Lumida Wealth : Non-Consensus Invest Beyond the Ordinary

Ram Ahluwalia
  • 5.0 (4)
  • Investing
  • Updated Weekly

Thought provoking conversations with world class leaders in business and investing. Where are the overlooked opportunities? How are hard decisions made? What makes a great investor? Host: Ram Ahluwalia, CEO Lumida Wealth Frequency: Weekly Run time : 60 mins per episode Previous Guests: Frank Rotman (CIO, QED Investors), Marc Weill (Partner, Two Sigma Ventures), Doug Cifu (CEO, Virtu Financial)

  1. 8h ago

    FSD: Microsoft Earnings & Next Phase of AI

    In this FSD episode, titled Revenge of the Cloud Businesses, Ram records on the drive home from a Lumida investor dinner with a Citadel Securities leader, an early Anthropic investor, and a rates and commodities research head. The night's through line is that demand for AI compute is real and there is not enough of it. Microsoft just posted 18% year over year revenue growth with Azure up 43%, and Ram's take is that his personal distaste for Word, Excel, and the Microsoft 365 login is irrelevant: enterprise data, distribution, security, procurement advantages, and a free ride on OpenAI's IP are what matter, and Microsoft and Google will close the Copilot gap. From there he gets concrete about the shortage. A large technology consumer at dinner said the latest NVIDIA systems simply cannot be rented, which matches Lumida's own experience: the backtest engine was designed around one specific Google instance, nicknamed the behemoth, with $60,000 of HBM memory attached, rented five minutes at a time, and it is never online. Meanwhile the memory trade is in the vomit phase, real capitulation, while quality names like ICE, CME Group, and Broadridge rally, and Ram frames it as a seesaw: quality has to stop rallying before semiconductors can rally. He also flags NVIDIA and TSM as the reasonably priced ends of the category, and notes Meta is spending heavily in a show me market that no longer pays for vision. The back half turns to health and longevity, then the Fed. A longevity VC at dinner pointed out that GLP spending now exceeds the combined revenue of OpenAI and Anthropic, that wellness demand is inelastic, and that compounding pharmacies have no publicly traded pure play in the United States. Ram adds the case for building national brands in physical therapy, rehab, and senior living, plus community driven fitness like Lifetime and group sauna classes. On Fed day, Kevin Warsh talked hawkish without raising rates, and Ram weighs the forward guidance debate: he likes the theory that the Fed can't help but give guidance, remembers the early 2010s era of secondhand tea leaf reading that felt like a Reg FD violation, and lands on the punchline that without guidance, Citadel just hires Ben Bernanke. He closes with defense stocks, classic business models working again, and a detour into Song Exploder and his high school classmates who went on to make music history. (00:00) Wrapping up the Lumida investor dinner (00:36) Microsoft's 18% quarter and obvious moats (02:14) Anthropic's revenue and the next form factor (03:00) Cloud is the cheap way to bet on AI (05:11) GPU prices and compute that cannot be rented (06:31) The behemoth instance is never online (08:14) Meta and the show me market (11:35) Memory stocks: real capitulation (12:56) Quality at highs, NVIDIA and TSM bargains (14:29) A longevity VC and the Fundrise discount (17:18) GLP spending vs OpenAI and Anthropic (18:57) Compounding pharmacies with no public pure play (20:05) Hip fractures, rehab, and national brands (21:44) Lifetime Fitness, sauna classes, and community (27:27) Fed day: Warsh talks tough, no hike (28:15) Tea leaves, Reg FD, and Citadel hiring Bernanke (30:41) Long term rates are the unsolved problem (31:54) Defense stocks and classic investing (33:21) Song Exploder, Arcade Fire, and contrarians About the show: Non-Consensus Investing is Ram Ahluwalia's running commentary on markets, where he shares how he's actually positioning capital and talks through the ideas most investors are missing. Real-time analysis, specific names, and a bias toward what's overlooked rather than what's crowded. Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF   Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth 🌐 Website: https://www.lumidawealth.com 🐦 Twitter Follow us on https://twitter.com/LumidaWealth 🎵 TikTok: https://www.tiktok.com/@lumidawealth 📸 Instagram: https://www.instagram.com/lumidawealth 📘 Facebook: https://www.facebook.com/lumidawealth

  2. 1d ago

    FSD: Major Chord & Minor Chord

    In this FSD episode, titled The Major Chord and the Minor Chord, Ram records on a rainy summer day, slightly under the weather, and finds the market in the same condition: running a little slower than usual. His frame for the moment is musical. AI has been the market's major chord, playing nonstop for most of the year up until Micron earnings. Since then the minor chord, quality, has taken over the melody. Good music has both, and so does a good bull market. He calls it hug your favorite CFA mode: quality businesses at good prices, and there are a lot of them out there. The middle of the drive is a tour of what's actually working. Insurance names like Berkshire Hathaway, Marsh McLennan, and Travelers, which is in a lockout rally. Medical devices through the IHI ETF, with DaVita as the case study: a year and a half ago it traded at nine times earnings with 12 percent buybacks, totally hated and unloved, and it turned into a momentum stock. Regeneron just triggered on his mean reversion quality screen, though he doesn't own it yet. ICE and CME are the purest expression of the theme, indestructible businesses that will still be here in 50 years. Staples are working too, maybe a bit overheated, and he trimmed Philip Morris and Altria today. The back half is the other side of the trade. AI semiconductor bottleneck stocks look terrible, with AAOI the poster child dropping below a key moving average, and Ram expects a washout there within days because crowded momentum takes time to unwind. The psychology of the market curve patterns the old Templeton guidance, and these names sit on the hope side, where the faith is almost religious. He closes with the tsunami metaphor: the water pulls back from the beach and the seashells left on the sand are the quality stocks, so when a trade gets crowded in one direction, run to the other side of the boat. It's still a bull market, the fundamentals and capex are intact, and both chords are going to play together. (00:00) A rainy day and the market's two chords (00:44) The return of quality (01:28) Insurance names: Berkshire, Marsh McLennan, Travelers (01:46) Medical devices and the DaVita story (02:58) ICE and CME: indestructible businesses (03:35) Staples, Google, and Microsoft (04:21) AI bottleneck stocks and a coming washout (04:59) Market psychology turns religious (05:42) Lessons from ASML and Micron in 2024 (06:53) Still a bull market: the tsunami metaphor (07:44) Capex is intact: cloud compute spot rates About the show: Non-Consensus Investing is Ram Ahluwalia's running commentary on markets, where he shares how he's actually positioning capital and talks through the ideas most investors are missing. Real-time analysis, specific names, and a bias toward what's overlooked rather than what's crowded. Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF   Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth 🌐 Website: https://www.lumidawealth.com 🐦 Twitter Follow us on https://twitter.com/LumidaWealth 🎵 TikTok: https://www.tiktok.com/@lumidawealth 📸 Instagram: https://www.instagram.com/lumidawealth 📘 Facebook: https://www.facebook.com/lumidawealth

  3. 2d ago

    FSD: Nvidia is Lender of Last Resort

    In this FSD episode, titled NVIDIA, Lender of Last Resort, Ram records the Monday drive home with a special guest, mini-Ram, fresh from summer camp. The frame for the day: NVIDIA is now the lender of last resort for the AI ecosystem, taking equity stakes in CoreWeave and Nebius and backstopping OpenAI's credit on a major new data center. That is the same role J.P. Morgan played in the panic of 1905, the rescue that eventually gave us the Federal Reserve. Ram follows that thread into the QE era, the inflation that showed up in asset prices instead of the CPI, and the bipartisan populism that followed. Before the macro history, a health update. A first-ever cardiologist visit, the statins versus Repatha experiment that brought his LDL down to 70, and the discovery that the same practice covers Walmart executives, whose LDLs run in the teens and low 20s. On markets: Google moves to overweight because the CapEx is producing real revenue, semis remain crowded and need a positioning reset, and constrained chip production is a feature because it prevents a supply glut. The asset-inflation story also explains why he follows the baby boomers, from a sub-billion-dollar senior living find to cruise lines and Shake Shack. Rate-watchers get a history lesson too: October 2023 and 1982 both say the peak in rates tends to mark the bottom in stocks. The back half is the AI ledger. Oracle works as a proxy for OpenAI equity because it sits first in line in the capital stack. Anthropic's run-rate revenue is 45 billion dollars against OpenAI's 30 billion, growing faster at a comparable valuation, which is why Ram thinks we need a new word for unicorn. Jevons' Paradox gets the Shakespeare in the Park treatment, since waiting in line is a real cost whether it is theater tickets or ten minutes for Claude Code to finish a task. The closing thesis: AI is creating more work, not less. We are in the age of labor productivity, supervising and reviewing output. The real unlock is delegation, then AI executives, and that is still years of data centers away. (00:00) Intro: mini-Ram rides along (00:41) Health tip: statins, Repatha, and Walmart execs' LDLs (03:01) Google to overweight and whether AI CapEx is productive (06:14) Semis: everyone is a (18:14) Shake Shack and the great burger debate (20:51) Oracle as a proxy for OpenAI (23:19) OpenAI vs Anthropic: a unicorn without the horn (25:26) Jevons' Paradox and Shakespeare in the Park (27:35) Quality stocks: lows are in (28:47) Peak rates mark the bottom: 2023 and 1982 (30:24) Chicago breakfast with DecaSonic (31:01) The next AI thesis: memory and anticipation (32:19) AI creates more work, not less (35:18) From AI coworkers to AI executives (36:27) The AI beneficiary trade is still ahead (37:53) Wrap-up About the show: Non-Consensus Investing is Ram Ahluwalia's running commentary on markets, where he shares how he's actually positioning capital and talks through the ideas most investors are missing. Real-time analysis, specific names, and a bias toward what's overlooked rather than what's crowded. Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF   Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth 🌐 Website: https://www.lumidawealth.com 🐦 Twitter Follow us on https://twitter.com/LumidaWealth 🎵 TikTok: https://www.tiktok.com/@lumidawealth 📸 Instagram: https://www.instagram.com/lumidawealth 📘 Facebook: https://www.facebook.com/lumidawealth

  4. Jul 21

    FSD: Quality Compounders Are Back

    In this FSD episode, the momentum hangover rolls on while a quality rotation quietly takes hold. Semis soaked up so much capital that everything else lagged the S&P, and that put quality compounders on sale: ICE, Broadridge, Progressive. Sales and earnings keep climbing while the stock prices fall, which is exactly the setup a trained analyst loves. It's a CFA's market. Apple, meanwhile, looks close to a cycle top. Then the big story: China's Kimi model and what it means for OpenAI and Anthropic. Ram argues Anthropic had its IPO window, especially with the run of Claude news drops, and should have taken it. Oracle is already wearing the counterparty pain, and a ban on China LLMs isn't off the table. Still, cheap and abundant intelligence is good for the world. Competition makes everyone better. The next catalyst to watch is hyperscaler earnings, where demand for token inference should show up in the numbers, and Microsoft keeps getting a free ride on OpenAI's innovation without the brutal capex math the labs face. From there the episode shifts to life outside the tape. A new sleep peptide brought higher REM, better dream recall, and a brief flash of lucidity, which turns into a short lesson on lucid dreaming and the book Dream Yoga. Back in markets, over-positioning gets the Thanksgiving treatment: everyone ate too much of a good thing, and the paper-handed momentum buyers need a clearing event. There's also a Wall Street Journal story about a 19-year-old rotating out of Nvidia and Microsoft into space and quantum. You probably want to do the opposite. The close is pure joy: Spain playing the World Cup final like AlphaGo, a goalie who earned unlimited grass-fed steaks, and a first trip to the gym with the kids. Sauna, swimming, stretching, and the first signs of the return on kids. Topics covered: The momentum hangover and the quality-compounder rotation (ICE, Broadridge, Progressive) High-quality dislocated assets and why this is a CFA's market Apple's cycle top China's Kimi model, the threat to OpenAI and Anthropic, and the missed Anthropic IPO window Why cheap, abundant intelligence is net bullish Hyperscaler earnings as the next catalyst; Microsoft's free ride on OpenAI The "best businesses in the world" watchlist and the November '23 quality melt-up Sleep peptides, REM, dream recall, and lucid dreaming (Dream Yoga) Over-positioning, paper-handed momentum buyers, and the coming clearing event The WSJ's uncannily contrarian 19-year-old investor story Spain's AlphaGo-caliber World Cup final Taking the kids to the gym and the return on kids About the show: Non-Consensus Investing is hosted by Ram Ahluwalia, CEO of Lumida Wealth. Every weekday he records an FSD on the drive home: quick, unfiltered takes on markets, quality businesses, AI, health, and family. Nothing here is investment advice. Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF   Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth 🌐 Website: https://www.lumidawealth.com 🐦 Twitter Follow us on https://twitter.com/LumidaWealth 🎵 TikTok: https://www.tiktok.com/@lumidawealth 📸 Instagram: https://www.instagram.com/lumidawealth 📘 Facebook: https://www.facebook.com/lumidawealth

  5. Jul 16

    FSD Relentless Offense

    In this FSD episode, the Argentina–England World Cup match becomes a masterclass for startup founders. Argentina, down a goal with twenty minutes to go, won on wave after wave of relentless offense — and the lesson echoes the study of wars: it's the offense that tends to win. Victory goes to the attackers.   From there the episode translates the match into startup terms. There's no silver bullet — Argentina tried two center-field kicks and five blocked headers before one worked, and that speed of rapid action is exactly what technical velocity means for a founder: how many shots on goal can you take to test product-market fit? The biggest mistakes first-time founders make follow naturally — obsessing over building the product instead of rapid testing, and forgetting that the goal is the customer. A market is a pool of customers defined so narrowly you can identify them; if you can't identify them, you cannot go to market.   The episode closes on two very human stories. First, what Messi did after he scored — on the floor, fists clenched, muscles squeezed — mirrors, almost move for move, the manifestation technique Joe Dispenza describes: a high emotionally activated state full of gratitude. Second, a lunch conversation with a Soviet-born immigrant who says she was brainwashed to dislike Americans — until she arrived in the U.S., watched college students openly challenge their professors, and realized her judgments were never grounded at all. Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF   Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth 🌐 Website: https://www.lumidawealth.com 🐦 Twitter Follow us on https://twitter.com/LumidaWealth 🎵 TikTok: https://www.tiktok.com/@lumidawealth 📸 Instagram: https://www.instagram.com/lumidawealth 📘 Facebook: https://www.facebook.com/lumidawealth

  6. Jul 14

    FSD Bank Earnings, Microsoft vs OpenAI

    In this FSD episode, recorded live on a Monday afternoon, we run through the setup for the week and where the real money is being made.     We start on health and longevity — tonight's sleep peptide and why measuring success by how little you sleep is a bad bet on your brain — before making the case that bank earnings are the best cheat code for reading the macro: better than GDP or payrolls, and about to confirm a rolling expansion with loan growth up, delinquencies stable, and even the lower part of a K-shaped economy doing well. In big tech, the argument for Microsoft as this year's Google — beaten up on capex but with locked-in enterprise distribution and an "Empire Strikes Back" browser-war rhyme — lands on a provocative trade: short Anthropic, long Microsoft.   On the health book, a personal switch from a statin to Repatha dropped LDL from 140 to 65 and led to buying its maker, Amgen, on 30% sales growth and a ~15x PE below the S&P. We close on positioning: correlations are low and animal spirits have faded, a hidden Markov model reads this as a quality-and-earnings market rather than a momentum one, and with 60/40 dead, energy at ~4x forward earnings and insurance stocks are the new bonds — the latter a quiet, unpriced beneficiary of life extension. Along the way: ego is the enemy, oil's conflict premium, and the turnover reshaping the Senate. Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF   Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth 🌐 Website: https://www.lumidawealth.com 🐦 Twitter Follow us on https://twitter.com/LumidaWealth 🎵 TikTok: https://www.tiktok.com/@lumidawealth 📸 Instagram: https://www.instagram.com/lumidawealth 📘 Facebook: https://www.facebook.com/lumidawealth

  7. Jul 10

    FSD: Peptides and Personalized Medicine

    FSD Episode: Escape Longevity — Peptides, Wealth & the Buy-Borrow-Die Playbook (with Matt Goldstein)   In this FSD episode, we sit down with Matt Goldstein, Chief Investment Officer at Exit Wealth, for our first-ever special-guest conversation on where health, longevity, and money collide. We start with the GLP revolution and make the case that health is still the most underestimated investment there is — a healthy man has a thousand problems, a sick man has only one.   From there we get into "escape longevity" — the idea that we may soon add more than a year of life for every year we live — and what it does to insurance, annuities, and a Social Security system built for a world where people died at 70.   The portfolio conclusion is blunt: if you're going to live 50 more years, 60/40 is dead, and stocks are the only assets with enough duration to fund that life.   We then break down the tactical playbook of the ultra-wealthy — "buy, borrow, die," box spreads that let you borrow near the government yield curve tax-deductibly, and the family office that turned a $10M .The back half turns to peptides and personalized medicine,, not health care," and how to actually play the trend (EliLilly, hims).   We close on culture and AI: how GLPs are quietly killing alcohol and bars, why human connection becomes the scarce "anti-AI trade," and a genuinely humbling encounter with Claude. Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF   Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth 🌐 Website: https://www.lumidawealth.com 🐦 Twitter Follow us on https://twitter.com/LumidaWealth 🎵 TikTok: https://www.tiktok.com/@lumidawealth 📸 Instagram: https://www.instagram.com/lumidawealth 📘 Facebook: https://www.facebook.com/lumidawealth

  8. Jul 9

    FSD: Peptides & Harlaan

    In this FSD episode, a night out with venture investors turns into a lesson on the deals people miss — including the family office that passed on Anthropic over a rule against husband-and-wife founding teams, never catching that Dario and his co-founder are brother and sister, not married.  From there it moves into health and longevity: starting peptides and BPC-157, quarterly NAD infusions, and why an OB-GYN friend won't prescribe GLP drugs, with the biggest complaint being that patients lose their love for life as dopamine and reward centers quiet down. On the lighter side, why Harlaan is the most meme-worthy athlete alive and why a sports influencer on your cap table can matter more than a VC.  Then it's all markets: using AI to surface dislocated, high-growth names, the "factor kill box" and "reward box" that drive short-term moves, why in capitalism every business is a bottleneck, and what the latest Fed minutes signal for rate hikes, forward guidance, and the path of policy. Connect with Us Online: Lumida News Lumida Deals Lumida Wealth Lumida ETF   Watch the video on Youtube: https://www.youtube.com/@Lumida_Wealth 🌐 Website: https://www.lumidawealth.com 🐦 Twitter Follow us on https://twitter.com/LumidaWealth 🎵 TikTok: https://www.tiktok.com/@lumidawealth 📸 Instagram: https://www.instagram.com/lumidawealth 📘 Facebook: https://www.facebook.com/lumidawealth

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Thought provoking conversations with world class leaders in business and investing. Where are the overlooked opportunities? How are hard decisions made? What makes a great investor? Host: Ram Ahluwalia, CEO Lumida Wealth Frequency: Weekly Run time : 60 mins per episode Previous Guests: Frank Rotman (CIO, QED Investors), Marc Weill (Partner, Two Sigma Ventures), Doug Cifu (CEO, Virtu Financial)

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