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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.
The World's Greatest Energy Trader on Markets, China, and AI
Patrick O'ShaughnessyJohn Arnold
China’s NIO built a robotic factory from shovel to first car in 17 months, with suppliers within 200 miles, highlighting a speed and supply-chain advantage over aging US plants.US energy demand is clear through 2030 but permitting is the bottleneck; delivered solar PPAs remain 50%+ above 2020 lows, while advanced geothermal is Arnold’s five-year call.