Lawrence Yeo

Great men of history had little to no introspection. The personality that builds empires is not the same personality that sits around quietly questioning itself. @pmarca and I discuss what we both noticed but no one talks about: David: You don't have any levels of introspection? Marc: Yes, zero. As little as possible. David: Why? Marc: Move forward. Go! I found people who dwell in the past get stuck in the past. It's a real problem and it's a problem at work and it's a problem at home. David: So I've read 400 biographies of history’s greatest entrepreneurs and someone asked me what the most surprising thing I’ve learned from this was [and I answered] they have little or zero introspection. Sam Walton didn't wake up thinking about his internal self. He just woke up and was like: I like building Walmart. I'm going to keep building Walmart. I'm going to make more Walmarts. And he just kept doing it over and over again. Marc: If you go back 400 years ago it never would've occurred to anybody to be introspective. All of the modern conceptions around introspection and therapy, and all the things that kind of result from that are, a kind of a manufacture of the 1910s, 1920s. Great men of history didn't sit around doing this stuff. The individual runs and does all these things and builds things and builds empires and builds companies and builds technology. And then this kind of this kind of guilt based whammy kind of showed up from Europe. A lot of it from Vienna in 1910, 1920s, Freud and all that entire movement. And kind of turned all that inward and basically said, okay, now we need to basically second guess the individual. We need to criticize the individual. The individual needs to self criticize. The individual needs to feel guilt, needs to look backwards, needs to dwell in the past. It never resonated with me.

One of the biggest AI bottlenecks isn’t compute, it’s memory The market repriced fast, with 1Y moves - $MU +390% - Nanya +960% - Samsung +206% - SK Hynix +330% Why? DRAM pricing power AI demand is rising while supply remains constrained Result: Price rises → Margins explode, not just revenue Simple math: Cost = $10 Sell at $20 → $10 profit Sell at $40 → $30 profit Essentially, profit triples. That's why cycles hit hard on the upside Some DRAM names like $MU and SK Hynix still trade at 8–10x forward P/E which could lower even futher if prices increase Others like Nanya benefit from others' step back from the consumer DRAM marketplace Same demand + Decreased supply → Higher prices ⚠️NOTE: these forward valuations depend on sustained AI demand since memory stocks always look cheap at peak earnings But if you believe that AI is a multi-year trend, memory should still be on your radar #AI #Stocks