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“What we saw in 2002 1001, 2002 is all of a sudden you find these companies that have like these distressed fundraisers and you actually find the same fund owning two different securities, which may be in conflict with each other. And maybe one fund has capital…”

“Hambridge Associates did a study, and they looked at post-two thousand venture funds. The cohort of top 10 funds in each vintage year, typically more than half were funds with a Roman numeral lower than Roman numeral three.”

“In fact, what you're seeing is a lot of people are now kind of going to higher carries after hurdles. So there'll be a 20 carry up to a two and a half or three X, and then it'll kick up to a 30 carry. And I fought that for a while, and it, you know, it's sort …”

“When I was at Princeton, Sequoia raised a fund in 2003, and they sent, Docs around, and we were very diligent. We sent our docs out to our law firm, and they came back with, like, three pages of comments, and we sent them to Sequoia, and we got a call from the…”

“And I think, you know, sitting here 10 years from now, most things that we think of as fund programs today will look more like hybrid programs with, you know, kind of closer ties, partnering more closely with GPs to look at companies rather than being, you kno…”

“And I think for every person that steps away, there'll be three that raise their hand for anything with even a mediocre brand.”

“Samir over, he's running his own shop now, but when he was at First Republic, he used to track the number of funds that were out in the market. And it used to be A thousand. Like, that was always the number. Like, NVCA, National Venture Capital Association, al…”

“I was just on a call where somebody was talking about mid-level, not even senior engineers at Microsoft are making a million dollars.”

“And that transition to Web three is probably going to play out over the course of the rest of my career, if not my lifetime. Crypto will be an important part of that, and you just can't ignore it.”

“In the venture world, we've got an incredible overhang of capital. And a lot of new entrants who are here for good, and even if tomorrow the market went down 40%, you still have an incredible amount of dry powder ready to support the best companies.”

“But you look at, kind of, what Princeton and Yale and, you know, Northwestern's ten billion dollars, Stanford's twenty billion dollars, you know, these guys continue to put up great numbers At very large sizes, we always thought size was the enemy of performan…”

“I think the benchmark actually is like positive, like one point of seven percent or something for the 2000 vintage.”

“We've got some managers that are really leaning into human computer interaction that really starts to look like web three. And yes, crypto becomes kind of the secure and identity driven data layer of that. And that's what I'm excited about. But I think that's …”

“And at the top end of the market, we've seen some non-traditional investors, the tigers and additions and global and such come in with huge sums of money and very quick cadence. And that's also contributed to the change in tempo.”

“And when they came into the venture business in 2005, They started tracking time from when they saw a deal to when that deal was done, whether or not they actually did that deal. And I think in 2005, it was a hundred days. In 2016 or 17, when they said, man, t…”

“First Round has been historically a very size disciplined firm, whereas a lot of their peers have now grown to managing in each fund many, many hundreds of millions of dollars. They've still stayed pretty much only one and a half to two times their original si…”

“Today, by the way, there are about 350 firms in this space trying to do this. And I think, like, 80% of them have an institutional backer”

“What I think most people are doing to deal with lengthening horizons. They're trying to shorten the duration of their portfolios by going to later stage.”

“The level of fund formation is absolutely incredible. I don't see it slowing down immediately.”

“In terms of my area of the waterfront, it looks like the amount that's being raised in seed deals, like the medians, Has gone up by about two and a half X. The pre monies have gone up again, two and a half X.”

“August Capital, a longtime manager, well-established Sandhill firm, in what's otherwise a wasteland of 2000 vintages, They put up a monster fund because at the tail end of it, but they had Seagate in there. So there's the take private with a third of their fun…”

“I mean, there's 75 people working on Platform initiatives, investing, content production, et cetera.”

“He goes, a young, charismatic, putatively smart guy like you should be able to get into railroads. You'll be CEO of Burlington Northern within 15 years and watch Warren Buffett will buy it.”

“It takes a lot of patience to invest in venture capital funds because the average venture partnership lasts twice as long as the average American marriage. Isn't that crazy? Average venture fund goes 10 years plus, you know, kind of three, four, five, one-year…”