So what are you seeing now that others are not seeing?

We did see the whole AI revolution, and that's just because of an accident when I was in China in 2015, sitting on a bus with Jack Ma, who is the founder of Alibaba, and he started talking about that.

And I literally had no idea what he was talking about.

He explained that this would be the most consequential technological change which would change the world.

So I have a bunch of academic relationships, one of whom was the head of MIT.

And he said, Jack's underselling this.

So I said, How do you know? He said, because we invented AI at MIT.

Is there something that makes you uneasy about some of the risk out there?

Do you share that optimism?

I mean, you're going to have real changes in the whole healthcare medical area.

And you'll see that.

It'll be profound.

It'll extend life for many, many people.

You'll be able to have individualized education.

And that'll enable anybody with a smartphone.

Curious to hear how you think about that today at a moment like right now.

So do your thing and head to Crocs.com or a store near you now.

rigged system, if you will, and it wasn't open.

There was very little to no interest really in finance.

There really wasn't an SOM, School of Management, at Yale at that point.

business generally was utterly unfashionable.

We were in the midst of the Vietnam War and business was sort of linked to the perception of that war, because they supplied certain types of war materials and that was the most unfashionable thing that you could be involved with.

There was a very anti-business, non-existent finance orientation at the school.

Start today at Equinox.com.

What happened with those setbacks? How did they drive you in terms of as you look forward to evaluate risk and pivot? And we're going to come back to the rest of your pivot.

Yeah, yeah.

Well...

I was untrained in terms of being an investor.

I was an advisor.

And so I made a mistake on our third investment because I really didn't understand how to do investments.

And we had somebody walked in with one of our new partners.

What has motivated you? What are you trying to achieve there, Steve?

What do you think 40 years later with a market cap of, what is it, just about $187 billion today?

Well, it's been 240 at the top.

So that's been quite a journey, and it's been fascinating.

Like all entrepreneurial types of enterprises, you don't know quite where you're going.

But when we started, we knew we'd be doing private equity, We called it LBOs, and we also knew, besides our advisory business, that we'd be starting new businesses.

That was part of our strategic plan.

And we were going to go into new money management areas that we thought would be great for customers.

Where does that stand right now, that relationship between the two superpowers? Well,