Dani Burger

Orlando, there's so much change happening right now in the industry, but you started your career also at a moment of change.

I would love to get into that because you started as a banker at Morgan Stanley.

The lore of your career goes is that you're often tried by your managers to pigeonhole you into just LATAM.

But here you sit here, the expert in private capital when it comes to software and tech.

How did you end up there?

I think it's also important to note, even though you didn't stay with Latam Investing, that you went into tech, but you've always kept close ties to Puerto Rico and continue to do work for the community there.

What a time to be doing that, though.

Helping found Tama Bravo in 2008 really is the tech bubble, the remnants of it, the financial crisis.

It's such a moment in time.

How did that help guide you, how you grew Tama Bravo, and how you think about this market today, especially when so many parallels are being drawn between what's happening in AI at the moment and the tech bubble of the 2000s?

Well, it's interesting because it's a two-track and I want to get into software more, but it feels like a two-track.

You're describing LPs being frozen on legacy tech or evolving tech, let's call it.

And then on the other side, a frenzy around AI and huge valuations that a lot of these private capital or public market companies are getting around AI.

Do you look at that and say, we've gone too far?

There is, at least you can see in public market, those nerves.

Salesforce, Adobe, some of the worst performing stocks, underperforming the S&P down, I think about 22% year to date.

Because of that, and maybe that's a correct way to look at those specific companies, maybe not, has there been a valuation reset in private capital as well?

And to what degree does that hurt you or does it present opportunities?

Does it at all, though, put pressure on margins, for example?

If you have someone that says, all right, I can find a cheaper solution that's AI-driven, it doesn't take as much, it doesn't cost as much, does the whole industry pricing need to change because of the AI offering?