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8 episodes with brad gerstner
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6 episodes with brad gerstner
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2 episodes with brad gerstner
2 episodes with brad gerstner
2 episodes with brad gerstner
21 episodes with brad gerstner
Senator Ted Cruz (R-Texas) is pitching a universal savings account starting at birth, and he has a partner in Silicon Valley: Altimeter's Brad Gerstner. Gerstner is in Riyadh, Saudi Arabia, as the Saudi-U.S. Investment Forum kicks off with President Trump, Elon Musk, OpenAI's Sam Altman, Nvidia's Jensen Huang, and many other CEOs and leaders. At the Newark Liberty International Airport, flights are delayed amid communication issues and a shortage of air traffic controllers. Transportation Secretary Sean Duffy explains the many issues facing America's air traffic system, including outdated technology and a backlog of air traffic controllers in training. Plus, House Republicans are inching closer to a tax plan. Sen. Ted Cruz & Brad Gerstner - 15:37Sec. Sean Duffy - 35:07 In this episode:Sean Duffy, @SecDuffyTed Cruz, @SenTedCruzBrad Gerstner, @altcapBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie
Scott Wapner and the Investment Committee debate the state of stocks as the S&P 500 goes for 10-straight days of gains. The experts detail their latest portfolio moves. Altimeter Capital Founder and CEO Brad Gerstner joins as the Halftime Headliner. Investment Committee Disclosures
You can find the full list in my newsletter here. DAILYSTOCKPICK.SUBSTACK.COM Daily Stock Pick Podcast (RIGHT HERE) All-In Podcast Compound and Friends Animal Spirits Podcast Rich Habits Podcast Risk Reversal Pod BG2 with Brad Gerstner and Bill GurleyYour Money on the Side My First Million MoneyWiseHard Fork Get the Top 10 stocks of 2025 from Seeking AlphaTRENDSPIDER SALE - SAVE OVER 25% Click this link - Then email me at dailystockpick3@gmail.com and I'll send you the welcome letter with everything to import to your setup with any annual plan TRENDSPIDER SALE - best offer available -https://linktr.ee/dailystockpick Sign up at the top link (use code DSP25 if prompted) Email me at dailystockpick3@gmail.com I'll send you all the algorithms, watchlists and scanners that you see me use each and every day.Social Links and more - https://linktr.ee/dailystockpick SEEKING ALPHA BUNDLE - save over $150 SEEKING ALPHA PREMIUM - my $30 off coupon for a limited time Watch this episode on YouTube with video to see how Steve from Seeking Alpha uses the tool to navigate on picking stocks. Want to beat the S&P? Sign up for Alpha Picks here.FREE NEWSLETTER WITH CHARTS - subscribe at DAILYSTOCKPICK.SUBSTACK.COM
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they revisit arguments about free trade, and discuss updates on tariff negotiations, export controls, the new AI cold war, NVIDIA H20 chip ban, rare earth ban, DeepSeek, Tesla, & more. Enjoy another episode of BG2!Timestamps:(00:00) Intro(02:15) Complex Systems(06:00) Tariff Negotiations & Free Trade(23:19) Export Controls: AI War, H20 & Rare Earth Ban(42:29) New AI Cold War & Zero Sum Game(52:37) $TSLA & Market CheckShow Notes:Financial Times - US rare earth champion faces trade war test after tariffs halt China salesCNBC - U.S. chip controls will benefit China's Nvidia rivals like Huawei: AnalystsProject Syndicate - Trump's $16 Trillion Trade Blind SpotNYTimes - I Just Saw the Future. It Was Not in America (Thomas L. Friedman)Ezra Klein Podcast feat. Thomas FriedmanJohn Mearsheimer and Jeffrey Sachs | All-In Summit 2024Reuters - China hits back at US tariffs with export controls on key rare earthsNYTimes - Nvidia Says U.S. Will Restrict Sales of More of Its A.I. Chips to ChinaAvailable on Apple, Spotify, www.bg2pod.comFollow:Brad Gerstner @altcapBill Gurley @bgurleyBG2 Pod @bg2pod
What does this President Trump's big tariff shift mean for your money? We discuss with Altimeter's Brad Gerstner. Plus, PIMCO's Richard Clarida tells us what this move might mean for the fed. And, Mohamed El-Erian from Allianz tells us how he is navigating the tariff uncertainty.
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss market uncertainty, globalism and tariffs, M&A, Wiz and GOOG, NVDA GTC, consumer AI demand, AI unit economics, & more. Enjoy another episode of BG2!Timestamps:(00:00) Intro(02:20) Liberation Day & Tariffs(19:18) US Open Source vs China Open Source(34:34) OpenAI Fundraise(52:25) Coreweave IPO & AI Demand(01:04:03) Rumors on TikTok dealAvailable on Apple, Spotify, www.bg2pod.comFollow:Brad Gerstner @altcapBill Gurley @bgurleyBG2 Pod @bg2pod
Scott Wapner and the Investment Committee discuss the Trump tariff sell-off after a much worse than expected outcome. Plus, Josh Brown is buying a stock amidst the sea of red in the market, he breaks down why. And later, Altimeter Capital's Founder and CEO Brad Gerstner joins us to discuss Tariffs and how he's thinking about some of his current positions in the market. Investment Committee Disclosures
Meghan Reynolds is Partner and Head of Capital Formation & Talent at Altimeter Capital, a leading technology-focused investment firm founded by Brad Gerstner. Meghan joined Brad three years ago, after decade-long stints at Goldman Sachs and TPG. She's like the private equity version of my friend and partner Rahul Moodgal, bringing a keen understanding of LPs and a relationship-focused approach to her role. Our conversation covers Meghan's experience building and maintaining great LP relationships over twenty-five years at both large and smaller firms. She discusses the role of capital formation, approach to serving clients, process of seeking prospects, and parallels between venture capital today and private equity a decade ago. We close with a discussion of what Meghan is hearing from LPs. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss market uncertainty, globalism and tariffs, M&A, Wiz and GOOG, NVDA GTC, consumer AI demand, AI unit economics, & more. Enjoy another episode of BG2!Timestamps:(00:00) Intro(02:21) Market Uncertainty(07:28) Globalism and Tariff Policies(25:07) $GOOG Acquisition of Wiz + M&A Environment (40:33) $NVDA Market Position(55:37) Government Regulations & Impact on AI(1:04:45) Consumer AI Demand(1:10:33) AI Unit EconomicsAvailable on Apple, Spotify, www.bg2pod.comFollow:Brad Gerstner @altcapBill Gurley @bgurleyBG2 Pod @bg2pod
As markets react sharply to President Trump's 25% tariffs on steel and aluminum, Altimeter Capital CEO Brad Gerstner weighs in on the escalating market turmoil and the broader implications of Trump's trade policies. Amid these developments, CNBC's Eunice Youn reports from Beijing on talks between China's Ministry of Commerce and Walmart, which is seeking price reductions from Chinese suppliers to mitigate tariff impacts. Plus, CNBC's Eamon Javers delivers insights on Trump FTC Chair Andrew Ferguson's recent remarks to CEOs, emphasizing that while he won't allow mergers to falter unnecessarily, automatic approvals for significant mergers aren't guaranteed. Eamon Javers - 09:14Eunice Yoon - 16:13Brad Gerstner - 22:51 Eunice Yoon, @onlyyoontvEamon Javers, @EamonJaversBrad Gerstner, @altcapBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Grok 3, AI memory, voice, and evaluations, China, DOGE, the public market pullback, & more. Enjoy another episode of BG2!Timestamps:(00:00) Intro(01:40) Grok 3(05:55) Grok's Leverage of X Platform(07:25) AI Consumer Market & SEO(23:04) AI Memory(26:15) AI Voice(29:05) Future AI Assets(33:29) AI Acceleration in China(36:09) Regulatory Challenges(37:46) AI CapEx and Investing Dynamics(48:38) Government Spending + DOGE(1:00:51) Golden State WarriorsAvailable on Apple, Spotify, www.bg2pod.comFollow:Brad Gerstner @altcapBill Gurley @bgurleyBG2 Pod @bg2pod https://x.com/BG2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss DeepSeek, globalism vs national interests, Trump tariffs, open source, DOGE, & more. . Enjoy another episode of BG2! Timestamps: (00:00) Intro (03:20) DeepSeek & Open Source (37:03) Trump Tariffs (50:31) DOGE (01:04:19) Tech and Political Uncertainty Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod
OpeningI need them to ask "Do you have the aircraft 4 miles off of your 2 o'clock, 300ft above you.I took Flying lessons…its like learning a foreign language. MarketsRocky week: NVIDIA largest mkt cap loss ever in 1 day. ~$600bDeepSeek fear! Fed decision on interest rates. Stay and hold. MicrosoftMicrosoft's earnings for the second quarter of fiscal year 2025 were $24.1 billion in net income and $69.6 billion in revenue. AppleApple per WSJ. Apple's total revenue was $124.3 billion, rising almost 4% from the same quarter last year. Net income was $36.3 billion, up more than 7% from the prior year. Iphone sales down, but service continues to grow. Meta Record Revenue and Net income: $48b and $21b. Record high stock price: $702, or $1.8t mkt capStart: 12:50.3.3b people using at least 1 app everyday. TeslaRecord deliveries and revenue. But Auto revenue down, but offset by Energy and Services. Elon's opening remarks. Start 7:10. Model Y best selling vehicle on Earth in 2024. 4 in US. F-series, Silverado, RAVAsked random people and they thought ToyotaAutonomy is 10x'ingTesla more valuable than several times next 5 companies combined. Difficult but achievable. Well over $15 trillion. So > 10x increase. Ridiculous 2027 & 2028.
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by a surprise guest, and discuss Stargate, executive orders, TikTok, DOGE, Public Valuations & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:21) Stargate (15:07) Dylan Patel and Semianalysis take on Stargate (17:56) Stargate's Impact on AI Competitive Landscape (29:03) DeepSeek (32:03) Special Guest Rene Haas (CEO of ARM Holdings) (49:46) DeepSeek continued (51:53) Trumps Executive Orders & Regulatory Freeze (54:10) Coordination in AI Legistlation (59:38) US National Debt and Balancing the Budget (1:01:08) TikTok (1:05:48) Tech Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley Rene Haas @renehaas237 BG2 Pod @bg2pod https://x.com/BG2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Brad's public market predictions, AI enthusiasm and fears, interest rates, inflation, DOGE, federal budget analysis, big tech capex, scaling inference, Satya Nadella, Jensen Huang, Elon Musk, AI reasoning models, chain of thought, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:58) Frontline Ideas for 2025 (07:02) The Bogeyman (Interest Rates and Inflation) (09:21) Mega Cap Valuations & Expectations (14:02) Big Tech CapEx (16:51) Scaling Inference (20:11) Future of AI (39:50) Role of Power in AI Development (42:58) Interest Rates & Economic Growth (45:11) Federal Spending & DOGE (54:15) Regulatory Landscape for AI (01:01:27) Co-opetition in AI (01:17:06) Reasoning Models & Chain of Thought Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod https://x.com/BG2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Dylan Patel, Founder & Chief Analyst at SemiAnalysis, to discuss origins of SemiAnalysis, Google's AI workload, NVIDIA's competitive edge, the shift to GPUs in data centers, the challenges of scaling AI pre-training, synthetic data generation, hyperscaler capital expenditures, the paradox of building bigger clusters despite claims that pretraining is obsolete, inference-time compute, NVIDIA's comparison to Cisco, evolving memory technology, chip competition, future predictions, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:50) Dylan Patel Backstory (02:36) SemiAnalysis Backstory (04:18) Google's AI Workload (06:58) NVIDIA's Edge (10:59) NVIDIA's Incremental Differentiation (13:12) Potential Vulnerabilities for NVIDIA (17:18) The Shift to GPUs: What It Means for Data Centers (22:29) AI Pre-training Scaling Challenges (29:43) If Pretraining Is Dead, Why Bigger Clusters? (34:00) Synthetic Data Generation (36:26) Hyperscaler CapEx (38:12) Pre-training and Inference-tIme Reasoning (41:00) Cisco Comparison to NVIDIA (44:11) Inference-time Compute (53:18) The Future of AI Models and Market Dynamics (01:00:58) Evolving Memory Technology (01:06:46) Chip Competition (01:07:18) AMD (01:10:35) Google's TPU (01:14:56) Cerebras and Grok (01:14:51) Amason's Tranium (01:17:33) Predictions for 2025 and 2026 Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley Dylan Patel @dylan522p BG2 Pod @bg2pod
This week, we discuss Jeff Barr's departure from AWS, OpenAI's latest announcements, and Broadcom's AI ambitions. Plus, Matt debates the finer points of Australian vs. American Apple Intelligence. Watch the YouTube Live Recording of Episode (https://www.youtube.com/live/PY1z81cRZiU?si=w1F7i-d7frDG27DN) 498 (https://www.youtube.com/live/PY1z81cRZiU?si=w1F7i-d7frDG27DN) Runner-up Titles That's a streak That's not a thing I miss the cold-calling lifestyle I miss being a JSON engineer I have trust issues with AI The metaphor was good Welcome to the treadmill Rundown Jeff Barr leaves AWS: And that's a wrap! (https://aws.amazon.com/blogs/aws/and-thats-a-wrap/) 12 Days of OpenAI (https://openai.com/12-days/) (6-9) Day 6: Advanced voice with video & Santa mode (https://youtu.be/NIQDnWlwYyQ) Day 7: Projects in ChatGPT (https://youtu.be/FcB97h3vrzk) Day 8: Search (https://youtu.be/OzgNJJ2ErEE) Day 9: OpenAI o1 and new tools for developers (https://openai.com/index/o1-and-new-tools-for-developers/) API, ChatGPT & Sora Facing Issues (https://status.openai.com/incidents/ctrsv3lwd797) Broadcom Broadcom shares rise 13% on profit beat, 'massive' opportunity in AI (https://www.cnbc.com/2024/12/12/broadcom-avgo-earnings-report-q4-2024-.html) Nvidia falls into correction territory, down more than 10% from its record close (https://www.cnbc.com/2024/12/16/nvidia-falls-into-correction-territory-down-more-than-10percent-from-its-record-close.html) VMware And Custom AI Chips: Broadcom's Recipe For Explosive Growth (https://seekingalpha.com/article/4744807-vmware-and-custom-ai-chips-broadcoms-recipe-for-explosive-growth) Relevant to your Interests Republican lawmakers ask Trump to kill IRS Direct File (https://www.nextgov.com/digital-government/2024/12/republican-lawmakers-ask-trump-kill-irs-direct-file/401595/) Adobe delivers strong Q4, record Firefly generations, but light outlook (https://www.constellationr.com/blog-news/insights/adobe-delivers-strong-q4-record-firefly-generations-light-outlook) Data Exports for FOCUS 1.0 is now in general availability (https://aws.amazon.com/blogs/aws-cloud-financial-management/data-exports-for-focus-1-0-is-now-generally-available/) Duolingo has bucked the post-pandemic blues in edtech (https://www.threads.net/@techmeme/post/DDj5oW5q8-N?xmt=AQGzIRoyTuZ2pO3q5kMBDSUXzruFwt7tqsJmvg732iQ_KQ) Satya Nadella | BG2 w/ Bill Gurley & Brad Gerstner (https://podcasts.apple.com/us/podcast/bg2pod-with-brad-gerstner-and-bill-gurley/id1727278168?i=1000680168104) API, ChatGPT & Sora Facing Issues Incident Report for OpenAI (https://status.openai.com/incidents/ctrsv3lwd797) AWS re:Invent 2024 - Best practices and new tools for cost reporting and estimation (https://www.youtube.com/watch?v=L6di_mQ2sKE) BlackBerry sells Cylance for $160M, a fraction of the $1.4B it paid in 2018 (https://techcrunch.com/2024/12/16/blackberry-sells-cylance-for-160m-a-fraction-of-the-1-4b-it-paid-in-2018/) EU signs $11B deal for sovereign satellite constellation to rival Musk's Starlink (https://techcrunch.com/2024/12/16/eu-signs-11b-deal-for-sovereign-satellite-constellation-to-rival-musks-starlink/) Nuon Seed + Series-A Funding (https://nuon.co/blog/byoc-for-everyone/) Databricks to Hit $62 Billion Valuation in Massive Funding Round (https://www.bloomberg.com/news/articles/2024-12-17/databricks-to-hit-62-billion-valuation-in-massive-funding-round) Android XR: The Gemini era comes to headsets and glasses (https://blog.google/products/android/android-xr/) A vision for Android XR (https://www.youtube.com/watch?v=Pn5uG1ys-pE) Gemini 2.0: Our latest, most capable AI model yet (https://blog.google/products/gemini/google-gemini-ai-collection-2024/) China orbits first Guowang Internet satellites, with thousands more to come (https://arstechnica.com/space/2024/12/china-orbits-first-guowang-internet-satellites-with-thousands-more-to-come/) Microsoft just released a tool that lets you convert Office files to Markdown (https://github.com/microsoft/markitdown) Nonsense Trump says GOP will push to eliminate daylight saving time (https://thehill.com/homenews/campaign/5039673-trump-gop-daylight-saving-time/) Gen Z says no to slim fit pants (https://bsky.app/profile/dieworkwear.bsky.social/post/3ldakaoeuhs24) The 1000-Foot High Rollercoaster Dream (https://interthemepark.com/1000rollercoaster.html) Timey Wimey (https://timeywimey.co/?ref=labnotes.org) (https://bsky.app/profile/dieworkwear.bsky.social/post/3ldakaoeuhs24)## Listener Feedback Great site collating AWS reInvent sessions along with their slides (https://reinvent-planner.cloud/sessions?catalog.view=cards&catalog.cardSize=large) Conferences CfgMgmtCamp (https://cfgmgmtcamp.org/ghent2025/), February 2-5, 2025. Civo Navigate North America (https://www.civo.com/navigate/north-america), San Francisco, Feb 10-11, 2025 DevOpsDayLA (https://www.socallinuxexpo.org/scale/22x/events/devopsday-la) at SCALE22x (https://www.socallinuxexpo.org/scale/22x), March 6-9, 2025, discount code DEVOP SDT News & Community Join our Slack community (https://softwaredefinedtalk.slack.com/join/shared_invite/zt-1hn55iv5d-UTfN7mVX1D9D5ExRt3ZJYQ#/shared-invite/email) Email the show: questions@softwaredefinedtalk.com (mailto:questions@softwaredefinedtalk.com) Free stickers: Email your address to stickers@softwaredefinedtalk.com (mailto:stickers@softwaredefinedtalk.com) Follow us on social media: Twitter (https://twitter.com/softwaredeftalk), Threads (https://www.threads.net/@softwaredefinedtalk), Mastodon (https://hachyderm.io/@softwaredefinedtalk), LinkedIn (https://www.linkedin.com/company/software-defined-talk/), BlueSky (https://bsky.app/profile/softwaredefinedtalk.com) Watch us on: Twitch (https://www.twitch.tv/sdtpodcast), YouTube (https://www.youtube.com/channel/UCi3OJPV6h9tp-hbsGBLGsDQ/featured), Instagram (https://www.instagram.com/softwaredefinedtalk/), TikTok (https://www.tiktok.com/@softwaredefinedtalk) Book offer: Use code SDT for $20 off "Digital WTF" by Coté (https://leanpub.com/digitalwtf/c/sdt) Sponsor the show (https://www.softwaredefinedtalk.com/ads): ads@softwaredefinedtalk.com (mailto:ads@softwaredefinedtalk.com) Recommendations Brandon: ChatGPT Mac App (https://openai.com/chatgpt/desktop/) Photo Credits Header (https://unsplash.com/photos/sydney-opera-house-australia-jK9dT34TfuI) Artwork (https://unsplash.com/photos/a-black-background-with-a-red-and-purple-light-5-lnaaMenBI)
BG2Pod with Brad Gerstner and Bill Gurley : Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Satya Nadella, CEO of Microsoft, to discuss becoming Microsoft's CEO, Advice for CEO's, Microsoft's Investment in OpenAI, Legacy Search, Ten Blue Links, Consumer and Enterprise AI, The Future of AI Agents, Infinite Memory, CoPilot, Microsoft's Capital Expenditure, Open AI's future, AI safety & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:31) Becoming Microsoft CEO (06:42) Satya's Memo to CEO Committee (10:42) Satya's Advantage as a CEO (11:34) Advice for CEOs (15:01) Microsoft's Investment in OpenAI (19:42) AI Arms Race (23:55) Legacy Search and Consumer AI (28:07) The Future of AI Agents (38:32) Near-Infinite Memory (39:47) Copilot Approach to AI Adoption (50:26) Leveraging AI within Microsoft (56:03) CapX (01:00:20) The Cost of Model Scaling and Inference (01:15:15) Open AI Conversion to Profit (01:18:05) Next Steps for OpenAI (01:19:43) Open vs. Closed and Safe AI Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod #BillGurley #BradGerstner #Bg2Pod
BG2Pod with Brad Gerstner and Bill Gurley Key Takeaways The basics of business strategy: Recognize your structural position in the market, understand where you have permission in the market from your partners and customers who want you to win, and then do those obvious things first “I think the company of this generation has already been created, which is OpenAI.” – Satya Nadella To properly evaluate the AI arms race, you have to analyze it structurally by layer The year 2025 will be the year of infinite AI memory; the next 10x function of ChatGPT is its having a persistent memory combined with it being able to take action on our behalf Increasingly, Mag-7 capital expenditure resembles industrial companies more so than traditional software companies Continued advancements in the AI tier may collapse the traditional application categories How model capability will increase: Pre-training and test-time sampling create the tokens that can go back into pre-training, which creates even more powerful models that can then run on your inference How to be successful in life and business:Pattern-match periods in which you are successful and in which you are not, then do more of the behaviors that you did during your successful periods Read the full notes @ podcastnotes.orgOpen Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Satya Nadella, CEO of Microsoft, to discuss becoming Microsoft's CEO, Advice for CEO's, Microsoft's Investment in OpenAI, Legacy Search, Ten Blue Links, Consumer and Enterprise AI, The Future of AI Agents, Infinite Memory, CoPilot, Microsoft's Capital Expenditure, Open AI's future, AI safety & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:31) Becoming Microsoft CEO (06:42) Satya's Memo to CEO Committee (10:42) Satya's Advantage as a CEO (11:34) Advice for CEOs (15:01) Microsoft's Investment in OpenAI (19:42) AI Arms Race (23:55) Legacy Search and Consumer AI (28:07) The Future of AI Agents (38:32) Near-Infinite Memory (39:47) Copilot Approach to AI Adoption (50:26) Leveraging AI within Microsoft (56:03) CapX (01:00:20) The Cost of Model Scaling and Inference (01:15:15) Open AI Conversion to Profit (01:18:05) Next Steps for OpenAI (01:19:43) Open vs. Closed and Safe AI Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod #BillGurley #BradGerstner #Bg2Pod
BG2Pod with Brad Gerstner and Bill Gurley Key Takeaways The basics of business strategy: Recognize your structural position in the market, understand where you have permission in the market from your partners and customers who want you to win, and then do those obvious things first “I think the company of this generation has already been created, which is OpenAI.” – Satya Nadella To properly evaluate the AI arms race, you have to analyze it structurally by layer The year 2025 will be the year of infinite AI memory; the next 10x function of ChatGPT is its having a persistent memory combined with it being able to take action on our behalf Increasingly, Mag-7 capital expenditure resembles industrial companies more so than traditional software companies Continued advancements in the AI tier may collapse the traditional application categories How model capability will increase: Pre-training and test-time sampling create the tokens that can go back into pre-training, which creates even more powerful models that can then run on your inference How to be successful in life and business:Pattern-match periods in which you are successful and in which you are not, then do more of the behaviors that you did during your successful periods Read the full notes @ podcastnotes.orgOpen Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Satya Nadella, CEO of Microsoft, to discuss becoming Microsoft's CEO, Advice for CEO's, Microsoft's Investment in OpenAI, Legacy Search, Ten Blue Links, Consumer and Enterprise AI, The Future of AI Agents, Infinite Memory, CoPilot, Microsoft's Capital Expenditure, Open AI's future, AI safety & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:31) Becoming Microsoft CEO (06:42) Satya's Memo to CEO Committee (10:42) Satya's Advantage as a CEO (11:34) Advice for CEOs (15:01) Microsoft's Investment in OpenAI (19:42) AI Arms Race (23:55) Legacy Search and Consumer AI (28:07) The Future of AI Agents (38:32) Near-Infinite Memory (39:47) Copilot Approach to AI Adoption (50:26) Leveraging AI within Microsoft (56:03) CapX (01:00:20) The Cost of Model Scaling and Inference (01:15:15) Open AI Conversion to Profit (01:18:05) Next Steps for OpenAI (01:19:43) Open vs. Closed and Safe AI Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod #BillGurley #BradGerstner #Bg2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Satya Nadella, CEO of Microsoft, to discuss becoming Microsoft's CEO, Advice for CEO's, Microsoft's Investment in OpenAI, Legacy Search, Ten Blue Links, Consumer and Enterprise AI, The Future of AI Agents, Infinite Memory, CoPilot, Microsoft's Capital Expenditure, Open AI's future, AI safety & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:31) Becoming Microsoft CEO (06:42) Satya's Memo to CEO Committee (10:42) Satya's Advantage as a CEO (11:34) Advice for CEOs (15:01) Microsoft's Investment in OpenAI (19:42) AI Arms Race (23:55) Legacy Search and Consumer AI (28:07) The Future of AI Agents (38:32) Near-Infinite Memory (39:47) Copilot Approach to AI Adoption (50:26) Leveraging AI within Microsoft (56:03) CapX (01:00:20) The Cost of Model Scaling and Inference (01:15:15) Open AI Conversion to Profit (01:18:05) Next Steps for OpenAI (01:19:43) Open vs. Closed and Safe AI Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod #BillGurley #BradGerstner #Bg2Pod
The Capitalism and Freedom in the Twenty-First Century Podcast
Jon Hartley and Brad Gerstner discuss Brad's career, free markets, investing in technology, industrial policy, the CHIPS and Science Act, and baby equity investment accounts. Recorded on November 1, 2024. ABOUT THE SPEAKERS: Brad Gerstneris the founder and CEO of Altimeter Capital, a tech investment firm based in Silicon Valley, that manages both public and VC investment portfolios. Started in 2008, Altimeter manages over $15bn of investments across its public equity fund and venture capital funds. Brad is also the founder of Invest America, a non-profit that is spearheading research into the creation of private investment accounts for the 3.7 million children born each year in America, unlocking economic mobility for the next generation. Born in Indiana, he studied at Wabash College, Oxford University, Indiana University School of Law and Harvard Business School. He practiced securities law and served a term as Indiana deputy secretary of state before returning to HBS. Jon Hartley is a Research Assistant at the Hoover Institution and an economics PhD Candidate at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a Research Fellow at the Foundation for Research on Equal Opportunity (FREOPP) and a Senior Fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists, and serves as chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, IMF, Committee on Capital Markets Regulation, US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada. Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC, and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper. ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information, visit: capitalismandfreedom.substack.com/
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they get in the Thanksgiving spirit, and discuss China, DOGE, Governor Newsom's EV Tax Credit, Service Titan IPO, FedNow, Tariffs, Anthropic Open Source, Warren Buffet's Thanksgiving letter, Conspiracy Theories, Invest America, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:40) Innovation in China & U.S. Competitiveness (05:43) DOGE & Balancing the Budget (10:43) Service Titan IPO & “Compounding Ratchet” (15:36) Gov Newsom Attack on Tesla (18:33) FedNow + Innovations in Payment Systems (23:44) Tariffs as Negotiation Tactics (27:36) Anthropic Open Source AI (30:39) Warren Buffett's Philanthropy (40:06) Invest America Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod https://x.com/BG2Pod #BillGurley #BradGerstner #Bg2Pod
A significant shift in autonomous vehicle policy appears imminent with President-elect Trump's plans to implement a national autonomous vehicle framework. Key cabinet appointments, including Congressman Duffy for Transportation Secretary and Pam Bondi for Attorney General, signal strong support for autonomy. The incoming administration is strategically positioning pro-autonomy officials, with the America First Policy Institute playing a crucial role in policy implementation. Regulatory clarity could accelerate autonomous vehicle deployment across state lines and investment, though bureaucratic resistance within the Department of Transportation and NHTSA remains a concern.The market implications of these developments are already evident, with Altimeter Capital's Brad Gerstner selling his entire Uber position due the growing competition Tesla and Waymo. Meanwhile, competition from has China intensified as Baidu completed 691,000 fully autonomous rides in Q3 2024, even though this still trails Waymo's estimated 2 million autonomous rides in Q3. The emergence of Chinese autonomous vehicle companies including WeRide and Pony AI in public markets, along with Baidu's announcement of a sub-$35,000 self-driving car, indicates the global race for autonomous vehicle leadership is accelerating as we prepare to enter 2025.Episode Chapters0:00 Investor Sentiment on Autonomous Vehicles4:51 Tesla, Uber, Lyft Catalysts14:28 Uber Autonomy Investments15:46 Toyota and Pony AI17:12 Jaguar's Rebrand Impact on Waymo19:28 Trump's Autonomous Vehicle Personal27:02 Autonomous Vehicles in China20:35 U.S. Policies37:37 Next WeekRecorded on Friday, November 22, 2024Order your very own Make Autonomy Great Hat today! https://store.roadtoautonomy.com/collections/make-autonomy-great--------About The Road to AutonomyThe Road to Autonomy® is a leading source of data, insight and commentary on autonomous vehicles/trucks and the emerging autonomy economy™.Sign up for This Week in The Autonomy Economy newsletter: https://www.roadtoautonomy.com/autonomy-economy/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Scott Wapner and the Investment Committee are joined by Altimeter Capital Founder and CEO Brad Gerstner to talk about his latest portfolio moves, Nvidia earnings, the markets and more. Plus, Snowflake surging today, it's our Chart of the Day. Brad Gerstner and Stephanie Link both own the stock and discuss what's next for the name. Investment Committee Disclosures
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss AI Scaling Laws, the future of inference, AI memory and actions, National Full Self-Driving Regulations, FSD 13, Robotaxi and Waymo, Department of Government Efficiency (DOGE), & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (02:00) AI Scaling Laws (05:54) Implications of AI Scaling Trends (12:20) The Future of Inference and Data Quality (17:51) AI Memory and Actions (21:47) National Full Self-Driving Regulation (23:14) FSD 13 (29:41) Market Disruption: Winners and Losers in the Auto Industry (31:18) The Future of OEM's (40:41) Department of Government Efficiency (DOGE) (54:47) Tech Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod #BillGurley #BradGerstner #Bg2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Jamin Ball (Partner at Altimeter) to discuss the state of venture capital and incentives, implications of overcapitalization, the future of power law returns, AI's impact on investment strategies, the future of AI and CapEx, the market's reactions to the 2024 election, the evolution of search and AI integration, Nasa, SpaceX, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (00:52) Bill's Dad | from Nasa to SpaceX (06:20) State of VC and Incentives w/ Jamin Ball (12:31) Implications of Overcapitalization (25:08) The Future of Power Law Returns (38:28) The Impact of AI on Investment Strategies (46:00) Future of AI and Capital Expenditure (52:21) Market Reactions to 2024 Election (01:00:45) Evolution of Search and AI Integration Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod Jamin Ball @jaminball Shownotes Clouded Judgement Substack #BillGurley #BradGerstner #Bg2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, Jensen Huang, CEO of NVIDIA, makes a guest appearance. In Bill's absence, Brad is joined by Clark Tang (Partner at Altimeter) as they discuss with Jensen scaling intelligence towards AGI, the acceleration of machine learning, NVIDIA's competitive advantages, the significance of inference alongside training, future market dynamics in the AI landscape, the impact of AI on various industries, the future of work, inference time reasoning, AI's potential to enhance productivity, the balance between open source and closed source, Elon's Memphis Supercluster, X.ai, OpenAI, the safe development of AI, & more. Enjoy another episode of BG2. Chapters (00:00) Introduction (1:50) The Evolution of AGI and Personal Assistants (06:03) NVIDIA's Competitive Moat (15:51 ) The Future of Inference and Training in AI (19:01) Building the AI Infrastructure (31:35) Inventing a New Market in an AI Future (38:40) The Impact of OpenAI (43:25) The Future of AI Models (46.44) X.ai and Memphis Supercluster (51:21) Distributed Computing and Inference Scaling (55:54) Inference Time Reasoning and Its Importance (01:00:46) AI's Role in Growing Business and Improving Productivity (01:08:00) Ensuring Safe AI Development (01:12:31) The Balance of Open Source and Closed Source AI #jensenhuang #nvidia #bradgerstner #billgurley #clarktang #xai #memphiscluster #elonmusk #noambrown #openai #gptstrawberry
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Sunny Madra (Groq) they discuss Jensen Huang's recent appearance on the podcast, including scaling intelligence towards AGI, NVIDIA's strategic positioning, the role of CUDA in the developer ecosystem, the future of inference workloads, systems-level thinking, Elon Musk's influence on AI development, the future of AI assistants, open vs closed AI models, safety and security in AI development, & more. Enjoy another episode of BG2. Chapters (00:00) Introduction and Initial Reactions to Jensen (04:32) NVIDIA's Position in Accelerated Compute (05:11) CUDA and NVIDIA's Competitive Moat (12:53) Challenges to NVIDIA's Competitive Advantage (18:22) Future Outlook on Inference (24:46) The Insatiable Demand for AI and Hardware (27:12) Elon Musk' and X.ai (31:47) Scaling AI Models and Clusters (34:17) Economic Models and Funding in AI (39:08) The Future of AI Pricing and Consumption Models (42:25) Memory, Actions, and Intelligent Agents (47:08) The Role of AI in Business Productivity (51:03) Open vs Closed Models in AI Development #jensenhuang #nvidia #bradgerstner #billgurley #clarktang #xai #memphiscluster #elonmusk #noambrown #openai #gptstrawberry
Today's is Brad Gerstner, founder and CIO of Altimeter Capital, a multi-billion dollar technology-focused investment firm that invests in both public and private markets. In today's episode, Brad discusses his journey in investing, how to invest in the AI supercycle, and how he incorporates the impact of stock compensation when analyzing companies. Brad also covers his initiative, Invest America, aimed at promoting financial literacy and inclusion for children in the U.S. He highlights the need for a collective effort to empower the next generation and ensure they have a stake in the economy. (2:10) Intro of Brad Gerstner (7:47) Current market thoughts (10:58) The state of AI (16:16) Brad's investment philosophy (22:32) Impact of AI on both enterprise and consumer technology (25:46) Global advancements in AI (27:27) Autonomous vehicles (30:39) Stock-based compensation (36:31) Invest America (53:06) Importance of financial literacy for kids ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: Twitter | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss private sector interest in nuclear energy, AI supply and demand, OpenAI Strawberry o1,inference constraints, the evolution of AI models, the state of VC, zombiecorns, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (00:36) The U.S. Nuclear Renaissance (08:15) AI Fast and Furious (11:19) OpenAI Strawberry o1 (17:15) Inference Constraints (20:18) Open AI Breaking Out (35:00) State of VC (43:52) “Quasi-Public Companies” (48:32) Liquidity / IPOs (58:41) Tech Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod
Altimeter's Brad Gerstner joins Scott Wapner live from Goldman Sachs' Communacopia conference talking all things tech. Plus, New York Life Investments' Lauren Goodwin and Jason Snipe of Odyssey react to that big interview and discuss their forecasts for the market. And, shares of Novo Nordisk got a big boost thanks to some new weight loss drug data. We drill down on the details and what it could mean for the stock in the long run.
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they sit down with Maureen Zawalick (Vice President at Diablo Canyon Power Plant) to discuss the importance of nuclear power, the history and future of Diablo Canyon Power Plant, the role of AI in the nuclear industry, the cost differential of nuclear energy in the US and China, Gen 4 reactors, regulation, litigation, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (04:14) Maureen Zawalick | VP at Diablo Canyon (06:13) The Need for Diablo (10:07) The Importance of Nuclear Power (15:50) License Renewal and the Future of Diablo (18:39) Hope for Expanding Nuclear Power (25:22) Nuclear Waste (30:29) Cost Differential: US vs China (38:56) Factors Contributing to Cost Differential (45:07) Implications of China's Nuclear Leadership (47:42) Nuclear Energy and AI Supremacy (50:58) The Innovation Gap and Gen 4 Reactors (57:27) Overcoming Challenges (01:03:45) A Call for Government Support Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod **** Shownotes: ITIF.org - How Innovative Is China in Nuclear Power NYTimes - Nuclear Power Can Save the World Reuters - Constellation talking to Pennsylvania on Three Mile Island restart Julie Dewahl - Nuclear Past Present Future Breakthrough Institute - China's Impressive Rate of Nuclear Construction Next Big Future - US Nuclear Cost 5-10x More Than China Energy.gov - Newly Signed Bill to Boost Nuclear Advanced Nuclear - Nuclear Commercial Liftoff LA Times - Loan to keep Diablo Canyon nuclear plant open South Korea Builds Nuclear Plants Quickly and Cheaply Nuclear Power in South Korea Westinghouse Electric's Chinese 'Trojan Horse' Friends of the Earth sues DOE over Billion Dollar Award to Diablo Canyon Revitalizing America's Nuclear Energy Supply Chain Idaho Natl Laboratory - Recommendations to Improve the Nuclear Regulatory Commission Reactor Licensing and Approval Process 5 charts to explain why nuclear power is making a comeback Podcast - The cost of nuclear - Catalyst w/ Shayle Kann RIC 2024 Opening Session - Remarks by NRC Chair Christopher T. Hanson A One-on-One with NRC Chair Christopher Hanson Bill Gates on Bipartisan Support for Nuclear Power Podcast w/ PG&E CEO Patricia Poppe Germany Reacts to Trump's UNGA Speech #BillGurley #BradGerstner #Bg2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss the Public Market Volatility, AI Air Pocket, $GOOG Ruling, Search GPT & more Enjoy another episode of BG2. Enjoy another episode of BG2. Timestamps: (00:00) Intro (02:27) Public Market Reset (13:04) Corporate and Individual Tax Cut Expiration (16:40) Indicators of Economic Health (30:40) AI Air Pocket (46:02) Japan Yen Carry Trade (50:34) Navigating Market Volatility (56:30) $GOOG Ruling & Monopoly Status (01:05:21) Search GPT and Evolving AI Landscape (1:18:17) The Need for Regulatory Clarity in AI Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Silicon Valley's Political 180, META's Open AI disruption, the importance of a COVID Postmortem and Dr. Jay Bhattacharya, Wiz IPO, FSD 12.5, Crowdstrike, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:38) The Perceived Political Realignment in Silicon Valley (18:02) Engagement Between Silicon Valley and Washington (27:21) Meta's Open Source Strategy (405b) (47:37) Post-Mortem on the COVID-19 Pandemic (58:37) Wiz IPO and Acquisitions (01:03:37) The Impact of AI on Self-Driving Cars (01:10:33) Lessons from the CrowdStrike Incident (01:16:11) Spotify's Success under Daniel Ek Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod **** Shownotes Open Source AI Is the Path Forward - Letter by Mark Zuckerberg Misha Laskin on Training Data Podcast Freda Duan tweet on self-driving cars in China Dr. Jay Bhattacharya on Tetragrammaton with Rick Rubin #BillGurley #BradGerstner #Bg2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss the looming presidential election and its impact on public market tech funds, public market dispersion, AI hype versus reality, Calcium CT scans, and more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (03:50) Public Market Dispersion (Mag 7 + Consumer Stocks) (22:05) AI Costs vs AI Revenue (47:25) Calcium CT Scans Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod Shownotes: AI's $600B Question by David Cahn Widowmaker Documentary
We discuss if GYG is worth $3B, Sam Altman's co-founder in OpenAI, Ilya Sutskever, starts a new AI company called Safe Super Intelligence, and Brad Gerstner's legendary story of investing 50% of his net worth into Booking.com ($2.5M) and turning it into over $200M! (0:00) Is GYG worth $3 billion? Discussion around their financials and valuation comps (29:59) Who is Ilya Sutskever? A brief history of the super genius behind ChatGPT and his new startup (48:41) Average net worth of an Nvidia employee (51:57) $BKNG Yolo: one of the best investments of all time Watch episodes on YouTube or listen on Spotify/Apple: https://linktr.ee/listenunderqualified Stalk us (we respond to DMs!): https://instagram.com/ishanhaque https://instagram.com/boys.archive https://instagram.com/andrebarber Listen to deleted clips: https://instagram.com/underqualifiedtalkWork with us:hi@underqualified.studio
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they recap Coatue Conference and discuss Elon's pay package, Tesla's shareholder vote, ISS controversy, AI market trends, OpenAI IPO, Delaware court case, and more. Enjoy another episode of BG2. Timestamps: (00:00) Overview of Coatue's East Meets West Conference (5:05) AI and Market Trends (18:17) Insights on Venture Markets and IPOs (24:15) Challenges and Opportunities in Going Public (30:05) The Case for OpenAI Going Public (33:03) Challenges and Considerations for IPOs (35:55) SPECIAL GUEST: Coatue Founder Phillipe Laffont (39:27) AI Startups Staying Lean (42:31) AI Agents and the Future of Work (45:28) Tesla's Shareholder Vote and ISS Controversy (50:57) Delaware's Legal Precedent and Corporate Implications (58:27) Globalization and Competitive Advantage Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod
Scott Wapner and the Investment Committee discuss Apple's latest salvo in the AI arms race and what it could mean for the tech trade. Plus, Altimeter Capital's Brad Gerstner joins us to discuss the markets, tech, his latest trades and more. And later, a Call of the Day on Uber, reiterated as a top pick at Citi, the desk have a heated debate on the ride-sharing company. Investment Committee Disclosures
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss Pre-IPO market Changes, the reality versus perception of AI's future potential, the state of software, the impact of excess capital in the late-stage market, the importance of capitalism and immigration for the future of the United States, and more. Enjoy another episode of Bg2. Timestamps: (00:00) Intro (02:16) Letter from Brad's Mom (07:28) The Changing Landscape of the Pre-IPO Market (24:50) AI Hype Cycle (33:19) Is Software Dead? (37:03) The Impact of Excess Capital in the Late-Stage Market (42:18) How AI Spending Affects Investments (54:52) Opportunities for Investments in the Public Markets Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss OpenAI ChatGPT-4o, Astra, Consumer AI, Enterprise AI, China Tariffs, Trade Regulation, the tech markets, and more. Enjoy another episode of Bg2. Timestamps: (00:00) Intro (00:40) Open AI Launches GPT-4 Omni (10:29) Chat GPT-4o Benchmarks (14:11) Voice as the New GUI (20:01) Breakout Power of ChatGPT (22:09) Consumer AI vs Enterprise AI Landscape (27:51) AI Disruption (35:45) Regulation & Industrial Policy (43:47) China Tariffs (53:15) Tech Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod #BillGurley #BradGerstner #Bg2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Sunny Madra (Head of Groq Cloud) they discuss AI Models, Data Scaling, Enterpise AI, Personal AI, the tech markets, and more. Enjoy another episode of Bg2. Timestamps: (00:00) Intro (01:10) $META Llama 3 (20:40) Enterprise AI (36:50) Personal AI (50:07) $TSLA Earnings Call & Rideshare (52:10) Tech Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley Sunny Madra @sundeep https://x.com/sundeep BG2 Pod @bg2pod https://x.com/BG2Pod
Elon Musk is betting on Tesla's autonomous future. The company is going all out to perfect its FSD technology and launch a Uber competitor/ride-sharing app later this year. After hearing Elon's excitement on FSD V12, on the conference call, mentioning the Cybercab, and stressing how important it was for investors to understand ... I've been doing homework on Tesla's self driving tech. I stumbled across the BG2 podcast, Episode 4 about Tesla's FSD v12, which does an INSANELY good job breaking down the incredible progress in Tesla's underlying tech, and how this is Tesla's 'ChatGPT' moment with real world AI. The BG2 podcast is hosted by Bill Gurley and Brad Gerstner. I highly recommend checking it out!!
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss The Great IPO Debate, Tesla Robotaxi vs. Uber, and a Tech Check. Enjoy another episode of Bg2. Timestamps: 00:00 Introduction + Eclipse 01:56 The Great IPO Debate 41:33 Tesla Robotaxi vs. Uber 01:10:27 Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @bgurley https://twitter.com/bgurley BG2 Pod @bg2pod https://twitter.com/BG2Pod #BillGurley #BradGerstner #Bg2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss the challenge of forecasting the AI Supercycle, Stargate and the massive AI supercomputer build out, AI demand overhyped or underhyped, and current market valuations. Enjoy another episode of Bg2. Timestamps: 0:00 Intro 2:49 Demand for Compute Is Virtually Unlimited 27:53 Everywhere we Look we are building more and bigger Supercomputers 35:49 The AI Induced Power Gap & The Need for Nuclear 50:21 Valuations / Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @bgurley https://twitter.com/bgurley BG2 Pod @bg2pod https://twitter.com/BG2Pod Shownotes: What's next for AI agents ft. LangChain's Harrison Chase: https://www.youtube.com/watch?v=pBBe1pk8hf4 Tesla FSD Model 12: https://twitter.com/bg2pod/status/1769378291658666226?s=46&t=tiuRwY6s_lj81akJSCmJkw Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI | Lex Fridman Podcast #419: Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI | Lex Fridman Podcast #419 OpenAI CEO on GPT-4 vs GPT-5 | Sam Altman and Lex Fridman: https://www.youtube.com/watch?v=CJEC0aAjRJE Jevons Paradox: https://en.wikipedia.org/wiki/Jevons_paradox MSFT and OpenAI $100bn supercomputer project: https://twitter.com/theinformation/status/1773798028907811059?s=20 Biden administration on how to generate more electricity to meet massive demand for AI computing: https://twitter.com/axios/status/1774758834952659223?s=20 Nuclear reactors planned and proposed: https://world-nuclear.org/information-library/current-and-future-generation/plans-for-new-reactors-worldwide.aspx U.S. approves $1.5bn loan to restart Michigan nuclear plant: https://www.nytimes.com/2024/03/27/business/energy-environment/holtec-palisades-nuclear-plant-loan.html Josh Wolfe's talk to Congress: https://twitter.com/wolfejosh/status/1685323817521139712 Our World in Data - cleanest and safest sources of energy: https://ourworldindata.org/safest-sources-of-energy How Regulation killed Supersonic: https://www.heritage.org/transportation/commentary/its-time-let-supersonic-flight-soar-again Natural gas is stronger in the U.S.: https://www.iea.org/commentaries/natural-gas-is-now-stronger-than-ever-in-the-united-states-power-sector Baseload in the U.S. has been flat for many years: https://energytransition.nema.org/baseload-generation/ Amazon goes nuclear: https://www.theregister.com/2024/03/04/amazon_acquires_cumulus_nuclear_datacenter/ I-95 Bridge reopened in 12 days: https://www.bloomberg.com/news/articles/2023-06-28/resurrection-of-i-95-in-just-two-weeks-is-dubbed-small-miracle?embedded-checkout=true SF cleaned up in a week: https://www.smh.com.au/world/north-america/sanfran-s-mean-streets-become-clean-streets-for-biden-xi-and-co-20231116-p5ekd0.html Texas trumps California as key US energy transition driver:https://www.reuters.com/markets/commodities/texas-trumps-california-key-us-energy-transition-driver-2023-05-04/ Brad's tweet on CT scan: https://twitter.com/altcap/status/1774919531414368402?s=20 Americans favor more nuclear energy: https://www.pewresearch.org/short-reads/2023/08/18/growing-share-of-americans-favor-more-nuclear-power/ Producing new nuclear plants have gone down in France and up in the U.S. tweet: https://twitter.com/cremieuxrecueil/status/1773221106591166946?s=46&t=832RL3Gm0XtyDEuhy-Gkzg GenAI company revenue multiples tweet: https://twitter.com/asanwal/status/1772821841578754492?s=46&t=832RL3Gm0XtyDEuhy-Gkzg Gurley's tweet on 60x reduction from top model: https://twitter.com/bgurley/status/1774896120310686003?s=20 Congress provides record funding for fusion energy:https://www.fusionindustryassociation.org/congress-provides-record-funding-for-fusion-energy/ #BillGurley #BradGerstner #Bg2Pod
What lies ahead for stocks at large, for tech as a sector and the broadening of the market? Solus' Dan Greenhaus, Chris Harvey from Wells Fargo and Crossmark's Global Investments break down their strategies. Plus, star Apple analyst Erik Woodring weighs in on whether or not the company's big event coming up could shift investor sentiment. And, Tesla shares driving higher today. We tell you what's behind that pop and what Altimeter's Brad Gerstner had to say about the EV maker.
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Bob Mylod, (Chair of Board, Bookings.com & Managing Partner of Annox Capital) they discuss stock compensation, Google Gemini / Apple, TikTok US & the New AI Cold War, MSFT / Inflection & VC Valuations for LLM's. Enjoy another episode of Bg2. Timestamps: (0:00) Intro (2:07) Bob Mylod | Stock-Based Compensation (58:03) Apple's Potential Partnership with Google on AI (1:04:00) Tiktok The Future of TikTok in the US (01:12:34) Microsoft's Acquisition of Inflection (01:18:06) The Durability of LLM Business Models Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @bgurley https://twitter.com/bgurley BG2 Pod @bg2pod https://twitter.com/BG2Pod Shownotes: Bookings 2023 Notice of Annual Stockholders' Meeting and Proxy Statement June 2023 (page 63 for Stock-Based Compensation Expense as a % of net cash provided by operating activities) https://bit.ly/3ISIauw Michael Mauboussin - Stock-Based Compensation Paper: https://mgstn.ly/4cshBKn Tom Hearden Tweet: https://bit.ly/4cqCoxQApoorv Agarwal Tweet: https://bit.ly/3VumL2G
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss Tesla's Full Self-Driving V12 and imitation learning, AI model improvements: open vs. closed, & more. Enjoy another episode of Bg2. Timestamps: (0:00) Intro + Phase Shifts (3:42)Tesla FSD 12 & Imitation Learning (28:32) AI Model Improvements | Open vs Closed Models (49:10) Elon Musk Delaware Court Case (58:30) Macro Market Outlook Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @bgurley https://twitter.com/bgurley BG2 Pod @bg2pod https://twitter.com/BG2PodShownotes: #BillGurley #BradGerstner #Bg2Pod
NOTE| This episode is longer than usual→ ‘Top Of The Game (in) Overtime' shows are released occasionally BRAD'S BIO Brad Gerstner is a serial entrepreneur, venture capitalist and hedge fund manager. He is founder, chairman and CEO of Altimeter Capital, a leading technology investment firm he started during the 2008 financial crisis. Brad and his team are known for fundamental analysis and deep expertise in consumer internet, software and artificial intelligence across the capital formation cycle, a style colloquially known as crossover investing. The efficient and productive use of capital “knows no buckets”, and Brad is at the forefront of these crossover opportunities across the private, quasi-public and public markets. He has been involved in over 100 IPOs and some of his notable investments include Snowflake, Bytedance (TikTok) Zillow, Uber, Meta (Facebook), Plaid, Okta, Gusto and Zillow among many others. Brad was born and raised in Indiana and his father's failed business taught him many lessons early in life. “In life you are either running towards something or away from something” as he puts it. His investing career started while day trading to pay for law school at Indiana University, followed by being appointed to be Deputy Secretary of State of Indiana, the youngest in history. His true calling was in business and attended Harvard to obtain an MBA. Right after graduation he was a founding principal of General Catalyst and worked / co-founded / sold several travel and consumer internet related startups, followed by serving as a portfolio manager at PAR Capital and eventually launching Altimeter. In 2016, Altimeter was the largest shareholder of United and helped usher changes at the company, including its board. In 2022, Gerstner wrote a now seminal open letter to Mark Zuckerberg stating Meta was losing focus, had too many employees and was losing investor confidence recommending that the company cut expenses by 20%, focus on AI and limit Metaverse spending to $5 billion a year. A few weeks later, Meta effected many of his recommendations and the company's stock has increased ~4X since. He has been a regular guest on the All In Podcast and has a podcast (BG2) with co-host and former Benchmark GP Bill Gurley. Brad recently unveiled Invest America, a plan to create a broad and passive basket of stocks representing the American economy for every child in America rooted in the power of capitalism, compound interest and returns. Brad is at the top of his game and his influence is hard to overstate, underpinned by his intellect, vision, capital allocation savvy, curiosity and belief in opportunity for all – no matter where one starts. I've known Brad for 25 years, is a great friend and every time we speak I learn a few things, including this episode - enjoy this remarkable human being. BRAD RELATED LINKS Brad's Twitter CNBC Report Meta Board & Mark Zuckerberg Time to Get Fit Letter On CNBC Squawk Box discussing Invest America On Delivering Alpha re: AI BG2's First Episode on YouTube + Twitter Profile on Forbes (Midas List 2022) GENERAL INFO| TOP OF THE GAME: Official website: https://topofthegame-thepod.com/ RSS Feed: https://feed.podbean.com/topofthegame-thepod/feed.xml Hosting service show website: https://topofthegame-thepod.podbean.com/ Javier's LinkTree: https://linktr.ee/javiersaade & Bio: https://tinyurl.com/36ufz6cs SUPPORT & CONNECT: LinkedIn: https://www.linkedin.com/showcase/96934564 Facebook: https://www.facebook.com/profile.php?id=61551086203755 Twitter: https://twitter.com/TOPOFGAMEpod Subscribe on Podbean: https://www.podbean.com/site/podcatcher/index/blog/vLKLE1SKjf6G Email us: info@topofthegame-thepod.com THANK YOU FOR LISTENING – AVAILABLE ON ALL MAJOR PLATFORMS
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss earnings, inflation, interest rates, the impact of AI on Big Tech, NVDA, chips, fabs, Altman's $7T to meet AI Compute needs, & more. Enjoy another episode of Bg2. Timestamps: (0:00) Introduction (3:14) Earnings / Inflation / Rates (10:16) Impact of AI on Google / Meta (32:47) Why not also MSFT/Apple/Amazon? (57:06) Chips, Fabs, Future Compute Needs Available on Apple, Spotify, www.linktr.ee/bg2pod Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @gurley https://twitter.com/bgurley BG2 Pod @bg2pod https://twitter.com/BG2Pod Shownotes: TSMC founder Morris Chang on the evolution of the semiconductor industry https://youtu.be/r_8XClnnvIk?si=rAylAfxpJa0kHiNv #BillGurley #BradGerstner #BG2Pod
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week we are joined by Box Co-Founder & CEO, Aaron Levie. They discussed software valuations, public markets earnings, all things AI and legal immigration. Enjoy another Episode of Bg2. Available on Apple, Spotify, www.linktr.ee/bg2pod Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @gurley https://twitter.com/bgurley Aaron Levie @levie https://twitter.com/levie BG2 Pod @bg2pod https://twitter.com/BG2Pod
The rumors were true. Enjoy another Episode of Bg2. ____________________________________ (0:00) Introduction and discussion on current market trends (3:12) Main topic: AI and its recent surge in venture capital investing (14:04) Discussion on the potential issues in AI companies (25:00) Analysis of public software valuations and their implications (33:01) Future of investing in tech companies (38:27) State of startups and challenges in raising capital (46:37) Comparing the 1999 bubble to the current economic situation (54:45) Analyzing Javier Milei's Speech at Davos (1:01:20) Historical examples of the effects of open and closed economies (1:09:09) Conclusion and farewell ____________________________________ The acceleration of global GDP per capita over centuries highlights the impact of free market capitalism and innovation on human prosperity. Venture capital investing and the tech industry play a significant role in driving progress and economic growth through fostering innovation and risk-taking by entrepreneurs. The current venture capital correction and its impact on startups emphasize the importance of adjusting to market realities, such as valuation and capital availability, for long-term success. #BillGurley #BradGerstner #BG2pod
This Week in Startups is brought to you by… Gusto is easy online payroll, benefits, and HR built for modern small businesses. Get three months free when you run your first payroll at http://www.Gusto.com/twist The Paintbrush Loan is the earliest startup financing on the internet. No pitch deck, no business plan, no minimum time in business, and no warm intros. Plus, you get to keep your equity. Visit http://www.getpaintbrush.com to see if you qualify for a $50K startup loan in less than 2 minutes. Squarespace. Turn your idea into a new website! Go to https://www.Squarespace.com/twist for a free trial. When you're ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain. * Today's show: Dara Khosrowshahi joins Bill Gurley, Brad Gerstner and Jason Calacanis to discuss his initial reservations about joining Uber and how he overcame them (14:57), the early magic of Uber that captivated investors (22:36), a deep dive into Uber's future innovations and groundbreaking plans (45:50), and more! * Timestamps: (0:00) Dara Khosrowshahi joins Bill Gurley, Brad Gerstner, & Jason Calacanis to discuss all things Uber. (2:41) Setting the stage for Uber entering 2024 (4:52) Parts of the Uber story that haven't been told. (09:38) Gusto - Get three months free when you run your first payroll at http://www.Gusto.com/twist (11:38) Bill Gurley discusses Dara's selection as Uber CEO. (14:57) Dara's initial reservations about joining Uber and how he overcame them. (20:57) Dara's discomfort in the free-money environment of the ZIRP era. (21:43) Paintbrush - Visit http://www.getpaintbrush.com to see if you qualify for a $50K startup loan in less than 2 minutes (22:36) Exploring the early magic of Uber that captivated investors (26:27) Looking at the impacts of evaluations on the minds of Founders. (30:49) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://www.Squarespace.com/twist (32:17) Discussing the relevance of secondaries in the near future. (35:02) Breaking down some Uber myths and Dara's focus to empathize with drivers. (45:50) A deep dive into Uber's future innovations and groundbreaking plans (51:31) Uber's strategy with upselling as AI enters the conversation. (58:04) Gurley speaks to joining Zillow's board and how innovation is needed in the real estate industry. (1:05:27) Gerstner leads us into some market talk. * Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp * Check out Uber: https://www.uber.com * LINKS: Silicon Valley clip referenced: https://twitter.com/StephNass/status/1745132141652877788 * Thanks to our partners: (09:38) Gusto - Get three months free when you run your first payroll at http://www.Gusto.com/twist (21:43) Paintbrush - Visit http://www.getpaintbrush.com to see if you qualify for a $50K startup loan in less than 2 minutes (30:49) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://www.Squarespace.com/twist * X: https://twitter.com/Jason https://twitter.com/dkhos https://twitter.com/altcap https://twitter.com/bgurley LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland * Check out Jason's suite of newsletters: https://substack.com/@calacanis * Follow TWiST: Substack: https://twistartups.substack.com Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin * Subscribe to the Founder University Podcast: https://www.founder.university/podcast
This Week in Startups is brought to you by… OpenPhone. Create business phone numbers for you and your team that work through an app on your smartphone or desktop. TWiST listeners can get an extra 20% off any plan for your first 6 months at openphone.com/twist DevSquad. Most dev agencies only offer developers. Why? Because product management is hard. Get an entire product team for the cost of one US developer plus 10% off at http://devsquad.com/twist. Squarespace. Turn your idea into a new website! Go to Squarespace.com/TWIST for a free trial. When you're ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain. * Today's show: Bill Gurley, Brad Gerstner, and Jason Calacanis join David Weisburd to discuss the market downturn's impact on startups, including shutdowns and shifting investment strategies (1:29). They also debate the AI boom (54:50), chatbots' future potential and hype (1:01:11), and which tech giants may perform best or worst in 2024 (1:20:32). * Timestamps: (0:00) David Weisburd hosts Bill Gurley, Brad Gerstner, & Jason Calacanis to discuss the state of tech markets (1:29) Startup shutdowns in 2023 vs dotcom crash (3:52) Perspective on current market from Bill Gurley (7:52) Brad's outlook on startup shutdowns continuing in 2024 (11:48) OpenPhone - Get 20% off your first six months at https://openphone.com/twist (13:16) Different investor perspectives based on investment stage (16:47) Altimeter's recent investing activity (25:32) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at http://devsquad.com/twist (26:30) Reflecting on past IPOs and paths to building businesses for growth (36:40) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/twist (38:07) State of Series B/C deals in 2023 vs 2021 peak (42:42) Why now is a great time to start a company (47:17) Jason's theories for success in venture (49:42) Abundance of technical talent in Silicon Valley and impact of AI on company size and competition (54:50) AI investments in 2024 (1:01:11) Launguage models raising large rounds quickly and the potential for LLMs to hit a ceiling soon (1:05:18) The best case for Meta being a leader in AI and Apple's position (1:08:55) Importance of voice recognition for AI interfaces, challenges of enabling transactions via AI, and consumers choosing services via AI (1:20:32) Picks for best and worst performing tech giants in 2024 * LINKS: Unicorn Investors article: https://news.crunchbase.com/venture/top-unicorn-investors-eoy-2023/ Bill Gurley's Above the Crowd article: https://abovethecrowd.com/2011/05/24/all-revenue-is-not-created-equal-the-keys-to-the-10x-revenue-club/ * Follow David X: https://twitter.com/DWeisburd David's Podcast: https://limitedpartnerpodcast.com/ * Follow Brad X: https://twitter.com/altcap * Follow Bill X: https://twitter.com/bgurley * Follow Jason: X: https://twitter.com/jason Instagram: https://www.instagram.com/jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland * Check out Jason's suite of newsletters: https://substack.com/@calacanis * Follow TWiST: Substack: https://twistartups.substack.com Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin * Subscribe to the Founder University Podcast: https://www.founder.university/podcast
Scott Wapner and the investment committee discuss the best month for stocks in nearly a year and a half. Altimeter Capital Founder and CEO Brad Gerstner joins to discuss technology, AI and the year ahead. The chart of the day is Snowflake. The experts detail their latest portfolio moves. CNBC Senior Markets Commentator Michael Santoli joins with his midday word.Investment Committee Disclosures
Bloomberg Radio host Barry Ritholtz speaks with Brad Gerstner, founder and CEO of Altimeter Capital, a technology-focused investment firm, which has about $15 billion in assets under management. Altimeter manages a variety of venture and public funds and serves as a long-term partner to companies as they enter the public markets. (This episode was recorded on Nov. 8.) See omnystudio.com/listener for privacy information.
Venture Unlocked: The playbook for venture capital managers.
Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We're thrilled to bring on Brad Gerstner, Founder and CEO of Altimeter Capital. Altimeter was first founded in 2008 during the GFC with an initial fund of only $3 Million which Brad raised from friends and family. Today the firm employs both private and public strategies, with over $17.9B in AUM.Altimeter takes an incredibly focused and high-conviction approach to investing and has backed companies such as Snowflake, Unity, Gusto, and Modern Treasury. And now manages a variety of venture and public funds, taking a hybrid and pragmatic approach to funding, using a variety of vehicles depending on stage and need to give companies and managers access to capital.About Brad Gerstner:Brad Gerstner is the Founder and CEO of Altimeter Capital. Before Altimeter, Brad worked as a multiple-time entrepreneur, was a founding principal of General Catalyst, and worked at PAR Capital. He is also an active thought leader on all aspects of the innovation economy, including numerous media appearances and a recurring role on the popular All-In Podcast. And Brad is working to improve the future of the country through efforts such as Invest America.He earned a bachelor's from Wabash College, a JD from Indiana University, and an MBA from Harvard Business School.In this episode, we discuss:* (2:17) Brad discusses his early life in Indiana and the influence of his father's entrepreneurial journey.* (3:23) Brad talks about his path to law school and subsequent shift towards technology and entrepreneurship.* (4:10) His impulsive trip to Silicon Valley and his first experiences there.* (7:18) Brad discusses his insights into public and private markets and the realization of the need to participate in the venture market.* (11:24) He explains the motivation and founding principles behind Altimeter, focusing on competitive advantage.* (12:28) Brad highlights Altimeter's unique approach, combining venture capital experience with public market sensibility.* (14:02) He speaks about the importance of founders choosing partners that provide intellectual resources along with capital.* (18:41) Brad reflects on Altimeter's investment strategy and acknowledges that they haven't always done everything perfectly.* (20:44) He discusses the cyclical nature of the venture business and the importance of the price of entry in investments.* (23:24) Brad talks about technology super cycles and how they improve lives and outcomes.* (28:19) He elaborates on the role of cloud computing and AI in reshaping industries and improving consumer experiences.* (30:09) Discussing the evolution of search engines, Brad talks about the transition from Google as a card catalog to an answer bot.* (32:32) He shares insights on the power of AI in business and its impact on efficiency and profitability.* (39:45) Brad explains Altimeter's disciplined approach to valuation and their investment decision-making process.* (44:51) He emphasizes the fiduciary duties of board members to all shareholders and the importance of research-based decision-making.* (47:11) Brad reflects on his work with Richard Lugar and his influence on Brad's view of the world.* (50:59) He discusses the Invest America initiative and its goal to invest in the future of American children and democracy.* (54:03) Brad talks about the need for job retraining and economic participation in the face of labor displacement caused by AI.I'd love to know what you took away from this conversation with Brad. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you'd like to be considered as a guest or have someone you'd like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com
Our teacher today is Brad Gerstner, founder of Altimeter Capital. Brad is an exceptional investor and gifted teacher with a unique ability to distill complex ideas into clear, qualitative insights. In this session, Brad will share lessons learned across the full arc of his career that has spanned everything from RV manufacturing to politics to founding and operating several technology companies to building Altimeter into one of the preeminent technology investors across all stages, public and private. We also discuss Invest America, a bipartisan grassroots movement led by Brad to make every child in the US a saver and investor beginning the day they are born. We're delighted to bring this class to you in collaboration with Notre Dame professor Jim Sullivan, co-founder of the Lab for Economic Opportunity, and inaugural chair of the Notre Dame Poverty Initiative. Please enjoy our class with the wonderful Brad Gerstner. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Summus. Summus is a revolutionary health benefits solution, driving superior employee engagement while dramatically lowering your company's enterprise-level healthcare spend. They're completely transforming the world of health benefits by providing employers and their employees in any location, fast access to over 5,100 of the top medical specialists from America's very best medical centers for support across all health questions. If you're looking for a benefit that drives your employee engagement, truly takes care of your people in their most scary and vulnerable times, all while improving your healthcare ROI, visit GoSummus.info/AOI. This episode is brought to you by Hunt Club. Hunt Club unlocks relationships and helps companies grow. Whether it's recruiting your next hire, landing your next big partner, or financing your business, a trusted introduction always works more effectively. Hunt Club's tech-enabled search model leverages the largest community of its kind to refer amazing talent on your behalf. Additionally, its software program, Atlas, helps organize the entire network of a company or fund and assists in streamlining the right introductions. If you're looking for the ideal solution for all of your talent needs, visit HuntClub.com/AOI. ----- Art of Investing is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Art of Investing, visit staygrovey.com. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @ArtofInvest | @Buhrman_Rick | @PaulBuser | @JoinColossus Show Notes (00:02:12) - (First question) - Tracing Brad's evolution as an investor (00:08:48) - Reflecting on his parents' tangible contributions to his career (00:10:43) - Examining the influence of his college and law school experiences (00:15:16) - Key figures and events shaping Altimeter Capital (00:19:18) - Crafting a company with substantial impact (00:21:27) - Choosing an unconventional route (00:33:09) - Significant relationships that fostered the development of Altimeter Capital (00:44:47) - Implementing the principles of Essentialism in life and business (00:51:50) - Launching the Invest America program (01:04:07) - Evaluating the S&P 500 as an investment tool for Invest America (01:09:36) - Recognizing and leveraging market trends (01:27:49) - Contemplating the desired legacy of Brad's life's work
After testifying before the Senate Judiciary Committee, former Facebook employee and former Instagram consultant Arturo Béjar joins Joe Kernen, Becky Quick, and Andrew Ross Sorkin to discuss his calls for teen safety tools on Meta's platforms. Béjar shares data on the number of teens who've experienced unwanted sexual advances on Instagram, as well as Meta's responses to his calls for action. Altimeter Capital founder and CEO Brad Gerstner is urging American policymakers to invest at home. The tech investor and founder considers where American financial wellbeing falls on the country's budgetary priority list, while billions are sent to foreign allies. Plus, Meta is now requiring political advertisers to disclose use of AI in their ads, and Cava has cooked up a surprise profit this quarter. Brad Gerstner - 09:44Arturo Béjar - 31:15In this episode:Brad Gerstner, @altcapAndrew Ross Sorkin, @andrewrsorkinJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickKatie Kramer, @Kramer_Katie
Today on the show, we play a rousing session from the recent 10th Annual Skift Global Forum that was held in New York City late last month. The session, titled "Travel's Future as AI Reshapes The World," features tech entrepreneur, investor, and podcast host, Jason Calacanis, along with Brad Gerstner, founder and CEO of Silicon Valley investment firm Altimeter, in discussion with Skift Founder and CEO Rafat Ali about the coming days when generative AI will become reliable and have a real effect on how the world operates. And they believe that could be the case in some areas in as soon as a year. If you enjoy this insightful and, at times, provocative conversation, learn about how to attend our next next Skift Live event by visiting Live.Skift.com. You can also find full video recordings of this session and many others at skift.com and on the official Skift News YouTube channel.
Scott Wapner and the investment committee debate the road ahead as we close out the worst month of the year for stocks. The chart of the day is Nike, on pace for its best day of the year. The panel reacts to Bill Ackman and Brad Gerstner's views on Alphabet's role in AI. And we hit the energy trade as it is set to close out September as the only positive sector.Investment Committee Disclosures
U.S. equities plunge in September as Fed rate concerns prompt a global sell-off. Speaking at CNBC's Delivering Alpha conference, billionaire hedge fund manager Bill Ackman says he would not be surprised to see Treasury yields hit 5 per cent and beyond. We also hear from Altimeter Capital chairman and CEO Brad Gerstner who predicts that A.I. may even have a bigger impact than the internet in the 1990s. The U.S. House of Representatives passes a defence funding bill which removes support for Ukraine while the Senate scrambles to agree on short-term budgetary plans before a potential government shutdown on Sunday. House Speaker Kevin McCarthy tells CNBC that there is still time to avert the crisis. In autos news, UAW members warn they will expand strikes if their demands are not met as they table a counter-proposal to Stellantis. And failed lender Credit Suisse reports an adjusted loss of CHF3.5bn with net outflows totalling almost CHF40bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
(0:00) Bestie intros: Friedberg's bad haircut (1:17) Welcome BG^2! Biography recommendations and film talk (22:27) VC market update: State of Series A's (33:43) Dry powder misconceptions, marking incentives (48:57) IPO window starting to open, IPO down rounds, incentives to go public (1:03:17) Cyclical venture cycles, managing distributions, benchmarking VC performance vs public market (1:22:26) Tragic Maui wildfires, extreme temperatures (1:26:11) Macro picture: inflation cools, deflation risk? Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg https://twitter.com/altcap https://twitter.com/bgurley Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://youtu.be/xmYekD6-PZ8 https://www.amazon.com/Setting-Table-Transforming-Hospitality-Business/dp/0060742755 https://www.amazon.com/Steve-Jobs-Walter-Isaacson/dp/147770146X https://www.amazon.com/Elon-Musk-Spanish-Walter-Isaacson/dp/B0CBTHK86N https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996 https://www.amazon.com/Man-Arena-Selected-Writings-Roosevelt/dp/0765306700 https://www.amazon.com/Shoe-Dog-Memoir-Creator-Nike/dp/1501135910 https://www.amazon.com/Alexander-Hamilton-Ron-Chernow/dp/1594200092 https://www.amazon.com/Something-Autobiography-Vintage-Akira-Kurosawa/dp/B0C3D5NDJX https://www.amazon.com/Born-Standing-Up-Comics-Martin/dp/B017QUU3EO https://www.amazon.com/Writing-Memoir-Craft-Stephen-King/dp/1439193630 https://www.amazon.com/Autobiography-Malcolm-told-Alex-Haley/dp/0345379756 https://www.linkedin.com/posts/peterjameswalker_cartadata-seriesa-valuations-activity-7092542118803488768-vOcY https://www.theinformation.com/articles/venture-firms-still-writing-small-checks-despite-271-billion-in-dry-powder https://twitter.com/bgurley/status/1688605654188224512 https://finance.yahoo.com/chart/SN https://www.google.com/finance/quote/CAVA:NYSE https://finance.yahoo.com/quote/SRFM https://twitter.com/altcap/status/1686086247029055489 https://www.wsj.com/articles/university-endowments-mint-billions-in-golden-era-of-venture-capital-11632907802 https://www.youtube.com/watch?v=Hhy7JUinlu0 https://twitter.com/gokulr/status/1680006171149869056 https://www.statista.com/statistics/277501/venture-capital-amount-invested-in-the-united-states-since-1995 https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm https://www.bloomberg.com/news/newsletters/2023-08-10/disinflation-wave-the-bloomberg-open-americas-edition https://www.nytimes.com/2023/08/09/business/china-economy-inflation.html https://twitter.com/KobeissiLetter/status/1689010884062904320
As we look ahead to the landmark 10th Skift Global Forum happening this September in New York City, today we take a look back at a panel session from Skift Global Forum 2016 correctly billed as "Legends of Online Travel". On the panel were: Brad Gerstner, Founder, Chairman and CEO of Altimeter Capital; Rich Barton, co founder and, at the time, Executive chairman of Zillow Group (he is currently CEO); Dara Khosrowshahi, then the President and CEO of Expedia (he is currently the CEO of Uber); Jay Walker, Founder of Priceline and CEO of Upside; and moderator Dennis Schaal, Skift's Founding and Executive editor, who earlier that year had released the "Definitive Oral History of Online Travel", the authoritative account of the rise of the online travel agency. We revisit this session from nearly 7 years ago to assess just how prescient these esteemed speakers were as they discussed the future of online travel as seen from that far away time, still 3+ years before the onset of the global covid pandemic, and 6+ years from the broad release of ChatGPT, the widely-used generative AI tool that has sparked imaginations throughout the world and travel industry. As the panelists in this session point out, many of their predictions have been around since the 1990s ".com" boom and before, so what makes now the moment? The prognostications you'll hear in this session give us some insight into the answer, and we can be certain that this question will loom large at the coming Skift Global Forum as our sessions look to tackle the theme of “Connection in the Age of AI”.
(0:00) Bestie intros: Chamath flies public + Poker recap (8:12) FED pauses hikes momentarily, IPO window status, state of the market (25:10) Film, cold plunge, and sauna talk (33:25) AI's impact on tech and growth stocks surging, Google's position, AI's "$20T question" (50:27) Jay Trading beating the market, how Brad formulates and sizes public bets, how GPs should handle distributions, CalPERS mistakes (1:04:22) Reddit moderators in revolt and how this issue might reshape the future of social apps (1:15:11) Funding landscape for AI startups is overheating: Mistral's $100M+ Seed round, importance of constraints, and more (1:44:17) Science corner: Understanding the Bill Gates-funded mosquito project in Colombia Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg https://twitter.com/altcap Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://www.cnbc.com/2023/06/14/fed-rate-decision-june-2023.html https://fred.stlouisfed.org/series/FEDFUNDS https://www.reuters.com/markets/deals/intel-talks-be-anchor-investor-arm-ipo-source-2023-06-13 https://www.reuters.com/markets/deals/softbanks-arm-registers-blockbuster-us-ipo-sources-2023-04-29 https://nvidianews.nvidia.com/news/nvidia-to-acquire-arm-for-40-billion-creating-worlds-premier-computing-company-for-the-age-of-ai https://www.bloomberg.com/news/articles/2023-06-13/databricks-hits-1-billion-in-annual-sales-while-adding-data-warehouse-tool https://www.gamesindustry.biz/nvidias-acquisition-of-arm-cancelled-due-to-significant-regulatory-challenges https://bard.google.com https://coda.io/@presh-dineshkumar/jay-trading https://www.ft.com/content/86b49e10-3dd2-4427-b70b-993bad47b061 https://www.cnbc.com/2023/06/14/calpers-to-increase-venture-capital-investments-despite-tech-turmoil.html https://www.theverge.com/2023/6/12/23755974/reddit-subreddits-going-dark-private-protest-api-changes https://reddark.untone.uk https://www.nytimes.com/2023/04/18/technology/reddit-ai-openai-google.html https://www.bbc.com/news/technology-20554441 https://digiday.com/media/twitters-third-party-app-problem https://www.wired.com/2015/07/reddit-ceo-ellen-pao-steps-down-huffman-replacement https://www.platformer.news/p/meta-is-building-a-decentralized https://www.ft.com/content/cf939ea4-d96c-4908-896a-48a74381f251 https://twitter.com/natfriedman/status/1668650915505803266 https://www.kickstarter.com/projects/1523379957/oculus-rift-step-into-the-game https://openai.com/blog/function-calling-and-other-api-updates https://twitter.com/RobertKennedyJr/status/1667616444996104196 https://www.womenshealthnetwork.com/hormonal-imbalance/sunscreen-ingredients-that-mess-with-your-hormones
This Week in Startups is presented by: LinkedIn Jobs. A business is only as strong as its people, and every hire matters. Go to LinkedIn.com/TWIST to post your first job for free. Terms and conditions apply. Vanta. Compliance and security shouldn't be a deal-breaker for startups to win new business. Vanta makes it easy for companies to get a SOC 2 report fast. TWiST listeners can get $1,000 off for a limited time at vanta.com/twist. iConnections is a platform to connect and meet with elite capital allocators through their online platform and bespoke events. The first 25 VC funds to sign up for iConnections Miami 2024 event in January of next year will receive a 20% discount! Head to iConnections.io/twist to sign up today! * Today's show: First up, Jason does a full breakdown of what's going on at Reddit, and why this is happening now (1:21). Then, Brad Gerstner joins to break down the state of the markets in 2023 (18:28), his “Time to Get Fit” letter to Meta (30:06), and more! Brad's fireside chat was recorded live at LAUNCH Angel Summit in Napa. Follow Brad: https://twitter.com/altcap * Time stamps: (0:00) Jason tees up today's segments! (1:21) Breaking down the Reddit situation: Why 2000's-era web companies relied on third-party apps built on their API (3:10) Origin and current state of the Reddit revolt, CEO Steve Huffman's AMA and comments (10:27) Jason's hot takes on how to solve the third-party app API pricing issue, Reddit's IPO price, and more (17:00) LinkedIn Jobs - Post your first job for free at https://linkedin.com/twist (18:28) Brad Gerstner joins live from Angel Summit! Importance on non-consensus conviction, first-party research, how Brad first invested in Facebook (29:00) Vanta - Get $1000 off your SOC 2 at https://vanta.com/twist (30:06) Brad breaks down the greatness in Zuckerberg and Meta's reaction to his “Time to Get Fit” letter (34:08) Current state of the markets (38:05) iConnections - Get 20% off iConnections Miami 2024 event at http://iconnections.io/twist (39:48) Predicting what the AI innovation cycle will look like when compared to past cycles: pc, internet, mobile, cloud; why now is the most important time for AI investing * Read LAUNCH Fund 4 Deal Memo: https://www.launch.co/four Apply for Funding: https://www.launch.co/apply Buy ANGEL: https://www.angelthebook.com Great recent interviews: Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland, PrayingForExits, Jenny Lefcourt Check out Jason's suite of newsletters: https://substack.com/@calacanis * Follow Jason: Twitter: https://twitter.com/jason Instagram: https://www.instagram.com/jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Follow TWiST: Substack: https://twistartups.substack.com Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin * Subscribe to the Founder University Podcast: https://www.founder.university/podcast
What does this new frontier mean for the future… and for investors? Brad Gerstner of Altimeter Capital gives his unique, expert take. Plus, a rare interview with AI pioneer Mustafa Suleyman – the co-founder of Deepmind – on the big risks of artificial intelligence. And, we hear from Sridhar Ramaswamy – Neeva co-founder and Snowflake SVP – developed what some are calling a “co-pilot for the enterprise software industry.” He weighs in on the future of AI and the company that he thinks is winning the AI arms race.
This Week in Startups is presented by: VEED makes it super easy for anyone (yes, you) to create great video. Filled with amazing features like templates, auto subtitles, text formatting, auto-resizing, a full suite of AI tools, and much more, VEED gives you the tools to engage your audience on any platform. Head to VEED.io to start creating incredible video content in minutes. OpenPhone. Create business phone numbers for you and your team that work through an app on your smartphone or desktop. TWiST listeners can get an extra 20% off any plan for your first 6 months at openphone.com/twist iConnections is a platform to connect and meet with elite capital allocators through their online platform and bespoke events. The first 25 VC funds to sign up for iConnections Miami 2024 event in January of next year will receive a 20% discount! Head to iConnections.io/twist to sign up today! * Today's show: Brad Gerstner and Mubadla's Ibrahim Ajami join Jason as they discuss their first impressions of the UAE (1:33). They then converse about how the UAE is attracting startup talent, unclogging the capital allocator log jam, and investing in relationships (19:43)! Follow Brad: https://twitter.com/altcap Follow Ibrahim: https://twitter.com/IbrahimAjami * Time stamps: (0:00) Brad and Ibrahim join Jason (1:33) First impressions of the UAE (10:25) Veed - Head to https://www.veed.io/pricing?utm_campaign=TWIS&utm_medium=Marketing&utm_source=YouTube and start creating professional-quality videos in minutes! (11:55) The story of Mubadala (19:43) Attracting talent to the UAE (26:53) OpenPhone - Get 20% off your first six months at https://openphone.com/twist (28:21) The shifting perspective of the UAE and the opportunity it presents (35:07) The level of curiosity in Abu Dhabi (37:02) iConnections - Get 20% off iConnections Miami 2024 event at http://iconnections.io/twist (38:21) Adjusting to the changing market (41:58) Mubadala's portfolio and investing in SoftBank's Vision Fund (49:40) Getting fit (56:27) Unclogging the manager log jam and the denominator problem (1:04:59) Investing in relationships (1:11:38) The progression of the UAE * Read LAUNCH Fund 4 Deal Memo & Apply for Funding Buy ANGEL Great recent interviews: Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland, PrayingForExits, Jenny Lefcourt Check out Jason's suite of newsletters: https://substack.com/@calacanis * Follow Jason: Twitter: https://twitter.com/jason Instagram: https://www.instagram.com/jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Follow TWiST: Substack: https://twistartups.substack.com Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin * Subscribe to the Founder University Podcast: https://www.founder.university/podcast
This Week in Startups is presented by: Squarespace. Turn your idea into a new website! Go to http://squarespace.com/TWIST for a free trial. When you're ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain. Trovata. Starting up is hard. Trovata makes managing cash easy. Start automating your cash management at http://trovata.io/TWIST.Use Code TWIST for 30% off one full year of premium features like AI forecasting. OpenPhone. Create business phone numbers for you and your team that work through an app on your smartphone or desktop. TWiST listeners can get an extra 20% off any plan for your first 6 months at http://openphone.com/twist Today's show: Jason and Brad speak with Mubadala Capital's Head of Ventures, Ibrahim Ajami, at Hub71 in the UAE. The three discuss how startups can survive and thrive in an economic downturn before diving into the sacrifices that founders must make to create an incredible product. () They also explain how the AI revolution will affect software, startups, capital allocators, and more! () Follow Mubadala: https://twitter.com/MubadalaCapital Follow Ibrahim: https://twitter.com/IbrahimAjami Follow Hub71: https://twitter.com/hub71ad Follow Brad: https://twitter.com/altcap Time stamps: (0:00) Nick kicks off the show (1:02) Surviving the downturn (12:46) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/TWIST (14:16) Sacrificing to build a great product (26:34)Trovata - Use code TWIST at https://trovata.io/twist for 30% off one year of premium features, like AI forecasting (27:47) Brad's letter to Mark Zuckerberg and AI creating ultra-efficient startups (39:02) OpenPhone - Get 20% off your first six months at https://openphone.com/twist (40:36) The AI revolution (50:48) The implications of AI on the software industry (55:50) Creating the Silicon Valley culture (59:32) Reflecting on the success of the Launch Accelerator (1:06:23) Building culture within your firm and dealing with failure (1:19:03) Opinions on WFH (1:25:05) Recognizing product velocity (1:29:11) Advice for young founders (1:34:47) Advice for founders in emerging markets Read LAUNCH Fund 4 Deal Memo & Apply for Funding Buy ANGEL Great recent interviews: Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland, PrayingForExits, Jenny Lefcourt Check out Jason's suite of newsletters: https://substack.com/@calacanis Follow Jason: Twitter: https://twitter.com/jason Instagram: https://www.instagram.com/jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis Follow TWiST: Substack: https://twistartups.substack.com Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin Subscribe to the Founder University Podcast: https://www.founder.university/podcast
First Republic became the third bank to fail since March, but will it be the last?Charlie Munger is warning about cracks in commercial real estate – we'll look ahead to three big names ahead of their results this week.And tech investor Brad Gerstner had some harsh words for Alphabet CEO Sundar Pichai earlier on CNBC.We'll break down why he thinks Alphabet is falling behind in the AI race.Plus, and Exchange Exclusive interview with SoFi CEO Anthony Noto on the heels of their record financial results.
Softbank's chip designer Arm has confidentially filed to go public, seeking a valuation of $30 billion to $70 billion in what is shaping up to be the biggest IPO of the year. Could it be the key to thawing a frozen IPO pipeline? Plus, investor Brad Gerstner lit into Sundar Pichai for losing Google's AI lead to OpenAI, leaving investors questioning whether he can get tough on the issue.
Venture Unlocked: The playbook for venture capital managers.
Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week on the show we're joined by Meghan Reynolds, partner and head of capital formation at Altimeter. Founded by Brad Gerstner in 2008, Altimeter has backed companies such as Snowflake, Unity, Gusto, and Modern Treasury. Prior to joining Altimer, Meghan worked in a variety of investor relations roles including TPG, Goldman Sachs, and JAZZ Ventures partners.She's also quite prolific on Twitter with her insights on the LP world. This conversation was great as she went through the system she uses to form and maintain relationships with world-class LPs.A word from our sponsor:Venture capital firms and their investors have realized that a fund administrator without best-in-class technology is no longer acceptable. But experienced firms also know that when it's crunch time and that capital call needs to go out now, no technology can replace the need for an expert, highly responsive fund accountant working with you. It's time you talk with Juniper Square: the first technology-driven fund admin built for sophisticated venture capital firms. Learn more and request a call todayAbout Meghan Reynolds:Meghan is the Head of VC Capital Formation and Fundraising for Altimeter, a lifecycle technology investment firm. Prior to joining Altimeter, Meghan was Managing Partner and Co-head of Fundraising at TPG. She began her career and spent nearly a decade in the Investment Management Division of Goldman Sachs. ShMeghan is also currently a Venture Partner with JAZZ Venture Partners, an early stage Venture firm focused on the intersection of technology and human performance.Meghan graduated from the University of Notre Dame.In this episode we discuss:(02:42) Meghan's career path that led her to Altimeter(05:40) How Meghan defines capital formation(10:33) Making decisions that allow the investment team to thrive while balancing LP interests(14:03) Building the right frameworks with LPs who may ultimately become long-term partners(17:03) Ways managers can differentiate outside of returns(19:44) Other factors that go into LP relationship management(23:16) The importance of transparency with your LPs(26:01) How LPs are reacting to current market trends(29:17) Using an LP Advisory Committee strategically(35:00) International sources of institutional capital(40:14) Fundraising advice for solo GPs(43:32) What to look for when hiring for a capital formation role(47:16) Predicting the market over the next 5 to 10 yearsI'd love to know what you took away from this conversation with Meghan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you'd like to be considered as a guest or have someone you'd like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com
(0:00) Bestie intros! (6:47) The VC FOMO frenzy in AI (25:22) Current LP mindset, VCs leaving boards, startup cram downs and mark downs (37:23) Macro update: inflation not done, weaker earnings, interest rates (52:01) Marc Benioff channels his inner Elon Musk, the stock-based compensation boom (1:11:59) Fox News facing defamation lawsuit over false election fraud claims, TikTok ban heats up, competition with China (1:34:33) Ukraine update: China's peace proposal, US strategy (1:46:34) Harvard legacy admissions, Draymond Green on Black History Month (1:50:01) Stripe chart errata, bestie wrap! Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg https://twitter.com/altcap Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://www.wsj.com/articles/why-i-stood-up-to-disney-florida-woke-corporatism-seaworld-universal-esg-parents-choice-education-defa2506 https://www.thedailybeast.com/bill-maher-shares-definition-of-woke-during-jake-tapper-cnn-interview https://www.economist.com/business/2023/02/28/investors-are-going-nuts-for-chatgpt-ish-artificial-intelligence https://podcasts.apple.com/ca/podcast/doug-leone-lessons-from-a-titan/id1154105909?i=1000602027979 https://openai.com/blog/introducing-chatgpt-and-whisper-apis https://twitter.com/heykahn/status/1628453782177865728 https://www.ft.com/content/21420ce2-92a1-43a0-a153-04ac7c872466 https://www.wsj.com/articles/instacart-sees-revenue-profit-boost-ahead-of-public-listing-1d7891d https://cdn.statcdn.com/Infographic/images/normal/21023.jpeg https://www.barrons.com/articles/home-prices-dropping-redfin-fac43ede https://www.google.com/finance/quote/CRM:NYSE https://s23.q4cdn.com/574569502/files/doc_financials/2023/q4/CRM-Q4-FY23-Earnings-Press-Release-w-financials.pdf https://seekingalpha.com/article/4583622-salesforce-inc-crm-q4-2023-earnings-call-transcript https://twitter.com/altcap/status/1631361678582611970 https://www.investopedia.com/articles/06/fas123r.asp https://www.wsj.com/articles/in-deposition-rupert-murdoch-says-fox-news-hosts-endorsed-false-2020-election-claims-c9348fc0 https://www.reuters.com/technology/tiktok-develop-parental-control-tool-block-certain-videos-2023-03-01 https://www.reuters.com/technology/white-house-gives-agencies-30-days-impose-federal-device-tiktok-ban-2023-02-27 https://www.wsj.com/articles/house-committee-lays-out-case-for-china-threat-ad62c611 https://www.euronews.com/2023/02/27/chinas-peace-plan-russia-says-no-conditions-for-peaceful-solution-or-ukraine-for-now https://www.wsj.com/articles/ukraine-war-depleting-u-s-ammunition-stockpiles-sparking-pentagon-concern-11661792188 https://twitter.com/wikileaks/status/1496886759665586177 https://twitter.com/deloreshandy/status/1629516350602264582 https://www.nber.org/system/files/working_papers/w26316/w26316.pdf https://www.tmz.com/2023/03/01/draymond-green-calls-end-black-history-month-celebrate-all-year https://www.bloomberg.com/news/newsletters/2023-03-02/how-former-fugee-pras-michel-got-involved-in-1mdb-scandal-big-take https://www.newyorker.com/magazine/2023/03/06/how-the-biggest-fraud-in-german-history-unravelled
The biggest earnings night of the season is upon us with Apple, Amazon, and Alphabet all reporting. Scott Wapner and the Investment Committee are joined by super investor Brad Gerstner to debate what the huge earnings night means for the tech trade specially after Meta's blowout report. For Investment Committee Disclosures please visit:https://cnb.cx/3HSe4EV
Brad Gerstner of Altimeter Capital joins Molly and Jason for an epic Friday show. They chop it up about the state of the economy, what it actually means to be founder friendly and discuss which big tech companies are“fit”. (1:24) (0:00) J+M Kick off the show (1:24) Brad Gerstner joins Molly and Jason (10:28) Odoo - Get your first app free and a $1000 credit at https://odoo.com/twist (11:38) Brad presents on interest rates, inflation and business multiples (26:32) LinkedIn Marketing - Get a $100 LinkedIn ad credit at https://linkedin.com/thisweekinstartups (28:05) The Fed's core mission (37:54) Being founder friendly (39:42) Brad's letter to Meta (48:33) Companies that need to get fit (53:00) Google and Meta's fitness (58:08) The curse of the money-printing machine (1:00:01) Google vs ChatGPT (1:05:05) Is Uber fit? FOLLOW Jason: https://linktr.ee/calacanis FOLLOW Molly: https://twitter.com/mollywood Subscribe to our YouTube to watch all full episodes: https://www.youtube.com/channel/UCkkhmBWfS7pILYIk0izkc3A?sub_confirmation=1
Markets. Down 17% was down 25%. Meta job cuts. 11000 13%. Brad Gerstner letter. A summary of some of the layoffs this year…Twitter: cutting 50% of its workforce (estimated 3,700 jobs).Facebook ($META): cutting 13% of its staff (11,000 jobs), its largest round of CryptoSBF is a FRAUD! Bernie Madoff style! FTX lends money to Alameda!! $10b loan on $16b in assets. FTX meltdown. FTX. Alameda. Binance. Coinbase. Nothing safe. FTX has a prominent list of backers such as Sequoia Capital, BlackRock Inc., Tiger Global Management and SoftBank Group Corp.Sam Bankman-Fried. $8b shortfall! He was worth $26b…apparently. Tom & Gisele. Hedgefunds. FTX Arena in Miami. Home of Heat. FTX on umpire uniforms. Celeb lawsuits: https://deadline.com/2022/11/tom-brady-giselle-bundchen-ftx-lawsuit-larry-david-steph-curry-crypto-1235174541/In the case of Curry, the NBA legend admitted in another tongue-in-cheek-ish TV spot that he was not that knowledgeable about crypto. He added, looking at the camera: “I don't need to be. With FTX I have everything I need to buy, sell, and trade crypto safely.”FTX's new chief executive“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”SBF is 2nd largest democratic donor this election cycle. $37 million. SBF parents. raised by two Stanford professors who specialize in law and taxes.Caroline Ellison. Caroline interview. Related party loans: $300m from last $450m investment to SBF. Alameda Research had $4.1 billion in related-party loans. Among those were $1 billion to Bankman-Fried, $543 million to FTX Director of Engineering Nishad Singh and $55 million to FTX Digital Markets head Ryan SalamTwitterLays off ½ of 7500 workers. Had to bring some back. The whole world shit-posting that the site will go down now. Tesla AI runs with 150 engineers. Ligma and Johnson.
Twenty Minute VC Podcast Notes Key Takeaways Check Out the 20VC Episode Page & Show NotesRead the full notes @ podcastnotes.org Chris Sacca is the Founder and Chairman @ Lowercase Capital, one of the best performing funds in the history of venture capital with a portfolio including Uber, Stripe, Twitter, Instagram, Twilio, Docker and many more. From interviewing some of the world's richest married couples, how did gaining wealth change their relationship and marriage? What does Chris do to actively ensure his children remain hungry and know the value of money? Chamath Palihapitiya is Founder & CEO @ Social Capital. Social's portfolio includes the likes of Slack, Yammer, Front, Intercom and Carta to name a few. What does Chamath mean when he says we need to think through the mindset of "infinite games" not finite games? How does this change how you think about money? How does Chamath think about his relationship to risk today as a result? Brad Gerstner is the Founder and CEO of Altimeter. Brad's notable deals that he has helped lead include Snowflake, Mongo, Bytedance, Gusto, Unity, Okta, dbt, Modern Treasury, EPIC Games, Hotel Tonight and Zillow. What is the most important thing parents can do to ensure that despite wealth, their children remain grounded and ambitious? Why does Brad, despite being a billionaire, still live in a modest house and not spend on the excesses of life? How does Brad embrace essentialism with wealth? Cyan Banister is one of the most successful and renowned early-stage investors in the last decade. Her portfolio includes the likes of SpaceX, Uber, Affirm, Opendoor Postmates, Niantic and Thumbtack to name a few. Why did Cyan used to hate money? Why was she "anti-capitalist"? How does Cyan approach risk management today? Why does she invest every dollar she makes back into the ecosystem? George Zachary is a General Partner @ CRV, one of the nation's oldest and most successful early-stage venture capital firms with a portfolio including the likes of Airtable, DoorDash, Dropbox, Niantic and many more. What did George learn about how the way people view you changes with your increasing wealth? Why does George believe rich people like to hang out with rich people? Biz Stone is best known as the Co-Founder of Twitter and Medium. Biz is also an investor in the likes of Slack, Square, Intercom, Beyond Meat and Blue Bottle Coffee. What does Biz mean when he says, "wealth only serves to amplify the person you are?"
Twenty Minute VC Podcast Notes Key Takeaways Check Out the 20VC Episode Page & Show NotesRead the full notes @ podcastnotes.org Chris Sacca is the Founder and Chairman @ Lowercase Capital, one of the best performing funds in the history of venture capital with a portfolio including Uber, Stripe, Twitter, Instagram, Twilio, Docker and many more. From interviewing some of the world's richest married couples, how did gaining wealth change their relationship and marriage? What does Chris do to actively ensure his children remain hungry and know the value of money? Chamath Palihapitiya is Founder & CEO @ Social Capital. Social's portfolio includes the likes of Slack, Yammer, Front, Intercom and Carta to name a few. What does Chamath mean when he says we need to think through the mindset of "infinite games" not finite games? How does this change how you think about money? How does Chamath think about his relationship to risk today as a result? Brad Gerstner is the Founder and CEO of Altimeter. Brad's notable deals that he has helped lead include Snowflake, Mongo, Bytedance, Gusto, Unity, Okta, dbt, Modern Treasury, EPIC Games, Hotel Tonight and Zillow. What is the most important thing parents can do to ensure that despite wealth, their children remain grounded and ambitious? Why does Brad, despite being a billionaire, still live in a modest house and not spend on the excesses of life? How does Brad embrace essentialism with wealth? Cyan Banister is one of the most successful and renowned early-stage investors in the last decade. Her portfolio includes the likes of SpaceX, Uber, Affirm, Opendoor Postmates, Niantic and Thumbtack to name a few. Why did Cyan used to hate money? Why was she "anti-capitalist"? How does Cyan approach risk management today? Why does she invest every dollar she makes back into the ecosystem? George Zachary is a General Partner @ CRV, one of the nation's oldest and most successful early-stage venture capital firms with a portfolio including the likes of Airtable, DoorDash, Dropbox, Niantic and many more. What did George learn about how the way people view you changes with your increasing wealth? Why does George believe rich people like to hang out with rich people? Biz Stone is best known as the Co-Founder of Twitter and Medium. Biz is also an investor in the likes of Slack, Square, Intercom, Beyond Meat and Blue Bottle Coffee. What does Biz mean when he says, "wealth only serves to amplify the person you are?"
Twenty Minute VC Podcast Notes Key Takeaways Check Out the 20VC Episode Page & Show NotesRead the full notes @ podcastnotes.org Chris Sacca is the Founder and Chairman @ Lowercase Capital, one of the best performing funds in the history of venture capital with a portfolio including Uber, Stripe, Twitter, Instagram, Twilio, Docker and many more. From interviewing some of the world's richest married couples, how did gaining wealth change their relationship and marriage? What does Chris do to actively ensure his children remain hungry and know the value of money? Chamath Palihapitiya is Founder & CEO @ Social Capital. Social's portfolio includes the likes of Slack, Yammer, Front, Intercom and Carta to name a few. What does Chamath mean when he says we need to think through the mindset of "infinite games" not finite games? How does this change how you think about money? How does Chamath think about his relationship to risk today as a result? Brad Gerstner is the Founder and CEO of Altimeter. Brad's notable deals that he has helped lead include Snowflake, Mongo, Bytedance, Gusto, Unity, Okta, dbt, Modern Treasury, EPIC Games, Hotel Tonight and Zillow. What is the most important thing parents can do to ensure that despite wealth, their children remain grounded and ambitious? Why does Brad, despite being a billionaire, still live in a modest house and not spend on the excesses of life? How does Brad embrace essentialism with wealth? Cyan Banister is one of the most successful and renowned early-stage investors in the last decade. Her portfolio includes the likes of SpaceX, Uber, Affirm, Opendoor Postmates, Niantic and Thumbtack to name a few. Why did Cyan used to hate money? Why was she "anti-capitalist"? How does Cyan approach risk management today? Why does she invest every dollar she makes back into the ecosystem? George Zachary is a General Partner @ CRV, one of the nation's oldest and most successful early-stage venture capital firms with a portfolio including the likes of Airtable, DoorDash, Dropbox, Niantic and many more. What did George learn about how the way people view you changes with your increasing wealth? Why does George believe rich people like to hang out with rich people? Biz Stone is best known as the Co-Founder of Twitter and Medium. Biz is also an investor in the likes of Slack, Square, Intercom, Beyond Meat and Blue Bottle Coffee. What does Biz mean when he says, "wealth only serves to amplify the person you are?"
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
Chris Sacca is the Founder and Chairman @ Lowercase Capital, one of the best performing funds in the history of venture capital with a portfolio including Uber, Stripe, Twitter, Instagram, Twilio, Docker and many more. From interviewing some of the world's richest married couples, how did gaining wealth change their relationship and marriage? What does Chris do to actively ensure his children remain hungry and know the value of money? Chamath Palihapitiya is Founder & CEO @ Social Capital. Social's portfolio includes the likes of Slack, Yammer, Front, Intercom and Carta to name a few. What does Chamath mean when he says we need to think through the mindset of "infinite games" not finite games? How does this change how you think about money? How does Chamath think about his relationship to risk today as a result? Brad Gerstner is the Founder and CEO of Altimeter. Brad's notable deals that he has helped lead include Snowflake, Mongo, Bytedance, Gusto, Unity, Okta, dbt, Modern Treasury, EPIC Games, Hotel Tonight and Zillow. What is the most important thing parents can do to ensure that despite wealth, their children remain grounded and ambitious? Why does Brad, despite being a billionaire, still live in a modest house and not spend on the excesses of life? How does Brad embrace essentialism with wealth? Cyan Banister is one of the most successful and renowned early-stage investors in the last decade. Her portfolio includes the likes of SpaceX, Uber, Affirm, Opendoor Postmates, Niantic and Thumbtack to name a few. Why did Cyan used to hate money? Why was she "anti-capitalist"? How does Cyan approach risk management today? Why does she invest every dollar she makes back into the ecosystem? George Zachary is a General Partner @ CRV, one of the nation's oldest and most successful early-stage venture capital firms with a portfolio including the likes of Airtable, DoorDash, Dropbox, Niantic and many more. What did George learn about how the way people view you changes with your increasing wealth? Why does George believe rich people like to hang out with rich people? Biz Stone is best known as the Co-Founder of Twitter and Medium. Biz is also an investor in the likes of Slack, Square, Intercom, Beyond Meat and Blue Bottle Coffee. What does Biz mean when he says, "wealth only serves to amplify the person you are?"
Listen in podcast app* Market Update* Kanye has been canceled* UK Political Turnover* Brad Gerstner Altimeter letter to Mark Zuckerberg* The NDP's success in Conservative Alberta* Jagmeet Singh NDP call Bank of Canada tightening a mistake and without evidence* Hashtag BanTikTok Picking up Steam* US politics* PredictionsListen on Apple, Spotify, or Google Podcasts.If you aren't in the Reformed Millennials Facebook Group join us for daily updates, discussions, and deep dives into the investable trends Millennials should be paying attention to.
J+M cover Brad Gerstner's letter to Zuck and three-point plan to boost Meta's FCF 2x (7:04), an NFT project located at the Fyre Fest island (33:19), and a hit piece on Divvy Homes and its CEO, Adena Hefets. (39:38) (0:00) J+M tee up today's topics! (2:08) Opening banter/weekend catch-up! (7:04) Brad Gerstner published an open letter to Meta CEO Mark Zuckerberg, outlining a plan to double FCF and boost its stock price (12:11) Linode - Apply to Linode's Rise program for up to six figures in discounts at https://linode.com/twist (13:41) Specific plans in Brad's letter, the "open-letter approach", Meta efficiency comparisons and advertiser treatment (27:16) House of Macadamias - Get 20% off at https://houseofmacadamias.com/twist by using code TWIST20 (28:32) Meta's revenue/capex vs. Google (33:19) Homeownership NFTs on the infamous Fyre Fest island! (38:08) Vanta - Get $1000 off your SOC 2 at https://vanta.com/twist (39:38) J+M go through a hit piece against Divvy Homes and Adena Hefets and describe what subtle tells indicate a hit piece (1:10:40) Jay Trading update, geopolitics, and more! FOLLOW Jason: https://linktr.ee/calacanis FOLLOW Molly: https://twitter.com/mollywood Subscribe to our YouTube to watch all full episodes: https://www.youtube.com/channel/UCkkhmBWfS7pILYIk0izkc3A?sub_confirmation=1
Scott Wapner and the Investment Committee discuss this huge week of earnings and what it means for stocks. Plus, Brad Gerstner of Altimeter Capital sends an open letter to Mark Zuckerberg about Facebook, the Committee break down what it means for the name. And later, a Call of the Day on Disney, Wells Fargo calls it their favorite name in media, the Committee take their positions on the entertainment giant.
(0:00) Bestie intros: Brad Gerstner joins in place of Sacks, and brigadoons! (2:02) Ye's current situation and acquisition of Parler (14:17) Snap drops ~30%, corporate misgovernance, super-voting shares (32:53) Macro outlook, Stability AI $101M fundraise, VC fund metrics (1:05:38) The difficulty of active stock picking and valuing businesses (1:21:38) Lyft vs Gavin Newsom on Prop 30, PSA from Chamath Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://www.google.com/finance/quote/SNAP:NYSE https://www.statista.com/statistics/545967/snapchat-app-dau https://www.washingtonpost.com/technology/2022/10/20/musk-twitter-acquisition-staff-cuts https://www.bloomberg.com/news/articles/2022-10-17/digital-media-firm-stability-ai-raises-funds-at-1-billion-value https://twitter.com/elonmusk/status/1520643441994387456 https://www.wsj.com/articles/lyft-battles-gavin-newsom-over-california-measure-to-fund-evs-11665864256 https://voterguide.sos.ca.gov/propositions/30 https://fred.stlouisfed.org/series/GFDEGDQ188S
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
Brad Gerstner is the Founder and CEO of Altimeter, a life-cycle technology investment firm that manages public and private portfolios. Brad has personally participated in more than 100 IPOs as a sponsor, anchor, and investor. Brad's notable deals include Snowflake, Mongo, Bytedance, Gusto, Unity, Okta, dbt, Modern Treasury, EPIC Games, Hotel Tonight, and Zillow. Prior to founding Altimeter, Brad was a 3-time co-founder where he sold all three businesses (to IAC, Google, and Marchex), a founding principal at General Catalyst; a securities lawyer, a former Deputy Secretary of State of Indiana, and a pilot. In Today's Episode with Brad Gerstner We Discuss: 1.) From Humble Beginnings in Indiana to 100 IPOs: When did Brad realize his original love of finance and entrepreneurship? What one single question does Brad ask all potential new recruits to determine if they have hustle? What does Brad know now that he wishes he had known at the beginning of his career? 2.) The Power Law and Supercycles: What is a power law? Why is it the single most important thing in investing? How do the best investors in the world build a framework around supercycles? How does Brad approach market sizing? How does Brad think about market creation when aligning that to his thesis of investing in power laws? How does Brad determine if a large opportunity is a "super-cyle" or a short, time-stamped fad that is unsustainable? How does Brad assess the importance of market timing? 3.) Building Anti-Fragile Portfolios: Portfolio Construction: Why does Brad disagree that the answer to risk mitigation is portfolio diversification? How many companies is enough companies for a diverse portfolio? Price Sensitivity: How does Brad reflect on his own relationship to price? How does this process and mindset change on re-investments? What is needed for Brad to re-invest? Time to Exit: How does Brad analyze when is the right time to exit a position? What are the single biggest mistakes people make when it comes to timing their exit? 4.) The Venture Landscape: Today, What is Happening? Why does Brad believe what has happened over the last 24 months is a great disservice to founders? What are the biggest examples of a complete lack of investor discipline? Why does Brad believe that for all positions valued over $500M, we should apply a 20% discount? Is today's pricing actually just the new normal? How has the public market pricing impacted the deployment of growth stage checks? How will this play out in the next 12 months? Why does Brad believe there is "not blood on the streets yet"? How does the speed of interest rate change impact our ecosystem so dramatically? Items Mentioned in Today's Episode: Brad's Favourite Book: The Snowball: Warren Buffet and the Business of Life
Jamin Ball is a Partner at Altimeter Capital, an investment firm focused on technology investments across both public and private markets globally. The firm was founded in 2008 by Brad Gerstner with just $3 million from friends and family. Altimeter now manages over $15 billion in assets with notable venture investments in the likes of Snowflake, Roblox, Twilio and Uber. Prior to Altimeter, Jamin was Vice President at Redpoint Ventures with investments in Workato, Monte Carlo, Cityblock Health and Root Insurance. Jamin began his career working in investment banking for Bank of America and Morgan Stanley. Download the Callin app for iOS and Android to listen to this podcast live, call in, and more! Also available at callin.com
Investors are facing one of the most challenging backdrops in recent years amid slowing economic growth, rising inflation, and geopolitical conflicts. In this special series, Exchanges at Goldman Sachs: Great Investors, we speak with the world's most respected investors about their investing strategies, career trajectories, and their outlook on markets and the economy. In our most recent episode, Brad Gerstner, founder and CEO of Altimeter Capital, talks with Goldman Sachs' Katie Koch, Chief Investment Officer of Public Equities in the Asset Management Division, about the tech downturn and the launch of Altimeter at the peak of the financial crisis.
I moved from San Francisco to New York, in February 2019, back before it was cool to turn tail on the tech mecca. Truth be told, I’ll always have a special place in my heart for San Francisco, but my girlfriend beckoned from Brooklyn.I’m writing this from my flight back to New York after over a week in SF. I spent much of it in an Airbnb next to Mr. Pickle’s on Van Ness Avenue and then a few days crashing at a fellow tech reporter’s apartment in the Outer Richmond. I ate Mission Chinese and La Taqueria, drank at Brass Tacks and The Monk’s Kettle, and made it up to Calistoga for a picturesque vineyard wedding.But did I spend any time working for you, dear reader? Yes, not to worry. I spent my days shuttling from South Park to the Presidio, catching up with venture capitalists, founders, tech media insiders, and senior tech executives. And I spent my nights getting drunk with them, eager for looser lips.Here are my key immediate takeaways:One source told me that even Insight Partners — which announced a $20 billion fund in February — has decided to seriously slow down big late stage private investments. Until recently, Insight looked like one of the last holdouts when it came to doing late stage deals even as the market unraveled. But now, like pretty much everyone else, it’s mostly focused on its existing portfolio.VC advice on the downturn — even Sequoia Capital’s presentation to founders — has felt too much like content marketing. For some startup CEOs it can feel a bit like you’re the goody two-shoes, “A” student in the classroom, when the teacher reprimands everyone. You think the rebuke applies to you, but really the message is meant for the troublemakers. But it’s the most diligent among us that take these admonitions personally. Founders need advice specific to their company. There’s a sense that there have been many software engineers who have been overpromoted in the bull cycle and that this downturn could force some coders to reset their expectations about their appropriate rank and pay.I spent much of my time asking sources what the overarching, thematic story of the downturn would be. One venture capitalist gave me my favorite answer: He argued that we’d look back on this downturn as a story of the perfect storm between retail and professional investor excesses. On the retail side, we saw the rise of Robinhood and Coinbase, and r/wallstreetbets trades on Kodak and GameStop. On the professional side, we saw firms like SoftBank and Tiger go so, so long without enough diligence to back it up.If I had to name a couple companies/firms that I think are most likely to represent this downturn, right now I’d name Instacart, Coinbase, Robinhood, GoPuff, Bird, Tesla, Tiger, and SoftBank. Though, right now, I think increasingly crypto is looking like it will be the category most associated with this cycle’s excesses.There’s been a lot of envy in traditional startup world of people who went over to the the crypto dark side. Now there’s all sorts of schadenfreude going on as crypto prices plummet. Some VCs are starting to admit (mostly in private) that they never really believed in crypto. Still, there’s so much money. Just as I was leaving the city, Coinbase announced that it was brutally laying off 18% of its staff, locking them out of their emails before they even had time to say goodbye.We’re overdue for a reckoning over who screwed over credulous investors with implausible SPAC deals. ~cough~ Chamath ~ cough ~ At least, Brad Gerstner’s Altimeter led the PIPE on its own terrible Grab SPAC deal. Andreessen Horowitz still remains, probably, the biggest nemesis of many firms in Silicon Valley. Sure, Tiger blew up the startup world. But what Tiger did was so unlike anything venture capital firms were doing, so there’s less professional jealousy. There are whispers that things aren’t as copacetic internally at a16z as might appear from their highly choreographed public communications. It would seem that part of the explanation for the explosion of funds at the firm has been the explosion of egos. Instead of resolving interpersonal conflicts on the consumer fund, let’s just create a gaming fund. In that light, it’s pretty amazing that the firm couldn’t figure out a way to keep Katie Haun. Consumer investing across the board seems challenged. What’s going on over at Popshop, Lunchclub, Cameo, and Clubhouse just to name a few? I guess investors simply wishing consumer investing into being without a strong new thesis wasn’t exactly an omen for the sector’s inevitable success. (I will say that Whatnot and BeReal remain two consumer plays that I’m still following.) What will it mean for this generation of consumer investors? Benchmark’s next generation consumer investor, Sarah Tavel, seems to have made her best investment in business-to-business company Chainalysis, last valued at $8.6 billion. Speaking of Benchmark, the firm deserves some credit for holding firm on its strategy as other venture firms’ fund sizes got crazy. Sure, Benchmark probably could have made way more money if it topped up its own investments — but then it might be taking the heat that Benchmark favorite Altimeter is getting right now over its overexuberance. There’s money and reputation to manage. Benchmark has always made enough money to value its reputation. (That’s something Travis Kalanick, Adam Neumann, Nirav Tolia, etc. surely gripe about.)Last year’s hype around venture capital firms indefinitely holding onto private companies long after they go public is looking like pure bubble thinking. Sequoia’s timing on its all-in-one, hold indefinitely “The Sequoia Capital Fund” looks a little more like one of the excesses from the bull market. But limited partners seem too afraid to do anything to unwind the strategy shift that seems designed to enrich the firm’s general partners. (Reach out to me if you have off-the-record intel on this.)Investors are dramatically slowing the pace of their investments. These funds are going to last years longer than they would have in bull times. Multi-stage investors seem more inclined to double-down on their existing portfolio companies than to make new bets. Bridge rounds are on everyone’s lips. Still, I heard from investors who had made secret Series B and C investments in companies this year. It’s a good time to make a bet on a company that got away for a hype-y Series A round.Startup founders think prospective employees want assurances that their company is really worth what the company says it is. Good private unicorns are in a bit of a bind. Prospective employees are now automatically giving their equity offers a mental haircut based on the market downturn. So good companies have an incentive to reaffirm their valuations with funding rounds during the downturn — even if it otherwise might be smarter to keep their valuations artificially low so as to maintain room to grow should conditions worsen. (I wish employees would get better at assessing companies based on fundamentals, rather than the last tick fundraising round. Employees are basically begging founders to maximize for valuation, which then minimizes employee upside.)Some small-to-medium sized companies are shopping themselves to their rival startups but it’s not always clear why the competitor would want to buy. Why take on additional burn and headcount when all you might end up getting is leads on some new customers? Sure, you might do some venture capital firm a favor, but what’s that really worth?There are some cracks in up-start media world. The most obvious tremor is at BuzzFeed where the stock has sunk 54% in a month. Reporters have been leaving in droves. Meanwhile, The Information lost one of its top editors — Martin Peers. He’s long been a central figure over there. The Information’s up-and-coming venture capital reporter Berber Jin departed to the Wall Street Journal, as did Sarah Krouse who will be covering Netflix for the Journal. Stephen Nellis returned to Reuters. Meanwhile spirits seem strong at my former employer, Bloomberg. The ascendance of the player-coach editor seems to have people upbeat. Sarah Frier is leading big tech coverage and Lucas Shaw (who has been a guest on Dead Cat) is running the show on Hollywood coverage. And somehow Bloomberg just lured back a former star reporter who had left to join the startup ranks: Alex Barinka — who left Bloomberg as a deals reporter to help launch Imran Khan’s Verishop before going over to Stitch Fix — is joining Frier’s team as a social media reporter based in LA. Next week I’m in Toronto for Collision where I’ll be interviewing Uncork Capital’s Andy McLoughlin, Real Ventures’ Janet Bannister, and Left Lane Capital’s Vinny Pujji on a panel Wednesday called “Survival of the leanest: The importance of being capital efficient.” Then, less than an hour later I’ll interview General Catalyst’s Hemant Taneja about responsible innovation. On Thursday, I’ll ask “Has the tech bubble burst... again?!” in a panel with FirstMark’s Matt Turck, Lux’s Deena Shakir, and Neo Financial’s Andrew Chau. Expect the most interesting tidbits in this newsletter late next week.Talking about Chesa Boudin on Dead CatMy first meeting in San Francisco started with a tour of The San Francisco Standard, the Michael Moritz-funded local news enterprise. My old editor Jonathan Weber — once the editor of tech media dot-com icon The Industry Standard — is the editor-in-chief over at the SF Standard. Weber, Dead Cat co-host Tom Dotan, and I met up for a nice dinner at The Morris in the Mission. After spending the evening discussing San Francisco District Attorney Chesa Boudin’s recall, Tom and I convinced Weber to come on the Dead Cat podcast and talk about the Standard and San Francisco politics.Tom thinks I’m going to get eviscerated by San Franciscans for my politics. This is something we’ve never seen before: a New Yorker opining on San Francisco local affairs. I did my best to offend conservatives and liberals alike, maligning the police while rooting for tech’s ascendant influence on San Francisco politics. Weber makes the case for objective, follow-the-reporting local news and outlines the real issues underpinning the recall. He explains how money is simultaneously to blame and not to blame for Boudin’s recall. And he defends the Standard against its critics for its influential story on Boudin’s refusal to make drug arrests. We interrogate what Boudin’s defeat means for the future of progressive politics and the city of San Francisco.Give it a listen.Read the automated transcript. Get full access to Newcomer at www.newcomer.co/subscribe
0:00 Bill Gurley & Brad Gerstner break down the state and historical significance of 2022's market downturn 12:27 How VCs will handle capital commitments from LPs, underwriting startups in the new reality 24:14 Bull run mistakes, why VCs don't underwrite lower valuations, handling distributions 33:52 Gurley's take on WeCrashed & Super Pumped TV series, how sophisticated investors got "gaslit" by the market, influx of capital creating consumer-surplus businesses 47:54 Brad predicts the market for next year, Bill gives post-Benchmark plans Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect
0:00 Bestie Guestie Brad Gerstner is filling in for Friedberg 1:34 Understanding public SaaS and Internet multiples, Instacart's cuts its valuation by 40%, understanding reality of overvalued late-stage companies 21:52 Capital allocators at fault, how crossover funds are reacting, late-stage price discovery, investor and founder behavioral psychology 40:37 Sacks' burn multiple, managing growth spend, new VC qualifications, lessons from the COVID bubble 53:58 Russia/Ukraine: US potential non-ceasefire strategy, Zelenskyy's revelations in CNN interview, rhetoric getting more aggressive 1:08:58 How will Putin withdraw without redacting the sanctions? What is the offramp? Zelenskyy's posture on global war 1:24:18 Understanding China's recently announced tax cuts, All-In Summit talk Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg https://twitter.com/altcap Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://sacks.substack.com/p/the-burnmultiple-51a7e43cb200 https://substack.com/profile/11803623-jamin-ball https://twitter.com/nfergus/status/1506243619384037378 https://www.bloomberg.com/opinion/articles/2022-03-22/niall-ferguson-putin-and-biden-misunderstand-history-in-ukraine-war https://www.rand.org/pubs/research_briefs/RB10014.html https://twitter.com/samramani2/status/1507378113893871617 https://www.reuters.com/world/europe/russia-says-first-phase-ukraine-operation-mostly-complete-focus-now-donbass-2022-03-25/ https://www.wptv.com/news/national/russia-ukraine-conflict/zelenskyy-warns-of-world-war-iii-if-russia-ukraine-peace-talks-fail https://www.realclearpolitics.com/video/2022/03/20/zelensky_ukraine_failed_putin_talks_would_mean_a_third_world_war.html https://www.politico.com/news/2022/03/20/zelenskyy-ukraine-zakaria-interview-00018716 https://fortune.com/2022/03/25/russia-g20-summit-putin-biden-indonesia-bali-china-ukraine/ https://www.nytimes.com/2022/02/23/world/europe/putin-speech-russia-ukraine.html https://fortune.com/2022/03/24/putin-russia-natural-gas-europe-imports-pay-in-rubles-sanctions/ https://www.wsj.com/articles/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541 https://www.nytimes.com/2022/02/23/world/europe/putin-speech-russia-ukraine.html https://www.cnbc.com/2022/03/24/biden-says-us-would-respond-to-russia-if-putin-uses-chemical-or-biological-weapons.html https://www.washingtonpost.com/news/post-politics/wp/2014/03/09/blinken-u-s-would-not-recognize-crimea-secession/ https://www.wsj.com/articles/biden-sticks-with-longstanding-u-s-policy-on-use-of-nuclear-weapons-amid-pressure-from-allies-11648176849 https://www.bloomberg.com/news/articles/2022-03-21/china-embraces-supply-side-economics-with-tax-cuts
We hear a lot these days about hedge funds becoming venture firms, and venture firms becoming hedge funds. But a decade before either of those approaches became mainstream, a tiny $3m fund in Boston named Altimeter Capital set out simply to invest in a concentrated portfolio of America's very best technology companies, regardless if they were public or private. Today that tiny firm has grown to nearly $15B under management and become a premier “capital partner” to founders at all but the very earliest stages — companies like Snowflake, Facebook, Roblox, Plaid, Grab and Acquired fan-favorite Modern Treasury. We sit down with founder & CEO Brad Gerstner to dive into the story behind Altimeter's meteoric rise.Sponsor: https://acquired.fm/zoominfoThis episode has video! You can watch it on YouTube.PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!).Carve Outs:Brad's Twitter thread on Invest America: https://twitter.com/altcap/status/1347454947583950849?s=20&t=gM5zJMcq9p96GcjEHZw56w Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
We hear a lot these days about hedge funds becoming venture firms, and venture firms becoming hedge funds. But a decade before either of those approaches became mainstream, a tiny $3m fund in Boston named Altimeter Capital set out simply to invest in a concentrated portfolio of America's very best technology companies, regardless if they were public or private. Today that tiny firm has grown to nearly $15B under management and become a premier “capital partner” to founders at all but the very earliest stages — companies like Snowflake, Facebook, Roblox, Plaid, Grab and Acquired fan-favorite Modern Treasury. We sit down with founder & CEO Brad Gerstner to dive into the story behind Altimeter's meteoric rise. This episode has video! You can watch it on Spotify (right in the main podcast interface) or on YouTube. PSA: if you want more Acquired, you can follow our newly public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 10, Vanta! Vanta is the leader in automated security compliance – making SOC 2, HIPAA, GDPR, and more a breeze for startups and organizations of all sizes. You might say they're like the “AWS of security and compliance”. Everyone in the Acquired community can get 10% off using this link: https://bit.ly/acquiredvanta Thank you as well to Vouch and to SoftBank Latin America. You can learn more about them at: https://bit.ly/acquired-vouch https://bit.ly/acquiredsoftbanklatam Carve Outs: Brad's Twitter thread on Invest America: https://twitter.com/altcap/status/1347454947583950849?s=20&t=gM5zJMcq9p96GcjEHZw56w Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
The Nasdaq Composite closed lower for the 7th session in 8. Satori Fund's Dan Niles and BMO Capital's Brian Belski tackle the “Talk of the Tape.” Plus, tech investor Brad Gerstner from Altimeter Capital opens up his playbook and talks about his positions in Snowflake, Roblox, and Grab. And Morgan Stanley's Mike Wilson on his bold call. Why he's picking bonds over stocks right now.
Ram Parameswaran has been dominating growth and “crossover” investing for years. He's got an incredible mind and is a fantastic sharer of ideas, trends, themes, and insights. I've had Ram on the podcast in the past to discuss his background and investing thesis. So I figured it was about time to bring him back on to talk about the future, markets, and more. Ram's firm Octahedron Capital is a crossover fund that invests in the internet economy. But before striking out on his own to start his own firm, Ram was doing big things at the multi-billion dollar firm Altimeter Capital (I've actually been a fan of Altimeter founder Brad Gerstner for some time and have shared links to his work in the past). Ram also has some big names in his past investments, including a pre-IPO Uber, Google and TikTok parent Bytedance. In this episode, Ram and I talk about investing in and demystifying the media's views of China, regulation, building infrastructure, investing in tech, no-brainer investments, SPACs, and companies like Amazon, Uber, Roobinhood, and more. Enjoy! Guest - Ram Parameswaran, Founder and CIO at Octahedron Capital howardlindzon.com, octahedroncapital.com Twitter: @howardlindzon, @_ram_, @knutjensen, @jetstarcapital linkedin.com/in/ramparameswaran #fintech #invest #investment #venturecapital #stockmarket #finance
Thanks for listening! We love our listeners! Drop us a line or give us guest suggestions here. Links https://valence.community https://theboardchallenge.org Quotes “For too long Black professionals have been marching to the beat of someone else's drummer. So, what we want to do at Valence is create new paths where people can recognize their contributions, their excellence, bring that to the table and have that be recognized by the organizations that they're a part of.” “The idea for the Board Challenge came from my friend, Brad Gerstner, his thought was: "Hey, how do I affect change on a macro level so that there are more black representatives on boards.” We're starting with black board members, but the ultimate goal is to have more diverse boards in general.” Big Ideas/Thoughts There are two ways to take The Board Challenge pledge. One is if you don't have a black board member you are pledging to add a black board member within 12 months of taking the pledge. So, that is how we are going to get more black board members on companies, recognizing, "Hey, I don't have one. This is a good chance for me to add one. I'm going to take the Pledge. I'm going to make a public pronouncement of my desire and I'm going to be held accountable." If your board already has a Black board member, then you can take the Pledge to support our movement because you know it's important for society, it's important for the boards that we sit on to actually make sure that they are representative, and it’s good for the country, for the economy and for corporate America in general. There are still a hundred S&P 500 companies that don't have a single black board member, so that's a good place to start, but our goal ultimately is fully representative boards in all public and private companies, that's where we want to get to. But if you tell people that," Hey, we want a representative board" the inaction probably will dwarf the level of action, so right now we’re focused on adding black board members. Valence is also helping to solve the perceived issue of a lack of qualified board talent by introducing board service as an aspiration to the members of our BONDS executive development community. Black professionals need to start thinking about serving on boards early, and not wait until they are ready to retire to begin preparing themselves for board service.
Crossover technology investor Brad Gerstner discussed Altimeter Capital taking Grab public in the largest SPAC ever (38:55), why the IPO process is broken and how to fix it (12:55), and the responsibility of people with platforms to encourage responsible retail investing (22:12). As well as, how $2000 for every American invested in the public markets at birth would display the power of capitalism to improve lives (50:50) and more!
Crossover technology investor Brad Gerstner discussed Altimeter Capital taking Grab public in the largest SPAC ever (38:55), why the IPO process is broken and how to fix it (12:55), and the responsibility of people with platforms to encourage responsible retail investing (22:12). As well as, how $2000 for every American invested in the public markets at birth would display the power of capitalism to improve lives (50:50) and more!
【BBB美股财经】 阿里巴巴被市监局罚款182亿，这对baba是好消息还是坏消息呢？英伟达近期发出重磅消息，要开始研发CPU，和AMD以及Intel竞争，这意味着什么呢？东南亚互联网巨头Grab上市，这是一家什么样的公司，是否是一个值得投资的机会？狗币三天暴涨七倍，现在是否是一个该上车的好时机，没能上车的我们该如何调整好我们的心态？#狗币 #英伟达 #grab #Nvidia #Baba #Doge #Grab#Coinbase 00:00:47 阿里巴巴 00:04:20 英伟大 Nvidia 00:14:40 Grab SPAC 上市 00:18:42 Dogecoin 投资心态 00:24:11 大佬Brad Gerstner分享的小故事 欢迎大家收听 & 收看 我们的第8期视频！ 欢迎大家订阅，点赞，留言！本频道所有视频所介绍的内容均为娱乐性质的热点新闻介绍，分享个人见解，不是投资建议，不是理财建议，不作为任何交易的建议，不做股票推荐，仅供娱乐与交流之用，请勿用视频中主播的个人观点决定您的任何投资。股市有风险，投资需谨慎，本频道的全部视频都是主播个人观点，与炒股投资无关，与理财无关。据此投资，风险自负 All contents and videos on this channel are personal opinions, not investment advice, not financial advice, not as any trading advice, not a stock recommendation, only for entertainment and communication purposes. Please Do not use the personal opinion of the host in the video to determine any of your investments. There are risks in the stock market, and investment needs to be cautious.
When Brad Gerstner, a “simple kid from Indiana” set out to build a brand-new investment firm in the swirl of the 2008 financial crisis, his friends and advisors told him he was nuts. But that company, Altimeter Capital, has become an incredibly successful vehicle-- not just for profits, but also for enabling entrepreneurs to do good. In this week's conversation, Bob learns why Brad needed to build Altimeter (it comes down to some advice from Jeff Bezos), how a conversation with his kids inspired him to establish the Board Challenge-- an initiative to quickly diversify corporate boards, and how watching his dad rally a small town to take on a goliath inspired his faith in politics. Plus, Brad shares a lesson from Burning Man... and how it changed his worldview might surprise you! Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
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