Thiel Macro

That's the whole reason, one of the big reasons why the shift to passive, right? Because it's, there's just too much career risk to not, to stand in front of that, and people get wise after a while.

I had this wild podcast with Michael Green, who's PM at Thiel Macro, who's Peter Thiel's hedge fund.

And I would have probably discounted a lot of what he was saying except that him and Peter Thiel has done some famous trades, and he's been contrarian and right.

And he says that the entire market today, or most of the market, is driven by index inclusion and outflows, not actually underlying fundamental value in the business.

So Michael, you're a portfolio manager at Thiel Macro, which is Peter Thiel's hedge fund.

What did you learn working with Peter Thiel?

What I would define as Peter's core characteristic is the willing to challenge conventional thinking, right? Um, when you interview with Peter, the question he is famous for asking is, "What is the one thing you believe to be true that nobody else believes, or the vast majority of other people believe to be false?" Or the reverse, "What is the one thing you believe to be false that everybody else believes to be true?" And that's really meant to effectively stimulate and isolate a deviation from the crowd, which is necessary for extraordinary or breakout performance.