Invest Like the Best with Patrick O’Shaughnessy
- Episodios
- 606
- Se publica
- cada semana
- Último episodio
- 11 Nov 2026
Sobre el podcast
Conversations with the best investors and business leaders in the world. We explore their ideas, methods, and stories to help you better invest your time and money. Hear stock market and boardroom insights you can't find anywhere else. If you're a professional investor, CEO, entrepreneur, or business strategist, this is for you. Explore all our episodes and learn more at https://www.colossus.com
Episodios 606
Zach Reitano - Building Ro and Why Healthcare Should Be 50% of GDP - [Invest Like the Best, EP.500]
My guest today is Zach Reitano, the co-founder and CEO of Ro, the country’s leading provider of GLP-1s. In four years, Ro has grown from a $250 million run rate to over $3 billion, with fewer people than it had …
Notas del episodio
My guest today is Zach Reitano, the co-founder and CEO of Ro, the country’s leading provider of GLP-1s. In four years, Ro has grown from a $250 million run rate to over $3 billion, with fewer people than it had in 2021.
The heart of our conversation is what he sees as the central flaw in American healthcare, which is that the patient is not the customer. He points to GLP-1s and LASIK as examples of what’s possible when patients pay directly, and he thinks AI could bring healthcare down to the price of a Netflix subscription.
But to capture that opportunity, Zach first had to rebuild Ro's culture around high performance and a big heart. It shows in the stories Ro shares from people like Serena Williams, which help patients get past the stigma of seeking treatment. The inspiration behind it all is his father, a doctor whose care Zach wants to recreate in software.
Please enjoy my conversation with Zach Reitano.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
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Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:01:35) Why Healthcare Spending Should Rise
(00:05:39) Putting Patients in Control
(00:10:37) Inside Ro's GLP-1 Business
(00:16:29) How GLP-1s Could Reshape Society
(00:23:15) The Hidden Cost of Protecting Jobs
(00:28:35) Rebuilding a Zombie Company
(00:36:33) What Drove Ro's 10x Growth
(00:43:49) Where Healthcare Goes Next
(00:46:27) Zach's Personal Health Stack
(00:54:07) Finding the Work You Were Born For
(01:00:15) Ro's Consumer Playbook
(01:04:39) Breaking Medical Taboos
(01:12:54) The Kindest Thing
Ramtin Naimi - The State of Venture - [Invest Like the Best, EP.499]
My guest today is Ramtin Naimi, the founder of Abstract Ventures, back for our second conversation. Few people see as many companies as Ramtin and his firm, so this time we zoom in on what they’re seeing right …
Notas del episodio
My guest today is Ramtin Naimi, the founder of Abstract Ventures, back for our second conversation. Few people see as many companies as Ramtin and his firm, so this time we zoom in on what they’re seeing right now.
The question he keeps coming back to is whether this is 2019 or 2021: early in a run, or at the top of one. Hot rounds now come with a second, pricier tranche for the firms that lost the deal, and he’s seen more term sheets pulled or renegotiated in recent weeks than at any time since 2021.
We also get into the neolabs, one of which plans to spend $1 billion on a single training run, how the goalposts for a best-case outcome moved from $10 billion to a trillion dollars, and the biggest mistake he’s made building Abstract.
Please enjoy my conversation with Ramtin Naimi.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) The Speed of Today's Deal Market
(00:05:43) How Today Compares to 2021
(00:08:25) Mega Funds and LP Liquidity
(00:13:43) New Ways to Pay for Compute
(00:17:13) GPU Scarcity and the Neolab Boom
(00:20:42) Why Proactive Seed Bets Win
(00:27:42) Is Late Stage the Safe Bet?
(00:31:58) Data Companies and New Angels
(00:34:46) How Abstract Is Evolving
(00:38:17) Rating the Market's Froth
Martin Casado on Frontier Model Economics, AI's Slowdown, and the Cursor Deal - [Invest Like the Best, EP.498]
My guest today is Martin Casado, General Partner at Andreessen Horowitz. Martin has spent three decades building and investing in technology infrastructure. We discuss why traditional approaches to investing …
Notas del episodio
My guest today is Martin Casado, General Partner at Andreessen Horowitz.
Martin has spent three decades building and investing in technology infrastructure. We discuss why traditional approaches to investing often fail to capture disruptive technologies, how AI is reshaping the economics of software, and why the ability to turn capital directly into technological progress may be the most important change of all. Martin also shares lessons from some of his biggest investments and acquisitions.
Please enjoy this conversation with Martin Casado.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) The Four Types of Investors
(00:04:58) Why Moats Rarely Matter
(00:14:45) The State of AI Infrastructure
(00:19:21) Frontier Model Economics
(00:24:12) What AI Makes Possible Now
(00:29:14) AI and Cybersecurity
(00:30:52) Why Money Can Finally Scale Engineering
(00:37:21) Neo Clouds, Neo Labs, and Data Centers in Space
(00:40:52) Why Private Markets Are Efficient
(00:47:23) Lessons From Strategic M&A
(00:54:17) How the Role of the Investor Is Changing
(00:58:49) Why This Is an Industrial Revolution
Cliff Sosin - Owning the Complements to Intelligence - [Invest Like the Best, EP.497]
Cliff Sosin is the founder of CAS Investment Partners, which he started in 2012. Roughly 80% of his portfolio is in Carvana. We discuss why Cliff thinks there are hard limits to what even the smartest AI can …
Notas del episodio
Cliff Sosin is the founder of CAS Investment Partners, which he started in 2012. Roughly 80% of his portfolio is in Carvana.
We discuss why Cliff thinks there are hard limits to what even the smartest AI can predict, which businesses benefit as intelligence gets cheap, and what that means for Meta and the frontier labs.
We also cover why he avoids investing in the AI build-out, how AI agents will push customers to the lowest-cost provider, and why he is comfortable with 80% of his portfolio in one stock.
Please enjoy my conversation with Cliff Sosin.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Why Intelligence Has Limits
(00:02:34) Chaos Theory and the Butterfly Effect
(00:04:59) A 200 IQ Team in Every Pocket
(00:07:33) Meta as Personalized TV
(00:11:18) The Frontier Labs as Businesses
(00:14:59) Jevons Paradox and the Limits of Demand
(00:18:47) Automated Labs and the Speed Limits of Experiments
(00:20:39) Why He Stays Away from the AI Build-Out
(00:22:28) Why the Best Entrepreneurs Are Building Supply
(00:24:22) Lessons from Past Capital Cycles
(00:26:05) TSMC and Physical Moats
(00:27:03) AI Agents and the Low-Cost Producer
(00:29:44) Will AI Replace Investors?
(00:32:01) Price as a Signal Wrapped in an Incentive
(00:34:16) America’s Underrated Capital Markets
(00:37:05) Why America Dominates Risk-Taking
(00:38:36) What Higher Rates Are Telling Us
(00:39:24) The AI Speech He Gives His Companies
(00:41:45) The Best Time to Start a Company
(00:43:03) Corporate Margins and Vertical Stacks
(00:45:16) AI and the Income Distribution
(00:48:13) Letting AI Size the Portfolio
(00:50:56) Why He Holds So Much Carvana
(00:52:22) Educating Kids in the Age of AI
Christina Cacioppo - Building an Enduring Software Company in the Age of AI - [Invest Like the Best, EP.496]
My guest today is Christina Cacioppo, founder and CEO of Vanta, which helps more than 16,000 companies manage security and compliance. Five years after our first conversation, we discuss how Vanta became a …
Notas del episodio
My guest today is Christina Cacioppo, founder and CEO of Vanta, which helps more than 16,000 companies manage security and compliance.
Five years after our first conversation, we discuss how Vanta became a category leader, what it takes to reinvent a successful software business in the age of AI, and why Christina is betting on agents to do the work rather than simply assist users.
We also explore the changing economics of software, the war for exceptional talent, AI's impact on cybersecurity, and what it takes to build an enduring company in Silicon Valley's rapidly changing environment.
Please enjoy my conversation with Christina Cacioppo.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) How Vanta Won a Crowded Category
(00:03:12) Living Through the Software Selloff
(00:05:41) Building an Agent-First Product
(00:07:39) Why Vanta Eats the Cost of AI
(00:10:35) The Search for Outcome Pricing
(00:14:31) Getting People to Actually Use AI
(00:17:46) Why Comp for Top People Is Up 10X
(00:22:13) Valuations, Tenders, and the Endgame
(00:24:20) What’s Overhyped and Underhyped
(00:27:54) The Problem With FDEs
(00:29:34) Why French Startups Use Chinese Models
(00:30:22) Vanta as a Security Company
(00:36:57) What Makes a Great Talk
(00:40:14) Where She Would Invest Today
(00:45:19) The Billboard War
(00:49:35) The AI Trust Crisis
(00:51:39) Security Five Years From Now
David Vélez - Building Nubank and the Future of Global Banking - [Invest Like the Best, EP.495]
David Vélez is the founder and CEO of Nubank, which serves 140 million customers across Latin America. David believes the industry is still in its Blockbuster era, with most of the world's banking still running …
Notas del episodio
David Vélez is the founder and CEO of Nubank, which serves 140 million customers across Latin America.
David believes the industry is still in its Blockbuster era, with most of the world's banking still running through branches and incumbent banks, and that AI will make digital banks dramatically more efficient than the incumbents they compete with.
He explains how Nubank rebuilt its entire organization around AI after missing the moment the technology started working, and why he is now bringing Nubank to the US, a market he says is still dominated by big incumbent banks.
Please enjoy my conversation with David Vélez.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Banking Is Still In Its Blockbuster Era
(00:02:52) 140 Million Customers, 10,000 Employees
(00:04:53) What Banks Could Do in Five Years
(00:06:31) The $600 Billion Tax on Deposits
(00:08:06) A Private Banker for Everyone
(00:12:21) How a Startup Would Attack Nubank
(00:14:56) When Nubank Took AI Seriously
(00:17:08) Data as a Moat
(00:21:29) How Global Finance Will Change
(00:25:20) Stablecoins and the End of Cash
(00:28:45) Creating Creditworthiness
(00:32:35) Where Fintech Opportunities Remain
(00:34:19) Nubank Comes to the US
(00:41:11) Lessons From Disney and Amazon
(00:43:44) How to Sell AI to Nubank
(00:46:51) Agents as a Customer Segment
(00:48:39) How AI Changed Nubank
(01:01:33) What Motivates Him Now
(01:06:21) Founder Versus CEO
(01:14:01) What Latin America Needs
(01:15:40) The Bear Case for Nubank
(01:19:42) Finding the Right Mission
Andrew Huberman - The Frontier of Neurotechnology - [Invest Like the Best, EP.494]
Andrew Huberman is a neuroscientist and professor at Stanford, the host of the Huberman Lab podcast, and the author of Protocols. Most of our conversation is about where neuroscience goes next. For decades the …
Notas del episodio
Andrew Huberman is a neuroscientist and professor at Stanford, the host of the Huberman Lab podcast, and the author of Protocols.
Most of our conversation is about where neuroscience goes next. For decades the field has focused on reading from the brain, and Andrew believes the next era is about writing to it with precise control over specific brain states.
He explains why he thinks the leading AI companies are really building toward this, and why understanding our waking brain states is the problem he most wants to see solved.
Please enjoy my conversation with Andrew Huberman.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Energy as the Bottleneck for Top Performers
(00:06:20) How to Downshift and Fall Asleep
(00:14:06) Neurotech for Sleep and Focus
(00:17:57) The State of Public Health Discourse
(00:22:07) The Biggest Problem in Neuroscience
(00:23:30) Why AI Companies Will Become Biotech Companies
(00:26:18) How We Read Brain Activity
(00:42:07) Crossing the Cyborg Line
(00:43:30) Measuring the Nervous System Directly
(00:57:34) The CRISPR Babies Story
(01:00:24) Embryo Screening and Genetic Engineering
(01:03:01) Understanding Waking Brain States
(01:06:12) Technologists Becoming Neuroscientists
(01:09:35) The Kindest Thing
Noah Shinn - Building Instinct: The Personal Agent - [Invest Like the Best, EP.493]
My guest today is Noah Shinn. Noah is the founder of Instinct, a personal assistant that you text, call, or email the same way you would a person. It has its own phone and its own computer, and it can do almost …
Notas del episodio
My guest today is Noah Shinn. Noah is the founder of Instinct, a personal assistant that you text, call, or email the same way you would a person. It has its own phone and its own computer, and it can do almost anything on your behalf that you would do yourself online. Instinct is about a year old, still invite-only, and growing roughly 10% day over day without any marketing spend.
We discuss the surprising ways people are already using Instinct, the trusted network that lets two people's agents coordinate directly, and what Noah has learned about how long it takes users to trust an agent with their credit card, inbox, and calendar. He explains why he refuses to build an ad model and why he believes a personal agent should never influence users against their own interests.
We also cover the take rate model behind the more than $1 billion a year now flowing through the platform, how travel and food delivery businesses should prepare for a world of agents, why he spends 40% of his time thinking about compute, and why he believes all of software will eventually collapse into one simple interface.
Please enjoy my conversation with Noah Shinn.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Timestamps:
(00:00:00) The Most Exciting Software Race Ever
(00:00:49) What Instinct Is
(00:04:11) The Wildest Things Users Have Done With Instinct
(00:07:15) The Instinct to Instinct Trusted Network
(00:13:24) How Agents Will Reorder the Internet
(00:14:44) Reinventing Restaurant Reservations
(00:17:23) Travel and $1 Billion in Transaction Volume
(00:21:00) How Users Learn to Trust an Agent
(00:23:25) Keeping Sensitive Data Safe
(00:26:08) Alignment and the Business Model
(00:31:07) Take Rates and the Payments Stack
(00:34:52) When Incumbents Push Back on Agents
(00:40:46) How Businesses Should Prepare for Agents
(00:44:43) Designing for Understandability
(00:48:15) Taste Versus Data
(00:50:03) Invite-Only Growth at 10% a Day
(00:54:46) How Far Ahead to Buy Compute
(00:56:58) The Cost to Serve Each User
(00:59:24) How Much Compute Proactive Agents Will Need
(01:02:30) Thoughts on Muse
(01:03:59) Mistakes and Staying Proactive
(01:05:34) The Future of Security
(01:08:32) Where the Interface Goes Next
(01:12:35) Agents That Pursue Goals
(01:14:35) Personality and the Movie Her
(01:16:27) Why It's Called Instinct
(01:17:34) Allies, Enemies, and Distribution Channels
(01:18:43) Raising Capital
(01:20:34) The Kindest Thing
Gabe Stengel - Building Investing Superintelligence - [Invest Like the Best, EP.492]
Gabe Stengel is the co-founder and CEO of Rogo, the AI platform for finance. He believes the best investors will spend the next several years reinventing their firms around AI, and Rogo is trying to build the …
Notas del episodio
Gabe Stengel is the co-founder and CEO of Rogo, the AI platform for finance. He believes the best investors will spend the next several years reinventing their firms around AI, and Rogo is trying to build the infrastructure that allows them to do it.
We discuss how Rogo evolved alongside the frontier models, why the last mile and the harness around the models matter so much, what happens when every portfolio manager can deploy thousands of agents against a problem, and how AI could transform the way capital is raised, assets are priced, and deals get done.
We also cover which investing skills become more valuable as AI improves, the move from seat-based to outcome-based pricing, Rogo’s internal company brain called Shrek, the 40 investor rejections Gabe received before his Series A, why building in applied AI requires extraordinary aggression, and what it takes to become a black hole for talent and capital.
Please enjoy my conversation with Gabe Stengel.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:01:24) The Model Eras of Rogo
(00:04:15) Why the Last Mile Mattered
(00:06:14) Who’s Using Rogo Right Now
(00:10:55) Which Investor Skills Still Matter
(00:12:23) Inside Rogo's Data Stack
(00:14:33) Competing With the Frontier Labs
(00:16:57) Why the Harness Matters Most
(00:18:05) What Makes a Vertical AI Winner
(00:22:00) How Firms Buy AI Software
(00:23:43) From Seats to Outcome Pricing
(00:31:19) Auditability Beats Accuracy
(00:32:55) Scaling Enterprise Sales Fast
(00:34:48) Meet Shrek, Rogo's Company Brain
(00:35:49) The Pitch to Great Talent
(00:39:37) What Chewing Glass Feels Like
(00:42:18) Forty Investor Rejections
(00:47:41) Finance's Innovator's Dilemma
(00:50:22) Questions Every Firm Should Ask
(00:53:09) What Remains Most Uncertain
(00:56:46) Becoming a Black Hole for Talent
(00:57:56) The Kindest Thing
Michael Moritz - Lessons From 40 Years of Investing and Writing - [Invest Like the Best, EP.491]
Michael Moritz led Sequoia Capital for nearly two decades and backed some of the defining companies of the internet era. In his new memoir, Ausländer, he turns his attention to his own family, Jewish refugees …
Notas del episodio
Michael Moritz led Sequoia Capital for nearly two decades and backed some of the defining companies of the internet era.
In his new memoir, Ausländer, he turns his attention to his own family, Jewish refugees who fled Nazi Germany and rebuilt their lives in Wales.
We discuss the imprint his parents left on him, the method he used for decades of asking founders about their childhoods and the Time profile that ended his relationship with Steve Jobs.
We also also cover Lee Iacocca, why Don Valentine hired him, Alex Ferguson's approach to managing players, Elon Musk, and why Mike still struggles to feel proud of anything he has done.
Please enjoy my conversation with Michael Moritz.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:16) Where Does One Person End?
(00:11:15) The State of the World Today
(00:15:08) The Unlived Life of Parents
(00:17:33) Lee Iacocca, Eternal Outsider
(00:21:03) His Most Revealing Question
(00:26:03) Resisters, the Silent, and Collabos
(00:33:30) The Profile of Steve Jobs
(00:38:04) Frank Auerbach's Total Obsession
(00:41:04) Why Don Valentine Hired Michael
(00:46:44) Building Sequoia
(00:49:49) What Michael Learned from Alex Ferguson
(00:52:57) The Great Man Theory
(01:00:36) Defining Extraordinary Writing
(01:03:40) Stepping Back From Sequoia
(01:06:54) A Philosophy of Parenting
(01:09:00) The Next Book: Iran
(01:11:44) The Kindest Thing
Walter Russell Mead - How America Keeps Winning - [Invest Like the Best, EP.490]
My guest today is Walter Russell Mead. Walter is a columnist at the Wall Street Journal and the author of Special Providence and God and Gold, two of the best books written on American power. He has spent …
Notas del episodio
My guest today is Walter Russell Mead. Walter is a columnist at the Wall Street Journal and the author of Special Providence and God and Gold, two of the best books written on American power.
He has spent decades studying how the United States came to dominate the world, and our conversation is about whether it can keep doing so.
Walter lays out the five step playbook that carried the Dutch, then the British, then America to global leadership, and why the same pattern keeps beating centralized continental powers.
We discuss how Trump turned fame into power, the four schools of American foreign policy and the rise of the tech Hamiltonians, what the drone war in Ukraine means for the Pentagon, and why the erosion of deterrence is the deeper story in the Middle East.
Please enjoy my conversation with Walter Russell Mead.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like the Best
(00:02:16) America and the World Today
(00:05:34) Trump’s Method of Power
(00:09:43) Why America Keeps Winning
(00:12:25) The Five-Point Plan for Global Dominance
(00:20:11) China and American Power
(00:22:10) The Risk of American Isolationism
(00:25:50) Technology and Global Power
(00:28:42) Riding the Technological Wild Horse
(00:34:29) Four Schools of American Foreign Policy
(00:40:22) The Rise of Tech Hamiltonians
(00:43:51) India and the Next Great Powers
(00:48:54) The Risks of the Information Revolution
(00:51:30) How Technology Is Changing War
(00:55:06) Taiwan
(00:57:20) The Future of American Society
(01:00:44) What It Means to Be American
(01:03:25) Iran and the Middle East
(01:06:28) The Erosion of Deterrence
(01:08:53) America’s Role in the Next 20 Years
(01:12:08) AI and Global Power
(01:14:26) Reasons for Optimism
(01:16:33) The Kindest Thing
Sarah Guo - Funding the Frontier - [Invest Like the Best, EP.489]
My guest today is Sarah Guo, founder and managing partner of Conviction, the venture firm she built to back AI-native companies from their earliest days. Sarah has become one of the most sought-after …
Notas del episodio
My guest today is Sarah Guo, founder and managing partner of Conviction, the venture firm she built to back AI-native companies from their earliest days.
Sarah has become one of the most sought-after early-stage investors in AI, often the first check into the companies defining the frontier.
In this conversation, we go inside that frontier: what the small group of people actually building AI believe right now, why some of the field's best researchers are wrestling with their own sense of purpose, and how close we are to robots in the home and a genuine acceleration in scientific discovery.
At the center is Sarah's conviction that no single company will own the future of AI, and what that means for founders, investors, and anyone allocating their time and resources in a world moving this fast.
Our managing editor Dom Cooke wrote a profile of Sarah for Colossus, "Sarah's Wager," on how she built the firm closest to the AI frontier and why she's now betting against its biggest companies.
Please enjoy this conversation with Sarah Guo.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like the Best
(00:02:16) Investing Without a Backtest
(00:03:31) The AI Wager
(00:06:16) Building the Best Investment Firm
(00:08:37) Finding Non-Obvious AI Opportunities
(00:11:00) The Frontier AI Talent Race
(00:13:50) Compute as the Constraint
(00:19:10) The Future of Robotics
(00:22:15) Making Investment Decisions
(00:26:13) How Sarah Spends Her Time
(00:28:15) Raising a Venture Fund
(00:30:49) Lessons From Her Parents
(00:34:38) The Case for Open Source AI
(00:39:01) Abundant Intelligence Isn't Inevitable
(00:40:55) Compute Independence
(00:43:14) Debates Inside Conviction
(00:45:27) AI's Opportunity in Biology
(00:48:58) Why Conviction
(00:50:31) Finding Truth and Taking Risk
(00:54:16) What Changes in the Next Year
(00:56:46) The Kindest Thing
Neil Movva - Making AI 10x Cheaper - [Invest Like the Best, EP.488]
My guest today is Neil Movva, founder of Sail. Sail is building what Neil calls a token factory, an inference company designed for a specific kind of future, one where AI agents run in the background for hours …
Notas del episodio
My guest today is Neil Movva, founder of Sail. Sail is building what Neil calls a token factory, an inference company designed for a specific kind of future, one where AI agents run in the background for hours or days at a time rather than answering a human in real time.
In that world, latency matters less and cost matters more, and Neil has built the whole company around driving the cost of a token as low as it can possibly go.
What makes this conversation special is that it is one of the most detailed tours I have ever done through the full stack of intelligence, the software, the chips, and the power, and how all three connect.
Along the way we cover the trade-off between speed and cost that lives inside every GPU, his scavenger strategy for buying the chips and power nobody else wants, his contrarian view on Nvidia, and why the premium the frontier labs charge for being three to six months ahead may not last.
Please enjoy my conversation with Neil Movva.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:20) Neil Movva
(00:03:22) Building a Token Factory
(00:05:32) The Rise of Long-Running Agents
(00:08:47) Deep Research and Cybersecurity
(00:15:12) The Full Stack of Intelligence
(00:20:03) Throughput Versus Latency
(00:24:58) The Future of AI Chips
(00:33:19) Why Transformers Work
(00:36:43) The Future of Data
(00:44:05) The Market for AI Chips
(00:47:56) Is the AI Boom Different?
(00:51:08) Reinventing the Data Center
(00:56:43) Scavenging Power
(01:01:04) Where Compute Is Most Inefficient
(01:07:02) Open Versus Closed Models
(01:10:37) A Trillion Tokens a Day
(01:12:42) The Contrarian Case on NVIDIA
(01:14:38) Advice for AI Hardware Founders
Ben Thompson on Big Tech, China, and the AI Boom Running Out of Money - [Invest Like the Best, EP.487]
My guest today is Ben Thompson, the founder and author of Stratechery. Ben is one of my favorite business thinkers and I love talking to him about everything happening in markets and technology. We go through …
Notas del episodio
My guest today is Ben Thompson, the founder and author of Stratechery. Ben is one of my favorite business thinkers and I love talking to him about everything happening in markets and technology.
We go through every important company, including OpenAI, Nvidia, Intel, Apple, Microsoft, Google, and Amazon. We also discuss why he thinks it would be dangerous for the United States to win the AI race outright, what container shipping and the railroads of the 1870s tell us about the buildout, and why the binding constraint on all of this may be capital rather than compute.
Please enjoy my conversation with Ben Thompson.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:16) Winning the AI Race With China
(00:08:28) Timing, Capital, and the Railroads
(00:11:34) Berkshire, Google, and Absolute Profits
(00:14:23) Verifiable and Unverifiable Domains
(00:20:20) Aggregation Theory in the AI Era
(00:22:06) The Real Cost of Inference
(00:25:40) Why Consumer AI Needs Advertising
(00:30:08) Compute Shortages and Commodity Markets
(00:35:46) Memory Cycles and Boom Bust Dynamics
(00:42:08) TSMC, Intel, and Where Risk Goes
(00:44:51) The Best Setups in Big Tech
(00:52:14) The Frontier Model Contenders
(00:54:27) Microsoft's IBM Playbook
(01:00:45) Meta, Attention, and Advertising
(01:07:29) NVIDIA, Commodities, and Power
Eric Vishria - A Decade of Lessons Investing in Software & Hardware - [Invest Like the Best, EP.486]
My guest today is Eric Vishria, a General Partner at Benchmark. Eric has spent his career in software and cloud, and few people know the history of these markets as well as he does. What makes him special is …
Notas del episodio
My guest today is Eric Vishria, a General Partner at Benchmark.
Eric has spent his career in software and cloud, and few people know the history of these markets as well as he does. What makes him special is his ability to use that history to make sense of today.
We discuss what the rise of AWS teaches us about AI, what he has learned from investing in Fireworks, Sierra, and Cerebras, and how the criteria for winning have changed for founders and investors.
Please enjoy my conversation with Eric Vishria.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:20) Learning the World Through Fireworks
(00:05:42) AWS Was Going to Eat Everything
(00:07:40) The Zero-Sum Thinking Trap
(00:09:01) Comparing Cloud and AI Adoption
(00:11:03) Becoming Enterprise's AI Sherpa
(00:13:05) Building Sandcastles
(00:14:55) The Return to Being Technical
(00:17:13) The Shifting Competitive Frontier
(00:22:10) Why the Old Playbook Fails
(00:27:53) Energy as the Binding Constraint
(00:29:38) The Cerebras Story
(00:37:57) The Virtue of Productive Naivete
(00:39:19) What Robotics Still Needs
(00:45:58) What Makes a Great Board Partner
(00:51:13) Raising A Growth Fund
(00:55:39) What the Big Winners Taught Him
(00:57:37) Hard Work Versus the Hole-in-One
(00:58:38) The Best Reasons to Go Public
(01:01:09) Debates Inside Benchmark
(01:02:16) What If It All Works
(01:03:35) What Geoff Hinton Got Wrong
Gavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]
My guest today is Gavin Baker, founding partner and CIO of Atreides Management. This is our seventh conversation, and just two months after Gavin's last appearance. It's about the gap between what the market is …
Notas del episodio
My guest today is Gavin Baker, founding partner and CIO of Atreides Management. This is our seventh conversation, and just two months after Gavin's last appearance.
It's about the gap between what the market is doing and what companies are seeing. It's been a tough month or so for public AI names, but there's no sign of a slowdown on the ground in Silicon Valley.
We discuss the latest moves, contracted vs. spot GPU prices, the game theory of memory supply agreements, and why Claude has become the Walter Cronkite of the stock market. We close on SpaceX, orbital compute, and what Gavin sees as the single biggest risk to all of it.
Please enjoy this conversation, from the famous table at Benchmark, with my friend Gavin Baker.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:35) First Question: July Was 2022 in a Month
(00:04:08) The Private Companies Public Markets Can't See
(00:05:06) Old GPUs Repricing Higher
(00:06:53) Walking Through the Month
(00:08:22) Kimi, GLM 5.2 & the Open Source Freak-Out
(00:10:51) Real Yields, Spreads & CDS
(00:11:54) Does the Build-Out Need Credit?
(00:15:22) A Sell-Off With No Clear Villain
(00:17:35) Open Source as Dark Matter
(00:18:39) Nvidia's Lowest Forward PE in 10 Years
(00:21:35) Claude as Walter Cronkite for the Stock Market
(00:23:55) Continual Learning & Sample Efficiency
(00:25:19) What Would Actually Scare Him
(00:26:38) Routers & the Multi-Model Future
(00:30:51) Tokens as a Percent of Comp Spend
(00:33:37) The Game Theory of Breaking an LTA
(00:36:41) Nvidia's Credit Wrapper & Revenue Share
(00:37:45) What He'd Do If He Ran Hynix
(00:41:46) Who's More Bullish than Him
(00:43:28) China's DUV Machine
(00:46:10) Bull Case for Software
(00:48:16) The RSI Maximalist View
(00:49:31) Inference Clouds Growing Without Burning Cash
(00:50:35) The Biggest Risk Is Regulation
(00:53:44) Telling the Story Better
(00:57:15) Dark Horses
(00:58:02) SpaceX in the Public Markets
Sam Altman - How to Make an Abundant Future - [Invest Like the Best, EP.484]
My guest today is Sam Altman, CEO of OpenAI. It's a conversation spanning the history, present, and future of OpenAI, from the origin of ChatGPT through Codex, hardware, and their new Jalapeno chip. We discuss …
Notas del episodio
My guest today is Sam Altman, CEO of OpenAI.
It's a conversation spanning the history, present, and future of OpenAI, from the origin of ChatGPT through Codex, hardware, and their new Jalapeno chip.
We discuss the early decision to buy compute at a scale nobody thought was rational, and the plan to build a gigawatt of new capacity every week.
We talk about Kimi and distillation, the Hugging Face incident and what it means for the pace of AI development, and what it's like to raise kids who will grow up never knowing a world without abundant intelligence.
Please enjoy my conversation with Sam Altman.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:02) Intro: Sam Altman, CEO of OpenAI
(00:02:35) Refocusing
(00:05:43) OpenAI’s Compute Bets
(00:09:07) Data Centers
(00:11:14) Jalapeno Chip
(00:11:52) Kimi, Distillation & Open Source
(00:14:39) The Hugging Face Incident
(00:17:46) OpenAI's Mission & Vision
(00:22:14) All the Returns Are at the Frontier
(00:22:27) Bottlenecks: Compute, Research, Data
(00:23:49) Sam's View on AI & Jobs
(00:26:56) Unpopular Bets That Turned Out Right
(00:27:45) Model Cycles
(00:29:45) How Sam Uses AI
(00:32:44) Having Kids
(00:34:56) Why Sam Has No Equity in OpenAI
(00:35:33) Robotics
(00:36:48) The Origin Story of ChatGPT
(00:39:22) How to Get AI into More Hands
(00:42:20) How Sam Recruited Great AI Researchers
(00:43:57) What Sam Learned From Being an Investor
(00:45:22) What the Next 6–36 Months Look Like
(00:46:31) Codex
(00:49:36) Could We Be Oversupplied in Compute in Two Years?
(00:50:09) Sam's View on Scaling Laws
(00:50:20) Alec Radford
(00:51:12) Formative Moments
(00:53:50) Kindest Thing
Matthew Smith — Natural Gas: The Next Bottleneck - [Invest Like the Best, EP.483]
My guest today is Matthew Smith. Matthew is the founder and CIO of Chronometer Partners, which invests in energy, industrials, materials, power and utilities, and related infrastructure. For the last 18 months …
Notas del episodio
My guest today is Matthew Smith. Matthew is the founder and CIO of Chronometer Partners, which invests in energy, industrials, materials, power and utilities, and related infrastructure.
For the last 18 months he and his team have modeled nearly every natural gas well, pipeline, and processing asset in the United States. He's reached a conclusion most of the market doesn't share.
Starting in 2028, AI data centers and LNG exports will need more gas than the country can produce and deliver. By his math, the US could exhaust its working natural gas storage by 2030. In his words, the upside risk to prices becomes unbounded and convex.
We talk about why this was set in motion long before AI arrived, why the US can't just turn off exports, who wins and loses among producers, nuclear, solar, and the hyperscalers, and what he sees as the only long-term solution.
Please enjoy my conversation with Matthew Smith.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
In June, Matthew wrote a letter to a small group of confidants laying out the full case behind his natural gas forecast. He has allowed us to publish it. You can read the full letter here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like the Best
(00:02:02) Episode Intro: Matt Smith
(00:03:33) The Conclusion After 18 Months
(00:04:56) The Die Was Cast Before AI
(00:07:24) Sizing AI's Gas Demand
(00:09:33) Why Not Just Stop Exporting?
(00:11:38) Is the Gas Even There?
(00:13:53) The Timing Problem, Not Supply
(00:15:15) Flow Versus Stock
(00:19:10) What Slows Gas to Market
(00:22:21) If Nothing Changes by 2030
(00:26:11) Could Prices Hit Twenty Dollars?
(00:27:00) Gas Producers Poised to Win
(00:28:54) Utility-Scale Solar's Windfall
(00:30:08) What About Nuclear?
(00:32:40) SMRs
(00:34:29) The US Consumer Pays
(00:36:37) Turbine Makers Building Too Late
(00:37:57) Are Hyperscalers Exposed Too?
(00:44:25) Kickstarting the Nuclear Build
(00:46:20) Put Solar on Every Roof
(00:46:52) Implications for the World
(00:49:26) No One's Securing Supply
(00:52:57) The Challenge for Energy CEOs
John Kim - How to Raise a Few Billion Dollars - [Invest Like the Best, EP.482]
Today my guest is John Kim. John is one of the world's top and most prolific fundraisers. He was chief client officer at General Catalyst, where he helped raise many of the firm's flagship funds. He is now …
Notas del episodio
Today my guest is John Kim. John is one of the world's top and most prolific fundraisers.
He was chief client officer at General Catalyst, where he helped raise many of the firm's flagship funds. He is now chairman and president of corporate development at Lila Sciences, a company building scientific superintelligence, where he has helped raise several hundred million dollars.
He is also the author of The Tao of Fundraising.
This conversation is really a guide on how to raise money from someone who has done it at the highest level. We talk about why persuasion equals desire minus fear, the difference between belief and trust, the laws of fundraising, and how to build the consensus that moves big pools of capital.
Please enjoy my conversation with John Kim.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:02) Introduction of John Kim
(00:02:39) Money Moves at the Speed of Trust
(00:05:06) How to Start a Fundraising Campaign
(00:08:03) Persuasion Equals Desire Minus Fear
(00:12:20) How to Raise a Few Billion Dollars
(00:15:58) The Benchmark Story
(00:18:36) The Law of Differentiation
(00:24:13) Law of Tradeoffs and Law of Pipeline
(00:27:52) The Karpman Drama Triangle
(00:30:42) Oprah Winfrey
(00:33:49) Most Common Fundraising Mistakes
(00:38:35) Secretary of State
(00:45:40) The Inner Game
(00:47:38) The Kindest Thing
Jeremy Giffon - The Billion Dollar PDF - [Invest Like the Best, EP.481]
My guest today is Jeremy Giffon. Jeremy has been on the show before as one of our most popular guests, and this conversation is every bit as enjoyable as the first. Over the last 18 months, Jeremy has had …
Notas del episodio
My guest today is Jeremy Giffon. Jeremy has been on the show before as one of our most popular guests, and this conversation is every bit as enjoyable as the first.
Over the last 18 months, Jeremy has had hundreds of conversations with founders and with the capital behind their companies. I don't know many investors with such a high rep count in the most interesting corners of private markets, so I asked him what he has learned.
We talk about what those lessons mean for founders and investors, why everyone has become subservient to the poster class, the hidden intellectual history behind Silicon Valley and much more.
Please enjoy my conversation with my friend, Jeremy Giffon.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:02) Jeremy Giffon
(00:02:34) Lessons from 18 Months of Founder Conversations
(00:07:01) The Billion-Dollar PDF
(00:08:13) The Unifeed & Rise of the Timeline
(00:17:02) Power Law & Breakout Content
(00:18:48) AI Algorithms Driving Content
(00:20:38) Timeline-Native White House
(00:21:09) Traits of Great Posters
(00:25:27) Peak Guy & the Billionaire Priest Class
(00:32:13) Billionaires Now Defer to Posters
(00:34:52) Freedom vs. Relevance
(00:38:53) AI & White-Collar Job Displacement
(00:40:53) Stewarding Your Gifts as Moral Duty
(00:43:18) Next Wave of Finance: Equity-First Firms
(00:53:26) East Coast vs. West Coast Finance
(00:55:34) Beating the Market Is Not That Hard
(01:00:40) SPV Feudalism & Allocation
(01:02:10) Egregious SPV Fee Structures
(01:04:50) Simplicity vs. Complexity in Investing
(01:07:15) Hiring: Attracting Differentiated Talent
(01:11:00) Silicon Valley's Hidden Intellectual Traditions
Etched - Building AI Hardware to Make Inference Faster and Cheaper - [Invest Like the Best, EP.480]
My guests today are Gavin Uberti and Rob Wachen, the founders of Etched. A few years ago, when they set out to build a better AI chip than the largest companies in the world, almost everyone I called told me it …
Notas del episodio
My guests today are Gavin Uberti and Rob Wachen, the founders of Etched.
A few years ago, when they set out to build a better AI chip than the largest companies in the world, almost everyone I called told me it could not be done. They have since done it, taping out a working chip on their first attempt and becoming the first hardware company founded after ChatGPT to do so.
They already have more than a billion dollars of customer demand for their first product, and have raised eight hundred million dollars to build it.
Etched builds chips and systems designed to run AI models faster and at lower cost. They started the company in 2023, and that product is a complete rack for inference, the chip along with the boards, the power delivery, the interconnects, and the manufacturing to produce it all.
We talk about the technical bets behind their architecture, how they hired industry legends and paired them with elite 22 year-olds, and why they believe inference will become one of the largest markets in the world.
I think you will find the story of what they have built hard to forget.
Please enjoy my conversation with Gavin and Rob.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:07) Gavin Uberti and Rob Wachen
(00:03:54) Two 21-Year-Olds Taking on NVIDIA
(00:07:52) The Two Technical Bets Behind Their Architecture
(00:14:15) Why Inference Becomes the Biggest Market
(00:20:23) Rob and Gavin's Origins Stories
(00:28:38) How They Recruit Industry Legends
(00:36:30) Moving a Dozen Engineers to Bangalore for Six Months
(00:38:01) Speed Wins
(00:43:58) Getting More Concurrency Out of Every Megawatt
(00:52:44) Vertical Integration
(00:57:43) Hardest Obstacles to Overcome
(01:01:09) Raising The Largest AI Chip Series A Ever
(01:06:29) TSMC
(01:13:20) Designing Gen 2 for Gigawatt-Scale Production
(01:16:42) Why Machines Don't Think Like People
(01:20:03) A Year of Compute Compressed Into a Month
(01:23:44) The Trillion-Dollar Data Center
(01:26:19) The Kindest Thing
Vlad Barbalat - Investing $120 Billion in Permanent Capital - [Invest Like the Best, EP.479]
My guest today is Vlad Barbalat, the Chief Investment Officer of Liberty Mutual Investments, the $120 billion investment platform that sits within one of the largest insurance companies in the world. Vlad grew …
Notas del episodio
My guest today is Vlad Barbalat, the Chief Investment Officer of Liberty Mutual Investments, the $120 billion investment platform that sits within one of the largest insurance companies in the world.
Vlad grew up in Soviet Moldova, came to America in 1990, and built a career that eventually led him to one of the most distinctive capital allocator seats anywhere in finance.
Today we talk about how the mutual insurance structure creates a unique investment platform, what Liberty looks for in a new deal or partner, and what it means to build a career and a life in a country that gave you opportunities you never would have had anywhere else.
Please enjoy my conversation with Vlad Barbalat.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgeline.ai.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:00:53) Vlad Barbalat
(00:01:28) The Most Interesting Seat in the Market
(00:05:53) Breaking Down the $120B
(00:10:41) How the Portfolio Is Constructed
(00:11:00) The House View
(00:13:49) What Liberty Looks for in a GP
(00:16:32) Why Not Just Buy Bonds
(00:18:30) Benefits of the Mutual Structure
(00:23:40) The Luxury of the American Citizen Through Immigrant Eyes
(00:30:26) How Immigration Shaped His Worldview
(00:32:45) Direct Deals vs. GP Allocations
(00:35:23) Branded Capital
(00:39:07) Geopolitics & Investing
(00:43:48) AI's Impact on Investing
(00:46:22) The Valuation Debate
(00:50:47) Public vs. Private Markets
(00:53:53) Lessons from Goldman
(00:54:41) Why Excellence Matters
(00:57:30) Managing Permanent Capital
(01:03:54) The Kindest Thing
Kareem Amin - The Unusual Approach to Company Building - [Invest Like the Best, EP.478]
My guest today is Kareem Amin, co-founder and CEO of Clay. Clay has become one of the fastest-growing software companies of the last few years, valued at over four billion dollars. It helps companies find their …
Notas del episodio
My guest today is Kareem Amin, co-founder and CEO of Clay. Clay has become one of the fastest-growing software companies of the last few years, valued at over four billion dollars. It helps companies find their best customers and reach them at scale.
But this conversation is about a lot more than Clay. Kareem is one of the most original thinkers I know.
We talk about the statues he keeps at the center of how he runs Clay — truth, justice, and courage — and what those words demand of him in practice. We talk about risk, ambition, and what he learned about both on a ten-day silent meditation retreat.
I've had a lot of conversations with Kareem over the years. This is one I'll remember. Please enjoy this unique conversation with Kareem Amin.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Kareem Amin
(00:03:07) Clay's Origin
(00:10:50) Truth, Courage and Justice
(00:16:09) Adulation
(00:18:28) Risk, Courage & Self-Respect
(00:21:14) Jony Ive & Steve Jobs
(00:21:42) Role of Introspection
(00:23:08) Lack to Wholeness
(00:27:27) The Day Five Insight
(00:29:57) Running a Startup Unusually
(00:34:41) Learning from Magicians
(00:36:27) Music's Role in Your Life
(00:39:38) Making People Feel Something New
(00:41:20) Vision in Company Building
(00:44:29) Wealth & What It's Taught You
(00:47:40) All Problems Are Communication Problems
(00:52:14) Death Doula & Scaling
(00:55:06) The Kindest Thing
Alex Sacerdote - How to Invest Through Technology Cycles - [Invest Like the Best, EP.477]
My guest today is Alex Sacerdote, founder of Whale Rock Capital Management. Whale Rock is a technology focused investment firm that manages more than $17 billion across hedge fund, long only, and hybrid …
Notas del episodio
My guest today is Alex Sacerdote, founder of Whale Rock Capital Management.
Whale Rock is a technology focused investment firm that manages more than $17 billion across hedge fund, long only, and hybrid strategies. Over the past three years it has been one of the best performing hedge funds, compounding at roughly 44 percent a year.
Alex invests through a single lens that he has refined over twenty years. He looks for technology S-curves, durable competitive advantages, and underappreciated earnings power.
This conversation is a tour through how he applies that framework right now. We start with his highest conviction position, which is Anthropic, and use it to work through the entire AI stack from chips to models to applications.
Please enjoy my conversation with Alex Sacerdote.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Alex Sacerdote
(00:03:08) Anthropic: Highest Conviction Position
(00:13:23) Investing in Private Markets at Scale
(00:19:08) S-Curves: The Full Framework
(00:25:08) When to Buy Tech Companies
(00:30:20) Identifying the Leader from the Pack
(00:34:04) Anthropic & OpenAI's Competitive Moats
(00:37:31) AI's Threat to Enterprise Software
(00:43:18) Network Effects in the Agent Era
(00:44:22) The Hardware Renaissance: Chips & Infrastructure
(00:53:56) Why So Few Investors Get This Right
(00:55:36) Key Risks to the AI Bull Case
(00:57:47) The Application Layer
(00:59:40) How AI Is Changing Research at WhaleRock
(01:02:53) The Role of Investor Networks & Idea Sharing
(01:03:40) Building a Multi-Product Firm
(01:07:58) WhaleRock as a Learning Machine
(01:09:15) The Kindest Thing
Dara Khosrowshahi - Uber's Bet on AVs, AI, and Building a Super-App - [Invest Like the Best, EP.476]
My guest today is Dara Khosrowshahi, the CEO of Uber. Before Uber, Dara ran Expedia for thirteen years. We start with why he took this job in 2017, and a big part of that story is Daniel Ek, who told him that …
Notas del episodio
My guest today is Dara Khosrowshahi, the CEO of Uber. Before Uber, Dara ran Expedia for thirteen years. We start with why he took this job in 2017, and a big part of that story is Daniel Ek, who told him that life is not about happiness, it is about impact.
We talk about what the chaos felt like on day one, and how his family leaving Iran when he was nine shaped the way he handles pressure today.
We spend most of our time on autonomous vehicles and Uber's role as the demand aggregator in a world of physical AI. Dara explains why Uber is a supply-led company, what it will take to win, and why he expects many winners in AVs rather than one.
We also discuss Uber's $10 billion in free cash flow, the push toward a single app for everything, and what he has learned from Allen & Co, Barry Diller and Reed Hastings.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Intro to Dara Khosrowshahi
(00:03:37) How Daniel Ek Convinced Dara to Take the Uber Job
(00:06:54) Bringing Order to Chaos
(00:09:20) Managing Stress as a Leader
(00:11:22) The Chip on His Shoulder
(00:12:53) Parenting Lessons
(00:17:01) Mandate for AI Adoption
(00:21:21) Uber's Role in Physical AI
(00:22:48) Winning the AV Demand Race
(00:27:41) Partnering vs. Competing with Waymo
(00:32:05) AV Success Unlocks New Markets
(00:35:09) Why Drones Haven't Arrived Yet
(00:36:27) Regional AV Rollout Differences
(00:37:35) Uber Eats International Winning Formula
(00:39:44) Key to Aggregating Supply Well
(00:44:34) Adding Hotels to Uber Platform
(00:50:46) Lessons in Marketing at Scale
(00:52:59) Apps vs. AI Agents in Seven Years
(00:54:08) What Dara Learned from Barry Diller
(00:56:52) What Dara Learned from Allen & Co
(01:00:09) Buybacks vs. Growth Investing
(01:04:17) Lessons from Reed Hastings
(01:05:49) The Kindest Thing
Dan Loeb - Lessons from 30 Years of Investing - [Invest Like the Best, EP.475]
My guest today is Dan Loeb, the founder and CEO of Third Point. Dan started Third Point in 1995 with a few million dollars, and today the firm manages over 24 billion across equities, corporate and structured …
Notas del episodio
My guest today is Dan Loeb, the founder and CEO of Third Point.
Dan started Third Point in 1995 with a few million dollars, and today the firm manages over 24 billion across equities, corporate and structured credit, venture, and insurance.
He is best known for his activist work at companies like Sotheby's, Sony, and Yahoo, and for the public letters he has written to boards over the years.
What I find most interesting about Dan is how much his approach has evolved across thirty years.
He came up as a credit and event-driven investor at Warburg Pincus and Jefferies, built Third Point, then layered in quality investing, thematic technology investing, and now a very large credit business that sits alongside the hedge fund.
We cover how he thinks about the AI stack and the companies inside it he believes matter most, the difference between good and bad governance, what FTX taught him about due diligence, the Sony and Sotheby's stories, and the power of writing.
Please enjoy my conversation with Dan Loeb.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Dan Loeb
(00:03:21) Mental Models Information Overload
(00:06:50) Dan's Identity as an Investor
(00:11:24) The End of Classic Event-Driven Investing
(00:13:52) Evolving Strategy Over 30 Years
(00:17:48) Return Opportunities in Today's Market
(00:21:12) Sources of Alpha for Fundamental Investors
(00:22:10) Good vs. Bad Governance
(00:26:17) Writing as an Investing Tool
(00:27:29) The Sotheby's Story
(00:30:04) Activism Opportunities Today
(00:31:03) Third Point's Evolution to 60% Credit
(00:36:10) Dan as Sole Portfolio Manager
(00:38:09) Value Investor Perspective on Today's Market
(00:39:23) Investing Outside the US
(00:40:33) The Sony Activism Story
(00:43:59) Lessons from 30 Years of Investing
(00:46:26) Danaher and Operational Excellence
(00:48:48) Building the Insurance Liability Business
(00:51:19) The FTX Story
(00:53:07) Leading a Team Through Uncertainty
(00:54:29) Where Third Point Is Most Contrarian
(00:56:22) What Makes a Great Analyst Today
(00:58:12) The Next 10 Years
(01:00:24) The Kindest Thing
Darren Farber on Iran, China, and the Rise of Neoprimes - [Invest Like the Best, EP.474]
My guest today is Darren Farber, and this is his second appearance on the show. Darren is a Managing Partner of Albion River, a defense-focused investment firm and he previously served as a special advisor to …
Notas del episodio
My guest today is Darren Farber, and this is his second appearance on the show.
Darren is a Managing Partner of Albion River, a defense-focused investment firm and he previously served as a special advisor to the Deputy Under Secretary of Defense.
We recorded this conversation in the middle of the Iranian contingency, and we spent most of our time on what winning actually means in a theater like Iran.
We discuss why magazine depth matters for the American industrial base, lessons from Ukraine, and what the rise of neo-prime defense companies will require from Congress.
Please enjoy my second conversation with Darren Farber.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Darren Farber Intro
(00:02:59) Defining What Winning Looks Like in Iran
(00:12:16) The Strait of Hormuz
(00:13:27) Eisenhower vs. Taylor: Two Military Doctrines Explained
(00:17:12) US Military Readiness vs. the Pentagon Era
(00:20:05) America's Magazine Depth
(00:21:36) China's Vulnerability
(00:25:28) Trading Freedom for Security
(00:27:31) Today's Industrial Base
(00:29:30) Lessons from the Ukraine War
(00:31:11) Impact of Iran Conflict on Taiwan Risk
(00:33:02) What Neo-Prime Defense Companies Need to Succeed
(00:39:53) Can We Win Without Full Regime Change in Iran?
(00:45:46) AI's Impact on Modern Warfare
Gavin Baker - Watts and Wafers - [Invest Like the Best, EP.473]
My guest today is Gavin Baker, founding partner and CIO of Atreides Management, and this is our sixth conversation. The central theme is watts and wafers, the two physical constraints that in Gavin's view will …
Notas del episodio
My guest today is Gavin Baker, founding partner and CIO of Atreides Management, and this is our sixth conversation.
The central theme is watts and wafers, the two physical constraints that in Gavin's view will dictate the next phase of AI.
On power, he thinks the near-term shortage starts to ease in 2027 and 2028 as new sources of energy come online, and that orbital compute solves it in the long term.
On wafers, he explains what is different this time from the dotcom bubble and why TSMC’s capacity decisions may be the single most important variable to watch.
We also discuss Elon’s Terrafab, the disaggregation of GPUs, the role of new chip companies, and whether the economic value of AI will keep accruing to frontier models.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Gavin Baker Intro
(00:03:32) Anthropic's Record ARR Growth
(00:11:49) Should OpenAI and Anthropic Raise at a Much Higher Valuation?
(00:13:23) How Elon Preserves Investor Trust
(00:14:00) Watts & Wafers
(00:15:45) Data Centers in Space Explained
(00:20:51) Orbital Compute’s Impact on Terrestrial Data Centers
(00:26:24) TSMC Supply Discipline & Bubble Risk
(00:30:50) Demand for Frontier Tokens & The Bitter Lesson
(00:35:33) Continual Learning & Memory
(00:40:01) New Chip Companies & Startups
(00:42:49) Prefill vs. Decode Disaggregation
(00:48:40) AI-Native Founders: Different & Hard
(00:51:27) Token Path & Application Layer
(00:56:13) How Gavin Uses AI in Atreides
(01:00:06) Signs of a Diversity Breakdown
(01:05:42) Google, Meta, Amazon, Microsoft
(01:11:42) Broader Knock-On Effects of AI
Krishna Rao - Anthropic's CFO on Compute, Scaling to $30B ARR, and the Returns to Frontier Intelligence - [Invest Like the Best, EP.472]
My guest today is Krishna Rao, the CFO of Anthropic. The center of our conversation is how he navigates the decision around procuring and allocating compute, which he describes as the canvas on which everything …
Notas del episodio
My guest today is Krishna Rao, the CFO of Anthropic. The center of our conversation is how he navigates the decision around procuring and allocating compute, which he describes as the canvas on which everything else gets built.
We talk about what he calls the cone of uncertainty, the three chip platforms Anthropic uses fungibly across Trainium, TPUs, and GPUs, and the daily meetings they run to allocate compute between model development, internal use, and serving customer demand.
He explains why the returns to frontier intelligence keep getting higher, especially in enterprise, and how Anthropic thinks about the line between platform and application and why they choose to build their own products like Claude Code.
Krishna has such a unique seat watching one of the fastest growing businesses in history, and he is generous in sharing what he has learned since joining the company two years ago.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Episode Intro: Krishna Rao
(00:03:14) Compute as Anthropic's Lifeblood
(00:05:17) Three Fungible Chip Platforms
(00:07:31) The Cone of Uncertainty
(00:09:08) Competing Ways to Allocate Compute
(00:10:36) What Drives Compute Efficiency
(00:12:38) Why Frontier Returns Are So High
(00:16:32) How Claude Code Writes Its Own Code
(00:18:46) Will Talent Become Obsolete?
(00:20:07) How Scaling Laws Are Holding
(00:21:54) Exponential Thinking
(00:23:17) The Layer Cake of Compute
(00:26:36) How Anthropic Deploys New Compute
(00:27:53) Platform v. Application Layer
(00:32:42) Why Model Pricing Has Stayed Stable
(00:35:26) Measuring Return on Compute
(00:37:22) Working With Chip Providers
(00:38:32) How Anthropic's Finance Team Uses Claude
(00:41:32) The Jevons Paradox for Labor
(00:43:08) Anthropic's Fundraising & Growth Journey
(00:47:31) The Exponential Revenue Curve
(00:49:02) The Hardest Thing to Explain to Investors
(00:52:15) AI's Public Perception Problem
(00:55:38) Mythos
(00:57:31) Relationship With Government
(00:58:51) Inside Anthropic's Culture
(01:03:48) The Next Frontier: Virtual Collaborators
(01:06:22) How Leaders Scale With a Business
(01:10:55) The Biggest Risks to Continued Progress
(01:12:09) What Krishna is Excited About
(01:13:45) The Kindest Thing
Brian Chesky - AI Founder Mode - [Invest Like the Best, EP.471]
My guest today is Brian Chesky, the co-founder and CEO of Airbnb. Our conversation traces the path from his early training as an industrial designer at RISD through the pandemic moment that forced him into …
Notas del episodio
My guest today is Brian Chesky, the co-founder and CEO of Airbnb. Our conversation traces the path from his early training as an industrial designer at RISD through the pandemic moment that forced him into founder mode.
He explains why he thinks AI founder mode will demand even more attention to the details and why founders are rarely good early CEOs.
He walks through his eleven-star exercise, which is a way of imagining the most absurd version of a customer experience to achieve product market fit.
We also talk about what changed for him when he stopped chasing adulation and started making things for the love of making them.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at colossus.com/subscribe.
-----
Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ramp.com/invest to sign up for free and get a $250 welcome bonus.
-----
Trusted by thousands of businesses, Vanta continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to vanta.com/invest.
-----
WorkOS is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel.
-----
Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest.
-----
Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit ridgelineapps.com.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Episode Intro: Brian Chesky
(00:03:07) Studying Industrial Design at RISD
(00:08:30) Why Founders Don't Make Good CEOs
(00:09:02) Founder Mode
(00:12:51) AI Founder Mode
(00:14:41) The End of Pure People Managers
(00:18:42) Consumer AI
(00:21:45) Project Hawaii
(00:25:49) Make the Problem as Small as Possible
(00:29:46) Becoming a Good CEO
(00:32:11) What Brian Learned From Hiroki Asai
(00:36:32) The Eleven-Star Experience
(00:38:48) AI and Creativity
(00:41:44) Making Things for the Love of It
(00:43:36) The Adulation Trap
(00:46:38) The Ham Sandwich Paradox
(00:52:38) Why Founder-Led Businesses Endure
(00:55:14) The Person as the Atomic Unit of Airbnb
(00:59:40) Disrupting Yourself With AI
(01:02:11) Lessons from Bodybuilding
(01:07:55) Hiring as the Most Important Job
(01:09:16) Are Founders Born or Made?
(01:11:04) The Motivation of an Artist
(01:11:47) The Kindest Thing
Aquí están los 40 episodios más recientes de 606. Los anteriores están en el feed del podcast.
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