This is Who You Are Up Against

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CFA Institute. CFA Institute is a global association of investment professionals, whose mission is to lead the investment profession by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. CFA Institute serves a global community of investment professionals working to build an investment industry where investor's interests come first, financial markets function at their best and economies grow. The Chartered Financial Analyst credential is the most respected and recognized investment management designation in the world. The views expressed in this podcast do not necessarily represent the views of CFA Institute.

[00:02:35] – (First Question) – Lux Capital and the kind of investments they have made over the years

[00:05:42] – The formation of the investment philosophy for Lux

[00:08:17] – Why randomness and optionality are important cornerstones to the philosophy

[00:09:52] – Investment philosophy 100-0-100 (ambition, arrogance, intellectual humility)

[00:10:40] – How Josh manages his time and attention

[00:12:53] – Investing in Biofuels or Biofools?

[00:13:29] – Obsession with nuclear

[00:15:15] – Investment in metamaterials

[00:18:28] – Focus on autonomous vehicles

[00:21:02] – How all of these gambles are viewed by Josh’s investors

[00:22:56] – Tattoo technology

[00:24:36] – How Josh evaluates people when considering early stage investments

[00:28:10] – Why the minority opinion tends to lead to the best outcomes

[00:29:50] – Memorable experience investing in a founder

[00:30:44] – The idea of thesis-driven approach to private investment

[00:32:38] – Crazy thesis – understanding the emotional needs of our pets

[00:34:59] – Crazy thesis – Turning genetic abnormalities into treatments and cures for common conditions

[00:38:03]– Josh’s learning process through these theses

[00:39:56] – Understanding rebel scientists when it’s impossible to predict what is going to happen

[00:40:03] – new book on CRISPR and gene splicing

[00:44:35] – Can the charge forward mindset be cultivated, or does it have to come naturally

[00:45:49] – Investors that Josh has learned the most from

[00:47:37] – Josh’s comfort investing outside of his usual asset class

[00:50:56] – What is the thinking with the short strategy at Lux 

[00:52:31] – SpaceX vs Tesla, good business vs bad business

[00:53:42] – How Josh approaches the quality of a business

[00:55:16] – How does Josh evaluate competitive advantage

[00:56:45] – Where are we in the venture capital landscape

[01:01:42] – How does his outlook on venture capital affect the way Lux is run

[01:02:48] – Thoughts on cryptocurrency

[01:05:28] – An overview of Santa Fe Institute

[01:07:22] – What is the most memorable conversation Josh has ever had

[01:09:34] – What is Josh’s objective function in life

[01:12:43] – Are there people that Josh disagrees with but deeply respects

[01:13:32] – Kindest thing anyone has ever done for Josh