We asked a $18.9B Investor how to survive the AI bubble

In this episode of My First Million, host Sean Ellis interviews Graham Weaver, a $20 billion private equity fund manager and Stanford professor, about surviving the AI bubble and building enduring businesses. Weaver shares his journey from mowing lawns in Ohio to founding Alpine, a firm that has achieved 5x returns across four funds in under six years. His secret? A 'buy and build' strategy centered on hiring high-attribute leaders—often military veterans—and empowering them to run service businesses like plumbing and HVAC companies. He argues that AI is overhyped in the app layer, where venture-backed startups with $2M revenue and $500M valuations are likely to fail, but that AI can be a powerful tailwind when combined with deep customer relationships and operational excellence. Weaver emphasizes that true differentiation lies in talent, culture, and execution—not technology—citing a $8M earnings business that grew to $500M in six years without additional capital. He also shares personal insights on overcoming self-doubt, the importance of internal work, and the 'genie question' as a tool for discovering one’s true desires. The episode concludes with practical advice on financial freedom, the power of small experiments, and the transformative impact of meditation and self-accountability.