Joe Lonsdale: American Optimist

Latest Episodes:

Ep 73: How Candid Health Is Fixing the $280B Healthcare Billing Fiasco, With Lessons from Palantir Dec 07, 2023

Show notes

The U.S. spends $280 billion annually on healthcare billing! It's an irrationally complex and outdated system in which most claims are adjudicated manually, resulting in massive inefficiencies and bogus claim rejections. Why is it so broken? How do we fix it? And what would healthcare look like if it functioned properly?

That's what I discuss with Nick Perry and Doug Proctor, co-founder & CEO and COO of Candid Health, respectively. Two talented Palantir alumni, Nick and Doug represent a trend I'm watching closely: leading technologists with a top culture, the right software, and new breakthroughs in machine learning taking on the most broken areas of our economy.

In this episode, they explain the origins of Candid and how they first learned the billing process by hand in order to build the information architecture necessary to process myriad types of claims with extremely low denial rates. At scale, Nick & Doug envision Candid as Stripe or Shopify for healthcare: the infrastructure layer that automates revenue cycle management and dramatically lowers the barrier to entry for new healthcare startups. And if we ever want the U.S. to move from its broken fee-for-service model to value-based care, we'll need platforms like Candid to enable that shift — another reason I'm bullish on Candid and the leaders behind it.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

Ep 72: Illegal Chinese Bio Labs & Secret Police in the U.S.; Investigating the CCP with Congressman Mike Gallagher Nov 30, 2023

Show notes

Secret police groups, illegal bio labs, and large-scale influence operations — China is engaged in these activities inside the United States today. How should we respond? Is economic divorce the answer? And are we destined for conflict, or is there a path toward peace and mutual prosperity?

We discuss these pressing issues with Rep. Mike Gallagher, Congressman for Wisconsin's 8th District and Chairman of the House Select Committee on the Chinese Communist Party (CCP). A distinguished warrior-scholar, Chairman Gallagher served in the Marines and deployed to Iraq, earned two Master's degrees and a Ph.D., and now leads one of the most consequential committees in Congress.

In this episode, he details some of the CCP's most nefarious activities within the U.S., and our government’s inadequate responses. We discuss the right strategy for addressing the CCP, including when and where economic decoupling makes sense. Chairman Gallagher also provides an update on new legislative efforts he believes will finally succeed at forcing a sale of TikTok, and he explains why China's economic woes and looming demographic crisis might make Xi Jinping more likely to take aggressive action. If you want to understand the extent of the CCP's malign actions and influence campaigns, follow the bipartisan work of Chairman Gallagher's committee.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

Ep 71: Reinventing Community College with Tade Oyerinde, Chancellor of Campus Nov 23, 2023

Show notes

Ten million students attend community college annually, but only 30% ever graduate! It's a massive economic loss to students and society. What if a new model could drastically increase completion rates while maintaining a high-quality education, and leave students with zero debt? That's what Tade Oyerinde is aiming to build with Campus, a new way to conduct community college.

His approach is two-pronged: improve quality and increase completion rates. First, Campus is pioneering a gig economy for top adjunct professors. Recognizing that adjuncts at elite universities are often underpaid and drowning in debt, Campus offers them the opportunity to teach part-time online — a win for adjuncts and students alike. Next, they surround students with support designed to reduce attrition: tuition includes a laptop, wifi, and a personal coach, all at a cost less than the annual Pell Grant (currently $7,495). Campus also recently acquired a brick-and-mortar school in Sacramento that offers hands-on skills training for in-demand career tracks, such as medical coding and cosmetology.

Instead of taking on large sums of debt to attend mediocre private schools, Tade believes community college is the smarter path for most students, and hopes Campus will be at the forefront of a new era in higher education. But it won't be easy. Learn about his journey to reinvent one of America's most entrenched and misaligned sectors.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

Ep 70: "The Geek Way" — Andrew McAfee's New Book on the Radical Mindset that Transformed the World Nov 15, 2023

Show notes

In the last generation, the U.S. technology sector created many of the most valuable companies in the world. Has Silicon Valley figured out a better way to build and scale a business? How did this cohort of outsiders — “geeks” — create cultures that continually redefine the limits of science and technology? And how can others, especially our government, learn from the very best organizations?

These are the questions at the heart of best-selling author Andrew McAfee's new book "The Geek Way: The Radical Mindset that Drives Extraordinary Results." A principal research scientist at MIT, Andrew explores the geek mindset — an obsessive maverick, as he defines it — and explains how geeks developed a new management philosophy that permeates Amazon, Apple, SpaceX, Palantir, and other pioneering organizations. He breaks it down into four norms: speed, science, ownership, and openness, and details the principles behind each.

He also explains why even the most successful companies are vulnerable to bureaucracy and sclerosis, and that human nature and status-seeking have something to do with it. Instead of fighting it, he describes how geeks have figured out a better way to align these innate tendencies with the mission of the company. I've bought copies of this book for all our CEOs, and hope you'll check it out too!

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

Ep 69: How a Builder Mindset Is Solving the World's Ocean Trash Problem; Boyan Slat & The Ocean Cleanup Nov 08, 2023

Show notes

We've all seen the images — garbage patches twice the size of Texas accumulating in the Pacific Ocean. Yet nothing was being done, despite billions of dollars a year spent on environmental lawyers and bureaucrats. That is until a young engineer from Holland set out to do what bureaucrats couldn't — clean up the Great Pacific Garbage Patch and stem the flow of plastic into the oceans.

Boyan Slat is the Founder and CEO of The Ocean Cleanup, the most effective organization ever built to rid the oceans of pollution. They're already cleaning up an average of 750kg of trash each hour this year, and Boyan estimates their latest technology will eliminate the Great Pacific Garbage Patch within 10 years! Moreover, Boyan and his team have also identified the top polluting rivers in the world and are building interceptors to prevent pollution from reaching the seas in the first place — all for a tiny fraction of other environmental spend.

But it hasn't been easy. Boyan explains how they overcame numerous engineering challenges, as well as intense criticism and cynicism from media and activists hoping they would fail. Boyan's inspiring journey reflects the power of an innovation mindset, and the ability of a small group of highly-motivated builders to achieve what an entire class of experts and bureaucrats couldn't. I'm a supporter of Boyan's work and hope you'll consider supporting him as well.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

Ep 68: How to Generate Alpha in Volatile Markets with Jacob Miller of Opto Investments Nov 02, 2023

Show notes

Will high interest rates and inflation be the norm for the foreseeable future? Are we living through a 1970s redux? How should investors navigate these uncertain times?

We discuss the volatile financial markets with Jacob Miller, co-founder of Opto Investments [an 8VC Build company] and head of its Advisory Practice. Jacob studied economics and classics at the University of Chicago and cut his teeth at Bridgewater Capital, the world's largest hedge fund. In this episode, he draws on historical parallels to explain why the U.S. is heading into a long-term debt cycle similar to the late 1970s, and why a prolonged period of readjustment is more likely than a major crash.

He discusses the challenges investors face in the coming years, and why it's vital to find differentiated investments that can generate alpha. One area of opportunity is the private markets, but they have been historically difficult to access and navigate. Jacob explains how Opto is equipping wealth managers with a new tech-enabled platform to understand and invest in these markets with confidence.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

Ep 67: Brad Gerstner on the AI Supercycle & Restoring Faith in Capitalism with Invest America Oct 25, 2023

Show notes

Nearly half of all Americans don't have investment accounts. Financial literacy is the exception, not the norm, in most households. Is it no wonder that so many young Americans distrust capitalism and misunderstand wealth creation?‍Brad Gerstner is stepping up with a solution: a legislative program called Invest America that would create an investment account seeded with $1,000 from the Treasury Department for each of the 3.7 million children born every year in the U.S. His aim is to educate the next generation on the merits of free markets and give every child a financial upside in American innovation. With nominal recurring contributions starting at birth, a child turning 30 today would have over $250,000 in an Invest America account!Brad is the Founder and CEO of Altimeter Capital, a firm he grew from less than $3 million in 2008 to billions of dollars in assets under management today. A leading voice in Silicon Valley, Brad is a four-time founder with a knack for identifying major trends early, from Booking.com, Zillow, and Uber to Snowflake and Mongo. In this episode, he provides his macro outlook on the economy and explains why he believes AI is the next big supercycle but also why being early in a cycle isn't always the right play.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

A Missing Israeli Soldier & the Truth About Hamas Oct 13, 2023

Show notes

On the morning of October 7, Roni Eshel was stationed at a military base in Nahal Oz, not far from Gaza. The 19-year-old soldier was serving her second year of service in the Israel Defense Forces when Hamas stormed the base and set fire to the compound. Some soldiers escaped, some were killed, but Roni has not been found. Her family is desperately searching for her and fears the worst. Her uncle Elad Levy is speaking out in hopes of locating Roni and bringing awareness to the atrocities committed by Hamas. In recent days, we’ve seen shocking displays of pro-Hamas statements and demonstrations from student groups at "elite" universities, while many in the media cowardly display moral equivalence and fail to speak the truth about Hamas’ unspeakable actions. Elad hopes that out of this darkness comes a new moral clarity that will unite the free world behind Israel and make clear that Hamas will meet the same fate as the Nazis and ISIS: complete destruction.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

Ep 66: Bob McGrew — the Superstar Palantir Alum Leading OpenAI's Transformative Research Projects Aug 18, 2023

Show notes

Bob McGrew is at the epicenter of the AI revolution. As the VP of Research at OpenAI, he's instrumental in breakthroughs that are reshaping the world, from building GPT models and launching ChatGPT to overseeing the Dall-E project. How was GPT-4 trained and what will GPT-5 look like? Why does ChatGPT respond with certain biases and how do they correct for that? What breakthrough led Bob to believe AGI could be achievable?

Bob and I were in Phi Psi together at Stanford and both interned at PayPal in its early days. We hired Bob as the second engineer at Palantir, where he built and shipped the first products for the intelligence community and went on to lead engineering and help run the company. Bob joined OpenAI part-time in 2016 and full-time in 2017, where he's been at the forefront of AI innovation. In this episode, we discuss the early days of Palantir, how he knew AI's moment had arrived, and the most important research projects underway at OpenAI. We also look ahead to what GPT-8 could unlock for humanity and what's needed for Large Language Models to move beyond mimicking humans to higher forms of intelligence and creativity.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

Ep 65: Marc Andreessen and the Case for AI Optimism Jul 18, 2023

Show notes

What's the best optimistic case for AI? Could AI actually save the world? What do the AI doomsayers get wrong?

We dive deep into the AI debate with Marc Andreessen, cofounder and general partner at Andreessen Horowitz, for a special conversation held during the 2023 University of Austin Forbidden Courses. We explore Marc's recent essay and why he believes AI could improve productivity, reduce human drudgery, and allow us to spend more time creating art or music, investing in relationships, and doing things that make us more human. Marc challenges the popular narratives on machine learning — why do we assume superintelligence will turn evil, for example? — and applies lessons from history to make a powerful case for embracing the AI age.

However, his optimism is tempered by the realities of politics, and we debate whether it's the fault of the citizenry or special interests for stymieing innovation and progress. We also discuss how philosophical frameworks, like the precautionary principle, have been used to inhibit progress, and why, sometimes, it takes great leaders creating exponentially better products or policies to overcome the status quo. Finally, we field a variety of smart and fun questions from students on AI, politics, and venture capital.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.joelonsdale.com

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