Invest Like The Best

Uber's CEO reflects on his immigrant experience, describing how his family lost everything after coming from Iran and how that hardship shaped his drive to rebuild. He credits life's challenges as formative experiences that provide profound human satisfaction when overcome. He emphasizes a stable, grounded sense of self as his anchor against external chaos.

Uber is positioning itself as the dominant aggregator of autonomous vehicle supply by partnering with major AV providers. The company is building ecosystem infrastructure and collecting real-world street data to accelerate AV deployment and capture instant demand when vehicles hit new markets.

Investor Alex from Whale Rock Capital discusses their high-conviction investment in Anthropic, explaining why AI represents an unprecedented 'L-curve' of adoption rather than a typical S-curve. He outlines their framework of S-curves, competitive advantages, and underappreciated earnings power, while detailing the decommoditization of hardware infrastructure and concerns about traditional enterprise software companies.

Uber CEO Dara Khosrowshahi discusses his journey from Expedia to leading Uber through chaos, the company's AI and autonomous vehicle strategy, and his personal philosophy on leadership and resilience. He covers Uber's expansion into hotels, membership programs, and the physical AI opportunity, while reflecting on mentors like Barry Diller and the lessons from his immigrant upbringing.

Dan Loeb, founder of Third Point, reflects on 30 years of investing across credit, equities, and activism, discussing his evolution from event-driven deep value to quality growth investing. He shares views on AI's transformative impact on markets and portfolio construction, governance lessons from activism campaigns, and insights on the future role of human capital allocators in an increasingly AI-driven world.

The speaker argues that China's government is fundamentally illegitimate as a dictatorship, creating a low-trust environment that will eventually lead to its collapse. However, China's massive industrial capacity complicates the timeline and outcome. The core question posed is whether industrial strength can compensate for deep institutional weakness.

The speaker discusses historical parallels between AI investment and past tech bubbles, noting key differences that may prevent a severe crash. TSMC's control over wafer supply is identified as a critical constraint that could naturally limit overbuilding. The speaker argues that if TSMC resists pressure to massively expand capacity, it may single-handedly prevent an AI bubble.

A former DoD advisor discusses U.S. military strategy, geopolitical threats from Iran and China, the tension between democratic legitimacy and authoritarian power, and how commercial technology is reshaping modern warfare. He argues that martyrdom cultures make traditional definitions of 'winning' nearly impossible, and that procurement reform and magazine depth are critical for U.S. military readiness.

Gavin Baker discusses the unprecedented growth and potential of AI, particularly highlighting the rapid success of Anthropic and the broader implications for technology and capital markets. He emphasizes the importance of frontier models, shifting market dynamics, and the geopolitical implications of AI advancements.

Krishna Rao discusses the intricate relationship between compute procurement and allocation at Anthropic, emphasizing the impact of model improvements on enterprise growth. He highlights the importance of flexibility in compute usage across different chip platforms and the company's commitment to responsible AI development.

The speaker draws inspiration from legendary artists like da Vinci, van Gogh, Disney, and Jobs, who created out of passion rather than recognition. They argue that AI democratizes creativity, enabling everyone to shift from being a consumer to a creator.