Quotes here are condensed and lightly edited for clarity. Numbers, names and speakers' own qualifications are preserved.
About $500 billion of debt has been raised this year to fund artificial intelligence. Steve Eisman, the former Neuberger Berman manager, reads a 10-year Treasury yield above 5% as partly that: investors buying the AI paper instead of the government's.
That was one former fund manager on a day when the 10-year sat either side of 5%. Another 72 appearances worked the same material from every other side: a Goldman Sachs strategist who prices 10 yen of currency appreciation at 4% of Japanese company earnings, a DoubleLine portfolio manager who now calls 5% the middle of the range rather than the top of it, and the chief executive of a data center builder whose leases run 20 years against chips that last six.
"What the market is trying to do is create space for funding what is a critical innovation for productivity and for growth and that is A.I." — Mohamed El-Erian, economist and Wharton professor, previously CEO of PIMCO, on Fox Business
We scanned 725 shows and 26 hours of audio, wrote 73 summaries, and pulled 72 quotes into this 20-minute read.
Here is what mattered.
Macro
Borrowing costs stay high
"If a credit crunch is defined as people not able to borrow, the answer is no. But what we have is elevated borrowing costs that will remain elevated for quite a while because there's such demand coming from governments and coming from the tech sector to borrow" — Mohamed El-Erian, economist and Wharton professor, previously CEO of PIMCO, on Fox Business
The real rate did 90% of the work
"But most of this backup in yields from the February 27th low when we were below 4%, 90% of the increase in the 10-year Treasury note yield has come from the real interest rate. Only 10% has come from market-based inflation expectations." — David Rosenberg, founder of Rosenberg Research, on Excess Returns
Saving is down to three cents
"Before COVID, what was normal was that the savings rate was 8%. People would put eight cents of every dollar they earned into the piggy bank. That number's down to three cents." — David Rosenberg, founder of Rosenberg Research, on Excess Returns
The vigilantes fought a $250B deficit
"I coined the expression bond vigilantes back in 1983. And back then, the bond vigilantes were concerned about a government budget deficit at an annual rate of 250 billion dollars. Now we're running one and a half to two trillion dollars when the economy doesn't really need it." — Ed Yardeni, President of Yardeni Research, on CNBC International
5% is the middle of the range now
"But I think in this new inflation regime, I wouldn't be surprised if maybe 5% is the middle of the ground and 475 is the lower end and we can get up to 5.25% easily on the 10-year." — Ken Shinoda, Portfolio Manager at DoubleLine Capital, on DoubleLine Capital
5.5% by Halloween is the tell
"So if we see the ten year yield hit 5.5% before Halloween, it's essentially a two standard deviation move ... That is when you start to see assets move away from equities into bonds. That would be concerning to me." — John Flood, head of American equities execution at Goldman Sachs, on Closing Bell
A $5,000 check is 3% of GDP
"Furthermore, a $5,000 check to every adult would be 3% of GDP when the deficit's 6 and a half percent and inflation's been above target for five and a half years. I'm a little skeptical that actually happens." — Mike Medeiros, Macro Strategist at Wellington Management, on The Wall Street Skinny
A 25bps hike costs stocks 3-4%
"We estimate that a 25 basis points rise in Fed rates or the discount rate would impact the S&P 500 index and global equities by around 3 to 4%." — Yap Fook Hien, Senior Investment Strategist in the CIO office at Standard Chartered, on Standard Chartered Money Insights
$300B to $400B of stimulus fades
"You have about three to 400 billion of let's call that the stealth midterm stimulus ... I mean, 200 billion in terms of, you know, aggregate US profit, that's almost double digit." — Vincent Deluard, Director of Global Macro Strategy at StoneX, on Forward Guidance
UK funds went from 50% to 5%
"They used to own 50% in UK equities. Now it's down to 5%. I mean this is insane. ... Maybe they're not going to change right away but at least the selling is done" — Vincent Deluard, Director of Global Macro Strategy at StoneX, on Forward Guidance
Token prices halved, volume quadrupled
"You've seen the cost per token being charged on average go down 50% since the end of May till today. The good news is that the number of tokens being produced quadrupled." — Dan Niles, founder of Niles Investment Management, on RiskReversal Pod
25% earnings growth, then 14%
"And when we look out for the rest of the year, we think that this is easily a year of 25% EPS growth and next year 14%. So above longer term trend." — Nadia Lovell, Head of Global Equity Strategy at UBS, on Bloomberg Surveillance
The yield level is not the signal
"Goldman did a study where they looked at the correlation between stock prices and yields and it confirmed what I have experienced in my career that there isn't much of a correlation in terms of the absolute yield." — Nancy Tengler, CEO and CIO at Laffer Tengler Investments, on CNBC International
Tired brands are comping double digits
"Number one, I think legacy modernizing. Brand names that have been tired and old are reinventing themselves. You look at a Gap, which did 10% comps for the past two quarters. You look at Ross Stores, which has been double-digit comping." — Dana Telsey, Chief Research Officer and founder of Telsey Advisory Group, on Bloomberg Talks
Other appearances:
S3 Data hosts on crowded long positioning in shipping stocks on Risk and Return
SlateStone Wealth chief market strategist on a 7,800 year-end S&P 500 target on Fox Business
BubbaTrading.com founder on a 6% 10-year yield and rising loan defaults on The David Lin Report
Mizuho Americas equities trading head on hedge fund positioning crowded into technology on CNBC International
Morgan Stanley Private Wealth EVP on a Strait of Hormuz settlement ending the hiking cycle early on CNBC Television
Rogers Holdings chairman on selling while nearly every market makes new highs on Wealth Building Blueprint
Investor's Business Daily market hosts on the Magnificent 7 trade taking the lead again on Stock Market Today With IBD
Prof G Media host on US AI investment running at 23x China's on The Prof G Pod
International
Apartments sell at an 8.2% yield
"We continue to dispose of our poorer quality residential apartments and we dispose of those to the retail market at very low yields circa 8.2% where we achieve considerable premium to both book and to acquisition." — Rory Mackey, CEO of SA Corporate Real Estate, on BusinessDayTV
£146B of gilts bypass the market
"And then another 146 billion of gilts maturing between 2035 and 2049 will be sold, 20 billion per year, but directly to the government via the DMO, so not to the market, as has been taking place up until now. ... So, basically we're knocking out a level of supply that was going into the market, and the 30-year yield dropped yesterday by 12 basis points." — Derek Halpenny, Head of Research for Global Markets, EMEA at MUFG, on The MUFG Global Markets Podcast
10 yen is 4% of Japanese earnings
"But then you start to call into question how much you might have to cut the local currency earnings because the rough metric is that for every 10 point move in US dollar Japanese yen on a one-year perspective, you would reduce earnings. ... If the currency appreciates, in other words, you go from like 165 to 155, you would reduce earnings by about 4%." — Timothy Moe, Chief Asia-Pacific Regional Equity Strategist at Goldman Sachs, on CNBC International
Tokyo wants GPIF to come home
"We've seen a lot of rhetoric from the Prime Minister and the Minister of Finance around getting the huge government GPIF fund to think about rotating out of overseas bonds and back into domestic yen bonds because the yields in yen bonds of the last few years have been diametrically opposed to what they were before." — Gautam Chadda, Executive Director at RBC Wealth Management, on CNBC International
High yields and high equities coexist
"But what we believe and may sound contrarian that higher yields and higher equities can coexist in this world over year and the important part is we need to look at the compositions of the benchmark. ... Today my compositions of the benchmark are less rate sensitive and more focuses on AI services and healthcare who are insensitive to what is happening in the rate market overall." — Rajiv Batra, Head of Asia equity strategy at J.P. Morgan, on CNBC International
Every holding has to clear 15%
"I'm trying to underwrite to find companies that can do better than 15% a year. I think that way over five years you can double your capital." — Darren Lekkerkerker, Portfolio Manager at Fidelity, on FidelityConnects
Clicks went from 25 times to 13
"I think from that perspective this is a business 12 months ago that was trading at 25 times earnings. ... And again, this is a business that's now trading at 13 times." — Kyle Burgess, Portfolio Manager at Nedbank Private Wealth, on BusinessDayTV
The re-rating needs the merger done
"So to complete this rerating into an attractive growth prospect copper miner they need this merger to complete and it looks like they will be getting there in the next 6 months." — Izak Van Niekerk, Portfolio Manager at Merchant West, on BusinessDayTV
A 40% discount to asset value
"And on top of it the stock is trading at close to a 40% discount net asset value and even if you put a 30% liquidity discount on the unlisted investments probably in the high 20%." — Chantal Marx, Head of Investment Research at FNB Wealth and Investments, on BusinessDayTV
Other appearances:
Business Day technology correspondent on folding phones reaching 10% of iPhone sales on BusinessDayTV
L7 Prime analyst on a South African rate rise next week on BusinessDayTV
Financials
$3,600 of investments, a $1,630 stock
"So, when you look at the investments per share and you compare it to book value, right, or shareholders equity it's a ratio of pretty close to 3:1. ... Okay so it's 3600 we trade at you know 1630 or something. So, there's a really big discount, right?" — Asheef Lalani, private investor and former UBS proprietary trader, on The Dutch Investors
The Buffett premium decays
"Well, I think the Buffett premium will naturally start to be less and less as time goes on." — John Rogers, founder and co-CEO of Ariel Investments, on CNBC Television
Canadian bonds pay 4%, US 5%
"So this has also significant portfolio implications, and we see in the bond market today, the Canadian bond market yielding around 4%, US aggregate bonds 5%." — Mike Philbrick, CEO of ReSolve Asset Management, on BNN Bloomberg
Crypto and Digital Assets
Last cycle the leverage was hidden
"But last cycle, the companies that went bankrupt, whether it's Genesis or FTX, BlockFi, Celsius, they were all unregulated. The leverage was invisible." — Matthew Sigel, Head of Digital Assets Research at VanEck, on CNBC International
Bitcoin volatility has halved
"I think it's a major difference from last cycle and it's a reason why Bitcoin volatility is down by 50% compared to four years ago." — Matthew Sigel, Head of Digital Assets Research at VanEck, on CNBC International
Alternatives and PE
Stocks and bonds fall together now
"Stocks and bonds are now positively correlated. So if you think about Liberation Day, what happened? The dollar went down, bonds sold off and stocks sold off. For the prior 20 years, you had when stocks sold off, bonds rallied. And that's how you diversified yourself. Our view is that is a more sustainable trend." — Henry McVey, Partner at KKR, on Bloomberg Talks
Diligence costs keep bidders away
"And there are really one or two other competitors. There weren't 10 or 20 because no one wants to be in something where you have to pay for due diligence and spend $2 million against 10 other people." — Rich Friedman, Chairman of Goldman Sachs Asset Management, on Exchanges
The money is old money, not new
"Over the last 12 months, we've seen existing hedge fund allocators and consultants increasing their allocations, particularly across the institutional market. However, we're not yet seeing new entrants or those who left absolute return re-entering." — Melanie Levine, Partner and global head of client partnerships at Davidson Kempner, on Private Markets 360°
Endowments trail by 1% a year
"Typical fee structure in private equity is 2% of value, and 20% of the profits. That's an enormous hurdle to overcome. ... So if you were to look at the trailing 25-year performance of these endowments through the NACUBO study, and compare it to a public market equivalent, the endowments actually underperformed by a little bit more than 1% a year from that public market equivalent." — Jeff Coyle, founder of Libretto, on The Informed Investor
Consumer
The smash burger stopped being premium
"Everyone is getting smashed burgers, not just better burger or the premier burger." — John Eucalitto, CEO of Wayback Burgers, on Fox Business
Priced above McDonald's
"Everything is à la carte. More than McDonald's, less than competitors." — John Eucalitto, CEO of Wayback Burgers, on Fox Business
The calendar is the whole job
"Season to season is life or death. Every designer you've ever met, they've all had the same struggle. Next season, there's always a deadline that was last week." — Christopher Kane, the designer who closed his own London label and has made Mulberry's debut collection, on The Business of Fashion Podcast
Nintendo raised prices early
"This is the first time that Nintendo has raised the prices of a new console so early in its life cycle. You're going to lose some demand." — Simeon McMillan, who writes the technology and media research service Accrued Interest, on Yet Another Value Podcast
Sports
$8.8M in 1972 is $10B now
"He paid $8.8 million in 1972. He put in 250,000 of his own money. That's all he had to put in. And he syndicated the rest, and the team is now worth about $10 billion." — David Rubenstein, co-founder of The Carlyle Group and owner of the Baltimore Orioles, on BlackRock
Retail money arrives in partnerships
"They're investing in partnerships that will aggregate a lot of investors that might be at, I don't know, $100,000, $200,000, $500,000 level. They can buy into a sports partnership, that sports partnership will buy a team" — David Rubenstein, co-founder of The Carlyle Group and owner of the Baltimore Orioles, on BlackRock
Technology & AI
A model edited its own reasoning
"Just a few days ago, OpenAI released a new safety incident in which they found evidence that these chains of thought, the kind of working memory of the AI, were being tampered by the AI itself and modified to leave messages for a future version of itself." — Mustafa Suleyman, CEO of Microsoft AI, on CNBC Television
A flaw is weaponized within hours
"Now if you look at the curve from 2022 until now it's down to like basically hours. So it's like down to like basically no time like things get immediately weaponized." — Ali Ghodsi, CEO of Databricks, on a16z
Data center deals run 15 to 20 years
"So when folks are making data center commitments to us, we're typically working with very large tech companies that have investment grade credit ratings and they're typically committing to us for somewhere between 15 and 20 years. They're multi-decade long commitments." — Chase Lochmiller, CEO of Crusoe, on Bloomberg Tech
10 houses of water per building
"Each of our big buildings in Abilene, Texas uses roughly the same water footprint as about 10 single family homes." — Chase Lochmiller, CEO of Crusoe, on Bloomberg Tech
Latency matters in 20-30% of work
"I was doing some estimates and I think there is like between 20 and 30% where latency is really important" — Stefano Ermon, co-founder and CEO of Inception, on No Priors
The same project costs 20% less
"So we've had a number of projects that we've done where it's about 80 to 90% of what the cost would have been two years ago." — Mike Piehl, CEO of Platinum River Innovations, on SiliconANGLE theCUBE
A bot-filled web is the market
"I think that there's going to be more internet users who need something like this to navigate the internet as it's just like increasingly filled with bots and AI slop." — Max Spero, CEO of Pangram, on Semafor
Huawei is wiring a million chips
"Their goal is to connect that into a million chip cluster. ... It should theoretically support like a 10 trillion parameter plus model" — Rui Ma, angel investor and founder of TechBuzz China, on The Information's TITV
$500B of AI debt crowds out Treasuries
"This year, approximately 500 billion in AI related debt has been raised. That's a lot of long-term debt and it is creating a crowding out effect. In other words, some investors would rather buy AI long-term debt than long-term US treasuries." — Steve Eisman, former Senior Portfolio Manager at Neuberger Berman, on The Real Eisman Playbook
Only 14% of the index is uncorrelated
"There are 11 sectors of the S&P 500. And as far as I can tell, the only sectors that are uncorrelated are staples and healthcare, which combined are only 14% of the S&P 500." — Steve Eisman, former Senior Portfolio Manager at Neuberger Berman, on The Real Eisman Playbook
An agent burns 5x the tokens
"It leads to users consuming 5X the tokens that you would consume just directing AI as you would a search engine." — Glen Kacher, founder and CIO of Light Street Capital, on Masters in Business
Two-thirds, a quarter, and scraps
"The number one player is going to get two-thirds of the market. Number two player might get 20%, 25% tops, and everyone else fights for the scraps, right?" — Glen Kacher, founder and CIO of Light Street Capital, on Masters in Business
Each capex dollar moves five more
"And for every dollar spent on capex, there's a five to $6 multiplier across the rest of tech." — Dan Ives, Partner and Senior Managing Director at Yorkville Ives and Co., on The Compound and Friends
An 80% chance Tesla buys SpaceX
"It's over an 80% chance by the end of next year that Tesla and SpaceX ultimately merge." — Dan Ives, Partner and Senior Managing Director at Yorkville Ives and Co., on The Compound and Friends
40% growth became 70% growth
"Analysts, before they reported, were expecting the company next year to grow its revenues 40%, which was a whopping amount. And now they're going to grow 70%. And they said they could ship to 100%, but they don't have the supply." — Paul Meeks, Head of Technology Research at Freedom Capital Markets, on CNBC International
Japan's MRO market is 3% penetrated
"It's really early stages of the Grainger story in the US — in fact, Grainger owns 51% of Monotaro. ... This has been a beautiful business, really high return business in the United States, and we're way, way less penetrated in Japan so far — only 3 to 4% of the market is what Monotaro currently holds." — Connor Browne, founder, CEO and Portfolio Manager at City Different Investments, on BNN Bloomberg
The 80% margin needs four exclusions
"I read in the Financial Times that you're telling investors that you have 80% gross margins if you leave out the cost of training, the revenue you share with Amazon, Google, and Microsoft, and stock-based compensation" — Ed Zitron, host of Better Offline, on Better Offline
Other appearances:
theCUBE Research lead data analyst on who owns the customer relationship once the screen is generated on SiliconANGLE theCUBE
CNBC anchor on why gun control fits the AI safety argument better than nuclear non-proliferation on CNBC Television
theCUBE Research hosts on the shift from the smartest model to who owns the production stack on SiliconANGLE theCUBE
TIAA COO on putting 200 agents into production this year on WSJ Events
VC & Startups
A $400 robot against a $20,000 one
"They don't want to spend 20k on a 1x robot or something really expensive. So they're like, okay, that's $400. I can buy this." — Thomas Wolf, co-founder and Chief Science Officer of Hugging Face, on This Week in Startups
The competitor is now Anthropic
"So if we're charging a $100 per unit right now, actually in the future, we're gonna be charging a thousand. ... Our competition moves from, hey, we used to compete with these support platforms to now we're actually competing with Anthropic for a very specific job function." — Marty Kausas, co-founder and CEO of Pylon, on How I Invest with David Weisburd
3,000 units a month is $100M
"If we sell 3,000 a month, we're doing $100 million in annual revenues" — Jan Goetgeluk, founder and CEO of Virtuix, on The AI XR Podcast
Robotics went from 1% to 7%
"Robotics has been a big one — it has gone from 1% of the batch to about 6, 7% of the batch. Industrial manufacturing, building things back in the US, has been a huge trend — it has gone from about 4% to 10% of the batch." — Y Combinator partners, on Y Combinator Startup Podcast
Other appearances:
Kastle co-founder and CEO on the 10M Americans who pay a mortgage by phone on YC Root Access
Industrials and Transport
$2B of bids, 5,000 empty rooms
"On our workforce business, we announced with our Q2 that we have over two billion of firm, formal bids outstanding. We've got about 5,000 rooms of spare capacity out of our 13,000 beds of relocatable accommodation." — Trevor Haynes, Chairman and CEO of Black Diamond Group, on BNN Bloomberg
Materials & Energy
Spent fuel is 95% fuel
"There's enough energy content in that material to power the entire country's energy needs for over 150 years ... It's only 5% waste really. It's like 95% fuel." — Jake DeWitte, co-founder and CEO of Oklo, on The Best One Yet
Sell the power, not the reactor
"So our view was make it easy to sell reactors which is not selling reactors, it's selling power because that's what people wanted." — Jake DeWitte, co-founder and CEO of Oklo, on The Best One Yet
The cooling system starts the fire
"80% of the battery fires you've read about, if you've read about Moss Landing or any of those, are generally initiated by the cooling system failing, which is intuitive, because it shorts usually" — Landon Mossburg, founder and CEO of Peak Energy, on The Art of Quality
$10M this year, $100M next
"We're going to do $10 million in revenue by the end of our fiscal '26, in a few months here, and then $100 million next year — we are scaling, we're moving." — Landon Mossburg, founder and CEO of Peak Energy, on The Art of Quality
Policy
Nobody wants a busted IPO
"Nobody wants a busted IPO. That is the main thing on the table. That is really the question behind the question." — Eddie Yoon, co-founder of Category Pirates, on BNN Bloomberg
$27B raised before the summit
"Even before this summit we'd already raised on the two markets about 27 billion of new investment in Canadian companies, of which 8 billion was in junior companies alone." — John McKenzie, CEO of TMX Group, on BNN Bloomberg
There is a license to sell assets
"I think there's a bit of a social license right now in Canada to allow for more than there has been in the past, but I'm not sure — you can already see the protests that were around the summit and some of the commentary around the summit, on not selling Canada's assets completely to foreign investment." — Jeremy Kronick, President and CEO of the C.D. Howe Institute, on BNN Bloomberg
Nuggets of Wisdom
7% nominal, 5.6% real
"We're forecasting 7% nominal and 5.6% real. That's the median, the mean forecast, not the whole distribution." — Roger Ibbotson, Chairman of Zebra Capital and emeritus professor at Yale, on The Meb Faber Show
The payout has been 4% for centuries
"That 4% is pretty much a constant number over the last couple centuries of the kind of payouts that you had on the stock market." — Roger Ibbotson, Chairman of Zebra Capital and emeritus professor at Yale, on The Meb Faber Show
$500B of AI debt crowds out Treasuries
"This year, approximately 500 billion in AI related debt has been raised. That's a lot of long-term debt and it is creating a crowding out effect. In other words, some investors would rather buy AI long-term debt than long-term US treasuries." — Steve Eisman, former Senior Portfolio Manager at Neuberger Berman, on The Real Eisman Playbook
An agent burns 5x the tokens
"It leads to users consuming 5X the tokens that you would consume just directing AI as you would a search engine." — Glen Kacher, founder and CIO of Light Street Capital, on Masters in Business
Two-thirds, a quarter, and scraps
"The number one player is going to get two-thirds of the market. Number two player might get 20%, 25% tops, and everyone else fights for the scraps, right?" — Glen Kacher, founder and CIO of Light Street Capital, on Masters in Business
Each capex dollar moves five more
"And for every dollar spent on capex, there's a five to $6 multiplier across the rest of tech." — Dan Ives, Partner and Senior Managing Director at Yorkville Ives and Co., on The Compound and Friends
An 80% chance Tesla buys SpaceX
"It's over an 80% chance by the end of next year that Tesla and SpaceX ultimately merge." — Dan Ives, Partner and Senior Managing Director at Yorkville Ives and Co., on The Compound and Friends
40% growth became 70% growth
"Analysts, before they reported, were expecting the company next year to grow its revenues 40%, which was a whopping amount. And now they're going to grow 70%. And they said they could ship to 100%, but they don't have the supply." — Paul Meeks, Head of Technology Research at Freedom Capital Markets, on CNBC International
Japan's MRO market is 3% penetrated
"It's really early stages of the Grainger story in the US — in fact, Grainger owns 51% of Monotaro. ... This has been a beautiful business, really high return business in the United States, and we're way, way less penetrated in Japan so far — only 3 to 4% of the market is what Monotaro currently holds." — Connor Browne, founder, CEO and Portfolio Manager at City Different Investments, on BNN Bloomberg
The 80% margin needs four exclusions
"I read in the Financial Times that you're telling investors that you have 80% gross margins if you leave out the cost of training, the revenue you share with Amazon, Google, and Microsoft, and stock-based compensation" — Ed Zitron, host of Better Offline, on Better Offline
Other appearances:
theCUBE Research lead data analyst on who owns the customer relationship once the screen is generated on SiliconANGLE theCUBE
CNBC anchor on why gun control fits the AI safety argument better than nuclear non-proliferation on CNBC Television
theCUBE Research hosts on the shift from the smartest model to who owns the production stack on SiliconANGLE theCUBE
TIAA COO on putting 200 agents into production this year on WSJ Events
VC & Startups
A $400 robot against a $20,000 one
"They don't want to spend 20k on a 1x robot or something really expensive. So they're like, okay, that's $400. I can buy this." — Thomas Wolf, co-founder and Chief Science Officer of Hugging Face, on This Week in Startups
3,000 units a month is $100M
"If we sell 3,000 a month, we're doing $100 million in annual revenues" — Jan Goetgeluk, founder and CEO of Virtuix, on The AI XR Podcast
Robotics went from 1% to 7%
"Robotics has been a big one — it has gone from 1% of the batch to about 6, 7% of the batch. Industrial manufacturing, building things back in the US, has been a huge trend — it has gone from about 4% to 10% of the batch." — Y Combinator partners, on Y Combinator Startup Podcast
Other appearances:
Kastle co-founder and CEO on the 10M Americans who pay a mortgage by phone on YC Root Access
Industrials and Transport
$2B of bids, 5,000 empty rooms
"On our workforce business, we announced with our Q2 that we have over two billion of firm, formal bids outstanding. We've got about 5,000 rooms of spare capacity out of our 13,000 beds of relocatable accommodation." — Trevor Haynes, Chairman and CEO of Black Diamond Group, on BNN Bloomberg
Materials & Energy
Spent fuel is 95% fuel
"There's enough energy content in that material to power the entire country's energy needs for over 150 years ... It's only 5% waste really. It's like 95% fuel." — Jake DeWitte, co-founder and CEO of Oklo, on The Best One Yet
Sell the power, not the reactor
"So our view was make it easy to sell reactors which is not selling reactors, it's selling power because that's what people wanted." — Jake DeWitte, co-founder and CEO of Oklo, on The Best One Yet
The cooling system starts the fire
"80% of the battery fires you've read about, if you've read about Moss Landing or any of those, are generally initiated by the cooling system failing, which is intuitive, because it shorts usually" — Landon Mossburg, founder and CEO of Peak Energy, on The Art of Quality
$10M this year, $100M next
"We're going to do $10 million in revenue by the end of our fiscal '26, in a few months here, and then $100 million next year — we are scaling, we're moving." — Landon Mossburg, founder and CEO of Peak Energy, on The Art of Quality
Policy
Nobody wants a busted IPO
"Nobody wants a busted IPO. That is the main thing on the table. That is really the question behind the question." — Eddie Yoon, co-founder of Category Pirates, on BNN Bloomberg
$27B raised before the summit
"Even before this summit we'd already raised on the two markets about 27 billion of new investment in Canadian companies, of which 8 billion was in junior companies alone." — John McKenzie, CEO of TMX Group, on BNN Bloomberg
There is a license to sell assets
"I think there's a bit of a social license right now in Canada to allow for more than there has been in the past, but I'm not sure — you can already see the protests that were around the summit and some of the commentary around the summit, on not selling Canada's assets completely to foreign investment." — Jeremy Kronick, President and CEO of the C.D. Howe Institute, on BNN Bloomberg
Nuggets of Wisdom
7% nominal, 5.6% real
"We're forecasting 7% nominal and 5.6% real. That's the median, the mean forecast, not the whole distribution." — Roger Ibbotson, Chairman of Zebra Capital and emeritus professor at Yale, on The Meb Faber Show
The payout has been 4% for centuries
"That 4% is pretty much a constant number over the last couple centuries of the kind of payouts that you had on the stock market." — Roger Ibbotson, Chairman of Zebra Capital and emeritus professor at Yale, on The Meb Faber Show
Other appearances:
Zacks Investment Research host on 11 years of recession calls and one recession on Zacks Market Edge
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