00:54:54 · Joe O'Donnell
[00:54:54] S0: Yeah. I mean, I think there's there's a lot of talk. The one other thing that that I at least hear from people quite quite a lot is, you know, what does the investment firm of the future look like? And I have a few thoughts on that, and who knows whether I'm I'm right or not. I say empirically that the changes have been more more around the edges than than transformational so far. But what I think is is is likely to be the case is that investment firms are much more organized around people with good judgment as opposed to a sort of pyramid hierarchy of junior analysts, mid level analysts, maybe portfolio managers, then, you know, the big boss on on top, something like that. You know, the the... I would say this is... This has always been the case, but it will be increasingly the case that having great judgment is the determinant of great investment returns. I think that's one thing. The second thing is I could see it being somewhat counterintuitively likely that there's a lot more investment firms that sprout up as a result of the AI revolution. The cost of doing business will just go down dramatically. And as a result, I could certainly see it being the case. You know, the economics today of running a, I don't know, a $25,000,000 hedge fund, not great. You know, no one's... No one... I shouldn't say nobody. I would say very few people have a $25,000,000 hedge fund, and that's where they wanna stay. They start a $25,000,000 hedge fund because they want want to grow and whatever. But it certainly seems possible to me that in the future that the economics of that could be totally fine. And so I don't think we're gonna hit some sort of hyper efficient market situation where the stock prices of every company in the world are exactly right at all times. My strong suspicion is that actually for now, the amount of alpha available to the world is perhaps greater than it's been in a very long time, primarily around the misuse of AI. And my strong suspicion is that the amount of alpha on a normalized basis for a long time will not decline.
00:57:03 · Brett Caughran, Joe O'Donnell
[00:57:03] S1: Yeah, I fully agree with that. Well, this was really interesting, Joe. Thank you so much for being with us and I look forward to staying in touch and following the Canary journey. So thanks again. [00:57:21] S0: Thanks for having me.