Inside the Baddest Hedge Fund in America with Sam Koppelman and Nathaniel Horwitz

**Michael Batnick** (0:00)
So you guys have Bethany McClain writing for you? Yeah, she wrote a great investigation for us. Amazing. She's like an OJ.

**Downtown Josh Brown** (0:05)
She is an OJ.

**Michael Batnick** (0:06)
We love Bethany McClain. She's cooking on all sorts of news stories, too. We're fired up.

**Downtown Josh Brown** (0:10)
She's been on Barry's, we've never had her on. She's been on Barry's podcast on Bloomberg, probably at least once, maybe more.

**Michael Batnick** (0:17)
You should have her on here, after our next story with her, man. She's amazing.

**Downtown Josh Brown** (0:20)
She's great.

**Michael Batnick** (0:21)
She's great, but yeah, that newspaper was printed on the news sheets from the paper Nathaniel worked at in high school. In his local paper and they turned on the printers for us. It was awesome.

**Downtown Josh Brown** (0:33)
That's cool.

**SPEAKER_3** (0:33)
Very cool.

**Michael Batnick** (0:35)
So were you a journalist as well?

**Nathaniel Horwitz** (0:37)
First gig at a high school. Yeah. I went to Martha's Vineyard Regional High, and this is my hometown, year rounder. And both my parents had been war journalists for the Wall Street Journal, Middle East, North Africa. And I thought I was going to follow the same path. So that was my first gig.

**Michael Batnick** (0:56)
That's wild.

**Nathaniel Horwitz** (0:57)
Yeah.

**Michael Batnick** (0:57)
And then this guy goes and has a very successful career in biotech, and I convinced him, f**k that, go back to journalism. That's the real industry where there's a problem.

**Downtown Josh Brown** (1:05)
That's where the real money is being made.

**Michael Batnick** (1:06)
Yeah. Why invest in companies that keep getting up rounds from NVIDIA when you could write news stories? So just now, Anthropic announced that they're raising 30 at $380 billion. Check this out, boys. Look at this chart. You think this has ever happened before? From zero in January 2023 to 100 million in January 2024 to a billion dollars in 2025 and today that are $14 billion run rates.

**Nathaniel Horwitz** (1:38)
I mean, no, right?

**Michael Batnick** (1:39)
That's got to be an end of one situation. You're smiling.

**Nathaniel Horwitz** (1:44)
That's crazy.

**Michael Batnick** (1:44)
It's unbelievable, right?

**Nathaniel Horwitz** (1:45)
Unbelievable.

**Michael Batnick** (1:46)
Fraud? Scam? What are you thinking? No, I do not think that is a fraud. I use Claude every day. So, I just switched within the last 10 days we checked. Do you use the desktop, Claude, or you're using the login on the browser? I use it on my... Oh, okay. So, this desktop Claude nonsense. You got to get it on the desktop.
I had to YouTube the video. I couldn't figure out how to install it. You know the best way to figure it out. You're already in the wrong place. Where? You just ask Claude. I think I did do that. You ask Claude and Claude will show you the way. All right. So, here's what I did. I wrote myself a code for how to find the nearest bathroom. How did that go? I couldn't figure out how to launch it. It worked sort of, I guess, but then it didn't work. I have to say, one of the apps you're least likely to use when you're in a pinch. Not me. No, but I'm saying it's not one where you really can afford much buffer time. You maybe want to hire a pro to build that app, but Claude Code can do a lot of other good stuff. So, are you coding? I mean, I'm doing whatever it is that people are doing with Claude on the desktop. Okay.
So, I'm web-based. I'm using it like Chachibita, like very basic. And how have you been finding it? You guys are making me feel very old. No, no, no. It's all good. No, it's unbelievable. You're not going to be obsolete. It will be at least a few months before it takes over this podcast.

**Nathaniel Horwitz** (2:57)
Thank you.

**Michael Batnick** (2:57)
I appreciate that. I've actually been building a bot. I've been training on the transcripts of your podcast. I feel like I'm so unpredictable. You can't train on it. I know. It's true. It's hard to get the AI to know to call out someone if you're putting their headphones on wrong when it's actually right. You can't do that because I always butcher phrases. You can't program a bot to recreate me.
You know, that is famous last words in basically every dystopian movie that I agree with. I can't remember grain of sand or grain of salt. Like to me, they're interchangeable. You just break the AGI by messing up everyday phrases. This is a happy accident.