James van Geelen, founder of Citrini Research, scored big when he made his weight loss drug-related investments last year. He was also early into artificial intelligence investments, making bets on picks and shovels plays, like Nvidia. So what's interesting him right now? And how does a thematic investor grapple with uncertainty from things like the upcoming US election? We talk about the next stage of AI investing, constructing election-related portfolios, going long water, and more.

James van Geelen, founder of Citrini Research, scored big when he made his weight loss drug-related investments last year. He was also early into artificial intelligence investments, making bets on picks and shovels plays, like Nvidia. So what's interesting him right now? And how does a thematic investor grapple with uncertainty from things like the upcoming US election? We talk about the next stage of AI investing, constructing election-related portfolios, going long water, and more.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

James van Geelen on Thematic Investing Right Now

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6e04da45-c399-454e-a235-b1aa0119982d/transcript

This year could be a big one for IPOs. From Anthropic to SpaceX to OpenAI, we could see some gigantic companies hit the public market. But of course, the big story is that big, thriving companies feel less and less pressure to go public. In a different era, private giants like Databricks and Stripe might've IPO'd a long time ago. So what's changed? Why are companies comfortable staying private for so long? On this episode, we speak with David George, a general partner at Andreesen Horowitz, who leads the firm's growth investing team. He discusses how private markets have grown deeper and more liquid, which greatly reduces the need for companies to have public stock at all. We also talk about how he's thinking about the AI disruption trade, and when it makes sense for these private giants to bite the bullet and expose their stock to public investors.

Read more:
Private Equity Targets Clean Energy After Steep Drop-Off in 2025
Andreessen Horowitz Backs Unicorn Kavak in $300 Million Round

Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

This year could be a big one for IPOs. From Anthropic to SpaceX to OpenAI, we could see some gigantic companies hit the public market. But of course, the big story is that big, thriving companies feel less and less pressure to go public. In a different era, private giants like Databricks and Stripe might've IPO'd a long time ago. So what's changed? Why are companies comfortable staying private for so long? On this episode, we speak with David George, a general partner at Andreesen Horowitz, who leads the firm's growth investing team. He discusses how private markets have grown deeper and more liquid, which greatly reduces the need for companies to have public stock at all. We also talk about how he's thinking about the AI disruption trade, and when it makes sense for these private giants to bite the bullet and expose their stock to public investors.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-02-19/private-equity-targets-clean-energy-after-steep-drop-off-in-2025?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Private Equity Targets Clean Energy After Steep Drop-Off in 2025</a> <a href="https://www.bloomberg.com/news/articles/2026-02-17/andreessen-horowitz-backs-mexico-unicorn-kavak-in-300-million-equity-round?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Andreessen Horowitz Backs Unicorn Kavak in $300 Million Round</a>
Only <a href="http://Bloomberg.com" data-inline-card="" data-card-data="">http://Bloomberg.com</a> subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at&nbsp; <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">bloomberg.com/subscriptions/oddlots</a>
<a href="http://bloomberg.com/subscriptions/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">discord.gg/oddlots</a>

A16Z's David George on How Private and Public Markets Fused Into One

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5ac07e49-f12a-4a0f-915d-b3f60130ce1a/transcript

The start of the year has been an absolutely brutal one for software companies. There’s a big fear that the rise of AI and advanced coding models will pull the rug out from this industry. But even before these AI fears, software companies were seeing their growth slow. So how does the business actually work? And more importantly, what types of companies will actually survive the “SaaSpocalypse”? (Or maybe “the CaSaaStrophe”?) On this episode, we speak with Jared Sleeper, a longtime software investor who is now a partner at Avenir. We talk about the history of software, the evolution of business models, and where the threat is most acute. He also talks about why investors are so nervous, and their fears that in the long term many of these companies will be worth zero, while in the short term, they’re not even making much money on a GAAP basis.

Read more: Private Software Companies Release Earnings Early to Calm AI Nerves

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Join the conversation: discord.gg/oddlots

The start of the year has been an absolutely brutal one for software companies. There&rsquo;s a big fear that the rise of AI and advanced coding models will pull the rug out from this industry. But even before these AI fears, software companies were seeing their growth slow. So how does the business actually work? And more importantly, what types of companies will actually survive the &ldquo;SaaSpocalypse&rdquo;? (Or maybe &ldquo;the CaSaaStrophe&rdquo;?) On this episode, we speak with Jared Sleeper, a longtime software investor who is now a partner at Avenir. We talk about the history of software, the evolution of business models, and where the threat is most acute. He also talks about why investors are so nervous, and their fears that in the long term many of these companies will be worth zero, while in the short term, they&rsquo;re not even making much money on a GAAP basis. Read more: <a href="https://bit.ly/3MfMTMw">Private Software Companies Release Earnings Early to Calm AI Nerves</a> <a href="http://bloomberg.com/subscriptions/oddlots" data-link-cookie="1" data-destination="http://bloomberg.com/subscriptions/oddlots">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-destination="https://discord.gg/oddlots">discord.gg/oddlots</a>

Jared Sleeper on Which Software Companies Will Survive the "SaaSpocalypse"

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/76d0c28e-da20-4879-bd66-b3f50183cbe0/transcript

For years, DRAM -- or Dynamic Random Access Memory -- was kind of a sleepy, commoditized aspect of chip industry. Growth was steady, but modest, and prices just generally drifted lower. Suddenly all that's changed. AI has created voracious demand for DRAM and consumer facing companies are being forced to either curtail supply or raise prices due to exploding costs. But what is it about AI that consumes so much memory, and when will the market rebalance itself? On this episode, we speak with Ray Wang, an analyst at SemiAnalysis, who recently co-authored a report titled, Memory Mania: How a Once-in-Four-Decades Shortage Is Fueling a Memory Boom. We discuss the implications of this memory boom, how producers are responding to surging prices, and whether or not the Chinese companies in the space can catch up to the Korean giants, such as Samsung and Hynix.

Subscribe to the Odd Lots Newsletter
Join the conversation: discord.gg/oddlots

For years, DRAM -- or Dynamic Random Access Memory -- was kind of a sleepy, commoditized aspect of chip industry. Growth was steady, but modest, and prices just generally drifted lower. Suddenly all that's changed. AI has created voracious demand for DRAM and consumer facing companies are being forced to either curtail supply or raise prices due to exploding costs. But what is it about AI that consumes so much memory, and when will the market rebalance itself? On this episode, we speak with Ray Wang, an analyst at SemiAnalysis, who recently co-authored a report titled, <a href="https://newsletter.semianalysis.com/p/memory-mania-how-a-once-in-four-decades" data-destination="https://newsletter.semianalysis.com/p/memory-mania-how-a-once-in-four-decades">Memory Mania: How a Once-in-Four-Decades Shortage Is Fueling a Memory Boom</a>. We discuss the implications of this memory boom, how producers are responding to surging prices, and whether or not the Chinese companies in the space can catch up to the Korean giants, such as Samsung and Hynix.
<a href="http://bloomberg.com/subscriptions/oddlots" data-link-cookie="1" data-destination="http://bloomberg.com/subscriptions/oddlots">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-destination="https://discord.gg/oddlots">discord.gg/oddlots</a>

Ray Wang on How AI Is Causing DRAM Prices to Surge

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/3220a86a-8dcd-4d57-8be1-b3f0014ddd5e/transcript

James van Geelen on Thematic Investing Right Now

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