tech

“To have the NASDAQ fall over 80% and that not being, you know, that's NASDAQ, that's not tech. Tech fell 95%.”

“Now, for this calendar year, we're spending about five billion on content and one billion on tech.”

“Tech is not about making profits. It's about positioning yourself in markets and trying to build up user base or network advantages, trying to build on those positive feedbacks.”

“Traditionally in economics, people think of substitutes as the competitors, right? So the hamburger and the hot dog are the competitors. Whereas in tech, actually the hot dog and the hot dog bun Are the ones that have the most vicious fights.”

“In CPG specifically, there will be quantitative VC firms... We think that that is possible in some industries in the private markets. We don't think it's possible in tech.”

“When you look at the winners and consumer, the previous winners looked really similar. That might have been a different, might have been a different magnitude, but they grew in really, really similar ways.”

“Tech spends about 14% of sales on R&D.”

“In the peak years up to half of total tax receipts for the state of California come from the top thousand individual taxpayers. Which is basically all tech.”

“One of the things they were doing years ago is they're like, oh my God, everybody in tech is so white and blah, blah, blah. Obviously, it's like so much more international than the journos.”

“That is a fundamentally new set of primitives that journos aren't equipped to deal with because we're talking about math, right? And they can't do math. You know, they're anti-selective. If they could do math, they'd be in tech usually, right?”

“So, so to some extent, the speed of our change in, in tech actually reduces the ability for the tech to get diffused into the really, really important workflows. Because now you have a lot of paralysis in, in just making decisions.”

“One of the characteristics of tech is that the moment that you understand something and you know how it works and what's going to happen, Is the moment you should move on to something else, you should always be looking for the quiet places where we don't know …”