Topic
Markets, investing frameworks, and how capital compounds.
David Rubenstein turned $5 million into Carlyle Group's $500 billion, decades after his first career ended at 31 in Jimmy Carter's White House. He describes a rule that most founders start businesses before 37, the Amazon stake he passed on, and why the fear of failure never fades even after four decades of success.
Baylor University's $2.6 billion endowment, run by CIO David Morehead, prizes speed of return over size of return: three 3X funds cycled every six years beat one 15X fund held for eighteen (16:21). Morehead also uses conservative pricing and mechanical, 10%-increment buying to strip emotion out of downturns (28:49, 35:48).
Nvidia posted $60 billion in quarterly profit, the largest ever recorded by a public company (09:38). Salesforce rallied on its Anthropic deal, US Treasury yields near 5.3% point to a fiscal squeeze requiring $10 trillion in refinancing (38:48), and Moderna's mRNA cancer therapy, built on decades of public research, now costs $500,000 per patient (88:56).