Firm

“Most people run funds, very few people in my definition build firms. And the objective function of a fund is how do I generate The most carry with the fewest people in the shortest amount of time possible.”

“Inside the firm, it was such a big crisis that actually, I'm pretty sure Bology quit, because he thought we were dead, because the New York Times had just, like, ruined the whole firm with that article.”

“AIs will be integrated through all the firms in the economy. A firm can have property. Firms will be like largely run by AIs, even though there's nominally a human board of directors and it might not even be nominal, right? Like maybe the AIs are aligned and l…”

“In a world where it is so crowded and competitive and expensive, firms need to figure out today a way to get ahead of those processes, not so that they're necessarily buying businesses outside of auctions or buying them at bargain prices because the sellers ar…”

“I think the one difference is that there is more money that flows directly from firms to journalists in China. So the sort of discount factor that you have to apply to Chinese technology coverage is, Specifically positive technology coverage or even negative t…”

“There is a maturity wall coming in 25 and 26 for a ton of firms who've been able to bootstrap it and scrape through the last three or four years.”

“There is tremendous unrealized value and unrealized gain Managed by really talented people and the firms that they're a part of are going to come to market in the next 12 to 24 months, and they will not achieve the fundraising target that they need to feed all…”

“Part of the culture of the firm is one in which we are Finding edges wherever we can find them, but then capturing all of it by either holding to maturity or holding to expiration or closing at an appropriate rate when we have either new information or where t…”

“The number of firms that look back and really analyze the M&A activity of buying another company and did it work and was it a good idea is vanishingly small.”

“While there was this prevailing wisdom that as firms got bigger, the returns would suffer the last several years. Was antithetical to that.”

“And actually I think a lot of VCs are not good at building firms.”

“The number of firms that have failed in generational transition outnumbers by orders of magnitude the numbers of firms that have had successful generational transitions.”

“Our country is going to be more than 50% diverse in 2050. Our workforce in 20 50 will be more than 50% diverse. If you're not addressing these things today, if you're just a bunch of white men, that firm ain't gonna make it to 20 50.”

“The firms that are, you know, laying off and furloughing tens of thousands of workers they're not going to rehire them, unfortunately, at the end of this crisis.”

“We just had a firm that asked for an extension. The results of the so far have been poor. It's like a six percent IRR. They're asking for an extension where they want us to pay a management fee while they extend the call option of their performance fee.”

“The lifespan of firms, some of them can be really short, but if you happen to get really big, you're going to last a long time. That should be a power law, and it is. It's also true that the lifespan of species phylogenera in ecology, you can think of that as …”

“Contrast that with the other company that I co-founded a firm where we get paid to acquire customers in contrast to every other lending company where they have to pay a lot of money to acquire customers.”

“So I think more entrepreneurs should ask how firms can reserve capital. What is their process for reserving capital? What is their process for follow on investments? How are those decisions made? And understanding from the get go what the support process is go…”