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. 2d ago

    FSD: Bessent vs The Bond Market

    In this FSD episode, titled Five Billion Is an Inhale for the Pentagon, the news that the Pentagon is weighing a five billion dollar credit facility for an unknown AI infrastructure company gets read for what it actually signals. The sum is trivial at Pentagon scale, so the story is not the money. It is that AI infrastructure has become strategic enough for the government to act as a lender, and that defense AI is still early. On rates, the position is that the intervention was unnecessary and that interventions of this kind undermine confidence rather than restore it. Markets are testing the ten year at 4.9 and will likely overshoot a round five before settling, which rhymes with the 2023 rate scare that ran from August to late October and gave way to a strong semiconductor run. The bear case is positioning, not fundamentals. The more actionable idea sits in small caps. Businesses under five hundred million in market cap that took five year money in 2021 are being punished as it comes due, many with real operating cash flow, and the firms large enough to solve it will not look at deals that size. The episode closes on Oracle as a proxy for OpenAI, and on a multi agent recruiting app built in under an hour of prompting.   [00:00] Driving a driverless car, and tonight's topics[00:47] Bessent versus the bond market[01:55] Term premium and the odds of a rate hike[04:02] The bear case is that positioning is crowded[06:06] The Pentagon's five billion dollar credit facility[07:14] The business of selling to the federal government[08:27] Easy to lend money, hard to lend it well[09:32] The 2021 refinancing wall[11:11] An orphaned market nobody covers[14:44] Stimulus checks, deficits and the oil link[16:27] Why energy is worth an overweight[16:43] A hedge fund manager's alien question[18:41] Oracle as a proxy for OpenAI[19:52] What happens after an Anthropic IPO[23:38] Where is the defense aligned frontier lab[26:23] Building a recruiting app with AI   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. 4d ago

    FSD: Thoughts on AGI

    In this FSD episode, titled AGI Just Passed the CAPTCHA Test, Ram Ahluwalia takes apart the claim that AGI has arrived. He reads Jensen Huang's declaration as positioning rather than analysis, given Nvidia's incentive to pat its largest customers on the back and to move before AMD does. The test the industry actually cleared, he says, was the CAPTCHA test. AGI is a far higher bar than telling a bus from a not bus. The margin story is the sharper one. Open source models are caustic for the economics of Anthropic and OpenAI, and Ram expects a crowded summit in three years rather than a duopoly, closer to the search engine wars than to a winner take all. His own daily use of Astra backs the skepticism. It is a token hog, slow, and careless about oversight, prompting none of the workflow choices that would speed a build up. Looking for a standard that holds, he lands on American pragmatism, where an idea is true if it proves useful. That thread runs through William James, Karl Popper on what we can know, David Deutsch on physics and knowledge, and the Chicago economists who applied it to law and behavior. Real AGI, he argues, is an agent handed a market and a budget. Memory, compute and natural gas still gate it, which keeps him on the MLP index. [00:00] AI is creating more work, not less[00:43] Why Jensen's AGI call is political[01:19] Open source models are acid for margins[01:52] Astra is slow, and it is not AGI[03:21] Fireside chat with Michael Preck, September 16[04:04] The practical test for AGI[05:23] William James and pragmatism[07:10] Bad philosophy leads to bad outcomes[08:59] Karl Popper and what we can know[10:07] David Deutsch and the multiverse[11:00] Plato's forms versus Aristotle's evidence[11:53] Posner, Becker and the Chicago school[13:24] AGI just passed the CAPTCHA test[13:46] What real AGI actually looks like[14:13] Memory, natural gas and the MLP trade     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. Sep 7

    FSD: Are Semis Back?

    In this FSD episode, titled AI Would Have Rejected Elon's Business Plan, Ram makes the case that AI is structurally incapable of giving you an edge. Multiply enough matrices and the output lands in the center of the distribution, which means AI returns the consensus view by construction. The best opportunities are non-consensus. Elon Musk is the proof: reusable rockets, driverless cars, brutal capital intensity, competing with the government. No model would have approved that plan. The positioning is constructive into September as midterm risk gets priced in. Semiconductors have had a clean positioning reset, and he bought Micron as the American led memory name alongside interest in SK Hynix and Applied Materials. Independent power producers have started to rally on real earnings growth. China is the trade nobody mentions, where he chose Tencent over Alibaba on reward versus risk. Defense tech is the pre position, with Ukraine as Europe's first line of defense. He also walks through the agent build out at Lumida, roughly a dozen now and a hundred expected within three months, covering podcast outreach, newsletter drafting, and pre meeting introductions. The constraint is imagination about which workflows to delegate, not capability. The back half turns philosophical: Adam Smith as moral philosopher, Schumpeter's creative destruction as the right frame for this cycle, and leadership as the one skill AI cannot supply. (00:00) Grokbot and the Anthropic S-1 as next week's catalysts(00:36) Semis are back: Micron, SK Hynix, Applied Materials(01:57) Power, earnings growth, and the GRID ETF(02:19) China is cheap: why Tencent over Alibaba(02:53) Ten agents in three days, and a lumber mill running on AI(03:45) Why non-farm payroll reactions reverse within days(05:05) Adoption is further along than people think(05:45) OpenAI's Astra model and Anthropic's next drop(06:53) The outreach agent that does everything but the idea(08:11) The assistant bot that reads Slack and Telegram(08:38) Ukraine defense tech and pre-positioning for peace(09:54) The name that 5x'd before he could get in(10:21) Defense spending survives an election shift(11:40) Where the value is: semis, cruise lines, airlines(12:32) The meta agent that tells you what to think about(14:16) Building the Lilliputian agent army(14:42) NVIDIA versus AMD and the art of war in silicon(16:25) Wintel, Steve Jobs, and the Business Wars podcast(17:44) Capitalism as civilized aggression(18:11) Adam Smith the moral philosopher and the invisible hand(19:27) Schumpeter, creative destruction, and the age of AI(22:07) Only the paranoid survive(23:32) The one thing after intelligence is leadership(24:00) AI is consensus, the best opportunities are not(25:58) Teaching kids vision, storytelling, and how to pick friends(26:27) Start a business with your kids(28:59) IIT enrollment is moving out of coding(29:27) Leadership is the ultimate skill 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. Sep 4

    FSD: Legacy Brands in Decline

    In this FSD episode, titled Legacy Brands in Decline, Ram takes Lululemon's collapse apart and turns it into a general theory. Three things kill a brand: cheapening the product, competition, and expanding the market until you lose the core customer who made you. That leads to his pet theory that all brands eventually die, and to the question he asked his analyst team. If everyone knows Coca-Cola, why spend hundreds of millions on marketing? Because most of it is inefficient by design. They are buying the next cohort coming online, not the one they already have. On markets, the momentum factor sits at the first percentile of performance, and those same names carry the strongest earnings growth because they are the AI data center names. He likes Celestica, Sterling Infrastructure and Western Digital, and thinks semis are replaying the summer of 2024. He also covers AQR and Quantinno's tax aware long short strategies and the new $10 million minimum, senior living development equity, and a drone company he refuses to name because talking about it would make sourcing harder. [00:00] A conversation with Bob Dewey of American Prosperity[00:40] Legacy brands and decline[00:44] Why he's constructive on semis and data centers[01:24] The midterm risk is nearly behind us[01:55] The semis fever broke in June, and the retest held[02:24] Earnings are strong, every name but Campbell Soup[02:44] The momentum factor is at the first percentile[03:23] Momentum names are the AI data center names[03:36] Celestica, Sterling Infrastructure, Western Digital[04:22] Goldman's fees when Anthropic goes public[04:43] The bear case: the BofA fund manager survey[05:19] Lululemon taken out to the woodshed[05:52] Cause one: they cheapened the product[06:05] Cause two: Athleta across the mall, and Amazon[06:35] Market expansion, and why Goldman never bought a bank[07:20] How expanding the market cost Lululemon its core[07:47] Limits to growth: Costco and Walmart[08:24] All brands eventually die[08:32] Why Coca-Cola still spends hundreds of millions[09:28] His kids already know Google and Tesla[10:15] What a brand is actually worth[10:44] Lumida, and the light of clarity[11:13] AQR and Quantinno: $60 billion in one offering[11:28] Create your own play action[12:05] The minimum just went from $1 million to $10 million[12:53] Why he thought about building the product himself[13:17] How a tax aware long short strategy works[14:03] Tax loss harvesting machines you can't run at home[15:22] Still in chapter three of the AI story[16:17] Semis are replaying the summer of 2024[17:12] Rates, growth, and inflation are manageable[18:04] Senior living care and development equity[18:40] Welltower, roll ups, and a public markets exit[19:47] The drone deal he won't name[20:26] Using Grok and Claude Code to source deals[21:10] Running a Lumida strategy himself tomorrow[21:38] The app feed: insight per unit of time[22:01] New York event on September 26 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

  5. Sep 3

    Anthropic Is Targeting a $30 Trillion Market

    In this FSD episode, Ram questions Anthropic's $30 trillion market claim, a figure that happens to match the GDP of the United States. He argues the productivity boom needed to reach it would create so much deflation that the number could never arrive.He also covers why financial services is a primary beneficiary of AI, why 90% to 95% of banks run on Microsoft, and NVIDIA's move into the open weight layer with a billion dollars into Poolside. Broadcom guides to a double and then another double, NVIDIA grows earnings 75%, and Dell raises revenue guidance by $25 billion into a sector down 25%.His read: demand is strong, supply is constrained, and that constraint is what prevents a bubble. Hedge fund net exposure sits at the first percentile, which sets up a chase into late September. He closes on rates, why equity markets bottom at peak interest rates, and multifamily foreclosures that signal bad balance sheets rather than a weak economy. (00:00) Dinner with an Amex exec, and Anthropic's takedown request(01:12) Financial services as a primary beneficiary of AI(01:54) Why every bank is a Microsoft shop(02:38) Anthropic turns model scarcity into a sales tool(03:43) The old Intel Pentium price discrimination trick(04:19) The executive who wants to replace his team with agents(04:58) Why AI creates infinite work, not less(05:51) Where we are on the adoption curve: the BofA CTO(06:47) Anthropic's $30 trillion TAM doesn't add up(07:29) NVIDIA is building The Avengers: neoclouds and open weights(08:27) Broadcom's double then a double, and NVIDIA's margins(10:22) Demand is strong, supply is constrained(10:43) The Navy, drones, and Shield AI at twice our mark(12:07) There's no better customer than the U.S. government(12:38) Reading every earnings transcript, and the Lumida app(13:32) Semis: positioning has cleared, PEG ratios at 0.6(14:31) Buffett bought Google 15 months ago(14:48) September, hedge fund exposure, and getting overweight(15:47) Dell's $25 billion guide into a 25% drawdown(16:13) Non consensus bullish: getting to the party on time(16:59) Token consumption, and the real dot com difference(19:11) Favorite names: Sterling Infrastructure and Comfort Systems(20:04) The mean reversion strategy that bought FIX this morning(21:36) Snowflake, 13Fs, and following specialist hedge funds(23:09) Aon: buying quality after the M&A selloff(24:57) Staples: Walmart, Dollar Tree, Philip Morris(26:03) Why open weight models are net negative for Anthropic(27:03) Jensen, the White House, and undercutting China(27:48) Pulled over by the police in a self driving Tesla(29:19) Google's AI hypothesized a molecule that worked(30:01) What back up the truck cheap looked like in 2023(30:47) Higher rates reflect a higher return on capital(31:33) The 2021 hangover: private equity and multifamily ARMs(33:15) Kenny Pasternak on real estate prices bottoming(35:12) Equity markets bottom at peak interest rates(36:05) Credit spreads, munis, and the reset in HYG(37:39) A New York event on September 26, and the new app feed(39:05) Private deals: Adams with Travis Kalanick(40:05) Defense stocks are selling off, start building a list(41:28) A fintech leader nobody is talking about(41:55) Why I can't get my head around space(42:31) Camping, an old friend, and the Art of Living 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

  6. Sep 2

    FSD: Public vs Private Markets

    00:00 - Camping Recap & Digital Detox 00:02:00 - Upcoming Appearance on Age of Prosperity Podcast 00:02:20 - Tech Earnings & AI Compute Demand Dynamics 00:03:55 - Recent Stock Additions & CapEx Payers vs. Receivers 00:05:15 - AI Bull Market & Midterm Election Data Center Risks 00:06:38 - Macro Flows, Oil Prices & Geopolitical Opportunities 00:08:14 - Healthcare & Longevity Investment Themes 00:09:28 - Public vs. Private Healthcare & Fallen Angel Rollups 00:10:42 - Private vs. Public Market Valuation Discrepancies 00:12:07 - Evaluating the Space Economy & High Launch Costs 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. Aug 28

    FSD: The Next Phase of the AI

    In this FSD episode, titled The Next Phase of the AI Trade, Ram records on the drive and opens on what he calls the next phase of the AI trade: the application and beneficiary layer. He points to Instinct, a general consumer app that raised $350 million at a $2 billion valuation, and his own note-taking app of choice, Granola, as early signs that value is moving up the stack. The last three years, he argues, were about infrastructure and frontier labs, a chapter that is closing as Anthropic heads public at a $2 trillion valuation with OpenAI to follow, leaving sixty-plus revenue-less unicorns chasing a boat that has already sailed. He traces how AI's usefulness has evolved in steps: GPT delivered novelty, Claude delivered actual work product and deliverables, which he considers more transformational than GPT, and now autonomous agents promise to sit on every customer for compliance, account management, and cross-sell. The obvious "AI assistant" startups, he warns, are about to be rug-pulled by Google Spark, which is why he prefers de-risked market leaders to chasing the next Poolside. On positioning, Ram pushes back on Jordi Visser's move out of NVIDIA into longevity and Eli Lilly, arguing you are supposed to own NVIDIA precisely when it is unloved, complacent, and still posting strong numbers, especially once its forward valuation drops below the S&P 500. He explains the power of free cash flow yield as a stock-selection metric and why the perceived "round trip financing" in AI is actually senior secured positioning, not first-loss equity risk. On humanoids he is skeptical of the hype and would rather play the theme through Shield AI, a private drone company serving the U.S. government and Taiwan that is rumored to raise at a $20 billion valuation this fall, than pay up for Figure, Prometheus, or Tesla. The simplest humanoid bet, he says, is semiconductors and memory, and he adds Micron today after buying Western Digital yesterday. He frames NVIDIA's monster day and its re-guide from 40% to 70% growth on a $5 trillion company as water sloshing through the supply chain, where the most operating leverage sits in semis, memory, and edge computing. He also shares a health tip on clearing a lingering cough and notes that spending on GLPs and peptides now exceeds OpenAI and Anthropic combined. The heart of the episode is his answer to the bubble fear. People pattern-match this AI build-out to the dot-com fiber glut of Exodus Communications and Global Crossing, or to the debt-fueled housing boom he watched firsthand meeting cab drivers who owned six houses. The difference, he argues, is that the market for intelligence always clears. Drawing on Say's Law, Jevons Paradox, and comparative advantage, he explains that intelligence is a general-purpose good that adds commercial value, so as its cost falls demand rises and it always gets consumed and generates a yield, unlike dark fiber or fertilizer. This is also why he believes AI tokens are becoming a form of money, since a token should price to the marginal value of intelligence at any moment, and in a competitive market to its marginal cost, though gross margins remain high for now, something he expects to scrutinize when the Anthropic S1 drops the day after Labor Day. He sees no glut today, only labor hoarding, H-1B constraints, and Google losing top engineers, and concludes you simply cannot get enough intelligence. He closes on the human side, debating AI use with his wife and using it to explain evolution and Humboldt to his kids, the September seasonal head-fake that fools people into recession fears, why it is feast or famine to be a VC right now, and why there has never been a better time to be a founder who maps each industry for AI beneficiaries, the way Brad Jacobs built and sold company after company. (00:00) The next phase of the AI trade: the application layer (01:35) Why the frontier-lab chapter is closing: Anthropic at $2T (02:23) GPT to Claude to agents: how AI's value evolved (03:37) AI agents on every customer, the phase still coming (04:36) The beneficiary layer: Instinct, Granola, and consumer apps (05:30) Consumer vs B2B SaaS, and why Lumida is consumer (06:04) Vertical apps: Harvey, Google legal, and DocuSign (06:49) Free advice: cut stock comp to lift your share price (07:15) Why Jordi Visser is wrong to rotate out of NVIDIA (08:12) Free cash flow yield and the "round trip" financing myth (09:28) How to actually play humanoids: Shield AI, not Figure or Tesla (10:56) The simplest humanoid bet: semis and memory (Micron, WDC) (11:35) NVIDIA's monster day and the "bathtub" rotation (12:27) From 40% to 70% growth: where the operating leverage is (13:23) Health tip: fixing a lingering cough, plus Amgen and Repatha (14:45) Why this is NOT a CapEx glut: dot-com, dark fiber, housing (15:39) The key difference: intelligence always clears (16:38) Say's Law, Jevons Paradox, and comparative advantage (18:48) Tokens as money: pricing the marginal value of intelligence (19:26) The Anthropic S1 drops the day after Labor Day (20:06) No glut: labor hoarding, H-1B, and Google's brain drain (21:14) Raising kids with AI, and the Humboldt story (23:29) Consumer discretionary and the September head-fake (24:42) Why it's feast or famine to be a VC right now (26:03) Founders: map every industry for AI winners (Brad Jacobs) 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

  8. Aug 27

    FSD: Nvidia

    In this FSD episode, titled VC Has Become a Stock Market, Ram records on the drive and opens on NVIDIA's Q2 print. The stock was down a point and a half on the release and then up more than four, which he notes is typical: NVIDIA almost always closes within the straddle, so the house wins and the drama is smaller than everyone expects. The real takeaway, he argues, is that demand for compute is still climbing, with revenue up more than 100% year over year and 18% sequentially even at enormous scale. He thinks semiconductors are interesting again after the recent reset, flagging Western Digital and Coherent as a photonics idea, and makes the provocative point that once analysts update their numbers NVIDIA may carry a lower forward P/E than the S&P 500 itself. That is not a bubble, he says. That is a wall of worry. He then turns to the politics of data centers, using a Simpsons "inanimate carbon rod" analogy to explain why the backlash is aimed at a thing that cannot defend itself, why the towns hosting these facilities are seeing real paychecks, and why more than 40% of small businesses already using AI is the strongest sales point there is. On the tape, he describes uneven, trendless markets where value has led and growth may mount a rally, and repeats his core discipline of keeping a list of great businesses and waiting for them to go on sale below the 200-day. He walks through Heico's near-monopoly on jet-engine aerofoils, why the CapEx receivers and cloud names should be bought on selloffs, Meta's $18 billion state-AG settlement as a drop in the bucket, and a new position in Genius Sports (GENI) for its exclusive NFL license. He explains why he sold Intuit, since AI is coming for tax preparation, but stresses that AI can ratify a diagnosis while it cannot deliver the remedy, which is exactly where players like Lumida win. He is cautious on Salesforce and ServiceNow as master-of-record software gets challenged, more comfortable with HubSpot, and unbothered by oil. On macro he questions Bessent's intervention in the rates market, contrasts it with Warsh's more hawkish tone and Druckenmiller's commentary, and argues the U.S. debt load is manageable through growth because this is emphatically not the 1970s. The back half is a field report from San Francisco on how private markets have swallowed the IPO. Ram frames his new investment in Travis Kalanick's "Adams" physical-AI company, priced far better than Bezos-backed Prometheus and with real revenue, and the bull case that Travis earns a mini-Elon premium through the modern social-media roadshow. From there he makes the larger argument: the IPO is no longer the liquidity event, the Series F or a semi-annual tender is, and secondary markets like Forge, Hive, and NASDAQ Private Markets have turned venture into a tradable stock market for those with access. He surfaces the tokenization of SPVs as a massive, unclaimed opportunity, then explains the bifurcation he saw in SF: top-tier funds are flush while everyone else struggles, LPs now demand fast markups over real liquidity, and a whole strategy has emerged around fast-following brand-name VCs for a quick markup. He tells the story of the "25X VC" who passed on Anduril at $23 billion because the upside was capped, preferring smaller entries with a right to win. He reveals that in the Adams deal his fund reserved the right to seek liquidity ahead of the IPO, describes how his team used AI and social media to auto-DM every VC who follows him and book meetings in town, and closes on the misalignment between LPs and GPs, why Buffett's permanent capital is the edge everyone covets, and a plug for the Lumida Invest app's curated real-time research feed. (00:00) NVIDIA's Q2 print (15:31) The Lumida Invest app: real-time research (16:31) Travis Kalanick's "Adams" deal and the physical-AI bet (19:49) Why private capital markets now dwarf the IPO (21:00) The new liquidity playbook: Series F, tenders, secondaries (22:35) Tokenizing SPVs: the next opportunity (23:44) Field report from SF: venture bifurcation and the war chests (25:00) Why LPs want fast markups, not liquidity (27:20) The "25X VC" and passing on Anduril at $23B (30:53) Reserving the right to seek liquidity before the IPO (31:39) Using AI and social media to book VC meetings (32:34) LP/GP misalignment and Buffett's permanent-capital edge (34:06) Closing thoughts and the Lumida feed 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

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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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