Byrne HobartEvery podcast appearance, updated as new ones drop

(01:04) - iMessages in Gemini 3 (10:52) - 𝕏 Timeline Reactions to Gemini 3 (28:29) - 𝕏 Timeline Reactions (01:05:11) - CloudFlare Outage (01:16:16) - Byrne Hobart on the Upsides of Bubbles (01:30:12) - Byrne Hobart is an investor, consultant, and writer, best known for his newsletter "The Diff," which explores inflection points in finance and technology. He is also a partner at Anomaly, a frontier tech investment firm, and co-authored "Boom: Bubbles and the End of Stagnation," published by Stripe Press in November 2024. In the conversation, Hobart discusses the role of financial bubbles in driving innovation, arguing that while often viewed negatively, bubbles can coordinate market participants to overbuild infrastructure, thereby laying the groundwork for future technological advancements. (02:06:34) - Glenn Hutchins, co-founder of Silver Lake Partners and chairman of North Island Ventures, discusses his career trajectory, highlighting his roles at Thomas H. Lee Partners, the Clinton administration, Blackstone Group, and the founding of Silver Lake in 1999. He emphasizes the evolution of private equity, noting key financial innovations like the capital asset pricing model and Black-Scholes option pricing, which enabled the valuation and financing of technology companies. Hutchins also addresses the rapid growth and capital demands of AI infrastructure, comparing it to historical technological shifts, and underscores the importance of strategic investment and adaptability in the face of evolving market dynamics. (02:35:17) - Yogi Goel, founder of Maxima, an enterprise accounting platform, discusses their recent $41 million funding round and how their AI-driven system integrates with existing ERPs to automate financial processes and detect anomalies, aiming to reduce errors and inefficiencies in accounting. (02:40:40) - Sam Jones, CEO and co-founder of Method Security, announced the company's $26 million combined seed and Series A funding from Andreessen Horowitz and General Catalyst. He discussed the increasing use of AI in cyberattacks, emphasizing the need for autonomous systems to enhance cyber resilience. Jones highlighted Method Security's dual-use approach, serving both government and commercial sectors, and shared his background in cyber operations with the U.S. Air Force and experience at Palantir. (02:47:50) - Ali Madani, founder and CEO of Profluent Bio, discusses his background in machine learning and biology, highlighting his PhD from UC Berkeley and his leadership in developing language models for biology at Salesforce. He explains Profluent's mission to make biology programmable by using AI to design bespoke medicines, moving away from traditional random discovery methods. Madani also shares the company's progress, including the development of OpenCRISPR-1, an AI-generated gene-editing protein, and mentions securing $106 million in funding from notable investors like Jeff Bezos. (02:56:08) - Amit Jain, CEO and Co-Founder of Luma AI, announced that the company has raised a $900 million Series C funding round led by Saudi Arabia's state-backed AI firm HUMAIN, valuing Luma AI at over $4 billion. Additionally, Luma AI and HUMAIN are collaborating to build a 2-gigawatt compute cluster in Saudi Arabia, named Project Halo, to train multimodal artificial general intelligence (AGI) models. Jain emphasized the necessity of integrating text, audio, video, and images to develop AI systems capable of understanding and simulating the physical world, highlighting the importance of multimodal models in advancing AI capabilities. TBPN.com is made possible by: Ramp - https://ramp.com Figma - https://figma.com Vanta - https://vanta.com Linear - https://linear.app Eight Sleep - https://eightsleep.com/tbpn Wander - https://wander.com/tbpn Public - https

How do we escape stagnation and accelerate progress? What if bubbles are actually good? Just asking questions. "They promised us flying cars. All we got was one hundred forty characters." Those were the words of Peter Thiel over a decade ago, lamenting technological stagnation. The character limit has since increased, but his point remains the same: Innovation in the software world of "bits" has accelerated, but progress in the material world of "atoms" has been stubbornly slow, at least in his telling. Economist Tyler Cowen, who popularized the term " Great Stagnation ," argued that we picked all the low-hanging fruit in the early-to-mid 20th century thanks to cheap cultivation of unused land, mass education of a previously uneducated population, and revolutions in transportation, energy, and synthetic materials that could since be only marginally improved at increasingly greater expense and effort. The result has been stagnant wage growth when accounting for price inflation and a failure to realize any revolutionary breakthroughs in energy, transportation, or materials science for decades. But today's guest says there's another underlying reason for the stagnation: a self-defeating cultural and spiritual malaise and pessimism about the future. It manifests itself in the dystopian movies and shows that dominate Hollywood, as well as in the falling prevalence of words associated with progress and the future, and a rise of words associated with caution, worry, and risk found in contemporary literature. Byrne Hobart is the co-author of Boom: Bubbles and the End of Stagnation , which offers a surprising way out of stagnation: embracing the dynamic and chaotic power of bubbles—investment bubbles, big social bubbles, and filter bubbles. Examples range from big, ambitious public investments like the Apollo missions and the Manhattan Project to the rise of bitcoin. Sources referenced: The Great Stagnation by Tyler Cowen Federal Reserve Bank of Atlanta: "Real Wage Growth: A View from the Wage Growth Tracker" Financial Times : "Is the west talking itself into decline?" Boom: Bubbles and the End of Stagnation, by Byrne Hobart and Tobias Huber Zach and Liz's Bitcoin documentary <a href="https://www.investopedia.com/articles/forex/121815/bitcoins-pr

There is a counter intuitive school of thought - represented by Tyler Cowen, Peter Thiel and Marc Andreessen - which suggests that America, for all its technological innovation, remains trapped by long term economic stagnation. So it’s no coincidence that the Austin based investor, consultant, and writer, Byrne Hobart ’s co-authored new book, Boom , comes with enthusiastic blurbs from Cowen, Thiel and Andreessen. If we are to escape our current stagnation, Hobart explained to me when we met in Austin, then we might welcome economic bubbles such as our current AI craze. To get to a boom, he even seems to suggest, borrowing from the ideas of the great economic historian Carlotta Perez , we may even need to celebrate bubbles. Byrne Hobart is an investor, consultant, and writer. He is the author of The Diff, a daily newsletter covering inflection points in finance and technology. He is also a founding partner at Anomaly, a frontier tech investment firm. Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running How To Fix Democracy show. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children. Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

How can economic bubbles be good for the world? Byrne Hobart is a financial analyst known for his newsletter "The Diff" which covers tech, trends and economics. Byrne has been on the periphery of crypto for longer that this podcast has existed In this podcast we discuss the book he has co-authored, Boom: Bubbles and the End of Stagnation, where he makes the case for why human progress has stagnated and why speculative bubbles might be the only way out. ------ 📣 DYDX | UNLIMITED ERA https://bankless.cc/dydx-unlimited ------ 🎬 DEBRIEF | Ryan & David Unpacking the Episode: https://www.bankless.com/podcast/debrief-the-byrne-hobarts-interview ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2 ⁠ 🦄UNISWAP | BUG BOUNTY PROGRAM https://bankless.cc/Uniswap-Bug-Bounty ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle ⁠ 📈 iYield: YOUR FINANCIAL PICTURE, SIMPLIFIED https://bankless.cc/iYield 🗣️TOKU | CRYPTO EMPLOYMENT https://bankless.cc/toku ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/115?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E ------ TIMESTAMPS 0:00 Intro 7:29 Byrne’s Crypto Background 10:13 Bitcoin Inception 28:17 Blockspace Economics 34:20 BOOM Thesis 45:35 The Great Stagnation 1:16:46 Civilizational Risk 1:32:31 Good Bubbles vs Bad Bubbles 1:40:04 Identifying the Next Bubble 1:47:53 Closing & Disclaimers ------ RESOURCES Byrne Hobart https://x.com/ByrneHobart Boom: Bubbles and the End of Stagnation https://a.co/d/f7m2OG8 The Diff Newsletter https://www.thediff.co/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠

By popular demand, Patrick McKenzie (patio11) is joined by Byrne Hobart for a 3rd conversation to discuss Byrne’s book "Boom: Bubbles and the End of Stagnation." They explore how periods of irrational market enthusiasm often create lasting value despite their painful endings. Using examples from the 1990s fiber optic boom that enabled modern streaming to today’s AI investment surge, they examine how even when investment manias end badly, they frequently pull forward crucial technological development that benefits society long-term. Byrne and Patrick weave through historical cases like Bell Labs to present day examples in crypto and energy infrastructure, revealing hidden cycles where speculative excess can drive genuine innovation. – Full transcript available here: https://www.complexsystemspodcast.com/episodes/boom-busts-and-long-term-progress-with-byrne-hobart-2/ – Sponsors: Safebase Ready to save time and close deals faster? Inbound security reviews shouldn’t slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast – Links: Order Byrne Hobart’s book Boom: Bubbles and the End of Stagnation on Stripe Press / Bookshop / Amazon here: https://press.stripe.com/boom The Diff https://diff.substack.com Capital Gains https://capitalgains.thediff.co/ The Reckoning by David Halberstam: https://www.amazon.com/Reckoning-David-Halberstam/dp/0380721473 Austin Vernon on Fracking, Complex Systems Podcast: https://open.spotify.com/episode/0YDV1XyjUCM2RtuTcBGYH9?si=CDrPD3nNSP-MUV60qffglg – Twitter: @byrnehobart @patio11 - Timestamps: (00:00) Intro (00:25) Discussing the book: Boom, Bubbles, and the End of Stagnation (01:08) Economic growth and productivity (04:42) Technological advancements and corporate R&D (07:31) The role of government and private sector (13:42) Sponsor: Check (14:57) Economic history and industrial evolution (20:12) Japanese industrial planning and efficiency (27:16) The dot-com boom and fiber optic investment (31:21) Bondholders vs. equity investors: A comparative analysis (32:32) Google’s strategic fiber investments (32:56) The evolution of online video and YouTube’s rise (35:22) The dot-com bubble and its aftermath (44:06) The housing bubble (49:39) Financial manias and reflexivity (52:23) The SaaS ecosystem and startup growth (54:58) Stripe and the evolution of online payments (01:00:22) Crypto (01:04:58) The value of currency and crypto (01:06:36) Exchange tokens and financial models (01:08:55) Crypto’s impact on financial systems (01:10:41) The evolution of banking technology (01:13:18) Crypto regulations and financial freedom (01:17:28) Smart contracts and financial innovation (01:26:47) The role of AI in technological advancements (01:29:18) The future of energy: Geothermal and fracking (01:41:39) The journey of writing ‘Boom’ (01:42:57) Wrap

Patrick McKenzie (patio11) is joined again by Byrne Hobart, writer of The Diff , for a follow up conversation about “whales” – and so much more – across the gaming, aviation, software, hospitality and fast food industries. Patrick and Byrne also discuss their writing process, knowledge management, and how they use AI tools. – Full transcript available here: www.complexsystemspodcast.com/byrne-hobart-whales-miscellany – Sponsors: Safebase Ready to save time and close deals faster? Inbound security reviews shouldn’t slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast – Links: The Diff thediff.co Capital Gains capitalgains.thediff.co Byrne Hobart’s book Boom: Bubbles and the End of Stagnation Kongregate Presentation: Video (https://www.youtube.com/watch?v=P7SDByLlCHw) Slides (https://blog.kongregate.com/dont-call-them-whales-f2p-spenders-and-virtual-value/) – Twitter: @patio11 @byrnehobart – Timestamps: (00:00) Intro (00:45) Economics of video game currencies (02:56) Pricing strategies in mobile gaming (05:08) Monetization skew towards high-end players (08:08) VIP systems and casino host analogy (11:08) Whale behavior in casual games (15:03) Hyper-consuming outliers in other industries (19:09) Sponsors: WorkOS | Check (21:25) Hobbies and opportunity costs (23:01) Custom software for tech billionaires (26:30) Evolution of website development (29:55) Restaurant websites and delivery apps (40:17) McDonald's take rates (44:59) Restaurant groups (53:34) Tech company cafeterias and employee benefits (57:57) Google's business model and economic feedback loops (1:00:57) Early Google investment anecdote (1:02:16) Writing as a memory aid (1:04:46) Using ChatGPT for memory assistance (1:10:30) LLMs as writing and coding aids (1:13:34) Children's interaction with ChatGPT (1:18:11) Arguing with LLMs and using them for research (1:03:00) Wrap – Complex Systems is part of the Turpentine podcast network. Turpentine also has a social network for top founders and execs: https://www.turpentinenetwork.com/

Patrick McKenzie (patio11) is joined by Byrne Hobart to discuss Byrne’s vantage point as writer of The Diff , a tech and finance newsletter. Byrne explains the toxicity of the 30-year mortgage, the dynamics of the finance newsletter ecosystem, how rationalist epistemics can be applied to hedge funds, and the joy of learning about an industry from scratch. – Full transcript here: https://www.complexsystemspodcast.com/episodes/writing-history-byrne-hobart/ – Sponsors: Safebase Ready to save time and close deals faster? Inbound security reviews shouldn’t slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast – Links: The Diff https://www.thediff.co/ Capital Gains https://capitalgains.thediff.co/ Pre-order Byrne Hobart’s book Boom: Bubbles and the End of Stagnation https://www.amazon.com/Boom-Bubbles-Stagnation-Byrne-Hobart/dp/1953953476 Bits About Money https://www.bitsaboutmoney.com/ Byrne's podcast The Riff: https://podcasts.apple.com/id1716646486 Referenced: The Railway Mania of 1860 Paper by Andrew Odlyzko https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4006745 Seeing Like a State by James C. Scott https://www.amazon.com/Seeing-Like-State-Certain-Condition/dp/0300078153 The Dead Pledge by Judge Earl Glock https://www.amazon.com/Dead-Pledge-Mortgage-1913-1939-Capitalism/dp/0231192533 The Oral History of Travel’s Greatest Acquisition Bookings.com https://skift.com/oral-history-of-booking-acquisition – Twitter: @patio11 @byrnehobart – Timestamps: (00:00) Intro (00:25) The 30-year mortgage is an intrinsically toxic product (04:46) Young households are the socially optimal holders of equities risk (10:19) The structure of private equity returns (14:18) Sponsor: Check (15:32) Meta-analysis of the finance newsletter space (19:54) Byrne’s aspirations for The Diff (25:01) The origins of names (27:19) The epistemics of a hedge fund (34:26) Venture capital vs hedge funds (38:13) Understanding scrapers (41:20) How to learn about an industry from scratch (45:37) The business of online travel agencies (49:21) Wrap – Complex Systems is part of the Turpentine podcast network.

Byrne Hobart, creator of the newsletter The Diff and Capital Gains, joins Erik Torenberg to discuss the intricate evolution of media industries. In this conversation, they delve into the comparative success of print and digital media, the economic transformation of the news sector, the disruption in media landscapes and the emerging scenarios in financial journalism. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: 🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech. Apple Podcasts : https://podcasts.apple.com/us/podcast/id1759267211 Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv 🎙️ ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs — SPONSORS: BEEHIIV Head to https://Beehiiv.com and use code “EMPIRES” for 20% off your first three months. — LINKS: The Riff on YouTube: https://www.youtube.com/@TheRiffPodcast The Riff on Apple: https://podcasts.apple.com/us/podcast/the-riff-with-byrne-hobart-and-erik-torenberg/id1716646486 The Riff on Spotify: https://open.spotify.com/show/6rANlV54GCARLgMOtpkzKt Being Not-a-Tech-Company: https://www.thediff.co/archive/being-not-a-tech-company/ Subscribe to the Media Empires Newsletter: https://media-empires.beehiiv.com/ — X / TWITTER: @eriktorenberg (Erik) @ByrneHobart (Byrne) — TIMESTAMPS: (00:00) Intro (00:56) Historical overview of media business (04:36) Golden age of newspapers (07:54) Impact of digital transformation (13:28) Media fortunes and distribution changes (18:55) Sponsors: Beehiiv and Turpentine (20:43) Understanding the distribution model (24:21) Role of AI in media layoffs (31:35) Economics of investigative journalism (36:32) Advice and Insights in building a media empire (44:1

Today we’re sharing an episode of The Riff podcast where Erik Torenberg and writer- investor Byrne Hobart discuss the future of AI & education, analyze several companies including Stripe's shift towards unbundling, and the possibility of 24-hour markets. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj Subscribe to this season of Company Breakdowns for analysis of Reddit, Databricks, and more! Subscribe to Company Breakdowns' newsletter: https://company-breakdowns.beehiiv.com/ Company Breakdowns is a part of the Turpentine podcast network. Learn more: www.turpentine.co -- RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSOR: CARTA | BRAVE Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠ . The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads . Mention “Turpentine” when signing up for a 25% discount on your first campaign. -- LINKS: “The Riff” podcast: YouTube: https://www.youtube.com/@TheRiffPodcast Spotify: https://open.spotify.com/show/6rANlV54GCARLgMOtpkzKt Apple: https://podcasts.apple.com/us/podcast/the-riff-with-byrne-hobart-and-erik-torenberg/id1716646486 -- FOLLOW ON X: @eriktorenberg (Erik) @ByrneHobart @turpentinemedia (Turpentine) – TIMESTAMPS: (00:00) Intro (01:05) AI's Impact on Education (03:33) AI in Self-Directed Learning (06:22) Tech-Enabled Education and Its Challenges (14:40) Byrne’s Take on Kids and Schooling (17:46) Sponsor: Brave (18:48) Meta's AI and Social Media Strategy (22:46) Meta's Financial Strategy and the Metaverse (27:03) Meta's AI Strategy and Its Competitors (30:46) Microsoft's AI Strategy (30:52) The Android vs. Apple Analogy (31:41) Google's Commercial Leverage (32:11) The Importance of Data in AI (33:09) Meta's Open Source Dilemma (33:58) Microsoft's Data Privacy Concerns (34:16) The Uncertainty in AI's Future (34:47) The Role of Ads in Business Models (36:40) Amazon and Grocery Store Economics (41:11) The Future of Email Ad Networks (43:17) Investment Strategies and Market Dynamics (47:42) China's Economic Challeng

Byrne Hobart has a Substack following of over 50,000 subscribers, consisting of some of the smartest people in Silicon Valley — startup founders, venture capitalists, hedge fund managers, you name it. Come learn how he produces high-density, high-insight ideas so consistently. SPEAKER LINKS: Newsletter: https://www.thediff.co/ Twitter: https://twitter.com/ByrneHobart LinkedIn: https://www.linkedin.com/in/byrnehobart WRITE OF PASSAGE: Want to learn more about the next class Write of Passage? Click here: https://take.writeofpassage.school/writing-sprints PODCAST LINKS: Website: https://writeofpassage.school/how-i-write/ Apple: https://podcasts.apple.com/us/podcast/how-i-write/id1700171470 Spotify: https://open.spotify.com/show/2DjMSboniFAeGA8v9NpoPv YouTube: https://www.youtube.com/@DavidPerellChannel/videos Learn more about your ad choices. Visit megaphone.fm/adchoices

Byrne Hobart ( @ByrneHobart ) is the author of The Diff , a newsletter studying inflections in finance & technology. He is also the host of a new podcast called The Riff , produced by Turpentine ( @TurpentineMedia ). In this episode, we discussed the nature of market efficiency & financial bubbles, the importance of risk-taking in society, how best to counter the so-called “degrowth” movement, his forthcoming book with Tobias Huber ( @TobiasAHuber ) and the promise of Special Economic Zones.

This is a bonus episode for Econ 102 listeners of The Riff with Byrne Hobart and Erik Torenberg, recorded on Monday night 11/20, discussing the evolving story of Sam Altman’s ousting at OpenAI and new home at Microsoft, what OpenAI's next pivot could look like, the new competitive landscape for the big AI players, and Effective Altruism’s role in this drama. Need Soc 2 compliance? Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff The Riff is a new podcast from the Turpentine podcast network. Subscribe to The Riff: https://link.chtbl.com/theriff We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com . -- Sponsors: GIVEWELL | DAFFY | NETSUITE | SECUREFRAME Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. Secureframe: the only compliance automation platform with AI capabilities that help customers speed up cloud remediation and security questionnaires. Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff -- LINKS: Byrne's writing: https://thediff.co -- X / TWITTER: @eriktorenberg @byrnehobart -- TIMESTAMPS: (00:00) Introduction from Erik (00:50) Non obvious thoughts about governance and legal structures (03:50) Could the board have found out something about Sam? (05:00) Tech’s online coordination and choosing sides (06:20) Why haven’t the OpenAI board shared their reasoning? (12:20) Are they going to bring Sam back? (15:20) What should OpenAI’s pivot be? (17:35) Sponsor: Secureframe (18:40) Analyzing Microsoft's moves and the sweetheart deal (22:00) Saty

Byrne Hobart (@byrnehobart) and Tobias Huber (@TobiasAHuber) join Patrick Blumenthal (@PatrickJBlum) to discuss the future of Artificial Intelligence. They cover: Is AI going to kill us? Is AI going to take all of our jobs and cause massive inequality? Is it going to destroy truth? Is it better to be a tech incumbent or a startup right now? Is the future of software one-time-use? What are the consequences of negative mainstream media coverage of AI? Will model interpretability increase or decrease over time? Will AI be subject to regulatory capture? Will it be over regulated? What would the civilizational consequences of an AI ban be? What are the realistic trade offs of AI? What turmoil will it cause? How should DC approach regulating AI? What is the optimistic vision for AI? Is China ahead or behind the US in AI progress? How should people prepare themselves for AI?

Byrne Hobart joins Antonio, Dan, and Erik to discuss SVB, finance, and crypto. We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com . RECOMMENDED PODCAST: The HR industry is at a crossroads. What will it take to construct the next generation of incredible businesses – and where can people leaders have the most business impact? Hosts Nolan Church and Kelli Dragovich have been through it all, the highs and the lows – IPOs, layoffs, executive turnover, board meetings, culture changes, and more. With a lineup of industry vets and experts, Nolan and Kelli break down the nitty-gritty details, trade offs, and dynamics of constructing high performing companies. Through unfiltered conversations that can only happen between seasoned practitioners, Kelli and Nolan dive deep into the kind of leadership-level strategy that often happens behind closed doors. Check out the first episode with the architect of Netflix’s culture deck Patty McCord. https://link.chtbl.com/hrheretics TIMESTAMPS: (00:00) Intro (00:45) Sponsors (01:28) Dan’s story with SVB (06:00) Byrne intro (Check out Thediff.co) (07:00) How Byrne identified SVB’s insolvency (15:30) How banking works (22:10) Fractional reserve banking (27:00) Banking on-chain (32:00) Understanding illiquidity (46:00) Housing market (53:00) How much can crypto recreate the financial system? (1:08:00) Crypto is financial system for digital native world (1:15:25) Are we at the end of (financial) history? (1:20:00) Finance is never solved SPONSORS: Beehiiv | Shopify | Secureframe Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 to https://Beehiiv.com and use code “MOZ” for 20% off your first three months -Shopify: https://shopify.com/momentofzen for a $1/month trial period Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of all e-commerce in the US. And Shopify’s the global force behind Allbirds, Rothy’s, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries. From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you’re selling, Shopify’s got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen -Secureframe ( www.secureframe.com ) Secureframe is the leading all-in-one platform for security and privacy compliance. Get SOC-2 audit ready in weeks, not months. I believe in Secureframe so much that I invested in it, and I recommend it to all my portfolio companies. Sign up for a free demo and mention MOMENT OF ZEN during your demo to get 20% off your first year.

Podcast : Dwarkesh Podcast Episode : Byrne Hobart - FTX, Drugs, Twitter, Taiwan, & Monasticism Release date : 2022-12-01 Get Podcast Transcript → powered by Listen411 - fast audio-to-text and summarization Perhaps the most interesting episode so far. Byrne Hobart writes at thediff.co , analyzing inflections in finance and tech. He explains: * What happened at FTX * How drugs have induced past financial bubbles * How to be long AI while hedging Taiwan invasion * Whether Musk’s Twitter takeover will succeed * Where to find the next Napoleon and LBJ * & ultimately how society can deal with those who seek domination and recognition Watch on YouTube . Listen on Apple Podcasts , Spotify , or any other podcast platform. Read the full transcript here . Follow me on Twitter for updates on future episodes. Timestamps : (0:00:50) - What the hell happened at FTX? (0:07:03) - How SBF Faked Being a Genius: (0:12:23) - Drugs Explain Financial Bubbles (0:17:12) - On Founder Physiognomy (0:21:02) - Indexing Parental Involvement in Raising Talented Kids (0:30:35) - Where are all the Caro-level Biographers? (0:39:03) - Where are today's Great Founders? (0:48:29) - Micro Writing -> Macro Understanding (0:51:48) - Elon's Twitter Takeover (1:00:50) - Does Big Tech & West Have Great People? (1:11:34) - Philosophical Fanatics and Effective Altruism (1:17:17) - What Great Founders Have In Common (1:19:56) - Thinkers vs. Analyzers (1:25:40) - Taiwan Invasion bets & AI Timelines Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe

Perhaps the most interesting episode so far. Byrne Hobart writes at thediff.co , analyzing inflections in finance and tech. He explains: * What happened at FTX * How drugs have induced past financial bubbles * How to be long AI while hedging Taiwan invasion * Whether Musk’s Twitter takeover will succeed * Where to find the next Napoleon and LBJ * & ultimately how society can deal with those who seek domination and recognition Watch on YouTube . Listen on Apple Podcasts , Spotify , or any other podcast platform. Read the full transcript here . Follow me on Twitter for updates on future episodes. Timestamps : (0:00:50) - What the hell happened at FTX? (0:07:03) - How SBF Faked Being a Genius: (0:12:23) - Drugs Explain Financial Bubbles (0:17:12) - On Founder Physiognomy (0:21:02) - Indexing Parental Involvement in Raising Talented Kids (0:30:35) - Where are all the Caro-level Biographers? (0:39:03) - Where are today's Great Founders? (0:48:29) - Micro Writing -> Macro Understanding (0:51:48) - Elon's Twitter Takeover (1:00:50) - Does Big Tech & West Have Great People? (1:11:34) - Philosophical Fanatics and Effective Altruism (1:17:17) - What Great Founders Have In Common (1:19:56) - Thinkers vs. Analyzers (1:25:40) - Taiwan Invasion bets & AI Timelines Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe

Read the full transcript here. What the heck happened with FTX and Sam Bankman-Fried? Were there early warning signs that most people failed to notice? What could've been done differently, and by whom? What effects will this have on the EA movement going forward? Timestamps: 00:01:37 — Intro & timeline 00:51:48 — Byrne Hobart 01:39:52 — Vipul Naik 02:18:35 — Maomao Hu 02:41:19 — Marcus Abramovitch 02:49:38 — Ozzie Gooen 03:21:40 — Wrap-up & outro Byrne Hobart writes The Diff , a newsletter covering inflections in finance and tech, which has 47,000+ readers. Previously he worked at a hedge fund covering Internet and media companies. Follow Byrne on Twitter at @ByrneHobart or subscribe to The Diff at thediff.co . Vipul Naik holds a PhD in mathematics from the University of Chicago and is currently the head of data science at Equator Therapeutics , a drug discovery startup. He previously worked at a tech startup called LiftIgniter and then at The Arena Group , a media / tech company that acquired LiftIgniter. Learn more about him at his website, vipulnaik.com . Maomao Hu is a blockchain, fintech, and AI entrepreneur and thought leader. He has been involved in organizations ranging from leading investment banks to new startups, to solve both microstructure problems like market surveillance and macrostructure problems like capital allocation. Currently, he leads development and quantitative research at asset manager Zerocap . Learn more about him at his website, thefirenexttime.com . Marcus Abramovich is a managing partner at Enlightenment Ventures, an EA-aligned cryptocurrency hedge fund. Marcus also leads a Facebook group and Discord community of effective altruists focused on accumulating capital to donate to EA causes, and advises several cryptocurrency projects. Marcus discovered effective altruism as a PhD candidate at the University of Waterloo and professional poker player. Email him at marcus.s.abramovitch@gmail.com . Ozzie Gooen is the president of The Quantified Uncertainty Research Institute. He has a background in programming and research. He previously founded Guesstimate and worked at the Future of Humanity Institute at Oxford. Follow him on Twitter at @ozziegooen or learn more about his current work at quantifieduncertainty.org . Further Reading: "Clarifications on diminishing returns and risk aversion in giving" by Rob Wiblin @ the EA forum on why he disagrees with the SBF's risk-taking approach [ link ] References: 0xhonky. (November 13, 2022, 03:12 AM UTC). https://twitter.com/0xhonky/status/1591630071915483136 . Twitter. [ link ] alamedatrabucco. (April 22, 2021, 10:37 AM UTC). https://twitter.com/alamedatrabucco/st

In this episode of Narratives, we're joined by Byrne Hobart to discuss finance, bubbles, reflexivity, George Soros, the EMH and a whole lot more. William Jarvis 0:05 Hey folks, welcome to narratives. narratives is a podcast exploring the ways in which the world is better than in the past, the ways that is worse in the past, or it's a better, more definite vision of the future. I'm your host, William Jarvis. And I want to thank you for taking the time out of your day to listen to this episode. I hope you enjoy it. You can find show notes, transcripts and videos at narratives podcast.com. Will Jarvis 0:38 Well burn, how are we doing this afternoon? Byrne Hobart 0:40 I'm doing great. Thanks. How about you? Doing great, Will Jarvis 0:43 thank you so much for taking the time to come on the show today. Do you mind giving us a brief bio and some of the big ideas you're interested in? Byrne Hobart 0:51 Yeah, absolutely. So I have a kind of eclectic background, when to college briefly and then dropped out, moved to New York and sort of bounced around a couple different things, but ended up in online marketing. And then through that, I started writing online about how different companies were marketing themselves online, there was this crop of companies that were going public in the 2010 2011 period was really the first time that internet companies could start going public again, after, after the disaster of the.com collapse. And so through some of that writing, I ended up getting in touch with a hedge fund, join that fun to work on analyzing internet companies. And then, since then, I've done some finance stuff and some crypto stuff. And then a couple years ago, I basically got a little bored and decided to start writing for a while and figure out my next thing. And it turned out my next thing was writing. So I've been doing a newsletter. Since pretty regularly since early 2020. It's the diff, go to the diff.co. And check it out. And I cover a couple different things. And I guess, I think part of it is I do have this general attitude, which is partly a result of reading newsletter, that the rule is just really complicated. There's a lot of interesting stuff to learn about a lot of different companies about how a lot of different countries structure their economies, and how different technologies have impacted the world. So I'd like to do deep dives into that whether it's looking at I don't know there's supposed to did a while ago on a bank called Synchrony Financial, which is sort of like, sort of like a firm and the rest, except it was founded in the 1930s. And it's been doing store cards ever since then. So they're like, you know, they're things that people learn after almost a century of doing unsecured consumer lending to help people buy stuff that, that yeah, other companies will think you're out in, in good time. I am a big fan of the reading of Ronald Coase, the economist who is he has this wonderful framework for thinking about how how transaction costs are such a limiting factor, and especially how just the lack of the existence of asymmetric information makes it really hard for the economy to be perfectly efficient. And then a lot of things that look like they don't make sense or look like they're just done imperfectly in the economy, they they start to make more sense when you think about things from a transaction cost lens. So I would say that the I think the big thing is our transaction costs matter that financial bubbles are underrated, that they are actually a coordinating force, that when there's when you're in the middle of a bubble, there are a lot of things that if you think of the bubble is like this definite vision of the future, you know, borrowing from zero to one, this idea of definite optimism, often that definite vision of the future requires a bunch of specific things to go right. And if nobody's working on any of those thing

Byrne Hobart writes The Diff, a newsletter about inflections in finance and technology with 24,000+ subscribers. Watch on YouTube . Listen on Apple Podcasts , Spotify , or any other podcast platform. Episode website here . The Diff newsletter: https://diff.substack.com/ Follow Byrne on Twitter . Follow me on Twitter for updates on future episodes! Thanks for reading The Lunar Society! Subscribe for free to receive new posts and support my work. Timestamps: ( 0:00:00 ) - Byrne's one big idea: stagnation ( 0:05:50 ) -Has regulation caused stagnation? ( 0:14:00 ) - FDA retribution ( 0:15:15 ) - Embryo selection ( 0:17:32 ) - Patient longtermism ( 0:21:02 ) - Are there secret societies? ( 0:26:53 ) - College, optionality, and conformity ( 0:34:40 ) - Differentiated credentiations underrated? ( 0:39:15 ) - WIll contientiousness increase in value? ( 0:44:26 ) - Why aren't rationalists more into finance? ( 0:48:04 ) - Rationalists are bad at changing the world. ( 0:52:20 ) - Why read more? ( 0:57:10 ) - Does knowledge have increasing returns? ( 1:01:30 ) - How to escape the middle career trap? (<a target="_bl

Byrne Hobart , Author of The Diff talks with World of DaaS host Auren Hoffman. The Diff is a top newsletter that covers inflection points in finance and technology. Byrne previously worked in data-driven equity research and online marketing. In 2020, Byrne published an article stating that airline loyalty programs are worth more than the airlines themselves. These programs have been key to the airline industry's survival. Byrne and Auren dive in. They break down the mechanics of airline loyalty programs, reveal how airlines survived the pandemic, share lessons that cryptocurrencies can learn from airline loyalty programs, and more. World of DaaS is brought to you by SafeGraph. For more episodes, visit safegraph.com/podcasts You can find Auren Hoffman (CEO of SafeGraph) on Twitter at @auren

The Agenda 👇 I spoke with The Diff ’s Byrne Hobart about basically everything 🎧 My latest Sifted column is about university spinouts—and Europe lagging behind Yahoo is slowly disappearing from sight. I wrote a new episode in my ‘11 Notes’ series As software eats the world, founders have to tackle tangible stuff: a few ideas on the matter Do you think journalists depict tech as the bad guy? What if we have the context to blame? Today’s episode of Building Bridges is my conversation with Byrne Hobart, a hedge fund alumnus and investor who now writes the popular newsletter The Diff. I have Eugene Wei to thank for recommending Byrne Hobart’s newsletter The Diff early during the lockdown in 2020. Byrne was already on my radar somewhat, so I jumped on the occasion and immediately subscribed to the extraordinary, dense, 5-email a week product that is The Diff . I’m still enjoying it almost one year later because it spans the many different topics I’m interested in, from finance to economic development to industry deep dives to country focuses—with a few powerful recurring ideas and all the depth & breadth we should be looking for in our everyday reading. Should I mention that Byrne’s has become one of the most popular paying newsletters on Substack? Before you go and explore The Diff , however, listen to the podcast 🎧 My contribution is just a few short questions, with Byrne sharing his thoughts at length on the following topics: Why he moved from New York to Austin, Texas during the pandemic, and what it’s like to homeschool your kids like he and his wife have been doing for months. His professional journey , what led him to write a newsletter, and whether writing on a regular basis makes him a better investor. Why he thinks The Social Network by David Fincher is the most important movie of all time —regardless of accuracy. The difference between hedge fund managers and venture capitalists , and what the latter could learn from the former. Why America’s financial system makes the country so strong and resilient , including from a global perspective. Why there are many things in common between a country that’s developing and a company that’s growing —and what happens at the end of that process. 👉 Listen to my conversation with Byrne Hobart in the latest episode of the Building Bridges podcast using the player above 👆 or on Apple Podcasts or Spotify . The spark for my Sifted column this week was an op-ed in the Financial Times by Airstreet Capital’s Nathan Benaich centered on the poor performance of European universities when it comes to spinning out successful startups. Nathan’s opinion dovetails with my own, which is that European universities create too many administrative frictions, slow entrepreneurs down rather than speeding them up, and generally have the wrong idea of how startups can benefit the university and its researchers. This is a mentality problem, but perhaps one that can be rectified with a bit of history and a desire to do better. 👉 Read my column here: Universities should serve startups, not the other way around . 😢 11 Notes on Yahoo News came last week that what’s left of Yahoo is being sold to a private equity firm. Although it’s certainly not much of a household name anymore, Yahoo was one of the Internet’s early tech powerhouses, and there are many interesting aspects of its history that can illuminate both where we’ve been and where we’re headed. So many, indeed, that I dedicated this ‘11 Notes’ edition to the company. For example, the different approaches taken by Yahoo and Google show the stakes in increasing quality in the face of increasing scale, as Yahoo’s emphasis on curation led to their being left behind at an exponential rate as the number of web pages exploded. Then there is Yahoo’s relationship with Asia, from an early expansion to a complicated situation in which its investment in Alibaba ended up being worth more than Yahoo itself (creating some awkwardness in terms of the company’s tax burden). In the end, Yahoo may also become notable as being one of the last of those born in the dotcom era to disappear–with the others either long gone (Myspace, Netscape) or in no danger of leaving the stage anytime soon (Google, Facebook). Whether due to failures in leadership, missteps in international expansion, a missing connection with end users, or simply a large combination of factors, Yahoo’s presence over the past 30 years certainly merits reflection on its legacy in the Entrepreneurial Age. 👉 I went through it all in 11 Notes on Yahoo . 🛠 All About Stuff That’s Tangible As software eats the world, it’s needing to digest industries that are more and more heavily marked by tangible goods. I was reminded of this recently as one of tech’s latest success stories, Peloton, was hit hard by the need to recall a large number of their connected treadmills. Peloton’s stumble shows how producing hardware impacts a company’s strategic positioning and its returns on invested capital. My longtime readers know that one of the key elements guiding my thinking on this topic has been Amazon, as it bucked the trend of the early Internet era by going directly into the highly tangible, low-margin world of retail. Now, with online commerce having become firmly entrenched, much attention has been turned to manufacturing, where there is an entirely different equation to solve regarding building a business and making profits. All in all, the need to confront the world of tangible things led me to my conviction that, as software eats the world, it’ll be needing help–digestive pills, if you will, to help it along. I believe that there are many opportunities for startups to grow in that field, and am excited to see how it will change the field of what many refer to as ‘deep tech’. 👉 Dig into the abundant food for thought in All About Stuff That’s Tangible . 🌬 The Media and the Context For the past few years, there has been a growing sense (especially in the US) that tech has become the bad guy. But as a European, I’d sheepishly note that this seems to be one field in which our tech scene has the lead over the Americans: in Europe startups have long been characterized by many, including journalists, as threatening incumbents, destroying jobs, and not complying with regulations. We at The Family have always had to work within this kind of antagonistic framework, whether directed at the startups in our portfolio or our firm itself. I myself ended up being sued for libel after saying the owner of the most powerful taxi company in Paris (G7) was a “gravedigger of innovation” (I did, however, win the case 😉). Thus having a different perspective than many in the US, I believe a bit of startup wisdom can be applied here. Namely, we know that finding product/market fit is a key inflection point, because literally everything in the startup changes: what was true before is no longer true, and what was useless or even damaging before can become a very smart move. Many in the tech world need to grapple with the fact that startups, and the tech world in

Byrne Hobart is a chartered financial analyst who loves writing about the intersection between finance and technology. He writes The Diff, one of Silicon Valley’s most popular newsletters. In this episode, we dive into how Byrne launched his newsletter, how much he’s earning, and how he publishes five times a week! You’ll learn why Byrne isn’t worried about pirates getting their hands on paid newsletters, and why you should worry about selling hard enough, instead. Byrne talks about how to build recurring revenue, and writing for different types of readers. He also points out an important factor that affects the churn rate of your newsletter! Byrne shares further insights on using free social media to lead people to the channels you monetize, and why he competes for readers’ highest-value time, instead of appealing to the lowest common denominator. Links & Resources Jonathan Haidt - Social psychologist - Author - Professor Manhattan Project - Wikipedia Apollo program - Wikipedia Stratechery by Ben Thompson – On the business, strategy, and impact of technology. BitTorrent - Wikipedia Snopes.com - The definitive fact-checking site and reference source for urban legends, folklore, myths, rumors, and misinformation. Byrne Hobart’s Links Sign up for The Diff Medium: Byrne Hobart on Medium Twitter: @ByrneHobart LinkedIn: Byrne Hobart Episode Transcript Byrne: [00:00:00] I wasn’t really thinking of the paid newsletter as this is going to be the main thing I do. you look at tech companies, they often have multiple lines of revenue, one thing they do is 95% of revenue. And the next thing they do is 2% of revenue, and when companies get more mature, it’s sometimes spreads out a little bit, but early on you find one thing that works really well. And that’s what you focus on. Nathan: [00:00:25] Today’s interview is with Byrne Hobart who writes The Diff. Now Byrne is a chartered financial analyst who loves writing about the intersection between finance and technology. What’s really interesting about his writing is that he’s read by basically the who’s who of Silicon Valley. So it’s not just, you know, a larger email list that we’re talking about today, but really we’re talking about writing the kind of quality content that, You know, billionaires are reading that. Like I first heard about him from Patrick Collison at Stripe. So this is the kind of thing that a lot of really important, really interesting people are paying attention to. So in this episode, we’re going to dive into how he launched his paid newsletter, how much he earns. He publishes five days a week. These are long form detailed con detailed articles that Bern is posting basically five days a week, which is, is a crazy consistency. So his writing process, what inspires them and so much more what’s that then. Byrne Welcome to the show. Byrne: [00:01:23] Great to be here. Nathan: [00:01:25] So I’ve been following your newsletter for awhile and I’d love if you just gave a quick intro from your side what you write about and why you find it interesting. Byrne: [00:01:35] Yeah, sure. So the idea is that I like reading history and I found that if you read We con

Byrne Hobart comes on the podcast to talk to Wolf Tivy about what parts of the American economy are real, the phenomenon of inequality increasing during crises, and the impact of COVID-19 on the real economy. Byrne Hobart works in the financial services industry and writes one of the top newsletters on Substack called The Diff . He has worked at research companies, a hedge fund, and a cryptocurrency startup.

Josh's guest on the podcast this week is Byrne Hobart (author of The Diff substack letter, link below) who has just completed a comprehensive series of thought experiments on each of the largest technology stocks. After a conversation with Andrew Walker (Yet Another Value Blogger), Byrne set off to answer the question What could disrupt Amazon, Apple, Microsoft, Google or Facebook enough to knock them off their pedestals? It is historically unlikely that the five largest stocks of 2020 will remain the five largest in ten years' time. So which is most vulnerable? And why? Join Josh and Byrne as they explore the threats to these gigantic companies (and their stock prices). Make sure to check out Byrne's writing and research at The Diff! https://diff.substack.com/ Subscribe to The Compound Show podcast and be sure to leave a rating and review - they mean a lot! Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Byrne Hobart from The Diff (https://diff.substack.com/) joins us to talk about his recent "The Death of Fang+" series. We dive deep into the question "Which of Amazon / Apple / Microsoft / Google / Netflix / Facebook" is most likely to see serious declines over the next ten years?

Byrne Hobart is the writer of The Diff , an email newsletter about inflections in finance and technology. In this conversation, Nate and Byrne chat about having kids, homeschooling, writing online, and tons more. Follow Byrne: The Diff Twitter Background music: Drifting Korners - Joseph McDade

Byrne Hobart (@ByrneHobart), creator of The Diff (diff.substack.com), joins Erik on this episode. They discuss: - How have the past few months changed our understanding of institutions and our trust in them - Is the current environment a win for modern monetary theorists? - Is the current environment a win or loss for bitcoin maximalists that see the Fed as a huge liability? - What should the Fed and Congress have done differently? - Is the government running on autopilot? - How do we make sense of what’s happening in the stock market? - Is the stock market dominated by institutional or retail investor sentiment? How should we think about bailouts and stock buybacks? - Future of Journalism and thoughts on Citizen Journalism - How will China’s brand evolve over time? - Byrne’s thoughts on “It’s Time to Build” - What’s happening with pensions and how do we make sense of it? - Has COVID accelerated the decline of traditional universities? - How do we think about the oil markets right now, especially during the asme time as COVID? - What are the second order effects of COVID? - Is the stock market pricing in a recession? Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.