The Innovation Fans — JamesAnderson & Morgan Samet

JamesAnderson & Morgan Samet — Behind the Balance Sheet Podcast #54, December 2025

Context. Recorded live at Italian Tech Week, Anderson and his Lingotto partner Morgan Samet discuss AI infrastructure spending (with Anderson drawing parallels to the dot-com vendor-financing cycle of Lucent and Nortel), the autonomous vehicle opportunity (Samet, recently returned from China, identifies Pony AI and Waymo as leaders), China's battery and manufacturing dominance (CATL and BYD), and the multi-stage investment philosophy at Lingotto. Anderson expresses cautious concern about AI valuation jumps while Samet is more optimistic about the transformational potential.

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11| 12|# The Innovation Fans — James Anderson & Morgan Samet 13| 14|James Anderson & Morgan Samet — Behind the Balance Sheet Podcast #54, December 2025 15| 16|> Note: This transcript was generated by faster-whisper (small model, CPU, int8) from the podcast audio and cleaned per SRF Part XVII.3. Filler words and stutters removed; wording preserved as spoken. 17| 18|--- 19| 20|Hi, welcome to the Behind the Balance Sheet podcast where we meet leading investors and commentators and educate ourselves about the world of investing and the world. Our mission is to remove some of the mystique around investing and improve our understanding of what makes a successful investment or indeed an unsuccessful one. Our goal is to inform, educate and entertain. We hope you enjoy this and every episode. Behind the Balance Sheet and Affiliates and podcast guests may own shares or have an economic interest in securities discussed in this podcast, which is aired for your education and entertainment only. Nothing in this podcast should be construed as investment advice or relied upon for investment decisions. Always do your own research. Behind the Balance Sheet is an investment training consultancy. We help professional investors up their game in financial analysis and we have an online school. Over a thousand students, professional and amateur have taken our online courses. Our flagship Analyst Academy course helped one young analyst land a dream job as a partner of a major London hedge fund and helped a successful entrepreneur improve his investing confidence. He made a seven figure sum in year one. Check out the school on our website behind the balance sheet dot com where you can also find the show notes to this podcast. And don't forget to sign up for our popular and free weekly substack. Hit the sign up button and the top right of the homepage. Leaders today rely on properly vetted, deeply considered trustworthy analysis to make the right investment and corporate strategy decisions, which means they need extremely high confidence in the output of any AI model. As with all of our solutions, deep research combines premium content with thoughtful integration specifically designed for business and financial workflows, as well as complete traceability. Deep research does days or even weeks of work in minutes. For every prompt, deep research runs 50 or more se... [truncated] 21|