Invest Like The Best #130: Josh Wolfe

Full podcast here.

  • As much as I publicly criticize Elon Musk, he is able to paint a narrative and get people to believe in it. Almost like a religious leader. What flows from that is human capital - people wanting to work for that mission. And financial capital - people wanting to part with their dollars and support it. [2:55]

  • Narrow and novel creates interest. [9:55]

  • I look at this current cycle and say there is a lot of risk of illiquidity that causes a shock. You see companies that go from a billion-dollar valuation - and instead of drop 10% or 20% - they go to zero. They go out of business. [14:02]

  • The history of Silicon Valley is in radar, electronic warfare, semiconductors for missile intercepts, etc. It was about defense and war. [30:50]

  • China has no wall between the technology industry and the government. It’s a pipeline to and fro. This is going to be a decisive advantage over time. [32:48]

  • The most valuable words in investing are: It will rot your brain. When those words are uttered by a parent it presages the next $10 billion industry. Examples: Rock n Roll, TV, Internet, Video Games. [37:52]

  • The undeniable directional arrow of progress is technology is becoming more intimate with you. [43:07]

  • I get way more optionality exposing my thoughts to the world. [52:52]