Continuing with my new protocol, here I’m going to share content I consumed and learned from. This week, I spent time trying to understand the brokerage and 3D gaming worlds. I listened to the perspectives of two seasoned public equity market investors.

What I consumed this week and what I learned from it:

• Building the YouTube of 3D worlds and video games – YouTube interview with Roblox cofounder and CEO David Baszucki. Interesting interview to understand the early days and what led Baszucki to found an ahead-of-its-time company after he sold another company for $20 million. He looked for a CEO job for two years before following his passion.
• Building an AI brokerage – YouTube interview with Public co-CEO and founder Leif Abraham. I’ve read biographies about the founders of Schwab, TD Ameritrade, and Vanguard (see here, here, and here). The brokerage business fascinates me. Public is building an AI-first brokerage platform. Learning more about the company and where the industry is going, as seen through Abraham’s eyes, was thought-provoking.
• The more risk you feel you’re taking, the less risk you’re taking – YouTube interview with Chris Davis of Davis Advisors. I read the biography of the Davis family (see here) and have followed Chris ever since. Lots of great nuggets in this interview about how he approaches investing in durable companies using a margin of safety. He shares wisdom about regretting selling great companies too early.
• Paul Tudor Jones on stock market cap-to-GDP – YouTube interview with Paul Tudor Jones, legendary trader and founder of Tudor Investment Corporation. Great insights from someone who’s seen multiple market cycles. His views on the total stock market cap–to-GDP ratio stuck with me. His daily routine is insane. His reflections on how long-term investing and Buffett’s approach are better were entertaining, especially coming from a multibillionaire who said the opposite years ago. Interesting story about how one small act of kindness to him in the 1950s sparked decades of philanthropic activities.

That’s what I consumed and learned from last week.

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