BG2 with Bill Gurley & Brad Gerstner | MANG VC Gone Wild, Can You Trust AI Valuations, 2024 Set Up for Public Tech Stocks, & the VC Correction Grinds On | E01

The US Federal Trade Commission is investigating whether Microsoft, Amazon, and Alphabet's huge investments in AI startups OpenAI and Anthropic violate antitrust laws by stifling competition. The outcome of the probe could have significant consequences for the parties involved, including termination of deals, new mandates for operating standards, and fines.

Dive into the transformative world of artificial intelligence with "The Daily," where host Michael Barbaro and tech experts Kevin Roose and Casey Newton engage with OpenAI's Sam Altman in an enlightening discussion on AI's current and future impact. In this compelling episode, Altman unpacks the challenges and successes of OpenAI, from the initial hype around the ChatGPT launch to the intricate dynamics within the organization and the cautious deployment of the much-anticipated GPT-4.

Discover how AI is redefining the way humans interact with the digital realm, pointing towards an increasingly ad-light and tailored online experience. Altman explores the ethical considerations and regulatory needs crucial for shaping a society where AI enhances work satisfaction and where sensitive applications of technology are governed wisely. As Altman unveils his personal and professional philosophy on the progression of AI, listeners are invited to ponder a future harmoniously interwoven with AI innovation, underscored by transparent governance and a user-centric approach to forming the social fabric of tomorrow.

Join 'The Daily' as host Michael Barbaro and journalist Cade Metz dive into the captivating saga of OpenAI in their episode, exploring the journey of Sam Altman from visionary college dropout to CEO of a groundbreaking AI institution. OpenAI, co-founded with heavyweights like Elon Musk, started on a mission to democratize AI technology, but soon found itself at a crossroad, shifting from its open-source roots to embrace a more profit-oriented model for survival. Within the twists and turns of innovation, witness the organization's ethical strides and groundbreaking achievements heralded by Altman's leadership.

However, in a stunning twist of events, the OpenAI board's decision to remove Altman sends ripples through the corporate and tech communities, challenging the stability of the company and affecting investor confidence. The aftermath sees a reversal in sentiment from key figures and potential upheavals as employees rally for their leader. 'The Daily' not only revisits these critical moments but also provides additional insights from Altman himself and situates OpenAI's narrative in a global context, connecting the threads of this tumultuous AI odyssey to the ever-evolving clash between optimism and caution in Silicon Valley's tech landscape.

The world’s greatest investor Warren Buffett read this book when he was 19 years old, and he still calls this “by far the best book about investing ever written.” The Intelligent Investor covers timeless ideas of how the market behaves, how investment is different from speculation, and how to identify profitable investments.

Learn whether you’re a defensive or an aggressive investor, why most trading strategies don’t work, and how to maintain control of your psychology in any type of market condition.

A massive bestseller now in its 12th edition, Burton Malkiel’s A Random Walk Down Wall Street provides a comprehensive and entertaining introduction to the world of finance. Malkiel leverages his experience as an academic economist and former Wall Street portfolio manager to explain for the lay reader the intricacies of security analysis, asset valuation, and investment theory. He also offers a wealth of practical investment principles that will be useful for novice and seasoned investors alike.

Though the U.S. economy has grown at a healthy clip in 2021, signs point to a slowdown. Much of this is simply the plateauing of the surge of post-lockdown growth, but there are also specific challenges facing the country. Slow-burning problems like the continued spread of the Delta variant, the ongoing labor shortage, supply chain disruptions, inflation, surging energy prices, and an overvalued stock market will depress growth heading into 2022. The possibility also looms of a sudden, acute shock—such as the potential collapse of the Chinese real estate market, should its largest property developer, Evergrande, default on its $300 billion of debt.

Want to know the growth tactics that Uber, Facebook, and Airbnb used to reach massive valuations in record time? Written by LinkedIn founder and Reid Hoffman, Blitzscaling describes the counterintuitive business strategy of putting efficiency and confidence aside for pure speed.

Learn common attributes of today’s most successful tech business models, when it’s appropriate to blitzscale and when it will fail, and the counterintuitive violations of business common sense. While nominally a business strategy book, Blitzscaling is also relevant for investors who want to discover the next big company, employees who want to know how to work in one, and anyone who wants to understand how today’s companies grow at an unprecedented pace.

Some market watchers are seeing signs of a growing bubble in the stock market reminiscent of previous bubbles like the dot-com bubble of the late 1990s and the commodities bubble of the 2000s. However, there are fundamental differences, too.

In his classic 1962 book Capitalism and Freedom, Nobel Prize-winning economist Milton Friedman argues that a society cannot maintain political freedom without a robust commitment to free-market capitalism—and that for capitalism to function best, it must be free of government interference. It is hard to overstate the extent to which Friedman’s once-controversial ideas have triumphed. Over the past 40 years, governments across the world have moved to market-based solutions by reducing marginal tax rates, eliminating tariffs, privatizing public monopolies, and introducing choice in public education. Some might disagree about the effects of Friedman’s ideas—but no one can deny their influence.

In What Money Can’t Buy, philosopher Michael J. Sandel argues that market values have become society’s dominant moral framework, the lens through which we determine what is important or unimportant as well as right and wrong. Sandel warns that the logic and incentives of markets—where there’s no limit on what’s for sale as long as someone’s willing to buy it, and individual self-interest trumps the common good—have supplanted older value systems which held that some things were too important to be subject to the forces of supply and demand. He writes that this triumph of market values has had severe moral and social consequences.

In this guide, we explore Sandel’s chief moral objections to the market society—that markets inevitably lead to the inequitable distribution of essential goods, services, and experiences, and that the dominance of market values and market-based thinking corrupts our moral, civic, and social virtues. We also balance out Sandel’s perspective on market values with commentary from pro-capitalist writers who make the moral case for markets.

When Satya Nadella took over as CEO of Microsoft in 2014, the company was in decline. Once the wealthiest corporation in the world, it found itself lagging behind other tech giants like Apple and Google. Hit Refresh describes how Nadella brought new life to Microsoft by rediscovering its “soul”: He articulated the company’s mission, transformed the corporate culture, and formed strategic partnerships with Microsoft’s fiercest competitors.

In this guide, we discuss the principles and practices that helped Nadella “hit refresh” on Microsoft, which he connects to his experiences of growing up in India, immigrating to the US, and being a father to a child with special needs. We include actionable advice based on Nadella’s principles that can help you reinvigorate your own organization or career. We also explore his thoughts about the future and how we can—and must—ensure that technology isn’t just a means for economic growth but, above all, a force for good that is grounded on empathy.