The Ledger, every show

“That's the key word. It's different this time. Yeah. Bullshit. I can't believe Arthur actually said that. It's different this time. He's bought into it.”

“If you do a careful analysis of the multiples here in the marketplace, we're at three to five X where we've ever been in our lifetime, price to revenue of companies, three to five X where we were at the peak ever before.”

“Modern monetary theory, which is crap.”

“Money's just being thrown against the wall, so there's been no countervailing force to trigger the cycle. I personally think we're at the beginning of one right now, but we'll see.”

“We're at three to five X where we've ever been in our lifetime in terms of price to revenue of companies, three to five X where we were at the peak ever before”

“Personally, I'm behaving like There's a major crash coming. And so whatever opportunity I have to get out of very high priced assets, I do.”

“Everything reverts to the mean at some point. And, you know, a hundred times revenue is just not sustainable.”

“In terms of culture, that's why we never, ever would have an office on Sand Hill Road. We want to be anti-Sand Hill Road. We want to be anti-culture, venture capital culture. We want our own culture, independent thought processes.”

“I'm behaving like there's a major crash coming and whatever opportunity I have to get out of very high priced assets I do, but I'm continuing to invest and continuing to plow back.”

“The single most important one is our philosophy of Equal ownership. You know, we've always had, you're either a full partner, or you're on your way to becoming a full partner as you grow. There are no gradations. There's no senior partners and junior partners …”

“The decision-making process, there's no votes, but, you know, you go around the table, and at the end of the discussion, project, it's always a project manager, somebody who's making the call. He or she knows whether they have the support of the group or not b…”

“In Excel, if you can't withstand withering criticism, you probably aren't going to last.”

“I mean, I think it was the easiest fund we ever raised. We raised it in the 90 days or so, and as Arthur points out, it was a particularly ebullient era.”

“You go back in that era, those two sectors were maybe 10 to 15% of the total investing that was going on at the”

“Oh, it's very clear. It was the third fund, which we raised in 1989 because I mean, I could write a book on the tactics to get that damn thing done. It took us a year, maybe a little more.”

“So we started giving up our ownership in the firm, you know, beginning around 2000 or so late nineties, early 2000 started scaling back, which allowed others to grow.”

“The Accel name, both Arthur and I spent our lives at the tail end of the alphabet. We wanted something at the front end of the alphabet. Going through a dictionary, he came across, it's actually a music term. It's short for accelerando, if you're into music.”