YouSaid · the spoken record

Greg Jensen

lines on the record: 106
first: 2025-11-26
most recent: 2025-11-26
sittings or episodes: 1
sources: podcast

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“Think so, and my basic view of the use cases back then were mostly speculation and the thing and the use cases have largely worked out that way. And I thought at the time, With, I think there's obviously a place for Bitcoin in the sense that in this world, if you don't trust governments and such, having a way to move money around the world, because obviously the best choice, it is a replacement in some ways to gold, although in many ways it's not we could get into. And so I think that has some merit to it. You have the two problems of you have a very intense bubble corruption thing going on in that area and you have somebody.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, I think it's mostly my view on this. I started studying crypto in 2000 around the same time I started studying AI, so 2012, 2013, 2014. My thought then, which hasn't changed much, is this is not very helpful technology. This is a complicating thing. Do you understand?”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Real rates, but the picture, I would say, is that you're going to have this big competition for capital between fiscal and AI, moving from a world where you had an excess supply of capital because you had huge savings in Europe and in Asia to a world where Europe, Asia and the big tech companies were big savers, to where Europe, Asia, and the big tech companies are becoming spenders.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Big thing bonds diversify against our major deflations and disinflations. But if you believe if there's a disinflation, they're going to just push on fiscal. They don't hedge as well. So I think bonds are risky into this, and particularly the massive supply that's coming, that the fiscal supply, massive, the need now for the next wave of AI, AI ecosystem used to be a net capital provider of the world, the Microsofts, the Googles, they were so profitable. They were buying back assets while investing a lot. Now you're about out of that. They're basically spending their cashflow. When you look across that ecosystem, they need a lot of money. You're seeing that in private credit. And that's going to be sucking in money. So you're going to have the shortage of capital, both between fiscal and AI that's going to create, I think, problems, potential problems for real rates, although what's fighting against that is central banks in the U.S. that want to drive down.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“So bonds, I think, are, again, depends a little bit on your starting point. I think most people got out of bonds when, many investors got out of bonds when interest rates were zero and interest rates have risen and real interest rates have risen such that there is a place for bonds and portfolios. But I would say bonds are not what they were for the last 30 years, that these fiscal limits are really important. All of a sudden, the correlation between bonds and equities and currency will shift when you hit limits in the UK. You have a very different diversifying instrument than you had before. And B, when fiscal policy is such a powerful lever,”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Unlike Europe, there is incredible technological ingenuity there that while they're behind in cutting edge AI, they're probably on the cutting edge of applying AI in businesses in China.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Needs the party to be more powerful than the companies. And so you went through that phase really badly. But what they have seen is if they want to compete with the US on AI, and this is worth taking a minute on, which they now know they need to, it's existential. They determined this about a year ago. It's existential to compete on AI. They need the private sector to do it. They watch what happens in the US. They see the U.S. has so much more funding to AI because the markets work well. The equity market works well. It gets a tremendous amount of funding beyond what any government could do. And they've shifted. You've seen the shift bringing Alibaba back in, bringing, saying, okay, we've got to go do this. And they need the equity market to function, to do it. They know it. And you've seen the shift there. And they have incredible.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Again, this depends a little bit where you're located because the biggest risk of being invested in China is your government saying you can't be invested in China, then the risk of being in China. Look, I think China is really important to global diversification. They have taken a big step. You were in this big deleveraging in China. The deleveraging was playing a certain course. You also have obviously the challenge that the party, and she in particular,”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Have seen what's happened to the U.S., and in some ways, unfortunately not in the technological domain, which is a massive problem, but on treating shareholders better, on returning money to shareholders, buybacks, et cetera, that Europe has actually moved to a more shareholder-friendly place in many ways than it was for a while. And the companies that are bigger, if you look at companies directly compete between Europe and the US, they're generally priced cheap. And a lot of cases the European companies are actually have better earnings and better management than the comparable companies in the US.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and that the fiscal changes, look, there's two things that have changed a lot in Europe. The fiscal move, the move like, look, you can't build this economy on export into the US and you can't build this economy on exporting to China even that you've got to create a more domestic economy, a shift towards fiscal policy, fiscal policy works in the profits of domestic companies, and you need to move to a more independent economy in Europe. And I think they'll do that. And companies in Europe”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it's the way to get rich in the long term. And that because basically there's a lot of ways to make money in the world. The main thing you want to do is avoid. Really bad outcomes, and that's how compounding wealth works. If you keep earning more and you're in the game, you'll be able to compound wealth in an incredible way. So for me right now, if I look at the world, I think it's very dangerous, and this depends, like because you have this home bias move and a lot of the geopolitics, like literally where you're located, being located in Norway is an advantage, a disadvantage in certain ways being located in the US, advantage and disadvantage in certain ways in terms of what you should do. But to me, where I think most people the last 15 years are a trap. Most people have moved away from diversification because it hasn't worked for 15 years. All you needed was the U.S. U.S. equities and more liquid, the better. That has worked incredibly well. I think it's mostly a trap. So the ways I would do this is look, get a much more globally diversified portfolio and then most people have. And because you don't know whether the winners and losers are going to be and the change of the U.S. are.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, the main thing that I'd say is different in our philosophy than most is I would say the way I would take your $100 is to say, how did we survive in the wide range of possible worlds? Rather than try to pick the best thing, and that is very different, right? If you take basically the last 15 years.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Who will vote in mine with the new chairman? But for a while, you're going to have this very divided Fed and where the chairman may be in the minority.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“To a world where more and more countries, including by our measures, getting close in the US, are constrained, where actually when you get constrained, spending money becomes counterproductive rather than productive, that's the case in the UK and Brazil today. And the US is drifting towards that line as well. I think we're in this death march on institutions. You've already seen that. The World Trade Organization, what does it even do now? I mean, international institutions are gone. And in the US, the domestic institutions are fading fairly. Although I will say it's been interesting and I do think we're going to face this next year, that they're going to put in a chairman who's going to, for the first time in a very, very long time, I don't know if this ever happened in the U.S. where the chairman's going to get out voted a lot. That'll be an interesting period while the government, while the Trump administration tries to get more governors in.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“And interest rates go up a little when you're the UK. If the UK said, I'm going to do a term he's going to do, I'm going to write a big fiscal check. Curtsy would go down. The equity market would probably go down, although that's a closer call, and interest rates would rise a lot. And so what you see now is more developed world countries constrained by hitting the limits of fiscal policy. I mean, the limits of fiscal policy are complicated. It's not like a simple number like you could take Japan, they could have 300% of GDP in terms of their accumulated debt for the government. And in Brazil, you might hit that limit at 60-80%. The difference is how much domestic savings you are, how much productivity you have, how much willingness there is to save in your currency. But all countries have limits. And we are testing those limits in certain countries, which means you're moving from a world where policymakers were unconstrained when something went bad. They could lower interest rates and spend money.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“That's another aspect of what's changing in the world you've got, you've put yourself where. Let me just say one thing. At the beginning of this year, a little before the beginning of this year, I wrote a piece called We're All Mercanilists Now. And I'm thinking about the piece for next year, which is a little overstated. I'm not quite there, but something like We're All Brazil now. And what I mean by that is Brazil for a long time has been constrained despite having their debt mostly in domestic currency now. It's not like Brazil in the 90s where the problem was having dollar denominated debt that they couldn't fund. But despite having most of their debt in domestic currency, they're very limited in what they can do. You're starting to see that. The UK is in that position. And that changes the dynamic. When you have fiscal policy and you have a lot of room, like Germany does as an example, and you announce a big fiscal policy, what happens? Your currency goes up, your stock market goes up. When you have”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“So growth is going to be this two track economy, right? I think you're going to have good growth in the United States and generally decent growth because you've got this fiscal thing in Europe and you've got this in the US, you've got AI where growth next year is going to be further pushed by this AI push. And so growth in the US we think will be a little bit above potential to have kind of percent growth. But a lot of that, one and a half percent or so, is going to be AI. So you're going to have a weak, probably weak labor market, weak. In many places, while you have this huge boom in a very concentrated sector.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Getting them to lower real rates, which lowering real rates, into a boom like this is particularly inflationary if it ends up going down that path.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's a disinflationary effect. NetNet, I think we are, inflation particularly for the next couple years, is going to be a significant constraint on policymakers, that you're running around, like break-even inflation is around two and a half. We think the Fed is very comfortable above two and a half and probably we're in the three range as a base right now with the risk that these things push higher. But the AI story, right, and this depends, all these investments have a J-curve in the first phase. You don't get a lot of resources, you don't get a lot of output other than the investment itself. But then you get the part of AI that will eventually be highly disinflationary, although I think that's further out. And meantime, central banks, it depends a lot on what central banks choose to do. You know, the US part of populism, certainly in the US, is getting control of the central bank, taking it into executive power.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me say the flip side of that is on the other hand growth is dominated by this AI. Investment. AI investment while starting to take up power capacity and whatever is very low labor intensity relative to the unit of GDP. So you have a disinflationary weak labor market because so much of the growth, if you take US growth this year, right, you're going to have a normal growth year. This is the same thing in the averages, 2%, 2.5% growth. But without AI, it would be 1%. So and that 1% of growth that's coming from AI investment, it's very non-labor intensive.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Wartime incredibly fast rates, and you've got, so military spending, plus you've got the need to rebuild the infrastructure so that in Canada's case, but just in Europe's case too, you can't ship to the US as much anymore. How do I get my goods to other places? And those pieces are inflationary.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Resilient and more domestic than cheap, right? So, A, that's inflationary, one of the huge benefits over the last 30 years was the productivity change by taking advantage of the cheapest and most efficient places to build things. That's totally wrecked in the world, right? Even you thought, okay, we'll get out of China and go to India. Well, India's tariffs are now higher than China. If you're an international company, this is incredibly hard to build that. So that's inflationary. Secondly, the big inflationary push from this is everywhere you're seeing a fiscal reaction, right? That Germany, most extreme, but a great example, A, you got to build your own military now. You have to get off the dependence on the US. You got to build your own military. And there's nothing more inflationary really than military spending because it creates demand for labor and demand for goods with no supply into the real economy. So you've got military spending surging it in.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if you take the things that just happened from a merculous perspective, they're clearly inflationary, two big things, right? You get tariffs, which creates, rather than being able to secure your pipeline in the cheapest way, you have to secure a pipeline of goods that's more”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's the world we're going into this probably shift to populist right if those policies don't work shift to populist left. And that's the dynamic. And the populist right, the hitback, even though they're aligned to Trump, is just more More focus on their domestic issues and less international cooperation.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“What you're seeing is populist, merculist candidates gaining ground everywhere. So I think you're going to get the first wave is a shift to the populace right everywhere. And you're seeing that if it's the AFD in Germany, I mean, shocking, but if the UK had election today, I think it might be out of date by a couple weeks here. But the Reform Party would win. Take that compared to five years ago. That's like an insane thought. And same thing, France, et cetera. So a shift towards populists to people that are going to take care of their own countries in that way of populist right kind of thing. And of course, what the populist right then sets off is more strength than the populist left. New York City mayoral election or whatever, but you see the shift towards populist right, populist left, and the continued, just like you had the hollowing out of the middle class, you've had the total hollowing out of the middle of the political spectrum.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“I think people first thing is Trump has been successful in picking people off, right? If you try to punch back, he raises the tariffs even more. And there is like a problem of all the countries being smaller, and so they can't punch in the same size and they take the risk of being picked off. So that's one reason. I think beneath the surface, though, on things that are less obvious, like how do you invest, et cetera, you are seeing countries you're seeing certainly the lawmakers in Canada saying, okay, we've got to invest in Canada. You're seeing home bias everywhere as a reaction to this. I think you will see more of that. But the punching back is difficult with Trump presidency because he's going to punch again and you have to be up for that fight. But what you see in the politics, which will lead to this, is the U.S. goodwill among the rest of the world's voters has collapsed. We saw from 24 to 2025 the biggest collapse in support for the United States.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“China Along with that, I was surprised, honestly, I remember conversations with members of the administration saying, like, how are you going to do this? They're going to hit back. And we are desperately in need of the rest of the world, not because of trade, but because of capital.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's super interesting because these two other pressures cut against each other to some degree. But I think the economy has changed just back on marketism for a second. The US is no longer the US that has been post-World War II. The idea of global institutions and even what the US currently sees in its interest has changed radically. The US was always pursuing its interest. But what it saw is in its interest of international cooperation and things like that have changed in a significant way. So I think you are seeing that start to play out. We're still in the very early phase of what the next steps are. What is the retaliation from the rest of the world against what the US has happened? One of the things that surprised me this year is that the US came out as a bully in a sense, like came out and said, okay, we're going to raise your tariffs and you're not going to do anything about it. And everybody except for”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Google is doing a good job of holding on to scientists and have been fighting this culture for a long time and have a lot of raw material that's incredible. Otherwise, it's just very, very hard. You're seeing some startups, like I'm very impressed with thinking machines. I think they have great people there, but they just got there. And who knows? And so I think when you look around, this is sadly. Slowing down scientific progress in a big way, this sort of everybody jumping around and it's going to take some of the big breakthroughs or gonna take a team working together for an extended period of time to get through. I think they're very possible the breakthroughs that are missing in AI today. But with everybody jumping around, that's certainly slowing it down.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So that's really bad. Now, you're seeing, and this is where I would think you see differences in the labs. Many of them are there, I'd say their ability to maintain their talent is unique because the people that went there are there for a mission that's a little bit different. Now, everybody has them, and I don't blame anybody. Everybody has greed in them to some degree. But you're seeing differences in the different places of who can hold on to scientists.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“You buy them, right? But then you're buying the ones who are viable, that's always culturally as you know. That's a cultural issue. And of course, then they're also viable again, meaning this is one of the problems. If you take how fast, if you're like things that are going badly in the ecosystem is too many of the scientists, too many people naturally are drawn to like, where do I jump to get the next paycheck in that when you're kind of do a hard job?”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“It's probably not a great question for me, but I think less than a thousand. And so That's really constrained, and if you're meta and you don't feel like you have the scientists, but you have the chips and the power, you get the scientists, right? And you're seeing this actually really bad face.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what you're seeing is a design of the ecosystem where there's a Google ecosystem, there's somewhat of an Amazon ecosystem, and then there's an NVIDIA-controlled ecosystem that has, let's say, OpenAI, certain models on the top, and goes all the way through all the steps that Google has. And that's what you're seeing when you're seeing all these deals is everybody's got to lock up who do I partner with? Where am I going to get my chips in power? And if I don't do it, I'm going to die.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Everywhere on Earth. That's obviously not going to happen. Things have to change to prevent that from happening. But that exponential growth is incredibly hard. And the chips are so scarce that you need that NVIDIA is now in this position, and this goes to the vendor financing, people look at this vendor financing and think it's because of normal bubble dynamics. This is how they're going to get their revenue. Not at all. Nvidia could get as much revenue as it wants. They have no problem selling these chips, but they don't want to set up a system where they lose their competitive edge. Their problem is Google is a true competitor. Google's trying to go the whole stack all the way down to the chips. They don't want Google to win or they don't want Google to be the final win. So they're trying to control the ecosystem. They're like Standard Oil in the Gilded Age, trying to create monopolistic control on things, so create their own ecosystem and sell their chips to people who need their chips who will not create an alternative to their.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, good. So the first part I'd say the land grab on chips is look, everybody needs, if you want to get to the next level, the next two levels of models, right? This is what exponential growth is really hard to keep up with, right? That how do you grow, it was one thing to grow 60% a year when you're small. Now to grow compute 60% a year.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“But just to finish that, but in the meantime, everybody needs power so desperately, and there's such a shortage in the West. It's a huge problem. China's a different picture, but that is, I don't think it's overrated right now for the reason that I just described. People really believe, many people believe, including myself, that incredible power is at the other side of this, meaning like power to control outcomes on Earth, a fountain of youth, et cetera, these types of thoughts, then, man, people are going to use every resource available to get there. And so I don't think it's overhyped is first point. The second odd cheps you're going to ask. Same thing”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think it's over a height. I mean, I understand one of the real challenges. The whole thing has this risk that the depreciation schedule is probably going to be quite fast. And you hope it has to be, in a sense, that. You take Anthropics mission or OpenAI and Google, like the idea of building AI that builds faster AI, one of the things they have to do is figure out how to make the chips more efficient, make the energy more efficient, and they're trying to use AI. Do those things, and given what Google achieved on protein folding, et cetera, I think there are some of the scientific advantages that will depreciate the current assets will come from those assets themselves. The AI will generate better ways to do this.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Basically, to control this, you need power, you need ships. And you need scientists What's going on with all of those everywhere you could get power. I don't know last time you were in Abu Dhabi, but it's just incredible. If you go to Abu Dhabi and you sit in a cab, like the cab driver and his brother are building a data center, like anywhere you can build power, they are building data centers, maybe Europe's exception. But everywhere else, you get power, you put ships in there, and you're building a data center, and the rate of that is huge. So you have to get where can you get the cheap power? Who gets it? Where do you get the chips?”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“So now we've just entered what I've said is a more dangerous phase. I still don't think we're in a bubble, but we are in a more dangerous phase for the following reasons that A, we're in the resource grab phase now to do AI. There isn't enough resources to go around. So everybody's trying to grab their resources. Microsoft's got all the land where you can get power on the grid. They've done a great job of getting that land. Other people need to figure out places off the grid to get power. NVIDIA's supply has been like bought up for years to come in the future and so on and so forth. So you're in this resource grab phase compound growth is easy to do when it's in cyber, like in the tech world you can do that. But now it's in the physical world. To continue growing 50-60% a year,”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“In 2022, 2023, they're going to build this out. Maybe someday they'll be proven this is a dead end path, but we're so far from any possibility of that happening that the data centers are going to get built out, the semiconductors were going to get used. That has played out.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I'd say that's where it's panning out, I think people were way underestimating. The phase that we were in before, I used to say, the bubble's ahead of us, not behind us. I get the question, starting with ChatGTP moment more or less, is this a bubble? And my thought was, I think there will be a bubble, but we're nowhere near the bubble phase. We were in the phase where people have no idea what's hitting them, like meaning how important this is and how much is going to get invested because this is not a typical cycle when you when you have people like Yvon Musk and Sam Altman and Google and so on whose businesses are threatened and believe that the power to control earth and the universe is only a couple years away. They're not motivated by this normal profit incentives of the typical cycle. It's not a CapEx cycle that's the same as other CapEx cycle. This money is going to get spent, right? I'm thinking about that.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, right, or right around then. All the tools were coming together at that time that I thought we could get all our pieces and we could actually build an artificial investor that could compete with me and you on how do you think about the world? How do you actually generate intuitions about the world? How do you write rules to say, okay, this is how I would apply that intuition. And by 2024, thought we had a smart enough investor to generate alpha in the world and have been doing that. We're with some of our incredible clients. And so right now my role is running Pure Alpha as managing CIO of Pure Alpha where all the human intuition sits, but also running the separate entity that's designed around a machine learning agent.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“So he was a professor at Berkeley working on some of the small data problems. He was working with private companies as well, but he wasn't in our field. But what he was doing was exactly what I was looking for. And he's an incredible genius. And so brought him into Bridgewater and we started working together. And still the technology wasn't ready for what we wanted to do. 2022, I said, the technology is almost ready, that the pieces we needed, we could start building an artificial investor. We started that March in 2022.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“You invested Not personally. We had different views at Bridgewater at the time on how to handle AI. But so I invested in that personally. And because I was interested, I wanted to see how can we build these pieces together. I was also very interested in AI safety issues. And so anyway, I was there for that. Got to know a lot of the scientists and the thinking, which brought me to anthropic later on when some of the best. Scientists I knew started anthropic and was literally the first check there. But all that was a journey to find how can we find these pieces we need to create reasoning that could compete with humans. And most importantly, along that journey, I met Jazz Secon, who's our chief scientist at Bridgewater and now we've built an artificial investor and continue to make it better.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“To figure out how to deal with small data problems where you don't have a lot of data. And I went through the world and that journey brought me to OpenAI. I was in the first round of investors in OpenAI because they were doing unique things. That was, I think it was about 2016. And so they adjusted Elon Musk had just stepped aside and they needed funding and they were deciding to”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Intuitions and building a community of people who deposited their intuitions into our compound understanding massively. Then about in 2012, I said, okay, how are we going to, when will machines write the rules, not just support the rules, which we've been doing, having great technology, support human intuition, but when will their intuition actually be better than human intuition? And that, I started on that journey in 2012, and they were nothing like that. There's big data, great pattern matching, but there was nothing like intuition. But I was looking for the pieces that I knew we need. We needed a reasoning engine to generate intuition, and we needed certain pieces. You needed language models to come along. You need to diagnoseability to”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Straight from Dartmouth and 96s. In 96, straight from undergrad. And I was attracted to Bridgewater. It was a tiny place, 540 people, tiny places at the time. But I was attracted to the basic concepts, which was A, that you would have the discipline to take all of the things you believe, write them down, and stress test whether they're actually true. What an important thing that fit really with my personality in many ways. But I said this really makes sense to me on what questions, on the questions of how does the macroeconomy work, how do markets set prices, take all of your human intuition, translate that into algorithms. And in that phase, Bridgewater, and I believe it's probably the most profitable expert system that was ever created, we built an expert system for how you do that. Everything was human intuition. I worked on how do you take hundreds of people, really smart people, how do you get them to take their intuitions, put them into algorithms, do that, that my expertise was generating those.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, on the big trajectory, pretty much in line. So for me, if I go back, I came to Bridgewater 30 years ago, and one of the things that attracted me is Bridgewater is now just celebrated his 50th birthday. So Bridgewater had been around for 20 years at that point. Well”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“AI is sucking up incredible amount of capital. And that's about to enter a new phase. We'll get to that. But you've got this like, yeah, modern merculism, people are questioning the wisdom and the rule of law in the United States. You see that across institutional investors, et cetera. But you have an offset in that where else are you going to invest in the technological revolution that's going on? You've seen that massive offset. And so what looks like calm on the surface, right? If you said S&P 500 is having perfectly good year, very similar to every year. And if you look at bonds too, everything looks fine on the surface. If you look underneath that, split up the equity market. Well, where's that equity coming from? How is the U.S. equity market X, the AI names, doing relative to investments in the rest of the world? If you look at gold as another example where you're seeing the geopolitics play out, those places you see it. And so I think you can make a mistake if think it's not happening by looking”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source
“The system, right? In one way, it did in the sense that if you look at U.S. equities for the first time since American exceptionalism really emerged post the global financial crisis the last 15 years, you've had the worst performance of U.S. equities relative to the rest of the world equities in common currency terms that you've had over that 15-year period. So under the surface, you're seeing it. But the U.S. is, of course, buffeted by the other big thing we talked about.”
2025-11-26 · In Good Company with Nicolai Tangen · Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency · IDENTIFIED FROM THE TRANSCRIPT · source