David believes the industry is still in its Blockbuster era, with most of the world's banking still running through branches and incumbent banks, and that AI will make digital banks dramatically more efficient than the incumbents they compete with.
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The market can stay irrational longer than you can stay solvent, but the truly dangerous corollary is that you can be right about the business and still go broke because you were wrong about the timing. Patience without a balance sheet to survive on is just wishful thinking.
Seth Klarman — Margin of Safety
Anthropic says early evidence suggests that these methods have reduced the amount of data harvested by distillers by around 90 to 99%. This appears to have led to a slowing down of Chinese Open-weight Model releases in Autumn, 2026.
Michael Spencer
The single greatest edge an investor can have is a long-term orientation that makes you a natural seller to institutions that are forced to sell into panic. Most of your advantage in investing comes not from being smarter, but from having a longer time horizon than someone who structurally cannot.
Seth Klarman — Baupost Group Annual Letter