Jordi Visser
Macro investor with three decades on Wall Street, formerly president and chief investment officer of Weiss Multi-Strategy Advisers; now runs Visser Labs, advisi...
“My thesis has always been that human beings are no longer the top of the intelligence food chain. … We are now at the point where an AI agent can do everything that a hedge fund can do. Everything. There is not a single thing.”
The Pomp Podcast · October 2026
Visser argues that AI is behind the pain in private credit, SaaS and now hedge funds, and compares the leverage coming out of the system to the collapse of LTCM, which he watched from the other side of its trades. He says he left the hedge fund industry because he didn't want to compete with AI.
Transcript
…And with certainty, you're making a bet on time and your ability to navigate that path. So I think this was a big week. And when you listen to the bears going, the bubble's unwinding, the irony is the bubbles are in really smart people that have used leverage to make money for a long time.
…my 100 basis points, you know, each day and I'm going to end up with this great return. And because everything is evolving so much that that's really where now these people have to evolve with the market and you're just increasing the odds that they make mistakes. Is that the way to think about it?
…21, 22, and they're SaaS companies. What did AI destroy? Was SaaS companies. And it didn't move them all to zero. But what it did was if you make investments in these companies and they're in competition with AI, it just eats at you. My thesis has always been that human beings are no longer the top of the intelligence food chain. If everything that was made was about LTCM, when genius failed, we are now at the point where an AI agent can do everything that a hedge fund can do. Everything. There is not a single thing. And who would you rather lend to risk management that is instantaneous and seeing everything happening, that can read every single thing from a company, can understand am I in a crowded position or not by going through the 13F filings? Hey, I heard, I mean, there's a new hedge fund, Vera, not new, but Vera AI. Reportedly with 26%, they were down 40-something percent in July. So this is a news…
Tokenization, you think, brings both liquidity and transparency. And you're arguing that tokenization could be the death of the hedge funds.
I think as time goes on, it will put so much pressure on the way hedge funds. And again, there are the mega hedge funds, which will sustain the longest over time if for no other reason. They've just met most of them, gone to like five-year lockups. So they've locked capital in. I think this…
So maybe the most shocking thing to me in a positive way, all of the weakness in the stock market, all the weakness in the neo clouds and, you know, the AI trade, Bitcoin has held in really strong. It's been trading pretty much between $82,000 and $85,000. And it almost feels like it's defying the…
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