YouSaid · the spoken record

Jim O'Shaughnessy

lines on the record: 99
first: 2024-05-09
most recent: 2024-05-09
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

“Think maybe just the advice that I just gave. I wish that I would have known 40 years ago that markets are market prices are determined by human beings. And if you are ignorant of all of the ways that we let things affect us from whether we're hungry or not or whether we're angry or whether we're calm, I would have understood that it was not just numbers on a page, that markets are full-blooded, almost human-like things because they're driven and created by humans. If I could have told Jim of age 23, that it would have hastened but also improved the pretty circuitous path that I took to becoming a quant.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“And guess what? We're not changing. So you can read it in a market related way or just understand human nature better. You're going to be miles ahead of the people who are just studying math or finance or economics.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“My advice is to focus on the parts of learning that might not be included in a business or finance degree. My line is that markets change second by second, but human nature barely budges millennia by millennia. Arbitraging human nature is the last sustainable edge in investing. And so if you read about evolutionary psychology and biology, regular psychology and biology and history, what you're going to see is no, history doesn't repeat, but it rhymes. And you can see in all you got to do is go read a book about the South Sea scandal where Isaac Newton, one of the most brilliant guys of his era, lost a fortune, causing him to lament that he could measure the motion of heavenly bodies but not the madness of men.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Teddy Rex. And then finally, I'm reading a lot about AI and scientific development. The book I'd recommend there is written by a pair of authors, one an AI expert, the other a great storyteller. And it's called AI 2041, 10 Visions of Our AI Future. Highly recommend”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“I should reread some of these just to see if it still stands up. Barry, it's still really, really stands up. And then just finished an additional biography about Teddy Roosevelt.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, kind of an inside look. My only comment there was she might be a little guilty of the things that she accuses, the people she doesn't like. Sure. But other than that, it's a fun and kind of a rollicking read. I am reading or rereading several of the books from Will Durant's Story of Civilization, which I read as a kid or a young man, loved, and thought, you know what? We moved recently. And so I was going through all my books. And I found that. And I'm like.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So for fun right now, I'm reading Burn Book by Kara, what's her last name? Swisher, which I find very interesting. She's always”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“And I had hit a really rough spot and was basically broke and trying to pay for a house because we'd moved to Greenwich and keep my business afloat and all of that. And the banks are like, dude, like. Gave me one on handshake, which I was able to repay rapidly. But more than that, just... Being a super high quality man, he taught me more about real business than any textbook. And because I was young, right? And I started with him when I was in my early 20s. And just an amazing man. And then finally the other mentors that I would say are like the greatest minds of history. I love to read. I particularly like to read biographies about people I admire. And you know what, Barry? Life was not easy. We remember them now, right? Like, oh, they were this huge success. When you read their biographies, you see they went through a lot of muck.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Primarily, I would list my grandfather. I was lucky enough, he was very successful in the oil industry, and I am the youngest of the third generation, at least the males. I have one younger female cousin, and she's just a few months behind me. But I lived in the same town my grandfather did. And after my grandmother died, he would come to our house twice a week for dinner And literally, I would literally sit at his knee, and he was a wonderful storyteller. He was a wonderful teacher. And he taught me this idea of premeditating that I have written a lot about and use all the time. Another was a wonderful man not related to me at all by the name of Jim Myers. Any entrepreneur, you hit some rough spots. Sure.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“It is. It is. But what's so cool if you choose to watch it again, you see that the reason it kicked off that kind of TV was because it was brutally honest about things. It wasn't trying to lie to you about anything. And the characters are incredibly complex even though even the evil guys are incredibly complex. And so watching it now from the vantage point of like 20 years or more. It's really amazing”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“So we're both really, really liking that. And then we are also watching a series or I guess I should say re-watching a series, which kind of kicked off the idea of the Golden Age of Television. It was one of the earlier ones. I'm not the Sopranos, but the wire.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“So we rewatched True Detective. My wife and I, I would highly recommend rewatching the first season of that. It was brilliant. It led us into a rewatch of the entire series. And now we're on number three. The second one, here's one of the funny things. Like in memory, my wife and I were both kind of like, yeah, that second one wasn't very good. It was good. And so we're doing that. Masters of the air that's on Apple. It looks great. Really loving that. I loved Band of Brothers”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“And so one of the things you know a lot of people see this as, you know, like the great model that will figure everything out, I don't see it that way at all. I see it as a lot of smaller but incredibly useful AI agents doing specific things for each of us. Again, Canvas fits in beautifully here. We are now in an era of mass customization. We are in an era where it's going to be able to design it just for you and your likes and dislikes. That's really profound when you think about it”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“You could see why a lot of people would go, eh, they didn't accomplish much. But I like the person who was watching and said this changes everything. And so that's kind of how I see AI. Of course, we're in the early innings of this, and of course it's going to, this is the worst you're ever going to see it. It's going to improve, improve, improve. But the other thing I want to really underline here is it's the quality of the data that you train your AI on that determines its value to you. And one of the big reasons I'm a huge believer in private AIs is that you will feel if you know that no one else can have access to that, right, you're going to give it a lot more access to things than you might otherwise. That's happening right now.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And that's the thing. Going back to your Wright brothers example, you know, when the Wright brothers did that very brief flight, it was only a matter of 12 seconds. And I think they went like 100 and odd feet.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, honestly, how much time do you have? I think that AI is going to transform virtually every industry. And one of the things that people, they get afraid when they hear that. And my view is quite different. It's going to transform for a lot of industries the pure drudge work, the pure copy and paste stuff. Why do you want, do you like copying and pasting? I hate it. And so it also is going to be able to create jobs that we can't even conceive of right now, right? Like two years ago, would you have known what a prompt engineer was? No, I certainly wouldn't have, right? And yet there's a lot of people doing really well Pursuing that as a career. And so I think that entertainment is going to be materially affected. Media, materially affected, search, as you well point out, like you can do a customer.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“I would never have thought to do it this way, but I absolutely love it. It's his work. He's iterating on his own work, but he's using a tool, the wand, that makes it infinitely easier for him to get these great ideas.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“The magic comes when you add a human in the loop. The magic comes by being able to partner with that and co-create and sometimes iterate on your own stuff. And like you said, the ideas that you can generate through putting your own stuff into the various models is really cool. We invest in a startup called Wand, and what they do is it's for graphic artists and it's an AI, but it has an actual tool, thus the name Wand. And what the artist is able to do is feed their own work into the model and then ask it, hey, spin out variations on it. And then the artist will look at it and say, wow, I never thought about it that way. That's really cool. And then he or she will iterate, iterate, send it back. And this is an iterative. But what's really cool is they end up in places we had one artist say to me.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Beauty of perplexity. They are but through different APIs. We really wanted to focus on being the builder, right? So we did not want to try to compete in the direct-to-consumer space. And so, what we're focusing on is multimodals, including generative models, including specific models for medical research, obviously generative art models, movie models, etc. The thing I wanted to mention when you were talking about perplexity and it coming up with I also passionately believe that the models that are going to win, or not the models, the approach that's going to win is human plus machine, the so-called Senator model. I think that you're going to see, you know, we're going to see a deluge of AI only generated stuff, content, movies, et cetera. And to be honest, most of it's going to suck.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Open source, fully transparent, and bury the Cambrian-like explosion of creativity that happened almost immediately really proved to me, yeah, back to cognitive diversity, right? When you allow all of these clever people the ability to play with it, to tinker with it, you get a much better model. For example, that's why Linux runs the web. Linux is open source, right? And it does so because a bunch of different people work on different problems. And so my point of view was I'm all for the open. I use Open AI. I use all of the commercial large. What are some of the...”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“So stability AI builds foundational open source models. I had a very pointed point of view that with a technology this powerful, I did not want it controlled by a panopticon controlled by a few. And I saw that with that kind of power could come some pretty negative externalities. And so stability AI was the one that really caught my eye because they really were the ones who shot the gun back in the summer of August of 22. They released a stable diffusion model which generates images, right? But they did something that no one had done before. They released that model with all of its weights. Now, not to get too geeky here, but the only way people can build on that type of model is to know what the weights are. And so, what they did was show it all. They released the whole thing.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Preclude a lot of brilliant scientists from looking for things that don't work. And yet, like the dog that didn't bark in Sherlock Holmes, there's a lot of really cool information, useful information via negativia. And so one of the things that we want to do is just have a large language model churn out hypothesis after hypothesis that is going to generate a null set, publish them to a database that all scientists can have access to because there's a wealth of information in the stuff that doesn't work.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“And so these types of things, like I honestly don't think it's an overstatement to say, like, this AI and its many use cases belong up there with the wheel and fire and the printing press because it is a multi-use technology that's going to affect everything from drug discovery to financial analysis. What about we train an AI to generate nothing but null sets, right? Like if you're a medical researcher and you're trying to get funding, what do you want to do? You want to prove something new, right? You're not going to get funded to prove that aspirin works, but you want to find something new and you also want it to be a positive finding. So what happens is the incentives”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a world changer. The ability to, as you mentioned, take different molecules where there isn't a drug addressing a certain problem and or taking existing research from drugs and repurposing it, AI can go into all of those spaces that we humans simply can't do and find the connections on an existing drug. You know what? This drug was originally done for malaria. Well, it doesn't work for malaria, but it works really well for this disease over here. And then new drugs. That the discovery is going to be amazing. And you got to remember a lot of this stuff can be done what they call in silico. You don't have to test it on humans or animals. You can test it on the clone of we humans that you set up. In the computer”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And what was cool for us was we really pushed him. We're like, why, why, why, why? And finally at the end of our interview with him, he was near tears. And he went, the real reason for this is my dad died of a stroke and I was in medical school and I didn't save him. I didn't even know that he had a problem. And so this is why I'm so passionate about this. To get a life-saving thing in the hands of and on something that we all carry with us, these smartphones is what motivated him. And on top of that, looks like it could also be a great business.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“An app for an iPhone or an Android where you could completely non-invasively, I could point the phone at you, get your vitals on the phone just by the camera on the phone.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“And what they wanted to do was make a documentary about non-traditional schools for their kids. They have a bunch of young kids below, you know, the age of seven. And they put out a great documentary about a particular school which was really novel. And so we really are all over the map in the type of person or groups that we're willing to consider. Yet another was a refugee in Ireland who found that she couldn't figure out a way in her native language to work her way through the halls of the bureaucracy to figure out how do I get a place to live? How do I do all of these things? So we funded her to make an app. And then finally, another one that I just love is we have a doctor who came to us and said what he wanted to do was make”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, absolutely. The thing there is we wanted it to be significantly different than our traditional quant. One of the reasons I became so interested in machine learning and AI was I viewed that as the next frontier for quant. The dirty little secret of Wi Quant's is if you really press us and ask us to really explain your model like you would to a five-year-old, we're using pretty much the same stuff, right? So what we want it to do there was push the needle as far as we possibly could. But then one of the first people to get one of the fellowships was a married couple, Nat and Martha Sharp.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“They are all imported from the West and they can't buy them because they don't have enough money. Well, he came up with an idea where his mostly female staff and researchers use banana leaves and other biodegradable products that they can make on the ground in Africa sulfur It's so easy to root against something, right? You don't have to be terribly bright to say, oh, that sucks. That sucks. Here's why. How about doing things the other way around? How about finding things you can root for and then the results have been kind of like the coolest things we've ever seen like the guy going viral in India? Like we have, we funded a guy trying to advance open source quantum computing. He now is a big deal in quantum computing. It's a great thing to do in general.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“There's just so much potential around the world, Barry, that I feel compelled to amplify. Everybody loves to bag on the generation before or after them, right? Listen, the kids today, young people today, are digital natives. They know how to use these tools in ways that we boomers probably are never going to get to. And I say, let's empower them. Let's demonstrate to the world that this makes real practical sense, right? Now let's take somebody else who is turning his grant into a company. It's a guy in Africa who faced a problem I knew nothing about, which was the cost of sanitary napkins for women who are menstruating is out of reach.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“It can be, but it needn't be. Here's a great example one of the guys that we gave a grant to, his name's Just. That's his stage name, was an accountant in India who decided he really had music in him and he really wanted to do a musical video using traditional Indian songs and singing in Hindi and other Indian dialects. He went super viral. Tens of millions of downloads of his song. He's being put on all of their good morning India. You know, we have Good Morning America being written about in all of their newspapers. And essentially that was because we thought, wow, this guy's got talent. Let's see what happens. We're not incubating him for anything, right? If he goes off and signs a deal with a music company, we don't do music. So, God bless.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“And so essentially, what happens when you get all of these really bright people in our fellowship and grant community communicating with each other, wow, the ideas that come out of those cross-pollinization of ideas are really extraordinary.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And we wanted to know strings because, like, we don't want gotchas. We don't want, but you've got to give us right of first refusal. The way I look at it is if we got somebody so wrong that they're going to take 100,000 fellowship from us, develop something really cool, decide to start a company around it, and then take it to a different person for funding, well, we made the mistake, right? Because generally speaking, what we're finding is they love being part of the community. Because I'm also a huge believer in cognitive diversity, right? There's a great quote that is like, no matter how smart somebody is, no matter how insightful, no matter how brilliant you can't ask them to make a list of things that would never occur to them.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Now I have the ability to know about that person and find and fund them. The whole idea behind the fellowships was we wanted to come up with something that highlighted the fact that there are tons, millions of brilliant people who in the past just didn't have the right connections, didn't have the right credentials. You name it to get into a place where they could get funding. They could make their idea come to life. And so the idea is quite simple. We're going to find and fund them and see what comes from that. I think that it allows for so many things. Like it allows, we have a guy who got one of our grants, which is the smaller amount. It's $10,000. The fellowships are $100,000 over a year. No strings.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Pretty random where you were born was just dumb luck. Was kind of dumb luck. You could move, of course, but changing your digital zip code is a hell of a lot easier than changing your physical zip code. But more importantly, we now are interconnected. I can find somebody who's a genius who happens to live in Bangladesh. I would have never, under the old system, ever known about that person.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“For most of history, a genius could be born, live, and die without even knowing they were a genius, but Far less other people knowing it, right? We were really bound by our geography and by our networks. And those networks were pretty small. Like, who'd you grow up with? Who'd you go to school with? Who'd you marry? Where are your kids going to school? What church do you go to? That kind of stuff.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“It quadrupled sales in Omaha, Nebraska. How about having an AI agent find out what podcasts in Omaha are interested in the subject Barry's written about? How about sending them a query letter? How about setting them a clip from the book and saying you really ought to have him on your show or podcast or write about him in your substack? All of the tools that are available to us work today and people aren't using them. And so we suspect that this is going to really, I hate the word revolutionize because that's, you know, come on. But it's only going to...”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“And it does. And this leg. Things like work from anywhere, O'Shaughnessy Ventures is a work from anywhere enterprise. We have people in Singapore, India, UK, all over the world because we can. And the idea that we have to have a traditional office, the idea that we have to do any of those traditional things goes right out the window. It becomes a much less costly enterprise when you can do it this way. But back to infinite books, like we also are going to, at the author's decision, right? We're not going to force anything on our authors. But if the author wants an AI agent to, let's say, for example, your new book, let's say if it were an infinite books publication and you note it that”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Maybe Spanish, maybe French, maybe done. Because of AI, we can translate the entire book and have it available for the French or Spanish speaking markets. Even better, let's say you want to do an audiobook and you want to read it because you've got a great voice. I say Barry, do a minute on this for me, say express surprise or anger or whatever. It will model your voice and you can read your book on all the audiobooks. But what's really cool is we can translate your voice into French, into Spanish, into Russian, into anything. And so all of these tech advantages are being left just lying around on the floor. And we think that's crazy.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Barry, that's the key. There's always cultural lag, right? You know the S curve for tech adoption, right? It's real And let's change industries and let's look at publishing, right? So we are launching infinite books. Why? Well, because the current publishing industry is still playing under 1920 rules, not 2020 rules. We no longer have to have minuscule amounts going to the author. We can, because of the tech, because of our ability to produce that book, give the author much more of the upside. So for example, we're going to give anywhere between, depending on what the author wants us to do for them, it's going to always be above 50%. Mostly it's going to be 70%. But that's just the start. Imagine, Barry, you write a book. You bring it to infinite books, and I say, hey, Barry, what other languages do you want this published in? And you're like, I don't know.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“There is almost a guild-like system out in Hollywood where, you know, it's kind of the idea that, yeah, I want to get in the screen actors guild. How do I do that? Well, to get in the screen actors guild, you have to be in three movies. Well, wait a minute. How do I get in the movie if I'm not in the screen actors guild? So there are a lot of really old-fashioned rules. And it's not just Hollywood, by the way. It's much of media. It's much of all of the things that we consume every day. And so basically what I did was say, what industries that I find fascinating that I'm interested in have the greatest arbitrage ability?”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Back end points, but for everybody, we're not going to use Hollywood accounting. Our accounting is very, very straightforward. Here's what it costs us to make it, what happens after we recover those costs. You own X percent if we manage to sell it or generate revenue from it through the multiple platforms, you can put it out on. You're going to benefit from that. The other thing that we're going to do is we're going to give young people a shot. Right now, if you want to try to beat, let's say you graduate from NYU film school and you decide you're going to go out to Hollywood and you're going to pitch all of the studios that you want to. Good luck because it ain't going to happen.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Narrative driven accessible stories that were also changing the underlying economics on. So here's how we're going to do that. Everyone who comes and works on one of our films is going to own a piece of that film. Back”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“That really is crazy. And so that unlocks tremendous talent that never had access to the Hollywood infrastructure. So our thesis is there are tons of really creative people out there who now have the tools to make great movies. Another thing I wanted to do was where are the rudies of movies today? Now Rudy's, of course, is about the kid who goes to Notre Dame and he's five foot nothing and weighs a buck nothing and he gets on the team, the Notre Dame team. Why was that such a great movie? Because it's incredibly inspirational. It gives the viewer, like, you know what? I can take a shot at it. I can do it. Hollywood seems to have completely forgotten about making these types of movies.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Bury some of the things that I've seen as submissions to infinite films. Oh my God. Really? Like literally I'm 63. If I had seen that as a trailer for a movie at a movie theater like 10 years ago, I would have thought, wow, this is amazing. This is cool. And then the guy at the bottom says, by the way, I made this on my iPhone.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And so there we're looking for companies that we think will expand the opportunity set for very clever entrepreneurs and creators. Another vertical is infinite films. Why that? Well, we think we're approaching a period where you can make films, documentaries, you can use AI to augment your filmmaking in such a way that the people who couldn't make movies in the past are going to be able to make them in the future.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly, exactly right. Good call. And back then, the idea that a group of engineers or even regular business people would leave a big company that was well funded by a bank or a series of other investors was almost unthinkable. And so what came to be known is the hateful eight, who created Fairchild, got pitched by a variety of investors, external investors, saying, why don't you guys just start your own company? He finally talked them into it, and that's when he used the term. This is your liberation capital where you can focus on just what you want to focus on, making better semiconductors.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“So we have what we call infinite adventures. That's venture capital. But I love in the old days they used to call venture capital adventure capital. And the one I really loved liberation capital. To find that. What is”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“I had a thesis that started to develop around twenty seventeen, twenty eighteen. As I watched old playbooks that used to work beautifully stop working. And so I came up with this idea that we were in a great reshuffle where all of the old models were collapsing and people were kind of freaked out. They were like, this has worked for decades. Why doesn't it work anymore? And I think that one of the reasons it didn't work anymore was because the tools, the tech tools, and the platforms and the internet and all of that put together allowed for much more innovative business models in a variety of industries, right? So if you look at the verticals of O'Shaughnessy Ventures, you'll see what we think.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. I quote him all the time because he's absolutely right. The idea that you're going to get anything to perfection is a fool's errand, right? I have a writer that we're working with under O'Shaughnessy Ventures, one of our new verticals, which is Infinite Books. And he's got a great quote, which is, perfection is a 100% tax.”
2024-05-09 · Masters in Business · Jim O'Shaughnessy on How AI Will Change Everything From Arts to Stocks · IDENTIFIED FROM THE TRANSCRIPT · source