10 August 2026
18 new episodes (16 hours listening) published by the 50 podcasts on the list. 5 highlight clips below (17 mins total).
Investment 10 August 2026 · 5 clips
Invest Like the Best
Eric Vishria
General Partner at Benchmark, and by his own count 18 investments in 12 years. He backed Cerebras in 2016 off a five-person deck and took it public in May; Benchmark's positions in Fireworks, Sierra and Sunday Robotics sit underneath much of what he argues here.
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contrarian
Eric Vishria tells public software companies that every day they hit their plan they are destroying equity value, with the multiple down from 30 times revenue in 2021 to around six.
Database companies were sticky because an application was written against one interface and the data only grew, so nobody migrated. An agent does not tire of translating one well-specified interface into another, and the winning criteria move to cost, iteration speed and scaling from near-zero usage.
Forward Guidance
Darius Dale, founder of 42 Macro
Founder of 42 Macro, a systematic macro research firm whose signals he says thousands of families and hundreds of institutions subscribe to. He built models and risk overlays on Wall Street for large buy-side institutions before starting the firm, and names the current US Treasury Secretary as a former client.
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1 of 2 prediction
Darius Dale puts fair value on the 10-year Treasury at 5.8%, reached by adding nothing to the model except a normal term premium.
Term premium sits near 78 basis points against a pre-crisis mean of 188, and closing that gap alone does the whole job. He frames the number as the bill for a Fed that holds while the neutral rate rises and then turns dovish once the task forces report, with the bond market paying for both.
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2 of 2 contrarian
Darius Dale argues that Kevin Warsh withholding forward guidance narrows the range of economic outcomes, against a market that read the same press conference as a disaster.
Guidance in the post-crisis era only ever pushed rates down, taking term premium to minus 167 basis points at the COVID trough against a pre-crisis mean of plus 188. On his account that pulled capital out of the real economy and into buybacks and leverage, so letting the curve price the economy again should thin the tails.
AI 10 August 2026 · 5 clips
Invest Like the Best
Eric Vishria
General Partner at Benchmark, and by his own count 18 investments in 12 years. He backed Cerebras in 2016 off a five-person deck and took it public in May; Benchmark's positions in Fireworks, Sierra and Sunday Robotics sit underneath much of what he argues here.
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1 of 2 framework
Eric Vishria says the 2014 consensus that AWS would eat enterprise software was wrong twice over, and the same zero-sum reasoning is now being applied to AI.
Azure and GCP were rounding errors when that call was made and are now among the largest businesses in technology. The error sat in the size of the market, and Snowflake, Databricks, Datadog and Cloudflare all grew on top of the platform that was meant to absorb them.
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2 of 2 framework
Eric Vishria says Geoffrey Hinton's call, around 2016, to stop training radiologists rested on a correct technical premise and still produced the wrong answer.
No aggregated training set spans what a working radiologist reads in a day, from X-rays to MRIs of every part of the body, and a model strong on chest CTs covers one of forty scans. Reimbursement pays doctors for the readout, liability attaches to whoever signs it, and cheaper imaging has raised the volume.