Chimoth, well, start with you from the market's perspective. The Fed's supposed to be independent. So, do you have concerns about it being independent and then does this feel like lawfare or tickytacky or they're weaponizing the Justice Department to you to, you know, get what they want, which is rate cuts faster and more of them.>> I think that the Fed is no different than any other appointee to a part of the government, which is that they are partisan. Meaning, if I said to you, is the Supreme Court viewe ...

Pal has been intensely political. I think Trump is right to be frustrated. Let's just go back through the history.In the summer of 2021, we got that 5% shock inflation print. And it was pal who played along with Biden and Yellen that this was transitory. And that transitory narrative they used to basically avoid any change of policy for 6 months.Now, what was the importance of that timing. Well, Pal was renominated for a second term by Biden on November 22nd, 2021. So in other words, he went along with this ...

Political Analysis - Rick Caruso is a competent developer who prioritizes safety and cleanliness in his developments [1] - Running a city is like running a business for the benefit of residents, requiring good business decisions [1] - Rick Caruso now has a golden road in the governor's race if he wants it [1] - The decline of LA over the last decade is tragic, with people paying huge consequences [2]

[Music] Mark Cuban is here since he was a child. He wanted to be an entrepreneur. I just love to compete for whatever reason.I do. We want all our fellow Americans to succeed. The Dallas Mavericks are NBA champions, the first title in franchise history.One of America's most famous professional sports owners is selling his beloved team. You've done a reality show. Just retired from that.Cashed out of the Mavericks check. kind of adds up to you're going to run for president. No. No. There's no way.No. ...

Do you think we should have a sovereign wealth fund. >> I think that we should start a sovereign wealth fund right now. And who should fund it.The great news is that these Trump tariff deals come with huge amounts of capital that these other countries have committed to spending inside the United States. We've exceeded a trillion dollars of inbound capital on the investment side. We get 90% of the upside.A lot of that capital should be the seed capital for a sovereign wealth fund. The concern I have is anyti ...

What does the Fed actually do in 2025. We have an extremely vibrant and complicated and interconnected $130 trillion global economy. It's moving at the speed of light.The Fed gets together once a month, tries to divine what monetary policy, what the money supply should look like based on data that is often incorrect. We see that in the BLS data. We see that in the GDP prints. We see it in all of the inputs.So, I think the real question is there are certain parts of what the Fed does that they can continue t ...

I pulled some data together, Nick, if you could pull up the basics. I know we talk about this a lot, but I thought it would be good to show the difference between kind of a normal distribution and a power law distribution. like venture returns or I don't like to call it venture returns but I do think the returns generally in free markets create value creation in a power law distribution which means that a few of the many account for the vast majority of the capital appreciation of the the value creation and ...

Chimath, what issue will determine the midterms and then the 2028 election. Look at your crystal ball there, Chimath, and tell us what you see. Yeah, midterms might be easier to to think about, right.I think the midterms are going to be about the economy, but the economy is going to be a window into a lot of these other issues, the safety security issue, the immigration issue, the tariff issue, rates. I think rates are going to be an enormous swing factor here. I think Powell is really holding on white knuc ...

AI Talent Acquisition & Market Dynamics - Meta is reportedly downsizing its AI division and has implemented a hiring freeze, despite recent efforts to acquire AI talent and invest heavily in the field [1] - The AI talent war saw exorbitant offers, with claims of hundred-million-dollar offers for OpenAI talent, but the market is now experiencing a pause as companies consolidate their acquisitions [2][3] - Founders have been turning down multi-billion-dollar acquisition offers, indicating a unique boom cycle where strategic value outweighs immediate financial gain [3] Investment & Valuation - The industry is likely in the early to middle stages of an investment super cycle, with the current sentiment shift representing a healthy correction rather than a bubble burst [5] - Valuations are currently justified by strategic value to trillion-dollar market cap companies, but long-term success requires building companies with strong fundamentals and substantial revenue [9][10] - The hypothetical valuation of OpenAI could reach 1.5 trillion USD based on conservative estimates of user growth and revenue conversion, potentially tripling the initial investment [12][13] AI Model Application & Business Value - Generalized AI models have a low success rate (around 5%) in large enterprises, while specialized vertical models demonstrate greater success in driving business value [13] - Vertical AI systems offer more deterministic results due to tighter problem and data sets, achieving higher accuracy (around 99%) compared to general LLMs [15] - Solving the "last mile problems" and achieving the final 10% accuracy is crucial for realizing business value in AI applications, requiring industry-specific knowledge and data integration [13][16]

Market Dynamics & Valuation - Founders are rejecting multi-billion dollar acquisition offers, creating a perception that such offers are common [1] - Valuations are currently justified by strategic value to multi-trillion dollar market cap companies, but this is unsustainable if those companies exit the market for strategic acquisitions [3] - Achieving a $30 billion valuation based on business fundamentals is exceptionally challenging [3] Investment & Risk - Some individuals may have significant personal wealth from previous ventures (e.g., OpenAI equity sales), reducing their incentive to sell [2] - There's a risk that newcomers to the market may misinterpret the current environment as the norm, leading to potential miscalculations [2]