Stuart Miller

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.

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.

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.

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.

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 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 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.

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.

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.

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.

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.