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. 22h ago

    FSD: OpenAI Valuation & Coatue, Momentum Factor

    Heading home from Money 2020, Ram shares what a string of conversations in San Francisco taught him: AI adoption is still under-penetrated, even in Silicon Valley, and the frontier labs now look like airlines, with falling token prices and consolidation ahead. He turns to OpenAI's latest raise and the capex obligations behind it, asks whether Coatue is the Tiger Global of this vintage, and passes on a venture investor's read on the midterms, along with why owning stocks after midterms has historically worked. Then the venture picture: talent hoarding at big tech, experience as a service, back-to-back markups in hot rounds, why it's hard being a VC, the next real breakthrough in LLMs, and why code review is not the next theme. He closes on the momentum factor and why building an agentic firm beats buying one and bolting on AI. Chapters (00:00) Money 2020 and AI adoption in Silicon Valley (01:00) Frontier labs have airline economics (01:48) Can the frontier lab unicorns reach escape velocity? (02:31) AI venture themes and the cost of being late (03:21) OpenAI's valuation and its capex obligations (04:27) Is Coatue the new Tiger Global? (05:46) A venture investor's read on the midterms (07:20) Owning stocks after the midterms (08:26) Big tech is hoarding talent (09:49) Experience as a service (11:05) Back-to-back markups in hot rounds (11:51) It's really hard being a VC (13:35) AI still needs its next big breakthrough (14:12) Code review and the dev tools that grow fastest (15:41) Take a look at the momentum factor (16:11) Build an agentic firm instead of buying one Lumida Wealth Management LLC is a registered investment adviser. SEC registration does not constitute endorsement by the U.S. Securities and Exchange Commission and does not indicate a particular level of skill or ability. References to companies, industry themes, market statistics, prior investment activity, or case studies are included for context and should not be construed as a recommendation or endorsement. Prospective investors should conduct their own diligence and consult their own legal, tax, and financial advisers as appropriate. 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. 3d ago

    FSD: AI Workers and CoreWeave

    From the 42nd floor of the Transamerica building in San Francisco, after Money 2020, Ram shares what he learned comparing notes with venture investors: most teams still use AI agents for tasks, and very few have AI workers that own whole workflows. He looks at where token demand is heading and the questions around the frontier labs' spending, why the AI private markets feel expensive and crowded to him, and the choice he thinks Anthropic faces: compete with software companies, or be part of every company's stack. Then his take on CoreWeave and the neoclouds: a crowded theme in a cost of capital game, NVIDIA's interest in a multipolar cloud, how Elon's spot-price approach differs, and why venture funding is the risk to watch. He closes on public markets, defense tech, and getting every team building with AI. Chapters (00:00) Live from San Francisco after Money 2020 (01:01) Agents, AI workers and AI executives (02:15) Comparing notes on AI-native organizations (03:23) Token demand and the labs' spending (04:05) Why the AI private markets feel crowded (04:54) Anthropic has to pick a side (06:23) The shift to open weight models (07:03) Ram's quick take on CoreWeave (07:52) The neocloud play is done (08:19) NVIDIA wants a multipolar cloud (09:04) Would NVIDIA let a neocloud fail? (10:58) A cost of capital game (12:48) Elon's spot-price bet (13:46) Venture funding is the risk (14:48) Earnings versus sentiment (15:40) Still early in the AI cycle (16:19) Defense tech and public markets (16:46) Get your team building with AI Lumida Wealth Management LLC is a registered investment adviser. SEC registration does not constitute endorsement by the U.S. Securities and Exchange Commission and does not indicate a particular level of skill or ability. References to companies, industry themes, market statistics, prior investment activity, or case studies are included for context and should not be construed as a recommendation or endorsement. Prospective investors should conduct their own diligence and consult their own legal, tax, and financial advisers as appropriate. 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. 4d ago

    FSD: Tesla Roadster & Agent Orchestration

    00:00 Intro00:56 Today's agenda01:20 The Tesla Roadster: a demonstration of human ingenuity01:51 "Flying cars and 140 characters": the Roadster demo02:45 Admiring the products, not the valuation03:36 Attracting talent, capital, and focus04:09 What it signals for humanoids and precision engineering05:03 Agents: hands-on with Meta's Muse05:55 $11 for tens of millions of tokens: value vs. cost06:32 Agent orchestration across models and platforms06:55 OpenRouter: a simple problem with a big outcome07:31 Why models need to check each other: blind spots and ensembles08:00 Setting up agents in Slack08:28 Big Tech does this internally: hundreds of agents09:16 A startup opportunity: just go build it09:48 Compute demand and the developer UX gap10:23 100 agents vs. 1,000 agents11:22 Data center sentiment and foreign information operations11:56 Memory and the limits to AI revenue growth13:09 New markets for coding tools: design and video editing14:14 Personal assistants and the application layer15:29 Owning the customer relationship16:21 Regulated industries: compete with slow incumbents17:13 Markets: rate-sensitive names and value vs. growth17:40 Apple and Palantir as valuation barometers18:53 Buybacks, Anthropic secondaries, and the Jensen interview20:15 Open-weight models and secondary liquidity20:42 Live demo constraints: Zoom and parallel agents21:26 Closing: the promise of AI 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. 4d ago

    FSD: Midterms Experience Market Fit

    00:00 Intro and agenda00:45 Bank earnings: lending growth and a strong economy01:43 The midterm-year pattern: narrow breadth, large caps lead02:52 Year-after reversals: financials, data center, defense03:22 Tax-loss harvesting and seasonality04:07 Product market fit vs. go-to-market fit05:22 The AI assistant land grab: losing money to own the customer06:08 Experience market fit: SMS, email, app, and the relationship07:19 Apple as the master of experiences08:21 Bank earnings detail: mortgage-sensitive banks lag08:42 Goldman crushes: volatility and capital markets09:43 Why Goldman's consumer banking attempts failed10:02 Go-to-market velocity is the moat10:47 Low consumer confidence, strong spending11:15 Consumer health from bank earnings: JPMorgan and Wells Fargo12:17 JPMorgan's consumer bank: 36% ROE and doubling book value14:26 Willingness and ability to pay: stories from the front desk16:19 The economics Nobel and rational expectations17:12 AI is underestimated: Meta's new model and puzzle training19:53 Google goes after video editing20:15 Nvidia, open-weight models, and sovereign AI24:36 Experience market fit as a moat25:09 What to look for in a frontier lab's S-126:16 Adjusted EBITDA: Buffett's warning27:21 Skill as a moat: Michael Jordan, Higgsfield, Whisper Flow29:31 AI in financial services: the big opportunity30:22 Wealth management vs. investment banking32:50 What investment bankers actually do34:29 The size of JPMorgan's consumer bank36:02 Close: the economy is roaring 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. 4d ago

    FSD: Experience As a Service

    00:00 Intro and agenda00:35 October 15 tax anxiety: private investments, penalties, and CPAs01:34 Experience as a service: the new form factor02:32 Experience-market fit: unified context across channels03:06 The AI CPA: pulling 1099s and K-1s, estimating returns04:31 The whole ecosystem: client, CPA, and bookkeeper agents05:36 From "software eating the world" to "AI eating experiences"06:34 Early glimmers: Granola, SMS-first AI, and AI advisors on Zoom07:44 Agents that act: booking, emailing, and the agentic family office08:16 Licensing and regulation: humans in the car, not driving09:20 White-collar disruption in the next 6-12 months10:25 Demand pull vs. slow diffusion10:31 AI SDRs that know who's calling11:00 "Tech on tech violence": Meta, GitHub, and new audio models13:55 Startup and small business mindset in the AI era14:46 From AI enablement to labor substitution15:30 SaaS, insurers, and public CPA firms at risk16:00 Markets: rates have topped, and preferreds at 7.7%16:46 Mag 7 safe havens vs. rate-sensitive leadership17:10 Midterm-year dynamics: 2018 and 202217:45 Value in semis and memory: Nvidia, TSMC, Applied Materials18:07 Gap down, close stronger: a familiar pattern20:13 Hot inflation prints get priced in faster20:40 A hot economy and the Fed behind the curve22:14 Real Vision: why 2002 and 2008 comparisons don't hold24:10 Private credit: coupons vs. principal losses25:24 Redemptions, refinancing, and rate resets25:53 The commercial real estate "cheese grater"27:01 Public markets: AmEx, Goldman, and rate-sensitive conviction27:49 Compute demand: "any chip made will be sold"28:37 Preview: defense tech interview30:20 The four-year cycle and midterm seasonality31:41 Policy uncertainty, defense stocks, and exquisite consumables 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. 5d ago

    FSD: Money 20/20 Highlights

    00:00 Intro: Money20/20 in Las Vegas00:29 Erebor, aggressive lending, and regulatory risk01:44 The AI frenzy entering regulated spaces02:28 Why AI's impact on customer experience is underestimated03:44 Experience as a service: SMS-based AI and new service models04:34 AI startups getting marked up: Basis and vertical disruption05:28 The AI journey: frontier labs, compute, vertical apps, consumer AI06:30 AI-powered tax filing and holistic wealth management07:15 Frontier labs: friend or foe?08:09 Startups switching to Kimi and the case for bright lines09:01 Specialization and how economies develop09:33 A lender's view: GPU demand and compute financing risk11:26 Midterm selloff: momentum names on sale12:22 French riots and a possible October surprise13:41 The conference business: a lesson for the next generation14:05 Opportunistic investing: how a sponsor earned 40%15:17 The roll-up that went from $35M raised to $670M exit15:43 Two ways to win: lean into AI or go AI-proof 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. 6d ago

    Non-Consensus Investing: AI is crowded. Defense is next

    00:00 Cold open: highlights01:47 Why defense tech is the next trend03:04 From the Pentagon to VC: early thesis on the coming tech wave04:03 Blacked-out van to meet Ukraine's unmanned systems commander07:26 First trip to Ukraine and the sourcing thesis09:07 State of the war: Russian overmatch, air defense, and peace pressure12:09 What Ukrainian startups looked like in 2023 vs. today14:18 Anduril and the new defense primes16:12 Ukrainian startup culture vs. the U.S. ecosystem17:15 The Battle of the Baltic and drone boats19:16 A night under ballistic missile attack in Ukraine20:38 The U.S. defense budget: reconciliation, CRs, and the midterms22:57 Affordable mass vs. exquisite capabilities24:55 Patriot PAC-3 and supply chain chokepoints26:05 Reshoring, China dependency, and government capital28:09 Investing deeper in the supply chain: shipbuilding, motors, engines29:39 Solid rocket motors and PAC-3 substitutes32:03 Shield AI and the autonomy orchestration race34:02 Strait of Hormuz and why unmanned systems are more survivable36:05 China and Taiwan: conflict risk37:54 UAPs and the "alien portfolio" question 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. Oct 13

    FSD: What is the Moat?

    00:00 Intro and agenda01:00 Why rate-sensitive sectors are working despite higher yields03:04 Semis, factor quirks, and accumulating rate-sensitive names03:23 The endowment dinner: "rates going to 6 or 7%"04:28 Brazil rallies and quality names on sale05:59 AI agents: frustrations and the "good enough" threshold07:35 Why agents won't be about e-commerce09:00 Labor substitution and margin capture in financial services10:26 The "runaway agent" claim and AI doom narratives11:35 "Midwit AGI" vs. superintelligence13:17 David Grusch on Joe Rogan: the claims16:54 Elon Musk, Palmer Luckey, and Brazil's call for disclosure18:30 Why this matters: the national security question21:41 Grusch's background and credibility24:47 The space investing thesis, reconsidered25:35 Disclosure, accountability, and Congress26:54 Q4 outlook27:29 Cato Institute days, Milton Friedman, and the lead-up to Iraq28:43 The pro-data-center party and Loudoun County29:45 Lived experience of socialism: Russia, Cuba, Venezuela31:24 Making the case for capitalism and free markets33:01 "The lucky few" myth: millionaires via trades, startups, and small business34:58 Gains from trade: why innovation benefits everyone35:42 Book recommendations: Free to Choose and Gary Becker 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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