Dan Dreyfus

speaker

166 appearances 3 recordings 2 series first heard Jun 2026 last heard 12 Jun

Dan Dreyfus’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 3.

Appearances

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All-In with Chamath, Jason, Sacks & Friedberg · All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live · 12 Jun 2026 podcast

Now, if you get more behind the meter or even front of the meter, that's how you get up to that $70 a share of earnings from 50.

And then if you get up to the 70 but start building new capacity, then you get to the $100 plus.

We need all of it.

Fuel cells and the Caterpillar solar turbines, these are fantastic bridge solutions, but the cost to run these things, the LCOE is like through the roof.

But look, to build a $50 billion data center, you don't want it to sit idle for three years waiting for your baseload CCGT.

So you do whatever it takes, you don't give a crap what you pay for that bridge solution.

And so we're finding ways through fuel cells, through, you know, caterpillar solar turbines, hopefully through orbital data centers where we can alleviate this because I want AI to happen in a really big way and we're gonna need all the above.

So that's a great question, and I only had six minutes to do this, and I think I blew through my time, so I couldn't get into this kind of detail, but it's something I would have really wanted to get into, so whoever asked that, thank you.

I just used the 15 multiple because it's sort of a blended multiple between the contracted stuff, which will get a big,

premium multiple because it's a bond like cash flow stream and bond like cash flow streams trade at a small spread to treasuries and so treasuries if they're at 5% should trade at 20 times plus some growth or whatever, plus or minus.

The uncontracted stuff, the merchant stuff that has spot market exposure is more volatile, less visible, that should trade at a lower multiple.

We can get into the minutiae, but just suffice to say, the more contracts, the higher the multiple, the less, the lower the multiple.

Use 15 times as a good rule of thumb, and you'll probably get to the right answer, which is what I used.

Yes.

Say a few words.

I got my award.

I got my tequila.

Thank you.

All right, well done.

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