David Hornik
speaker
392 appearances
1 recordings
1 series
first heard Feb 2026
last heard 25 Feb
David Hornik’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
But at the time, that made him extraordinarily nervous.
And that kind of concentration is unimaginable.
Although now we have these companies that are worth, you know, they're going public at $100 billion.
And the next set may go public at hundreds of billions of dollars, right?
But by the way, completely moronic as a multiple, right?
I mean, I don't know when we stopped, when we abandoned multiples in these businesses.
Like, why is either of those companies a trillion-dollar company?
Why is anything a trillion-dollar company, to tell you the truth?
But if you look at the companies that are trillion-dollar companies, there are many, many billions of dollars in revenue and many, many billions of dollars in profit, which neither Anthropic nor SpaceX are.
So why would they be a trillion-dollar company except that
you know, these markets are not rational.
That's my takeaway.
But for you, I wish you good luck because if they end up a trillion dollar company, that will be an astonishing outcome for you almost no matter where you invested.
And again, power laws, it will make up for a bunch of businesses you liked and thought were going to be successful in our field.
Network and reputation, right?
I mean, you know, you enter the business, you've worked with a set of people, you've involved in a fixed number of businesses, et cetera.
And, you know, over 25 years, I have...
I've invested in a great number of companies.
I've worked with a huge number of executives in those companies.
I've worked with an astonishing number of great lawyers, great bankers, great accountants.
Showing 61–80 of 392 · page 4 of 20
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