Summation with Auren Hoffman

Ben Miller, co-founder and CEO of Fundrise who listed VCX on the NYSE, discusses retail access to private companies and why VCX exploded on day one. He explains why closed-end funds suit private markets better than ETFs. He outlines how AI will reshape real estate and which markets may benefit or suffer. He also tells the story of visionary developers who remade neighborhoods.

Ralph Goff, a 35-year CIA veteran and six-time station chief with deep experience in Europe, the Middle East, and Central/South Asia. He discusses how drones and surveillance are reshaping warfighting and tradecraft. He examines Ukraine’s strategies, Russia’s incentives to negotiate, China’s strategic gains, and how ideology and demographics shape long-term competition.

Glenn Youngkin, former Virginia governor and ex-co-CEO of The Carlyle Group, blends private equity discipline with public service. He discusses applying CEO skills to government, why operators should run for office, how OKRs transformed a 110,000-person state, the AI-power-data center nexus, and mistakes around decommissioning baseload power.

Marco Zappacosta, co-founder and CEO of Thumbtack, a home services marketplace connecting homeowners with local pros. He discusses why in-person trades resist automation yet gain from AI, how the trillion-dollar home services market remains mostly offline, trust and word-of-mouth as key barriers, and why software’s permanence has faded in favor of data, workflows, and leadership.

Eric Ries, Lean Startup creator and Long-Term Stock Exchange founder, explains why 'bad governance' has outperformed since 2008 and how financial gravity pulls firms from their mission. He contrasts foundation-controlled structures like Novo Nordisk with shareholder primacy, warns about AI-driven 'vibe coding' risks, and offers legal and structural ideas to preserve long-term purpose.

Karl-Theodor zu Guttenberg, former German defense and economics minister turned investor and media entrepreneur. He talks about Germany’s long low defense spending and the shocks that changed it. He explains the country’s industrial shift exemplified by Rheinmetall. He discusses the politically driven nuclear exit, Europe’s tech and market scale challenges, and how to have civil, cross-ideological conversations.

Pat Gelsinger, former Intel CEO and longtime Silicon Valley technologist, shares big-picture takes on chips, geopolitics, and leadership. He explains why U.S. fabs left, how to rebuild semiconductor capacity, the case for a U.S. sovereign wealth fund, Taiwan’s strategic role in chip supply, and lessons learned from Andy Grove’s mentorship.

Tudor Achim, a Lean-based formal verification expert and builder of math-focused AI, and Vlad Tenev, Robinhood co-founder and former aspiring mathematician, discuss building Aristotle, a model that reasons in Lean to eliminate hallucinations. They cover why math is harder than code for LLMs, how formal verification can make software safer, and AI’s role in solving deep conjectures and scaling mathematical research.

John R. Allen, retired four-star Marine and former Brookings president, brings battlefield command and AI experience. He discusses Iran’s unclear objectives and regional risks. He explores how Ukraine speeds autonomous weapons, Taiwan’s deterrence shaped by China’s demographics, and the policy gaps around AI and hyperwar.

Adrian Aoun, entrepreneur and technologist behind Torch, Seneca, and Forward Health, discusses ranking societal problems and choosing ones where you have an edge. He explores how AI is turning healthcare into a product, why Apple struggles with AI, the expert investor paradox, the promise of GLP-1s for longevity, and why he regrets delaying having kids.