term Vision for Decagon 1:25:05 Kindest Thing
1:26:12

My conversation with Jesse Zhang Decagon is building a customer service agent with AI, with plans for much more than that. It’s one of the more successful early AI applications, with tons of lessons for the rest of the market. I love how Jesse developed which problem to solve first, a set of lessons applicable to all entrepreneurs Enjoy Timestamps: 0:00 Intro 2:00 Competing in the AI Era 11:35 Finding Product-Market Fit 14:25 Anatomy of a Great Customer Interview 17:37 Everyone’s Wrong Until You Talk to Customers 19:25 AI Agents Replacing Human Labor 21:55 Why Customer Service 23:30 Coding vs. Customer Service 35:44 The Future of Voice and the Human UI 38:54 Why Voice-to-Voice Is So Hard 43:18 Learning from Customer Data 44:36 How CEOs Should Think About AI 47:06 The ROI of Coding and Productivity Tools 48:20 Every Brand Will Talk to You Through AI 56:00 Recruiting, Capital, and Demand 1:00:42 Investor Frenzy 1:22:17 The Long-Term Vision for Decagon 1:25:05 Kindest Thing

Patrick OShaughnessy

49,418 просмотров • 10 месяцев назад

Just dropped a conversation with Daniel Schreiber from Lemonade that broke my brain. He built an insurance company on AI in 2015. Before ChatGPT. Before it was cool. The results over the last 3 years: Revenue nearly tripled. Gross profit up 10x. Added over a million customers. Headcount? LOWER than when they started. He said something wild: "I think we 10x our business and we don't have a big change in our cost structure. We 10x it again and still don't." Meanwhile legacy insurers are running 600 systems that don't talk to each other and their biggest cause of loss is literally categorized as "other." This is what AI leverage actually looks like. 0:00 Introduction to AI and Business Growth 0:44 Interview with Daniel from Lemonade 1:25 Lemonade's AI-First Approach 4:31 Data Collection and Utilization 19:55 AI in Customer Interaction and HR 22:38 Impact of AI on Business Efficiency 31:41 Future of AI in Insurance 36:28 Traditional Insurance Models and Their Limitations 37:24 Telematics and Personalized Insurance 39:17 Advantages of Autonomous and Connected Cars 41:58 Future of AI in Insurance and Beyond 45:19 Economic Implications of AI and Automation 49:35 Addressing the Societal Impact of AI 55:00 Ensuring Equitable Distribution of AI Benefits 01:02:23 Final Thoughts and Future Outlook
1:12:42

Just dropped a conversation with Daniel Schreiber from Lemonade that broke my brain. He built an insurance company on AI in 2015. Before ChatGPT. Before it was cool. The results over the last 3 years: Revenue nearly tripled. Gross profit up 10x. Added over a million customers. Headcount? LOWER than when they started. He said something wild: "I think we 10x our business and we don't have a big change in our cost structure. We 10x it again and still don't." Meanwhile legacy insurers are running 600 systems that don't talk to each other and their biggest cause of loss is literally categorized as "other." This is what AI leverage actually looks like. 0:00 Introduction to AI and Business Growth 0:44 Interview with Daniel from Lemonade 1:25 Lemonade's AI-First Approach 4:31 Data Collection and Utilization 19:55 AI in Customer Interaction and HR 22:38 Impact of AI on Business Efficiency 31:41 Future of AI in Insurance 36:28 Traditional Insurance Models and Their Limitations 37:24 Telematics and Personalized Insurance 39:17 Advantages of Autonomous and Connected Cars 41:58 Future of AI in Insurance and Beyond 45:19 Economic Implications of AI and Automation 49:35 Addressing the Societal Impact of AI 55:00 Ensuring Equitable Distribution of AI Benefits 01:02:23 Final Thoughts and Future Outlook

Farzad's Claw 🦞

186,472 просмотров • 7 месяцев назад

The Great Democracy Deception — Power, Debt, and Control w/ Simon Dixon 0:00 - WiM Episode Trailer 1:23 - The Illusion of Democracy and Control 2:50 - The Shift to a Multipolar World 6:13 - Understanding the Proof of Weapons Network 9:03 - The Debt-Based Ponzi Scheme 12:05 - Central Banks and War 14:52 - Weaponization of Money and Civil Unrest 17:57 - Bitcoin as a Counterforce 21:04 - Future of Currency and Technocracy 24:01 - Power Dynamics and the Federal Reserve 26:57 - Gold and Geopolitical Power 39:24 - Deep State and Corporate Control 42:46 - The Illusion of Democracy 48:36 - Boycotting the Financial System 51:45 - The Role of Money in Society 57:52 - Evolution of Economic Theories 1:01:42 - Rise of Multipolarity 1:07:50 - Future of Global Power Dynamics 1:20:50 - Rise of BRICS and Regional Power 1:21:20 - Decolonization and Africa’s Future 1:22:21 - China’s Global Strategy 1:23:44 - Shift from Western Hegemony 1:25:41 - Technology and Future Society 1:29:13 - Avoiding Global Conflict 1:31:24 - Economics of War and Reconstruction 1:34:42 - Centralization vs Decentralization in Bitcoin 1:43:09 - Spiritual Warfare and Personal Responsibility 1:51:16 - Conclusion and Call to Action
1:43:50

The Great Democracy Deception — Power, Debt, and Control w/ Simon Dixon 0:00 - WiM Episode Trailer 1:23 - The Illusion of Democracy and Control 2:50 - The Shift to a Multipolar World 6:13 - Understanding the Proof of Weapons Network 9:03 - The Debt-Based Ponzi Scheme 12:05 - Central Banks and War 14:52 - Weaponization of Money and Civil Unrest 17:57 - Bitcoin as a Counterforce 21:04 - Future of Currency and Technocracy 24:01 - Power Dynamics and the Federal Reserve 26:57 - Gold and Geopolitical Power 39:24 - Deep State and Corporate Control 42:46 - The Illusion of Democracy 48:36 - Boycotting the Financial System 51:45 - The Role of Money in Society 57:52 - Evolution of Economic Theories 1:01:42 - Rise of Multipolarity 1:07:50 - Future of Global Power Dynamics 1:20:50 - Rise of BRICS and Regional Power 1:21:20 - Decolonization and Africa’s Future 1:22:21 - China’s Global Strategy 1:23:44 - Shift from Western Hegemony 1:25:41 - Technology and Future Society 1:29:13 - Avoiding Global Conflict 1:31:24 - Economics of War and Reconstruction 1:34:42 - Centralization vs Decentralization in Bitcoin 1:43:09 - Spiritual Warfare and Personal Responsibility 1:51:16 - Conclusion and Call to Action

The "What is Money?" Show

15,004 просмотров • 9 месяцев назад

Here's my conversation with Anthony Kaldellis about the deep history of the Roman Empire in the west and the east (the Byzantine Empire). This was a truly fascinating conversation with a lot of wisdom for the modern world and for the future of human civilization. The Roman state lasted over 2,200 years. If we want to understand human nature, the modern world, and how humanity can flourish, it is valuable to study history, especially the history of why societies survive and why they collapse. It's here on X in full and is up everywhere else (see comment). Timestamps: 0:00 - Episode highlight 1:24 - Introduction 1:51 - The Roman Empire and the Byzantine Empire 5:49 - 2,200 Years of Roman History 26:12 - Power, violence, and civil war 47:27 - Edict of Caracalla 1:00:23 - Crisis of the Third Century 1:14:52 - Constantine and the new Roman Empire 1:26:53 - Christianity in the Roman Empire 1:52:21 - Fall of the Western Roman Empire 2:05:17 - Eunuchs, Taxes, and Power 2:30:24 - Emperor Justinian and wars of conquest 2:47:26 - The Arab conquests 3:07:01 - Why the Roman empire survived so long 3:33:08 - Lessons from history
3:51:46

Here's my conversation with Anthony Kaldellis about the deep history of the Roman Empire in the west and the east (the Byzantine Empire). This was a truly fascinating conversation with a lot of wisdom for the modern world and for the future of human civilization. The Roman state lasted over 2,200 years. If we want to understand human nature, the modern world, and how humanity can flourish, it is valuable to study history, especially the history of why societies survive and why they collapse. It's here on X in full and is up everywhere else (see comment). Timestamps: 0:00 - Episode highlight 1:24 - Introduction 1:51 - The Roman Empire and the Byzantine Empire 5:49 - 2,200 Years of Roman History 26:12 - Power, violence, and civil war 47:27 - Edict of Caracalla 1:00:23 - Crisis of the Third Century 1:14:52 - Constantine and the new Roman Empire 1:26:53 - Christianity in the Roman Empire 1:52:21 - Fall of the Western Roman Empire 2:05:17 - Eunuchs, Taxes, and Power 2:30:24 - Emperor Justinian and wars of conquest 2:47:26 - The Arab conquests 3:07:01 - Why the Roman empire survived so long 3:33:08 - Lessons from history

Lex Fridman

359,672 просмотров • 1 месяц назад

Here's my conversation with Elon Musk, his 4th time on the podcast. We talk about war & peace, AI, physics, politics, video games, and the future of humanity. This is episode 400 of the podcast. It's been an incredible journey. I'm grateful to Elon for his friendship, and I'm grateful for all the kindness and love I've gotten from folks along the way. I love you all! ❤ Timestamps: 0:00 - Introduction 0:07 - War and human nature 4:33 - Israel-Hamas war 10:41 - Military-Industrial Complex 14:58 - War in Ukraine 19:41 - China 33:57 - xAI Grok 44:55 - Aliens 52:55 - God 55:22 - Diablo 4 and video games 1:04:29 - Dystopian worlds: 1984 and Brave New World 1:10:41 - AI and useful compute per watt 1:16:22 - AI regulation 1:23:14 - Should AI be open-sourced? 1:30:36 - X algorithm 1:41:57 - 2024 presidential elections 1:54:55 - Politics 1:57:57 - Trust 2:03:29 - Tesla's Autopilot and Optimus robot 2:12:28 - Hardships
2:16:37

Here's my conversation with Elon Musk, his 4th time on the podcast. We talk about war & peace, AI, physics, politics, video games, and the future of humanity. This is episode 400 of the podcast. It's been an incredible journey. I'm grateful to Elon for his friendship, and I'm grateful for all the kindness and love I've gotten from folks along the way. I love you all! ❤ Timestamps: 0:00 - Introduction 0:07 - War and human nature 4:33 - Israel-Hamas war 10:41 - Military-Industrial Complex 14:58 - War in Ukraine 19:41 - China 33:57 - xAI Grok 44:55 - Aliens 52:55 - God 55:22 - Diablo 4 and video games 1:04:29 - Dystopian worlds: 1984 and Brave New World 1:10:41 - AI and useful compute per watt 1:16:22 - AI regulation 1:23:14 - Should AI be open-sourced? 1:30:36 - X algorithm 1:41:57 - 2024 presidential elections 1:54:55 - Politics 1:57:57 - Trust 2:03:29 - Tesla's Autopilot and Optimus robot 2:12:28 - Hardships

Lex Fridman

36,633,622 просмотров • 2 лет назад

.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 просмотров • 8 месяцев назад