Pranav(@vaneckpk):Great episode. Been thinking about this @dsundheim quote a lot: "You have no cash flows and tons of terminal value. I have tons of cash flows, no terminal value. So somehow we're good together." If you run a key-man business — a small hedge fund, solo law practice, independent dental office, boutique agency, owner-operated SaaS, solo RIA — it throws off great cash but the terminal value walks out the door when you do. So should your personal portfolio really be optimized for more yield? Aren't you already the yield? Feels like 60/40 is the wrong approach for that audience. Starting to think the right framework is: lots of cash + high conviction long-duration moonshots. Things with massive terminal value (but could also be 0s) that compound whether or not you show up.

2026.02.27 13:41

Great episode. Been thinking about this @dsundheim quote a lot: "You have no cash flows and tons of terminal value. I have tons of cash flows, no terminal value. So somehow we're good together." If you run a key-man business — a small hedge fund, solo law practice, independent dental office, boutique agency, owner-operated SaaS, solo RIA — it throws off great cash but the terminal value walks out the door when you do. So should your personal portfolio really be optimized for more yield? Aren't you already the yield? Feels like 60/40 is the wrong approach for that audience. Starting to think the right framework is: lots of cash + high conviction long-duration moonshots. Things with massive terminal value (but could also be 0s) that compound whether or not you show up.

Patrick OShaughnessy@patrick_oshag

2026.02.24 13:00

My conversation with Dan Sundheim (@dsundheim). He is the founder and CIO of D1 Capital Partners, which manages over $30B across public and private markets. There's no one as passionate about investing as Dan. We had a really wide-ranging conversation and discuss: - Public vs. private markets in 2026 - Anthropic, OpenAI, and SpaceX - How Dario reminds him of Jeff Bezos - The future of hyperscalers - The software selloff and what comes next - GameStop and the LP dinner that followed - China vs. US: the risk of Taiwan Enjoy! Timestamps: 0:00 Intro 1:05 Public vs. Private Markets 9:10 LLMs as a Business Model 23:23 The Future of Hyperscalers 27:45 AI's Impact on Traditional Software 36:31 Surviving the GameStop Short Squeeze 49:54 Big Private Bets: Rivian and SpaceX 54:26 The Art of Short Selling 1:04:28 Early Career 1:17:11 Geopolitics and the Semiconductor Collision Course 1:22:05 Traits of Great Leadership 1:23:20 The Kindest Thing

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