Philosopher-turned-investor with 300+ startup investments; shifted from venture to private equity, citing leverage and time advantages. Views PE as 'billionaire factory' vs VC's long gestation.
no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY
Private equity outperforms venture for wealth creation due to leverage (debt at 2-5% vs 10%+ returns) and focusing on later stages near value inflection; VC takes 15-25 years for value creation ('masochistic'), PE compresses timeline and amplifies returns via debt.
Hotel, industrial and commercial real estate in Spain benefit from tourism demand growth with constrained supply (Barcelona hotel moratorium since 2009), strong lobby protection, and less political intervention than residential. Prices rise 'por narices' when supply is capped.
Electronic Arts' valuation only makes sense if AI dramatically reduces video game development expenses; otherwise the multiples are unjustified.