Gavin McCracken (Pt. 2): Robotics, AI, and A Commodities Supercycle

This was one of my favorite conversations so far this year. Astrid is the founder of Inheritance HQ. According to its website, the company “transforms observation into training data that robots and world models can learn from at scale, enabling capability to compound instead of restart with every newembodiment.”Don’t worry if you didn’t understand a word from that sentence. I didn’t either. Which is why I wanted to interview Astrid.We’re deeply curious (and bullish) about Physical AI and the Robotics thematic at MO over the next 18-24 months. However, I only had “outside” knowledge of the theme. In other words, I digested a bunch of bullish Big Investment Bank reports, but still craved the “boots on the ground” primary contact to pressure-test these assumptions.Astrid is that guy.Besides founding a Physical AI/robotics data company, Astrid is a great public markets investor. We spend a lot of time exploring his investment process, why doing less hasequaled more (read: higher returns), and how Astrid cultivated a strong network of people to feed him ideas.Please note that NONE OF THIS IS INVESTMENT ADVICE. IT IS FOR ENTERTAINMENT PURPOSES ONLY. YOU ARE AN IDIOT IF YOU THINK ANY OF THIS IS INVESTMENT ADVICE. DO YOUR OWN WORK AND CONSULT A PROFESSIONAL BEFORE PUTTING ANY CAPITAL AT RISK.

We are back with another interview with Gavin McCracken. This time, we spend most of the podcast chatting robotics, AI, and why those two themes could kickstart the next commodities supercycle. I really enjoyed Gavin's take on AI and robotics, mainly because it aligns with my initial hypotheses. But it's always good to bounce ideas off a AI PhD. Remember, NOTHING YOU HEAR IS INVESTMENT ADVICE. THIS IS TWO DUDES CHATTING MARKETS FOR ENTERTAINMENT ONLY. YOU ARE AN IDIOT IF YOU THINK THIS IS ADVICE.I hope you guys enjoy!

Q2 2026 Investor Audibles is live. Remember, none of this is investment advice. I just wish there were audible versions of investor letters, so I decided to make them. I hope you enjoy!

This was easily my favorite podcast of the year. Granted, we're only in April. So it's exciting, but a high bar for future guests.Gavin is a one-of-one thinker and investor. He generated a 2,000x return in his account from buying basically two stocks: Valeura Energy (VLE) and Andean Precious Metals (APM).You will love his story on how he found, bought, and held along the way to 2,000x performance.We also talked about process, due diligence, finding an edge, investing psychology, and AI (you'll be surprised on his AI take).I know this is a 2HR conversation, but it is worth every second because Gavin is an independent thinker and worth your time.NOTHING YOU HEAR IS INVESTMENT ADVICE. PURELY ENTERTAINMENT/EDUCATIONAL PURPOSES. YOU ARE AN IDIOT IF YOU TAKE ANY OF THIS AS ADVICE.

PLEASE NOTE THAT NOTHING IS INVESTMENT ADVICE. DO YOUR OWN WORK. NOTHING IS ADVICE ON THIS PODCAST. THIS IS FOR EDUCATION AND ENTERTAINMENT PURPOSES ONLYI had a great time chatting with Jeremy Raper of Raper Capital. I always learn something new from him, and this episode doesn't disappoint. This week, we chat: Cyclicality in AI/semiconductorsUsing AI in Jeremy's investment research processActivism in AustraliaBack to writing onlineAnd more!I know you'll love this episode. Big thanks to Jeremy for joining and taking an hour of his morning to chat stocks and more. PLEASE NOTE THAT NOTHING IS INVESTMENT ADVICE. DO YOUR OWN WORK. NOTHING IS ADVICE ON THIS PODCAST. THIS IS FOR EDUCATION AND ENTERTAINMENT PURPOSES ONLY

I hope you enjoy this podcast with Evan Vanderveer, founder of Vanshap Capital. Vanshap invests in founder-led businesses that focus on Customer Fanaticism. We discuss three of Evan's core holdings: 1. Kaspi (KSPI)2. Nu Holdings (NU)3. Mercado Libre (MELI)PLEASE NOTE THAT NOTHING IS INVESTMENT ADVICE. DO YOUR OWN WORK. NOTHING IS ADVICE ON THIS PODCAST. THIS IS FOR EDUCATION AND ENTERTAINMENT PURPOSES ONLY

I hope you guys enjoy my podcast with @Seedy19 (from X). Seedy is a full-time biotech investor. He generated a 35x on his entire portfolio last year. Not just one stock, his entire portfolio. The crazy part? He did it buying mostly common stocks. Biotech stocks, of course. But common stocks nonetheless!We spend an hour diving into Seedy's process, how he identifies new ideas, researches positions, weighs probabilities, and separates the real companies from the shams. I loved recording this episode. PLEASE NOTE NONE OF THIS IS INVESTMENT ADVICE. IT IS PURELY EDUCATIONAL/ENTERTAINMENT PURPOSES ONLY. DO NOT TRADE ANY OF THESE SECURITIES WITHOUT CONSULTING A LICENSED PROFESSIONAL. YOU ARE AN IDIOT FOR TRYING TO TRADE BIOTECH.

I've got Judd Arnold back on the podcast for another great episode of distressed investing. Judd is one of the best investors I know at finding distressed situations at inflection points. We spent almost two hours discussing energy, COVID normalization, pool companies, and investment process. I hope you enjoy this conversation as much as I did. PLEASE NOTE THAT NOTHING IS INVESTMENT ADVICE. DO YOUR OWN WORK. NOTHING IS ADVICE ON THIS PODCAST.

This is my fifth interview with Peter Mantas. I learn something new each time I talk to Peter. This week, we discuss Peter's views on where the Left Tail lies in biotech, why bubbles are great for biotech's long-term success, and how to spot the real AI winners from vaporware in the biotech space. I loved recording this episode and learned a ton, I know you will too.PLEASE NOTE THAT NOTHING IS INVESTMENT ADVICE. DO YOUR OWN WORK. NOTHING IS ADVICE ON THIS PODCAST.

I hope you guys enjoy my Investor Audibles series with these three Q1 2026 letters:SaltLight CapitalBlue Tower Asset Management LLCPLEASE NOTE THAT NOTHING IS INVESTMENT ADVICE. DO YOUR OWN WORK. NOTHING IS ADVICE ON THIS PODCAST.