Invest Like the Best with Patrick O'Shaughnessy

Sam Altman - How to Make an Abundant Future - [Invest Like the Best, EP.484]

I think we're at the beginning of an era where we're going to be able to just have much more. And I think that the thing that I would most want people to understand is that technological progress is the main driver of that, and that we should think about how to accelerate it rather than slow it down, because the compounding effects of even slightly faster scientific progress are enormous.

Diet TBPN

China Considers AI Export Controls, SK Hynix $28B IPO, Banks Target Payment Business | Diet TBPN

By summer of 2026, it will be as though the digital world is going through some kind of fast evolution with some parts of it emitting a huge amount of heat and light and moving with counterintuitive speed relative to everything else. Great fortunes will be won and lost here and the powerful engines of our silicon creation will be put to work further accelerating this economy and further changing things.

The Prof G Pod

How to Be Poor: Building Wealth on Less Than $60K a Year | Office Hours

Every dollar you pay off your credit card debt, you're basically earning an 18 to 24% guaranteed return. There's no place you're going to get a guaranteed return of 18 to 24%.

Invest Like the Best with Patrick O'Shaughnessy

Etched - Building AI Hardware to Make Inference Faster and Cheaper - [Invest Like the Best, EP.480]

The thing that we're most excited about is the idea that the cost of intelligence could fall so dramatically that it becomes essentially free. And when something becomes essentially free, entirely new categories of application become possible that you couldn't have imagined before.

Invest Like the Best with Patrick O'Shaughnessy

Kareem Amin - The Unusual Approach to Company Building - [Invest Like the Best, EP.478]

The most counterintuitive thing I've learned is that the more you optimize for growth, the more you actually undermine the conditions that create it. The companies that grow the fastest over long periods of time are usually the ones that were willing to grow more slowly at some earlier point to build something real.

The Prof G Pod

Is Wall Street Rigging the Game for SpaceX? | Office Hours

The IPO market has in fact become sort of the last stop on the chump train and that is when Google went public I think it was an $80 billion market cap it's up you know 500 fold retail investors have had a chance to garner a tremendous you know 500x return if you to get that from SpaceX after it goes public what would that be two trillion

Invest Like the Best with Patrick O'Shaughnessy

Vlad Barbalat - Investing $120 Billion in Permanent Capital - [Invest Like the Best, EP.479]

The best businesses we've found are ones where the value of the business actually increases the longer you hold it, not just because of retained earnings, but because the competitive position strengthens over time. That's the opposite of what most people think about when they think about an investment decaying or having a terminal value that you have to discount back.

Invest Like the Best with Patrick O'Shaughnessy

Vlad Barbalat - Investing $120 Billion in Permanent Capital - [Invest Like the Best, EP.479]

The best businesses in the world are ones where the reinvestment rate is high and the return on incremental capital is also high. Those are very, very rare. And when you find them, the right thing to do is to do nothing, which is actually very hard to do as an investor because you're paid to do things.

Invest Like the Best with Patrick O'Shaughnessy

Vlad Barbalat - Investing $120 Billion in Permanent Capital - [Invest Like the Best, EP.479]

The key insight is that permanent capital changes your relationship with time. You're not managing to a fund life; you're managing to the life of the business. That means you can make decisions that are bad for the next quarter, bad for the next year, but right for the next decade.

Invest Like the Best with Patrick O'Shaughnessy

Vlad Barbalat - Investing $120 Billion in Permanent Capital - [Invest Like the Best, EP.479]

The best businesses we've ever seen are ones where the incremental return on capital is essentially infinite because you don't need capital to grow. And so you have a business that's generating cash and you need to decide what to do with that cash. And most of the time, the best answer is to give it back to shareholders, but sometimes the best answer is to redeploy it into new investments.

Invest Like the Best with Patrick O'Shaughnessy

Alex Sacerdote - How to Invest Through Technology Cycles - [Invest Like the Best, EP.477]

The other thing that's really important in this world is that the flywheels tend to be self-reinforcing in a way that creates winner-take-most dynamics. The best models attract the most users, which generates the most data, which trains the best next models. And so you end up with a situation where the leaders tend to pull away from the pack over time rather than revert to the mean.

Invest Like the Best with Patrick O'Shaughnessy

Alex Sacerdote - How to Invest Through Technology Cycles - [Invest Like the Best, EP.477]

The companies that matter most are the ones that can actually translate technological capability into economic value, and that translation is much harder than it looks. Most technology waves produce enormous value for society but relatively little for investors, because competition drives returns to zero faster than most people expect.

Invest Like the Best with Patrick O'Shaughnessy

Alex Sacerdote - How to Invest Through Technology Cycles - [Invest Like the Best, EP.477]

The exciting part of being in technology investing is that you have these waves of innovation that create extraordinary opportunities for value creation and also value destruction. And the companies that are able to ride multiple waves are extraordinary compounders over time, but it's actually quite rare.

TBPN

Siri AI, Fable Launch, China Wakes Up, Rivian CEO Joins, IPO Filings, Learn to Weld?

You have this bookending of Siri on both sides of Tim Cook's career where sort of nothing happened in an interesting way, you know, but it but the stock did fantastically well. his Tim Cook created an immense amount of value, but it was this lighter cheaper, faster, stronger.

Acquired

Vanguard: The communist capitalist who saved investors a trillion dollars (Audio)

I view Bogle as an undercover philanthropist. And at a trillion or even half a trillion dollars, that would make him the greatest philanthropist of all time.

Prof G Conversations

Gary Stevenson: “Your Kids Will Be Poorer Than You” | Prof G Conversations

If you do not want everything to be owned by a tiny elite, you have to aggressively tax extremely high levels of wealth. Because otherwise, if you're Jeff Bezos, what is he worth? $300 billion, right? Even if he makes 5% a year, he's making $15 billion a year, right? And it's just going to grow, right? It's going to grow unbelievably quickly.

Prof G Conversations

Gary Stevenson: “Your Kids Will Be Poorer Than You” | Prof G Conversations

If you're Jeff Bezos, what is what's he worth? $300 million, $300 billion, right? Even if he makes 5% a year, right? Which he's going to make way more than that. Even if he makes 5% a year, he's making $15 billion a year, right? And it's just going to grow, right? It's going to grow unbelievably quickly.

The a16z Show

Building Blackstone, Backing Costco, with Tony James

culture, incentives, and alignment ultimately determine whether an organization compounds or stagnates

EconTalk

The Unseen Work: Stewart Brand on Maintenance and Civilization

maintenance, the quiet act of keeping things going, turns out to be the hidden force behind success and failure in nearly every domain of human endeavor.

EconTalk

The Unseen Work: Stewart Brand on Maintenance and Civilization

maintenance, the quiet act of keeping things going, turns out to be the hidden force behind success and failure in nearly every domain of human endeavor

Compound Interest

Why KKR Wants Your, Yes Your, Money

The argument in favor of allowing everyday investors to own this stuff is that this stuff has made people really rich over long periods of time and so if you only let rich people own it, they're only going to get richer and the wealth gap explodes.

Compound Interest

Bilt’s Ankur Jain On Solving The ‘Four-Banana Problem’ And Gamifying How, And Where, We Live

Housing services, which is rent, mortgages, utilities, is like 12% of the economy. Talking about, you can think about that like a $3 trillion a year subscription fee for living.

The Prof G Pod – Scott Galloway

Scott's Early Career Advice, and Are Dating Apps Making Us Lonelier? | Office Hours

your 20s sort of dictate your trajectory into your 30s and 40s, and your ability to kind of get to the right positions in your 30s and 40s to really then aggregate influence and economic security are somewhat a function of the trajectory or the scale or the velocity you establish in your 20s.