Asa Fitch & Ben Glickman, WSJ, ‘Meet the Tech Company That Had a Better Year than Nvidia‘
BILL GATES: So what application on your phone do you use the most?
SAM ALTMAN: Slack.
BILL GATES: Really?
SAM ALTMAN: Yes. I wish I could say ChatGPT.
BILL GATES: [laughs] Even more than e-mail?
SAM ALTMAN: Way more than e-mail. The only thing that I was thinking possibly was iMessages, but yes, more than that.
BILL GATES: Inside OpenAI, there’s a lot of coordination going on.
SAM ALTMAN: Yes. What about you?
BILL GATES: It’s Outlook. I’m this old-style e-mail guy, either that or the browser, because, of course, a lot of my news is coming through the browser. SAM ALTMAN: I didn’t quite count the browser as an app. It’s possible I use it more, but I still would bet Slack. I’m on Slack all day.
From his interview by Bill Gates, link here.
Seth Klarman: “In a bull market, anyone, with any investment strategy or none at all, can do well, often better than value investor. It is only in a bear market that the value investing discipline becomes especially important because value investing, virtually alone among strategies, gives you exposure to the upside with limited downside risk. In a stormy market, the value investing discipline becomes crucial, because it helps you find your bearings when reassuring landmarks are no longer visible. In a market downturn, momentum investor cannot find momentum, growth investor worry about a slowdown, and technical analysts don’t like their charts. But the value investing discipline tells you exactly what to analyze, price versus value, and then what to do, buy at a considerable discount and sell near full value. And, because you cannot tell what the market is going to do, a value investment discipline is important because it is the only approach that produces consistency good investment results over a complete market cycle.” – from Baupost letter to shareholder December 22, 1997.
The Daily Jotter 