00:26:48 · John Coogan, Jordi Hays, Gavin Baker
[00:26:48] S0: I think so. [00:26:48] S1: Let's see. Yeah. Do you deal with how how do you deal with all the all the attention? Positive and negative? [00:26:57] S0: That work? [00:26:57] S2: For me? [00:26:58] S1: Yeah. For you. For you. Oh, I know. I just feel like I... You I... You you talked about your your mindset right at the beginning of the show. Just, you know you know, it's a choice to be happy. But I feel like when it comes... When the the the spotlight, you know, once every week shines directly on you. There's a lot of love, a little bit of hate [00:27:19] S2: sprinkled There's... In [00:27:21] S1: The whole the full spectrum of human emotions.
00:27:23 · Gavin Baker
[00:27:23] S2: We we can call it what it is. I mean, there there there are a lot of there are a lot of detractors, let's say. I just say, look, Antonio, who I'm doing the conference with, he says being on x is an exercise in cultivated equanimity. I don't take any of it personally. I'm not on x to be right. Mhmm. I'm... Right now, I would, you know, I'm I'm a responsible optimist, but I'm trying to be open minded to new negative facts and constantly search them out. But I'm really on x, you know, to learn, and I... You know, all of the hate, like, I try to sift through it for, oh, wow. That is actually a very good compelling bearish argument. You know, like, there was an interesting post. I forget, it was like PE analyst or LBO analyst. And it just said, hey, you know, the fact that Anthropic is dedicating 74% of their compute to training, you could read it... On the one hand, it's bullish because they could be generating a lot more revenue. On the other hand, if all this compute is being dedicated towards training and for any reason, somebody decides you need less compute for training, that's a lot of supply that could hit the inference market. Hey. Wow. That's like a really interesting, you know, bearish perspective. And so, you know, I'm human. I don't... Like, I'm human, but it's also just like, I'm here to learn. I wanna get to the right answer. I'm sharing my views. If somebody shares a, you know, a helpful negative perspective, I try to thank them. I need to go, like, thank that that person. LBO analyst, I think it was. I didn't have time. But, yeah, it's it's an exercise of cultivate... Cultivated equanimity. You can't you can't can't take it personally. Yeah. But I do... I am trying, you know, doing what little I can, you know, has like Gavin Baker, you know, I don't have millions or tens of millions of followers, but I am trying to help paint, I think, more optimistic vision for AI, doing what I can to help the American public understand that, hey, like, you actually want a data center
00:29:39 · John Coogan, Gavin Baker
[00:29:39] S0: Yeah. [00:29:39] S2: In your in your town. You know? One of my favorite exchanges was somebody said, well, I'll wait until they start building data centers in the wealthiest county in America. Well, Loudoun County is the wealthiest county in America. They have the highest per capita data centers. [00:29:53] S0: Yep. Virginia. US East. [00:29:56] S2: Amazon. Yep. So just understanding that, like, I understand why, you know, some people are worried. There... There's been a lot of fear. There's... You know, that we've all seen scary movies. But a lot of awesome things are happening today Yeah. Because of AI for ordinary Americans, for blue collar Americans, for these small towns. We're re industrializing America. We're, you know, massively increasing our electrical generation capacity, which is you cannot re industrialize without power. That's job number one. So I think a lot of good things are happening, and I'm just trying to do what little I can to at least tell that side of the story, and then be pretty balanced. Like, you know, Anthropic, I called it like I saw it in the summer. They were losing market share. Mhmm. I'm calling it like I see it in October. They're reaccelerating Yeah. And gaining share. [00:30:50] S0: Yeah. [00:30:51] S2: The s one, it was an upside surprise to me. I'm trying to call balls and strikes Sure. Because my job is to just get it right.
00:30:51 · Gavin Baker, Jordi Hays, John Coogan
[00:30:51] S2: The s one, it was an upside surprise to me. I'm trying to call balls and strikes Sure. Because my job is to just get it right. [00:31:01] S1: Yeah. Jordan And it's funny because, you know, people will get so flustered by, you know, seeing different posts on x. Sure. But imagine how boring x would be if no one ever took a stance. [00:31:12] S2: Oh, yeah. [00:31:13] S1: It was just like, well, it might be this. [00:31:15] S0: Yeah. It might be that. Yeah. Yeah. Yeah. [00:31:16] S1: And it might be this. [00:31:17] S0: No. No. But have you considered that? It's over or or we're back. This is the best thing ever in the world. Because then we can have a debate. At least you took a stance. Yeah. Yeah. It's great. [00:31:25] S2: Yes. [00:31:25] S0: Jordy mentioned, getting sharp on bio, starting to think about opportunities there. How deep have you gone in the AI stack? I saw a a funny post that was like, you could spend all your time thinking about OpenAI and Anthropic and Google or... And then, you know, meet all the neo clouds and, meet Lynn and Tuan and figure out what's going on in the private markets, or you could just buy copper. And you could just sit there and hold copper. Right? Because, like Yeah. It's almost a perfect proxy or something like that. But how far have you gone down into energy infrastructure, commodities? Like, how how sharp are you on those? How how relevant or interesting is the... Are those markets to you in this world since they do seem adjacent?
00:31:25 · John Coogan, Gavin Baker
[00:31:25] S0: Jordy mentioned, getting sharp on bio, starting to think about opportunities there. How deep have you gone in the AI stack? I saw a a funny post that was like, you could spend all your time thinking about OpenAI and Anthropic and Google or... And then, you know, meet all the neo clouds and, meet Lynn and Tuan and figure out what's going on in the private markets, or you could just buy copper. And you could just sit there and hold copper. Right? Because, like Yeah. It's almost a perfect proxy or something like that. But how far have you gone down into energy infrastructure, commodities? Like, how how sharp are you on those? How how relevant or interesting is the... Are those markets to you in this world since they do seem adjacent? [00:32:05] S2: No. I pay close attention to all of those. I ran a diversified fund in Prior Life for nine years. You know, I was an energy investor. Yeah. You know, natural resources. I always... For many years, did would do, like, kind of marketing meetings with the with the gold analyst at at at my my prior employer, Fidelity. So I'd always, you know, knew about the merits of gold from a portfolio construction perspective, but always have it in the fund. By the way, just because it triggers people, I wanna say it. I find it so amusing how upset gold bulls get at the idea of asteroid mining. Like, what? It is the idea of asteroid mining. [00:32:46] S0: Oh, yeah. [00:32:47] S2: No one no one has ever been... I've never gotten more hate [00:32:52] S0: Yeah.
00:32:52 · John Coogan, Gavin Baker, Jordi Hays
[00:32:52] S0: Yeah. [00:32:52] S2: Than from the gold crowd about the idea of asteroid binding in the in the asteroid space.... I mean, was like, talk about a challenge to your world's view. [00:33:03] S0: Wait. Are are [00:33:03] S1: they mad about that? It's like it's one of the things you have to... Like, you need to imagine technological disruption. Right? Like Oh, yeah. Look at the diamond industry. [00:33:11] S2: Yeah. Right? Like Totally. Yes. Absolutely. [00:33:13] S1: If you understood that that technology disruption was possible, you probably built labs, like, you know, twenty years ago. [00:33:21] S2: Maybe you would have done something different with that, you know, with the diamonds in your family. But but as far as... I mean, I do... We have spent a lot of time on, like, energy, on the industrial infrastructure, on on natural resources, but we have not made it a big part of the portfolio. We've done some things in private markets as far as trying to help with rare earths. [00:33:47] S0: Mhmm.