Spencer Jakab

speaker

249 appearances 4 recordings 3 series first heard Jan 2026 last heard 30 Jun

Spencer Jakab’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 — 4 in all, peaking in Jun 2026 with 2.

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The Compound and Friends · Steroid Era With Spencer Jakab, the F***’s Going on With Strategy?, Margin Debt · 30 Jun 2026 podcast

Yeah, I mean, to be clear, the operating earnings that you see that like S&P puts out, they then strip that back out.

Right, of course.

But the numbers that you see when you look at the companies,

you see it and people are getting optimistic about it.

And it's kind of a virtuous circle because then people see these big profit numbers for the hyperscalers and Nvidia that own big stakes in these things.

And then they say, well, Anthropic must be worth even more, right?

And then the next round of funding is even higher, right?

So where does it stop?

I mean, how many trillion does it stop at?

So obviously it does stop at some point.

But just more broadly, I mean, it's an interesting quirk, but the fact that margins, even without that, are so high is really unusual.

I mean, look, I mean, and just do the math on that.

Right.

I mean, let's let's say net margins are 15 percent just to make a nice round number this quarter.

And then people are saying, look, the market's not that expensive.

You know, if you look at this incredible profitability and then it'll

You know, analysts actually expect that to get better, which is not, I mean, it could for a quarter or two, but it's pretty unusual for the whole stock market to be that profitable.

You can't compare it to the 1970s.

Obviously, you know, you have different kinds of companies and different companies, different profit margins.

That's obvious.

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