YouSaid · the spoken record

David Craver

lines on the record: 28
first: 2026-02-12
most recent: 2026-02-12
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

“I read a lot everything. I read fiction, nonfiction, everything. I'm voracious in that way. And then my wife and I spend a lot of time philanthropically helping nonprofits that are helping kids help themselves. And I did not come from a silverspoon background. I grew up in South Carolina going to public school and a couple of people took a chance on me along the way, which I'm forever grateful. And so I get a lot of joy from helping other people find opportunity and to the extent that I find nonprofits that are helping them do that. We want to help those organizations as much as we can.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Well, this answer is obvious for me. Me, Steve, has been the train that I've attached myself to now for 33 years. So I respect his investment acumen. And even more highly, I respect him as a human being. He's always been a great partner to me, and he's the person that I would point to as the person that's most influenced me.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Piece of advice in the investment business I've ever received is to trust my instincts. I have good instincts, market instincts in general. And if you were in my employee review with Steve Mandel for the last 25 years, that is the thing he has always said to me. Just trust your instincts. And because I can be slow to move sometimes, but I'm usually right about what my instincts are telling me to do.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“My greatest strength as an investor is the willingness to change my mind. Julian Robertson, who was my first boss, taught me that the rearview mirror is not the way to look at the world. And I saw him pivot when the facts changed in ways that were super surprising to me when I first got into the business. And you asked me the question earlier how do you prosecute your views? You have to be willing to change, right? And the world's changing. And so it's an art more than a science for sure, but I'm willing to turn and move when I need to.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“And then the fact that there is as much change going on in the world as there is today means that the value of fundamental research is higher than it's ever been. And as I said at the beginning, it's a really exciting time because there's so much change happening in the world. Sure.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. Well, I do think that we've been in an unusual period of time when passive investing has been very successful. Some of the largest companies in the world have been creating a lot of value and investing passively against that opportunity has worked quite well. I do think with this platform shift that we're seeing now, disruption is on the rise. You know the data around largest market caps by decade and what that looks like. If history holds when we get out to 2035, we're going to look backwards and the names that are in that list are not going to be the same today. Okay, so I'm an active guy.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“I see that continuing quite honestly. I think there's a lot of stuff that was funded in 2021 that's probably not going to be so great. But the world of private investing is similar to public market investing beyond once a company is a made company, so to speak. And we need to have our eyes and ears in that world to inform what we're doing in the public markets.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Well, we are private market investors. Okay, I feel like being active in that world is an imperative if you're going to be a good public market investor. It absolutely behooves the other part of my business and I learn things through the research cycles on private companies that inform how I'm positioned in the public markets. We will do transactions periodically, as I said. And so we are active in the late stage pre-IPO world. That world is astonishingly large today. I don't see it changing anytime soon because there's the investors love the fact that there's no volatility in what they're investing in. The entrepreneurs love the fact that they don't have to do a conference call every quarter and answer to the SEC. And so there's a number of companies that have become very large companies in the private markets.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“And we're looking for industries, sectors where value is being destroyed, and those are the things that we tend to be short. And the mirror image of that on the long side. That means that you can't run nearly as levered because when you have a factor rotation or the shorts often act like the longs the other way when factors turn in the market so the short book is smaller than it used to be okay we used to run it a little more paired i would say and today you know we are positioned quite bullishly for a bunch of reasons one is this ai bet uh we're also in from a macro environment a period where inflation is continuing to moderate we we get those views from companies that we speak to uh and a lot of people that we trust and so uh we feel like there's still room for the fed to continue to move in an easing direction and that tends to be”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. Well, the single greatest risk mitigant is knowing our companies. So on the long side, we tend to run quite a concentrated book. We get convicted around a theme or a company and we get sized in it. And then knowing that company and understanding the change that's happening around it is the single biggest risk mitigant for the portfolio. We don't do pair trading. My view on pair trading is that works great if you're running quite a levered balance sheet. We don't tend to run the hedge fund that levered. And so we're less concerned with alpha on the short side and we're more concerned with making money on the short side.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“And you can play that through hyperscalers. Obviously, you know, Anthropic and Open AI are going to be beneficiaries, but there's going to be companies in logistics that are able to do things that they heretofore could not do, or they're going to be able to do things much more efficiently than they did before. And if they have moats around their businesses, they're going to be able to keep those economics and be a lot more profitable. And that's all on the come, and I absolutely believe it's going to happen.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“There's some tangential things that have gotten tight as the build out has progressed that are not NVIDIA and Avago. But the other thing that I think is going to be super interesting and exciting for Lone Pine is that I have a theme that I call Revenge of the Dinosaurs, which is larger companies are going to adopt this technology and take costs out of their business in a huge way over the next two and three and four years. And I think we're going to get on conference calls in 2027 and CFOs are going to say, I just took half a billion dollars out of my spending on an annual basis because we're implementing this new technology. So it is going to proliferate across all kinds of businesses. This is super bullish for the market, in my opinion. And the infrastructure is obviously the first way to play this. The application of the technology is going to be the next big thing.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“I do think we're moving into a different phase. I don't think that means that the original winners are in a poor position because I still think it's early. So we are seeing now memory has gone crazy in the last several months.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“We sit here today and remain quite bullish on that overall bet. And I have a catchphrase internally, which I say it's not a bubble when everybody thinks it's a bubble. It's going to be a bubble when we get to the other side of this, which is probably going to be when OpenAI and Anthropic are public companies and we're seeing a bunch more in these use cases proliferate in big companies and we're just a long way away from that right now.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Taken away from human beings and put to agents now. So it's making the businesses a lot more efficient. And we have had numerous CEOs say to us, I think I can triple or more the revenues in my business, and I'm never going to have to hire another human being. So that is the beginning of what this is all going to become. And those three things, the model's getting better, the use cases and supply being short of demand in the market is why we remain bullish on infrastructure. And then the other thing I would say about infrastructure, which I think is really important, is it's hard to build all this stuff, okay? This is not like you can snap your fingers and get massive amounts of capacity online. So there is going to be stuff that gets pushed to the right just because there's bottlenecks in the system. And I think that's going to extend probably how long this cycle actually goes on. So that's what I would say about AI.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Is capacity wise, we're short. So when you talk to the hyperscalers and people that are hosting inference, so this is the use cases for the silicon itself, they do not have enough capacity today. They're rapidly in the process of building out more capacity, which you know, but the use is extremely high. So that's the second thing. And then the third thing, which is probably the most important thing, is that companies we trust, both small companies and medium-sized digital first companies, are seeing enormous value from implementing the technology. When we talk to the companies we have in our private portfolio, when we talk to digital first companies in the market that are run by founders, okay, what they are getting from using this technology today is mind-blowing. The obvious benefits from coding have been well documented. Processes are being...”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. So you are correct. What's going on is a little mind blowing. Okay. And I totally understand the concerns that people have around a bubble here because of the magnitude of the money that's being spent. But this is a generational platform shift. We are in probably the third or fourth inning of the actual build out. And that's a judgment call. We are looking at a number of things to inform how we think this infrastructure bet is going to go. The first thing is the models themselves. So the models continue to get better and scale. So the productivity of the models, what they're able to do as you throw more silicon at them, they are absolutely getting better. And the use cases are going to continue to grow. So we have scaling, continuing, and we're watching that very closely, but it absolutely continues a pace. Okay, that's the first thing.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Seeing a lot of acorns turn into oak trees, and it's always sort of framed how I think about the world. We're looking for companies with moats around them that have a secular tailwind where we can own them with duration and I tell the team to think about let's talk about the stock market closing tomorrow and reopening three years from now okay what do you want to own in that scenario and using that lens tends to weed out some things that are a little less higher quality where you feel like you have an edge on a data point and they tend to be the things in my experience that you look back five or ten years later and you say that was kind of obvious and there wasn't anything specific in the short term necessarily that was going to change the view that the market had but if you just thought with duration and held on to what you had then you ended up doing quite well right yeah”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I am more of a growth in a reasonable price guy. I grew up in the business with Steve Mandel, who's my partner at Tiger Management 3 years ago, which is a little hard for me to believe. But back then, we had a dozen or more category killer retailers who were in seven states, and you could map out MSAs and figure out where they were going to go and how many boxes they were going to open and do unit economics and figure out that they were going to be much larger businesses, right? Many of those were trading for higher than the market multiples, but were deservedly so given the outlook.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“How do I know when I'm wrong? That is the art to my business, particularly in a world where there is enormous amounts of disruption that's happening. We constantly need to be asking ourselves the counterfactual on the businesses that we own and that we're underwriting. And I'm sure we're going to talk about AI today as an example, and I can walk you through some of the things that we're watching very closely there to understand whether this super cycle is going to continue.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Sure, sure, sure. Yeah. So that is the competitive advantage, the ability and willingness to act with duration. The volatility we talked about earlier is often presenting opportunity when the market overreacts to certain information flow. And the firm itself has longevity, both in terms of our reputation, an enormous amount of the money that we manage as our own money. So that by definition has duration to it. And the LPs that have signed up for what we do understand that we're thinking about the world in the time increments that I'm describing. So I don't get beat up when a quarter is not quite as good as somebody who's smaller and more nimble than me. And people view my performance over a long period of time.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“That's going on in the world, that's a challenge, but it also presents enormous opportunity for someone who has been around in the business for a long time, which we have, has the contacts that we have both in the private and the public world, and is very, very good at performing fundamental deep research. And that's what we're focused on.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“There are several things I would say there. One is I have a very small research team, so I like to say I have a small group that's focused on big questions, right? There's more change happening in the world today than I've seen in my career, and I even put the internet bubble in that same vein. I feel like there are enormous questions around industries given the rise of AI and the disruption that it's going to cause. And my group is very focused on answering where we're going over the medium term. So my team is focused on not the shorter term questions, okay? I don't care if a company is going to beat the numbers. There's a lot of people that are doing the knife fight and trying to figure out in the short term what's going to happen to an individual equity given a set of facts. And I'm trying to think about what the world is going to look like three and five years down the road.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I would argue it is better for me. There are fewer people active in the market that are taking fundamental views on valuation, the passive flows by definition are not taking a view on valuation, and then the rise of the multistrats are more of a relative game. It's a levered relative game. It's not typically singularly focused on a company's value. So my firm is leaning into what we consider to be the white space, which is thinking and acting with duration and viewing valuation through that lens, which I think is different than a lot of people are doing today.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that is fair. It's super interesting in that take the Mag7 as a subset of the market. There are several companies in that group that I consider fundamentally undervalued, and there are several that I consider absurdly overvalued. But I think that is partly a function of the passive flows that we've seen in the market over the last many years. And yeah, there's plenty of froth in the markets today, but there's also plenty of opportunity. And as I said earlier, it's an exciting time.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“It's interesting because I think I want a lot of people, whether they saw it or didn't see it, think of the late 1990s, particularly 98, 99, and what became the peak in 2000 as huge volatility. Huge overvaluation. But in a way, your compare contrast is today almost feels more. There's almost more rock and roll today than there would have been back then. Is that fair? Yeah.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“I first started in the business. I used to have a rule that anything that traded more than a 200 billion dollar market cap that was over 20 times forward earnings was probably in trouble. And there are dozens of those today. And that's just very different than it used to be as well. So I would say those are two things I would call out. And I think there are reasons for those, which we can get into.”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT
“Well, I would say there's been two things that I would point to that are different today than when I first started in the business. One is single stock volatility around events is greater than it ever has been, and it's often not correlated with what I view as the actual qualitative news that's happening. So that's pretty different than it used to be. I've told our partners that I used to be able to read a press release and tell you what the stock was going to do the next day, and that is no longer the case. And often the moves around events are quite large relative to what a fundamental investor would consider. That's one thing. The other thing is that there are companies at market caps today that are trading at very large valuations, and that's extremely different than when”
2026-02-12 · Goldman Sachs Exchanges · Fundamentals Still Matter: Lone Pine’s David Craver · IDENTIFIED FROM THE TRANSCRIPT