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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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