Dan Rasmussen

You know, not just, not just a co-host, but also a listener, as I like to say.

Uh, but in all seriousness, the episode about small caps was really interesting, and one thing that jumped out to me was that the guest talked about, Dan Rasmussen talked about how one driver of small caps outperformance has been biotech.

And that caught me because my, you know, kind of understanding was that biotech had been underperforming for a long time.

So it turns out that's not the case recently.

And healthcare, which was kind of back here Partly because of policy, but also partly because AI was driving all the investment.

Now it's sort of like money is rotating back.

Which really ties into what Dan Rasmussen was talking about.

AI and biotech were sort of like the speculative fuel behind the small cap rally as well, because people were looking for alternatives to the big hyperscalers, um, in the market.

But I do think they were really good this week, as I always do.

So we got Kevin Weir, Dan Rasmussen, Ian Castle, and I mean, that alone right there.

We have a giant macro conversation.

We have the PE complex and everything that's going on there.

to the next clip

here.

Dan Rasmussen, we always talk to Dan about private equity because he knows a lot about what's going on behind the scenes with private equity.

He's obviously not that positive about it.

Exactly.

It's a, it's an unusual situation, and we're gonna dig into why that's been happening with our guest, Dan Rasmussen of Verdad Advisors.

But before we get to that, I want to talk about what's happening this coming week, w- and one of the big things is the jobs report.

All eyes are on these reports, especially as the market tries to evaluate what the Federal Reserve is gonna do with interest rates.

But-

Yeah.

But, but it's, it's trickling down, and I think, you know, Dan Rasmussen of Verdad Advisors, our guest today, has some interesting explanations as to why that might be happening.

Dan is a hedge fund manager.

In each episode, Kai will sit down with investors, researchers, and other experts to discuss how innovation and other intangible forces, such as brands, human capital, and network effects, are transforming markets and investment outcomes.

In this episode, Kai is joined by Verdade founder Dan Rasmussen.

They discuss private equity software bet, AI's impact on moats and CapEx, and opportunities in Japan, biotech, and a lot more.

You can subscribe on all major podcast platforms using the links in this episode description.

Thank you for listening.

We hope you enjoy the new show.

Our guest today is Dan Rasmussen, the founder and managing partner of Verdade Advisors and the author of The Humble Investor.

Among his many accomplishments, Dan and his colleagues at Verdade published one of the most thoughtful research letters in the investing, combining quantitative investing, financial history, and a willingness to challenge conventional wisdom across public and private markets.

Our guest today is Dan Rasmussen, the founder and managing partner of Verdot Advisors and the author of The Humble Investor.

Among his many accomplishments, Dan and his colleagues at Verdot published one of the most thoughtful research letters in the investing, combining quantitative investing, financial history, and a willingness to challenge conventional wisdom across public and private markets.

Dan and I actually go way back.

It's a way for, um, for customers to receive something for allowing us to help, uh, manage the grid.

Dan Rasmussen works in marketing for Xcel and says recent temps near triple digits have made it harder to get enough energy to consumers who are using more.

We do see, um, an increase in outages, you know, particularly in the Denver metro area when, when we have these high heat, uh, areas like this.

So sometimes the grid just can't keep up in terms of what generation we have available.