Scale

“The thing that many people miss early on is that paid degrades with scale. Yeah. Everyone says like, you know, you'll get better at it. So you'll fight kind of the laws of gravity that might happen in a short term, but on a long-term time horizon, performance …”

“I am more proud of my two X's and three X's in 2004 and 2005, six, than any 10 X that kind of sailed into the 21 bubble and made me a fortune.”

“At our stage, you know, 30, 35% of our deals don't work out, right? At the stage these guys are at, most of their deals, 90% plus of their deals, when you're writing those kind of checks, should be a one X plus IPO pop.”

“There's no way that scale can recover from losing its founders. I love you, but it's a dead man walking instantly.”

“The stunning thing is we've looked at it like you see about seven to 10 more good deals for every one deal you do, right?”

“I assume that there will be a much more efficient way than that of doing it. You're exactly right. I'm sure, for example, that there will be a corpus available of a purchased copy of every, you know, I'm sure that Scale some one of these label guys that says w…”

“It was higher.”

“You should know for each of the tools, professional does, how many of that profession exist, how many lawyers, how many doctors, how many bankers, how many wealth advisors, cause that's your time, you know, and I'm tracking that. And then it, so it's really nu…”

“We looked at a number of companies that were behind Sierra and Decagon and came to the conclusion that a direct head-to-head Against those companies, when you're a smart, it's just a little bit too hard.”

“I'll tell you what I am betting on. I'm betting on that they can carve out a significant space in that market for that product, and that they've had explosive growth in it, and coming from the sass, I'm betting that I'm betting that that team coming from the S…”

“We haven't done deals with a billion dollars, but we kept it in a 100 to three, four hundred million dollar pre-money valuation, and right now that's been the wrong play, just to put it out there, right?”

“There's a ton of really interesting apps that, you know, for five, seven, eight percent of revenue on tokens are building huge value, which my sense at least is very different than the coding apps where you might be at 40 or 50%.”

“And I think that's right because realistically, in the journey of what's going on, the only significant things we've done, I've said this before in the podcast, we put in the money and we put in more money when they need it. We decide to hire or not hire and f…”

“At scale, I think with scale, with assortment, with brand value new channels become unlocked, new efficiency grows leverage accelerates with assortment. I think it often only goes one way, but I don't think always.”

“What I realized is if I'd met them at the sea, which I didn't, because it was outside our price bracket, but if I'd met them, I would have done exactly what you did, Jess, and I would have listened to the doom warnings, and I said, that's all silly and wrong, …”