June Street retweetledi
I cannot endorse this more. If your seat doesn’t come with a license to go deep, adapt your mental frameworks quickly, be extremely open-minded, and occasionally sound insane, you are probably in trouble long term.
Many unimaginative investors waited almost 10 years for the P/E multiples on their Bloombergs to mean-revert without noticing that increasingly enormous companies were generating massive returns at increasing scale, which made that nearly impossible.
This period is a version of that on steroids. That isn’t a determinative statement. The path does not have to be upward. But there exist right tails that require depth and imagination. If you can’t see them, you can’t understand the underlying asymmetry and therefore can’t have a properly calibrated lens to assess risk.
Just Another Pod Guy@TMTLongShort
If you are on the buyside and your PM or CIO insists AI is a bubble you should do everything in your power to find a new seat. How deeply you understand bottlenecks and tokenomics will be the primary driver of alpha over the next five years and you should put yourself in a position where you have the leash to be involved and learning instead of watching from the sidelines. We are at the starting line. The people pointing to memory stocks instead of model IQ tipping points simply lack the IQ or imagination to understand that.
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