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.
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For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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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.
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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
