Nuggets | Curated insights across markets, macros, AI, tech & geopolitics

"The fact that we're debating about a bubble means there's a bubble that's it." - Kirk McKeown [00:01:02]

"Competition lowers competitive advantage because more people in... the arbitrage and spreads get tighter." - Kirk McKeown [00:06:50]

"Alpha rewards those who value assets…

This summary details the press conference held by Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), regarding the newly approved PIF Strategy for 2026–2030. The strategy marks a transition from a phase of rapid growth and expansion to one of sustainable value creation and institutional maturity.

1. Strategy Launch and Core Vision (2026–2030)

• Strategic Approval: The Board of…

"Whatever needs to be rectified in all this uh you know will take place So you know uh to quote Queen Elizabeth just stay calm and carry on." - George Roberts [00:08:58]

"You know our scientific approach to investing is throw enough stuff up something will stick And uh uh so we're always trying new things and that is really important." - **Henry…

"Just because you did not take an interest in politics, it doesn't mean that politics doesn't take an interest in you." - Michael Milken (quoting Pericles) [00:08:16]

"Financial institutions, insurance companies, banks, they tend to die of one of two causes. They tend to die of heart attacks or cancer." - Marc Rowan…

"What the wise man does in the beginning, the fool does in the end." - Howard Marks (Quoting an Investment Adage) [00:08:05]

"First the innovator, then the imitator, then the idiot." - Warren Buffett (Quoted by Howard Marks) [00:08:13]

"There is nothing so disturbing to one's…

"Public markets were 8,000 companies—we’re down to fewer than 4,000 companies. We are going to be 3,500 companies before we are 4,500 companies again." - Mark Rowan [00:01:38]

"80% of the economy is now private; 80% of employment is private. Companies are staying private longer, and the ability of companies to source debt and equity as a private…

"Beneath the more negative headlines we're seeing a largely acyclical investment cycle driven by AI but also energy and defense is gathering momentum... it points to something way bigger: a step change in global capital spending." - Patrick Coffee [00:00:21]

"When you look at investment cycles you really have to think of longer time spans. We…

"We have seen the hyperscalers’ capital budgets and R&D budgets in 2026 and 2027 combined increase by more than $300 billion." - Brian Singer [00:01:23]

"If you just observe the way that these agentic systems work, they are furnaces for tokens." - George Lee [00:03:30]

"We're now…

"Last 16 incidences when you've had a rising power compete with an established power 12 have led to war." - Ashish Dhawan [00:05:34]

"Our goods trade as a percent of world goods trade is only 1.8% Which makes no sense for a country that represents 16 to 17% of humanity." - Ashish Dhawan…

"anyone that's held Bitcoin for four years has always made money" - Dan Morehead [00:00:18]

"I still think Bitcoin and the broader crypto space is the most asymmetric trade I've ever seen" - Dan Morehead [00:03:35]

"the majority of institutional investors exposure to blockchain venture…

"00:00:12 If there's no arbitrage we get a formula So we win mathematically speaking... If it's violated we make free money Also good Either way we win." - Doug Costa (Framing the foundational mindset of quantitative trading)

"00:03:16 It's a fundamental principle of finance 101 that the value of a…