Mike Conover Built a Language Model for $30. Then He Pointed the Idea at the Market.

In March 2023, a team at Databricks took a two-year-old open-source model with 6 billion parameters, trained it for 30 minutes on one machine, and got it to follow instructions like ChatGPT. They called it Dolly, after the sheep, because it was a clone of Stanford's Alpaca, which was itself built on Meta's LLaMA. Two weeks later, they released Dolly 2.0.

The first version cost less than $30 to train but was tuned on data generated with OpenAI's API, which OpenAI's terms did not allow anyone to use to build a competing model. So Databricks ran an internal contest, collected 15,000 original prompt-and-response pairs from more than 5,000 employees in about a week, and released the code, dataset, and weights under licenses that allowed commercial use.

The project's own README said the model was not state of the art and struggled with math, programming, dates, and hallucination. That was not the point. Alpaca, Koala, and Vicuna, the well-known instruction-following models of the moment, were all barred from commercial use. Dolly 2.0 was the first one a company could legally put to work.

Mike Conover led that project. He then co-founded Brightwave with Brandon Kotara, the former CTO of the derivatives exchange LedgerX, and on the CEO.com Podcast he explained the idea underneath both.

"Think about the body of material that is relevant to an investment decision, including SEC filings, earnings call transcripts, sell-side analysis, breaking news content from the public internet, podcast transcripts, and the Congressional Record," he said. "The volume of relevant information exceeds what a person is able to keep in mind simultaneously." The job of an active manager is to see something in that pile nobody else has seen. Conover doubts that job was ever a good fit for human attention.

His reference point is 1979. "VisiCalc, the first computational spreadsheet, was released in 1979, and if you were to speak with an accountant in 1978 and say, 'What's your job?' They would say, 'I run the numbers. I'm the numbers guy. Write it out on a piece of paper in a grid.' And it's cognitively demanding. It's time intensive and it's important to the business. And now nobody wants to do that work. It's not that we no longer have a finance function; it's rather that the sophistication of the analysis that we can bring to bear on a problem is just much expanded. I think that we're seeing a similar moment for qualitative and language-oriented reasoning."

Conover has spent his career inside datasets that describe large systems. His Ph.D. in complexity science at Indiana University used early access to Twitter data to study how information moves through millions of people. At LinkedIn, he worked with the company's graph of the global economy, who works where and with what skills. He co-founded SkipFlag, which Workday acquired, and ran financial machine learning there before Databricks. "You think about traffic, the economy, or pandemics and how these processes unfold. Climate is a good example," he said. "It is something that is larger than ourselves, but that has a material impact on our lives, and that has a real quantitative mathematical structure, but we can't see it." Markets, in his view, are the most visible version of that kind of system, and language models are the first tool fast enough to read them.

The first question investors asked him was what happens when everyone has the tool. "If we live in a world where Brightwave has created a perfectly efficient market, it's a very different world that we will inhabit from the one we inhabit," he said. In practice, there will always be information that has not been digitized and intelligence the models cannot reach. The product was built so an analyst steers it. "That's an interesting fact. I want to know more about that. You should run that down for me. That is where you are going to get very heterogeneous behaviors from different teams that have different theses. It's just still very much a taste-making process."

The harder problem is on the screen, not in the model. "How do you reveal the thought process of something that's considered 10,000 pages of text to a person in a way that's useful and understandable? It's not a design problem anybody has ever solved before."

On open versus closed AI, Conover gave the answer of someone who has shipped both. Meta open-sources its models, he argued, because language is the substrate its products run on and a developer ecosystem makes that business cheaper to operate. "I do not think it is pure generosity of spirit that leads to this decision." He also noted that running a 400 billion parameter model yourself carries real overhead and that a closed API is convenient. His advice to customers is to choose the right tool for the job.

He was more willing to speculate about retail trading, which he said now makes up more than 30 percent of transaction volume. Cheaper tools explain part of it. "Candidly, I think part of it is probably a sense of disillusionment with the American bargain, and a feeling that, geez, I've got to be trying something. I want a piece of the action. You saw that in crypto, too. I think there's this sense that it is harder to get ahead in American society now than it was when I was a kid, and people are responding to that. Whether this is the correct response to that fact is unclear."

Play in the joints

Brightwave's three stated values are ownership, humility, and craft. Ownership he traces to Viktor Frankl's Man's Search for Meaning: you cannot choose your circumstances, but the response is yours. He traces humility to the scientific method. "If I'm wrong and you and I disagree about something, it's probably because you have the information I need to get. And so my job should be to elicit what you are seeing that I'm missing. Because I believe you're a reasonable person, as a default."

Craft is a mechanical argument. "If you have a mechanical system that has a joint with a little bit of play in it, you may not notice that when there's only one joint. But if there are eight connections in series, now you suddenly have a lot of play in that system. And with language models, there are so many places that the system can exhibit a little bit of play. So being able to rigorously and methodically execute a technical agenda and build things right the first time, even if it takes a little longer, allows us to move faster in the limit."

The company's policy is three days a week in the office, in New York and Boulder, with a California site planned. The team comes in five. "When you're at a big company, whether you're there or not doesn't matter that much. People notice that whether or not they can articulate it. But at a startup, it matters." His colleagues came from Meta, Instagram, UBS, McKinsey, and Wharton. "I have to earn the respect and trust and time of the people around me all the time. And I find that extremely energizing."

Asked about the isolation of running a company, he named three things he checks his time against: relationships, natural beauty, and personal growth. He has a group of men he can be candid with. "The tonic that is the salve for these modern times is not forgetting the archetypal rewards that are baked into us at a neurological level. And no phone is going to replace that circuitry."

What happened next

When the interview was recorded, Brightwave had raised a $6 million seed round from Decibel Partners, Point72 Ventures, Moonfire Ventures, and angels from OpenAI, Databricks, Uber, and LinkedIn. In October 2024 it closed a $15 million Series A led by Decibel with OMERS Ventures, and reported that revenue had grown fourfold in the four months since the seed.

The customer moved. On the show, Conover talked about SEC filings, public equities, and retail investors. By April 2025, the company was announcing a deep research platform built for private-market investors, the people turning a 1,000-page data room into an investment committee memo. In August 2025 it shipped Research Agents, long-running background workers that plan and execute a research task without a person prompting each step. That is close to a literal description of what Conover predicted on the podcast when he said the future of the technology was "more asynchronous, longer-running, more intensive workloads."

Then the company changed shape. Brightwave's homepage now calls it "an agent infrastructure company" building "the compliance-ready foundation for safely connecting AI agents to the systems where work happens." The research engine it spent three years building for private equity diligence has been rebuilt in Rust and released as Tidebreak, an open-source desktop application under an Apache 2.0 license that runs on the user's own machine, works with any model provider or a local one, and turns a folder of files into a spreadsheet, deck, or memo. "Now we're shifting our focus to secure, compliant infrastructure for the agentic AI era," the Tidebreak site says. "Tidebreak is the open client at the edge of that system."

Every episode of the CEO.com Podcast ends with the same question: who gave you a chance? Conover paused, said many people came to mind, and then thanked his investors. "I can't believe I'm thanking our investors and recognizing them, but I actually feel this way. They are people who make early bets on teams, just on the basis of conviction in the absence of other data. We set out to raise capital and we met them, and it was just, we hit it off immediately, and they just got long on what we were doing."

00:00:09 Introduction to Mike and Brightwave
00:00:30 How Brightwave's AI Research Platform Works
00:01:41 Human Judgment vs AI in Investing
00:03:23 Accountants and the Spreadsheet Analogy
00:04:11 Mike's Career Path to Founding Brightwave
00:07:02 Open Source vs Closed Source AI Debate
00:09:14 The Future of Agentic AI Tools
00:13:01 Future of Trading Platforms and Retail Investors
00:16:00 Disillusionment and the American Dream
00:17:08 A Day in the Life of Brightwave's CEO
00:20:47 Mental Health and Loneliness as a Founder
00:24:31 Building Culture: Ownership, Humility, Craft
00:29:20 Choosing In-Person Work Over Remote
00:30:44 Preparing for 2025 and Capital Efficiency
00:31:57 Thanking the Investors Who Believed First

WEBVTT

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Mike,<00:00:10.240> thank<00:00:10.402> you<00:00:10.434> so<00:00:10.580> much<00:00:10.806> for<00:00:10.887> coming<00:00:11.130> on<00:00:11.227> the<00:00:11.291> show.

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You<00:00:12.213> are<00:00:12.343> the<00:00:12.375> CEO<00:00:12.990> of<00:00:13.087> BrightWave,<00:00:13.960> the<00:00:14.057> founder<00:00:14.543> of<00:00:14.624> that<00:00:14.866> company.

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You<00:00:15.416> have<00:00:15.821> a<00:00:16.548> long<00:00:16.969> and<00:00:17.115> rich<00:00:17.373> history<00:00:17.859> in<00:00:17.940> artificial<00:00:18.506> intelligence,<00:00:21.279> which<00:00:21.456> is<00:00:21.618> the<00:00:21.698> topic<00:00:22.117> of<00:00:22.246> the<00:00:22.342> day<00:00:22.664> and<00:00:23.212> year<00:00:23.550> and<00:00:23.872> probably<00:00:24.194> next<00:00:24.436> decade<00:00:24.758> and<00:00:24.919> the<00:00:25.000> decades<00:00:25.483> to<00:00:25.563> come.

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Millennium.

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Yes.

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Yeah.

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Excellent.

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Yeah,<00:00:30.552> of<00:00:30.793> course.

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Sure.

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That's,<00:02:03.924> I<00:02:03.988> guess,<00:02:04.228> the—.

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You,<00:03:03.874> you<00:03:03.971> should<00:03:04.181> run<00:03:04.359> that<00:03:04.586> down<00:03:04.861> for<00:03:05.152> me.

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I<00:03:06.220> think<00:03:06.463> that<00:03:06.706> is<00:03:06.932> where<00:03:07.984> you're<00:03:08.243> going<00:03:08.486> to<00:03:08.648> get<00:03:09.052> very,<00:03:09.457> very<00:03:09.846> heterogeneous<00:03:10.752> behaviors<00:03:12.047> from<00:03:12.371> different<00:03:12.775> teams<00:03:13.342> that<00:03:13.488> have<00:03:13.682> different<00:03:14.070> theses,<00:03:14.621> have<00:03:14.734> different<00:03:15.106> views<00:03:15.592> on<00:03:16.642> macro,<00:03:17.123> global,<00:03:17.764> like<00:03:18.005> it's<00:03:18.390> just<00:03:19.784> still<00:03:20.089> very<00:03:20.329> much<00:03:20.650> a<00:03:20.890> taste-making<00:03:21.532> process.

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I<00:03:23.118> would<00:03:23.535> make<00:03:23.760> the<00:03:23.840> comparison<00:03:25.459> to<00:03:26.357> accountants<00:03:26.902> in<00:03:26.982> the<00:03:27.046> '70s.

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So<00:03:28.745> VisiCalc,<00:03:29.466> the<00:03:29.547> first<00:03:30.011> computational<00:03:30.589> spreadsheet,<00:03:31.150> was<00:03:31.294> released<00:03:31.566> in<00:03:31.695> 1979.

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And<00:03:32.656> if<00:03:32.737> you<00:03:32.897> were<00:03:33.009> to<00:03:33.089> speak<00:03:33.474> with<00:03:33.570> an<00:03:33.650> accountant<00:03:34.356> in<00:03:34.468> 1978<00:03:35.141> and<00:03:35.237> say,<00:03:35.382> what's<00:03:35.542> your<00:03:35.638> job?

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They<00:03:37.081> would<00:03:37.241> say,<00:03:37.946> I<00:03:38.027> run<00:03:38.203> the<00:03:38.283> numbers.

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I'm<00:03:40.287> the<00:03:40.511> numbers<00:03:40.848> guy.

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I<00:03:41.088> write<00:03:41.313> it<00:03:41.473> out<00:03:41.633> on<00:03:42.194> a<00:03:42.291> piece<00:03:42.547> of<00:03:42.611> paper<00:03:43.236> in<00:03:43.333> a<00:03:43.413> grid<00:03:43.813> and<00:03:43.910> it's<00:03:44.118> cognitively<00:03:44.695> demanding.

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It's<00:03:45.737> time-intensive<00:03:46.458> and<00:03:46.555> it's<00:03:46.699> important<00:03:47.084> to<00:03:47.164> the<00:03:47.260> business.

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A<00:03:48.287> real<00:03:48.545> important<00:03:49.013> job.

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And<00:03:50.401> now<00:03:50.497> nobody<00:03:50.868> wants<00:03:51.191> to<00:03:51.288> do<00:03:51.449> that<00:03:51.691> work.

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And<00:03:52.659> it's<00:03:52.821> because<00:03:53.644> it's<00:03:53.870> not<00:03:54.112> that<00:03:54.418> we<00:03:54.515> no<00:03:54.676> longer<00:03:55.063> have<00:03:55.951> a<00:03:56.370> finance<00:03:56.854> function.

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It's<00:03:57.484> rather<00:03:57.742> that<00:03:57.971> the<00:03:58.052> sophistication<00:03:58.884> of<00:03:58.949> the<00:03:59.031> analysis<00:03:59.700> that<00:03:59.846> we<00:03:59.928> can<00:04:00.091> bring<00:04:00.254> to<00:04:00.352> bear<00:04:00.515> on<00:04:00.613> a<00:04:00.678> problem<00:04:01.021> is<00:04:01.249> just<00:04:01.559> much<00:04:01.918> expanded.

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And<00:04:02.783> I<00:04:02.799> think<00:04:02.962> that<00:04:03.043> we're<00:04:03.140> seeing<00:04:03.382> a<00:04:03.447> similar<00:04:03.916> moment<00:04:04.837> for<00:04:07.554> qualitative<00:04:08.604> and<00:04:08.928> language-oriented<00:04:09.655> reasoning.

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Yeah,<00:04:12.242> that<00:04:12.404> is<00:04:12.550> super<00:04:12.827> interesting.

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What<00:04:13.804> made<00:04:13.983> you<00:04:14.065> see<00:04:14.440> like<00:04:14.619> the<00:04:14.847> opportunity<00:04:15.499> here?

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Because<00:04:15.776> you<00:04:16.020> mean<00:04:16.167> you<00:04:16.248> worked<00:04:16.476> for<00:04:16.639> incredible<00:04:17.144> companies.

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You've<00:04:17.421> had<00:04:17.487> an<00:04:17.552> incredible<00:04:17.796> career<00:04:17.910> in<00:04:17.959> this.

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You<00:04:20.241> have<00:04:20.338> a<00:04:20.483> PhD<00:04:21.289> from<00:04:21.466> Indiana<00:04:21.870> University<00:04:22.353> on<00:04:22.498> complexity<00:04:23.014> science.

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I<00:04:23.546> mean,<00:04:23.675> like,<00:04:24.046> you<00:04:24.127> have<00:04:24.288> a<00:04:24.433> lot<00:04:24.997> of<00:04:25.642> background<00:04:26.126> here.

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What<00:04:26.948> made<00:04:27.190> you<00:04:27.303> decide,<00:04:27.754> like,<00:04:28.061> all<00:04:28.157> right,<00:04:28.335> I'm<00:04:28.544> going<00:04:28.722> all<00:04:29.109> in<00:04:29.592> on<00:04:29.753> Brightwave<00:04:30.575> and<00:04:30.736> just,<00:04:31.768> can<00:04:31.849> you<00:04:32.010> just<00:04:32.493> kind<00:04:32.606> of<00:04:32.671> go<00:04:32.832> a<00:04:32.848> little<00:04:32.993> bit<00:04:33.138> deeper<00:04:33.557> on<00:04:33.783> the<00:04:33.944> opportunity<00:04:34.605> that<00:04:34.766> exists<00:04:35.249> there<00:04:35.491> in<00:04:35.572> the<00:04:35.652> investing<00:04:36.216> space?

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Yeah.

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Thanks.

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Thanks<00:04:38.891> for<00:04:39.639> a<00:04:39.720> thoughtful<00:04:40.126> question.

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I<00:04:43.888> have<00:04:44.148> been<00:04:44.375> fortunate<00:04:45.040> to<00:04:45.267> work<00:04:45.607> in<00:04:45.753> environments<00:04:46.564> where<00:04:46.645> I've<00:04:46.807> had<00:04:46.970> access<00:04:47.391> to<00:04:47.553> data<00:04:47.813> sets<00:04:48.260> that<00:04:48.372> describe<00:04:49.896> the<00:04:50.056> true<00:04:50.554> structure<00:04:51.484> of<00:04:51.580> society.

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So<00:04:53.008> my<00:04:53.185> PhD<00:04:53.987> dealt<00:04:54.228> with<00:04:55.351> the<00:04:55.431> structure<00:04:55.752> of<00:04:55.896> how<00:04:56.393> information<00:04:56.891> spreads<00:04:57.228> through<00:04:57.340> very<00:04:57.500> large<00:04:57.757> groups<00:04:57.933> of<00:04:57.998> people<00:04:58.319> on<00:04:58.399> Twitter.

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We<00:04:59.121> had<00:04:59.201> very<00:04:59.522> early<00:04:59.762> access<00:05:00.083> to<00:05:00.163> the<00:05:00.244> Twitter<00:05:00.484> dataset.

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And<00:05:00.982> I<00:05:01.110> worked<00:05:01.286> at<00:05:01.367> LinkedIn<00:05:01.848> where<00:05:01.992> we<00:05:02.089> had<00:05:02.811> this<00:05:02.971> high-resolution<00:05:04.078> graph,<00:05:04.800> this<00:05:04.976> network<00:05:05.281> structure<00:05:05.602> describing<00:05:06.164> the<00:05:06.196> global<00:05:06.420> economy,<00:05:06.902> who<00:05:07.126> works<00:05:07.463> where<00:05:07.784> and<00:05:07.928> what<00:05:08.089> skills<00:05:08.426> do<00:05:08.506> they<00:05:08.650> have<00:05:08.843> and<00:05:08.971> where<00:05:09.083> are<00:05:09.148> they<00:05:09.308> located.

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You<00:05:11.410> know,<00:05:11.779> at<00:05:11.859> Workday<00:05:12.452> and<00:05:12.597> SkipLagma,<00:05:13.335> a<00:05:13.463> previous<00:05:13.720> startup,<00:05:15.966> just<00:05:16.191> have<00:05:16.351> had<00:05:17.009> a<00:05:17.089> front<00:05:17.394> row<00:05:17.507> seat<00:05:17.828> to<00:05:17.972> datasets<00:05:18.614> that<00:05:18.855> describe<00:05:19.272> the<00:05:19.352> systems<00:05:19.753> that<00:05:19.898> govern<00:05:20.138> the<00:05:20.283> course<00:05:20.475> of<00:05:20.539> our<00:05:20.684> lives<00:05:21.566> and<00:05:21.647> have<00:05:23.331> the<00:05:23.588> privilege<00:05:23.989> of,<00:05:24.230> of<00:05:24.326> sort<00:05:24.599> of<00:05:24.631> seeing<00:05:24.872> the<00:05:24.952> statistical<00:05:25.658> reality<00:05:27.022> of<00:05:27.921> how<00:05:28.466> you<00:05:28.643> think<00:05:28.803> about<00:05:28.964> like<00:05:29.124> traffic<00:05:30.664> or<00:05:30.793> the<00:05:30.889> economy<00:05:31.691> or<00:05:31.772> pandemics<00:05:32.895> and<00:05:33.039> how<00:05:33.938> these<00:05:34.179> processes<00:05:34.965> unfold.

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Climate<00:05:36.040> is<00:05:36.184> a<00:05:36.265> good<00:05:36.361> example.

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It<00:05:37.725> is<00:05:37.869> something<00:05:38.190> that<00:05:38.335> is<00:05:38.495> larger<00:05:38.816> than<00:05:38.896> ourselves,<00:05:39.554> but<00:05:39.634> that<00:05:39.779> has<00:05:39.891> a<00:05:39.955> material<00:05:40.356> impact<00:05:40.693> on<00:05:41.014> our<00:05:41.143> lives<00:05:42.041> and<00:05:42.121> that<00:05:42.266> has<00:05:42.827> real<00:05:43.164> quantitative<00:05:43.742> mathematical<00:05:44.288> structure,<00:05:44.689> but<00:05:44.769> we<00:05:44.849> can't<00:05:45.154> see<00:05:45.331> it.

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And<00:05:45.957> it's<00:05:46.118> only<00:05:46.278> in<00:05:46.359> the<00:05:46.439> past<00:05:46.632> 25<00:05:47.162> years<00:05:47.564> that<00:05:48.463> the<00:05:48.608> computational<00:05:49.186> technologies<00:05:49.749> have,<00:05:49.990> have<00:05:50.391> made<00:05:51.018> those<00:05:51.130> systems,<00:05:53.122> uh,<00:05:54.070> studyable<00:05:54.986> even<00:05:55.693> to<00:05:55.918> us.

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And<00:05:57.364> with<00:05:57.541> language<00:05:57.942> models,<00:05:58.264> so<00:05:58.408> prior<00:05:58.665> to<00:05:58.746> founding<00:05:59.067> BrightWave,<00:05:59.404> I<00:05:59.469> was<00:05:59.629> at<00:05:59.790> Databricks<00:06:00.674> where<00:06:00.818> I<00:06:00.915> created<00:06:01.959> one<00:06:02.120> of<00:06:02.152> the<00:06:02.264> first<00:06:02.505> language<00:06:02.907> models<00:06:03.325> to<00:06:03.469> demonstrate<00:06:04.128> that<00:06:04.353> open<00:06:04.594> source<00:06:04.851> technologies<00:06:05.574> could<00:06:05.718> exhibit<00:06:06.136> the<00:06:06.216> kinds<00:06:06.457> of<00:06:06.538> behaviors<00:06:07.020> we've<00:06:07.164> come<00:06:07.261> to<00:06:07.405> expect<00:06:07.678> from<00:06:07.807> ChatGPT.

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And<00:06:09.976> that<00:06:11.261> work<00:06:11.824> in<00:06:12.482> language<00:06:12.868> model<00:06:13.109> engineering<00:06:14.572> really<00:06:14.974> helped<00:06:15.295> me<00:06:15.440> understand<00:06:16.404> how<00:06:18.028> you<00:06:18.173> look<00:06:18.333> at<00:06:18.430> the<00:06:18.510> glide<00:06:18.912> path<00:06:19.234> for<00:06:19.378> this<00:06:19.555> technology.

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It's<00:06:20.761> going<00:06:21.082> to—<00:06:21.644> it<00:06:21.741> is<00:06:21.885> expanding<00:06:25.324> in<00:06:25.421> its<00:06:25.581> ability<00:06:26.047> to<00:06:26.144> process<00:06:26.690> large<00:06:26.931> volumes<00:06:27.269> of<00:06:27.349> information<00:06:27.847> simultaneously.

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And<00:06:28.634> you<00:06:28.779> connect<00:06:29.116> that<00:06:29.358> fact<00:06:30.644> with<00:06:30.805> regards<00:06:31.271> to<00:06:31.352> speed<00:06:32.076> and<00:06:32.334> volume<00:06:32.752> of<00:06:34.104> content<00:06:34.507> processing<00:06:35.151> to<00:06:36.181> the<00:06:36.261> reality<00:06:36.744> that<00:06:36.841> there<00:06:36.937> are<00:06:37.002> systems<00:06:37.485> that<00:06:37.710> govern<00:06:38.193> our<00:06:38.290> lives<00:06:38.515> that<00:06:38.595> we<00:06:38.692> can't<00:06:38.933> see,<00:06:39.272> and<00:06:39.352> the<00:06:39.432> markets<00:06:39.819> being<00:06:40.044> kind<00:06:40.189> of<00:06:40.270> the<00:06:40.303> ultimate<00:06:40.636> manifestation<00:06:41.303> of<00:06:41.386> those<00:06:41.453> systems.

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And<00:06:41.703> it<00:06:41.753> seems<00:06:41.853> like<00:06:41.903> a<00:06:41.920> very<00:06:42.020> natural<00:06:45.684> decision<00:06:46.567> to<00:06:46.744> build<00:06:47.306> a<00:06:47.386> technology<00:06:48.430> that<00:06:49.475> accelerates<00:06:50.101> that<00:06:50.262> process.

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I<00:06:52.205> am<00:06:52.366> fascinated<00:06:52.928> by<00:06:53.169> the<00:06:53.314> debate<00:06:53.972> between<00:06:54.679> open<00:06:54.936> source<00:06:55.723> and<00:06:55.884> closed<00:06:56.221> source<00:06:57.104> and<00:06:57.651> AI.

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And,<00:06:58.952> you<00:06:59.016> know,<00:06:59.177> you<00:06:59.257> got<00:06:59.417> like<00:06:59.691> Zuckerberg<00:07:00.317> on<00:07:00.478> the<00:07:00.622> one<00:07:00.799> end<00:07:01.506> who<00:07:01.698> is<00:07:01.988> like<00:07:02.469> all<00:07:02.646> in<00:07:02.807> on<00:07:02.951> open<00:07:03.192> source,<00:07:03.433> which<00:07:03.610> is<00:07:03.690> really<00:07:03.915> fascinating<00:07:04.365> because,<00:07:04.879> yeah,<00:07:05.859> that<00:07:06.164> seems<00:07:06.405> like<00:07:06.501> a<00:07:06.582> kind<00:07:06.742> of<00:07:06.822> a<00:07:06.839> new<00:07:07.063> thing<00:07:07.224> for<00:07:07.320> Zuck.

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And<00:07:07.786> then<00:07:08.975> you've<00:07:09.071> got<00:07:09.248> Sam<00:07:09.553> Altman<00:07:09.858> who<00:07:09.955> runs<00:07:10.180> OpenAI,<00:07:10.597> but<00:07:10.694> it's<00:07:10.838> not<00:07:10.999> actually<00:07:11.320> open.

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It's<00:07:11.690> closed<00:07:12.029> AI.

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Sure.

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What<00:07:13.114> is<00:07:13.243> your<00:07:13.421> take<00:07:13.745> on<00:07:13.890> the<00:07:13.987> difference<00:07:14.311> between<00:07:14.635> these,<00:07:15.185> uh,<00:07:16.576> different<00:07:16.981> paths<00:07:17.386> in<00:07:17.531> AI,<00:07:18.276> and<00:07:18.826> which<00:07:19.004> one<00:07:19.166> do<00:07:19.230> you<00:07:19.408> think<00:07:19.570> eventually<00:07:20.379> kind<00:07:20.509> of<00:07:20.590> wins<00:07:20.850> out?

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Or<00:07:21.663> do<00:07:21.695> they<00:07:21.923> both—<00:07:22.151> I<00:07:22.183> mean,<00:07:22.411> in<00:07:22.557> software<00:07:22.899> they<00:07:23.061> both<00:07:23.240> exist,<00:07:23.696> obviously,<00:07:24.135> so<00:07:24.688> maybe<00:07:24.915> they—.

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Well,<00:07:26.297> so<00:07:26.541> I<00:07:26.639> think,<00:07:29.032> you<00:07:29.226> know,<00:07:29.517> on<00:07:30.179> what<00:07:30.584> Facebook<00:07:31.069> is<00:07:31.230> doing,<00:07:31.554> I<00:07:31.699> think<00:07:32.346> the<00:07:33.477> axiom<00:07:33.979> is<00:07:34.205> commoditize<00:07:34.787> your<00:07:34.932> complement.

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And<00:07:36.468> so<00:07:36.646> many<00:07:36.889> of<00:07:36.969> the<00:07:37.066> things<00:07:37.390> that<00:07:37.535> they<00:07:37.697> do,<00:07:37.939> when<00:07:38.085> you<00:07:38.150> think<00:07:38.332> about,<00:07:39.081> uh,<00:07:40.190> newsfeed<00:07:41.105> content<00:07:41.571> generation<00:07:42.391> or<00:07:42.535> chat,<00:07:43.050> you<00:07:43.130> know,<00:07:43.291> this<00:07:43.499> sort<00:07:43.676> of<00:07:43.837> language<00:07:44.383> being<00:07:44.560> the<00:07:44.656> substrate<00:07:45.267> that<00:07:45.444> Facebook<00:07:45.910> operates<00:07:46.327> on<00:07:46.552> in<00:07:46.649> addition<00:07:47.050> to<00:07:47.372> images.

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Um,<00:07:49.204> all<00:07:49.364> of<00:07:49.445> that<00:07:49.686> is<00:07:50.184> better<00:07:50.811> and<00:07:51.887> more<00:07:52.257> usable<00:07:53.077> with<00:07:53.639> something<00:07:53.944> like<00:07:54.137> language<00:07:54.523> models.

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And<00:07:54.925> so<00:07:55.246> being<00:07:58.123> the<00:07:58.219> de<00:07:58.364> facto<00:07:58.782> standard<00:07:59.350> for<00:07:59.903> open<00:08:00.146> source<00:08:00.406> language<00:08:00.796> models<00:08:01.056> and<00:08:01.202> having<00:08:01.462> a<00:08:01.543> robust<00:08:01.949> developer<00:08:02.339> ecosystem<00:08:03.070> around<00:08:03.573> their<00:08:03.736> technology<00:08:04.369> makes<00:08:04.710> their<00:08:04.954> business<00:08:05.425> run<00:08:05.669> more<00:08:05.847> effectively<00:08:06.351> and<00:08:06.432> efficiently.

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Like<00:08:07.253> you<00:08:07.350> think<00:08:07.511> of<00:08:07.898> digital<00:08:08.284> avatars<00:08:09.492> as<00:08:09.605> they<00:08:09.750> move<00:08:09.927> into,<00:08:10.297> to<00:08:10.394> VR<00:08:10.780> and<00:08:11.344> AR,<00:08:11.682> to<00:08:11.827> VR<00:08:12.149> and<00:08:12.568> AR<00:08:13.051> language<00:08:13.373> models.

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And<00:08:13.776> so<00:08:13.921> I,<00:08:14.082> I<00:08:14.179> think<00:08:14.340> there's,<00:08:16.092> I<00:08:16.253> do<00:08:16.333> not<00:08:16.719> think<00:08:16.912> it<00:08:17.057> is,<00:08:18.730> uh,<00:08:19.453> pure,<00:08:20.676> pure<00:08:20.917> generosity<00:08:21.560> of<00:08:21.624> spirit<00:08:22.847> that<00:08:23.072> leads<00:08:23.490> to<00:08:23.587> this<00:08:23.812> decision.

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Um,<00:08:27.126> but,<00:08:27.676> uh,<00:08:28.904> you<00:08:29.001> know,<00:08:29.163> I<00:08:29.292> think<00:08:30.764> contrast<00:08:31.394> with<00:08:31.588> some<00:08:31.750> of<00:08:31.814> the<00:08:31.960> commercial<00:08:32.623> offerings<00:08:33.286> or<00:08:33.350> these<00:08:33.480> closed<00:08:33.625> source<00:08:33.971> models,<00:08:35.065> Not<00:08:35.243> for<00:08:35.340> nothing,<00:08:36.260> running<00:08:36.599> a<00:08:36.680> 400<00:08:37.407> billion<00:08:37.714> parameter<00:08:38.198> model<00:08:38.699> like<00:08:38.925> Llama<00:08:39.183> 3.0.5B,<00:08:41.363> which<00:08:41.541> is<00:08:41.621> their<00:08:41.831> largest<00:08:42.235> and<00:08:42.316> sort<00:08:42.477> of<00:08:42.510> most<00:08:42.736> powerful<00:08:43.075> model<00:08:43.285> from<00:08:43.365> Meta,<00:08:44.914> there's<00:08:45.318> a<00:08:45.382> fair<00:08:45.463> amount<00:08:45.705> of<00:08:45.786> engineering<00:08:46.270> overhead<00:08:46.528> associated<00:08:47.077> with<00:08:47.174> that.

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And<00:08:47.577> there's<00:08:48.222> some<00:08:50.078> comparability<00:08:50.804> among<00:08:51.127> the<00:08:51.208> current<00:08:51.514> frontier<00:08:51.934> models,<00:08:52.321> whether<00:08:52.499> it's<00:08:53.003> from<00:08:53.151> Anthropic<00:08:53.740> or<00:08:53.871> OpenAI<00:08:54.133> or<00:08:54.379> Meta.

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But<00:08:57.151> goodness,<00:08:57.576> it<00:08:57.723> is<00:08:58.229> convenient<00:08:58.800> not<00:08:59.029> to<00:08:59.061> have<00:08:59.371> to<00:09:00.272> run<00:09:00.448> it<00:09:00.576> all<00:09:00.672> yourself.

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And<00:09:01.457> so<00:09:01.618> I<00:09:01.698> think<00:09:01.890> it's<00:09:02.098> really<00:09:02.355> about<00:09:03.620> kind<00:09:03.797> of<00:09:03.941> more<00:09:04.101> just<00:09:04.277> classical<00:09:04.742> trade-off<00:09:05.142> management.

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Um,<00:09:07.626> and<00:09:07.722> so<00:09:08.042> I<00:09:08.122> think<00:09:08.299> it's<00:09:08.443> just<00:09:08.587> choose<00:09:08.843> the<00:09:08.908> right<00:09:09.084> tool<00:09:09.244> for<00:09:09.388> the<00:09:09.484> job<00:09:10.382> is<00:09:10.526> the<00:09:10.606> approach<00:09:10.926> that<00:09:11.006> we<00:09:11.167> take,<00:09:11.487> and<00:09:11.631> I<00:09:11.872> also,<00:09:12.352> you<00:09:12.384> know,<00:09:12.512> recommend<00:09:12.833> that<00:09:12.897> our<00:09:12.945> customers<00:09:13.410> take.

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And<00:09:15.028> again,<00:09:15.236> this<00:09:15.412> is<00:09:15.557> probably<00:09:15.813> like<00:09:16.053> the<00:09:17.079> question<00:09:17.511> of<00:09:17.671> the<00:09:17.768> millennia,<00:09:18.697> which<00:09:18.921> is,<00:09:19.338> you<00:09:19.418> know,<00:09:19.562> what<00:09:19.722> is<00:09:19.882> the<00:09:19.963> future<00:09:20.459> of<00:09:20.539> AI?

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How<00:09:21.340> do<00:09:21.405> you<00:09:21.501> see<00:09:21.581> this<00:09:21.981> playing<00:09:22.286> out<00:09:23.023> as<00:09:23.087> you<00:09:23.199> think<00:09:23.359> about<00:09:23.648> over<00:09:23.824> the<00:09:23.888> next<00:09:24.369> 5<00:09:24.625> to<00:09:24.705> 10<00:09:25.090> years?

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I<00:09:25.442> mean,<00:09:25.650> what<00:09:25.746> is<00:09:25.891> this<00:09:26.131> thing<00:09:26.211> going<00:09:26.371> to<00:09:26.467> be<00:09:26.692> capable<00:09:27.268> of?

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And<00:09:27.525> I<00:09:27.605> know<00:09:28.214> that's<00:09:28.454> hard<00:09:28.630> to<00:09:28.694> answer,<00:09:29.191> but<00:09:29.704> Just<00:09:29.930> give<00:09:30.092> us<00:09:30.141> some<00:09:30.335> of<00:09:30.674> your<00:09:30.836> broad<00:09:31.225> strokes<00:09:31.645> of<00:09:31.726> that.

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I<00:09:32.859> think<00:09:33.991> the—<00:09:35.933> I<00:09:36.014> can,<00:09:36.661> I<00:09:36.742> can<00:09:36.904> say<00:09:37.227> that<00:09:37.389> in<00:09:37.470> the<00:09:37.599> next<00:09:39.022> several<00:09:40.851> months<00:09:41.255> and<00:09:41.498> years,<00:09:42.792> we're<00:09:42.889> going<00:09:43.132> to<00:09:43.213> see<00:09:43.520> an<00:09:43.601> increase<00:09:44.168> in<00:09:44.669> what<00:09:44.831> would<00:09:44.993> be<00:09:45.074> described<00:09:45.559> as<00:09:45.818> agentic<00:09:46.368> tool<00:09:46.580> use.

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So<00:09:47.808> right<00:09:48.051> now,<00:09:48.309> these<00:09:48.535> models,<00:09:49.295> it's<00:09:49.505> kind<00:09:49.748> of<00:09:50.799> out<00:09:50.896> of<00:09:50.960> the<00:09:51.057> box,<00:09:51.445> you<00:09:51.542> get<00:09:51.930> a<00:09:53.223> ask<00:09:53.466> a<00:09:53.547> question,<00:09:53.951> get<00:09:54.064> a<00:09:54.129> response.

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But<00:09:55.347> there's<00:09:55.604> not<00:09:56.952> a<00:09:57.049> lot<00:09:57.225> of<00:09:57.450> planning<00:09:58.012> work<00:09:58.333> that<00:09:58.494> goes<00:09:58.815> into<00:09:59.056> that.

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And<00:09:59.843> so<00:10:00.019> like<00:10:00.196> if<00:10:00.324> you<00:10:00.485> ask<00:10:00.806> it<00:10:00.967> to<00:10:01.946> achieve<00:10:02.267> a<00:10:02.347> complex<00:10:03.054> goal,<00:10:03.327> it<00:10:03.455> can<00:10:03.616> often<00:10:03.873> get<00:10:04.114> tripped<00:10:04.419> up.

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And<00:10:05.061> so<00:10:06.121> at<00:10:06.281> Brightwave,<00:10:06.843> what<00:10:07.004> we're<00:10:07.164> building<00:10:07.566> towards<00:10:08.433> are<00:10:09.107> systems<00:10:09.878> that<00:10:10.440> unfold<00:10:12.319> a<00:10:12.383> sequence<00:10:13.041> of<00:10:13.186> decisions<00:10:14.454> like<00:10:14.695> an<00:10:14.791> analyst<00:10:15.273> would<00:10:15.498> make<00:10:16.461> in<00:10:16.638> pursuing<00:10:17.119> an<00:10:17.200> investment<00:10:18.147> thesis<00:10:19.608> that<00:10:20.637> allow<00:10:21.123> us<00:10:21.463> to<00:10:21.852> control<00:10:22.597> the<00:10:22.759> direction<00:10:23.342> of<00:10:23.553> how<00:10:23.731> the<00:10:23.796> model<00:10:24.152> makes<00:10:24.460> decisions<00:10:24.930> so<00:10:25.092> it<00:10:25.189> doesn't<00:10:25.432> get<00:10:25.659> caught<00:10:26.485> in<00:10:28.322> factual<00:10:28.725> misstatements<00:10:29.694> or<00:10:30.339> running<00:10:30.598> down<00:10:30.904> dead<00:10:31.146> ends.

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Or<00:10:31.469> if<00:10:31.566> it<00:10:31.647> runs<00:10:31.889> down<00:10:32.066> a<00:10:32.195> dead<00:10:32.373> end,<00:10:32.776> it,<00:10:34.132> you<00:10:34.180> know,<00:10:34.471> bails<00:10:34.858> on<00:10:34.955> it<00:10:35.052> as<00:10:35.181> quickly<00:10:35.455> as<00:10:35.601> possible.

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And<00:10:36.811> I<00:10:36.860> think<00:10:37.117> that<00:10:38.164> right<00:10:38.341> now<00:10:39.694> the<00:10:39.871> real<00:10:40.193> product<00:10:40.499> form<00:10:40.740> factor<00:10:41.143> has<00:10:41.320> been<00:10:41.481> chat.

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That<00:10:42.141> is<00:10:42.286> what<00:10:42.431> most<00:10:42.689> people<00:10:42.931> think<00:10:43.156> of<00:10:43.253> these<00:10:43.333> systems<00:10:43.816> as<00:10:43.897> doing.

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And<00:10:45.974> we're<00:10:46.200> seeing<00:10:46.622> a<00:10:46.899> move<00:10:47.435> towards<00:10:47.842> more<00:10:48.085> asynchronous,<00:10:49.422> longer<00:10:49.968> running,<00:10:50.852> more<00:10:51.044> intensive<00:10:51.831> workloads,<00:10:53.197> whether<00:10:53.438> that's,<00:10:54.145> hey,<00:10:54.337> I'm,<00:10:54.626> I,<00:10:54.884> you<00:10:54.980> know,<00:10:55.044> I'm<00:10:55.269> gonna<00:10:55.446> give<00:10:55.687> you<00:10:56.345> 7<00:10:56.891> to<00:10:57.132> 9<00:10:57.695> minutes<00:10:58.723> to<00:10:58.964> write<00:11:00.329> a<00:11:00.506> fairly<00:11:01.727> sophisticated<00:11:02.514> piece<00:11:02.771> of<00:11:02.851> software<00:11:04.104> and<00:11:04.281> with,<00:11:04.522> with<00:11:04.923> complex<00:11:05.951> structure,<00:11:06.674> for<00:11:06.722> example,<00:11:07.959> or<00:11:08.361> I,<00:11:08.859> uh,<00:11:09.501> want<00:11:09.742> you<00:11:09.967> to<00:11:11.654> take<00:11:11.911> time<00:11:12.714> to<00:11:13.132> assess,<00:11:13.678> critique,<00:11:14.240> refine<00:11:15.268> this<00:11:15.525> thesis.

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And<00:11:15.927> then<00:11:16.087> when<00:11:16.312> you<00:11:16.473> have<00:11:17.613> consider<00:11:18.079> all<00:11:18.256> of<00:11:18.336> the<00:11:18.416> relevant<00:11:18.818> factors,<00:11:19.203> report<00:11:19.701> back<00:11:19.958> to<00:11:20.038> me<00:11:20.745> with<00:11:20.922> a<00:11:20.986> comprehensive<00:11:21.934> brief<00:11:22.512> on<00:11:22.592> the<00:11:22.737> topic,<00:11:23.234> rather<00:11:23.636> than<00:11:23.797> having<00:11:24.198> me<00:11:24.985> sort<00:11:25.226> of<00:11:25.708> at<00:11:25.804> every<00:11:26.045> turn<00:11:26.447> pushing<00:11:26.848> you<00:11:27.089> to<00:11:27.218> say,<00:11:27.812> answer<00:11:28.069> this<00:11:28.358> question,<00:11:28.615> answer<00:11:28.920> this<00:11:29.081> question,<00:11:29.338> answer<00:11:29.659> this<00:11:29.884> question.

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And<00:11:31.008> that,<00:11:31.410> um,<00:11:32.614> agentic<00:11:33.273> behavior<00:11:33.754> where<00:11:33.899> it's<00:11:34.381> self-directed,<00:11:35.682> that<00:11:35.826> has<00:11:36.148> access<00:11:36.645> to<00:11:37.545> tools<00:11:38.171> like<00:11:38.412> market<00:11:38.733> intelligence,<00:11:39.617> like,<00:11:40.564> um,<00:11:41.383> database<00:11:41.865> lookups,<00:11:42.427> like,<00:11:43.134> um,<00:11:44.610> calculation<00:11:45.221> capabilities.

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I<00:11:46.170> think<00:11:46.331> that<00:11:46.637> that's<00:11:46.894> the<00:11:47.039> future<00:11:47.296> of<00:11:47.377> this<00:11:47.522> technology<00:11:48.037> in<00:11:48.165> the,<00:11:48.825> you<00:11:48.857> know,<00:11:48.938> 6<00:11:49.211> to<00:11:49.308> 12<00:11:49.533> month<00:11:49.710> time<00:11:49.855> period.

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What's<00:11:50.289> going<00:11:50.386> to<00:11:50.450> happen<00:11:50.740> in<00:11:50.836> 5<00:11:51.061> years<00:11:51.319> is,<00:11:51.721> uh,<00:11:52.686> yeah,<00:11:53.072> I<00:11:53.249> wouldn't<00:11:53.491> even<00:11:53.798> know<00:11:53.896> to<00:11:53.977> speculate.

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We<00:11:55.032> may<00:11:55.503> all<00:11:55.665> just<00:11:55.844> be<00:11:56.006> unemployed<00:11:56.640> and<00:11:57.208> like<00:11:57.403> serving<00:11:57.857> the<00:11:57.939> robots<00:11:58.458> at<00:11:58.588> that<00:11:58.751> point.

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And<00:12:00.050> that<00:12:00.244> is,<00:12:00.472> that<00:12:00.634> is<00:12:00.780> actually<00:12:01.024> where<00:12:01.121> I<00:12:01.202> do<00:12:01.365> disagree.

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I<00:12:01.820> think<00:12:02.080> that<00:12:02.487> the<00:12:02.649> parallel<00:12:03.138> to—<00:12:06.311> think<00:12:06.555> about<00:12:07.288> the<00:12:07.385> amount<00:12:10.188> There's<00:12:10.364> a,<00:12:10.525> like,<00:12:10.749> here's<00:12:10.862> a<00:12:10.926> concrete<00:12:11.246> example.

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We're<00:12:11.808> going<00:12:11.984> to,<00:12:12.353> we're<00:12:12.433> going<00:12:12.545> to<00:12:12.610> a<00:12:12.690> big<00:12:12.850> conference.

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We're<00:12:13.908> looking<00:12:14.213> at<00:12:14.293> the<00:12:14.390> attendee<00:12:14.774> list.

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Historically,<00:12:15.913> you<00:12:15.993> would've<00:12:16.202> had<00:12:16.298> to<00:12:16.378> sort<00:12:16.779> that<00:12:16.939> attendee<00:12:17.324> list<00:12:17.677> and<00:12:17.821> like,<00:12:18.062> what<00:12:18.222> are<00:12:18.302> the<00:12:18.399> investing<00:12:18.864> strategies<00:12:19.730> of<00:12:20.291> all<00:12:20.387> of<00:12:20.451> these<00:12:20.628> individuals<00:12:21.093> who<00:12:21.125> are<00:12:21.189> attending?

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You<00:12:22.295> would've<00:12:22.488> done<00:12:22.632> that<00:12:22.857> by<00:12:23.017> hand<00:12:23.674> and<00:12:23.771> it<00:12:23.899> would've<00:12:25.182> required,<00:12:25.599> there<00:12:25.743> was<00:12:25.984> no<00:12:26.224> alternative<00:12:26.882> to<00:12:27.042> a<00:12:27.122> person<00:12:27.523> doing<00:12:27.844> it.

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Now<00:12:28.164> you<00:12:28.245> can<00:12:28.389> have<00:12:28.501> a<00:12:28.565> system<00:12:28.966> do<00:12:29.111> that<00:12:29.207> and<00:12:29.271> it<00:12:29.351> would've<00:12:29.528> taken<00:12:29.848> 3<00:12:30.169> hours<00:12:30.490> and<00:12:30.634> now<00:12:30.794> it<00:12:30.891> takes,<00:12:31.516> you<00:12:31.548> know,<00:12:31.708> a<00:12:31.724> matter<00:12:31.997> of<00:12:32.093> minutes.

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I<00:12:33.921> think<00:12:34.098> there's<00:12:34.274> a<00:12:34.338> fair<00:12:34.579> amount<00:12:34.884> of<00:12:35.204> work<00:12:36.665> in<00:12:36.729> our<00:12:36.906> professional<00:12:37.452> lives<00:12:38.013> that<00:12:38.672> we<00:12:38.832> don't<00:12:39.089> notice<00:12:39.699> how<00:12:39.940> tedious<00:12:40.422> it<00:12:40.518> is<00:12:40.679> because<00:12:40.920> it's<00:12:41.064> all<00:12:41.161> we've<00:12:41.321> ever<00:12:41.482> known.

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And<00:12:43.553> I<00:12:43.954> like<00:12:44.195> to<00:12:44.292> think<00:12:44.613> that<00:12:45.881> as<00:12:45.962> these<00:12:46.122> technologies<00:12:46.604> get<00:12:46.764> more<00:12:46.877> sophisticated,<00:12:47.728> we<00:12:47.904> will<00:12:48.627> be<00:12:48.787> freed<00:12:49.349> to<00:12:49.510> focus<00:12:49.911> on<00:12:49.992> the<00:12:50.072> things<00:12:50.473> that<00:12:50.714> are<00:12:50.955> enjoyable<00:12:51.742> and<00:12:52.143> actually<00:12:52.545> value-add<00:12:53.139> and<00:12:53.267> require<00:12:54.712> the<00:12:55.033> most<00:12:55.917> of<00:12:56.077> what<00:12:56.190> we<00:12:56.318> have<00:12:56.527> to<00:12:56.719> offer<00:12:57.057> rather<00:12:57.362> than<00:12:57.458> the,<00:12:57.779> the<00:12:58.277> tedium,<00:12:59.208> similar<00:12:59.481> to<00:12:59.561> those<00:12:59.722> accountants<00:13:00.107> in<00:13:00.252> the<00:13:00.284> '70s.

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Yeah,<00:13:01.794> yeah,<00:13:02.099> I<00:13:02.195> definitely<00:13:02.581> think<00:13:02.758> that's,<00:13:03.160> that's<00:13:03.401> right.

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This<00:13:04.284> is<00:13:04.429> kind<00:13:04.590> of<00:13:04.831> a<00:13:05.152> question<00:13:05.554> like<00:13:05.795> where<00:13:05.956> we<00:13:06.116> began,<00:13:06.454> but<00:13:06.695> going<00:13:06.920> a<00:13:06.936> little<00:13:07.096> bit<00:13:07.177> deeper,<00:13:07.418> like<00:13:07.578> what<00:13:07.723> is<00:13:07.819> the<00:13:07.964> future<00:13:08.221> of<00:13:08.366> trading<00:13:08.784> platforms<00:13:09.828> in<00:13:09.924> the<00:13:10.149> age<00:13:10.310> of<00:13:10.390> AI?

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Like<00:13:11.033> what<00:13:11.130> does<00:13:11.274> a<00:13:11.355> Charles<00:13:11.676> Schwab,<00:13:12.174> for<00:13:12.319> example,<00:13:12.801> think<00:13:13.058> of<00:13:13.749> what<00:13:13.829> Brightwave<00:13:14.408> is<00:13:14.568> doing?

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Well,<00:13:16.015> I<00:13:16.159> wouldn't<00:13:16.336> be<00:13:16.432> able<00:13:16.593> to<00:13:16.657> comment<00:13:17.059> on,<00:13:17.766> on<00:13:17.927> any<00:13:18.345> individual<00:13:18.811> platform,<00:13:19.309> but<00:13:19.453> I<00:13:19.469> think<00:13:19.855> that<00:13:20.514> what<00:13:20.658> you<00:13:20.755> can<00:13:21.140> say<00:13:21.478> is<00:13:21.719> that<00:13:22.683> retail<00:13:23.021> trading,<00:13:24.033> you<00:13:24.065> know,<00:13:24.354> I<00:13:24.451> think<00:13:24.692> is<00:13:24.852> above<00:13:25.174> 30%<00:13:25.720> of<00:13:25.816> total<00:13:26.041> transaction<00:13:26.604> volume.

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As<00:13:28.085> of<00:13:28.149> last<00:13:28.471> year.

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And<00:13:29.920> the—.

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There's<00:13:33.286> a—.

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As<00:13:34.333> with<00:13:34.494> all<00:13:34.591> things,<00:13:34.913> there's<00:13:35.074> this<00:13:35.396> democratization<00:13:36.185> of<00:13:36.250> technology<00:13:37.011> where,<00:13:37.820> um,<00:13:38.938> you<00:13:39.019> used<00:13:39.213> to<00:13:39.262> have<00:13:39.375> to<00:13:39.456> book<00:13:39.618> a<00:13:39.666> travel<00:13:39.942> agent,<00:13:41.367> and<00:13:41.772> now<00:13:42.177> that's—<00:13:43.148> everybody<00:13:43.634> can<00:13:43.812> plan<00:13:44.217> incredible<00:13:44.622> trips.

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And<00:13:45.818> historically,<00:13:46.626> you<00:13:47.596> know,<00:13:47.757> it<00:13:47.790> used<00:13:47.951> to<00:13:48.097> have<00:13:48.339> like<00:13:48.565> a<00:13:48.662> broker<00:13:49.228> who<00:13:49.374> you<00:13:49.454> would<00:13:49.616> call<00:13:50.036> to<00:13:50.133> place<00:13:50.440> a<00:13:50.521> trade.

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And<00:13:51.006> the<00:13:51.087> first,<00:13:51.717> you<00:13:51.830> know,<00:13:52.541> first<00:13:53.010> wave<00:13:53.511> was<00:13:53.915> now<00:13:54.239> we<00:13:54.384> have<00:13:54.932> democratized<00:13:55.557> access<00:13:56.054> to,<00:13:56.615> you<00:13:56.711> know,<00:13:56.855> low-cost<00:13:57.577> trade<00:13:57.817> execution.

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I<00:13:58.539> think<00:14:00.126> in<00:14:00.286> the,<00:14:01.504> in<00:14:01.648> the,<00:14:02.867> in<00:14:03.011> the<00:14:04.630> individuals<00:14:05.271> having<00:14:06.057> excellent<00:14:06.458> access<00:14:07.019> to<00:14:07.676> the<00:14:07.820> kinds<00:14:08.301> of<00:14:08.397> information<00:14:09.920> that<00:14:10.321> historically<00:14:11.122> has<00:14:11.299> been<00:14:11.443> the<00:14:11.523> exclusive<00:14:12.004> purview<00:14:12.549> of<00:14:12.966> extremely,<00:14:13.847> um,<00:14:14.553> well-capitalized<00:14:15.531> firms.

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And,<00:14:16.156> and<00:14:16.252> not<00:14:16.412> just<00:14:16.637> information,<00:14:17.214> but<00:14:17.855> technology<00:14:18.560> to<00:14:18.881> enhance<00:14:19.298> decision-making,<00:14:20.243> where<00:14:20.644> if<00:14:20.821> you<00:14:23.789> believe—<00:14:24.226> if<00:14:24.437> you<00:14:24.598> have<00:14:24.793> a<00:14:24.857> thing<00:14:25.084> that<00:14:25.246> you<00:14:25.343> believe<00:14:25.666> about<00:14:25.909> the<00:14:25.990> world,<00:14:26.378> whether<00:14:26.621> it's<00:14:26.783> the<00:14:26.864> future<00:14:27.204> of<00:14:27.705> drones<00:14:28.498> or<00:14:28.741> if<00:14:29.048> it's,<00:14:29.534> um,<00:14:29.938> how,<00:14:30.828> you<00:14:30.926> know,<00:14:31.249> Africa<00:14:31.654> is<00:14:31.816> on<00:14:31.961> the<00:14:32.042> rise<00:14:32.542> or<00:14:32.848> the<00:14:33.024> political<00:14:33.410> situation<00:14:33.908> in<00:14:34.085> South<00:14:34.326> America,<00:14:34.615> and<00:14:34.695> you<00:14:34.792> just<00:14:35.097> want<00:14:35.338> to<00:14:36.334> articulate<00:14:37.025> that<00:14:37.362> with,<00:14:37.652> you<00:14:37.684> know,<00:14:37.764> put<00:14:37.925> your<00:14:37.989> money<00:14:38.230> where<00:14:38.310> your<00:14:38.407> mouth<00:14:38.728> is,<00:14:38.889> I<00:14:38.969> think<00:14:39.210> that<00:14:39.837> individuals<00:14:40.319> will<00:14:40.415> be<00:14:40.576> able<00:14:40.688> to<00:14:40.817> do<00:14:40.961> that,<00:14:41.363> um,<00:14:41.700> in<00:14:41.781> a<00:14:41.861> way<00:14:42.264> that,<00:14:42.491> that<00:14:42.588> goes<00:14:42.830> far<00:14:43.056> beyond,<00:14:44.268> um,<00:14:46.547> just,<00:14:46.951> you<00:14:47.048> know,<00:14:47.178> tilting<00:14:47.517> at<00:14:47.662> windmills.

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Yeah.

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What<00:14:50.387> do<00:14:50.467> you<00:14:50.547> make<00:14:50.804> of<00:14:50.884> the<00:14:51.012> rise<00:14:51.333> of<00:14:51.429> retail<00:14:51.766> trading?

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Like,<00:14:52.616> obviously<00:14:53.434> one<00:14:53.611> of<00:14:53.675> the<00:14:53.755> reasons<00:14:54.076> why<00:14:54.140> it's<00:14:54.300> happening,<00:14:54.637> you<00:14:54.717> just<00:14:54.894> explained,<00:14:55.439> like<00:14:55.599> the<00:14:55.680> advances<00:14:56.161> in<00:14:56.305> technology,<00:14:57.123> and<00:14:57.203> that's<00:14:57.380> only<00:14:57.524> going<00:14:57.620> to<00:14:57.749> get<00:14:57.909> better,<00:14:58.727> and<00:14:58.807> the<00:14:58.952> amount<00:14:59.513> of<00:15:00.411> resources<00:15:01.374> and<00:15:01.534> knowledge<00:15:02.240> and<00:15:02.336> information<00:15:02.962> that<00:15:03.138> retail<00:15:03.363> investors<00:15:03.956> is<00:15:04.101> only<00:15:04.245> going<00:15:04.341> to<00:15:04.405> get<00:15:04.582> greater,<00:15:05.047> right?

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And<00:15:05.785> that<00:15:06.025> gap<00:15:06.346> between<00:15:06.811> retail<00:15:07.292> versus,<00:15:07.934> you<00:15:08.014> know,<00:15:09.057> kind<00:15:09.169> of,<00:15:09.330> you<00:15:09.618> know,<00:15:09.859> more<00:15:10.998> accredited<00:15:11.479> investors<00:15:11.880> is<00:15:11.960> only<00:15:12.120> going<00:15:12.217> to<00:15:12.281> get<00:15:13.500> smaller<00:15:13.965> and<00:15:14.061> smaller.

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But<00:15:15.264> is<00:15:15.393> there<00:15:15.553> anything<00:15:15.890> else<00:15:16.130> to<00:15:16.291> it?

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Like,<00:15:16.853> what<00:15:16.998> else<00:15:17.321> would—<00:15:17.498> like,<00:15:17.739> the<00:15:17.884> GameStop<00:15:18.384> thing<00:15:18.625> doesn't<00:15:18.851> seem<00:15:19.028> like<00:15:19.205> it<00:15:19.286> was<00:15:19.495> that.

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Yeah,<00:15:20.543> various<00:15:20.945> things.

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Like,<00:15:21.509> was<00:15:21.670> there<00:15:21.767> more<00:15:22.154> to<00:15:22.315> like<00:15:22.572> why<00:15:22.830> this<00:15:23.040> might<00:15:23.201> be<00:15:23.281> happening?

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You<00:15:25.249> know,<00:15:25.475> it's<00:15:25.701> not—<00:15:26.186> I'm<00:15:26.299> a<00:15:26.363> fairly<00:15:28.139> uninteresting<00:15:28.801> investor.

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I<00:15:30.318> bet<00:15:30.706> on<00:15:31.771> the<00:15:32.724> progress<00:15:33.224> of<00:15:33.369> technology<00:15:34.514> very<00:15:34.755> secularly.

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And<00:15:38.355> it's<00:15:38.597> so,<00:15:38.838> you<00:15:38.950> know,<00:15:39.239> I<00:15:39.320> just<00:15:39.481> want<00:15:39.674> to<00:15:39.882> represent<00:15:40.365> faithfully,<00:15:41.265> you<00:15:41.345> know,<00:15:41.458> sort<00:15:41.731> of<00:15:41.811> my<00:15:41.908> areas<00:15:42.213> of<00:15:42.245> expertise.

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You<00:15:46.538> know,<00:15:46.685> candidly,<00:15:47.257> I<00:15:47.290> think<00:15:47.584> part<00:15:47.829> of<00:15:47.862> it<00:15:47.944> is<00:15:48.156> probably<00:15:48.745> a<00:15:48.990> sense<00:15:49.709> of<00:15:50.480> disillusionment<00:15:51.223> with<00:15:51.400> the<00:15:51.546> American<00:15:51.966> bargain,<00:15:53.081> you<00:15:53.113> know,<00:15:53.162> at<00:15:53.242> least<00:15:53.743> domestically,<00:15:55.020> and<00:15:55.117> a<00:15:55.133> feeling<00:15:55.601> that<00:15:55.828> like,<00:15:56.070> geez,<00:15:56.328> I've<00:15:56.474> got<00:15:56.603> to<00:15:56.668> be<00:15:56.813> trying<00:15:57.152> something.

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I<00:15:58.479> want<00:15:58.592> a<00:15:58.657> piece<00:15:58.900> of<00:15:59.045> the<00:15:59.207> action.

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And<00:16:00.743> I<00:16:00.824> think<00:16:01.163> that<00:16:03.185> that<00:16:03.411> is,<00:16:04.058> I<00:16:04.139> think,<00:16:04.624> a<00:16:04.656> factor<00:16:05.125> here.

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I<00:16:05.368> think<00:16:05.530> you<00:16:05.610> saw<00:16:05.853> that<00:16:06.031> in<00:16:06.096> crypto<00:16:06.435> as<00:16:06.581> well,<00:16:07.050> where<00:16:07.228> people<00:16:07.535> were<00:16:07.600> just<00:16:08.347> trying<00:16:08.770> something<00:16:09.176> and<00:16:09.257> trying<00:16:09.598> to<00:16:09.728> get<00:16:09.842> ahead.

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Through<00:16:10.624> any<00:16:10.769> means<00:16:11.028> possible.

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Now,<00:16:12.630> is<00:16:12.808> this<00:16:13.924> the<00:16:14.086> right<00:16:14.263> way<00:16:14.425> to<00:16:14.506> manifest<00:16:15.153> that<00:16:15.638> urge<00:16:15.897> or<00:16:16.043> instinct?

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That's<00:16:16.771> kind<00:16:16.949> of<00:16:17.030> an<00:16:17.159> open<00:16:17.418> question.

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I<00:16:18.227> would,<00:16:18.469> you<00:16:18.550> know,<00:16:18.631> again,<00:16:18.890> above<00:16:19.262> my<00:16:19.440> pay<00:16:19.570> grade.

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Um,<00:16:21.555> so<00:16:21.637> I<00:16:21.783> think<00:16:21.962> there's<00:16:22.206> the<00:16:22.288> democratization<00:16:23.020> of<00:16:23.166> the<00:16:23.264> tools,<00:16:23.590> but<00:16:23.736> I<00:16:23.834> think<00:16:23.996> there's<00:16:24.224> also<00:16:24.729> this<00:16:24.892> sense<00:16:25.282> that,<00:16:25.526> like,<00:16:27.723> it<00:16:27.803> is<00:16:27.949> harder<00:16:28.417> to<00:16:28.514> get<00:16:28.691> ahead<00:16:29.062> in<00:16:29.095> American<00:16:29.547> society<00:16:30.047> now<00:16:30.289> than<00:16:30.450> it<00:16:30.531> was<00:16:31.241> when<00:16:31.338> I<00:16:31.483> was<00:16:31.580> a<00:16:31.645> kid.

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And<00:16:32.790> I<00:16:32.871> think<00:16:33.178> people<00:16:33.420> are<00:16:33.581> responding<00:16:34.178> to<00:16:34.308> that.

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And<00:16:34.566> whether<00:16:34.872> this<00:16:35.050> is<00:16:35.147> the<00:16:35.276> correct<00:16:35.696> response<00:16:36.260> to<00:16:36.423> that<00:16:36.676> fact<00:16:37.081> is<00:16:37.249> like<00:16:37.418> a<00:16:37.916> unclear.

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But<00:16:39.375> I<00:16:39.616> would<00:16:39.712> say<00:16:39.856> that's<00:16:40.097> probably<00:16:40.497> a<00:16:40.578> cofactor.

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Hmm.

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What<00:16:42.886> do<00:16:42.966> you<00:16:43.047> think?

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I<00:16:44.602> don't—<00:16:44.826> yeah,<00:16:45.291> I<00:16:45.371> think<00:16:45.532> that's<00:16:45.708> a—<00:16:45.868> that's—<00:16:46.189> I<00:16:46.205> mean,<00:16:46.494> that<00:16:47.151> if,<00:16:47.375> as<00:16:47.536> you<00:16:47.568> see,<00:16:47.856> like,<00:16:48.097> the<00:16:48.193> distrust<00:16:48.754> in<00:16:48.834> all<00:16:49.075> institutions<00:16:49.796> go<00:16:49.973> down,<00:16:50.438> it<00:16:50.518> does<00:16:50.694> seem—<00:16:50.999> it<00:16:51.159> makes<00:16:51.400> a<00:16:51.544> lot<00:16:51.784> of<00:16:51.881> sense<00:16:52.281> that,<00:16:53.067> you<00:16:53.147> know,<00:16:53.468> kind<00:16:53.628> of<00:16:53.660> the<00:16:53.804> rebellion<00:16:54.446> would<00:16:54.606> come<00:16:54.782> up<00:16:55.087> at<00:16:55.231> that<00:16:55.344> same<00:16:55.648> time.

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Right.

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And<00:16:56.225> so<00:16:56.530> I<00:16:56.610> think<00:16:56.770> that's<00:16:56.947> a<00:16:57.011> good<00:16:57.171> piece<00:16:57.412> of<00:16:57.492> it.

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And<00:16:58.117> yeah,<00:16:58.358> I<00:16:58.454> think<00:16:58.598> the<00:16:58.694> disillusionment<00:16:59.416> is<00:16:59.560> a<00:16:59.656> great—<00:17:00.298> is<00:17:00.394> a<00:17:00.458> great<00:17:00.698> way<00:17:00.859> to<00:17:01.003> describe<00:17:01.500> what's<00:17:01.724> happening<00:17:02.061> there.

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I<00:17:02.927> want<00:17:03.023> to<00:17:03.103> ask<00:17:03.264> you<00:17:03.328> this.

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As<00:17:03.825> CEO<00:17:04.690> of<00:17:04.851> Brightway,<00:17:05.268> what<00:17:05.380> does<00:17:05.524> a<00:17:05.652> typical<00:17:06.069> day<00:17:06.294> look<00:17:06.486> like<00:17:06.695> for<00:17:06.791> you?

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I<00:17:09.002> mean,<00:17:09.260> it<00:17:09.422> is,<00:17:10.391> goodness<00:17:10.714> gracious,<00:17:11.264> it<00:17:11.377> is<00:17:11.748> all<00:17:11.861> over<00:17:12.071> the<00:17:12.104> map.

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We<00:17:16.029> move<00:17:16.207> very,<00:17:16.530> very<00:17:16.660> quickly.

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We<00:17:17.822> are<00:17:18.387> extremely<00:17:19.840> responsive<00:17:20.647> to<00:17:21.115> feedback<00:17:21.535> from<00:17:21.680> our<00:17:21.842> users.

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And<00:17:22.423> so<00:17:22.730> it's<00:17:22.907> a<00:17:23.053> mix<00:17:23.360> between<00:17:26.464> product<00:17:26.869> design,<00:17:27.920> you<00:17:28.001> know,<00:17:28.162> just<00:17:28.793> reviewing<00:17:30.087> user<00:17:30.653> interface.

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I<00:17:31.332> mean,<00:17:31.962> the<00:17:32.351> design<00:17:32.674> problem<00:17:32.820> we're<00:17:32.885> solving<00:17:33.276> is<00:17:33.406> how<00:17:33.504> do<00:17:33.569> you<00:17:33.667> reveal<00:17:34.075> the<00:17:34.238> thought<00:17:34.482> process<00:17:34.955> of<00:17:34.988> something<00:17:35.379> that's<00:17:35.542> considered<00:17:35.835> 10,000<00:17:36.145> pages<00:17:36.292> of<00:17:36.324> text<00:17:36.439> to<00:17:36.520> a<00:17:36.536> person<00:17:36.667> in<00:17:36.699> a<00:17:36.748> way<00:17:36.781> that's<00:17:36.895> useful<00:17:39.155> and<00:17:40.280> understandable.

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It's<00:17:42.155> not<00:17:42.416> a<00:17:42.579> design<00:17:42.905> problem<00:17:43.150> anybody<00:17:43.541> has<00:17:43.704> ever<00:17:43.819> solved<00:17:44.210> before.

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So<00:17:46.921> we<00:17:47.098> are<00:17:47.404> at<00:17:47.516> the<00:17:47.645> forefront<00:17:48.288> of<00:17:48.931> user<00:17:49.156> experience<00:17:49.590> and<00:17:49.671> user<00:17:49.896> interaction<00:17:50.394> design,<00:17:51.198> not<00:17:51.681> a<00:17:51.761> subject<00:17:52.163> I<00:17:52.227> have<00:17:52.388> classical<00:17:52.806> training<00:17:53.208> in.

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But<00:17:55.418> likewise,<00:17:56.465> marketing<00:17:56.884> and<00:17:56.964> sales.

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I<00:17:57.463> mean,<00:17:57.673> we<00:17:59.203> are<00:17:59.605> constantly<00:18:00.169> thinking<00:18:00.443> about<00:18:00.829> how<00:18:01.071> to<00:18:02.101> cut<00:18:02.295> through<00:18:03.245> and<00:18:03.406> deliver<00:18:04.066> our<00:18:04.260> message<00:18:04.981> in<00:18:05.496> a<00:18:07.827> People<00:18:08.148> are<00:18:08.212> so<00:18:08.469> saturated.

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Goodness,<00:18:10.315> I<00:18:10.460> get<00:18:11.343> dozens<00:18:12.066> of<00:18:13.029> AI-generated<00:18:14.394> sales<00:18:14.795> outreach<00:18:15.951> emails<00:18:16.883> in<00:18:16.963> a<00:18:17.043> week<00:18:17.685> where<00:18:17.878> it,<00:18:18.103> you<00:18:18.199> know,<00:18:18.408> clearly<00:18:18.825> a<00:18:18.842> model<00:18:19.227> has<00:18:19.452> read<00:18:19.693> something<00:18:20.094> from<00:18:20.255> our<00:18:20.351> website<00:18:20.913> and<00:18:21.057> generated<00:18:21.892> sales<00:18:22.278> collateral<00:18:22.984> that,<00:18:23.305> you<00:18:23.402> know,<00:18:23.787> and<00:18:23.899> it's,<00:18:24.831> um,<00:18:25.730> how<00:18:25.955> do<00:18:26.115> you,<00:18:26.613> uh,<00:18:27.962> communicate<00:18:28.524> your<00:18:28.604> message<00:18:29.005> in<00:18:29.086> that<00:18:29.246> environment?

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I<00:18:29.744> think<00:18:30.001> there<00:18:30.242> are<00:18:30.386> problems<00:18:30.691> that<00:18:30.852> we<00:18:30.948> think<00:18:31.125> about.

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Um,<00:18:32.641> so<00:18:32.803> there's<00:18:33.029> a<00:18:33.110> lot<00:18:33.289> of<00:18:33.434> commercial<00:18:34.179> activity.

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There's<00:18:34.746> a<00:18:34.811> lot<00:18:34.924> of<00:18:34.989> product<00:18:35.345> design<00:18:35.637> activity,<00:18:36.123> but<00:18:36.350> the<00:18:36.512> bread<00:18:36.690> and<00:18:36.835> butter<00:18:37.095> of<00:18:37.240> the<00:18:37.402> work<00:18:37.678> is<00:18:39.346> just<00:18:39.686> fundamental<00:18:40.712> systems<00:18:41.181> engineering<00:18:41.601> and<00:18:41.682> machine<00:18:42.005> learning<00:18:42.313> engineering,<00:18:43.218> where<00:18:43.703> we<00:18:43.930> are<00:18:44.253> creating<00:18:45.482> a<00:18:45.498> system<00:18:46.290> that<00:18:47.341> solves<00:18:47.746> a<00:18:47.907> very,<00:18:48.166> very<00:18:48.392> complex<00:18:48.942> problem<00:18:49.363> in<00:18:49.443> a<00:18:49.508> way<00:18:49.767> that<00:18:50.155> has<00:18:50.220> never<00:18:50.494> before<00:18:50.882> been<00:18:51.060> possible.

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And<00:18:53.389> one<00:18:53.566> of<00:18:53.663> the<00:18:53.809> advantages<00:18:54.536> that<00:18:54.698> BrightWave<00:18:55.167> has<00:18:55.911> relative<00:18:56.412> to<00:18:56.719> some<00:18:56.946> of<00:18:57.026> our<00:18:57.123> competitive<00:18:57.625> set<00:18:58.329> is<00:18:58.589> that<00:18:58.978> it's<00:18:59.627> founded<00:19:00.276> and<00:19:00.633> staffed<00:19:01.427> by<00:19:01.849> extremely<00:19:02.563> accomplished<00:19:03.764> technical<00:19:04.169> minds.

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And<00:19:07.230> how<00:19:07.552> do<00:19:07.697> you<00:19:08.100> direct<00:19:09.390> in<00:19:09.486> a<00:19:09.567> reliable<00:19:10.308> and<00:19:10.453> repeatable<00:19:11.018> way<00:19:11.485> the<00:19:12.226> decision-making<00:19:12.952> process<00:19:13.596> of<00:19:13.983> this<00:19:14.337> agentic<00:19:15.761> research<00:19:16.182> assistant,<00:19:16.894> uh,<00:19:17.962> is<00:19:18.383> effectively<00:19:18.949> an<00:19:19.078> open<00:19:19.321> research<00:19:19.742> problem.

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And<00:19:21.587> so<00:19:22.088> a<00:19:22.234> lot<00:19:22.428> of<00:19:22.493> the<00:19:22.638> work<00:19:22.978> is<00:19:24.060> looking<00:19:24.335> at<00:19:24.481> the<00:19:24.562> numbers,<00:19:25.518> understanding<00:19:26.571> the<00:19:26.668> limits<00:19:26.992> of<00:19:27.057> the<00:19:27.090> technology,<00:19:27.802> and<00:19:28.143> designing<00:19:28.677> algorithms<00:19:29.180> that<00:19:29.325> allow<00:19:29.520> us<00:19:29.666> to<00:19:29.747> accomplish<00:19:30.152> our<00:19:30.379> goals.

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What<00:19:32.126> do<00:19:32.240> you<00:19:32.401> read?

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What<00:19:33.451> reading<00:19:33.694> recommendations<00:19:34.275> would<00:19:34.421> you<00:19:34.518> have<00:19:34.744> for<00:19:34.921> us?

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You<00:19:36.311> mean<00:19:36.521> tech,<00:19:36.876> like<00:19:37.038> technical<00:19:37.426> nonfiction?

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Just<00:19:38.574> general.

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Just<00:19:39.857> in<00:19:40.019> general.

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Like,<00:19:40.506> what<00:19:40.555> do<00:19:40.669> you<00:19:40.750> read?

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That's<00:19:41.659> a<00:19:41.740> great<00:19:41.903> question.

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I<00:19:44.580> would<00:19:44.742> say<00:19:45.050> that<00:19:45.148> I,<00:19:45.975> I'll<00:19:46.365> give<00:19:46.527> you<00:19:46.608> kind<00:19:46.770> of<00:19:46.851> a<00:19:46.932> personal<00:19:47.338> answer.

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I<00:19:47.906> read,<00:19:49.058> my<00:19:49.528> inclination<00:19:50.015> is<00:19:50.112> always<00:19:50.404> to<00:19:50.486> read<00:19:50.664> non-technical.

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Work,<00:19:52.818> or<00:19:53.379> rather<00:19:53.636> is<00:19:53.860> always<00:19:54.036> to<00:19:54.181> read<00:19:54.822> non-technical<00:19:55.495> nonfiction.

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And<00:19:56.665> I<00:19:56.681> have<00:19:56.905> to<00:19:57.146> overcome<00:19:57.643> that<00:19:57.883> urge<00:19:58.685> because<00:19:59.310> you<00:19:59.406> can't,<00:20:00.448> you<00:20:00.592> can't<00:20:00.929> be<00:20:01.153> running<00:20:02.516> at<00:20:02.916> 120%<00:20:04.199> all<00:20:04.375> the<00:20:04.455> time.

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And<00:20:05.481> so<00:20:05.722> lately<00:20:06.042> I've<00:20:06.138> been<00:20:06.283> reading<00:20:07.821> the<00:20:08.206> Expanse<00:20:09.040> sci-fi<00:20:09.440> series.

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And,<00:20:11.027> you<00:20:11.124> know,<00:20:11.268> I<00:20:11.492> actually,<00:20:11.973> yeah,<00:20:12.374> when<00:20:12.534> we<00:20:12.614> were<00:20:12.775> doing<00:20:14.474> the<00:20:14.698> work<00:20:14.874> with<00:20:15.035> DALL-E,<00:20:15.419> which<00:20:15.580> was<00:20:15.676> the<00:20:15.756> language<00:20:16.061> model<00:20:16.942> we<00:20:17.038> created<00:20:17.423> at<00:20:17.519> Databricks,<00:20:18.802> I<00:20:18.882> read,<00:20:20.169> reread<00:20:21.199> Neuromancer<00:20:22.164> and<00:20:22.261> Snow<00:20:22.566> Crash,<00:20:23.628> which<00:20:23.805> are<00:20:23.870> sort<00:20:24.111> of<00:20:24.256> both,<00:20:24.819> you<00:20:24.899> know,<00:20:25.141> classics<00:20:25.639> of<00:20:25.720> the<00:20:26.010> cyberpunk<00:20:27.156> AI<00:20:28.045> gone<00:20:28.368> wild<00:20:29.192> genre.

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And<00:20:32.083> yeah,<00:20:32.487> things<00:20:32.648> like<00:20:32.826> this.

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I<00:20:34.118> like<00:20:34.360> that.

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I<00:20:35.488> wonder,<00:20:35.826> like,<00:20:36.375> I've<00:20:36.714> been<00:20:36.859> thinking<00:20:37.020> about<00:20:37.262> this<00:20:37.439> a<00:20:37.520> lot<00:20:37.762> lately<00:20:38.085> and<00:20:38.165> I<00:20:38.310> wonder<00:20:38.488> what<00:20:38.633> your<00:20:38.794> take<00:20:38.972> would<00:20:39.117> be<00:20:39.278> on<00:20:39.375> it<00:20:39.520> as<00:20:39.682> like<00:20:39.843> a<00:20:39.875> CEO<00:20:40.504> and<00:20:40.585> a<00:20:40.649> founder<00:20:41.149> and<00:20:41.246> somebody<00:20:41.537> who's<00:20:41.714> building<00:20:42.020> a<00:20:42.117> company.

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Like,<00:20:43.594> we,<00:20:43.919> I<00:20:44.000> live<00:20:44.162> in<00:20:44.260> Utah.

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We<00:20:45.299> have<00:20:45.462> this<00:20:45.591> kind<00:20:45.786> of<00:20:45.884> really<00:20:46.127> strong<00:20:46.777> tech—.

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Beautiful<00:20:47.264> state.

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I'm<00:20:48.076> from<00:20:48.238> Arizona.

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Thank<00:20:49.326> you.

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Yeah,<00:20:50.048> yeah.

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Uh,<00:20:50.849> we<00:20:50.945> got<00:20:51.026> to<00:20:51.106> get<00:20:51.250> you<00:20:51.330> up<00:20:51.426> here<00:20:51.571> for<00:20:51.667> Silicon<00:20:52.228> Summit<00:20:52.436> in<00:20:52.629> January.

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Love<00:20:53.446> it.

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But<00:20:54.152> so<00:20:54.312> I'm<00:20:54.697> here<00:20:55.017> and<00:20:55.097> like<00:20:55.258> we<00:20:55.498> really<00:20:55.755> have<00:20:55.915> like<00:20:56.139> this<00:20:56.332> mental<00:20:56.780> health<00:20:57.277> crisis<00:20:58.159> in<00:20:58.239> our<00:20:58.464> community<00:20:58.880> that<00:20:59.041> I'm<00:20:59.441> seeing.

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It's<00:20:59.986> not<00:21:00.163> unique<00:21:00.564> to<00:21:00.724> Utah<00:21:01.990> where<00:21:02.327> just<00:21:02.487> like,<00:21:02.696> you<00:21:02.808> know,<00:21:02.952> how<00:21:03.112> like<00:21:03.353> entrepreneurship<00:21:03.946> is<00:21:04.010> so<00:21:04.395> lonely,<00:21:05.453> how,<00:21:06.495> um,<00:21:07.040> you<00:21:07.072> know,<00:21:07.296> being<00:21:07.473> a<00:21:07.521> CEO<00:21:08.178> can<00:21:08.338> be<00:21:08.482> lonely<00:21:08.723> at<00:21:08.819> times.

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I<00:21:09.300> just<00:21:09.444> wonder<00:21:09.621> like,<00:21:10.182> how<00:21:10.326> do<00:21:10.406> you<00:21:11.528> work<00:21:11.721> through<00:21:12.025> that?

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Like,<00:21:12.458> do<00:21:12.490> you<00:21:12.522> have<00:21:12.827> any<00:21:13.003> like<00:21:13.307> tips<00:21:13.724> or<00:21:13.869> tricks<00:21:14.205> or<00:21:14.333> things<00:21:14.574> that<00:21:14.750> you<00:21:14.911> do?

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To<00:21:15.705> kind<00:21:15.821> of<00:21:15.871> stay<00:21:16.136> balanced<00:21:17.116> for<00:21:17.281> loneliness<00:21:17.713> in<00:21:17.879> particular?

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That<00:21:20.259> and<00:21:20.419> just<00:21:20.660> like<00:21:20.837> general,<00:21:22.027> you<00:21:22.059> know,<00:21:22.204> mental<00:21:22.670> health.

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It<00:21:23.152> seems<00:21:23.393> like<00:21:23.570> it's,<00:21:24.036> uh,<00:21:25.322> you<00:21:25.355> know,<00:21:25.580> degrading<00:21:26.046> a<00:21:26.142> little<00:21:26.303> bit.

00:21:27.026 --> 00:21:29.184
And<00:21:27.187> that's<00:21:27.412> not<00:21:27.573> a<00:21:27.653> unique<00:21:27.975> thing<00:21:28.120> to<00:21:28.152> entrepreneurship,<00:21:28.733> or<00:21:28.797> it<00:21:29.039> just—.

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Yeah,<00:21:29.523> sure.

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So<00:21:30.733> that's<00:21:32.427> a<00:21:32.491> great<00:21:32.733> question.

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I<00:21:34.750> really<00:21:35.153> think<00:21:35.556> that<00:21:38.313> the<00:21:38.619> work<00:21:38.877> that<00:21:39.038> you<00:21:39.184> do<00:21:39.296> to<00:21:39.425> understand<00:21:40.006> where<00:21:40.151> you<00:21:40.264> stand<00:21:41.537> if<00:21:41.714> you,<00:21:42.099> if<00:21:42.196> you<00:21:42.356> have<00:21:42.661> a<00:21:42.983> foundation<00:21:43.480> that<00:21:43.625> you<00:21:43.721> believe<00:21:44.187> in,<00:21:44.364> like,<00:21:44.589> all<00:21:44.765> other<00:21:45.006> decisions<00:21:45.488> are<00:21:45.552> made<00:21:45.809> much<00:21:46.131> clearer.

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And,<00:21:48.299> you<00:21:48.395> know,<00:21:48.540> for<00:21:48.748> me<00:21:49.086> it's<00:21:49.246> relationships,<00:21:50.387> natural<00:21:50.708> beauty,<00:21:50.965> and<00:21:51.109> personal<00:21:51.495> growth.

00:21:52.539 --> 00:22:11.189
And<00:21:52.699> so,<00:21:53.503> you<00:21:53.599> know,<00:21:54.000> constantly<00:21:54.482> reflecting<00:21:55.189> on<00:21:56.153> how<00:21:56.329> am<00:21:56.474> I<00:21:56.634> investing<00:21:57.116> my<00:21:57.213> time,<00:21:57.598> how<00:21:57.855> does<00:21:58.016> it<00:21:58.096> connect<00:21:58.658> to<00:21:58.883> the<00:21:58.979> things<00:21:59.301> that<00:21:59.445> I<00:21:59.702> want<00:21:59.927> to<00:22:00.023> achieve<00:22:00.505> in<00:22:00.650> my<00:22:00.810> life<00:22:01.067> in<00:22:01.148> a<00:22:01.228> wraparound<00:22:01.806> sense,<00:22:02.978> um,<00:22:04.440> helps<00:22:04.826> me<00:22:05.082> feel<00:22:05.484> like<00:22:05.805> the<00:22:05.886> decisions<00:22:06.303> I'm<00:22:06.528> making<00:22:06.994> are<00:22:08.049> lining<00:22:08.454> up<00:22:08.713> with<00:22:08.956> the<00:22:10.315> larger<00:22:10.639> objectives.

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I<00:22:12.662> would<00:22:12.775> say<00:22:13.002> additionally,<00:22:13.714> just,<00:22:14.297> you<00:22:14.394> know,<00:22:16.304> my<00:22:16.336> family<00:22:16.789> is<00:22:16.903> a<00:22:17.032> great<00:22:17.340> source<00:22:17.613> of<00:22:17.693> strength<00:22:18.320> and<00:22:18.642> the<00:22:18.738> reservoir<00:22:19.237> from<00:22:19.381> which<00:22:19.606> I<00:22:19.623> draw<00:22:20.346> my<00:22:20.507> sense<00:22:20.893> of<00:22:23.320> purpose<00:22:23.787> in<00:22:23.867> the<00:22:23.947> world,<00:22:24.591> candidly.

00:22:25.330 --> 00:22:33.575
And<00:22:25.475> so<00:22:25.636> I<00:22:25.733> think<00:22:29.605> the<00:22:29.702> last<00:22:30.010> thing<00:22:30.124> I'll<00:22:30.269> say<00:22:30.513> on<00:22:30.658> this<00:22:31.144> is,<00:22:31.404> you<00:22:31.436> know,<00:22:31.485> I<00:22:31.566> said<00:22:31.792> relationships<00:22:32.554> is<00:22:32.700> kind<00:22:32.862> of<00:22:32.927> that<00:22:33.105> first<00:22:33.429> pillar.

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Having<00:22:35.411> a<00:22:35.668> community<00:22:36.793> of,<00:22:37.822> um,<00:22:40.651> men<00:22:40.827> in<00:22:40.956> my<00:22:41.133> life<00:22:41.776> where<00:22:42.161> I<00:22:42.418> am<00:22:43.463> candid<00:22:44.412> and<00:22:45.071> like<00:22:45.392> vulnerable<00:22:46.180> and<00:22:47.064> like<00:22:47.257> friends<00:22:47.707> who<00:22:47.867> I<00:22:47.964> can<00:22:48.285> really<00:22:49.973> like<00:22:50.536> break<00:22:50.793> it<00:22:50.922> down<00:22:51.179> with<00:22:51.500> and<00:22:51.645> who<00:22:51.822> are,<00:22:51.983> who<00:22:52.225> understand.

00:22:53.259 --> 00:23:00.589
Um,<00:22:54.550> you<00:22:54.663> know,<00:22:54.954> I<00:22:55.051> think<00:22:56.972> all<00:22:57.134> of<00:22:57.231> this<00:22:57.473> circles<00:22:57.876> around<00:22:58.684> the<00:22:58.764> natural<00:22:59.394> world<00:22:59.814> and<00:22:59.975> human<00:23:00.298> connection.

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Which<00:23:01.421> is<00:23:01.469> so<00:23:02.003> different.

00:23:02.472 --> 00:23:13.033
And<00:23:02.553> I<00:23:02.634> think<00:23:02.812> that<00:23:03.054> is<00:23:03.216> the<00:23:03.362> tonic,<00:23:03.847> that<00:23:04.025> is<00:23:04.186> the<00:23:04.267> salve<00:23:04.914> for<00:23:05.157> these<00:23:05.383> modern<00:23:05.723> times,<00:23:06.370> is<00:23:06.936> not<00:23:07.259> forgetting<00:23:07.906> the<00:23:09.103> archetypal<00:23:09.750> rewards<00:23:10.397> that<00:23:10.494> are<00:23:10.574> like<00:23:10.979> baked<00:23:11.286> into<00:23:11.626> us<00:23:11.787> at<00:23:11.868> a<00:23:11.884> neurological<00:23:12.758> level.

00:23:13.324 --> 00:23:17.302
And<00:23:13.728> like,<00:23:13.954> no<00:23:14.132> phone<00:23:14.553> is<00:23:14.698> going<00:23:14.941> to<00:23:16.218> replace<00:23:16.639> that<00:23:16.817> circuitry.

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Yeah.

00:23:19.999 --> 00:23:30.540
Do<00:23:20.031> you,<00:23:20.257> do<00:23:20.321> you<00:23:20.417> think<00:23:20.659> like<00:23:20.884> as<00:23:21.205> AI<00:23:22.524> accelerates<00:23:23.634> and<00:23:23.795> we<00:23:23.940> can<00:23:24.036> do<00:23:24.197> more<00:23:24.518> and<00:23:24.679> more<00:23:24.985> on<00:23:25.065> our<00:23:25.307> own<00:23:25.660> and<00:23:25.789> all,<00:23:26.448> like<00:23:26.609> the<00:23:27.435> don't<00:23:27.662> you<00:23:27.742> think<00:23:27.985> human<00:23:28.244> connection<00:23:28.648> becomes<00:23:29.036> even<00:23:29.359> more<00:23:29.537> valuable,<00:23:30.103> not<00:23:30.346> less?

00:23:30.669 --> 00:23:37.347
Like,<00:23:31.057> I<00:23:31.073> see<00:23:31.316> that<00:23:31.494> as<00:23:31.639> becoming,<00:23:32.917> uh,<00:23:33.660> the<00:23:33.887> gatherings<00:23:34.550> in<00:23:34.631> this,<00:23:34.825> because<00:23:35.100> we're<00:23:35.261> very<00:23:35.682> like<00:23:35.908> social<00:23:36.312> animals<00:23:36.652> as<00:23:36.797> human<00:23:37.056> beings.

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Don't<00:23:38.092> you<00:23:38.124> see<00:23:38.350> like<00:23:38.512> human<00:23:38.755> connection<00:23:39.078> is<00:23:39.143> like<00:23:39.321> being<00:23:39.548> like,<00:23:39.725> that's,<00:23:40.211> that's<00:23:40.453> going<00:23:40.534> to<00:23:40.615> be<00:23:40.761> even<00:23:40.939> more<00:23:41.101> valuable<00:23:41.505> in<00:23:41.667> the<00:23:41.715> future?

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Absolutely.

00:23:42.880 --> 00:23:51.841
And<00:23:43.026> I<00:23:43.058> think<00:23:43.204> when<00:23:43.365> I<00:23:43.446> think<00:23:43.624> about<00:23:44.012> the<00:23:44.401> unlock<00:23:45.533> when<00:23:45.646> it<00:23:45.760> comes<00:23:46.034> to<00:23:48.218> our<00:23:48.380> professional<00:23:49.011> lives,<00:23:50.564> where<00:23:51.114> are<00:23:51.275> we<00:23:51.437> connecting?

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How<00:23:52.084> are<00:23:52.246> we<00:23:52.343> connecting?

00:23:52.812 --> 00:23:56.993
How<00:23:52.893> are<00:23:53.055> we<00:23:53.152> investing<00:23:53.556> our<00:23:53.718> time<00:23:54.219> so<00:23:54.381> that<00:23:54.543> it's<00:23:54.769> not<00:23:55.029> the<00:23:55.346> rote<00:23:55.828> tedium<00:23:56.261> that<00:23:56.410> is<00:23:56.594> automatable?

00:23:57.623 --> 00:24:07.114
But<00:23:57.720> is<00:23:57.865> instead<00:23:58.590> that<00:24:00.121> interpersonal<00:24:00.685> work<00:24:01.716> that,<00:24:02.924> you<00:24:02.956> know,<00:24:03.343> business<00:24:03.665> deals<00:24:04.068> will<00:24:04.164> still<00:24:04.857> always<00:24:05.276> be<00:24:06.164> relationship-driven.

00:24:08.376 --> 00:24:22.053
And<00:24:08.457> I<00:24:08.539> think<00:24:08.851> those<00:24:09.342> are,<00:24:11.305> to<00:24:11.403> the<00:24:11.532> extent<00:24:12.357> people<00:24:12.584> have<00:24:12.745> more<00:24:12.907> time<00:24:13.117> to<00:24:13.182> spend<00:24:13.473> with<00:24:13.554> their<00:24:13.651> family<00:24:13.975> and<00:24:14.121> friends,<00:24:14.541> to<00:24:14.687> the<00:24:14.768> extent<00:24:15.188> they're<00:24:15.415> able<00:24:15.577> to<00:24:15.657> focus<00:24:16.143> on<00:24:16.790> the<00:24:17.049> professional<00:24:17.453> relationships<00:24:18.020> that<00:24:18.165> matter,<00:24:18.424> I<00:24:18.505> think,<00:24:18.893> you<00:24:18.926> know,<00:24:19.071> that<00:24:19.395> the<00:24:19.476> technology<00:24:20.624> is<00:24:20.707> an<00:24:20.857> unlock<00:24:21.206> in<00:24:21.289> that<00:24:21.854> dimension.

00:24:24.035 --> 00:24:30.035
How<00:24:24.131> do<00:24:24.259> you<00:24:24.516> think<00:24:24.757> about<00:24:25.543> creating<00:24:26.682> and<00:24:26.842> defining<00:24:27.805> and<00:24:28.045> building<00:24:28.446> a<00:24:28.591> culture<00:24:29.088> inside<00:24:29.409> of<00:24:29.489> your<00:24:29.714> company?

00:24:31.174 --> 00:24:38.169
So<00:24:32.682> our,<00:24:33.821> we<00:24:33.901> have<00:24:34.687> 3<00:24:35.104> core<00:24:35.425> values<00:24:35.906> at<00:24:36.051> Brightwave:<00:24:36.709> ownership,<00:24:37.126> humility,<00:24:37.575> and<00:24:37.735> craft.

00:24:39.099 --> 00:24:41.457
And<00:24:39.757> I<00:24:39.837> can<00:24:40.094> speak<00:24:40.479> to<00:24:40.543> each<00:24:40.719> of<00:24:40.800> them<00:24:40.960> in<00:24:41.120> turn.

00:24:41.698 --> 00:24:48.019
So<00:24:42.629> ownership<00:24:43.206> is<00:24:43.367> this<00:24:43.591> idea<00:24:44.153> that<00:24:45.613> if,<00:24:45.677> have<00:24:45.853> you<00:24:45.917> ever<00:24:46.014> read<00:24:46.334> Man's<00:24:46.607> Search<00:24:46.800> for<00:24:46.880> Meaning<00:24:47.297> by<00:24:47.441> Viktor<00:24:47.682> Frankl?

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Yes.

00:24:49.046 --> 00:24:49.928
Yeah,<00:24:49.784> yeah.

00:24:49.977 --> 00:24:56.540
So,<00:24:50.586> you<00:24:50.667> know,<00:24:50.747> Holocaust<00:24:51.260> survivor<00:24:51.710> reflecting<00:24:52.255> on<00:24:52.352> what<00:24:52.528> is<00:24:52.737> it<00:24:52.913> that<00:24:53.395> allowed<00:24:53.796> some<00:24:54.037> people<00:24:54.278> to<00:24:54.438> endure<00:24:54.919> the<00:24:55.481> horrors<00:24:55.802> of<00:24:55.882> the<00:24:55.963> Holocaust.

00:24:56.749 --> 00:25:07.918
And<00:24:57.808> the<00:24:57.888> lesson<00:24:58.257> that<00:24:58.370> I<00:24:58.530> took<00:24:58.755> away<00:24:58.931> from<00:24:59.076> that<00:24:59.188> book<00:24:59.718> is<00:25:00.777> effectively<00:25:01.339> that,<00:25:01.740> you<00:25:01.836> know,<00:25:02.045> you<00:25:02.141> can't<00:25:03.184> control<00:25:03.569> your<00:25:03.682> circumstances,<00:25:04.629> but<00:25:04.805> it's<00:25:04.950> inalienable<00:25:05.752> to<00:25:05.896> you<00:25:05.993> to<00:25:06.137> choose<00:25:06.378> how<00:25:06.474> you<00:25:06.554> respond<00:25:07.036> to<00:25:07.100> your<00:25:07.212> environment.

00:25:08.705 --> 00:25:20.164
And<00:25:09.026> that<00:25:09.186> idea<00:25:09.908> of<00:25:11.112> being<00:25:11.369> a<00:25:11.449> high-agency<00:25:12.332> human<00:25:13.439> who<00:25:14.097> does<00:25:14.322> not<00:25:14.498> make<00:25:14.675> excuses<00:25:15.862> but<00:25:16.023> rather<00:25:16.424> says,<00:25:16.906> I<00:25:17.050> take<00:25:17.227> responsibility<00:25:18.815> for<00:25:19.217> how<00:25:19.393> things<00:25:19.714> unfolded.

00:25:20.276 --> 00:25:25.011
That<00:25:20.661> is<00:25:20.822> a<00:25:20.854> very,<00:25:21.383> very<00:25:21.640> powerful<00:25:22.988> way<00:25:23.085> to<00:25:23.887> be<00:25:24.433> in<00:25:24.529> the<00:25:24.674> world.

00:25:26.038 --> 00:25:34.416
Uh,<00:25:26.278> humility<00:25:27.803> is<00:25:29.007> kind<00:25:29.248> of<00:25:29.344> born<00:25:29.585> out<00:25:29.729> of<00:25:29.825> this,<00:25:30.130> the<00:25:30.211> scientific<00:25:30.933> method,<00:25:31.575> but<00:25:31.735> also<00:25:31.992> just<00:25:33.742> as<00:25:33.838> a<00:25:33.918> principle.

00:25:34.464 --> 00:25:41.349
Like,<00:25:34.704> there's<00:25:34.961> so<00:25:35.122> little<00:25:35.459> that<00:25:35.603> we<00:25:35.748> actually<00:25:36.021> know<00:25:36.663> about<00:25:36.967> the<00:25:37.112> world<00:25:37.850> and<00:25:37.930> about<00:25:38.171> what<00:25:38.316> other<00:25:38.412> people<00:25:38.797> think<00:25:39.279> and<00:25:39.359> about<00:25:40.563> what's<00:25:40.723> actually<00:25:41.044> going<00:25:41.221> on.

00:25:41.686 --> 00:25:49.526
And<00:25:41.782> it's<00:25:41.942> a<00:25:42.007> real<00:25:42.167> source<00:25:42.487> of<00:25:42.568> strength<00:25:43.145> to<00:25:43.530> recognize<00:25:44.011> that<00:25:44.187> and<00:25:44.347> just<00:25:44.668> like<00:25:44.892> accept<00:25:45.630> that<00:25:45.870> you<00:25:46.031> are<00:25:46.191> just<00:25:46.415> this<00:25:46.576> mote<00:25:46.912> of<00:25:47.057> dust<00:25:48.115> floating<00:25:48.660> through<00:25:49.093> space.

00:25:50.904 --> 00:25:58.295
And<00:25:51.482> there's<00:25:52.107> a<00:25:52.427> lyric<00:25:52.668> from<00:25:52.844> a<00:25:52.908> rap<00:25:53.165> group<00:25:53.341> I<00:25:53.405> really<00:25:53.646> like,<00:25:54.047> Run<00:25:54.207> the<00:25:54.287> Jewels,<00:25:55.009> which<00:25:55.249> is<00:25:55.890> roughly,<00:25:56.933> you<00:25:57.093> can't<00:25:57.397> crush<00:25:57.638> me,<00:25:57.814> I'm<00:25:57.975> dirt.

00:25:59.498 --> 00:26:03.570
And<00:25:59.594> it's<00:25:59.818> just<00:26:00.139> like<00:26:00.315> a<00:26:00.604> real<00:26:00.941> powerful,<00:26:01.742> like,<00:26:02.945> what<00:26:03.009> are<00:26:03.089> you<00:26:03.169> going<00:26:03.345> to<00:26:03.410> do?

00:26:03.698 --> 00:26:11.057
Like,<00:26:05.173> and<00:26:05.269> there's<00:26:05.574> this,<00:26:06.135> you<00:26:06.231> know,<00:26:06.392> if<00:26:06.536> I'm<00:26:06.712> wrong<00:26:07.049> and<00:26:07.177> you<00:26:07.289> and<00:26:07.370> I<00:26:07.514> disagree<00:26:07.995> about<00:26:08.235> something,<00:26:08.556> it's<00:26:08.700> probably<00:26:08.957> because<00:26:09.261> you<00:26:09.422> have<00:26:09.758> information<00:26:10.319> I<00:26:10.416> need<00:26:10.656> to<00:26:10.865> get.

00:26:11.442 --> 00:26:14.215
And<00:26:11.586> so<00:26:11.682> my<00:26:11.842> job<00:26:12.083> should<00:26:12.243> be<00:26:12.323> to<00:26:12.419> elicit,<00:26:12.884> what<00:26:13.029> are<00:26:13.109> you<00:26:13.189> seeing<00:26:13.589> that<00:26:13.702> I'm<00:26:13.846> missing?

00:26:14.952 --> 00:26:18.270
Because<00:26:15.208> I<00:26:15.288> believe<00:26:15.593> you're<00:26:15.689> a<00:26:15.769> reasonable<00:26:16.170> person,<00:26:16.891> you<00:26:16.971> know,<00:26:17.068> as<00:26:17.212> a,<00:26:17.452> as<00:26:17.548> a<00:26:17.853> default.

00:26:18.975 --> 00:26:25.306
And<00:26:19.119> that<00:26:19.440> often<00:26:19.776> leads<00:26:20.097> to<00:26:20.979> a<00:26:21.059> better<00:26:21.299> pro—<00:26:21.620> better<00:26:21.844> outcomes<00:26:22.261> because<00:26:22.565> you're<00:26:22.662> more<00:26:22.822> interested<00:26:23.223> in<00:26:23.623> doing<00:26:23.864> the<00:26:23.928> right<00:26:24.184> thing<00:26:24.425> rather<00:26:24.585> than<00:26:24.825> being<00:26:25.066> right.

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And<00:26:26.813> so<00:26:26.925> that<00:26:27.133> fi—.

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That<00:26:27.390> final<00:26:27.710> piece<00:26:27.967> is<00:26:28.047> just<00:26:28.255> craftsmanship,<00:26:29.313> which<00:26:29.794> is<00:26:30.115> the<00:26:30.275> pride<00:26:30.692> of<00:26:31.782> work<00:26:32.102> that<00:26:32.198> accompanies<00:26:33.000> meticulousness<00:26:34.747> and<00:26:34.923> just<00:26:35.308> really<00:26:35.644> focusing<00:26:36.189> on<00:26:36.270> the<00:26:36.366> details.

00:26:36.847 --> 00:26:39.491
And,<00:26:37.007> and<00:26:37.151> technically<00:26:37.648> this<00:26:37.824> is<00:26:37.953> extremely<00:26:38.385> important,<00:26:39.010> important.

00:26:40.132 --> 00:26:45.968
In<00:26:40.197> the<00:26:40.277> sense<00:26:40.533> that<00:26:40.629> if<00:26:40.774> you<00:26:40.934> have<00:26:41.191> a—<00:26:41.495> imagine<00:26:41.880> you<00:26:41.912> have<00:26:42.361> a<00:26:42.762> mechanical<00:26:43.259> system<00:26:43.980> that<00:26:44.140> has<00:26:44.621> a<00:26:44.701> joint<00:26:44.942> with<00:26:45.102> a<00:26:45.118> little<00:26:45.343> bit<00:26:45.423> of<00:26:45.503> play<00:26:45.743> in<00:26:45.888> it.

00:26:46.288 --> 00:26:56.179
You<00:26:46.369> may<00:26:46.481> not<00:26:46.705> notice<00:26:46.946> that<00:26:47.170> when<00:26:47.250> there's<00:26:47.427> only<00:26:47.667> one<00:26:48.853> joint,<00:26:50.072> but<00:26:50.456> if<00:26:51.034> there<00:26:51.194> are<00:26:51.514> 8<00:26:52.316> connections<00:26:53.037> in<00:26:53.134> serial,<00:26:53.823> now<00:26:54.224> you<00:26:54.256> suddenly<00:26:54.624> have<00:26:54.721> a<00:26:54.881> lot<00:26:55.137> of<00:26:55.202> play<00:26:55.506> in<00:26:55.602> that<00:26:55.699> system.

00:26:57.029 --> 00:27:03.971
And<00:26:57.831> with<00:26:58.007> language<00:26:58.408> models,<00:26:58.873> there's,<00:26:59.514> there's<00:26:59.706> so<00:26:59.851> many<00:27:00.091> places<00:27:00.652> that<00:27:01.053> the<00:27:01.133> system<00:27:01.614> can<00:27:01.710> exhibit<00:27:03.137> a<00:27:03.217> little<00:27:03.458> bit<00:27:03.538> of<00:27:03.682> play.

00:27:04.484 --> 00:27:16.705
And<00:27:04.644> so<00:27:05.510> Being<00:27:05.783> able<00:27:06.025> to<00:27:06.572> rigorously<00:27:08.199> and<00:27:08.280> methodically<00:27:08.924> execute<00:27:09.504> a<00:27:09.568> technical<00:27:09.987> agenda<00:27:10.615> and<00:27:10.856> building<00:27:11.243> things<00:27:11.565> right<00:27:11.742> the<00:27:11.823> first<00:27:12.145> time,<00:27:12.709> even<00:27:12.870> if<00:27:12.950> it<00:27:13.031> takes<00:27:13.288> a<00:27:13.337> little<00:27:13.578> longer,<00:27:13.836> allows<00:27:14.319> us<00:27:14.464> to<00:27:14.561> move<00:27:14.722> faster<00:27:16.022> in<00:27:16.266> the<00:27:16.413> limit.

00:27:17.160 --> 00:27:21.436
And<00:27:17.307> so<00:27:17.567> ownership<00:27:17.973> and<00:27:18.103> humility<00:27:18.445> and<00:27:18.542> craft<00:27:19.111> are<00:27:19.420> 3<00:27:19.599> of<00:27:19.664> the<00:27:19.761> core<00:27:19.989> values<00:27:20.639> for<00:27:20.834> our<00:27:21.062> teams.

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Yeah,<00:27:23.650> ownership<00:27:24.150> is<00:27:24.312> a<00:27:24.457> great<00:27:24.700> one.

00:27:24.877 --> 00:27:27.624
I<00:27:24.910> don't<00:27:25.104> know<00:27:25.201> that<00:27:25.346> I<00:27:25.443> really<00:27:25.685> hear<00:27:25.928> that<00:27:26.154> one<00:27:26.251> very<00:27:26.428> much<00:27:26.735> as<00:27:26.832> a<00:27:26.897> value.

00:27:27.947 --> 00:27:28.513
Yeah.

00:27:28.658 --> 00:27:29.789
Yeah,<00:27:29.320> I<00:27:29.482> love<00:27:29.708> that.

00:27:30.112 --> 00:27:32.439
I<00:27:30.209> think<00:27:30.371> that's<00:27:31.663> kind<00:27:31.841> of<00:27:31.905> fascinating.

00:27:32.840 --> 00:27:33.577
How<00:27:32.969> do<00:27:33.042> you<00:27:33.079> stay<00:27:33.338> motivated?

00:27:34.680 --> 00:27:38.876
Like,<00:27:34.777> just<00:27:35.022> like<00:27:35.267> motivated<00:27:35.773> to<00:27:35.920> keep—<00:27:36.574> I<00:27:36.590> mean,<00:27:36.818> this<00:27:37.227> is<00:27:37.423> not<00:27:37.635> actually<00:27:37.961> a<00:27:38.141> mental<00:27:38.468> health<00:27:38.615> question.

00:27:38.925 --> 00:27:39.578
It's<00:27:39.023> like,<00:27:39.137> how<00:27:39.219> do<00:27:39.268> you<00:27:39.366> stay<00:27:39.415> motivated?

00:27:41.668 --> 00:27:42.584
So<00:27:41.957> a<00:27:42.037> couple<00:27:42.294> things.

00:27:43.082 --> 00:27:44.946
Um,<00:27:43.644> these<00:27:43.741> are<00:27:43.821> great<00:27:43.982> questions,<00:27:44.383> by<00:27:44.528> the<00:27:44.624> way.

00:27:45.042 --> 00:27:45.830
I<00:27:45.106> appreciate<00:27:45.669> it.

00:27:46.537 --> 00:27:51.506
Um,<00:27:48.160> so<00:27:49.268> I<00:27:49.847> am<00:27:49.943> a<00:27:50.008> very<00:27:50.393> relationally<00:27:50.940> driven<00:27:51.215> person.

00:27:52.104 --> 00:27:58.059
I<00:27:52.185> think<00:27:52.574> that<00:27:53.302> the<00:27:53.949> sense<00:27:54.596> that<00:27:54.855> I<00:27:55.017> am<00:27:55.179> coming<00:27:55.518> into<00:27:55.810> a<00:27:55.891> workplace—<00:27:56.473> we<00:27:56.619> work<00:27:56.797> in<00:27:56.877> person<00:27:57.525> 5<00:27:57.751> days<00:27:57.929> a<00:27:58.010> week.

00:27:59.140 --> 00:28:07.454
I'm<00:27:59.284> coming<00:27:59.589> into<00:27:59.766> a<00:27:59.830> workplace<00:28:00.729> surrounded<00:28:01.612> by<00:28:02.157> people<00:28:02.719> who<00:28:02.895> are<00:28:03.618> intense,<00:28:04.741> who<00:28:04.982> are<00:28:06.346> extremely<00:28:06.988> capable.

00:28:07.791 --> 00:28:12.252
You<00:28:07.887> know,<00:28:08.031> we've<00:28:08.192> got<00:28:08.513> folks<00:28:08.914> from<00:28:09.315> Meta<00:28:09.556> and<00:28:09.797> Instagram<00:28:10.359> and<00:28:10.535> UBS<00:28:11.000> and<00:28:11.081> McKinsey<00:28:11.642> and<00:28:11.867> Wharton.

00:28:12.910 --> 00:28:21.481
It's<00:28:13.328> just<00:28:13.633> a<00:28:14.146> stacked<00:28:14.933> bench<00:28:15.559> where<00:28:15.735> it's<00:28:15.976> like<00:28:16.281> I<00:28:16.297> have<00:28:16.522> to<00:28:16.698> earn<00:28:17.645> the<00:28:17.725> respect<00:28:18.239> and<00:28:18.383> trust<00:28:19.009> and<00:28:19.346> time<00:28:19.988> of<00:28:20.213> the<00:28:20.309> people<00:28:20.534> around<00:28:20.791> me<00:28:21.096> all<00:28:21.176> the<00:28:21.208> time.

00:28:21.834 --> 00:28:32.351
And<00:28:22.219> I<00:28:22.315> find<00:28:22.556> that<00:28:22.717> extremely<00:28:24.730> energizing<00:28:25.569> to<00:28:25.650> just<00:28:26.054> be<00:28:27.765> surrounded<00:28:28.314> by<00:28:28.540> people<00:28:28.798> who<00:28:28.944> cause<00:28:29.347> me<00:28:29.525> to,<00:28:30.397> uh,<00:28:31.689> achieve<00:28:32.109> more.

00:28:33.578 --> 00:28:37.936
Um,<00:28:33.725> and<00:28:33.823> additionally,<00:28:35.276> the<00:28:35.439> problem<00:28:35.749> we're<00:28:36.010> solving<00:28:36.353> is<00:28:36.500> just<00:28:36.729> intrinsically<00:28:37.463> interesting.

00:28:39.518 --> 00:28:44.997
It's<00:28:40.466> no<00:28:40.707> less<00:28:41.012> than<00:28:41.109> understanding<00:28:41.671> the<00:28:41.751> true<00:28:41.912> structure<00:28:42.233> of<00:28:42.378> the<00:28:42.474> global<00:28:42.699> economy<00:28:43.744> with<00:28:43.920> artificial<00:28:44.386> intelligence.

00:28:45.431 --> 00:28:45.511
Yeah.

00:28:45.688 --> 00:28:49.318
Boy<00:28:45.945> howdy,<00:28:46.314> if<00:28:46.411> that's<00:28:46.716> not<00:28:46.829> enough<00:28:47.150> to<00:28:47.295> keep<00:28:47.552> you<00:28:48.002> busy,<00:28:48.644> I<00:28:48.660> don't<00:28:48.821> know<00:28:48.950> what<00:28:49.152> is.

00:28:50.398 --> 00:28:57.894
And<00:28:50.496> so<00:28:51.072> I<00:28:51.237> just<00:28:51.484> really<00:28:51.747> enjoy<00:28:52.307> that,<00:28:54.991> the<00:28:55.396> scope<00:28:56.450> of<00:28:56.613> the<00:28:56.710> problem<00:28:57.180> that<00:28:57.277> we<00:28:57.423> are<00:28:57.504> solving.

00:28:58.477 --> 00:29:09.402
And<00:29:00.423> for<00:29:00.910> whatever<00:29:01.250> reason,<00:29:01.801> I<00:29:01.834> find<00:29:02.609> the<00:29:02.705> day-to-day<00:29:03.365> and<00:29:05.506> the<00:29:05.603> technical<00:29:06.086> details,<00:29:06.569> but<00:29:06.714> also<00:29:07.374> the<00:29:07.519> commercial<00:29:07.921> details,<00:29:08.259> just<00:29:08.485> very,<00:29:08.742> very<00:29:08.968> interesting.

00:29:11.061 --> 00:29:19.128
What<00:29:11.238> made<00:29:11.463> you<00:29:11.576> decide<00:29:11.882> to<00:29:12.029> go<00:29:12.436> all<00:29:12.598> in<00:29:12.696> person<00:29:13.103> 5<00:29:13.347> days<00:29:13.478> a<00:29:13.657> week<00:29:13.917> versus,<00:29:14.569> you<00:29:14.650> know,<00:29:15.041> a<00:29:15.057> lot<00:29:15.236> of<00:29:15.285> people<00:29:15.464> are<00:29:15.545> doing<00:29:15.708> the<00:29:15.855> hybrid<00:29:16.441> versus<00:29:16.832> the<00:29:16.913> work<00:29:17.092> from<00:29:17.255> home,<00:29:17.499> like<00:29:18.006> What<00:29:18.246> went<00:29:18.407> into<00:29:18.487> that<00:29:18.599> decision?

00:29:19.544 --> 00:29:23.887
So,<00:29:19.961> so<00:29:20.185> it's<00:29:20.410> actually,<00:29:21.131> um,<00:29:22.092> our<00:29:22.204> stated<00:29:22.589> policy<00:29:22.990> is<00:29:23.070> 3<00:29:23.230> days<00:29:23.470> a<00:29:23.551> week.

00:29:25.297 --> 00:29:29.768
We<00:29:25.329> just,<00:29:25.634> it's,<00:29:25.954> I,<00:29:26.836> it's<00:29:26.996> just<00:29:27.156> the<00:29:27.236> pleasure<00:29:27.557> of<00:29:27.621> being<00:29:27.781> around<00:29:27.973> great<00:29:28.198> people,<00:29:29.480> you<00:29:29.560> know?

00:29:29.816 --> 00:29:32.941
So<00:29:30.041> it,<00:29:30.345> um,<00:29:31.980> it<00:29:32.108> was<00:29:32.284> not<00:29:32.461> a<00:29:32.525> decision.

00:29:33.005 --> 00:29:36.899
It's<00:29:33.166> just<00:29:33.278> sort<00:29:33.486> of,<00:29:33.630> this<00:29:33.871> has<00:29:34.031> happened,<00:29:34.768> um,<00:29:36.371> organically.

00:29:37.733 --> 00:29:42.989
It's<00:29:37.893> just,<00:29:38.181> yeah,<00:29:38.374> I<00:29:38.390> mean,<00:29:38.550> it's<00:29:38.758> like,<00:29:39.255> listen,<00:29:39.560> when<00:29:39.656> you're,<00:29:39.816> when<00:29:39.976> you're<00:29:40.040> at<00:29:40.121> a<00:29:40.153> big<00:29:40.361> company<00:29:40.778> and<00:29:40.858> like<00:29:41.098> whether<00:29:41.322> you're<00:29:41.483> there<00:29:41.563> or<00:29:41.675> not<00:29:41.979> doesn't<00:29:42.236> matter<00:29:42.540> that<00:29:42.781> much.

00:29:44.931 --> 00:29:48.480
People<00:29:45.269> notice<00:29:45.734> that<00:29:45.911> whether<00:29:46.120> or<00:29:46.168> not<00:29:46.457> they<00:29:46.553> can<00:29:46.698> articulate<00:29:47.292> it,<00:29:47.436> they,<00:29:47.902> they<00:29:48.143> feel<00:29:48.400> it.

00:29:49.283 --> 00:29:51.660
And<00:29:49.379> so<00:29:49.508> I<00:29:49.540> think<00:29:49.765> a<00:29:49.909> lot<00:29:50.102> of<00:29:50.246> the<00:29:50.391> like,<00:29:50.648> why<00:29:50.969> am<00:29:51.065> I<00:29:51.210> commuting?

00:29:52.880 --> 00:29:56.718
There's<00:29:53.137> a<00:29:53.281> direct<00:29:53.538> through<00:29:53.763> line<00:29:54.084> to<00:29:54.325> like,<00:29:54.582> if<00:29:54.727> I<00:29:54.887> wasn't<00:29:55.144> here,<00:29:55.449> it<00:29:55.529> wouldn't<00:29:55.722> really<00:29:55.947> matter<00:29:56.413> that<00:29:56.589> much.

00:29:56.910 --> 00:30:00.411
But<00:29:57.617> at<00:29:57.729> a<00:29:57.794> startup,<00:29:59.881> it<00:30:00.026> matters.

00:30:00.829 --> 00:30:09.371
And<00:30:00.989> like<00:30:01.310> the,<00:30:01.953> you<00:30:01.985> know,<00:30:02.515> and<00:30:03.414> we<00:30:03.558> have<00:30:03.719> offices<00:30:04.458> in<00:30:04.939> New<00:30:05.084> York<00:30:05.662> and<00:30:05.823> Boulder<00:30:06.208> and<00:30:06.545> we<00:30:07.268> have<00:30:07.428> a,<00:30:07.910> we<00:30:07.974> have<00:30:08.071> team<00:30:08.552> in<00:30:08.649> California.

00:30:09.436 --> 00:30:10.945
We'll<00:30:09.660> open<00:30:09.773> an<00:30:09.917> office<00:30:10.238> in<00:30:10.303> California.

00:30:11.950 --> 00:30:18.719
But,<00:30:12.320> so<00:30:12.546> it<00:30:12.626> is,<00:30:13.432> it<00:30:13.577> is,<00:30:13.835> there<00:30:13.932> is<00:30:14.077> a<00:30:14.093> remote<00:30:14.464> culture,<00:30:14.883> but<00:30:15.044> we<00:30:15.205> are,<00:30:16.253> I<00:30:16.285> don't<00:30:16.430> know<00:30:16.575> what<00:30:16.736> the<00:30:17.059> model<00:30:17.607> for<00:30:17.704> it<00:30:17.849> would<00:30:17.945> be<00:30:17.994> because<00:30:18.187> we're<00:30:18.332> not<00:30:18.509> remote.

00:30:21.323 --> 00:30:26.545
It<00:30:21.420> is<00:30:22.129> centered<00:30:22.628> around<00:30:23.483> these<00:30:23.724> hubs<00:30:24.869> and<00:30:24.949> it's<00:30:25.094> probably<00:30:25.336> just<00:30:25.514> going<00:30:25.594> to<00:30:25.659> be<00:30:25.755> those<00:30:25.933> 3<00:30:26.142> sites.

00:30:27.062 --> 00:30:29.849
It's<00:30:27.207> not<00:30:27.368> going<00:30:27.465> to<00:30:27.610> be<00:30:27.948> 12,<00:30:28.431> you<00:30:28.512> know,<00:30:28.737> 12<00:30:28.995> different<00:30:29.237> locations.

00:30:30.993 --> 00:30:35.441
So<00:30:31.154> being<00:30:31.332> together<00:30:31.590> in<00:30:31.735> person,<00:30:32.137> but,<00:30:32.379> you<00:30:32.476> know,<00:30:32.782> understanding<00:30:33.330> that<00:30:33.426> we<00:30:33.829> can<00:30:34.135> work<00:30:34.313> remotely<00:30:34.699> and<00:30:34.796> do<00:30:34.877> work<00:30:35.102> remotely.

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It's<00:30:38.029> a—<00:30:38.298> I<00:30:38.382> think<00:30:38.549> it's<00:30:38.700> a<00:30:38.717> new<00:30:38.952> way<00:30:39.136> of<00:30:39.287> working.

00:30:41.276 --> 00:30:42.835
Uh,<00:30:41.758> two<00:30:41.854> more<00:30:42.160> questions<00:30:42.578> for<00:30:42.739> you.

00:30:43.382 --> 00:30:43.703
Sure.

00:30:44.427 --> 00:30:44.700
For—.

00:30:44.732 --> 00:30:46.485
How<00:30:44.845> are<00:30:44.909> you<00:30:45.070> thinking<00:30:45.247> about<00:30:45.392> 2025?

00:30:46.662 --> 00:30:49.379
Obviously,<00:30:46.999> we<00:30:47.144> have<00:30:47.241> an<00:30:47.321> election<00:30:47.707> coming<00:30:47.964> up<00:30:48.125> here<00:30:48.270> in<00:30:48.302> the<00:30:48.350> United<00:30:48.607> States<00:30:48.913> very<00:30:49.090> soon.

00:30:49.820 --> 00:30:49.932
Yep.

00:30:50.013 --> 00:30:56.112
Which<00:30:50.158> is<00:30:50.255> an<00:30:50.400> interesting<00:30:50.804> thing<00:30:50.868> because<00:30:51.062> CEOs<00:30:51.949> nowadays<00:30:52.514> are<00:30:52.595> being<00:30:52.821> asked<00:30:53.063> to<00:30:53.143> comment<00:30:53.482> on<00:30:53.628> things<00:30:53.789> that<00:30:53.853> have<00:30:53.966> nothing<00:30:54.273> to<00:30:54.370> do<00:30:54.515> with<00:30:54.692> their<00:30:54.854> companies<00:30:55.257> or<00:30:55.338> what<00:30:55.499> they're<00:30:55.596> focused<00:30:56.048> on.

00:30:56.564 --> 00:30:59.631
I'm<00:30:56.661> not<00:30:56.790> asking<00:30:57.097> you<00:30:57.145> to<00:30:57.258> comment,<00:30:57.758> like,<00:30:58.307> don't<00:30:58.484> tell<00:30:58.646> us<00:30:58.726> who<00:30:58.823> you're<00:30:58.968> voting<00:30:59.210> for<00:30:59.340> or<00:30:59.372> anything.

00:30:59.777 --> 00:31:00.037
Sure.

00:31:00.102 --> 00:31:05.549
But<00:31:00.653> I<00:31:00.750> just<00:31:00.994> like—<00:31:01.237> how<00:31:01.415> are<00:31:01.545> you<00:31:01.642> thinking<00:31:01.950> about<00:31:02.908> how<00:31:03.085> that<00:31:03.246> shakes<00:31:03.632> out<00:31:04.115> and<00:31:04.373> going<00:31:04.760> into<00:31:04.937> 2025?

00:31:05.983 --> 00:31:07.240
Capital<00:31:06.547> efficiency.

00:31:08.479 --> 00:31:17.372
Just<00:31:08.802> having<00:31:09.204> enough<00:31:09.526> cash<00:31:09.993> on<00:31:10.235> hand<00:31:10.653> to<00:31:10.814> weather<00:31:11.620> whatever<00:31:12.006> may<00:31:12.183> come,<00:31:12.745> whatever<00:31:13.291> regulatory<00:31:13.950> regime,<00:31:14.496> whatever<00:31:15.637> geopolitical<00:31:16.585> uncertainties.

00:31:17.484 --> 00:31:31.949
I<00:31:17.645> think<00:31:17.950> just,<00:31:18.448> um,<00:31:21.003> you<00:31:21.115> know,<00:31:21.244> I<00:31:21.404> wouldn't<00:31:21.581> call<00:31:21.710> it<00:31:21.758> a<00:31:21.823> fortress<00:31:22.312> balance<00:31:22.719> sheet,<00:31:23.208> but<00:31:23.599> you<00:31:23.762> want<00:31:23.924> to<00:31:24.006> have<00:31:24.755> enough<00:31:25.097> money<00:31:25.488> to,<00:31:26.872> like,<00:31:27.116> this<00:31:29.146> money<00:31:29.551> is<00:31:29.713> fundamentally<00:31:30.442> like<00:31:31.333> optionality.

00:31:33.504 --> 00:31:45.562
And<00:31:33.601> so<00:31:34.071> being<00:31:34.331> extremely<00:31:35.141> judicious<00:31:35.708> with<00:31:35.853> how<00:31:36.015> you<00:31:36.129> spend<00:31:37.818> and<00:31:39.759> preserving<00:31:40.487> optionality<00:31:41.716> in<00:31:41.813> a<00:31:41.877> period<00:31:42.266> of<00:31:42.929> change,<00:31:43.478> I<00:31:43.576> think,<00:31:43.753> is,<00:31:44.125> is<00:31:44.303> always<00:31:45.015> good<00:31:45.112> policy.

00:31:47.024 --> 00:31:47.361
Yeah.

00:31:48.004 --> 00:31:55.076
Finally,<00:31:48.326> we<00:31:48.486> end<00:31:48.631> every<00:31:48.808> interview<00:31:49.209> with<00:31:49.370> the<00:31:49.466> same<00:31:49.756> question,<00:31:50.399> and<00:31:50.495> that<00:31:50.736> is,<00:31:50.977> at<00:31:51.073> CEO.com,<00:31:51.781> we<00:31:51.941> believe<00:31:52.182> the<00:31:52.263> chances<00:31:52.664> one<00:31:52.905> gives<00:31:53.387> is<00:31:53.468> just<00:31:53.709> as<00:31:53.773> important<00:31:54.111> as<00:31:54.175> the<00:31:54.320> chances<00:31:54.588> one<00:31:54.773> takes.

00:31:55.852 --> 00:31:58.597
When<00:31:56.031> you<00:31:56.177> hear<00:31:56.372> that,<00:31:56.599> who<00:31:56.762> gave<00:31:56.989> you<00:31:57.086> a<00:31:57.168> chance<00:31:57.492> to<00:31:57.590> get<00:31:57.801> you<00:31:57.899> to<00:31:57.980> where<00:31:58.142> you<00:31:58.305> are<00:31:58.467> today?

00:32:00.350 --> 00:32:01.179
Who<00:32:00.419> gave<00:32:00.470> me<00:32:00.626> a<00:32:00.712> chance?

00:32:02.650 --> 00:32:03.386
It's<00:32:02.748> a<00:32:02.764> great<00:32:03.010> question.

00:32:03.828 --> 00:32:04.794
There<00:32:03.910> are<00:32:03.992> so<00:32:04.172> many<00:32:04.467> people.

00:32:12.633 --> 00:32:24.353
Um,<00:32:16.636> you<00:32:16.732> know,<00:32:17.022> I<00:32:17.118> think<00:32:17.536> that<00:32:18.640> I<00:32:18.738> would<00:32:18.901> say<00:32:19.456> that<00:32:19.620> there—<00:32:20.550> I<00:32:20.697> paused<00:32:21.007> for<00:32:21.105> a<00:32:21.187> moment<00:32:21.513> there<00:32:21.676> because<00:32:22.068> there<00:32:22.166> are<00:32:22.264> so<00:32:22.590> many<00:32:23.242> people<00:32:23.564> that<00:32:23.725> come<00:32:23.950> to<00:32:24.031> mind.

00:32:24.933 --> 00:32:30.215
I<00:32:25.078> would<00:32:25.239> say<00:32:25.641> that<00:32:25.899> the—<00:32:28.798> I<00:32:28.943> will<00:32:29.040> thank<00:32:29.458> our<00:32:29.603> investors.

00:32:31.053 --> 00:32:33.887
This<00:32:31.294> is<00:32:31.439> not<00:32:31.922> a<00:32:32.744> twee<00:32:33.130> answer<00:32:33.613> either.

00:32:35.304 --> 00:32:42.864
Their<00:32:36.045> decibel<00:32:36.609> is,<00:32:37.317> you<00:32:37.414> know,<00:32:37.511> their<00:32:37.897> slogan<00:32:38.380> is<00:32:39.588> believe<00:32:40.619> in<00:32:40.715> technical<00:32:41.182> founders<00:32:41.763> and<00:32:42.168> invest<00:32:42.572> early.

00:32:43.609 --> 00:32:50.020
And<00:32:44.013> I<00:32:45.244> am<00:32:45.389> so—<00:32:46.280> I<00:32:46.361> can't<00:32:46.620> believe<00:32:46.798> I'm<00:32:46.944> thanking<00:32:47.251> our<00:32:47.332> investors<00:32:47.834> and<00:32:47.915> sort<00:32:48.077> of<00:32:48.158> recognizing<00:32:48.644> them,<00:32:48.725> but<00:32:48.870> I<00:32:49.113> actually<00:32:49.372> feel<00:32:49.680> this<00:32:49.858> way.

00:32:51.346 --> 00:33:04.763
They<00:32:51.587> are<00:32:51.683> people<00:32:52.309> who<00:32:52.871> make<00:32:53.769> early<00:32:54.171> bets<00:32:54.877> on<00:32:56.080> teams,<00:32:57.043> um,<00:32:58.584> just<00:32:58.889> on<00:32:58.985> the<00:32:59.146> basis<00:32:59.772> of<00:33:01.473> sort<00:33:01.729> of<00:33:01.794> conviction<00:33:02.259> in<00:33:02.339> the<00:33:02.500> absence<00:33:03.142> of<00:33:03.463> other<00:33:03.720> data,<00:33:04.522> really.

00:33:05.228 --> 00:33:15.997
You<00:33:05.260> know,<00:33:05.405> we,<00:33:05.710> we<00:33:06.127> set<00:33:06.368> out<00:33:06.833> to<00:33:06.913> raise<00:33:07.154> capital<00:33:07.651> and<00:33:07.892> we<00:33:07.972> met<00:33:08.213> them<00:33:08.470> and<00:33:08.630> it<00:33:08.775> was<00:33:08.935> just,<00:33:09.176> we,<00:33:09.497> we<00:33:09.641> hit<00:33:09.802> it<00:33:09.882> off<00:33:10.075> immediately<00:33:10.620> and<00:33:10.781> they<00:33:10.941> just<00:33:11.102> got<00:33:11.407> long<00:33:11.680> on<00:33:11.824> what<00:33:11.985> we<00:33:12.065> were<00:33:12.225> doing<00:33:13.333> very<00:33:13.605> assertively<00:33:14.215> and<00:33:14.312> very,<00:33:14.793> very<00:33:15.419> confidently.

00:33:16.077 --> 00:33:22.911
And<00:33:16.221> I<00:33:16.302> think<00:33:16.494> that<00:33:16.719> is,<00:33:17.184> um,<00:33:20.246> it<00:33:20.650> just<00:33:20.892> created<00:33:21.683> an<00:33:21.780> opening<00:33:22.200> for<00:33:22.346> us<00:33:22.507> to<00:33:22.653> do<00:33:22.766> so.

00:33:22.992 --> 00:33:25.980
We,<00:33:23.299> and<00:33:23.396> we<00:33:23.557> built<00:33:23.735> something,<00:33:24.203> we<00:33:24.349> fought,<00:33:24.833> we<00:33:24.946> knew<00:33:25.173> it<00:33:25.237> was<00:33:25.415> going<00:33:25.496> to<00:33:25.576> happen.

00:33:27.708 --> 00:33:40.006
But<00:33:27.934> having<00:33:28.900> investors<00:33:29.480> who,<00:33:30.028> you<00:33:30.060> know,<00:33:30.431> sort<00:33:30.624> of<00:33:30.689> share<00:33:31.011> the<00:33:31.172> enthusiasm<00:33:32.864> and<00:33:33.025> the<00:33:33.170> vision<00:33:33.750> and<00:33:33.830> just<00:33:34.056> kind<00:33:34.217> of<00:33:35.766> like<00:33:36.497> believe,<00:33:37.065> I<00:33:37.147> think<00:33:37.471> has<00:33:37.796> created<00:33:38.219> the<00:33:38.349> opportunity<00:33:38.852> for<00:33:39.080> all<00:33:39.194> of<00:33:39.323> this<00:33:39.486> to<00:33:39.648> exist.

00:33:41.130 --> 00:33:41.949
Who<00:33:41.261> are<00:33:41.310> your<00:33:41.392> investors?

00:33:42.129 --> 00:33:44.277
If<00:33:42.211> you<00:33:42.310> want<00:33:42.457> to<00:33:42.490> shout<00:33:42.720> them<00:33:42.818> out<00:33:43.031> just<00:33:43.195> so<00:33:43.293> other<00:33:43.539> entrepreneurs<00:33:44.113> know.

00:33:44.605 --> 00:33:45.228
Decibel.

00:33:46.252 --> 00:33:49.800
Moonfire,<00:33:47.279> um,<00:33:47.697> and,<00:33:48.002> and<00:33:48.098> one<00:33:48.194> of<00:33:48.243> the<00:33:48.275> largest<00:33:48.740> asset<00:33:48.965> managers<00:33:49.383> in<00:33:49.447> the<00:33:49.527> world.

00:33:50.587 --> 00:33:53.027
Uh,<00:33:51.775> Mike,<00:33:52.016> thank<00:33:52.176> you<00:33:52.257> so<00:33:52.417> much<00:33:52.594> for<00:33:52.738> coming<00:33:52.915> on.

00:33:53.156 --> 00:33:55.612
Seriously,<00:33:53.702> uh,<00:33:53.942> congratulations<00:33:54.617> on<00:33:54.697> everything<00:33:54.986> you're<00:33:55.082> doing,<00:33:55.468> man.

00:33:55.869 --> 00:34:00.076
What<00:33:55.982> an<00:33:56.110> opportunity<00:33:57.089> and,<00:33:57.475> uh,<00:33:57.956> uh,<00:33:58.599> you<00:33:58.631> know,<00:33:58.775> a<00:33:58.856> category<00:33:59.402> you're<00:33:59.578> going<00:33:59.803> after.

00:34:00.156 --> 00:34:01.312
So<00:34:00.381> best<00:34:00.622> of<00:34:00.702> luck<00:34:00.927> with<00:34:01.023> everything.

00:34:01.810 --> 00:34:02.581
Appreciate<00:34:02.324> it,<00:34:02.388> Clint.

00:34:02.629 --> 00:34:03.560
This<00:34:02.773> was<00:34:02.870> truly<00:34:03.175> a<00:34:03.191> pleasure.