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

"he said that risk was the variance of return and already Graham was saying variance of return has nothing to do with risk" - Robert Hagstrom [00:00:00]

"modern portfolio can't beat the market because it doesn't have the paramount objective of making money it has the paramount objective of giving you an emotionally comfortable ride" - **Robert…

"I used to read a lot and I think that's the most wasteful use of time." - Ridham Desai [00:00:22]

"I have read about 40 to 50 books on investing, but that won't make me an investor. You learn investing only by practicing." - Ridham Desai [00:06:21]

"Intuitively, a lot of successful investors…

• "One of the days that we made an all-time high over 5% of the S&P companies actually made new 52-week lows on the same day and that there's only been four times in the last hundred years that that's ever happened." - Jim Bianco [00:00:53]

• "It's AI that is the most important thing right now for financial markets and oil is still a backseat trade for…

"Anything good happening in the economy is either directly or indirectly related to AI... there's nothing else good in the economy." - [Josh Brown] [00:27:10]

"The amount of wealth that's going to happen from these SpaceX and Anthropic IPOs... The amount of cash that's going to be hitting Northern California for the people who haven't left, it's a…

"If there's one lesson that we've learned about capitalism and private enterprise it's this: the system seeks to maximize outputs per unit of inputs. And we haven't seen that [in AI]. There is no effort apparently to optimize." - Brad Conger [00:00:01]

"You cannot bake a certainty pie if your ingredients include, I don't know, berries. In this case, we can't truly…

"In this new modern mercantilist world, the US is looking at choke points around the world of places where it can garner resources that China might need. China on the flip side has built out choke points themselves knowing things that we need." - Bridgewater Speaker [00:00:49]

"AI of course going through the biggest capex buildout since World War II."…

"The fundamental story is very very solid is I wouldn't say that US market is cheap but it's not incredible incredibly expensive." - Luca Paolini [00:04:07]

"We're talking about you know investment in AI in data center close to 1 trillion this year in the US this is cannot go on forever." - Luca Paolini…

"In part one we will look at an extraordinary period that has not only defined but effectively created capital markets as we know them today." - Rick Brink [00:00:27]

"But for me it's a fundamental super cocktail and it is a collection of historic ingredients that nobody planned to come together at the same time and yet they do." - Rick Brink…

"strategists like anybody else can get sucked into the emotions of the moment... I think the numbers really force you to think through the math and saying even if it is different this time how is it." - Lori Calvasina [00:03:43]

"we talk about earnings kind of the fast lane and the slow lane and the fast lane is everything AI related and the slow lane…

"Because we have outsourced our asset management to the indices we have sidestepped the fiduciary responsibilities that traditional asset managers are required to maintain... and basically outsource that to the indices." - Mike Green [00:11:58]

"When you introduce a data dependency you are inevitably driving with the rearview mirror." - **Mike…

"The defense department awards are running nearly double NASA's in just the first seven months... That's a shift that's tracking with the expansion of the Star Shield, the SpaceX classified military satellite program." - Stefan Modric [00:05:54]

"Doing so [waiving the lockup period] would eliminate retail investors' strongest legal recourse if something does go…

"When I look at important emerging industries um and I see a company with a large customer base they may not be profitable yet but they're doing good things in this world a world I want to live in and their stock's down... What's the reason?" - David Gardner [00:22:15]

"I don't invest in companies whose fundamental business is to take money from…

Quotes

"We've shifted a lot of the leverage from the private sector up to the public sector... this has implications for nominal GDP, wealth concentration, inflation levels, and market performance." - Lyn Alden [00:02:33] "If you raise rates in the face of inflation, you do slow down bank lending to a certain degree, but then you blow out…

"The core of our philosophy is owning resilient, dominant, and undervalued companies that can weather the storm of uncertainty." - Matthew McLennan [00:01:15]

"Gold isn't just a commodity; it’s a form of deferred purchasing power that acts as a hedge against market complacency." - Matthew McLennan [00:12:40]

"Markets…

"Our focus has been 40 years now with just one mission, just extraordinary risk-adjusted returns." - Nicolas Giauque [00:01:20]

"Don't lose money. Rule number two: Remember rule number one." - Nicolas Giauque [00:03:57]

"An investment thesis is not a religion. It should be provable wrong. If…

"I've never been associated with anything that moves this fast... five years from now we will look back and realize that we did not appreciate at the time how much of an impact that this was having and how quickly things were moving." - Jordi Visser [00:01:27]

"If I've got the ability as an enterprise to borrow money at 6%, invest it and return…

"Great fortunes are not built in noise. They are built in the silence of conviction." - Nikunj Dalmia [00:01:07]

"If you are a country and you know that the events are not designed by you and lot of things happen around you on which you don't have a control, it is a tough time." - S. Naren…

"Has there ever been a more dangerous environment on every level... population bust, climate change, geopolitics, trade war, actual live war in two or three places... if you think the future looks one of the two or three best futures that we have ever had in the last 100 years, you're smoking dope." - Jeremy Grantham [00:00:45]

"Every Yorkshire worth his…