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Invest Like the Best
Deep conversations with investors, founders, and operators about business quality, capital allocation, strategy, and enduring competitive advantage.
BIDCLUB DESCRIPTION
What 100 Years of American Finance Tells Us About Today
Patrick O'ShaughnessyAlan Waxman
Waxman attributes private-credit stress to a factory model that industrialized fundraising and investing after 2018, with FRE multiples rising from 10–15x to 25–30x+ as underwriting standards weakened.Perpetual private BDC redemptions exceeding the 5% limit are not yet systemic in his view, but AI could reprice every industry, making matched liabilities, governed inflows, and strategy breadth critical.
How AI Is Changing Warfare | Palantir CTO
Patrick O'ShaughnessyShyam Sankar
Shyam Sankar argues that military innovation comes from heretics who build outside bureaucracy, while defense-specialist spending rose from 6% of major weapon-systems spending in the Cold War era to 86% today.His reindustrialization thesis links production capacity to innovation and AI productivity, with hundreds of founders now treated as “plan A” inside the Pentagon and more than $100B invested in their projects, making execution and cost-plus contracting key signals to monitor.
China vs America: The Battle for Global Dominance Explained | Dan Wang interview
Dan Wang argues China’s engineering state has a scale-up advantage, with 70M manufacturing workers, roughly 90% of solar production, and faster industrial deployment, while America retains stronger pluralism and zero-to-one innovation.China’s structural equity discount reflects policy unpredictability, capital controls, Cayman entities, and Taiwan-sanctions risk, but a five-year AI toss-up and China’s 500 GW solar buildout make deployment, manufacturing, and peace the key variables.
The CEO Who Cheated Death, Slept an Hour a Night, and Built a Healthcare Empire
Patrick O'ShaughnessyMark Bertolini
Oscar Health is pursuing a defined-benefit-to-defined-contribution shift in healthcare, targeting 125 million people through individual ACA plans, while its cloud-native platform and “almost two dozen” LLMs support lower operating costs and disease-management economics.The CHOICE provision’s Senate removal over a $30B tax score underscores regulatory resistance, while Bertolini’s Aetna record—75% lower end-of-life costs and 652% eight-year TSR—illustrates the potential payoff from operational and benefit redesign.