Rainmakers is back with another episode. This time on the legendary investor Jay Pritzker. In his father's first ever TV appearance he tells a panel of fellow businessmen why he disdains the media for the ways they portray his family. 41 years later, I give it my own shot.

Year 1 Year 2 Year 3 Insert Chinese proverb. Let’s revisit in 7 years.

Let's get ahead of this one... "On David Senra" @davidsenra is a modern American icon. Born into an immigrant family with few advantages (and many challenges), he read and recorded his way into the upper echelons of business and investing. This is the free meritocratic system at its best. He started with a microphone at his kitchen table just over ten years ago. Why do founders and self-made billionaires want to listen to and be with David now? Because he has read hundreds and hundreds of books, with ferocious focus. He was reading for his life, and that made him a better reader than the rest of us. David ripped out insights and seared them into his mind, because every time he did, he changed his life a bit more. What else? He is a devoted friend. In a world of creators clamoring to trade up relationships and proximity to power, always looking up, David does the opposite. When I launched The book of @elonmusk, David bought 1,000 copies (insisting on paying) and gifted them to his listeners for free. He is shockingly generous. He buys products rather than accepting them for free. He donates huge sums of money to friends in need. He makes life-changing introductions. He teaches us everything he knows about podcasting. He gives business ideas, advice, and encouragement freely and often. He has an intense work ethic. If you're jealous of what he has, you better be jealous of what he did to get it. Six years of podcasting into an awkward silence -- losing money every month. With a wife and young child at home. When you meet people with his kind of drive and work ethic, it pushes you harder. (or, if you're weak and ashamed or out of touch with yourself, it will make you angry.) His intensity can make people uncomfortable. The truth of what it takes to build empires can be ugly. The full lives of history's heroes can be hard to look at. But David studies the history of entrepreneurship to improve his own life. Without "shoulds", without advice, and without selling a course. It's not about influencing people, moving public opinion. He has no agenda. It simply speaks to him. It IS him. He loves it, he lives it, and we are lucky to be coming along. That's why we love him, listen to him, and are loyal to him.

Qasar Younis was COO of Y Combinator when Sam Altman was its president. Peter Ludwig was an early engineer on Android Automotive at Google. Both are Detroit guys with family roots at General Motors. In 2017, they started Applied Intuition to make a billion machines intelligent. Putting intelligence into a machine is one of the hardest problems in technology. A car, a tractor, and a mining vehicle each have different hardware, different sensors, and lives on the line if the software fails. So instead of building one machine, they built the technology that goes into all of them. Cars, trucks, defense vehicles, mining equipment, combines, robots. Like Nvidia sells chips into everyone else's machines, Applied Intuition sells intelligence. They are the only company in the world that does this across all of these industries. They have raised about a billion dollars. They have never spent any of it. Qasar believes that when we look back 25 years from now, the most important companies in the world will all be physical AI companies. Last week they launched Dana, an agent platform built to get there faster. Enjoy! @qasar @AppliedInt Timestamps: 0:00 Intro 4:08 Why Physical AI Will Be Enormous 5:54 What Applied Intuition Actually Builds 9:25 Timing the Autonomous Revolution 13:59 From Tools to a Full AI Stack 21:40 Why Chatbots Can’t Build Robots 25:18 The Physical AI Data Flywheel 28:19 The Moat Behind Machine Intelligence 30:13 What’s Slowing Physical AI Down? 32:30 Applied Intuition’s Business Model 36:10 Competing in a Massive Market 39:24 The Hardware Renaissance 41:09 Why They Raised $1 Billion 43:49 A World Filled With Intelligent Machines

First posters for Zach Cregger's ‘RESIDENT EVIL’ film. In theaters on September 18.

I’m generally not a fan of “This is the fastest adoption ever” but increasing a revenue run-rate from $9bn/year to $44bn/year in 5 months is just insane.

Today's episode is a unique one. Shortly after @Opendoor reported earnings, @ReustleMatt spoke with CEO @nejatian for a breakdown of $OPEN. We talk about the quarter in the context of Opendoor's turnaround, including Kaz's view of the business as a market maker, the priorities on the product roadmap, the opportunity in attached services, and the path to profitability. Some highlights from the conversation: 1/ Opendoor is a market maker, not a prop desk. 2/ I was shocked by how the company was being run by outside consultants for so long. The people who were making decisions for the company had almost no stake in the outcome of those decisions. The OPEX was just honestly stupid. 3/ Saying Opendoor is an asset manager that happens to have software is like saying Amazon was a warehouser of books that just happened to have software. 4/ Opendoor has fewer than seventy engineers. I think that would surprise most people. 5/ When we buy lots of homes and sell them very quickly, we get very live feedback about actual market conditions. We pick up data in a way that no one else does. We have a 90 to 120-day advantage on the market. 6/ My job is to make sure that when you want to buy a home, sell a home, that you think of Opendoor the way you think about Uber or Amazon. 7/ Opendoor has an embedded advantage compared to every other buyer and seller of real estate in our cost of capital. But that has not been adequately used by the company. 8/ I want the teacher in Kansas City to have a one-click mortgage, title, escrow, and home buying experience and home selling experience. 9/ Opendoor has had too little discipline when it comes to being a for-profit business because it has been able to reach for capital markets over and over again. 10/ I think it's important that Opendoor be funded by its cash flow. 11/ What I think is very hard to say is that the largest real estate company on the public market in the United States should not be very large. There isn't a $100 billion market cap real estate company in the public markets in the US. That feels like a flaw in the matrix. 12/ I know what every single one of our engineers is working on because we don’t have the luxury of waste. 13/ I can take a series of services in a highly fragmented market, all of whom have very low NPS scores, and jam them all together. All of these players have to pay for CAC, and I don't. They all have to pay for gathering information. I don't. That's the opportunity. Timestamps: 00:00 Intro 00:42 What Kaz found inside Opendoor 03:12 The business model 05:49 How Opendoor makes money 06:48 The data and information advantage 12:18 Sizing the TAM 15:19 Product roadmap: title, escrow, mortgage, solar 18:33 The bundling thesis 21:37 Capital allocation and path to profitability 23:39 70 engineers and AI leverage

When Costco merged with Sol Price's Price Company in 1994, certain assets stayed with the Price family. Those assets formed the original PriceSmart $PSMT. Whether you call it the "Costco of the Caribbean" or the "Costco of Central America", you get the idea. Markus Hansen, PM of Vontobel Asset Management, joined us to break down the business.

Rainmaker’s @ADoricko says 10x’ing cloud seeding operations in Utah could accelerate refilling the Great Salt Lake, and he’s aiming to bring the Colorado River back to 1920 levels by 2031: "We have operations for the Bear River, which is the primary tributary into the Great Salt Lake right now. If we were to 10x our operations, we could radically accelerate the timeline for reversing the eradication of, and refilling, the lake." "We might get to see some participation at the federal level in cloud seeding because it's the only way to produce net-new water for the lake. That's an interesting project not just because the lake is a piece of national American heritage, not just because it's something that the ski industry in Utah depends on, not just because if the lake aridifies you end up with toxic arsenic getting kicked up like in the Salton Sea, but also it's the training wheels for what an interstate weather modification project would look like for the Colorado River." "Rainmaker's goal, to call a shot publicly, is to get the Colorado River back to its 1920 supply levels by 2031. That will mean about 8 million more acre-feet of water down. A lot of that will come from cloud seeding, and some of it will come from other technologies we're looking at right now."