Founders Fund

“Yeah, we, so quite a few. Like we like DC, VC, Founders Fund, Lux Capital. There's like, there's probably like a dozen or so we love that we love working with. They again are just Great people, good processes, smart minds, and very collaborative.”

“We stay sector agnostic and instead look just at the individuals, and in doing that, that's enabled Founders Fund, and this is far before my time, to be at the ground floor of some very important companies. SpaceX is you know, a grand example of that.”

“This fund again, before my time had a seed invested in DeepMind before AI became a buzzword, or Oculus in the early seed rounds before VR became a buzzword”

“If a team member has strong conviction, you know, whether it's a quarter million dollar FF Angel, that's, you know, the minimum amount that generally we invest in this kind of angel vehicle of ours, all the way up to fifty million, we can move quite quickly an…”

“Brian Singerman is a computer science, you know, major from Stanford that worked at Google that led the STEM-centric steel, which was one of the best outcomes in biotech history, but even more so, it's done some groundbreaking work at curing cancer, and that's…”

“Come in expecting to be the consumer person that was going to look at all the consumer digital deals, and the first thing I looked at was an anti-freeze synthetic peptide.”

“I wouldn't say that I'm a segment investor. I don't kind of believe in chasing different sectors, but instead look for these phenomenal people that really create new segments.”

“I really have spent most of my career on the operating side having founded a couple companies and actually recoil when I hear the term venture capitalists or being called a venture capitalists. I really think of myself as a, as an entrepreneur, as a company fo…”

“In a startup, you know, you're trying to move really quickly. You're trying to make decisions and have things happening on the investing side. You really need to kind of tap the brakes or really be prudent about what you jump into.”

“One thing that that gives us an advantage of is let's say somebody meets a company on a Wednesday. They don't have to wait till the next Monday morning partner meeting that has time to schedule for that team to come meet. We can do it much quicker than that.”

“Now, Founders Fund doesn't have any Monday morning partner meeting. We never have, and we never will.”

“For my job at this fund is to generate massive returns. And for our funds, you simply have to invest in the world's most important companies in order to generate those returns. It doesn't need to be quick. It doesn't need to be overnight. But long-term, they n…”

“Affirm, because it's a ridiculously hard one run by one of the best founders in history with Max Levchin.”

“These are the types of what we mean by complex coordination companies that once they've developed that the ability to operate in that complex way, it may, it's a huge moat. So that's a huge moat for us that other companies cannot simply clone. You can't just h…”

“And so we always, when we're making a small investment, always tell the entrepreneur upfront, like, Hey, this is a potential signaling risk.”

“A lot of our best investments have been smaller checks That then we've been tracking the closely company closely enough that have grown into larger checks.”

“I think if we're going to maximize returns, it would be over an even longer period of time.”

“Even if you don't necessarily yourself have the complete picture by just, you know, drilling down on specific aspects, you know, whether that person has, like, has all the answers and can go as deep as you want to go is a really good sign.”

“Most of the data sets out there or the defensibility data sets out there I think are oversold. There is this very, it's a very compelling, very tantalizing notion that, oh, I just have so much data, and nobody else has it, and therefore it must be special, but…”

“Having founded the firm less than two years ago with Four million under management in their initial fund. Polychain now has over two hundred million under management, with backing from the likes of Sequoia, Founders Fund, Andreessen Horowitz, and USV, just to …”

“The investors that I went with in forward, people like Founders Fund or Kosla, Keith Raboy at Kosla, who I know has been on your show. These are people that when times get tough have been good actors.”

“As for their fund investing, they've backed the likes of Excel, Founders Fund, Thrive, Lightspeed, Foundry Group, and many more incredible managers.”

“I think it was probably less than a week of due process.”

“You look at the likes of Andreessen Horowitz or Sequoia, our founder's fund, for example. They're pretty disciplined in terms of the absolute number of investments they make per person.”

“To date, Alex has raised over one hundred and thirty nine million dollars with The Athletic from some of the best in the business, including Founders Fund, Bedrock, Y Combinator and Emerson Collective, to name a few.”

“Some of the benefits are, well, first and foremost, I think we're the first married couple in founders fund portfolios.”

“The flip side of that is someone like Brian Singerman, who I think is one of the best reactive investors in the Valley, where he has no theses, doesn't think about the future, and just listens to the founder and the story and uses his own frameworks and is abl…”

“Founders Fund is quite famous for having quite a loose investment decision making process, not with the kind of traditional partner meetings every Monday.”

“With Anderil, we invested in the seed. We also invested in the A, but we didn't lead around until the series B when we co-led with Founders Fund.”

“To date, Spike has raised over a hundred million dollars with Newfront for Some of the best in the business, including Founders Fund, Meritech, and of course, the newly founded TwentyVC Fund.”

“There's very few venture firms I would join, and Founders Fund is one of them.”

“I ended up You know, bringing in one of the largest investors who ended up anchoring the first institutional phone.”

“And I think even Founders Fund, you know, I mean, back, back in Founders Fund too, I mean, SpaceX was a, basically a forty million dollar position out of a two hundred million dollar fund, and it was a rocket company.”

“To date, Eric has raised over three hundred and ninety million dollars for the company from some of the best, including Thrive, Stripe, Founders Fund, Code Two, and Box Group, to name a few.”

“Everybody at Founders Fund runs their own strategy, and my strategy is very different from even everybody else's at Founders Fund, let alone other VCs.”

“I think it took Andrel two years. The speed at which these guys were able to break in to these large government contracts was astounding.”

“At the time when we did this, there was no other company in Silicon Valley innovating in defense.”

“We incubated the company from there.”

“Andreessen was the first to kind of make the statement where Mark Andreessen said, when I was raising my Series B, Andreessen Horowitz actually gave me a term sheet. So did Founders Fund and Kosla, and I went with Kosla. Andreessen was like, look, we're going …”

“This bifurcation in the market that's underway, which is the folks that have made it, they've gotten to the top of Mount Everest. At this point, I would argue those funds are post-economic, and now they can operate more rationally over the long run, like Found…”

“At Founders Fund, I don't think we would do that very well. We don't have a team that's really constructed to do that. We don't have the legal structure that's really designed to do that.”

“We analyzed it recently at Founders Fund, and it's definitely not an overreaction, even with the corrections of the last, we'll call it six, seven months, we're only at the thirty-year normal average. Like, if you look at multiples, we're exactly at the averag…”

“Founders fund, there's only one real answer because we don't replace founders. Most VCs would probably try to change the management team, including the CEO. We, you know, ideologically, philosophically, and effectively, legally just don't do that.”

“Peter and I figured out this market was crashing last summer, and we really tried to stop people from investing at ridiculous prices, but even the founders thought we weren't totally successful.”

“So I led 13 or 14 new investments or so plus or minus in 21. None, you know, basically halfway through 20, 22.”

“I think we produced the most liquidity for LPs or one of the two most liquid, most distributions over the last two years of any fund on the planet.”

“I think we'll, we'll be clear that like, look, I wouldn't count on us for additional capital. If there's things we can do to be helpful, you know, we'll, we'll try, but like, we'll give them, you know, a significant advance warning. Let's call it measured in y…”

“Both Peter and I figured out this market was crashing last summer, and we really tried to stop people from investing at ridiculous prices, but even a founder's fund, we weren't totally successful.”

“I think Sequoia has always done a good job of this. I think Founders Fund has done a good job of this.”

“It gets to a stage with also fund sizes, Kyle, where it's almost easier to raise two billion than it is two hundred million, and the reason I say that is because there is a pool of LPs, as you know, the pension funds of the world, Who need to move a hundred mi…”

“We definitely saw at the time that the network effect on Airbnb was, at the time, was huge, and yeah, the market was it was clear that they could penetrate into the travel market, or even the lodging market, which I guarantee you, Harry, is huge.”

“The part that's just harder and harder over the years as you do this longer and quite frankly get older is the seeing. You've got to keep your networks fresh. You've got to like make sure that you're somehow still connected, right? Cause your networks get stal…”

“If even the best companies want You know, end of 2021, beginning of 2022 prices where other comps in their market have gone down by 80%, then we're just, we're also just not going to play that game. Like, we don't have any pressure to invest capital.”

“We've had so many discussions about this and about what the last couple of years means, and did we go too fast in 20, 21? And of course we did”

“If it's a unique strategy that is differentiated from the current partners that are here, we are interested in hiring that person, and that's really paid off. Like our focus on not hiring clones, our focus on not hiring just people who are generically good, ou…”

“Our strategy has always been to distribute shares slash capital right when we can in companies simply because we don't think we know the public markets better than anybody else.”

“Brand can be noise and detrimental for the seeing part for the diligence, you know, for the you know, seeing companies part, but the for the sourcing”

“With venture being about upside maximization, Are you really just looking for, like, a good deal, or do you just want to invest in the best companies? And I would argue it's all the latter.”

“If you are the type of person that is going to do work, work, work, work, work, work, work, work, work, and make sure it's perfect before you invest or make sure it's perfect before you hire, you are just not going to do well in this business. Period.”

“When we've made money for people, you have a lot of more latitude on how you can invest money. So you've got. The freedom to do whatever you want without people breathing down your neck.”

“We put more than, we put four hundred million in that company total now. This is just our most recent one was two hundred million.”

“My partner, Peter Thiel is. Brilliant macroeconomist and probably the best in the business at this, and he can't even predict this, right? Like predicting macro is extremely hard.”

“Meeting a founder in person is just critical. I was terrible at this job during COVID, right? Like when you couldn't meet founders in person. I'm just terrible at this job without being able to meet founders in person.”

“I don't think about reserves ever. Period. Like, I literally never think, I never think a second about reserves.”

“Loss ratios don't matter. Losing, I can't, you know, you don't want to lose a five hundred million dollar check, right? Because it's going to be then ridiculously hard for you to return that, to return multiples on that fund. Whereas, like, if you lose, in a f…”

“Enduro is going to be an extremely valuable company. I am, there's, yes, quite sure of that. We are not going to lose that two hundred million dollar check. That two hundred million dollars will turn into, you know, two billion.”

“I wish I had written 500, I wish we had written a five hundred million dollar check into Airbnb at the, you know, one and a half billion dollar round instead of a, whatever, a hundred and fifty million dollar check.”

“We don't have hubris about knowing the public markets better than anybody else with the fact that we were able to distribute. You know, end of 2021, when a lot of people kind of held was worked out in our favor this time.”

“You're trying to maximize your upside. You're not trying to minimize your downside. This is why I've never understood these like, oh, we're going to do a round with three X participating preferred and around with a whole bunch of structure. I mean, like I get …”

“Our funds are multi-billion dollars, right? Like if we have a. Ten million dollar check, there's no real difference between that going to zero or that going to. Thirty million. I mean, there's just no difference between those numbers.”

“In 21, that said, like, You know, we had great, we had our best year ever in 20, 21, right?”

“I mean, I try and my life strategy is to maximize my dollars to fame ratio. Like I want to make a lot of returns for myself and LPs and have the minimal amount of fame possible, right?”

“The way that we do things at Founders Fund is everybody runs their own strategy based on what they are the best at.”

“Where I'm best is at writing these two, three, four hundred million dollar checks. And so, you know, if I'm using my own, practicing what I preach, it's like, if I'm comfortable writing a, let's say the most, the biggest check I'm comfortable writing is a five…”

“And that's when I met Sean Parker and we became friends and he. Said, Hey, why don't you check out what we're doing at Founders Fund? And I came in and that's when we were considering a little investment in a company called SpaceX and, you know, said, this is …”

“Brian Singerman at Founders Fund said on the show recently about how he was unable to do his job in COVID as he could not meet founders in person”

“Also, they're the only ones that Cut their fund size in half proactively when the macro changed. So they went from, I don't know, 1.8 to nine hundred million in two funds, right?”

“I think we'll see more. I think we have to.”

“When I think about Brian Singerman and Pat Grady, They're not worried at all about it going to zero, but they are very worried about upside maximization, and I think you get that uncapped upside lack of fear of downside through immense success.”

“So there are real, real trade-offs to company building. I would not recommend that.”

“I wouldn't say it's necessarily all of them universally, but more than 80%. It's a very Common characteristic of successful companies.”

“You don't just go to the field and practice all day, 24 seven. You might study film, and like, you might go home and spend four hours watching video of your opponent, and that makes you more successful. So your body is recovering, your, like, your brain is tra…”

“Like there's actually a general partner of founders fund named Trey. We were just at his 40th birthday party. And one thing that was mentioned was that he didn't get into Georgetown the first time. And he literally went and like set up a tent in front of the a…”

“Projecting who's likely to be a great investor is even harder than figuring out who's going to be a world-class founder.”

“We at Founders Fund have pretty much put a light in the sand that we won't invest in remote companies because we've just watched 50 years that there's almost no examples of people building companies that way.”

“I think we need to, I don't think you should practice your pitch with mediocre investors, because really good investors are going to ask completely different questions.”

“Keith from founders fund is known for being pretty full contact. And I. Talk to some people who really did not like working with him, but they didn't like working him. They didn't like working with him for reasons that I would actually enjoy working with him, …”

“In my core relationships Founders Fund's the most extreme, because Peter Thiel's very contrarian and he wants to reset the mindset of his team. Which I think is great. But Andreessen Horowitz, Green Oaks Thrive, they've all proactively marked down their compan…”

“We were one of the only institutions in it. I mean, there were not that many institutions. Now everyone wants to get into it.”

“Founders Fund, like, there, if you, I mean, I'm saying some of the data, like, there's, I, there's a number of examples of big funds being five X plus, right?”

“I said founders fund, and I said it because of something that Brian Singerman told me, which is like, we are unparalleled in the willingness to have extreme revenue, extreme capital concentration on a per company basis, which means we could lose a lot. But if …”

“KB and Founders Fund may be the two most disciplined. I think Sequoia has also historically been very price disciplined to their credit. They've also relaxed that a bit but they're, I think, very top down and consciously, but I think historically, those three …”

“And I don't think back in my day at KB that we had a lot of analytical rigor to those late stage parada decisions. Whereas the founders fund, the growth team is very dialed in to evaluating those opportunities.”

“Founders fund, we do, we did it too, but more on an ad hoc basis, not systematic, but at KVU is very systematic, like top down.”

“Founders Fund, especially when I joined, was very much people running their own investment strategies. Think of it as like a PM running their own investment strategies, and there's a way of syncing and getting a certain number of critical mass and votes to sup…”

“Probably Founders Fund.”

“The first big check that I wrote at Founders Fund was Flexport. And no one was thinking about Supply chain logistics in 2014.”

“If you go back and you look at the best companies in any portfolio, they were kind of the best companies at every stage. Like they were incredibly awesome at A, they were incredibly awesome at B, they were incredibly awesome at C. Very rarely do you see a comp…”

“One of the most important things that I've learned about hard jack in the 10 years I've been at Founders Fund is that you have to have someone on the founding team who's as good at business as the technical founder is at the tech. There's just no way around it…”

“Definitely in the first six months I think you can get a sense for momentum. There's almost nothing as important as momentum in startups.”

“No, because I think the best founders are going to pick Really strong markets and they will increase the probability of success even in like a middling market. So I think the founder has to be the atomic element always, but obviously like there are going to be…”

“And so I think being in a place where I'm operationally engaged at Andrel, like, I actually, I'm up to date. Like I know what people are using. I know what like is impacting our business in a meaningful way. I know what stuff that we're, we started using that …”

“And this, for example, is why Founders Fund was why Peter put us in San Francisco when everyone else was on Sand Hill, because he wanted us to avoid getting caught up in this, like, are they going and meeting all the way down the street with all the other peop…”

“Having like pushing your team to do things like deal memos, for example, forces them to like put down a number that they're later going to be judged by. So the investment team is going to go back and they're going to look at that investment memo and they're go…”

“And in order to get anything through, you literally have to just be pounding the table. Like, it is on you to have the level of conviction that's required to get people on board.”

“The biggest lesson that I've learned from these is that there are times where I've gone in and I've said, this has 10 X potential from where it is right now, and therefore it's probably worth making a bet. And I look back on some of those investments that I've…”

“We don't generally want to take board seats. We are incredibly hands-off and operationally helpful when asked, but only reactively.”

“Our core vision is we just want to invest in the best founders, building the best companies that are going to be category, category defining. And I think you can do that through a very traditional venture model of, can we get a check into the series A and can …”

“We were the first fund that was talking about being founder friendly”

“The entropy on, like, knowledge of operationally being engaged with the startup is so fast. All the things that I did at Palantir for six years, like, I feel like were relevant for, like, my first three years at Founders Fund.”

“All upsize maximization. No downside protection silly. Like I think if you go back and you look at our portfolio, like whether or not we got our money back has never impacted fund performance. Like the only thing that moves the needle for a venture fund of our…”

“It turns out that the core monopoly investment that won is the only one that mattered in the rest of the category matters a lot less. So if you have some vision for what the future looks like and you're looking for a company to invest in that's doing it rather…”

“The founder is the atomic element, a really great founder and team are going to be able to pivot their way into strong product market fit. Whereas a great idea with a weaker founding team are going to get stuck and will likely spin out.”

“We all run our own strategy. We don't have Monday partner meetings.”

“And this is going back to that earlier point I was making about heuristics is that you can't constantly convince yourself that every Exception is actually an exception. Usually it's just wrong. Usually you should just follow your instincts around the heuristic…”

“If you look at any of the big outcomes across our portfolio, whether it's you know, Spotify, Stripe, Airbnb, Palantir, SpaceX, Andrel stem centric. So if you look at all of these big outcomes for us, every single one of them, there was someone on the team bang…”

“So when I wanted to make the flex board investment, I had to kind of go through the gauntlet and answer a bunch of questions from the team and pound the table. But at the end of the day, they were like, we made a bet on Trey. Trey has high conviction in this. …”

“And so as an investor, when I look at something and I'm like, yeah, this is a vice investment. Maybe it's probably going to make a lot of money because it leads to addiction or loneliness or You know, whatever. I don't want to be involved in that. I don't want…”

“So at Founders Fund, they obviously believe in this very deeply. We just saw this obviously with Keys leaving there and being somewhere else, they, the belief is that there is very little you can do to actually move the needle, other than writing the check. An…”

“So it's a double-edged sword. And the reason why it's a double-edged sword is because on one hand, you've got all this great credibility by association. You have all of this social capital and that social capital allows you to hire people. It allows you to get…”

“Given those two extremes, I actually lean more towards, ah, the role of Sequoia's side, because I've just seen that kind of help and oversight and having that kind of star chamber of great talent cut so many corners of mistakes that would be made.”

“Once I've, you know, sort of chosen that I do want to invest in something since Varda, I have not, you know, sort of lost an opportunity where I've wanted to invest, even in situations where there've been phenomenal partners, general partners on the other side…”

“You should always go for the path of most resistance when you know, trying to work on a deal at FF. Work and make sure to loop people in from the investment team that are going to be the most critical of the company, given that one, if you're able to get those…”

“Technically, you know, sort of full-time at Founders Fund, there is only, you know, sort of one person that is under the age of 20, you know, sort of seven, and that is probably not a, you know, sort of sufficient class of, you know, sort of future up and comi…”

“If I were to look over the past sort of five years, I think generally the Founders Fund decision making has led to Generally superior returns and also less gaffes in various ways, whether it's the, you know, sort of FTX type, you know, sort of fraud debacles, …”

“He values sort of people that are willing to actually sort of disagree and stand up to him so much so that I think it's incentivizes behavior internally where people proactively want to disagree with him more than others.”

“You to maybe again, go back to, you know, sort of one of Brian's, you know, classic isms internally is, you know, the only rule of founders fund is that there are no rules. If we establish any type of arbitrary rule, it almost certainly will basically decrease…”

“He does a phenomenal job of that, of structuring his, you know, sort of logistic arguments and frameworks in a way where if you disagree with him, You by default just look like a buffoon because of the fundamental way that the argument is basically, you know, …”

“If you're like a first-time founder and, you know, demanding 25 posts, I have a little bit of a harder time getting excited, even if in theory, your vision is super compelling, your team is super compelling. It just shows a willingness to, you know, sort of su…”

“We don't do Monday partner meetings. There's not some regular cadence where we all get together and discuss, you know, sort of deals and decide which ones, you know, sort of we're going to, you know, sort of do.”

“Oh, a multitude of times. I mean, I probably had at least, you know, sort of six, you know you know Singerman, you know, sort of one-on-ones where he has to be like telling what the fuck.”

“Obviously there are people within Founders Fund that explicitly choose to not work on the fifth one, you know, sort of whatsoever, right? You know, Brian and Trey's, you know, sort of strategy is we believe the best founders, you know, sort of need no help, an…”

“They raised from Anderson Horowitz and Founders Fund, thirty million, almost immediately. They started three years before Floor”

“Any list of, you know, top tier VCs, et cetera, you know, people that publish the list that doesn't include founders fund at the top is a laughable list.”

“I pitched Peter Thiel, and I was so green, and I'd just gotten back from Afghanistan, and I literally would go to work in slacks and leather shoes, like a business lawyer-looking type person, and the Founders Fund guys, at least in those days, did not respect …”

“Founders Fund doesn't do B to B intentionally. They make exceptions, but they don't believe in B to B. They don't believe the outcomes justify it. It's explicitly, they don't do it.”

“Based on observed data at scale, in other words, not including seed funds, but in terms of turning industrial quantity of money into eight and nine X's, let's put founders fund at the top.”

“Got a five X, get money off the table. We're pointing out three years later, the acquirer canceled the program. You know, huge amount of risk. Made, I mean, you know, made it work, but never forget the risk was there.”

“They may be, to a rounding error, the best fund, so no surprise to get the most amount. I mean, you know, it was great to see the leak now. They're astonishingly good.”

“An LP saying I'll do founders fund because they got these returns and 10 other funds, they'll be just like founders fund. That sentence doesn't make sense. They won't be just like founders' funds because They're not the same people with the same approach.”

“They told them they don't do B to B investing, then that viewed ramp as a fintech.”

“I've never had such institutional demand for any single fund asset than I have for founders fund. Every single LP wanted Founders Fund, and wanted Founders Fund gross, which is even more rare.”

“And it is the, and it is exactly right. But now again, to take both sides of that, it is the enemy of greatness and it is the protector of massive wipeouts, right? And it just boils down to the personal choice of where in that dimension you want to be.”

“Specifically with regards to Amgrills raising two and a half billion Series G, I don't know if you guys knew this, they got a billion from Founders Fund in this latest round. A billion again, making it their largest ever check, and the Founders Fund's prior la…”

“They're putting a billion in, right? That's much more ambitious than throwing a growth fund throwing fifty million into the last round of Anthropic, right? Or throwing twenty million into Lovable. It's a big bet, right?”

“When you look at, Bundly, the best performing managers, or the breakout managers the last few years, I think you put probably Thrive, Green Oaks, Founders Fund, and Eli Gill definitely up there. And all four of them are one person led.”

“Kevin Hart's at A-Stars is, is, is a new partner of ours, and he was at Founders Funds for a few years.”

“Capital concentration limits are the enemy of great venture returns, and that's why they have 33% of their fund in Airbnb.”

“Topic number one, Everett Randall joins Benchmark. Benchmark don't add partners very often. It's a big news announcement that he's joining. Joins Benchmark as their latest GP. He was with Kleiner and he was with Founders Fund before.”

“Dude, you sourced the seed of ramp.”

“I think it's actually a convenience for Delian and some of the Founders Fund folks to absolve themselves of that weight and that responsibility just by being like, oh, it's not part of our, it's not part of our thing. But I think, you know, it's almost out of …”

“So there's a program, for example, at Founders Fund where anyone that works on an investment or if you're leading an investment, you can personally invest alongside the firm.”

“I think a lot of people at Founders Fund have very underrated track records. I think Matthias van Tienen, I think he's the most underrated venture capitalist that exists today.”

“There's no doubt in a world where one investment might return 50 to a hundred Billion dollars. Everyone else has to feel just a teeny tiny tad irrelevant compared to that return for founders fund and good on them. It's a 20 year compounder at 50% plus or minus…”

“Founders Fund, deploying three billion in under 12 months, but deploying it into Stripe, SpaceX, and Anduril.”

“I think Founders Fund's strategy of being ultra concentrated in a few companies has just been this incredible strategy over time.”

“Founders Fund are closing in on six billion dollars of new funds. They invested the last 3.3 in 11 months in amazing businesses like SpaceX and Stripe and Anduril.”

“The unsung hero of Founder Fund is a guy called Napoleon Tha, who leads a growth practice. And Napoleon basically is the one who decides which of the companies should we double down on.”

“If you look at Founders Fund, which I think is one of the best performing funds, a huge part of their success is basically doubling down on the companies that matter.”

“There's like the kingmaker firms that you should accept at any price. One example would be Founders Fund or Sequoia or people like that. And so if you get an offer from them at X and the offer from someone else is at two X, you should take their offer because …”

“Menlo will make ten billion dollars in carry Spot will too, plus Founders Fund will make more than that from SpaceX.”

“The amount of great operators who you're like, well, they wouldn't be, I'm so, I don't mean this rudely, dumb or naive enough to just join a company because of a VC. Do just join a company because of a VC. They'll go, oh, it's a Sequoia-backed company, oh, it'…”

“Best offer I got was two 75, but the firm wants board control. So if you'll just do it without taking the control of the board, you guys can have it. And Peter just offered 300 instead of two 75, which wasn't as good as my 500, but he didn't need to do that. I…”

“Founders fund cut their, you know, N minus two funds ago, they cut them because they couldn't think they could deploy enough fund in the, in that window.”