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Sarah Guo is the founder of Conviction and one of the most closely watched investors in AI. In this conversation, Sarah and Patrick discuss what the people at the frontier of AI actually believe, why some researchers think exponential intelligence may be only a few years away, and how she’s navigating an investing environment that can’t be backtested. They also explore the race for compute, the future of open-source AI, why America may need compute independence, the rapid progress in robotics, how AI could transform biology and drug discovery, and Sarah’s framework for building conviction before the rest of the market catches up. Timestamps 0:00 Intro 1:08 Investing Through the AI Boom 5:03 Building Conviction in AI 12:06 What AI Researchers Believe 15:44 Compute, Capital & Robotics 24:03 How Sarah Makes Investments 39:24 The Case for Open Source 49:01 America’s Compute Independence 51:32 AI’s New Investment Markets 59:36 Finding Truth & What’s Next #InvestLikeTheBest #SarahGuo #ArtificialIntelligence #AI #VentureCapital #Investing #OpenSourceAI #Robotics #Technology #Startups Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Neil Movva, co-founder of Sail Research, joins Patrick to explain why the next era of AI may be defined not by faster chatbots, but by background agents that work autonomously for hours, days, or even weeks—and what it will take to make that intelligence cheap enough to become abundant. Neil lays out Sail’s “token factory” strategy across software, chips, data centers, and power; the lessons he learned chasing “speed of light” performance at Nvidia; why he’ll buy almost any chip at the right price; and why unreliable, distributed data centers powered by sources like solar and wind could actually be an advantage. They also discuss transformers and memory, the future of AI training data, the economics of the chip shortage, open versus closed models, and Neil’s belief that there will always be demand for more intelligence. TIMESTAMPS 0:00 Intro 0:38 Building a “Token Factory” 4:21 The Future of Background Agents 13:09 Nvidia and the GPU Stack 23:27 Chips, Memory, and Transformers 36:14 The Future of AI Training Data 44:32 Chip Scarcity and Compute Arbitrage 52:44 Reinventing the AI Data Center 59:01 Power and the “Scavenger Strategy” 1:10:10 Open vs. Closed AI #ArtificialIntelligence #AIAgents #NVIDIA #AIInfrastructure #InvestLikeTheBest Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Ben Thompson joins Invest Like the Best for a wide-ranging conversation about the economics, geopolitics, and business models shaping the AI era. They discuss why overwhelming U.S. dominance in AI could be dangerous, whether the massive AI infrastructure buildout can generate returns before the capital runs out, and what the railroad boom can teach us about today’s spending cycle. Ben also explains why Google may increasingly resemble Berkshire Hathaway, how AI could turn intelligence into a commodity, why Amazon may have the deepest moat in technology, what Apple gets right by staying focused on hardware, how AI threatens Microsoft’s core business, why the current compute shortage may have saved Intel, and why Google and Amazon could ultimately become Nvidia’s most important competitors. #InvestLikeTheBest #BenThompson #ArtificialIntelligence #AI #Investing #Technology #Nvidia #Google TIMESTAMPS 0:00 Intro 0:59 America and the AI Race 8:26 AI’s Funding Problem 15:31 AI’s Capabilities and Limits 20:30 Aggregation Theory, AI, and Ads 31:10 Compute, TSMC, and Intel 47:31 Amazon and Apple’s AI Moats 54:43 The Frontier AI Players 74:07 Nvidia and Commoditized Intelligence 82:52 What Survives an AI Bubble? Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Eric Vishria, General Partner at Benchmark, joins Invest Like the Best for a wide-ranging conversation on how AI is reshaping software, infrastructure, and venture investing. He explains why the competitive frontier for SaaS has shifted, why companies can destroy value by faithfully executing an outdated plan, and what the cloud wars can teach us about the emerging AI market. Eric also discusses Fireworks and Sierra, the importance of understanding AI’s “jagged edge,” why some AI companies are effectively “selling magic,” and why he believes the market could support many enormous winners. The conversation also covers energy as a potential bottleneck to intelligence, the story behind Benchmark’s early investment in Cerebras, the future of robotics, what he looks for in founders and board partnerships, Benchmark’s expansion into growth investing, and the lessons he’s learned from backing companies capable of generating extraordinary returns. TIMESTAMPS 0:00 Intro 3:36 What Cloud Teaches Us About AI 12:52 Sierra, Sandcastles, and AI Products 17:35 The New SaaS Competitive Frontier 28:28 AI Demand and the Energy Bottleneck 31:28 The Cerebras Story and AI Chips 45:10 The Future of Robotics 52:53 Eric’s Venture Investing Philosophy 1:07:30 Going Public, AI Value, and Jobs Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

In this episode of Invest Like the Best, Patrick O'Shaughnessy sits down with Gavin Baker to dissect the intense AI and semiconductor market sell-off of July 2026. Describing the period as "2022 packed into a single month," Gavin explains why public market panic contrasts sharply with the booming fundamentals seen on the ground in Silicon Valley. They dive into the accelerating operating cash flows of hyperscalers, the soaring spot prices for GPUs, and why open-source AI models are actually driving massive infrastructure demand. Gavin also unpacks the game theory behind Long-Term Agreements (LTAs) in the memory market, NVIDIA's strategic dominance, SpaceX's massive data center ambitions, and the looming regulatory risks for AI compute. Timestamps: 0:00 Intro 1:17 AI Selloff vs. Fundamentals 10:20 Financing the AI Buildout 18:18 GPU Prices Keep Rising 24:23 Claude Moves Markets 29:01 What Could Break the Thesis 36:59 The Memory Supply War 42:08 Nvidia’s New Playbook 50:14 China and Open Source 61:51 Data Centers and Regulation 71:11 SpaceX and Orbital Compute #Investing #AI #Semiconductors #Nvidia #StockMarket #Technology #DataCenters #OpenSource #Finance #VentureCapital #nvidia #stocks #sell #stockmarket Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Sam Altman joins us for a wide-ranging conversation about OpenAI’s next chapter, the race for compute, and what happens as artificial intelligence becomes more powerful, abundant, and embedded across the economy. He explains why OpenAI recently narrowed its focus, why demand for intelligence may be effectively uncapped, how close we may be to AGI, and what the future could hold for robotics, jobs, hardware, and human agency. We also discuss the accidental launch of ChatGPT, OpenAI’s competitive advantages, the economics of intelligence, and the pressure and responsibility that come with leading one of the world’s most consequential companies. TIMESTAMPS 0:00 Intro 4:10 The Race for Compute 14:24 A Sci-Fi Cyber Incident 16:14 The Promise and Risks of AGI 23:27 How AI Will Change Jobs 29:38 Sam’s Vision for a Personal AI 35:02 Robotics, ChatGPT, and What Comes Next 44:39 The Weight of Leading OpenAI 51:36 OpenAI’s Biggest Lessons Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc #SamAltman #OpenAI #ArtificialIntelligence #AGI #AI #FutureOfAI #Technology #Robotics #InvestLikeTheBest Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Matt Smith joins us to explain why the United States may be approaching a historic natural gas shortage—and why the market is not yet pricing it in. After 18 months of bottom-up research across producing basins, pipelines, processing infrastructure, LNG exports, and AI power projects, Matt argues that the country could begin drawing down gas storage at unprecedented rates as early as 2028, with major implications for electricity prices, hyperscaler economics, and the American consumer. 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: https://colossus.com/wp-content/uploads/2026/07/letter-III-got-gas.pdf TIMESTAMPS 0:00 Intro 1:30 What Drives the Deficit 11:00 Why Supply Can’t Catch Up 20:35 The 2030 Gas Crisis 25:05 Winners and Losers 29:00 Nuclear and Solar 33:30 Consumers Pay the Bill 37:20 AI’s Next Shortage 45:25 Solutions and Global Stakes 51:15 The Coming Gas Knife Fight Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc #NaturalGas #ArtificialIntelligence #EnergyMarkets #AIInfrastructure #DataCenters #NuclearEnergy #Investing Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

John Kim, former chief development officer at General Catalyst and author of The Tao of Fundraising, joins us to explain the psychology, strategy, and human dynamics behind raising capital. John argues that money moves at the speed of trust—and that the best fundraisers understand how to increase desire, reduce fear, simplify their story, and build genuine conviction. He shares the three laws of fundraising, explains how General Catalyst built consensus across its investor base, and breaks down why logic alone rarely persuades someone to say yes. TIMESTAMPS 0:00 Intro 4:07 Starting a Fundraise 10:40 How General Catalyst Built Consensus 16:56 The Three Laws of Fundraising 27:01 The Psychology of Every Sales Meeting 36:49 The Secretary of State Model 46:12 The Inner Game of Fundraising Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Jeremy Giffon joins us for his second conversation on Invest Like the Best. This episode is a window into one of those conversations about how power, status, capital, and attention are shifting in America. We discuss the billion dollar PDF, why narratives shape capital formation, how the timeline became market infrastructure, why America’s billionaire class may be losing status to the “poaster” class, the hidden philosophers behind Silicon Valley, lessons from the last 18 months in private markets, East Coast versus West Coast finance, Buffett, beating the market, and much more. TIMESTAMPS 0:00 Intro 5:50 The Billion Dollar PDF 11:31 Algorithms and Power Laws 20:28 Peak Guy 31:19 Opting Out of the Timeline 36:14 AI and White-Collar Jobs 43:31 The Next Era of Finance 53:56 The New Economics of Software 1:03:22 Underwriting Emerging Managers 1:18:17 Silicon Valley’s Hidden Philosophy Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc #InvestLikeTheBest #JeremyGiffon #VentureCapital #CapitalMarkets #SiliconValley Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Gavin Uberti and Robert Wachen, co-founders of Etched, join us to tell the story of building one of the most ambitious AI chip companies in the world. Three years ago, they were two Harvard dropouts trying to convince skeptics they could build better inference hardware than the largest semiconductor companies on earth. Today, Etched has raised $800M, signed more than $1B in customer contracts, and taped out a working chip designed for the post-ChatGPT era. We discuss why inference may become the largest market in the world, why Etched built an entire rack instead of just a chip, the technical bets behind low-voltage inference and cluster-scale memory, how they recruited industry legends while still in their twenties, the near-death fundraising moments that almost ended the company, and why the future of AI may belong to whoever can produce the most tokens. TIMESTAMPS 0:00 Intro 1:00 Why Nobody Believed Etched Would Work 14:06 Why Inference Is the Bottleneck 22:27 Gavin and Rob’s Origin Stories 33:24 Taking Huge Risks to Move Faster 49:43 Kernels, Compilers, and the AI Stack 1:02:08 Raising $100M to Survive 1:16:00 The Future of Models, Agents, and Intelligence Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc #InvestLikeTheBest #Etched #AI #ArtificialIntelligence #AIChips #NVIDIA #Semiconductors #Inference #Compute #AIInfrastructure #DataCenters #Startups #VentureCapital #Hardware #DeepTech Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Vlad Barbalat is President of Global Risk & Capital Solutions and Chief Investment Officer at Liberty Mutual Insurance, where he helps oversee one of the most unique investment platforms in the world: a $120 billion balance sheet with no third-party capital. In this conversation, Vlad and Patrick discuss how insurance float creates permanent capital, why Liberty Mutual’s structure allows it to invest differently, how to think about risk, liquidity, private markets, credit, AI, geopolitics, and the future of trillion-dollar companies. Vlad also shares his personal story of immigrating from Moldova, why he believes America gives people an unparalleled level of agency, and how that worldview shapes his approach to investing, leadership, and pragmatic optimism. TIMESTAMPS 0:00 Intro 1:15 Liberty Mutual’s $120B Balance Sheet 12:27 Preparing, Not Predicting 18:51 Building a Fortress Balance Sheet 26:13 Immigration and American Agency 34:00 Risk Taking and Craft 40:14 Branded Capital 44:42 Geopolitics and American Power 51:32 AI and Investing 1:06:24 Permanent Capital and Pragmatic Optimism Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

In this episode of Invest Like The Best, Patrick O'Shaughnessy sits down with Kareem Amin, co-founder and CEO of Clay. Kareem shares his unconventional philosophy on building a highly successful software company by creating from a place of "wholeness" rather than "lack." They explore why true capitalism rewards genuine risk-taking, the value of courage, and the importance of optimizing for self-respect above all else. Kareem dives deep into how lessons from non-dual meditation, music theory, and magicians heavily influence his approach to product development, hiring, and scaling Clay. From debating the necessity of a grand vision to introducing the concept of a "death doula" for companies that have achieved their purpose, Kareem offers a refreshingly profound perspective on ambition, wealth, and leading a meaningful life in business. #KareemAmin #Clay #InvestLikeTheBest #Startups #Entrepreneurship #SaaS #Leadership #Founders #TechStartups #BusinessGrowth Timestamps 0:00 Giving the Power of Programming to Everyone 8:55 Courage, Truth & Justice 9:16 Capitalism & Risks 19:18 Creating from Wholeness 25:19 The 10-Day Silent Retreat 35:23 Re-Enchanting the World 42:32 Founder's Vision & Death Doulas 53:49 The Kindest Thing Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Alex Sacerdote is the Founder and Portfolio Manager of Whale Rock Capital Management, where he has spent the past two decades investing through major technology platform shifts. In this episode, Alex walks through Whale Rock’s framework for finding the most important companies in technology: S-curves, competitive advantage, and underappreciated earnings power. He explains why AI may be the biggest S-curve yet, how Whale Rock built conviction in Anthropic, why code has become the first major unlock for AI, what AI means for the software market, and why the hardware industry powering AI is entering a new renaissance. TIMESTAMPS 0:00 Intro 9:55 AI's L-Curve 19:31 Whale Rock's S-Curve Playbook 26:14 Spotting Inflection Points 32:02 Finding AI Winners 40:04 AI vs Software 48:13 The Hardware Renaissance 58:04 Why Investors Miss AI 1:05:18 Whale Rock's Research Machine Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Dara Khosrowshahi, CEO of Uber, joins Invest Like the Best to discuss Uber’s next chapter: the rise of AI, autonomous vehicles, robotaxis, drones, delivery, and the company’s ambition to become the demand aggregator for the physical world. He explains why Uber is a supply-led marketplace, how the company is partnering across the AV ecosystem, what AI is already changing inside Uber, and why he believes autonomous transportation could unlock another trillion-dollar market. Dara also shares lessons from rebuilding Uber through chaos, leading with transparency, learning from Barry Diller and Reed Hastings, and staying open to the “troublemakers” who help companies evolve. TIMESTAMPS 0:00 Intro 3:44 Bringing Order to Uber’s Chaos 7:22 Managing Stress, Immigrant Drive, and Going All In 14:28 Why Uber Is at the Center of AI and the Physical World 22:39 How Uber Plans to Win in Autonomous Vehicles 32:25 The Trillion-Dollar AV Opportunity 37:05 Drones, Robotaxis, and Global Adoption 38:20 Uber Eats, Uber One, and Aggregating Supply 47:00 Hotels, Travel, Marketing, and the Future of the Uber App 55:55 Lessons from Barry Diller, Capital Allocation, and Leadership #Uber #DaraKhosrowshahi #InvestLikeTheBest #AutonomousVehicles #Robotaxis #ArtificialIntelligence #FutureOfTransportation #UberEats #BusinessStrategy #TechnologyInvesting Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.

Patrick O'Shaughnessy sits down with Dan Loeb, the legendary investor and founder of Third Point. Dan shares his incredible evolution from a deep-value, event-driven credit investor to a dynamic capital allocator spanning equities, venture capital, and private credit. They dive into the current macro environment, focusing heavily on the transformative power of AI, semiconductors, and energy. Dan also unpacks his most memorable activist campaigns, including Sotheby's and Sony, and explains what makes a truly great corporate governance structure. Additionally, he reveals the painful lessons learned from the FTX collapse, the genius of the Danaher business system, and how his firm uses reinsurance to drive growth. This is a masterclass in market adaptation, continuous improvement, and the enduring value of human connection in finance. #Investing #DanLoeb #ThirdPoint #HedgeFunds #StockMarket #VentureCapital #AI #CorporateGovernance #ActivistInvesting #Finance Timestamps: 0:00 Intro 2:48 Macro Views and Tech Trends 5:13 The Roots of Third Point 10:30 Evolving to Quality and Thematic Investing 19:07 Market Psychology and Inefficiencies 24:10 Good and Bad Corporate Governance 29:19 Activism 31:23 Sotheby's 41:37 AI 44:28 Sony 52:50 Danaher's Operating System 56:31 Building an Insurance Business 59:25 FTX 1:05:17 What Makes a Great Analyst Today 1:07:24 The Next Decade 1:10:00 Kindest Thing Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/invest-like-the-best--7309953/support.