Philippe Laffont

the Fed did something that I thought was very clever. They basically said, we're not going to cut just to bail out the equity market. But if the market's liquidity is no longer functioning, emphasis on liquidity, then we'll step in to restore liquidity.

on the hard data, the part that's most surprising is that consumers have very weak sentiment, but in the meantime, consumer spending is remarkably resilient.

when the market did go down a lot, the government did budge and said, hey, we need to step in here.

That retailer told us that they think only about 50% of the tariff gets passed in pricing. So I sort of agree with you. There is going to be a net net positive, and that retailers have way to work things around and stuff like that.

I feel now there's a chance when you look at the next year or two, at some point tariffs goes away. Trump makes this big deal with deregulation, the tax breaks sort of cancel out the tariffs.

CapEx is going up and everybody has a gigantic shortage of chips right now. That I know for sure from all of our private companies, public companies, there's a shortage of chip, a shortage of compute power.

Microsoft said that in their Q1, they processed 100 trillion tokens, 50 trillion alone in March. And so the tokens are really going basically vertical, which is probably because of these reasoning engines, which are much more sophisticated and require more compute power.

is this the next IBM? You're going to stick around for a really, really long time, but you're just not going to be like a company growing as fast as you used to.

To me, it's a little bit like the end of the Max 7 And what we should do is almost think like, hey, what is the next? Remember when the Max 7 used to be Fang and then Fang++, and nobody talks about Fang anymore.

there's such a view that like large companies are bad and we got to bust them and we're not going to let them do any M&A. And as a result of that, small companies no longer get bought by big ones. And for me, it's a disaster

ever since, you know, the 20 and 21, which were very high, if you look at 22, 23, 24, and now the 25, I'm like, how is this that it's worse than 0.4, 0.5, 0.6 that were normal years? How is this worse than 13 and 14 and 15?

these interval funds are really interesting because I think the minimum investment is like $50,000 or something like that. And the conditions to qualify for such a fund are much smaller. So there's many more investors that can come. And I look at it a little bit of like, this is the democratization of tech investing.

If I can compound capital at 12.5% incentive fee for a very long time, it's better than 20% for a short period of time.

Listen, humanoids is a pretty exciting area. I don't know what companies are, but there is going, like, let me, in my top 25, I don't think, I think it's a bit early. I would have a humanoid company.