Foundations

“One of the roles of A foundation is to take risks that the private sector and governments aren't incentivized to take. There might be political risks, there might be economic risks, and the foundations can provide, because there's less accountability on founda…”

“And I think at the time, foundations were a lot sleepier than endowments. Most of them did not have professional staffs.”

“The traditional endowment or foundation, I think part of the reason they're not good at this stuff is they don't have an incentive to be right, and people, when they don't have an incentive to take risks, they're not going to want to stick their necks out.”

“I would say that it usually takes maybe a decade, which is good because a decade gives you time to have at least one crisis.”

“Not only do I think that Sam really owns open AI through the fig leaf, this foundation, I think he owns a hundred percent of it in the event that the call option is struck.”

“So you have this massive denominator effect that can occur in the foundation portfolio, which is why you see a lot of foundations holding 10, 15% less in private assets than a lot of university endowments.”

“Well, that's another interesting thing about foundations is the goal is less to outperform other foundations. We have a lot of large foundations with whom we're working pretty closely on the grant making side. Issues, climate, social justice, whatever it is. I…”

“If you underperformed the global stock market by 20 basis points a year for the five years ending twenty-twenty-one, that was top quartile performance.”

“Many of us have credit lines in place to be able to fund the granting parts of the organizations, but you can't use credit lines to lean into a dislocation. For lots of tax reasons. If you think a dislocation is coming, you need to have cash to be able to even…”

“It ended up pushing the price of 310 Ethereum, which was fully committed to charity.”

“And the, this time the proceeds will be committed to charities involved with autism advocacy information and support, and will be minted and listed for auction on foundation after my talk, which is now or end of it.”

“And just to ground you in our traction in the past three months alone, we've seen two hundred and fifty million dollars in bids placed on the platform.”

“And over sixty million dollars in sales for artists.”

“And in fact, 480 artists have already earned over five ETH, which in dollars terms is about over 15,000 dollars on the platform.”

“And every artwork and every file that's uploaded by an artist or a creator is uploaded to a decentralized storage network. Which means that the content in this network is not locked onto foundation.”

“Ultimately, through the course of the auction, the piece went for 300 Ethereum.”

“They minted six pieces with us this weekend. They were able to sell it for a total of 40 Ethereum which is actually totaling over 50,000 dollars.”

“Without any obstacle around customs, foreign exchange, wire transfers that would have perhaps, perhaps made this interaction impossible without blockchains and without foundation.”

“Raphael Rosendahl in his two month career so far in foundation has made over 1.3 million dollars sending, selling five NFTs.”

“This piece sold for 2224 Ethereum. In today's prices, that's 7.5 million dollars. At the time of the auction, that was 5.5 million.”

“So on Foundation, without a doubt, you are watching creators able to make sizable sales, and you are watching the likes of Raphael Rosendahl, which is the, who is one of the most successful artists on Foundation, immediately funnel his resources and his reputa…”

“So on foundation, you were, we require social verification. So we actually require you to attach both your Twitter and Instagram to prove your identity. And we also ask that you come and be invited by another artist on the platform.”

“Because the type of capital that an endowment runs or a foundation runs is similar compared to a pension fund or compared to a wealth advisor, they do tend to have a similar way of looking at the world. Because of the nature of the capital.”

“I think foundations and charitable investing is largely an outcropping of Western guilt. And the reason is because everything here has to have a name. Everything is branded. Every dollar that's given by rich people has to come with a label attached to it. …”

“The turnover in our portfolios is really slow, so if you're not purposeful and deliberate about it, it's difficult for it to happen, and I also think we have really small teams, so we're always trying to have really concentrated portfolios, and so all that sta…”

“An advantage a foundation has over an educational institution is the fact that no one feels like they own the capital that we have. Andrew's been dead a 108 years, and so he didn't leave anything to his heirs, and so there's no one who feels an ownership of th…”

“Some of the LPs that we went to, some of the historically black colleges or foundations, they don't employ highly paid chief investment officers, so therefore they don't have a staff that's very sophisticated when it comes to knowing which managers to get into…”

“Because in a foundation, I have a mandated five percent payout. So I have to have at least 70% equity risk in this portfolio to be able to, on a long-term basis, Achieve the objective, which is to grow or maintain the real spending power of this institution.”

“The foundations in the dynamic community had a lot more leverage. So you had leverage with managers. That's what made them become known as the smart money because you were doing these sort of more interesting structures and strategies. Very different than it i…”

“The concept of The foundations being really steady and reliable sources of capital was prevalent, and everybody believed that. It changed after 2008 when people were not as stable of source of capital, but at the time, every buy-out fund wanted foundations in …”

“Dropped their lead costs from six 30. So six dollars and 30 cents down to about three 37, I think was the exact number.”

“It turns out if you actually, if you ask a lot of social scientists or scientists who are kind of involved in computational social science or quantitative or, like, network science and things like that, a lot of them Read foundation at an early age, and we're …”

“Our first price was 3000 dollars when I was just doing this by myself, and I wanted 10 people to join, and 88 people ended up joining and it was 500 bucks a month for six months.”

“Well, I think our current number is around 1400.”

“Yeah, and so we had for example, with 10 paying customers software, less than 10%. However 40% of our graduating class of our second year program graduated with one paying customer in a business that they had started.”

“Well, the way that I understand it is that we measure our student happiness every week, and we measure our coach's happiness also every week. So we average around an eight percent. All through and through. Eight out of 10.”

“Somewhere, somewhere between five and six million.”

“Our official alumni program kicks off November first, I believe. And for that, we're just charging all our existing alumni as a thank you for being in. We're just going to charge them 99 dollars for a year. But we're going to be thinking of it in terms of like…”