The Ledger, every show

“Absent chat GDP chat GPT, maybe Google page use for particular user growing four percent per year. So we are consuming more Google. Then we get a subscription to chat GDP, which we Chad, Jesus Christ, I confused GDP and GPT. We get a subscription and now we're…”

“To me, it's a little bit like the end of the Mac seven.”

“There's such a view that, like, large companies are bad, and we gotta bust them, and we're not gonna let them do any M&A. And as a result of that, small companies no longer get bought by big ones. And for me, it's a disaster, because if I fund small companies,…”

“What's weird to me is that the government By trying to protect small companies and not allowing big companies to buy small companies. So big companies get bigger. I think it's got the reverse effect where now small companies have one less chance of winning. An…”

“And I don't think we can afford to ignore it anymore. So it doesn't mean like we don't really know exactly when and how to own it.”

“I like to say that tokens trump tariffs.”

“If productivity for the next decade or so was about two and a half to three and a half percent per year, we could achieve substantial reductions in this key ratio Of debt to GDP.”

“And there's this sort of false narrative that when you have tariffs, like a hundred percent of tariffs are going to get passed through in pricing and therefore tariff is like a tax, right? That retailer told us that they think only about 50% of the tariff gets…”

“I find these companies that decide to harvest, you know, the cash cow and buy all their shares back, you know, it never really works.”

“There's two criteria as one is, can you get to a billion of revenue? Open AI would be check, check, check the box. But the second one is, do you have a sort of a break even or a path to break even?”

“There's gonna be less exits and bigger exits. So it's gonna make the business that much more risky.”

“So I bet you that in the not too distant future, people will be able to automatically invest in bonds.”

“You could have a world with more like a dozen hyperscalers than like the two or three that we've had before.”

“I just think that these super, super large private companies, if you're not willing to submit yourself to sort of the sunshine and the ray of light of the public markets, you're going to get it through a regulatory agency. So pick your poison and be careful th…”

“Everybody has a gigantic shortage of chips right now. That I know for sure from all of our private companies, public companies, there's a shortage of chip, a shortage of compute power.”

“If you think there's only five, and all these money managers, you know, they have like five stocks that represent 80%, I feel the level of risk that you're taking is too high”

“These are things called interval funds, and it seems like the fees were more like 1.25 and 12. And so we're like, well, can we live at 1.25 and 12? And I was like, yeah, you know, it's a really good deal for other people”

“So I went to see the family offices. I didn't quite see the founders directly, but the family offices for both the Bezos family and then the Dell family. And I sort of pitched them the idea. They liked the idea. Then we pitched it to the founders and then we g…”

“I bet you that now that the market's gone up, we look at sentiment in a month from now, and it'll be like, oh, sentiment's getting better.”

“And Microsoft said that in their Q-one they processed a hundred trillion tokens 50 trillion alone in March.”

“As part of the data science that we do, we process probably a hundred million credit card receipts a day. So we have a very fine view of what the US consumer does. And we have another data set where we know what consumers do based on their email receipts.”