Explorez tous les épisodes du podcast Invest Like The Best

Sarah Guo is the founder of Conviction and one of the most closely watched investors in AI. In this conversation, Sarah and Patrick discuss what the people at the frontier of AI actually believe, why some researchers think exponential intelligence may be only a few years away, and how she’s navigating an investing environment that can’t be backtested.

They also explore the race for compute, the future of open-source AI, why America may need compute independence, the rapid progress in robotics, how AI could transform biology and drug discovery, and Sarah’s framework for building conviction before the rest of the market catches up.

Timestamps

0:00 Intro
1:08 Investing Through the AI Boom
5:03 Building Conviction in AI
12:06 What AI Researchers Believe
15:44 Compute, Capital & Robotics
24:03 How Sarah Makes Investments
39:24 The Case for Open Source
49:01 America’s Compute Independence
51:32 AI’s New Investment Markets
59:36 Finding Truth & What’s Next

#InvestLikeTheBest #SarahGuo #ArtificialIntelligence #AI #VentureCapital #Investing #OpenSourceAI #Robotics #Technology #Startups

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Neil Movva, co-founder of Sail Research, joins Patrick to explain why the next era of AI may be defined not by faster chatbots, but by background agents that work autonomously for hours, days, or even weeks—and what it will take to make that intelligence cheap enough to become abundant. Neil lays out Sail’s “token factory” strategy across software, chips, data centers, and power; the lessons he learned chasing “speed of light” performance at Nvidia; why he’ll buy almost any chip at the right price; and why unreliable, distributed data centers powered by sources like solar and wind could actually be an advantage. They also discuss transformers and memory, the future of AI training data, the economics of the chip shortage, open versus closed models, and Neil’s belief that there will always be demand for more intelligence.

TIMESTAMPS
0:00 Intro
0:38 Building a “Token Factory”
4:21 The Future of Background Agents
13:09 Nvidia and the GPU Stack
23:27 Chips, Memory, and Transformers
36:14 The Future of AI Training Data
44:32 Chip Scarcity and Compute Arbitrage
52:44 Reinventing the AI Data Center
59:01 Power and the “Scavenger Strategy”
1:10:10 Open vs. Closed AI

#ArtificialIntelligence #AIAgents #NVIDIA #AIInfrastructure #InvestLikeTheBest

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Ben Thompson joins Invest Like the Best for a wide-ranging conversation about the economics, geopolitics, and business models shaping the AI era. They discuss why overwhelming U.S. dominance in AI could be dangerous, whether the massive AI infrastructure buildout can generate returns before the capital runs out, and what the railroad boom can teach us about today’s spending cycle. Ben also explains why Google may increasingly resemble Berkshire Hathaway, how AI could turn intelligence into a commodity, why Amazon may have the deepest moat in technology, what Apple gets right by staying focused on hardware, how AI threatens Microsoft’s core business, why the current compute shortage may have saved Intel, and why Google and Amazon could ultimately become Nvidia’s most important competitors.

#InvestLikeTheBest #BenThompson #ArtificialIntelligence #AI #Investing #Technology #Nvidia #Google

TIMESTAMPS
0:00 Intro
0:59 America and the AI Race
8:26 AI’s Funding Problem
15:31 AI’s Capabilities and Limits
20:30 Aggregation Theory, AI, and Ads
31:10 Compute, TSMC, and Intel
47:31 Amazon and Apple’s AI Moats
54:43 The Frontier AI Players
74:07 Nvidia and Commoditized Intelligence
82:52 What Survives an AI Bubble?

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Eric Vishria, General Partner at Benchmark, joins Invest Like the Best for a wide-ranging conversation on how AI is reshaping software, infrastructure, and venture investing. He explains why the competitive frontier for SaaS has shifted, why companies can destroy value by faithfully executing an outdated plan, and what the cloud wars can teach us about the emerging AI market. Eric also discusses Fireworks and Sierra, the importance of understanding AI’s “jagged edge,” why some AI companies are effectively “selling magic,” and why he believes the market could support many enormous winners. The conversation also covers energy as a potential bottleneck to intelligence, the story behind Benchmark’s early investment in Cerebras, the future of robotics, what he looks for in founders and board partnerships, Benchmark’s expansion into growth investing, and the lessons he’s learned from backing companies capable of generating extraordinary returns.

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

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

In this episode of Invest Like the Best, Patrick O'Shaughnessy sits down with Gavin Baker to dissect the intense AI and semiconductor market sell-off of July 2026. Describing the period as "2022 packed into a single month," Gavin explains why public market panic contrasts sharply with the booming fundamentals seen on the ground in Silicon Valley. They dive into the accelerating operating cash flows of hyperscalers, the soaring spot prices for GPUs, and why open-source AI models are actually driving massive infrastructure demand. Gavin also unpacks the game theory behind Long-Term Agreements (LTAs) in the memory market, NVIDIA's strategic dominance, SpaceX's massive data center ambitions, and the looming regulatory risks for AI compute.

Timestamps:
0:00 Intro
1:17 AI Selloff vs. Fundamentals
10:20 Financing the AI Buildout
18:18 GPU Prices Keep Rising
24:23 Claude Moves Markets
29:01 What Could Break the Thesis
36:59 The Memory Supply War
42:08 Nvidia’s New Playbook
50:14 China and Open Source
61:51 Data Centers and Regulation
71:11 SpaceX and Orbital Compute

#Investing #AI #Semiconductors #Nvidia #StockMarket #Technology #DataCenters #OpenSource #Finance #VentureCapital #nvidia #stocks #sell #stockmarket

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Sam Altman joins us for a wide-ranging conversation about OpenAI’s next chapter, the race for compute, and what happens as artificial intelligence becomes more powerful, abundant, and embedded across the economy. He explains why OpenAI recently narrowed its focus, why demand for intelligence may be effectively uncapped, how close we may be to AGI, and what the future could hold for robotics, jobs, hardware, and human agency. We also discuss the accidental launch of ChatGPT, OpenAI’s competitive advantages, the economics of intelligence, and the pressure and responsibility that come with leading one of the world’s most consequential companies.

TIMESTAMPS
0:00 Intro
4:10 The Race for Compute
14:24 A Sci-Fi Cyber Incident
16:14 The Promise and Risks of AGI
23:27 How AI Will Change Jobs
29:38 Sam’s Vision for a Personal AI
35:02 Robotics, ChatGPT, and What Comes Next
44:39 The Weight of Leading OpenAI
51:36 OpenAI’s Biggest Lessons

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

#SamAltman #OpenAI #ArtificialIntelligence #AGI #AI #FutureOfAI #Technology #Robotics #InvestLikeTheBest

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Matt Smith joins us to explain why the United States may be approaching a historic natural gas shortage—and why the market is not yet pricing it in. After 18 months of bottom-up research across producing basins, pipelines, processing infrastructure, LNG exports, and AI power projects, Matt argues that the country could begin drawing down gas storage at unprecedented rates as early as 2028, with major implications for electricity prices, hyperscaler economics, and the American consumer.

In June, Matthew wrote a letter to a small group of confidants laying out the full case behind his natural gas forecast. He has allowed us to publish it. You can read the full letter here: https://colossus.com/wp-content/uploads/2026/07/letter-III-got-gas.pdf

TIMESTAMPS
0:00 Intro
1:30 What Drives the Deficit
11:00 Why Supply Can’t Catch Up
20:35 The 2030 Gas Crisis
25:05 Winners and Losers
29:00 Nuclear and Solar
33:30 Consumers Pay the Bill
37:20 AI’s Next Shortage
45:25 Solutions and Global Stakes
51:15 The Coming Gas Knife Fight

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

#NaturalGas #ArtificialIntelligence #EnergyMarkets #AIInfrastructure #DataCenters #NuclearEnergy #Investing

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John Kim, former chief development officer at General Catalyst and author of The Tao of Fundraising, joins us to explain the psychology, strategy, and human dynamics behind raising capital.

John argues that money moves at the speed of trust—and that the best fundraisers understand how to increase desire, reduce fear, simplify their story, and build genuine conviction. He shares the three laws of fundraising, explains how General Catalyst built consensus across its investor base, and breaks down why logic alone rarely persuades someone to say yes.

TIMESTAMPS

0:00 Intro
4:07 Starting a Fundraise
10:40 How General Catalyst Built Consensus
16:56 The Three Laws of Fundraising
27:01 The Psychology of Every Sales Meeting
36:49 The Secretary of State Model
46:12 The Inner Game of Fundraising

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Jeremy Giffon joins us for his second conversation on Invest Like the Best. This episode is a window into one of those conversations about how power, status, capital, and attention are shifting in America.

We discuss the billion dollar PDF, why narratives shape capital formation, how the timeline became market infrastructure, why America’s billionaire class may be losing status to the “poaster” class, the hidden philosophers behind Silicon Valley, lessons from the last 18 months in private markets, East Coast versus West Coast finance, Buffett, beating the market, and much more.

TIMESTAMPS
0:00 Intro
5:50 The Billion Dollar PDF
11:31 Algorithms and Power Laws
20:28 Peak Guy
31:19 Opting Out of the Timeline
36:14 AI and White-Collar Jobs
43:31 The Next Era of Finance
53:56 The New Economics of Software
1:03:22 Underwriting Emerging Managers
1:18:17 Silicon Valley’s Hidden Philosophy

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

#InvestLikeTheBest #JeremyGiffon #VentureCapital #CapitalMarkets #SiliconValley

Hosted on Acast. See acast.com/privacy for more information.

Gavin Uberti and Robert Wachen, co-founders of Etched, join us to tell the story of building one of the most ambitious AI chip companies in the world.

Three years ago, they were two Harvard dropouts trying to convince skeptics they could build better inference hardware than the largest semiconductor companies on earth. Today, Etched has raised $800M, signed more than $1B in customer contracts, and taped out a working chip designed for the post-ChatGPT era.

We discuss why inference may become the largest market in the world, why Etched built an entire rack instead of just a chip, the technical bets behind low-voltage inference and cluster-scale memory, how they recruited industry legends while still in their twenties, the near-death fundraising moments that almost ended the company, and why the future of AI may belong to whoever can produce the most tokens.



TIMESTAMPS
0:00 Intro
1:00 Why Nobody Believed Etched Would Work
14:06 Why Inference Is the Bottleneck
22:27 Gavin and Rob’s Origin Stories
33:24 Taking Huge Risks to Move Faster
49:43 Kernels, Compilers, and the AI Stack
1:02:08 Raising $100M to Survive
1:16:00 The Future of Models, Agents, and Intelligence


Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

#InvestLikeTheBest #Etched #AI #ArtificialIntelligence #AIChips #NVIDIA #Semiconductors #Inference #Compute #AIInfrastructure #DataCenters #Startups #VentureCapital #Hardware #DeepTech

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Vlad Barbalat is President of Global Risk & Capital Solutions and Chief Investment Officer at Liberty Mutual Insurance, where he helps oversee one of the most unique investment platforms in the world: a $120 billion balance sheet with no third-party capital. In this conversation, Vlad and Patrick discuss how insurance float creates permanent capital, why Liberty Mutual’s structure allows it to invest differently, how to think about risk, liquidity, private markets, credit, AI, geopolitics, and the future of trillion-dollar companies. Vlad also shares his personal story of immigrating from Moldova, why he believes America gives people an unparalleled level of agency, and how that worldview shapes his approach to investing, leadership, and pragmatic optimism.

TIMESTAMPS

0:00 Intro
1:15 Liberty Mutual’s $120B Balance Sheet
12:27 Preparing, Not Predicting
18:51 Building a Fortress Balance Sheet
26:13 Immigration and American Agency
34:00 Risk Taking and Craft
40:14 Branded Capital
44:42 Geopolitics and American Power
51:32 AI and Investing
1:06:24 Permanent Capital and Pragmatic Optimism

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

In this episode of Invest Like The Best, Patrick O'Shaughnessy sits down with Kareem Amin, co-founder and CEO of Clay. Kareem shares his unconventional philosophy on building a highly successful software company by creating from a place of "wholeness" rather than "lack." They explore why true capitalism rewards genuine risk-taking, the value of courage, and the importance of optimizing for self-respect above all else. Kareem dives deep into how lessons from non-dual meditation, music theory, and magicians heavily influence his approach to product development, hiring, and scaling Clay. From debating the necessity of a grand vision to introducing the concept of a "death doula" for companies that have achieved their purpose, Kareem offers a refreshingly profound perspective on ambition, wealth, and leading a meaningful life in business.

#KareemAmin #Clay #InvestLikeTheBest #Startups #Entrepreneurship #SaaS #Leadership #Founders #TechStartups #BusinessGrowth

Timestamps
0:00 Giving the Power of Programming to Everyone
8:55 Courage, Truth & Justice
9:16 Capitalism & Risks
19:18 Creating from Wholeness
25:19 The 10-Day Silent Retreat
35:23 Re-Enchanting the World
42:32 Founder's Vision & Death Doulas
53:49 The Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Alex Sacerdote is the Founder and Portfolio Manager of Whale Rock Capital Management, where he has spent the past two decades investing through major technology platform shifts. In this episode, Alex walks through Whale Rock’s framework for finding the most important companies in technology: S-curves, competitive advantage, and underappreciated earnings power. He explains why AI may be the biggest S-curve yet, how Whale Rock built conviction in Anthropic, why code has become the first major unlock for AI, what AI means for the software market, and why the hardware industry powering AI is entering a new renaissance.

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

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Dara Khosrowshahi, CEO of Uber, joins Invest Like the Best to discuss Uber’s next chapter: the rise of AI, autonomous vehicles, robotaxis, drones, delivery, and the company’s ambition to become the demand aggregator for the physical world. He explains why Uber is a supply-led marketplace, how the company is partnering across the AV ecosystem, what AI is already changing inside Uber, and why he believes autonomous transportation could unlock another trillion-dollar market. Dara also shares lessons from rebuilding Uber through chaos, leading with transparency, learning from Barry Diller and Reed Hastings, and staying open to the “troublemakers” who help companies evolve.

TIMESTAMPS

0:00 Intro
3:44 Bringing Order to Uber’s Chaos
7:22 Managing Stress, Immigrant Drive, and Going All In
14:28 Why Uber Is at the Center of AI and the Physical World
22:39 How Uber Plans to Win in Autonomous Vehicles
32:25 The Trillion-Dollar AV Opportunity
37:05 Drones, Robotaxis, and Global Adoption
38:20 Uber Eats, Uber One, and Aggregating Supply
47:00 Hotels, Travel, Marketing, and the Future of the Uber App
55:55 Lessons from Barry Diller, Capital Allocation, and Leadership


#Uber #DaraKhosrowshahi #InvestLikeTheBest #AutonomousVehicles #Robotaxis #ArtificialIntelligence #FutureOfTransportation #UberEats #BusinessStrategy #TechnologyInvesting

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy sits down with Dan Loeb, the legendary investor and founder of Third Point. Dan shares his incredible evolution from a deep-value, event-driven credit investor to a dynamic capital allocator spanning equities, venture capital, and private credit. They dive into the current macro environment, focusing heavily on the transformative power of AI, semiconductors, and energy. Dan also unpacks his most memorable activist campaigns, including Sotheby's and Sony, and explains what makes a truly great corporate governance structure. Additionally, he reveals the painful lessons learned from the FTX collapse, the genius of the Danaher business system, and how his firm uses reinsurance to drive growth. This is a masterclass in market adaptation, continuous improvement, and the enduring value of human connection in finance.

#Investing #DanLoeb #ThirdPoint #HedgeFunds #StockMarket #VentureCapital #AI #CorporateGovernance #ActivistInvesting #Finance

Timestamps:
0:00 Intro
2:48 Macro Views and Tech Trends
5:13 The Roots of Third Point
10:30 Evolving to Quality and Thematic Investing
19:07 Market Psychology and Inefficiencies
24:10 Good and Bad Corporate Governance
29:19 Activism
31:23 Sotheby's
41:37 AI
44:28 Sony
52:50 Danaher's Operating System
56:31 Building an Insurance Business
59:25 FTX
1:05:17 What Makes a Great Analyst Today
1:07:24 The Next Decade
1:10:00 Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy sits down with former Pentagon official Darren Farber to explore the complex landscape of modern warfare, geopolitics, and US military strategy. Darren shares his unique insights on what it means to "win" against adversaries driven by martyrdom cultures, examining the ongoing conflicts. They discuss the historical strategic frameworks of Eisenhower and Maxwell Taylor, the critical need to modernize the US defense industrial base, and why autocracies like China are inherently fragile despite their size. The conversation also dives into the rise of defense tech startups ("Neo Primes"), the rapid evolution of commercial drone warfare in Ukraine, and the emerging security threats surrounding military AI models.

Timestamps:
0:00 Intro
1:00 Theaters of War
3:26 Flexible Power vs. Massive Retaliation
5:14 The Dual Nature of Dictatorships
7:43 Positive Propaganda
10:15 The Strait of Hormuz
11:29 Eisenhower and Taylor's Theories of Escalation
16:48 Grading the U.S. Military's Capabilities
18:01 Assessing China's Illegitimacy
19:41 Magazine Depth
23:20 The Inevitable Fall of Totalitarian Regimes
27:07 Peacetime Mobilization
29:06 Takeaways from Ukraine
30:47 The True Risk of a Taiwan Invasion
32:38 The Rise of Neo-Primes
38:20 The Challenge of Political Will and Civil War
44:23 Process vs. Outcome in U.S. Politics
46:43 The Dangers of AI in Military Systems

#Geopolitics #Defense #Tech #MilitaryStrategy #DarrenFarber #USMilitary #China #Iran #NationalSecurity #Investing #ArtificialIntelligence #hormuz

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

In this episode of Invest Like The Best, Patrick O'Shaughnessy is joined by Gavin Baker to dissect the unprecedented AI technology boom. Gavin explains why recent growth from companies like Anthropic represents the most extraordinary moment in the history of capitalism. They explore the critical constraints of the AI build-out—"watts and wafers"—and how capitalism, from TSMC's chip manufacturing dominance to SpaceX's potential orbital compute, is racing to solve them. Gavin also unpacks the competitive landscape of chip design, the struggles at the AI application layer, and the shifting dynamics between giants like Google, Meta, Amazon, and Microsoft. Finally, they discuss the geopolitical risks of AGI alongside the incredible potential for AI to revolutionize biotech and extend human life. An essential listen for anyone navigating modern tech markets.

#Investing #ArtificialIntelligence #TechStocks #Nvidia #OpenAI #Semiconductors #VentureCapital #SpaceX #AGI #StockMarket

Timestamps:
0:00 Intro
7:55 Anthropic and OpenAI Valuations
12:58 Watts, Wafers, and Infrastructure
14:39 Orbital Compute and Data Centers in Space
22:49 Avoiding the AI Bubble
28:26 Terafab and the Future of US Manufacturing
32:16 Returns to the Frontier
37:23 Continual Learning
42:03 New Chip Companies
48:52 Extending GPU Lifespans and Private Credit
51:22 The Application Layer
57:32 The Token Path and Open-Source Dynamics
1:01:37 Cybersecurity
1:05:46 Diversity Breakdown
1:11:59 Assessing the Big Tech Players in AI
1:19:02 Geopolitics, Personal Safety, and the AI Horizon

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

In this episode of Invest Like The Best, Patrick O'Shaughnessy sits down with Anthropic CFO Krishna Rao for a fascinating look inside one of the fastest-growing AI companies in the world. Krishna reveals what it takes to manage the lifeblood of generative AI: compute. From procuring gigawatts of processing power across Amazon, Google, and Nvidia, to dynamically allocating it for model training and customer demand, compute dictates Anthropic's future. They explore the company's mind-bending exponential revenue growth, the "cone of uncertainty" in forecasting, and why frontier AI models continue to defy scaling limits. Krishna also shares how Claude is revolutionizing his own internal finance team, Anthropic's unique culture of safety and transparency, and his bold predictions for AI-driven breakthroughs in healthcare.

#Anthropic #AI #ArtificialIntelligence #Investing #Technology #Claude #Compute #MachineLearning #VentureCapital #Finance

Timestamps:
0:00 Intro
2:38 The Compute Canvas
6:51 The "Cone of Uncertainty" in AI Growth
11:58 Why the Returns to Frontier Intelligence Are So High
16:45 Recursive Self-Improvement
20:20 Scaling Laws
23:30 Sourcing $100 Billion in Compute
28:05 Platform vs. Application Strategy
32:52 Pricing Dynamics
38:48 How Anthropic’s Finance Team Uses Claude
43:24 Raising Capital & Overcoming Investor Skepticism
52:32 Public Perception, Risks, and Government Regulation
57:25 Mythos
1:12:33 What Could Derail the AI Revolution?
1:13:47 Biotech and Healthcare
1:15:31 The Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy sits down with Airbnb CEO Brian Chesky to explore the critical shift from "Founder Mode" to "CEO Mode." Brian opens up about his journey from an industrial design student to leading a generational tech company, sharing the hard-learned lessons of the pandemic that forced him to rethink his leadership style. He discusses the profound influence of Apple's design philosophy, the famous "11-star experience" exercise, and why he believes the age of AI will spark a massive consumer renaissance. Brian also reveals his unique pipeline approach to hiring, how to empower elite teams, and the life-changing impact of simply believing in someone's untapped potential. This is a masterclass in leadership, design thinking, and the relentless pursuit of perfection.

#brianchesky #Airbnb #FounderMode #Leadership #Entrepreneurship #Tech #CEO #ArtificialIntelligence #Investing #Business #Growth #designthinking

Timestamps:
0:00 Intro
1:00 Studying Industrial Design
11:33 AI Founder Mode
17:02 Lack of Consumer AI Companies
22:10 Small Teams and Focused Problems
30:52 The Evolution from Founder to CEO
38:13 The 11-Star Experience
41:07 AI as a Canvas for Creativity
48:17 Detaching from Success
53:12 Founder-Led Moats
58:34 The Next Chapter of Airbnb
1:03:08 What Endures in the Age of AI
1:06:43 Lessons from Bodybuilding
1:10:20 The CEO's No. 1 Job
1:17:01 Activating Talent
1:20:39 The Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Legendary investor Paul Tudor Jones joins Patrick to discuss his 50-year career in markets and his philosophy on life. Paul contrasts the intense life of a trader with that of a long-term investor, sharing lessons from the 1987 crash, the 1980 silver collapse, and his evolving appreciation for Warren Buffett. He details his rigorous daily routine, his macro outlook on the current debt bubble, and his urgent concerns regarding AI safety and regulation. Beyond finance, Paul reflects on the founding of the Robin Hood Foundation, the transformative power of kindness, and his advice for the next generation on finding significance beyond their careers.

Timestamps:

0:00 Intro
1:00 The Kindest Thing (first)
11:50 Aim High and Shoot Straight
13:19 Trading vs. Investing
17:33 Riding the Trend
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

#PaulTudorJones #Investing #Trading #Macroeconomics #Finance #Business #AI #Philanthropy #Markets #Leadership

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy sits down with Dylan Patel, founder of SemiAnalysis, to explore the explosive supply and demand dynamics of the AI revolution. Dylan shares how his firm's token spend skyrocketed to $7 million a year, completely transforming their productivity and highlighting a new era where execution is cheap, but high-quality ideas are at a premium. They dive into the implications of Anthropic’s frontier models like Opus 4.7 and "Mythos," the hidden bottlenecks in the semiconductor supply chain (including memory, TSMC, and CPUs), and the economic phenomenon of "phantom GDP." Finally, Dylan shares his bold prediction on the societal impact of rapid AI scaling, including why large-scale anti-AI protests might be just around the corner.

Timestamps:
0:00 Intro
1:00 Surging AI Spend
10:27 Token Demand
16:21 When Ideas Are Cheap and Execution is Easy
20:46 Model Hoarding
22:34 Robotics
27:03 The Compute Bottleneck
30:26 The AI Permanent Underclass
31:39 Supply Chain Reality
37:47 CPUs
42:54 Predictions: Public Backlash

#AI #Investing #Semiconductors #Anthropic #OpenAI #GPUs #TechTrends #FutureOfWork #MachineLearning #SemiAnalysis

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

In this episode of Invest like the Best, we're joined by Alex Karnal, founder of Braidwell and one of the sharpest minds in biotech investing. Alex believes we are entering a trillion-dollar health revolution — one driven by GLP-1s, preventive medicine, AI-powered drug discovery, and a new model for how people take control of their health.

We cover why GLP-1s may be the first real proof that medicine is shifting from reactive care to proactive prevention, why oral drugs could unlock massive adoption, and how a modern “health stack” could add years to our lives. We also discuss PCSK9 inhibitors, Alzheimer’s, cancer screening, peptides, citizen pharmacology, and the future of AI in medicine. This is a fascinating look at where healthcare is going and what it could mean for all of us. Please enjoy this conversation with Alex Karnal.

TIMESTAMPS:
0:00 Intro
1:00 The State of Modern Medicine
5:00 Designing the Modern Health Stack
12:17 The GLP-1 Inflection Point
19:18 The Biological Mechanisms of GLP-1
30:36 Overcoming Frictions in Healthcare
34:19 Cardiovascular Disease
44:04 Addressing Alzheimer's
47:04 The Future of Cancer
57:33 Drug Discovery
1:05:25 AI and Scientific Super Intelligence
1:14:40 Citizen Pharmacology and the Peptide Movement
1:18:13 Background and Career Journey
1:31:09 Braidwell's Investment Approach
1:33:30 The Kindest Thing

#Biotech #Healthcare #Investing #GLP1 #Longevity #Medicine #ArtificialIntelligence #DrugDiscovery #VentureCapital #HealthStack

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy sits down with Scott Nolan, Founder and CEO of General Matter, Partner at Founders Fund, and early SpaceX engineer. Scott shares his fascinating career journey, from building rocket engines at an early-stage SpaceX to joining Peter Thiel at Founders Fund to invest in "atoms over bits." He explains the contrarian investing frameworks he learned and how avoiding trends led to massive hardware wins. Finally, Scott dives deep into his new venture, General Matter, detailing why energy abundance is the ultimate proxy for human prosperity, the explosive energy demands of AI data centers, and why enriching uranium to power the next generation of advanced nuclear reactors is the most urgent engineering problem to solve today.

#Investing #FoundersFund #SpaceX #NuclearEnergy #Startups #PeterThiel #Hardware #VentureCapital #Energy #DataCenters

Timestamps:
0:00 Intro
1:00 Frameworks for Finding Important Problems
6:18 Lessons from Peter Thiel: Avoiding Trends
9:32 Spotting Underappreciated Companies
21:46 The Danger of Falling in Love with Ideas
25:12 Discovering the Nuclear Energy Bottleneck
30:44 Why America Needs to Vertically Integrate
34:37 Energy Production as a Proxy for Prosperity
37:55 AI, Data Centers, and the Energy Squeeze
41:39 The First Principles Case for Nuclear Power
45:41 Advanced Nuclear Reactors
49:27 The Bring Your Own Energy (BYOE) Concept
53:45 Navigating America's Nuclear Fuel Cliffs
1:07:21 Building an Engineering-Driven Hardware Company
1:15:32 The Trade-offs Between Investing and Operating
1:18:00 Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

In this episode of Invest Like The Best, Patrick O'Shaughnessy is joined by Alan Waxman, CEO of Sixth Street Partners. Alan dives deep into the evolution of the American financial system, explaining the historical guardrails and incentives that led to the modern boom in private credit. He introduces the "Factory Model" of investing, warning against the dangers of asset-liability mismatches and deteriorating underwriting standards in today's wealth channel. Beyond high-level macroeconomics, Alan shares his highly effective one-page personal organization system for maximizing return on time and balancing left-brain tactics with right-brain creativity. They also discuss the rapid adoption of AI, navigating career stages from your 20s to your 50s, redefining personal success, and the firm’s core ethos of always "facing the tiger."

Timestamps:
0:00 Intro
13:48 The Rise of Private Capital
16:29 The Factory Model
22:19 The Wealth Channel
30:53 Asset-Liability Mismatches
44:17 AI & Creative Destruction
47:30 Personal Organization System
54:02 Career Eras & Success
59:19 Face the Tiger

#Investing #PrivateCredit #Finance #AlanWaxman #SixthStreet #PrivateEquity #Economics #WealthManagement #Productivity #Podcast

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Sergey Levine, co-founder of Physical Intelligence, joins the show to discuss the frontier of general-purpose robotics. Unlike traditional robots designed for specific tasks, Levine is building foundation models that enable robots to understand and interact with the physical world generally. They explore the shift from specialized bots to "physical intelligence," the parallels between LLMs and robotic learning, and how end-to-end AI models are solving complex motor control problems. Levine also covers the challenges of data collection, the "Robot Olympics" benchmarks, and realistic timelines for when robots might actually fold our laundry. This is a deep dive into the technology that could spark a Cambrian explosion in hardware and automation.

#robotics #AI #machinelearning #physicalintelligence #automation #futuretech #deeplearning #techinvesting #investlikethebest #sergeylevine

Timestamps:
0:00 Intro
2:39 Defining Physical Intelligence
5:19 The Challenge of Building General Models
6:34 The Stakes and Future of General Purpose Robotics
8:15 Pros and Cons of Humanoid Robots
10:12 Historical Milestones in Robotics Research
15:31 Combining Generative AI and Deep RL
21:24 Moravec's Paradox
25:33 Kitchen Robots
29:30 Simulation vs. Real-World Data
30:48 The Robot Olympics
36:31 The Physiological Reality of Embodiment
38:56 Controversies in the Robotics Community
44:18 What Makes a Great Researcher
48:27 How Businesses Should Prepare for Robotics
54:09 Tracking Progress Through Research Papers
57:02 The Next Step: Mid-Level Reasoning
1:02:00 The Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy sits down with Mitchell Green, Founder of Lead Edge Capital, to discuss building an investment firm focused on consistency rather than moonshots. Mitchell breaks down Lead Edge’s unique model, which leverages a network of over 800 executive LPs to source and validate deals. They dive into the firm’s “Lead Edge 8” investment criteria, the importance of capital efficiency, and their machine-like process of making thousands of cold calls annually. Mitchell also shares his thoughts on deal structuring, the art of selling, and his skepticism regarding current AI valuations.

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

#investing #business #venturecapital #growthequity #finance #software #startups #entrepreneurship #leadedge #patrickoshaughnessy

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

William Hockey, co-founder of Plaid and founder of Column, joins the show to discuss building the global operating system for the US dollar. Unlike the typical Silicon Valley playbook, William funded Column entirely with his own to avoid the "hamster wheel" of venture capital. In this conversation, he shares unconventional wisdom on why modern founders take too little risk, the strategic importance of solving boring problems, and why he spends time in emerging markets like Kinshasa. We also cover the US dollar as a national security asset and why distribution will matter more than technology in the AI era.

Timestamps:
0:00 Intro
9:19 Emerging Markets
14:03 Silicon Valley's Elite Consensus Problem
16:03 Rejecting the VC Hamster Wheel
21:45 Equity and Liquidity
26:03 Funding a Bank
29:45 The Necessity of Extreme Founder Risk
37:18 Finding Leverage
45:20 Longevity and Profitability in Banking
48:46 Matching Your Capital Structure to Your Business
51:44 The Unseen Power of the US Dollar
1:02:30 How AI Will Transform Legacy Banks
1:09:23 The Kindest Thing

#investing #business #founder #fintech #banking #startups #siliconvalley #risk #entrepreneurship #finance

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy sits down with Shyam Sankar, CTO of Palantir Technologies, to discuss the critical role of "heretics" in driving American innovation and military success. Shyam shares Palantir's unique approach to unlocking extreme talent through high-stakes "gamma ray" moments and explains the philosophy behind their pioneering Forward Deployed Engineering model. The conversation dives deep into the urgent need to re-industrialize the United States, the shifting dynamics of the global defense industrial base, and how the US can maintain its asymmetric advantages against adversaries like China. They also explore the power of enterprise ontology, the future of AI, and how holding onto a culture of rebellion is essential for long-term survival.

#Palantir #ShyamSankar #Technology #Investing #DefenseTech #Manufacturing #Innovation #Engineering #AI #Leadership #mobilize

Timestamps:
0:00 Intro
2:23 Defining Heretics in US Military History
8:36 Shyam’s Personal Disagreeableness
9:49 Formative Experiences & Worldview
12:52 What Makes America Exceptional
14:48 What Does Greatness Mean?
15:33 Alex Karp
16:46 How to Unlock Talent
19:21 Identifying Superpowers and Kryptonite
22:54 The Gamma Ray Moment
25:00 Palantir's Next 10 Years
27:03 Forward Deployed Engineering
33:40 Explaining What Palantir Is
37:50 Military vs. Commercial Customers
39:00 The State of the US Military Today
47:01 How to Re-Industrialize America
51:06 Perspective on China as an Adversary
56:17 How to Get More Heretics in Government
1:03:53 Managing Rapid Pivots & Momentum
1:08:48 Where Will AI Value Accrue?
1:13:33 Reasserting the Legitimacy of Institutions
1:15:54 To Do or To Be?
1:16:31 Reflecting on Fatherhood
1:17:34 Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy interviews legendary energy trader and philanthropist John Arnold. John shares eye-opening insights from his recent trip to China, contrasting their manufacturing speed and robotics innovation with the West. They dive deep into John’s historic trading career, from his time at Enron to building Centaurus, and break down the current state of US energy markets, including the impact of AI data centers, permitting reform, and the future of nuclear and geothermal power. Finally, they explore John’s systems-based approach to philanthropy, covering criminal justice, healthcare, and education reform.

#investing #energy #china #trading #economics #ai #business #nuclear #philanthropy #innovation


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

Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick sits down with Dan Sundheim, Founder and CIO of D1 Capital Partners. They discuss Dan’s unique path from anonymous posting on Value Investors Club to managing one of the world's top crossover funds. The conversation covers the distinct dynamics between public and private markets, with deep dives into D1’s investments in SpaceX, OpenAI, and Anthropic. Dan offers his perspective on the future of AI scaling laws, the evolving landscape of software, and the enduring value of fundamental short selling. They also explore lessons learned from the GameStop era, the importance of resilience, and significant geopolitical risks facing the global economy.

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

#investing #hedgefund #D1Capital #DanSundheim #AI #SpaceX #stocks #finance #business #privateequity

Presented by Ramp:
https://ramp.com/

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Alex Behring and Daniel Schwartz, Co-Managing Partners of 3G Capital, join Patrick for one of the most detailed public conversations they’ve ever had about how 3G actually works.

3G has built one of the most distinctive firms in investing around a simple idea: there are only a handful of truly great businesses and even fewer great CEOs. Their model is to raise capital with the intention of making just one investment per fund, commit meaningful amounts of their own money alongside their partners, and focus all of their time and best people on that single opportunity.

What sets them apart is that they come to investing as operators. Alex previously ran the largest railroad in Latin America, and Daniel served as CEO of Burger King, and many of their partners have spent years as CEOs, CFOs, or senior operators inside complex organizations.

Their approach has produced a series of iconic deals, including Burger King, Tim Hortons, Hunter Douglas, and Skechers. Along the way, they have also become known for developing talent early, giving young leaders real responsibility and ownership, and holding an unusually high bar.

Please enjoy this great conversation with Alex and Daniel.

Timestamps
00:00:00 Episode Intro: Daniel Schwartz & Alex Behring
00:01:20 The “One Investment Per Fund” Model
00:05:39 Great Businesses Own the Relationship With Their Customers
00:08:40 The Unique Structure of 3G Capital
00:14:21 Why Hunter Douglas Was Appealing
00:20:15 Forged in Fire: Alex’s Railroad Story
00:22:53 The Efficiency Playbook: Ownership is Key
00:26:43 Centralize the What, Decentralize the How
00:28:12 The “Burger King is Run by Children” Story
00:30:38 Negotiating with Tim Hortons: A Complicated Endeavor
00:36:56 Never Compromise on Quality
00:38:18 Talent Over Tenure
00:43:39 Be Wired for Urgency
00:46:43 3G’s Operating System: Clear Communication & Transparency
00:47:47 What People Get Wrong About Incentives
00:50:43 How 3G Recruits
00:52:32 When a Brand is Bigger than the Business
00:55:35 Why Burger King Was Undervalued
00:59:43 From Zero to $2 Billion in France
01:01:42 Kraft Heinz: A Case Study in Concentration Risk
01:04:25 Skechers: Great Product Meets Great Distribution
01:11:25 Finding Forever Businesses
01:13:10 Zero-Based Budgeting & When It Works
01:16:28 The Current State of Capital Markets
01:18:41 How Daniel & Alex View Technology
01:20:41 Misconceptions About 3G
01:23:04 3G’s Founder-Led Focus
01:24:31 Characteristics of Businesses Built for the Long-Term
01:27:19 The Power of Patience
01:28:57 The Kindest Thing

******
After the episode, I highly recommend you read our in-depth ⁠profile⁠ on 3G Capital at Colossus.com. They gave our managing editor Dom Cooke unprecedented access and the outcome is an excellent profile about the fifty year history of 3G and how the model began with Jorge Paulo Lemann in Brazil.

Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠Colossus.com/subscribe⁠.

******
Presented by Ramp:
https://ramp.com/invest

Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
https://www.vanta.com/invest
https://workos.com/
https://rogo.ai/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Ben Horowitz, co-founder of a16z, joins Patrick to discuss the changing landscape of technology and the future of America. They explore how AI is altering the "laws of physics" for company building and why Ben remains optimistic about the US tech sector. The conversation covers the founding principles of a16z, lessons on management from Andy Grove, and why corporate culture is defined by actions, not values. Ben also details his initiative with the Las Vegas Police Department to use advanced technology for safer community policing.

#a16z #venturecapital #ai #benhorowitz #technology #business #leadership #startups #investing #siliconvalley

Timestamps:
0:00 Intro
1:00 The US Tech Advantage
2:49 A Solution for Everything
4:21 The Fragility of Success
7:14 The New Physics of Company Building
10:48 "Alchemistic" Talent
12:57 Inequality and the Kobe Bryant Effect
17:01 Automation History & The Future of Jobs
20:06 American Leadership in the AI Era
22:42 Andy Grove & High Output Management
26:02 The Hardest Part of Being a CEO
29:56 Founding a16z
35:11 Scaling the Firm & Early Mistakes
39:19 Broken Capital Markets
41:23 Why We Don't Do Private Equity
43:29 Culture Is Action, Not Platitudes
49:54 Coding & Art
52:08 Learning from Nas
56:36 Las Vegas: The Future of Tech-Enabled Policing
1:01:03 The Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by WorkOS, Rogo, Vanta and Ridgeline:
https://workos.com/
https://rogo.ai/invest
https://www.vanta.com/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Gokul Rajaram joins Patrick to discuss the seismic shift in product building driven by AI. As a legendary operator (Google, Facebook, Square, DoorDash) and prolific investor, Gokul breaks down how tools like Claude are merging design and engineering roles and why human "judgment" is the only future-proof skill. They explore the durability of software companies in an agentic world, the mechanics of building massive ad businesses, and lessons learned from working directly with leaders like Larry Page, Mark Zuckerberg, and Jack Dorsey. Finally, Gokul shares a framework for career growth and hiring "builders" in the AI era.

Timestamps:

0:00 Intro
0:35 The Changing Nature of Product Development
4:09 The Merger of Product and Design
4:54 Managing Non-Deterministic Software
9:06 Judgment: The Future-Proof Human Skill
10:41 Building Durable AI Applications
16:43 The Risk to Legacy Software Companies
21:20 Sources of Stickiness in the Age of AI
23:43 Leadership Lessons from Google
27:41 Learning from Mark Zuckerberg
31:16 Jack Dorsey and the Philosophy of Great Design
35:48 The Product Manager as Editor
40:44 Three Pillars of a Successful Ads Business
49:03 Selecting North Star and Check Metrics
56:04 Hiring Functional Experts for the AI Era
1:00:06 Advice for Managing a Career
1:01:33 Evaluating Founder Authenticity
1:05:20 Best Practices for Board Management
1:11:15 The Kindest Thing

#investing #business #productmanagement #ai #tech #startups #software #leadership #career #siliconvalley

Presented by Ramp:
https://ramp.com/invest

Sponsored by WorkOS, Rogo, Vanta and Ridgeline:
https://workos.com/
https://rogo.ai/invest
https://www.vanta.com/invest
https://www.ridgelineapps.com/


******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy as interviews Tom Digan and Greg Stewart. Tom is the co-founder of Ladder, and Greg is its CEO. Ladder is the #1 strength training app with 300,000+ paying members and nearly $100M ARR. This episode reveals the dramatic journey from near-bankruptcy to market dominance, including how they pivoted from a failing marketplace to an engineering-first fitness platform. Learn their secrets to cracking TikTok's algorithm, building an empirical product development process, and scaling from $3M to $100M ARR in just two years. The conversation covers their unconventional fundraising strategies, data-driven approach to understanding customers, and plans for expanding into nutrition and beyond. A masterclass in consumer company building, persistence, and the power of truly understanding your customers.

#LadderFitness #StartupStory #ConsumerTech #FitnessApp #TikTokMarketing #ProductMarketFit #Entrepreneurship #StartupFunding #MobileApps #FitnessIndustry

Timestamps:
0:00 Intro
1:07 The Genesis of Ladder
3:04 Engineering DNA vs. Content Libraries
4:31 Scaling to 300,000 Paying Members
5:36 Leaving the Safety Net
9:00 Restructuring
13:58 Survival Mode
25:48 Ruthless Prioritization
27:15 Integrating Nutrition and Listening to Members
33:53 Cracking the TikTok Growth Loop
44:25 Expanding the Brand Beyond Short-Form Video
46:54 Financing Growth
51:10 Leveraging AI
58:10 Long-Term Vision
1:05:32 Kindest Thing

Presented by Ramp:
https://ramp.com/invest

Sponsored by WorkOS, Rogo, Vanta and Ridgeline:
https://workos.com/
https://rogo.ai/invest
https://www.vanta.com/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick sits down with Reed Hastings, the co-founder and Executive Chairman of Netflix. They explore the counterintuitive philosophies that built one of the world's most successful media companies, starting with the origin story of "talent density" and why Reed believes companies should run like professional sports teams rather than families.

They discuss the "informed captain" model for decision-making , the strategic value of contrarian thinking in the shift from DVD to streaming , and the lessons Reed learned serving on the boards of Microsoft and Facebook. Finally, Reed opens up about his post-Netflix chapters: the turnaround of the Powder Mountain ski resort and his philanthropic focus on AI-driven education.

TIMESTAMPS:
0:00 Intro
02:00 Talent Density
05:23 Professional Sports Team Model
09:07 Managing on the Edge of Chaos
10:17 The Keeper's Test
12:46 Qwikster
16:30 Contrarian Thinking & Idea Generation
20:04 Lessons from Boards
26:25 The Open Compensation Experiment
28:24 The Strategy Behind Original Content
37:06 AI's Impact on Storytelling
44:53 Power
48:34 Powder Mountain
54:19 AI in Education
57:27 Future Risks & Upside of AI
59:34 The Kindest Thing

#Netflix #ReedHastings #management #Streaming #Tech #Strategy #Leadership #AI #Education #PowderMountain #Content #film

Presented by Ramp:
https://ramp.com/invest

Sponsored by WorkOS, Rogo, Vanta and Ridgeline:
https://workos.com/
https://rogo.ai/invest
https://www.vanta.com/invest
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

In this episode, Patrick interviews Henry Ellenbogen, founder of Durable Capital Partners. Henry shares his investment philosophy of finding the 1% of companies that become long-term compounders, growing 6x over 10 years. He discusses "Act Two" entrepreneurs who leverage previous experience to build better companies, the importance of studying business history, and how AI represents a transformative shift comparable to the internet. Henry explains Durable's unique approach of investing in companies from private stages through public markets, their focus on people and change, and why going public can benefit growing companies. The conversation covers market structure changes, competitive advantages, team building, and Henry's belief in balancing growth, profitability, and innovation for sustainable success.

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

#investing #venturecapital #compounding #entrepreneurs #AI #publicmarkets #privateequity #businessstrategy #marketanalysis #durablecapital


Presented by Ramp:
https://ramp.com/invest

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

In this episode of Invest Like The Best, Patrick O'Shaughnessy sits down with investor Gavin Baker to explore the rapidly evolving AI landscape. They dive deep into the infrastructure war between Nvidia and Google, discuss the implications of Gemini 3 and scaling laws, and examine how the transition from Hopper to Blackwell chips is reshaping the industry. Baker shares his insights on frontier AI models and the economics of token production. The conversation also covers data centers in space, the future of robotics, and why traditional SaaS companies are making critical mistakes with AI adoption. A comprehensive look at the technical, economic, and strategic forces driving the AI revolution.

Timestamps:
0:00 Intro
5:03 The Blackwell Transition
23:15 The Prisoner's Dilemma
27:12 The Bear Case: Edge AI
37:19 Meta, Open Source, and Model Depreciation
43:08 Geopolitics and Rare Earths
50:42 Data Centers in Space
56:06 Power Constraints as a Governor
1:11:31 The SaaS Mistake
1:16:17 Nuclear and Quantum
1:22:25 Gavin’s Investing Origins

#AI #ArtificialIntelligence #Investing #Technology #Nvidia #Google #Blackwell #Gemini #OpenAI #DataCenters #Semiconductors #ScalingLaws #Tech #Innovation #VentureCapital


Presented by Ramp:
https://ramp.com/invest

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

David George, head of growth investing at Andreessen Horowitz, shares insights on the future of AI, growth stage investing, and building billion-dollar companies. From analyzing OpenAI's potential beyond chatbots to discussing the competitive dynamics in autonomous driving with Waymo vs Tesla, George reveals how A16z identifies and backs market leaders. He explores the "technical terminator" founder archetype, explains why high-growth companies are undervalued by traditional metrics, and discusses the firm's unique investment decision-making process. George also covers the evolution of venture capital competition, strategies for beating incumbents, and how AI companies will disrupt traditional SaaS businesses through new UI/UX and business models.

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

#VentureCapital #GrowthInvesting #AI #OpenAI #Waymo #AutonomousDriving #AndreessenHorowitz #TechInvesting #StartupFunding #SaaS

Presented by Ramp:
https://ramp.com/invest

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Martín Escobari, Head of Global Growth Equity at General Atlantic, shares insights from 25+ years of investing across 19 countries. He discusses the "spearfishing" investment philosophy, navigating market bubbles and global volatility, and why patience is crucial for capturing generational opportunities. The conversation covers AI investment strategies, the prevalence of trauma-driven entrepreneurs, global market opportunities, and his unconventional mentoring approach that has helped create billionaire entrepreneurs.

#InvestLikeTheBest #GeneralAtlantic #GrowthEquity #GlobalInvesting #AI #Entrepreneurship #investing #3GCapital #EmergingMarkets #VentureCapital

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

Presented by Ramp:
https://ramp.com/invest

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Ari Emanuel joins Patrick O'Shaughnessy to discuss his incredible journey from dyslexic kid in special education to one of entertainment's most powerful dealmakers. Emanuel shares the story behind acquiring the UFC, building a live events empire spanning combat sports to art festivals, and his contrarian bet on "anti-AI" experiences. He reveals his relentless communication style, the emotional toll of high-stakes negotiations, and lessons learned from working with Elon Musk, Jeff Bezos, and his brothers Rahm and Zeke Emanuel. From wrestling in high school to revolutionizing sports entertainment, Emanuel explains why live events will become more valuable as AI transforms content creation, and discusses his vision for the future of boxing, premium experiences, and what parents should tell their kids about an AI-dominated world.

TIMESTAMPS:
0:00 Intro
1:53 Spotting the Potential of the UFC
6:33 The "Fight Island" Story
8:01 Dyslexia and Relentless Drive
9:00 Jeff Bezos' Advice
12:45 Power Dynamics in Content Distribution
20:14 Live Events as the "Anti-AI" Bet
25:08 Monetizing Premium Experiences
31:35 Dana White’s Superpower
41:16 Using the Phone as a Weapon
46:35 Betting on Elon Musk
52:41 The Art of Dealmaking
1:15:08 The Kindest Thing

#AriaEmanuel #UFC #LiveEvents #Investing #Sports #Entertainment #AI #BusinessStrategy #Dealmaking #Entrepreneurship


Presented by Ramp:
https://ramp.com/invest

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Wolfgang Hammer, acclaimed film producer behind House of Cards and former executive at Lionsgate, CBS Films, and Miramax, joins Patrick O'Shaughnessy to discuss the transformative power of storytelling in business. Now building a new film studio with backing from Marc Andreessen and Mitch Lasky, Wolfgang helps Fortune 100 CEOs and startup founders discover and communicate their company's story. This conversation serves as a practical manual for effective storytelling, covering Wolfgang's three essential story layers: external, emotional, and philosophical. Learn the specific questions and tools Wolfgang uses to help leaders understand what they do and why it matters, plus how to overcome the fear of embracing your company's full potential.

Timestamps:
00:00 Intro
02:50 The Three Layers of Story
04:44 Prompts for the Three Layers
05:54 Why Companies Struggle to Tell Their Story
08:11 The 80/20 Rule: Familiar vs. New
10:17 Suspense from Minimal New Information
11:16 Understanding the Customer's Story First
14:07 What CEOs Can Learn From Filmmakers
15:30 The CEO's Job: Master Communicator
17:12 The Definition of an Iconic Character
18:23 All Stories Are About Death
19:20 Two Kinds of Stories: Desire Fulfilled or Anxiety Purged
21:09 Story as an Ultimate Concern
23:31 Deconstructing Great Stories
26:25 The Relentless Role of Status
30:57 The Story So Big It Terrifies You
32:29 Inner Conflict: The Heart vs. Itself
35:06 A Unified Theory of Storytelling
36:09 The Two Core Truths
38:15 Kindest Thing

#storytelling #business #leadership #CEO #startup #film #producer #entrepreneurship #communication #strategy

Presented by Ramp:
https://ramp.com/invest

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Luca Ferrari, co-founder of Bending Spoons, joins Patrick O'Shaughnessy in Milan to discuss building Europe's most unique tech company. Bending Spoons operates as 25% private equity, 75% tech company - acquiring digital businesses to own and operate forever while completely transforming them. Ferrari shares the journey from near-bankruptcy with an €11 billion valuation, major acquisitions like Evernote, AOL, and Vimeo, and their radical approach to talent density with 800,000 job applications for 250 hires. The conversation covers their debt financing strategy, why consensus is overrated, the power of permanent capital thinking, and how AI will impact their portfolio.

#BendingSpoons #TechAcquisitions #EuropeanTech #MandA #Tech#StartupStory #TechLeadership #saas #TechCulture #investlikethebest

TIMESTAMPS
00:00:00 Intro
00:00:30 What is Bending Spoons?
00:04:30 Why Europe Lacks Trillion-Dollar Companies
00:07:25 The First Test: From Failure to Founding
00:10:52 The McKinsey Years & Funding Co-founders
00:13:24 The Strategic Insight: Why M&A Over Building
00:16:13 Structural Advantages of the Platform Model
00:21:00 Talent as the Ultimate Edge
00:22:50 Rejecting Consensus
00:26:28 Early Days: From $10K to Billions
00:30:52 The Evernote Transformation
00:36:17 Pricing Power & Monetization Sophistication
00:40:32 The Art of Valuation & Deal Discipline
00:44:52 Financing Strategy: Bootstrapping to Billions
01:01:47 No Variable Pay: A Contrarian Approach
01:04:14 Areas of Dissatisfaction & Regulatory Frustration
01:09:25 Raising Europe's Largest Private Debt Round
01:13:28 AI's Impact on Software Businesses
01:17:26 Building Culture: State of the Spoon & Retreats
01:20:20 Why There Aren't More Bending Spoons
01:23:35 The Kindest Thing

Hosted on Acast. See acast.com/privacy for more information.

Karim Atiyeh, co-founder and CTO of Ramp, shares his journey from growing up in war-torn Lebanon to building one of the fastest-growing B2B companies ever. In this conversation, we explore Ramp's mission to eliminate bureaucratic waste in business finance through AI-powered automation, the transition from a payments company to a comprehensive finance platform, and Karim's unique approach to product development. He discusses the challenges of competing against incumbents like Amex, the importance of consumer-grade UX in business software, and how technical founders can leverage AI to build better products across domains they haven't traditionally worked in. From his early days building Paribus to scaling Ramp past $1B in annualized revenue, Karim reveals the principles behind building high-velocity teams, the power of hiring for "spikiness," and why speed remains the ultimate competitive advantage for startups.

#Ramp #Fintech #Startup #AI #Entrepreneurship #B2B #SaaS #CEO #VentureCapital #ProductDevelopment #Leadership #tech

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

Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Patrick O'Shaughnessy interviews Dan Wang, author of "Breakneck," about China's rise as a technological superpower and its complex relationship with the United States. Wang explores China as an "engineering state" that excels at manufacturing and scaling innovations, contrasting it with America's "lawyerly society" that prioritizes debate but struggles with execution. The conversation covers China's manufacturing dominance, the Communist Party's social engineering practices, investment opportunities and risks in Chinese companies, and the future dynamics between these two superpowers. Wang draws from his six years living in China as a technology analyst, offering insights into everything from factory visits to the potential for conflict over Taiwan. This deep dive examines how China's breakneck development pace comes with significant trade-offs in human rights and individual freedoms.

TIMESTAMPS:

0:00 Intro
0:49 The Engineering State
2:41 Historical Roots of China's Mindset
4:25 The Key US Advantage: Pluralism
7:42 Deconstructing Innovation: US Spark vs. China's Prairie Fire
12:42 Who Will Adapt Faster?
15:09 How the US Can Revive Manufacturing
18:11 America's Many "Sputnik Moments"
22:34 Surprising Similarities Between Americans and Chinese
27:42 A Tour of China's Bleeding-Edge Cities
34:15 Comparing Work Ethic
38:27 The Investor's Dilemma: The ByteDance Paradox
45:01 Future Equilibriums for Two Superpowers
51:00 The Lawyerly State vs. The Engineering State
59:56 Why China Won't Collapse Like the USSR
1:03:49 Seeing Like a State: Why So Many Are Fleeing China
1:14:18 The Race for AI Supremacy
1:19:33 Lessons from Huawei and Xiaomi
1:41:00 Kindest Thing

#china #Technology #Manufacturing #Geopolitics #Innovation #Investment #Engineering #SiliconValley #Trade #GlobalEconomy

Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Jesse Zhang, founder of Decagon AI, shares insights on building AI-powered customer service agents in the most competitive era of technology. The conversation explores the intense culture required to compete against formidable opponents, drawing parallels between math competition backgrounds and successful company building. Zhang discusses their systematic approach to customer discovery, the technical challenges of voice AI, and why customer service emerged as the ideal AI application. Topics include talent wars in AI, the balance between using foundation models versus building proprietary systems, forward-deployed engineering myths, and scaling enterprise AI solutions. Zhang also reflects on competitive company culture, margin considerations, and the future of conversational AI as a unified brand interface.

#AI #CustomerService #Startups #Decagon #ArtificialIntelligence #TechEntrepreneurship #CompanyBuilding #VoiceAI #EnterpriseAI #TechCompetition #aiagents #elevenlabs

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

Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

The battle for AI supremacy has ignited a fierce talent war, with companies like Meta offering salaries in the tens of millions for top researchers. In this clip, Dylan Patel explains the incredible economics behind these bidding wars. Discover why a single researcher who can make a process just 5% more efficient can save a company billions in compute costs, and how this makes even a $100 million salary a potential bargain.

#AI #Semiconductors #OpenAI #NVIDIA #TechInvesting #ArtificialIntelligence #MachineLearning #TechStrategy #claude #podcast #talentwar #salary #jobs

Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Dylan Patel, AI and semiconductor expert, joins Patrick O'Shaughnessy to dive deep into the past, present, and future of compute. They explore the massive capital requirements driving AI development, from OpenAI's $300B Oracle deal to NVIDIA's strategic partnerships. The conversation covers power infrastructure challenges, US-China competition in AI, talent wars reaching unprecedented levels, and why the current AI boom differs from previous tech bubbles. Dylan shares insights on which companies will capture value in the AI stack, from hardware makers like NVIDIA to application companies like Meta and Google, while examining the geopolitical implications of the global AI race.

Timestamps:
00:00 Intro
00:39 The OpenAI and Nvidia Deal: The Infinite Money Glitch
03:04 OpenAI's Compute Challenge and Capital Requirements
04:42 Oracle's $300 Billion Bet on OpenAI
06:06 Nvidia's Strategic Investment and Deal Mechanics
06:53 Understanding the Demand Dynamics
07:41 Scaling Laws and Diminishing Returns Debate
09:17 Why Bigger Models Aren't Always Better
10:51 The Economics of Tokens and Serving Capacity
15:07 Rate Limits and the Adoption Curve Problem
19:01 The Tokenomics of AI
22:02 Inference Latency vs Cost Trade-offs
23:59 Over-Parameterization and Model Learning
28:10 Building Environments for AI Training
32:16 AI in Everyday Life
34:46 The Future of Reasoning and Compute Scaling
38:45 Memory and Context in AI: Short-term vs Long-term
44:34 The Spectrum of AI Optimism
46:29 Timeline to AGI
47:56 Physical Intelligence and Embodiment
49:25 Talent Wars
58:37 Power Dynamics in the AI Ecosystem
01:00:51 Microsoft and OpenAI: A Shifting Power Balance
01:03:23 Nvidia's Dominance and Balance Sheet Strategy
01:12:32 The Middle Layer
01:14:47 The Risk Spectrum
01:18:42 AI for Material Science and Hard Tech
01:22:21 Building Infrastructure
01:27:11 Grid Regulations and Backup Power Challenges
01:29:55 US vs China: Who Really Needs AI to Win?
01:37:42 Favorite AI Bears
01:43:57 Hardware Innovation Beyond Accelerators
01:48:08 Speed Round: Company Impressions
01:55:11 The Death of Traditional SaaS Business Models
02:00:24 The Kindest Thing

#AI #Semiconductors #OpenAI #NVIDIA #ComputeInfrastructure #TechInvesting #ArtificialIntelligence #MachineLearning #DataCenters #TechStrategy #claude #podcast

Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Media legend Barry Diller joins Patrick O'Shaughnessy to discuss his remarkable journey from the William Morris mailroom to building entertainment giants like Fox and pioneering internet commerce. Diller shares candid insights on curiosity as an innate trait, the power of creative conflict in organizations, and his transition from entertainment executive to internet opportunist with 150+ deals. He reflects on working with icons like Rupert Murdoch during Fox's creation, the origins of The Simpsons, and navigating major industry transformations. Diller offers honest perspectives on Hollywood's decline, AI's impact, and how family ultimately gave his life meaning beyond professional success.

Timestamps:
0:00 Intro
5:01 Fearlessness
10:16 Seeing Chat GPT Early
12:45 Creative Conflict
16:45 Instinct vs Data
21:11 Entertainment Innovation
22:05 Movie of the Week Success
23:44 Working with Murdoch
34:04 Internet Opportunist Era
37:02 Bill Gates
42:00 MGM Investment
44:55 Best Negotiation Advice
47:52 Simpsons Origins
54:48 Publishing In AI Era

#BarryDiller #MediaIndustry #Entertainment #Fox #InternetPioneer #InvestLikeTheBest #Investing #Hollywood #Innovation #Leadership #founder


Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Jeff Horing, founding partner of Insight Partners, shares his approach to building one of the world's largest venture capital firms. In this rare interview, Horing discusses Insight's unique one-fund strategy, systematic sourcing process involving 60+ people, and how they've graduated 16-18 fund managers who started their own firms. He breaks down the "college-level math" behind evaluating software businesses, explains why gross retention matters more than net retention, and reveals his five ingredients for the perfect investment. The conversation covers Insight's evolution from growth equity to buyouts, their operational support platform with 130 people, and Horing's contrarian views on AI's impact on software companies. A masterclass in institutional venture capital strategy and execution.

Timestamps:
00:00 Intro
15:40 Five Ingredients of Perfect Investment
20:14 One Fund Strategy
28:02 Sourcing Evolution & Strategy
44:00 What Makes a Great Sourcer
55:14 AI Applications & Late Stage Deals
1:00:12 Pattern Recognition & Training
1:08:05 Scaling Judgment Without Breaking
1:29:01 AI Impact on Software
1:36:28 Drive to Win
1:38:53 Next Decade of Insight
1:41:40 The Kindest Thing

#VentureCapital #PrivateEquity #SoftwareInvesting #InsightPartners #GrowthEquity #StartupFunding #TechInvesting #InvestmentStrategy #AI #SaaS #stocks #investment

Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.

Joe Liemandt, founder of Trilogy and principal of Alpha School, shares a revolutionary approach to education that enables kids to learn 10x faster in just 2 hours a day. After building a billion-dollar AI company in the 90s, Joe turned his attention to transforming K-12 education. Alpha School's students consistently outperform traditional schools while spending afternoons on life skills workshops they actually love. Joe reveals how AI-generated personalized lessons, mastery-based learning, and high standards with high support create an educational experience where students prefer school over vacation. The conversation covers scaling challenges, the role of motivation in learning, and Joe's vision to bring this revolutionary platform to a billion kids worldwide.

#AlphaSchool #EducationRevolution #AIEducation #PersonalizedLearning #EdTech #LearningScience #SchoolChoice #EducationInnovation #edtech #teacher #teaching #ai #education #FutureOfEducation

Timestamps:
00:00 Intro
00:54 What Is Alpha School?
4:02 The 200-Year Education Problem
8:06 Two-Hour Learning
16:41 Academic Results & Efficiency
23:51 AI-Generated Personalized Lessons
35:03 EdTech Fails Without Motivation
41:18 Life Skills & Afternoon Workshops
1:13:35 Gamification
1:29:09 Scaling Challenges
1:46:52 Video Games for Education
1:54:07 Joe's Background & Trilogy
2:14:22 Lessons from Mentors
2:32:29 The Kindest Thing

Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

******
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

Hosted on Acast. See acast.com/privacy for more information.