The Ledger, every show

“Half of these knowledge workers are going to be gone in 24 months”

“I believe every crypto company that has an EARN program is a fraud.”

“And even, I know Coinbase is the good one, but where are they getting this 10%? It's a pyramid scheme. It's fraud.”

“And every VC has a fraud in their portfolio. Every single VC has a fraud in their portfolio.”

“Lazy people always say they're burnt out... But the people that complain about burnout, I think deserve a scarlet L burned into their forehead and don't hire them.”

“We're going to see three trillion dollar plus IPOs over the coming months. It's never happened before. The value of SpaceX plus Anthropic plus OpenAI will be more than all the other tech IPOs combined ever.”

“I want small high paid teams that work in the office over six days a week. That's I'm not interested in investing in anything else. I'm just not interested. And it's not because I don't have empathy. It's because they're gonna fail.”

“SpaceX, Anthropic, OpenAI, we'll add in Databricks, we'll have Arsan, one of the co-founders here in about half an hour after this. That's going to create more market value, more value, and more wealth than every other IPO since 2000.”

“I bet there'll be a hundred billion dollar startup acquired in the next 12 months.”

“Anthropics revenue is like nothing we've ever seen. Okay. It'll be at fifty billion in less than four years or four years plus or minus.”

“I'm going to take this bet that it's going to trade up three X, In twenty-twenty-six, just based on GameStoppers driving it up.”

“Anyone on LinkedIn that talks about their team, fire them. My team this. They're all so precious about their team. Lead from the effin' front with AI.”

“The big exits will solve it, right? The whizzes and the, I mean, we thought whizz was big. Now we have cursor. Now I'm going to win the bet of a hundred billion dollar exit in the next year.”

“The big three, SpaceX plus OpenAI plus Anthropic, their value at IPO will exceed every other IPO for the last 20 years combined.”

“I think there's a high degree of confidence that most of the roads lead back to Nvidia reaching 10 trillion of cumulative, cumulative bookings over the next five to seven years.”

“Every category that I know of outside of engineering and product is at existential risk of shrinking seats.”

“We have to guarantee zero percent financing for all data centers. We'll get all our money back.”

“At the end of the day, on 1.2 humans is plus 20 AI agents is doing about what 10 human GTMs is.”

“And then we've got 900 unicorns that are never going to IPO. Poor guys. We have nine, we all have one or two in our portfolio that are at nine figures in revenue that are still growing and will never IPO. And there is no PE buyer for them.”

“If you haven't gotten a boost this year from AI, fire half your team right before the holidays, give them a turkey and three months of severance, but they failed. You have a, your team is not good enough. They had 18 months to ship a product that mattered in t…”

“I don't think Rory or I would, I'll defer to Rory, but I think someone will fund him. He's smart as Rory, Rory said, like he showed the upside as well as the downside. I don't know if there's a lot of morality in the business. I think someone will give them ju…”

“The only advice I gave to this particular CEO is immediate, like he was hybrid. So I said to force a hundred percent of people returned to office in 30 days and let everyone go, except your S tier engineers, letting them all go. Because you don't need them.”

“Half of these sales teams will be gone in two years. Half of these sales and customer success teams will be gone in two years because they're mediocre. They'll be gone. They're all going to be laid off.”

“If you're a great SAS CEO, you should never have a RIF. It's called recurring revenue. You should have the ability to, I get it in B to C or D to C or X and Y and Z to C. I don't think good SAS CEO should, I think it's an utter failing to ever have a RIF unles…”

“I almost think We shouldn't hire any of these people in startups today. You have to have had some adversity or have worked before the boom or have, or you just need to flush through this and have a fresh perspective.”

“If as an employee, if you join a company with, in, in 2023 with a valuation over a billion as an employee, you're gonna make nothing. It doesn't matter what it sells for, you're gonna make nothing.”

“We will see deal structures that are objectively bad for the company done more and more often to win deals, whatever it takes.”

“And that's why your European startups, most of them are going to fail at least in the U S because they can't do much more with more, right? They're going to fail. Their little point solutions are just going to disappear in six months. We don't need those littl…”

“That worked great for years until Service Titan shut them off the other day, shut them off after all these years with a thousand joint customers.”

“Nine billion doesn't clear the bar for seed investing in 2026.”

“Next year, there's going to be backlash. I can see it in my best portfolio companies where we can't go back anymore. We can't live. We can't go back in time. And I need my 10 sub agents running 24 hours a day to do my job or I quit.”

“I think it will be the nail in the coffin for almost every public software company. And what I mean is when Stripe and data, like, okay, there's OpenAI, there's Anthropic, we can put them in a different category, right? They clearly are on many levels. When Op…”

“Classic CS and CX won't even exist in 24 months. There's really no, there'll be commodity cheap products But we won't even need it. It's already dying and merging into marketing, sales, every, everything's becoming one agent.”

“If no, if you're not into your 20, 27 roadmap deep into it by August of 20, 26 in the agentic world, your team is not good enough to survive today.”

“The era of no code, of things that we can, humans can do without engineering resources, it's slowly winding down. And if it's in chat, GBT, man, I'm just worried.”

“No one does that outcome. They talk about it, but they just tip, they just pretend that they do it. No one puts a two billion dollar deal on the line for an outcome based resolution.”

“I'd say it's probably worth twelve billion right now. 20% growth at four billion ARR in the current public markets and not decelerating. There's some sort of rule of 40 number that's better, but I'd say it's worth about twelve billion.”

“Any investment I've made that is not run by a founder is a zero. It's going to be a zero in this age. It's going to be a zero. I look across, now you, we have different portfolios, but the ones I have that are not run by founders, whether they're at twenty mil…”

“And the folks with the highest usage may actually have the most incentive to leave. It's not a clear correlation to success, right?”

“Fable went in, found it, decided those were changes that should be made to the app, MCP'd into Replit, told Replit to change the app, change the core algorithm around Jason's Gems, and never told me Never shared it. Never did anything. Did all of this autonomo…”

“He's got to go frontier and open and open is dangerous. Open doesn't need CUDA. Open is cheaper and it's lower margins. Open will bypass him, but he's got it.”

“I think these models are very risky. I use them every day. I love it. And I think it's an argument to keep the open weight out of the US. It's gonna favor the ban because we can't, we have no idea what these models are gonna do.”

“And if you look at who signed first, it's the folks losing. The winners didn't sign. The losers signed.”

“I believe that every company in the next 24 months will have a security breach due to an LLM agent. Every single company.”

“So our most expensive vendor gone, not renewing toxic threatened us, never helped us. Worst piece of software and the two by two worst and most expensive Adobe Marketo.”

“Almost every GT AI agent GTM provider is buying data sources that they probably shouldn't be buying. Almost every startup that is doing GTM, they are buying, whether it's a cleanse Chinese data center, they are taking your, like, you can't be that good with da…”

“I think when the renewals come, they all just die like Marketo. They're just all gonna die.”

“It is going to zero. It is, but it is one of the slowest decays you can get, right? Because moving off a marketing automation system in the enterprise is very slow, but it is without question going to zero. There are no net new logos and everyone hates it.”