Everything Bill Maris said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Sub-$750M VC funds return 4.76x on average versus 2.42x for megafunds
“Top decile performance of DPI funds smaller than seven hundred and fifty million average return of 4.76 X and funds larger than a billion 2.42 X. Funds below seven hundred and fifty million across that time period represented 95% of top decile performers with …”
Google forbade using the term 'AI' for years after GV launched
“At that time, Google would not let us use the term AI. And this persisted for many years.”
A $7B fund returning 3x exceeds total annual venture exit values
“Now, if you have a seven billion dollar fund, and we do the same math through, you know, you've got to return two hundred and ten billion. Seven billion to 70 times three X is two hundred and ten billion, which, ah, exceeds the total venture-backed M&A and IPO…”
Bill Maris: Large fund asset accumulation is not true venture capital
“If you're an RIA and you're, you know, collecting assets, that is not venture. You know, venture, as I practice it at least, is a different craft where you are Making concentrated bets of your time and capital on entrepreneurs and helping them build a business…”
Tech companies claiming public-benefit missions should IPO earlier to share value
“I also have a, an observation that A bit of an objection to companies that wrap themselves up in public benefit language, and then keep the value creation to themselves and an elite group of investors through a big part of the curve, and then say, well, we're …”
Maris: Google slashing Gemini prices by 80% would crush AI competitors
“Well, if you're a company, and you can go to Google and Gemini, and you can pay 80% less for that Basically identical product. Why wouldn't you do that? And then the compression and the pressure on those other businesses goes super critical.”
AI will evolve from Atari to PlayStation 10 in five years
“I think we're at the Atari command line stage of AI, and we're going to get to the, you know, PlayStation 10 stage in the next five years.”
Maris estimates Google Ventures achieved 4.1x returns from 2009 to 2018
“We would estimate Google Ventures returns at about 4.1 X”
Bill Maris: All six Section 32 funds are performing in top decile
“And over the course of my time at Section one 32, we've had six funds. We've invested in companies like CrowdStrike and Cohere and Coinbase and all six of those funds have averaged about four hundred million in size, and all are performing in their top decile,…”
Mandatory FDA safety testing means biotech progress will not be exponential
“Well, there's still all kinds of titrating and safety testing that needs to go on, and so I don't think it's gonna go quite as exponential as we would all like it to.”
Maris: Late-stage VC sniping strategy won't work long term
“And so the incentives are broken in all those ways, and the pendulum will swing back, so I don't think just staying late stage and waiting to sniper at larger companies will be a long term. The data would suggest that's not going to work in the long term.”
Bill Maris: 75% of venture capital funds lose money
“75% of funds lose money.”
Section 32 does not plan to invest in large foundation models
“I don't plan on investing in, kind of, larger models, right?”
Maris: Finding a drug compound is only 5% of the work
“Because of the human biology and the FDA, if you find a compound, and you think you've got something, that's like five percent of the work.”
Bill Maris
All-In 2