The Ledger, every show

“We've passed some, what was it? Forty billion dollar build broadband, better bullshit bill that nobody's built any broadband connections I'm aware of.”

“Expensive, high-priced investment, and hopefully it works, but you're not going to make a thousand times your money on that deal. You're probably not going to make a hundred times your money, even in the best of circumstances.”

“It's inevitable that the dollar will not be the reserve currency that If we are not more responsible with the stewardship of our money.”

“What I think happens at the limit is that all of these different cloud cultures are like their own societies. And so right now the main, main organizing principle of society is the nation state, which is also an economies of scale centric model. Right. But if …”

“No. Actually the reverse is true, but I don't know if that would still be the case.”

“I think most of them won't clear their preference stack.”

“I don't have to squint too hard to see a world where they're the most valuable company in the world.”

“I'm gonna guess that it gets to a 130.”

“Like, I don't think that Elon is going to be able to do what he did with, say, Twitter, and fire a bunch of people and, you know, change all the rules.”

“The only one he could name was Zenefits, and they broke the law.”

“And so in sector after sector of our economy, the companies that are software defined at their core, I believe software defined network centric companies at their core are going to keep winning. And they're going to keep displacing the companies that think of …”

“If you're the king of a category, you change the way a customer spends their money, which is ultimately why category king gets 80% of the profits.”

“No, we'd never be that big. I don't think we'll ever be as big of a fund as like the Series A guys.”

“Let's say you have 25 investments in a fund. Your best investment is gonna have to return 64% of all returns. That one deal.”

“I've never made money or lost money based on common or preferred ever in the ones that worked”

“Throughout my career you have these 15 year windows where close to half of the exit profits are made like in an 18 months to two year window.”

“Like people said that robots are going to eat the jobs, but I think that's precisely the opposite of what's true. I think that software is going to reduce the need for people to think they need to work at companies because it's going to all the things I would …”

“One way I look at blockchains are they're the next wave of computing and that they're going to probably democratize data and control of things back to networks. And then what becomes a valuable thing? My instinct is it's about governance.”

“But I think that the people that have played the momentum game are going to struggle.”

“Verage sale. Sequoia aggressively followed and it didn't do well.”

“There's so many startups, there will always be 30 or so every year that are great.”

“Probably about as low as I would go as half a million bucks.”

“Ann funded Lyft at five and a half million post money.”

“So when I think about the way venture capital has thought about crypto, most of the really smartest people I know have been focused on Ethereum and Solana.”

“It may not happen again for another 10, 15 years. The next 1015 years, it's, companies I think are going to be much more valued on fundamentals and what they're really worth, but there are these windows, usually they last about 18 months, where the difference …”

“I just believe fundamentally the United States, the Western world are going to decide they need to invest for real in tech forward infrastructure. And then on the flip side of that, they're going to realize our infrastructure is vulnerable to Cyber hackers and…”

“The technology inflection was the GPS locators in smartphones were 10 times more accurate with the iPhone three GS and beyond.”

“Yeah, and I think probably more often than not, an insight will be wrong.”

“When I would talk to entrepreneurs, they literally couldn't raise a million dollars in Silicon Valley. They could either raise a tiny amount of money from angels and friends and family, or They had to go straight to a five million dollar series a round with a …”

“Wade was the founder of Zapier, and they went from Missouri to California and have built this giant company raising only 1.5 million.”

“In the early days of Chegg, we put up this fake site called textbook flicks. We didn't have any textbooks to rent. We didn't have enough money to buy textbooks, but we had a fake site and people would try to rent them and they'd get a four or four error. But w…”

“If this ever happens again, what I will do is I'll say, we're gonna have a designated time each day where we say everything we know at the time.”

“Kevin Rose had started Digg for 1500 dollars over a weekend, and so there's no technical risk there.”

“There's 2000 seed funds now. And so it was innovative when Ann and I helped invent seed investing in 2006, but like now there's 2000 firms.”

“When Marc Andreessen invented the Mosaic browser, there was no market for browsers. The product defined the market.”

“And then I came up to California to see what was happening in California this about 2004, and I decided if I was going to be in venture, I needed to do it in California. So I came up here without a job, and my kids were in school, so I'd fly up every Sunday ni…”