The Ledger, every show

“I think software is just now maturing to a state where it's gonna have the same dynamic, and there's a one-time massive reset that's gonna happen because the amount of leverage in the system, and there's a lot of leverage coming due in these P-back companies i…”

“I actually have a strong belief that venture capital can't scale and performance at the same time.”

“Imagine if every nurse and every lawyer and every accountant that works in London becomes a AI agent of some company in the United States in the next 10 years. You're going to hollow out a lot of your labor productivity and give it to a U S company or a Chines…”

“I think their enterprise business I'd argue will be bigger than OpenAI if it already isn't already not having spent that much.”

“Over time is going to be most of it. And when robotics comes, it'll be all of it.”

“I think Stripe's gonna be a trillion dollar company. He's gotta give it 10 years, you know, so I'm, we're, it's a compounding business that, you know, Patrick and John always say infrastructure is hard, but it also compounds, and they're sort of steadily just …”

“And my general posture is that when you're looking at a follow-on investment in a company, you should either have the bias to do more than your parata, or you should have a bias to do less than your parata for whatever the reasons are. I think parata is a lazy…”

“We've sort of led the wave around these AI rollups where the thesis was everywhere we offshored for labor productivity, we're now onshoring back with AI.”

“The geopolitics is going to force supply chains to shift. Does Europe really want to buy American defense products? Maybe some countries will, but the biggest ones won't. They want to create resilience. Does India really want to rely on Russia or America for t…”

“We took a stance that we're not going to engage in politics. And, but we want to work with the administration, whichever one is there, with genuine partnership to help them think about how can innovation truly be impact at scale in our societal systems. So we …”

“They've had that model for a while. They did not release it. They thought a lot about it. And what did they do? They gave it to the companies to create an advantage to essentially eliminate you know, security debt in the existing infrastructure before more and…”

“You look at Anthropic, Which we're also investors in. That goes from sixty billion dollars last year to, you know, a couple hundred billion dollars. So like, and by the way, with good economic progress, these are not pine to sky valuation. They're based on act…”

“We ended up investing at, you know a eight, nine, ten billion dollar kind of run rate business at sixty billion. That's the cheapest deal that got done last year in venture capital. On a financial basis.”

“Now we're talking about, can we create trillion dollar companies, right? I mean, that's not a pie in the sky idea with Anthropic and OpenAI and a couple others.”

“Why did we go you know acquire a health system in Ohio? It was a nonprofit. We worked with the attorney general, converted it.”

“So if you're a call center in an emerging country today, There's a declining asset value because you know it's going to be displaced with AI.”

“I actually think robotics will be slower than people think in terms of really taking hold”

“So what we have done is if you look at our overall you know, assets under management, we've basically said we're not gonna make our venture funds bigger. What we're going to do is actually keep the size of the venture fund where we think it can be to create el…”

“Our whole thesis around AI rollups was everywhere you offshored for labor benefit, you're going to onshore for AI productivity.”

“I would say this is a five year problem. And I say that because if you go back and think about the physics With which these companies are getting built, the companies we're building, you have to put these teams together and they have to go get some customers t…”

“A lot of the nationalism all around the world is because social media essentially struck a chord with the core issue that all the technology productivity didn't really get passed on properly to everybody in society.”

“When you look at the overall value created in venture compared to the Mag seven, it's noise.”

“There's not going to be any, that many AI model companies that actually become at scale and potentially be even bigger than what these cloud companies became.”

“I think China and the US are very comparable in where they are in AI today. There's a few months lead here and there.”

“Anthropic this round probably was the cheapest round that got done this year on a multiple spaces. Which company was raising capital at, you know, at 20 times ARR? They're all raising capital at 50 to a hundred times ARR.”

“Is that an enduring investment? No, obviously now they've gone at odds with each other because there's an ambition that collides between the two companies and so they want to have more choice. They want to have anthropic at the table as well.”

“Taking that bet was hugely, hugely valuable for Microsoft. I think, and if you look at the return, by the way, if they put in twenty billion, they are the ones who have the highest multiple return as well. So it was a great investment on a financial basis and …”

“And that's why the investors there will probably end up doing on a multiple basis better than again, you know, in a world of like what's durable, what's not like they're trending to be, maybe they'll do better. In their MOI than the early investors would in op…”

“So that's half a trillion dollar company, like by the end of next year. I'm not saying that's what it's going to be, but if they hit their numbers, I don't see why that won't happen. Just from, I'm just saying public market comps, like that's what those things…”

“I think you'll have a couple of global ones and a couple of sovereign ones in every geo. I mean, that, that probably is what'll end up sort of happening in, in AI, in my view. And not everybody's gonna make it.”

“The normal has changed. We used to think about, hey, you go, like when we did Samsara and you know, Gusto and some of these companies are like, yeah, triple, triple, there you go, triple, triple, triple, double, double, right? And you look at these companies a…”

“I do think some of these companies that grow really fast in this will also not be around, you know.”

“Cause I do think we are building the future. It's an amazing time. We will shape what this You know, society is going to look like for probably a hundred years. I mean, this shift is as big as what electricity was, you know, a hundred, 150 years ago.”

“So if it's, if money's all made and what's better than we thought, like, you know, using price to pass, I tell you people, investors use price as a reason to pass because they couldn't gain conviction elsewhere. And it still makes them sound pragmatic.”

“I think for the very best companies, private markets behave like public markets. There's a secondary market, you can liquidate, so your shareholders can take liquidity, employees can take liquidity, you have access to credit, you can do M&A, your stocks value,…”

“And then there is the, as I said, this bloated, set of companies that are good companies, that'll compound at 20, 25%, maybe, maybe forever, that have no access to public market because they're too small. They're not a billion dollar company growing 30% a year…”

“So I fully expect That you will start seeing products that give retail access to the best companies in in technology, and we will definitely engage in that because it's the right thing to do.”

“By the way, we, we're not, just to say, like, in our business, we don't distribute any fees. We invest everything back in the business, and that's a deep belief that we don't want to be in the game where the partners of the funds at General Catalyst Want bigge…”

“Giving people access to SpaceX and Stripe, you're not gonna regret it. It'll, it'll do right by them. You'll feel proud of it. What you don't want to do is, Take retail and put it into you know, the bottom quartile of the venture capital funds that lose money …”

“In certain parts of the stack indexes and indexing, if you can afford to, you have the capital base too. It's a better strategy than trying to pick in a world of peak ambiguity.”

“I look, that structure, many people overthought it, and I overthought it as well, and there's a lot going on on that platform that's changing the world, and I don't have a front row seat. So, yeah, I do regret that a little bit.”

“Yeah, that fund is one of our Two or three best funds, and just to tell you what was in it was Livongo was in that, Snap was in that, Circle was in that, Gusto I think I'm missing a few others. It's probably gonna end up being a, you know, 13 to 15 X fund.”

“I think GC you know, is gonna look like the most diversified solutions for founders to build enduring companies. That's the lens which would justify everything that's on it, and if you looked at it, GC as a business is gonna feel like a strategic conglomerate,…”

“AUM can be one of two things. How much money did you raise? Or what is the value of the capital you raised? I want the value of the capital we raised to be the biggest, but the amount of money we raised to be smallest. That's when you've created the most alpha…”

“If I'm not losing, I'm not winning. Because the very best founders go meet all the five to seven great firms and they pick one. So theoretically, your win rate, as long as it's over, over 30%, you're actually maybe in the right fight.”

“I think we're in the golden age of venture capital, and we're probably a decade into a 30 year secular shift as opposed to being in another cycle.”

“If you think about all the technologies that are in development today, like AR, VR, genomics, and things like CRISPR, if you think about blockchain and cryptocurrencies, these technologies are also being developed on and approaching their iPhone moment, so to …”

“Price is an excuse that makes you rationalize not getting into great companies in my experience.”