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b'My guest this week is Ash Fontana, a managing partner at venture capital firm Zetta, who invests in companies which build software that uses artificial intelligence methods like machine learning to predict and prescribe outcomes. Ash\\u2019s combined experience as a founder, entrepreneur, and investor give him the perfect background to discuss with us one of the hottest topics in business and investing.\\n This conversation is useful for anyone trying to evolve their own way of dealing with data. Of particular interest are the ways that Ash and his team evaluate data sets and how they think about competitive advantage in this new world\\u2014where he advocates a new term to replace the concept of moat: loops.\\xa0\\n If we can use data to do things better than humans, or if we can supercharge our intuitions with predictive models, we can harness the power of this new technology. What Ash has taught me is that data itself is dumb. But great data sets can represent the fuel for incredible companies. Let\\u2019s dive into how that may be. Please enjoy this conversation on how AI is changing business, and how we might profit from that change.\\n \\xa0\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag\\n \\xa0\\n Books Referenced\\n The Most Important Thing: Uncommon Sense for The Thoughtful Investor\\n \\xa0\\n Links Referenced\\n Jerry Neumann Podcast Episode\\n Ali Hamed Podcast Episode\\n \\xa0\\n Show Notes\\n 2:25 - (First Question) \\u2013 A look at their very specific investment strategy\\n 3:35 \\u2013 Future of competitive advantage in the SaaS industry\\n 6:45 \\u2013 How startups and new companies can compete against software giants that are pretty well entrenched in the market\\n 8:38 \\u2013 How do copies with narrow focuses attract VC money which is looking for massive returns\\n 12:28 \\u2013 The stages in which AI will be enabled\\n 15:55 \\u2013 Framework of an AI company\\n 18:49 \\u2013 Importance of the feedback in the AI company framework\\n 20:56 \\u2013 Examples of AI companies\\n 23:50 \\u2013 Why companies that are AI from the start will have a significant advantage in the space\\n 26:21 \\u2013 How do companies change their thinking about compiling useful data\\n 32:18 \\u2013 Regulation of AI\\n 35:03 \\u2013 Preventing other companies from leap frogging you in the AI space\\n 37:57 \\u2013 Some of his favorite AI companies\\n 40:43 \\u2013 How much has he seen in the finance world\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 41:07 \\u2013 Jerry Neumann Podcast Episode\\n 43:10 \\u2013 Why the focus on B2B AI companies\\n 45:34 \\u2013 Major components of the enterprise stack that he focuses on for AI\\n 49:30 \\u2013 What impact will all of this AI have the daily lives of people\\n 51:38 \\u2013 Biggest problems that he is excited to see AI tacklet\\n 53:04 \\u2013 How do you value the intangible asset of an AI model\\n 57:13 \\u2013 How Ash thinks about getting other investors into firms they seeded\\n 1::00:27 \\u2013 Other investors that Ash really respects\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 1:01:15 \\u2013 The Most Important Thing: Uncommon Sense for The Thoughtful Investor\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 1:03:29 \\u2013 Ali Hamed Podcast Episode\\n 1:04:04 \\u2013 Where would Ash invest outside of AI\\n 1:07:11 \\u2013 More about his family nut business\\n 1:11:18 \\u2013 Favorite macadamia nut story\\n 1:12:05 \\u2013 Kindest thing anyone has done for Ash\\n \\xa0\\n Learn More\\n For more episodes go to InvestorFieldGuide.com/podcast.\\xa0\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub\\n Follow Patrick on twitter at @patrick_oshag'