The Power of Conviction

This episode is brought to you by:
Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.

Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

(00:00:00) Our Partners Ridgeline and Tegus

(00:03:30) Welcome to Invest Like the Best

(00:04:30) Introduction & Recruiting in Venture Capital

(00:05:06) Key Traits for Early-Stage Venture Capitalists

(00:06:57) Lessons from Early Investments

(00:07:47) The Journey of Building a Company

(00:09:01) The Decision to Start Conviction

(00:11:36) Launching Conviction and Initial Steps

(00:13:43) First Investment at Conviction

(00:14:00) Evaluating AI Application Companies

(00:16:29) Challenges and Opportunities in AI Applications

(00:23:57) Minimum Viable Quality in AI Products

(00:33:19) Future of AI and Frontier Models

(00:38:56) The Unpredictable Future of AI

(00:40:16) The Importance of Efficiency in AI Models

(00:44:28) The Business of AI: Costs and Margins

(00:45:47) Infrastructure and Hardware Challenges

(00:48:54) The Competitive Landscape of AI Chips

(00:54:24) The Future of AI and Society

(00:56:34) Opportunities and Innovations in AI

(01:02:09) Concerns and Ethical Considerations

(01:03:36) Debates and Research in AI

(01:09:01) Personal Reflections and Closing Thoughts