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Colossus (Invest Like the Best / Business Breakdowns) Letters & Research Archive

13 pieces · 2026–2026 · updated every Monday

2026

08-18Ben Thompson on Big Tech, China, and the AI Boom Running Out of Money - [Invest Like the Best, EP.487]This interview argues that capital, not computing power, may be the real bottleneck in the AI race. Ben Thompson says the US winning AI completely would be dangerous, and the current 6-9 month gap wit…→08-11Eric Vishria - A Decade of Lessons Investing in Software & Hardware - [Invest Like the Best, EP.486]This piece covers investor Eric Vishria's decade of lessons in software and hardware. His main point: AI is adopting faster than cloud computing, but the market is so big that no single company will d…→08-04Gavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]This interview says the July 2026 AI stock sell-off (NVIDIA down 40-60%) was overblown—actual demand in Silicon Valley is accelerating. Gavin Baker sees this as a buying opportunity. Key holdings: NVI…→08-04Gavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]This piece says AI stocks crashed 40-60% in July 2026, but Gavin Baker thinks the market is too pessimistic because real demand (GPU prices, token usage) is accelerating. He likes NVIDIA (cheapest for…→07-28Sam Altman - How to Make an Abundant Future - [Invest Like the Best, EP.484]This piece covers OpenAI CEO Sam Altman's view on AI's future. He says computing power is the biggest bottleneck now but could be oversupplied in two years as AI becomes too efficient for human demand…→07-27Applied Intuition: A Billion Intelligent Machines - [Business Breakdowns, EP.248]This is about Applied Intuition, a company that sells the 'brains' and development tools for physical machines like cars, drones, and robots, rather than making the machines themselves. The founders b…→07-21Matthew Smith — Natural Gas: The Next Bottleneck - [Invest Like the Best, EP.483]This interview warns that US natural gas faces a severe shortage starting in 2028, as AI data centers and LNG exports will outpace supply and pipeline capacity, potentially draining storage by 2030 an…→07-14John Kim - How to Raise a Few Billion Dollars - [Invest Like the Best, EP.482]This episode features John Kim, a top fundraiser, explaining that raising money isn't about selling logic—it's about building trust. He says money moves at the speed of trust. His persuasion formula i…→05-29Toast: Sticky SaaS - [Business Breakdowns, EP.247]This is about Toast, a company that evolved from a restaurant POS system into an operating system for restaurants, handling orders, inventory, and marketing. The guest, Sean Barrett, is very bullish o…→05-15Auto1: EU-sed Car Marketplace - [Business Breakdowns, EP.246]This episode breaks down Auto1, Europe's largest used-car marketplace. Unlike a typical dealer, it's more like a pan-European clearinghouse for used cars. The key insight: Auto1 spent nearly a decade…→05-08Opendoor: Q1 2026 Earnings - [Business Breakdowns, EP.245]This is an interview with Opendoor's CEO after its Q1 2026 earnings. He argues Opendoor is a 'market maker' (like a stock exchange middleman), not a 'prop desk' that bets on home prices. By buying and…→05-01PriceSmart: Central America’s Costco - [Business Breakdowns, EP.244]This covers PriceSmart, a membership warehouse club operating in Central America and South America, similar to Costco. Fund manager Markus Hansen is bullish, noting 40% of operating profit comes from…→04-24Altius Minerals: Royalty Check - [Business Breakdowns, EP.243]This piece breaks down Altius Minerals, a 17-person firm managing $2 billion through 'royalties'—paying miners upfront for a share of future revenue, not profit, which is safer. Author Luke Bridgeman…→