The Ledger, every show

“And we think Instagram is really at risk of going away because the creators on Instagram aren't making enough money to actually make good content.”

“Eventually that is going to matter, and you're going to have a lot of managers who have never experienced something like that, and they're going to throw up gates, either prematurely or too late, because that's sort of their secret weapon.”

“But I do think in 10 to 15 to 20 years, that's where the market will evolve. And if you're one of these firms with a really established LP base, you've produced strong returns consistently for a long time, you will be able to produce less good returns than oth…”

“So those media companies have less leverage on the people on them. So the value will start to shift to the people on those platforms as opposed to the platform itself.”

“I bet you that the future of game publishing is not spending years and years coming up with a game and trying to distribute it in metal CDs, metal boxes at people's homes. It's these user-generated games.”

“In the first fund we did at AcrossBeam, nine of the 25 companies we backed are over twenty million dollars of revenue run rate and profitable, which is just insane for venture capital, but it's because these financings often allow these companies to be super e…”

“You know, I think there was this early wave of managers who said, I was really early in crypto, so I know all the people who matter. That'll become really commoditized. There just aren't that many people who matter in crypto. It's actually really easy to get t…”

“We think it's inevitable that that will become a space where there are successful winners. We just don't think, we think a lot of people are going to lose money along the way. And we'd rather just kind of wait to see the winner emerge.”

“Most studies or sort of research projects on even the city of LA would say LA needs like over a million new homes. And if you assume a starter home is 304 105 100,000 dollars that's a five hundred billion dollar opportunity.”

“And if you're really, really good as a CPG business, you're earning 10 to 20% EBITDA margins.”

“It's going to take a really long time for these assets to hit ABS markets or get rated or anything similar. So cost of capital is going to not come down for a bit because the regulated institutions can't get in.”

“And we think that the Airbnb ecosystem will end up much like the traditional hotel ecosystem, where you have property owners, you have property managers, and you have brands that You're going to start going to an Airbnb host and come out of the shower and see …”

“Banks have provided liquidity to founders all the time with PGs, but there's no one who's really been serving employee 20 through 2000.”

“And there was a time, I think it was in 2014 or 2015 where there were six deals in all of New York that were at a million dollars in size or under that had an institutional seed investor in them.”

“Even Soho House, by the way, which is, you know, the example you gave, like they had to cut off Miami and New York City memberships because those got too crowded.”

“Like one of my favorite policies is in Singapore where you're economically incentivized to live closer to your parents. And the idea is like the government's going to save money because you have childcare and elderly care, like embedded residentially, like in …”

“The average check that we've ever gotten from an LP took us 26 months of knowing the person to get it.”

“We scrapped together 396,000 dollars. A thousand of it actually came from my little and my fraternity. That's why it was three 96 and not three 95, and he Venmo'd it to me.”