The Ledger, every show

“The word requirement just does not apply to like a giant worldwide focus group of random things that customers ask for. Those are not requirements. Those are hypotheses. Those are guesses about what customers might want.”

“No multitasking, no passing work between silos. That is the death of innovation.”

“I have a secret product managers, like a meetup group that I do for one of the big tech companies where we get together. It's secret. I can't name the group... Because they work in a company that has a real strong, non-invented here culture, and lean startup i…”

“What matters is that you have a precise and clear language that you can communicate with your coworkers about. I don't care if you use my language or somebody else's, as long as it has a rigorous foundation.”

“Lean startup stands for what works. So if I said something wrong, if we discover ourselves as a movement, we use our own scientific process to discover new things, they obsolete the old things, and we should always be getting better, and what we wrote five yea…”

“So I think of Lean Startup and MVPs in particular as a way to demonstrate progress towards the vision to sustain that interest over time during the long flat part of the hockey stick when the vanity metrics are really low and there isn't Instantaneous, overnig…”

“The right definition of a pivot is a change in strategy without a change in vision.”

“If we can get to the moment of pivoting sooner, cheaper, faster, Then we extend, it's like magically extending the runway of the startup without raising more money, and that's why it's such a powerful idea.”

“Most organizations today are built to a blueprint that was perfected really in the 19 twenties by Alfred Sloan when he was the CEO of General Motors.”

“Once you get past 50 or a hundred employees, the fractional ownership that people have, certainly once you get to a thousand employees, the fractional ownership people have is going to be dwarfed by their future career prospects.”

“Companies say they're serious about innovation, but if they have not changed the promotion and compensation policies to match, then they're not serious about it.”

“I think culture is the way that we work when no one tells us how to work. It's the artifact and kind of the learned muscle memory of the past process and accountability decisions the company made.”

“Costco was repeatedly attacked over its decades of life by activist campaigns that have accused them of having bad governance.”

“Average holding time of stocks is like dramatically down. Lifespan of companies is dramatically down. Average tenure of executives is dramatically down.”

“In branch A, FedMart's investors got what they wanted. They got Saul out of the way. They converted FedMart to traditional business practices. It was bankrupt within seven years.”

“They didn't actually implement what's called now the long-term benefit trust until their Series C. But they had the right and the intention to do it in all their legal documents from inception.”

“Dario does not have dual class shares the way that Mark Zuckerberg or Larry and Sergey had.”

“The Novo Nordisk foundation is the largest charitable foundation in the world. Because it owns a big chunk of Nova Nordisk, and that's worked out pretty well.”

“I built a stock exchange, literally the same regulatory category as NYSE or NASDAQ. I spent 10 years of my life getting the regulatory approval to do it.”

“The total net number of public companies in America is down more than half from a peak that was in our lifetime.”

“One of my new investing rules is by the time the bubble gets to New Haven, Connecticut, it's a little bit towards the tail end of things.”

“We are a national securities exchange. We're in the same regulatory category as NYSE or NASDAQ. So this is on an alternative exchange or a venture exchange.”

“Yeah, we support dual listing, and I think that's a very sensible thing for the early adopters to do.”

“Last time we had about three and a half trillion dollars AUM in the room. 10 CIOs, 10 private companies. We have them meet each other.”

“Prove that it works at scale X, then prove that it works at scale two X, and just repeat until you have the whole thing.”

“If you read the book, the vast majority of it, the bulk of it by weight is not about, you know, This jargon, but it's about the management system. It's about the innovation accounting. It's about the math that underlies this way of working.”

“And so, you know, I actually initially started blogging anonymously.”