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    Amjad Masad - The Future of Software Creation - [Invest Like the Best, EP.310]

    enJanuary 03, 2023
    What is the 'Steve Jobs black pill'?
    How does Replit aim to increase user creativity?
    What are '100 days of Python' and 'Bounties'?
    How are mobile devices influencing coding accessibility?
    What challenges arise from rapid tech innovation?

    Podcast Summary

    • The Steve Jobs Black Pill: From Creators to ConsumersThe shift from creating on computers to primarily consuming content has been influenced by Steve Jobs and is being challenged by new technologies like AI and browser-based coding environments.

      The evolution of technology, specifically in the case of TEGIS and the way we interact with computers, has shifted our relationship from a creators' perspective to a more consumptive one. Amjad Nasad, the founder and CEO of Replit, discussed this concept, referring to it as the Steve Jobs black pill. While Jobs revolutionized the tech industry and made computers more accessible, he also conditioned users to view their devices as primarily consumption tools, rather than creation platforms. This shift has significant implications for the future of technology and software creation, with AI and browser-based coding environments like Replit aiming to bring back the agency and creativity to users.

    • The shift from creators to consumers in the computer worldBarriers to entry for programming are high, but new tools and AI are making software creation more accessible for everyone.

      The relationship between computers and users has significantly shifted, with most people now primarily acting as consumers rather than creators. This is due in part to the high barriers to entry for programming, such as the need for expensive hardware and developer licenses. However, there are signs of change, with a new generation of startups like Notion and Airtable making software more accessible and end-user programmable. Additionally, advancements in AI are bringing us closer to a future where even non-technical users will be able to generate and create software. The ultimate goal is to make programming as accessible as using a word processor, allowing everyone to be creative with code.

    • The future of coding: Blurring the lines between tools and interfacesThe future of software development may involve the integration of various tools like IDEs, chat interfaces, and Google Docs, making coding more accessible and approachable for non-experts.

      The future of software development may involve the convergence of various tools and interfaces, including Google Docs, IDEs, and chat interfaces. These tools, which currently serve distinct functions, could eventually blur the lines between coding, knowledge generation, and querying. An IDE, or integrated development environment, is a programming environment that includes a text editor with more strict grammar rules and additional tools such as autocomplete, error checking, and library access. Traditional IDEs can be unwieldy and intimidating for new users, but simpler alternatives like Replit, which started as a REPL (read-eval-print loop), are making coding more accessible. To make coding even more approachable for non-experts, it's essential to continue developing tools that feel simple and non-intimidating, like a document or a notepad, while still providing the necessary functionality.

    • Primitives as fundamental building blocks for software creation on ReplitReplit's primitives like Repl, universal package manager, and automated hosting enable users to build and deploy software with ease, reducing barriers to entry and preparing for the era of AI-generated code.

      Primitives are fundamental building blocks that enable the creation of complex objects and systems. In the context of Replit, these primitives include the Repl, a universal package manager, and automated hosting, among others. These primitives allow users to build and deploy software with ease, reducing barriers to entry and enabling the gluing together of existing pieces of software. The recent viral success of AI models like ChatGPT highlights the readiness of these primitives for the upcoming era of AI-generated code. Replit plans to integrate conversational interfaces and AI tools to further simplify the coding process, eventually allowing users to create software with minimal coding knowledge. While learning to code remains important, the bottleneck for creating software is shifting towards understanding the mechanics at a rudimentary level, much like having a basic understanding of a car's mechanics. The reduction of friction through primitives has led to remarkable creations by users, and the possibilities are even more exciting as we approach the era of AI-generated code.

    • The New Generation of Creators and the Impact of Coding and AI ToolsThe democratization of coding and creation tools is leading to a new generation of creators, expanding talent pools, and changing traditional roles and silos within organizations. AI technologies like OpenAI and platforms like Replit are driving this trend, enabling anyone to find, hire, and collaborate with talented individuals from anywhere in the world.

      The democratization of coding and creation tools, as exemplified by platforms like Replit and the emergence of AI technologies like OpenAI, is leading to a new generation of creators and a shift in the traditional roles and silos within organizations. The story of Jonathan Swanson and the 14-year-old creator who completed a complex task for $20 in 48 hours is a testament to this trend. Replit's bounties program, which has already paid out $15,000 to creators in just a few weeks, showcases the talent and potential of this new generation. The ability to find and hire talented individuals from anywhere in the world, regardless of age or prior experience, is a game-changer for businesses. Moreover, the rise of AI and automation is expanding the concept of a creator beyond traditional roles like designers or programmers. With tools like Figma, anyone can participate in the creation process, leading to more collaboration and less siloing within organizations. The release of AI technologies like DALL-E, Stable Diffusion, and GPT has further amplified this trend, as they enable individuals to create and automate tasks that were previously manual or required specialized knowledge. The perspective of someone who has been deeply involved in coding and technology for over a decade, like the speaker, offers a unique insight into the impact of these technologies on the future of work and the role of creators in organizations.

    • Revolutionizing Machine Learning with Large Language ModelsLarge language models like GPT-3 enable machines to learn language in a more general way, leading to more flexible and efficient machine learning applications, particularly in code generation and text completion.

      Machine learning, particularly large language models like GPT-3, is revolutionizing the way we approach programming and generating text. Up until recently, machine learning required large datasets and tedious training processes to learn specific tasks. However, with the emergence of language models like GPT-3, machines can now learn language in a more general way and be programmed using natural language prompts. This shift is significant because it allows for more flexibility and efficiency in machine learning applications, particularly in areas like code generation and text completion. The speaker discusses how machine learning has already disrupted traditional algorithmic processes in areas like chess and self-driving cars. In the world of code, machine learning was initially primitive due to the lack of insights into the similarities between code and natural language. However, advancements in language modeling have led to the development of models like GPT-2 and GPT-3, which can learn language on their own and generate coherent text based on prompts. The speaker also highlights the importance of this technology for their mission to bring the next billion software creators online. By investing in and building around large language models, they hope to make programming more accessible and efficient for a wider audience. Overall, the discussion underscores the transformative potential of machine learning and its ability to automate and improve various aspects of our lives.

    • New AI tools like GhostRider have potential limitations and challengesWhile AI tools like GhostRider offer exciting advancements, creating lasting consumer products and finding sustainable monetization plans can be challenging. Consider investing in infrastructure companies or creating an index portfolio on AI progress.

      While the new technology represented by GhostRider and similar AI tools is exciting and rapidly advancing, it's important to be aware of potential limitations and challenges that have emerged from past tech booms, such as the crypto market. The solid technical foundation of this technology, as evidenced by academic research and advancements, sets it apart from past bubbles. However, keeping up with the rapid pace of innovation and creating lasting consumer products with a clear monetization plan can be challenging. Investing in infrastructure companies and creating an index portfolio on AI progress are potential strategies. The best product idea may be an AI assistance or chat product, but finding a sustainable monetization plan is crucial. Despite these challenges, the potential for this technology to fundamentally change consumer life is significant.

    • Ethical and existential questions raised by AGI developmentThe development of advanced AI raises ethical concerns about potential disregard for human interests and existential risks, while some are optimistic about alignment with human values. Cost and timing of creating a viable Google alternative are debated, with some suggesting starting with a subscription service.

      The development of advanced artificial intelligence (AGI) raises significant ethical and existential questions. While some believe AGI could lead to a dystopian future where AI surpasses human intelligence and disregards human interests, others are optimistic that alignment with human values is possible. The cost and timing of creating a viable Google alternative are also debated, with some suggesting starting with a subscription service and gradually introducing ads. The search engine landscape is evolving, with companies like Perplexity AI offering innovative features. However, the potential risks and benefits of AGI require careful consideration and ongoing research.

    • Prepare for AI advancements and adapt quicklyCEOs need to recognize the value of chat interfaces for coding and adapt their roadmaps. Traditional methods may become obsolete, but problem-solving and creativity remain valuable.

      Companies and their leaders need to be prepared for the advancements in AI technology, specifically the upcoming GPT 4, and adapt to these changes in order to increase productivity and remain competitive. The CEO of Replit shares his experience of shifting roles and adapting their roadmap after recognizing the value of chat interfaces for coding. He emphasizes the importance of being iterative and reactive in this rapidly evolving environment. Traditional methods and industries may become obsolete, and skills such as problem-solving and creativity may become more valuable as AI takes on more routine tasks. Prepare for surprise, adapt quickly, and explore how AI can bring efficiency to your organization.

    • Preparing for a changing world with independent thinking, adaptability, and creativityThe value of ideas and problem-solving skills will increase as technology levels the playing field, but the economics of applying these technologies at scale still needs to be figured out for companies like Google.

      The traditional way of learning and living is changing, and it's important to teach independent thinking, adaptability, and creativity to prepare for this shifting world. The value of ideas and problem-solving skills will increase, and technology will continue to level the playing field, increasing access to opportunity but potentially exacerbating wealth inequality. Google, with its long history of investing in transformer technology, is well-positioned to adapt and compete in this new landscape. However, the economics of applying these technologies on a massive scale at Google still needs to be figured out. Overall, this creative boom and explosion of new technologies will impact the existing leading technology companies, and it's unclear how each company will adapt and respond.

    • Microsoft's AI Integration Across PlatformsMicrosoft is leading the charge in AI integration, partnering with tech giants and focusing on productivity and innovation, but ethical implications must be considered.

      Technology companies like Google, Microsoft, and even potential newcomers are making significant strides in AI and automation, which could disrupt industries and change the way we interact with technology. Microsoft, in particular, is making bold moves with its partnerships and focus on AI integration across its platforms. This could lead to increased productivity and innovation, but there is a risk that these technologies could also be used in less cooperative ways. Overall, the impact of AI on productivity and human flourishing is a promising white pill, but it's important to consider the potential ethical implications as well.

    • Exploring the Future of Coding with ReplitReplit's '100 days of Python' and 'Bounties' initiatives make coding accessible to everyone, while their investment in mobile programming environments is driving rapid growth, especially in developing regions.

      The future of coding and AI is making it more accessible to everyone, even those without extensive technical knowledge. Replit, a platform for coding and collaboration, offers two entry points for the technically curious: "100 days of Python" and "Bounties." The former encourages daily practice to reach full proficiency, while the latter allows users to create a project idea, get the code done by the community, and then modify it themselves. Phones are also becoming a significant part of this future, with Replit investing in programming environments for mobile devices and seeing rapid growth in their app usage, especially in regions like India and Brazil. The ultimate goal is to create an interface that seamlessly blurs the lines between chats, docs, and code. While we're not quite there yet, the potential for interacting with code through an AI agent on your phone is an exciting prospect for the average person. As we continue to innovate and improve these technologies, the gap between our imagination and outcomes will continue to shrink, making the creative possibilities virtually limitless. A kind act that has stayed with me is from a teacher in my 1st grade in Jordan. Despite it being an unusual occurrence for a school to have computers at the time and place, she nurtured my curiosity and love for learning, laying the foundation for my future passion in technology.

    • Recognizing and nurturing hidden talentsAn influential teacher identified a student's hidden talents and provided advanced education, shaping his future

      An influential teacher identified the young speaker's hidden talents and provided advanced education, steering him onto a different life path. Despite being a troublemaker in school, the speaker was gifted in math and programming. His teacher, who recognized this, took him out of regular classes to teach him advanced concepts. By the first grade, the speaker was already mastering fourth and fifth-grade math. This experience had a profound impact on his life, setting him on a path that likely would have been different otherwise. Although the speaker cannot remember the teacher's name, the experience remains the most impactful thing anyone has ever done for him. It's a reminder that sometimes, educators have the power to recognize and nurture hidden talents, even in the most unexpected students.

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    My guest today is Hemant Taneja. Hemant is the CEO and Managing Director of General Catalyst, the global venture capital firm you’ll hear us refer to as GC. GC has set out to build resiliency across critical industries worldwide. The firm leverages technology to retool sectors such as healthcare, energy, defense, and manufacturing and explores innovative capital structures to support founders and businesses. Hemant discusses how the firm is positioned to respond to the aftermath of crises, including the pandemic, wars, energy issues, and beyond. We also discuss the building of a category-defining healthcare company, Livongo and much more. Please enjoy this conversation with Hemant Taneja.  Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. 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. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Our Partners: Ramp and Tegus (00:03:00) Welcome to Invest Like the Best (00:03:57) Introducing Hemant Taneja and General Catalyst (00:04:17) Global Resilience and Innovation Post-Pandemic  (00:05:56) Re-Globalization and Manufacturing  (00:07:03) Building Livongo: A 20-Year Overnight Success  (00:13:23) Aligning Incentives in Healthcare  (00:15:40) Re-imagining the Investment Business  (00:20:54) Evolution of General Catalyst (00:27:04) Succession and Trust in Asset Management  (00:35:00) Founder-Centric Capital Goals  (00:36:32) Balancing Growth and Liquidity  (00:41:39) AI and Onshoring Productivity  (00:47:10) Defense Investments and Ethics  (00:50:11) Geopolitics and Regulation  (00:53:16) Reflections on Leadership and Strategy  (01:01:14) Hemant's Future Plans  (01:02:55) The Kindest Thing Anyone Has Ever Done for Him

    Jeremy Giffon - Special Situations in Private Markets - [Invest Like the Best, Replay]

    Jeremy Giffon - Special Situations in Private Markets - [Invest Like the Best, Replay]
    Today we are replaying one of our most popular episodes from last year with Jeremy Giffon. I spend all my time trying to find people who have some “singularity” to them. People who seem like they can do an N of 1 something. Having spent many days with Jeremy, he strikes me as one of those people. He was the first employee and general partner at private equity firm/holding company Tiny, which buys and holds internet and technology-focused businesses. Prior to that, he was on the founding team of MediaCore, which was acquired by Workday. The focus of our discussion is on esoteric opportunities that exist in private markets and how misaligned incentives and coordination problems create special situations for people like Jeremy to invest in. The rest of the conversation is wide-ranging and covers everything from compensation advice to meeting your heroes. Please enjoy my discussion with Jeremy Giffon. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Invest Like the Best (00:03:15) What defines the nature of a perfect business in his mind (00:05:21) Key characteristics he’d look for in a perfect investment (00:09:58) Coordination problems that excite him (00:14:02) Raising funds and ghostship companies  (00:16:17) Examples of a special situations transaction in private markets  (00:18:55) Building up a sourcing mechanism (00:22:18) The biggest mistakes he’s seen in buying and selling companies  (00:25:42) Refining the underwriting process (00:28:57) Thoughts about minimum rates of return and multiples on capital for the investments he makes  (00:30:44) Being lazy enough to wait for good deals on enduring businesses  (00:33:32) Why people do things they don’t like  (00:35:47) Whether or not he feels like he knows what he wants in life (00:42:58) Hiring CEOs (00:44:54) Really good respective returns in low risk companies and why those opportunities continue to persist    (00:47:05) Tactics for negotiating with and sourcing CEOs   (00:50:37) Binaries - pre and post fall (00:55:58) Being hard to kill (00:59:15) His favorite interview question  (01:06:07) Having an audience is incredibly underpriced  (01:10:13) What else is significantly underpriced (01:12:14) Things he feels are overpriced today writ large (01:15:54) Criticisms of the cult of learning (01:20:21) The one call that everyone needs to make  (01:27:18) Meeting your heroes and having mentors  (01:30:48) Notable differences between the business environments of Canada and the US (01:33:13) Lessons learned from people he admires and models for seeing the world  (01:35:35) Views he holds that would make people scratch their heads (01:40:02) The kindest thing anyone has ever done for Jeremy

    David Senra - Passion & Pain - [Invest Like the Best, Replay]

    David Senra - Passion & Pain - [Invest Like the Best, Replay]
    Today, we are replaying what we call a forever episode, which are the few episodes of our show that we think will be as popular a decade from now as they are today. Every time I re-listen to this episode with David Senra, I leave wildly energized and wanting to share that feeling. So we are re-releasing it today for anyone who missed it the first time or hadn't yet discovered Invest Like the Best. David Senra has studied history’s great founders and entrepreneurs in more depth than anyone I’ve ever met, and I’d wager more than anyone else alive. In this conversation, we cover many of the most common themes he’s discovered studying hundreds of entrepreneurs like Estée Lauder, John Rockefeller, Enzo Ferrari, and Edwin Land. Please enjoy this great conversation with David Senra. Listen to Founders Podcast  For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).  Show Notes [00:00:00] Welcome to Invest Like the Best [00:03:01] First question - When he first fell in love with reading [00:07:01] What’s rooted in his own history that’s made him obsessive about studying history’s great entrepreneurs and founders - Founders Podcast [00:10:34] The first time he connected with someone as a positive role model that he was reading about  [00:13:45] How often obsession is apparent in the founders he’s studied across hundreds of biographies  [00:18:08] What is often behind obsession and how people listening can apply the lessons to their own lives [00:22:45] The dynamic and relationship between inspiration and perspiration  [00:27:11] Commonalities between the layers of leadership and support underneath founders [00:31:52] Where else he’s seen ego rear its head in good and bad ways  [00:38:34] How often do great founders break the law or enter gray areas of it  [00:41:22] The role constant learning and listening plays in success [00:45:12] Talking about how anything worth doing is worth doing to excess  [00:52:18] Describing the soul of founders and businesses [00:58:39] What he’s learned about all of these founders as it relates to marketing  [01:04:38] A common story that process is often art  [01:08:10] Who David's idols are in podcasting [01:14:55] Major aspects of people he’s studied that haven’t been discussed yet [01:19:55] The kindest thing anyone has ever done for David

    Martin Casado - Entering Uncharted AI Territory - [Invest Like the Best, EP.381]

    Martin Casado - Entering Uncharted AI Territory - [Invest Like the Best, EP.381]
    My guest today is Martin Casado. Martin is a partner at Andreessen Horowitz and first joined me on Invest Like the Best in 2022. So much has changed since then, and it was awesome to have Martin back to discuss all of the different implications of this AI revolution. Before joining a16z, Martin pioneered software-defined networking and co-founded Nicira, which was bought by VMware for $1.3 billion in 2012. He has studied, built, and invested in digital infrastructure his whole career which has primed him to go in-depth in this interview on the immense opportunities and challenges AI presents among creativity, policy-making, agentic systems, real-world data structures, and beyond. Please enjoy this conversation with Martin Casado.  Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:01:48) The Future of AI and Creativity (00:03:11) Economic Implications of AI (00:04:33) AI's Impact on Content Creation (00:08:21) Challenges in AI and Robotics (00:12:16) Human Data and AI Training (00:20:30) Investing in AI and Robotics (00:26:00) Defensibility and Competition in AI (00:33:22) Regulatory Considerations (00:35:26) Internet Era Parallels and Security Concerns (00:40:25) Open Source vs. Closed Source in Tech (00:43:45) Market Annealing and Category Creation (00:46:13) Data and Hardware Innovations in AI (00:55:55) Agents and the Future of AI

    Modest Proposal - AI Commoditization and Capital Dynamics - [Invest Like the Best, EP.380]

    Modest Proposal - AI Commoditization and Capital Dynamics - [Invest Like the Best, EP.380]
    My guest today is Modest Proposal, joining me for our third conversation and the first in a few years. Modest is anonymous online, but one of the more thoughtful investors I know, overseeing a large pool of capital in public and private markets. He offers insight into many different corners of today’s landscape, covering AI’s frontier models versus open-source models, overcapacity issues in transportation in our post-COVID world, the potential economic impact of GLP-1 drugs, and more. Please enjoy my conversation with Modest Proposal. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:00) Comparison to Mid-2000s Commodity Markets (00:07:18) The Role of AI and Power Consumption (00:09:29) NVIDIA and the Future of AI Investment (00:13:10) Commercialization of AI and Market Dynamics (00:23:14) Public vs. Private Market Performance (00:28:03) Post-COVID Capital Cycles (00:30:32) Capital Expenditures and Post-COVID Market Distortions (00:31:47) Amazon's Capacity Expansion and Market Inflections (00:33:45) Challenges in Displacing Market Leaders (00:37:50) Behavioral Barriers in GLP-1 Adherence (00:39:58) Public vs. Private Market Allocations (00:45:08) International Equities and Japanese Market Potential (00:47:35) Market Structure and Trading Dynamics (00:53:22) AI Models and Future Market Implications

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