The Ledger, every show

“On the last day of Trump's 45th term, We were certain that he was going to get out, and the Justice Department, for whatever reason, said, if you commute his sentence, we're going to go after you, to the President. So he, as I understand he withdrew the commut…”

“Not to say that the board doesn't have other responsibilities, but I think ultimately they should feed into creating shareholder value. If you go back to both Milton Friedman and things that Warren Buffett have said, of course, boards care about the communitie…”

“I mean, who would have thought 20 years ago, or even three years ago, Bahrain, the Emirates, Saudi, Morocco, Azerbaijan would be better allies to the U.S. Than NATO.”

“Maybe, maybe you can theorize that there will be agents that will sit at Andreessen Horowitz and whoever else, your funds, but I think the human will always have to be there”

“I think one thing that we've avoided is kind of evaluation, a solely valuation based approach. There's a, I've just seen I've seen too many people get run over by shorts that have dumb valuations, but they get captured on, you know, Reddit or one of these othe…”

“We had, ah, a really strong view on home builders from last year that, ah, there were two things going on. It wasn't just It wasn't just rates, mortgage spreads that were depressing housing prices, that home prices, that the home building industry was first st…”

“Yeah, absolutely. On earnings over the next two or three years.”

“I try to think in terms of that stack, but I also think about what's going on in the, probably the three most consequential companies today. NVIDIA, Anthropic, and Elon World, you know, all of his companies collectively.”

“Now what happened last year was really interesting because a lot of these companies that appeared to be super high quality, probably the worst year and going into the beginning of this year because the disruption of AI, a lot of these apparently high quality c…”

“If you think about a continuum of public securities and private equity, the AI will not do Private equity. Always need people to do deals. I think you will. And then you have the kind of the stuff in between that requires a lot of negotiation and human interac…”

“I mean, there's such a catch-up trade in NVIDIA at 15 times 27, 12 times 28 for the most dominant, fastest, I don't know if it's the fastest growing, but very fast growing company at its size.”

“Unless you are really draconian or negative, and you think that somehow the AI world is going to roll over in 31 or 32, I think it's some of the most attractive, you know, I think it's the most attractive sector right now. It's where the bulk of our capital is…”

“So, I, it's very different from the dot-com bubble, which we were short, you know, going into and had good numbers in those years. I just don't see, you don't have the valuation bubble now on those companies that you had on, on, on those companies back in thos…”

“I will say that now our due diligence process, we definitely, like, check bank balances and do, like, the most basic due diligence that probably would have, you know, turned stuff up on, on this.”

“You could be technologically illiterate or just say, I don't do it. And you could also be even more or less, you know, up until the GFC, I think you could be more or less economically illiterate and make a lot of money.”

“We're investing Outside of tech into companies that have you know, some great, well, first of all, it also comes back to the management because we can't really just look at a product or a technology and say, oh, this is going to be it forever. So we really loo…”

“People will ask me about, like, macro, what's important, and I think when people think about macro, they think about all the typical stuff that the government reports, growth, unemployment, inflation, rates, currencies, where's gold, where's crypto, and I thin…”

“Management teams would go out in the case of a spinoff. And do a road show that would present a very conservative view. Some might even say sandbag the numbers. Why? Because people are always creatures of incentives. Their incentive package would be set at the…”

“I think if you look at a lot of the people who have underperformed or haven't survived the last decade or so, when people are really stuck on the idea of deep value, low multiples, and being really stubborn about How they viewed businesses and less flexible ab…”

“I think you always need some human interface in the middle of that, but how that's going to, I think it's highly unlikely that there will be a completely, you know, AI managed capital system.”

“I think if you're on a board because you are either getting status or you're getting income and that's your primary reason for doing it, not for representing shareholders, then that's where we come in to try to disintermediate that and take away some of the st…”

“The Twitter debt was a resale of the financing debt that was offered when Elon bought the company. Morgan Stanley sat on it for a while. It was deep underwater. When it got close to par, they decided to sell it. Most credit investors were really scared and ner…”

“And then when, ah, XAI did a debt financing, ah, very few credit people wanted to play in that one because there was no cash flow. Two million dollars, two billion dollars in revenues and a twenty billion dollar, ah, enterprise value, but we were very comforta…”

“In terms of the big markets, yeah, there's a lot going on in Korea, Taiwan, Japan. I'm Probably more bullish on just in terms of a hunting ground to find great companies. The European markets are just tough right now, given the regulatory environment. They jus…”

“The government actually really wants the companies to do this. It's really the management teams that are more entrenched, because the shareholders and the government kind of want that”

“The mistake that we made within the last two years, we obviously were looking for, and we've made some great short investments in, or so we've taken some great shorts and things that are being disrupted By AI, but where we've made the mistake is that we're con…”

“I think we're probably more optimistic or I should say that maybe less pessimistic that there's going to be some kind of You know, apocalypse from AI, like I, I'm still pretty optimistic that it will create opportunities and create jobs and create net jobs. Ob…”

“To travel to the Middle East, which I think is probably the most vibrant, interesting part of the world.”

“I mean, investing is fun, and particularly on the short side. I mean, there's so much humor in it when you, Detect these companies, especially in the nineties. I mean, it was really unsupervised. There were some incredibly fraudulent companies out there, and i…”

“And it's, it is harder now. I don't think we can, I don't know that we can really go out, you know, 10 or 20 years ago. By the way, I think we deluded ourselves earlier, because I think if you ask people about the moat around, you know, IBM, or, you know, some…”

“That was one, I think we learned not to go on boards anymore because it restricts your ability to be liquid”

“We're also early investors in, in end phase. And we Sold some stock on the IPO, and then took a tax hit, and I think sold it under a dollar, and the stock, I think had we stayed on, would have made four billion dollars.”

“The government, the taxpayers are gonna make a ton of money on this, and their involvement also has, will contribute meaningfully to the value of this business.”

“I think you have to be a tech person today. It's such a, it's a big and growing and compounding part of the economy. It affects everything else.”

“They have, ah, risk metrics which have forced selling on the way down, so they do the opposite of what, it might be rational for their business model, but it's not rational for long-term investors. So you have a lot of these things that will Continue to create…”

“You know, so the bad, bad governance I've seen is when, from a number of things. One, they let their loyalty or relationship to a CEO who's not up to the job overshadow their duty to shareholders. That's probably the main thing”

“Most of the time in our experiences, we've been able to work with existing boards and kind of redirecting them and offering solutions, or sometimes we don't even have to get on the board to get those things done.”

“Social pressure is actually a very effective way. And I think the best way to put social pressure on a company is through writing and PR efforts around the company.”

“I think investing in Danaher has been the most instructive because it really is truly One of the best run businesses.”

“When they found someone that was underperforming, it was celebrated because instead of shamed, because look, look what all these things you're doing wrong, we can fix those, and they did.”

“I still think there could be a shakeout. There probably will be a shakeout there where there will be some phoenixes that rise from the ashes, but that's been kind of the investment lesson of the last, you know, year or so.”

“We're starting a new insurance company.”

“Claude really is like a, and it really enables you To be an individual self-improver. It makes you very autonomous and like your ability is sort of like, it'll give you back whatever you put into it. If you put a lot of time and energy and effort into it.”

“That was one of the best investments ever in the history of bankruptcies was the claims on Drexel, because people didn't understand the complexity of the different value pools and liquidations, and the claims were overstated, the assets were understated, but i…”

“I think now it's somebody who's like a Gavin Baker type, a junior Gavin Baker, somebody who understands a company or understands an industry and understands the nuances of a technology.”

“Casey's general stores, like, why was this one of the best performing stocks? It looked like a, you know, it looked like a tech stock. It was Because they were not a convenience store chain, they were a pizza chain, kind of masquerading as convenience stores.”

“We were we were private investors in Palantir And I think we sold all our stock in the twenties.”

“Across the fund we have a CLO business with about seven billion dollars in it. Within Third Point itself we have about 30% of a, which would make it about close to three billion dollars in structured credit and corporate credit, but that's within the hedge fun…”