Who is on this subjectordered by the date of their first quote here
4 of 9 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 5 Dec 2023 — a date, and nothing else. It is not a claim about who reached a view first.
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David Friedberg
16
21 May 2020 – 27 Mar 2026
-1293 d
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Bill Gurley
17
6 Feb 2021 – 11 May 2026
-1032 d
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Marc Rowan
9
5 Dec 2023 – 16 Apr 2026
+0 d
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Brad Gerstner
5
4 Apr 2024 – 21 Jun 2025
+121 d
- Jensen Huang 1 thin 16 Jun 2026 – 16 Jun 2026 +924 d
- David Sacks 4 thin 23 Aug 2026 – 24 Aug 2026 +992 d
- John Williams 4 thin
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Scott Bessent
2
thin
- Paul Atkins 22
The chronologysourced and dated, oldest first
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David Friedberg
Friedberg predicts all infectious disease could be eradicated in 20 years if not for regulatory obstacles.
“I think in twenty years we could kind of eradicate all infectious disease. The only thing holding that up is regulation because the science is known.”
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David Friedberg
Friedberg believes infectious disease could be eradicated in 20 years, with regulation being the only obstacle, not science.
“One of the things that, you know, I have a strong belief in is like, I think in twenty years we could kind of eradicate all infectious disease.”
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David Friedberg
Friedberg predicts eradication of all infectious disease within twenty years if regulation permits it.
“I think in twenty years we could kind of eradicate all infectious disease. The only thing holding that up is regulation because the science is known, the engineering is basically there.”
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David Friedberg
Friedberg says nuclear plant regulatory costs rose from $100 million to $10 billion over two decades.
“And now it is so cost prohibitive. It's something like $10,000,000,000 now from maybe, you know, a 100,000,000, you know, two decades ago.”
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Bill Gurley
Gurley argues regulation typically locks in incumbents who write rules blocking new entrants.
“regulation's the friend of the incumbent. Most of the time when Washington DC leans into a new to to a new industry, you lock in the incumbents, and and the rules are written by the incumbents and make it very hard for new entrants to come up behind them.”
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David Friedberg
Friedberg interprets the $70 million FINRA fine on Robinhood as industry self-regulation to prevent government intervention.
“I feel like the the Robinhood fine the FINRA fine of $70,000,000, was a good red herring for what's gonna happen in this industry which is that the big financial services firms wanna participate in this market and they don't want regulators coming in and reregulating the market.”
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David Friedberg
Friedberg argues the $70 million Robinhood fine was meant to prevent broader regulatory intervention in fintech.
“They they see the opportunity in the same way that the startups do. And FINRA is a self regulatory organization.”
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David Friedberg
Friedberg argues FINRA's $70 million fine was sized to keep the SEC from regulating digital financial services.
“And, you know, putting that $70,000,000 fine on Robinhood was a big enough fine to say, you know what? We don't want the SEC coming in.”
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David Friedberg
Friedberg explains FINRA's $70 million fine was designed to keep the SEC from imposing stricter regulations.
“putting that $70,000,000 fine on Robinhood was a big enough fine to say, you know what? We don't want the SEC coming in.”
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Marc Rowan
Rowan argues regulators have only two choices for credit: banking system or investment marketplace, no third option.
“And regulators have only two choices as to where credit comes from. It can come from the banking system or it can come from the investment marketplace. There's no third choice.”
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Marc Rowan
Rowan says regulators worldwide except China are favoring investors over banks, though not a sudden shift.
“But if you look at the trend with the exception of China everywhere in the world regulators are favoring investors over banks. That does not mean we're gonna see a sunshift.”
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Marc Rowan
Rowan argues regulators have only two choices for credit: banking system or investment marketplace.
“And regulators have only two choices as to where credit comes from. It can come from the banking system or it can come from the investment marketplace.”
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Marc Rowan
Rowan says regulators globally are favoring investors over banks, except in China.
“But if you look at the trend with the exception of China everywhere in the world regulators are favoring investors over banks.”
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Brad Gerstner
Gerstner states US nuclear deployment costs are limited by regulation, not technology, creating gap with China.
“our cost of deploying new nuclear fission infrastructure is limited by our own regulatory framework, not by the technology.”
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Brad Gerstner
Gerstner warns data centers acquiring independent energy producers could trigger regulatory intervention on grid pressure.
“if you start to see data centers pick off the independents, that could put pressure on the grid in a way that might bring the regulators in to voice their opinion.”
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Bill Gurley
Gurley argues autocratic China has a massive advantage over the U.S. by avoiding layered regulatory constraints.
“It's likely a massive advantage for China where a more autocratic government can just decide, okay, we're gonna start doing things a new way.”
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Bill Gurley
Gurley says SEC's well-intentioned response to fewer IPOs risks institutionalizing private investing for average investors.
“I personally don't think it's healthy because a minute that happens and everyone realizes that there's less companies going public and companies staying private longer, then the SEC, I think in a well intentioned way goes, oh my god. The average investor's missing out on this asset class.”
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Bill Gurley
Gurley warns SEC's well-intentioned response to fewer IPOs—institutionalizing private company investing—will fail massively.
“But what they wanna do to fix it is then some kinda institutionalized investing in private companies, which I think will fail massively.”
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Bill Gurley
Gurley says billion-dollar revenue threshold for IPOs fundamentally changes venture game and reduces accessibility.
“Anyone can start a company that can go public. If you have to get to a billion in revenue, it's just it's a totally different game.”
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David Friedberg
Friedberg recounts how one gene therapy death in the late 1990s halted all such treatments for seven years.
“And when he died, they put a stop on gene therapy treatments for I think seven years. They weren't allowed to do any more gene therapy treatments.”
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David Friedberg
Friedberg says one gene therapy death led to a seven-year halt despite dozens of life-saving therapies now available.
“They weren't allowed to do any more gene therapy treatments. And since then we now have literally dozens of gene therapy treatments that can cure dozens of human diseases saving millions of lives.”
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Brad Gerstner
Gerstner argues US can address nuclear cost problems through regulatory consolidation and clustered reactor construction.
“It seems to me the first two, right, we can tackle, right? You can consolidate the regulatory environment in The United States so that you reduce the time to bring one of these things online and I also think that if you clustered some of these, if we wanted to get back to building more of these reactors”
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Bill Gurley
Gurley explains the NRC charges fees per hour for regulation, making nuclear development expensive in the US.
“Most people don't know this, you have no reason to know this, but the NRC is a fee based regulatory. So you literally pay per hour to have them come regulate you.”
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Bill Gurley
Gurley argues anti-China attitudes are counterproductive when China is leading in infrastructure and cost efficiency.
“I think this anti Chinese mentality is a little nuts because if you look at low cost EVs, if you look at their subway stations, if you look at, they're leading us in many areas and we have this holier than thou attitude that America is the best and that we're the leader and we're being passed.”
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Bill Gurley
Gurley reports SMR startups face $60 million in fees just for NRC approval before building anything.
“And the other tough part, the NRC, which we haven't talked much about, but the regulatory commission here in The U. S.”
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Bill Gurley
Gurley argues nuclear regulation must be rewritten from scratch and major projects protected from litigation.
“if you want to go build this next generation level three plant, I think you've got to rewrite the regulation from zero ground up, like make it thinner and tighter and two, I think we've gotten to the point where we got to say, this is so important, you can't sue these people.”
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Bill Gurley
Gurley argues eliminating lawsuit rights is necessary for important nuclear infrastructure projects to succeed.
“I think we've gotten to the point where we got to say, this is so important, you can't sue these people.”
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Marc Rowan
Rowan contrasts bank leverage of 12-14x with zero leverage at typical institutional investors and mutual funds.
“A bank is levered 12 to 14 times. The typical institutional investor is levered zero. The typical mutual fund levered zero. Typical BDC levered 1.5 times. Typical retirement services company levered eight times.”
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Marc Rowan
Rowan argues European regulators told banks to do less lending but forgot to enable investor alternatives, unlike the US.
“Everywhere in the world as I suggested, regulators have two choices as to where debt capital comes from, the banking system or the investor marketplace. Everywhere they've told the banks to do less.”
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Marc Rowan
Rowan predicts a new administration would quickly allow illiquid investments in 401(k)s, creating substantial industry demand.
“That will not just benefit Apollo, that will be another source of demand for the industry of a magnitude that will be quite substantial.”
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Bill Gurley
Gurley says Visa and Mastercard have the highest operating margins in North American markets.
“And there's another fact that you should know in North America, which is Visa and Mastercard have the two highest operating margin percentages in our markets total.”
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Bill Gurley
Gurley says Anthropic and investor Eric Schmidt have been pushing for more AI oversight and regulation.
“based on what I've heard and seen and read and listened to on podcast, Anthropic and their investors like Eric Schmidt have been some of the people that have been encouraging, you know, more and more AI oversight and AI regulation”
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Brad Gerstner
Gerstner argues regulatory burdens keep companies private longer, harming retail investors.
“I think we're better off as a country when these companies are coming public sooner. But that's that's in fact what's happened. So we invest early.”
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David Friedberg
Friedberg notes Chevron doctrine overturn removes agencies' authority to impose regulatory rules without congressional mandate.
“And the Chevron doctrine basically allowed agencies vested agencies authority to make regulatory, rules that can then be imposed legally, statutorily.”
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“Bingo. And I think had we continued on that path or if we go back towards that path, because I don't think this is over.”
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Brad Gerstner
Gerstner characterizes OpenAI as shifting from regulatory advocacy to launching open source models.
“And now I think it's like more clear, the distinction that's being drawn. OpenAI is talking about launching an open source model here shortly,”
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David Friedberg
Friedberg explains transgenic GMO technology inserts foreign genes to produce non-native proteins in plants.
“And in the popular poll ons, it's called GMO. That system allowed us to introduce proteins into plants that aren't native to that plant.”
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David Friedberg
Friedberg states that of 5,000 homes destroyed in Palisades fire, only one has been rebuilt as of November 2025.
“the Palisades fire a year ago destroyed 6,837 structures, including about 5,000 homes. And as of November 2025, only one home has been rebuilt.”
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David Friedberg
Friedberg says autonomous vehicles reduce fatalities by 95% per million miles but single crashes shut down entire programs.
“for every million miles, autonomous vehicles reduce fatalities by, like, ninety five percent. But if there's one autonomous vehicle that crashes once, everyone shuts that entire program down and says, wait a second.”
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David Friedberg
Friedberg says Silicon Valley felt attacked under Biden and realized government could restrict business operations.
“And under the Biden years, I think is when Silicon Valley really felt like it came under attack.”
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David Friedberg
Friedberg says Silicon Valley felt attacked under Biden, waking up to government's influence on business operations.
“And Silicon Valley kind of woke up to the fact that the government can play an outsized role in influencing, affecting how we might be able to operate and do business.”
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Bill Gurley
Gurley notes US public companies have fallen to less than half their peak number.
“So the number of public companies in The US is less than half of peak. And so we've really had a fall off in the number of companies that are actually public.”
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Bill Gurley
Gurley says AI startups worrying about regulation from the beginning is unprecedented except for SBF.
“Prior I to SBF, I've never seen a startup worry about regulation this much from the very beginning. Now we're seeing it again here.”
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Marc Rowan
Rowan argues private credit has de-risked the United States by moving risky lending out of the government-backed banking system.
“I would say that private credit levered lending, direct lending, has actually been a de risking for the entire United States and for investors.”
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Marc Rowan
Rowan says Apollo's insurance company holds only 0.4% in levered lending due to regulatory inefficiency.
“to give you a sense for our insurance company, we round closer to zero than to 1%. It's like point 4%.”
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Bill Gurley
Gurley warns US AI regulation could create a fence around America while China serves the rest of the world.
“I think what may happen if you look at what happened with the Internet, there was a global market that the American company served, and there was a ring fence around China.”
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Bill Gurley
Gurley states South Korea builds nuclear fission plants for one-fourth the US cost.
“South Korea, not China, South Korea can build a nuclear fission plant for one fourth the price that we can in The US.”
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Jensen Huang
Huang argues AI adoption requires simultaneous evolution of social norms, regulations, and technology like automobiles did.
“So all of that combination of social norms, regulations, safer cars, seat belts, and all the technology that comes along with it, it's it's all of it at the same time.”
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David Sacks
Sacks challenges Dario to speak out against over-regulation of data centers if he believes his own argument.
“And probably it would be a good thing if Dario really does believe in the data centers full of geniuses idea that he was arguing for last year, He should come forward and say, we're making a big mistake by over regulating data centers. Here's how we should do it.”
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David Sacks
Sacks questions whether Dario only fights for doomer arguments and not positive AI policy positions.
“And it makes you kind of question, do you only fight for the doomer side of the argument? Or are there versions of the positive side that you're willing to fight for politically?”
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David Sacks
Sacks predicts an open source AI ban disguised as equal standards for open and closed models.
“An open source ban is coming. They're not going to call it that. They're going to say that we simply have to apply the same standards to open models that we apply to close.”
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David Sacks
Sacks predicts open models will be gradually shut out due to inability to meet closed-model standards.
“The open models cannot comply in the same way and gradually they will be shut out of the market.”
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Paul Atkins
Atkins notes a D.C. Circuit court vacated SEC's 75% independent director and independent chair requirement over 20 years ago.
“More than 20 years ago, the U.S. Court of Appeals for the District of Columbia Circuit vacated a rulemaking that would have mandated a board with no less than 75% independent directors and an independent chair as a condition to reliance on certain exemptive rules.”
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Paul Atkins
Atkins states mandatory Treasury cash clearing begins end of year, repo clearing by June 30, 2027.
“mandatory clearing for U.S. Treasury cash transactions at the end of the year and U.S. Treasury repo transactions by June 30, 2027.”
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Paul Atkins
Atkins proposes making electronic delivery the default method for investor communications as a key pillar of his agenda.
“By proposing to permit electronic delivery (e-delivery) to become the default method for issuers, market intermediaries, and others to communicate with investors, we are taking another stride toward a regulatory framework suitable for the modern era, a key pillar of my agenda.”
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Paul Atkins
Atkins says legislation is indispensable to prevent a future rogue regulator from unwinding current reforms.
“legislation remains indispensable to enacting “future-proofed” rules of the road that are durable enough to protect the work we are undertaking today from being unwound by a future rogue regulator.”
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Paul Atkins
Atkins states updating federal regulations to reflect the 2006 court mandate is long overdue.
“The court’s mandate has been clear since 2006, and updating the Code of Federal Regulations to reflect this outcome is long overdue.”
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“To deliver on President Trump’s goal to ensure that the United States is the crypto capital of the world, we are embracing innovation to bring more products onshore, creating clear rules of the road for capital raising with crypto assets,”
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Paul Atkins
Atkins says aligning regulations with the court's vacatur reaffirms commitment to sound regulatory principles.
“which bring our regulations into alignment with the Federal court’s vacatur of both the 75% requirement and the independent chair requirement. These amendments are a necessary step to reaffirm our commitment to sound regulatory principles.”
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Paul Atkins
Atkins accuses the SEC of undermining capital formation through regulation by enforcement and disingenuous registration offers.
“In fact, in the past, it actively undermined capital formation with regard to this asset class in the form of regulation by enforcement and disingenuous offers to “come in and register.””
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Paul Atkins
Atkins criticizes the SEC for requiring firms to design disclosures for paper first, even under the new e-delivery rule.
“The SEC still assumes and sometimes requires that firms, in the first instance, will design disclosures for viewing on paper (whether it is paper that firms mail or, now with Reg E-Delivery, paper that customers can print from home printers).”
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Scott Bessent
Bessent announces Treasury and IRS proposed regulations clarifying refundable tax credits are federal public benefits under PRWORA.
“The Treasury and IRS proposed regulations to strengthen enforcement of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) by clarifying that the refunded portion of certain refundable individual income tax credits are federal public benefits”
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Paul Atkins
Atkins explains Regulation E-Delivery would allow electronic delivery without requiring affirmative consent from investors.
“If adopted, Regulation E-Delivery would establish requirements and conditions under which essential information could be delivered electronically to investors and others without first obtaining their affirmative consent to do so.”
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Paul Atkins
Atkins states the SEC is simplifying registration and disclosure to let more companies go public.
“Under the leadership of Chairman Atkins, the Commission is proposing and adopting rules that simplify registration and disclosure requirements and allow more companies to go public with fewer unnecessary regulatory hurdles.”
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Paul Atkins
Atkins says the SEC last seriously reviewed capital formation rules over twenty years ago.
“The Commission last took a hard look at improving the capital formation environment more than two decades ago.”
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Paul Atkins
Atkins lists specific SEC requirements that perpetuate paper-first thinking, including font size and same-page rules.
“Other paper-as-the-standard disclosure rules talk about font size, relative prominence, and disclosures appearing on the same page.”
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Paul Atkins
Atkins argues that complex market access rules without investor protection rationale serve no one.
“Labyrinthine restrictions on access to public markets unmoored from an investor protection rationale serve nobody.”
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Paul Atkins
Atkins notes Form S-3 framework dates to 2005, before the iPhone existed.
“The framework we’re currently operating under mostly dates to 2005—before the iPhone had even been rolled out.”
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Paul Atkins
Atkins says the goal is cutting requirements that lack proportionate benefits, not cutting arbitrarily.
“The goal is not to cut for the sake of cutting but to cut requirements that do not yield proportionate benefits.”
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Paul Atkins
Atkins announces Reg E-Delivery proposal making electronic delivery the default for securities disclosures without requiring affirmative consent.
“the Commission takes a further step in recognizing these developments by proposing Regulation E-Delivery (“Reg E-Delivery”).”
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Paul Atkins
Atkins frames Regulation E-Delivery as meaningful advancement rather than mere administrative adjustment.
“Regulation E-Delivery is not merely a proposed administrative adjustment; it represents a meaningful advancement toward aligning our rules with the needs of today’s markets.”
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Scott Bessent
Bessent specifies the regulations apply to four tax credits: adoption, child, American opportunity, and earned income.
“The proposed regulations apply PRWORA to four individual income tax credits: the adoption tax credit, the child tax credit, the American opportunity tax credit, and the earned income tax credit.”
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Paul Atkins
Atkins explains the proposal eliminates affirmative consent requirement but preserves opt-out rights for paper delivery.
“These entities would not be required to obtain affirmative consent from investors and other recipients, but investors still would be able to opt out of default e-delivery and receive paper copies of information upon request.”
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Paul Atkins
Atkins notes federal securities laws do not mandate paper or mail delivery for disclosures.
“It is worth recognizing that the federal securities laws generally do not prescribe paper or mail as the required method of delivery for regulatory disclosures or reports.”
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Paul Atkins
Atkins proposes a test: does disclosure materially change valuation or just burden small companies disproportionately.
“is a given disclosure obligation producing information to investors that materially changes the enterprise value of a company or its stock price?”
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John Williams
Williams expresses concern that financial innovation driven by regulatory arbitrage is a permanent environmental feature.
“I say this in part to convey a concern that while perhaps the upsides to innovation in intermediation are far larger than I at times perceive them to be, the downsides emanating from instruments and maturity transformation that are more plainly about managing regulatory processes seems a permanent feature of the environment.”
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Paul Atkins
Atkins argues firms should be allowed to refuse paper-demanding customers despite the proposed rule requiring it.
“For example, a firm could refuse customers who do not agree to e-delivery even though Reg E-Delivery requires firms to provide paper if a customer requests it.”
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John Williams
Williams says banks cite liquidity regulation changes and 24/7 payments transition as key drivers of reserve demand.
“Banks cite changes to liquidity regulations, as well as shifts in liquidity management amid the transition toward 24/7 payments and the adoption of payment innovations, as important drivers of their preferred levels over the next two years ( Panel 11 ).”
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John Williams
Williams says potential changes to bank liquidity requirements may eventually reduce reserve demand.
“In particular, future potential changes to bank regulatory liquidity requirements may eventually reduce demand for reserves.”
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John Williams
Williams notes survey respondents expect implementation and bank reaction to regulatory changes would take time.
“In addition, should changes materialize, respondents may think that it will take time to see them implemented, and possibly even more time for banks to react.”
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Where they overlapsame programme, same subject
- All-In Podcast also carries David Friedberg and David Sacks on this subject, at different times.
- BG2 Pod also carries Bill Gurley and Brad Gerstner on this subject, at different times.
- CNBC Television also carries David Friedberg and Marc Rowan on this subject, at different times.
- Tom Bilyeu also carries Bill Gurley and David Friedberg on this subject, at different times.