Uploaded June 2025 | Updated September 2026, 1 week ago

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Susan Li of Meta—the youngest chief financial officer of a Fortune 100 company—joins John Collison to talk about capital allocation, managing investors, and how Mark Zuckerberg has changed over the 17 years of working together.

Full transcript on Substack: substack.com/@cheekypint/note/p-169231485

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Key moments
00:00 Intro
01:20 Early education and career
02:15 Lessons from Michael Grimes at Morgan Stanley
03:12 Leadership traits and succession planning at Meta
06:05 Mark Zuckerberg’s leadership and culture of feedback
09:06 Financial forecasting and capital allocation
14:18 ROI on Meta’s portfolio of bets
15:05 Investor sentiment in 2022
17:49 The story behind the “free cash flow” hats
18:58 CapEx trends in the AI era
21:48 A memorable earnings call
24:16 Challenges of allocating compute vs headcount budgets
26:55 AI’s impact on productivity and operations