Invested by Aleph

By Michael EisenbergBusiness

Invested by Aleph episodes

November 04 Ami Daniel, Founder and CEO of Windward, on Why 5 Million Barrels a Day Decide the World Economy, How Western Sanctions Left Russian Tankers Uninsured, and Why Force Can’t Fully Reopen Hormuz
Ami Daniel, co-founder and CEO of Windward, on the Houthi blockade of Saudi oil, Trump's Russian diesel deal, and why the next war will be fought at sea.
On this episode of Invested, Michael Eisenberg talks with Ami Daniel, back for a record third appearance, about how Iran and the Houthis are disrupting shipping through the Strait of Hormuz and Bab el-Mandeb with cheap drones and missiles. Using Windward's maritime AI data, Ami explains why tanker freight rates have climbed from about $60,000 a day to nearly $1 million, why ship location transmissions around the Gulf have dropped 83%, and why he counts roughly 90 million more barrels leaving the Gulf over 12 days than public numbers show. They also cover Saudi Arabia's East-West Pipeline to Yanbu, the halt of Qatar's LNG exports from Ras Laffan, the split between US and European sanctions on Russia, marine insurance as the financial chokepoint of global trade, China's incursions near Taiwan and the Philippines, and the threat to undersea internet cables.
Ami served as an officer on the INS Hanit, the Israeli Navy corvette hit by a Hezbollah missile off Beirut on July 14, 2006. Four people were killed and about 12 were wounded. He first came on Invested after October 7th, when he set up a command center in his home to help rescue people from the Gaza envelope, and returned in March at the start of the war with Iran.

KEY TOPICS
00:00 - Intro
00:41 - Ami Daniel's Record Third Appearance
02:28 - What Windward Does
03:49 - Hit by a Hezbollah Missile in 2006
04:49 - Iran Copies the Houthi Model
05:47 - Why Hormuz Can't Be Opened by Force
07:00 - How ADNOC Keeps Gulf Oil Moving
08:42 - Tanker Freight Rates Near $1M a Day
10:15 - The 5 Million Barrel Swing Factor
13:04 - Why the US Guards Gulf Oil
14:21 - How Iran Armed the Houthis
16:20 - The Houthi Blockade on Saudi Exports
20:41 - 83% of Ships Go Dark
21:52 - 90 Million Barrels Missing From Public Numbers
23:31 - Qatar's LNG and Fertilizer Shutdown
25:19 - Jebel Ali Container Imports Cut Off
27:57 - Are Iran's Naval Mines Here to Stay?
31:49 - The Houthi Blockade on Eilat Port
33:32 - The Trump-Putin Russian Diesel Deal
38:06 - US vs. European Sanctions on Russia
41:12 - Marine Insurance, the Financial Chokepoint
43:52 - China's Push Into Marine Insurance
44:47 - What Big Banks Fear About Oil Prices
47:06 - Iran's Death by a Thousand Cuts
49:36 - Is the Blockade on Iran Working?
51:31 - Can Iran Wait Out Trump?
54:50 - Turkey's New Maritime Claim
55:49 - China's Incursions Near Taiwan
59:46 - Ukraine's Drones and Maritime Drones
1:02:06 - Undersea Cables Under Threat
1:03:51 - Who Protects the Seas?
1:06:24 - Ami's Predictions for Iran and Russia

RESOURCES
Follow Ami on LinkedIn - https://www.linkedin.com/in/amidaniel/
Learn more about Windward - https://windward.ai/
Listen to Ami's October 7th episode - https://www.aleph.vc/content/special-episode-of-invested-with-ami-daniel
Listen to Ami's Strait of Hormuz episode - https://aleph.vc/content/ami-daniel
Subscribe to Invested: https://content.aleph.vc/invested
Learn more about Aleph: https://www.aleph.vc/
Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/
Subscribe to Aleph’s YouTube channel: https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter: https://twitter.com/mikeeisenberg
Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/
Follow Aleph on Twitter: https://x.com/aleph?s=20
Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/
Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
1 hr 10 min
October 21 Josh Kopelman, Founder of First Round Capital and Half.com, on Why Buying Anthropic, OpenAI, and SpaceX Is a Cyclical Trade, Catching the Last Chair in the Dot-Com Game, and Earning Tens of Millions in Free Media with Viral Marketing
Josh Kopelman, founding partner of First Round Capital and Half.com founder, on OpenAI and Anthropic's valuations and whether AI breaks seed investing.
On this episode of Invested, Michael Eisenberg talks with Josh Kopelman about building Half.com at the height of the dot-com era, when the company convinced Halfway, Oregon to rename itself Half.com, put coupon codes on 2 million fortune cookies, and sold to eBay in 2000. Josh compares that bubble to today's AI boom and explains why First Round's fund grew from a little under $150 million in 2004 to about half a billion without changing its strategy. He also argues that late-stage bets on SpaceX, Anthropic and OpenAI are a cyclical trade, while seed is a business that can make money in both risk-on and risk-off markets.
Josh goes back to Infonautics, the company he co-founded as a Wharton student, which scanned newspapers and magazines into Homework Helper for AOL, CompuServe and Prodigy before search engines existed. He explains why founders are cartographers, why he stays up until 3 a.m. building MCP servers with Claude Code even though he is not a strong engineer, why he doesn't think AI breaks the seed model, and how The Philadelphia Inquirer, where he served as chairman, went from "default dead" to "default alive."
Josh also describes publicly calling out Web Summit founder Paddy Cosgrave's tweets after October 7th, what it cost him, and what First Round looks for in Israeli founders.
Josh is a founding Partner at First Round Capital, a seed-stage technology venture fund. Josh has been an active entrepreneur and investor in the Internet industry since its commercialization.
In 1992, while he was a student at the Wharton School of the University of Pennsylvania, Josh co-founded Infonautics Corporation – and took it public on the NASDAQ stock exchange in 1996. Josh founded Half.com in July of 1999, and led it to become one of the largest sellers of used books, movies and music in the world. Half.com was acquired by eBay in July 2000 -- and Josh remained with eBay for three years, running the Half.com business unit and growing eBay’s Media marketplace to almost half a billion dollars in annual gross merchandise sales. In late 2003 Josh helped to found TurnTide, an anti-spam company that created the world's first anti-spam router.
Josh founded First Round Capital in 2004 to reinvent seed-stage investing. And since that time the firm has invested in over 350 emerging technology startups – becoming one of the most active venture capital firms in the country. Josh was ranked 3rd on the 2018 New York Times list of Top Venture Capitalists and consistently ranks in the top 20 of the Forbes Midas List of the top 100 tech investors. Josh has been named as one of the top ten ‘angel investors’ in the United States by Newsweek magazine, one of "Tech's New Kingmakers" by Business 2.0 magazine and a "Rising VC Star" by Fortune magazine. Josh also is the proud winner of a second place ribbon in the 2011 Nantucket Watermelon Eating competition.
Josh is an inventor on sixteen U.S. Patents for his work in Internet technology. In June 2000, he was awarded Ernst and Young’s prestigious “Entrepreneur of the Year” award for the Greater Philadelphia region.
Josh earned a Bachelor of Science degree cum laude in Entrepreneurial Management and Marketing from The Wharton School of the University of Pennsylvania.

KEY TOPICS
00:00 - Intro
01:46 - Half.com's Origin: eBay Meets Amazon
04:22 - Renaming Halfway, Oregon to Half.com
06:53 - Half.com Ads in Internet World Urinals
08:21 - Why Rate Card Is for Suckers
09:07 - Coupons on 2 Million Fortune Cookies
11:58 - Dot-Com Bubble vs. Today's AI Boom
16:20 - Why the Washout Belongs in Private Markets
17:29 - First Round's Fund Size From $150M to Half a Billion
19:28 - SpaceX, Anthropic and OpenAI vs. 20 Years of Exits
25:05 - Why Late-Stage AI Bets Are a Cyclical Trade
30:03 - Unvarnished Opinion, Unwavering Support
33:24 - Venture Conviction and Knowing the Risks
36:16 - Co-Founding Infonautics as a Wharton Student
40:27 - Infonautics' Bet on Closed Information
43:59 - Why Founders Are Cartographers
47:58 - Building MCP Servers With Claude Code
49:19 - What Y Combinator Got Right
52:07 - Does AI Break the Seed Model?
54:06 - First Round's "Imagine If" Brand
56:02 - Saving The Philadelphia Inquirer
59:32 - Calling Out Web Summit After October 7th
1:01:30 - Digitizing the Jewish Encyclopedia for Sefaria
1:02:18 - Investing in Israeli Founders
1:02:42 - Imagine If the Truth Was Knowable

RESOURCES
Follow Josh on LinkedIn: https://www.linkedin.com/in/jkopelman/
Follow Josh on X: https://x.com/joshk
Learn more about First Round Capital: https://firstround.com/
Subscribe to Invested: https://content.aleph.vc/invested
Learn more about Aleph: https://www.aleph.vc/
Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/
Subscribe to Aleph’s YouTube channel: https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter: https://twitter.com/mikeeisenberg
Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/
Follow Aleph on Twitter: https://x.com/aleph?s=20
Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/
Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
1 hr 5 min
October 08 Yuval Kaminka, Founder & CEO of Simply, on Why Running Out of Money Was a Gift, Opening the Company's Bank Account to Every Employee, and Using Music and Art to Heal
Yuval Kaminka, co-founder and CEO of Simply (formerly JoyTunes), on nearly running out of money, losing his co-founder Roey Izkovsky, and taking on Duolingo with an app that teaches piano, guitar, singing, and drawing.
On this episode of Invested, Michael Eisenberg talks with Yuval about the moment Simply ran out of money and even its own investors believed it wouldn't survive. They get into why that near-death experience shaped the company, how it fired a third of its staff and shared the bank account with every employee, and how Simply grew to millions of users.
They also talk about the last few years: Yuval's nephew Yannai, a search-and-rescue officer killed at Zikim on October 7th, and the sudden death of Roey, his co-founder and best friend, at 44. Simply responded by building Harmony, a therapeutic music room at Sheba Medical Center's rehabilitation hospital, and by bringing Simply Draw into the Tel Aviv Museum of Art.
Yuval Kaminka is an entrepreneur and the co-founder and CEO of Simply. He holds an MSc in computational neurobiology from the Weizmann Institute of Science and is a veteran of an elite technology unit. He co-founded JoyTunes (now Simply) with Roey Izkovsky and his brother, the musician Yigal Kaminka. He has built his career around a powerful idea: creating things that matter and elevate people's lives.

KEY TOPICS
00:00 - Intro
01:58 - What Simply Actually Does
05:38 - Out of Money and Written Off
09:25 - Two Principles Born From Crisis
10:35 - Firing a Third of the Company
13:05 - Sharing the Bank Account With Everyone
15:40 - Why Simply Chose to Stall Growth
18:40 - COVID Swapped the Weights for Feathers
22:17 - Free Apps in Times of Crisis
23:23 - From Cyber and Neuroscience to Music
26:08 - Why 90% of Kids Quit Instruments
27:30 - October 7th and the Iran War
31:20 - Remembering Yanai
38:18 - Building the Music Room at Sheba
45:08 - The Music Room That Brought Back Her Voice
47:20 - Simply Draw at the Tel Aviv Museum
49:40 - Losing Co-Founder Roey Izkovsky
55:42 - The Pod Structure Meets AI
59:02 - Building a Company With Family
63:01 - Velocity and Work That Matters
64:45 - Competing With Duolingo
#Invested #Simply #IsraeliTech #Entrepreneurship

RESOURCES
Follow Yuval on LinkedIn - https://www.linkedin.com/in/yuvalkaminka/
Follow Yuval on X - https://x.com/yuvalkaminka
Learn more about Simply - https://www.hellosimply.com/
Subscribe to Invested here - https://content.aleph.vc/invested
Learn more about Aleph - https://www.aleph.vc/
Sign up for Aleph's monthly email newsletter - https://newsletter.aleph.vc/
Subscribe to our YouTube channel - https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter - https://twitter.com/mikeeisenberg
Follow Michael on LinkedIn - https://www.linkedin.com/in/mieisenberg/
Follow Aleph on LinkedIn - https://www.linkedin.com/company/aleph-vc/
Follow Aleph on Instagram - https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
1 hr 6 min
September 23Gili Raanan, Founder of Cyberstarts and Chairman of Wiz, on Why He Asks Founders About Their Moms, Being Ghosted by Assaf Rappaport, and the Dark Decade Coming for Cybersecurity
On this episode of Invested, Michael Eisenberg sits down with Gili Raanan, Founder of Cyberstarts, inventor of the CAPTCHA, and chairman of Wiz - whose $32 billion acquisition by Google ranks among the largest venture-backed exits of all time.
When Gili left Sequoia in 2018, he made two decisions he now calls "idiotic": to invest only in cybersecurity, at a time when no one believed cyber could produce big outcomes, and to never ask founders a single question about their technology, product, or business idea. Instead, he asks about their mothers and their childhoods - looking for people who faced real hardship, overcame it, and showed early signs of greatness.
In this candid conversation, Michael and Gili unpack how Gili decides to invest after a single conversation, what made Assaf Rappaport special (starting with the meeting he never showed up to), and why Gili has zero concern that cyber has run its course. They also go deep on the catastrophic risks of AI, the race toward a zero-vulnerability world, why governments must adapt or fall behind, and what CAPTCHA looks like in the age of AI agents.
They discuss:
Why Gili bet everything on cybersecurity when investors stayed away

Why he never asks founders about their technology or product

The childhood signals that point to great founders

The Wiz founder who stood him up - and why he never forgot it

Letting founders make the call on a multibillion-dollar decision

Why cyber is far from running its course

The "very dark decade" of AI-driven cyber risk

AI that refuses to shut itself down, and the race to zero vulnerabilities

Why governments that don't adopt AI risk falling behind

Inventing CAPTCHA - and why it never found a business model

What makes us uniquely human in the age of AI

How October 7th changed his investing and led him to Hapoel Tel Aviv
Gili Raanan is a distinguished cybersecurity expert who has proudly invested and mentored many of the most successful cybersecurity companies in the world, including Wiz, Armis, Fireblocks, Island, Cyera & Upwind among many others. In 2018, he founded Cyberstarts, an early-stage venture investing fund, with a clear vision: to accelerate the development and delivery of the best solutions in the cybersecurity industry.
Cybersecurity has been Gili's life's work since he served in Unit 8200, where he won the Israel Defense Presidential Prize in 1996 and the Israeli Intelligence Forces Innovation Award in 1992. An engineer by training, Gili is widely recognized as the inventor of the CAPTCHA, helped build the first WAF (web application firewall), and holds 10 other US patents in the fields of security and application management. After his military service, he built two enterprise software companies that were acquired by EMC and IBM. In 2009, he joined Sequoia Capital, where he led the firm's cybersecurity, internet, mobile and technology investing in Israel for nearly nine years as a General Partner before leaving to build Cyberstarts.
Under Gili's leadership, Cyberstarts has raised more than $720 million across 5 funds and made 28 investments to date with a combined company valuation of $55 billion, with notable exits including Noname, Axis, Bionic, Dazz, and Avalor. Gili currently sits on 10 company Boards and is a minority owner in Hapoel Tel Aviv, his favorite basketball team.
If you want to understand how one of the world's most successful venture investors picks founders, why Israel has become the global brand for cybersecurity, and what AI means for the future of security, this episode is essential viewing.
Please rate this episode 5 stars wherever you stream your podcasts!

KEY TOPICS
00:00 - Intro
02:26 - Two "Idiotic" Decisions
06:14 - Why He Skips the Smartest Kid
09:39 - Investing After 10 Minutes
10:54 - Founders Are a Gift Box
14:14 - Growing Up Misunderstood in Kfar Saba
16:23 - Assaf Rappaport: The Wiz Founder Who Stood Him Up
20:06 - Passing on a $23B Offer
21:41 - Zero to One, 50 Times
23:53 - Has Cyber Run Its Course?
27:07 - A Dark Decade for Cybersecurity
28:24 - The AI That Won't Shut Down
32:13 - Governments Must Adapt or Fall Behind
36:24 - Inventing CAPTCHA
38:07 - Why CAPTCHA Never Made Money
41:35 - How October 7th Changed Him
43:21 - Why He Bought Into Hapoel Tel Aviv

RESOURCES
Follow Gili on LinkedIn - https://www.linkedin.com/in/giliraanan/
Follow Gili on X - https://x.com/giliraanan
Subscribe to Invested: https://content.aleph.vc/invested
Learn more about Aleph: aleph.vc
Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/
Subscribe to Aleph’s YouTube channel: https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter: twitter.com/mikeeisenberg
Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/
Follow Aleph on Twitter: https://x.com/aleph?s=20
‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/
‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
47 min
September 09Douglas Atkin, Ex-Airbnb Exec who wrote "Belong Anywhere," on Why Every Great Brand Is Really a Cult, Standing Up to the New York Attorney General, and How Airbnb Lost a Million Customers
On this episode of Invested, Michael Eisenberg sits down with Douglas Atkin, former Global Head of Community at Airbnb and author of The Culting of Brands, for a conversation about why people join cults, what that reveals about brands and politics, and how you build something people genuinely belong to. Douglas explains what he found when he set out to study the most extreme forms of belonging — that cult members are almost always ordinary, well-educated, socially capable people, and that they join, stay, and leave for exactly the same reasons as members of brand communities.
Michael and Douglas trace that insight from a focus group of teenagers talking about sneakers, to Meetup, to Airbnb — where Douglas spent three and a half weeks interviewing hundreds of hosts and guests and came back with the purpose that still runs the company: create a world where anyone can belong anywhere. He tells the story of what it cost to live that purpose, from taking the Attorney General of New York to court over a subpoena for 15,000 hosts’ data, to giving two non-marketers veto power over a marketing hire, to Airbnb turning away over a million would-be customers who wouldn’t sign its core values.
They also go deep on the darker mechanics of belonging: how demonization defines a group and manufactures solidarity, why the far right has run that playbook so effectively, what the decline of religion has to do with the rise of cultic politics, and what Douglas would actually prescribe for the loneliness epidemic.
They discuss:
Why the people who join cults are completely normal — and why that matters

The four Ds of difference, and why a cult is a new idea while a sect is a splinter

How demonization creates belonging by defining the in-group and inventing a threat

Why brands took over religion’s role, and why politics is now taking over from brands

The first golden rule of community: rub your members together until they get sticky

Why it takes showing up four times before a community becomes hard to pull apart

How Airbnb found “Belong Anywhere” by talking to hundreds of hosts and guests

Why a purpose is only real if it costs you something in the short term

The New York subpoena fight, and organizing hosts into political activists

Core values interviews with veto power, and turning away a million customers

The community commitment curve, and how to move people from clicking to face-to-face

Why working from home was a bad idea, and what actually treats loneliness
Douglas was ‘Global Head of Community’ at Airbnb, on its Leadership Team and was also ‘Architect of Purpose, Culture and Core Values’. He worked at Airbnb from 2012-2017 during its hyper-growth years. He led the development of Airbnb’s Purpose to ‘Create a world where Anyone can Belong Anywhere’. He also led all Community initiatives including grass-roots organizing and Movement-making techniques to mobilize Airbnb Hosts and Guests to take political action that changed laws to recognize home sharing.
He was Co-Founder of ‘Peers’, a movement for the Peer-to-Peer economy.
Douglas was the author of ‘The Culting of Brands: Turn your Customers into Believers’.
He Co-Founded Purpose, an organization that creates Movements, and was on the Board of one of its creations: AllOut, the world’s first and largest LGBTQ rights Movement.
He was Partner and Chief Community Officer at Meetup in 2007-8.
Prior to all this Community, Purpose and Movement-making stuff he was a Branding expert and Strategic Planner at several leading London and New York firms.
Chairman of the U.S. Account Planning Group for three years.
If you want to understand community, cults, purpose, culture, movement-making, and why belonging is both the best and the most dangerous thing about human beings — this episode is essential listening.
Please rate this episode 5 stars wherever you stream your podcasts!

KEY TOPICS
00:00 - Intro
01:25 - “Loyalty Is Dead. Branding Is Over.”
03:49 - The People Who Join Cults Are Normal
06:20 - How Flickr’s Founders Pulled Him Into Tech
08:33 - Why Apple Fans Talk Like Missionaries
11:20 - Cults vs. Sects: The Four Ds of Difference
13:25 - How Demonization Creates Belonging
16:45 - The Far Right’s Demonization Playbook
18:50 - Cultic Politics and the Decline of Religion
24:50 - “Rub Your Members Together Until They Get Sticky”
28:56 - The Breakfast That Led to Airbnb
31:20 - How “Belong Anywhere” Was Born
32:30 - New York Subpoenaed 15,000 Hosts
35:54 - Obama’s Organizers Trained Airbnb Hosts
43:48 - The Interview That Can Veto Your Hire
45:43 - Airbnb Turned Away a Million Customers
47:08 - The “Equal Opportunity Genitalia” Logo
49:05 - Burnt Out at the Top of Hypergrowth
52:12 - Working From Home Was a Disaster
52:34 - The Community Commitment Curve
53:51 - Curing the Loneliness Epidemic
57:58 - 29 Rights, 29 Countries, One Movement
61:19 - The Dark Side of Strong Community

RESOURCES
Follow Douglas on LinkedIn - https://www.linkedin.com/in/doatkin/
Follow Douglas on X - https://x.com/datkin
Read The Culting of Brands - https://www.penguinrandomhouse.com/books/292144/the-culting-of-brands-by-douglas-atkin/
Subscribe to Invested: https://content.aleph.vc/invested
Learn more about Aleph: aleph.vc
Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/
Subscribe to Aleph’s YouTube channel: https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter: twitter.com/mikeeisenberg
Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/
Follow Aleph on Twitter: https://x.com/aleph?s=20
‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/
‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
1 hr 4 min
August 12Almost Everything We Believed About AI a Year Ago Was Wrong – Seven Experts Who Still Can't Agree on Whether It's a Bubble, Who It Pays Off For, or What Comes Next
On this special episode of Invested, Michael Eisenberg pulls together the sharpest AI arguments from the last year of the show and puts them in conversation with one another. You'll hear from Gavin Baker, Sarah Tavel, Micha Kaufman, Elad Raz, Eran Shir, Zach Greenberger and David Magerman - seven investors and founders who disagree about almost everything except the stakes.
This is not a group of people arguing over the same set of facts. Because the field is moving so quickly, each of them is describing a different epoch of AI. Compute was supposed to depreciate quickly - instead, demand is growing. Inference wasn't supposed to be profitable - today it is wildly profitable. AI was supposed to be a game for frontier labs only - open source models are now competing with them. And AI was supposed to trigger mass unemployment - the latest numbers suggest the companies going all in on AI are hiring more people, not fewer.
From David Magerman calling the financial bubble 10 to 50 times the size of the internet bubble, to Gavin Baker walking through the ROI math on trillions of dollars of GPU spend, to Micha Kaufman arguing that AI gives everyone the same superpowers and therefore gives no one an advantage, to Elad Raz on why the age of compute has replaced the age of energy - this is a fast, honest map of where the debate actually stands.
They discuss:
Whether AI is a financial bubble - and whether that even matters

The $200 billion, $600 billion and now trillion-dollar ROI question on GPU spending

What actually improved (and what didn't) between Hopper, Blackwell and Rubin

Why inference is gross-margin profitable while model training amortization isn't pretty

The employment debate: replacement, augmentation or temporary dislocation

What AI does to junior work, mentorship and the pipeline of senior engineers

Scaling agent capital instead of human capital - and paying developers to spend tokens

Why building a "bridge" the labs will bulldoze is a treacherous strategy

Why data and information theory still beat throwing everything into an LLM

The unknowable economic returns to superintelligence

Why the world moved from fighting over food, to energy, to compute
Featured in this episode:
Gavin Baker is the Managing Partner and Chief Investment Officer of Atreides Management, LP. Prior to founding Atreides in 2019, Gavin was at Fidelity Investments from 1999 to 2017, most recently as the portfolio manager of the Fidelity OTC Portfolio.
Sarah Tavel is a Venture Partner at Benchmark, where she invests in network effect businesses and applications leveraging AI. She was the first female General Partner in Benchmark's history. Prior to Benchmark, Sarah was a General Partner at Greylock Partners, and she joined Pinterest in 2012 after co-leading the Series A investment while at Bessemer Venture Partners.
Micha Kaufman is the founder and CEO of Fiverr, the global freelance marketplace that helped define the gig economy. Since launching the platform in 2010, Micha has led Fiverr from a scrappy, bootstrapped startup into a publicly traded company offering millions of services across hundreds of categories.
Elad Raz is the Founder and CEO of NextSilicon, a deep-tech company redefining high-performance computing and AI infrastructure. A graduate of the IDF's elite Unit 8200, Elad brings more than 20 years of experience in technology, entrepreneurship and executive leadership.
Eran Shir is the Co-Founder, CPO & Chairman at Nexar. He is a serial entrepreneur and investor, and previously served as Entrepreneur in Residence at Aleph. Zach Greenberger is the CEO of Nexar, leading the company's mission to build AI for the physical world using real-world driving data. Prior to Nexar, Zach served as Chief Business Officer at Lyft and held leadership roles at Tesla. Since their episode aired, Nexar and Nauto have agreed to merge, with Zach leading the combined company.
David Magerman is a co-founder and Managing Partner at Differential Ventures, a New York-based venture capital fund investing in deep technology companies that help power the data-driven economy. Previously, he spent the entirety of his career at Renaissance Technologies, widely recognized as the world's most successful quantitative hedge fund management company.
If you want a clear-eyed view of the bull case, the bubble case, the labor case and the compute case - all in one sitting - this compilation is essential listening. Michael's hope is that you finish it with more questions than answers, and that you go deeper on the full episodes.
Please rate this episode 5 stars wherever you stream your podcasts!

KEY TOPICS
00:00 - "AI Is a Machine Gun We're Giving Children"
00:43 - Same Topic, Different Epochs
02:10 - How Wrong We All Were a Year Ago
03:12 - A Bubble 10 to 50x the Internet Bubble
03:46 - "OpenAI Isn't a Functioning Business"
03:58 - Hopper to Blackwell: Linear Scaling
04:31 - The Trillion-Dollar ROI Question
05:23 - "I've Never Seen Anything Like This"
06:13 - The Great Employment Debate
07:08 - It's Still the First Inning
07:33 - The Illusion of AI Superpowers
08:51 - Replacing Labor or Augmenting It?
09:13 - What AI Does to Junior Work
09:30 - Scaling Agent Capital, Not Headcount
10:28 - $300 a Day in Tokens Per Developer
12:01 - "We're Going to Bulldoze You"
13:15 - Data Beats Throwing It All Into an LLM
14:12 - Food, Then Energy, Now Compute
14:36 - The Unknowable Returns to Superintelligence
15:22 - More Questions Than Answers

RESOURCES
Watch the full episode with Gavin Baker - https://www.aleph.vc/content/gavin-baker
Watch the full episode with Sarah Tavel - https://www.aleph.vc/content/sarah-tavel
Watch the full episode with Micha Kaufman - https://www.aleph.vc/content/micha-kaufman
Watch the full episode with Elad Raz - https://www.aleph.vc/content/elad-raz
Watch the full episode with Eran Shir & Zach Greenberger - https://www.aleph.vc/content/eran-shir-and-zach-greenberger
Watch the full episode with David Magerman - https://www.aleph.vc/content/david-magerman
Follow Gavin on LinkedIn - https://www.linkedin.com/in/gavinbaker-portfoliomanager/
Follow Sarah on LinkedIn - https://www.linkedin.com/in/sarahtavel/
Follow Micha on LinkedIn - https://www.linkedin.com/in/michakaufman/
Follow Elad on LinkedIn - https://www.linkedin.com/in/eladraz/
Follow Eran on LinkedIn - https://www.linkedin.com/in/eranshir/
Follow Zach on LinkedIn - https://www.linkedin.com/in/zach-greenberger-a3a3444a/
Follow David on LinkedIn - https://www.linkedin.com/in/david-magerman-954b25174/
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CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
17 min
July 29Daniel Lubetzky, Founder of KIND, on Reaching a $7 Billion Valuation, Why Builders Beat Destroyers, and How Many Nickels It Costs to Stick to Values
On this episode of Invested, Michael Eisenberg sits down with Daniel Lubetzky — founder of KIND Snacks, Shark Tank investor, and founder of the Builders Movement — for a wide-ranging conversation about building enduring companies, the values behind them, and using business as a tool to bring divided people together.
Daniel shares how KIND grew from a $10,000 idea into a multibillion-dollar brand with only $5 million in primary investment, why he named the company after his father Roman, a Holocaust survivor, and how a decade of failures with his first venture, PeaceWorks, taught him everything he needed to build KIND. He and Michael also go deep on the Middle East, the origins of the “oppressor vs. victim” framework, why good intentions so often produce bad outcomes, and how the Builders Movement is working to equip citizens to solve problems rather than tear each other apart.
Drawing on Daniel’s journey from a Jewish school in Mexico City to Stanford Law School to the set of Shark Tank, this episode weaves together entrepreneurship, parenting, resilience, and the conviction that — as Daniel puts it — values create value.
They discuss:
How KIND grew from $10,000 to a multibillion-dollar company with just $5M in primary investment

Why Daniel named the brand after his father, a survivor of the Kovno ghetto and Dachau

The decade of failures at PeaceWorks that made KIND possible

Why “values are only values when they’re tested and cost you something”

Saying no to the zero-sugar fad — and the courage to know what you are not

Builders vs. destroyers: the three Ds and the four Cs of a builder’s mindset

Why he believes we’re raising a generation without the agency to solve problems

What the Abraham Accords prove about challenging conventional wisdom

Why he joined Shark Tank full-time — and the deal he thinks could be worth billions

Fixing Section 230 and confronting the harms of social media
Best known as the founder of KIND Snacks, Daniel is a social entrepreneur whose work spans industries, ideologies, and borders—always rooted in the same mission: to equip people to think flexibly, solve problems creatively, and build durable solutions to our world’s most difficult challenges. Today, through Camino Partners, Daniel and his team of investor-operators back leaders building businesses taking an enduring approach to enhancing consumers’ lives. He is also the founder of Builders, a movement helping people move beyond "us vs. them" mindsets. Builders equips citizens to uncover hidden common ground and build on it – with durable solutions that advance the will of the people. After five seasons as a guest on Shark Tank, Daniel joined the cast full-time in 2024. He is also the author of The New York Times-bestseller Do the KIND Thing. Daniel holds a BA in Economics and International Relations from Trinity University and a JD from Stanford Law School. A proud U.S. citizen who immigrated from Mexico at 16, he enjoys time with his family and a good magic trick.
If you want to understand how to build a brand that lasts, why failure is the raw material of success, and what it takes to build bridges in a divided world, this episode is essential viewing.
Please rate this episode 5 stars wherever you stream your podcasts!

KEY TOPICS
00:00 – A Multibillion-Dollar Brand, No Investment Needed
01:47 – Why He Named It KIND
04:10 – His Father Roman, a Holocaust Survivor
09:19 – Moshe Pupik and the PeaceWorks Years
14:09 – The Night He Bummed a Ride From Michael Dell
17:34 – The Bus Ride That Set His Life’s Mission
20:39 – “I Wear My Failures Proudly”
22:22 – What the Abraham Accords Prove
24:59 – Builders vs. Destroyers
30:17 – Give Every Kid a Different Initial
33:00 – When Good Intentions Go Wrong
37:22 – Values Only Count When They Cost You
39:33 – Saying No to the Zero-Sugar Fad
41:26 – Why He Sold KIND
44:10 – Why He Joined Shark Tank
48:14 – How He Saved Neuro Gum
52:00 – Force-Feeding Manhattan, One Store at a Time
60:29 – Fixing Section 230 & Social Media

RESOURCES
Follow Daniel on Instagram: https://www.instagram.com/daniellubetzky
Subscribe to Invested: https://content.aleph.vc/invested
Learn more about Aleph: aleph.vc
Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/
Subscribe to Aleph’s YouTube channel: https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter: twitter.com/mikeeisenberg
Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/
Follow Aleph on Twitter: https://x.com/aleph?s=20
‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/
‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
1 hr 5 min
July 01 Yuval Ariav, Solo GP of Symbol Capital, on Pre-Consensus Investing, Why NextSilicon Could Be Israel's NVIDIA, and the $1.1 Trillion Market Hiding in Plain Sight
On this episode of Invested, Michael Eisenberg sits down with Yuval Ariav, Managing Partner of Symbol, a first-check VC focused on pre-consensus investments in Israel. Yuval also teaches at Columbia University about the intersection of data, business, and society. Before starting to invest, Yuval founded Fundbox, an Israeli fintech unicorn, and headed Product and Engineering for Onavo, an Israeli analytics company backed by Sequoia and acquired by Meta in 2013.
In this conversation, Michael and Yuval unpack what it means to invest before the consensus forms - and why the best venture opportunities often look strange, niche, or even wrong at first. They discuss why hot seed rounds can force bad decision-making, how a solo GP builds co-founder-level conviction, and why Symbol wants to become the go-to first-check fund for Israel's weirdest venture opportunities.
The conversation goes far beyond venture capital. Yuval and Michael dig into Columbia, academia, social unrest, the collapse of critical thinking, identity politics, and what happens when technology lets money, influence, and opinion compound faster than society can absorb. Yuval also explains why he believes NextSilicon could become "Israel's NVIDIA," why Jiga is attacking a trillion-dollar procurement market most VCs ignore, and how theater production in New York unexpectedly helped him build a better venture network.
They discuss:
· Pre-consensus vs. non-consensus investing
· Why hot VC rounds can destroy conviction
· How Symbol backs weird Israeli startups early
· Columbia, activism, and critical thinking
· Why media shapes identity
· How compounding power fuels social unrest
· Why NextSilicon could become Israel's NVIDIA
· Jiga and the trillion-dollar invisible procurement market
If you want to understand first-check investing, Israeli venture capital, AI infrastructure, compounding social power, and the future of universities, this episode is essential viewing.
Please rate this episode 5 stars wherever you stream your podcasts!

KEY TOPICS
00:00 - The 12-Hour VC Decision
01:13 - Pre-Consensus vs. Consensus Venture Capital
05:12 - Hot Deals vs. Real Conviction
09:28 - Backing Israel's Weirdest Startups
12:26 - Nearly Buying Symbol.com for $10K
16:29 - Turning Columbia Students Into LPs
19:11 - Theater Production as VC Networking
22:36 - Writing Brutally Short Investment Memos
26:44 - When Compounding Breaks Society
30:16 - Are We Already in Social Unrest?
32:03 - What Really Happened at Columbia
36:34 - Academia's Activist Costume
42:22 - Is Identity Downstream of Media?
50:22 - Could NextSilicon Become Israel's NVIDIA?
54:02 - The Trillion-Dollar Market VCs Ignore

RESOURCES
Follow Yuval on LinkedIn: https://www.linkedin.com/in/yuvalariav/
Subscribe to Invested: https://content.aleph.vc/invested
Learn more about Aleph: aleph.vc
Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/
Subscribe to Aleph’s YouTube channel: https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter: twitter.com/mikeeisenberg
Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/
Follow Aleph on Twitter: https://x.com/aleph?s=20
‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/
‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Myron Shneider, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
1 hr 2 min
June 17 Saar Safra, Founder & CEO of Beewise, on Why Bees are a Matter of National Security, the Honey Laundering Scandal, and the AI Beekeeper That Never Sleeps
On this episode of Invested, Michael Eisenberg sits down with Saar Safra, CEO & Co-Founder of Beewise, for a fascinating and urgent conversation about the collapse of bee colonies, the future of food security, and why AI and robotics may be essential to keeping the world fed. Saar explains why bees are a critical input into global agriculture, how the 175-year-old wooden hive became a bottleneck for modern farming, and why Beewise built the BeeHome: a solar-powered robotic hive using computer vision, sensors, AI models, and real-time treatment to protect colonies in the field.
Drawing on Saar's background across P2P payments, ad tech, PropTech, Microsoft, and multiple exits, Michael and Saar unpack how a software entrepreneur ended up trying to save bees - and why pollination may be one of the most overlooked infrastructure problems in the global economy.
They discuss:
· Why bee colony collapse threatens the global food supply
· How pesticides, monoculture, disease, varroa mites, and climate stress are killing colonies
· How Beewise's AI beekeeper monitors bees and applies treatment automatically
· Why beekeepers see BeeHome as help, not replacement
· The hidden world of honey laundering and fake honey
· Why pollination is becoming a matter of national security
· How mission-driven technology can lower food costs and improve resilience
Saar is CEO & Co-Founder at Beewise and a seasoned entrepreneur. He started his career as a software developer; in 2001 he became CTO of Ad4Ever, which was acquired by aQuantive, where he served as GM & VP of Rich Media. In 2007, aQuantive was acquired by Microsoft, where Saar served as Director of Rich Media Solutions until 2008, when he left to found ActiveBuilding, a pioneer in PropTech. ActiveBuilding was acquired by RealPage in 2013. Across the five companies he founded or joined before Beewise, Saar has had three successful exits. He received his MBA from the Foster School of Business at the University of Washington.
If you want to understand how AI, robotics, agriculture, food security, biodiversity, and entrepreneurship intersect - and why saving bees could mean lowering the cost of fruits, vegetables, and coffee - this episode is essential listening.
Please rate this episode 5 stars wherever you stream your podcasts!

KEY TOPICS
00:00 - 45% of Bee Colonies Die
03:06 - From Microsoft to Bees
06:51 - How Humans Broke Pollination
17:31 - The 175-Year-Old Hive Problem
20:10 - Trucking 200 Million Bees
25:04 - Bee Collapse Threatens Food Supply
29:35 - Pesticides, Disease, and Monoculture
32:47 - The AI Beehive Revolution
33:50 - Large Biological Models for Bees
35:14 - AI Stops Pesticide Poisoning
43:14 - Bees Are National Security
49:04 - Is AI Replacing Beekeepers?
51:17 - No Organic Honey in America
53:49 - The Honey Laundering Scandal
59:12 - Building Through Two Wars

RESOURCES
Follow Saar on LinkedIn: https://www.linkedin.com/in/saars
Subscribe to Invested: https://content.aleph.vc/invested
Learn more about Aleph: aleph.vc
Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/
Subscribe to Aleph’s YouTube channel: https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter: twitter.com/mikeeisenberg
Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/
Follow Aleph on Twitter: https://x.com/aleph?s=20
‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/
‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Myron Shneider, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir

1 hr 9 min
June 03David Siegel, Former CEO of Meetup & Investopedia, on Solving the Loneliness Crisis, Rescuing Meetup from WeWork, and Why Israelis are Happier than Americans
On this episode of Invested, Michael Eisenberg sits down with David Siegel, former CEO of Meetup, former CEO of Investopedia, former President of Seeking Alpha, author of Decide & Conquer, and founder of the Israel Tech Mission.
David has spent more than 25 years building and leading technology companies, but his most passionate mission has been tackling one of society’s fastest-growing challenges: loneliness. As CEO of Meetup, he led the global community platform through a dramatic turnaround, transforming it from a money-losing business into a profitable company while helping millions of people connect around shared interests, passions, and causes.
In this wide-ranging conversation, Michael and David explore the roots of the loneliness epidemic, why social media and screens may be making people less connected than ever, and what can actually be done to rebuild community in modern society. David shares lessons from leading Meetup through COVID, selling multiple companies, scaling organizations, and retiring from full-time operating roles at age 50.
More on in the episode:
Why loneliness is more dangerous than smoking

How Meetup grew into a global community platform spanning nearly every country

The surprising origin story of Meetup after 9/11

Turning around a WeWork company losing $20 million annually

Why social media increased loneliness instead of reducing it

The cultural and technological drivers behind rising social anxiety

Leadership lessons from building and selling companies

The power of decision-making and creating your own luck

Israel Tech Mission and bringing global tech leaders to Israel

Why David believes mandatory national service is the best solution to the loneliness epidemic

What Israel gets right about meaning, community, and belonging
David Siegel is the former CEO of Meetup, the largest platform for finding and building local community. He has had two exits over the last six years where he drove investor returns of 5x and 7x. Prior to Meetup, David served as CEO of Investopedia and President of Seeking Alpha. Today he advises CEOs, serves on boards, teaches strategy and scaling at Tel Aviv University, hosts the Keep Connected podcast, and leads the Israel Tech Mission, which has brought hundreds of global technology executives to Israel.
If you want to understand leadership, community, loneliness, company turnarounds, and what creates meaning in modern life, this episode is essential viewing.
Please rate this episode 5 stars wherever you stream your podcasts!

KEY TOPICS
00:01 — Loneliness Worse Than Smoking?
02:03 — The Anti-Wall Street Career Path
05:04 — The DoubleClick Mafia Explained
08:23 — From HR to CEO
11:13 — How Michael Changed David's Career
13:27 — Adam Neumann's ‘27 Interviews’
16:36 — Retired at 50. Then What?
18:08 — Meetup Was Born After 9/11
21:36 — Fixing A $20M WeWork Money Pit
24:02 — Revenue Is Not Evil
27:15 — Why Young People Are Lonelier
29:21 — Meetup's Biggest Product Mistake
34:22 — The DEI Debate at Meetup
40:08 — October 7th Changed Everything
59:57 — Mandatory Service Ends Loneliness

RESOURCES
Follow David on Linkedin: https://www.linkedin.com/in/davidmsiegel/
Subscribe to Invested: https://content.aleph.vc/invested
Learn more about Aleph: aleph.vc
Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/
Subscribe to Aleph’s YouTube channel: https://www.youtube.com/@aleph-vc/
Follow Michael on Twitter: twitter.com/mikeeisenberg
Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/
Follow Aleph on Twitter: https://x.com/aleph?s=20
‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/
‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/

CREDITS
Executive Producer: Erica Marom
Producer: Sofi Levak, Myron Shneider, Dalit Merenfeld
Video and Editing: Nadav Elovic
Music and Creative Direction: Uri Ar
Content and Editorial: Jackie Goldberg
Design: Nimrod Sapir
1 hr 3 min

About Invested by Aleph

From the publisher's feed

How can values create value? Join Venture Capitalist and Author Michael Eisenberg as he speaks with global business leaders to explore the values and purpose behind their businesses, the impact of…