Social Capital

“And I do think that it's very important for TopCo to go public as soon as we can. And just to be very honest with you, I'm very focused on trying to find a way to do this in the next two or three years”

“We're going to have to run a best ideas book where we're going to run 500 to a billion dollars on top of this thing, and hopefully, if we can generate eight, nine, 10% of alpha there, we will feel like then we've broken even.”

“Manager concentration always drives decaying returns. And the problem is either the surface area of their skill becomes very rigid and fixed, and so you force them to go out of their sweet spot. Or even worse, they become risk averse because they have not refi…”

“I wanted to build Berkshire And that was always my ambition.”

“The way that we have structured the compensation, all the way up to about fifty million, basically you take 30% of the profits, and there's no hurdle. Over fifty million, we start to impose this logic of a hurdle, and the reason is because at that point, the q…”

“One of the guardrails that I've developed for myself is whenever we're close to an investment decision, I really detach away from everybody else, and I basically take an extra week, and I delay the decision.”

“And now looking back, we have six X funds, we have five X funds, we've generated 40% IRRs, we've generated billions and billions of dollars of returns.”

“And so I ran a budget-based fund, but with 30% carry. I had a very favorable LPA, a limited partner agreement, and all of those because I negotiated them on the behalf of myself as an LP, and so I was able to go to the other LPs and say, guys, I went from a fi…”

“Every year, I'm going to try to build slash buy one or two companies in the 50 to a hundred million dollar kind of range. Maybe more, but for right now, that's a good quantum of capital that makes sense.”

“We give you a 30% drawdown before we really get involved so that you can learn the business of managing losses.”

“In fact, the reality is, you know, this year, actually, I'm not going to front run my returns, but they're going to be somewhere between 30 and 40% on many, many billions.”

“Debt is another area where I think we could do some stuff soon, but my commitment is to try to get into crypto and cards and art and cars and all kinds of other things.”

“And that has been a net delta to me of at least a billion or a billion and a half dollars of compensation.”

“I think that incredible opportunities abound in a world of zero rates because it forces you to have a very, very unique viewpoint on future returns. It is somewhat of a much easier job when the risk free rate is between six and 10% to just check out. You can b…”

“I have an ambition to launch an equivalent platform focused on biotech. And we're exploring the idea of launching a whole suite of ETFs.”

“Creating non-zero-sum outcomes is really healthy. You can come to a place in your life where you can say, I'm going to capture every single last dollar of profit here. Or you could say, you know, I'm going to be a little inefficient. And in that inefficiency, …”

“Social Capital was the only firm that I had met that had built out a growth and data science team at the time.”

“I don't think we successfully did that, but I think we did successfully marketed it ahead of what we could do, but we did bring some of the brightest minds around the table.”