YouSaid · the spoken record

Brad Gerstner

lines on the record: 100
first: 2023-11-17
most recent: 2023-11-17
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Study hard, look for the really big outcomes, find people who are undeniable outliers working in those areas and back them.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay. Really? And so, like, you know, because the cloud in 2012, 2013 was out of favor. It was out of consensus. People were like, it's not as secure. It's not as fast. It costs more. So you had to see a future where it was going to cost less. It was going to be faster and it was going to be more secure, which we did. And so that only comes from study. Only comes from study.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“The first 10 years of my venture career, I would see something as a founder. I'd say, oh yeah, I can help make that work. If we just change this and this and this, you know, I could earn a 3x on this, a 4x, a 5x, right? The truth is inventure. You have to play for spectacular outcomes. So we don't invest in a software company if we think it can be a nice little company with 30 or 40 million dollars in revenue. We want to go after the biggest market with the most audacious founders, founders that want to change the world, that want to do things iconic Palmer Lucky.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Right? It's not very convincing. But, you know, jamming ball, one of my partners in the firm, he was a young partner at Redpoint Venture Capital Firm in Silicon Valley. He had 75,000 followers on his substack called Clouded Judgment. This guy's 29, 30 years old, right? How did Bill Gurley break through in Silicon Valley? I think he was 28 years old. He started sending out a fax called Above the Crowd every Thursday night at 5 o'clock telling people what he had learned that week in Silicon Valley. That is the type of hack that shows people your passion. It shows them your insights, your capability to process information. So, I mean, you got to earn it. Nobody's handing it to you.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I'll tell you where I go to look for analysts in my firm. I go to Twitter I want to see what they're saying. Right. And so if you want to break through, if you want to get noticed, right, then do research, study something. If you come in and tell me you're super passionate about something, but then I ask you a couple questions. It's pretty clear to me you've never really done any work on it.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“By Greg McCune The art of doing less better. So for me, my design philosophy is minimalism and my life philosophy is essentialism. And that's also really how we run the business. We don't have to do everything. We don't have a lot of FOMO. We're happy being students. But when we develop deep conviction, we put a lot of wood behind the bat. And that leads to enduring relationships, enduring investments, and the ability to compound over a really long period of time.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'm going to tell you one. You know, there's a lot of stuff I'm listening to on Audible. Chama said something the other day, somebody was talking about a book in our thread that he needs to read. And within 15 seconds, he snap called it. He put the GPT summary in there. He's like, I'm done, which I thought was pretty funny, but actually quite true. Essentialism.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Are the people in your life, the Paul readers, you know, the David Fialco and Joel Cutlers, the Pete Legals of the world, Rich Barton, Bill Gurley? You know, when you find those people collect them and you need to make yourself collectible. And the way you make yourself collectible, right, is you have to invest in them. You have to be insightful to them, right? And I tell my kids all the time, you got to invest in friendships, right? And, you know, so that's been really, the byproduct of that has been a lot of fun, a lot of learning, and a few good investments.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I think Dick Luger clearly, as a statesman, I think in life, you know, we talk about compounding. And in compounding, you know, you got your principal P times your rate R for duration T right and I think you can apply that same formula to life But your principle is your purpose Your passion, right? And I was lucky enough to find that I just like to be a student and study the world, be an anthropologist, and try to make sense out of it. You know, if I was a college professor, I'd do all the same studying, but then I'd teach a class, right? If I was a host, I would do all the same studying and then I'd do a TV show. I happen to be an investor, so I do all the study and then I get to place bets. You know, the R I think of as the rate accelerators.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“We do play poker. You know, pretty much every week we're in town on Thursday nights. We like to give it to each other. But importantly, we have a thread with one another throughout the week. We are all analysts. We're all, I mean, it's like a Bloomberg stream constantly sharing news, analysis, politics, economics, company specific, venture capital because we care. And so to have friends that you get to play a game with, you get to debate with, you don't always agree on everything. But at the end of the day, you learn a lot with. You know, it's a real privilege.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, what I'll tell you about that group is authentic friends. You could tell. We've all known each other in some capacity.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“The diplomat. So good. Yeah, so good. So terrific. You know, watch a lot of docs, listen to a lot of pods, and listen to a lot of books on tape.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I think those moments working for guys like Pete Legal, Omer Krupp at supreme industries, I was always working. I was always a student of the game. I was always studying. I was always curious, like, how does businesses get built? And, you know, the reason Barry, I think if you really boil it all down, my dad was kind of my hero. And I saw him give everything and his business go under, right? And it affected his health, his marriage, lost the house. And so I think if you're the son, the youngest son of a guy who's like your hero, you see him go through that trauma. You kind of spend the rest of your life trying to figure it out. Like, why didn't it work out? And really, doing it for him, avenging the dream that he didn't have. And so from an early age, I knew I had to put it on my own back and get it done. And here we are.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, my dad moved us to a small town in northwest Indiana because he thought it would provide, he didn't have a lot of money, but he thought it was a nice town, provide a better life for his kids. What this town had was a really beautiful big lake in it. Called Lake Wallace and about 12 miles long, a couple miles wide, everybody had a dock out front and a boat. All the boats had to be cleaned and I had to make money. And so I partner with my friend Jimmy Koschnik and we co-founded Wavasi Boat Care. And we ran the table on boat cleaning on the lake. We had a lot of fun. We probably spent all the money before the summer was over.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, so if you're trying to build a model, Barry, like you and I do, for one of these, you know, for Mistral or Anthropic or Cohere or any one of these companies that are in the model space, it's very, very difficult. So I think, you know, study a lot, but tread lightly.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“All of those companies, right? A few years later would basically be worth zero. You could have waited to invest in Google in 2004 and their IPO, and you would have captured 90 plus percent of all the profits ever generated in internet search. Okay. So my point there is sometimes in venture capital, right? You got to be in the trenches. You got to be studying. You got to be researching. You got to be preparing your mind, developing conviction. But as Warren Buffett has said, the hardest thing investing is to do all the work and then do nothing. Right. Right. And right now, I think this has been one of those times where we've passed on over 50 AI companies. We've made some select investments, but it's been easier to invest in AI in the public markets because we already see the fruits of Microsoft's labors, of Snowflake's labors, of NVIDIA's labors, et cetera. The private markets, it's hard to know which assets are going to have durable value. I mean, think about it. OpenAI just dropped its prices 90% again.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Vividly. We all knew the internet was going to change the world forever. And a lot of us knew that internet search was going to be one of the biggest businesses to come out of it because it was the tollkeeper. It was organizing all the world's information. In 1998, there's mad scramble was on among venture capitalists. They got to get a search logo. So they went out and they invested in Alta Vista, in Infoseeq, dog, in Lycos, in DogPile. Go through the list. Ask Jeeves. Ask Jeeves, et cetera.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, I think there's a moment that you have to hold two simultaneous truths intention. It is true, or I believe it to be true, that this is going to be bigger than the internet itself. It's having massive impact already on every enterprise, most consumers, right? And so I don't think, in fact, if anything, I think we're likely overestimating it a little bit in the short term and underestimating it in the two to five year range.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“We were so awash in money because of the ZERP environment that startups were raising gobs of money way more and putting it on their balance sheet than they normally raise. So they have not needed to go raise money in that $9 to 12 month window. Instead, they need to raise money more like in a 24 or a 30-month window. Well, now we're starting to come up on that period. So 2024, particularly the back half of 24, that's when real price discovery is going to occur. I will tell you though, we've been talking about late stage venture in the IPO market. Early stage market has already reset pricing. Okay, we have a little bit of an AI bubble in some things, and we can chat about that, but normal venture. These companies that raise to Series A, now have to go raise a series B, or they're coming to market for the first time. Prices are already back to what I would call like 2013 levels. All right.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, we've been doing some study on this. It's pretty fascinating. So, I would say over most of my venture career, which is now over two decades, I would say that was like nine to 12 months. Right. And the reason that they adjusted that time frame is most companies needed to raise money in nine to 12 months. So you know when you discover what you're worth, when you have to go raise more money. But what happened in 2021 was so unique.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You get into the public markets, you can innovate plenty in the public markets. Public markets exact a discipline which is good for companies. They keep companies fit. And the reality is your price is your price. It will go up and down depending upon factors in your control and many factors beyond your control. But hiding in the private market, it's like, you know, Bill Gurley uses this. This is like a college, a great college player who's too afraid to play in the NFL, right? No, you got to enter the draft. You're going to get picked. You may get picked lower than you think you deserve. Then you step on the field and you prove it. That's the power of the public market.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Billion, right? You see Ajan and some of these companies getting really getting crushed in the public markets, the clearing price will be the clearing price. If you're a great business, okay, think back to the day when you and I watched the sales force IPO, the Google IPO, the Apple IPO, go through the list.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me tell you this. Let me tell you this. We have a thousand unicorns just in technology that need to get public. These are companies that are valued in the private market, last valued at over a billion dollars. And what I said in that tweet is if you were valued at over two to three billion bucks, if you have a decent amount of revenue, it's time to get public. You cannot anchor yourself to some delusional price you got in 2020 or 2021. Anybody who's in the stock market will tell you, gross stocks are down 50 to 70 percent during that period of time. So it's reasonable to assume that these late stage venture capital companies also lost that value. We see it with great companies. Think about Stripe. You know, Patrick and John Collison have built one of the premier companies in Silicon Valley. At its peak, I think they did around at $120 billion. Its most recent round was at 60.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“If you think about the opening that we had, that was in June of this year, the 10 year was closer to four, right? The NASDAQ was doing well. What happened between July and October of this year, the 10-year bond moved 25%. Okay, so it went down 25%. And you had the Nasdaq off 12%. So of course, when you have that level of volatility in the market, it's going to put a little chill into people's plans.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I tweeted something the other day and I said the IPO market is always open. It's just a question of whether or not the sellers want to sell at the price the buyers are willing to buy. And it's really true. What I mean by this is so we had three IPOs, right? We had ARM Clavio and Instacart. We participated in each of those IPOs.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“I said, dude, for 250 years, there's not a single thing that got done in this country without it starting with a conversation between two people like that. Every piece of legislation, every idea is the back of a napkin and somebody who's tenacious enough not to give up.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I'm a four-time founder. I live in Silicon Valley. Human progress is people who take risks to push the whole system forward. That's not just starting a company, right? My son and I were on Capitol Hill this summer. My son Lincoln's 15 years old. I've taken him into all these meetings with me to meet congress people and to have this conversation. And we're walking out of McCarthy's office. And we had been in there for 60 minutes. It was a great meeting. We're walking down the hallway, the Capitol just has the power of the Capitol. And I look at him and he just said, wow, that was amazing.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, add InvestAmerica 24, follow it. We need followers. We need you to build the movement. We need you to tell your friends. Talk to your Congress people about it.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Across the political spectrum. And I'll tell you, they all believe in America. They all believe it can be improved. And, you know, people are climbing on board. So I think this can be one of those big tent movements. I hope that it enters the fray of presidential politics. I would love to see both presidential candidates endorse it. You know, it's tough to get anything done in a presidential year, Barry. But I'm not stopping next year. I think we're going to put it on the agenda next year. Hopefully, magically, we can get it through. But if we don't, we're coming back the next year and we're going to come back the year after that.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“But I will tell you, we're going to spend the money we got to. Nobody's going to work harder to make this happen. And the goodwill of people on both sides, this has made me so optimistic on America because if you read Twitter like you were saying, you may think that people on the left or people on the right, you radically disagree with them. They must be bad people. This has given me the opportunity to canvas everybody.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I've recruited a great guy, Matt Lira, to run this day-to-day in Washington. He helped push through opportunity zones, another great bipartisan piece of legislation. Washington is tricky. It's a long putt to get anything done.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'm sure there'll be plenty of debate about this when the rubber meets the road. 500 of the biggest, best, safest companies constantly rebalanced that represent the best of America. It's a tough benchmark to beat. And you just look at the 50, 100-year history of that index. We've got so much data over that period of time. It's compounded at 10.2%, right? And so to me, let's not let perfection be the enemy of the good. Let's get started.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Correct. And you own personal title to it. Now, of course, we know that savers save. What do I expect is going to happen, right? They're going to open a JSON accounts. They're going to learn the power of compounding.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“But one of the dividends, one of the birthrights of being part of this great system is you ought to have a little skin in the game. And Warren Buffett said it best. Compounding is the eighth wonder of the world. He said, give me a really small snowball and a really long hill. Barry, there's no longer hill than starting at birth.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“My prediction is that artificial intelligence will lead to some of the biggest labor dislocations in the history of capitalism. So if we already have people who disbelieve in capitalism, they feel like the system's rigged against them. Now imagine you're one of those people right in a sales center or a call center. You've done everything that was asked of you, right? You worked really hard and now you lose your job. It's going to take a while to integrate those folks back into other parts of the economy. And so we need people to understand that human progress is not always distributed equally.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“No. In fact, we need to fully fund Social Security, right? We made a commitment to seniors. We need to keep our commitment. We need to do the things to do around financial discipline in this country. We have a $2 trillion deficit. We spend a trillion dollars more today than we did in 2019. COVID's over. The extenuating circumstances that COVID are over. And we can solve Social Security in the context of that, but we all know, Barry, sacrifices are going to have to be made. But that is a separate and a distinct problem. This is much more fundamental. I want to give every child hope for their entire life about my opportunity to participate in the game, in the system, to know what it feels like to own something. Most of these families and kids will never know what it feels like to own something. And we talked a lot today about AI.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“If you're a poor white kid in Indiana, right? Or you're a black kid in Trenton or if you are a Latino kid living in East Palo Alto, this is an opportunity to unite America. We are all on Team America. And so that's the other thing. We're not going to pick and choose, right? And we're not going to pick and choose companies. All goes into the S&P 500. 500 are the best companies in America. If it's a good enough for everybody else to index off of, it's good enough for these kids. And so I would say in addition to that, there have been other attempts previously. I think a lot of those attempts were also tied to Social Security. And I think it's a big mistake.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, bonds don't appreciate very much. They don't compound very much. It's not very exciting for a kid. They don't own part of a company. And so you don't achieve the same things. On top of that, this program needs to be universal.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, and by the way, I think a lot of them have great motivations. And so there's no pride of authorship here. The more people who want to work on this issue together, and I have some of the greats, the investing greats who are excited to participate, who've offered to write the financial literacy. Give us a name. Who else are you working with? Components like this. You know, I'm not going to drop all those names right now because I want to have a big splash when we do, Barry. I'll come to you, I promise. But all the people who are my friends who I talk to, who run these big firms, they believe in this, right? Because it makes a lot of intuitive sense. It is their life experience. So think about this versus a baby bond.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“That every kid. This is not a big entitlement program to guarantee anybody anything. What this is, is it a seed program by the federal government that partners with the power of the private sector to give everybody a shot, to give everybody hope, to teach everybody what it means to participate in American capitalism?”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I can tell you, you know, I mentioned I've been a four-time founder. And the number one thing you got to do when you're starting a company is called product market fit. Do the dogs want to eat the dog food, right? And so for two years now, I've been funding this and bootstrapping and going out and talking to everybody from the Clintons to the Cokes, a giant tent. And I'm happy to say that now we have bipartisan authors and co-sponsors lining up in the House and the Senate. We hope to introduce it in the spring. I think there's going to be massive support for this. This is one thing that both political parties in a highly divisive country can agree on.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Left out of the system. You give everybody skin in the game. And if we can afford to send $5 billion a year in foreign aid to our top 15 countries that we send foreign aid to, then we can spend $3.7 billion a year to seed every American child with upside in American enterprise and capitalism.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“When they enter into the fifth or sixth grade and the teacher says, Hey, today we're going to talk about math or compounding or stocks or capitalism, they'll say, open up. You all have phones. Get out with your phone and open up your Invest America account. Those kids are going to have over $10,000. Their ownership in America, their slice of America, they'll see the amount at the top, $12,500, and they'll see their top five holdings, their slice of apple, their slice of Microsoft, their slice of United Health. Okay, by the age of 30, they'll have over 150,000 dollars in that account. And if you take $1,000, add $750 a year, and it compounds at the exact same rate as the S&P 500 for the last 50 years of a million dollars in their account. This is a way we get people to believe in capitalism again. This is a way we teach financial literacy. This is a way we give people hope. The people who feel like the...”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“On a certain. Yeah, we'll give them a thousand bucks in the account. So here's the math, Barry. If you start with $1,000 and you only have an addition of $750 a year, okay, families can contribute to that. Tax free. You're correct. Your corporation can contribute to it. If you have $750 incremental a year, then every 10-year-old in America.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, private industry comes in and like 401k matches, Dara at Uber will say, hey, I'll give this to the kids of my employees. Rich Barton at Zillow says, I'll give this to the kids of my employees, United Airlines, Microsoft. Go down the list.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so what we envision is think of a 401k from So, the federal government cedes it. It's a tiny investment by the federal government, $3.7 billion a year. That's less than one-hundredth of 1% of the annual budget surrounding. So they seed it and then get out of the way.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“At 18, you'll be able to take out up to 20% for a qualified purchase, college, first-time home. Otherwise, it's got to compound until you're 50. Now here's where it gets interesting.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Redalio tells us that it's a threat to democracy and the rise and fall of nations. He says, this is where it starts. Wealth inequality, people lose confidence in the organizing principles of society, and it leads to strife. We see this in some of the populist movements we have, right? Whether it's Occupy Wall Street or whether it's charging the White House. And so to me, we have agency and there's a fix. This idea is a bipartisan piece of legislation where the federal government will cede a private investment account for every child born in America. So think about this. $3.7 million born a year. When you're born, you're issued a Social Security number and you're going to be issued an invest America account. The Invest America account will have $1,000 in it invested in the S&P 500. You own it. You'll be able to open it up on your mobile device.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, Barry, we talked at the start of the pod about my childhood. I was on the outside looking in, didn't have any money. Like a lot of rural kids in America. And, you know, it seems to me over the course of the last 20 years, we've experienced perhaps the greatest explosion in the history of modern capitalism. Massive amounts of wealth have been created. We've seen extraordinary leaps forward in human progress. But the problem with it is 70% of the people in this country will never have a savings or investment account.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“The consensus view that a guy who's created trillions of dollars in value, okay, dating back 25 years across, I don't know, 10 companies, he's probably never done a down round of financing in the last 10 years. And yet we have all these people who've never started a single business who like to lecture him and say that he has no idea what he's doing. He's running the business into the ground. All I would say is wait, watch, and see. I don't know. Business is hard, right? That changing the culture at Twitter is hard, rebuilding the business is hard. But if anybody can do it, if anybody's going to work 20 hour days to pull it off, it's Elon Musk.”
2023-11-17 · Masters in Business · Brad Gerstner on Tech Investing · IDENTIFIED FROM THE TRANSCRIPT · source