The Ledger, every show

“And then when you and then what you can do when you sue somebody is you get discovery and you discover, and you sort of discover what's going on in the sausage making factory that no one's investigated for 22 years. And there's a lot of stuff and we're sort of…”

“If it's like going to be a razor thin close election, then I'm pretty sure Kamala will win because they will cheat. They will fortify it. They will steal the ballots.”

“It's not worth it's not worth World War III. And I still think it's quite catastrophic if it if it gets taken over by the communists.”

“So much of this left wing philanthropy nonprofit world, I think was, you know, it was just a cover for, you know, borderline criminal activities.”

“I do think a lot of the students got ripped off. And so I think there should be some kind of broad student debt forgiveness at this point.”

“The extreme binary View of the world I always articulate is that there are exactly two kinds of businesses in this world. There are businesses that are perfectly competitive, and there are businesses that are monopolies.”

“For the last 25, 30 years Tech meaning broadly, you know, computer science, software, internet, mobile internet now, now crypto and AI in the last few years, this has been, this, there's been, this has been sort of this one vector of progress in our society. T…”

“There was this software program. This was once we moved from intelligence community into the broader military called DSIGs, which was just sort of this in theory was a system we were supposed to figure out ways to integrate the data across all these units in t…”

“You know, the university system seems as broken or more than the military procurement process.”

“Normally the second term does less than the first term, This is going to be the, I think will be the real first term.”

“And I think you could prosecute thousands of these people for criminally, For the thing that they wanted to prosecute Oliver North for in the eighties.”

“This is where I would be deeply skeptical even of a place like Austin, Texas. You know, it's, it is, I mean, it's a government town. It's a bad university college town.”

“There was a incredible felt sense among all the top CEOs I know in Silicon Valley that there's all the stuff you can't talk about. There are things they tell me behind closed doors that are very different from what they feel they can say in public. And the gap…”

“Maybe you can replace them with AI, or maybe you can replace them without AI, and just use the AI can be completely fake, and we can improve things tremendously.”

“My one contrarian view on the election is that it's not going to be close. You know, most presidential elections aren't, and you know, one side just breaks. You know, 20, twenty-sixteen, twenty-twenty, we're super close, but two-thirds of the elections aren't,…”

“You know, I think we're sort of sleepwalking into Armageddon with you know, the Ukraine and the conflict in Gaza are just sort of the warmups to the China-Taiwan war.”

“If you if you if you say we want some guardrails and we won't defend Taiwan, then they'd get invaded right away.”

“We've probably tried to do too much investing in Europe. Over the years, it's always sort of a junket, sort of, it's a nice place to go on vacation as an investor.”

“I always think that was just a sort of baby boomer excuse for covering up for the failures of that generation.”

“My model is AI feels like it does feel uncomfortably close to the bubble of 1999. So I'm, we haven't invested that much in it.”

“No, no talented people started semiconductor companies after 1993 because they all went into, you know, into software.”

“My candidate for where the bubble is today is it's the government printing money, it's the government bonds it's minus two percent real interest rates, and so the things that are bubble-like are the things that are most like government bonds. So that's corpora…”

“I probably, three quarters of my net worth is in illiquid tech stocks in Silicon Valley, and it's because I believe there's a giant bubble centered on government bonds, and this is the furthest I can get from it.”

“There's a whole set of companies in the Nasdaq 100 that are actually bets against technological innovation. So Microsoft is a bet that there will never be anything like Linux. It's a bet that there will be that the operating system won't shift to mobile platfo…”

“If you're an entrepreneur or founder, you always want to build a monopoly.”

“It was a big achievement in a way for them to, for students to get into, you know, elite colleges like Yale or Harvard or Stanford. But they're completely lost once they're there.”

“Elite universities, I think the organizing function 50 plus years ago was you were supposed to get into the elite in our society, and that is completely broken down.”

“The two worst areas are educational software related companies and healthcare IT companies.”

“There's no fast term accountability in venture capital. You know, sometimes you have momentum and the valuations go up and that, that does give you a feel where the things are working. But in practice you off, you know, it's five, 10 years later, you get liqui…”

“I think the rough numbers are that about a quarter of the US trade deficit is bilaterally with China, but another quarter is indirectly with China. So China is, is sort of half the problem.”

“The reset in trade that seems desirable to me would be that we radically changed the relationship with China and we sort of Induce a lot of other countries to radically change their relationship with China. And that's how we, you know, and maybe that's how we …”

“Vietnam is, look, it's a communist country. It's, it has bad mercantilist policies, but it's not planning to take over the world. And so at the margins, if we can move things from China to Vietnam, that's a big win.”

“And then you can get this, at some point, you can get this very, very fast preference cascade, and something like this happened in Silicon Valley in the last few years. It was a buildup that took a few years for people to realize that, you know, Things were ve…”

“I am still Very strongly pro-Trump, pro pro-JD. I've decided not to donate any money politically, but I'm supporting them in every other way every other way possible.”

“TikTok will be banned, 24 hours after the Taiwan invasion.”

“My intuition for, you know, what is going to happen without making any normative judgments at all is it is going to decouple.”

“I keep thinking that AI in 20, 23, 24 is like the internet in 1999. It's really big, it's going to be very important, it's going to transform the world, not, you know, in six months, but in 20 years,”

“Nvidia is making over 100% of the profits. Everybody else is collectively losing money.”

“I suspect we're close to a recession.”

“You can't do more globalization or more tax cuts here. That's not going to be the win.”

“So I think the bubble will be done once the boomers have exited stage left.”

“Extreme optimism, extreme pessimism, they're both excuses for laziness.”

“I think most tech M&A deals don't make sense because most of the time there's no, there are no synergies.”

“Most of the time people are either in companies that fail, and then the lesson you learn is that it's impossible to build a great company, and so the next time around you try for something that's less ambitious, and so And then you certainly will not build a g…”

“Conflict happens when different people want to do the same thing. And one of the challenges in, it's not when people want different things, it's when people want the same thing. And in a, and so the challenge you have as a boss is to try to have people do diff…”

“I tend to think the bubbles always required the public to be involved in a very big way, and there were these psychosocial phenomena on some level, and this, the public is not really involved because the companies are not going public until extremely late in t…”

“As long as the founders run the companies there's normally enough pressure to keep doing things. Once the founders are replaced with politicians who act like CEOs you end up with you know, much less incremental stuff happening.”

“I'm hopeful it's a bit of a generational issue where the anti-nuclear people Are these boomers, these baby boomers who came of age in the seventies and once they lose grip on power in the next decade or so we may be able to have a nuclear renaissance in this c…”