Stuart Miller
speaker
308 appearances
1 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Stuart Miller’s voice in public audio — every appearance, attributed to the second.
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Appearances
I see it as, is the person a credible threat at saying something interesting? If I saw them on the agenda and I already knew who they were-ish, is that when I'm going to go take a call or not? And I try to have none of those breaks if I can. And then a little bit like what we were talking about on the retreats, if I were sitting next to them, would I feel engaged?
And in terms of making it my own, Doug Hirsch, who started it, who is Source, his big insight was to make it all actionable investment ideas and to hold the line on not having panels. I feel like that's one of the things that distinguishes it. But I, at various points, wanted to bring in people like Patrick Carlson or other tech people where there wasn't really an actual idea.
But I just gave myself a small budget of those on a given conference. And then this year, my friend Boykin Curry came up with the idea of this lightning round where we did a series of five-minute talks that I thought really complemented the longer format quite well.
Yeah. Well, macro, of course, because Druckenmiller also comes to mind and Soros in his day had a long duration. There's something about macro where you're opportunistic enough to shift to the style of what's making money in that period. So you could do long short, you can do distressed, but you're not a hammer looking for a nail. So I feel like that provides some duration.
And then I do think in general that the financial markets, if you've made a lot of money, and your ego and identity is starting to solidify. The markets are such a good feedback mechanism to make you constantly learn. And so if you're going to choose one profession to grow old in to maintain intellectual and cognitive flexibility and responsiveness rather than
I feel like financial markets are pretty good because you'll just lose all your money if you get too ideological or start drinking your own Kool-Aid. And so I feel like Tepper and Druckenmiller are both good examples of they're forced to constantly engage with new ideas, young people, and move with that chapter in the markets. And so I think there's something in that.
Yeah. Love the game. Humility and bordering on paranoia that you're missing the thing that's now happening so that you maintain extreme high open-mindedness. I feel like there's a form where when sewn works, you've got all these listing posts of people who are on the edge of a thing.
I thought this year, Eric Steinberger, Daniel Gross's interview of Eric Steinberger was super interesting because Eric is neck deep in the AI world. And from my perception, maybe the blue chip end of the pool. And how he makes sense of reality is so different than mine. Daniel was trying to act as a translational layer between... He even said that as he was doing it.
Like, let me translate for you. He was doing such a good job of it. And it was still hard. But the fact that in that world, there's this idea of, I want to be in the room when AGI happens. And there are like, I don't know, five to 10 places that are in the hunt for that. And they're paranoid they'll be in the wrong room. is such an interesting perspective.
Maybe that's not the right frame, but the fact that that's a dominant frame totally strikes me.
Maybe there are 10 to 20, 10 to 30. I assume there are a bunch who are just managing their own money. And I know a number of those. I bet I'm missing a couple. What's the distinction? The distinction is a shift to thinking of it as becoming source maybe of your own style of investing is how I think about it.
And not those portfolio managers will have had influences before them that leave their mark, but coming into their own and not playing the game the way other people have played it, but like truly playing it in their idiosyncratic way. I think of an example beyond Tepper.
Tepper is such a good one because he's in the public domain and I don't actually know him, so I'm not violating any confidentiality. I do think there's a consistency to what I think of as that master level where their identity is up one at the level of I'm a moneymaker. I'm not a portfolio manager that invests in this sector. I think that shift is one elemental piece.
Yeah, also a handful. I think of John Arnold as working on the machinery, the platform of the country in public policy right now in a way that's consistent with that. It's not financial markets per se, but he seems like he's heavily engaged.
I felt like Bill Gates, controversy aside, I don't know if you think of him as an investor and that distinction between founder and investor, but at the beginning of COVID, I felt like he was acting that way, like he was caring genuinely for the system more than his own interests.
I feel like Mitt Romney is in that category right now as a former investor whose politics aside seems to, from my perspective from afar, to be its care of the system itself. When Druckenmiller is concerned about the debt And playing the role of a modern bond vigilante, that's him saying like, guys, I see this. You've got to be careful here.
I think if you define it at the right level, it is, which is back to the point that maybe founders versus or startup founders versus hedge fund managers and private equity managers is a tricky distinction.
That the game, think of AI coming onto the scene and how much disruption that'll cause in investing, but how many new opportunities and maybe it'll be a startup founder who's organized as a company that ends up making the most money. I was talking with somebody who's deep in the AI world recently, and they're paranoid that there may already be AI at scale in markets.
And I thought it was such an interesting idea, even if they're wrong. Like, oh, it's the kind of thing that's going to happen sooner than you think, and then weird stuff's going to happen.
I think existential questions about AI and how it'll reshape the world aside, I think it'll morph and commercial, pragmatic, aggressive, humble people will continue to thrive in the system, but it may take lots of different forms.
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