The Ledger, every show

“So the, these numbers are kind of apples to oranges, but I think they're, we're on track in 20, 26 to clear a trillion dollars of venture capital. Globally.”

“And there are hundreds of companies out there that are working on big, super important problems with great teams. They have high product market fit. They have growth rates that are 50 to 150% year over year. But they might not be a trillion dollar company. Tho…”

“We don't want to see AI impacting their moat. So if they have a network effect, a cost of capital advantage, a regulatory moat, Those things are not going to go away with AI. However, their operating costs should be falling off a cliff.”

“We would ask them, if you had to put all of your net worth, liquid net worth into one company, which company would it be? And that company was rarely the hottest company in their portfolio, in part because they already had massive e-liquid exposure to that com…”

“And you know, now I'm 37 and I realized that's actually like a deeply negative signal for the culture of the company.”

“The person incubating the company is actually still the number one determinant of success. There's no like magic way to do this that you can write on a whiteboard and say.”

“The catch here is that the power law is only true in retrospect and it is very obviously true.”

“However, if you look just beyond sort of the top 50 private companies, you go from incredibly high multiples to extremely reasonable multiples that look almost, almost like they're very good value investments.”

“AI is our analyst. We will eventually bring on one analyst associate or principal at a time, but that is primarily to give back to the ecosystem. We will not be a firm that has sort of a Partner track.”

“I think this is probably the best time to Start a company or be running a company, at least since I've entered the workforce in.”

“What you're seeing in the headlines today is basically, Hey, AI is all that matters. Maybe defense matters because the world is becoming a slightly more volatile place, and energy matters as a derivative of AI. So if you're not already super exposed to those i…”

“I think it bifurcates the skills a little bit. So the things that made a really good product manager, a good product manager then are only amplified. So deep understanding of the customer, ability to articulate your ideas to a team with varied skills. AI only …”

“Roughly speaking, we're talking about a 10 X increase in the number of venture dollars that are put to work every year from, call it, 10 or 15 years ago.”

“There aren't that many companies that can withstand a billion dollar infusion, which means The universe where they can deploy these dollars just becomes more and more narrow.”

“The LP dollars that are going into venture are concentrated into fewer and fewer funds. Those fund sizes have basically nine acts on average. If you just look at the top 20 funds”

“Anthropic and Anduril and SpaceX. These are phenomenal companies. They will be generation defining companies, and it is a good strategy to give money to ATVC and Founders Fund and Thrive to invest in these companies.”

“Bill Gates had a bunch of these. They became the next generation of leaders at Microsoft.”