The Exchanges

Q I mean, are we not seeing most of the SaaS generation put lipstick on the pig, so to speak? Ah, fuck, let's sprinkle some pixie dust in this, and oh, now you've got an AI co-pilot, and ah, here you go.

A Right, right, right. Well, you know what, it's a good thing you mention that, because we're in a new era now. We've gone, uh, to what I call the co-work era, where it's really more agentic, where we're I mentioned autonomous agents, and I think to those few companies that have deployed autonomous agents successfully, a co-work is becoming the new trend. And as, as co-work becomes, you know, more successful and more stable and more broadly used, I would be really concerned about SaaS companies that don't have some kind of system of record or some kind of AI strategy in place, uh, um, to succeed. Um, because the co-work era, it begins the threat. So the threat to the SaaS world is just starting right now. Um, but it's still early days. So if you've got time to pivot, if you SaaS company, you got time to, to do AI and bolt on AI and, and figure out some other direction. But if you're not doing that now, good luck.

AI assessment note: “I would be really concerned about SaaS companies that don't have some kind of system”

Q Got you. You said there about training being kind of a shot and done. I'm an investor in McCaw. I think data itself is much harder than people give it credit for in terms of acquisition, cleaning, and deployment. How do you feel about data providing companies as a commodity or as a valuable asset?

A Well, data keeps changing. So the, so the thing about data is it's not static. And so, you know, there's, of course, value to context, right? Data gives you the context and memory, right? And so, so, and, and I do think that if you're an enterprise business, your data, the way you do it, right, will be different than the way someone else, take hamburger companies, right? I mean, Shake Shack's data is going to be utilized differently than, say, Burger King will do it. Or, or McDonald's. And so I do think that there's going to be highly, um, unique use cases for data that is really important, but you have to have a system where the data continues to evolve and change and the underlying utilization of it can change as the data changes.

AI assessment note: “I do think that there's going to be highly, um, unique use cases for data”

Q he always says, the thing I love about Harry is the statement, that's great, Jerry, but what about me? Uh, which I specialize in as a venture capitalist. I have a shitload of NVIDIA. And I'm thinking through as I listen to you, can you just play out for me that migration from Jensen chips to Asics chips and, and just like how that actually plays out in reality? Right.

A Well, it's the thing that wasn't mentioned as to why he bought Grok. He needs that capability so that he can handle, uh, Asics chips eventually, right? I mean, cause Grok is, is those guys know how to put, you know, memory right on the chip. And so that's automatically, you know, an ASICS chip today, right? And so I think Grok is not just about, you know, handling different types of workloads and getting memory on the chip. It's about making sure that CUDA can also support ASICS chips, and they're going to have to go out and make sure that they can get, you know, they know what's coming. They absolutely know what's coming. And so they're, I think the Grok acquisition is going to help them Uh, make sure that CUDA is viable for the A-Six explosion that's coming.

AI assessment note: “Grok acquisition is going to help them Uh, make sure that CUDA is viable”

Q So autonomous agents is the big wave that comes. And so where are we now? We're in the anticipatory period where we can see it coming. And that's why we're seeing the Sassica or the Sasspocalypse. Is that the case?

A I I'm not a doomsayer. I'm, but I am one to say, look, change is coming fast and you need to, you need to anticipate that you need to be on top of that. And you know, the idea of, oh, I can just bolt on AI to my company. It's possibly true. You can maybe get an exit, but being AI native and thinking that way is going to make you a better company and thinking deeply about what. What is going on in the, in the communities that are, that are, that are driving the tsunami, right? And those, those open source communities that are popping up in massive amounts, they're the ones that are going to have the big impact.

AI assessment note: “I'm not a doomsayer. I'm, but I am one to say, look, change is coming”

Q I'm a little bit stuck here, because our job is to ascribe where we see value, and where we think there will be more value. And the things where we used to ascribe value, revenue, growth rate, margin, have become transient slash questionable. So in that time, how do you think about where you ascribe value?

A You know, it, it, it depends on what the timeframe is. If, if you look at most software companies that are out there, um, normally when a new technology comes, it sort of expands the market before it contracts, because people are already in their momentum. They're doing what they're doing. I wouldn't expect to see normal software companies to see software just fall off the, the, the, you know, off the radar. That's not gonna happen. I think what, what happens is, is that people get fearful And prices change, and then the underlying quality of the business changes based on how well the management team adapts to the situation. Um, you can imagine some companies that have system of records that have great context could actually increase value if they're able to put that context to work on, you know, with agents, with autonomous agents. And then you have other people that Oh, they don't really adjust fast enough. They don't really understand what the new market's like, and then their system of record or their software declines because they haven't really moved fast enough. What we have with the tsunami happening is a wake-up call to move to higher ground. Don't get caught on the beach when the damn thing hits the beach. Move to higher ground. And that kind of adapting of your business, some people will do it, some people won't.

AI assessment note: “companies that have system of records that have great context could actually increase value”

Q Do we see actually venture cycles get shorter In this environment, given companies grow faster?

A I think what Cursor did, because the team is really smart, is they pivoted out of the IDE space, and they pivoted, and in that pivot, they convinced Elon that they could build models. They hadn't proved it yet, but they convinced them that they knew enough to do it, and Elon was pretty desperate to, to solve his problem with XAI, and so it was a great fit, and they got the sixty billion, so you hit You hit the bid. If OpenRouter gets a ten billion dollar, you know, bid from Stripe, you take it. I think those are not the norm. Those are the, ah, those are the abnormal, those are events that are happening because the board and the, and the management realizes, hey, maybe what we've built isn't, uh, isn't a, isn't a, isn't a decade company. Maybe this is something that we need to move out of and we take Take the win for what we had. And, uh, I, I had a few companies back in the day that I wish had done that. Uh, Flipboard was one of them and I wish Flipboard had taken the billion dollar exit. Uh, um, but they didn't. And you know.

AI assessment note: “I think those are not the norm. Those are the, ah, those are the abnormal”

Q So I always say the product that we sell our LPs is the quality of our investment decisions and that reduces with remote decision making. Do you agree or do you think that today remote decisions work just as well?

A That's a function of the team. That's a function of who's involved and then a function of experience, you know. Overall, If I were to invest in a company, I would be very suspicious of remote management because human beings today need it. As we move to autonomous agents and human beings, that's a good question. You know, that's a very good question. I don't know how the feature is going to play out, but in the past, uh, remotely managed situation, I know for me, cause I didn't live in New York. As a co-founder, it was really hard on my team for me to fly in, fly out, fly in, fly out. And you, cause you have to make decisions remotely. You have to sit with an entrepreneur here in San Francisco and you have to commit now. And you've got a whole team in New York. You know, it's really tough being that remote guy. You know, if you're all local and you're all sitting in the same office, you got to make a decision tomorrow. It's a lot easier. So I would argue that remote. Decision making is very difficult.

AI assessment note: “So I would argue that remote. Decision making is very difficult.”

Q If you were to look at a sales force today, which camp would you put it in?

A There's a lot of companies that, you know, sit on top of it, like Encino, there's dozens and dozens of companies that have built on top of the Salesforce system of record. So the real question is let's look at their health. Let's see how they do. You know, if those guys start getting knocked off one by one and they enough of them get knocked off that they're, you know, that the underlying value of Salesforce becomes less, then you're going to say Salesforce is Going to be worth less, but in the, in the history of companies, Salesforce is like a Mount Everest, right? It's an 8000 meter peak sitting there. It's not going to melt overnight. That thing is going to be around for a long time. The question is how valuable is it? And the way to look at it, that question, the way to analyze it is how valuable are all those companies that build themselves on top of it? If those guys start going down, well, Then you're gonna see some issues.

AI assessment note: “Salesforce is like a Mount Everest, right? It's an 8000 meter peak”

Q Do you think we are in that same pattern? Do you think there will be a depressed public markets atmosphere for years, or will it be different now?

A Well, it's always going to be a little bit different. Um, what's happening now is the speed at which things are changing. You know, like we'll have this company E to B and you think, okay, they do sandboxes. Great. If you talk to most technology people, they don't particularly put much of a, um, emphasis on differences between sandboxes. It's just the thing that keep your, to keep your agents safe, right. Or keep whatever code you have safe. Um, in reality, it's also. A productivity tool. And for the agents, uh, if you're making sandboxes for an agent, it's going to have a qualitatively different speed. For example, about 400 milliseconds is about a time period that humans can recognize a delay. So a lot of systems from mobile on that 400 millisecond timeframe, and that's what most sandboxes are. Well, EtoB has sandboxes that, um, respond in 80 milliseconds. I'm like, wow, how, no one would ever notice it. He said, the agents notice it, and that's what matters. When an agent spins up literally a 100,000 sandboxes in seconds, that, that response time is critical.

AI assessment note: “Well, it's always going to be a little bit different. Um, what's happening now”

Q What are the signs to you that we're seeing a cracking in the credit markets?

A Well, complacency is the first thing you look at when it happened in 2008, 2010. There was a handful of people, which there's always been documentaries about these guys that made money on that short in the housing market. Um, but everybody else in the world had no idea what was really happening. It was complacency complete. You know, and what you had was, you know, really ugly situation where the people that were supposed to be keeping an eye on things, which were the credit rating agencies and the credit risk departments of the big banks were asleep at the wheel. And this terrible thing happened and there was enforcing this risk. People didn't recognize because historically there had never been a huge default problem with mortgages. And that was the kind of thinking that was there, and they didn't realize that the underlying problems associated with credit. I see the same thing today in that, in the credit markets, there's many opportunities for there to be problems. In the late nineties, you had long-term credit blow up. We just had Leopold blow up because he wasn't accounting for, you know, uh, the leverage that he put on his fund. Um, I still see that there's these little warning signs But the complacency is, is, is, is the biggest issue. Um, in Japan, another problem, right? So this is the second time the U.S. has bailed out the yen. Um, and why are they bailing out Japan?…

AI assessment note: “complacency is the first thing you look at when it happened”

Q So like I have the CEO of monday.com on the show tomorrow. When you think about the question, I'm not picking on Monday, but I'm saying the question of will enterprise software and will software just be entirely vibe coded, personalized, customized. How do you think about that? Because that is the kind of eradication of a lot of their market caps.

A Well, first of all, um, Autonomous agents, and it may take a year or longer for most enterprises to actually enable, um, and get committed to autonomous agents, but they're going to write software faster, cheaper than any human being on the planet. And they already are. And so again, it's this thing of like, if you're making your software for autonomous agents, And they have a reason to use it and it's valuable. Great. You're going to do fine. But if you're not making your software for autonomous agents today, you're going to be challenged in the future. Maybe it's six months, maybe a year, maybe 18 months, but you're going to be severely challenged if you still think human beings are going to buy your software.

AI assessment note: “they're going to write software faster, cheaper than any human being on the planet.”

Q When we think about the impact of agents on companies, I had Seb from Klarna on the show, and he said that at that peak, there were 7000. By 2030, they're going to be less than 2000. Is headcount a bug, not a feature now in companies?

A You know, look, people never really talk about it, but it's all about culture. What's your culture? You know, I mean, if you're looking to have a culture of A players, And Steve Jobs talked about this at Apple. You want, how do you just continue to grow with eight players? Um, you're going to have a hell of a lot more agents than people. So it depends on what those 2000 people are doing at Klarna that are left. What's their culture like with those 2000? If they're all able to have a greater quality of life, have more time with the kids. Maybe it's an awesome win, you know, but I'm not there. I'm not him. So I can't comment.

AI assessment note: “you're going to have a hell of a lot more agents than people.”

Q If you were to look at a sales force today, which camp would you put it in?

A There's a lot of companies that, you know, sit on top of it, like Encino, there's dozens and dozens of companies that have built on top of the Salesforce system of record. So the real question is let's look at their health. Let's see how they do. You know, if those guys start getting knocked off one by one and they enough of them get knocked off that they're, you know, that the underlying value of Salesforce becomes less, then you're going to say Salesforce is Going to be worth less, but in the, in the history of companies, Salesforce is like a Mount Everest, right? It's an 8000 meter peak sitting there. It's not going to melt overnight. That thing is going to be around for a long time. The question is how valuable is it? And the way to look at it, that question, the way to analyze it is how valuable are all those companies that build themselves on top of it? If those guys start going down, well, Then you're gonna see some issues.

AI assessment note: “So the real question is let's look at their health.”

Q Critics have suggested that momentum was a challenge for the twenty billion dollar fund, and the speed with which it was deployed, and the high prices. Just with the wisdom and experience you have, Gerry, I'm fascinated. How do you reflect on that fund?

A One correlation is you can look across all VC, um, funds and look at their vintage, whether it's a 99 vintage or a 2004 or 2005 vintage, and the one correlation you can make to success Was timing. I mean, if you did a, if you did a fund in 2005, 2006, you know, you are in great shape to take advantage of the mobile thing that started happening in 2008 when Steve Jobs got ten million subscribers from AT&T. That's when mobile became real. And so if you had an, of oh five, oh six fund, you had a chance to get some of the best, most iconic companies, right? But if you start a fund in 2009, Ah, you're gonna miss being early in Twitter. You're gonna miss being early in Facebook. You're gonna miss being an Uber. You're gonna miss all that. So timing is the most important thing, whether you're early stage or late stage, you can't apply it to just an overall general strategy. Depends on the timing of when you did the investment.

AI assessment note: “One correlation is you can look across all VC, um, funds”

Q Critics have suggested that momentum was a challenge for the twenty billion dollar fund, and the speed with which it was deployed, and the high prices. Just with the wisdom and experience you have, Gerry, I'm fascinated. How do you reflect on that fund?

A One correlation is you can look across all VC, um, funds and look at their vintage, whether it's a 99 vintage or a 2004 or 2005 vintage, and the one correlation you can make to success Was timing. I mean, if you did a, if you did a fund in 2005, 2006, you know, you are in great shape to take advantage of the mobile thing that started happening in 2008 when Steve Jobs got ten million subscribers from AT&T. That's when mobile became real. And so if you had an, of oh five, oh six fund, you had a chance to get some of the best, most iconic companies, right? But if you start a fund in 2009, Ah, you're gonna miss being early in Twitter. You're gonna miss being early in Facebook. You're gonna miss being an Uber. You're gonna miss all that. So timing is the most important thing, whether you're early stage or late stage, you can't apply it to just an overall general strategy. Depends on the timing of when you did the investment.

AI assessment note: “the one correlation you can make to success Was timing”

Q Do you think we are in that same pattern? Do you think there will be a depressed public markets atmosphere for years, or will it be different now?

A Well, it's always going to be a little bit different. Um, what's happening now is the speed at which things are changing. You know, like we'll have this company E to B and you think, okay, they do sandboxes. Great. If you talk to most technology people, they don't particularly put much of a, um, emphasis on differences between sandboxes. It's just the thing that keep your, to keep your agents safe, right. Or keep whatever code you have safe. Um, in reality, it's also. A productivity tool. And for the agents, uh, if you're making sandboxes for an agent, it's going to have a qualitatively different speed. For example, about 400 milliseconds is about a time period that humans can recognize a delay. So a lot of systems from mobile on that 400 millisecond timeframe, and that's what most sandboxes are. Well, EtoB has sandboxes that, um, respond in 80 milliseconds. I'm like, wow, how, no one would ever notice it. He said, the agents notice it, and that's what matters. When an agent spins up literally a 100,000 sandboxes in seconds, that, that response time is critical.

AI assessment note: “Well, it's always going to be a little bit different. Um, what's happening now is”

Q I think limitations is interesting, dude. I, I often reflect on regret. I love being in Europe. I have family. I, I make a lot of money in Europe, which is great, but I never tried to go to Hollywood as the actor, and I'm just wondering if I'll regret that. What, what would you say to me as a wise OG?

A You know, there's a great British actor I had lunch with once named Kenneth Branagh, and he was reflecting on exactly that question. He said, He's made the Hollywood movies, he, but he's done a lot in theater, a lot with Shakespeare, and he said, you know, I could have been more like Olivier that went to Hollywood and did Hollywood films late in life, but I didn't. I chose a different path, and for Branagh, I think he was very happy he didn't move to Hollywood. He could have had that career, and he's 6566 now looking back, and he's saying, yeah, I could have been that, but you know what, I'm, I'm, I'm really, Happy I didn't do that. So maybe you're like Kenneth Branagh. You're going to be happy you didn't do the Hollywood. I didn't, we started in New York. I've never left Aspen. I lived in New York part time. I never moved away from Aspen. Jeff and I found an insight in New York city and I cover the west coast because it was a lot quicker for me, but Jeff and I just lived on airplanes for the first. 10 years, you know, and that's how we handled it back in the day. That was pretty revolutionary. Remember? Silicon Valley was all about people walking down the street. There was VCs that said, I don't invest in anything more than five miles from my office.

AI assessment note: “maybe you're like Kenneth Branagh. You're going to be happy you didn't do the Hollywood.”

Q If you were to make a decision about where you would place a firm today, seeing the atmosphere and the landscape that you have, where would you choose your investing shop to be?

A The problem is you've got an old man here who's going to want to have it up in the mountains in Aspen or in the, or in the Alps. That's my new thing. I'm not like Elon or Jensen that are going to do this for the rest of their life. I'm just doing this for impact. I can't even imagine going out there and doing it for the same reasons I did it years ago. It's like Bob Dylan got interviewed and they asked him, well, what was it like for you back in 1964 Newport? He says, I don't even know who that guy was. I, you know, and I feel the same way. I don't even know what that guy was like back in 1995. It's moved on. I, I was always into this business for the creative impact and to play a very small role on a team that was doing something meaningful. So I want to do that. That's going to be important, but you know, it's just a matter of having the right amount of wisdom about how the change is going to impact people and how you're going to do it. I mean, VC firms should have their own autonomous agents. Everybody should. I mean, can you imagine the, the medical analytical work? Certainly the PE firms are all going to have autonomous agents, analyzing markets, analyzing where the opportunity is. So if I was starting from scratch, the one thing I could imagine is having incredible data. I could vet on a new opportunity for the white space for where these new AI companies are going to go …

AI assessment note: “want to have it up in the mountains in Aspen or in the, or in the Alps.”

Q time. I have shockingly been doing this 10 years now, which shows on my wrinkled face. Really, it does. My question to you is, we've seen growth rates like we've never seen before, ever. I mean, zero to a hundred million in revenue, actually quite frequently, or semi-frequently in some of these cases. Is triple, triple, double, double dead? Have we completely had growth expectations blown out of the water?

A Well, think about this. Right now, all software is eventually purchased by human beings. Software is going to be purchased or used by agents. And what's going to happen is an agent, an autonomous agent becomes an employee. You give it credentials, you give it identity, and then it's up to the agent to make the decision. You will review them like an employee and say, Hey, what did you buy? What did you spend? What did you accomplish? And you will manage that autonomous agent just like an employee. So you need to prepare for that. If whatever you got invested in, is that future going to be done and controlled by agents? And am I in the right position for that or not?

AI assessment note: “Software is going to be purchased or used by agents.”

Q time. I have shockingly been doing this 10 years now, which shows on my wrinkled face. Really, it does. My question to you is, we've seen growth rates like we've never seen before, ever. I mean, zero to a hundred million in revenue, actually quite frequently, or semi-frequently in some of these cases. Is triple, triple, double, double dead? Have we completely had growth expectations blown out of the water?

A Well, think about this. Right now, all software is eventually purchased by human beings. Software is going to be purchased or used by agents. And what's going to happen is an agent, an autonomous agent becomes an employee. You give it credentials, you give it identity, and then it's up to the agent to make the decision. You will review them like an employee and say, Hey, what did you buy? What did you spend? What did you accomplish? And you will manage that autonomous agent just like an employee. So you need to prepare for that. If whatever you got invested in, is that future going to be done and controlled by agents? And am I in the right position for that or not?

AI assessment note: “Software is going to be purchased or used by agents.”

Q If you were to make a decision about where you would place a firm today, seeing the atmosphere and the landscape that you have, where would you choose your investing shop to be?

A The problem is you've got an old man here who's going to want to have it up in the mountains in Aspen or in the, or in the Alps. That's my new thing. I'm not like Elon or Jensen that are going to do this for the rest of their life. I'm just doing this for impact. I can't even imagine going out there and doing it for the same reasons I did it years ago. It's like Bob Dylan got interviewed and they asked him, well, what was it like for you back in 1964 Newport? He says, I don't even know who that guy was. I, you know, and I feel the same way. I don't even know what that guy was like back in 1995. It's moved on. I, I was always into this business for the creative impact and to play a very small role on a team that was doing something meaningful. So I want to do that. That's going to be important, but you know, it's just a matter of having the right amount of wisdom about how the change is going to impact people and how you're going to do it. I mean, VC firms should have their own autonomous agents. Everybody should. I mean, can you imagine the, the medical analytical work? Certainly the PE firms are all going to have autonomous agents, analyzing markets, analyzing where the opportunity is. So if I was starting from scratch, the one thing I could imagine is having incredible data. I could vet on a new opportunity for the white space for where these new AI companies are going to go …

AI assessment note: “up in the mountains in Aspen or in the, or in the Alps.”

Q It makes me feel incredibly validated because I've never felt more awkward than being at a birthday party for another thirty-year-old. I'm much more akin to sixty-year-olds. My best friend is 63 years old, and, ah, I feel much more comfortable with him. Ah, but Peter Fantamon's told me, the best founders make you feel uncomfortable, and I think that's very true. Have you changed as an ambassador, Jerry?

A Yes. If you don't change, you die. It's like, you know, changing is what allows you to adapt to the world, right? I mean, um, the most interesting thing, if I look at feature stuff is Fei Fei Li's new startup about this visual representation of the world. I mean, what she's clearly articulated is that, you know, language is, is a very subpar Descriptor of the world. It's, it's just limited. So for autonomous agents, we need a new system where we can visually recognize the world to be able to have an, an objective view of reality for the autonomous agent. That's why we have poets because we can't really describe the world in enough detail with language, but we can give you a feeling about it. Right. And so. I, I, I think that that what we have to do in the world is to definitely be aware that we have limitations and understanding that with language.

AI assessment note: “the most interesting thing, if I look at feature stuff is Fei Fei Li's”

Q So autonomous agents is the big wave that comes. And so where are we now? We're in the anticipatory period where we can see it coming. And that's why we're seeing the Sassica or the Sasspocalypse. Is that the case?

A I I'm not a doomsayer. I'm, but I am one to say, look, change is coming fast and you need to, you need to anticipate that you need to be on top of that. And you know, the idea of, oh, I can just bolt on AI to my company. It's possibly true. You can maybe get an exit, but being AI native and thinking that way is going to make you a better company and thinking deeply about what. What is going on in the, in the communities that are, that are, that are driving the tsunami, right? And those, those open source communities that are popping up in massive amounts, they're the ones that are going to have the big impact.

AI assessment note: “I'm not a doomsayer. I'm, but I am one to say, look, change is coming fast”

Q It makes me feel incredibly validated because I've never felt more awkward than being at a birthday party for another thirty-year-old. I'm much more akin to sixty-year-olds. My best friend is 63 years old, and, ah, I feel much more comfortable with him. Ah, but Peter Fantamon's told me, the best founders make you feel uncomfortable, and I think that's very true. Have you changed as an ambassador, Jerry?

A Yes. If you don't change, you die. It's like, you know, changing is what allows you to adapt to the world, right? I mean, um, the most interesting thing, if I look at feature stuff is Fei Fei Li's new startup about this visual representation of the world. I mean, what she's clearly articulated is that, you know, language is, is a very subpar Descriptor of the world. It's, it's just limited. So for autonomous agents, we need a new system where we can visually recognize the world to be able to have an, an objective view of reality for the autonomous agent. That's why we have poets because we can't really describe the world in enough detail with language, but we can give you a feeling about it. Right. And so. I, I, I think that that what we have to do in the world is to definitely be aware that we have limitations and understanding that with language.

AI assessment note: “the most interesting thing, if I look at feature stuff is Fei Fei Li's new startup”

Q Going back to I don't remember that and Bob Dylan and that, I, I think actually money makes people better investors. I've spoken to some of my most successful friends and I say, has becoming rich made you a better investor? I'm intrigued to hear your answer. Have you become better the more money you've made?

A Well, if we use money as a proxy for success, it's funny, you know, with some of our mediocre companies, we thought about swapping out the CEO and it's like, well, the problem is it's a mediocre company and anybody we would put in would have to already be worth, you know, a couple of hundred million bucks. So why would they do it? And so you've forced to sort of limp along with the existing team because You're just not going to recruit someone better. There wouldn't be successful. There's no validation unless they've made a lot of money. So number one, you know, it's a proxy for success and success is the combination of experience and validation of when and how to make decisions. For me, there's two components to every decision. There's the logic and the second is the intuition and you need the intuition. And so the one thing that the autonomous agents aren't going to have is intuition. Not anytime soon. And so we need people, we need good intuition and to make good decisions. And without that component, you're not going to succeed. So in my humble opinion, maybe I've got better intuition and that's the reason I've been more successful.

AI assessment note: “maybe I've got better intuition and that's the reason I've been more successful.”

Q Going back to I don't remember that and Bob Dylan and that, I, I think actually money makes people better investors. I've spoken to some of my most successful friends and I say, has becoming rich made you a better investor? I'm intrigued to hear your answer. Have you become better the more money you've made?

A Well, if we use money as a proxy for success, it's funny, you know, with some of our mediocre companies, we thought about swapping out the CEO and it's like, well, the problem is it's a mediocre company and anybody we would put in would have to already be worth, you know, a couple of hundred million bucks. So why would they do it? And so you've forced to sort of limp along with the existing team because You're just not going to recruit someone better. There wouldn't be successful. There's no validation unless they've made a lot of money. So number one, you know, it's a proxy for success and success is the combination of experience and validation of when and how to make decisions. For me, there's two components to every decision. There's the logic and the second is the intuition and you need the intuition. And so the one thing that the autonomous agents aren't going to have is intuition. Not anytime soon. And so we need people, we need good intuition and to make good decisions. And without that component, you're not going to succeed. So in my humble opinion, maybe I've got better intuition and that's the reason I've been more successful.

AI assessment note: “maybe I've got better intuition and that's the reason I've been more successful”