The Ledger, every show

“His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return. He generated zero alpha.”

“I, I'm pretty sure that the market here shrinks by an order of magnitude, and instead of fighting over five trillion, I think we'll be fighting over Five hundred billion.”

“I completely agree with you, and I'll go even further, which is, I think that the Democrats will lose one of California or New York in the next eight years.”

“Nobody cares about what's happening to the weakers. Okay. You bring it up because you really care. The rest of us don't care. I'm just telling you a very hard, I'm telling you a very hard, ugly truth. Okay. Of all the things that I care about. Yes, it is below…”

“Zero and zero.”

“It's pretty clear that this was something that leaked out of that lab.”

“This company was insolvent. They did not have the capital requirements to post the margin that was being asked of them by their partners.”

“Yes.”

“The Eurozone is going to collapse. Okay. Japan is finished.”

“You can look at the UK and you can look at Germany and you can look at France and you have to ask yourself is the cultural deviation from where they were, has it been better? Or worse for those countries. And I think in general, it has been worse.”

“When Tesla and SpaceX merge and we have all things, Elon and Elon Corp. Okay. Which will happen. Probably by the end of the year, maybe it'll happen in the middle of next year.”

“What I will tell you is, I'm not even sure if I'm allowed to say this, but a very good, probably the best cybersecurity company in the world, run by one of the very best CEOs in the world. Who may or may not be speaking at liquidity would tell you that they ha…”

“Sorry. Let me be clear. 99.999%.”

“I think Trump is and has been the most consistent anti-war president of modern history.”

“He, Donald Trump, is the most effective and capable political athlete we have ever seen.”

“The use of inside information gets to the truth faster. And I think that has value, especially if it uncovers corruption or misdeeds. And so if people make money along the way, and that's the incentive that it takes for folks to work around what would otherwis…”

“Energy will be the gating item beyond a shadow of a doubt. And so if you control electrons, any form of electrons, hydrocarbon to electron, electron to electron, photon to electron, doesn't matter. You will then be in a position to start asking for equity, ups…”

“And what my honest advice is avoid Maybe not all SPACs, but definitely my SPAC, just avoid it.”

“I think it's very reasonable to say that any sitting president should be allowed to remove a Fed governor if he believes it's not aligned with the wishes of the electorate and the voters and the plan that was voted in.”

“But if you're trying to crush it, I think the only people that will really make money in venture capital are the GPs. Building a fee generating business around it.”

“Gemini family of models, which just absolutely kick ass like VO three, which we haven't really spoke about is going to destroy Hollywood. Like in the next year, like Hollywood is done, I think”

“I think what you will find is a whole raft of companies that were stood up to buy these Nvidia GPUs to essentially act as a way station for China.”

“In that moment, I thought what happened was really terrible. And then since then, I've got to know the person and I don't think that he actually incited much of anything. That's my belief.”

“We caused billions of people all around the world to take immaturely tested drugs. They were called vaccines. We found out that they were modestly effective at best, and then some of them were designed in some ways to manipulate our DNA, and we just don't know…”

“So I think it's likely that Nvidia goes on a full frontal assault against GCP and Amazon and Microsoft.”

“I think foundational models will have no economic value. I think that they will be an incredibly powerful part of the substrate and they will be broadly available and entirely free.”

“Our leading educational institutions have really become woke madrasas. They are inculcating kids with just some virulent poison.”

“In, you know, black families as an example, the economic incentive to not get married on you know, today dollar adjusted basis was like, 92,000 to a black woman to not get married and have a child.”

“I think 60% go to zero. Of the remaining 40%, half of them probably return money. And then of the remaining half, half of those maybe get one and a half X. And then you get a geometric distribution from there, which means the blended return of that entire stre…”

“It was a revenue grab by big pharma plastered with non-scientific thinking from a bunch of people who should have known better.”

“I'm going to say something controversial. I don't think developers anymore have good judgment. Developers get to the answer or they don't get to the answer.”

“About five hundred billion dollars of that trillion from 1819, 20, 21 and 22 is going to be destroyed. We haven't even started to see that yet, right? And then if you factor in another hundred billion or so from older vintages, we're talking about a 600 or 700…”

“Over these next 10 years, when maybe you have 500 to three quarters of a trillion dollars of value destruction, And it's because you didn't think about portfolio construction properly.”

“Okay, so now of those 1276 private equity funds, or growth funds, or crossover funds, how many do you think have actually managed to return more than 2.3 times the money? 22 of them.”

“The scary authoritarianism, as we talked about in previous pods, tends to come from the left.”

“I think it's a luxury belief. And the reason I think it's a luxury belief is we don't do enough domestically to actually express that view in real tangible ways. So until we actually clean up our own house, The idea that we step outside of our borders with, yo…”

“I think that this is sort of peak big tech market cap is probably within the next year or two.”

“I think Senator Karen is the obvious choice for me. Kind of proved that she doesn't really know much about economics is, you know, kind of mean and just basically wants to, you know, is a moral absolutist authoritarian just on the left.”

“I think the CCP is actually pretty good at what they do. We may not agree with them, but I think they're pretty competent.”

“If I had to just categorize them, I would say Larry is absent and is sitting on a hundred billion dollar fortune with no idea what to do. I think. Yeah. I mean, he's just absent. So, he's irrelevant. I don't think anybody knows what the fuck he looks like. I m…”

“China's central planners are frankly just much, much smarter than ours.”

“And if I was a betting man, end of decade, these four monopolies will not exist.”

“This is the, they are the Lehman brothers or Bear Stearns of 2008 to me.”

“I know that you may think banning him from Twitter is so much lower than this attack on the capital, and I'm telling you it's not, because the slippery slope of event, event number one is so obvious. The prosecution of that is so obvious. The law is so complet…”

“And those twenty million people are You know, sad to say concentrated in about 10 states that don't functionally matter economically or otherwise.”

“Kelly Loftner's a moron. She's an idiot. David Perdue's a good old boy. He's an idiot. They're just stupid. This actually speaks to a bigger problem, which is the Republicans could do so much better if they could actually find younger, more vibrant, intelligen…”

“I think AGI has basically been here since the beginning of the year. There are models that are incredibly performant inside of the closed frontier lab companies.”

“And I think what it will do is it is a self-imposed form of modern segregation. And it is going to completely push an entire generation of kids in these cities that are subject to these rules into poverty, and it will keep them there. And so in as much, I thin…”