The Ledger, every show

“If you accept just as a store of value the total gold market at 11 trillion dollars, half of that, five and a half trillion dollars, if you just had generational shift where people said, you know what, I prefer this in the same way they prefer Bonobos to Docke…”

“People that are pursuing nuclear power today, at the moment, do not count us as investors. Because I believe that the timeframes are not dependent upon the technology development. They're dependent on popular acceptance.”

“We will never publicly come out and say, we're slowing down our pace. Because anybody that does that is going to lose deal flow.”

“All that's important, but what really matters is understanding human nature and psychology, and so, 90% of our successes and 99% of our problems in our companies are us playing armchair psychologist and trying to diagnose, why is this team not effective?”

“And there's probably a dozen such scientists in the war in the country. Where that you in the US where you can go and find these people and the postdocs and where they sort of, ah, traverse to and find that diaspora and develop relationships with them, stay cl…”

“All the imagery that's going to be coming off of these satellites is going to be commoditized, and the real value is going to be the processing of that using artificial intelligence and machine learning to look at different spaces over different times to make …”

“But then I see an advisory board with one or two people, and for me, these are, like, red flag people. They're, like, total BS scientists or promoters or, like, authors that I think are full of it, and I just, like, shake my head, and to me, it's a It's a sign…”

“If you look at a directional arrow of progress in energy, you went from carbohydrates to hydrocarbons to uranium, and the undeniable arrow of progress there was more and more energy density per unit of raw material. When you discover the directional arrow of p…”

“And so, when the team has total consensus, we typically make an investment, and we've typically been very wrong.”

“You know, publicly, he sort of has this Mr. Rogers persona, you know, sweater, and I think in the boardroom, you know, he'll eviscerate somebody. Somebody will say something, he'll be like, why would you possibly do that? You know, that's the stupidest idea, a…”

“And I think that that guard has given way to people that are funding, you know, what I consider fufu apps and You know, mobile stuff that I think has very little relevance, but like real hard technology. It's provable. It's real. It's verifiable. It's not, you…”

“I joke, I haven't looked at a spreadsheet in over a decade. There's nothing for us to model.”

“We have implemented, starting about five years ago, a process where if there's a super strong table pounder, where the vast majority of the team does not agree, but somebody is psychotically passionate about a particular entrepreneur and opportunity, they get …”

“Private equity generally, of which venture capital is like, you know, the tiny bit that's generally clustered into that ass glass, I think is going to see a huge pullback in at least new allocations, if not the pace of allocations.”

“The operating leverage that those businesses, by the way, get on the upside is huge. But once you have this precipitous pruning and these people start disappearing, I think the operating leverage that you get on the downside is going to be really painful. And …”

“In the public markets, companies are going to be sold indiscriminately in the same way that they're being bought indiscriminately. So I think that there is a big structural issue. I think that similar as we looked at vaccines when they were out of favor, today…”

“The future of AI and machine learning is going to be in GPUs.”

“My whole view is that the diversity that matters most is cognitive diversity.”

“I think that still going back to the first point about habituation, the vast majority of people are just going to continue to use closed labs and trust it more.”

“And I do believe that the Sahel in Africa and the Maghreb, which is, you know, Mali, Sudan, Niger, Burkina Faso, you are one terror event away projected into Europe that that entire region becomes the west next to Afghanistan, all of which culminates in my con…”

“Fund size increasing is the enemy of returns. The incentives for the founders who want to have great investors that can be early stage investors that can scale with them over time, that's harder to do when you have a much bigger fund.”

“And you think about the diplomatic vectors of military and economic and political, science and technology is another vector for diplomacy.”

“Today, roughly, thirteen billion of revenue at OpenAI. 70% of that revenue is from 20 dollar a month paying subscribers like me.”

“There will be lots of little devices. They will start with third-party pendants and rings and necklaces, hardware microphones, recording passively, twenty-four-seven every day. The young people will be comfortable with this as digital natives.”

“The Sahel and Maghreb in Africa, which is not an area that a lot of people talk about or think about, that I believe with low probability, super high magnitude import Is going to become the next Afghanistan, that that region in the Sahel, all these coups and c…”

“And if I had to bet today, it's Android because of the architecture over Apple, but if Apple can do some smart things, maybe they can catch up to this, but some of the design choices and the closed aspects, which have been great for privacy as a feature, may h…”

“But interestingly, I actually think that the people whose jobs are, like, most protected in this new domain are blue-collar workers. A robot today can't really fully serve a meal, and they cannot effectively, even though every humanoid robot tries to do foldin…”

“Now, that said, SpaceX, I have no issue with. I think SpaceX is an extraordinary company. I think it's an incredibly important American company. I think without it, we would be at a massive disadvantage. I think it is truly a national treasure run by Gwen Shot…”

“You know, you've got similarly, the best entrepreneurs, when short sellers are like, you know, saying something, they don't want to ban short selling. They don't want short sellers to be arrested. They just prove them wrong.”

“I do think that we will see a return to Active managers that are able to discriminate true fundamentals, in part because I think that the cost of capital is just gonna rise and all the funny money of the past 10 years is, is gonna wash out.”

“So informational advantage, hard, analytical advantage, brilliant people combined with brilliant technology, really hard, and then it goes into this last one, which is the behavioral, and that, to me, Is the persistent thing.”

“The only tool that I restrict them from is TikTok. But otherwise, and that's for a variety of bad influence and Chinese Communist Party but otherwise, I want them learning how to use every tool as they would every appliance in a kitchen”

“And the great human feeling is commiserating about the thing that we experience together, or the memory and laughing hysterically, which I still do with my childhood friends, of this shared moment, and AI will never get that.”

“You may think you think the things you think because you analyzed and you reasoned or whatever, but no, the reason you think the thing you think is because of the five or six most important people around you. And they sort of believe something and you believe …”

“Everybody is here Monday through Friday now. You know, at first it was Monday through Thursday, take Friday. Now I'm like, look, if you need to leave, you go family first. It's a principle here. Never miss a concert, a recital, a science fair, but we need to b…”

“I think that's possible, 10 or 15 or 20 not doubling.”

“I want to be right. I want to make money. I want the credit for it, but it really is about like the status because otherwise you would just do these things in private and totally in quiet.”

“It is this huge randomness generator, this huge optionality generator, and the accessibility, and I just, I absolutely love it. So that's another thing where I'm really rooting for Elon in the continued success of X, because I'll continue to pay a lot of money…”

“And I think that's the right move, right? This is our platform, same way as Meta has. So I think that that repository of everybody's tweets and retweets and likes and the comments that they've made”

“If Ukraine had nuclear weapons, Putin wouldn't have invaded.”

“Reshoring. All of these things, you know, tariffs, they're gonna be inflationary, there would be a rising cost of capital.”

“I think it's a virtuous thing because it's shining a spotlight on a lot of things that were just done because they were done and you get this bloat or in some cases there was like, Overt obfuscation. And so I think sunlight heals all and putting a spotlight on…”

“50% of all AI undergrads in the world today are being graduated by China.”

“To your core question, yes, I think that if I do a calculation, and I'm using a calculator instead of like doing math by pencil, that calculation is still an input into my output. If I'm using AI to generate Art and it's my prompt instead of the gesture of my …”

“This thing that was just conceived In our New York office ended up removing 99% of the radiation from the Fukushima disaster, particularly around cesium and strontium”

“It's not really so much even a technology or an engineering problem. It's not even, we have hundreds of reactors that are working globally and we have decades of safety experience and know how. And even though you have an aging workforce, there's just like tre…”

“The digitization of human scent is coming. Shazam for smell. The ability to identify a single molecule in a room is coming. The ability, not only a single molecule that has meaning to you. I mean, literally a molecule, a structure actually conveys to you know,…”

“I think we are going to learn more about human consciousness as we interrogate the systems and try to understand how much of the modern approaches in an AI are working to sense, make models, make predictions on those models, iterate and learn. And I think that…”