361Firm Zeitgeist Panel at the NY Tech Summit (Feb. 25, 2025) The panel at the New York Tech Summit discussed the transformative impact of technology, particularly AI, on venture capital and early-stage innovation. Joe Mancini highlighted the concentration of assets among large managers and the global innovation landscape. Barb Duran emphasized the productivity gains from AI and the uncertainty caused by current administration policies. Zoe Cruz warned about the risks of hyperinflation and the need for portfolio hedging. Stephen Burke stressed the importance of leadership in addressing debt and inequality. The discussion also touched on the geopolitical implications of US-China relations and the potential for technological collaboration to mitigate global risks.
361Firm Zietgiest Panel at the...Tech Summit (Feb. 25, 2025)
SUMMARY KEYWORDS
AI innovation, venture capital, early-stage companies, technology revolution, market uncertainty, geopolitical shifts, consumer spending, debt management, leadership challenges, educational access, technological race, global alliances, investment strategies, productivity increases, existential risks.
SPEAKERS
Zoe Cruz, Mark Sanor, Barbara Doran, Christopher Birne, Stephen Burke, Joe Mancini
Mark Sanor 00:00
I'm going to make a prediction if Eddy will give me his attention. Eddie and Maisy are doing a deal right now. That's the whole point, yeah. My prediction is that this might be one of the most educational five to six hours of your life. There are so many interesting things happening in the world. Again, we were talking this morning. It really is like a new world order. And what gives us hope is always technology, productivity and all those things, those great things. So we're going to talk about these aspects, and hopefully these are the things that we in this room can control, but we all don't know how to navigate, so we have specialists who that's what they focus on, you know, whether it's health tech or dual use. So let's all learn together. So I asked the panels a classic question, what scares and excites you, and share some insights. And I like to to do the following, and sometimes the what scares and excites you, of course, can be insightful. But by way of very quick introduction, introduce yourself, and then you'll be you about clean up. David, you'd like to clean up. Share it, you know, introduce yourself and share. Share an insight with the view of, we're in this, this very, you know, rapidly transforming world, and the rapidity is only increasing. So with that, I'm gonna, you know, I always like fund the funds, so I raise money. So a lot of people don't want to raise money for fund the funds, because you're like, you know, you don't get paid much. You have to long term journey, but the intelligence that you get from fund to fund. So I let Joe kick off, Barbara, we all, you all know from pickle ball or or CNBC, or the like. Zoe is new to us, maybe not to some of you, but she was the president of Morgan Stanley. Who else has been president of Morgan Stanley here? Not too many of us have been your perch, right? Your view, your vantage point. So and you're on to new frontiers, you'll share some of that. And everyone should know Stephen. Who does not know? Stephen Burke, has anyone has not been to our Tuesday briefing? It okay if you haven't, Olga, you haven't made it. Have you a Tuesday briefing of 361 firm? Has anyone not made it to one of them? You probably made it to 100 but it's 256 next Tuesday, our anchor man. So you'll anchor the panel. So I'm going to pass it off to you, Joe, and truly be inside tell us something we don't know.
Joe Mancini 03:22
Well, I'll start by just telling you what you don't know, which is who I am. My name is Joe Mancini. I'm one of the founding partners of a hybrid venture fund called front porch Venture Partners. About half our capital goes into early stage venture capital on the fund side, via kind of a classic Fund of Funds approach, and about half directly into companies at the early stage. Companies at the early stage. Super excited to be here this community as I've started to engage with it more and more. It's just a really authentic and interesting group of people. So I think it's going to be an amazing day. Is this the scares and excites? Part? Mark, or no?
Mark Sanor 03:54
Well, insights and or scares Excite? Yeah. I like an insightful perspective.
Joe Mancini 04:01
Yeah, insightful. I would say, you know, I mean, it's, obviously, it's a more dynamic world, I think, right now, than we've lived in in a very long time. It feels like every other day there's some new piece of news that's throwing us all for a loop. I focus on early stage venture. I would say I when we get to the scared and excited part, I both worry as well as I'm excited about the state of venture as an asset class and the state of early stage innovation. It's been a primary driver of the US economy for a very long period of time, and American ingenuity and innovation has put us, you know, at the top of the heap globally for a long period of time. And there's an interesting where, an interesting intersection in the asset class right now, where, you know, LPs are frustrated about liquidity, assets are being concentrated among some of the biggest managers. And meanwhile, innovation is happening globally. That's starting to put, I think, American innovation on its on its heels a little bit. So I can talk about. A more inspiring version of where I think we go from here, but that's where I sit today.
Barbara Doran 05:11
Hello, yeah, hi. Besides playing pickleball, and there were two women who won, by the way, will be defending next year. Anyway, I'm Barb Duran. I wear two hats. I'm here, really, on the investment Council of Penn State. I'm not staff member, volunteer. I've been on the board of Penn State for nine years, the Board of Trustees just after the Sandusky scandal was elected by the alumni, and have been on the Finance Committee ever since. So on the investment Council. And so I want to talk a little bit about the things that we do there. But also, excuse me, my other hat is I have my own firm, wealth advisory, asset management, and so I invest in public traded equities, and that's really my specialty as an independent professional, the things that excite me most really goes along with what Dan was saying are Bill Joe. Oh, jeez. Anyway, David. David anyway is really about technology. I don't think that should come as any surprise. There's lots of talk all the time about AI and what that means. We had a market sell off about three weeks ago because of deep seek. You know this Chinese competitor, potential competitor, to Nvidia and lots of other semiconductor players, but there's so much going on, and we're already starting to see the productivity increases that will come from businesses adopted it. And so far, in terms of businesses adopted, probably, you know, not even you know, only maybe 10% have really adopted, and we're not talking about the service now. So the salesforce.com but the businesses will actually implement to make their businesses run more efficiently, their sales, all that sort of thing. So that's just beginning, because everybody's looking at, how do we use it, working with consultants, etc. But there's going to be a lot more to come, and more new companies that we don't even know about yet, and that's why, like, for instance, at Penn State, we're doing we don't invest directly and anything, we're just not big enough. Our end down is maybe six to 7 billion, if you include our operating cash. So we have a great staff, but we invest in funds, you know. So that's the fund of funds who really have the expertise to dive deep. And we've been investing in in different venture capital funds that have different areas of expertise in technology. Some of them are AI. Others are other areas of technology, but AI has been a big one recently, and we're continuing to look in that space. And the publicly traded side at Penn State, we just do index is which I'm always the one speaking up like, why we should do some active managers. But for my own clients, I do a lot in technology. Like, for instance, I've own Nvidia since 2019 which had no idea it would happen as it has. But I looked up at that time, like, why did I buy it then? And it was really because they were one of the first actually using AI to help their clients run their business. And so that was, this was the beginning of and this is just the beginning, still, even despite everything that's happening on So, and I know I'm getting the look, but the things that I worry about really have to do with the current administration and the uncertainty being created by not knowing what's happening with tariffs. Is it more bark than bite? We don't know. We just had a pronouncement today about Canada and Mexico, or maybe it was late yesterday. Who knows? And also about the deportations. We don't know. Even company managements are worried about what that could mean in terms of labor shortage and the inflationary pressures there. So there's a lot we don't know. And right now, what's happened? Sure you've noticed, the last three days, we've had a market sell off, including today, in the equity market. 10 year yield has come down, and I think it's we're now having a growth scare, which we haven't seen for a while, and we'll see how that plays out. My view it's probably a buying opportunity somewhere in there, because the economy is still strong. It's consumer driven, and it's the mid to high income consumer that's driving it. And people have made trillions in the stock market. Their home prices are high, and they're employed. So despite all the noise in the frights of the last few days, I'm still, you know, optimistic on the market. Thank you.
Zoe Cruz 09:09
Thank you. My name is Zoe Cruz. It's actually Zoe Papa vimitrio Cruz. I was born and raised in Greece. I am what you call the American dream. Three years before I went to Harvard on a full scholarship, I didn't speak a word of English, and if it weren't a public school teacher that took an interest as to why I wasn't applying to Harvard, I probably wouldn't be here. And I joined Morgan Stanley right out of business school. It was a small investment banking boutique with 1800 people in three offices, Tokyo, London, New York. When I left in 07 it was 65,000 people. They had offices everywhere. That's a revolution. Finance was globalizing. Overnight, rates were 21% on their way to zero 30. Interest rates, the risk free rate of return for treasuries were 15% on their way to 1% as I say to people, a monkey could do what we did at Morgan Stanley, and we were not monkeys. So you have to recognize paradigm shifts. And I actually think right now we're in a massive paradigm shift. There is way too much in being spilled. Whether the Fed is going to use 25 basis points. Who cares? The world is de globalizing, fragmenting. The biggest assumption the markets are making is that we beat inflation. It's going to go back down to 2% I could be wrong, but I believe we're not going to save 2% in my lifetime. We should worry more about hyper inflation than deflation. The US government has $36 trillion worth of debt, and so for me, what I worry about is there is not enough talk about, how do you hedge your portfolio if it is a paradigm shift, and interest rates actually, the cost of capital keeps on going up, and availability of it keeps on going down. If I'm right about that assumption. A lot of your portfolio is in deep trouble, because that's the assumption most people are making. So what scares me at the moment, I'm an optimist by nature. I love you know, we are the lucky sperm club here, actually, most of us. What scares me is we are in the middle of an amazing technological revolution. But unlike what so it is amazing in the sense that when I look at the power of that thing, I downloaded all four perplexity, Gemini, grok, chat, GPT, all four of them, and I asked them the same question, all four. And by the way, they have their own biases. Just excellent. I don't need 12 research people. It's just in a second, I get the most complex answers to a question that's exciting. I mean, I can get a PhD basically, just, you know, asking that's exciting. Unlike other revolutions, you don't get the extreme risk of Elon, a brilliant man, whatever you want to think about his character. This is a brilliant man who has changed the world. Now everybody's talking the game, but he, I remember, if you look at his interviews only a few years back, he said there's a non zero possibility humanity ceases to exist. Well, that's kind of a big risk. So, so the mirror image of that exciting, exciting revolution is more of us should think about humanity is a wonderful thing, and how do you preserve us being masters of this revolution, as opposed to the other way around?
Stephen Burke 13:14
I'm done. First of all, I agree with most of what you said, and the stuff I don't agree with, I don't understand. So thank you, Zoe for that crash course. I worry about debt too, and I worry about debt being the current consumption of our future earnings, and we've gone way over our skis on that all over the world, and how we get that back is going to be a real problem. And the other thing I worry about is the lack of leadership that will make the hard decisions that we have to make to put the pain on the system that we have to go through to get the excesses out that we built up over the years. I also share the view that the move down in rates is going to be much more challenging the market is hoping for as investors, if we don't get our mind around that change that the last 15 years are done and we're back to a normal interest rate level on the low end of what we've historically seen, you're going to have problems valuing all your assets if we don't get that right. So I think we have to change the mindset there. I do think there's elements of this administration that are not getting credit for the positive outcomes because of the delivery on it, but if we can get digitize a lot of our government expenses, you only raise the level of trust in how our taxes are being spent, they can give you a whole different mindset towards government and deliver much better outcomes for our country, but I think it will be the same for other countries. Europe has a massive fiscal problem where their needs are far greater than their ability to spend to meet those needs, and that's not just on defense, it's on their regular day to day living. So I think the transformations that are going. On. I do think this is one of those periods where we've slowly walked into, over the last decade, big, secular, mega trends, whether it's demographics, whether it's the tech boom. You can go through the list. There's several other areas where we're seeing these mega trends. I think the anti immigration bias that we're starting to say is another worry, we're going to have a brain drain problem. We've already seen it in a lot of countries. The US cannot afford to lose the opportunity the edge that we've had in immigration, and we're on our way to doing that. So I think we're going too far in the pendulum all the time. I think we have to get back to a more moderate way of seeing how we deal with all the problems that we have. So I'll stop there more.
Mark Sanor 15:42
What do you think about the risk of of humanity? So arm and Sir keys on. He did this conference. He how long wasn the question of existence? Do we can, you know, sort of existential, the ultimate existential question. I'm surprised
Stephen Burke 15:58
they made it this far, so that's not a priority for me, but I do have four kids that it is a priority for. And I would say that I worry about our kids. I worry about the we called sending the bill to the kids table with the debt and the strains on the system, but I also worry what we've done to their future. I think their their ability to have hope is not the same that we had when we were growing up. And I think that's a real problem, because without hope and hope in our leaders, it's very hard to get out of the problems and deal with the problems
Mark Sanor 16:32
that we have fair enough. Well, I want to open up because I asked insights and scares and excitements, you sort of answered those questions, but did you hold back a scares and excites? Answer? I held back and excites. Okay, let's Yeah, and that
Joe Mancini 16:46
was really interesting. I appreciate this is a really smart crew up here. You know, like I said, I play in the early stage venture world, primarily in the US. I spend all day, every day, with fund managers and founders. I would say something that excites me with as concerned as I am about certain things, is how many founders are starting businesses right now in an AI native way. And what I mean by that is, you know that they're building these businesses now with AI tools in their pocket that are going to dramatically, I think, decrease the amount of capital needed to build a great company, right? Which means that, as an investor, there's an opportunity for great returns. Peter Walker, at carta has a great stat around the average series A employee count. Two years ago was 18. Last year was 13. It's ready to be under 10 within the next 12 months. So in terms of productivity, kind of carrying us out of this, I think there's a huge opportunity with this next set of tools, not just as a system layer for a lot of things that we do, but for founders and people who are creating and building things, and for our kids as they're creating and building things. So Mark, that's the more optimistic. So
Mark Sanor 17:51
do you know Esther Dyson? Does anyone know Mr. So she was we had this discussion about this time last year about companies that are the founders being an AI and the board members potentially being a is you guys have thought through that scenario, but it's they would Love to replace you too. So so it goes both ways.
Joe Mancini 18:23
I mean, some might as well be AI in certain cases, right? I mean, particularly at the board level, we work with a lot of boards as well, and, you know, there's some sleepy boards that might be better served being AI, right? We try to avoid those types of situations.
Mark Sanor 18:39
So, let's, let's open it up. Will
Speaker 4 18:46
First off, this was awesome. So far, I really enjoyed what you guys all said, a lot of brain power up there. We've talked a lot about, you know, uncertainty of geo politics, Global War, where interest rates are going. I'm curious, you know, from an investment perspective, it's sometimes easier to think about, what are the things that are not going to change amidst all this, and what will continue to just make sense. And I'd love to hear what you guys think about, what's not going to change, and how we could invest in slow, boring things that aren't going to change.
Mark Sanor 19:18
Who wants it?
Zoe Cruz 19:22
Great question. Sorry, yeah, it's a
Mark Sanor 19:27
girl he was being coached by the Pender, right?
Zoe Cruz 19:30
It's a great question. I'm not sure I have the answer that to the question you're asking. One thing will never change is basically, if you have short term clarity on what's going to produce cash, you know, even if inflation takes 5% of it, who cares? That's never I mean arithmetic, simple arithmetic is so good businesses, but I. Say what's also not going to change. Some of the best money I've made is after the crash, one of the best trades I've made, because I know how to read bank balance sheets in oh eight after the war fell apart, you could have bought if you had enough cash saved aside and not prematurely invested all of your portfolio and things you could have bought bill based stock at 50 cents of its book value. This is a company that was still making billions with an S every quarter. So what's not going to change is we know after major and I think we are in a paradigm shift. You don't need to be a great investor. You're going to pick up great companies. You're going to make me investments that give you a symmetry of risk reward. Most Great Investors basically have, so yes, you can lose half of your money, or you can make 100x that's a symmetry of risk reward. You should do the trade every day. I think right now, the asymmetry of risk reward is against the traditional portfolio, stocks and bonds. You know, when you can actually save there is inflation, the huge debt that the market, sovereign in particular, the US of A everyone is actually printing money, including even Germany. Basically, when there is huge debt, as I say many times, people forget there is only two ways of big debt, repudiation or inflation, we're choosing the latter, so that should guide your portfolio. Now the Argentinians don't have a reserve currency. So if you choose inflation, your currency goes down 98% Turkey 60% we are in a wonderful world of America with the reserve currency. The question is, we better be careful. I
Barbara Doran 22:06
just want to make a quick comment on that. We better be careful about the reserve currency, because when 22 when we used we froze central bank in Russia. You know, it suddenly woke up a lot of other central bankers to say, hey, maybe the treasuries aren't so safe after all. So it will be a long term process, but we can't take for granted. I mean, the near term, yes, will be the world's reserve currency, but over many years, and depending how it accelerated or not, by various administrative policies, current or future presidents, that is something to watch. And I share the concern over the deficit, which looks like it's going to be even higher, but what will not change? I mean, there's so many ways to answer that. One is about consumer spending. You know that Americans love to spend through thick and thin and and also market psychology, which we addressed in which Zoe said, back in it was oh nine in February, I remember looking at those bank stocks because a friend said, bar, what can I invest in, and I don't give friends ideas. But I said, if you really want to invest, because she knew nothing. I said it with Hank was bank America and city, which were like $2 stocks. I said, I don't know. The only thing I know is they're not going out of business when will return. It wasn't one, whatever it was. It was crazy. But the only thing I knew they weren't going out of business. So,
Mark Sanor 23:23
all right, yeah, what's
Joe Mancini 23:24
playing in my head, as you all are describing these situations, which I think are really good examples, is just, I mean, supply and demand, as far as I can tell, is always going to, you know, rule quite you know, rule every market and just about every transaction. So knowing where you sit in terms of, you know, where is demand, where is supply, and ultimately, where is price, right, can help you make really good decisions. Simple, but I think we go back to it all the time,
Mark Sanor 23:52
by the way, I'm gonna is amazing here. Of course, you stepped up. But we'll talk about pricing perfect timing, because we're gonna talk about talk about large pricing models. That's the next open AI that we've been looking at. Lots of hands were going up because you guys have asked lots of questions. I'm going to let
Speaker 5 24:16
Dave Thanks. So regarding rare and critical minerals, we're sort of hearing now that if you haven't already got any, gone into them, you're late, that they're not going to be very rare in a very short period of time. Do you guys have views on that?
Mark Sanor 24:31
I mean, Greenland and Ukraine? No views from the panel on that
Speaker 2 24:40
one? No, I don't know enough either. Don't forget the ocean too. Oh,
Mark Sanor 24:44
the ocean. We have two people in Alyssa. Where's Alyssa and Lisa on ocean research. We know so much. We spend so much more in space, not in the ocean. Chris,
Christopher Birne 24:58
thank you guys for your time. I guess. First, I would say, both my dad and I went to Penn State for our undergrad. So we are and I'm Greek. So CI do elada Go Blue? Yeah, oh, wow. So, I guess a lot of discussions I've had with other family offices, and I think Stephen You had mentioned this idea of, you know, a lack of leadership and its effect on making crucial decisions. You know, I think that the Obama administration was the last two year term we had for a president. And, you know, I guess you could argue that Trump is a two term president one time, separately, this political climate that we're in now and this shit, this paradigm shift politically, I think, where, you know, every four years to different president with a completely different outlook. What effect does that have? Like, kind of, some of the things you guys are discussing about the deficit and being able to make crucial decisions,
Mark Sanor 25:48
we do have elections every two years too, that impact
Stephen Burke 25:52
this. I'll start I think the I think the ping pong match of the party's policies is a terrible waste of money for the US, consumer and taxpayer. And I think we need to separate the budget out to a maintenance budget and investment budget the same way you would in a corporation, and then you would evaluate the return on your investment for like the infrastructure plan that was absolutely necessary. But you do that in a way that you actually look for an ROI the way you would in the business, and I think if we did that, the people would have a lot better response to the government spending and new government projects. So I think that's the kind of leadership that you need. You also need people to step up and say, I'm going to be a one term. Er, because what we need to do is the stuff that is the hard stuff, we're going to have to have to raise taxes and we're going to have to cut spending. You can't avoid the deficit problem that we have. You can't grow out of it. We tried that for the last 15 years, and all we did was make the debt worse. We avoided a financial crisis, but we just might have prolonged it instead of completely avoid it.
Zoe Cruz 26:56
I would say that we're focusing on the wrong the politics, the Democrats, Republicans. I think the Democrats pretend they care. The Republicans say they're going to do the right thing for the economy, but neither one, neither of the major parties, really focus on the one thing, the economy is no longer working for large swaths of the population. And if you read history, they pick up the pitch forks at some point. That's what's happening to me. Donald is the pitch fork saying he's a disrupter. We're going to throw a bomb. Tabula rasa. Let's start all over again. So the again, the amount of ink that's being spilled on Obama versus Donald versus at the end of the day, the reason Donald won is he had a great story line. I care. I listen to you. We've globalization eviscerated your town, your middle class America, your poor. I'm listening to you. That resonated now. What's going to happen if two years from now, he's not listening? Is what I worry society is fraying, not because Republicans did the wrong thing, or Democrats did the wrong thing. We're not focusing on fundamentally, when you have I think I read a statistic that's, again, I believe in capitalism, but we're not practicing it any longer. When you have three guys, bez, I think Zuckerberg and Elon, the three are worth more than the bottom 50% of us of a think of that statistic that's crazy. Yeah. So I think, you know, I talked to a couple of you, I think the caucuses we should have is, What is the purpose of leadership, but to actually get to our children, leave our children. I have three amazing children. I'm ashamed of the future I'm leaving them. My generation is the most self est generation of them all my dad fought in World War Two. They were starving, and here we are, my generation. I need, I want, I have to have. So I think that's what has to change, not Obama versus whatever.
Barbara Doran 29:24
Well, all very interesting. But I think your question was, was, really, how does it affect your investing, and how to think about it? So in a more granular, granular level, it does affect, I mean, you had leading up the election, you had the Kamala plays in the stock market. You had the Trump plays, you know, and after Trump won, then you had, you know, all his the areas, whether it was financials, materials, everything running. And so you do have to be cognizant. And of course, now, as I mentioned earlier, there's all this policy uncertainty, which certainly is, you know, impactful, because the Fed is on hold, and probably may hold a little longer to there more clarity, because they are. Worried, you know, if you deport too many people, you know could hurt labor, inflationary and tariffs and so we don't know yet. So there is uncertainty that you have to build in. Now, interestingly, there just was out yesterday, the second Consumer Confidence Report from the Conference Board, and last week with senior University of Michigan, a big drops in consumer confidence in terms of inflation expectations. But interestingly, there was quite a disparity, as we've seen in other surveys, between the Republicans and the Democrats. Democrats were much more pessimistic about it all, and Republicans, even though that number went up, they were not so very interesting. How either they're hearing separate facts or they're interpreting or focusing on different things. So this politicization that Zoe is talking about, you know, is real and is is harmful, you know, in terms of making informed decisions.
Mark Sanor 30:47
Question Tony, hold on one second,
Speaker 7 30:55
Zoe, I want to go back to something you said. I think you touched on concentration, concentration of wealth. Most people are focused on chasing the return based on what's happening in the market, and a lot of that has to do with technology. How do you, how do you properly address that concentration?
Speaker 3 31:14
You know, I hope this time around, it will be different. When you look at the history, when you look at, you know, this time, it's different. When you look at the history of capitalism again, the best system, on a relative basis, you have huge growth plateau, collapse, start all over again. That's how it so you look at, you know, the 1920s I'm rereading the great crash in 1929 you look at the parallels of what we constant, robber barons, concentration of wealth, gold, Gilded Age. I mean, so you look at the pattern. And my hope again is that we don't have this collapse, if people say, if you put your money in equities, you'll make money, yes, over the long decades, if you put your money in equities, right before the crash in 1929 it took you 40 years to make your money back. Let's pick or 30. So to me, I would say, right now, there's not enough, really, risk management these. How do you change the concentration of wealth? I hope it's not by, you know, I hope that those guys that there are worth trillions, don't figure out how they go to Miami to save taxes. They figure out how you actually use technology, you know. And again, Elon, to be fair, even though I think he's a deeply flawed human being, but I have enormous respect for his IQ, he started talking about again, years ago, when you listen to what he was saying, is, and that's why, by the way, they had this, you should have open AI, why he supported it. He said we should have the minimum income. I don't know if that's the right answer. But he thought about if 65% of the US economy is consumption, which means people have a job, they make money, and then they consume. That's America. So when you have all of them now say productivity, you are going to need to fire millions of people. We don't need them, and this time, it's not the machinists. It's actually the lawyers, the accountants. How does so? Again, we're not thinking about the paradigm shift. I am hugely positive about what will happen if we survive at the other the land of plenty, but I hope the transition, which was World War One, World War Two, is what transitions were this time. Hopefully it's different.
Stephen Burke 34:13
I would just add mark. I think the thing that's going to help the inequality is, can we use technology to make the access to education better than it is right now for the low end, because 49% of the spending in the US is done by the top 10% of earners, so they the others don't have a shot. They just don't have a shot right now. And the way our educational system works in many states, it's driven by tax revenues, particularly real estate revenues, and that is the definition of inequality. So I think we have to fix the educational access to allow them to have a shot to compete, because we're not giving them the shot to they're not starting on an even playing field to begin with.
Mark Sanor 34:59
So. What we haven't talked about is the global, the geopolitical Democrats and Republicans. But we're in a world, a shifting world. You talked about the dollar and in our debt loads. But how do you see, I guess, what scares and excites you on the geopolitical fronts? I I'll
Stephen Burke 35:20
start just the same thing inequality. You have a couple countries that are dominating all the discussions and all the influence right now, and it's the US and China, primarily, that are sucking the wind out of the air, out of the room, and they're not leaving much for the rest. And as we're carving up the world, we're creating a real problem with that. I think you have inequality on three levels. I think you have it on a country level, you have it on a corporate level, and you have it on the individual level, and we have to deal with all three of them to for this, to get it right.
Zoe Cruz 35:59
What I'm excited about is that it's possible to have the Chinese leadership and the US leadership meet to say, if actually humanity is what we're trying to save, maybe we work together, as opposed to because the nuclear arms race is now the technology race that the Chinese and the Americans are actually fighting so they don't lose on a technological revolution that they recognize they can lose control of. So my hope is those two guys meet and then we get to the land of plenty fast. Do
Mark Sanor 36:35
we have like this new, enlightened, mutual, assured technological destruction? Yeah, and that we should be enlightened,
Zoe Cruz 36:43
yeah? Because, I mean, I'm sure there are, there are people that are telling both Donald and she that there is a scenario we all die. I mean, there is, we all know that. And so right now, externally, at least what we are hearing and reading is what they want us to hear and read. Those two are the super powers, the unilateral whatever you call it, the world where America was the only one. Yeah, so those two guys, I think there must be at least initiating discussions Russia and all that. It's a human, horrible toll. The two leaders that need to get together, the two that count, that can change the trajectory of the world, is the Chinese and the Americans.
Speaker 2 37:41
Okay? And I worry long term about shifting alliances. You know, the US, it may not be seen as a reliable partner. And certainly Europe, basic leaders in the last week or so have said we've got to go it alone. And that will shift alliances all over the world. You've got Canada, Mexico, and we'll see where that shakes out. And, you know, I think longer term, it could weaken us and our ability, you know, to withstand all sorts of global pressures, the fact that we've done so well the last few years, economically, all these things, again, this is longer term. This will take time to shift, but that's what I'm concerned about. What's being set in motion now. So what? What that may lead to, and it may not be good for us.
Joe Mancini 38:24
I'll tell you a thing that I probably shouldn't say, that I actually wish had been a little less certain for a period of time, which is, I don't know if folks noticed the news story about a week ago that there was a 3% chance in 2032 that a meteor was gonna strike the Earth, right? And then we got a better look at the media, and we're like, Ah, it's one and a half percent. And then we started look back in history, and we're like, Oh, something hit, you know, the northern part of Russia in 1908, it wasn't that big of a deal. And now we're saying, yeah, it's probably not gonna hit. No big deal. I wish that that had stuck at three to 5% for a little while longer, right? And just tried to bring the world a little bit together around, okay, this is madness, but we have an existential threat. We can see it through a big, giant telescope. Let's get the best minds together to try to figure out what to do. Unfortunately, now it's like point 1% and we'll probably be fine.
Mark Sanor 39:17
All right with that. Thank you to our kick off panel. Zoe Can I ask you to stick around? Can you stick around? We're going to talk about AI and two of my panelists are not here, and I thought you might keep sharing some. There you go. It's a half an hour panel. All right. So if Thank you. Thank you so Ben and Maisie Jack is on on an airplane. Watch her. Please come up. We're going to talk about AI, and if you, if you, and maybe. Be Ben, you'll go first, introduce yourself again. Sheri, come join our 361 firm community of investors and thought leaders. We have a lot of events created by the community as we collaborate on investments and philanthropic interests. Join us. Ben.