Second Wave Capital

Cheers, Clement

Hi Rodney, thank you for letting me to republish your 1988 opinion piece. I’ve received feedback from a few clients that it is a great find. It is still very relevant today as we are dealing with human nature.

Looks great cheryl.. good work!

I find the Howard Hughes $HHH board decision to roll over and accept Bill Ackman’s deal terms to be ridiculous.. he effectively paid about $300mn control premium near market lows while loading minority investors with heavy fees and shifting it to a diversified holding company.

Leaving aside questions over whether funding is "secured", it's going to be next to impossible for OpenAI to cover its costs let alone earn a return when there is no moat in this business, and models can be distilled for a fraction of the cost and priced that way.

“There were two in the bed
And the little one said,
"Roll over! Roll over!"
So they all rolled over
And one fell out..”

Michael is promising wealth beyond all hopes and dreams, Sam is promising AGI and techno-salvation, elon is promising robotaxis, humanoid robots, and mars.

Michael saylor, sam altman, elon musk are like modern day religious figures running their own respective cults.