The Wisdom Wall

“I, I think monopolies are good because monopolies are just like lazy, and it's easier to innovate and compete against a monopoly, to be honest, than it is to compete against cronyism.”

“if we do try and slow down AI, we kind of lose this moment of balance that's necessary when you have a technology proliferation, like we saw with the arms race after World War II, that, you know, we're gonna see again here.”

“So fundamentally and functionally, there are two ways that California can be saved. Number one, you pass an amendment to the Constitution to fix this pension liability problem. And number two is the state has the ability to declare bankruptcy.”

“I think it's pretty clear that our modern world in the last couple of decades, there's a cumulative effect of environmental exposures that children are getting. Whether it's microplastics, whether it's chemicals in the food, whether it's just the environmental exposure in the air related to small molecules, whether…”

“much of what we see in terms of The evolution of society in the West can be viewed through a lens of Suicide. That the West may be committing suicide financially in our deficit spending, in terms of birth rate decline, so we're, we're kind of destroying our dollar, we're destroying our head count because of the birth…”

“the second order effect is you're actually hurting the market and you're hurting the rebuild effort because you're reducing the incentive for folks to come in and fill the void in the market that is necessary for us to accelerate the development of 15,000 homes in a very short period of time.”

“And the tipping point is when half or more of the population begins to be employed by the government, at which point that concept is lost. Because now it is the government that is the employer, not one's own individual liberties and ability to go out and be enterprising And so I think that the budget of government…”

“I'd rather focus on is there copyright infringement in the output? Does the output mimic An original copyrighted source. And if it does, then that's where the infringement should lie. Not on the, how did you do it?”

“the SaaS business model Is really a temporary phenomenon that existed between ubiquity of the internet and the development of AI and low cost, low code tools for developing software.”

“You're going to invest in a company at a five hundred million dollar valuation and six weeks later, it's going to be worth zero because someone open source the exact same thing that you can now do for a hundred K.”

“The crypto ecosystem and the model that so many kind of crypto businesses have engaged in over the years, which is if you can fester the belief, then there is a business. If you cannot fester the belief, there is no business that there isn't a fundamental productivity driver. It's about building a belief system.”

“And this is why probiotics do not work. Probiotics are single microbes, single bacterial strains or fungal strains that we put into a pill, and we swallow it. And just because that microbe happens to have some beneficial effect, you know, on its own in a petri dish, it does not survive in your gut biome.”

“The problem is VCs, they join a board, and they think that they have to quote add value. So they come in and they make a bunch of suggestions and recommendations and push you to do a bunch of things. And as Vinod has said correctly many times, they more often than not add negative value.”

“And in all these cases, from Google, to YouTube, to Twitter, and now to Spotify, the idea of being just an access, a platform for access is proving to be wrong. All of them are de facto publishers.”

“It's and that's, by the way, that that's, that's, in my opinion, based on everything I've looked at, the primary reason for the increase in education costs, because the government funds all the student loans, the increase in health care, the increase in defense, all of it is because the government is the customer and…”

“I think the best way to destroy a monopoly is to build better technology that disrupts them. And that has always been the case throughout history. And anytime government gets involved and tries to break up a monopoly in a way that is not natural to the way the market forces might demand, you end up declining an…”

“by having scale, by having incredible profits, by, and then by reinvesting it in R&D, creating jobs, innovating, it's the only way this kind of stuff is going to get done. You're not going to get it done by breaking up these companies and having a hundred companies that only have ten million dollars of profit each, and…”

“And it is the common system of human power and control structure to tell a narrative of existential threat and leverage that narrative into your solution being the path to protection and safety.”

“AI is a tool of leverage. For humans. AI is not some magical genius super god that sits above us that understands things we don't understand. Every piece of the open AI message set that went back and forth between these agents is documented, can be read by people, can be understood by people, and we can see the work…”

“CapEx is high alpha, low beta in data center infrastructure, that capital, and model development theoretically could be high alpha, but it's very high beta. It's a very risky way to deploy capital.”

“You do not get economic mobility if the government is giving you a job or giving you money. You lose economic mobility. You become indentured to the government.”

“The, the core problem with wealth inequality in this country, the core problem with inflation in this country, the core problem, all of it roots back to excess government spending. End of story.”

“And what's happened in the last year in particular is agents have become so good and so fast and so cheap that many enterprises can simply spin up an alternative to a vertical SaaS solution.”

“As the dollar devalues and everything inflates in value, our asset prices go up, and we get wealthier and wealthier and wealthier. The majority of Americans do not own assets. They are net asset negative. As a result, they live off of income. And they do not benefit from the de-dollarization like asset holders do.”

“China is not just in a catch-up race, they're in a primacy race, and they are trying to develop primacy and lithography technology, which will give them primacy in manufacturing, Which will give them primacy in AI, which will give them economic leverage over the planet.”

“most of the value when you find that power law winner, most of the value is created when they are a public company.”

“the smaller the fund, the less diversified it is, which means the more they're likely to capture the winners. And you can actually see that the smaller funds generally have better performance than the bigger funds.”

“most of the value, when you find that power law winner, most of the value is created when they are a public company.”

“There is a non-linear relationship between the deficit and interest rates, which drives up the debt problem in a non-linear way, and it gets away from you, and you can't fix it.”

“I think that the big unlock with these kind of agentic systems is not necessarily about replacing the easy human tasks, which everyone kind of thinks are kind of the obvious application of them. I think what we're missing is the ability to unlock really complex tasks that are not really manageable today.”

“On the general liquidity thing, I don't think that the thing holding up acquisitions and IPOs is markets. I actually think it's investor and board expectations on valuation relative to where they put money in the last couple of years.”

“So it was going to take out basically these businesses today are running a call at 30% EBITDA margins at peak performance. That's like Chipotle's best class. By taking out labor, you could probably take out another 20 points of cost, which could translate into lower prices for consumers, higher throughput, lower wait…”

“Either the buyer pays way too much or the seller sells way too early.”

“the inevitable outcome of identity politics by giving everyone a definition on their race or their gender or their background or their religion is that you ultimately end up picking winners and losers. And you don't just get to pick winners. When you, when you make selections or prioritize things based on identity like…”

“there's been a realization on how quickly foundational model development is commoditizing and how quickly costs are escalating”

“I think that most people are not psychologically equipped for being successful in entrepreneurship.”

“the only way that a company like Google or others that are trying to create a general purpose knowledge Q&A type service are going to be successful is if they enable some degree of personalization where the values and the choice about whether or not I want to decide if something is stereotypical or typical or whether…”

“software is writing itself, and it's replacing a lot of human determinism. The way that humans think about constructing software is being completely redone with these, uh, Uh, learn models.”

“In single person, Efforts can yield what historically is required six, 12 or more people to do using co-pilot tools and AI.”

“the opposite may be true, that a monopoly enables investment in long term thinking and long term ideas that you never otherwise see.”

“if you can avoid raising capital, you're better off because then you don't have any shareholder pressure to get liquid and that can create contortions in what you do and how you operate the business.”

“In fact, I think that the biggest changes that are necessary in society initially start as dangerous speech, and then they eventually become true, and then they become a standard, and then things change.”

“I think that the challenge with Difficult technology being developed in Silicon Valley is less about a dearth of capital or a dearth of ideas or a dearth of opportunities. It's more about a dearth of talent that finding the right folks who have the capabilities and have done this before to want to step back into the…”

“I do think that there's this large element that the term equality gets recast into every aspect of society, which ultimately leads to this general point of view of Marxism, which is everyone has to have an equal outcome versus an equal opportunity.”

“If you didn't have all the debt, you don't care about it. You shouldn't care about economic growth rate with respect to the measure of prosperity.”

“the more you insure at this point, the cheaper the insurance will actually be. Because now you don't have this money movement problem. And so, you know, the point is, the more you insure at this point, the cheaper the insurance will actually be. If you're an actuarial or free market underwriter, you know, free market…”

“If you can get the cost of energy in this country to drop by 50 to 75%, and you can increase energy capacity by 10 to 20 fold, then you have a fighting chance, because you can actually grow the economy out of the problem. And that's really where I am optimistic and excited about opportunities like fusion, and you guys…”

“Anyway, the point, the point is increasing the tax rate is a great short-term solution, but over the long term, if that budget per citizen isn't brought in line, there is no way to tax the base enough without causing the tax base to leave.”

“the rate at which you can make decisions Is a far greater predictor of success than the accuracy of the decisions you do make.”

“I think it's, it's a really clear supporting fact that there are going to be alternatives. And that these, what we thought were monopolies and what kind of became digital town squares and almost infrastructure are really just application layers. They're editorialized and there are going to be competitors.”

“And I think our next transition with AI is to transition from being creators to being narrators.”

“And the problem in that model is that by giving you so much money, capital becomes your primary asset as a business. And capital needs to be the fuel that enables your assets as a business to accelerate. But as soon as capital itself becomes your primary asset, the business is doomed to fail.”

“It is to no one's incentive to go out and try and retest something that someone's already published on, even though that's what you're supposed to do in science. There's no motivation. There's no dollars to do this. It's, um, it's a disincentive to your career. It's a disincentive to your ability as a scientist to…”

“I see that lacking heavily in Silicon Valley, because the VCs are more incentivized to raise more money, to make more investments and then pay less attention and just go raise the next fund.”

“If automation is the future of manufacturing, Then electricity and energy ends up being the biggest cost driver for those systems. And if our, if everything is on parity and everyone's got the same automation systems, whoever's got the cheaper energy wins.”

“They hire the tried and true experienced executives, who generally have older kids and live in a nice house and have made a bunch of money. And the earnestness, the motivation, the hunger, the fuel, the creativity, because they know what they know, and they're not willing to accept that they don't know what they don't…”

“when government fails and government is in fact the oppressor, I think it is the responsibility of other governments and other peoples to step in and have a voice and to take action.”

“For their portfolio as a whole, they would rather tell everyone, go hard, go fast, spend as much money as you can, and they hope that one out of 10 companies becomes a hundred X from there. And it's okay if nine out of 10 die. So they don't care if you die. They care if one out of 10 companies goes a hundred X.”

“But regardless, the market is clearly right now in in productive assets, businesses, the market is looking at a time horizon that it has never looked at before, which is making bets that are at 10 15, 20 years in the future. And that's because of the condition that we're in right now from a monetary policy point of…”

“they're outsourcing R&D, and typically paying three times as much and typically getting one 10th in the return.”

“What's happening in social media is within seconds, you make evolutionary votes on kind of what you want in the media cycle. And then all of a sudden, a few hours later, you're getting exactly what you want over and over again, and you can't say no. And that's effectively what digital media generally, social media in…”

“it really was, um, I would say to some degree, this inevitable failure of a startup that got overfunded that never found product market fit that never really got off the ground.”

“And so if you're solving for a customer's problem, you typically find that the special purpose automation solution is a more elegant, cheaper, Solution that you can get to market right away, like building an automated little truck that moves things around, or building a machine that lifts and puts boxes in the right…”

“a stock is worth the underlying value of the company. And that that's not true. People can dream a stock to be anything. As they did with Tesla at the time that people were buying Tesla stock, the historical performance of that business was not what hedge funds considered to be a, you know, a profitable good business.…”

“It's very little capital to build a highly valuable software business. It required a lot of capital to build oil infrastructure and railroad infrastructure and factories. And so to your point, you get extraordinarily different outsized returns today than you did a hundred years ago as an owner versus labor”

“It becomes a subjective decision about who you kick off based on your interpretation of what they said and what they intended when they said it. And that leads to the infinite slippery slope.”

“so much of science has kind of followed this sheep-like mentality, where everyone has to line up, agree to the same general theory, or you get outcasts, you don't get grant funding, you don't get tenure, you don't get jobs, you don't get invited to do lectures. You have to follow the mainstream in science, Or you're…”

“But I do think there's something fundamental to consciousness That relates to the drive for survival in a physical sense. You have to have physical sensing and physical responsiveness to learn.”

“In a single cell, there's ten billion proteins that work so fast that one second is the equivalent of 80 years of humans walking around the city of Manhattan, never sleeping, doing stuff together. With 500 story tall skyscrapers doing stuff for 80 years is 1:02 in one cell, and so you have 10 trillion cells in your…”

“it may be that the index you buy in this era of AI transformation is the index of founders, that the founders who are still running their businesses are going to be the ones who are most likely to see the future.”

“humans have this desire to improve their livelihoods by roughly 10% every year. Meaning, like, your income and your ability to purchase stuff that's new relative to where you were last year has to go up by 10% for you to be happy. If it's less than 10%, you're probably unhappy.”

“I've always viewed comedy to be the most important test of free speech. And it really does define what we're being given permission to do.”

“if you're a billionaire CEO of a public company in California, you have, you have, you have, You have everything, you have everything to lose to stand up and oppose it. Your employees will run. Your shareholders will attack you. You'll look awful in PR.”

“The poly market model is the best model because it creates a market, and so as information flows in, that market will dynamically adjust and everyone will get a more fair price.”

“So I would argue we should be focusing not so much on setting price floors to create an incentive for folks in the US to get involved in the industry, but rather to deregulate and to provide perhaps tax incentives and other economic incentives.”

“The hiring for the new jobs happens before the loss of the old jobs happens.”

“And it's not, probably not the right term to use just the word immigration. The word you want to use is recruitment.”

“The problem is, as a lot of economists have talked about, and as we've seen in the bond market, is that that could Really push up the long end of the curve, because if you suddenly start to flood the market with capital in the short term by dropping rates today, so everyone will borrow, everyone will buy, it'll…”

“it is an indication that the free market has failed in some way if the government is stepping in to either provide unique regulatory unlock, or the government is providing capital, or the government is basically stepping in to be the biggest or primary buyer of a private company's products or services.”

“anytime we create a new income stream at the federal government, or we have some sort of growing asset that you mark up on the book, someone tends to invest ahead of the curve on that, meaning someone takes that and they're like, oh great, I can spend more now.”

“if the AI is learning, it is understanding patterns, it is understanding reasoning, it is understanding concepts by reading copyright material, just like humans do. A writer, an author, reads a bunch of fiction, learns good techniques, learns good concepts, learns good theory from reading all those books, and then goes…”

“I don't think MAGA can exist successfully without the tech alignment. I don't think tech can exist without MAGA because of the government alignment and the importance of the government allowing these new technologies like AI to come to market and to proliferate.”

“having a patchwork of regulations on, for example, model development or telling software companies what software they can deploy would make it practically impossible for internet service providers like a Google or an OpenAI to service Customers across state boundaries in a way that is actually going to meet the needs…”

“This generation's Manhattan and Apollo project is energy production scaling in the United States.”

“once everyone knows that there's this kind of action, it's exploitable. And so this is now kind of an exploitable mode of negotiation where everyone now assumes he's just trying to negotiate, so no one actually takes him seriously.”

“If you do the, if you do the true kind of like macro analysis as an investor, you should probably have about 20% of your net worth in the US in real estate, not 60%.”

“My job is not to coddle my employees. My job is to lead my employees so that our organization, our team wins and we achieve our mission. That's the objective. It's not to create a family workplace for everyone to be happy all the time. It's to help the organization succeed.”

“if you increase protein in your diet and do more weightlifting, You're actually going to see very good health benefits from just doing those things that may actually outweigh the benefits you get from being on the GLP.”

“if you increase protein in your diet and do more weightlifting, You're actually going to see very good health benefits from just doing those things that may actually outweigh the benefits you get from being on the GLP.”

“So I think without term limits, without the cycling of politicians, we're not going to see real legislative change.”

“It's typically lower ROI, very often negative ROI, and doesn't actually create sustainable economic growth.”

“I think bigger is gonna drive more innovation than lots of little”

“race is not necessarily, it's certainly, there's a correlation, but it's not necessarily indicative of the socioeconomic disadvantage that someone may have faced and had to overcome in order to perform and succeed at the level that they could have given their conditions, and so I, I certainly think that the…”

“Well, I do think in a digital era, core education has commoditized, and I think most people can get most of the way there without necessarily paying 60 to 80,000 dollars a year, and then being partnered in some way With that on the ground internship or integrated kind of program where you get actual hands-on…”

“I feel like my experience in the workplace is that one's college or university is completely decoupled from one's performance or ability to succeed in the workplace in an meritocratic workplace.”

“And the CEOs that seem to build the greatest value are those who are typically founders because they're willing and able to be authentic because they weren't hired by the board. It's their business that they built. And so they're willing to be authentic. And the CEOs, who operate at scale with authenticity, build the…”

“I think the bigger a portfolio you develop, the less alpha there is. You try and minimize beta, but you take all the alpha away if you do that.”

“At the end of the day, these are all, as I've shared in the past, my belief is they're all content companies. They have a choice as executives and its editors. Of those companies to decide how to editorialize the content on their platforms.”

“when a big company like this makes a big acquisition offer like this, as much as I know Google's business, I think it's a generalization that can be drawn here. It's usually a negative signal about organic growth.”

“you can't keep your societal fabric together. If you have a lot of debt and you can't grow your economy, those are two, that's a simple fact. And so that leads naturally to finding points of conflict with other nations and other places, because, you know, you look for conflict elsewhere.”

“if you send a drone and it blows up on a ship and it costs you a couple thousand bucks to do that, the lack of risk tolerance, the fact that the insurance companies won't insure the ship anymore means that now that ship can't travel and that's tens of millions of dollars of, you know, commerce that gets shut down off…”

“there's generally pessimism towards technology, because it creates unfair advantages that shift the power dynamic too quickly.”

“once you reach a certain point, your attention can then shift to morality. You, when you're starving in a street, And you need to feed your children. You're not focusing your whole day on the morality and better treatment of others in the world and extending, you know, morality to the rest of the world. But when you…”

“this notion that we have almost a cancel culture behavior that's now leached into this discourse, that if you try and talk about the plight of Palestinians, you cannot also be pro-Israel. Is what's keeping us from making progress in finding a path to resolution.”

“The improvement that's driven by technology and has been for 10,000 years mostly accrues to the poorest people in society first.”

“It's not just about not having enough money, but it's about seeing the inanity in some, the perceived inanity of, um, these luxury beliefs from a group that, that isn't afforded that luxury.”

“If a company is burning money, the big concern with going public right now is that there is no pipe market, there is no ability to do secondary to do follow on offerings. So the company can't raise capital after it's public. So unless you're actually profitable, your option of going public right now really isn't there…”

“That works well in some contexts, like an Apple app store context, but in the context where there is a network unto itself, like Facebook, Twitter, and Reddit, meaning that there is already a user network that is generating value in the form of the content that's being produced and consumed. You don't necessarily gain…”

“But I will tell you that when you get to a certain volume, and it's not a big volume, you don't need a million advertisers bidding against each other. You only need a few dozen advertisers. And once you have a few dozen advertisers bidding against each other, you start to get very competitive in inventory.”

“You cannot address climate change or social issues or infrastructure or unemployment unless we have the ability to operate as a country over the long term and have the ability to have the continuing credit Of the United States dollar.”

“The user's point of access often ends up being centralized as a point on the network, and it is that point on the network that accrues the same level of influence, power, control, and value as what we saw in the prior centralized network model.”

“And the way that regulation has worked historically is not by first saying, hey, let's figure out the right way to create a framework for operating. It's that some sort of people got advantage. That story then becomes the regulatory framework. And that story has repeated itself for 500 years. Across capital markets.”

“No, I think China makes decisions a little differently than perhaps US policymakers and foreign policy makers, uh, make decisions. They think forward and calculate the series of events that will follow from that decision, whereas we are typically reacting to some event that's happened in the past, not necessarily…”

“I think that the government's role is to support those in need, not those in want. And I think that the government should be held accountable for performing that role.”

“By the way, I'll, I'll recommend if any, as a founder, if you raise money, raise money from your friends too. And it'll really change how you operate.”

“if you look across the range of successful founders, CEOs that scale to a hundred billion dollar plus valuations for their businesses, that to me is one of the more common threads, uh, is this kind of intellectual curiosity, which translates into a coachability, which translates into an adaptability as and being…”

“if there is something that is a critical resource that an entire industry really needs to access, an open source solution will emerge, you know, the markets take care of it.”

“Dissenting voices and critical voices and outspoken voices are extremely important in the discourse that makes society progress. It is not a good society when people that have dissenting of voices or offensive voices are shut down.”

“we use the term monopoly as if it's de facto evil and bad, but not all monopolies or businesses that have very big moats is another way to kind of describe them, are necessarily bad for the customer. You get cheaper products, you get better products, you get more of an advantage.”

“I'm not a fan of equality of outcome. I'm more a fan of equality of opportunity. And I think, um, many, many of these sorts of folks, I try and identify, um, Methods to drive a quality of outcome, and it inhibits the competitive forces that cause the best person, the best idea, the best business, the best market model…”

“Markets only work when people have different information than other people that are participating in the market.”

“The things where the government is the only customer, the only person buying, the cost will only go up on over time. Whereas the things that the private market is building, the cost will go down over time.”

“As soon as we try and limit the difference in that distribution, um, we move the entire curve to the left.”

“The great thing about freedom isn't that you can say whatever you want, it's that you don't have to listen to what anyone else is saying.”

“as companies get bigger, go public, they're larger, they bring in professional managers, and the founder, CEO steps out. They generally don't do that, right? They generally try to not do that definitional work, because they're trying to minimize loss, and not kind of take the bet on maximizing long term gain and doing…”

“If you want to get rid of one, you got to get rid of the other. Um, and so, cause otherwise we all end up paying the cost of the person that takes the, you know, outsized risk. And then we all end up having to foot the bill for that person taking that risk. So if we're all going to be there to protect that person, we…”

“And business success, ultimately, over time, and consumer markets will always ultimately be driven By products that have at scale deleterious effects on the consumer market.”

“my point of view is that the consumer ends up ultimately being the writer of the narrative and the definer of the narrative, and the storyline starts to fit that narrative.”

“It's happened with everything that we've seen inflate in this country. Education, healthcare is all because it's a government mandated service.”

“What I'm most concerned about is the absolute, um, alternative to an institution is a mob rule. And a mob rule, as we've seen, where you get cancel culture and you get, um, you know, GameStop going through the roof and, and you get, um, trial before, um, uh, before without a jury, uh, and trial without a judge.”

“Those large chunks of capital became available and the valuation step ups were so significant for these later stage startups that the money flowed down and more money was raised in earlier stage venture that enabled this proliferation of capital and this proliferation of new startups and enablement of startups at the…”

“what I'm saying is like, I think in the private markets, we hear a lot about venture investors, um, you know, often speaking good about their own companies, where people really get irritated is when venture investors speak bad about other companies. It's the equivalent of the hedge fund short.”

“happiness arises from one's relative standard of living, whether that's relative to how you lived last year or how you're living relative to your neighbor and, and seeing some progression over time is the only thing that keeps people happy.”

“you can't successfully sustain a cold war with China without global partnership. And I think, um, you know, this notion of, uh, nationalism and isolationism in the United States, um, will not work in a world where we are also trying to compete globally, um, With China and are, and are raising the stakes in a, in a…”

“we are starting to shift towards valuing comfort over, uh, over freedom of expression. Um, and, uh, and that's, that's just kind of the big, The big change that's occurring.”

“But the more people are feeling pain, the more they're looking for an agent of change. And I think Trump against Biden is still going to be that agent of change.”

“AI can do these amazing things. But if you need a human to do something as part of the process, AI doesn't really do that much for you.”

“in all of these cases, when new technology has found its way to humanity, the general population has found a way to protect itself. There isn't a desire or need to have one savior, one Moses that takes us You know, across the desert, uh, there is a collective interest in protecting us and building our own defense tools…”

“What would have normally been something that's, call it a period of time out, like a year out or two years out, and you can pull it in and say, I can get that done in three days, and I don't need to hire people.”

“One of the things that I've noticed has become a common kind of thread with these big independents, Is they move from what used to be kind of commercial ad placements to sponsor deals, where they got one sponsor, to eventually owning their own business. And the value there is so much greater, because the multiple, you…”

“By bringing in outside capital and having an independent board for these subsidiaries, they were actually able to drive better outcomes because now there was governance and there was aligned interests that could then take management and say, guys, if you can deliver these results, and you have this kind of external…”

“the retail channel, like others, is highly levered because in order to have a retail store, you have to pay a monthly fee to the physical real estate owner, and so it's unlike other businesses that are services or are more nimble and can relocate, you actually, it's the equivalent of having debt.”

“I think this is really important from a user experience perspective for AI to work. You don't want users going in and technically choosing which model. No one understands what those letters and numbers mean. You want to have a very simple, clean, basic interface where the model figures out on its own, which underlying…”

“there's a non-linear relationship between focus and outcome. The more you concentrate your time, energy, capital on one thing, it becomes non-linear how well that thing does.”

“It's not the literal statement that matters as much as kind of the, the, the vector and the magnitude of the vector. He's clearly trying to, um, Begin negotiating for some change.”

“Well, I think the way the sailor financial structure is set up is it looks a lot like a synthetic call option on Bitcoin.”

“The reality is you can't raise six billion dollars without probably meeting with a few dozen firms, and some number of junior people in those few dozen firms are having a conversation or two with reporters, so you can kind of see how it gets out.”

“nowadays with the, the influencer culture, the celebrity is accessible, meaning I have access to being in that state. So it creates this deep, dark hole for me, at least this is my, my read on it, that I can't, I'm not in that state, but I should be, I could be, therefore I have this deep, like, Emptiness, because I…”

“We're using a lot more models, and we're seeing them be very practically applied at the edge, so you don't need to have large models running on a large compute cloud to get practical value, and this is definitely a big A big point in the industry is that you're getting highly functional application specific models that…”

“The way executive comp typically works at the board level at public companies is you hire these comp consultants and the comp consultants come in and they use comparables, which basically means let's do what everyone else does.”

“where they've really created value is on how unique the products are. They almost create new categories.”

“the general tone of here is a deep tech investment is very likely to fail because you spend so much money before you even know and at that point you have less money and you can't really make the necessary iteration to get there.”

“it's like a race to the bottom on pricing for basic commoditizing services in the cloud, like data storage, right? And then whoever has the better, higher level services, whoever has access to better models or has a lower price on running models or on running things like inference, that's where the money is made.”

“When you're making a long term investment, you can very easily look like a moron over the short term. And to your point, the power law, all it takes is one of them to work out, and it can wipe out the losses on the rest of the portfolio.”

“If you don't have a business That can handle the gas you're putting in the tank. The engine's going to blow up. The engine has to grow. It has to build. The volume has to build so that it can actually handle the fuel.”

“And all technology ultimately creates leverage. For the creator of the technology initially, and then it diffuses to everyone.”

“And every once a decade, there's a company that comes along that ends up being worth a hundred billion. And the bulk of the returns in the entire venture landscape comes from those handful of companies.”

“my general rule of thumb on technology is the technology creator, the technology company should generally be capturing about one third of the value that they deliver to the customer.”

“the most important observation I've made in terms of Whatever it is, building wealth over time, is to make sure you're building equity in yourself.”

“I do think the intersection of life sciences with software creates this era of opportunity. It would probably be something in the realm of AIML meets life sciences, where you can actually work in a leveraged way with software to drive outcomes in these important markets, so.”

“when new technology, when new ag technology comes to market, It's the retailer that can influence the farmer to make a decision on making a switch or using a new tool or using some software, uh, you know, to, to drive that decision. And so that's why ag retail is so important And why it's critical for any new…”

“technology is introduced and the technology creator captures roughly a third to a half of the value increment because of the delivery of that technology, the productivity increment.”

“Valuation, trophy hunting, I would say is a pretty good indicator of things being, things being, um, Explain what that is. In a heated market, like if the, the businesses, the CEO, the founder, the venture firms, everyone is all about how much you can mark up your investment, as opposed to talking about the quality of…”

“As that automation has happened, it's allowed higher order services jobs to emerge, and that will be the progression of humanity forever.”

“unless you can get gas prices under control, that always, always has a massive impact on spending, on consumer spending, which drives a recessionary cycle.”

“my, my big three predictors of entrepreneurial success are grit, persisting through failure, bias to action. Like you don't have an orientation to being analytical. You have an orientation to taking action. Um, and, uh, a narrative”

“the advantage Disney has is the re-watchability of their content.”

“And you raise your prices. You're not often going back and dropping your prices again. And, um, you know, you have to have a catch up effect. For income and savings to make up for the increment in pricing. And that's really, you know, a key driver right now that the rate at which prices are going up, and, you know,…”

“the first step is identifying and quantifying the external costs of the product or service that you're providing, and deciding whether or not to tax the consumer of that product, whether or not to tax the seller of that product, and ultimately how to transition that capital back to the repair mechanism for pulling the…”

“Most M&A and technology is the opposite where an acquisition takes place and the acquisition gets fueled by further investment after the acquisition is made.”

“leadership is all about defining where you're headed and then creating religion in the troops to follow you to go there.”

“The gatekeepers are falling away. And the Go Direct model is working.”

“By definition, science is about gathering data, forming a hypothesis, testing again, iterating, restating your hypothesis, and it's, it's a, it's designed to be circular. It's designed to be a learning system, not designed to be a system that defines absolute truth and absolute fact.”

“making a great product and selling that product and, you know, working with a customer with that product is, is honestly like the most rewarding thing you can do. It's like, you know, getting your hands dirty and actually delivering something of value in the world. There's nothing more rewarding than that. I mean, all…”

“I am concerned about, frankly, the lack of commercial readiness for this industry. I feel like in terms of the hype cycle, we're at that early point where the investment dollars and the number of companies exceeds the market demand. And therefore, there's this, um, fight over the one or two customers, which is…”

“the abundance that technology delivers to humans, because humans are only programmed to recognize change. They're not programmed to recognize absolutes.”

“pricing is typically done based on the long term cost benefit of the, uh, of the drug of the, the, uh, to the, to the paying system. So, you know, they'll take a look at like, hey, here's how much we're going to benefit people or benefit the paying system. Therefore, we can charge X dollars for getting this drug.”

“I feel like it's a lot harder to leave when you've been here longer, and it's a lot easier to leave when you've been here less time. That certainly seems to be the pattern I've seen amongst friends and colleagues with respect to leaving the state.”

“institutions to me are like, like, like any living organism. They want to grow. And so, you know, every government wants to add laws, spend more money, grow its budget. Every company wants to have more power, grow its top line. Even every university, Harvard's endowment wants to grow over time.”

“The government, the best role the government can provide is to take on that technology risk, that large capital intense Technology risk.”

“businesses that have a lot of PP&E. Are generally going to do better in an inflationary environment.”

“Social social networks are a collective amygdala. They are not a collective cerebral cortex.”

“Most assets are purchased under the premise that I believe the price will be higher tomorrow than it is today. And if we all believe that, then we will all buy it today. And we will all find more people buying it tomorrow. That's what Bitcoin is.”

“And, and I don't think that we fully appreciate, like, how much of America's IP is stored in software, and data, and how accessible that is to employees inside of these organizations, and that the security is not adequate Uh, to protect that data and that IP.”

“And when there's a lot of room for debate, you usually kind of revert to some sort of base belief or some base kind of political point of view or something. And I think that's what's gone on here.”

“As one of my management team members told me today, it's a very complex business. That's usually not a good sign when the conversation starts with that.”

“These are also not deterministic models, and they're not deterministic outputs, meaning that it's not a discrete And specific answer that's going to be repeated every time the model is run. These are statistical models. So they infer what the right answer could or should be based on a corpus of data and a synthesis of…”

“This is an incredible example of how AlphaFold's been used to solve this really misunderstood or never really well understood aspect of biology that is at the root cause of so much of disease and creates all this opportunity for medicine and therapeutics, research and discovery.”

“in entrepreneurism, I've said this publicly before, but it feels like every day you're taking a step backwards and one out of five days, you take a five step leap forward.”