John Arnold - China, Energy Markets and Fixing America's Systems - [Invest Like the Best, EP.461]
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Patrick O'Shaughnessy is the CEO of PositiveSum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of PositiveSum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of positive sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc.
My guest today is John Arnold. John is probably the most famous energy trader of all time and certainly the most successful. One of the things John says was that he wanted to cultivate and build the best seat in his industry. The seat with the best perspective, with the most information, with the best systems. What's most interesting about John is after being the most successful energy trader of all time, you could argue that he's gone on to be the most innovative philanthropist as well. John has applied this idea of philanthropy to all different sectors. And what's so exciting about this conv
The origination for the trip was this realization that China has gone through this transformation unlike any other that's happened in the world, both economic and cultural in the course of thirty years. This is a country that has gone from trying to replicate the West to, in many ways, leapfrogging it. I was fortunate enough to spend a week running around and met with four or five companies a day that were all very open and got to tour factories. It was really striking and came away incredibly impressed and also with a lot of questions about what happens to the rest of the world as this rise o
Which company visit was the most illustrative of these big lessons? What was the company visit that looking back on the trip taught you the most?
I've been fascinated with the EV market in China, which about ten years ago was deemed to be a strategic market. And the way that the story is told is that China realized that they were behind on ice cars and were always gonna be playing catch up. And that if they could leapfrog to the next technology, then they could have an advantage on the rest of the world. And so right now, there's apparently over a 100 different manufacturers of EVs in China. Now, of these have a contract manufacturer, and so you can send in your design and do your branding independently of the manufacturing. But there's
Do you know anything about robotics or AI that surprised you?
The number of robotics companies? There's over a 100 now in China. As I understand the process, each five year plan, China specifies certain industries that are deemed strategic. And then the head of the province gets evaluated on a number of factors. Head of the province is selected and not voted on. And so the evaluation is based on things like employment and GDP growth. But then also, are the industries that are being created there aligned with the five year plan? There are also some subsidies coming down from top on those favored industries. And so robotics is certainl
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