David Piegaro

We raised $250M in Series C funding at a $2.2B valuation, led by a16z. Exa is a search lab organizing the web's data for agents.

I’m genuinely curious if everything in NYC feels cinematic for new yorkers too? Or is this just how non-new yorkers experience it?

Personal update: I've joined Anthropic. I think the next few years at the frontier of LLMs will be especially formative. I am very excited to join the team here and get back to R&D. I remain deeply passionate about education and plan to resume my work on it in time.

not a big milestone guy but it seems likely that today--and if not today almost certainly tomorrow--I will cross 20k hyperdimensional subscribers. when I started, I estimated that my TAM was 1k-2k subscribers, and even getting there was a shock. I appreciate every one of you!

I was in New York last week and for the first time I'm starting to hear senior investment professionals think seriously about the incremental utility of junior investment talent. Agents are solving process bottlenecks that heretofore required the efforts of junior investment talent across modeling, meeting prep, and data analysis. ”I may not need to hire a junior after all”, It is a more common refrain. And it's widespread enough that I do think some concern is now warranted. My response back is: what if you just fundamentally rethought the role of the junior investor? What if instead of updating models, updating weekly industry data drops, writing first cut earnings previews, and building out management question lists, the responsibility stack of a junior dramatically changed? What if you simply challenged the junior investor to develop more accurate and timely revenue forecasts across three dozen names? And the apprenticeship role almost felt more like an AI enabled data scientist, while that person develops their own investor toolkit. What if you challenged that junior analyst to be an in-house AI-enabled risk analyst? Building AI-augmented risk checklists, counter pitches on every idea in the portfolio & pipeline? What if you challenged that junior to become the most AI-fluent person on the team, putting them through an intensive six-month AI self-study? Which, for your senior investors with portfolio responsibility, is very difficult to find the time. The junior then, through the apprenticeship period, becomes a highly value-added generalist. And during that apprenticeship period, where they're mostly a cost center, they develop into a true AI-augmented investor, and at year three will drive dramatically positive ROI to the firm. Same apprenticeship model, but rethought in specific structure. The foundational reality still exists that your junior investor for a scaled investment firm is going to be a rounding error in terms of comp. The consideration of slowing down junior hiring isn't a cost consideration, it's an efficiency consideration. And while much of the traditional junior stack is quickly becoming abstracted into agents, I do think there is a real potential to rethink the role of junior investors to the effect of very attractive ROI. I do think, to a large degree, we have some moral responsibility to do this as well. In a competitive business, it is absolutely imperative that we drive efficiencies and research quality with all the tools at our disposal. That definitionally will impact the existing role of juniors more than seniors. I'm feeling a bit more of a mission to help firms rethink how they deploy junior talent. If you're doing the same, I'd love to connect and find creative ways to rethink the junior role in fundamental investing firms.

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