Invest Like the Best with Patrick O'Shaughnessy

David Vélez - Building Nubank and the Future of Global Banking - [Invest Like the Best, EP.495]

The banks were making so much money that they didn't need to change. And the customers had no other choice. It was a very stable but deeply inefficient equilibrium that only existed because there was no technology and no capital to disrupt it.

Invest Like the Best with Patrick O'Shaughnessy

David Vélez - Building Nubank and the Future of Global Banking - [Invest Like the Best, EP.495]

The banks in Brazil were making 25-30% return on equity for decades, which is extraordinary. And they were doing that by charging customers incredibly high fees and interest rates. So the incumbent had an Achilles heel, which was that they were making too much money.

Invest Like the Best with Patrick O'Shaughnessy

David Vélez - Building Nubank and the Future of Global Banking - [Invest Like the Best, EP.495]

The banks were so profitable and they were so used to that level of profitability that they just didn't need to change. And so when we came in with a completely digital model, with no branches, with a much lower cost structure, we were able to offer a credit card with no annual fee at a time when every single bank in Brazil was charging annual fees that were sometimes higher than the credit limit they were giving to customers.

Invest Like the Best with Patrick O'Shaughnessy

David Vélez - Building Nubank and the Future of Global Banking - [Invest Like the Best, EP.495]

The banks were making so much money that they didn't need to innovate. They were the Goliath, and we were the David. But what we understood is that in the age of the internet, David actually wins.

Decoder with Nilay Patel

Why Elon Musk wants to sell you cell service

what happens when Elon Musk's rocket company jumps headfirst into a business everyone loves to hate.

Invest Like the Best with Patrick O'Shaughnessy

David Vélez - Building Nubank and the Future of Global Banking - [Invest Like the Best, EP.495]

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.

Invest Like the Best with Patrick O'Shaughnessy

David Vélez - Building Nubank and the Future of Global Banking - [Invest Like the Best, EP.495]

The banks were making so much money and were so profitable and had so much political power that nobody was able to change them. And the reason we were able to disrupt them is that we came from the outside, we had no legacy, we had no branches, we had no mainframes, we had no employees that were used to a certain way of doing things.

Invest Like the Best with Patrick O'Shaughnessy

Gavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]

The history of technology tells us that the companies that win in a new technology paradigm are often not the companies that won in the previous technology paradigm. And I think that's a really important thing to keep in mind when you're thinking about AI.

Invest Like the Best with Patrick O'Shaughnessy

Dara Khosrowshahi - Uber's Bet on AVs, AI, and Building a Super-App - [Invest Like the Best, EP.476]

The biggest threat to Uber is not another ride-sharing company. It's a car company that figures out autonomy and decides to build a consumer brand on top of it. Because if you've got the technology and you've got the cars, you don't need us.

Invest Like the Best with Patrick O'Shaughnessy

Dara Khosrowshahi - Uber's Bet on AVs, AI, and Building a Super-App - [Invest Like the Best, EP.476]

The danger with the AV transition is that it's going to be pretty sudden. It's not like, 'Hey, we're going to have 10% more AVs every year.' The technology is going to get approved, it's going to be proven, and I think you'll see a rapid acceleration of AVs into the market.

The Prof G Pod

The Future of Media Is Audio — ft. Axios’ Sara Fischer | Office Hours

Their approach of trying to disrupt it from a position of strength doesn't make any sense. They're basically trying to perform open heart surgery on the healthiest person, you know, in the franchise. For 50 consecutive seasons, 60 has been the number one rated news program and garnering about 9 million viewers.

Invest Like the Best with Patrick O'Shaughnessy

Dara Khosrowshahi - Uber's Bet on AVs, AI, and Building a Super-App - [Invest Like the Best, EP.476]

The biggest risk for Uber is actually AV technology working perfectly and Uber not being a part of it. Because if AV technology works perfectly and Uber's not a part of it, then you essentially have players who have a lower cost structure than us who can come in and compete with us and essentially make our service irrelevant.

Invest Like the Best with Patrick O'Shaughnessy

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

The way I think about it is that the most dangerous time to own a technology business is when it's currently executing well but the next curve is about to start. Because what happens is all your best people, all your resources, all your management attention is focused on scaling and perfecting the current curve, and the new curve looks tiny and unimportant by comparison.

Invest Like the Best with Patrick O'Shaughnessy

Dara Khosrowshahi - Uber's Bet on AVs, AI, and Building a Super-App - [Invest Like the Best, EP.476]

The biggest risk to Uber is that we get disrupted by autonomy. Because autonomy is going to lower prices. Lower prices will mean more trips. And if we're not part of that autonomous future, we'll essentially be stuck with an ever-more-expensive human-driven transportation service while our competitors will have cheaper and cheaper autonomous transportation.

Invest Like the Best with Patrick O'Shaughnessy

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

The S-curve is a very well-known concept in technology investing, but what's less appreciated is that the most dangerous moment is often at the top of the S-curve, when a technology looks the most dominant and the most entrenched. That's precisely when the next S-curve is being born underneath it, and the incumbents are most blind to the threat.

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.

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 about platform transitions is that they reset competitive advantage. So the incumbents that have accumulated distribution and integration and switching costs — those advantages largely reset with platform transitions. That's what makes them so valuable for investors; new winners can emerge from what looks like chaos.

The Business of Tech

From Uber to Exaba: AJ Tills takes on Big Tech storage

I mean, you know, if I reverse engineering my career, it's really been about normalizing disruptive technologies to make them more understood and to drive that mass adoption.

Decoder with Nilay Patel

Exclusive: Jonah Peretti explains why he sold BuzzFeed

What are digital media companies doing to adapt and survive in an information landscape dominated by algorithmic social platforms?

The a16z Show

Crypto Fund 5: We Raised $2.2B. Here’s Why.

founders are shifting toward building products that work within existing systems, rather than attempting to replace them

The Business of Tech

The Business of Tech: AI is eating market research

what if you could get the same quality of insight that used to take six weeks and tens of thousands of dollars overnight for a fraction of the cost.

The a16z Show

Workday’s Last Workday? AI and the Future of Enterprise Software

why even the most defensible software businesses may now be vulnerable to replatforming

TED Radio Hour

Using ancient philosophy to cope with your modern problems

philosophy thrives when things are disrupted. It is totally not an accident that great figures like Socrates came on the scene in eras of civil war and major disruption because that's when people start to wake up a little bit and realize like, oh my gosh, maybe this is not the good life.

Prof G Markets

Why So Bullish? Markets Cling to Iran Hopes | Prof G Markets

It's really ironic that Nvidia, the largest stock in the S&P 500, is disrupting its own siblings to some degree in the software space.

TBPN

FULL INTERVIEW: Uber Founder Travis Kalanick is Back with a New AI Startup

If you do, you do to the kitchen what Uber did to the car. So I've been doing that since 2018.

TBPN

🔴 Dr. Alex Karp LIVE on TBPN

An eight-year-old today doesn't need a driver's license when they're 16. And I think, going back to your point, it's easy to get in these modes where geopolitical white knuckle moment. But if you look, I think ultimately Tesla autonomous is worth a trillion dollars going to a Tesla story.

The Business of Tech

AI’s Kiwi gatekeeper inside Microsoft

if this can transform how architects are imagining buildings, imagine how we can transform every industry.