Emmett Shear, founder of Twitch and former OpenAI interim CEO, challenges the fundamental assumptions driving AGI development. In this conversation with Erik Torenberg and Séb Krier, Shear argues that the entire "control and steering" paradigm for AI alignment is fatally flawed. Instead, he proposes "organic alignment" - teaching AI systems to genuinely care about humans the way we naturally do. The discussion explores why treating AGI as a tool rather than a potential being could be catastrophic, how current chatbots act as "narcissistic mirrors," and why the only sustainable path forward is creating AI that can say no to harmful requests. Shear shares his technical approach through multi-agent simulations at his new company Softmax, and offers a surprisingly hopeful vision of humans and AI as collaborative teammates - if we can get the alignment right.

Todd Graves is one of my favorite living founders. He owns over 90% of Raising Canes — a business that is worth at least $20 billion. Todd's maxim is "Do one thing and do it better than anyone else." It is impossible not to be inspired by his terminator levels of determination. I hope you enjoy our conversation as much as I did. Episode show notes: ⁠https://www.davidsenra.com/episode/to... Made possible by Ramp: ⁠⁠https://ramp.com⁠⁠ HubSpot: ⁠⁠https://hubspot.com⁠⁠ Function: ⁠https://functionhealth.com/senra⁠ Chapters (00:00) The Entrepreneurial Mindset: Sleep and Business Obsession (02:13) The Birth of Raising Cane's: Overcoming Skepticism (03:29) Inspiration from In-N-Out Burger (07:17) The Importance of Quality and Focus (14:49) The Journey to Success: Hard Work and Sacrifice (19:21) The Early Days: Building Raising Cane's from Scratch (21:23) Financing the Dream: Unconventional Paths (32:28) The Relentless Pursuit of Success (33:02) Commitment and Oaths: The Camping Trip (34:02) Fanaticism and Relentless Focus (34:53) Learning from Others and Continuous Improvement (35:06) The Never-Satisfied Mindset (36:04) The Importance of Founders in Business (39:55) The Purpose Beyond Profit (51:52) Financing the Dream: Credit Cards and SBA Loans (55:47) Building the First Restaurant (57:56) Expanding the Vision (58:59) Positive Motivational Management (01:00:51) Creating a Coaching Culture (01:01:42) Intrinsic Motivation vs. Titles (01:02:41) The Importance of Being Present (01:06:35) Respect, Recognition, and Rewards (01:09:12) The Power of Encouragement (01:18:10) The Myth of Delegation (01:22:57) Focus on What You Do Best (01:30:07) Dining at Jiro in Tokyo (01:30:59) The Franchise Model Debate (01:32:50) Challenges of Franchising (01:35:21) Building a Business Authentic to You (01:37:07) Financing and Expansion Strategies (01:49:13) Surviving Hurricane Katrina (01:55:48) Lessons from Estée Lauder (01:58:06) Final Thoughts and Reflections

Get the free investing playbook to invest like Warren Buffet: https://clickhubspot.com/rme Episode 760: Shaan Puri ( ⁠https://x.com/ShaanVP⁠ ) talks to Cathie Wood ( https://x.com/CathieDWood )  about her fund’s performance, her biggest bets on AI, and the most misunderstood stock on earth.  — Show Notes: (0:00) McDonald’s to Managing Billions (8:54) A day in the life of Cathie Wood (17:29) ARK’s Performance Review (30:00) Cathie’s #1 stock pick — Links: • ARK - https://www.ark-funds.com/  • The MFM Newsletter Challenge - https://www.beehiiv.com/application/mfm — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com  • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

I’ve started a new show where I have conversations with the greatest living Founders. The show is called David Senra. It will be on a separate podcast feed from Founders.  So it is very important that you follow David Senra on ⁠Spotify⁠, ⁠Apple Podcasts⁠, ⁠YouTube⁠, or ⁠wherever you're listening to this so you don't miss future episodes⁠. Nothing is changing with Founders. I will never stop making Founders.

This episode covers the insanely valuable company-building principles of Jensen Huang—and nothing else. I spent over 40 hours reading (and rereading) this book on Jensen and Nvidia written by Tae Kim I then spent several days editing down 30 pages of notes from the book. I deleted everything that was not How Jensen Works. List of ideas: 1. Professor Jensen 2. The Whiteboard 3. Complacency Kills 4. Insist on a Flat Organization 5. Public Criticism 6. Tortured Into Greatness 7. Speed of Light 8. Extreme In All Things 9. Top 5 Emails 10. Direct Communication 11. LUA 12. The Mission is the Boss and Pilot-in-Command 13. Strategy is Action 14. Ship The Whole Cow 15. Go To School On Everybody 16. Create The Market 17. Choke You With Gold 18. Highest Priority First 19. Swarm Your Greatest Opportunity Episode sponsors: ⁠Ramp⁠⁠⁠⁠⁠⁠⁠ gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud ⁠⁠⁠by going to Ramp and learning how they can help your business control your costs and save time and money.⁠⁠⁠ ⁠⁠⁠⁠https://ramp.com⁠⁠⁠⁠ Automate compliance, security, and trust with Vanta.⁠ ⁠⁠⁠Vanta helps you win trust, close deals, and stay secure—faster and with less effort⁠⁠⁠⁠. ⁠⁠⁠Find out how increased security leads to more customers by going to Vanta⁠⁠⁠. Tell them David from Founders sent you and you'll get $1000 off. ⁠⁠⁠https://www.vanta.com/founders⁠⁠ ⁠⁠⁠ Collateral⁠⁠ transforms your complex ideas into compelling narratives. Collateral crafts institutional grade marketing collateral for private equity, private credit, real estate, venture capital, family offices, hedge funds, oil & gas companies, and all kinds of corporations. Storytelling is one of the highest forms of leverage and you should invest heavily in it. You can do that by going to ⁠⁠https://collateral.com

On today’s episode, Kyle Grieve discusses ten investing principles from legends like Warren Buffett, Peter Lynch, and John Neff. Each lesson reveals how these masters built lasting wealth through timeless thinking. It’s a crash course in investing smarter, thinking clearer, and playing the long game. IN THIS EPISODE YOU’LL LEARN: 00:00:00 Intro 00:03:02 How Buffett’s brutal honesty became a blueprint for lasting success 00:07:22 How to apply Graham’s margin of safety in an intangible world 00:14:11 How Lynch turned everyday observation into powerful investing opportunities 00:24:04 How Fisher gained an edge using alternative information sources 00:27:31 Where Templeton cast his line to find rare opportunities 00:32:18 Why Neff proved a low P/E isn’t real value 00:37:10 How Howard Marks sharpens thinking in uncertain markets 00:41:42 Why Sleep & Zakaria guard their winners to compound wealth 00:53:03 How Pabrai uncovers hidden value 00:59:48 The power of Munger’s win-win mindset, both life and investing And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow Kyle on X and LinkedIn. Related ⁠⁠⁠⁠books⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠: ⁠⁠Simple Mining⁠⁠ ⁠⁠Human Rights Foundation⁠⁠ ⁠⁠Unchained⁠⁠ ⁠⁠HardBlock⁠⁠ ⁠⁠Linkedin Talent Solutions⁠⁠ ⁠⁠reMarkable⁠⁠ ⁠⁠Netsuite⁠⁠ ⁠⁠Shopify⁠⁠ ⁠⁠Onramp⁠⁠ ⁠⁠Vanta⁠⁠ ⁠⁠Public.com⁠⁠ ⁠⁠Abundant Mines⁠⁠ ⁠⁠Horizon⁠⁠ Support our show by becoming a premium member! ⁠⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠⁠⁠ Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Morgan Housel, global expert on personal finance, shares powerful lessons on Warren Buffett’s hidden struggles, Elon Musk’s sacrifices, money trauma and financial habits, how to invest wisely, and the psychology behind saving, spending, and success.  Morgan Housel is a partner at Collaborative Fund, former columnist for The Wall Street Journal, and a speaker on investing, saving, spending, and financial independence. He is also the bestselling author of books, such as: ‘The Psychology of Money’ and ‘The Art of Spending Money’. He explains: ◼️ Why more money rarely solves unhappiness ◼️ How envy and social comparison drive overspending ◼️ Why extreme wealth often comes at the cost of health and relationships ◼️ How inflated definitions of “wealth” fuel endless consumerism ◼️ Why true happiness comes from family, friends, and health - not luxury (00:00) Intro (02:33) The Importance of Spending Money (04:43) Why Will This Podcast Make My Life Better? (07:54) Is There Something Wrong With Chasing Status? (10:26) What’s the Evolutionary Basis for This Stuff? (15:43) There's Always a Trade-Off (17:55) Saving Addiction (19:41) Can Money Make You Happy? (25:08) Are We All Stuck in a Status Game? (29:14) Is the "Freedom" Culture Actually Making People Unhappy? (31:12) Your Favorite Form of Saving Is Spending (33:17) Jealousy of Other People’s Wealth (35:17) The Spectrum of Financial Independence (38:57) How Do People Achieve Financial Independence? (41:32) How Does Dopamine Factor Into All of This? (49:07) We're Wired to Want More (54:51) People Retiring Early Tend to Wish They Hadn't (55:52) Passive Income Myths (58:06) Ads (59:07) Do I Need to Know About Economics for This? (1:05:01) What’s Going On in the World? (1:08:55) How Wealth Inequality Is Dividing People (1:10:50) The Charlie Kirk Shooting (1:19:04) Is There a Way Back From This Divide? (1:23:39) What Should We Be Doing to Help? (1:25:28) Are You Optimistic About the Western Economy? (1:27:23) Favorite Chapter From the Book (1:32:34) Ads (1:34:42) Why You Should Try New Things (1:37:29) Are You Chasing a Lifestyle That's Not Right for You? (1:40:48) Does Jack Think Steven Is Happy? (1:49:37) Should We Feel Guilty About the Lack of Contentment? (1:52:49) The Relationship Between Money and Kids (1:55:42) The Exact Formula for Spending (2:02:05) Humble Bubble (2:04:07) Do You Have Major Regrets in Life? Follow Morgan: Instagram - https://bit.ly/3KllnvJ X - https://bit.ly/4pJf4lT You can purchase Morgan’s book, ‘The Art of Spending Money’, here: https://amzn.to/46F9JTO The Diary Of A CEO: ◼️Join DOAC circle here - https://doaccircle.com/  ◼️Buy The Diary Of A CEO book here - https://smarturl.it/DOACbook  ◼️The 1% Diary is back - limited time only: https://bit.ly/3YFbJbt  ◼️The Diary Of A CEO Conversation Cards (Second Edition): https://g2ul0.app.link/f31dsUttKKb  ◼️Get email updates - https://bit.ly/diary-of-a-ceo-yt  ◼️Follow Steven - https://g2ul0.app.link/gnGqL4IsKKb  Sponsors: Linkedin Jobs - https://www.linkedin.com/doac  Vanta - https://vanta.com/steven   Replit - http://replit.com with code STEVEN

Want the guide to spot $100M+ Product Ideas? Get it here: https://clickhubspot.com/hre Episode 754: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) brainstorm $100M ideas with Eric Ryan ( https://x.com/ericthomasryan ). — Show Notes: (0:00) My $1B product playbook (3:32) Look for a sea of sameness (9:31) Trend trips (15:27) Remix opposing ideas (22:46) Case Study: Olly (32:14) The State of Make (37:54) IDEA: A better Metamucil (44:34) IDEA: The SoulCycle of diners (55:57) IDEA: White label chicken (1:03:28) Holy Grail of Naming (1:06:23) IDEA: Gourmet Babybels (1:10:28) IDEA: fun shaped cheese (1:14:26) Commit and then figure ou — Links: • Method - https://methodhome.com/ • Olly - https://www.olly.com/ • Welly - https://www.getwelly.com/ — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

On episode 211 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ is joined by Peter Lynch, Vice Chairman of Fidelity Management and Research to discuss: Peter's legendary career, how individual investors can succeed in the market, the biggest investing mistakes, and much more! This episode is presented by Fidelity Investments and the all-new Fidelity Trader+, Fidelity’s most powerful trading platform yet. Learn more at: https://Fidelity.com/TraderPlus Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Dylan Patel. Dylan is the founder and CEO of SemiAnalysis. At SemiAnalysis Dylan tracks the semiconductor supply chain and AI infrastructure buildout with unmatched granularity—literally watching data centers get built through satellite imagery and mapping hundreds of billions in capital flows. Our conversation explores the massive industrial buildout powering AI, from the strategic chess game between OpenAI, Nvidia, and Oracle to why we're still in the first innings of post-training and reinforcement learning. Dylan explains infrastructure realities like electrician wages doubling and companies using diesel truck engines for emergency power, while making a sobering case about US-China competition and why America needs AI to succeed. We discuss his framework for where value will accrue in the stack, why traditional SaaS economics are breaking down under AI's high cost of goods sold, and which hardware bottlenecks matter most. This is one of the most comprehensive views of the physical reality underlying the AI revolution you'll hear anywhere. Please enjoy my conversation with Dylan Patel. 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. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp.com/invest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to sign up for free and get a $250 welcome bonus. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ridgeline⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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. Head to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ridgelineapps.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more about the platform. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ AlphaSense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Alpha-Sense.com/Invest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- 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 (00:05:12) The AI Infrastructure Buildout (00:08:25) Scaling AI Models and Compute Needs (00:11:44) Reinforcement Learning and AI Training (00:14:07) The Future of AI and Compute (00:17:47) AI in Practical Applications (00:22:29) The Importance of Data and Environments in AI Training (00:29:45) Human Analogies in AI Development (00:40:34) The Challenge of Infinite Context in AI Models (00:44:08) The Bullish and Bearish Perspectives on AI (00:48:25) The Talent Wars in AI Research (00:56:54) The Power Dynamics in AI and Tech (01:13:29) The Future of AI and Its Economic Impact (01:18:55) The Gigawatt Data Center Boom (01:21:12) Supply Chain and Workforce Dynamics (01:24:23) US vs. China: AI and Power Dynamics (01:37:16) AI Startups and Innovations (01:52:44) The Changing Economics of Software (01:58:12) The Kindest Thing

Today we’re sharing a feed drop from Cheeky Pint, where Stripe cofounder and president John Collison chats with legends in technology over a pint of Guinness. In this episode, John is joined by a16z cofounder Marc Andreessen and tech investor Charlie Songhurst for a candid conversation about bubbles, downturns, and the psychology of markets. They discuss what makes Silicon Valley so hard to replace, the deep history of the Valley’s ecosystem, and the future of media. From the lessons of the dot-com crash to the future of venture capital and startups, this is an inside look at how big cycles shape innovation and what it takes to build on the frontier.

Ed Stack built Dick’s Sporting Goods from a struggling family store into an empire of more than 800 stores and billions in sales. Along the way he nearly lost everything. Multiple times. This episode is the story of what he did, how he did it, and the lessons you can learn. ----- Some of the things you'll learn in this episode: Never rely on the kindness of strangers. Your name is your biggest asset. The person who talks the least is usually the decision maker. Sometimes the most profitable decision on a spreadsheet is the worst decision for a business. Good businesses don’t need debt and bad ones can’t handle it. When the data and the anecdotes differ, you’re measuring the wrong thing. Trust isn’t earned in the easy times; it’s earned in the fire. People are rarely buying just your product. Give the underdog a chance. They want it more. Not knowing what you’re doing can be an asset. All money comes with strings. Your competition always has something to teach you. Always bet on yourself. Learn from mistakes, but don’t over-learn them. “The moment a business stops evolving, the moment its leaders sit back and think, ‘Everything’s good,’ that’s when it starts to fail.” Problems are opportunities to add value. Play the game to win. Become someone people want to help. Investment bankers are not your friends. Manically focus on the numbers. The recipe is boldness mixed with caution. What you get out of anything is directly proportional to what you put in. The spreadsheet is not the customer. Arguing teaches you how to think. If you go into a deal with a win-win mindset, it almost always works out. Clever excuses don’t make anything better. Every business is someone’s irrational dedication. The most important element of success is perseverance. Always let people keep their dignity. The cost of making others happy is losing yourself. Do right for the company. Do right for society. You can’t prosper unless the community around you prospers. Believing in someone before they believe in themselves changes everything. Learn more at: https://fs.blog/knowledge-project-podcast/outliers-ed-stack/ ----- Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ----- Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ----- Follow Shane Parrish X @ShaneAParrish Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish ----- This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s Most Replayed Moment, Charlie Houpert reveals the move that changes how people see you - from job interviews to everyday conversations. Learn how to show up with confidence and charisma, and handle any scenario on your terms. Charlie Houpert is the co-founder of Charisma on Command, the popular YouTube channel and training platform helping millions of people build confidence, improve social skills, and become more charismatic. Listen to the full episode here - Spotify - https://g2ul0.app.link/CD1nOYrOzWb Apple - https://g2ul0.app.link/R2vlkMvOzWb Watch the Episodes on YouTube - ⁠⁠https://www.youtube.com/c/%20TheDiaryOfACEO/videos Charisma on Command - https://www.youtube.com/user/charismaoncommand Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Joe Liemandt. Joe is the Principal at Alpha School and the founder of Triliogy Software and ESW Capital. He became the youngest member of the Forbes 400 in the 1990s before vanishing from public view for two decades—only to emerge with a $1 billion bet that he can make kids learn 10x faster using AI. Joe has built an AI tutoring system so effective that students at his Alpha School literally beg not to take summer breaks, achieving 2x learning outcomes in just 2 hours with standardized test results that compete with the best of them. We dive deep into why this could be the most valuable product he's ever built, his contrarian thesis that traditional SaaS is facing AI-driven obsolescence, and how his experience buying 100+ software companies prepared him for this moonshot in a trillion-dollar market that hasn't innovated in 200 years.  For investors, this is a masterclass in deploying patient capital to rebuild broken systems from first principles, with insights on everything from regulatory moats to the intersection of AI and human psychology. As your excited skeptic, I push hard on the technology readiness, parental adoption hurdles, and whether this audacious vision can actually scale to a billion kids. Additionally, in a Colossus Profile released last week, our editor-in-chief Jeremy Stern reported, for the first time, Joe as the product guy behind Alpha School in a can’t miss piece of writing. And now please enjoy my conversation with Joe Liemandt.  Joe Liemandt’s Colossus Profile by Jeremy Stern. 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. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp.com/invest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to sign up for free and get a $250 welcome bonus. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ridgeline⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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. Head to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ridgelineapps.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more about the platform. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ AlphaSense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Alpha-Sense.com/Invest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- 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(00:06:08) How Alpha School Is Revolutionizing Learning(00:12:47) Personalized Tutoring with AI(00:19:59) Measuring the Impossible: 2x Learning Outcomes(00:25:39) All Educational Content Is Obsolete(00:35:51) Motivating Students: The Key to Success(00:42:06) Life Skills Workshops: Real-World Lessons(00:47:47) The Key to Happiness: High Standards(00:52:33) The Role of Guides and Coaches(00:58:22) Feedback Loops and AI in Education(01:04:20) The AI-Powered Classroom Experience(01:18:06) From Self-Doubt to Limitless Learning(01:28:20) Challenges in Public School Systems(01:41:56) Gamified Learning and Technology(01:49:46) From Trilogy to Trillion-Dollar Markets(01:55:05) Why Software Companies Fail(02:01:21) Trilogy University(02:10:39) Lessons from Mentors(02:17:25) Pushing Limits and Finding Passion(02:27:12) Joe's Kindest Thing

You grow up in a rough neighborhood in Brooklyn. You drop out of college. Your dad is your best friend but you don’t want to work the docks like him. You’re determined to “do something special.” You get a job sweeping the floor at recording studio. You get fired—twice. You’ll do anything to work in the music business, including working on Easter Sunday. That’s how you meet John Lennon. This is the day your life begins. You focus on being of service. You stay in the room and in the saddle. Bruce Springsteen teaches you what work ethic really means. You work with Tom Petty, Bono, Patti Smith, Stevie Nicks, and countless others. You’ll produce hundreds of songs. You get restless, start a family, and start a record company. You get advice from David Geffen. You figure out your edge is producing the producers. You work with the absolute best, hand them the keys, and tell them to drive. You’re a scrapper, you’re persistent, you use fear as a tailwind, you keep the main thing the main thing, you work all the time, you put 100% into whatever is in front of you. You’re described as fiercely competitive, insanely driven, and brilliant. You can never turn it off and you don’t understand why everyone else isn’t like that too. You start multiple companies, make billions of dollars, and tell the best stories when you go on podcasts after you retire. You are Jimmy Iovine.  This episode is what I learned from rewatching the documentary The Defiant Ones and listening to these excellent interviews with Jimmy Iovine.  ----- Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save time and money. ----- Join my free email newsletter to get my top 10 highlights from every book

Spencer Greenberg is a mathematician, founder, CEO & creator of ClearerThinking.org How much does IQ really matter? Most of us have met people on both ends of the spectrum and wondered where we stand and what that means for our future. But is IQ truly fixed, or can it be shaped in some very surprising ways? Expect to learn how much IQ matters in all areas of your life, what the pubic misunderstands about IQ, if we should be treating intelligence more like a skill than an inherent trait, why the obsession with IQ might just be a form of intellectual status-signaling, why imposter syndrome is shockingly common and some counterintuitive benefits to imposter syndrome, if traits like narcissism or sociopathy can ever be adaptive or useful, the most common misinterpretations of the Dunning-Kruger effect, and much more… Sponsors: See me on tour in America: ⁠https://chriswilliamson.live⁠ See discounts for all the products I use and recommend: https://chriswillx.com/deals Sign up for a one-dollar-per-month trial period from Shopify at https://shopify.com/modernwisdom Get 60% off an annual plan of Incogni at https:/incogni.com/modernwisdom Get a Free Sample Pack of LMNT’s most popular Flavours with your first purchase at https://drinklmnt.com/modernwisdom Timestamps: (0:00) The Intelligence Test (3:25) What is IQ? (7:19) The Main Claims Around IQ (12:35) How Important is IQ? (17:50) More Claims Around IQ (19:52) Can a High IQ Be a Disadvantage? (22:25) Are IQ and Happiness Correlated? (35:20) What Does the Future of IQ Research Look Like? (36:31) - Deep Dive into Imposter Syndrome (55:07) Re-examining the Dunning-Kruger Effect (01:02:22) Deciding Your Own Attractiveness Level (01:06:14) Misunderstandings About Personality Disorders (01:16:56) The Differences Between Sociopaths and Psychopaths (01:17:56) Are Narcissism and Sociopathy Adaptive Traits? (01:23:27) Are We Over-Pathologizing Unpleasant People? (01:25:02) Find Out More About Spencer Extra Stuff: Get my free reading list of 100 books to read before you die: https://chriswillx.com/books Try my productivity energy drink Neutonic: https://neutonic.com/modernwisdom Episodes You Might Enjoy: #577 - David Goggins - This Is How To Master Your Life: https://tinyurl.com/43hv6y59 #712 - Dr Jordan Peterson - How To Destroy Your Negative Beliefs: https://tinyurl.com/2rtz7avf #700 - Dr Andrew Huberman - The Secret Tools To Hack Your Brain: https://tinyurl.com/3ccn5vkp - Get In Touch: Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/modernwisdompodcast Email: https://chriswillx.com/contact - Learn more about your ad choices. Visit megaphone.fm/adchoices

There’s been a wave of M&A deals lately - Meta and Scale, Windsurf and Google - and a lot of it points to something bigger: how regulation, capital, and innovation are colliding in 2025. In this episode Erik Torenberg brings together Steven Sinofsky, former Microsoft Executive and Balaji Srinivasan, founder of the Network School, and author of the Network State to break it all down. From acquihires to “acquifires,” from FTC crackdowns to the deeper battle between the state and the network, this is a sharp conversation on the future of tech and power.