The Ledger, every show

“White collar economy is our economy. If you all of a sudden just take a leg out of that economy, it has a contagion effect into basically every asset in the world.”

“I think robots are probably, like, 24 to 36 months behind other forms of LLMs that are, you know, just diffusing through society”

“Those five percent, if there aren't white collar jobs for them to relocate into, then they're going to have to move into the gig economy and the blue collar labor force. And so that puts pressure on the entire labor market not just the white collar one.”

“You just, and no one's really doing this yet, but it's going to happen, I think, you know, in the next six months. Is just tell your agent, you know, tell Gemini, tell ChatGPT, go buy these things, it has your credit card, and now that world that they were des…”

“And so I think those businesses are likely going to be in a lot of trouble over the medium term, but they probably will have a big bump from people really putting that AI into their organizations first, and so it's a bit of a tricky timeline there.”

“Network effects are more powerful than ever, I think, in this world. Yeah. So things like Meta really have a lot to sort of gain in that sense, but I think things that look like they're network effect businesses, but in fact are just the ones that are doing th…”

“The real lock in, the real business value, The franchise value of an Uber or a DoorDash is the customer lock-in because the customer gets comfortable. They've got everything saved. They want to hit a couple buttons. They don't price shop. Agents are happy to p…”

“I have a strong suspicion that Anthropic is going to go, you know, in the next three to six months. They just have so much momentum and there's a lot of value being first.”

“Marxist can also mean just understanding how capital and labor interact. And in that sense, yes, it was Marxist. He had, he was very insightful.”

“AI progress will slow down because we'll have an economic crisis, and we're not going to be able to finance nearly as much of it as we otherwise would.”

“Government spending would be at France's level. I'm guessing like, you know, five, seven years from now, if this scenario kind of comes to pass.”

“But they can't go so far as to say like, hey, if you put the pieces together, Then this is how it's going to play out. I think it's too sort of damaging to sort of their reputations and like, you know, their ability to fundraise and things like that.”

“Specifically what we call, like, the information sector, so different parts of kind of technology. Those jobs are down eight percent from the peak in twenty-twenty-two already”

“And I think Google is particularly well positioned since they already own all of those customers today and they can finance losses from inference a lot longer than everyone else.”