Jun 12, 2026 · 1h 7m · allin
All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live
Dan Dreyfus · 12m spoken Kyle Samani · 9m spoken Aaron Cowan · 8m spoken Oleg Noodleman · 8m spoken Chamath Palihapitiya · 6m spoken David Friedberg · 5m spoken Gavin Baker · 4m spoken Jason Calacanis · 3m spoken
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gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
Hosted at the Liquidity Summit 2026, the All-In Podcast team brings together four top fund managers to pitch their highest-conviction investment ideas live on stage. Across biotechnology, power infrastructure, casino resorts, and decentralized hardware networks, the presenters face intense panel Q&A before audience and judge votes crown the ultimate winners.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. The hosts hold 26.7% of the talking time here. How this is scored →
The hosts as informed peer 4.6 Guest teaching 3.0 Guest disagreement 1.0 The hosts pushing back 3.6
speaking balance: gold is the hosts, purple is the guest (3 minute bins)
Sharpest disagreement ▶ 50:15 Kyle Samani rejects DePIN token failure premise
Samani forcefully dismisses the notion that GEODNET fits the pattern of failed DePIN token projects, arguing it is an unbelievably cheap cash-flow asset being mispriced by a crypto bear market.
Hardest push from the hosts ▶ 52:26 David Friedberg pushes microsatellites over RTK base stationsFriedberg directly challenges the long-term viability of GEODNET's core physical architecture, asking why Earth-based base stations will not be completely washed out by emerging LEO satellite networks.
Biggest teaching moment ▶ 34:45 Oleg Nodelman explains nuclear waste radioisotope moatsNodelman educates Friedberg on why China cannot easily replicate Actis' radiopharmaceuticals, revealing that Actinium is a byproduct of 1950s American nuclear defense programs unavailable overseas.
The host holds their own ▶ 51:30 David Friedberg cites Precision Planting background on ag techFriedberg demonstrates sharp domain authority by citing his experience managing Precision Planting in agriculture to query why incumbents with native RTK infrastructure would switch to GEODNET.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | The hosts as informed peer | Guest teaching | Guest disagreement | The hosts pushing back | Why |
|---|---|---|---|---|---|---|
| Pitch 1: Aaron Cowen Presents MGM Resorts | 5 | 4 | 1 | 4 | Chamath poses sharp questions regarding MGM's international licensing challenges in Dubai and why public markets ignored the Osaka casino approval since 2023. Aaron Cowan effectively clarifies the catalyst timeline and option value of Dubai without becoming defensive. | |
| Pitch 2: Dan Dreyfus Presents Talen Energy | 5 | 5 | 1 | 3 | Chamath relays technical audience questions regarding behind-the-meter co-location, alternative power competition, and re-rating multiple mechanics. Dan Dreyfus articulately walks through the free cash flow scenarios and 15x rule-of-thumb multiples for contracted infrastructure. | |
| Pitch 3: Oleg Nodelman Presents Aktis Oncology | 7 | 6 | 2 | 6 | David Friedberg demonstrates strong domain expertise by citing the Amgen-Sanofi Supreme Court precedent on composition-of-matter patents to challenge China replication risks. Oleg Nodelman educates the panel on Actinium radioisotope supply chain constraints stemming from US legacy nuclear programs. | |
| Pitch Presentation: Kyle Samani on GEODNET | 0 | 1 | 0 | 0 | This segment is a uninterrupted pitch presentation monologue by guest Kyle Samani detailing GEODNET's decentralized RTK network architecture. As a monologue without host participation, all host scores are set to zero. | |
| Q&A Panel: GEODNET Pitch Evaluation | 7 | 5 | 3 | 7 | Friedberg leverages his background running Precision Planting to question why manufacturers like John Deere would adopt GEODNET and argues LEO microsatellite meshes could render ground stations obsolete. Samani holds his ground, arguing space-based solutions cannot match ground stations on cost or power consumption. | |
| Judges' Deliberations and Pitch Evaluation | 7 | 0 | 0 | 5 | The panel of hosts and guest judge Gavin Baker conduct an internal debate evaluating valuation metrics, regulatory risks for power, interest rate sensitivity, and position sizing across all four pitches. No pitch guest is active during this segment. | |
| Awards Presentation and Pitch Competition Winners | 1 | 0 | 0 | 0 | This concluding segment covers comedy bits around the trophy presentation and the announcement of audience and host votes. There is no substantive technical debate or conflict. |
Statements from this episode (20)
Cowan: Barry Diller owns 26% of MGM and bid $48 per share
“Barry now owns 26% of the company. Now I put this presentation together two weeks ago. Yesterday he actually bid for the company. Okay. So when I put the presentation together, the stock was about 37 dollars. It's now high forties. He bid 48 dollars, ok?”
Cowan: MGM Resorts repurchased half its public share float in six years
“Rarely have I ever seen a company in six years buy half their float back.”
Cowan: MGM stock is a triple based on Vegas, Japan, Dubai assets
“So, when you take the Vegas assets, which we think are worth about 60. When you take Japan, which we think is worth about 50 bucks. If Dubai happens, that's worth another 40 or 50 dollars. So, we think the stock is a triple.”
Dreyfus: US power markets will remain incredibly tight without AI
“We do not need AI demand to keep the power markets incredibly tight for the next 20 years. AI demand just turbocharges That's all it does, and it creates shortages, so just remember that.”
Dreyfus: Talen Energy trades at $25B EV versus $45B asset replacement cost
“Today, in the stock market, as a good speculation, you could purchase this company at a twenty-five billion dollar enterprise value. The replacement cost is forty-five billion, and because they've got debt, it means that the equity value, ah, just to get to re…”
Dreyfus: Talen Energy will generate $50 per share free cash flow
“If they just do absolutely nothing, Just absolutely nothing. Just sit there and run the business. Let their Amazon data center contract roll up. These guys will be generating 50 dollars a share of free cash flow per year.”
Nodelman: Aktis Oncology's IPO was 18x oversubscribed, backstopped by Eli Lilly
“Actis was started five years ago, but recently went public with a three hundred million dollar IPO that was 18 times oversubscribed, and backstopped with a hundred million dollar order by Eli Lilly, the folks who bring you all the weight loss drugs.”
Nodelman: Aktis Oncology could reach a $10B valuation if one program succeeds
“We think Actis could be worth ten billion or 200 dollars per share if even one of their programs makes it to market, and in this case, you have a lot of outs.”
Nodelman: Average human lifespan in developed countries will exceed 100 years
“I would take the over on that.”
Samani: GEODNET revenue will more than triple in the next 12 months
“In terms of where the business at, the business just crossed about eleven million dollars in annualized run rate a few days ago. And it's growing more than three X year over year. I think it's gonna probably more than triple over the next 12 months.”
Samani: GEODNET uses 80% of its revenue to buy back tokens
“So today the GeoNet network is taking, of that eleven million in revenue, roughly excuse me, 80% of it is being used to make open market purchases of Geo tokens. And this is all visible on the Solana blockchain. They have all the addresses are published and st…”
Samani: GEODNET trades at a $150M fully diluted market cap
“It's trading about a hundred and fifty million on a fully diluted basis.”
Samani: Satellite networks cannot compete on cost with GEODNET ground stations
“There's no chance they can compete on cost, because just sending things to space, satellites, that's so, I mean, these GeoNet base stations are a few hundred bucks. Like, you're just not gonna compete on cost with GeoNet.”
Samani: Crypto projects focused on distributed AI training will not work
“The distributed training stuff, there's a whole bunch of people trying it. I, I'm pretty skeptical. I don't think any of it's going to work.”
Baker: MGM Resorts offers the best risk/reward among pitched trades
“From a pure risk award perspective, I thought MGM was the best. Your downside is really capped because of the Barry Diller bid, and then you have Japan and Dubai as, I think, very valuable future sources of value.”
Baker: Broadly applicable biotech platforms produce rare $100B+ outcomes
“If you ever get a biotech company that can become a platform and they have a mechanism, whether it's of drugging, whether it's targeting, if you have something that is broadly applicable, that is when you can get these really, really big hundred billion dollar…”
Friedberg: Venetian makes $1M incremental EBITDA per Sphere show day
“They're making a million bucks a day and incremental EBITDA every day that they have a show at the sphere at the at the Venetian hotel”
Friedberg: Space systems will replace all RTK and GPS in next decade
“I just think the space thing is, is likely the path that's gonna replace all RTK and all GPS in the next decade.”