Kumar Mangalam Birla

On Tuesday in New Delhi, the chairman of a group with about seventy-two billion US dollars in revenue said out loud what a lot of you have been thinking in private.

Kumar Mangalam Birla told a forum audience that his group will go more slowly on AI than it planned a year ago, and that it will not spend out of fear of missing out.

Here is the deal for the next few minutes.

You will hear exactly what he said.

Look, I think there are definitely counterfactuals to that because if you look at some of our second generation wealth creators in India, Mukesh Bhai is a great example.

Kumar Mangalam is a great example.

I've worked with both of them and they're just... incredibly talented you know individuals who built on the on what they inherited but I would say that there are studies done on this and in general I think there is something to be said that the median person probably loses some spark and energy and some fire relative to the person who basically created it all.

And I know there's a Harvard case study that shows by the third or fourth generation becomes very difficult to sustain it.