The Exchanges

Q The bigger, the bigger growth rates scare me. It's okay. Your growth rate is perfect. Growing faster is unsustainable, right? Disaster. You're growing the perfect, right? The Goldilocks effect, the Goldilocks growth rate.

A I mean, that's just, you know, that's Eric and Kareem just doing what they do. I think just like really nailing that. But I do think there is something about that that, like, really actually does, uh, does scare me that fast growth and just like how easy it's become. So really the, you can build more with fewer people. I took to me kind of two different things. Like one, it just made me scared. And this was like back in 20, 22, like really scared about software in, in general, uh, because you can go out and build with five people, a company that grows really, really fast. And two, I think the other point of that, that essay was, uh, because we have better tools and because you can do more with fewer people, startups should be able to just like actually start fresh and compete with these companies that you never thought that you'd be able to compete with them. Writing, uh, you know, A follow up on primer right now, which is taking on K through 12 education, taking on public schools, like not a group or a group of incumbents that like you thought you'd ever be able to take on. And I think they actually can, you can like put education on a Moore's law, like cost curve and get, make education better for less and less money. Uh, and so like, that's pretty amazing. Obviously, annual, you know, is like starting to get, starting to approach kind of primes valuation. Uh, and so like tha…

AI assessment note: “I do think there is something about that that, like, really actually does scare me”

Q Uh, how do you think as an investor and even a writer and somebody who's called a lot of trends, you know, early You know, what do you think the next, you know, talk to us about the next five to 10 years?

A Oh, the next five to 10 years. Uh, you know, you know, what I found really fascinating is that a lot of the stuff that I'm not investing in has been super overvalued. Uh, and then a lot of the stuff that I've been investing in has been undervalued and underappreciated, and I think it's going to be worth like a lot more in the next kind of year or two. So that, that's kind of my take. I, you know, I'm not a figure investor, big fan of, of their videos. And actually my daughter loves Bigger videos and was like really psyched to see two of them, uh, two of them together. I don't know. I mean, I think like there's a lot of probably overhyping AI. There's probably going to be like a couple of 10 trillion dollar AI companies that are going to pay for the whole thing. Humanoids scare the hell out of me as an investor, because it's like this really impossibly hard thing to do with a lot of really, really smart people working on it, where like, if you pull off this impossible thing, then you're competing against these 10 other companies and like who wins a big consumer surplus event. But there's, you know, like human labor doing things. There are some people I've heard who don't just kind of podcast and Right, who like, do you like, you make cars or whatever, physical labor.

AI assessment note: “There's probably going to be like a couple of 10 trillion dollar AI companies”