Washington Is Suppressing Volatility To Keep The AI Boom Alive | Weekly Roundup

**Jack Farley** (0:00)
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All right, what's going on, everybody? Welcome back to another Roundup Edition Forward Guidance summer edition. So it always seems like one of us is not in our home office, is me last week, it's both of you this week. Summertime, man, what's going on, guys? Good to see you.

**Tyler Neville** (0:27)
What's happening?

**Quinn Thompson** (0:28)
We rarely see Tyler, it's just like a head with all that camouflage.

**Tyler Neville** (0:32)
Sorry, the lighting here is not great. I'm in a basement in Lake Tahoe, and it's all we got. We got all the points covered. Quinn's in Beirut, you're in Vancouver.
I'm in Tahoe.

**Quinn Thompson** (0:46)
Shit, man, we're global.

**Jack Farley** (0:48)
Yeah, yeah, yeah. Quinn's Quinn's out there solving the Iran war. Good to see it.

**Quinn Thompson** (0:53)
Yeah, negotiating peace.

**Jack Farley** (0:55)
Good job. Good job. Well done. All right. Excited for this one. Also a little sad for this one.
Bit of a bummer news, but our boy Tyler is unfortunately moving on to better pastures, but you're going to a new firm, and I'm very excited for you, but also part of it means that you're going behind the veil of compliance, once again, it sounds like. So this will be your last one for a while, and we'll talk more about that in a little bit. But yeah, tell us what you're up to and what's going on, man.

**Tyler Neville** (1:26)
Yeah, no more pontificating about the market publicly, unfortunately. So I'm heading to this fund called Shoten Capital. They're basically investing in real things. They think with AI kind of commoditizing a lot of the software sectors, what can't you replicate? It's essentially large industrial companies and things like that. So the secular play here is large capex things that you can't reproduce and maybe AI commoditizes a lot of things and you get bigger margins from historical businesses you never thought. So I think it's a great macro play. And not only that, but these guys, they're ex Sorbonne, ex Third Point and super smart guys, and it's going to be an interesting secular play, but I'm super excited.
They moved from New York to Austin too, which is like another one of my, you know, and I think a lot more funds are doing that. You're not necessarily Austin particularly, but out of New York, you know, we're seeing the political reins in both New York and California kind of slowly squeeze. So it's fallen into all of my buckets of macro secular plays, which is awesome. So I'm really excited for it, but kind of missed the guys at Money Waters. They were awesome.
They were good dudes, best in the biz. And, you know, one of the last short sellers left in the market, although they don't just short sell. That's the funny thing is like, we have a lot of different funds. So I still love them. Carson and Freddie and Anthony were awesome guys, so.

**Quinn Thompson** (3:11)
Congrats, bro. You're going to crush it.

**Jack Farley** (3:13)
Yeah. Yeah. Happy for you. You're going to kill it.

**Quinn Thompson** (3:16)
I think there's a lot of tailwinds there.

**Jack Farley** (3:19)
Yeah. I'll try to wrangle you on.

**Tyler Neville** (3:21)
We'll try. We'll try to. I mean, I'm trying to get them to let me talk some macro, but we'll say it's, they're there, you know, in the process of raising big institutional capital. And it's, you know, growing fast. So I don't want to derail that.

**Quinn Thompson** (3:35)
Yeah, you're a big liability, so I can understand.

**Jack Farley** (3:39)
Yeah, if there's one guy, I wouldn't be sure to trust, like, with compliance.

**Tyler Neville** (3:44)
What are you talking about?

**Jack Farley** (3:50)
You are a liability in the best way.

**Quinn Thompson** (3:53)
In your honor, we'll release a edits, cuts, highlight reel for all the habit listers.

**Tyler Neville** (4:02)
Can we roast me? You guys have five minutes to roast me at the end of the show.

**Jack Farley** (4:07)
The roast of the Tyler. I love it.

**Tyler Neville** (4:09)
Quinn was roasting me before. Side note was we were talking about the food in Beirut and how good it is, and he's like, Tyler, you're too American. You just probably eat chicken fingers and French fries and, you know, greasy processed foods. And I was like, what am I?
Like, crock only like American food and hamburger.

**Quinn Thompson** (4:30)
It's your man. Three kids will do it to you.

**Jack Farley** (4:34)
All right, well, we won't do all too much. We'll obviously talk more about what's next for the roundup and everything like that. But yeah, one last ride in the interim here. Let's make it a good one, guys.