FDR and Trump are opposites in tone, but alike in impact. Both rose amid national crisis—FDR during the Great Depression, Trump during COVID + woke disillusionment. Both rejected the political status quo, redefined their parties, and expanded executive power. FDR used radio to

I’ve come to believe the single most important trait shared by exceptional investors is insatiable curiosity. I’ve spent time with some legendary investors across hedge funds, LO, VC, and PE—and the best ask very thoughtful questions and listen intently. The questions

If your primary strategy requires you to hold positions for 10+ years, you should invest from an evergreen fund with a gated liquidity feature for LPs.

The CEO of Franklin Templeton ($1.5T AUM), Jenny Johnson, is hacking with Replit on the weekend. What’s your excuse?

Delta should offer a Delta One lounge membership.

At least 2 of the top 5 venture firms apparently crushed it on $CVNA.

Hyperscalers were the biggest winners of the cloud supercycle. The same dynamic will likely play out in the AI supercycle — but with an even larger pie, given how much more compute AI workloads require compared to SaaS.

IMO the best CEOs are wildly under-compensated. I.e., Satya has created $3tn in market cap during his run at MSFT. He should net at least 1% of that.

There is only one native vibe coding platform: Replit ⠕. Everything else is a random collection of loosely integrated point solutions.

It’s crazy that $6.5bn is a 2% bet for OpenAI

Hedge funds with a semi focus should own a data center and force analysts to work there 1 week / quarter.

This is also true for “re-industrialize” VCs. Maybe Aaron Slodov can take associates as interns for a week.

Apple offers its best AI talent “lunch vouchers” to the dismay of other employees. OpenAI offers the best hardware design talent $6.5bn.

Only a few LA people will understand this, but short Los Feliz real estate

"I was Vibe Coding with Replit a few weeks ago. I mean the power of what you're going to be able to create on the web; we haven't given that power to developers in 25 years" — Sundar Pichai