The Ledger, every show

“We had a company that tipped off a fundraise to a large growth investor on a Sunday evening through a board member. On Monday, they met at noon. At one PM, the meeting ended at one, 12 PM. They had a market clearing offer in their inbox and accepted it. That w…”

“Virtual reality will be for some a medium to express their genius and unleash it for the rest of the people. But I am generally less excited about VR. Why? Because I do think that there is this natural analog human desire that is hundreds of thousands of years…”

“Next year, this time, so it's gonna be a Q-three, Q-four, 20, 22, they will launch the first manufacturing thing in space, and that was wheeled into existence.”

“Now, it's very hard in the early nascent embryonic stages of a business to really, and I'm being intellectually honest here, know if somebody is going to be an absolute genius or a total fraud. Because the best storytellers are also the best con men, or women,…”

“And then the final situation, which is where we spend most of our time, is the Schopenhauer dictum, which is talent can hit a target that nobody else can hit, and genius can hit a target that nobody else can see. And that goes back to the asymmetric informatio…”

“To me, crypto today is not really interesting because it's so interesting to everybody.”

“In fact, I always think of this like the first law of thermodynamics, that energy is not created or destroyed. Risk and value themselves are just changing form. And every time that you can kill a risk, subsequent value gets created because a later investor arg…”

“And so in energy, people were going back to agrarian economies where we were growing biofuels, and that made no sense.”

“The undeniable arrow of progress, that directional trend is more and more intimacy.”

“Single-handedly codes Internet Explorer, and makes a lot of money, retires, does another company, retires, and then early thirties now.”

“What that implies is that you will wear something akin to a bracelet or a wristwatch, and you will be able to gesture like Disney's Sorcerer's Apprentice to flick your fingers to turn on the lights, to swipe like you would swipe in three dimensional, three Rai…”

“I believe that within a decade, you will see Architectural structures. You will see product design. You will see components inside of vehicles and industrial products that look way more biological because they were designed, interestingly, by a computer that a…”

“Venture, by definition, is a cheerleader business. You're optimist. You're promoting the future. You're supporting companies who, against all odds, are likely to fail, and you know, you're cheering them on. But I think internally and privately, you have to ant…”

“If you have one partner that is dogmatically table-bounding, and everybody else has said, I don't see it, what we decided to do for the tribe is, Is everybody gets one of those. So if I'm the one that sees it. Shane Parrish: One per year, one per career. Josh …”

“Today, in the market environment we're in, there are more irrational actors than ever before just because there's more money than ever before.”

“And it's interesting because Bill Gates, in a sense, was notorious for that. You know Nathan Mervold, brilliant, you know, but would sort of eviscerate people if they were wrong.”

“When you step back, and you see that directional arrow of progress, it is that we are going to be less Hunched over a QWERTY keyboard and a mouse and much more natural human interaction with our computers, which means the technology has to get more and more so…”

“While he's at Microsoft, he single-handedly codes Internet Explorer, which we've all used, and he's also Bill's right-hand guy during the entire DOJ Monopoly trial.”

“And there are some people, and I disagree with Peter Thiel about this personally, where he says, you really study the successful people. You don't study the failures. And I disagree totally. I think by studying the people who made willful mistakes, you learn a…”

“When entrepreneurs say of competition, that's validating. When somebody sees news of a competitor and says, oh, you know, it's definitely validating of our market or something like that, I pull my hair out because I don't want you to find competition validatin…”

“The next generation of industrial titans are going to be scientists, technologists, inventors”

“In that case, I think we would have loved, collectively, amongst the other syndicate investors as well, that maybe we waited for You know, a year or two, because we probably, instead of selling for four hundred million to Intel, could have sold for four billio…”

“If the public markets are thinking one or two years out and discounting back, and VCs are thinking one or two years out, then if you are thinking three, four, five, or let alone 10 years out, then you've got a time arbitrage advantage.”

“Our internal partnership debates are usually the fiercest over the smallest dollars of what we have low conviction. When we have high conviction, our dollar checks are the highest, and everybody is near consensus.”

“There's a company called Physical Intelligence, known as Pi, that is the leader doing that.”

“The pendulum is going to shift. Maintenance is going to be in high demand. That means that there's an opportunity for new technologies to help maintain existing assets.”

“There are some secondary funds that are going to do really well because LPs are overexposed, don't have DPI, don't have returns of cash coming in from their managers, are going to divest from some of the ones that are wrongly positioned.”

“I always say that there's a five year psychological bias that you want to be invested today, where you should have been five years ago.”

“I think that their ability with that market capitalization and that cash and the margin that they have, they can reinvent and buy a lot of things. So I think Jensen is a thoughtful capital allocator. I think he's benefited and caught lightning in a bottle over…”

“Today, I take my medical records as soon as I get them from top doctors, and I still put them into LLMs to see what did they miss, and sometimes it unearths some interesting correlations.”

“Why don't we wait six months? Because this is going to be available from all of the major LLM providers today that want to get the enterprise accounts.”

“Their latest model Which was based on this evolutionary technique was like eight GPUs, which was wild.”

“They've put a lot of money into this, but it hasn't yielded the recipe maker for, like, the next perfect show, and oftentimes the thing that you want to see is almost something that's orthogonal from what you've been watching.”

“I heard Anthony Mackie, who's in You know, the latest Marvel movie talking about an expectation that he'll be, somebody was like, how long do you think you'll be doing Marvel movies? And he's like, I think probably like the next 10 years. And I'm like, probabl…”

“Well, yeah, there will for sure be AI patent trolls, if you put it negatively.”

“Already, there are AIs that can not only go through Qs and Ks, 10 Qs and 10 Ks, and can listen to quarterly earnings reports and CEOs that are talking at conferences or on podcasts and can get an emotional sentiment, can see where they're varying their languag…”

“I like to know what the editor put on C-Twenty-two, That's not as visible on the website, because there's meta information that the editor is saying, this is not important to be on the front page, but if I disagree, and I think that there's a magnitude of info…”

“We have not yet done this as a partnership, but we've talked about it. Having an AI partner.”

“I've already given over again to the privacy gods everything that my screen sees. And so I trust that that's siloed on my device. It's not going to the cloud, but it's super helpful when I'm trying to search for something.”

“And we used to attract something like 23% of all foreign graduates here. That's down to 15%.”

“Your reactions right now, I might say something, and you might say, ah, and maybe you actually thought it was profound, or maybe you're like, ah, this is not interesting at all, but there's something authentic, right, about this, and we are reading each other,…”

“And then the other piece of that, which is sort of a toxic combination, if in the wrong hands, and I think a productive one, if in the right hands is you need confidence to be able to believe in yourself and go and do something and persuade other people, you k…”

“A scientific worldview is basically trying to come up with better explanations and at best they can be tentatively held until a better explanation yet further comes along. And so part of that is a, is that similar mix, right? Of arrogance that you can know bet…”

“A manifestation of Lux itself is looking at all of these different disparate fields. Post facto, we can often find this, you know, nice connective narrative thread, but it's what I call randomness and optionality. So randomness and optionality is another, so, …”

“We end up going from a million in revenue to 40, 8020, 160 forty million of EBITDA. We sold that for 10 times EBITDA to Veolia.”

“The cheaper your electricity and the more power you have, you can desalinate water. You could have abundant water. You could have abundant crops and agriculture, but it all starts with how do we get clean, abundant energy? And to me, the answer is elemental po…”

“When you look at, like, ARK Invest as one proxy of this, or the Russell 2000, I think all but four or five names in her portfolio, at Cathie Wood's portfolio, are in bear market territory, somewhere between 20% down and 65 or 70% down.”

“Remember, you're investing in companies where the new normal has been that a company with five or seven or eight or sub-ten million ARR, annual recurring revenue, is getting a billion-dollar valuation. We used to look at things where it was like one or two or …”