The Ledger, every show

“I think ChatGBT becomes a monopoly. It's the fastest growing consumer product of all time. It is transforming how everybody, every normal person basically does their work, runs their life. And so that product alone is a several trillion dollar company.”

“She published a paper that was false. Like, her whole claim to fame is this paper about Amazon. And the data in the Amazon, the data she used in the paper at Yale was false.”

“There hasn't been a hundred billion dollar European company created since 1990.”

“You're gonna see lots of countries You know, make peace explicitly with Israel, which is great. Whether they join the Abraham Accords directly or indirectly, it's all gonna happen in the next six months.”

“We're gonna have four percent or more growth all of next year. That will make the debt irrelevant. You can grow your way out of deficits.”

“Well, I think you can run four to six percent durably without inflation, which is magic.”

“But ChatGBT alone, there is no competition for. It's not like Anthropic or all these other companies have any competition for that.”

“Do people draft documents in Word in three, four, five years? Probably not.”

“The truth is, I think there's a very short half-life on human label data. And so everybody who's investing in these companies just to get revenue traction really didn't understand that there may be a year, two years, Three years max when anybody uses human lab…”

“I think Google's also, Google search, cross-search, is toast. And since they have Chrome and they theoretically have a quality team in Gemini, they should be putting these two things together and hoping to compete with Chad GPT. They're going to lose the searc…”

“Every single educational stat has got worse in the United States since the department was created.”

“I would be shocked if this administration doesn't figure out a way to ban Chinese robots before it's too late.”

“There are people in China monitoring what certain people in the United States are doing, and the CEO lied under oath to congressional committees about this, and the evidence is now in the public domain.”

“Ramp is absolutely going to be the winner. Probably will be two, three, four, five, 10 times more valuable.”

“You know, as you've probably seen on Twitter, I don't even believe he's gonna be the Republican nominee for president.”

“We at Founders Fund have pretty much put a light in the sand that we won't invest in remote companies because we've just watched 50 years that there's almost no examples of people building companies that way.”

“I really want to invest in only companies that are in person. So I think there's a lot of alpha there. I think in-person companies will be the successful startups. I only want to find founders who are working in person and that's my new investment filter.”

“But the government, if the U.S. Congress is turned over, there's gonna be a lot of subpoenas flying over to Twitter, because there are absolutely foreign governments influencing some of those decisions at Twitter.”

“It's actually more permissive than any European country. But nobody knows that. France actually only allows abortion up to 14 weeks. Germany is like 16. So we're 20 here, so we're more liberal than Europe.”

“And if Tiger thinks that they're going to be successful Series A investors, they're in for a very rude awakening.”

“The thesis of AI is too important to the future of nations. To allow an American company to dominate in certain regions, I think is going to prove to be true.”

“He's gonna solve all the problems he inherited in the first two years. Like, if you think about immigration, basically solved. If you think about the Middle East, on its way to being solved, he'll get Russia and Ukraine solved, I'm pretty sure.”

“Trump's gonna be more popular than ever. He's literally posting the highest popularity and approval rate of his career right now, and the government shut down.”

“I don't think robots are building the next data center, at least not right away. And so that is going to be the constraint. And so these jobs are not really going to go away.”

“Where are we going to be using, you know, your iPhone as your personal computing device five years out? Maybe. 10 years out, almost surely not.”

“Or like, yeah, for like, 24 hours until Vinod and some other friends intervened a fair amount.”

“If there's only a 150 people that can build research models successfully, talent's gonna have a lot of power.”

“The vertical integration required to build a device successfully is something that no other company, at least in the West knows how to do.”

“The good news is you can get, like, 10 X value just by unwinding those mistakes, which Kaz is definitely doing.”

“And if we just get the same multiples on what they do, Will be worth tens of billions to fifty billion. That's like the base case.”

“That's why Devin is actually arguably over time a save for them because they won't need to attract talent. They can use software to compete with software.”

“At PayPal, we had of the 254 employees we had in Mountain View when we went public to maybe three had any expertise in financial services at Square. If you included me, which is I'm certainly not a prototypical financial services guy of the first 300 employees…”

“I remember sitting in a management meeting at eBay after we got acquired and right after we got acquired and they hired some consulting firms, Bain actually, to analyze the threat posed by Google to commerce. And their conclusion as a management team and with …”

“And then the company at a kind of tactical level just has too much of a bloated GNA. It's always had too much of a GNA that was Way out of control since 2015.”

“So the large, largest players, the NVIDIAs of the world, do benefit the more people that run, compute, etc. But then I think that the smaller businesses actually eat at mid-market companies because they can compete now and they've been at an economic disadvant…”

“Because if you just held federal spending to 2019 levels, 2019 is not like, you know, decades ago. Literally with our current tax revenues, we would be in a surplus.”

“I think you can win a few house races. I think that's doable. I don't think you can win a Senate race.”

“The advances in AI are so fast. That the way we build models today with fine tuning and different kinds of training may be also obsolete a year, two years from now. So there may be models that are built that don't require any human training. So revenues that a…”

“Some company from afar that doesn't understand how a warehouse works, that doesn't understand real workers and what real workers, you know, needs are and tries to run a mixed system without having any understanding of real people. I don't think it's going to b…”

“I think Sundar made several miscalculations, and I actually do think that Microsoft and, you know, Satya got a lot of credit, but I think they're seeing some of the downsides to some of their strategies now. Like I think they are going to wind up not having qu…”

“Almost every successful investment of founders fund over eight funds was invested at a five hundred million dollars or more entry valuation. And almost every single investment at KV in eight funds was like the seed or series a investment with very few exceptio…”

“I think it's in the last 60 years, Trump is the only president whose net worth went down after office.”

“First of all, I think there's a long time before this becomes a commercial product or application of any sort. So, you know, it's great that they're taking money, but think about it as like almost like Stanford takes money or the U S government funds basic res…”

“You don't drive returns in venture to an institutional venture capital fund through an M&A. Like WhatsApp may be the only one that really drove a fund returning exit to a serious fund.”

“So I think you're going to see real tariffs, like, especially against China, And the Trump administration is completely committed to reducing inflation, the cost of eggs, you know, and groceries, and I think those things can be reconciled.”

“Founders Fund, especially when I joined, was very much people running their own investment strategies. Think of it as like a PM running their own investment strategies, and there's a way of syncing and getting a certain number of critical mass and votes to sup…”

“At seed, I can probably close a hundred percent of the things I want to invest in if I want to.”

“The general returns in venture are not strong at all. The general returns in 7580, and if you normalize against, like, the two hot periods of the last 50 years, like, 1996, 99, and take out, like, I 2019 and 21. The returns are horrific except in maybe the top…”