Invest Like the Best with Patrick O'Shaughnessy

Bill Gurley & Michael Mauboussin - Putting Theory into Practice - [Invest Like the Best, EP.370]

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Apr 23, 2024
Bill Gurley, a General Partner at Benchmark with a tech investing background, teams up with Michael Mauboussin, Head of Consilient Research at Counterpoint Global, to explore fundamental investment topics. They delve into the implications of AI and regulatory capture, discussing innovations that disrupt or sustain markets. Their conversation covers venture capital dynamics amid major tech layoffs and highlights the need for a balanced investment mindset. They also reflect on the influence of intellectual giants and the transformative power of teaching and writing.
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INSIGHT

AI's Impact on Incumbents vs. Disruptors

  • A key question about AI is whether it strengthens incumbents or enables disruption.
  • Consider if it fosters sustaining innovations within current business models or disruptive ones that create new models.
INSIGHT

AI Hype and LLM Limitations

  • The widespread focus on AI's potential may limit startup opportunities.
  • Separate LLMs from broader AI; LLMs excel at text-based tasks like coding, but current limitations exist.
INSIGHT

Foundational Model Flaw

  • Foundational AI models are overvalued and resemble the ride-sharing market.
  • Personal memory and individual retuning are key missing components for true AI disruption.
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