Quote of the week:
“Buy a business, don’t rent stocks.” (Source)
Tom Russo on investing, markets, and the importance of curiosity
I’m a fan of the many timeless lessons shared by the value investor Tom Russo, who has made some prescient big bets over his 40+ year career. Recently, Russo—who worked for Bill Ruane in the 1980s and was an early student of Buffett and Munger before he launched his own firm—sat down for a wide-ranging interview with William Green to chat business, stocks, dealing with market drawdowns, and much more.
Perhaps my favorite part of the conversation is towards the close when William asks a simple (if not pointed) question. “How do you sustain this level of intensity and drive?” William asks. “I mean, what’s motivating you to keep working at this point when clearly you don’t need it financially?”
Russo’s response: “You know, it’s purely curiosity… curiosity is just something that is wired in me.” He continues:
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Andrej Karpathy on Optimus, software 2.0, and data engines
“If you think transportation is a large market, try physical labor,” says Andrej Karpathy in a conversation this week with MIT’s Lex Fridman. “It’s insane.”
For the uninitiated, Karpathy is the former director of AI at Tesla. In his tenure at the Tesla, Karpathy led the company’s most promising developments in the field of artificial general intelligence, which is now being fed into programs like Optimus, Tesla’s general purpose, bi-pedal, humanoid robot division. Karpathy was also an early architect for Tesla’s approach to autonomy via a vision-based neural network that’s powered by machine learning.
Karpathy’s 3-hour conversation with Lex is characteristically both fascinating and somewhat complex, but hits on essential themes around the future of machine learning, the foundational improvements in “software 2.0,” and how AI will fundamentally alter many aspects of our lives in the future.
A few more links I enjoyed:
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