The United States is in the middle of an energy transformation, and natural gas sits at the center of it. The same fuel that was supposed to be a bridge to renewables is now being called upon to power the AI revolution, sustain manufacturing reshoring, and keep the lights on as coal retires faster than alternatives can replace it.
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The record of a money manager who merely stays close to the market is not an outstanding record—it is a record of someone who has successfully rationalized doing nothing. The question is not whether you beat the market, but whether you had the intellectual honesty to know when you had no edge and the discipline to act accordingly.
Seth Klarman — Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
I think it comes down to whether you think AI is more Oil or God, more 'an economically useful commodity that can be scaled and refined to act as a multiplier on everything we do' or 'supremely intelligent and powerful being that's going to wake up and make humanity subservient (if we're lucky).'
Packy McCormick
There is a potential '2008 real estate' analogy in AI infrastructure. Hyperscalers and neo-clouds have built data centers based on promises of future compute purchases, creating a credit-like structure tied to tenants whose long-term profitability is uncertain.
Bryce Elder