The Ledger, every show

“BCs want to mark up the company. Often that's the goal, especially if you're at the early stage, right? You want the A to be lower than the B by some margin, and then you want to raise a new fund on the back of the B or C. That's a very different goal from the…”

“I think we've fetishized moving quickly, and it's just not that valuable especially at the growth stage, but I think even at the early stage, the whole idea that I have an exploding term sheet that's going to expire this Friday, first of all, is nonsense. Term…”

“You don't want to be a sub-billion dollar company on the NASDAQ. You'll be a rounding error for people. But from, I don't know, five hundred million up to a few billion, you can list very comfortably in Brazil.”

“Growth is different from early stage. Not every investment has to have the potential to be a fund returner. You could have every investment have the potential to be somewhere between two and four X in growth, and that's great. So if you speak to LPs, the expos…”

“Passive beta capture, you know, this whole idea that you just buy an index of tech, and you sit aside and let it perform, I think that's gone. I think you have to be a stock picker, and so people that are just trying to place a range of bets, I don't think tha…”

“So when we were at SoftBank in 2017, I think thereabouts, MASA, correctly, was all over AI, and the team was small enough that we were all focused on the topic and looking around at what was interesting and being built in the world of AI, and we came across Op…”

“Average founders want to be left alone. Good founders want to be coached. Great founders want to hear the truth. Great founders do not want to be left alone, and often just having a reflection in the form of a really good board meeting.”

“I disagree with that. I think caring matters, and the more you care, the more it matters. Second time founders can be successful if they don't need the money, but first time founders can be successful if we really need the money. I don't think there's a clean …”

“Latin America has something like 25% of the world's fintechs. 25%, a quarter of the world's fintechs are in Latin America.”

“Brazil is probably the most sophisticated financial market I've ever come across.”

“Rappi is one of the largest contributors to Y Combinator in terms of alumni. Rappi alumni becoming YC companies. One of the largest contributors within the YC universe.”

“The smaller, selective, more personal touch trying to change a company's trajectory one at a time Is a better approach for a region that still doesn't have the full ecosystem maturity. So that's the most fundamental thing I've changed. I think slightly smaller…”

“The future of investing is people who understand and create narratives, and that's what you all do, and you actually are very good stock pickers, period, because you understand the power of stories And narratives. So this is the future of investing in my view.”

“And in places like Latin America, where the opportunity is the middle of the pyramid, the bottom of the pyramid, nothing represents that better than a bicycle.”

“And in 2021, notably, venture went from something like four and a half Billion a year to sixteen billion a year. Now it's back to less than a billion a quarter. So we're back to the four and a half.”

“The currencies of Brazil and Mexico have been some of the best performing currencies in the world because the central banks hiked early.”

“I think the A is where the elbows are sharpest. Seed, you get a lot of people coming together. Growth, you get a number of people coming together.”

“There's a lot of adverse selection. There's some founders who Might or might not be great who play really well in New York and in San Francisco. And so if you wait for them to come to you, that's all you'll think Latin America is.”

“Work and play are not different things. They are the same thing, which is life. And that's a beautiful concept, because there's not this partition of what you do and who you are.”

“When a discussion is going to be hard, your body tells you because you don't want to have it. And that's the strongest signal that that's exactly the conversation that should happen.”

“We want a small portfolio in the first fund. We want it to be personal with every single company. We'll only invest in companies that are excited to have us as investors. We're not fighting to get into rounds. If they don't want us, it's okay. We don't have to…”

“Our two daughters were born on the exact same day, and that's when we met.”