Lumida Wealth : Non-Consensus Invest Beyond the Ordinary
Thought provoking conversations with world class leaders in business and investing. Where are the overlooked opportunities? How are hard decisions made? What makes a great investor? Host: Ram Ahluwalia, CEO Lumida Wealth Frequency: Weekly Run time : 60 mins per episode Previous Guests: Frank Rotman (CIO, QED Investors), Marc Weill (Partner, Two Sigma Ventures), Doug Cifu (CEO, Virtu Financial)
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FSD: Apple and China’s Moonshot
<p>In this FSD episode, titled Microsoft Tacked On an Anthropic, Ram drives home through a heavy earnings week and starts with the read-throughs: Apple just needed the earnings event and Siri needs a rebrand, Amazon's cloud confirmed what Microsoft already showed, and Microsoft itself added $500 billion in market cap in a day, essentially tacking on an entire Anthropic. The detail he keeps coming back to is the Microsoft CFO's comment that 90% of the growth is coming from non frontier lab companies. That is enterprise demand, and in his words it is a gestalt shift that calls for an update...
FSD: Ladies Liquor and Leopold
<p>In this FSD episode, titled Ladies, Liquor and Leopold, Ram borrows Warren Buffett and Charlie Munger's old warning about ladies, liquor and leverage and maps it onto the market's main character: Leopold, the 24 year old Columbia valedictorian who just got married to the chief of staff of Anthropic and ran 4x leverage on a single concentrated AI bet. The lender of last resort always wins, and this time it was Citadel, picking up the positions at a discount and sitting on a couple billion dollars of gains already.</p> <p>From there Ram walks through the history of bodies...
FSD: Microsoft Earnings & Next Phase of AI
<p>In this FSD episode, titled Revenge of the Cloud Businesses, Ram records on the drive home from a Lumida investor dinner with a Citadel Securities leader, an early Anthropic investor, and a rates and commodities research head. The night's through line is that demand for AI compute is real and there is not enough of it. Microsoft just posted 18% year over year revenue growth with Azure up 43%, and Ram's take is that his personal distaste for Word, Excel, and the Microsoft 365 login is irrelevant: enterprise data, distribution, security, procurement advantages, and a free ride on OpenAI's IP are what...
FSD: Major Chord & Minor Chord
<p>In this FSD episode, titled The Major Chord and the Minor Chord, Ram records on a rainy summer day, slightly under the weather, and finds the market in the same condition: running a little slower than usual. His frame for the moment is musical. AI has been the market's major chord, playing nonstop for most of the year up until Micron earnings. Since then the minor chord, quality, has taken over the melody. Good music has both, and so does a good bull market. He calls it hug your favorite CFA mode: quality businesses at good prices, and there...
FSD: Nvidia is Lender of Last Resort
<p>In this FSD episode, titled NVIDIA, Lender of Last Resort, Ram records the Monday drive home with a special guest, mini-Ram, fresh from summer camp. The frame for the day: NVIDIA is now the lender of last resort for the AI ecosystem, taking equity stakes in CoreWeave and Nebius and backstopping OpenAI's credit on a major new data center. That is the same role J.P. Morgan played in the panic of 1905, the rescue that eventually gave us the Federal Reserve. Ram follows that thread into the QE era, the inflation that showed up in asset prices instead of...
FSD: Quality Compounders Are Back
<p>In this FSD episode, the momentum hangover rolls on while a quality rotation quietly takes hold. Semis soaked up so much capital that everything else lagged the S&P, and that put quality compounders on sale: ICE, Broadridge, Progressive. Sales and earnings keep climbing while the stock prices fall, which is exactly the setup a trained analyst loves. It's a CFA's market. Apple, meanwhile, looks close to a cycle top.</p> <p>Then the big story: China's Kimi model and what it means for OpenAI and Anthropic. Ram argues Anthropic had its IPO window, especially with the run of...
FSD Relentless Offense
<p>In this FSD episode, the Argentina–England World Cup match becomes a masterclass for startup founders. Argentina, down a goal with twenty minutes to go, won on wave after wave of relentless offense — and the lesson echoes the study of wars: it's the offense that tends to win. Victory goes to the attackers.</p> <p> </p> <p>From there the episode translates the match into startup terms. There's no silver bullet — Argentina tried two center-field kicks and five blocked headers before one worked, and that speed of rapid action is exactly what technical velocity means for a founder: how many sh...
FSD Bank Earnings, Microsoft vs OpenAI
<p> In this FSD episode, recorded live on a Monday afternoon, we run through the setup for the week and where the real money is being made. </p> <p> </p> <p>We start on health and longevity — tonight's sleep peptide and why measuring success by how little you sleep is a bad bet on your brain — before making the case that bank earnings are the best cheat code for reading the macro: better than GDP or payrolls, and about to confirm a rolling expansion with loan growth up, delinquencies stable, and even the lower part of a K-shaped economy doing well. I...
FSD: Peptides and Personalized Medicine
<p>FSD Episode: Escape Longevity — Peptides, Wealth & the Buy-Borrow-Die Playbook (with Matt Goldstein)</p> <p> </p> <p>In this FSD episode, we sit down with Matt Goldstein, Chief Investment Officer at Exit Wealth, for our first-ever special-guest conversation on where health, longevity, and money collide. We start with the GLP revolution and make the case that health is still the most underestimated investment there is — a healthy man has a thousand problems, a sick man has only one.</p> <p> </p> <p>From there we get into "escape longevity" — the idea that we may soon add more than a year of life...
FSD: Peptides & Harlaan
<p>In this FSD episode, a night out with venture investors turns into a lesson on the deals people miss — including the family office that passed on Anthropic over a rule against husband-and-wife founding teams, never catching that Dario and his co-founder are brother and sister, not married.</p> <p> From there it moves into health and longevity: starting peptides and BPC-157, quarterly NAD infusions, and why an OB-GYN friend won't prescribe GLP drugs, with the biggest complaint being that patients lose their love for life as dopamine and reward centers quiet down. On the lighter side, why Harlaan is the...
