The Ledger, every show

“I think democratic ownership is the solution to how we deal with AI. The idea that everyone wants to get, like, universal basic income, I think that's a horrible idea, but universal basic ownership, I feel like that is magic.”

“Right now we're novel in a couple of years from now it'll be obvious and everyone will be doing this.”

“This is going to be the most successful drug in history. And then she's going to go and create the next thing. She's going to create like longevity for humans. I think too.”

“I think that it's about creating like a multi hundred billion dollar category where you get millions of people investing in private tech companies and build this bridge between the two sides of the market.”

“I think that like 10 years from now, every single person in America will have five percent of their portfolio in like public venture capital. It'll be totally normal. It'll be like an ETF. It'll be just this thing that's standard and the public capital, so the…”

“The nature of these partnerships is eventually they want to monetize and the best way to monetize is go public. This happened in all the investment banks. They've all went public. And so Yeah, I mean, they'll, most of them will eventually go public, and then t…”

“I think more than 20%, but less than 50. So like let's say 20 to 35 years, 20 to 30% of jobs are Not to, not, not just displaced, but also suppressed. So you don't make that marginal higher and that adds up to tens of millions of jobs.”

“Mostly the person who built a business, nine to nine percent is the business builder. Maybe a hundred percent.”

“Some of the companies you named, and I'm not supposed to say which ones we bought from distressed funds who were having to sell in early to mid-twenty-twenty-three.”

“I actually think it did go well. I mean, there was some drama around it because they had, I think the, there was some drama with some of their portfolio companies, but ultimately I think it traded well and they raised money at a premium. So like, I don't know …”

“So QQQ, which is like an index of public tech, the weighted average growth rate of public tech companies last year was 25% a year. The weighted average growth rate for our portfolio for VCX was 193%.”

“And I think if any of the AI companies have been public, they would have been getting decimated.”

“The best value add is no value add. My opinion is that you want long-term passive capital, which is what the best capital is. Second best is that is that then you add value.”

“But we used to have 20 people. We used to have to hire one person for every 30,000 new investors, and now we don't.”

“I think they'll want to invest less because I think they're going to be trying to like deal with domestic issues. So I think that there's a possibility that we see a downturn coming out of this that, that could shock venture industry.”

“In 2012, we invented the idea of raising money for real estate on the internet. And within a few years, we had a 150 copycats, a 150 different companies trying to do what we were doing with a billion dollars of venture funding. So then roll forward eight years…”

“My experience is you can't disrupt a financial sector except for in a downturn.”

“And I'm gonna bet you that within five years, the likes of Andreessen Horowitz, Sequoia, also launch funds just like this.”

“I remember going to my board and saying, we want to expand from real estate into tech and democratize investing into tech. And the board said to me, that's a horrible idea. Should not do that. You guys aren't VC people. You guys don't know how to get access to…”

“We delayed it a couple of times. I was worried about the war with Iran.”

“We invested in a data center. We invested in this world-class, I mean, I can't tell what the tenant is, but it's a top AI lab.”

“For us, for sure, we were 350 people. Now we're 200 people. I mean, every, every month we can do more with less people.”

“I think it was up 65% in the last 12 months.”