The Ledger, every show

“And I don't want to say he's taking advantage of them, but if they're taking advantage, he's taking advantage by selling shares to them at prices that I think he knows full well are vastly overvalued.”

“I very unpopularly would probably tax great philanthropy, meaning most philanthropists, including Warren Buffett or Bill Gates, effectively are transferring shares Typically founder shares into their foundations or to a charity, which means that those shares, …”

“Meaning if you ever wanted to think about what would this country look like with 25% unemployment, how would you get there? And I think the answer is potentially if AI is as successful as I think we all hopefully want it to be to the extent you believe these v…”

“I just don't see how we're gonna be sitting around doing our own programming. I just don't see it.”

“But five years from now, do you really think that people are going to write books even by themselves? I assume you would be co-authoring a book with AI. I imagine people will be writing articles at minimum with AI if AI is not doing it in entirely”

“I believe that the wealth and the great riches are going to go both to the model makers, some of the big tech companies, and probably the folks who already have had success because they will be at the top of these food chains, and instead of hiring more people…”

“There is a whole sort of universe that I'd put in the category of mark to make believe. And the incentive system is such that you want that mark to make believe to go on as long as possible, because if you are The equity owner, you don't want to mark your mark…”

“The bigger question is whether there's going to be like a timing mismatch, that there's going to be some period of time. Same way, by the way, we had a dot com bubble and bust where the economics didn't match the investments at that time. Now, Amazon is still …”

“I actually think that was a historical aberration. That was not the way it used to be. If you look at the 19 twenties, it was not like that. You look at the 19 thirties, it wasn't like that. The leave it to be for American dream that I think this individual is…”

“Oh, I imagine it does. I mean, I, if we're talking, I think the numbers now, 1.75 trillion dollars with a T. I think right now OpenAI isn't, doesn't start with a T yet, but maybe.”

“I was talking to Paul Tudor Jones about a week ago, and he said, I was asking him this question about bubbles. He said, ah, I think we're in maybe like October, 1999. Right now. And I said, oh, that's interesting. Okay. 99. He said, but there's still, if you s…”

“And so could he go after some individuals? I wouldn't be surprised if he weren't, and I wouldn't be surprised if he even went after an Elon Musk. I wouldn't be surprised if he tried to go after some of the people some of the higher profile people involved in S…”

“Michael Saylor at MicroStrategy. He's now effectively raising money from public investors in taking out loans. This is like a, his company's turned into a leveraged, basically a leveraged Bitcoin fund is effectively what it is.”

“Every financial crisis is really only a function of one thing. It's too much debt. It's too much credit leverage in the system.”

“What I find so strange, what I find so strange is the people who are, who Say they're trying to democratize finance seem to do such a lousy job of actually trying to protect the people that they say they're democratizing it for.”

“Some of this is a zero sum game. It is not like that the pie can just grow exponentially. I know there are people who believe that it could, but invariably at least historically hasn't. There are sort of upper limits to even what growth could ultimately even l…”

“I think I'll go with, there's gonna be one interface. I don't know if it's one bot, but one interface that you will interact with. I imagine likely talking rather than even typing.”

“I would imagine that this should be the greatest opportunity for Google and Alphabet Effect or Alphabet to truly take share because Gemini, if built the way I think it should be built, should be able to move you around their phone in shocking ways, right? It s…”

“The private credit business really can't fall apart before, frankly, the private equity industry falls apart. Meaning, if you think about it, who has taken on the biggest loans from private, from the private credit space? It's oftentimes the private equity pla…”

“Well, if you decide the software company is no longer a thing and may not have this recurring revenue, all of a sudden its value has to come down, and all of a sudden, therefore, they would have to lose all their money, and then if for the credit guys who loan…”

“The one other thing about data centers, which is a little bit more nerve-wracking, is it's not like putting, you know, people compare it to putting fiber in the ground or building the railroads. You put the tracks down. Because once you build a data center, yo…”

“One of the reasons why people are moving to prediction markets and moving to what I would describe as the sort of a lottery ticket approach to life. It's a little bit YOLO. Is a function of the inequality that we have in this country.”

“The truth is, depending on how you run a country and a social safety net and a system, if you can't afford the loss, then the loss gets fully socialized.”

“When you have a crash, you can't move into a period of austerity. You actually have to throw money at the problem as politically unpopular as the bailouts are. The Federal Reserve needs to throw money in.”

“I think that's harder to do today in part because individuals don't have that much leverage in the system. So I'd like to think not, and I also think we have this extraordinary playbook, which we now know works to some degree.”

“I don't think it is One to one. I think there's a lot of leverage in the system today, but it's a different kind of leverage.”

“It almost has nothing to do. I don't want to say it has nothing to do with breaking the banks apart for like political reasons, but it actually has to do with business reasons, meaning there was like some major bank money and lobbying going on behind the scene…”

“Now, I don't think that any of that is as leveraged as what we were talking about, this like 10 to one situation in 1929, or maybe, or even like the subprime situation in 2008.”

“When you go back and look at why Roosevelt won, it wasn't actually on the economy. If you go and look at the polls, it was over prohibition, crazily enough”

“The reason why unions even worked, I would argue, for, in large part, was because there was this period of time where we were the only players in town, so we could charge monopoly rents for a lot of things, and people could buy a house with a white fence and h…”

“Having said that, if we do this, which we are, We will probably spend more to buy less technologically capable cars 10 years from now than the next time we all, you know, if you go on vacation to Europe or Asia and get in the back of one of these other cars.”

“John Raskob is Elon Musk. I mean, I got to tell you, John Raskob Created credited General Motors became a amazing investor, then takes all of his winnings, decides to get into politics, a little Elon-like decides to back Al Smith against President Hoover. By t…”

“The AMC apes and the GameStop hysteria and don't forget Bed Bath and beyond or some of the others that are completely and utterly divorced from reality, Alex.”

“I think it's also about protecting them on the downside, and it's almost impossible to believe that the downside won't come.”

“There's a lot of money floating around, and the question is, when the music stops, and the music will stop, is Bitcoin somehow completely not correlated to all, to everything else? I have a hard time believing that”

“I think 20 years from now, he will get credit as the SPAC king.”

“I don't think Apple is a monopoly in the way it's being argued in the construct of the Epic case clearly, and probably More, more broadly, I don't think it's a monopoly either yet.”

“Let's say there was now multiple app stores in the iPhone. What happens? It just means that the hardware will get more expensive. That's a good point. It'll get passed on to you.”

“Do I think that Amazon unto itself is going to get broken up? I'd be very hard pressed to see that really happen.”

“I think Facebook will ultimately get broken up? No, I don't.”

“AI can't walk into the locker room and start to interview the athlete or figure out what the coach did two days earlier and try to get somebody to tell them something off the record or behind the scenes. And that'll become a sort of higher order value proposit…”

“You know, if Sam Altman and Johnny Ive have their way, we will have something sitting on this desk probably in six months from now that may be watching what we're doing all the time.”

“I mean, I imagine long term that AI is going to be very much like the internet on steroids, which means that it will be here for a very long time, and we will ultimately need these data centers. That is, to me, not really the question.”

“So RCA was like the Nvidia of its time.”

“There is no innovation without some speculation.”

“And for the most part, the big corporations are spending real cash. So it's not, that's not leveraged, but you look at a lot of the Real estate plays, the energy plays that sort of on the periphery of this, there's a lot of leverage there.”

“I remember those moments fondly and sadly because I should have listened.”

“Probably Jamie Dimon and Larry Fink are probably the most sort of powerful players in the sort of traditional legacy piece”